N-CSR 1 tm2326441d1_ncsr.htm N-CSR

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: 212-762-1886

Date of fiscal year end: September 30,

Date of reporting period: September 30, 2023

Item 1 - Report to Shareholders

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Annual Report

September 30, 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Table of Contents (unaudited)

Shareholders' Letter					2
Expense Example					3
Investment Overview					4
Portfolio of Investments					7
Statement of Assets and Liabilities					16
Statement of Operations					18
Statements of Changes in Net Assets					19
Financial Highlights					21
Notes to Financial Statements					26
Report of Independent Registered Public Accounting Firm					38
Investment Advisory Agreement Approval					39
Liquidity Risk Management Program					41
Important Notices					42
Federal Tax Notice					43
U.S. Customer Privacy Notice					44
Trustees and Officers Information					47

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 information about the Fund, including performance, characteristics and investment team commentary through Morgan Stanley Investment Management's website: www.morganstanley.com/im.

Market forecasts provided in this report may not necessarily come to pass. There is no guarantee that any sectors mentioned will continue to perform as discussed herein or that securities in such sectors will be held by the Fund in the future. 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Shareholders' Letter (unaudited)

Dear Shareholders,

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

October 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Expense Example (unaudited)

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 September 30, 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 4/1/23		Actual Ending Account Value 9/30/23		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	$	968.30	$	1,023.06	$	1.97	$	2.03		0.40	%
Core Plus Fixed Income Portfolio Class A		1,000.00		965.80		1,021.36		3.65		3.75		0.74
Core Plus Fixed Income Portfolio Class L		1,000.00		964.40		1,020.06		4.92		5.06		1.00
Core Plus Fixed Income Portfolio Class C		1,000.00		962.90		1,017.75		7.18		7.39		1.46
Core Plus Fixed Income Portfolio Class R6		1,000.00		968.50		1,023.31		1.73		1.78		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 183/365 (to reflect the most recent one-half year period).

** Annualized.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited)

Core Plus Fixed Income Portfolio

The Fund seeks above-average total return over a market cycle of three to five years.

Performance

For the fiscal year ended September 30, 2023, the Fund's Class I shares had a total return based on net asset value and reinvestment of distributions per share of 2.03%, net of fees. The Fund's Class I shares outperformed against the Fund's benchmark, the Bloomberg U.S. Aggregate Index⁽ⁱ⁾ (the "Index"), which returned 0.64%.

Factors Affecting Performance

• Government bond yields rose over the period in the U.S. and throughout the world as central banks maintained hawkish positions in their fight against inflation. "Higher for longer" rhetoric was accompanied by recession fears, creating heightened levels of uncertainty in the markets. The portfolio's flat to mildly overweight position in U.S. duration detracted from relative performance, whereas the portfolio's exposure in the euro area, the U.K. and Australia contributed to relative performance. The portfolio's rates positioning in emerging markets (South Africa, Dominican Republic and Indonesia) also contributed to relative performance, as did the portfolio's overweight to emerging markets government-related debt.

• Over the period, the portfolio's investment grade corporate bond positioning contributed to relative performance, as did the convertible bond allocation.

• Overall securitized sector positioning contributed to relative performance during the period amid an increasingly challenging and volatile market. The overweight positioning to asset-backed securities (ABS) was the main contributor. The out-of-Index allocation to non-agency residential mortgage-backed securities (RMBS) and overweight to commercial mortgage-backed securities (CMBS) also contributed to relative performance. The Fund's agency RMBS underweight also helped relative performance as they also underperformed similar-duration Treasuries.

• Currency positioning was mostly flat in terms of relative performance impact, with the long positions in New Zealand dollar and Norwegian krone detracting marginally while the long positions in Mexican peso and Brazilian real contributed on the margin.

Management Strategies

• We believe a reasonable explanation for the market volatility seen in the past few months of the reporting period goes as follows: U.S. economic growth has been accelerating in 2023, which surprised analysts; the U.S. budget situation looks bad, sending more and more U.S. Treasuries into the market at the same time that the Federal Reserve (Fed) is shrinking its balance sheet; and the Fed has been adamant that the inflation game has not been won, so markets should expect the Fed to keep rates unchanged (at the September 2023 Federal Open Market Committee meeting, the Fed eliminated several rate cuts from its 2024 forecasts). In other words, rates would be kept higher for longer; market positioning seems to be skewed toward long interest-rate risk, making bonds vulnerable to disappointing news; and lastly, the coup de grace is that the U.S. yield curve has been highly inverted (meaning that yields on shorter-maturity U.S. Treasury bonds have been higher than yields on longer-maturity U.S. Treasury bonds), making longer-maturity bonds less attractive than shorter-maturity bonds. Add it all up, and you have a good cumulative narrative as to why longer-term yields rose in this period. Importantly, we believe that while the velocity of the Treasury market sell-off looks extreme, the end point — a U.S. Treasury 10-year yield ending September 2023 at 4.57%⁽ⁱⁱ⁾ — does not.

⁽ⁱ⁾ "Bloomberg^®" and the Bloomberg Index/Indices used are service marks of Bloomberg Finance L.P. and its affiliates, and have been licensed for use for certain purposes by Morgan Stanley Investment Management (MSIM). Bloomberg is not affiliated with MSIM, does not approve, endorse, review, or recommend any product, and does not guarantee the timeliness, accurateness, or completeness of any data or information relating to any product.

⁽ⁱⁱ⁾ Source: Bloomberg L.P. Data as of September 30, 2023.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

Core Plus Fixed Income Portfolio

increased confidence the Fed would not lower rates as much and as soon as expected — resulting in a meaningful rise in real interest rates — increases the chances of a harder landing and possibly a recession. While we believe it is far too early to assign this as the most likely scenario given what we currently know about economic activity, credit and equity markets have had to price in this higher probability, resulting in poor performance toward the end of the reporting period. We are also concerned about the ability of higher-risk assets to outperform in an era of inverted yield curves and high cash rates. We believe that the solid fundamentals we have witnessed in the year-to-date through September 2023 (low default rates, more credit rating upgrades than downgrades, etc.) could easily begin to deteriorate over the months ahead. We therefore remain cautious about maintaining anything above a modestly long position in lower-quality fixed income. We believe that selectivity will remain of paramount importance. Avoiding defaults and blow-ups will eventually be key as higher rates and refinancing risks feed into corporate performance and outlooks. The high yields on offer will help blunt underperformance if fundamentals do deteriorate, in our view.

• Within securitized assets, we continue to favor shorter-maturity securitized credit (RMBS, ABS, selected CMBS) as offering the best opportunities in fixed income. That said, the outlook has modestly deteriorated as household balance sheets come under more pressure and excess savings run down. We are trying to take advantage of higher yields on higher quality issuers to achieve our target returns, rather than venturing down the risk/rating spectrum. Our favorite category of securitized credit remains non-agency residential mortgages, despite challenging home affordability. Somewhat surprisingly, U.S. housing looks like it may have bottomed out, with prices rising once again.

• During the period, economic growth outside the U.S. has been much less impressive, with Europe and China flirting with recessionary conditions. However, that did not stop European and emerging markets bond yields from rising over the third quarter of 2023 (China's yields had essentially not moved at all). If growth outside the U.S. had not been so weak, U.S. yields probably would have moved even higher. While non-U.S. bond markets generally outperformed U.S. Treasuries, absolute

yields were driven higher by the surprising strength of the U.S. economy and the doggedness of the Fed in combating inflation with high rates. Therefore, although we believe most central banks are likely finished hiking rates, we expect we are not finished with the era of high rates, the maintenance of which remains critical to win the war against inflation. At period end, although valuations have improved considerably, we are not yet ready to declare they have peaked and remain cautious in interest rate positioning in portfolio. While we believe growth fundamentals are worse outside the U.S. (except ironically perhaps for Japan), we do not think non-U.S. developed market government bonds are much more attractive than U.S. Treasuries. There is a reasonable probability that growth dynamics are in the process of bottoming in Europe and Asia, and could turn up next year at the very time the surge in real yields slows the U.S. economy in our view. As such, at period end, we were fairly neutral on developed market government markets on a relative basis. We did think selective emerging market bond markets look attractive, but that attractiveness has been undermined by the strong U.S. economy, hawkish Fed and rising yields. At period end, we believed that selectivity remains the name of the game and patience is necessary to realize value in many of these markets while the U.S. economy and U.S. dollar outperform.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

Core Plus Fixed Income Portfolio

* Minimum Investment

In accordance with SEC regulations, the Fund's performance shown assumes that all recurring fees (including management fees) were deducted and all dividends and distributions were reinvested. The performance of Class A, Class L, Class C and Class R6 shares will vary from the performance of Class I shares based upon their different inception dates and will be negatively impacted by additional fees assessed to those classes (where applicable).

Performance Compared to the Bloomberg U.S. Aggregate Index⁽¹⁾ and the Lipper Core Plus Bond Funds Index⁽²⁾

	Period Ended September 30, 2023 Total Returns⁽³⁾
				Average Annual
	One Year			Five Years			Ten Years			Since Inception⁽⁹⁾
Fund — Class I Shares w/o sales charges⁽⁴⁾		2.03	%		0.61	%		2.83	%		6.23	%
Fund — Class A Shares w/o sales charges⁽⁵⁾		1.59			0.26			2.47			3.83
Fund — Class A Shares with maximum 3.25% sales charges⁽⁵⁾		–1.73			–0.39			2.13			3.70
Fund — Class L Shares w/o sales charges⁽⁶⁾		1.30			–0.02			2.21			2.24
Fund — Class C Shares w/o sales charges⁽⁷⁾		0.84			–0.44			—			1.07
Fund — Class C Shares with maximum 1.00% deferred sales charges⁽⁷⁾		–0.12			–0.44			—			1.07
Fund — Class R6 Shares w/o sales charges⁽⁸⁾		1.97			0.64			—			0.71
Bloomberg U.S. Aggregate Index		0.64			0.10			1.13			5.91
Lipper Core Plus Bond Funds Index		1.46			0.49			1.56			—

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Performance assumes that all dividends and distributions, if any, were reinvested. For the most recent month-end performance figures, please visit www.morganstanley.com/im. Investment returns and principal value will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of share classes will vary due to differences in sales charges and expenses. The Fund returns are calculated based on the net asset value as of the last business day of the period.

⁽¹⁾ The Bloomberg U.S. Aggregate Index tracks the performance of U.S. government agency and Treasury securities, investment-grade corporate debt securities, agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

⁽²⁾ The Lipper Core Plus Bond Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Core Plus Bond Funds classification. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. As of the date of this report, the Fund was in the Lipper Core Plus Bond Funds classification.

⁽³⁾ Total returns for the Fund reflect expenses waived and/or reimbursed, if applicable, by the Adviser. Without such waivers and/or reimbursements, total returns would have been lower.

⁽⁴⁾ Commenced operations on November 14, 1984.

⁽⁵⁾ Commenced offering on November 7, 1996.

⁽⁶⁾ Commenced offering on April 27, 2012.

⁽⁷⁾ Commenced offering on April 30, 2015. Class C shares will generally convert to Class A shares approximately eight years after the end of the calendar month in which the shares were purchased. Performance for periods greater than eight years reflects this conversion (beginning April 2023).

⁽⁸⁾ Commenced offering on June 15, 2018.

⁽⁹⁾ For comparative purposes, average annual since inception returns listed for the Indexes refer to the inception date of Class I of the Fund, not the inception of the Indexes.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (96.9%)
Agency Fixed Rate Mortgages (19.7%)
Federal Home Loan Mortgage Corporation,
Conventional Pools:
3.50%, 8/1/49	$	151	$	130
4.00%, 4/1/49 - 11/1/49		488		438
4.50%, 2/1/49		294		274
Gold Pools:
3.50%, 1/1/44 - 4/1/49		742		655
4.00%, 6/1/44 - 1/1/48		279		255
5.41%, 7/1/37 - 8/1/37		10		9
5.44%, 1/1/37 - 2/1/38		40		36
5.46%, 8/1/37 - 1/1/38		26		25
5.50%, 8/1/37 - 11/1/37		39		37
5.62%, 12/1/36 - 8/1/37		43		41
6.00%, 10/1/36 - 8/1/38		36		37
6.50%, 12/1/25 - 8/1/33		45		46
7.00%, 6/1/28 - 11/1/31		13		13
Federal National Mortgage Association,
Conventional Pools:
3.00%, 9/1/46 - 1/1/50		2,646		2,206
3.50%, 8/1/45 - 1/1/50		2,786		2,419
4.00%, 11/1/41 - 9/1/49		2,427		2,211
4.50%, 3/1/41 - 8/1/49		946		886
5.00%, 3/1/41		76		75
5.50%, 6/1/35 - 1/1/37		27		27
5.62%, 12/1/36		17		16
6.50%, 4/1/24 - 1/1/34		356		361
7.00%, 5/1/28 - 12/1/33		53		53
9.50%, 4/1/30		8		8
October TBA
3.50%, 10/1/53 (a)		24,675		21,224
4.00%, 10/1/53 (a)		7,350		6,548
4.50%, 10/1/52 (a)		24,850		22,828
5.00%, 10/1/53 (a)		9,050		8,543
5.50%, 10/1/53 (a)		32,700		31,617
6.00%, 10/1/53 (a)		5,550		5,480
Government National Mortgage Association,
Various Pools:
3.50%, 11/20/40 - 7/20/49		735		658
4.00%, 8/20/41 - 11/20/49		1,942		1,773
4.50%, 4/20/49 - 7/20/49		178		164
5.00%, 12/20/48		23		21
6.50%, 5/15/40		187		191
				109,305
Asset-Backed Securities (9.4%)
AASET U.S. Ltd.,
4.45%, 11/18/38 (b)		1,893		1,686
ACHV ABS Trust,
Series 2023-3PL Class B
7.17%, 8/19/30 (b)		200		201

	Face Amount (000)		Value (000)
Allegro CLO XI Ltd.,
3 Month Term SOFR + 1.65%, 6.97%, 1/19/33 (b)(c)	$	2,150	$	2,151
American Homes 4 Rent Trust,
6.07%, 10/17/52 (b)		1,001		981
Aqua Finance Trust,
3.47%, 7/16/40 (b)		734		674
BCMSC Trust,
7.51%, 1/15/29 (c)		1,157		1,100
Blackbird Capital Aircraft,
2.44%, 7/15/46 (b)		1,229		1,051
Blackbird Capital Aircraft Lease Securitization Ltd.,
5.68%, 12/16/41 (b)		694		501
Cascade MH Asset Trust,
4.00%, 11/25/44 (b)(c)		1,036		986
Cologix Data Centers US Issuer LLC,
3.30%, 12/26/51 (b)	CAD	2,125		1,875
4.94%, 1/25/52 (b)	$	3,600		2,385
Conn's Receivables Funding LLC,
9.52%, 12/15/26 (b)		2,654		2,665
Series 2023-A Class B
10.00%, 1/17/28 (b)		370		371
ContiMortgage Home Equity Loan Trust,
8.10%, 8/15/25		18		14
Diamond Resorts Owner Trust,
4.02%, 2/20/32 (b)		266		266
ELFI Graduate Loan Program LLC,
4.51%, 8/26/47 (b)		1,402		1,315
Falcon Aerospace Ltd.,
3.60%, 9/15/39 (b)		1,378		1,254
FortiFi,
Series 2023-1A Class A
6.23%, 9/20/59 (b)		3,007		2,878
GAIA Aviation Ltd.,
7.00%, 12/15/44 (b)		1,558		836
GCI Funding I LLC,
2.82%, 10/18/45 (b)		653		571
Golub Capital Partners ABS Funding Ltd.,
2.77%, 4/20/29 (b)		875		816
Class A2
3.21%, 1/22/29 (b)		2,280		2,184
Goodgreen Trust,
5.53%, 4/15/55 (b)		1,738		1,427
5.74%, 10/15/56 (b)		2,521		2,113
JOL Air Ltd.,
4.95%, 4/15/44 (b)		231		179
LUNAR Aircraft Ltd.,
3.38%, 2/15/45 (b)		347		301
MACH 1 Cayman Ltd.,
3.47%, 10/15/39 (b)		756		647

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Asset-Backed Securities (cont'd)
MAPS Ltd.,
4.21%, 5/15/43 (b)	$	276	$	248
Marlette Funding Trust,
Series 2023-3A Class B
6.71%, 9/15/33 (b)		2,300		2,297
METAL LLC,
4.58%, 10/15/42 (b)		540		333
Mosaic Solar Loan Trust,
2.10%, 4/20/46 (b)		503		425
Newtek Small Business Loan Trust,
Daily U.S. Prime Rate - 0.55%, 7.95%, 2/25/44 (b)(c)		204		202
Daily U.S. Prime Rate - 0.50%, 8.00%, 7/25/50 (b)(c)		1,014		1,013
Oxford Finance Funding LLC,
5.44%, 2/15/27 (b)		95		94
PMT Issuer Trust — FMSR,
1 Month USD LIBOR + 3.00%, 8.43%, 3/25/26 (b)(c)		3,900		3,808
SOFR30A + 4.19%, 9.51%, 6/25/27 (b)(c)		2,700		2,707
PRET 2021-NPL6 LLC,
2.49%, 7/25/51 (b)		1,018		971
Progress Residential Trust,
2.31%, 5/17/38 (b)		650		577
Raptor Aircraft Finance I LLC,
4.21%, 8/23/44 (b)		1,966		1,577
ReadyCap Lending Small Business Loan Trust,
Daily U.S. Prime Rate - 0.50%, 8.00%, 12/27/44 (b)(c)		274		264
Republic Finance Issuance Trust,
3.54%, 11/20/30 (b)		1,385		1,306
Retained Vantage Data Centers Issuer LLC,
Series 2023-1A Class A2A
5.00%, 9/15/48 (b)		2,050		1,852
Start II Ltd.,
4.09%, 3/15/44 (b)		248		220
Start Ltd.,
4.09%, 5/15/43 (b)		2,351		2,056
Sunbird Engine Finance LLC,
3.67%, 2/15/45 (b)		831		702
				52,080
Collateralized Mortgage Obligations — Agency Collateral Series (0.4%)
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
IO
4.48%, 11/25/55 (c)		7,625		2,098
Federal Home Loan Mortgage Corporation,
IO REMIC
5.89% - SOFR30A, 0.57%, 11/15/43 (d)		375		22
Federal National Mortgage Association,
IO PAC REMIC
8.00%, 9/18/27		19		2

	Face Amount (000)			Value (000)
IO STRIPS
6.50%, 9/25/29 - 12/25/29	$	102		$	11
8.00%, 4/25/24		—	@		—	@
8.50%, 10/25/25		3			—	@
REMIC
7.00%, 9/25/32		83			85
Government National Mortgage Association,
IO
5.00%, 2/16/41		80			16
					2,234
Commercial Mortgage-Backed Securities (14.6%)
BANK 2019-BNK21,
IO
0.96%, 10/17/52 (c)		14,029			538
BANK 2020-BNK30,
3.02%, 12/15/53 (c)		4,200			2,214
Benchmark Mortgage Trust,
3.76%, 7/15/53 (b)		2,000			1,814
IO
0.99%, 9/15/48 (b)(c)		31,000			693
BF Mortgage Trust,
1 Month Term SOFR + 1.75%, 7.08%, 12/15/35 (b)(c)		2,500			1,863
BPR Trust,
1 Month Term SOFR + 3.00%, 8.33%, 5/15/39 (b)(c)		3,170			3,168
BXP Trust,
1 Month Term SOFR + 3.05%, 8.38%, 11/15/34 (b)(c)		1,150			804
CG-CCRE Commercial Mortgage Trust,
1 Month Term SOFR + 1.97%, 7.30%, 11/15/31 (b)(c)		528			513
Citigroup Commercial Mortgage Trust,
3.62%, 12/10/41 (b)(c)		1,100			712
IO
0.86%, 11/10/48 (c)		2,288			26
1.02%, 9/10/58 (c)		4,138			53
COMM Mortgage Trust,
3.51%, 8/15/57 (b)(c)		1,400			1,268
IO
0.81%, 10/10/47 (c)		2,388			10
1.07%, 7/15/47 (c)		2,105			6
CSMC Trust,
1 Month Term SOFR + 3.61%, 8.95%, 12/15/35 (b)(c)		5,275			5,274
1 Month Term SOFR + 4.08%, 9.42%, 4/15/26 (b)(c)		2,590			2,538
CSWF Corp.,
1 Month Term SOFR + 1.68%, 7.01%, 6/15/34 (b)(c)		2,680			2,242
DROP Mortgage Trust,
1 Month Term SOFR + 1.26%, 6.60%, 10/15/43 (b)(c)		3,525			3,300

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Commercial Mortgage-Backed Securities (cont'd)
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
IO
0.45%, 11/25/27 (c)	$	23,042	$	268
2.72%, 1/25/49 (c)		21,292		3,088
2.74%, 2/25/49 (c)		9,522		1,368
2.82%, 9/25/48 (c)		16,800		2,407
2.83%, 8/25/48 (c)		5,484		760
2.98%, 1/25/49 (c)		7,514		1,259
3.08%, 1/25/32 (c)		5,775		1,014
3.17%, 11/25/36 (c)		4,400		1,129
3.20%, 4/25/39 (c)		3,200		802
3.32%, 5/25/32 (c)		11,220		2,177
3.58%, 10/25/38 (c)		3,500		950
3.69%, 6/25/54 (c)		6,549		1,483
3.92%, 6/25/50 (c)		8,000		1,903
4.29%, 8/25/54 (c)		5,300		1,367
FREMF 2016-KF21 Mortgage Trust,
SOFR30A + 5.36%, 10.68%, 7/25/26 (b)(c)		45		43
FREMF 2017-KF27 Mortgage Trust,
SOFR30A + 4.36%, 9.78%, 12/25/26 (b)(c)		61		59
GS Mortgage Securities Trust,
4.40%, 8/10/46 (b)(c)		500		426
IO
0.83%, 9/10/47 (c)		4,249		17
1.35%, 10/10/48 (c)		4,421		83
Highways 2021 PLC,
3 Month GBP SONIA + 1.35%, 6.57%, 12/18/31 (b)(c)	GBP	2,775		3,294
Jackson Park Trust,
3.35%, 10/14/39 (b)(c)	$	1,700		1,233
JP Morgan Chase Commercial Mortgage Securities Trust,
1 Month Term SOFR + 2.56%, 7.90%, 4/15/38 (b)(c)		2,400		2,321
IO
0.61%, 4/15/46 (c)		6,956		19
0.71%, 12/15/49 (c)		3,552		49
0.86%, 7/15/47 (c)		3,618		1
JPMBB Commercial Mortgage Securities Trust,
4.78%, 4/15/47 (b)(c)		775		713
IO
1.09%, 8/15/47 (c)		2,814		8
Last Mile Logistics Pan Euro Finance DAC,
3 Month EURIBOR + 1.90%, 5.69%, 8/17/33 (b)(c)	EUR	736		729
Manhattan West Mortgage Trust,
2.41%, 9/10/39 (b)(c)	$	1,500		1,222
MF1 2021-W10X,
1 Month Term SOFR + 2.82%, 8.15%, 12/15/34 (b)(c)		4,350		4,035
MFT Mortgage Trust,
3.39%, 8/10/40 (b)(c)		1,000		644
3.59%, 2/10/42 (b)(c)		800		421

	Face Amount (000)		Value (000)
MKT 2020-525M Mortgage Trust,
3.04%, 2/12/40 (b)(c)	$	1,000	$	271
Natixis Commercial Mortgage Securities Trust,
4.27%, 5/15/39 (b)(c)		2,300		1,813
4.46%, 1/15/43 (b)(c)		800		631
1 Month Term SOFR + 2.28%, 7.61%, 7/15/36 (b)(c)		2,300		2,028
Olympic Tower Mortgage Trust,
3.57%, 5/10/39 (b)		2,900		2,430
Real Estate Asset Liquidity Trust,
IO
1.16%, 2/12/31 (b)(c)	CAD	31,560		879
SG Commercial Mortgage Securities Trust,
3.85%, 3/15/37 (b)(c)	$	1,900		1,648
SLG Office Trust,
IO
0.26%, 7/15/41 (b)(c)		34,800		495
Taubman Centers Commercial Mortgage Trust,
1 Month Term SOFR + 2.19%, 7.52%, 5/15/37 (b)(c)		3,950		3,862
Vita Scientia 2022-1 DAC,
3 Month EURIBOR + 2.49%, 6.27%, 8/27/25 (b)(c)	EUR	2,125		1,919
VMC Finance 2021-HT1 LLC,
1 Month Term SOFR + 1.76%, 7.10%, 1/18/37 (b)(c)	$	2,387		2,335
WFRBS Commercial Mortgage Trust,
4.18%, 5/15/45 (b)(c)		425		390
				81,029
Corporate Bonds (25.7%)
Finance (9.9%)
AIB GROUP PLC,
6.61%, 9/13/29 (b)		1,000		996
American International Group, Inc.,
5.13%, 3/27/33		183		170
Aviation Capital Group LLC,
6.38%, 7/15/30 (b)		1,425		1,381
Banco de Credito e Inversiones SA,
2.88%, 10/14/31 (b)		2,275		1,824
Banco Santander SA,
4.18%, 3/24/28		1,400		1,293
Bank Hapoalim BM,
3.26%, 1/21/32		2,075		1,777
Bank of America Corp.,
2.69%, 4/22/32		3,675		2,890
4.57%, 4/27/33		3,225		2,865
Bank of Ireland Group PLC,
2.03%, 9/30/27 (b)		1,425		1,250
Bank of Montreal,
3.09%, 1/10/37		1,725		1,287
BNP Paribas SA,
4.40%, 8/14/28 (b)		1,525		1,419
BPCE SA,
5.15%, 7/21/24 (b)		2,750		2,707

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
CaixaBank SA,
6.21%, 1/18/29 (b)	$	1,400	$	1,371
Capital One Financial Corp.,
5.82%, 2/1/34		1,575		1,421
Centene Corp.,
2.50%, 3/1/31		3,050		2,347
Charles Schwab Corp.,
5.85%, 5/19/34		1,370		1,304
Citigroup, Inc.,
3.79%, 3/17/33		1,275		1,064
Deutsche Bank AG,
7.15%, 7/13/27		1,800		1,813
Extra Space Storage LP,
2.40%, 10/15/31		1,825		1,398
Fifth Third Bancorp,
6.34%, 7/27/29		400		395
Global Atlantic Fin Co.,
4.70%, 10/15/51 (b)		1,320		958
Grupo Aval Ltd.,
4.38%, 2/4/30 (b)		561		428
Jefferies Finance LLC/JFIN Co.-Issuer Corp.,
5.00%, 8/15/28 (b)		1,490		1,256
Jefferies Financial Group, Inc.,
5.88%, 7/21/28		975		955
JPMorgan Chase & Co.,
5.35%, 6/1/34		3,275		3,108
Macquarie Group Ltd.,
2.87%, 1/14/33 (b)		1,350		1,022
Metropolitan Life Global Funding I,
5.15%, 3/28/33 (b)		1,050		995
Nationwide Building Society,
4.30%, 3/8/29 (b)		1,550		1,424
Nordea Bank Abp,
5.38%, 9/22/27 (b)		1,200		1,173
Oversea-Chinese Banking Corp. Ltd.,
1.83%, 9/10/30 (b)		970		893
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
3.88%, 3/1/31 (b)		1,475		1,178
Societe Generale SA,
2.63%, 1/22/25 (b)		1,625		1,545
Toronto-Dominion Bank,
8.13%, 10/31/82		1,625		1,621
Truist Financial Corp.,
5.87%, 6/8/34		2,025		1,907
U.S. Bancorp,
5.84%, 6/12/34		1,200		1,133
5.85%, 10/21/33		175		166
UBS Group AG,
6.54%, 8/12/33 (b)		1,550		1,533
United Overseas Bank Ltd.,
3.86%, 10/7/32 (b)		2,950		2,712
				54,979

	Face Amount (000)		Value (000)
Industrials (13.7%)
Apple, Inc.,
2.95%, 9/11/49	$	2,200	$	1,454
Ashtead Capital, Inc.,
5.95%, 10/15/33 (b)		1,850		1,758
AT&T, Inc.,
3.55%, 9/15/55		1,635		1,002
3.65%, 6/1/51		605		390
BAT Capital Corp.,
2.26%, 3/25/28		2,000		1,693
Boeing Co.,
3.25%, 2/1/35		1,775		1,366
BP Capital Markets PLC,
4.88%, 3/22/30 (e)		700		628
Celanese U.S. Holdings LLC,
6.17%, 7/15/27		2,150		2,121
Charter Communications Operating LLC/ Charter Communications Operating Capital,
3.50%, 3/1/42		3,050		1,887
Concentrix Corp.,
6.60%, 8/2/28		1,165		1,125
6.65%, 8/2/26		1,275		1,268
Dick's Sporting Goods, Inc.,
4.10%, 1/15/52		2,225		1,353
Duke University,
Series 2020
2.83%, 10/1/55		1,600		982
Enterprise Products Operating LLC,
3.30%, 2/15/53		300		196
3.70%, 1/31/51		375		266
5.35%, 1/31/33		1,450		1,419
Ford Motor Co.,
3.25%, 2/12/32		1,875		1,447
Foundry JV Holdco LLC,
5.88%, 1/25/34 (b)		1,525		1,458
Garda World Security Corp.,
9.50%, 11/1/27 (b)		925		885
General Motors Co.,
6.75%, 4/1/46		925		865
General Motors Financial Co., Inc.,
5.80%, 6/23/28		2,825		2,761
Global Partners LP/GLP Finance Corp.,
7.00%, 8/1/27		715		697
Grifols SA,
2.25%, 11/15/27	EUR	630		588
HCA, Inc.,
4.63%, 3/15/52	$	1,550		1,165
Hyundai Capital America,
1.80%, 1/10/28 (b)		2,650		2,222
6.10%, 9/21/28 (b)		1,700		1,689
Imperial Brands Finance PLC,
3.13%, 7/26/24 (b)		1,000		975

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Intel Corp.,
5.70%, 2/10/53	$	1,025	$	962
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
2.50%, 1/15/27		1,575		1,393
Johns Hopkins University,
Series A
2.81%, 1/1/60		1,170		684
Lowe's Cos., Inc.,
5.80%, 9/15/62		325		297
5.85%, 4/1/63		200		184
Macy's Retail Holdings LLC,
5.88%, 3/15/30 (b)(f)		690		586
McAfee Corp.,
7.38%, 2/15/30 (b)		1,075		901
McLaren Health Care Corp.,
Series A
4.39%, 5/15/48 (f)		1,175		930
Medline Borrower LP,
3.88%, 4/1/29 (b)		1,410		1,193
NBN Co. Ltd.,
2.63%, 5/5/31 (b)		2,400		1,938
Newcastle Coal Infrastructure Group Pty Ltd.,
4.40%, 9/29/27 (b)		2,542		2,288
NOVA Chemicals Corp.,
4.25%, 5/15/29 (b)(f)		1,510		1,177
ONEOK, Inc.,
6.05%, 9/1/33		1,450		1,425
Ooredoo International Finance Ltd.,
2.63%, 4/8/31 (b)		1,268		1,059
Oracle Corp.,
3.60%, 4/1/50		2,300		1,489
Peloton Interactive, Inc.,
0.00%, 2/15/26		1,215		920
Petrobras Global Finance BV,
6.50%, 7/3/33 (f)		1,379		1,318
Resorts World Las Vegas LLC/RWLV Capital, Inc.,
4.63%, 4/16/29 (b)		1,400		1,119
Rockies Express Pipeline LLC,
3.60%, 5/15/25 (b)		925		874
Rogers Communications, Inc.,
4.55%, 3/15/52		2,550		1,862
S&P Global, Inc.,
5.25%, 9/15/33 (b)		1,800		1,756
Seattle Children's Hospital,
Series 2021
2.72%, 10/1/50		2,750		1,621
Silgan Holdings, Inc.,
1.40%, 4/1/26 (b)		2,150		1,909
Sirius XM Radio, Inc.,
3.88%, 9/1/31 (b)		790		599

	Face Amount (000)		Value (000)
Splunk, Inc.,
1.13%, 6/15/27	$	1,075	$	1,020
Spotify USA, Inc.,
0.00%, 3/15/26		1,190		1,016
Standard Industries, Inc.,
2.25%, 11/21/26 (b)	EUR	575		538
Syngenta Finance NV,
4.89%, 4/24/25 (b)	$	975		951
Var Energi ASA,
7.50%, 1/15/28 (b)		1,025		1,054
Verizon Communications, Inc.,
1.75%, 1/20/31		4,100		3,091
VICI Properties LP/VICI Note Co., Inc.,
5.75%, 2/1/27 (b)		1,025		993
Vontier Corp.,
2.40%, 4/1/28		2,700		2,256
Warnermedia Holdings, Inc.,
5.05%, 3/15/42		925		716
5.39%, 3/15/62		1,390		1,028
Williams Cos., Inc.,
5.30%, 8/15/28		1,425		1,395
				76,202
Utilities (2.1%)
Enel Finance America LLC,
2.88%, 7/12/41 (b)		2,307		1,378
Eversource Energy,
5.13%, 5/15/33		1,463		1,362
Fells Point Funding Trust,
3.05%, 1/31/27 (b)		2,275		2,064
Jersey Central Power & Light Co.,
2.75%, 3/1/32 (b)		1,400		1,098
Mississippi Power Co.,
3.95%, 3/30/28		2,325		2,170
Northern States Power Co.,
2.90%, 3/1/50		1,400		860
Pacific Gas & Electric Co.,
4.95%, 7/1/50		1,625		1,213
Virginia Electric & Power Co.,
2.95%, 11/15/51		2,275		1,356
				11,501
				142,682
Mortgages — Other (14.4%)
510 Asset Backed 2021-NPL1 Trust,
2.24%, 6/25/61 (b)		1,417		1,327
Adjustable Rate Mortgage Trust,
5.83%, 6/25/35 (c)		32		31
Ajax Mortgage Loan Trust,
1.70%, 5/25/59 (b)(c)		1,274		1,139
2.35%, 9/25/65 (b)(c)		725		533
Banc of America Alternative Loan Trust,
1 Month Term SOFR + 0.76%, 6.00%, 7/25/46 (c)		92		71
6.36%, 10/25/36		392		110

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Mortgages — Other (cont'd)
Banc of America Funding Trust,
5.25%, 7/25/37	$	11	$	10
BBCMS Mortgage Trust,
IO
0.64%, 12/15/55 (c)		18,415		673
Bear Stearns ARM Trust,
4.02%, 2/25/34 (c)		372		340
BRAVO Residential Funding Trust,
2.00%, 5/25/59 (b)(c)		1,486		1,314
Brean Asset Backed Securities Trust,
1.40%, 10/25/63 (b)(c)		2,089		1,751
1.75%, 10/25/61 (b)(c)		2,200		1,896
BX Commercial Mortgage Trust,
Class A
1 Month Term SOFR + 2.28%, 7.61%, 6/15/40 (b)(c)		2,050		2,052
Cascade Funding Mortgage Trust,
3.73%, 6/25/36 (b)(c)		3,825		3,538
4.00%, 10/25/68 (b)(c)		2,057		1,957
CFMT 2022-HB8 LLC,
3.75%, 4/25/25 (b)(c)		2,650		2,450
CFMT LLC,
1.94%, 9/25/50 (b)(c)		2,292		2,148
2.91%, 2/25/31 (b)(c)		3,800		3,535
3.25%, 9/25/37 (b)(c)		1,840		1,434
ChaseFlex Trust,
6.00%, 2/25/37		591		232
COLT 2021-RPL1 Trust,
1.67%, 9/25/61 (b)(c)		1,260		1,083
Countrywide Alternative Loan Trust,
1 Month Term SOFR + 0.47%, 5.79%, 5/25/47 (c)		65		58
E-MAC NL 2004-I BV,
3 Month EURIBOR + 0.18%, 5.97%, 7/25/36 (c)	EUR	277		270
Eurosail-NL 2007-2 BV,
3 Month EURIBOR + 1.80%, 5.46%, 10/17/40 (c)		700		730
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust,
3.00%, 7/25/46 - 5/25/47	$	935		786
3.50%, 5/25/45 - 5/25/47		349		295
4.00%, 5/25/45		8		6
FMC GMSR Issuer Trust,
7.90%, 7/25/27 (b)		2,675		2,640
GCAT 2022-NQM3 Trust,
4.35%, 4/25/67 (b)(c)		4,343		4,044
Headlands Residential 2021-RPL1 LLC,
2.49%, 9/25/26 (b)(c)		3,320		3,190
IM Pastor 3 FTH,
3 Month EURIBOR + 0.14%, 4.07%, 3/22/43 (c)	EUR	271		251

	Face Amount (000)			Value (000)
Imperial Fund Mortgage Trust,
2.49%, 2/25/67 (b)(c)	$	2,403		$	2,062
JP Morgan Mortgage Trust,
4.40%, 6/25/37 (c)		50			39
Legacy Mortgage Asset Trust,
6.25%, 2/25/60 (b)(c)		1,819			1,798
Lehman Mortgage Trust,
6.50%, 9/25/37		623			197
LHOME Mortgage Trust,
Series 2023-RTL2 Class A1
8.00%, 6/25/28 (b)(c)		425			425
NYMT Loan Trust,
2.94%, 10/25/60 (b)(c)		2,260			2,220
OBX Trust,
3.50%, 2/25/60 (b)(c)		356			299
Pepper Residential Securities Trust,
1 Month Term SOFR + 1.04%, 6.37%, 3/12/61 (b)(c)		111			111
PMC PLS ESR Issuer LLC,
5.11%, 2/25/27 (b)		1,798			1,719
Preston Ridge Partners Mortgage LLC,
1.74%, 9/25/26 (b)(c)		1,766			1,627
2.36%, 10/25/26 (b)(c)		1,935			1,812
PRPM LLC,
5.56%, 6/25/27 (b)		2,155			2,115
Sage AR Funding Holdings Ltd.,
3 Month GBP SONIA + 1.85%, 7.07%, 11/17/51 (b)(c)	GBP	3,625			4,155
Seasoned Credit Risk Transfer Trust,
3.00%, 9/25/55 - 10/25/58	$	5,123			4,276
4.00%, 8/25/56 - 2/25/59 (b)(c)		2,187			1,955
4.25%, 8/25/59 - 11/25/60 (b)(c)		6,550			5,640
4.50%, 6/25/57		—	@		—	@
4.75%, 7/25/56 - 10/25/58 (b)(c)(c)		2,682			2,461
Stanwich Mortgage Loan Co. LLC,
2.74%, 10/16/26 (b)		1,932			1,770
TDA 27 FTA,
3 Month EURIBOR + 0.19%, 4.13%, 12/28/50 (c)	EUR	1,114			998
VOLT CV LLC,
2.49%, 11/27/51 (b)	$	1,468			1,377
VOLT XCIII LLC,
1.89%, 2/27/51 (b)		1,549			1,465
VOLT XCIV LLC,
2.24%, 2/27/51 (b)		1,885			1,785
					80,200
Municipal Bonds (0.7%)
Chicago O'Hare International Airport, IL, O'Hare International Airport Revenue,
Series 2010B
6.40%, 1/1/40		255			272
City of New York, NY,
Series G-1
5.97%, 3/1/36		270			279

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Municipal Bonds (cont'd)
Illinois State Toll Highway Authority, IL, Highway Revenue, Build America Bonds,
Series A
6.18%, 1/1/34	$	477	$	492
Onondaga Civic Development Corp., NY,
3.07%, 12/1/55		2,925		1,758
University of Michigan, MI,
Series A
4.45%, 4/1/2122		1,645		1,260
				4,061
Sovereign (2.8%)
Dominican Republic International Bond,
5.88%, 1/30/60 (b)		700		504
11.25%, 9/15/35 (b)	DOP	109,900		2,001
13.63%, 2/3/33 (b)		117,700		2,446
Export-Import Bank of India,
3.25%, 1/15/30 (b)	$	670		572
3.88%, 2/1/28 (b)		505		468
Ivory Coast Government International Bond,
4.88%, 1/30/32 (b)	EUR	1,360		1,098
Mexico Government International Bond,
3.25%, 4/16/30	$	750		640
3.75%, 4/19/71		850		487
Petroleos Mexicanos,
6.70%, 2/16/32		2,727		2,027
Philippine Government International Bond,
4.20%, 3/29/47		420		327
Republic of South Africa Government Bond,
8.00%, 1/31/30	ZAR	22,750		1,049
8.25%, 3/31/32		34,230		1,476
Uruguay Government International Bond,
9.75%, 7/20/33	UYU	89,340		2,344
				15,439
Supranational (0.2%)
Banque Ouest Africaine de Developpement,
2.75%, 1/22/33 (b)	EUR	270		204
4.70%, 10/22/31 (b)	$	1,240		989
				1,193
U.S. Treasury Securities (9.0%)
U.S. Treasury Note,
3.50%, 4/30/28		29,125		27,763
4.25%, 5/31/25 (f)		22,900		22,562
				50,325
Total Fixed Income Securities (Cost $591,157)				538,548
	Shares
Short-Term Investments (18.5%)
Investment Company (9.8%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $54,421)		54,421,134		54,421

	Shares		Value (000)
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 $2,451)		2,450,510	$	2,451
	Face Amount (000)
U.S. Treasury Securities (8.3%)
U.S. Treasury Bill,
5.01%, 11/30/23 (g)	$	2,300		2,280
5.32%, 12/14/23 (g)		23,000		22,753
5.40%, 11/30/23 (g)		300		297
U.S. Treasury Note,
0.25%, 11/15/23		20,850		20,740
Total U.S. Treasury Securities (Cost $46,077)				46,070
Total Short-Term Investments (Cost $102,949)				102,942
Total Investments (115.4%) (Cost $694,106) Including $25,307 of Securities Loaned (h)(i)				641,490
Liabilities in Excess of Other Assets (–15.4%)				(85,370	)
Net Assets (100.0%)			$	556,120

@ Face Amount/Value is less than $500.

(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 September 30, 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.

(d) Inverse Floating Rate Security — Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at September 30, 2023.

(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 September 30, 2023.

(f) All or a portion of this security was on loan at September 30, 2023.

(g) Rate shown is the yield to maturity at September 30, 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 September 30, 2023, the aggregate cost for federal income tax purposes is approximately $691,085,000. The aggregate gross unrealized appreciation is approximately $5,954,000 and the aggregate gross unrealized depreciation is approximately $58,745,000, resulting in net unrealized depreciation of approximately $52,791,000.

CLO Collateralized Loan Obligation.

DAC Designated Activity Company.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

EURIBOR Euro Interbank Offered Rate.

IO Interest Only Security.

LIBOR London Interbank Offered Rate.

PAC Planned Amortization Class.

REMIC Real Estate Mortgage Investment Conduit.

SOFR Secured Overnight Financing Rate.

SOFR30A 30-Day Average SOFR.

SONIA Sterling Overnight Index Average.

STRIPS Separate Trading of Registered Interest and Principal of Securities.

TBA To Be Announced.

USD United States Dollar.

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at September 30, 2023:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Australia & New Zealand Banking Group Ltd.	$	45	CAD	60	11/10/23	$	(—	@)
Bank of America NA	NZD	4,459	$	2,623	11/10/23		(49	)
Barclays Bank PLC	$	77	GBP	60	11/10/23		(3	)
BNP Paribas SA	CNH	20,105	$	2,825	11/10/23		67
BNP Paribas SA	EUR	7,014	$	7,768	11/10/23		341
BNP Paribas SA	IDR	48,716,250	$	3,206	11/10/23		55
Citibank NA	DOP	31,709	$	550	11/10/23		(3	)
Citibank NA	$	23	CAD	31	11/10/23		(—	@)
JPMorgan Chase Bank NA	CAD	6,333	$	4,744	11/10/23		79
JPMorgan Chase Bank NA	MXN	79,486	$	4,557	11/10/23		25
JPMorgan Chase Bank NA	NOK	28,805	$	2,693	11/10/23		(3	)
JPMorgan Chase Bank NA	$	2,778	INR	230,813	11/10/23		(4	)
JPMorgan Chase Bank NA	$	4,272	MXN	76,008	11/10/23		62
JPMorgan Chase Bank NA	$	2,836	NOK	28,805	11/10/23		(141	)
JPMorgan Chase Bank NA	$	2,733	NZD	4,459	11/10/23		(60	)
JPMorgan Chase Bank NA	ZAR	51,837	$	2,782	11/10/23		53
UBS AG	GBP	5,902	$	7,530	11/10/23		328
						$	747

Futures Contracts:

The Fund had the following futures contracts open at September 30, 2023:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury Long Bond (United States)		358	Dec-23	$	35,800		$	40,734		$	(2,347	)
U.S. Treasury Ultra Bond (United States)		200	Dec-23		20,000			23,738			(1,286	)
U.S. Treasury 2 yr. Note (United States)		281	Dec-23		56,200			56,962			(29	)
U.S. Treasury 5 yr. Note (United States)		95	Dec-23		9,500			10,009			15
U.S. Treasury 10 yr. Note (United States)		170	Dec-23		17,000			18,371			(281	)
Short:
EURO OAT Index (Germany)		11	Dec-23	EUR	(1,100	)		(1,433	)		37
Euro-Buxl 30 yr. Bond (Germany)		3	Dec-23		(300	)		(388	)		33
U.S. Treasury 10 yr. Ultra Note (United States)		21	Dec-23	$	(2,100	)		(2,343	)		(8	)
										$	(3,866	)

Credit Default Swap Agreement:

The Fund had the following credit default swap agreement open at September 30, 2023:

Swap Counterparty and Reference Obligation				Credit Rating of Reference Obligation†				Buy/Sell Protection				Pay/Received Fixed Rate				Payment Frequency				Maturity Date				Notional Amount (000)				Value (000)				Upfront Payment Received (000)				Unrealized Depreciation (000)
Morgan Stanley & Co. LLC* CDX.NA.HY.S41				NR				Buy					5.00	%		Quarterly				12/20/28				$	11,900			$	(112	)		$	(78	)		$	(34	)

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

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

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

CAD — Canadian Dollar

CNH — Chinese Yuan Renminbi Offshore

DOP — Dominican Peso

EUR — Euro

GBP — British Pound

IDR — Indonesian Rupiah

INR — Indian Rupee

MXN — Mexican Peso

NOK — Norwegian Krone

NZD — New Zealand Dollar

USD — United States Dollar

UYU — Uruguayan Peso

ZAR — South African Rand

Portfolio Composition*

Classification	Percentage of Total Investments
Agency Fixed Rate Mortgages		17.1	%
Short-Term Investments		15.7
Commercial Mortgage-Backed Securities		12.7
Mortgages — Other		12.6
Industrials		11.9
Finance		8.6
Asset-Backed Securities		8.2
U.S. Treasury Securities		7.9
Other**		5.3
Total Investments		100.0	%***

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 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 $153,978,000 and net unrealized depreciation of approximately $3,866,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $747,000. Also does not include an open swap agreement with total unrealized depreciation of approximately $34,000.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Core Plus Fixed Income Portfolio

Statement of Assets and Liabilities	September 30, 2023 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $637,234)	$	584,618
Investment in Security of Affiliated Issuer, at Value (Cost $56,872)		56,872
Total Investments in Securities, at Value (Cost $694,106)		641,490
Foreign Currency, at Value (Cost $3,332)		3,296
Cash		1,999
Receivable for Variation Margin on Futures Contracts		3,985
Interest Receivable		3,896
Receivable for Investments Sold		1,525
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		1,010
Due from Broker		371
Receivable for Fund Shares Sold		315
Receivable from Affiliate		280
Tax Reclaim Receivable		10
Receivable from Securities Lending Income		4
Other Assets		79
Total Assets		658,260
Liabilities:
Payable for Investments Purchased		98,247
Collateral on Securities Loaned, at Value		2,451
Payable for Variation Margin on Swap Agreements		341
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		263
Payable for Fund Shares Redeemed		220
Payable for Advisory Fees		210
Payable for Professional Fees		84
Payable for Sub Transfer Agency Fees — Class I		62
Payable for Sub Transfer Agency Fees — Class A		8
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Sub Transfer Agency Fees — Class C		2
Payable for Administration Fees		37
Deferred Capital Gain Country Tax		25
Payable for Custodian Fees		20
Payable for Shareholder Services Fees — Class A		11
Payable for Distribution and Shareholder Services Fees — Class L		—	@
Payable for Distribution and Shareholder Services Fees — Class C		9
Payable for Transfer Agency Fees — Class I		3
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		1
Other Liabilities		144
Total Liabilities		102,140
Net Assets	$	556,120
Net Assets Consist of:
Paid-in-Capital	$	719,659
Total Accumulated Loss		(163,539	)
Net Assets	$	556,120

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Core Plus Fixed Income Portfolio

Statement of Assets and Liabilities (cont'd)	September 30, 2023 (000)
CLASS I:
Net Assets	$	423,920
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		46,345,129
Net Asset Value, Offering and Redemption Price Per Share	$	9.15
CLASS A:
Net Assets	$	54,277
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		5,922,982
Net Asset Value, Redemption Price Per Share	$	9.16
Maximum Sales Load		3.25	%
Maximum Sales Charge	$	0.31
Maximum Offering Price Per Share	$	9.47
CLASS L:
Net Assets	$	704
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		76,712
Net Asset Value, Offering and Redemption Price Per Share	$	9.17
CLASS C:
Net Assets	$	11,044
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,214,845
Net Asset Value, Offering and Redemption Price Per Share	$	9.09
CLASS R6:
Net Assets	$	66,175
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		7,238,137
Net Asset Value, Offering and Redemption Price Per Share	$	9.14
⁽¹⁾ Including: Securities on Loan, at Value:	$	25,307

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Core Plus Fixed Income Portfolio

Statement of Operations	Year Ended September 30, 2023 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $4 of Foreign Taxes Withheld)	$	26,893
Dividends from Security of Affiliated Issuer (Note G)		3,290
Income from Securities Loaned — Net		88
Total Investment Income		30,271
Expenses:
Advisory Fees (Note B)		2,181
Administration Fees (Note C)		465
Sub Transfer Agency Fees — Class I		361
Sub Transfer Agency Fees — Class A		66
Sub Transfer Agency Fees — Class L		1
Sub Transfer Agency Fees — Class C		8
Shareholder Services Fees — Class A (Note D)		148
Distribution and Shareholder Services Fees — Class L (Note D)		4
Distribution and Shareholder Services Fees — Class C (Note D)		129
Professional Fees		202
Registration Fees		90
Custodian Fees (Note F)		70
Pricing Fees		61
Shareholder Reporting Fees		47
Transfer Agency Fees — Class I (Note E)		20
Transfer Agency Fees — Class A (Note E)		6
Transfer Agency Fees — Class L (Note E)		2
Transfer Agency Fees — Class C (Note E)		6
Transfer Agency Fees — Class R6 (Note E)		4
Trustees' Fees and Expenses		15
Other Expenses		40
Total Expenses		3,926
Waiver of Advisory Fees (Note B)		(1,019	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(164	)
Reimbursement of Class Specific Expenses — Class L (Note B)		(2	)
Reimbursement of Class Specific Expenses — Class R6 (Note B)		(4	)
Rebate from Morgan Stanley Affiliate (Note G)		(112	)
Net Expenses		2,625
Net Investment Income		27,646
Realized Loss:
Investments Sold (Net of $5 of Capital Gain Country Tax)		(39,035	)
Foreign Currency Forward Exchange Contracts		(236	)
Foreign Currency Translation		(5	)
Futures Contracts		(15,470	)
Swap Agreements		(1,470	)
Net Realized Loss		(56,216	)
Change in Unrealized Appreciation (Depreciation):
Investments		39,467
Foreign Currency Forward Exchange Contracts		(1,792	)
Foreign Currency Translation		(24	)
Futures Contracts		3,370
Swap Agreements		61
Net Change in Unrealized Appreciation (Depreciation)		41,082
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(15,134	)
Net Increase in Net Assets Resulting from Operations	$	12,512

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Core Plus Fixed Income Portfolio

Statements of Changes in Net Assets	Year Ended September 30, 2023 (000)			Year Ended September 30, 2022 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	27,646		$	22,264
Net Realized Loss		(56,216	)		(52,539	)
Net Change in Unrealized Appreciation (Depreciation)		41,082			(103,962	)
Net Increase (Decrease) in Net Assets Resulting from Operations		12,512			(134,237	)
Dividends and Distributions to Shareholders:
Class I		(22,827	)		(18,106	)
Class A		(2,906	)		(2,149	)
Class L		(41	)		(23	)
Class C		(551	)		(407	)
Class R6*		(3,945	)		(3,666	)
Total Dividends and Distributions to Shareholders		(30,270	)		(24,351	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		160,654			196,934
Distributions Reinvested		22,491			17,880
Redeemed		(216,246	)		(356,596	)
Class A:
Subscribed		7,658			11,728
Distributions Reinvested		2,905			2,149
Redeemed		(15,882	)		(35,681	)
Class L:
Exchanged		100			41
Distributions Reinvested		41			23
Redeemed		(270	)		(99	)
Class C:
Subscribed		1,929			1,327
Distributions Reinvested		547			404
Redeemed		(6,012	)		(8,945	)
Class R6:*
Subscribed		7,701			16,068
Distributions Reinvested		3,621			3,243
Redeemed		(46,653	)		(18,923	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(77,416	)		(170,447	)
Total Decrease in Net Assets		(95,174	)		(329,035	)
Net Assets:
Beginning of Period		651,294			980,329
End of Period	$	556,120		$	651,294

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Core Plus Fixed Income Portfolio

Statements of Changes in Net Assets (cont'd)	Year Ended September 30, 2023 (000)			Year Ended September 30, 2022 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		16,899			18,315
Shares Issued on Distributions Reinvested		2,365			1,657
Shares Redeemed		(22,718	)		(33,337	)
Net Decrease in Class I Shares Outstanding		(3,454	)		(13,365	)
Class A:
Shares Subscribed		805			1,069
Shares Issued on Distributions Reinvested		305			198
Shares Redeemed		(1,674	)		(3,299	)
Net Decrease in Class A Shares Outstanding		(564	)		(2,032	)
Class L:
Shares Exchanged		11			4
Shares Issued on Distributions Reinvested		4			2
Shares Redeemed		(29	)		(9	)
Net Decrease in Class L Shares Outstanding		(14	)		(3	)
Class C:
Shares Subscribed		203			120
Shares Issued on Distributions Reinvested		58			38
Shares Redeemed		(637	)		(842	)
Net Decrease in Class C Shares Outstanding		(376	)		(684	)
Class R6:*
Shares Subscribed		819			1,486
Shares Issued on Distributions Reinvested		381			302
Shares Redeemed		(4,900	)		(1,863	)
Net Decrease in Class R6 Shares Outstanding		(3,700	)		(75	)

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

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Core Plus Fixed Income Portfolio

	Class I
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.45		$	11.53		$	11.91		$	11.58		$	10.84
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.46			0.29			0.26			0.31			0.37
Net Realized and Unrealized Gain (Loss)		(0.26	)		(2.06	)		(0.07	)		0.40			0.78
Total from Investment Operations		0.20			(1.77	)		0.19			0.71			1.15
Distributions from and/or in Excess of:
Net Investment Income		(0.50	)		(0.28	)		(0.26	)		(0.30	)		(0.41	)
Net Realized Gain		—			(0.03	)		(0.31	)		(0.08	)		—
Total Distributions		(0.50	)		(0.31	)		(0.57	)		(0.38	)		(0.41	)
Net Asset Value, End of Period	$	9.15		$	9.45		$	11.53		$	11.91		$	11.58
Total Return⁽²⁾		2.03	%		(15.58	)%		1.61	%		6.27	%		10.83	%⁽³⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	423,920		$	470,728		$	727,989		$	662,724		$	457,610
Ratio of Expenses Before Expense Limitation		0.63	%		0.63	%		0.62	%		0.64	%		0.67	%
Ratio of Expenses After Expense Limitation		0.40	%⁽⁴⁾		0.41	%⁽⁴⁾		0.41	%⁽⁴⁾		0.40	%⁽⁴⁾		0.41	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			0.40	%⁽⁴⁾		N/A
Ratio of Net Investment Income		4.81	%⁽⁴⁾		2.74	%⁽⁴⁾		2.26	%⁽⁴⁾		2.63	%⁽⁴⁾		3.29	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%		0.01	%		0.01	%		0.02	%		0.01	%
Portfolio Turnover Rate		431	%		266	%		434	%		287	%		217	%

(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 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 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."

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Core Plus Fixed Income Portfolio

	Class A
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.47		$	11.54		$	11.93		$	11.60		$	10.85
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.43			0.26			0.22			0.27			0.33
Net Realized and Unrealized Gain (Loss)		(0.27	)		(2.05	)		(0.09	)		0.40			0.79
Total from Investment Operations		0.16			(1.79	)		0.13			0.67			1.12
Distributions from and/or in Excess of:
Net Investment Income		(0.47	)		(0.25	)		(0.21	)		(0.26	)		(0.37	)
Net Realized Gain		—			(0.03	)		(0.31	)		(0.08	)		—
Total Distributions		(0.47	)		(0.28	)		(0.52	)		(0.34	)		(0.37	)
Net Asset Value, End of Period	$	9.16		$	9.47		$	11.54		$	11.93		$	11.60
Total Return⁽²⁾		1.59	%		(15.75	)%		1.17	%		5.91	%		10.49	%⁽³⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	54,277		$	61,429		$	98,339		$	114,387		$	92,191
Ratio of Expenses Before Expense Limitation		0.92	%		0.89	%		0.90	%		0.92	%		0.97	%
Ratio of Expenses After Expense Limitation		0.72	%⁽⁴⁾		0.73	%⁽⁴⁾		0.75	%⁽⁴⁾		0.74	%⁽⁴⁾		0.75	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			0.74	%⁽⁴⁾		N/A
Ratio of Net Investment Income		4.48	%⁽⁴⁾		2.41	%⁽⁴⁾		1.92	%⁽⁴⁾		2.29	%⁽⁴⁾		2.96	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%		0.01	%		0.01	%		0.02	%		0.01	%
Portfolio Turnover Rate		431	%		266	%		434	%		287	%		217	%

(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.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Core Plus Fixed Income Portfolio

	Class L
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.48		$	11.56		$	11.94		$	11.61		$	10.86
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.40			0.23			0.19			0.24			0.30
Net Realized and Unrealized Gain (Loss)		(0.27	)		(2.06	)		(0.07	)		0.40			0.78
Total from Investment Operations		0.13			(1.83	)		0.12			0.64			1.08
Distributions from and/or in Excess of:
Net Investment Income		(0.44	)		(0.22	)		(0.19	)		(0.23	)		(0.33	)
Net Realized Gain		—			(0.03	)		(0.31	)		(0.08	)		—
Total Distributions		(0.44	)		(0.25	)		(0.50	)		(0.31	)		(0.33	)
Net Asset Value, End of Period	$	9.17		$	9.48		$	11.56		$	11.94		$	11.61
Total Return⁽²⁾		1.30	%		(16.05	)%		1.00	%		5.63	%		10.12	%⁽³⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	704		$	859		$	1,082		$	812		$	720
Ratio of Expenses Before Expense Limitation		1.37	%		1.31	%		1.27	%		1.37	%		1.45	%
Ratio of Expenses After Expense Limitation		1.00	%⁽⁴⁾		1.01	%⁽⁴⁾		1.01	%⁽⁴⁾		1.00	%⁽⁴⁾		1.01	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			1.00	%⁽⁴⁾		N/A
Ratio of Net Investment Income		4.21	%⁽⁴⁾		2.17	%⁽⁴⁾		1.67	%⁽⁴⁾		2.04	%⁽⁴⁾		2.70	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%		0.01	%		0.01	%		0.02	%		0.01	%
Portfolio Turnover Rate		431	%		266	%		434	%		287	%		217	%

(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.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Core Plus Fixed Income Portfolio

	Class C
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.40		$	11.45		$	11.84		$	11.52		$	10.77
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.35			0.18			0.14			0.18			0.25
Net Realized and Unrealized Gain (Loss)		(0.26	)		(2.03	)		(0.08	)		0.41			0.78
Total from Investment Operations		0.09			(1.85	)		0.06			0.59			1.03
Distributions from and/or in Excess of:
Net Investment Income		(0.40	)		(0.17	)		(0.14	)		(0.19	)		(0.28	)
Net Realized Gain		—			(0.03	)		(0.31	)		(0.08	)		—
Total Distributions		(0.40	)		(0.20	)		(0.45	)		(0.27	)		(0.28	)
Net Asset Value, End of Period	$	9.09		$	9.40		$	11.45		$	11.84		$	11.52
Total Return⁽²⁾		0.84	%		(16.32	)%		0.49	%		5.16	%		9.70	%⁽³⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	11,044		$	14,947		$	26,063		$	25,989		$	14,684
Ratio of Expenses Before Expense Limitation		1.65	%		1.62	%		1.60	%		1.62	%		1.68	%
Ratio of Expenses After Expense Limitation		1.46	%⁽⁴⁾		1.45	%⁽⁴⁾		1.44	%⁽⁴⁾		1.43	%⁽⁴⁾		1.46	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			1.43	%⁽⁴⁾		N/A
Ratio of Net Investment Income		3.75	%⁽⁴⁾		1.69	%⁽⁴⁾		1.23	%⁽⁴⁾		1.60	%⁽⁴⁾		2.23	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%		0.01	%		0.01	%		0.02	%		0.01	%
Portfolio Turnover Rate		431	%		266	%		434	%		287	%		217	%

(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.

The accompanying notes are an integral part of the financial statements.
24

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Core Plus Fixed Income Portfolio

	Class R6⁽¹⁾
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.45		$	11.52		$	11.91		$	11.58		$	10.84
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.46			0.30			0.27			0.31			0.37
Net Realized and Unrealized Gain (Loss)		(0.27	)		(2.05	)		(0.09	)		0.41			0.78
Total from Investment Operations		0.19			(1.75	)		0.18			0.72			1.15
Distributions from and/or in Excess of:
Net Investment Income		(0.50	)		(0.29	)		(0.26	)		(0.31	)		(0.41	)
Net Realized Gain		—			(0.03	)		(0.31	)		(0.08	)		—
Total Distributions		(0.50	)		(0.32	)		(0.57	)		(0.39	)		(0.41	)
Net Asset Value, End of Period	$	9.14		$	9.45		$	11.52		$	11.91		$	11.58
Total Return⁽³⁾		1.97	%		(15.46	)%		1.66	%		6.24	%		10.89	%⁽⁴⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	66,175		$	103,331		$	126,856		$	96,251		$	11
Ratio of Expenses Before Expense Limitation		0.55	%		0.53	%		0.52	%		0.54	%		18.96	%
Ratio of Expenses After Expense Limitation		0.35	%⁽⁵⁾		0.36	%⁽⁵⁾		0.36	%⁽⁵⁾		0.35	%⁽⁵⁾		0.35	%⁽⁵⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			0.35	%⁽⁵⁾		N/A
Ratio of Net Investment Income		4.86	%⁽⁵⁾		2.83	%⁽⁵⁾		2.32	%⁽⁵⁾		2.67	%⁽⁵⁾		3.33	%⁽⁵⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%		0.01	%		0.01	%		0.02	%		0.01	%
Portfolio Turnover Rate		431	%		266	%		434	%		287	%		217	%

(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 0.20% 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 10.69%.

(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."

The accompanying notes are an integral part of the financial statements.
25

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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 has issued 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.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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 September 30, 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	$	—		$	109,305		$	—	$	109,305
Asset-Backed Securities		—			52,080			—		52,080
Collateralized Mortgage Obligations — Agency Collateral Series		—			2,234			—		2,234
Commercial Mortgage-Backed Securities		—			81,029			—		81,029
Corporate Bonds		—			142,682			—		142,682
Mortgages — Other		—			80,200			—		80,200
Municipal Bonds		—			4,061			—		4,061
Sovereign		—			15,439			—		15,439
Supranational		—			1,193			—		1,193
U.S. Treasury Securities		—			50,325			—		50,325
Total Fixed Income Securities		—			538,548			—		538,548
Short-Term Investments
Investment Company		56,872			—			—		56,872
U.S. Treasury Securities		—			46,070			—		46,070
Total Short-Term Investments		56,872			46,070			—		102,942
Foreign Currency Forward Exchange Contracts		—			1,010			—		1,010
Futures Contracts		85			—			—		85
Total Assets		56,957			585,628			—		642,585
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(263	)		—		(263	)
Futures Contracts		(3,951	)		—			—		(3,951	)
Credit Default Swap Agreement		—			(34	)		—		(34	)
Total Liabilities		(3,951	)		(297	)		—		(4,248	)
Total	$	53,006		$	585,331		$	—	$	638,337

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;

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

– 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 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. 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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:

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.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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 September 30, 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

1,010

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(a)

Total

1,095

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

(263

)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(3,951

)(a)

Swap Agreement

Variation Margin on
Swap Agreement

Credit Risk

(34

)(a)

Total

(4,248

)

(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 year ended September 30, 2023 in accordance with ASC 815:

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(236	)
Interest Rate Risk	Futures Contracts		(15,470	)
Credit Risk	Swap Agreement		(1,470	)
Total		$	(17,176	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(1,792	)
Interest Rate Risk	Futures Contracts		3,370
Credit Risk	Swap Agreement		61
Total		$	1,639

At September 30, 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)
Foreign Currency Forward Exchange Contracts	$	1,010	$	(263	)

(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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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 September 30, 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)
BNP Paribas SA	$	463		$	—		$	—		$	463
JPMorgan Chase Bank NA		219			(208	)		—			11
UBS AG		328			—			(271	)		57
Total	$	1,010		$	(208	)	$	(271	)	$	531
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)
Australia & New Zealand Banking Group Ltd	$	—	@	$	—		$	—		$	—	@
Bank of America NA		49			—			—			49
Barclays Bank PLC		3			—			—			3
Citibank NA		3			—			—			3
JPMorgan Chase Bank NA		208			(208	)		—			0
Total	$	263		$	(208	)	$	—		$	55

@ Value is less than $500.

For the year ended September 30, 2023, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	52,889,000
Futures Contracts:
Average monthly notional value	$	207,622,000
Swap Agreements:
Average monthly notional amount	$	12,158,000

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 September 30, 2023:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amount Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	25,307	(a)	$	—	$	(25,307	)(b)(c)	$	0

(a) Represents market value of loaned securities at year end.

(b) The Fund received cash collateral of approximately $2,451,000, 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 $23,338,000 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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 September 30, 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	$	2,451	$	—	$	—	$	—	$	2,451
Total Borrowings	$	2,451	$	—	$	—	$	—	$	2,451
Gross amount of recognized liabilities for securities lending transactions									$	2,451

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 indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

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 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 year ended September 30, 2023, the advisory fee rate (net of waiver/rebate) was equivalent to an annual effective rate of 0.18% of the Fund's average daily net assets.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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 year ended September 30, 2023, approximately $1,019,000 of advisory fees were waived and approximately $170,000 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 0.50% 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"). Pursuant to a Transfer Agency Agreement, the Trust pays SS&C GIDS 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 year ended September 30, 2023, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to approximately $2,000.

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 year ended September 30, 2023, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $149,119,000 and $274,804,000, respectively. For the year ended September 30, 2023, purchases and sales of long-term U.S. Government securities were approximately $2,325,928,000 and $2,305,404,000, 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

fees paid by the Fund due to its investment in the Liquidity Funds. For the year ended September 30, 2023, advisory fees paid were reduced by approximately $112,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the year ended September 30, 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			$	321,699			$	352,461			$	3,290

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value September 30, 2023 (000)
Liquidity Funds				$	—			$	—			$	56,872

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.

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, 2023 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 2023 and 2022 was as follows:

2023 Distributions Paid From:				2022 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	30,270	$	—	$	21,875	$	2,476

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, 2023.

At September 30, 2023, 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)
$	3,188			$	—

At September 30, 2023, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $47,151,000 and $66,762,000, respectively, that do not have an expiration date.

I. Credit Facility: The Trust and other Morgan Stanley funds participated in a $300,000,000 committed, unsecured revolving

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

line of credit facility (the "Facility") with State Street. Effective April 17, 2023, the committed line amount increased to $500,000,000. 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 twelve months ended September 30, 2023, the Fund did not have any borrowings under the Facility.

J. Other: At September 30, 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 51.0%.

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. The risks associated with these developments may be magnified if 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) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, adversely affect and increase the volatility of the Fund's share price and exacerbate pre-existing risks to the Fund. 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 and its investments 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: The London Interbank Offering Rate ("LIBOR") was a leading floating rate benchmark used in loans, notes, derivatives and other instruments or investments. As a result of benchmark reforms, publication of most LIBOR settings has ceased. Some LIBOR settings continue to be published but only on a temporary, synthetic and non-representative basis. Regulated entities have generally ceased entering into new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector actors have worked 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 new or 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 , 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 (or previously included) LIBOR. While some LIBOR-based instruments contemplated 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 or replace 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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 new or 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.

M. Subsequent Event: At a meeting held on September 27-28, 2023, the Trustees unanimously approved the reorganization of the Fund into an exchange-traded fund ("ETF"), which will be managed by Morgan Stanley Investment Management Inc. The Trustees, including all of the Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Fund, determined that participation in the reorganization is in the best interests of the Fund and the interests of existing shareholders of the Fund will not be diluted as a result of the reorganization. Subject to shareholder approval, the Fund will be reorganized into an ETF through the reorganization of the Fund into a newly-created ETF — Eaton Vance Total Return Bond ETF, which is a series of Morgan Stanley ETF Trust. If approved by shareholders, the reorganization is anticipated to occur (after the close of trading) on or about March 22, 2024 (the "Closing Date").

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Morgan Stanley Institutional Fund Trust —
Core Plus Fixed Income Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Core Plus Fixed Income Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund Trust (the "Trust")), including the portfolio of investments, as of September 30, 2023, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund Trust) at September 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2023 by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.
Boston, Massachusetts
November 27, 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

The Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Administrator under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, business management and planning, legal services and the provision of supplies, office space and utilities at the Adviser's expense. The Board also considered the Adviser's investment in personnel and infrastructure that benefits the Fund. (The Adviser and Administrator together are referred to as the "Adviser" and the advisory and administration agreements together are referred to as the "Management Agreement.") The Board also considered that the Adviser serves a variety of other investment advisory clients and has experience overseeing service providers. The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as prepared by Broadridge Financial Solutions, Inc. ("Broadridge").

The Board reviewed and considered the qualifications of the portfolio managers, the senior administrative managers and other key personnel of the Adviser who provide the advisory and administrative services to the Fund. The Board determined that the Adviser's portfolio managers and key personnel are well qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board concluded that the nature and extent of the advisory and administrative services provided were necessary and appropriate for the conduct of the business and investment activities of the Fund and supported its decision to approve the Management Agreement.

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2022, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the five-year period but below its peer group average for the one- and three-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's (i) performance was acceptable and (ii) management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

The Board considered the size and growth prospects of the Fund and how that relates to the Fund's total expense ratio and particularly the Fund's management fee rate, which includes a breakpoint. In conjunction with its review of the Adviser's profitability, the Board discussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Fund and whether the management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and/or potential economies of scale of the Fund supports its decision to approve the Management Agreement.

Profitability of the Adviser and Affiliates

The Board considered information concerning the costs incurred and profits realized by the Adviser and its affiliates during the last year from their relationship with the Fund and during the last two years from their relationship with the Morgan Stanley Fund Complex and reviewed with the Adviser the cost allocation methodology used to determine the profitability of the Adviser and affiliates. The Board has determined that its review of the analysis of the Adviser's expenses and profitability supports its decision to approve the Management Agreement.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Advisory Agreement Approval (unaudited) (cont'd)

Other Benefits of the Relationship

The Board considered other direct and indirect benefits to the Adviser and/or its affiliates derived from their relationship with the Fund and other funds advised by the Adviser. These benefits may include, among other things, fees for trading, distribution and/or shareholder servicing and for transaction processing and reporting platforms used by securities lending agents, and research received by the Adviser generated from commission dollars spent on funds' portfolio trading. The Board reviewed with the Adviser these arrangements and the reasonableness of the Adviser's costs relative to the services performed. The Board has determined that its review of the other benefits received by the Adviser or its affiliates supports its decision to approve the Management Agreement.

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

The Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under the Management Agreement. The Board also reviewed and considered the historical relationship between the Fund and the Adviser, including the organizational structure of the Adviser, the policies and procedures formulated and adopted by the Adviser for managing the Fund's operations and the Board's confidence in the competence and integrity of the senior managers and key personnel of the Adviser. The Board concluded that the Adviser has the financial resources necessary to fulfill its obligations under the Management Agreement and that it is beneficial for the Fund to continue its relationship with the Adviser.

Other Factors and Current Trends

The Board considered the controls and procedures adopted and implemented by the Adviser and monitored by the Fund's Chief Compliance Officer and concluded that the conduct of business by the Adviser indicates a good faith effort on its part to adhere to high ethical standards in the conduct of the Fund's business.

General Conclusion

After considering and weighing all of the above factors, with various written materials and verbal information presented by the Adviser, the Board concluded that it would be in the best interest of the Fund and its shareholders to approve renewal of the Management Agreement for another year. In reaching this conclusion the Board did not give particular weight to any single piece of information or factor referenced above. The Board considered these factors and information over the course of the year and in numerous meetings, some of which were in executive session with only the independent Board members and their counsel present. It is possible that individual Board members may have weighed these factors, and the information presented, differently in reaching their individual decisions to approve the Management Agreement.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Liquidity Risk Management Program (unaudited)

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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Important Notices (unaudited)

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 makes these reports available on its public website, www.morganstanley.com/im. 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. 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. 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.

Tailored Shareholder Reports

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Morgan Stanley Funds.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2023.

The Fund designated approximately $20,436,000 of its distributions paid as business interest income.

The Fund designated approximately $17,837,000 of its distributions paid as qualified interest income.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) (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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) (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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited)

Independent Trustees:

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Frank L. Bowman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1944

Trustee

Since
August
2006

President, Strategic Decisions, LLC (consulting) (since February 2009); Director or Trustee of various Morgan Stanley Funds (since August 2006); Chairperson of the Compliance and Insurance Committee (since October 2015); formerly, Chairperson of the Insurance Sub-Committee of the Compliance and Insurance Committee (2007-2015); served as President and Chief Executive Officer of the Nuclear Energy Institute (policy organization) (February 2005-November 2008); retired as Admiral, U.S. Navy after serving over 38 years on active duty including 8 years as Director of the Naval Nuclear Propulsion Program in the Department of the Navy and the U.S. Department of Energy (1996-2004); served as Chief of Naval Personnel (July 1994-September 1996) and on the Joint Staff as Director of Political Military Affairs (June 1992-July 1994); knighted as Honorary Knight Commander of the Most Excellent Order of the British Empire; awarded the Officier de l'Orde National du Mèrite by the French Government; elected to the National Academy of Engineering (2009).

Director of Naval and Nuclear Technologies LLP; Director Emeritus of the Armed Services YMCA; Member of the National Security Advisory Council of the Center for U.S. Global Engagement and a former member of the CNA Military Advisory Board; Chairman of the Board of Trustees of Fairhaven United Methodist Church; Member of the Board of Advisors of the Dolphin Scholarship Foundation; Director of other various nonprofit organizations; formerly, Director of BP, plc (November 2010-May 2019).

Frances L. Cashman
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1961

Trustee

Since
February
2022

Chief Executive Officer, Asset Management Division, Delinian Ltd. (financial information) (May 2021-Present); Executive Vice President and various other roles, Legg Mason & Co. (asset management) (2010-2020); Managing Director, Stifel Nicolaus (2005-2010).

Trustee and Investment Committee Member, GeorgiaTech Foundation (since June 2019); Trustee and Chair of Marketing Committee, and Member of Investment Committee, Loyola Blakefield (Since September 2017); Trustee, MMI Gateway Foundation (since September 2017); Director and Investment Committee Member, Catholic Community Foundation Board (2012-2018); Director and Investment Committee Member, St. Ignatius Loyola Academy (2011-2017).

Kathleen A. Dennis
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1953

Trustee

Since
August
2006

Chairperson of the Governance Committee (since January 2021), Chairperson of the Liquidity and Alternatives Sub-Committee of the Investment Committee (2006-2020) and Director or Trustee of various Morgan Stanley Funds (since August 2006); President, Cedarwood Associates (mutual fund and investment management consulting) (since July 2006); formerly, Senior Managing Director of Victory Capital Management (1993-2006).

Board Member, University of Albany Foundation (2012-present); Board Member, Mutual Funds Directors Forum (2014-present); Director of various non-profit organizations.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Nancy C. Everett
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
January
2015

Chairperson of the Equity Investment Committee (since January 2021); Director or Trustee of various Morgan Stanley Funds (since January 2015); Chief Executive Officer, Virginia Commonwealth University Investment Company (since November 2015); Owner, OBIR, LLC (institutional investment management consulting) (since June 2014); formerly, Managing Director, BlackRock, Inc. (February 2011-December 2013) and Chief Executive Officer, General Motors Asset Management (a/k/a Promark Global Advisors, Inc.) (June 2005-May 2010).

Formerly, Member of Virginia Commonwealth University School of Business Foundation (2005-2016); Member of Virginia Commonwealth University Board of Visitors (2013-2015); Member of Committee on Directors for Emerging Markets Growth Fund, Inc. (2007-2010); Chairperson of Performance Equity Management, LLC (2006-2010); and Chairperson, GMAM Absolute Return Strategies Fund, LLC (2006-2010).

Eddie A. Grier
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
February
2022

Dean, Santa Clara University Leavey School of Business (since July 2021); Dean, Virginia Commonwealth University School of Business (2010-2021); President and various other roles, Walt Disney Company (entertainment and media) (1981-2010).

Director, Witt/Keiffer, Inc. (executive search) (since 2016); Director, NuStar GP, LLC (energy) (since August 2021); Director, Sonida Senior Living, Inc. (residential community operator) (2016-2021); Director, NVR, Inc. (homebuilding) (2013-2020); Director, Middleburg Trust Company (wealth management) (2014-2019); Director, Colonial Williamsburg Company (2012-2021); Regent, University of Massachusetts Global (since 2021); Director and Chair, ChildFund International (2012-2021); Trustee, Brandman University (2010-2021); Director, Richmond Forum (2012-2019).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Jakki L. Haussler
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1957

Trustee

Since
January
2015

Chairperson of the Audit Committee (since January 2023) and Director or Trustee of various Morgan Stanley Funds (since January 2015); Chairman, Opus Capital Group (since 1996); formerly, Chief Executive Officer, Opus Capital Group (1996-2019); Director, Capvest Venture Fund, LP (May 2000-December 2011); Partner, Adena Ventures, LP (July 1999-December 2010); Director, The Victory Funds (February 2005-July 2008).

Director, Vertiv Holdings Co. (VRT) (since August 2022); Director of Cincinnati Bell Inc. and Member, Audit Committee and Chairman, Governance and Nominating Committee (2008-2021); Director of Service Corporation International and Member, Audit Committee and Investment Committee; Director, Barnes Group Inc. (since July 2021); Director of Northern Kentucky University Foundation and Member, Investment Committee; Member of Chase College of Law Center for Law and Entrepreneurship Board of Advisors; Director of Best Transport (2005-2019); Director of Chase College of Law Board of Visitors; formerly, Member, University of Cincinnati Foundation Investment Committee.

Dr. Manuel H. Johnson
c/o Johnson Smick
International, Inc.
220 I Street, NE
Suite 200
Washington, D.C. 20002
Birth Year: 1949

Trustee

Since
July
1991

Senior Partner, Johnson Smick International, Inc. (consulting firm); Chairperson of the Fixed Income, Liquidity and Alternatives Investment Committee (since January 2021), Chairperson of the Investment Committee (2006-2020) and Director or Trustee of various Morgan Stanley Funds (since July 1991); Co-Chairman and a founder of the Group of Seven Council (G7C) (international economic commission); formerly, Chairperson of the Audit Committee (July 1991-September 2006); Vice Chairman of the Board of Governors of the Federal Reserve System and Assistant Secretary of the U.S. Treasury.

Director of NVR, Inc. (home construction).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Joseph K. Kearns
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1942

Trustee

Since
August
1994

Senior Adviser, Kearns & Associates LLC (investment consulting); Chairperson of the Audit Committee (2006-2022) and Director or Trustee of various Morgan Stanley Funds (since August 1994); formerly, Deputy Chairperson of the Audit Committee (July 2003-September 2006); CFO of the J. Paul Getty Trust (1982-1999).

Director, Rubicon Investments (since February 2019); Prior to August 2016, Director of Electro Rent Corporation (equipment leasing); Prior to December 31, 2013, Director of The Ford Family Foundation.

Michael F. Klein
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1958

Trustee

Since
August
2006

Chairperson of the Risk Committee (since January 2021); Managing Director, Aetos Alternatives Management, LP (since March 2000); Co-President, Aetos Alternatives Management, LP (since January 2004) and Co-Chief Executive Officer of Aetos Alternatives Management, LP (since August 2013); Chairperson of the Fixed Income Sub-Committee of the Investment Committee (2006-2020) and Director or Trustee of various Morgan Stanley Funds (since August 2006); formerly, Managing Director, Morgan Stanley & Co. Inc. and Morgan Stanley Dean Witter Investment Management and President, various Morgan Stanley Funds (June 1998-March 2000); Principal, Morgan Stanley & Co. Inc. and Morgan Stanley Dean Witter Investment Management (August 1997-December 1999).

Director of certain investment funds managed or sponsored by Aetos Alternatives Management, LP; Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

Patricia A. Maleski
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1960

Trustee

Since
January
2017

Director or Trustee of various Morgan Stanley Funds (since January 2017); Managing Director, JPMorgan Asset Management (2004-2016); Oversight and Control Head of Fiduciary and Conflicts of Interest Program (2015-2016); Chief Control Officer—Global Asset Management (2013-2015); President, JPMorgan Funds (2010-2013); Chief Administrative Officer (2004-2013); various other positions including Treasurer and Board Liaison (since 2001).

Trustee (since January 2022) and Treasurer (since January 2023), Nutley Family Service Bureau, Inc.

W. Allen Reed
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1947

Chair of the Board and Trustee

Chair of the Board since August 2020 and Trustee since August 2006

Chair of the Boards of various Morgan Stanley Funds (since August 2020); Director or Trustee of various Morgan Stanley Funds (since August 2006); formerly, Vice Chair of the Boards of various Morgan Stanley Funds (January 2020-August 2020); President and Chief Executive Officer of General Motors Asset Management; Chairman and Chief Executive Officer of the GM Trust Bank and Corporate Vice President of General Motors Corporation (August 1994-December 2005).

Formerly, Director of Legg Mason, Inc. (2006-2019); and Director of the Auburn University Foundation (2010-2015).

* This is the earliest date the Trustee began serving the Morgan Stanley Funds. Each Trustee serves an indefinite term, until his or her successor is elected.

** The Fund Complex includes (as of December 31, 2022) all open-end and closed-end funds (including all of their portfolios) advised by Morgan Stanley Investment Management Inc. (the "Adviser") and any funds that have an adviser that is an affiliated person of the Adviser (including, but not limited to, Morgan Stanley AIP GP LP).

*** This includes any directorships at public companies and registered investment companies held by the Trustees at any time during the past five years.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Executive Officers:

Name, Address and Birth Year
of Executive Officer

Position(s) Held
with
Registrant

Length of
Time Served*

Principal Occupation(s) During Past 5 Years

John H. Gernon
522 Fifth Avenue
New York, NY 10036
Birth Year: 1963

President and Principal Executive Officer

Since
September
2013

President and Principal Executive Officer of the Equity and Fixed Income Funds and the Morgan Stanley AIP Funds (since September 2013) and the Liquidity Funds and various money market funds (since May 2014) in the Fund Complex; Managing Director of the Adviser.

Deidre A. Downes
1633 Broadway
New York, NY 10019
Birth Year: 1977

Chief Compliance Officer

Since
November
2021

Executive Director of the Adviser (since January 2021) and Chief Compliance Officer of various Morgan Stanley Funds (since November 2021). Formerly, Vice President and Corporate Counsel at PGIM and Prudential Financial (October 2016-December 2020).

Francis J. Smith
522 Fifth Avenue
New York, NY 10036
Birth Year: 1965

Treasurer and Principal Financial Officer

Treasurer since July 2003 and Principal Financial Officer since September
2002

Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).

Mary E. Mullin
1633 Broadway
New York, NY 10019
Birth Year: 1967

Secretary

Since
June
1999

Managing Director of the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

Michael J. Key
522 Fifth Avenue
New York, NY 10036
Birth Year: 1979

Vice President

Since
June
2017

Vice President of the Equity and Fixed Income Funds, Liquidity Funds, various money market funds and the Morgan Stanley AIP Funds in the Fund Complex (since June 2017); Managing Director of the Adviser; Head of Product Development for Equity and Fixed Income Funds (since August 2013).

The Fund's statement of additional information includes further information about the Fund's Trustees and Officers, and is available without charge by visiting www.morganstanley.com/im or upon request by calling 1 (800) 869-6397.

* This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves an indefinite term, until his or her successor is elected.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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.
P.O. Box 219804
Kansas City, Missouri 64121-9804

Co-Transfer Agent

Eaton Vance Management
Two International Place
Boston, Massachusetts 02110

Custodian

State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114

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

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

IFTCPFIANN
6045125 EXP 11.30.24

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Annual Report

September 30, 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Table of Contents (unaudited)

Shareholders' Letter					2
Expense Example					3
Investment Overview					4
Portfolio of Investments					7
Statement of Assets and Liabilities					13
Statement of Operations					15
Statements of Changes in Net Assets					16
Financial Highlights					17
Notes to Financial Statements					21
Report of Independent Registered Public Accounting Firm					31
Investment Advisory Agreement Approval					32
Liquidity Risk Management Program					34
Important Notices					35
Federal Tax Notice					36
U.S. Customer Privacy Notice					37
Trustees and Officers Information					40

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Shareholders' Letter (unaudited)

Dear Shareholders,

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

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

October 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Expense Example (unaudited)

Corporate Bond Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended September 30, 2023 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 4/1/23		Actual Ending Account Value 9/30/23		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	$	972.10	$	1,021.71	$	3.31	$	3.40		0.67	%
Corporate Bond Portfolio Class A		1,000.00		970.60		1,020.06		4.94		5.06		1.00
Corporate Bond Portfolio Class L		1,000.00		968.20		1,017.65		7.30		7.49		1.48
Corporate Bond Portfolio Class C		1,000.00		966.40		1,016.19		8.73		8.95		1.77

** Annualized.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited)

Corporate Bond Portfolio

The Fund seeks above-average total return over a market cycle of three to five years.

Performance

For the fiscal year ended September 30, 2023, the Fund's Class I shares had a total return based on net asset value and reinvestment of distributions per share of 4.51%, net of fees. The Fund's Class I shares outperformed against the Fund's benchmark, the Bloomberg U.S. Corporate Index⁽ⁱ⁾ (the "Index"), which returned 3.65%.

Factors Affecting Performance

• For the fiscal year, global credit markets could be described as better but far from great. Throughout the period, the market was focused on three key areas: central bank policy, inflation and economic growth. The dynamic between the areas was in constant flux, leading to a relatively uncertain market environment. Alongside this economically uncertain environment there have been several events that caused volatility to spike. Despite this, there have been several consistent fundamental and technical themes. During the period, the asset class was supported by strong demand for "high quality" fixed income while supply issuance was front-loaded earlier in 2023 then expected to taper off, leading to lower liquidity through the remainder of 2023. Corporate earnings, in most cases, have exceeded expectations, with financials companies supported by higher net interest margin and low credit losses. However, non-financials companies have been exceeding expectations to a lesser extent relative to previous quarters.

• The fourth quarter of 2022 saw credit markets rally notably alongside a general rebound in global risk assets, driven by positive sentiment surrounding inflation data and China's economic growth.

• Following a volatile 2022, it's not surprising the first quarter of 2023 was nothing short of a roller coaster. The year started with a strong rally, which came to a sudden halt following rising concerns of a hard landing. Near the end of the quarter, the banking crisis involving the collapse of several U.S. regional banks arose in dramatic fashion. While the

event was viewed as idiosyncratic, markets rationalized that a higher risk premium for uncertainty was warranted.

• The second quarter of 2023 saw credit markets rally driven by a perception that "you don't need good news, just better news than markets expect." There were lingering concerns over the U.S. debt ceiling negotiation, which eventually saw a bipartisan resolution. The stickier-than-expected inflation data was followed by global interest rate hikes by central banks while economic data showed signs of weakness — this supported the narrative of a possible soft landing for the U.S. economy.

• The third quarter of 2023 saw investment grade credit spreads rally, and "risk-free" yield curves steepened. Markets focused on digesting central bank commentary, signaling that rates will be "higher for longer" amid inflation rates that look to have peaked but remain above targets. Investors continued to monitor macroeconomic indicators, as the potential for a soft landing increased. Fundamental economic data continued to characterize a strong labor market, inflation abating, and forward-looking indicators (such as purchasing manager's indexes and business sentiment surveys) signaling weakness. Finally, data and sentiment out of China were disappointing, where structural challenges around the shadow banking sector, property market and high youth unemployment continued to concern the global growth outlook.

• In this reporting period, the portfolio's overall investment grade credit positioning had a positive impact on performance.

• The portfolio is positioned to be overweight financials and underweight industrials when measured on a credit risk basis.

• One of the key strategy positions is the portfolio's overweight to subordinated financials. The financial sector is more sensitive to credit market movements and its skew toward lower quality bonds amplified the positive impact of the risk-on sentiment in the period. Therefore, positions within investment

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

Corporate Bond Portfolio

grade financials were the main drivers of positive performance, primarily the overweights to banking and insurance.

• Also, within the investment grade position, the portfolio's exposure to the industrials sector was a positive performance driver due to the overweights to energy and consumer cyclical bonds. However, the underweight to consumer non-cyclical bonds was the main detractor.

• The portfolio's overweight to utility bonds was also a positive performance driver within the investment grade position, due to the overweights to the electric sector.

• Elsewhere, the portfolio's key off-benchmark exposures to high yield corporate bonds, commercial mortgage-backed securities (CMBS), government-related debt and convertible bonds all had a positive impact on performance during the period.

• The Fund was positioned with an underweight duration (i.e., with less interest rate sensitivity) relative to the Index. In the rising interest rate environment, this position positively impacted performance.

Management Strategies

• Looking forward, our base case remains unchanged, with credit expected to trade in a range around current levels (having widened from the tight spread levels at the end of July 2023), making carry an attractive return opportunity in our view. We expect supply to slow over the fourth quarter of 2023, reflecting the front-loading of issuance given concerns about the economy in the second half of the year (although we do see risks of companies looking to pre-finance 2024 supply needs given that the inverted yield curve means holding cash is not expensive for them). Finally, there are several factors we are closely watching that could shift the narrative: third quarter 2023 corporate earnings reporting, the potential for economic policy support in China and higher energy prices.

• The Fund remains positioned with an overweight to financials (banks and insurance) and a small overweight to BBB-rated non-financials. We remain underweight A or better non-financial bonds.

The portfolio continues to hold small allocations to off-benchmark sectors such as convertible bonds, emerging market corporate bonds and high yield corporate bonds.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

Corporate Bond Portfolio

* Minimum Investment

In accordance with SEC regulations, the Fund's performance shown assumes that all recurring fees (including management fees) were deducted and all dividends and distributions were reinvested. The performance of Class A, Class L and Class C shares will vary from the performance of Class I shares based upon their different inception dates and will be negatively impacted by additional fees assessed to those classes.

Performance Compared to the Bloomberg U.S. Corporate Index⁽¹⁾ and the Lipper Corporate Debt Funds BBB-Rated Index⁽²⁾

	Period Ended September 30, 2023 Total Returns⁽³⁾
				Average Annual
	One Year			Five Years			Ten Years			Since Inception⁽⁸⁾
Fund — Class I Shares w/o sales charges⁽⁴⁾		4.51	%		0.86	%		3.08	%		5.40	%
Fund — Class A Shares w/o sales charges⁽⁵⁾		4.18			0.57			2.76			3.37
Fund — Class A Shares with maximum 3.25% sales charges⁽⁵⁾		0.84			–0.10			2.42			3.21
Fund — Class L Shares w/o sales charges⁽⁶⁾		3.68			0.13			2.39			3.02
Fund — Class C Shares w/o sales charges⁽⁷⁾		3.28			–0.25			—			1.20
Fund — Class C Shares with maximum 1.00% deferred sales charges⁽⁷⁾		2.28			–0.25			—			1.20
Bloomberg U.S. Corporate Index		3.65			0.93			2.23			5.76
Lipper Corporate Debt Funds BBB-Rated Index		2.08			0.15			1.75			5.31

⁽¹⁾ The Bloomberg U.S. Corporate Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers that meet specified maturity, liquidity and quality requirements.The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

⁽²⁾ The Lipper Corporate Debt Funds BBB-Rated Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Corporate Debt Funds BBB-Rated Funds classification. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. As of the date of this report, the Fund was in the Lipper Corporate Debt Funds BBB-Rated Funds classification.

⁽³⁾ Total returns for the Fund reflect expenses waived and/or reimbursed, if applicable, by the Adviser and Distributor. Without such waivers and/or reimbursements, total returns would have been lower.

⁽⁴⁾ Commenced operations on August 31, 1990.

⁽⁵⁾ Commenced offering on May 20, 2002.

⁽⁶⁾ Commenced offering on June 16, 2008.

⁽⁸⁾ For comparative purposes, average annual since inception returns listed for the Indexes refer to the inception date of Class I of the Fund, not the inception of the Indexes.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (89.7%)
Commercial Mortgage-Backed Securities (2.1%)
Credit Suisse Mortgage Trust,
1 Month Term SOFR + 3.14%, 8.48%, 9/9/24 (a)(b)	$	1,100	$	1,112
J.P. Morgan Chase Commercial Mortgage Securities Trust,
1 Month Term SOFR + 2.18%, 7.51%, 9/15/39 (a)(b)		1,300		1,307
				2,419
Corporate Bonds (87.4%)
Finance (33.3%)
AIB GROUP PLC,
6.61%, 9/13/29 (a)		400		399
Ally Financial, Inc.,
4.63%, 3/30/25		575		555
American International Group, Inc.,
5.13%, 3/27/33		55		51
American National Group LLC,
6.14%, 6/13/32 (a)		550		498
Assurant, Inc.,
6.10%, 2/27/26		300		299
Australia & New Zealand Banking Group Ltd.,
2.57%, 11/25/35 (a)		300		222
Aviation Capital Group LLC,
6.25%, 4/15/28 (a)		375		367
6.38%, 7/15/30 (a)		500		485
Banco de Credito e Inversiones SA,
2.88%, 10/14/31 (a)		200		160
Banco Santander SA,
1.72%, 9/14/27		1,000		875
6.92%, 8/8/33		400		383
Bank Hapoalim BM,
3.26%, 1/21/32		725		621
Bank of America Corp.,
3.85%, 3/8/37		373		304
4.57%, 4/27/33		2,950		2,621
Bank of Ireland Group PLC,
2.03%, 9/30/27 (a)		950		834
Bank of New York Mellon Corp., Series J
4.97%, 4/26/34		825		761
Banque Federative du Credit Mutuel SA,
5.79%, 7/13/28 (a)		850		844
BBVA Bancomer SA,
8.45%, 6/29/38 (a)		200		197
BPCE SA,
3.12%, 10/19/32 (a)		375		280
3.65%, 1/14/37 (a)		500		385
CaixaBank SA,
6.21%, 1/18/29 (a)		1,075		1,053
Capital One Financial Corp.,
6.38%, 6/8/34		650		614

	Face Amount (000)		Value (000)
Centene Corp.,
2.50%, 3/1/31	$	1,025	$	789
Charles Schwab Corp.,
6.14%, 8/24/34		500		487
CI Financial Corp.,
4.10%, 6/15/51		950		551
Citigroup, Inc.,
3.06%, 1/25/33		1,175		929
3.79%, 3/17/33		475		396
Corporate Office Properties LP,
2.75%, 4/15/31		850		639
Deutsche Bank AG,
7.15%, 7/13/27		450		453
Extra Space Storage LP,
3.90%, 4/1/29		750		674
5.70%, 4/1/28		325		322
F&G Annuities & Life, Inc.,
7.40%, 1/13/28		1,000		999
Fifth Third Bancorp,
6.34%, 7/27/29		825		815
First-Citizens Bank & Trust Co.,
2.97%, 9/27/25		775		739
Global Atlantic Fin Co.,
4.40%, 10/15/29 (a)		1,100		912
Goldman Sachs Group, Inc.,
2.62%, 4/22/32		1,400		1,094
Grupo Aval Ltd.,
4.38%, 2/4/30 (a)		375		286
High Street Funding Trust I,
4.11%, 2/15/28 (a)		850		780
HSBC Holdings PLC,
4.04%, 3/13/28		300		278
6.16%, 3/9/29		575		570
Intact Financial Corp.,
5.46%, 9/22/32 (a)		825		783
Intesa Sanpaolo SpA,
7.00%, 11/21/25 (a)		850		861
Jefferies Financial Group, Inc.,
2.63%, 10/15/31		450		342
5.88%, 7/21/28		325		318
JPMorgan Chase & Co.,
5.35%, 6/1/34		2,300		2,182
KeyBank NA,
4.15%, 8/8/25		700		660
5.85%, 11/15/27		350		333
Macquarie Group Ltd.,
2.87%, 1/14/33 (a)		575		435
National Australia Bank Ltd.,
2.33%, 8/21/30 (a)		375		284
Radian Group, Inc.,
4.88%, 3/15/27		525		491

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
3.88%, 3/1/31 (a)	$	545	$	435
Shinhan Bank Co. Ltd.,
4.00%, 4/23/29 (a)		875		782
SMBC Aviation Capital Finance DAC,
5.70%, 7/25/33 (a)		525		488
Stewart Information Services Corp.,
3.60%, 11/15/31		500		368
Synchrony Financial,
4.50%, 7/23/25		600		572
Synovus Financial Corp.,
5.20%, 8/11/25		475		459
Toronto-Dominion Bank,
8.13%, 10/31/82		1,000		997
Truist Financial Corp.,
5.87%, 6/8/34		950		895
U.S. Bancorp,
5.84%, 6/12/34		1,250		1,180
5.85%, 10/21/33		100		95
UBS Group AG,
9.02%, 11/15/33 (a)		550		636
UnitedHealth Group, Inc.,
4.75%, 5/15/52		250		213
5.20%, 4/15/63		225		201
Wells Fargo & Co.,
MTN
2.88%, 10/30/30		75		62
4.81%, 7/25/28		200		191
5.57%, 7/25/29		150		146
Westpac Banking Corp.,
2.67%, 11/15/35		225		169
				39,099
Industrials (46.3%)
AbbVie, Inc.,
4.05%, 11/21/39		250		205
Adventist Health System,
5.43%, 3/1/32		700		678
Alaska Airlines 2020-1 Class A Pass-Through Trust,
4.80%, 2/15/29 (a)		383		367
Alibaba Group Holding Ltd.,
2.70%, 2/9/41		240		144
Amazon.com, Inc.,
3.10%, 5/12/51		425		281
Amgen, Inc.,
5.75%, 3/2/63		200		185
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.,
4.90%, 2/1/46		650		567
AP Moller - Maersk AS,
5.88%, 9/14/33 (a)		225		219

	Face Amount (000)		Value (000)
Apple, Inc.,
2.95%, 9/11/49	$	425	$	281
Arches Buyer, Inc.,
4.25%, 6/1/28 (a)		325		277
Ashtead Capital, Inc.,
5.95%, 10/15/33 (a)		700		665
AT&T, Inc.,
3.65%, 6/1/51		1,325		855
4.50%, 5/15/35		725		619
Baidu, Inc.,
1.72%, 4/9/26		450		406
BAT Capital Corp.,
2.26%, 3/25/28		575		487
3.73%, 9/25/40		250		168
6.42%, 8/2/33		325		316
Berry Global, Inc.,
5.50%, 4/15/28 (a)		250		242
Boeing Co.,
2.95%, 2/1/30		675		568
3.25%, 2/1/35		600		462
BP Capital Markets America, Inc.,
4.89%, 9/11/33		300		282
BP Capital Markets PLC,
4.88%, 3/22/30 (c)		550		493
Broadcom, Inc.,
3.19%, 11/15/36 (a)		425		305
Brunswick Corp.,
5.10%, 4/1/52		425		293
CBRE Services, Inc.,
5.95%, 8/15/34		675		637
Cedars-Sinai Health System,
Series 2021
2.29%, 8/15/31		620		489
Celanese US Holdings LLC,
6.35%, 11/15/28		575		568
6.70%, 11/15/33		366		357
Charter Communications Operating LLC/Charter Communications Operating Capital,
3.50%, 3/1/42		225		139
5.13%, 7/1/49		500		365
6.38%, 10/23/35		175		163
Columbia Pipelines Holding Co. LLC,
6.04%, 8/15/28 (a)		250		249
6.06%, 8/15/26 (a)		50		50
Comcast Corp.,
2.89%, 11/1/51		75		44
2.94%, 11/1/56		250		142
3.75%, 4/1/40		575		446
CommonSpirit Health,
6.07%, 11/1/27		575		580
Concentrix Corp.,
6.65%, 8/2/26		500		497

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Continental Resources, Inc.,
2.88%, 4/1/32 (a)	$	1,100	$	824
CVS Health Corp.,
1.88%, 2/28/31		350		267
5.05%, 3/25/48		375		312
Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.75%, 10/20/28 (a)		875		832
Diamondback Energy, Inc.,
6.25%, 3/15/33		450		450
Dick's Sporting Goods, Inc.,
4.10%, 1/15/52		585		356
DuPont de Nemours, Inc.,
5.32%, 11/15/38		225		211
Electricite de France SA,
6.25%, 5/23/33 (a)		350		351
Enbridge, Inc.,
2.50%, 8/1/33		225		167
5.70%, 3/8/33		625		599
Enterprise Products Operating LLC,
3.30%, 2/15/53		450		293
3.70%, 1/31/51		100		71
5.35%, 1/31/33		175		171
EQT Corp.,
5.70%, 4/1/28		575		564
Ferrellgas LP/Ferrellgas Finance Corp.,
5.88%, 4/1/29 (a)		325		293
Ford Motor Credit Co. LLC,
GMTN
4.39%, 1/8/26		315		298
Fortune Brands Innovations, Inc.,
5.88%, 6/1/33		625		602
Foundry JV Holdco LLC,
5.88%, 1/25/34 (a)		425		406
General Motors Co.,
6.60%, 4/1/36		325		316
6.75%, 4/1/46		125		117
General Motors Financial Co., Inc.,
5.80%, 6/23/28		1,175		1,149
Gilead Sciences, Inc.,
5.55%, 10/15/53		125		120
Glencore Funding LLC,
2.50%, 9/1/30 (a)(d)		600		475
Global Payments, Inc.,
2.90%, 5/15/30		650		533
HCA, Inc.,
3.50%, 7/15/51		650		406
Hudbay Minerals, Inc.,
4.50%, 4/1/26 (a)		300		281
Hyundai Capital America,
3.00%, 2/10/27 (a)		475		431
Imperial Brands Finance PLC,
6.13%, 7/27/27 (a)		400		399

	Face Amount (000)		Value (000)
Intel Corp.,
3.25%, 11/15/49	$	300	$	191
5.70%, 2/10/53		350		328
International Business Machines Corp.,
2.85%, 5/15/40		275		186
Jabil, Inc.,
3.00%, 1/15/31		950		771
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
2.50%, 1/15/27		550		486
JDE Peet's NV,
1.38%, 1/15/27 (a)		875		756
JetBlue Pass Through Trust,
Series AA
2.75%, 11/15/33		421		354
Kyndryl Holdings, Inc.,
2.70%, 10/15/28		400		329
3.15%, 10/15/31 (d)		575		436
Lithia Motors, Inc.,
3.88%, 6/1/29 (a)		325		274
Lowe's Cos., Inc.,
5.80%, 9/15/62		300		274
5.85%, 4/1/63		150		138
Marvell Technology, Inc.,
5.95%, 9/15/33		350		344
McCormick & Co., Inc.,
4.95%, 4/15/33		600		559
Mercedes-Benz Finance North America LLC,
5.10%, 8/3/28 (a)		1,275		1,250
Meta Platforms, Inc.,
5.75%, 5/15/63		350		330
Midwest Connector Capital Co. LLC,
4.63%, 4/1/29 (a)		600		549
National Fuel Gas Co.,
2.95%, 3/1/31		1,036		816
Newcastle Coal Infrastructure Group Pty Ltd.,
4.40%, 9/29/27 (a)		1,121		1,010
Newell Brands, Inc.,
5.20%, 4/1/26 (e)		700		660
Nissan Motor Acceptance Co. LLC,
1.85%, 9/16/26 (a)		650		566
6.95%, 9/15/26 (a)		650		655
NOVA Chemicals Corp.,
4.88%, 6/1/24 (a)		300		295
NXP BV/NXP Funding LLC/NXP USA, Inc.,
2.65%, 2/15/32		650		503
Occidental Petroleum Corp.,
7.50%, 5/1/31		600		637
8.50%, 7/15/27		475		509
ONEOK, Inc.,
3.10%, 3/15/30		650		544
3.40%, 9/1/29		275		239
6.05%, 9/1/33		25		25

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Oracle Corp.,
3.60%, 4/1/50	$	1,150	$	745
3.85%, 7/15/36		225		178
Peloton Interactive, Inc.,
0.00%, 2/15/26		415		314
Penske Truck Leasing Co. LP/PTL Finance Corp.,
6.20%, 6/15/30 (a)		600		592
Permian Resources Operating LLC,
5.88%, 7/1/29 (a)		300		283
Perrigo Finance Unlimited Co.,
4.65%, 6/15/30 (e)		525		448
Pfizer Investment Enterprises Pte. Ltd.,
5.30%, 5/19/53		475		442
Philip Morris International, Inc.,
5.63%, 9/7/33		550		529
Resorts World Las Vegas LLC/RWLV Capital, Inc.,
4.63%, 4/16/29 (a)		300		240
Rogers Communications, Inc.,
4.55%, 3/15/52		800		584
S&P Global, Inc.,
5.25%, 9/15/33 (a)		650		634
Sabine Pass Liquefaction LLC,
4.50%, 5/15/30		575		527
Sigma Alimentos SA de CV,
4.13%, 5/2/26		450		428
Silgan Holdings, Inc.,
1.40%, 4/1/26 (a)		500		444
Sirius XM Radio, Inc.,
3.88%, 9/1/31 (a)		326		247
Smithfield Foods, Inc.,
3.00%, 10/15/30 (a)		850		650
Sodexo, Inc.,
2.72%, 4/16/31 (a)		675		538
Standard Industries, Inc.,
2.25%, 11/21/26 (a)	EUR	100		94
Syngenta Finance NV,
4.89%, 4/24/25 (a)	$	300		293
T-Mobile USA, Inc.,
2.25%, 11/15/31		400		305
Tencent Holdings Ltd.,
2.39%, 6/3/30 (a)		200		161
3.60%, 1/19/28 (a)		500		458
3.98%, 4/11/29 (a)		300		272
Transportadora de Gas Internacional SA ESP,
5.55%, 11/1/28 (a)		400		377
United Airlines Pass-Through Trust,
Series 2020-1
5.88%, 4/15/29		580		576
Series 2023-1
5.80%, 7/15/37		600		586
Var Energi ASA,
7.50%, 1/15/28 (a)		600		617

	Face Amount (000)		Value (000)
Verizon Communications, Inc.,
1.75%, 1/20/31	$	1,025	$	773
3.40%, 3/22/41		300		213
VICI Properties LP/VICI Note Co., Inc.,
3.88%, 2/15/29 (a)		1,100		952
Warnermedia Holdings, Inc.,
5.05%, 3/15/42		25		19
5.39%, 3/15/62		675		499
Williams Cos., Inc.,
5.30%, 8/15/28 - 8/15/52		1,075		976
				54,393
Utilities (7.8%)
AEP Transmission Co. LLC,
5.40%, 3/15/53		475		443
Calpine Corp.,
5.13%, 3/15/28 (a)		300		267
Cleveland Electric Illuminating Co.,
4.55%, 11/15/30 (a)		250		228
Constellation Energy Generation LLC,
6.50%, 10/1/53		275		276
Dominion Energy, Inc.,
5.38%, 11/15/32		400		382
DTE Electric Co.,
3.95%, 3/1/49		450		335
Duke Energy Corp.,
5.00%, 8/15/52		350		292
Duke Energy Indiana LLC,
2.75%, 4/1/50		330		190
EDP Finance BV,
6.30%, 10/11/27 (a)		700		710
Enel Finance America LLC,
2.88%, 7/12/41 (a)		500		299
Entergy Texas, Inc.,
3.55%, 9/30/49		200		135
Fells Point Funding Trust,
3.05%, 1/31/27 (a)		600		544
Georgia Power Co.,
4.95%, 5/17/33		550		516
Series A
3.25%, 3/15/51		325		206
Interstate Power and Light Co.,
2.30%, 6/1/30		300		241
Jersey Central Power & Light Co.,
2.75%, 3/1/32 (a)		375		294
Metropolitan Edison Co.,
5.20%, 4/1/28 (a)		325		317
New England Power Co.,
5.94%, 11/25/52 (a)		200		190
NextEra Energy Capital Holdings, Inc.,
3.00%, 1/15/52		475		281
5.05%, 2/28/33		400		374

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Utilities (cont'd)
Northern States Power Co.,
2.90%, 3/1/50	$	350	$	215
Pacific Gas & Electric Co.,
3.30%, 8/1/40		375		241
4.95%, 7/1/50		350		261
PacifiCorp,
4.15%, 2/15/50		825		581
PECO Energy Co.,
3.05%, 3/15/51		425		264
Pennsylvania Electric Co.,
5.15%, 3/30/26 (a)		300		295
Public Service Co. of Colorado,
5.25%, 4/1/53		100		87
Public Service Enterprise Group, Inc.,
2.45%, 11/15/31		350		272
Southern California Edison Co.,
5.88%, 12/1/53		275		259
Virginia Electric & Power Co.,
2.45%, 12/15/50		275		148
2.95%, 11/15/51		150		89
				9,232
				102,724
Sovereign (0.2%)
Petroleos Mexicanos,
10.00%, 2/7/33 (a)		298		265
Total Fixed Income Securities (Cost $113,844)				105,408
	Shares
Short-Term Investments (5.1%)
Investment Company (2.8%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $3,323)		3,322,897		3,323
Securities held as Collateral on Loaned Securities (0.7%)
Investment Company (0.7%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $840)		840,375		840

	Face Amount (000)		Value (000)
U.S. Treasury Security (1.6%)
U.S. Treasury Bill, 5.01%, 11/30/23 (f)(g) (Cost $1,850)	$	1,865	$	1,849
Total Short-Term Investments (Cost $6,013)				6,012
Total Investments (94.8%) (Cost $119,857) Including $823 of Securities Loaned (h)(i)				111,420
Other Assets in Excess of Liabilities (5.2%)				6,153
Net Assets (100.0%)			$	117,573

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

(b) Floating or variable rate securities: The rates disclosed are as of September 30, 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) 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 September 30, 2023.

(d) All or a portion of this security was on loan at September 30, 2023.

(e) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2023. Maturity date disclosed is the ultimate maturity date.

(f) Rate shown is the yield to maturity at September 30, 2023.

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

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

(i) At September 30, 2023, the aggregate cost for federal income tax purposes is approximately $119,802,000. The aggregate gross unrealized appreciation is approximately $1,120,000 and the aggregate gross unrealized depreciation is approximately $9,901,000, resulting in net unrealized depreciation of approximately $8,781,000.

DAC Designated Activity Company.

GMTN Global Medium Term Note.

MTN Medium Term Note.

SOFR Secured Overnight Financing Rate.

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at September 30, 2023:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
BNP Paribas SA	EUR	158	$	175	11/10/23	$	8
UBS AG	GBP	580	$	740	11/10/23		32
UBS AG $775	GBP			611	11/10/23		(29	)
						$	11

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

Futures Contracts:

The Fund had the following futures contracts open at September 30, 2023:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury Long Bond (United States)		91	Dec-23	$	9,100		$	10,354		$	(579	)
U.S. Treasury Ultra Bond (United States)		35	Dec-23		3,500			4,154			(227	)
U.S. Treasury 2 yr. Note (United States)		96	Dec-23		19,200			19,460			(49	)
Short:
German Euro-Bobl Index (Germany)		1	Dec-23	EUR	(100	)		(122	)		2
U.S. Treasury 5 yr. Note (United States)		36	Dec-23	$	(3,600	)		(3,793	)		35
U.S. Treasury 10 yr. Note (United States)		44	Dec-23		(4,400	)		(4,755	)		83
U.S. Treasury 10 yr. Ultra Note (United States)		103	Dec-23		(10,300	)		(11,491	)		325
										$	(410	)

EUR — Euro

GBP — British Pound

USD — United States Dollar

Portfolio Composition*

Classification	Percentage of Total Investments
Industrials		49.2	%
Finance		35.4
Utilities		8.3
Other**		7.1
Total Investments		100.0	%***

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 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 $54,129,000 and net unrealized depreciation of approximately $410,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $11,000.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Corporate Bond Portfolio

Statement of Assets and Liabilities	September 30, 2023 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $115,694)	$	107,257
Investment in Security of Affiliated Issuer, at Value (Cost $4,163)		4,163
Total Investments in Securities, at Value (Cost $119,857)		111,420
Cash		4
Foreign Currency, at Value (Cost $2)		2
Receivable for Fund Shares Sold		4,694
Interest Receivable		1,375
Receivable for Investments Sold		1,077
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		40
Due from Adviser		35
Receivable from Affiliate		14
Receivable for Variation Margin on Futures Contracts		7
Receivable from Securities Lending Income		—	@
Other Assets		50
Total Assets		118,718
Liabilities:
Collateral on Securities Loaned, at Value		840
Payable for Professional Fees		70
Payable for Fund Shares Redeemed		40
Payable for Trustees' Fees and Expenses		38
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		29
Payable for Transfer Agency Fees — Class I		22
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 Sub Transfer Agency Fees — Class I		12
Payable for Sub Transfer Agency Fees — Class A		7
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Sub Transfer Agency Fees — Class C		—	@
Payable for Administration Fees		8
Payable for Custodian Fees		8
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
Other Liabilities		58
Total Liabilities		1,145
Net Assets	$	117,573
Net Assets Consist of:
Paid-in-Capital	$	150,671
Total Accumulated Loss		(33,098	)
Net Assets	$	117,573

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Corporate Bond Portfolio

Statement of Assets and Liabilities (cont'd)	September 30, 2023 (000)
CLASS I:
Net Assets	$	102,560
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		10,289,789
Net Asset Value, Offering and Redemption Price Per Share	$	9.97
CLASS A:
Net Assets	$	12,849
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,287,361
Net Asset Value, Redemption Price Per Share	$	9.98
Maximum Sales Load		3.25	%
Maximum Sales Charge	$	0.34
Maximum Offering Price Per Share	$	10.32
CLASS L:
Net Assets	$	990
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		99,262
Net Asset Value, Offering and Redemption Price Per Share	$	9.97
CLASS C:
Net Assets	$	1,174
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		118,566
Net Asset Value, Offering and Redemption Price Per Share	$	9.90
⁽¹⁾ Including: Securities on Loan, at Value:	$	823

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Corporate Bond Portfolio

Statement of Operations	Year Ended September 30, 2023 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $—@ of Foreign Taxes Withheld)	$	6,289
Dividends from Security of Affiliated Issuer (Note G)		92
Income from Securities Loaned — Net		12
Total Investment Income		6,393
Expenses:
Advisory Fees (Note B)		472
Professional Fees		189
Transfer Agency Fees — Class I (Note E)		158
Transfer Agency Fees — Class A (Note E)		5
Transfer Agency Fees — Class L (Note E)		3
Transfer Agency Fees — Class C (Note E)		3
Registration Fees		105
Administration Fees (Note C)		101
Sub Transfer Agency Fees — Class I		78
Sub Transfer Agency Fees — Class A		19
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		1
Shareholder Services Fees — Class A (Note D)		34
Distribution andShareholder Services Fees — Class L (Note D)		5
Distribution andShareholder Services Fees — Class C (Note D)		14
Shareholder Reporting Fees		32
Custodian Fees (Note F)		28
Pricing Fees		26
Trustees' Fees and Expenses		10
Other Expenses		23
Total Expenses		1,306
Reimbursement of Class Specific Expenses — Class I (Note B)		(236	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(3	)
Reimbursement of Class Specific Expenses — Class L (Note B)		(—	@)
Reimbursement of Class Specific Expenses — Class C (Note B)		(3	)
Waiver of Advisory Fees (Note B)		(118	)
Waiver of Shareholder Services Fees — Class A (Note D)		(14	)
Rebate from Morgan Stanley Affiliate (Note G)		(3	)
Net Expenses		929
Net Investment Income		5,464
Realized Loss:
Investments Sold		(12,186	)
Foreign Currency Forward Exchange Contracts		(101	)
Foreign Currency Translation		(1	)
Futures Contracts		(509	)
Net Realized Loss		(12,797	)
Change in Unrealized Appreciation (Depreciation):
Investments		13,687
Foreign Currency Forward Exchange Contracts		(12	)
Foreign Currency Translation		5
Futures Contracts		(446	)
Net Change in Unrealized Appreciation (Depreciation)		13,234
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		437
Net Increase in Net Assets Resulting from Operations	$	5,901

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Corporate Bond Portfolio

Statements of Changes in Net Assets	Year Ended September 30, 2023 (000)			Year Ended September 30, 2022 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	5,464		$	3,880
Net Realized Loss		(12,797	)		(10,855	)
Net Change in Unrealized Appreciation (Depreciation)		13,234			(25,001	)
Net Increase (Decrease) in Net Assets Resulting from Operations		5,901			(31,976	)
Dividends and Distributions to Shareholders:
Class I		(4,645	)		(7,373	)
Class A		(532	)		(866	)
Class L		(35	)		(56	)
Class C		(43	)		(91	)
Total Dividends and Distributions to Shareholders		(5,255	)		(8,386	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		36,169			56,097
Distributions Reinvested		4,457			7,055
Redeemed		(53,450	)		(74,705	)
Class A:
Subscribed		3,457			5,672
Distributions Reinvested		532			866
Redeemed		(5,350	)		(7,599	)
Class L:
Exchanged		12			—
Distributions Reinvested		35			56
Redeemed		(108	)		(132	)
Class C:
Subscribed		373			121
Distributions Reinvested		43			90
Redeemed		(745	)		(1,310	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(14,575	)		(13,789	)
Total Decrease in Net Assets		(13,929	)		(54,151	)
Net Assets:
Beginning of Period		131,502			185,653
End of Period	$	117,573		$	131,502
(1) Capital Share Transactions:
Class I:
Shares Subscribed		3,523			5,109
Shares Issued on Distributions Reinvested		433			583
Shares Redeemed		(5,203	)		(6,614	)
Net Decrease in Class I Shares Outstanding		(1,247	)		(922	)
Class A:
Shares Subscribed		335			485
Shares Issued on Distributions Reinvested		52			71
Shares Redeemed		(521	)		(653	)
Net Decrease in Class A Shares Outstanding		(134	)		(97	)
Class L:
Shares Exchanged		1			—
Shares Issued on Distributions Reinvested		3			5
Shares Redeemed		(10	)		(11	)
Net Decrease in Class L Shares Outstanding		(6	)		(6	)
Class C:
Shares Subscribed		37			11
Shares Issued on Distributions Reinvested		4			7
Shares Redeemed		(73	)		(109	)
Net Decrease in Class C Shares Outstanding		(32	)		(91	)

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Corporate Bond Portfolio

	Class I
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.95		$	12.96		$	13.49		$	12.78		$	11.80
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.45			0.30			0.25			0.32			0.40
Net Realized and Unrealized Gain (Loss)		0.00	⁽²⁾		(2.69	)		(0.05	)		0.72			1.04
Total from Investment Operations		0.45			(2.39	)		0.20			1.04			1.44
Distributions from and/or in Excess of:
Net Investment Income		(0.43	)		(0.27	)		(0.25	)		(0.33	)		(0.46	)
Net Realized Gain		—			(0.35	)		(0.48	)		—			—
Total Distributions		(0.43	)		(0.62	)		(0.73	)		(0.33	)		(0.46	)
Net Asset Value, End of Period	$	9.97		$	9.95		$	12.96		$	13.49		$	12.78
Total Return⁽³⁾		4.51	%		(19.23	)%		1.44	%		8.19	%		12.64	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	102,560		$	114,804		$	161,409		$	182,070		$	122,450
Ratio of Expenses Before Expense Limitation		1.00	%		0.86	%		0.79	%		0.86	%		1.01	%
Ratio of Expenses After Expense Limitation		0.69	%⁽⁴⁾		0.70	%⁽⁴⁾		0.70	%⁽⁴⁾		0.70	%⁽⁴⁾		0.70	%⁽⁴⁾
Ratio of Net Investment Income		4.39	%⁽⁴⁾		2.55	%⁽⁴⁾		1.90	%⁽⁴⁾		2.49	%⁽⁴⁾		3.34	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾
Portfolio Turnover Rate		134	%		110	%		125	%		133	%		64	%

(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.

(5) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Corporate Bond Portfolio

	Class A
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.96		$	12.97		$	13.50		$	12.80		$	11.81
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.42			0.26			0.22			0.29			0.37
Net Realized and Unrealized Gain (Loss)		0.00	⁽²⁾		(2.68	)		(0.05	)		0.70			1.04
Total from Investment Operations		0.42			(2.42	)		0.17			0.99			1.41
Distributions from and/or in Excess of:
Net Investment Income		(0.40	)		(0.24	)		(0.22	)		(0.29	)		(0.42	)
Net Realized Gain		—			(0.35	)		(0.48	)		—			—
Total Distributions		(0.40	)		(0.59	)		(0.70	)		(0.29	)		(0.42	)
Net Asset Value, End of Period	$	9.98		$	9.96		$	12.97		$	13.50		$	12.80
Total Return⁽³⁾		4.18	%		(19.45	)%		1.22	%		7.88	%		12.25	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	12,849		$	14,158		$	19,689		$	10,807		$	6,400
Ratio of Expenses Before Expense Limitation		1.21	%		1.09	%		1.02	%		1.10	%		1.21	%
Ratio of Expenses After Expense Limitation		0.99	%⁽⁴⁾		0.99	%⁽⁴⁾		0.92	%⁽⁴⁾		0.99	%⁽⁴⁾		0.99	%⁽⁴⁾
Ratio of Net Investment Income		4.08	%⁽⁴⁾		2.28	%⁽⁴⁾		1.68	%⁽⁴⁾		2.20	%⁽⁴⁾		3.04	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾
Portfolio Turnover Rate		134	%		110	%		125	%		133	%		64	%

(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 which does not reflect sales charges, if applicable, as of the last business day of the period.

(5) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Corporate Bond Portfolio

	Class L
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.95		$	12.96		$	13.49		$	12.79		$	11.79
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.37			0.21			0.17			0.24			0.32
Net Realized and Unrealized Gain (Loss)		0.00	⁽²⁾		(2.69	)		(0.05	)		0.70			1.04
Total from Investment Operations		0.37			(2.48	)		0.12			0.94			1.36
Distributions from and/or in Excess of:
Net Investment Income		(0.35	)		(0.18	)		(0.17	)		(0.24	)		(0.36	)
Net Realized Gain		—			(0.35	)		(0.48	)		—			—
Total Distributions		(0.35	)		(0.53	)		(0.65	)		(0.24	)		(0.36	)
Net Asset Value, End of Period	$	9.97		$	9.95		$	12.96		$	13.49		$	12.79
Total Return⁽³⁾		3.68	%		(19.83	)%		0.79	%		7.47	%		11.82	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	990		$	1,049		$	1,444		$	1,727		$	1,671
Ratio of Expenses Before Expense Limitation		1.59	%		1.43	%		N/A			1.39	%		1.49	%
Ratio of Expenses After Expense Limitation		1.47	%⁽⁴⁾		1.43	%⁽⁴⁾		1.33	%⁽⁴⁾		1.38	%⁽⁴⁾		1.38	%⁽⁴⁾
Ratio of Net Investment Income		3.60	%⁽⁴⁾		1.84	%⁽⁴⁾		1.27	%⁽⁴⁾		1.84	%⁽⁴⁾		2.67	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾
Portfolio Turnover Rate		134	%		110	%		125	%		133	%		64	%

(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.

(5) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Corporate Bond Portfolio

	Class C
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.89		$	12.87		$	13.41		$	12.71		$	11.72
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.34			0.16			0.10			0.18			0.27
Net Realized and Unrealized Gain (Loss)		(0.01	)		(2.65	)		(0.05	)		0.71			1.03
Total from Investment Operations		0.33			(2.49	)		0.05			0.89			1.30
Distributions from and/or in Excess of:
Net Investment Income		(0.32	)		(0.14	)		(0.11	)		(0.19	)		(0.31	)
Net Realized Gain		—			(0.35	)		(0.48	)		—			—
Total Distributions		(0.32	)		(0.49	)		(0.59	)		(0.19	)		(0.31	)
Net Asset Value, End of Period	$	9.90		$	9.89		$	12.87		$	13.41		$	12.71
Total Return⁽²⁾		3.28	%		(20.05	)%		0.28	%		7.09	%		11.34	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,174		$	1,491		$	3,111		$	3,222		$	2,801
Ratio of Expenses Before Expense Limitation		2.08	%		1.92	%		1.81	%		1.90	%		2.01	%
Ratio of Expenses After Expense Limitation		1.79	%⁽³⁾		1.80	%⁽³⁾		1.80	%⁽³⁾		1.80	%⁽³⁾		1.80	%⁽³⁾
Ratio of Net Investment Income		3.29	%⁽³⁾		1.40	%⁽³⁾		0.80	%⁽³⁾		1.42	%⁽³⁾		2.24	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾
Portfolio Turnover Rate		134	%		110	%		125	%		133	%		64	%

(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%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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"). All Funds are considered diversified for purposes of the Act.

The Trust applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC"). In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

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 has issued four classes of shares — Class I, Class A, Class L and Class C.

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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

• 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.)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 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	$	—		$	2,419		$	—	$	2,419
Corporate Bonds		—			102,724			—		102,724
Sovereign		—			265			—		265
Total Fixed Income Securities		—			105,408			—		105,408
Short-Term Investments
Investment Company		4,163			—			—		4,163
U.S. Treasury Security		—			1,849			—		1,849
Total Short-Term Investments		4,163			1,849			—		6,012
Foreign Currency Forward Exchange Contracts		—			40			—		40
Futures Contracts		445			—			—		445
Total Assets		4,608			107,297			—		111,905
Liabilities:
Foreign Currency Forward Exchange Contract		—			(29	)		—		(29	)
Futures Contracts		(855	)		—			—		(855	)
Total Liabilities		(855	)		(29	)		—		(884	)
Total	$	3,753		$	107,268		$	—	$	111,021

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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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.

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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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:

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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of September 30, 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

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

445

(a)

Total

485

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

(29

)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(855

)(a)

Total

(884

)

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(101	)
Interest Rate Risk	Futures Contracts		(509	)
Total		$	(610	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(12	)
Interest Rate Risk	Futures Contracts		(446	)
Total		$	(458	)

At September 30, 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)
Foreign Currency Forward Exchange Contracts	$	40	$	(29	)

(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 September 30, 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)
BNP Paribas SA	$	8	$	—		$	—	$	8
UBS AG		32		(29	)		—		3
Total	$	40	$	(29	)	$	—	$	11

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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)
UBS AG	$	29	$	(29	)	$	—	$	0

For the year ended September 30, 2023, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	1,490,000
Futures Contracts:
Average monthly notional value	$	65,717,000

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 September 30, 2023:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amount Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	823	(a)	$	—	$	(823	)(b)(c)	$	0

(a) Represents market value of loaned securities at year end.

(b) The Fund received cash collateral of approximately $840,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments.

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	$	840	$	—	$	—	$	—	$	840
Total Borrowings	$	840	$	—	$	—	$	—	$	840
Gross amount of recognized liabilities for securities lending transactions									$	840

6. Indemnifications: The Trust enters into contracts that contain a variety of indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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.

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 year ended September 30, 2023, approximately $118,000 of advisory fees were waived and approximately $242,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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.

G. Security Transactions and Transactions with Affiliates: For the year ended September 30, 2023, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $161,701,000 and $187,086,000, respectively. For the year ended September 30, 2023, purchases and sales of long-term U.S. Government securities were approximately $348,000 and $0, respectively.

fees paid by the Fund due to its investment in the Liquidity Funds. For the year ended September 30, 2023, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the year ended September 30, 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			$	62,081			$	60,717			$	92

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value September 30, 2023 (000)
Liquidity Funds				$	—			$	—			$	4,163

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 year ended September 30, 2023, included in "Trustees' Fees and Expenses" in the Statement of Operations amounted to approximately $2,000. At September 30, 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.

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 income. Accordingly, no provision for federal income taxes is required in the financial statements.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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 that 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, 2023 remains subject to examination by taxing authorities.

2023 Distributions Paid From:		2022 Distributions Paid From:
Ordinary Income (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	5,255	$	3,558	$	4,828

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2023.

At September 30, 2023, 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)
$	568			$	—

At September 30, 2023, the Fund had available for federal income tax purposes unused short-term and long term capital losses of approximately $9,142,000 and $15,700,000 respectively, that do not have an expiration date.

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. Effective April 17, 2023, the committed line amount increased to $500,000,000. 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 twelve months ended September 30, 2023, the Fund did not have any borrowings under the Facility.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

of those effects (which may last for extended periods). These events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, adversely affect and increase the volatility of the Fund's share price and exacerbate pre-existing risks to the Fund. 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 and its investments 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Morgan Stanley Institutional Fund Trust —
Corporate Bond Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Corporate Bond Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund Trust (the "Trust")), including the portfolio of investments, as of September 30, 2023, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund Trust) at September 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.
Boston, Massachusetts
November 27, 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2022, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was below its peer group average for the one-, three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. When a fund's management fee and/or its total expense ratio are higher than its peers, the Board and the Adviser discuss the reasons for this and, where appropriate, they discuss possible waivers and/or caps. The Board noted that the Fund's management fee was lower than its peer group average and total expense ratio was higher than its peer group average. After discussion, the Board concluded that the Fund's (i) performance and total expense ratio were acceptable and (ii) management fee was competitive with its peer group average.

Economies of Scale

The Board considered the size and growth prospects of the Fund and how that relates to the Fund's total expense ratio and particularly the Fund's management fee rate, which does not include breakpoints. In conjunction with its review of the Adviser's profitability, the Board discussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Fund and whether the management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and/or potential economies of scale of the Fund supports its decision to approve the Management Agreement.

Profitability of the Adviser and Affiliates

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Advisory Agreement Approval (unaudited) (cont'd)

Other Benefits of the Relationship

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

Other Factors and Current Trends

General Conclusion

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Liquidity Risk Management Program (unaudited)

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Important Notices (unaudited)

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

Tailored Shareholder Reports

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2023.

The Fund designated approximately $4,795,000 of its distributions paid as business interest income.

The Fund designated approximately $3,604,000 of its distributions paid as qualified interest income.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) (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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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

Definitions

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Other important information

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited)

Independent Trustees:

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Frank L. Bowman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1944

Trustee

Since
August
2006

Frances L. Cashman
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1961

Trustee

Since
February
2022

Kathleen A. Dennis
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1953

Trustee

Since
August
2006

Board Member, University of Albany Foundation (2012-present); Board Member, Mutual Funds Directors Forum (2014-present); Director of various non-profit organizations.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Nancy C. Everett
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
January
2015

Eddie A. Grier
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
February
2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Jakki L. Haussler
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1957

Trustee

Since
January
2015

Dr. Manuel H. Johnson
c/o Johnson Smick
International, Inc.
220 I Street, NE
Suite 200
Washington, D.C. 20002
Birth Year: 1949

Trustee

Since
July
1991

Director of NVR, Inc. (home construction).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Joseph K. Kearns
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1942

Trustee

Since
August
1994

Michael F. Klein
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1958

Trustee

Since
August
2006

Director of certain investment funds managed or sponsored by Aetos Alternatives Management, LP; Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

Patricia A. Maleski
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1960

Trustee

Since
January
2017

Trustee (since January 2022) and Treasurer (since January 2023), Nutley Family Service Bureau, Inc.

W. Allen Reed
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1947

Chair of the Board and Trustee

Chair of the Board since August 2020 and Trustee since August 2006

Formerly, Director of Legg Mason, Inc. (2006-2019); and Director of the Auburn University Foundation (2010-2015).

* This is the earliest date the Trustee began serving the Morgan Stanley Funds. Each Trustee serves an indefinite term, until his or her successor is elected.

*** This includes any directorships at public companies and registered investment companies held by the Trustees at any time during the past five years.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Executive Officers:

Name, Address and Birth Year
of Executive Officer

Position(s) Held
with
Registrant

Length of
Time Served*

Principal Occupation(s) During Past 5 Years

John H. Gernon
522 Fifth Avenue
New York, NY 10036
Birth Year: 1963

President and Principal Executive Officer

Since
September
2013

Deidre A. Downes
1633 Broadway
New York, NY 10019
Birth Year: 1977

Chief Compliance Officer

Since
November
2021

Francis J. Smith
522 Fifth Avenue
New York, NY 10036
Birth Year: 1965

Treasurer and Principal Financial Officer

Treasurer since July 2003 and Principal Financial Officer since September
2002

Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).

Mary E. Mullin
1633 Broadway
New York, NY 10019
Birth Year: 1967

Secretary

Since
June
1999

Managing Director of the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

Michael J. Key
522 Fifth Avenue
New York, NY 10036
Birth Year: 1979

Vice President

Since
June
2017

* This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves an indefinite term, until his or her successor is elected.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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.
P.O. Box 219804
Kansas City, Missouri 64121-9804

Co-Transfer Agent

Eaton Vance Management
Two International Place
Boston, Massachusetts 02110

Custodian

State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114

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

(This page has been left blank intentionally.)

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

IFTCBANN
6045059 EXP 11.30.24

Morgan Stanley Institutional Fund Trust

Discovery Portfolio

Annual Report

September 30, 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Table of Contents (unaudited)

Shareholders' Letter					2
Consolidated Expense Example					3
Investment Overview					4
Consolidated Portfolio of Investments					7
Consolidated Statement of Assets and Liabilities					9
Consolidated Statement of Operations					11
Consolidated Statements of Changes in Net Assets					12
Consolidated Financial Highlights					14
Notes to Consolidated Financial Statements					19
Report of Independent Registered Public Accounting Firm					31
Investment Advisory Agreement Approval					32
Liquidity Risk Management Program					34
Important Notices					35
U.S. Customer Privacy Notice					36
Trustees and Officers Information					39

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Shareholders' Letter (unaudited)

Dear Shareholders,

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

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

October 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Expense Example (unaudited)

Discovery Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended September 30, 2023 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 4/1/23		Actual Ending Account Value 9/30/23		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	$	1,027.40	$	1,021.51	$	3.61	$	3.60		0.71	%
Discovery Portfolio Class A		1,000.00		1,025.60		1,019.95		5.18		5.17		1.02
Discovery Portfolio Class L		1,000.00		1,022.70		1,017.30		7.86		7.84		1.55
Discovery Portfolio Class C		1,000.00		1,022.70		1,016.29		8.87		8.85		1.75
Discovery Portfolio Class R6		1,000.00		1,028.40		1,021.86		3.25		3.24		0.64

** Annualized.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited)

Discovery Portfolio

The Fund seeks long-term capital growth.

Performance

For the fiscal year ended September 30, 2023, the Fund's Class I shares had a total return based on net asset value and reinvestment of distributions per share of 2.74%, net of fees. The Fund's Class I shares underperformed against the Fund's benchmark, the Russell Midcap® Growth Index (the "Index"), which returned 17.47%.

Factors Affecting Performance

• Recession fears, downside earnings risks for 2023 and the failure of several U.S. regional banks in March 2023 weighed on market sentiment and contributed to continued volatility in the 12-month reporting period. Against this backdrop, we continued to focus on company-specific fundamentals, which, across portfolio holdings have largely remained healthy and in line with our expectations. We continue to own many high quality companies with attractive end-game potential, strong balance sheets and multiple competitive advantages. We believe today's market offers an attractive opportunity to buy unique companies with strong fundamentals that can be long-term winners over the next three to five years. While we have opportunistically added to some positions and initiated new ones, overall, we have made few changes as we remain confident in the long-term prospects for the businesses we own.

• Counterpoint Global seeks high quality companies, which we define primarily as those with sustainable competitive advantages. We manage concentrated portfolios that are highly differentiated from the benchmark, with securities weighted on our assessment of the quality of the company and our conviction. The value added or detracted in any period of time will result from stock selection, given our philosophy and process.

• The long-term investment horizon and conviction-weighted investment approach embraced by the team since its inception in 1998 can result in periods of performance deviation from the benchmark and peers. The Fund underperformed the Index this reporting period primarily due to adverse stock selection, with sector allocations detracting to a lesser extent.

• Mid-cap growth stocks advanced 17.47% in the 12-month period, as measured by the Index. All sectors in the Index had positive performance in the period, except utilities. Industrials was the Index's best performing sector. Against this backdrop, our team continued to focus on stock selection and the long-term outlook for companies in the portfolio.

• Most of the Fund's relative underperformance was driven by mixed stock selection in health care, information technology, communication services and financials. A company that operates a database of employment and contact information to augment sales prospecting for third parties was the largest detractor across the portfolio. Concerns about slower business growth, longer sales cycles and deal delays weighed on investor sentiment during the reporting period. A holding in one of the largest buyers of biopharmaceutical royalties and a leading funder of innovation across academic institutions, non-profits, biotechnology and pharmaceutical companies was the second greatest detractor across the portfolio. The company reported solid results, but its shares remained pressured due to investors' ongoing concerns around clinical trial results for a few of its partners' new therapies and the impact to potential related royalties. A holding in a software as a service platform that allows customers to monitor their entire IT stack in real-time from a single user interface was the third greatest detractor across the Fund. Although the company reported overall healthy results characterized by product suite expansion and strong customer retention, its shares traded down as investors were disappointed by management's conservative outlook.

• Conversely, the Fund benefited from stock selection in consumer discretionary. A position in one of the world's leading platforms to enable and accelerate direct-to-consumer, cross-border ecommerce, was the top contributor in the sector and across the portfolio. Its shares advanced as the company continued to deliver strong fundamental performance characterized by revenue and profitability growth that outpaced the overall ecommerce industry, and strong traction with new partnership initiatives. Management's continued execution has also buoyed investor confidence in the company's ability to further capitalize on the secular growth in direct-to-consumer, cross-border ecommerce.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

Discovery Portfolio

• An average overweight in health care, average underweight in materials, and lack of exposure to consumer staples and real estate were also favorable to relative performance.

Management Strategies

• Counterpoint Global looks to own a portfolio of unique companies with diverse business drivers, strong competitive advantages and positioning, and healthy secular growth prospects whose market value we believe can increase significantly over the long-term for underlying fundamental reasons, independent of the macro or market environment. We find these companies through fundamental research. Our emphasis is on secular growth, and as a result short-term market events are not as meaningful in the stock selection process.

• Counterpoint Global believes having a market outlook can be an anchor. We focus on assessing company prospects over a five-year investment horizon. Current portfolio positioning reflects what we believe are the best long-term investment opportunities.

* Minimum Investment

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

Discovery Portfolio

Performance Compared to the Russell Midcap^® Growth Index⁽¹⁾ and the Lipper Mid-Cap Growth Funds Index⁽²⁾

	Period Ended September 30, 2023 Total Returns⁽³⁾
				Average Annual
	One Year			Five Years			Ten Years			Since Inception⁽⁹⁾
Fund — Class I Shares w/o sales charges⁽⁴⁾		2.74	%		1.21	%		6.28	%		11.08	%
Fund — Class A Shares w/o sales charges⁽⁵⁾		2.44			0.95			5.99			8.78
Fund — Class A Shares with maximum 5.25% sales charges⁽⁵⁾		–2.89			–0.14			5.42			8.56
Fund — Class L Shares w/o sales charges⁽⁶⁾		1.77			0.43			5.42			7.48
Fund — Class C Shares w/o sales charges⁽⁸⁾		1.73			0.18			—			6.76
Fund — Class C Shares with maximum 1.00% deferred sales charges⁽⁸⁾		0.73			0.18			—			6.76
Fund — Class R6 Shares w/o sales charges⁽⁷⁾		2.84			1.33			6.39			6.48
Russell Midcap^® Growth Index		17.47			6.97			9.94			10.21
Lipper Mid-Cap Growth Funds Index		12.61			5.12			8.69			9.52

⁽¹⁾ The Russell Midcap^® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap^® Index is a subset of the Russell 1000^® Index and includes approximately 800 of the smallest securities in the Russell 1000^® Index, which in turn consists of approximately 1,000 of the largest U.S. securities based on a combination of market capitalization and current index membership. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

⁽²⁾ The Lipper Mid-Cap Growth Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Mid-Cap Growth Funds classification. The index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. As of the date of this report, the Fund was in the Lipper Mid-Cap Growth Funds classification.

⁽³⁾ Total returns for the Fund reflect expenses waived and/or reimbursed, if applicable, by the Adviser. Without such waivers and/or reimbursements, total returns would have been lower.

⁽⁴⁾ Commenced operations on March 30, 1990.

⁽⁵⁾ Commenced offering on January 31, 1997.

⁽⁶⁾ Commenced offering on June 14, 2012.

⁽⁷⁾ Commenced offering on September 13, 2013.

⁽⁸⁾ Commenced offering on May 31, 2017.

⁽⁹⁾ For comparative purposes, average annual since inception returns listed for the Indexes refer to the inception date of Class I of the Fund, not the inception of the Indexes.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments

Discovery Portfolio

	Shares		Value (000)
Common Stocks (93.1%)
Biotechnology (2.2%)
Alnylam Pharmaceuticals, Inc. (a)		4,973	$	881
Intellia Therapeutics, Inc. (a)		109,666		3,468
ProKidney Corp. (a)(b)		509,412		2,333
Roivant Sciences Ltd. (a)		1,089,327		12,723
				19,405
Broadline Retail (7.2%)
Global-e Online Ltd. (Israel) (a)		1,635,663		65,001
Chemicals (0.4%)
Ginkgo Bioworks Holdings, Inc. (a)(b)		2,103,065		3,806
Entertainment (4.6%)
ROBLOX Corp., Class A (a)		1,433,611		41,517
Financial Services (12.1%)
Adyen NV (Netherlands) (a)		31,180		23,118
Affirm Holdings, Inc. (a)(b)		3,088,146		65,685
Toast, Inc., Class A (a)		1,122,871		21,031
				109,834
Ground Transportation (2.1%)
Grab Holdings Ltd., Class A (Singapore) (a)		5,301,078		18,766
Health Care Equipment & Supplies (0.8%)
Dexcom, Inc. (a)		50,618		4,723
Penumbra, Inc. N (a)		10,239		2,477
				7,200
Health Care Providers & Services (5.2%)
Agilon health, Inc. (a)		2,653,510		47,126
Health Care Technology (1.4%)
Doximity, Inc., Class A (a)		593,353		12,591
Hotels, Restaurants & Leisure (6.4%)
DoorDash, Inc., Class A (a)		733,436		58,286
Information Technology Services (10.6%)
Cloudflare, Inc., Class A (a)		1,162,522		73,286
MongoDB, Inc. (a)		66,299		22,930
				96,216
Interactive Media & Services (0.1%)
Snap, Inc., Class A (a)		104,959		935
Leisure Products (1.6%)
Peloton Interactive, Inc., Class A (a)		2,833,622		14,310
Life Sciences Tools & Services (1.3%)
10X Genomics, Inc., Class A (a)		291,700		12,033
Media (7.4%)
Trade Desk, Inc., Class A (a)		853,294		66,685
Pharmaceuticals (4.6%)
Royalty Pharma PLC, Class A (United Kingdom)		1,542,355		41,859
Semiconductors & Semiconductor Equipment (0.1%)
Enphase Energy, Inc. (a)		7,615		915

	Shares		Value (000)
Software (18.2%)
Aurora Innovation, Inc. (a)		5,046,291	$	11,859
Bill Holdings, Inc. (a)		425,078		46,151
Gitlab, Inc., Class A (a)		468,561		21,188
HubSpot, Inc. (a)		18,794		9,256
Klaviyo, Inc., Class A (a)(b)		146,668		5,060
MicroStrategy, Inc., Class A (a)		21,755		7,142
Procore Technologies, Inc. (a)		397,295		25,951
Samsara, Inc., Class A (a)		1,481,885		37,358
Unity Software, Inc. (a)		29,003		911
				164,876
Specialty Retail (6.8%)
Carvana Co. (a)(b)		944,618		39,655
Wayfair, Inc., Class A (a)		365,844		22,159
				61,814
Total Common Stocks (Cost $1,141,886)				843,175
Preferred Stock (3.5%)
Software (3.5%)
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $31,810; acquired 8/31/21)		432,882		31,817
Investment Company (1.7%)
Grayscale Bitcoin Trust (a) (Cost $27,140)		785,961		15,083
	No. of Warrants
Warrants (0.0%)‡
Chemicals (0.0%)‡
Ginkgo Bioworks Holdings, Inc. expires 12/31/27 (a) (Cost $655)		196,782		44
	Shares
Short-Term Investments (3.0%)
Investment Company (2.1%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note G) (Cost $18,649)		18,649,466		18,649
Securities held as Collateral on Loaned Securities (0.9%)
Investment Company (0.8%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note G)		7,037,983		7,038
	Face Amount (000)
Repurchase Agreements (0.1%)
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $487; fully collateralized by U.S. Government obligations; 0.13% — 2.88% due 10/31/23 — 5/15/52; valued at $496)	$	487		487

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

	Face Amount (000)		Value (000)
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $1,067; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $1,088)	$	1,066	$	1,066
				1,553
Total Securities held as Collateral on Loaned Securities (Cost $8,591)				8,591
Total Short-Term Investments (Cost $27,240)				27,240
Total Investments Excluding Purchased Options (101.3%) (Cost $1,228,731)				917,359
Total Purchased Options Outstanding (0.3%) (Cost $2,919)				3,037
Total Investments (101.6%) (Cost $1,231,650) Including $8,319 of Securities Loaned (e)(f)(g)				920,396
Liabilities in Excess of Other Assets (–1.6%)				(14,693	)
Net Assets (100.0%)			$	905,703

‡ Amount is less than 0.05%.

(a) Non-income producing security.

(b) All or a portion of this security was on loan at September 30, 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 Trust 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 September 30, 2023 amounts to approximately $31,817,000 and represents 3.5% of net assets.

(d) At September 30, 2023, the Fund held a fair valued security at approximately $31,817,000, representing 3.5% 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) Securities are available for collateral in connection with purchased options.

(f) The approximate fair value and percentage of net assets, $23,118,000 and 2.6%, 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 Consolidated Financial Statements.

(g) At September 30, 2023, the aggregate cost for federal income tax purposes is approximately $1,334,025,000. The aggregate gross unrealized appreciation is approximately $100,733,000 and the aggregate gross unrealized depreciation is approximately $514,354,000, resulting in net unrealized depreciation of approximately $413,621,000.

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2023:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)			Premiums Paid (000)		Unrealized Appreciation (Depreciation) (000)
Goldman Sachs International	USD/CNH	CNH	7.87	Oct-23		2,378,602	$	2,379	$	—	@	$	11	$	(11	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.43	Jan-24		202,038,446		202,038		923			951		(28	)
Standard Chartered Bank	USD/CNH	CNH	7.57	May-24		226,694,072		226,694		1,174			959		215
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug-24		240,890,554		240,891		940			998		(58	)
									$	3,037		$	2,919	$	118

@ Amount is less than $500.

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

Portfolio Composition*

Classification	Percentage of Total Investments
Other**		23.8	%
Software		21.4
Financial Services		11.9
Information Technology Services		10.5
Media		7.2
Broadline Retail		7.1
Specialty Retail		6.7
Hotels, Restaurants & Leisure		6.3
Health Care Providers & Services		5.1
Total Investments		100.0	%

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 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.
8

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Discovery Portfolio

Consolidated Statement of Assets and Liabilities	September 30, 2023 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $1,205,963)	$	894,709
Investment in Security of Affiliated Issuer, at Value (Cost $25,687)		25,687
Total Investments in Securities, at Value (Cost $1,231,650)		920,396
Foreign Currency, at Value (Cost $2)		2
Receivable for Investments Sold		2,761
Receivable for Fund Shares Sold		198
Receivable from Affiliate		80
Receivable from Securities Lending Income		18
Other Assets		201
Total Assets		923,656
Liabilities:
Collateral on Securities Loaned, at Value		8,591
Payable for Investments Purchased		3,428
Due to Broker		3,263
Payable for Advisory Fees		1,238
Payable for Fund Shares Redeemed		816
Payable for Sub Transfer Agency Fees — Class I		63
Payable for Sub Transfer Agency Fees — Class A		76
Payable for Sub Transfer Agency Fees — Class L		1
Payable for Sub Transfer Agency Fees — Class C		4
Payable for Shareholder Services Fees — Class A		90
Payable for Distribution and Shareholder Services Fees — Class L		3
Payable for Distribution and Shareholder Services Fees — Class C		12
Payable for Professional Fees		70
Payable for Administration Fees		62
Payable for Trustees' Fees and Expenses		37
Payable for Transfer Agency Fees — Class I		10
Payable for Transfer Agency Fees — Class A		14
Payable for Transfer Agency Fees — Class L		1
Payable for Transfer Agency Fees — Class C		1
Payable for Transfer Agency Fees — Class R6		2
Payable for Custodian Fees		11
Other Liabilities		160
Total Liabilities		17,953
Net Assets	$	905,703
Net Assets Consist of:
Paid-in-Capital	$	2,761,059
Total Accumulated Loss		(1,855,356	)
Net Assets	$	905,703

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Discovery Portfolio

Consolidated Statement of Assets and Liabilities (cont'd)	September 30, 2023 (000)
CLASS I:
Net Assets	$	294,703
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		23,780,124
Net Asset Value, Offering and Redemption Price Per Share	$	12.39
CLASS A:
Net Assets	$	422,575
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		50,243,969
Net Asset Value, Redemption Price Per Share	$	8.41
Maximum Sales Load		5.25	%
Maximum Sales Charge	$	0.47
Maximum Offering Price Per Share	$	8.88
CLASS L:
Net Assets	$	4,197
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		664,760
Net Asset Value, Offering and Redemption Price Per Share	$	6.31
CLASS C:
Net Assets	$	13,434
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,756,731
Net Asset Value, Offering and Redemption Price Per Share	$	7.65
CLASS R6:
Net Assets	$	170,794
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		13,461,197
Net Asset Value, Offering and Redemption Price Per Share	$	12.69
⁽¹⁾ Including: Securities on Loan, at Value:	$	8,319

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Discovery Portfolio

Consolidated Statement of Operations	Year Ended September 30, 2023 (000)
Investment Income:
Income from Securities Loaned — Net	$	2,522
Dividends from Securities of Unaffiliated Issuers		1,132
Dividends from Security of Affiliated Issuer (Note G)		965
Total Investment Income		4,619
Expenses:
Advisory Fees (Note B)		5,086
Shareholder Services Fees — Class A (Note D)		1,171
Distribution and Shareholder Services Fees — Class L (Note D)		33
Distribution and Shareholder Services Fees — Class C (Note D)		144
Sub Transfer Agency Fees — Class I		289
Sub Transfer Agency Fees — Class A		511
Sub Transfer Agency Fees — Class L		2
Sub Transfer Agency Fees — Class C		18
Administration Fees (Note C)		814
Registration Fees		233
Professional Fees		189
Transfer Agency Fees — Class I (Note E)		57
Transfer Agency Fees — Class A (Note E)		67
Transfer Agency Fees — Class L (Note E)		5
Transfer Agency Fees — Class C (Note E)		4
Transfer Agency Fees — Class R6 (Note E)		5
Shareholder Reporting Fees		101
Custodian Fees (Note F)		40
Trustees' Fees and Expenses		24
Pricing Fees		2
Other Expenses		56
Total Expenses		8,851
Rebate from Morgan Stanley Affiliate (Note G)		(44	)
Net Expenses		8,807
Net Investment Loss		(4,188	)
Realized Gain (Loss):
Investments Sold		(414,552	)
Foreign Currency Translation		55
Net Realized Loss		(414,497	)
Change in Unrealized Appreciation (Depreciation):
Investments		425,599
Foreign Currency Translation		—	@
Net Change in Unrealized Appreciation (Depreciation)		425,599
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		11,102
Net Increase in Net Assets Resulting from Operations	$	6,914

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Discovery Portfolio

Consolidated Statements of Changes in Net Assets	Year Ended September 30, 2023 (000)			Year Ended September 30, 2022 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Loss	$	(4,188	)	$	(16,791	)
Net Realized Loss		(414,497	)		(1,135,087	)
Net Change in Unrealized Appreciation (Depreciation)		425,599			(1,012,312	)
Net Increase (Decrease) in Net Assets Resulting from Operations		6,914			(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		152,228			400,574
Distributions Reinvested		—			377,934
Redeemed		(265,963	)		(865,913	)
Class A:
Subscribed		49,603			203,921
Distributions Reinvested		—			568,915
Redeemed		(163,974	)		(639,762	)
Class L:
Exchanged		169			59
Distributions Reinvested		—			4,989
Redeemed		(745	)		(1,076	)
Class C:
Subscribed		1,835			5,755
Distributions Reinvested		—			17,813
Redeemed		(3,933	)		(18,434	)
Class R6:*
Subscribed		43,751			126,508
Distributions Reinvested		—			117,594
Redeemed		(73,023	)		(145,532	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(260,052	)		153,345
Total Decrease in Net Assets		(253,138	)		(3,126,395	)
Net Assets:
Beginning of Period		1,158,841			4,285,236
End of Period	$	905,703		$	1,158,841

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Discovery Portfolio

Consolidated Statements of Changes in Net Assets (cont'd)	Year Ended September 30, 2023 (000)			Year Ended September 30, 2022 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		12,843			19,793
Shares Issued on Distributions Reinvested		—			13,059
Shares Redeemed		(23,578	)		(39,274	)
Net Decrease in Class I Shares Outstanding		(10,735	)		(6,422	)
Class A:
Shares Subscribed		6,070			12,433
Shares Issued on Distributions Reinvested		—			28,820
Shares Redeemed		(20,113	)		(37,499	)
Net Increase (Decrease) in Class A Shares Outstanding		(14,043	)		3,754
Class L:
Shares Exchanged		27			5
Shares Issued on Distributions Reinvested		—			333
Shares Redeemed		(122	)		(88	)
Net Increase (Decrease) in Class L Shares Outstanding		(95	)		250
Class C:
Shares Subscribed		250			362
Shares Issued on Distributions Reinvested		—			979
Shares Redeemed		(536	)		(1,263	)
Net Increase (Decrease) in Class C Shares Outstanding		(286	)		78
Class R6:*
Shares Subscribed		3,573			5,864
Shares Issued on Distributions Reinvested		—			3,977
Shares Redeemed		(5,902	)		(6,884	)
Net Increase (Decrease) in Class R6 Shares Outstanding		(2,329	)		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.
13

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Financial Highlights

Discovery Portfolio

	Class I
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020⁽¹⁾			2019⁽¹⁾
Net Asset Value, Beginning of Period	$	12.06		$	42.00		$	38.19		$	19.92		$	23.30
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.03	)		(0.14	)		(0.24	)		(0.15	)		(0.05	)
Net Realized and Unrealized Gain (Loss)		0.36			(19.69	)		7.35			20.73			0.35
Total from Investment Operations		0.33			(19.83	)		7.11			20.58			0.30
Distributions from and/or in Excess of:
Net Realized Gain		—			(10.11	)		(3.30	)		(2.31	)		(3.68	)
Net Asset Value, End of Period	$	12.39		$	12.06		$	42.00		$	38.19		$	19.92
Total Return⁽³⁾		2.74	%		(61.26	)%		18.36	%		115.34	%		4.71	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	294,703		$	416,283		$	1,719,520		$	1,282,828		$	374,736
Ratio of Expenses Before Expense Limitation		0.74	%		0.77	%		N/A			0.74	%		0.74	%
Ratio of Expenses After Expense Limitation		0.74	%⁽⁴⁾		0.77	%⁽⁴⁾		0.72	%⁽⁴⁾		0.73	%⁽⁴⁾		0.73	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.72	%⁽⁴⁾		0.73	%⁽⁴⁾		0.73	%⁽⁴⁾
Ratio of Net Investment Loss		(0.28	)%⁽⁴⁾		(0.58	)%⁽⁴⁾		(0.54	)%⁽⁴⁾		(0.57	)%⁽⁴⁾		(0.27	)%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.01	%		0.01	%
Portfolio Turnover Rate		51	%		67	%		115	%		65	%		116	%

(1) Not consolidated.

(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 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%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Financial Highlights

Discovery Portfolio

	Class A
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020⁽¹⁾			2019⁽¹⁾
Net Asset Value, Beginning of Period	$	8.21		$	32.12		$	29.92		$	16.12		$	19.71
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.05	)		(0.14	)		(0.27	)		(0.17	)		(0.09	)
Net Realized and Unrealized Gain (Loss)		0.25			(13.66	)		5.77			16.28			0.18
Total from Investment Operations		0.20			(13.80	)		5.50			16.11			0.09
Distributions from and/or in Excess of:
Net Realized Gain		—			(10.11	)		(3.30	)		(2.31	)		(3.68	)
Net Asset Value, End of Period	$	8.41		$	8.21		$	32.12		$	29.92		$	16.12
Total Return⁽³⁾		2.44	%		(61.35	)%		18.02	%		114.87	%		4.40	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	422,575		$	527,685		$	1,944,335		$	1,403,660		$	403,285
Ratio of Expenses Before Expense Limitation		1.02	%		1.03	%		N/A			1.01	%		1.00	%
Ratio of Expenses After Expense Limitation		1.01	%⁽⁴⁾		1.03	%⁽⁴⁾		1.00	%⁽⁴⁾		1.00	%⁽⁴⁾		0.99	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			1.00	%⁽⁴⁾		1.00	%⁽⁴⁾		0.99	%⁽⁴⁾
Ratio of Net Investment Loss		(0.56	)%⁽⁴⁾		(0.85	)%⁽⁴⁾		(0.81	)%⁽⁴⁾		(0.82	)%⁽⁴⁾		(0.52	)%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.01	%		0.01	%
Portfolio Turnover Rate		51	%		67	%		115	%		65	%		116	%

(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.

(5) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Financial Highlights

Discovery Portfolio

	Class L
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020⁽¹⁾			2019⁽¹⁾
Net Asset Value, Beginning of Period	$	6.20		$	27.00		$	25.69		$	14.21		$	17.96
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.07	)		(0.16	)		(0.36	)		(0.21	)		(0.15	)
Net Realized and Unrealized Gain (Loss)		0.18			(10.53	)		4.97			14.00			0.08
Total from Investment Operations		0.11			(10.69	)		4.61			13.79			(0.07	)
Distributions from and/or in Excess of:
Net Realized Gain		—			(10.11	)		(3.30	)		(2.31	)		(3.68	)
Net Asset Value, End of Period	$	6.31		$	6.20		$	27.00		$	25.69		$	14.21
Total Return⁽³⁾		1.77	%		(61.52	)%		17.48	%		113.70	%		3.90	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	4,197		$	4,704		$	13,762		$	14,173		$	8,124
Ratio of Expenses Before Expense Limitation		1.56	%		1.51	%		N/A			1.50	%		1.51	%
Ratio of Expenses After Expense Limitation		1.55	%⁽⁴⁾		1.51	%⁽⁴⁾		1.44	%⁽⁴⁾		1.49	%⁽⁴⁾		1.50	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			1.44	%⁽⁴⁾		1.49	%⁽⁴⁾		1.50	%⁽⁴⁾
Ratio of Net Investment Loss		(1.10	)%⁽⁴⁾		(1.33	)%⁽⁴⁾		(1.26	)%⁽⁴⁾		(1.27	)%⁽⁴⁾		(1.06	)%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.01	%		0.01	%
Portfolio Turnover Rate		51	%		67	%		115	%		65	%		116	%

(1) Not consolidated.

(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.

(5) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Financial Highlights

Discovery Portfolio

	Class C
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020⁽¹⁾			2019⁽¹⁾
Net Asset Value, Beginning of Period	$	7.52		$	30.51		$	28.74		$	15.67		$	19.42
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.10	)		(0.24	)		(0.49	)		(0.32	)		(0.22	)
Net Realized and Unrealized Gain (Loss)		0.23			(12.64	)		5.56			15.70			0.15
Total from Investment Operations		0.13			(12.88	)		5.07			15.38			(0.07	)
Distributions from and/or in Excess of:
Net Realized Gain		—			(10.11	)		(3.30	)		(2.31	)		(3.68	)
Net Asset Value, End of Period	$	7.65		$	7.52		$	30.51		$	28.74		$	15.67
Total Return⁽³⁾		1.73	%		(61.66	)%		17.21	%		113.21	%		3.55	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	13,434		$	15,363		$	59,936		$	33,781		$	6,518
Ratio of Expenses Before Expense Limitation		1.80	%		1.77	%		N/A			1.75	%		1.84	%
Ratio of Expenses After Expense Limitation		1.79	%⁽⁴⁾		1.77	%⁽⁴⁾		1.71	%⁽⁴⁾		1.74	%⁽⁴⁾		1.83	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			1.71	%⁽⁴⁾		1.74	%⁽⁴⁾		1.83	%⁽⁴⁾
Ratio of Net Investment Loss		(1.34	)%⁽⁴⁾		(1.59	)%⁽⁴⁾		(1.52	)%⁽⁴⁾		(1.59	)%⁽⁴⁾		(1.32	)%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.01	%		0.01	%
Portfolio Turnover Rate		51	%		67	%		115	%		65	%		116	%

(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.

(5) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Financial Highlights

Discovery Portfolio

	Class R6⁽¹⁾
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020⁽²⁾			2019⁽²⁾
Net Asset Value, Beginning of Period	$	12.34		$	42.67		$	38.72		$	20.15		$	23.50
Income (Loss) from Investment Operations:
Net Investment Loss⁽³⁾		(0.02	)		(0.10	)		(0.19	)		(0.12	)		(0.04	)
Net Realized and Unrealized Gain (Loss)		0.37			(20.12	)		7.44			21.00			0.37
Total from Investment Operations		0.35			(20.22	)		7.25			20.88			0.33
Distributions from and/or in Excess of:
Net Realized Gain		—			(10.11	)		(3.30	)		(2.31	)		(3.68	)
Net Asset Value, End of Period	$	12.69		$	12.34		$	42.67		$	38.72		$	20.15
Total Return⁽⁴⁾		2.84	%		(61.20	)%		18.47	%		115.65	%		4.77	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	170,794		$	194,806		$	547,683		$	354,067		$	130,653
Ratio of Expenses Before Expense Limitation		0.65	%		0.64	%		N/A			0.64	%		0.64	%
Ratio of Expenses After Expense Limitation		0.64	%⁽⁵⁾		0.64	%⁽⁵⁾		0.61	%⁽⁵⁾		0.63	%⁽⁵⁾		0.63	%⁽⁵⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.61	%⁽⁵⁾		0.63	%⁽⁵⁾		0.63	%⁽⁵⁾
Ratio of Net Investment Loss		(0.19	)%⁽⁵⁾		(0.45	)%⁽⁵⁾		(0.42	)%⁽⁵⁾		(0.44	)%⁽⁵⁾		(0.18	)%⁽⁵⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.01	%		0.01	%
Portfolio Turnover Rate		51	%		67	%		115	%		65	%		116	%

(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) 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%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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"). All Funds are considered diversified for purposes of the Act.

The Trust applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC"). In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Consolidated Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying consolidated financial statements relate to the Discovery Portfolio. The Fund seeks long-term capital growth. The Fund has issued 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.

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 accounting policies of the Subsidiary are consistent with those of the Fund. As of September 30, 2023, the Subsidiary represented approximately $18,058,000 or approximately 1.99% 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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 reputable 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Consolidated Financial Statements (cont'd)

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.)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 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	$	19,405	$	—	$	—	$	19,405
Broadline Retail		65,001		—		—		65,001
Chemicals		3,806		—		—		3,806
Entertainment		41,517		—		—		41,517
Financial Services		86,716		23,118		—		109,834
Ground Transportation		18,766		—		—		18,766
Health Care Equipment & Supplies		7,200		—		—		7,200
Health Care Providers & Services		47,126		—		—		47,126
Health Care Technology		12,591		—		—		12,591
Hotels, Restaurants & Leisure		58,286		—		—		58,286
Information Technology Services		96,216		—		—		96,216
Interactive Media & Services		935		—		—		935
Leisure Products		14,310		—		—		14,310
Life Sciences Tools & Services		12,033		—		—		12,033
Media		66,685		—		—		66,685
Pharmaceuticals		41,859		—		—		41,859
Semiconductors & Semiconductor Equipment		915		—		—		915
Software		164,876		—		—		164,876
Specialty Retail		61,814		—		—		61,814
Total Common Stocks		820,057		23,118		—		843,175
Preferred Stock
Software		—		—		31,817		31,817
Investment Company		15,083		—		—		15,083
Warrants		44		—		—		44
Call Options Purchased		—		3,037		—		3,037
Short-Term Investments
Investment Company		25,687		—		—		25,687
Repurchase Agreements		—		1,553		—		1,553
Total Short-Term Investments		25,687		1,553		—		27,240
Total	$	860,871	$	27,708	$	31,817	$	920,396

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Consolidated Financial Statements (cont'd)

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		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		6,035
Realized gains (losses)		—
Ending Balance	$	31,817
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023	$	6,035

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 September 30, 2023:

Fair Value at
September 30, 2023
(000)

Valuation
Technique

Unobservable
Input

Amount*

Impact to
Valuation from an
Increase in Input**

Preferred Stock

31,817

Market Transaction Method

Precedent Transaction

73.50

Increase

* 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.

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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Consolidated Financial Statements (cont'd)

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. 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Consolidated 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:

Options: With respect to options, the Fund is subject to equity risk, interest rate risk and foreign currency ex-change 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.

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of September 30, 2023:

Asset Derivatives Consolidated
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Purchased Options

Investments, at Value
(Purchased Options)

Currency Risk

3,037

(a)

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

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Investments (Purchased Options)	$	(5,003	)(a)

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

Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Investments (Purchased Options)	$	(2,865	)(a)

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

At September 30, 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(b) (000)			Liabilities(b) (000)
Purchased Options	$	3,037	(a)	$	—

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

(b) 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Consolidated Financial Statements (cont'd)

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of September 30, 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(b) (000)			Net Amount (not less than $0) (000)
Goldman Sachs International	$	—	@	$	—	$	(—	@)	$	0
JPMorgan Chase Bank NA		1,863			—		(1,863	)		0
Standard Chartered Bank		1,174			—		(1,174	)		0
Total	$	3,037		$	—	$	(3,037	)	$	0

@ Value is less than $500.

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

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

For the year ended September 30, 2023, the approximate average monthly amount outstanding for each derivative type is as follows:

Purchased Options:
Average monthly notional amount					804,974,000

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 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Consolidated Financial Statements (cont'd)

The following table presents financial instruments that are subject to enforceable netting arrangements as of September 30, 2023:

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Gross Asset Amount Presented in the Consolidated Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	8,319	(a)	$	—	$	(8,319	)(b)(c)	$	0

(a) Represents market value of loaned securities at year end.

(b) The Fund received cash collateral of approximately $8,591,000, 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 $392,000 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.

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	$	8,591	$	—	$	—	$	—	$	8,591
Total Borrowings	$	8,591	$	—	$	—	$	—	$	8,591
Gross amount of recognized liabilities for securities lending transactions									$	8,591

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 indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

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 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Consolidated Financial Statements (cont'd)

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 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.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Consolidated Financial Statements (cont'd)

G. Security Transactions and Transactions with Affiliates: For the year ended September 30, 2023, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $517,777,000 and $786,998,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended ended September 30, 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 year ended September 30, 2023, advisory fees paid were reduced by approximately $44,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the year ended September 30, 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			$	427,087			$	457,290			$	965

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value September 30, 2023 (000)
Liquidity Funds				$	—			$	—			$	25,687

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 year ended September 30, 2023, the Fund did not engage in any cross-trade transactions.

and eliminate the future benefits growth due to increases to compensation after July 31, 2003. Aggregate pension costs for the year ended September 30, 2023, included in "Trustees' Fees and Expenses" in the Consolidated Statement of Operations amounted to approximately $2,000. At September 30, 2023, the Fund had an accrued pension liability of approximately $37,000, which is reflected as "Payable for Trustees' Fees and Expenses" in the Consolidated Statement of Assets and Liabilities.

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.

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, 2023 remains subject to examination by taxing authorities.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Consolidated Financial Statements (cont'd)

2023 Distributions Paid From:				2022 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	—	$	—	$	354,635	$	760,915

Permanent differences, due to a net operating loss, resulted in the following reclassifications among the components of net assets at September 30, 2023.

Total Accumulated Loss (000)				Paid-in- Capital (000)
$	32,372			$	(32,372	)

At September 30, 2023, the Fund had no distributable earnings on a tax basis.

At September 30, 2023, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $562,626,000 and $867,366,000, respectively, that do not have an expiration date.

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, 2023, the Fund intends to

defer to October 1, 2023 for U.S. federal income tax purposes the following losses:

Qualified Late Year Ordinary Losses (000)				Post-October Capital Losses (000)
$	8,304			$	—

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

Bitcoin: The Fund may have exposure to cryptocurrencies 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Consolidated Financial Statements (cont'd)

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 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. The risks associated with these developments may be magnified if 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) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, adversely affect and increase the volatility of the Fund's share price and exacerbate pre-existing risks to the Fund. 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 and its investments 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Morgan Stanley Institutional Fund Trust —
Discovery Portfolio

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities of Discovery Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund Trust (the "Trust")), including the consolidated portfolio of investments, as of September 30, 2023, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund Trust) at September 30, 2023, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended and its consolidated financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.
Boston, Massachusetts
November 27, 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2022, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was below its peer group average for the one-, three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's (i) performance was acceptable and (ii) management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

Profitability of the Adviser and Affiliates

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Advisory Agreement Approval (unaudited) (cont'd)

Other Benefits of the Relationship

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

Other Factors and Current Trends

General Conclusion

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Liquidity Risk Management Program (unaudited)

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Important Notices (unaudited)

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

Tailored Shareholder Reports

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) (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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) (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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited)

Independent Trustees:

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Frank L. Bowman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1944

Trustee

Since
August
2006

Frances L. Cashman
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1961

Trustee

Since
February
2022

Kathleen A. Dennis
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1953

Trustee

Since
August
2006

Board Member, University of Albany Foundation (2012-present); Board Member, Mutual Funds Directors Forum (2014-present); Director of various non-profit organizations.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Nancy C. Everett
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
January
2015

Eddie A. Grier
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
February
2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Jakki L. Haussler
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1957

Trustee

Since
January
2015

Dr. Manuel H. Johnson
c/o Johnson Smick
International, Inc.
220 I Street, NE
Suite 200
Washington, D.C. 20002
Birth Year: 1949

Trustee

Since
July
1991

Director of NVR, Inc. (home construction).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Joseph K. Kearns
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1942

Trustee

Since
August
1994

Michael F. Klein
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1958

Trustee

Since
August
2006

Director of certain investment funds managed or sponsored by Aetos Alternatives Management, LP; Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

Patricia A. Maleski
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1960

Trustee

Since
January
2017

Trustee (since January 2022) and Treasurer (since January 2023), Nutley Family Service Bureau, Inc.

W. Allen Reed
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1947

Chair of the Board and Trustee

Chair of the Board since August 2020 and Trustee since August 2006

Formerly, Director of Legg Mason, Inc. (2006-2019); and Director of the Auburn University Foundation (2010-2015).

* This is the earliest date the Trustee began serving the Morgan Stanley Funds. Each Trustee serves an indefinite term, until his or her successor is elected.

*** This includes any directorships at public companies and registered investment companies held by the Trustees at any time during the past five years.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Executive Officers:

Name, Address and Birth Year
of Executive Officer

Position(s) Held
with
Registrant

Length of
Time Served*

Principal Occupation(s) During Past 5 Years

John H. Gernon
522 Fifth Avenue
New York, NY 10036
Birth Year: 1963

President and Principal Executive Officer

Since
September
2013

Deidre A. Downes
1633 Broadway
New York, NY 10019
Birth Year: 1977

Chief Compliance Officer

Since
November
2021

Francis J. Smith
522 Fifth Avenue
New York, NY 10036
Birth Year: 1965

Treasurer and Principal Financial Officer

Treasurer since July 2003 and Principal Financial Officer since September
2002

Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).

Mary E. Mullin
1633 Broadway
New York, NY 10019
Birth Year: 1967

Secretary

Since
June
1999

Managing Director of the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

Michael J. Key
522 Fifth Avenue
New York, NY 10036
Birth Year: 1979

Vice President

Since
June
2017

* This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves an indefinite term, until his or her successor is elected.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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.
P.O. Box 219804
Kansas City, Missouri 64121-9804

Co-Transfer Agent

Eaton Vance Management
Two International Place
Boston, Massachusetts 02110

Custodian

State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114

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

(This page has been left blank intentionally.)

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

IFTMCGANN
6045085 EXP 11.30.24

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Annual Report

September 30, 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Table of Contents (unaudited)

Shareholders' Letter					2
Expense Example					3
Investment Overview					4
Portfolio of Investments					7
Statement of Assets and Liabilities					12
Statement of Operations					13
Statements of Changes in Net Assets					14
Financial Highlights					15
Notes to Financial Statements					19
Report of Independent Registered Public Accounting Firm					27
Investment Advisory Agreement Approval					28
Liquidity Risk Management Program					30
Federal Income Tax					31
Important Notices					32
U.S. Customer Privacy Notice					33
Trustees and Officers Information					36

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Shareholders' Letter (unaudited)

Dear Shareholders,

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

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

October 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Expense Example (unaudited)

Dynamic Value Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended September 30, 2023 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 4/1/23		Actual Ending Account Value 9/30/23		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	$	1,020.90	$	1,022.21	$	2.89	$	2.89		0.57	%
Dynamic Value Portfolio Class A		1,000.00		1,019.00		1,020.51		4.61		4.61		0.91
Dynamic Value Portfolio Class C		1,000.00		1,015.10		1,016.80		8.34		8.34		1.65
Dynamic Value Portfolio Class R6		1,000.00		1,020.90		1,022.61		2.48		2.48		0.49

** Annualized.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited)

Dynamic Value Portfolio

The Fund seeks capital appreciation.

Performance

For the fiscal year ended September 30, 2023, the Fund's Class I shares had a total return based on net asset value and reinvestment of distributions per share of 14.30%, net of fees. The Fund's Class I shares underperformed the Fund's benchmark, the Russell 1000® Value Index (the "Index"), which returned 14.44%.

Factors Affecting Performance

• During the period under review, the portfolio held an average overweight in a basket of Value stocks and underweight in a basket of Anti-Value stocks.⁽ⁱ⁾ Value underperformed Growth (which shares characteristics with our Anti-Value portfolio of stocks) over this time period, with the Russell 1000® Value Index increasing +14.4%, and the Russell 1000® Growth Index returning +27.7%.⁽ⁱⁱ⁾

• The portfolio's dynamic overweight in a portfolio of Value stocks and underweight in a portfolio of Anti-Value stocks contributed to performance during the period whereas security selection versus the benchmark detracted from performance.

• Increasingly oversold sentiment and extremely bearish positioning caused markets to bottom at the start of the period, setting equity markets up for a reversal of the preceding bear market. As several economic reports highlighted a more resilient economy than expected, investors started to abandon their expectations of an inevitable recession and turned optimistic that a soft landing might still be achieved in the U.S. and globally. Although significant turmoil in the U.S. regional banking sector caused the equity market to give back some its gains in March 2023, the rally resumed in May 2023 after reports of soaring demand for artificial intelligence (AI)

semiconductors, which sparked investors' excitement surrounding AI's potential to increase economic productivity. The market rally cooled off again over the summer through the end of the reporting period as investors worried that central banks might be forced to keep policy rates higher for longer in response to a stronger-than-expected economy, thereby increasing the odds of tipping the economy into recession.

• Within equities (MSCI All Country World Index), technology-heavy sectors such as information technology (+34.7%), communication services (+27.6%) and consumer discretionary (+15.4%) saw the biggest gains, while defensive sectors such as utilities (–2.7%) and staples (+5.9%) lagged. Within developed markets, the U.S. (S&P 500 Index +21.6%) underperformed Europe and Japan (MSCI Europe Index +28.8%, MSCI Japan Index +25.9%), supported by a weaker U.S. dollar, falling energy prices helping to avert a recession in Europe, and the era of deflation coming to an end in Japan.⁽ⁱⁱⁱ⁾

• In light of stickier-than-expected core inflation readings across developed market countries, investors increased their bets that the Federal Reserve (Fed) and the European Central Bank (ECB) would be forced to raise rates higher and keep them there for longer. After completing 225 basis points (bps)^(iv) and 325 bps of rate hikes, respectively, during the 12-month period, both the Fed and the ECB signaled a likely pause at current levels but left the door open for potential further rate hikes should inflation not progress toward target (2%) as planned.

Management Strategies

• Following the recent signals of a more resilient economy, the consensus has shifted toward accepting a soft-landing scenario as its new base case, suggesting hopes for the start of a new bull

⁽ⁱ⁾ The Global Multi-Asset (GMA) Team identifies Value as the cheapest 20% and Anti-Value as the most expensive 20% of stocks for each industry group within the Russell 1000^® Index universe based on six valuation metrics, including forward price-to-earnings (P/E) ratio and free cash flow yield.

⁽ⁱⁱ⁾ The Russell 1000^® Growth Index is an index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The index is unmanaged and does not include any expenses, fees or sales charges. It is not possible to invest directly in an index.

⁽ⁱⁱⁱ⁾ The MSCI All Country World Index (ACWI) is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets. The S&P 500^® Index measures the performance of the large-cap segment of the U.S. equities market,

covering approximately 80% of the U.S. equities market. The Index includes 500 leading companies in leading industries of the U.S. economy. The S&P Index is one of the most widely used benchmarks of U.S. equity performance. The MSCI Europe Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. The MSCI Japan Index is a free-floated adjusted market capitalization weighted index that is designed to track the equity market performance of Japanese securities listed on the Tokyo Stock Exchange, Osaka Stock Exchange, JASDAQ and Nagoya Stock Exchange. The term "free float" represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the MSCI indexes are listed in U.S. dollars and assume reinvestment of net dividends.

^(iv) One basis point = 0.01%

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

Dynamic Value Portfolio

market. We disagree with this narrative and continue to anticipate a near-term recession. We believe that the Fed has only recently achieved a tight monetary policy setting, which will take a few more months to impact the real economy. Additionally, household excess savings have fallen from a high of $2.1 trillion during the pandemic to just $0.7 trillion and are likely to run out by year-end.^(v) These factors in combination with extreme valuations in U.S. markets make it unlikely, in our view, that a new bull market is underway as bull markets generally start at the beginning of economic expansions at depressed valuations.

• However, we do believe that Value's structural bull market remains intact and are convinced that Value is likely to outperform Anti-Value over the next several years. Recently, positive trends have been re-established, and we are maintaining trading discipline in a theme we believe has very attractive return potential. In the U.S., Value has outperformed Anti-Value (i.e., the most expensive quintile of stocks) by +71% since its low in April 2020.^(vi) Nonetheless, Value remains nearly as cheap as in late 2000 and continues to look attractive relative to Anti-Value. On our composite measure of valuation, relative to Anti-Value, Value stocks trade at a 74% discount to fair value compared to a 58% discount historically.^(vii) Despite the recent outperformance, Value stocks still trade at only 9x forward earnings, with Anti-Value stocks at 31x.^(vii) The likely drivers toward normalization continue to be above-target inflation and higher interest rates, which we believe could be favorable for Value stocks' fundamentals as well as their valuations relative to longer-duration Anti-Value stocks.

^(v) Source: MSIM Global Multi-Asset Team analysis, FactSet, Haver Analytics as of August 25, 2023.

^(vi) The index performance is provided for illustrative purposes only and is not meant to depict the performance of a specific investment. Past performance is no guarantee of future results.

^(vii) Source: FactSet, MSIM Global Multi-Asset Team analysis.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

Dynamic Value Portfolio

* Minimum Investment

** Commenced operations on March 19, 2021.

In accordance with SEC regulations, the Fund's performance shown assumes that all recurring fees (including management fees) were deducted and all dividends and distributions were reinvested. The performance of Class A, Class C and Class R6 shares will vary from the performance of Class I shares and will be negatively impacted and will be negatively impacted by additional fees assessed to those classes (where applicable).

Performance Compared to the Russell 1000^® Value Index⁽¹⁾ and the Lipper Mid-Cap Value Funds Index⁽²⁾

	Period Ended September 30, 2023 Total Returns⁽³⁾
	One Year			Five Years		Ten Years		Since Inception⁽⁵⁾
Fund — Class I Shares w/o sales charges⁽⁴⁾		14.30	%		—		—		4.08	%
Fund — Class A Shares w/o sales charges⁽⁴⁾		13.96			—		—		3.68
Fund — Class A Shares with maximum 5.25% sales charges⁽⁴⁾		7.98			—		—		1.52
Fund — Class C Shares w/o sales charges⁽⁴⁾		13.31			—		—		3.02
Fund — Class C Shares with maximum 1.00% deferred sales charges⁽⁴⁾		12.31			—		—		3.02
Fund — Class R6 Shares w/o sales charges⁽⁴⁾		14.43			—		—		4.09
Russell 1000^® Value Index		14.44			—		—		2.56
Lipper Mid-Cap Value Funds Index		15.32			—		—		2.14

⁽¹⁾ The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected and historical growth rates. The Russell 1000^® Index measures the performance of the largest 1000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

⁽²⁾ The Lipper Mid-Cap Value Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Mid-Cap Value Funds classification. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. As of the date of this report, the Fund was in the Lipper Mid-Cap Value Funds classification.

⁽³⁾ Total returns for the Fund reflect expenses waived and/or reimbursed, if applicable, by the Adviser. Without such waivers and/or reimbursements, total returns would have been lower.

⁽⁴⁾ Commenced operations on March 19, 2021.

⁽⁵⁾ For comparative purposes, average annual since inception returns listed for the Indexes refer to the inception date of the Fund, not the inception of the Indexes.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments

Dynamic Value Portfolio

	Shares		Value (000)
Common Stocks (95.1%)
Aerospace & Defense (1.0%)
Huntington Ingalls Industries, Inc.		2,549	$	521
Textron, Inc.		8,675		678
				1,199
Automobile Components (0.4%)
Phinia, Inc. (a)		16,370		439
Automobiles (0.7%)
Ford Motor Co.		34,588		429
General Motors Co.		12,609		416
				845
Banks (5.1%)
Citizens Financial Group, Inc.		30,843		827
Comerica, Inc.		19,051		792
KeyCorp		82,662		889
New York Community Bancorp, Inc.		82,323		933
Popular, Inc.		14,482		912
Western Alliance Bancorp		19,906		915
Zions Bancorp NA		27,044		944
				6,212
Biotechnology (2.0%)
Biogen, Inc. (a)		3,156		811
Gilead Sciences, Inc.		10,791		809
United Therapeutics Corp. (a)		3,418		772
				2,392
Broadline Retail (0.4%)
Macy's, Inc.		19,397		225
Nordstrom, Inc.		14,760		221
				446
Building Products (0.9%)
Builders FirstSource, Inc. (a)		4,120		513
Owens Corning		4,460		608
				1,121
Capital Markets (3.3%)
Affiliated Managers Group, Inc.		4,583		597
Bank of New York Mellon Corp.		16,405		700
Invesco Ltd.		43,998		639
State Street Corp.		10,446		699
Stifel Financial Corp.		11,412		701
Virtu Financial, Inc., Class A		40,125		693
				4,029
Chemicals (1.7%)
LyondellBasell Industries NV, Class A		5,976		566
Mosaic Co.		14,067		501
Olin Corp.		10,034		502
Westlake Corp.		4,238		528
				2,097
Construction & Engineering (0.4%)
MDU Resources Group, Inc.		26,614		521

	Shares		Value (000)
Consumer Finance (3.1%)
Ally Financial, Inc.		25,370	$	677
Capital One Financial Corp.		6,436		624
Discover Financial Services		6,854		594
OneMain Holdings, Inc.		15,359		616
SLM Corp. (a)		44,626		608
Synchrony Financial		20,921		639
				3,758
Consumer Staples Distribution & Retail (1.5%)
Kroger Co.		14,327		641
Performance Food Group Co. (a)		11,266		663
Walgreens Boots Alliance, Inc.		22,687		505
				1,809
Containers & Packaging (1.9%)
Berry Global Group, Inc.		8,341		517
Graphic Packaging Holding Co.		23,176		516
International Paper Co.		16,666		591
Westrock Co.		17,486		626
				2,250
Diversified Consumer Services (0.7%)
ADT, Inc.		57,288		344
H&R Block, Inc.		10,917		470
				814
Diversified REITs (0.9%)
Starwood Property Trust, Inc. REIT		36,233		701
WP Carey, Inc. REIT		7,608		412
				1,113
Diversified Telecommunication Services (1.3%)
AT&T, Inc.		108,044		1,623
Electric Utilities (2.9%)
Evergy, Inc.		12,282		623
Hawaiian Electric Industries, Inc.		19,135		236
OGE Energy Corp. (a)		20,524		684
PG&E Corp. (a)		42,107		679
Pinnacle West Capital Corp.		8,795		648
PPL Corp.		26,960		635
				3,505
Electrical Equipment (1.4%)
Acuity Brands, Inc.		3,625		617
Regal Beloit Corp. (a)		3,814		545
Sensata Technologies Holding PLC		13,612		515
				1,677
Electronic Equipment, Instruments & Components (1.8%)
Arrow Electronics, Inc. (a)		3,859		483
Avnet, Inc.		11,271		543
Jabil, Inc.		4,814		611
TD Synnex Corp.		5,475		547
				2,184

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

	Shares		Value (000)
Entertainment (0.2%)
Liberty Media Corp.-Liberty Live, Class A (a)		3,961	$	126
Liberty Media Corp.-Liberty Live, Class C (a)		3,976		128
				254
Financial Services (1.8%)
Corebridge Financial, Inc.		38,546		761
MGIC Investment Corp.		44,180		738
New Residential Investment Corp. REIT		72,435		673
				2,172
Food Products (4.1%)
Archer-Daniels-Midland Co.		8,810		664
Bunge Ltd.		6,879		745
Conagra Brands, Inc.		22,373		613
Kraft Heinz Co.		20,427		687
Post Holdings, Inc. (a)		8,631		740
Seaboard Corp.		208		781
Tyson Foods, Inc., Class A		13,856		700
				4,930
Gas Utilities (0.6%)
National Fuel Gas Co. (a)		14,519		754
Ground Transportation (1.7%)
Hertz Global Holdings, Inc. (a)		31,164		382
Ryder System, Inc.		6,155		658
U-Haul Holding Co.		18,636		996
				2,036
Health Care REITs (0.2%)
Medical Properties Trust, Inc. REIT		53,224		290
Health Care Equipment & Supplies (0.9%)
Integra LifeSciences Holdings Corp. (a)		14,777		564
QuidelOrtho Corp. (a)		7,610		556
				1,120
Health Care Providers & Services (5.0%)
Centene Corp. (a)		9,562		658
Cigna Group		2,293		656
CVS Health Corp.		8,851		618
DaVita, Inc. (a)		6,566		621
Elevance Health, Inc.		1,409		613
Henry Schein, Inc. (a)		8,401		624
Laboratory Corp. of America Holdings		3,048		613
Premier, Inc., Class A		24,418		525
Tenet Healthcare Corp. (a)		8,724		575
Universal Health Services, Inc., Class B		4,500		566
				6,069
Hotel & Resort REITs (0.9%)
Host Hotels & Resorts, Inc. REIT		31,666		509
Park Hotels & Resorts, Inc. REIT		42,592		525
				1,034
Hotels, Restaurants & Leisure (1.4%)
Boyd Gaming Corp. (a)		5,050		307
Caesars Entertainment, Inc. (a)		6,228		289
Marriott Vacations Worldwide Corp.		2,819		284

	Shares		Value (000)
MGM Resorts International		7,342	$	270
Penn Entertainment, Inc. (a)		11,700		268
Travel & Leisure Co.		8,778		322
				1,740
Household Durables (1.4%)
Lennar Corp., Class B		3,250		332
Mohawk Industries, Inc. (a)		3,344		287
Newell Brands, Inc.		37,615		340
PulteGroup, Inc.		4,539		336
Toll Brothers, Inc.		4,697		347
				1,642
Household Products (0.8%)
Reynolds Consumer Products, Inc.		37,566		963
Independent Power & Renewable Electricity Producers (0.7%)
Vistra Corp.		26,586		882
Industrial Conglomerates (0.4%)
3M Co.		5,313		497
Information Technology Services (2.6%)
Accenture PLC, Class A		1,126		346
Akamai Technologies, Inc. (a)		3,809		406
Amdocs Ltd.		3,729		315
Cognizant Technology Solutions Corp., Class A		5,245		355
DXC Technology Co. (a)		12,526		261
EPAM Systems, Inc. (a)		1,494		382
GoDaddy, Inc., Class A (a)		4,728		352
International Business Machines Corp.		2,543		357
Kyndryl Holdings, Inc. (a)		27,309		412
				3,186
Insurance (3.9%)
American International Group, Inc.		9,812		595
CNA Financial Corp.		15,145		596
Fidelity National Financial, Inc.		15,517		641
Hartford Financial Services Group, Inc.		7,920		562
Loews Corp.		9,667		612
Principal Financial Group, Inc.		7,079		510
Reinsurance Group of America, Inc. (a)		4,133		600
Unum Group		12,084		594
				4,710
Life Sciences Tools & Services (0.6%)
Fortrea Holdings, Inc. (a)		24,604		703
Machinery (3.4%)
Agco Corp.		4,259		504
Allison Transmission Holdings, Inc.		10,073		595
CNH Industrial NV		37,481		453
Cummins, Inc.		2,281		521
Gates Industrial Corp. PLC (a)		43,659		507
PACCAR, Inc.		6,926		589
The Middleby Corp. (a)		4,014		514
Timken Co.		6,411		471
				4,154

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

	Shares		Value (000)
Media (3.3%)
Charter Communications, Inc., Class A (a)		1,259	$	554
Comcast Corp., Class A		11,603		514
DISH Network Corp., Class A (a)		65,758		385
Fox Corp., Class A		15,246		476
Fox Corp., Class B		16,241		469
Interpublic Group of Cos., Inc.		15,580		447
Liberty Media Corp.-Liberty SiriusXM, Class A (a)		15,850		403
Liberty Media Corp.-Liberty SiriusXM, Class C (a)		15,911		405
Nexstar Media Group, Inc., Class A		2,768		397
				4,050
Metals & Mining (1.5%)
Cleveland-Cliffs, Inc. (a)		32,178		503
Steel Dynamics, Inc.		5,367		576
United States Steel Corp.		22,205		721
				1,800
Office REITs (1.6%)
Boston Properties, Inc. REIT		8,616		512
Cousins Properties, Inc. REIT		23,030		469
Highwoods Properties, Inc. REIT		21,648		446
Kilroy Realty Corp. REIT		16,252		514
				1,941
Oil, Gas & Consumable Fuels (7.4%)
EQT Corp.		29,649		1,203
HF Sinclair Corp.		23,150		1,318
Marathon Oil Corp.		45,000		1,204
Marathon Petroleum Corp.		9,036		1,367
Ovintiv, Inc.		27,341		1,301
Phillips 66		10,878		1,307
Valero Energy Corp.		9,244		1,310
				9,010
Passenger Airlines (0.7%)
American Airlines Group, Inc. (a)		33,107		424
Delta Air Lines, Inc.		12,210		452
				876
Personal Care Products (0.4%)
Olaplex Holdings, Inc. (a)		266,567		520
Pharmaceuticals (5.0%)
Bristol-Myers Squibb Co.		12,995		754
Elanco Animal Health, Inc. (a)		69,871		785
Jazz Pharmaceuticals PLC (a)		6,346		822
Organon & Co.		39,017		677
Perrigo Co. PLC		23,658		756
Pfizer, Inc.		22,261		739
Royalty Pharma PLC, Class A (United Kingdom)		27,021		733
Viatris, Inc.		79,707		786
				6,052
Professional Services (1.8%)
Concentrix Corp.		3,868		310
Dun & Bradstreet Holdings, Inc.		27,292		273
Jacobs Solutions, Inc.		2,603		355
Leidos Holdings, Inc.		3,584		330

	Shares		Value (000)
ManpowerGroup, Inc.		4,079	$	299
Science Applications International Corp.		2,794		295
SS&C Technologies Holdings, Inc.		5,292		278
				2,140
Real Estate Management & Development (0.4%)
Jones Lang LaSalle, Inc. (a)		2,924		413
Residential REITs (0.4%)
Apartment Income Corp. REIT		15,455		474
Retail REITs (0.4%)
Spirit Realty Capital, Inc. REIT		13,274		445
Semiconductors & Semiconductor Equipment (3.1%)
Analog Devices, Inc.		3,650		639
Cirrus Logic, Inc. (a)		9,119		674
Microchip Technology, Inc.		7,859		613
MKS Instruments, Inc.		6,904		598
QUALCOMM, Inc.		5,708		634
Skyworks Solutions, Inc.		6,324		624
				3,782
Software (1.9%)
AppLovin Corp., Class A (a)		12,394		495
Dropbox, Inc., Class A (a)		13,291		362
Gen Digital, Inc.		18,309		324
Informatica, Inc. (a)		19,037		401
NCR Corp. (a)		13,208		356
Zoom Video Communications, Inc., Class A (a)		5,082		356
				2,294
Specialized REITs (0.4%)
EPR Properties REIT		12,412		516
Specialty Retail (1.5%)
Advance Auto Parts, Inc.		4,427		248
AutoNation, Inc. (a)		2,087		316
Lithia Motors, Inc., Class A		1,070		316
Penske Automotive Group, Inc.		1,906		319
Victoria's Secret & Co. (a)		16,448		274
Williams-Sonoma, Inc. (a)		2,427		377
				1,850
Tech Hardware, Storage & Peripherals (0.8%)
Hewlett Packard Enterprise Co.		30,920		537
HP, Inc.		16,465		423
				960
Textiles, Apparel & Luxury Goods (0.7%)
Capri Holdings, Ltd. (Virgin Islands, British) (a)		10,465		550
PVH Corp.		4,440		340
				890
Trading Companies & Distributors (1.8%)
Air Lease Corp.		13,890		547
Core & Main, Inc., Class A (a)		18,669		539
United Rentals, Inc.		1,297		577
WESCO International, Inc.		3,390		487
				2,150
Total Common Stocks (Cost $117,958)				115,333

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

	Shares		Value (000)
Short-Term Investment (5.3%)
Investment Company (5.3%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $6,500)		6,500,414	$	6,500
Total Investments (100.4%) (Cost $124,458) (b)(c)				121,833
Liabilities in Excess of Other Assets (–0.4%)				(506	)
Net Assets (100.0%)			$	121,327

(a) Non-income producing security.

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

(c) At September 30, 2023, the aggregate cost for federal income tax purposes is approximately $127,784,000. The aggregate gross unrealized appreciation is approximately $8,116,000 and the aggregate gross unrealized depreciation is approximately $15,032,000, resulting in net unrealized depreciation of approximately $6,916,000.

REIT Real Estate Investment Trust.

Total Return Swap Agreements:

The Fund had the following total return swap agreements open at September 30, 2023:

Swap Counterparty	Index	Pay/Receive Total Return of Reference Index	Floating Rate	Payment Frequency	Maturity Date	Notional Amount (000)			Value (000)			Upfront Payment Paid (Received) (000)		Unrealized Appreciation (Depreciation) (000)
JPMorgan Chase Bank NA	JPM Russell 1000 Anti-Value Index^††	Receive	SOFR + 0.15%	Quarterly	7/29/24	$	19,184		$	1,203		$	—	$	1,203
JPMorgan Chase Bank NA	JPM Russell 1000 Anti-Value Index^††	Receive	SOFR + 0.15%	Quarterly	7/29/24		18,593			(57	)		—		(57	)
JPMorgan Chase Bank NA	JPM Russell 1000 Value Index^††	Pay	SOFR + 0.15%	Quarterly	7/29/24		(6,459	)		(532	)		—		(532	)
JPMorgan Chase Bank NA	JPM Russell 1000 Value Index^††	Pay	SOFR + 0.15%	Quarterly	7/29/24		(19,624	)		(1,461	)		—		(1,461	)
JPMorgan Chase Bank NA	JPM Russell 1000 Value Index^††	Pay	SOFR + 0.15%	Quarterly	7/29/24		(18,425	)		(118	)		—		(118	)
									$	(965	)	$	—	$	(965	)

†† 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 September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
JPM Russell 1000 Anti-Value Index
Affirm Holdings, Inc.		2,371	$	50		0.65	%
Allstate Corp.		384		43		0.55
Amazon.com, Inc.		329		42		0.54
Apellis Pharmaceuticals, Inc.		1,391		53		0.68
Aptargroup, Inc.		352		44		0.57
Arista Networks, Inc.		244		45		0.58
Arthur J Gallagher & Co.		193		44		0.57
Atlassian Corp., Class A		239		48		0.62
Axon Enterprise, Inc.		238		47		0.61
Baker Hughes Co.		1,189		42		0.54
Blackstone, Inc.		406		43		0.56
Celsius Holdings, Inc.		291		50		0.64

Security Description	Shares		Value (000)		Index Weight
JPM Russell 1000 Anti-Value Index (cont'd)
Ceridian Hcm Holding, Inc.		619	$	42		0.54	%
Costco Wholesale Corp.		75		42		0.55
Coupang, Inc.		2,503		43		0.55
Crowdstrike Holdings, Inc., Class A		280		47		0.60
Eli Lilly & Co.		93		50		0.64
Factset Research Systems, Inc.		97		42		0.55
First Citizens BancShares, Inc., Class A		31		42		0.54
Garmin Ltd.		400		42		0.54
Hess Corp.		288		44		0.57
Ionis Pharmaceuticals, Inc.		1,066		48		0.62
Kinsale Capital Group, Inc.		111		46		0.59
Lululemon Athletica, Inc.		112		43		0.56
Manhattan Associates, Inc.		220		43		0.56
Marsh & McLennan Companies, Inc.		220		42		0.54

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM Russell 1000 Anti-Value Index (cont'd)
Mastercard, Inc., Class A		106	$	42		0.54	%
Mirati Therapeutics, Inc.		1,384		60		0.78
New Fortress Energy, Inc.		1,485		49		0.63
Old Dominion Freight Line		107		44		0.57
Pinterest, Inc., Class A		1,559		42		0.54
Roivant Sciences Ltd.		3,946		46		0.59
Ryan Specialty Holdings, Inc.		939		45		0.59
Saia, Inc.		106		42		0.55
Sarepta Therapeutics, Inc.		408		49		0.64
Schlumberger Ltd.		736		43		0.55
Siteone Landscape Supply, Inc.		255		42		0.54
Spotify Technology SA		302		47		0.60
Targa Resources Corp.		521		45		0.58
Technipfmc PLC		2,334		47		0.61
Texas Pacific Land Corp.		28		51		0.66
Tradeweb Markets, Inc., Class A		573		46		0.59
Veeva Systems, Inc., Class A		217		44		0.57
Verisk Analytics, Inc.		179		42		0.55
Vornado Realty Trust		2,043		46		0.60
Walmart, Inc.		267		43		0.55
Welltower, Inc.		512		42		0.54
Wingstop, Inc.		231		42		0.54
Yeti Holdings, Inc.		1,024		49		0.64
Zscaler, Inc.		274		43		0.55

The following table represents the equity basket holdings underlying the total return swap with JPM Russell 1000 Value Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
JPM Russell 1000 Value Index
Ally Financial, Inc.		2,321	$	62		0.64	%
Archer-Daniels-Midland Co.		786		59		0.61
AT&T, Inc.		11,639		175		1.80
Bank Of New York Mellon Corp.		1,498		64		0.66
Biogen, Inc.		293		75		0.78
Bristol-Myers Squibb Co.		1,232		72		0.74
Bunge Ltd.		623		67		0.70
Cirrus Logic, Inc.		812		60		0.62
Citizens Financial Group, Inc.		3,129		84		0.87
Comerica, Inc.		1,934		80		0.83
Corebridge Financial, Inc.		3,500		69		0.71
Elanco Animal Health, Inc.		6,647		75		0.77
EQT Corp.		3,002		122		1.26
Fortrea Holdings, Inc.		2,327		67		0.69
Gilead Sciences, Inc.		1,016		76		0.79
HF Sinclair Corp.		2,374		135		1.39
Invesco Ltd.		4,034		59		0.60
Jazz Pharmaceuticals PLC		596		77		0.80
KeyCorp		8,382		90		0.93
Kraft Heinz Co.		1,843		62		0.64
Marathon Oil Corp.		4,575		122		1.26
Marathon Petroleum Corp.		923		140		1.44
MGIC Investment Corp.		4,020		67		0.69
National Fuel Gas Co.		1,311		68		0.70
New York Community Bancorp, Inc.		8,130		92		0.95
OGE Energy Corp.		1,866		62		0.64
Organon & Co.		3,629		63		0.65

Security Description	Shares		Value (000)		Index Weight
JPM Russell 1000 Value Index (cont'd)
Ovintiv, Inc.		2,787	$	133		1.37	%
P G & E Corp.		3,813		62		0.63
Perrigo Co. PLC		2,216		71		0.73
Pfizer, Inc.		2,115		70		0.72
Phillips 66		1,105		133		1.37
Pinnacle West Capital		802		59		0.61
Popular, Inc.		1,453		92		0.94
Post Holdings, Inc.		780		67		0.69
Reynolds Consumer Products, Inc.		3,746		96		0.99
Rithm Capital Corp.		6,612		61		0.63
Royalty Pharma PLC, Class A		2,522		68		0.71
Seaboard Corp.		19		71		0.73
Starwood Property Trust, Inc.		3,299		64		0.66
State Street Corp.		951		64		0.66
Stifel Financial Corp.		1,038		64		0.66
Tyson Foods, Inc., Class A		1,246		63		0.65
United Therapeutics Corp.		321		73		0.75
Valero Energy Corp.		950		135		1.39
Viatris, Inc.		7,552		74		0.77
Virtu Financial, Inc., Class A		3,633		63		0.65
Vistra Corp.		2,428		81		0.83
Western Alliance Bancorp		2,034		94		0.96
Zions Bancorp		2,719		95		0.98

USD — United States Dollar

Portfolio Composition

Classification	Percentage of Total Investments
Other*		72.2	%
Oil, Gas & Consumable Fuels		7.4
Investment Company		5.3
Banks		5.1
Health Care Providers & Services		5.0
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 depreciation of approximately $965,000.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Dynamic Value Portfolio

Statement of Assets and Liabilities	September 30, 2023 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $117,958)	$	115,333
Investment in Security of Affiliated Issuer, at Value (Cost $6,500)		6,500
Total Investments in Securities, at Value (Cost $124,458)		121,833
Unrealized Appreciation on Swap Agreements		1,203
Due from Broker		780
Dividends Receivable		171
Receivable from Affiliate		33
Other Assets		44
Total Assets		124,064
Liabilities:
Unrealized Depreciation on Swap Agreements		2,168
Payable to Bank		441
Payable for Professional Fees		66
Payable for Advisory Fees		15
Payable for Administration Fees		8
Payable for Custodian Fees		8
Payable for Sub Transfer Agency Fees — Class I		1
Payable for Sub Transfer Agency Fees — Class A		—	@
Payable for Sub Transfer Agency Fees — Class C		—	@
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		—	@
Payable for Shareholder Services Fees — Class A		—	@
Payable for Distribution and Shareholder Services Fees — Class C		—	@
Other Liabilities		30
Total Liabilities		2,737
Net Assets	$	121,327
Net Assets Consist of:
Paid-in-Capital	$	127,760
Total Accumulated Loss		(6,433	)
Net Assets	$	121,327
CLASS I:
Net Assets	$	9,387
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		913,183
Net Asset Value, Offering and Redemption Price Per Share	$	10.28
CLASS A:
Net Assets	$	2,329
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		228,071
Net Asset Value, Redemption Price Per Share	$	10.21
Maximum Sales Load		5.25	%
Maximum Sales Charge	$	0.57
Maximum Offering Price Per Share	$	10.78
CLASS C:
Net Assets	$	247
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		24,464
Net Asset Value, Offering and Redemption Price Per Share	$	10.08
CLASS R6:
Net Assets	$	109,364
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		10,635,735
Net Asset Value, Offering and Redemption Price Per Share	$	10.28

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Dynamic Value Portfolio

Statement of Operations	Year Ended September 30, 2023 (000)
Investment Income:
Dividends from Securities of Unaffiliated Issuers (Net of $3 of Foreign Taxes Withheld)	$	3,254
Dividends from Security of Affiliated Issuer (Note G)		342
Total Investment Income		3,596
Expenses:
Advisory Fees (Note B)		423
Professional Fees		204
Administration Fees (Note C)		97
Registration Fees		73
Custodian Fees (Note F)		43
Shareholder Services Fees — Class A (Note D)		7
Distribution and Shareholder Services Fees — Class C (Note D)		12
Shareholder Reporting Fees		18
Pricing Fees		14
Transfer Agency Fees — Class I (Note E)		3
Transfer Agency Fees — Class A (Note E)		3
Transfer Agency Fees — Class C (Note E)		3
Transfer Agency Fees — Class R6 (Note E)		3
Sub Transfer Agency Fees — Class I		4
Sub Transfer Agency Fees — Class A		3
Sub Transfer Agency Fees — Class C		1
Trustees' Fees and Expenses		8
Other Expenses		25
Total Expenses		944
Waiver of Advisory Fees (Note B)		(301	)
Rebate from Morgan Stanley Affiliate (Note G)		(13	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(2	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class R6 (Note B)		(3	)
Net Expenses		623
Net Investment Income		2,973
Realized Loss:
Investments Sold		(2,742	)
Swap Agreements		(972	)
Net Realized Loss		(3,714	)
Change in Unrealized Appreciation (Depreciation):
Investments		14,695
Swap Agreements		775
Net Change in Unrealized Appreciation (Depreciation)		15,470
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		11,756
Net Increase in Net Assets Resulting from Operations	$	14,729

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Dynamic Value Portfolio

Statements of Changes in Net Assets	Year Ended September 30, 2023 (000)			Year Ended September 30, 2022 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	2,973		$	731
Net Realized Gain (Loss)		(3,714	)		851
Net Change in Unrealized Appreciation (Depreciation)		15,470			(19,110	)
Net Increase (Decrease) in Net Assets Resulting from Operations		14,729			(17,528	)
Dividends and Distributions to Shareholders:
Class I		(269	)		(457	)
Class A		(89	)		(1	)
Class C		(76	)		(2	)
Class R6*		(3,015	)		(—	@)
Total Dividends and Distributions to Shareholders		(3,449	)		(460	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		2,201			292
Distributions Reinvested		269			457
Redeemed		(3,914	)		(28	)
Class A:
Subscribed		3,200			1,928
Distributions Reinvested		89			1
Redeemed		(2,328	)		(338	)
Class C:
Subscribed		935			3,417
Distributions Reinvested		76			2
Redeemed		(2,639	)		(1,332	)
Class R6:*
Subscribed		7,364			105,023
Distributions Reinvested		3,015			—	@
Redeemed		(20	)		(1	)
Net Increase in Net Assets Resulting from Capital Share Transactions		8,248			109,421
Total Increase in Net Assets		19,528			91,433
Net Assets:
Beginning of Period		101,799			10,366
End of Period	$	121,327		$	101,799
(1) Capital Share Transactions:
Class I:
Shares Subscribed		202			27
Shares Issued on Distributions Reinvested		25			45
Shares Redeemed		(369	)		(3	)
Net Increase (Decrease) in Class I Shares Outstanding		(142	)		69
Class A:
Shares Subscribed		301			180
Shares Issued on Distributions Reinvested		8			—	@@
Shares Redeemed		(230	)		(33	)
Net Increase in Class A Shares Outstanding		79			147
Class C:
Shares Subscribed		92			318
Shares Issued on Distributions Reinvested		7			—	@@
Shares Redeemed		(265	)		(131	)
Net Increase (Decrease) in Class C Shares Outstanding		(166	)		187
Class R6:*
Shares Subscribed		743			9,609
Shares Issued on Distributions Reinvested		285			—	@@
Shares Redeemed		(2	)		(—	@@)
Net Increase in Class R6 Shares Outstanding		1,026			9,609

* 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.
14

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Dynamic Value Portfolio

	Class I
	Year Ended September 30,						Period from March 19, 2021⁽¹⁾ to
Selected Per Share Data and Ratios	2023			2022			September 30, 2021
Net Asset Value, Beginning of Period	$	9.26		$	10.44		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.26			0.22			0.11
Net Realized and Unrealized Gain (Loss)		1.07			(0.94	)		0.33
Total from Investment Operations		1.33			(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	$	10.28		$	9.26		$	10.44
Total Return⁽³⁾		14.30	%		(7.26	)%		4.40	%⁽⁴⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	9,387		$	9,763		$	10,295
Ratio of Expenses Before Expense Limitation		0.82	%		1.51	%		6.44	%⁽⁵⁾
Ratio of Expenses After Expense Limitation		0.54	%⁽⁶⁾		0.51	%⁽⁶⁾		0.53	%⁽⁵⁾⁽⁶⁾
Ratio of Net Investment Income		2.44	%⁽⁶⁾		2.00	%⁽⁶⁾		1.95	%⁽⁵⁾⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%		0.01	%		0.00	%⁽⁵⁾⁽⁷⁾
Portfolio Turnover Rate		178	%		125	%		82	%⁽⁴⁾

(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) Not annualized.

(5) Annualized.

(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%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Dynamic Value Portfolio

	Class A
	Year Ended September 30,						Period from March 19, 2021⁽¹⁾ to
Selected Per Share Data and Ratios	2023			2022			September 30, 2021
Net Asset Value, Beginning of Period	$	9.22		$	10.42		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.22			0.19			0.10
Net Realized and Unrealized Gain (Loss)		1.08			(0.95	)		0.32
Total from Investment Operations		1.30			(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	$	10.21		$	9.22		$	10.42
Total Return⁽³⁾		13.96	%		(7.70	)%		4.20	%⁽⁴⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	2,329		$	1,379		$	27
Ratio of Expenses Before Expense Limitation		1.20	%		2.18	%		13.65	%⁽⁵⁾
Ratio of Expenses After Expense Limitation		0.89	%⁽⁶⁾		0.89	%⁽⁶⁾		0.90	%⁽⁵⁾⁽⁶⁾
Ratio of Net Investment Income		2.09	%⁽⁶⁾		1.81	%⁽⁶⁾		1.84	%⁽⁵⁾⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%		0.01	%		0.00	%⁽⁵⁾⁽⁷⁾
Portfolio Turnover Rate		178	%		125	%		82	%⁽⁴⁾

(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) Not annualized.

(5) Annualized.

(7) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Dynamic Value Portfolio

	Class C
	Year Ended September 30,						Period from March 19, 2021⁽¹⁾ to
Selected Per Share Data and Ratios	2023			2022			September 30, 2021
Net Asset Value, Beginning of Period	$	9.14		$	10.38		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.14			0.11			0.06
Net Realized and Unrealized Gain (Loss)		1.09			(0.93	)		0.32
Total from Investment Operations		1.23			(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	$	10.08		$	9.14		$	10.38
Total Return⁽³⁾		13.31	%		(8.32	)%		3.80	%⁽⁴⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	247		$	1,736		$	34
Ratio of Expenses Before Expense Limitation		2.02	%		2.77	%		15.35	%⁽⁵⁾
Ratio of Expenses After Expense Limitation		1.64	%⁽⁶⁾		1.64	%⁽⁶⁾		1.65	%⁽⁵⁾⁽⁶⁾
Ratio of Net Investment Income		1.34	%⁽⁶⁾		1.06	%⁽⁶⁾		1.04	%⁽⁵⁾⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%		0.01	%		0.00	%⁽⁵⁾⁽⁷⁾
Portfolio Turnover Rate		178	%		125	%		82	%⁽⁴⁾

(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) Not annualized.

(5) Annualized.

(7) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Dynamic Value Portfolio

	Class R6⁽¹⁾
	Year Ended September 30,						Period from March 19, 2021⁽²⁾ to
Selected Per Share Data and Ratios	2023			2022			September 30, 2021
Net Asset Value, Beginning of Period	$	9.25		$	10.44		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.26			0.29			0.11
Net Realized and Unrealized Gain (Loss)		1.09			(1.02	)		0.33
Total from Investment Operations		1.35			(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	$	10.28		$	9.25		$	10.44
Total Return⁽⁴⁾		14.43	%		(7.35	)%		4.40	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	109,364		$	88,921		$	10
Ratio of Expenses Before Expense Limitation		0.75	%		1.49	%		25.05	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		0.49	%⁽⁷⁾		0.49	%⁽⁷⁾		0.50	%⁽⁶⁾⁽⁷⁾
Ratio of Net Investment Income		2.49	%⁽⁷⁾		2.85	%⁽⁷⁾		1.98	%⁽⁶⁾⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%		0.01	%		0.00	%⁽⁶⁾⁽⁸⁾
Portfolio Turnover Rate		178	%		125	%		82	%⁽⁵⁾

(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) Not annualized.

(6) Annualized.

(7) 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."

(8) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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"). 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.

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 reputable 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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; 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.

• 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.)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 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	$	115,333	⁽¹⁾	$	—		$	—	$	115,333
Short-Term Investment
Investment Company		6,500			—			—		6,500
Total Return Swap Agreement		—			1,203			—		1,203
Total Assets		121,833			1,203			—		123,036
Liabilities:
Total Return Swap Agreements		—			(2,168	)		—		(2,168	)
Total	$	121,833		$	(965	)	$	—	$	120,868

(1) The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

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. 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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.

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

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

the Fund thereunder, and conversely, that the Fund will not be able to meet its obligation to the counterparty.

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

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of September 30, 2023:

Asset Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Swap Agreement

Unrealized Appreciation on
Swap Agreement

Equity Risk

1,203

Liability Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Swap Agreements

Unrealized Depreciation on
Swap Agreements

Equity Risk

(2,168

)

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Equity Risk	Swap Agreements	$	(972	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Equity Risk	Swap Agreements	$	775

At September 30, 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	$	1,203	$	(2,168	)

(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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of September 30, 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	$	1,203	$	(1,203	)	$	—		$	0
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 Pledged (000)			Net Amount (not less than $0) (000)
JPMorgan Chase Bank NA	$	2,168	$	(1,203	)	$	(780	)	$	185

For the year ended September 30, 2023, the approximate average monthly amount outstanding for each derivative type is as follows:

Swap Agreements:
Average monthly notional amount				$	28,032,000

4. Indemnifications: The Trust enters into contracts that contain a variety of indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

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.

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 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 0.55% 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 year ended September 30, 2023, approximately $301,000 of advisory fees were waived and approximately $7,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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.

were approximately $210,556,000 and $202,676,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended September 30, 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 year ended September 30, 2023, advisory fees paid were reduced by approximately $13,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the year ended September 30, 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			$	200,377			$	199,048			$	342

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value September 30, 2023 (000)
Liquidity Funds				$	—			$	—			$	6,500

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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 three-year period ended September 30, 2023, remains subject to examination by taxing authorities.

2023 Distributions Paid From:				2022 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	3,400	$	49	$	456	$	4

Permanent differences, due to a nondeductible expense, resulted in the following reclassifications among the components of net assets at September 30, 2023:

Total Accumulated Loss (000)				Paid-in- Capital (000)
$	2			$	(2	)

At September 30, 2023, 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)
$	1,307			$	—

At September 30, 2023, the Fund had available for federal income tax purposes unused short-term capital losses of approximately $796,000 that do not have an expiration date.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

companies or governments. The risks associated with these developments may be magnified if 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) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, adversely affect and increase the volatility of the Fund's share price and exacerbate pre-existing risks to the Fund. 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 and its investments 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Morgan Stanley Institutional Fund Trust —
Dynamic Value Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Dynamic Value Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund Trust (the "Trust")), including the portfolio of investments, as of September 30, 2023, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended, and for the period from March 19, 2021 (commencement of operations) through September 20, 2021 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund Trust) at September 30, 2023, the results of its operations for the year then ended, the changes in its net assets and its financial highlights for each of the two years in the period then ended, and for the period from March 19, 2021 (commencement of operations) through September 20, 2021, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.
Boston, Massachusetts
November 27, 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2022, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one-year period and the period since the end of March 2021, the month of the Fund's inception. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

Profitability of the Adviser and Affiliates

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Advisory Agreement Approval (unaudited) (cont'd)

Other Benefits of the Relationship

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

Other Factors and Current Trends

General Conclusion

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Liquidity Risk Management Program (unaudited)

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2023. For corporate shareholders 55.02% of the dividends qualified for the dividends received deduction.

The Fund designated and paid approximately $49,000 as a long-term capital gain distribution.

The Fund designated approximately $187,000 of its distributions paid as qualified business income.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended September 30, 2023. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $1,873,000 as taxable at this lower rate.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Important Notices (unaudited)

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

Tailored Shareholder Reports

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) (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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) (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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited)

Independent Trustees:

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Frank L. Bowman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1944

Trustee

Since
August
2006

Frances L. Cashman
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1961

Trustee

Since
February
2022

Kathleen A. Dennis
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1953

Trustee

Since
August
2006

Board Member, University of Albany Foundation (2012-present); Board Member, Mutual Funds Directors Forum (2014-present); Director of various non-profit organizations.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Nancy C. Everett
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
January
2015

Eddie A. Grier
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
February
2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Jakki L. Haussler
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1957

Trustee

Since
January
2015

Dr. Manuel H. Johnson
c/o Johnson Smick
International, Inc.
220 I Street, NE
Suite 200
Washington, D.C. 20002
Birth Year: 1949

Trustee

Since
July
1991

Director of NVR, Inc. (home construction).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Joseph K. Kearns
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1942

Trustee

Since
August
1994

Michael F. Klein
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1958

Trustee

Since
August
2006

Director of certain investment funds managed or sponsored by Aetos Alternatives Management, LP; Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

Patricia A. Maleski
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1960

Trustee

Since
January
2017

Trustee (since January 2022) and Treasurer (since January 2023), Nutley Family Service Bureau, Inc.

W. Allen Reed
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1947

Chair of the Board and Trustee

Chair of the Board since August 2020 and Trustee since August 2006

Formerly, Director of Legg Mason, Inc. (2006-2019); and Director of the Auburn University Foundation (2010-2015).

* This is the earliest date the Trustee began serving the Morgan Stanley Funds. Each Trustee serves an indefinite term, until his or her successor is elected.

*** This includes any directorships at public companies and registered investment companies held by the Trustees at any time during the past five years.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Executive Officers:

Name, Address and Birth Year
of Executive Officer

Position(s) Held
with
Registrant

Length of
Time Served*

Principal Occupation(s) During Past 5 Years

John H. Gernon
522 Fifth Avenue
New York, NY 10036
Birth Year: 1963

President and Principal Executive Officer

Since
September
2013

Deidre A. Downes
1633 Broadway
New York, NY 10019
Birth Year: 1977

Chief Compliance Officer

Since
November
2021

Francis J. Smith
522 Fifth Avenue
New York, NY 10036
Birth Year: 1965

Treasurer and Principal Financial Officer

Treasurer since July 2003 and Principal Financial Officer since September
2002

Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).

Mary E. Mullin
1633 Broadway
New York, NY 10019
Birth Year: 1967

Secretary

Since
June
1999

Managing Director of the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

Michael J. Key
522 Fifth Avenue
New York, NY 10036
Birth Year: 1979

Vice President

Since
June
2017

* This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves an indefinite term, until his or her successor is elected.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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.
P.O. Box 219804
Kansas City, Missouri 64121-9804

Co-Transfer Agent

Eaton Vance Management
Two International Place
Boston, Massachusetts 02110

Custodian

State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114

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

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

IFTDYVANN
6045098 EXP 11.30.24

Morgan Stanley Institutional Fund Trust

Global Strategist
Portfolio

Annual Report

September 30, 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Table of Contents (unaudited)

Shareholders' Letter					2
Consolidated Expense Example					3
Investment Overview					4
Consolidated Portfolio of Investments					9
Consolidated Statement of Assets and Liabilities					40
Consolidated Statement of Operations					42
Consolidated Statements of Changes in Net Assets					43
Consolidated Financial Highlights					45
Notes to Consolidated Financial Statements					50
Report of Independent Registered Public Accounting Firm					63
Investment Advisory Agreement Approval					64
Liquidity Risk Management Program					66
Federal Tax Notice					67
Important Notices					68
U.S. Customer Privacy Notice					69
Trustees and Officers Information					72

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Shareholders' Letter (unaudited)

Dear Shareholders,

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

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

October 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Expense Example (unaudited)

Global Strategist Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended September 30, 2023 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 4/1/23		Actual Ending Account Value 9/30/23		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	$	990.30	$	1,021.46	$	3.59	$	3.65		0.72	%
Global Strategist Portfolio Class A		1,000.00		988.90		1,020.01		5.04		5.11		1.01
Global Strategist Portfolio Class L		1,000.00		986.00		1,017.35		7.67		7.79		1.54
Global Strategist Portfolio Class C		1,000.00		984.40		1,015.94		9.05		9.20		1.82
Global Strategist Portfolio Class R6		1,000.00		989.70		1,021.61		3.44		3.50		0.69

** Annualized.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited)

Global Strategist Portfolio

The Fund seeks above-average total return over a market cycle of three to five years.

Performance

For the fiscal year ended September 30, 2023, the Fund's Class I shares had a total return based on net asset value and reinvestment of distributions per share of 13.72%, net of fees. The Fund's Class I shares underperformed the Fund's primary benchmark, the MSCI All Country World Index (ACWI), which returned 20.80%, but outperformed the Customized MSIM Global Allocation Index (the "Customized Index"), which returned 13.18%.

Factors Affecting Performance⁽ⁱ⁾

• During the 12-month period under review, global equities rallied +20.8% (MSCI ACWI) and commodities gained +10.9% (S&P GSCI Index) while bonds were flat (J.P. Morgan Global Government Bond Index +0.2%).⁽ⁱⁱ⁾ Increasingly oversold sentiment and extremely bearish positioning caused markets to bottom at the start of the period, setting equity markets up for a reversal of the preceding bear market. As several economic reports revealed a more resilient economy than expected, investors started to abandon their expectations of an inevitable recession and turned optimistic that a soft landing might still be achieved in the U.S. and globally. Although significant turmoil in the U.S. regional banking sector caused the equity market to give back some of its gains in

March 2023, the rally resumed in May 2023 after reports of soaring demand for artificial intelligence (AI) semiconductors, which sparked investors' excitement surrounding AI's potential to increase economic productivity. The market rally cooled off again over the summer through the end of the reporting period as investors worried that central banks might be forced to keep policy rates higher for longer in response to a stronger-than-expected economy, thereby increasing the odds of tipping the economy into recession.

• Within equities (MSCI ACWI), technology-heavy sectors such as information technology (+34.7%), communication services (+27.6%) and consumer discretionary (+15.4%) saw the biggest gains, while defensive sectors such as utilities (-2.7%) and staples lagged (+5.9%). Developed markets outperformed, with the MSCI World Index returning +22.0% and the MSCI Emerging Markets Index returning +11.7%. Within developed markets, the U.S. (S&P 500 Index +21.6%) underperformed Europe and Japan (MSCI Europe Index +28.8%, MSCI Japan Index +25.9%), supported by a weaker U.S. dollar, falling energy prices helping to avert a recession in Europe, and the era of deflation coming to an end in Japan. Emerging markets were held back by a weaker-than-expected post-COVID recovery in China and persistent headwinds from the country's real estate sector.

⁽ⁱ⁾ Certain of the Fund's investment themes may, in whole or part, be implemented through the use of derivatives, including the purchase and sale of futures, options, swaps, structured investments (including commodity-linked notes) and other related instruments and techniques. The Fund may also invest in foreign currency forward exchange contracts, which are also derivatives, in connection with its investments in foreign securities. The Fund may use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. As a result, the use of derivatives had a material effect on the Fund's performance during the period.

⁽ⁱⁱ⁾ Except where noted, equity market returns are represented by the MSCI regional, sector, or country index and are calculated in U.S. dollars USD. Data sources used in preparation of this commentary include FactSet and Bloomberg LP. data as of September 30, 2023. The following indexes are used in this report: The J.P. Morgan Global Government Bond Index is a market value weighted fixed income index comprised of government bonds in developed countries. The S&P GSCI Commodity Index is a composite index of commodity sector returns, representing an unleveraged, long only investment in commodity futures that is broadly diversified across the spectrum of commodities. The MSCI World Net Index is a free float-adjusted market capitalization weighted index that is designed to measure the global equity market performance of developed markets. The term "free float" represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The MSCI Emerging Markets Net Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index currently consists of 23 emerging-market country indices. The Standard & Poor's 500^® Index (S&P 500^®) measures the performance of the large cap segment of

the U.S. equities market, covering approximately 80% of the U.S. equities market. The index includes 500 leading companies in leading industries of the U.S. economy. The MSCI Europe Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. The MSCI Japan Index is a free float-adjusted market capitalization weighted index that is designed to track the equity market performance of Japanese securities listed on the Tokyo Stock Exchange, Osaka Stock Exchange, JASDAQ and Nagoya Stock Exchange. The U.S. Dollar Index (DXY) is an index of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners' currencies. "Bloomberg^®" and the Bloomberg Index/Indices used are service marks of Bloomberg Finance L.P. and its affiliates, and have been licensed for use for certain purposes by Morgan Stanley Investment Management (MSIM). Bloomberg is not affiliated with MSIM, does not approve, endorse, review, or recommend any product, and does not guarantee the timeliness, accurateness, or completeness of any data or information relating to any product. The J.P. Morgan Emerging Market Currency Index (EMCI) is a fixed weight tradable version of the Emerging Local Market Index (ELMI+ index), tracking 10 liquid currencies across Latin America, Asia and Central & Eastern Europe, Middle East, Africa (CEEMEA) vs. USD. The ELMI+ tracks total returns for local-currency denominated money market instruments in 23 emerging market countries. The ELMI+ employs a liquidity-sensitive weighting system, which uses exports plus imports as a base. The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. The indexes do not include any expenses, fees or sales charges, which would have lower performance. The indexes are unmanaged and should not be considered an investment. It is not possible to invest directly in an index.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

Global Strategist Portfolio

• Government bonds returned +0.2% (J.P. Morgan Global Government Bond Index), giving up most of their gains following a series of economic reports indicating insufficient progress in the fight against inflation in several developed market countries. With stickier-than-expected core inflation readings, investors increased their bets that the Federal Reserve (Fed) and the European Central Bank (ECB) would be forced to raise rates higher and keep them there for longer. After completing 225 basis points (bps) and 325 bps of rate hikes, respectively, during the period, both the Fed and the ECB signaled a likely pause at current levels but left the door open for potential further rate hikes depending on incoming economic data.⁽ⁱⁱⁱ⁾ The U.S. yield curve remained inverted for the entire period, its longest inversion since 1981. The 2-year Treasury yield rose 76 bps to 5.04% while the 10-year Treasury yield rose 74 bps to 4.57%. German bund yields also rose, with the 2-year yield rising 144 bps to 3.20% and the 10-year yield rising 73 bps to 2.84%.

• Commodity prices rose +10.9% (S&P GSCI Index), driven entirely by a recovery in the last four months of the period. Oil prices peaked early in the period at $98.6 per barrel (Brent) and fell –27.1% to $71.8 per barrel on reports of weakening demand in several developed market countries and China. In response to collapsing oil prices, Saudi Arabia implemented steep cuts to its oil production over the summer, pushing prices back up to $95.3 per barrel by the end of the period as the supply-demand balance shifted into deficit.

• The U.S. dollar fell –5.3% (DXY Index) as decreasing policy rate differentials between the Fed and other central banks worked against the greenback. All major currencies, with exception of the yen (–3.1%), gained versus the dollar, with the British pound rising 9.2% and the euro +7.9%. Emerging market currencies declined –3.8% (J.P. Morgan Emerging Market Currency Index), pulled lower by the Turkish lira (–32.5%) and the Argentine peso (–57.4%).

• Regarding the Fund's overall performance relative to the Customized Index, the Fund's asset allocation mix of an average overweight to fixed income and equities had a positive impact on performance.

• Active positions within equities contributed positively to performance. The main contributors were in our Value Recovery theme, including overweights in Value stocks in Japan, Korea and the eurozone, vs. Anti-Value stocks in those regions.^(iv) Other significant contributors included a directional overweight in eurozone equities and an underweight in global luxury stocks vs. global equities. Detractors from performance included overweights in iron ore miners vs. global equities, and in U.S. exploration and producer stocks vs. U.S. equities.

• Active positions within fixed income contributed negatively to performance. Directional overweights in U.S. 10-year Treasury inflation-protected securities (TIPS); in Brazil 2-, 3- and 5-year bonds; and in Australia 10-year bonds were the largest detractors. Contributors included overweights in Brazil 2-, 3- and 4-year bonds vs. U.S. 5-year Treasuries, and in Greece 10-year bonds vs. Italy 10-year bonds.

• Active positions within commodities had a positive impact on performance as directional overweights in crude oil and gold contributed to performance while an underweight in Bitcoin detracted.^(v) Bitcoin is considered a commodity by the Commodity Futures Trading Commission and Securities and Exchange Commission.

• Active currency positions (implemented via currency forwards and futures) negatively impacted performance. The main detractors from performance were an overweight in the Japanese yen vs. the U.S. dollar and an underweight in the New Zealand dollar vs. a developed market currency basket. Contributors to performance included an overweight in developed market

⁽ⁱⁱⁱ⁾ One basis point = 0.01%

^(iv) The Global Multi-Asset (GMA) Team identifies Value as the cheapest 20% and Anti-Value as the most expensive 20% of stocks for each industry group within the Russell 1000^® Index universe based on six valuation metrics, including forward price-to-earnings (P/E) ratio and free cash flow yield.

^(v) Cryptocurrency (notably, Bitcoin) operates as a decentralized, peer-to-peer financial exchange and value storage that is used like money. It is not backed by any government. Federal, state or foreign governments may restrict the use and exchange of cryptocurrency. Cryptocurrency may experience very high volatility.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

Global Strategist Portfolio

currencies vs. the U.S. dollar and in the Chinese yuan vs. a trade-weighted currency basket.

Management Strategies

• Following the recent signals of a more resilient economy, the consensus has shifted toward accepting a soft-landing scenario as its new base case, suggesting hopes for the start of a new bull market. We disagree with this narrative and continue to anticipate a near-term recession. We believe that the Fed has only recently achieved a tight monetary policy setting, which will take a few more months to impact the real economy. Additionally, household excess savings have fallen from a high of $2.1 trillion during the pandemic to just $0.7 trillion and are likely to run out by year-end.^(vi) These factors in combination with extreme valuations in U.S. markets make it unlikely, in our view, that a new bull market is underway as bull markets generally start at the beginning of economic expansions at depressed valuations.

• At the asset class level, we are overweight commodities (gold) and fixed income (TIPS) based on our expectations of outperformance over the next 6 to 12 months, as U.S. growth slows and real rates decline. Since the price of gold last peaked in May 2023, U.S. 10-year TIPS yields have increased by 115 bps, the sharpest increase in real yields since 2022. This contributed to gold significantly underperforming over the past six months as the precious metal is sensitive to higher real rates. We believe TIPS yields have risen too far, however, and real rates are now too high relative to our fundamental expectations for U.S. gross domestic product (GDP) growth and monetary policy. If we're correct that the U.S. economy will likely enter a recession in the next 12 months, we would expect the U.S. Fed to cut interest rates aggressively later in 2024, and for TIPS yields to decline by 100 to 200 bps. If TIPS yields decline, speculative demand for gold should increase, driving prices higher in the short term. Historically, the gold spot price has increased by roughly 10% for every 100 bps of lower TIPS yields (all else equal). Furthermore, the U.S. dollar has historically been negatively correlated with gold, with dollar depreciation leading to gold simultaneously outperforming.

With the dollar now very expensive on a real effective exchange rate (REER) basis, and the economic growth slowdown likely to be larger in the U.S. versus other global economies, we see significant downside to the dollar from current levels which would likely benefit gold.

• Within the U.S., we are underweight cyclical stocks relative to defensives. After significant outperformance by cyclicals year-to-date through September 2023, we now see meaningful downside to the basket in both the short and medium term. Cyclical equities typically track absolute growth trends, demonstrating a strong positive correlation to U.S. and global purchasing manager's indexes (PMIs) in the short term. Although PMIs have been declining for several months, cyclicals have continued to outperform defensive equities. This has created a short-term gap between performance and macro fundamentals, increasing the likelihood of cyclical equities underperforming in the near term all else equal. We estimate an approximate 10% drawdown in cyclicals relative to defensive equities is necessary to properly factor in current PMI levels. If we're correct in our recession view, we would also expect PMIs to continue declining over the next 6 to 12 months, leading to more than 25% underperformance of cyclical equities over that period. Lastly, cyclicals are also very expensive compared to defensives as we are near all-time high relative multiples, excluding recessionary periods.

• The largest theme in our portfolio continues to be our Value Recovery theme, with overweight positions in U.S., European Union, Japan and Korea Value stocks vs. Anti-Value stocks. Recently, positive trends have been re-established, and we are maintaining trading discipline in a theme we believe has very attractive return potential. From a valuation perspective, Value continues to look attractive relative to Anti Value globally, with U.S. Value extremely cheap on a relative basis. On our composite measure of valuation, relative to Anti-Value, Value stocks trade at a 26% discount to fair value, only cheaper 10% of the time in the past 50 years, and one that historically has led to outsized returns.^(vii) Especially in Europe, Value stocks are cheaper (relative to Anti-Value) than they were at the peak of the tech bubble in 2000.^(vii)

^(vi) Source: MSIM Global Multi-Asset Team analysis, FactSet, Haver Analytics as of August 25, 2023.

^(vii) Source: FactSet, MSIM Global Multi-Asset Team anaylsis.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

Global Strategist Portfolio

• In addition to our Value Recovery theme, we maintain high conviction in our Weak China Growth theme as we continue to believe that China has likely entered a balance sheet recession due to massive debt build-up over the past two decades. Overall debt-to-GDP has risen 160% since 2009 to 297% in 2022, causing the private non-financial debt service ratio to rise to 21%, to the detriment of the consumer. As a result, a radical shift in government policy and disciplined deleveraging will be required to lift the Chinese economy out of its growth slump. Consensus is expecting government stimulus to save the economy via traditional fiscal and monetary stimulus. So far, these hopes have been consistently disappointed, with the latest Politburo messaging lacking any prospects of strong stimulus in the near term. With the official policy goals shifting from GDP growth to security and reduction of financial risks, we believe that non-traditional stimulus measures such as renminbi depreciation or recapitalizations and restructurings will need to be considered to alleviate the country's debt problem.

* Minimum Investment

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

Global Strategist Portfolio

Performance Compared to the MSCI All Country World Index⁽¹⁾, the Customized MSIM Global Allocation Index⁽²⁾ and the Lipper Flexible Portfolio Funds Index⁽³⁾

	Period Ended September 30, 2023 Total Returns⁽⁴⁾
				Average Annual
	One Year			Five Years			Ten Years			Since Inception⁽¹⁰⁾
Fund — Class I Shares w/o sales charges⁽⁵⁾		13.72	%		2.93	%		3.81	%		6.54	%
Fund — Class A Shares w/o sales charges⁽⁶⁾		13.35			2.60			3.48			5.51
Fund — Class A Shares with maximum 5.25% sales charges⁽⁶⁾		7.43			1.50			2.92			5.29
Fund — Class L Shares w/o sales charges⁽⁷⁾		12.69			2.07			2.95			3.98
Fund — Class C Shares w/o sales charges⁽⁸⁾		12.45			1.78			—			2.21
Fund — Class C Shares with maximum 1.00% deferred sales charges⁽⁸⁾		11.45			1.78			—			2.21
Fund — Class R6 Shares w/o sales charges⁽⁹⁾		13.64			2.95			—			3.51
MSCI All Country World Index		20.80			6.46			7.56			7.59
Customized MSIM Global Allocation Index		13.18			3.44			4.21			6.05
Lipper Flexible Portfolio Funds Index		13.11			5.02			5.68			6.58

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

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

⁽³⁾ The Lipper Flexible Portfolio Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Flexible Portfolio Funds classification. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. As of the date of this report, the Fund was in the Lipper Flexible Portfolio Funds classification.

⁽⁴⁾ Total returns for the Fund reflect expenses waived and/or reimbursed, if applicable, by the Adviser. Without such waivers and/or reimbursements, total returns would have been lower.

⁽⁵⁾ Commenced operations on December 31, 1992.

⁽⁶⁾ Commenced offering on November 1, 1996.

⁽⁷⁾ Commenced offering on April 27, 2012.

⁽⁸⁾ Commenced offering on April 30, 2015. Class C shares will generally convert to Class A shares approximately eight years after the end of the calendar month in which the shares were purchased. Performance for periods greater than eight years reflects this conversion (beginning April 2023).

⁽⁹⁾ Commenced offering on May 29, 2015.

⁽¹⁰⁾ For comparative purposes, average annual since inception returns listed for the Indexes refer to the inception date of Class I of the Fund, not the inception of the Indexes.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (43.9%)
Agency Fixed Rate Mortgages (3.6%)
United States (3.6%)
Federal Home Loan Mortgage Corporation, Conventional Pools:
2.50%, 4/1/52	$	2,480	$	1,892
4.50%, 1/1/49		59		55
Gold Pools:
3.50%, 1/1/44 - 6/1/45		461		407
4.50%, 1/1/49		15		14
6.50%, 5/1/32		20		21
7.50%, 5/1/35		1		2
Federal National Mortgage Association,
Conventional Pools:
2.00%, 3/1/52		1,837		1,399
2.50%, 9/1/52		2,908		2,310
3.00%, 7/1/49 - 6/1/52		5,097		4,236
3.50%, 3/1/47 - 1/1/51		993		867
4.00%, 4/1/45 - 9/1/45		491		447
4.50%, 3/1/41 - 11/1/44		76		72
5.00%, 1/1/41 - 3/1/41		207		204
6.00%, 1/1/38		2		2
6.50%, 12/1/29		4		4
7.50%, 8/1/37		3		3
October TBA
3.00%, 10/1/53 (a)		300		248
4.00%, 10/1/53 (a)		300		267
5.00%, 10/1/53 (a)		2,850		2,690
5.50%, 10/1/53 (a)		575		556
6.00%, 10/1/53 (a)		2,450		2,419
Government National Mortgage Association,
Various Pools:
4.00%, 8/20/41 - 11/20/42		122		112
4.50%, 6/20/49		25		23
5.00%, 2/20/49 - 6/20/49		59		55
5.50%, 8/15/39		15		15
				18,320
Asset-Backed Securities (0.2%)
United States (0.2%)
HGI CRE CLO Ltd.,
1 Month Term SOFR + 1.11%, 6.45%, 9/17/36 (b)(c)		336		331
Renaissance Home Equity Loan Trust,
1 Month Term SOFR + 0.87%, 6.19%, 12/25/32 (c)		490		444
SASCO Mortgage Loan Trust,
1 Month Term SOFR + 2.29%, 4.64%, 5/25/34 (c)		94		92
SLM Student Loan Trust,
3 Month EURIBOR + 0.55%, 4.27%, 7/25/39 (c)	EUR	287		289
				1,156

	Face Amount (000)		Value (000)
Commercial Mortgage-Backed Securities (0.4%)
United States (0.4%)
Ashford Hospitality Trust,
1 Month Term SOFR + 2.02%, 7.36%, 6/15/35 (b)(c)	$	250	$	240
Commercial Mortgage Trust,
4.89%, 7/15/47 (b)(c)		152		133
Credit Suisse Mortgage Trust,
1 Month Term SOFR + 3.14%, 8.48%, 9/9/24 (b)(c)		500		505
Life Mortgage Trust,
1 Month Term SOFR + 1.30%, 6.63%, 5/15/39 (b)(c)		500		493
Taubman Centers Commercial Mortgage Trust,
1 Month Term SOFR + 2.19%, 7.52%, 5/15/37 (b)(c)		500		489
WFRBS Commercial Mortgage Trust,
4.15%, 10/15/57 (b)(c)		200		134
5.17%, 9/15/46 (b)(c)		297		267
				2,261
Corporate Bonds (7.8%)
Australia (0.4%)
Australia & New Zealand Banking Group Ltd.,
2.57%, 11/25/35 (b)		600		445
Commonwealth Bank of Australia,
1.94%, 10/3/29	EUR	400		407
NBN Co. Ltd.,
2.63%, 5/5/31 (b)	$	575		464
Transurban Finance Co. Pty Ltd.,
2.00%, 8/28/25	EUR	350		356
Westpac Banking Corp.,
2.67%, 11/15/35	$	650		488
				2,160
Brazil (0.0%)‡
JBS USA LUX SA/JBS USA Food Co./ JBS USA Finance, Inc.,
2.50%, 1/15/27		350		309
Canada (0.6%)
Province of Ontario Canada,
2.30%, 6/15/26		970		903
Province of Quebec Canada,
0.00%, 10/29/30	EUR	1,390		1,145
Rogers Communications, Inc.,
3.80%, 3/15/32	$	1,025		852
				2,900
China (0.1%)
Alibaba Group Holding Ltd.,
2.13%, 2/9/31		400		312
France (0.8%)
AXA SA,
3.25%, 5/28/49	EUR	500		475

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
France (cont'd)
Banque Federative du Credit Mutuel SA,
0.75%, 7/17/25	EUR	400	$	399
3.75%, 2/1/33		600		605
BNP Paribas SA,
1.13%, 6/11/26		485		475
1.25%, 7/13/31	GBP	200		173
4.38%, 1/13/29	EUR	400		420
BPCE SA,
4.00%, 11/29/32		200		206
5.15%, 7/21/24 (b)	$	925		910
Credit Agricole SA,
3.88%, 11/28/34	EUR	300		302
Orange SA,
5.00%, 10/1/26 (d)		250		264
				4,229
Germany (0.3%)
Deutsche Bank AG,
Series E 0.96%, 11/8/23	$	375		373
Kreditanstalt fuer Wiederaufbau,
1.13%, 9/15/32	EUR	920		808
Volkswagen International Finance NV, Series 10Y
1.88%, 3/30/27		500		484
				1,665
Ireland (0.1%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
2.45%, 10/29/26	$	425		381
Italy (0.1%)
Assicurazioni Generali SpA,
5.50%, 10/27/47	EUR	400		424
Japan (0.1%)
NTT Finance Corp.,
1.59%, 4/3/28 (b)	$	800		678
Korea, Republic of (0.3%)
Korea Electric Power Corp.,
2.50%, 6/24/24 (b)		810		790
Korea Southern Power Co. Ltd.,
0.75%, 1/27/26 (b)		730		652
				1,442
Luxembourg (0.1%)
Blackstone Property Partners Europe Holdings Sarl,
1.25%, 4/26/27	EUR	400		355
Logicor Financing Sarl,
1.50%, 7/13/26		300		285
				640
Netherlands (0.1%)
ASR Nederland NV,
5.00%, 9/30/24 (d)		425		443

	Face Amount (000)		Value (000)
Spain (0.2%)
Banco Santander SA,
3.13%, 1/19/27	EUR	400	$	405
5.18%, 11/19/25	$	800		779
				1,184
Sweden (0.1%)
Akelius Residential Property Financing BV,
1.13%, 1/11/29	EUR	400		334
United Arab Emirates (0.1%)
Galaxy Pipeline Assets Bidco Ltd.,
2.63%, 3/31/36 (b)	$	650		504
United Kingdom (0.5%)
BAT Capital Corp.,
3.56%, 8/15/27		178		163
HSBC Holdings PLC,
2.26%, 11/13/26	GBP	300		337
2.63%, 11/7/25	$	525		503
6.16%, 3/9/29		525		520
Lloyds Banking Group PLC,
2.25%, 10/16/24	GBP	400		470
National Grid Electricity Distribution West Midlands PLC,
5.75%, 4/16/32		200		240
NGG Finance PLC,
5.63%, 6/18/73		350		409
				2,642
United States (3.9%)
Amazon.com, Inc.,
2.10%, 5/12/31	$	500		401
3.10%, 5/12/51		250		165
AT&T, Inc.,
1.80%, 9/5/26	EUR	400		396
2.90%, 12/4/26	GBP	350		391
3.65%, 6/1/51	$	325		210
Bank of America Corp.,
2.69%, 4/22/32		325		256
3.85%, 3/8/37		100		81
4.38%, 4/27/28		575		543
4.57%, 4/27/33		625		555
CDW LLC/CDW Finance Corp.,
2.67%, 12/1/26		100		90
Celanese U.S. Holdings LLC,
6.17%, 7/15/27		750		740
Centene Corp.,
2.50%, 3/1/31		1,050		808
Charles Schwab Corp.,
5.85%, 5/19/34		485		462
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.38%, 10/23/35		325		303
Chubb INA Holdings, Inc.,
0.88%, 6/15/27	EUR	400		378

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
United States (cont'd)
Citigroup, Inc.,
3.06%, 1/25/33	$	300	$	237
3.79%, 3/17/33		975		814
Comcast Corp.,
1.95%, 1/15/31		675		528
Dick's Sporting Goods, Inc.,
4.10%, 1/15/52		360		219
Enterprise Products Operating LLC,
3.95%, 1/31/60		275		193
5.35%, 1/31/33		200		196
Foundry JV Holdco LLC,
5.88%, 1/25/34 (b)		275		263
Georgia-Pacific LLC,
2.30%, 4/30/30 (b)		950		774
Global Payments, Inc.,
4.45%, 6/1/28		625		580
Goldman Sachs Group, Inc.,
2.62%, 4/22/32		775		606
HCA, Inc.,
4.63%, 3/15/52		400		301
Intel Corp.,
5.70%, 2/10/53		375		352
Jersey Central Power & Light Co.,
2.75%, 3/1/32 (b)		500		392
JPMorgan Chase & Co.,
2.55%, 11/8/32		1,150		890
Lowe's Cos., Inc.,
1.30%, 4/15/28		425		354
1.70%, 10/15/30		475		365
Marriott International, Inc.,
4.90%, 4/15/29		200		191
Medtronic Global Holdings SCA,
1.00%, 7/2/31	EUR	250		214
Metropolitan Life Global Funding I,
2.95%, 4/9/30 (b)	$	575		488
5.15%, 3/28/33 (b)		300		284
NextEra Energy Capital Holdings, Inc.,
2.75%, 11/1/29		1,225		1,041
ONEOK, Inc.,
6.10%, 11/15/32		475		469
Prologis Euro Finance LLC,
1.88%, 1/5/29	EUR	300		277
Republic Services, Inc.,
5.00%, 4/1/34	$	275		261
Thermo Fisher Scientific Finance I BV,
2.00%, 10/18/51	EUR	100		63
Thermo Fisher Scientific, Inc.,
0.88%, 10/1/31		650		542
1.88%, 10/1/49		100		62
Truist Financial Corp.,
5.87%, 6/8/34	$	575		542

	Face Amount (000)		Value (000)
U.S. Bancorp,
5.84%, 6/12/34	$	400	$	378
Upjohn Finance BV,
1.91%, 6/23/32	EUR	550		450
Verizon Communications, Inc.,
1.13%, 11/3/28	GBP	300		294
3.40%, 3/22/41	$	375		266
Vontier Corp.,
2.40%, 4/1/28		250		209
Warnermedia Holdings, Inc.,
4.28%, 3/15/32		775		658
5.05%, 3/15/42		125		97
Wells Fargo & Co., MTN
2.88%, 10/30/30		375		312
				19,941
				40,188
Mortgages — Other (1.2%)
Germany (0.0%)‡
Berg Finance DAC,
3 Month EURIBOR + 1.05%, 4.75%, 4/22/33 (c)	EUR	77		77
Ireland (0.1%)
Glenbeigh 2 Issuer 2021-2 DAC,
3 Month EURIBOR + 0.75%, 4.71%, 6/24/50 (b)(c)		312		329
Netherlands (0.0%)‡
E-MAC NL 2006-II BV,
3 Month EURIBOR + 0.13%, 4.93%, 1/25/39 (c)		125		122
United Kingdom (0.1%)
Great Hall Mortgages No. 1 PLC,
3 Month EURIBOR + 0.25%, 4.12%, 6/18/38 (c)		200		204
Landmark Mortgage Securities No. 3 PLC,
3 Month GBP SONIA + 2.22%, 7.37%, 4/17/44 (c)	GBP	167		188
				392
United States (1.0%)
Banc of America Alternative Loan Trust,
6.36%, 10/25/36	$	22		6
Bayview Opportunity Master Fund VIA Trust,
3.00%, 1/25/52 (b)(c)		634		502
BX Commercial Mortgage Trust,
1 Month Term SOFR + 2.28%, 7.61%, 6/15/40 (b)(c)		400		400
ChaseFlex Trust,
6.00%, 2/25/37		20		8
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust,
3.00%, 9/25/45		48		41
3.00%, 7/25/46		17		14
3.00%, 12/25/46		59		50

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
United States (cont'd)
3.00%, 5/25/47	$	110	$	92
3.50%, 5/25/45		18		16
3.50%, 9/25/45		39		34
3.50%, 7/25/46		24		21
4.00%, 5/25/45		5		4
GS Mortgage-Backed Securities Trust,
2.50%, 1/25/52 (b)(c)		507		387
GSR Mortgage Loan Trust,
5.75%, 1/25/37		7		4
Hundred Acre Wood Trust,
2.50%, 12/25/51 (b)(c)		440		334
JP Morgan Mortgage Trust,
3.00%, 4/25/52 (b)(c)		487		387
3.00%, 9/25/52 (b)(c)		529		421
3.25%, 7/25/52 (b)(c)		616		495
Lehman Mortgage Trust,
6.50%, 9/25/37		17		5
Mello Mortgage Capital Acceptance,
2.50%, 8/25/51 (b)(c)		510		387
Onslow Bay Financial LLC, Class A1
3.00%, 1/25/52 (b)(c)		490		388
PRKCM 2023-AFC1 Trust, Class A1
6.60%, 2/25/58 (b)		353		356
PRMI Securitization Trust,
2.50%, 4/25/51 (b)(c)		588		443
Seasoned Credit Risk Transfer Trust,
3.00%, 7/25/58		226		190
3.00%, 10/25/58		26		22
4.00%, 10/25/58		25		22
				5,029
				5,949
Municipal Bond (0.1%)
Michigan (0.1%)
University of Michigan, MI,
Series A 4.45%, 4/1/2122 (Cost $300)		300		230
Sovereign (24.6%)
Australia (0.3%)
Australia Government Bond,
1.25%, 5/21/32	AUD	3,320		1,651
Austria (0.1%)
Republic of Austria Government Bond,
0.00%, 2/20/30	EUR	360		310
Belgium (0.2%)
Kingdom of Belgium Government Bond,
0.90%, 6/22/29		170		159
1.70%, 6/22/50		480		323
Series 99
3.45%, 6/22/43		650		646
				1,128

	Face Amount (000)		Value (000)
Brazil (1.9%)
Brazil Notas do Tesouro Nacional,
10.00%, 1/1/27	BRL	49,889	$	9,701
Canada (0.7%)
Canadian Government Bond,
1.25%, 6/1/30	CAD	1,410		867
2.00%, 12/1/51		100		50
2.25%, 6/1/29		2,290		1,532
2.50%, 12/1/32		1,960		1,273
				3,722
China (7.0%)
Agricultural Development Bank of China,
2.25%, 4/22/25	CNY	3,600		491
3.79%, 10/26/30		3,430		499
China Development Bank,
3.07%, 3/10/30		7,380		1,024
3.34%, 7/14/25		3,430		476
China Government Bond,
2.37%, 1/20/27		16,900		2,306
2.76%, 5/15/32		155,500		21,306
2.80%, 11/15/32		9,800		1,348
3.12%, 10/25/52		720		100
3.13%, 11/21/29		20,150		2,841
3.27%, 11/19/30		21,260		3,036
3.52%, 4/25/46		1,430		212
3.53%, 10/18/51		1,300		193
3.81%, 9/14/50		4,070		632
3.86%, 7/22/49		6,000		937
Export-Import Bank of China,
2.93%, 3/2/25		3,470		478
				35,879
Colombia (0.1%)
Colombian TES,
Series B 7.00%, 3/26/31	COP	1,634,000		314
Czech Republic (0.0%)‡
Czech Republic Government Bond,
1.20%, 3/13/31	CZK	6,000		204
Denmark (0.1%)
Denmark Government Bond,
0.50%, 11/15/27	DKK	3,000		386
Finland (0.1%)
Finland Government Bond,
1.13%, 4/15/34	EUR	370		312
France (1.6%)
Agence Francaise de Developpement EPIC,
1.50%, 10/31/34		500		423
Banque Federative du Credit Mutuel SA,
1.25%, 12/5/25	GBP	400		443
French Republic Government Bond OAT,
0.00%, 11/25/29	EUR	7,130		6,229
2.00%, 5/25/48		930		703

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
France (cont'd)
SNCF Reseau,
1.88%, 3/30/34	EUR	400	$	352
				8,150
Germany (1.5%)
Bundesrepublik Deutschland Bundesanleihe,
0.00%, 8/15/31 - 5/15/36		4,240		3,614
0.25%, 2/15/29		1,630		1,514
4.25%, 7/4/39		1,230		1,501
State of North Rhine-Westphalia Germany,
1.65%, 2/22/38		1,500		1,238
				7,867
Greece (2.3%)
Hellenic Republic Government Bonds,
4.25%, 6/15/33		11,431		12,010
Hong Kong (0.0%)‡
Hong Kong Government International Bond,
2.50%, 5/28/24 (b)	$	250		245
Hungary (0.1%)
Hungary Government Bond,
Series 30/A 3.00%, 8/21/30	HUF	51,360		108
Series 32/A 4.75%, 11/24/32		109,610		247
Series 32/G 4.50%, 5/27/32		63,030		141
				496
Indonesia (0.3%)
Indonesia Treasury Bond,
6.50%, 2/15/31	IDR	4,104,000		261
8.25%, 5/15/29		1,408,000		98
8.38%, 3/15/34		14,072,000		1,016
				1,375
Ireland (0.1%)
Ireland Government Bond,
0.20%, 10/18/30	EUR	410		354
Italy (0.6%)
Italy Buoni Poliennali Del Tesoro,
0.45%, 2/15/29		160		139
2.50%, 12/1/32		1,070		957
4.45%, 9/1/43		1,052		1,024
Republic of Italy Government International Bond,
0.88%, 5/6/24	$	745		723
				2,843
Japan (3.6%)
Japan Government Five Year Bond,
0.10%, 6/20/24	JPY	605,000		4,054
Japan Government Ten Year Bond,
0.10%, 6/20/26 - 6/20/31		744,000		4,856

	Face Amount (000)		Value (000)
Japan Government Thirty Year Bond,
0.30%, 6/20/46	JPY	224,000	$	1,150
0.40%, 9/20/49		131,000		653
0.60%, 6/20/50		165,300		863
1.70%, 6/20/33		544,800		3,969
Japan Government Twenty Year Bond,
0.40%, 6/20/41		466,000		2,659
				18,204
Korea, Republic of (0.3%)
Export-Import Bank of Korea,
0.63%, 2/9/26	$	640		571
2.38%, 6/25/24		510		498
Korea Development Bank,
0.80%, 7/19/26		590		518
				1,587
Malaysia (0.3%)
Malaysia Government Bond,
Series 0219 3.89%, 8/15/29	MYR	2,330		495
Series 0122 3.58%, 7/15/32		1,200		247
Petronas Capital Ltd.,
3.50%, 3/18/25 (b)	$	875		848
				1,590
Mexico (0.2%)
Mexican Bonos,
Series M 7.50%, 6/3/27	MXN	6,000		314
7.75%, 5/29/31		5,000		253
8.50%, 5/31/29		5,900		317
				884
Netherlands (0.2%)
Nederlandse Waterschapsbank NV,
1.00%, 5/28/30 (b)	$	376		294
Netherlands Government Bond,
0.00%, 7/15/30	EUR	970		838
2.75%, 1/15/47		90		88
				1,220
New Zealand (0.3%)
New Zealand Government Bond,
Series 0530 4.50%, 5/15/30	NZD	1,880		1,078
Series 0534 4.25%, 5/15/34		900		491
				1,569
Nigeria (0.0%)‡
Africa Finance Corp.,
4.38%, 4/17/26 (b)	$	200		185
Norway (0.0%)‡
Norway Government Bond,
2.13%, 5/18/32	NOK	790		64

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Poland (0.0%)‡
Republic of Poland Government Bond,
Series 0432 1.75%, 4/25/32	PLN	1,300	$	217
Singapore (0.1%)
Singapore Government Bond,
2.63%, 8/1/32	SGD	430		297
Slovenia (0.1%)
Slovenia Government International Bond,
5.00%, 9/19/33 (b)	$	700		680
Spain (0.8%)
Spain Government Bond,
0.00%, 5/31/25 - 1/31/28	EUR	2,460		2,408
2.70%, 10/31/48		410		322
3.45%, 7/30/66		120		101
3.55%, 10/31/33		1,375		1,410
				4,241
Sweden (0.1%)
Sweden Government Bond,
Series 1065 1.75%, 11/11/33	SEK	5,100		420
Thailand (0.1%)
Thailand Government Bond,
2.00%, 12/17/31	THB	27,000		683
United Kingdom (1.5%)
United Kingdom Gilt,
0.38%, 10/22/30	GBP	820		764
0.63%, 10/22/50		930		419
0.88%, 7/31/33		870		764
1.25%, 10/22/41		310		218
1.63%, 10/22/28		4,980		5,356
				7,521
				126,309
Supranational (1.1%)
Asian Development Bank,
2.13%, 5/19/31	NZD	300		141
Banque Ouest Africaine de Developpement,
4.70%, 10/22/31	$	240		191
European Investment Bank,
0.00%, 1/14/31	EUR	1,135		944
0.20%, 7/15/24		970		998
International Bank for Reconstruction & Development,
2.20%, 2/27/24	AUD	3,040		1,939
4.25%, 9/18/30	CAD	2,080		1,500
				5,713
U.S. Treasury Securities (4.9%)
United States (4.9%)
U.S. Treasury Bonds,
1.13%, 5/15/40	$	5,330		3,062
1.75%, 8/15/41		600		374
2.50%, 2/15/45		410		279

	Face Amount (000)			Value (000)
2.75%, 8/15/47	$	920		$	643
2.88%, 5/15/49		44			32
U.S. Treasury Inflation-Indexed Bonds,
1.13%, 1/15/33		—	@		—	@
U.S. Treasury Notes,
0.38%, 12/31/25		8,300			7,505
0.50%, 4/30/27		530			457
1.13%, 10/31/26		2,210			1,980
1.38%, 11/15/31		2,220			1,740
1.88%, 6/30/26		1,950			1,804
2.13%, 5/15/25		1,390			1,324
3.38%, 5/15/33		5,690			5,161
4.13%, 9/30/27		760			744
					25,105
Total Fixed Income Securities (Cost $255,275)					225,231
	Shares
Common Stocks (34.2%)
Australia (1.0%)
Ampol Ltd.		1,131			24
ANZ Group Holdings Ltd.		13,867			227
APA Group		5,572			30
Aristocrat Leisure Ltd.		2,848			74
ASX Ltd.		911			33
Aurizon Holdings Ltd.		9,095			20
BHP Group Ltd.		24,014			675
BlueScope Steel Ltd.		2,152			27
Brambles Ltd.		6,597			61
Cochlear Ltd.		309			51
Coles Group Ltd.		6,320			63
Commonwealth Bank of Australia		7,871			503
Computershare Ltd.		2,708			45
CSL Ltd.		2,215			357
Dexus REIT		5,131			24
Endeavour Group Ltd. (Australia)		6,667			22
Fortescue Metals Group Ltd.		7,871			105
Goodman Group REIT		8,034			110
GPT Group REIT		9,121			23
IDP Education Ltd.		1,182			16
IGO Ltd.		3,325			27
Insurance Australia Group Ltd.		11,302			41
James Hardie Industries PLC (e)		2,085			54
Lendlease Corp. Ltd. REIT		3,403			16
Lottery Corp. Ltd.		10,550			32
Macquarie Group Ltd.		1,736			186
Medibank Pvt Ltd.		12,709			28
Mineral Resources Ltd.		816			35
Mirvac Group REIT		18,762			25
National Australia Bank Ltd.		14,440			268
Newcrest Mining Ltd.		4,199			66
Northern Star Resources Ltd.		5,414			36
Orica Ltd.		2,132			21
Origin Energy Ltd.		8,087			45

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Australia (cont'd)
Pilbara Minerals Ltd.		12,513	$	34
Qantas Airways Ltd. (e)		4,211		14
QBE Insurance Group Ltd.		6,960		70
Ramsay Health Care Ltd.		867		29
REA Group Ltd.		249		25
Reece Ltd.		1,060		13
Rio Tinto Ltd.		1,757		127
Santos Ltd.		15,560		78
Scentre Group REIT		24,722		39
SEEK Ltd.		1,574		22
Sonic Healthcare Ltd.		2,120		40
South32 Ltd.		21,631		47
Stockland REIT		11,481		29
Suncorp Group Ltd.		5,941		53
Telstra Group Ltd.		19,342		48
Transurban Group (Units)		14,721		120
Treasury Wine Estates Ltd.		3,426		27
Vicinity Ltd. REIT		18,451		20
Washington H Soul Pattinson & Co. Ltd.		1,112		23
Wesfarmers Ltd.		5,340		181
Westpac Banking Corp.		16,342		221
WiseTech Global Ltd.		774		32
Woodside Energy Group Ltd.		9,011		209
Woolworths Group Ltd.		5,776		138
Xero Ltd. (e)		670		48
				5,057
Austria (0.0%)‡
Erste Group Bank AG		5,572		192
OMV AG		770		37
Verbund AG		343		28
Voestalpine AG		617		17
				274
Belgium (0.2%)
Ageas SA		749		31
Anheuser-Busch InBev SA		4,040		224
Argenx SE (e)		252		123
D'ieteren Group		100		17
Elia Group SA		134		13
Groupe Bruxelles Lambert NV		459		34
KBC Group NV		3,966		247
Sofina SA		70		14
Solvay SA		346		38
UCB SA		582		48
Umicore SA		966		23
Warehouses De Pauw CVA REIT		731		18
				830
Canada (1.6%)
Agnico Eagle Mines Ltd.		2,332		106
Air Canada (e)		822		12
Algonquin Power & Utilities Corp.		3,152		19
Alimentation Couche-Tard, Inc.		3,704		188

	Shares		Value (000)
AltaGas Ltd.		1,323	$	25
ARC Resources Ltd.		2,832		45
Bank of Montreal		3,328		281
Bank of Nova Scotia		5,568		250
Barrick Gold Corp. (LSE)		6,412		93
Barrick Gold Corp. (NYSE)		1,893		27
BCE, Inc.		341		13
Brookfield Asset Management Ltd., Class A		1,641		55
Brookfield Corp.		6,545		205
Brookfield Renewable Corp., Class A		604		14
BRP, Inc.		171		13
CAE, Inc. (e)		1,511		35
Cameco Corp.		2,033		81
Canadian Apartment Properties REIT		390		13
Canadian Imperial Bank of Commerce		4,251		164
Canadian National Railway Co.		2,681		290
Canadian Natural Resources Ltd.		5,196		336
Canadian Pacific Kansas City Ltd.		4,352		323
Canadian Tire Corp. Ltd., Class A		252		27
Canadian Utilities Ltd., Class A		613		13
CCL Industries, Inc., Class B		705		30
Cenovus Energy, Inc.		6,785		141
CGI, Inc. (e)		1,000		99
Constellation Software, Inc.		95		196
Descartes Systems Group, Inc. (e)		404		30
Dollarama, Inc.		1,343		92
Element Fleet Management Corp.		1,856		27
Emera, Inc.		1,263		44
Empire Co. Ltd., Class A		732		20
Enbridge, Inc.		9,472		314
Fairfax Financial Holdings Ltd.		105		86
First Quantum Minerals Ltd.		2,748		65
FirstService Corp.		188		27
Fortis, Inc.		2,252		85
Franco-Nevada Corp.		904		121
George Weston Ltd.		296		33
GFL Environmental, Inc.		1,095		35
Gildan Activewear, Inc.		843		24
Great-West Lifeco, Inc.		1,321		38
Hydro One Ltd.		1,538		39
IA Financial Corp., Inc.		484		30
IGM Financial, Inc.		392		10
Imperial Oil Ltd.		972		60
Intact Financial Corp.		826		120
Ivanhoe Mines Ltd., Class A (e)		2,847		24
Keyera Corp.		1,065		25
Kinross Gold Corp.		5,973		27
Loblaw Cos. Ltd.		757		64
Lundin Mining Corp.		3,040		23
Magna International, Inc.		1,261		68
Manulife Financial Corp.		8,729		159
Metro, Inc.		1,099		57
National Bank of Canada		1,588		105

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Canada (cont'd)
Northland Power, Inc.		1,163	$	19
Nutrien Ltd.		2,280		141
Nuvei Corp.		299		4
Onex Corp.		320		19
Open Text Corp.		1,265		44
Pan American Silver Corp.		1,704		25
Parkland Corp.		654		19
Pembina Pipeline Corp.		2,578		77
Power Corp. of Canada		2,761		70
Quebecor, Inc., Class B		719		15
RB Global, Inc.		860		54
Restaurant Brands International, Inc.		1,401		93
RioCan Real Estate Investment Trust REIT		689		9
Rogers Communications, Inc., Class B		1,656		64
Royal Bank of Canada		6,522		570
Saputo, Inc.		1,191		25
Shopify, Inc., Class A (e)		5,550		303
Sun Life Financial, Inc.		2,772		135
Suncor Energy, Inc.		6,298		217
TC Energy Corp.		4,759		164
Teck Resources Ltd., Class B		2,150		93
TELUS Corp.		2,183		36
TFI International, Inc.		356		46
Thomson Reuters Corp.		760		93
TMX Group Ltd.		1,312		28
Toromont Industries Ltd.		389		32
Toronto-Dominion Bank		8,529		514
Tourmaline Oil Corp.		1,496		75
West Fraser Timber Co. Ltd.		273		20
Wheaton Precious Metals Corp.		2,142		87
WSP Global, Inc.		592		84
				8,121
China (0.0%)
China Common Rich Renewable Energy Investments Ltd. (e)		42,000		—
Denmark (0.4%)
AP Moller — Maersk AS Series B		38		67
Carlsberg AS Series B		457		58
Chr Hansen Holding AS		484		29
Coloplast AS Series B		549		58
Danske Bank AS		3,220		75
Demant AS (e)		431		18
DSV AS		863		161
Genmab AS (e)		304		108
Novo Nordisk AS, Class B		15,306		1,394
Novozymes AS Series B		937		38
Orsted AS		883		48
Pandora AS		428		44
ROCKWOOL AS, Class B		42		10
Tryg AS		1,654		30
Vestas Wind Systems AS (e)		4,620		99
				2,237

	Shares		Value (000)
Finland (0.1%)
Elisa Oyj		684	$	32
Fortum Oyj		2,135		25
Kesko Oyj, Class B		1,287		23
Kone Oyj, Class B		1,629		68
Metso Oyj		3,232		34
Neste Oyj		2,004		68
Nokia Oyj		25,631		96
Orion Oyj, Class B		510		20
Sampo Oyj, Class A		2,221		96
Stora Enso Oyj, Class R		2,779		35
UPM-Kymmene Oyj		2,533		87
Wartsila Oyj Abp		2,271		26
				610
France (1.9%)
Accor SA		860		29
Aeroports de Paris SA		140		16
Air Liquide SA		2,462		415
Airbus SE		2,765		370
Alstom SA		1,504		36
Amundi SA		283		16
ArcelorMittal SA		2,302		58
Arkema SA		263		26
AXA SA		8,619		256
BioMerieux		194		19
BNP Paribas SA		17,496		1,112
Bollore SE		4,148		22
Bouygues SA		955		33
Bureau Veritas SA		1,361		34
Capgemini SE		767		134
Carrefour SA		2,764		47
Cie de Saint-Gobain SA		2,302		138
Cie Generale des Etablissements Michelin SCA		3,140		96
Covivio SA REIT		217		10
Credit Agricole SA		19,020		234
Danone SA		3,008		166
Dassault Aviation SA		117		22
Dassault Systemes SE		3,088		115
Edenred SE		1,170		73
Eiffage SA		343		33
Engie SA		8,565		131
EssilorLuxottica SA		1,357		236
Eurazeo SE		203		12
Eurofins Scientific SE		621		35
Euronext NV		400		28
Gecina SA REIT		210		21
Getlink SE		1,684		27
Hermes International		148		270
Ipsen SA		178		23
Kering SA		332		151
Klepierre SA REIT		1,001		24
L'Oreal SA		1,139		472

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
France (cont'd)
La Francaise des Jeux SAEM		492	$	16
Legrand SA		1,266		116
LVMH Moet Hennessy Louis Vuitton SE		1,298		980
Orange SA		8,645		99
Pernod Ricard SA		966		161
Publicis Groupe SA		1,094		83
Remy Cointreau SA		106		13
Renault SA		897		37
Safran SA		1,592		249
Sanofi		5,352		575
Sartorius Stedim Biotech		128		30
Schneider Electric SE		2,577		425
SEB SA		116		11
Societe Generale SA		12,214		296
Sodexo SA		413		42
STMicroelectronics NV		3,201		138
Teleperformance SE		274		34
Thales SA		493		69
TotalEnergies SE		11,077		728
Unibail-Rodamco-Westfield REIT (e)		546		27
Valeo SE		970		17
Veolia Environnement SA		3,175		92
Vinci SA		2,467		273
Vivendi SE		3,336		29
Wendel SE		123		10
Worldline SA (e)		1,082		30
				9,520
Germany (1.2%)
Adidas AG		763		134
Allianz SE (Registered)		1,897		451
BASF SE		4,178		189
Bayer AG (Registered)		4,645		223
Bayerische Motoren Werke AG		1,564		159
Bayerische Motoren Werke AG (Preference)		280		26
Bechtle AG		375		17
Beiersdorf AG		476		61
Brenntag SE		734		57
Carl Zeiss Meditec AG		186		16
Commerzbank AG		16,892		192
Continental AG		511		36
Covestro AG (e)		928		50
Daimler Truck Holding AG		2,371		82
Delivery Hero SE (e)		797		23
Deutsche Bank AG (Registered)		9,047		99
Deutsche Boerse AG		888		153
Deutsche Lufthansa AG (Registered) (e)		2,775		22
Deutsche Post AG (Registered)		4,736		192
Deutsche Telekom AG (Registered)		15,229		319
Dr Ing hc F Porsche AG (Preference)		531		50
E.ON SE		10,595		125
Evonik Industries AG		994		18

	Shares		Value (000)
Fresenius Medical Care AG & Co. KGaA		964	$	41
Fresenius SE & Co. KGaA		1,994		62
GEA Group AG		708		26
Hannover Rueck SE (Registered)		286		63
Heidelberg Materials AG		679		53
HelloFresh SE (e)		747		22
Henkel AG & Co. KGaA		487		31
Henkel AG & Co. KGaA (Preference)		795		57
Infineon Technologies AG		6,185		205
Knorr-Bremse AG		342		22
LEG Immobilien SE (e)		329		23
Mercedes-Benz Group AG (Registered)		4,076		284
Merck KGaA		604		101
MTU Aero Engines AG		252		46
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		666		259
Nemetschek SE		265		16
Porsche Automobil Holding SE (Preference)		717		35
Puma SE		486		30
QIAGEN NV (e)		1,068		43
Rational AG		24		15
Rheinmetall AG		206		53
RWE AG		2,975		110
SAP SE		4,894		634
Sartorius AG (Preference)		120		41
Scout24 SE		349		24
Siemens AG (Registered)		3,597		514
Siemens Energy AG (e)		2,449		32
Siemens Healthineers AG		1,314		67
Symrise AG		616		59
Talanx AG		299		19
Telefonica Deutschland Holding AG		4,207		8
Volkswagen AG		140		18
Volkswagen AG (Preference)		968		111
Vonovia SE		3,136		75
Wacker Chemie AG		86		12
Zalando SE (e)		1,033		23
				5,928
Hong Kong (0.3%)
AIA Group Ltd.		54,678		442
BOC Hong Kong Holdings Ltd.		17,531		48
Budweiser Brewing Co. APAC Ltd.		8,252		16
CK Asset Holdings Ltd.		9,306		49
CK Hutchison Holdings Ltd.		12,587		67
CK Infrastructure Holdings Ltd.		2,963		14
CLP Holdings Ltd.		7,673		57
ESR Group Ltd.		9,447		13
Futu Holdings Ltd. ADR (e)		265		15
Galaxy Entertainment Group Ltd.		10,262		61
Hang Lung Properties Ltd.		8,612		12
Hang Seng Bank Ltd.		3,601		45
Henderson Land Development Co. Ltd.		6,865		18
HKT Trust & HKT Ltd.		17,645		18

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Hong Kong (cont'd)
Hong Kong & China Gas Co. Ltd.		52,823	$	37
Hong Kong Exchanges & Clearing Ltd.		5,713		212
Hongkong Land Holdings Ltd.		5,263		19
Jardine Matheson Holdings Ltd.		739		34
Link REIT		12,241		60
MTR Corp. Ltd.		7,545		30
New World Development Co. Ltd.		7,206		14
Power Assets Holdings Ltd.		6,435		31
Sands China Ltd. (e)		11,439		35
Sino Land Co. Ltd.		17,302		19
SITC International Holdings Co. Ltd.		6,397		11
Sun Hung Kai Properties Ltd.		6,843		73
Swire Pacific Ltd., Class A		2,034		14
Swire Properties Ltd.		5,464		11
Techtronic Industries Co. Ltd.		6,249		60
WH Group Ltd.		39,509		21
Wharf Real Estate Investment Co. Ltd.		7,758		30
Xinyi Glass Holdings Ltd.		8,136		10
				1,596
Ireland (0.1%)
AIB Group PLC		6,152		28
Bank of Ireland Group PLC		4,845		47
CRH PLC		3,347		183
Flutter Entertainment PLC (e)		801		131
Kerry Group PLC, Class A		719		60
Kingspan Group PLC		698		52
Smurfit Kappa Group PLC		1,178		39
				540
Israel (0.1%)
Azrieli Group Ltd.		207		11
Bank Hapoalim BM		6,204		55
Bank Leumi Le-Israel BM		7,542		62
Check Point Software Technologies Ltd. (e)		472		63
CyberArk Software Ltd. (e)		200		33
Elbit Systems Ltd.		130		26
ICL Group Ltd.		3,779		21
Israel Discount Bank Ltd., Class A		6,043		33
Mizrahi Tefahot Bank Ltd.		754		27
Monday.com Ltd. (e)		93		15
Nice Ltd. (e)		310		53
Teva Pharmaceutical Industries Ltd. ADR (e)		5,423		55
Tower Semiconductor Ltd. (e)		537		13
Wix.com Ltd. (e)		264		24
				491
Italy (0.6%)
Amplifon SpA		592		17
Assicurazioni Generali SpA		4,768		97
CNH Industrial NV		4,809		58
Davide Campari-Milano NV		2,468		29
DiaSorin SpA		118		11
Enel SpA		38,406		235

	Shares		Value (000)
Eni SpA		10,959	$	176
EXOR NV		1,013		90
Ferrari NV		590		174
FinecoBank Banca Fineco SpA		9,499		115
Infrastrutture Wireless Italiane SpA		1,597		19
Intesa Sanpaolo SpA		257,300		659
Mediobanca Banca di Credito Finanziario SpA		9,309		123
Moncler SpA		976		57
Nexi SpA (e)		2,730		17
Poste Italiane SpA		2,448		26
Prysmian SpA		1,199		48
Recordati Industria Chimica e Farmaceutica SpA		490		23
Snam SpA		9,366		44
Stellantis NV		10,583		203
Telecom Italia SpA (Milano) (e)		46,527		14
Tenaris SA		2,220		35
Terna — Rete Elettrica Nazionale		6,531		49
UniCredit SpA		31,711		756
				3,075
Netherlands (0.7%)
ABN AMRO Bank NV CVA		6,579		93
Adyen NV (e)		101		75
Aegon NV		7,994		39
AerCap Holdings NV (e)		777		49
Akzo Nobel NV		790		57
ASM International NV		218		91
ASML Holding NV		1,873		1,103
Coca-Cola Europacific Partners PLC		963		60
DSM BV (e)		890		88
DSM-Firmenich AG		810		68
Heineken Holding NV		537		40
Heineken NV		1,214		107
IMCD NV		263		33
ING Groep NV		59,960		790
JDE Peet's NV		587		16
Just Eat Takeaway.com NV (e)		938		12
Koninklijke Ahold Delhaize NV		4,560		137
Koninklijke KPN NV		15,067		50
Koninklijke Philips NV		4,351		87
NN Group NV		1,189		38
OCI NV (e)		488		14
Prosus NV (e)		8,127		239
Randstad NV		516		29
Universal Music Group NV		3,833		100
Wolters Kluwer NV		1,194		145
				3,560
New Zealand (0.0%)‡
Auckland International Airport Ltd.		5,954		28
EBOS Group Ltd.		727		15
Fisher & Paykel Healthcare Corp. Ltd.		2,785		36
Mercury NZ Ltd.		3,401		12
Meridian Energy Ltd.		6,046		19

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
New Zealand (cont'd)
Spark New Zealand Ltd.		8,796	$	25
				135
Norway (0.1%)
Adevinta ASA (e)		1,252		12
Aker BP ASA		1,398		39
DNB Bank ASA		4,136		83
Equinor ASA		4,275		140
Gjensidige Forsikring ASA		880		13
Kongsberg Gruppen ASA		396		16
Mowi ASA		1,911		34
Norsk Hydro ASA		6,153		39
Orkla ASA		3,345		25
Salmar ASA		314		16
Telenor ASA		3,124		35
Yara International ASA		769		29
				481
Portugal (0.0%)‡
EDP — Energias de Portugal SA		13,295		55
EDP Renovaveis SA		1,155		19
Galp Energia SGPS SA		2,241		33
Jeronimo Martins SGPS SA		1,291		29
				136
Singapore (0.2%)
CapitaLand Ascendas REIT		15,023		30
CapitaLand Integrated Commercial Trust REIT		23,671		32
CapitaLand Investment Ltd.		11,589		26
City Developments Ltd.		2,250		11
DBS Group Holdings Ltd.		8,046		198
Genting Singapore Ltd.		26,760		17
Grab Holdings Ltd., Class A (e)		8,197		29
Jardine Cycle & Carriage Ltd.		462		11
Keppel Corp. Ltd.		6,494		32
Mapletree Logistics Trust REIT		15,535		19
Mapletree Pan Asia Commercial Trust REIT		10,414		11
Oversea-Chinese Banking Corp. Ltd.		14,992		140
Sea Ltd. ADR (e)		1,618		71
Seatrium Ltd. (e)		179,082		17
Singapore Airlines Ltd.		5,926		28
Singapore Exchange Ltd.		3,848		27
Singapore Technologies Engineering Ltd.		6,893		20
Singapore Telecommunications Ltd.		36,874		65
United Overseas Bank Ltd.		5,611		117
UOL Group Ltd.		2,071		10
Venture Corp. Ltd.		1,207		11
Wilmar International Ltd.		8,457		23
				945
Spain (0.7%)
Acciona SA		116		15
ACS Actividades de Construccion y Servicios SA		1,004		36
Aena SME SA		351		53
Amadeus IT Group SA		2,082		126

	Shares		Value (000)
Banco Bilbao Vizcaya Argentaria SA		102,594	$	830
Banco Santander SA		269,645		1,027
CaixaBank SA		69,810		278
Cellnex Telecom SA (e)		2,615		91
Corp. ACCIONA Energias Renovables SA		303		8
Enagas SA		1,153		19
Endesa SA		1,496		30
Ferrovial SE		2,352		72
Food Delivery Brands Group SA (e)		156		—
Grifols SA (e)		1,339		17
Iberdrola SA		27,950		313
Industria de Diseno Textil SA		5,125		191
Naturgy Energy Group SA		584		16
Redeia Corp. SA		1,868		29
Repsol SA		6,216		102
Telefonica SA		24,250		99
				3,352
Sweden (0.4%)
Alfa Laval AB		1,334		46
Assa Abloy AB, Class B		4,600		100
Atlas Copco AB, Class A		19,927		255
Beijer Ref AB		1,787		19
Boliden AB (e)		1,264		36
Embracer Group AB (e)		3,250		6
Epiroc AB, Class A		4,938		88
EQT AB		1,600		32
Essity AB, Class B		2,777		60
Evolution AB		837		84
Fastighets AB Balder, Class B (e)		2,805		13
Getinge AB, Class B		1,052		19
H & M Hennes & Mauritz AB, Class B		3,008		43
Hexagon AB, Class B		9,172		78
Holmen AB, Class B		423		16
Husqvarna AB, Class B		1,889		14
Industrivarden AB, Class A		1,289		34
Indutrade AB		1,240		23
Investment AB Latour, Class B		663		12
Investor AB, Class A		9,771		186
Kinnevik AB, Class B (e)		1,070		11
L E Lundbergforetagen AB, Class B		342		14
Lifco AB, Class B		1,047		18
Nibe Industrier AB, Class B		6,829		45
Nordea Bank Abp		14,720		161
Saab AB, Class B		368		19
Sagax AB, Class B		822		16
Sandvik AB		4,958		91
Securitas AB, Class B		2,184		17
Skandinaviska Enskilda Banken AB, Class A		7,334		87
Skanska AB, Class B		1,508		25
SKF AB, Class B		1,558		26
Svenska Cellulosa AB SCA, Class B		2,741		38
Svenska Handelsbanken AB, Class A		6,714		60

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Sweden (cont'd)
Swedbank AB, Class A		3,919	$	72
Swedish Orphan Biovitrum AB (e)		827		17
Tele2 AB, Class B		2,392		18
Telefonaktiebolaget LM Ericsson, Class B		13,189		64
Telia Co. AB		11,019		23
Volvo AB, Class A		7,824		161
Volvo Car AB, Class B (e)		2,736		11
				2,158
Switzerland (1.3%)
ABB Ltd. (Registered)		7,339		262
Adecco Group AG (Registered)		737		30
Alcon, Inc.		2,297		177
Bachem Holding AG		156		12
Baloise Holding AG (Registered)		210		30
Banque Cantonale Vaudoise (Registered)		139		15
Barry Callebaut AG (Registered)		16		25
BKW AG		97		17
Chocoladefabriken Lindt & Spruengli AG		5		56
Chocoladefabriken Lindt & Spruengli AG (Registered)		1		109
Cie Financiere Richemont SA (Registered)		2,466		300
Clariant AG (Registered) (e)		993		16
Dufry AG (Registered) (e)		462		18
EMS-Chemie Holding AG (Registered)		32		22
Geberit AG (Registered)		155		77
Givaudan SA (Registered)		42		137
Helvetia Holding AG (Registered)		171		24
Holcim AG (e)		2,559		164
Julius Baer Group Ltd.		985		63
Kuehne & Nagel International AG (Registered)		253		72
Logitech International SA (Registered)		761		52
Lonza Group AG (Registered)		342		158
Nestle SA (Registered)		12,614		1,428
Novartis AG (Registered)		9,417		962
Partners Group Holding AG		102		114
Roche Holding AG		147		43
Roche Holding AG (Genusschein)		3,215		878
Schindler Holding AG		189		38
Schindler Holding AG (Registered)		109		21
SGS SA (Registered)		685		57
SIG Group AG (e)		1,397		34
Sika AG (Registered)		664		168
Sonova Holding AG (Registered)		237		56
Straumann Holding AG (Registered)		515		66
Swatch Group AG		136		35
Swatch Group AG (Registered)		250		12
Swiss Life Holding AG (Registered)		141		88
Swiss Prime Site AG (Registered)		351		32
Swiss Re AG		1,401		144
Swisscom AG (Registered)		119		71
Temenos AG (Registered)		289		20
UBS Group AG (Registered) (e)		15,111		372

	Shares		Value (000)
VAT Group AG		124	$	44
Zurich Insurance Group AG		690		316
				6,835
United Kingdom (2.1%)
3i Group PLC		4,679		118
abrdn PLC		9,557		18
Admiral Group PLC		992		29
Anglo American PLC		6,253		172
Antofagasta PLC		1,963		34
Ashtead Group PLC		2,102		128
Associated British Foods PLC		1,700		43
AstraZeneca PLC		7,363		993
Auto Trader Group PLC		4,332		33
Aviva PLC		13,334		63
BAE Systems PLC		14,610		178
Barclays PLC		74,290		143
Barratt Developments PLC		4,523		24
Berkeley Group Holdings PLC		504		25
BP PLC		84,646		546
British American Tobacco PLC		10,089		317
British Land Co. PLC REIT		3,950		15
BT Group PLC		32,821		47
Bunzl PLC		1,606		57
Burberry Group PLC		1,779		41
Centrica PLC		27,694		52
Coca-Cola HBC AG (e)		1,064		29
Compass Group PLC		8,354		203
Croda International PLC		661		40
DCC PLC		471		26
Diageo PLC		10,692		394
Endeavour Mining PLC		883		17
Entain PLC		3,016		34
Evraz PLC (e)		2,495		—
Experian PLC		4,391		144
G4S Ltd. (e)		6,437		19
Glencore PLC		52,209		297
GSK PLC		19,504		353
Haleon PLC		23,823		99
Halma PLC		1,791		42
Hargreaves Lansdown PLC		1,608		15
Hikma Pharmaceuticals PLC		784		20
HSBC Holdings PLC		96,567		756
Imperial Brands PLC		4,196		85
Informa PLC		6,687		61
InterContinental Hotels Group PLC		816		60
Intertek Group PLC		761		38
J Sainsbury PLC		7,858		24
JD Sports Fashion PLC		12,240		22
Johnson Matthey PLC		882		17
Kingfisher PLC		9,094		25
Land Securities Group PLC REIT		3,218		23
Legal & General Group PLC		28,105		76

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United Kingdom (cont'd)
Lloyds Banking Group PLC		315,491	$	170
London Stock Exchange Group PLC		1,927		193
M&G PLC		10,567		25
Mondi PLC		2,325		39
National Grid PLC		17,511		209
NatWest Group PLC		27,168		78
Next PLC		579		51
Ocado Group PLC (e)		2,854		21
Paragon Offshore PLC (e)(f)		303		—
Pearson PLC		3,085		33
Persimmon PLC		1,440		19
Phoenix Group Holdings PLC		3,579		21
Prudential PLC		13,340		143
Reckitt Benckiser Group PLC		3,435		242
RELX PLC (LSE)		9,103		307
Rentokil Initial PLC		11,948		89
Rio Tinto PLC		5,516		346
Rolls-Royce Holdings PLC (e)		39,362		106
Royalty Pharma PLC, Class A		1,070		29
Sage Group PLC		4,881		59
Schroders PLC		3,828		19
Segro PLC REIT		5,525		48
Severn Trent PLC		1,177		34
Shell PLC		32,876		1,042
Smith & Nephew PLC		4,184		52
Smiths Group PLC		1,690		33
Spirax-Sarco Engineering PLC		349		40
SSE PLC		5,199		102
St. James's Place PLC		2,575		26
Standard Chartered PLC		11,679		107
Taylor Wimpey PLC		16,230		23
Tesco PLC		34,728		112
Unilever PLC CVA		12,092		598
United Utilities Group PLC		3,187		37
Vodafone Group PLC		109,169		102
Whitbread PLC		957		40
Wise PLC Class A (e)		2,858		24
WPP PLC		5,229		47
				10,661
United States (21.2%)
3M Co.		1,566		147
A O Smith Corp.		356		24
Abbott Laboratories		5,024		487
AbbVie, Inc.		5,094		759
Accenture PLC, Class A		1,814		557
Activision Blizzard, Inc.		2,142		201
Adobe, Inc. (e)		1,312		669
Advance Auto Parts, Inc.		164		9
Advanced Micro Devices, Inc. (e)		4,757		489
AECOM		376		31
AES Corp.		1,879		29

	Shares		Value (000)
Aflac, Inc.		1,650	$	127
Agilent Technologies, Inc.		821		92
Air Products & Chemicals, Inc.		636		180
Airbnb, Inc., Class A (e)		1,185		163
Akamai Technologies, Inc. (e)		444		47
Albemarle Corp.		340		58
Albertsons Cos., Inc., Class A		818		19
Alcoa Corp.		514		15
Alexandria Real Estate Equities, Inc. REIT		456		46
Align Technology, Inc. (e)		219		67
Allegion PLC		250		26
Alliant Energy Corp.		709		34
Allstate Corp.		738		82
Ally Financial, Inc.		738		20
Alnylam Pharmaceuticals, Inc. (e)		356		63
Alphabet, Inc., Class A (e)		33,251		4,366
Altria Group, Inc.		5,172		217
Amazon.com, Inc. (e)		26,331		3,347
Amcor PLC		4,230		39
Ameren Corp.		742		56
American Electric Power Co., Inc.		1,448		109
American Express Co.		1,820		272
American Financial Group, Inc.		205		23
American Homes 4 Rent, Class A REIT		929		31
American International Group, Inc.		2,097		127
American Tower Corp. REIT		1,302		214
American Water Works Co., Inc.		550		68
Ameriprise Financial, Inc.		300		99
AMETEK, Inc.		664		98
Amgen, Inc.		1,516		407
Amphenol Corp., Class A		1,708		143
Analog Devices, Inc.		1,443		253
Annaly Capital Management, Inc. REIT		1,397		26
ANSYS, Inc. (e)		249		74
Aon PLC, Class A		588		191
APA Corp.		885		36
Apollo Global Management, Inc.		1,145		103
Apple, Inc.		45,808		7,843
Applied Materials, Inc.		2,459		340
Aptiv PLC (e)		767		76
Aramark		667		23
Arch Capital Group Ltd. (e)		1,070		85
Archer-Daniels-Midland Co.		1,554		117
Ares Management Corp., Class A		451		46
Arista Networks, Inc. (e)		735		135
Arrow Electronics, Inc. (e)		166		21
Arthur J Gallagher & Co.		616		140
Aspen Technology, Inc. (e)		83		17
Assurant, Inc.		150		22
AT&T, Inc.		19,222		289
Atlanta Braves Holdings, Inc., Class C (e)		17		1
Atlassian Corp., Class A (e)		425		86
Atmos Energy Corp.		408		43

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Autodesk, Inc. (e)		607	$	126
Automatic Data Processing, Inc.		1,174		282
AutoZone, Inc. (e)		53		135
AvalonBay Communities, Inc. REIT		400		69
Avantor, Inc. (e)		1,859		39
Avery Dennison Corp.		232		42
Axon Enterprise, Inc. (e)		202		40
Baker Hughes Co.		2,885		102
Ball Corp.		891		44
Bank of America Corp.		20,322		556
Bank of New York Mellon Corp.		2,281		97
Bath & Body Works, Inc.		620		21
Baxter International, Inc.		1,420		54
Becton Dickinson & Co.		812		210
Bentley Systems, Inc., Class B		647		32
Berkshire Hathaway, Inc., Class B (e)		3,831		1,342
Best Buy Co., Inc.		563		39
Bill Holdings, Inc. (e)		276		30
Biogen, Inc. (e)		412		106
BioMarin Pharmaceutical, Inc. (e)		529		47
Bio-Rad Laboratories, Inc., Class A (e)		62		22
Bio-Techne Corp.		443		30
BlackRock, Inc.		425		275
Blackstone, Inc.		1,986		213
Block, Inc., Class A (e)		1,546		68
Boeing Co. (e)		1,648		316
Booking Holdings, Inc. (e)		108		333
Booz Allen Hamilton Holding Corp.		377		41
BorgWarner, Inc.		664		27
Boston Properties, Inc. REIT		412		25
Boston Scientific Corp. (e)		4,232		223
Bristol-Myers Squibb Co.		6,048		351
Broadcom, Inc.		1,196		993
Broadridge Financial Solutions, Inc.		331		59
Brown & Brown, Inc.		692		48
Brown-Forman Corp., Class B		872		50
Builders FirstSource, Inc. (e)		399		50
Bunge Ltd.		425		46
Burlington Stores, Inc. (e)		184		25
Cadence Design Systems, Inc. (e)		784		184
Caesars Entertainment, Inc. (e)		607		28
Camden Property Trust REIT		303		29
Campbell Soup Co.		547		22
Capital One Financial Corp.		1,076		104
Cardinal Health, Inc.		745		65
Carlisle Cos., Inc.		146		38
Carlyle Group, Inc.		607		18
CarMax, Inc. (e)		453		32
Carnival Corp. (e)		2,903		40
Carrier Global Corp.		2,395		132
Catalent, Inc. (e)		509		23
Caterpillar, Inc.		1,488		406

	Shares		Value (000)
Cboe Global Markets, Inc.		303	$	47
CBRE Group, Inc., Class A (e)		885		65
CDW Corp.		382		77
Celanese Corp.		301		38
Cencora, Inc.		496		89
Centene Corp. (e)		1,517		104
CenterPoint Energy, Inc.		1,778		48
Ceridian HCM Holding, Inc. (e)		419		28
CF Industries Holdings, Inc.		543		47
CH Robinson Worldwide, Inc.		328		28
Charles River Laboratories International, Inc. (e)		145		28
Charles Schwab Corp.		4,308		237
Charter Communications, Inc., Class A (e)		278		122
Cheniere Energy, Inc.		704		117
Chesapeake Energy Corp.		323		28
Chevron Corp.		5,097		859
Chewy, Inc., Class A (e)		282		5
Chipotle Mexican Grill, Inc. (e)		79		145
Chubb Ltd.		1,177		245
Church & Dwight Co., Inc.		699		64
Cigna Group		822		235
Cincinnati Financial Corp.		447		46
Cintas Corp.		263		127
Cisco Systems, Inc.		11,702		629
Citigroup, Inc.		5,603		230
Citizens Financial Group, Inc.		1,298		35
Clarivate PLC (e)		1,065		7
Cleveland-Cliffs, Inc. (e)		1,475		23
Clorox Co.		350		46
Cloudflare, Inc., Class A (e)		777		49
CME Group, Inc.		1,024		205
CMS Energy Corp.		817		43
Coca-Cola Co.		11,747		658
Cognex Corp.		492		21
Cognizant Technology Solutions Corp., Class A		1,462		99
Coinbase Global, Inc., Class A (e)		463		35
Colgate-Palmolive Co.		2,242		159
Comcast Corp., Class A		12,133		538
Conagra Brands, Inc.		1,340		37
ConocoPhillips		3,424		410
Consolidated Edison, Inc.		977		84
Constellation Brands, Inc., Class A		452		114
Constellation Energy Corp.		945		103
Contra Abiomed, Inc. (e)		90		—	@
Cooper Cos., Inc.		142		45
Copart, Inc. (e)		2,482		107
Corning, Inc.		2,300		70
Corteva, Inc.		2,002		102
CoStar Group, Inc. (e)		1,154		89
Costco Wholesale Corp.		1,265		715
Coterra Energy, Inc.		2,188		59
Crowdstrike Holdings, Inc., Class A (e)		619		104
Crown Castle, Inc. REIT		1,205		111

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Crown Holdings, Inc.		342	$	30
CSX Corp.		5,928		182
Cummins, Inc.		404		92
CVS Health Corp.		3,580		250
Danaher Corp.		1,956		485
Darden Restaurants, Inc.		343		49
Darling Ingredients, Inc. (e)		457		24
Datadog, Inc., Class A (e)		709		65
DaVita, Inc. (e)		157		15
Deckers Outdoor Corp. (e)		75		39
Deere & Co.		796		300
Dell Technologies, Inc., Class C		729		50
Delta Air Lines, Inc.		459		17
Dentsply Sirona, Inc.		607		21
Devon Energy Corp.		1,865		89
Dexcom, Inc. (e)		1,145		107
Diamondback Energy, Inc.		491		76
Dick's Sporting Goods, Inc.		176		19
Digital Realty Trust, Inc. REIT		816		99
Discover Financial Services		740		64
DocuSign, Inc. (e)		575		24
Dollar General Corp.		621		66
Dollar Tree, Inc. (e)		625		67
Dominion Energy, Inc.		2,338		104
Domino's Pizza, Inc.		101		38
DoorDash, Inc., Class A (e)		732		58
Dover Corp.		400		56
Dow, Inc.		2,025		104
DR Horton, Inc.		885		95
Dropbox, Inc., Class A (e)		737		20
DTE Energy Co.		582		58
Duke Energy Corp.		2,176		192
DuPont de Nemours, Inc.		1,296		97
Dynatrace, Inc. (e)		627		29
Eastman Chemical Co.		338		26
Eaton Corp. PLC		1,139		243
eBay, Inc.		1,511		67
Ecolab, Inc.		738		125
Edison International		1,076		68
Edwards Lifesciences Corp. (e)		1,740		121
Electronic Arts, Inc.		786		95
Elevance Health, Inc.		640		279
Eli Lilly & Co.		2,297		1,234
Emerson Electric Co.		1,641		158
Enphase Energy, Inc. (e)		388		47
Entegris, Inc.		435		41
Entergy Corp.		593		55
EOG Resources, Inc.		1,674		212
EPAM Systems, Inc. (e)		162		41
EQT Corp.		1,034		42
Equifax, Inc.		349		64
Equinix, Inc. REIT		261		190

	Shares		Value (000)
Equitable Holdings, Inc.		1,017	$	29
Equity Lifestyle Properties, Inc. REIT		498		32
Equity Residential REIT		1,022		60
Erie Indemnity Co., Class A		73		21
Essential Utilities, Inc.		707		24
Essex Property Trust, Inc. REIT		182		39
Estee Lauder Cos., Inc., Class A		656		95
Etsy, Inc. (e)		346		22
Everest Group Ltd.		123		46
Evergy, Inc.		648		33
Eversource Energy		982		57
Exact Sciences Corp. (e)		502		34
Exelon Corp.		2,818		106
Expedia Group, Inc. (e)		430		44
Expeditors International of Washington, Inc.		438		50
Extra Space Storage, Inc. REIT		384		47
Exxon Mobil Corp.		11,695		1,375
F5, Inc. (e)		171		28
FactSet Research Systems, Inc.		108		47
Fair Isaac Corp. (e)		73		63
Fastenal Co.		1,614		88
FedEx Corp.		688		182
Ferguson PLC		588		97
Fidelity National Financial, Inc.		732		30
Fidelity National Information Services, Inc.		1,663		92
Fifth Third Bancorp		1,907		48
First Citizens BancShares, Inc., Class A		32		44
First Horizon Corp.		1,512		17
First Republic Bank		501		—	@
First Solar, Inc. (e)		294		48
FirstEnergy Corp.		1,543		53
Fiserv, Inc. (e)		1,794		203
FleetCor Technologies, Inc. (e)		201		51
FMC Corp.		356		24
Ford Motor Co.		11,430		142
Fortinet, Inc. (e)		1,941		114
Fortive Corp.		1,009		75
Fortune Brands Innovations, Inc.		365		23
Fox Corp., Class A		1,266		39
Franklin Resources, Inc.		844		21
Freeport-McMoRan, Inc.		4,103		153
Gaming and Leisure Properties, Inc. REIT		742		34
Garmin Ltd.		438		46
Gartner, Inc. (e)		230		79
GE HealthCare Technologies, Inc.		1,171		80
Gen Digital, Inc.		1,634		29
Generac Holdings, Inc. (e)		174		19
General Dynamics Corp.		665		147
General Electric Co.		3,158		349
General Mills, Inc.		1,665		107
General Motors Co.		3,957		130
Genuine Parts Co.		400		58
Gilead Sciences, Inc.		3,608		270

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Global Payments, Inc.		755	$	87
Globe Life, Inc.		261		28
GoDaddy, Inc., Class A (e)		419		31
Goldman Sachs Group, Inc.		938		304
Graco, Inc.		481		35
Halliburton Co.		2,651		107
Hartford Financial Services Group, Inc.		891		63
Hasbro, Inc.		372		25
HCA Healthcare, Inc.		604		149
Healthcare Realty Trust, Inc. REIT		1,059		16
Healthpeak Properties, Inc. REIT		1,528		28
HEICO Corp.		338		48
Henry Schein, Inc. (e)		377		28
Hershey Co.		417		83
Hess Corp.		789		121
Hewlett Packard Enterprise Co.		3,714		65
HF Sinclair Corp.		433		25
Hilton Worldwide Holdings, Inc.		763		115
Hologic, Inc. (e)		700		49
Home Depot, Inc.		2,971		898
Honeywell International, Inc.		1,896		350
Horizon Therapeutics PLC (e)		537		62
Hormel Foods Corp.		853		32
Host Hotels & Resorts, Inc. REIT		2,026		33
Howmet Aerospace, Inc.		1,128		52
HP, Inc.		2,503		64
Hubbell, Inc.		153		48
HubSpot, Inc. (e)		134		66
Humana, Inc.		351		171
Huntington Bancshares, Inc.		4,163		43
Huntington Ingalls Industries, Inc.		114		23
Hyatt Hotels Corp., Class A		136		14
IDEX Corp.		214		45
IDEXX Laboratories, Inc. (e)		236		103
Illinois Tool Works, Inc.		868		200
Illumina, Inc. (e)		445		61
Incyte Corp. (e)		535		31
Ingersoll Rand, Inc.		1,183		75
Insulet Corp. (e)		197		31
Intel Corp.		12,101		430
Intercontinental Exchange, Inc.		1,601		176
International Business Machines Corp.		2,582		362
International Flavors & Fragrances, Inc.		712		49
International Paper Co.		942		33
Interpublic Group of Cos., Inc.		1,189		34
Intuit, Inc.		791		404
Intuitive Surgical, Inc. (e)		1,015		297
Invesco Ltd.		977		14
Invitation Homes, Inc. REIT		1,737		55
IQVIA Holdings, Inc. (e)		529		104
Iron Mountain, Inc. REIT		830		49
J M Smucker Co.		301		37

	Shares		Value (000)
Jack Henry & Associates, Inc.		205	$	31
Jacobs Solutions, Inc.		363		50
Jazz Pharmaceuticals PLC (e)		176		23
JB Hunt Transport Services, Inc.		231		44
Johnson & Johnson		7,495		1,167
Johnson Controls International PLC		1,972		105
JPMorgan Chase & Co.		8,516		1,235
Juniper Networks, Inc.		918		26
Kellogg Co.		778		46
Keurig Dr Pepper, Inc.		2,571		81
KeyCorp		2,499		27
Keysight Technologies, Inc. (e)		505		67
Kimberly-Clark Corp.		954		115
Kimco Realty Corp. REIT		1,747		31
Kinder Morgan, Inc.		5,853		97
KKR & Co., Inc.		1,721		106
KLA Corp.		406		186
Knight-Swift Transportation Holdings, Inc.		451		23
Kraft Heinz Co.		2,238		75
Kroger Co.		1,927		86
L3Harris Technologies, Inc.		540		94
Laboratory Corp. of America Holdings		250		50
Lam Research Corp.		393		246
Lamb Weston Holdings, Inc.		415		38
Las Vegas Sands Corp.		999		46
Lattice Semiconductor Corp. (e)		404		35
Lear Corp.		168		23
Leidos Holdings, Inc.		371		34
Lennar Corp., Class A		728		82
Lennox International, Inc.		92		34
Liberty Broadband Corp., Class C (e)		334		30
Liberty Global PLC Series C (e)		1,177		21
Liberty Media Corp.-Liberty Formula One, Class C (e)		564		35
Liberty Media Corp.-Liberty Live, Class C (e)		141		5
Liberty Media Corp.-Liberty SiriusXM, Class C (e)		474		12
Linde PLC		1,426		531
Live Nation Entertainment, Inc. (e)		469		39
LKQ Corp.		761		38
Lockheed Martin Corp.		659		270
Loews Corp.		559		35
Lowe's Cos., Inc.		1,697		353
LPL Financial Holdings, Inc.		227		54
Lucid Group, Inc. (e)		2,488		14
Lululemon Athletica, Inc. (e)		326		126
LyondellBasell Industries NV, Class A		738		70
M&T Bank Corp.		469		59
Marathon Oil Corp.		1,774		47
Marathon Petroleum Corp.		1,241		188
Markel Group, Inc. (e)		35		52
MarketAxess Holdings, Inc.		106		23
Marriott International, Inc., Class A		761		150
Marsh & McLennan Cos., Inc.		1,416		269
Martin Marietta Materials, Inc.		180		74

The accompanying notes are an integral part of the consolidated financial statements.
24

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Marvell Technology, Inc.		2,432	$	132
Masco Corp.		647		35
Masimo Corp. (e)		133		12
Mastercard, Inc., Class A		2,431		962
Match Group, Inc. (e)		793		31
McCormick & Co., Inc.		715		54
McDonald's Corp.		2,082		548
McKesson Corp.		394		171
Medtronic PLC		3,898		305
MercadoLibre, Inc. (e)		128		162
Merck & Co., Inc.		7,305		752
Meta Platforms, Inc., Class A (e)		6,328		1,900
MetLife, Inc.		1,856		117
Mettler-Toledo International, Inc. (e)		63		70
MGM Resorts International (e)		855		31
Microchip Technology, Inc.		1,583		124
Micron Technology, Inc.		3,102		211
Microsoft Corp.		20,867		6,589
Mid-America Apartment Communities, Inc. REIT		331		43
Moderna, Inc. (e)		914		94
Mohawk Industries, Inc. (e)		153		13
Molina Healthcare, Inc. (e)		160		52
Molson Coors Beverage Co., Class B		534		34
Mondelez International, Inc., Class A		3,850		267
MongoDB, Inc. (e)		199		69
Monolithic Power Systems, Inc.		130		60
Monster Beverage Corp. (e)		2,213		117
Moody's Corp.		472		149
Mosaic Co.		931		33
Motorola Solutions, Inc.		478		130
MSCI, Inc.		227		116
Nasdaq, Inc.		981		48
NetApp, Inc.		609		46
Netflix, Inc. (e)		1,268		479
Neurocrine Biosciences, Inc. (e)		277		31
Newmont Corp.		2,270		84
News Corp., Class A		1,111		22
NextEra Energy, Inc.		5,872		336
NIKE, Inc., Class B		3,524		337
NiSource, Inc.		1,161		29
Nordson Corp.		146		33
Norfolk Southern Corp.		643		127
Northern Trust Corp.		519		36
Northrop Grumman Corp.		413		182
Novocure Ltd. (e)		272		4
NRG Energy, Inc.		655		25
Nucor Corp.		734		115
NVIDIA Corp.		7,214		3,138
NVR, Inc. (e)		10		60
NXP Semiconductors NV		746		149
Occidental Petroleum Corp.		2,046		133
Okta, Inc. (e)		443		36

	Shares		Value (000)
Old Dominion Freight Line, Inc.		281	$	115
Omnicom Group, Inc.		648		48
ON Semiconductor Corp. (e)		1,255		117
ONEOK, Inc.		1,270		81
Oracle Corp.		4,800		508
O'Reilly Automotive, Inc. (e)		174		158
Otis Worldwide Corp.		1,183		95
Ovintiv, Inc.		692		33
Owens Corning		260		35
PACCAR, Inc.		1,496		127
Packaging Corp. of America		256		39
Palantir Technologies, Inc., Class A (e)		5,158		83
Palo Alto Networks, Inc. (e)		872		204
Paramount Global, Class B		1,344		17
Parker-Hannifin Corp.		372		145
Paychex, Inc.		920		106
Paycom Software, Inc.		154		40
Paylocity Holding Corp. (e)		120		22
PayPal Holdings, Inc. (e)		3,050		178
Pentair PLC		467		30
PepsiCo, Inc.		3,895		660
Pfizer, Inc.		16,223		538
PG&E Corp. (e)		5,133		83
Philip Morris International, Inc.		4,496		416
Phillips 66		1,295		156
Pinterest, Inc., Class A (e)		1,715		46
Pioneer Natural Resources Co.		667		153
PNC Financial Services Group, Inc.		1,128		138
Pool Corp.		111		40
PPG Industries, Inc.		676		88
PPL Corp.		2,073		49
Principal Financial Group, Inc.		685		49
Procter & Gamble Co.		6,793		991
Progressive Corp.		1,695		236
Prologis, Inc. REIT		2,645		297
Prudential Financial, Inc.		1,040		99
PTC, Inc. (e)		322		46
Public Service Enterprise Group, Inc.		1,407		80
Public Storage REIT		451		119
PulteGroup, Inc.		640		47
Qorvo, Inc. (e)		285		27
QUALCOMM, Inc.		3,122		347
Quanta Services, Inc.		415		78
Quest Diagnostics, Inc.		316		39
Raymond James Financial, Inc.		585		59
Realty Income Corp. REIT		1,861		93
Regency Centers Corp. REIT		435		26
Regeneron Pharmaceuticals, Inc. (e)		306		252
Regions Financial Corp.		2,642		45
Reliance Steel & Aluminum Co.		170		45
Repligen Corp. (e)		150		24
Republic Services, Inc.		631		90
ResMed, Inc.		422		62

The accompanying notes are an integral part of the consolidated financial statements.
25

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Revvity, Inc.		349	$	39
Rivian Automotive, Inc., Class A (e)		1,823		44
Robert Half, Inc.		308		23
ROBLOX Corp., Class A (e)		1,220		35
Rockwell Automation, Inc.		333		95
Roku, Inc. (e)		350		25
Rollins, Inc.		706		26
Roper Technologies, Inc.		303		147
Ross Stores, Inc.		974		110
Royal Caribbean Cruises Ltd. (e)		662		61
RPM International, Inc.		365		35
RTX Corp.		4,184		301
S&P Global, Inc.		935		342
Salesforce, Inc. (e)		2,772		562
SBA Communications Corp. REIT		299		60
Schlumberger NV		4,059		237
Seagate Technology Holdings PLC		535		35
Seagen, Inc. (e)		401		85
Sealed Air Corp.		402		13
SEI Investments Co.		268		16
Sempra		1,782		121
Sensata Technologies Holding PLC		438		17
ServiceNow, Inc. (e)		576		322
Sherwin-Williams Co.		698		178
Simon Property Group, Inc. REIT		921		99
Sirius XM Holdings, Inc.		2,183		10
Skyworks Solutions, Inc.		455		45
Snap, Inc., Class A (e)		2,874		26
Snap-on, Inc.		152		39
Snowflake, Inc., Class A (e)		750		115
SolarEdge Technologies, Inc. (e)		160		21
Southern Co.		3,082		199
Southwest Airlines Co.		418		11
Splunk, Inc. (e)		456		67
SS&C Technologies Holdings, Inc.		632		33
Stanley Black & Decker, Inc.		438		37
Starbucks Corp.		3,269		298
State Street Corp.		938		63
Steel Dynamics, Inc.		478		51
Steris PLC		282		62
Stryker Corp.		982		268
Sun Communities, Inc. REIT		349		41
Synchrony Financial		1,225		37
Synopsys, Inc. (e)		439		201
Sysco Corp.		1,421		94
T Rowe Price Group, Inc.		631		66
Take-Two Interactive Software, Inc. (e)		488		69
Targa Resources Corp.		611		52
Target Corp.		1,300		144
TE Connectivity Ltd.		904		112
Teledyne Technologies, Inc. (e)		135		55
Teleflex, Inc.		134		26

	Shares		Value (000)
Teradyne, Inc.		450	$	45
Tesla, Inc. (e)		8,301		2,077
Texas Instruments, Inc.		2,588		412
Texas Pacific Land Corp.		17		31
Textron, Inc.		591		46
Thermo Fisher Scientific, Inc.		1,071		542
TJX Cos., Inc.		3,376		300
T-Mobile US, Inc. (e)		1,727		242
Toast, Inc., Class A (e)		1,040		19
Toro Co.		297		25
Tractor Supply Co.		314		64
Trade Desk, Inc., Class A (e)		1,274		100
Tradeweb Markets, Inc., Class A		311		25
Trane Technologies PLC		664		135
TransDigm Group, Inc. (e)		158		133
TransUnion		548		39
Travelers Cos., Inc.		660		108
Trimble, Inc. (e)		700		38
Truist Financial Corp.		3,692		106
Twilio, Inc., Class A (e)		496		29
Tyler Technologies, Inc. (e)		121		47
Tyson Foods, Inc., Class A		799		40
Uber Technologies, Inc. (e)		5,291		243
UDR, Inc. REIT		887		32
UGI Corp.		591		14
U-Haul Holding Co.		273		14
UiPath, Inc., Class A (e)		1,013		17
Ulta Beauty, Inc. (e)		145		58
Union Pacific Corp.		1,724		351
United Parcel Service, Inc., Class B		2,049		319
United Rentals, Inc.		199		88
United Therapeutics Corp. (e)		130		29
UnitedHealth Group, Inc.		2,634		1,328
Unity Software, Inc. (e)		639		20
Universal Health Services, Inc., Class B		182		23
US Bancorp		4,229		140
Vail Resorts, Inc.		117		26
Valero Energy Corp.		1,031		146
Veeva Systems, Inc., Class A (e)		421		86
Ventas, Inc. REIT		1,133		48
VeriSign, Inc. (e)		269		54
Verisk Analytics, Inc.		414		98
Verizon Communications, Inc.		11,566		375
Vertex Pharmaceuticals, Inc. (e)		731		254
VF Corp.		906		16
Viatris, Inc.		3,315		33
VICI Properties, Inc. REIT		2,830		82
Visa, Inc., Class A		4,628		1,064
Vistra Corp.		960		32
VMware, Inc., Class A (e)		640		107
Vulcan Materials Co.		385		78
W R Berkley Corp.		601		38
Walgreens Boots Alliance, Inc.		2,075		46

The accompanying notes are an integral part of the consolidated financial statements.
26

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Walmart, Inc.		4,243	$	679
Walt Disney Co. (e)		5,234		424
Warner Bros Discovery, Inc. (e)		6,486		70
Waste Connections, Inc.		733		98
Waste Management, Inc.		1,160		177
Waters Corp. (e)		163		45
Watsco, Inc.		96		36
Webster Financial Corp.		488		20
WEC Energy Group, Inc.		887		71
Wells Fargo & Co.		10,808		442
Welltower, Inc. REIT		1,403		115
West Pharmaceutical Services, Inc.		213		80
Western Digital Corp. (e)		891		41
Westinghouse Air Brake Technologies Corp.		518		55
Westlake Corp.		109		14
Westrock Co.		720		26
Weyerhaeuser Co. REIT		2,103		64
Whirlpool Corp.		154		21
Williams Cos., Inc.		3,484		117
Willis Towers Watson PLC		304		64
Wolfspeed, Inc. (e)		348		13
Workday, Inc., Class A (e)		575		124
WP Carey, Inc. REIT		605		33
WW Grainger, Inc.		128		89
Wynn Resorts Ltd.		295		27
Xcel Energy, Inc.		1,550		89
Xylem, Inc.		681		62
Yum! Brands, Inc.		791		99
Zebra Technologies Corp., Class A (e)		145		34
Zillow Group, Inc., Class C (e)		438		20
Zimmer Biomet Holdings, Inc.		598		67
Zoetis, Inc.		1,313		228
Zoom Video Communications, Inc., Class A (e)		661		46
ZoomInfo Technologies, Inc., Class A (e)		789		13
Zscaler, Inc. (e)		240		37
				108,797
Total Common Stocks (Cost $120,147)				175,339
	No. of Warrants
Warrants (0.0%)‡
Canada (0.0%)‡
Constellation Software, Inc. expires 03/31/40 (e) (Cost $—)		95		1

	Shares		Value (000)
Short-Term Investments (15.1%)
Investment Company (14.5%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $74,041)		74,040,625	$	74,041
	Face Amount (000)
U.S. Treasury Securities (0.6%)
U.S. Treasury Bill,
5.01%, 11/30/23 (g)	$	2,291		2,271
5.33%, 11/30/23 (g)		550		545
5.38%, 11/30/23 (g)		150		148
5.43%, 11/30/23 (g)		150		149
Total U.S. Treasury Securities (Cost $3,115)				3,113
Total Short-Term Investments (Cost $77,156)				77,154
Total Investments (93.2%) (Cost $452,578) (h)(i)(j)				477,725
Other Assets in Excess of Liabilities 6.8%				35,128
Net Assets (100.0%)			$	512,853

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.

‡ Amount is less than 0.05%.

@ Face Amount/Value is less than $500.

(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 September 30, 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) 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 September 30, 2023.

(e) Non-income producing security.

(f) At September 30, 2023, the Fund held a fair valued security 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 Company's (as defined herein) Trustees.

(g) Rate shown is the yield to maturity at September 30, 2023.

(h) The approximate fair value and percentage of net assets, $57,715,000 and 11.3%, 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 Consolidated Financial Statements.

(i) 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.

The accompanying notes are an integral part of the consolidated financial statements.
27

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

(j) At September 30, 2023, the aggregate cost for federal income tax purposes is approximately $472,181,000. The aggregate gross unrealized appreciation is approximately $74,428,000 and the aggregate gross unrealized depreciation is approximately $70,344,000, resulting in net unrealized appreciation of approximately $4,084,000.

ADR American Depositary Receipt.

CLO Collateralized Loan Obligation.

CVA Certificaten Van Aandelen.

DAC Designated Activity Company.

EURIBOR Euro 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.

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at September 30, 2023:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Australia & New Zealand Banking Group Ltd.	TRY	457,638	$	15,700	12/14/23	$	—	@
Australia & New Zealand Banking Group Ltd.	$	368,800	EUR	342,975	11/10/23		(6	)
Australia & New Zealand Banking Group Ltd.	$	8,298	JPY	1,190,691	11/10/23		(—	@)
Bank of America NA	CNH	3,537,979	$	486,003	12/14/23		(—	@)
Bank of America NA	CNY	10,000,000	$	1,384,083	11/10/23		11
Bank of America NA	PLN	251,986	$	57,625	12/14/23		—	@
Bank of America NA	$	130,868	ILS	495,760	12/14/23		(—	@)
Bank of America NA	$	645,165	JPY	93,607,001	12/14/23		(11	)
Bank of America NA	$	1,945,325	KRW	2,515,849,394	11/10/23		(77	)
Bank of America NA	$	54,786	SEK	606,847	12/14/23		1
Bank of New York Mellon	$	64,342	DKK	445,639	12/14/23		(1	)
Barclays Bank PLC	CNY	4,300,000	$	593,349	11/10/23		3
Barclays Bank PLC	EUR	1,358,786	$	1,461,911	12/14/23		21
Barclays Bank PLC	HKD	4,413	$	565	12/14/23		—	@
Barclays Bank PLC	$	1,037,913	CHF	900,097	11/10/23		(51	)
Barclays Bank PLC	$	1,380,089	JPY	200,237,152	12/14/23		(24	)
Barclays Bank PLC	$	332,022	MXN	5,830,466	12/14/23		(2	)
Barclays Bank PLC	$	1,731,031	SEK	19,174,027	12/14/23		30
BNP Paribas SA	BRL	1,120,304	$	221,408	12/14/23		1
BNP Paribas SA	CAD	487,487	$	359,989	12/14/23		1
BNP Paribas SA	CHF	120,619	$	132,948	12/14/23		—	@
BNP Paribas SA	CNH	1,335,590	$	183,459	12/14/23		(—	@)
BNP Paribas SA	CNY	134,683,820	$	18,524,877	12/14/23		(31	)
BNP Paribas SA	COP	1,494,960,000	$	358,160	11/10/23		(4	)
BNP Paribas SA	EUR	735,550	$	800,524	11/10/23		22
BNP Paribas SA	EUR	10,000	$	10,777	11/10/23		—	@
BNP Paribas SA	EUR	1,503,015	$	1,617,101	12/14/23		23
BNP Paribas SA	HKD	298,632	$	38,222	12/14/23		—	@
BNP Paribas SA	IDR	17,038,139,154	$	1,121,447	11/10/23		19
BNP Paribas SA	INR	6,879,651	$	82,374	12/14/23		(—	@)
BNP Paribas SA	JPY	60,747,000	$	409,807	11/10/23		1
BNP Paribas SA	THB	4,257,197	$	123,960	11/10/23		7
BNP Paribas SA	$	479,370	AUD	744,664	12/14/23		1
BNP Paribas SA	$	252,368	AUD	390,724	12/14/23		(1	)
BNP Paribas SA	$	272,824	CAD	369,155	12/14/23		(1	)
BNP Paribas SA	$	82,659	CLP	74,030,514	12/14/23		—	@
BNP Paribas SA	$	4,325,414	CNY	30,731,204	11/10/23		(107	)
BNP Paribas SA	$	58,734	COP	242,881,489	12/14/23		(—	@)
BNP Paribas SA	$	1,927,203	EUR	1,740,071	11/10/23		(85	)
BNP Paribas SA	$	634,663	JPY	91,467,160	11/10/23		(19	)
BNP Paribas SA	$	2,855,746	MXN	50,138,331	12/14/23		(13	)
BNP Paribas SA	$	52,335	TWD	1,669,157	12/14/23		(—	@)
Citibank NA	$	233,698	CAD	316,295	11/10/23		(1	)
Citibank NA	$	9,953	CZK	228,953	12/14/23		(—	@)
Citibank NA	$	60,283	ILS	228,491	12/14/23		(—	@)
Citibank NA	$	661,738	SEK	6,998,986	11/10/23		(20	)

The accompanying notes are an integral part of the consolidated financial statements.
28

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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	BRL	35,175,046	$	6,958,741	12/14/23	$	24
Goldman Sachs International	HKD	168	$	21	12/14/23		—	@
Goldman Sachs International	HUF	138,628,068	$	382,273	11/10/23		8
Goldman Sachs International	NOK	583,174	$	54,626	12/14/23		(—	@)
Goldman Sachs International	NZD	494,475	$	291,690	12/14/23		(5	)
Goldman Sachs International	SGD	83,242	$	61,322	12/14/23		—	@
Goldman Sachs International	$	1,511,551	CHF	1,336,466	12/14/23		(40	)
Goldman Sachs International	$	110,997	CLP	96,240,000	11/10/23		(3	)
Goldman Sachs International	$	12,078	CZK	277,842	12/14/23		(—	@)
Goldman Sachs International	$	2,268,898	JPY	329,194,114	12/14/23		(40	)
Goldman Sachs International	$	1,499	JPY	221,875	11/10/23		(—	@)
Goldman Sachs International	$	104,790	MXN	1,813,003	11/10/23		(1	)
Goldman Sachs International	$	243,044	MXN	4,197,330	11/10/23		(4	)
Goldman Sachs International	$	1,445,741	MXN	25,388,215	12/14/23		(6	)
Goldman Sachs International	$	110,490	PEN	411,443	11/10/23		(2	)
Goldman Sachs International	$	126,545	PLN	512,541	11/10/23		(9	)
Goldman Sachs International	$	139,923	RON	631,531	11/10/23		(6	)
Goldman Sachs International	$	463,941	SEK	5,138,543	12/14/23		8
JPMorgan Chase Bank NA	CAD	936,223	$	701,361	11/10/23		12
JPMorgan Chase Bank NA	CAD	127,003	$	93,786	12/14/23		—	@
JPMorgan Chase Bank NA	DKK	493,419	$	73,152	11/10/23		3
JPMorgan Chase Bank NA	EUR	7,058,640	$	7,594,042	12/14/23		107
JPMorgan Chase Bank NA	EUR	1,172,882	$	1,244,258	12/14/23		—	@
JPMorgan Chase Bank NA	MXN	17,595,132	$	1,008,751	11/10/23		6
JPMorgan Chase Bank NA	NOK	448,866	$	42,047	12/14/23		—	@
JPMorgan Chase Bank NA	NZD	1,671,025	$	1,024,204	11/10/23		23
JPMorgan Chase Bank NA	NZD	4,429,549	$	2,612,959	12/14/23		(42	)
JPMorgan Chase Bank NA	SGD	131,289	$	96,720	12/14/23		—	@
JPMorgan Chase Bank NA	$	1,693,680	AUD	2,630,966	12/14/23		2
JPMorgan Chase Bank NA	$	1,269,423	CHF	1,122,393	12/14/23		(33	)
JPMorgan Chase Bank NA	$	208,990	COP	892,795,000	11/10/23		7
JPMorgan Chase Bank NA	$	660,864	EUR	623,233	12/14/23		—	@
JPMorgan Chase Bank NA	$	1,846	GBP	1,480	12/14/23		(—	@)
JPMorgan Chase Bank NA	$	1,139,018	JPY	165,260,675	12/14/23		(20	)
JPMorgan Chase Bank NA	$	348,286	MXN	6,025,316	11/10/23		(5	)
JPMorgan Chase Bank NA	$	680,374	MXN	11,948,026	12/14/23		(3	)
JPMorgan Chase Bank NA	$	674,994	MXN	11,876,480	12/14/23		(2	)
JPMorgan Chase Bank NA	$	94,542	NOK	960,145	11/10/23		(5	)
JPMorgan Chase Bank NA	$	156,971	SEK	1,738,749	12/14/23		3
JPMorgan Chase Bank NA	$	109,741	SGD	146,026	11/10/23		(3	)
Standard Chartered Bank	NZD	319,906	$	188,702	12/14/23		(3	)
Standard Chartered Bank	$	1,999,457	CAD	2,725,396	11/10/23		8
State Street Bank and Trust Co.	EUR	229,704	$	247,141	12/14/23		3
UBS AG	AUD	2,090,886	$	1,379,562	11/10/23		34
UBS AG	AUD	151,566	$	98,268	11/10/23		1
UBS AG	CAD	230,411	$	170,569	11/10/23		1
UBS AG	CAD	191,730	$	141,587	12/14/23		—	@
UBS AG	EUR	2,334,850	$	2,512,065	12/14/23		35
UBS AG	GBP	1,491,303	$	1,902,821	11/10/23		83
UBS AG	GBP	69,598	$	88,185	11/10/23		3
UBS AG	GBP	1,234,123	$	1,500,887	11/10/23		(5	)
UBS AG	HKD	4,325	$	554	12/14/23		—	@
UBS AG	HKD	1,699,294	$	217,368	12/14/23		—	@
UBS AG	IDR	419,891,537	$	27,331	12/14/23		—	@
UBS AG	JPY	111,978,232	$	758,157	12/14/23		—	@
UBS AG	NZD	576,639	$	342,854	11/10/23		(3	)
UBS AG	NZD	13,134,328	$	7,748,006	12/14/23		(124	)
UBS AG	SEK	4,708,477	$	421,939	11/10/23		(10	)

The accompanying notes are an integral part of the consolidated financial statements.
29

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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	THB	548,547	$	15,473	12/14/23	$	—	@
UBS AG	$	198,481	AUD	308,171	12/14/23		—	@
UBS AG	$	931,461	CNY	6,700,000	11/10/23		(12	)
UBS AG	$	134,507	GBP	110,174	12/14/23		(—	@)
UBS AG	$	4,294	HUF	1,540,800	11/10/23		(—	@)
UBS AG	$	13,017	HUF	4,751,041	12/14/23		(—	@)
UBS AG	$	1,612,013	JPY	225,292,504	11/10/23		(95	)
UBS AG	$	400,544	JPY	58,574,000	11/10/23		(6	)
UBS AG	$	191,471	KRW	254,842,004	12/14/23		(2	)
UBS AG	$	120,326	KRW	161,645,919	12/14/23		(—	@)
UBS AG	$	1,371,840	MXN	24,089,517	12/14/23		(6	)
UBS AG	$	364,083	NZD	606,410	12/14/23		(1	)
UBS AG	$	179,232	SEK	1,985,363	12/14/23		3
UBS AG	ZAR	1,081,726	$	56,649	12/14/23		(—	@)
Westpac Banking Corp.	CAD	2,076,755	$	1,537,934	11/10/23		8
						$	(427	)

Futures Contracts:

The Fund had the following futures contracts open at September 30, 2023:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
German Euro-Bobl Index (Germany)		17	Dec-23	EUR	1,700		$	2,080		$	(29	)
German Euro-BTP Index (Germany)		8	Dec-23		800			928			(38	)
German Euro-Schatz Index (Germany)		118	Dec-23		11,800			13,098			(56	)
Montreal Exchange 10 yr. Canadian Bond Index (Canada)		1	Dec-23	CAD	100			85			(2	)
MSCI Emerging Market Index (United States)		57	Dec-23	$	3			2,723			(81	)
Nikkei 225 Index (United States)		24	Dec-23	JPY	12			2,556			(59	)
S&P 500 E Mini Index (United States)		2	Dec-23	$	—	@		433			(19	)
SFE 10 yr. Australian Bond (Australia)		157	Dec-23	AUD	15,700			11,303			(300	)
SGX MSCI Singapore Index (Singapore)		2	Oct-23	SGD	—	@		42			—	@
U.S. Treasury Long Bond (United States)		20	Dec-23	$	2,000			2,276			(135	)
U.S. Treasury Ultra Bond (United States)		33	Dec-23		3,300			3,917			(289	)
U.S. Treasury 2 yr. Note (United States)		29	Dec-23		5,800			5,879			(11	)
U.S. Treasury 5 yr. Note (United States)		121	Dec-23		12,100			12,748			(118	)
U.S. Treasury 10 yr. Note (United States)		42	Dec-23		4,200			4,539			(79	)
KFE 10 yr. Treasury Bond Index (Korea, Republic of)		24	Dec-23	KRW	2,400,000			1,919			(12	)
U.S. Treasury 10 yr. Ultra Note (United States)		80	Dec-23	$	8,000			8,925			(360	)
ICE Brent Crude Oil Index (United States)		60	Oct-23		60			5,532			751
Short:
Euro Stoxx 50 Index (Germany)		38	Dec-23	EUR	(—	@)		(1,689	)		23
FTSE 100 Index (United Kingdom)		1	Dec-23	GBP	(—	@)		(94	)		(1	)
German Euro-BTP Index (Germany)		102	Dec-23	EUR	(10,200	)		(11,833	)		403
German Euro-Bund Index (Germany)		51	Dec-23		(5,100	)		(6,936	)		213
TSE Japanese 10 yr. Bond index (Japan)		54	Dec-23	JPY	(5,400,000	)		(52,381	)		352
U.S. Treasury 5 yr. Note (United States)		47	Dec-23	$	(4,700	)		(4,952	)		44
U.S. Treasury 10 yr. Ultra Note (United States)		87	Dec-23		(8,700	)		(9,706	)		287
										$	484

The accompanying notes are an integral part of the consolidated financial statements.
30

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Interest Rate Swap Agreements:

The Fund had the following interest rate swap agreements open at September 30, 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 (000)
Morgan Stanley & Co. LLC*		1	Week CNY	Pay		2.56	%	Quarterly/ Quarterly	5/16/28	CNY	70,937	$	83	$	—	$	83
Morgan Stanley & Co. LLC*		1	Week CNY	Pay		2.56		Quarterly/ Quarterly	5/16/28		70,937		82		—		82
												$	165	$	—	$	165

Total Return Swap Agreements:

The Fund had the following total return swap agreements open at September 30, 2023:

Swap Counterparty	Index	Pay/Receive Total Return of Reference Index	Floating Rate	Payment Frequency	Maturity Date	Notional Amount (000)			Value (000)			Upfront Payment Paid (Received) (000)		Unrealized Appreciation (Depreciation) (000)
Bank of America NA	MSCI USA Index	Pay	SOFR + 0.45%	Quarterly	7/16/24	$	(21,469	)	$	(1,039	)	$	—	$	(1,039	)
Barclays Bank PLC	Barclays Macau Custom Basket Index	Receive	SOFR + 0.90%	Quarterly	9/9/24		968			53			—		53
Barclays Bank PLC	Barclays Macau Custom Basket Index	Receive	SOFR + 0.90%	Quarterly	9/9/24		645			29			—		29
Barclays Bank PLC	Barclays Macau Custom Basket Index	Receive	SOFR + 0.90%	Quarterly	9/9/24		645			19			—		19
Barclays Bank PLC	Barclays Macau Custom Basket Index	Receive	SOFR + 0.90%	Quarterly	9/9/24		645			10			—		10
Barclays Bank PLC	Barclays U.S. Cyclicals Custom Basket Index^††	Receive	SOFR + 0.00%	Quarterly	7/24/24		4,552			336			—		336
Barclays Bank PLC	Barclays U.S. Cyclicals Custom Basket Index^††	Receive	SOFR + 0.00%	Quarterly	7/24/24		4,566			346			—		346
Barclays Bank PLC	Barclays U.S. Cyclicals Custom Basket Index^††	Receive	SOFR + 0.03%	Quarterly	7/24/24		4,511			351			—		351
Barclays Bank PLC	Barclays U.S. Cyclicals Custom Basket Index^††	Receive	SOFR + 0.03%	Quarterly	7/24/24		4,426			220			—		220
Barclays Bank PLC	Barclays U.S. Defensives Custom Basket Index^††	Pay	SOFR + 0.00%	Quarterly	7/24/24		(4,579	)		(333	)		—		(333	)
Barclays Bank PLC	Barclays U.S. Defensives Custom Basket Index^††	Pay	SOFR + 0.00%	Quarterly	7/24/24		(4,557	)		(369	)		—		(369	)
Barclays Bank PLC	Barclays U.S. Defensives Custom Basket Index^††	Pay	SOFR + 0.00%	Quarterly	7/24/24		(4,543	)		(365	)		—		(365	)
Barclays Bank PLC	Barclays U.S. Defensives Custom Basket Index^††	Pay	SOFR + 0.03%	Quarterly	7/24/24		(4,600	)		(193	)		—		(193	)

The accompanying notes are an integral part of the consolidated financial statements.
31

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Total Return Swap Agreements: (cont'd)

Swap Counterparty	Index	Pay/Receive Total Return of Reference Index	Floating Rate	Payment Frequency	Maturity Date	Notional Amount (000)			Value (000)			Upfront Payment Paid (Received) (000)		Unrealized Appreciation (Depreciation) (000)
Barclays Bank PLC	E&P Index	Pay	SOFR + 0.20%	Quarterly	4/10/24	$	(922	)	$	128		$	—	$	128
Barclays Bank PLC	E&P Index	Pay	SOFR + 0.20%	Quarterly	4/10/24		(2,117	)		295			—		295
Barclays Bank PLC	MSCI Daily Total Return World Gross Consumer Staples Index	Receive	SOFR + 0.10%	Quarterly	5/20/24		5,078			297			—		297
Barclays Bank PLC	MSCI World Tobacco Index	Pay	SOFR + 0.25%	Quarterly	5/20/24		(5,092	)		(94	)		—		(94	)
BNP Paribas SA	BNP EU Luxury Index^††	Receive	SOFR + 0.24%	Quarterly	6/5/24		2,596			284			—		284
BNP Paribas SA	BNP EU Luxury Index^††	Receive	SOFR + 0.24%	Quarterly	6/5/24		4,771			523			—		523
BNP Paribas SA	BNP EU Luxury Index^††	Receive	SOFR + 0.24%	Quarterly	6/5/24		2,686			294			—		294
BNP Paribas SA	BNP EU Luxury Index^††	Receive	SOFR + 0.24%	Quarterly	6/5/24		905			124			—		124
BNP Paribas SA	BNP EU Luxury Index^††	Receive	SOFR + 0.24%	Quarterly	6/5/24		2,920			283			—		283
BNP Paribas SA	EMU IMI Anti Value Custom Basket Index^††	Receive	SOFR + 0.02%	Quarterly	9/18/24	EUR	2,290			106			—		106
BNP Paribas SA	EMU IMI Anti Value Custom Basket Index^††	Receive	SOFR + 0.02%	Quarterly	9/18/24		4,148			151			—		151
BNP Paribas SA	EMU IMI Anti Value Custom Basket Index^††	Receive	SOFR + 0.02%	Quarterly	9/18/24		4,186			126			—		126
BNP Paribas SA	EMU IMI Anti Value Custom Basket Index^††	Receive	SOFR + 0.02%	Quarterly	9/18/24		4,226			155			—		155
BNP Paribas SA	EMU IMI Anti Value Custom Basket Index^††	Receive	SOFR + 0.02%	Quarterly	9/18/24		4,144			83			—		83
BNP Paribas SA	EMU IMI Value Custom Basket Index^††	Pay	SOFR + 0.35%	Quarterly	9/18/24		(2,287	)		(64	)		—		(64	)
BNP Paribas SA	EMU IMI Value Custom Basket Index^††	Pay	SOFR + 0.35%	Quarterly	9/18/24		(4,162	)		(91	)		—		(91	)
BNP Paribas SA	EMU IMI Value Custom Basket Index^††	Pay	SOFR + 0.35%	Quarterly	9/18/24		(4,202	)		(84	)		—		(84	)
BNP Paribas SA	EMU IMI Value Custom Basket Index^††	Pay	SOFR + 0.35%	Quarterly	9/18/24		(4,234	)		(122	)		—		(122	)
BNP Paribas SA	EMU IMI Value Custom Basket Index^††	Pay	SOFR + 0.35%	Quarterly	9/18/24		(4,073	)		(76	)		—		(76	)
BNP Paribas SA	MSCI Japan Net Total Return USD	Pay	SOFR + 0.01%	Quarterly	2/12/24	$	(16,233	)		(516	)		—		(516	)

The accompanying notes are an integral part of the consolidated financial statements.
32

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Total Return Swap Agreements: (cont'd)

Swap Counterparty	Index	Pay/Receive Total Return of Reference Index	Floating Rate	Payment Frequency	Maturity Date	Notional Amount (000)			Value (000)			Upfront Payment Paid (Received) (000)		Unrealized Appreciation (Depreciation) (000)
Goldman Sachs International	MSCI Emerging Markets Net Total Return Index	Pay	SOFR + 0.21%	Quarterly	1/26/24	$	(31,556	)	$	(2,077	)	$	—	$	(2,077	)
JPMorgan Chase Bank NA	Japan Growth Index^††	Receive	SOFR + 0.19%	Quarterly	9/17/24		7,641			305			—		305
JPMorgan Chase Bank NA	Japan Value Index^††	Pay	SOFR + 0.00%	Quarterly	9/17/24		(7,698	)		(108	)		—		(108	)
JPMorgan Chase Bank NA	JPM Russell SPX Broad Growth Custom Basket Index^††	Receive	SOFR + 0.40%	Quarterly	9/20/24		8,259			313			—		313
JPMorgan Chase Bank NA	JPM Russell SPX Broad Growth Custom Basket Index^††	Receive	SOFR + 0.40%	Quarterly	9/20/24		16,412			45			—		45
JPMorgan Chase Bank NA	JPM Russell SPX Broad Value Custom Basket Index^††	Pay	SOFR + 0.40%	Quarterly	9/20/24		(8,306	)		(153	)		—		(153	)
JPMorgan Chase Bank NA	JPM Russell SPX Broad Value Custom Basket Index^††	Pay	SOFR + 0.40%	Quarterly	9/20/24		(16,592	)		(105	)		—		(105	)
JPMorgan Chase Bank NA	JPM SPX1500 Growth Custom Basket Index^††	Receive	SOFR + 0.05%	Quarterly	9/16/24		3,560			178			—		178
JPMorgan Chase Bank NA	JPM SPX1500 Growth Custom Basket Index^††	Receive	SOFR + 0.05%	Quarterly	9/16/24		5,338			242			—		242
JPMorgan Chase Bank NA	JPM SPX1500 Value Custom Basket Index^††	Pay	SOFR + 0.05%	Quarterly	9/16/24		(3,574	)		(57	)		—		(57	)
JPMorgan Chase Bank NA	JPM SPX1500 Value Custom Basket Index^††	Pay	SOFR + 0.05%	Quarterly	9/16/24		(5,318	)		(59	)		—		(59	)
JPMorgan Chase Bank NA	Korea Growth Index	Receive	SOFR + 0.30%	Quarterly	9/17/24		1,910			103			—		103
JPMorgan Chase Bank NA	Korea Value Index	Pay	SOFR + 0.16%	Quarterly	9/17/24		(1,920	)		(43	)		—		(43	)
UBS AG	MSCI USA Index	Pay	SOFR + 0.46%	Quarterly	9/24/24		(50,006	)		(1,301	)		—		(1,301	)
									$	(1,850	)	$	—	$	(1,850	)

†† 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.
33

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with Barclays U.S. Cyclicals Custom Basket Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
Barclays U.S. Cyclicals Custom Basket Index
3M Co.		3,766	$	353		0.66	%
Activision Blizzard, Inc.		5,135		481		0.90
Air Products & Chemicals, Inc.		1,528		433		0.81
Airbnb, Inc., Class A		2,840		390		0.73
Automatic Data Processing		2,848		685		1.28
Autozone, Inc.		128		325		0.61
Boeing Co.		3,881		744		1.39
Booking Holdings, Inc.		259		799		1.50
Carrier Global Corp.		5,759		318		0.60
Caterpillar, Inc.		3,576		976		1.83
Chipotle Mexican Grill, Inc.		192		352		0.66
Cintas Corp.		631		304		0.57
Comcast Corp., Class A		28,954		1,284		2.40
CSX Corp.		14,189		436		0.82
Deere & Co.		1,931		729		1.36
Eaton Corp. PLC		2,737		584		1.09
Ecolab, Inc.		1,765		299		0.56
Emerson Electric Co.		3,939		380		0.71
FedEx Corp.		1,647		436		0.82
Ford Motor Co.		26,855		334		0.62
Freeport-Mcmoran, Inc.		9,787		365		0.68
General Dynamics Corp.		1,607		355		0.66
General Electric Co.		7,452		824		1.54
General Motors Co.		9,525		314		0.59
Home Depot, Inc.		6,981		2,109		3.95
Honeywell International, Inc.		4,578		846		1.58
Illinois Tool Works, Inc.		2,089		481		0.90
Linde PLC		3,361		1,251		2.34
Lowe's Cos, Inc.		4,087		849		1.59
Lululemon Athletica, Inc.		807		311		0.58
Marriott International, Class A		1,812		356		0.67
Mcdonald's Corp.		5,018		1,322		2.48
Netflix, Inc.		3,069		1,159		2.17
Nike, Inc., Class B		8,603		823		1.54
Norfolk Southern Corp.		1,570		309		0.58
Northrop Grumman Corp.		983		433		0.81
O'Reilly Automotive, Inc.		426		387		0.72
Paccar, Inc.		3,605		307		0.57
Parker Hannifin Corp.		875		341		0.64
Sherwin-Williams Co.		1,703		434		0.81
Starbucks Corp.		7,910		722		1.35
Tesla, Inc.		20,206		5,056		9.47
TJX Companies, Inc.		7,955		707		1.32
Trane Technologies PLC		1,579		320		0.60
Transdigm Group, Inc.		376		317		0.59
Uber Technologies, Inc.		12,509		575		1.08
Union Pacific Corp.		4,215		858		1.61
United Parcel Service, Class B		4,975		775		1.45
Walt Disney Co.		12,555		1,018		1.91
Waste Management, Inc.		2,776		423		0.79

The following table represents the equity basket holdings underlying the total return swap with Barclays U.S. Defensives Custom Basket Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
Barclays U.S. Defensives Custom Basket Index
Abbott Laboratories		11,273	$	1,092		2.03	%
Abbvie, Inc.		11,323		1,688		3.14
American Electric Power		3,293		248		0.46
Amgen, Inc.		3,483		936		1.74
Archer-Daniels-Midland Co.		3,488		263		0.49
AT&T, Inc.		46,068		692		1.29
Becton Dickinson and Co.		1,796		464		0.86
Biogen, Inc.		938		241		0.45
Boston Scientific Corp.		9,220		487		0.91
Bristol-Myers Squibb Co.		13,540		786		1.46
Centene Corp.		3,497		241		0.45
Coca-Cola Co.		26,512		1,484		2.76
Colgate-Palmolive Co.		5,063		360		0.67
Costco Wholesale Corp.		2,849		1,610		3.00
Cvs Health Corp.		8,196		572		1.07
Danaher Corp.		4,456		1,106		2.06
Duke Energy Corp.		4,938		436		0.81
Edwards Lifesciences Corp.		3,878		269		0.50
Elevance Health, Inc.		1,517		661		1.23
Eli Lilly & Co.		5,181		2,783		5.18
Exelon Corp.		6,349		240		0.45
General Mills, Inc.		3,772		241		0.45
Gilead Sciences, Inc.		8,087		606		1.13
Hca Healthcare, Inc.		1,332		328		0.61
Humana, Inc.		808		393		0.73
Intuitive Surgical, Inc.		2,264		662		1.23
Johnson & Johnson		16,810		2,618		4.87
Kimberly-Clark Corp.		2,161		261		0.49
Mckesson Corp.		873		380		0.71
Medtronic PLC		8,520		668		1.24
Merck & Co., Inc.		16,323		1,680		3.13
Mondelez International, Inc., Class A		8,806		611		1.14
Monster Beverage Corp.		5,047		267		0.50
Nextera Energy, Inc.		12,912		740		1.38
Pepsico, Inc.		8,858		1,501		2.79
Pfizer, Inc.		36,258		1,203		2.24
Procter & Gamble Co.		15,152		2,210		4.11
Regeneron Pharmaceuticals		697		574		1.07
Sempra		4,018		273		0.51
Southern Co.		7,004		453		0.84
Stryker Corp.		2,206		603		1.12
Target Corp.		2,938		325		0.60
The Cigna Group		1,899		543		1.01
Thermo Fisher Scientific, Inc.		2,469		1,250		2.33
T-Mobile US, Inc.		3,889		545		1.01
Unitedhealth Group, Inc.		5,994		3,022		5.63
Verizon Communications, Inc.		27,295		885		1.65
Vertex Pharmaceuticals, Inc.		1,667		580		1.08
Walmart, Inc.		9,515		1,522		2.83
Zoetis, Inc.		2,985		519		0.97

The accompanying notes are an integral part of the consolidated financial statements.
34

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with BNP EU Luxury Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
BNP EU Luxury Index
Brunello Cucinelli SpA		199	$	15		1.80	%
Burberry Group PLC		1,109		26		3.07
Cie Financiere Richemo, Class A Reg		1,319		162		19.22
Hermes International		93		170		20.28
Hugo Boss AG		210		13		1.58
Kering		342		156		18.60
LVMH Moet Hennessy Louis Vuitton SE		239		181		21.54
Moncler SpA		813		47		5.64
Salvatore Ferragamo SpA		530		7		0.84
Swatch Group AG		150		39		4.59
Tapestry, Inc.		693		20		2.37
Tod's SpA		104		4		0.45

The following table represents the equity basket holdings underlying the total return swap with EMU IMI Anti Value Custom Basket Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
EMU IMI Anti Value Custom Basket Index
Adyen NV		12	$	9		0.90	%
Air Liquide SA		50		8		0.84
Akzo Nobel NV		118		8		0.84
Allfunds Group PLC		1,664		9		0.91
Amplifon SpA		290		8		0.85
Arcadis NV		192		8		0.85
Bawag Group AG		206		9		0.93
Bureau Veritas SA		342		8		0.84
Ca Immobilien Anlagen AG		273		9		0.90
Carl Zeiss Meditec AG		104		9		0.90
Cellnex Telecom SA		269		9		0.93
Covestro AG		158		8		0.84
Credit Agricole SA		756		9		0.92
CTS Eventim AG & Co. KGaA		177		10		1.00
Dassault Systemes SE		263		9		0.97
Deutsche Boerse AG		52		9		0.90
Dsm-Firmenich AG		108		9		0.90
Eckert & Ziegler Strahlen und Medizintechnik AG		286		9		0.96
Edenred		145		9		0.90
Edp Renovaveis SA		529		8		0.86
Finecobank SpA		745		9		0.90
Fuchs SE — Pref		224		8		0.86
Gecina SA		90		9		0.91
Groupe Bruxelles Lambert NV		117		8		0.86
Hannover Rueck SE		43		9		0.94
Imcd NV		67		8		0.84
Infrastrutture Wireless Italiane SpA		827		9		0.97
Inmobiliaria Colonial Socimi SA		1,545		8		0.87
KBC Group NV		149		9		0.92
Kingspan Group PLC		114		8		0.84
Legrand SA		93		8		0.85
Lotus Bakeries		1		8		0.84
Mediobanca SpA		722		9		0.94
Merlin Properties Socimi SA		1,056		8		0.88

Security Description	Shares		Value (000)		Index Weight
EMU IMI Anti Value Custom Basket Index (cont'd)
Nemetschek SE		158	$	9		0.96	%
Neoen SA		312		9		0.90
OCI NV		317		8		0.87
Qt Group Oyj		171		9		0.93
Sampo Oyj — A Shares		220		9		0.94
SAP SE		73		9		0.93
Schneider Electric SE		52		8		0.85
Scout24 SE		151		10		1.04
Solaria Energía y Medio Ambiente SA		598		9		0.92
Symrise AG		91		8		0.86
Talanx AG		144		9		0.91
Universal Music Group NV		410		10		1.06
VGP		91		8		0.83
Vidrala SA		99		8		0.85
Warehouses De Pauw SCA		346		8		0.85
Wolters Kluwer		71		8		0.85

The following table represents the equity basket holdings underlying the total return swap with EMU IMI Value Custom Basket Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
EMU IMI Value Custom Basket Index
Acerinox SA		1,029	$	9		0.97	%
Anheuser-Busch Inbev SA		169		9		0.91
Anima Holding SpA		2,353		9		0.96
Aperam		340		9		0.96
Arcelormittal		391		9		0.96
Aroundtown SA		5,496		11		1.11
Azimut Holding SpA		431		9		0.92
Bollore SE		1,663		8		0.87
Bouygues SA		292		10		0.99
Cargotec Oyj — B Share		235		9		0.96
Clariane SE		1,521		9		0.89
Cnh Industrial NV		761		9		0.90
Compagnie De Saint Gobain		170		10		0.99
Daimler Truck Holding AG		289		9		0.97
Deutsche Bank AG-Registered		885		9		0.95
Deutsche Pfandbriefbank AG		1,257		8		0.87
D'Ieteren Group		72		12		1.19
Eiffage		104		9		0.96
Flow Traders Ltd.		509		9		0.92
Fresenius Medical Care AG & Co.		223		9		0.93
Fresenius Se & Co. KGaA		315		9		0.95
Glanbia PLC		563		9		0.90
Heidelberg Materials AG		129		10		0.98
Ipsos Group SA		191		8		0.86
Iveco Group NV		1,066		9		0.97
JDE Peet's NV		356		9		0.97
Jungheinrich — Prfd		331		9		0.97
Kion Group AG		253		9		0.95
Konecranes Oyj		308		10		1.00
Leonardo SpA		698		10		0.98
Mapfre SA		4,449		9		0.88
Mercedes-Benz Group AG		130		9		0.88
Nexity		611		9		0.88
Outokumpu Oyj		2,273		9		0.93

The accompanying notes are an integral part of the consolidated financial statements.
35

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
EMU IMI Value Custom Basket Index (cont'd)
Rexel SA		427	$	9		0.94	%
Salzgitter AG		374		9		0.97
Sanofi		82		8		0.86
Saras SpA		6,307		9		0.88
Schaeffler AG — Pref		1,606		9		0.90
Seb SA		96		9		0.87
Signify NV		389		10		1.02
Siltronic AG		117		9		0.97
Stellantis NV		491		9		0.92
Stmicroelectronics NV		207		8		0.87
Unipol Gruppo SpA		1,694		9		0.89
Voestalpine AG		347		9		0.92
Volkswagen AG — Pref		69		9		0.89
Volkswagen AG — Pref		79		9		0.89
Vonovia SE		384		9		0.90
Wienerberger AG		384		9		0.95

The following table represents the equity basket holdings underlying the total return swap with Japan Growth Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
Japan Growth Index
Advantest Corp.		7,449	$	208		2.22	%
Asahi Intecc Co. Ltd.		10,118		182		1.94
Bandai Namco Holdings, Inc.		9,521		194		2.07
Baycurrent Consulting, Inc.		6,076		203		2.17
Capcom Co. Ltd.		5,061		182		1.94
Daifuku Co. Ltd.		11,352		215		2.29
Daiichi Sankyo Co. Ltd.		7,355		202		2.15
Daikin Industries Ltd.		1,233		194		2.06
Disco Corp.		1,180		218		2.32
Fanuc Corp.		7,540		196		2.09
Fast Retailing Co. Ltd.		905		197		2.10
Gmo Payment Gateway, Inc.		3,516		192		2.05
Hoshizaki Corp.		5,405		188		2.00
Japan Exchange Group, Inc.		11,867		220		2.35
Japan Real Estate Investment		52		203		2.16
JSR Corp		7,622		205		2.18
Keio Corp.		5,926		204		2.17
Keisei Electric Railway Co.		5,439		189		2.01
Keyence Corp.		525		195		2.08
Kikkoman Corp.		3,687		194		2.06
Kobe Bussan Co. Ltd.		8,713		204		2.18
Lasertec Corp.		1,457		227		2.42
M3, Inc.		11,029		200		2.14
Mcdonald's Holdings Co.		5,345		204		2.18
Monotaro Co. Ltd.		19,657		211		2.24
MS&AD Insurance Group Holdings, Inc.		5,557		204		2.18
Nidec Corp.		4,170		193		2.06
Nippon Paint Holdings Co. Ltd.		26,388		178		1.89
Nippon Prologis REIT, Inc.		108		202		2.15
Nissan Chemical Corp.		4,788		204		2.17
Nomura Real Estate Master Fund, Inc		181		203		2.16
Nomura Research Institute Ltd.		7,270		189		2.02
OBIC Co. Ltd.		1,239		188		2.00
Oracle Corp.		3,003		223		2.38

Security Description	Shares		Value (000)		Index Weight
Japan Growth Index (cont'd)
Oriental Land Co. Ltd.		5,894	$	194		2.06	%
Rakuten Group, Inc.		51,454		211		2.25
Recruit Holdings Co. Ltd.		5,994		185		1.97
Shiseido Co. Ltd.		5,451		192		2.04
SMC Corp.		441		198		2.11
Softbank Group Corp.		4,576		194		2.07
T&D Holdings, Inc.		12,442		206		2.19
Toho Co. Ltd.		5,429		185		1.98
Tokio Marine Holdings, Inc.		9,029		209		2.23
Tokyo Electric Power Co.		48,039		215		2.29
Unicharm Corp.		5,429		192		2.05
Yaskawa Electric Corp.		5,367		194		2.06
Zensho Holdings Co. Ltd.		4,565		199		2.12

The following table represents the equity basket holdings underlying the total return swap with Japan Value Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
Japan Value Index
AGC, Inc.		6,545	$	230		2.16	%
Aisin Corp.		6,781		256		2.41
Asahi Group Holdings Ltd.		5,838		218		2.05
Brother Industries Ltd.		13,827		223		2.10
Canon, Inc.		9,464		228		2.15
Daiwa House Industry Co. Ltd.		8,337		224		2.11
Dentsu Group, Inc.		7,668		226		2.12
Hitachi Construction Machinery		7,133		217		2.04
Honda Motor Co. Ltd.		20,263		228		2.14
Isuzu Motors Ltd.		17,757		224		2.10
Japan Post Insurance Co. Ltd.		13,649		230		2.16
JFE Holdings, Inc.		15,489		227		2.14
Kajima Corp.		13,324		217		2.04
Kansai Electric Power Co., Inc.		15,008		209		1.96
Kawasaki Kisen Kaisha Ltd.		6,456		221		2.07
Kddi Corp.		7,555		231		2.18
Kirin Holdings Co. Ltd.		16,283		228		2.14
Mazda Motor Corp.		20,025		227		2.14
Mitsubishi Corp.		4,581		219		2.05
Mitsui & Co. Ltd.		6,091		221		2.08
Mitsui Osk Lines Ltd.		8,085		222		2.09
Mizuho Financial Group, Inc.		13,073		222		2.09
NEC Corp.		4,137		229		2.15
NGK Insulators Ltd.		17,428		231		2.17
Nippon Express Holdings, Inc.		4,514		236		2.22
Nippon Steel Corp.		9,678		227		2.13
Nippon Telegraph & Telephone		196,702		233		2.19
Nippon Yusen Kabushiki Kaisha		8,638		225		2.11
Nissan Motor Co. Ltd.		52,589		232		2.19
Nomura Real Estate Holdings, Inc.		9,199		231		2.17
OJI Holdings Corp.		53,517		225		2.12
ONO Pharmaceutical Co. Ltd.		11,785		226		2.13
ORIX Corp.		12,086		226		2.12
Otsuka Holdings Co. Ltd.		6,235		222		2.08
Ricoh Co. Ltd.		26,959		233		2.19
Sbi Holdings, Inc.		10,626		224		2.10
Seiko Epson Corp.		14,951		235		2.21
Seven & I Holdings Co. Ltd.		5,647		221		2.08

The accompanying notes are an integral part of the consolidated financial statements.
36

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
Japan Value Index (cont'd)
Shionogi & Co. Ltd.		5,128	$	229		2.16	%
Subaru Corp.		11,592		225		2.12
Sumco Corp.		17,534		229		2.15
Sumitomo Corp.		11,103		222		2.08
Sumitomo Mitsui Financial Group		4,608		227		2.13
Sumitomo Realty & Development Co. Ltd.		8,435		219		2.06
Suntory Beverage & Food Ltd.		7,134		217		2.04
TDK Corp.		6,381		237		2.23
Toyota Tsusho Corp.		3,834		226		2.12

The following table represents the equity basket holdings underlying the total return swap with JPM Russell SPX Broad Growth Custom Basket Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
JPM Russell SPX Broad Growth Custom Basket Index
Aerovironment, Inc.		371	$	41		0.43	%
Aptargroup, Inc.		328		41		0.43
Arista Networks, Inc.		224		41		0.43
Atlassian Corp., Class A		204		41		0.43
Avery Dennison Corp.		229		42		0.44
City Holding Co.		458		41		0.43
Cloudflare, Inc., Class A		658		42		0.43
Constellation Energy		376		41		0.43
Costco Wholesale Corp.		74		42		0.44
Crowdstrike Holdings, Inc., Class A		250		42		0.44
Elastic NV		528		43		0.45
Erie Indemnity Company, Class A		145		43		0.44
Factset Research Systems, Inc.		97		42		0.44
Five Below		260		42		0.44
Garmin Ltd.		389		41		0.43
Glaukos Corp.		550		41		0.43
Goosehead Insurance, Inc., Class A		572		43		0.45
Healthequity, Inc.		599		44		0.46
Ionis Pharmaceuticals, Inc.		963		44		0.46
Kinsale Capital Group, Inc.		101		42		0.44
Lennox International, Inc.		110		41		0.43
Manhattan Associates, Inc.		208		41		0.43
Monolithic Power Systems, Inc.		89		41		0.43
New Fortress Energy, Inc.		1,312		43		0.45
Nike, Inc., Class B		429		41		0.43
Nvidia Corp.		94		41		0.43
Old Dominion Freight Line		101		41		0.43
Palantir Technologies, Inc., Class A		2,696		43		0.45
Paycor HCM, Inc.		1,812		41		0.43
PDF Solutions, Inc.		1,305		42		0.44
Peloton Interactive, Inc., Class A		8,199		41		0.43
Pinterest, Inc., Class A		1,607		43		0.45
Procore Technologies, Inc.		646		42		0.44
Progyny, Inc.		1,208		41		0.43
Quinstreet, Inc.		4,607		41		0.43
Roblox Corp., Class A		1,481		43		0.45
Roivant Sciences Ltd.		3,660		43		0.45
Rollins, Inc.		1,116		42		0.44
Seagate Technology Holdings		648		43		0.45
Servisfirst Bancshares, Inc.		804		42		0.44
Siteone Landscape Supply, Inc.		259		42		0.44

Security Description	Shares		Value (000)		Index Weight
JPM Russell SPX Broad Growth Custom Basket Index (cont'd)
Targa Resources Corp.		488	$	42		0.44	%
Techtarget		1,413		43		0.45
Texas Pacific Land Corp.		23		43		0.44
Universal Display Corp.		262		41		0.43
Valvoline, Inc.		1,289		42		0.43
Vicor Corp.		706		42		0.43
Wingstop, Inc.		243		44		0.46
Xpel, Inc.		531		41		0.43
Zscaler, Inc.		265		41		0.43

The following table represents the equity basket holdings underlying the total return swap with JPM Russell SPX Broad Value Custom Basket Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
JPM Russell SPX Broad Value Custom Basket Index
Aaron's Co., Inc.		4,238	$	44		0.45	%
Acuity Brands, Inc.		259		44		0.45
Adeia, Inc.		4,153		44		0.45
Amgen, Inc.		158		43		0.43
Amkor Technology, Inc.		1,857		42		0.43
Andersons, Inc.		818		42		0.43
Asbury Automotive Group		184		42		0.43
Avanos Medical, Inc.		2,073		42		0.43
Boise Cascade Co.		413		43		0.43
Callon Petroleum Co.		1,071		42		0.43
Cal-Maine Foods, Inc.		897		43		0.44
Centene Corp.		609		42		0.43
Chico's Fas, Inc.		9,003		67		0.69
Cinemark Holdings, Inc.		2,464		45		0.46
Cleveland-Cliffs, Inc.		2,892		45		0.46
Concentrix Corp.		559		45		0.46
Corebridge Financial, Inc.		2,203		44		0.44
Cross Country Healthcare, Inc.		1,713		42		0.43
Designer Brands, Inc., Class A		3,429		43		0.44
Diodes, Inc.		536		42		0.43
Encore Wire Corp.		239		44		0.45
Fresh Del Monte Produce, Inc.		1,624		42		0.43
Geo Group, Inc.		5,459		45		0.46
GMS, Inc.		657		42		0.43
Group 1 Automotive, Inc.		157		42		0.43
Hewlett Packard Enterprise		2,421		42		0.43
Hibbett, Inc.		917		44		0.44
Koppers Holdings, Inc.		1,066		42		0.43
Macy's, Inc.		3,709		43		0.44
Millerknoll, Inc.		2,273		56		0.57
Movado Group, Inc.		1,541		42		0.43
Mueller Industries, Inc.		559		42		0.43
Olympic Steel, Inc.		823		46		0.47
Orasure Technologies, Inc.		7,472		44		0.45
Photronics, Inc.		2,122		43		0.44
Pnm Resources, Inc.		944		42		0.43
RPC, Inc.		4,717		42		0.43
Ryder System, Inc.		405		43		0.44
Sanmina Corp.		791		43		0.44
Shoe Carnival, Inc.		1,861		45		0.46
Stonex Group, Inc.		443		43		0.44
Suncoke Energy, Inc.		4,309		44		0.45

The accompanying notes are an integral part of the consolidated financial statements.
37

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM Russell SPX Broad Value Custom Basket Index (cont'd)
Textron, Inc.		542	$	42		0.43	%
Titan International, Inc.		3,306		44		0.45
Trueblue, Inc.		2,956		43		0.44
United Therapeutics Corp.		188		42		0.43
Universal Insurance Holdings		3,188		45		0.46
Vista Outdoor, Inc.		1,401		46		0.47
Vital Energy, Inc.		770		43		0.44
Warrior Met Coal, Inc.		875		45		0.46

The following table represents the equity basket holdings underlying the total return swap with JPM SPX1500 Growth Custom Basket Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
JPM SPX1500 Growth Custom Basket Index
Aerovironment, Inc.		430	$	48		0.50	%
Agilysys, Inc.		727		48		0.51
Antero Midstream Corp.		4,212		50		0.53
Aptargroup, Inc.		384		48		0.50
Arthur J Gallagher & Co.		213		49		0.51
Avery Dennison Corp.		269		49		0.52
Bancfirst Corp.		556		48		0.51
Bank Of Hawaii Corp.		999		50		0.52
Calix, Inc.		1,052		48		0.51
City Holding Co.		543		49		0.52
Cognex Corp.		1,128		48		0.50
Commerce Bancshares, Inc.		1,044		50		0.53
Constellation Energy		444		48		0.51
Costco Wholesale Corp.		87		49		0.52
Equitrans Midstream Corp.		5,245		49		0.52
Erie Indemnity Company, Class A		172		51		0.53
Expeditors Intl Wash, Inc.		420		48		0.51
Factset Research Systems, Inc.		114		50		0.53
Fastenal Co.		893		49		0.51
Five Below		305		49		0.52
Garmin Ltd.		462		49		0.51
Glacier Bancorp, Inc.		1,701		48		0.51
Glaukos Corp.		642		48		0.51
Goosehead Insurance, Inc., Class A		669		50		0.52
Healthequity, Inc.		696		51		0.53
Ironwood Pharmaceuticals, Inc.		5,906		57		0.60
Kinsale Capital Group, Inc.		118		49		0.51
Lancaster Colony Corp.		301		50		0.52
Madison Square Garden Sports		284		50		0.53
Nike, Inc., Class B		504		48		0.51
Oneok, Inc.		756		48		0.50
PDF Solutions, Inc.		1,504		49		0.51
PRA Group, Inc.		2,511		48		0.51
Progressive Corp.		355		50		0.52
Rollins, Inc.		1,351		50		0.53
Seagate Technology Holdings		759		50		0.53
Servisfirst Bancshares, Inc.		934		49		0.51
Simulations Plus, Inc.		1,165		49		0.51
Sitime Corp.		442		50		0.53
Targa Resources Corp.		582		50		0.52
Triumph Financial, Inc.		748		48		0.51
Trupanion, Inc.		1,712		48		0.51
Valaris Ltd.		677		51		0.53

Security Description	Shares		Value (000)		Index Weight
JPM SPX1500 Growth Custom Basket Index (cont'd)
Verisign, Inc.		241	$	49		0.51	%
Watsco, Inc.		139		52		0.55
WD-40 Co.		239		49		0.51
Williams Cos, Inc.		1,448		49		0.51
Wingstop, Inc.		294		53		0.56
Xpel, Inc.		657		51		0.53
Yeti Holdings, Inc.		1,040		50		0.53

The following table represents the equity basket holdings underlying the total return swap with JPM SPX1500 Value Custom Basket Index as of September 30, 2023:

Security Description	Shares		Value (000)		Index Weight
JPM SPX1500 Value Custom Basket Index
Aaron's Co., Inc.		4,754	$	50		0.50	%
Acuity Brands, Inc.		309		53		0.53
Adeia, Inc.		5,240		56		0.57
Advansix, Inc.		1,604		50		0.50
Amc Networks, Inc., Class A		4,475		53		0.53
Amkor Technology, Inc.		2,228		50		0.51
Andersons, Inc.		976		50		0.51
Associated Banc-Corp		2,914		50		0.50
AT&T, Inc.		3,360		50		0.51
Brinker International, Inc.		1,597		50		0.51
Callon Petroleum Co.		1,272		50		0.50
Centene Corp.		734		51		0.51
Chico's FAS, Inc.		10,768		81		0.81
Cinemark Holdings, Inc.		3,030		56		0.56
Cleveland-Cliffs, Inc.		3,462		54		0.55
Cno Financial Group, Inc.		2,104		50		0.50
Computer Programs & Systems		3,330		53		0.54
Concentrix Corp.		675		54		0.55
Cross Country Healthcare, Inc.		2,057		51		0.52
Designer Brands, Inc., Class A		3,972		50		0.51
Dxc Technology Co.		2,389		50		0.50
Encore Wire Corp.		292		53		0.54
Fortrea Holdings, Inc.		1,841		53		0.53
Fresh Del Monte Produce, Inc.		1,948		50		0.51
Futurefuel Corp.		6,979		50		0.51
Genworth Financial, Inc., Class A		8,680		51		0.51
Geo Group, Inc.		6,756		55		0.56
G-Iii Apparel Group Ltd.		2,012		50		0.51
Group 1 Automotive, Inc.		187		50		0.51
Heidrick & Struggles International, Inc.		1,994		50		0.50
Hibbett, Inc.		1,118		53		0.54
Koppers Holdings, Inc.		1,297		51		0.52
Millerknoll, Inc.		2,921		71		0.72
Mueller Industries, Inc.		675		51		0.51
Ovintiv, Inc.		1,069		51		0.51
Penn Entertainment, Inc.		2,248		52		0.52
Propetro Holding Corp.		4,811		51		0.52
Revvity, Inc.		453		50		0.51
RPC, Inc.		5,835		52		0.53
Ryder System, Inc.		503		54		0.54
Sanmina Corp.		917		50		0.50
Shoe Carnival, Inc.		2,332		56		0.57
Stonex Group, Inc.		535		52		0.52

The accompanying notes are an integral part of the consolidated financial statements.
38

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM SPX1500 Value Custom Basket Index (cont'd)
Suncoke Energy, Inc.		5,337	$	54		0.55	%
Titan International, Inc.		4,194		56		0.57
Us Silica Holdings, Inc.		3,649		51		0.52
Vista Outdoor, Inc.		1,752		58		0.59
Walgreens Boots Alliance, Inc.		2,276		51		0.51
Warrior Met Coal, Inc.		1,143		58		0.59
Westrock Co.		1,432		51		0.52

@ Value/Notional amount is less than $500.

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

AGC Assured Guaranty Corporation.

EMU European Economic and Monetary Union.

FTSE Financial Times Stock Exchange.

ICE Intercontinental Exchange.

IMI Investable Market Index.

KFE Korean Futures Exchange.

MSCI Morgan Stanley Capital International.

REIT Real Estate Investment Trust.

SFE Sydney Futures Exchange.

SGX Singapore Exchange Ltd.

SOFR Secured Overnight Financing Rate.

TSE Toronto Stock Exchange.

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

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		47.1	%
Common Stocks		36.7
Short-Term Investments		16.2
Total Investments		100.0	%**

** Does not include open long/short futures contracts with a value of approximately $166,574,000 and net unrealized appreciation of approximately $484,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $427,000. Also does not include open swap agreements with net unrealized depreciation of approximately $1,685,000.

The accompanying notes are an integral part of the consolidated financial statements.
39

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Global Strategist Portfolio

Consolidated Statement of Assets and Liabilities	September 30, 2023 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $378,537)	$	403,684
Investment in Security of Affiliated Issuer, at Value (Cost $74,041)		74,041
Total Investments in Securities, at Value (Cost $452,578)		477,725
Foreign Currency, at Value (Cost $2,720)		2,487
Receivable for Fund Shares Sold		35,024
Unrealized Appreciation on Swap Agreements		5,399
Due from Broker		4,687
Receivable for Variation Margin on Futures Contracts		2,588
Receivable for Investments Sold		1,931
Interest Receivable		1,929
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		523
Receivable from Affiliate		234
Tax Reclaim Receivable		224
Dividends Receivable		142
Receivable for Variation Margin on Swap Agreements		115
Other Assets		59
Total Assets		533,067
Liabilities:
Unrealized Depreciation on Swap Agreements		7,249
Payable for Investments Purchased		7,207
Due to Broker		3,252
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		950
Payable for Advisory Fees		535
Payable to Bank		449
Payable for Professional Fees		100
Payable for Custodian Fees		79
Payable for Fund Shares Redeemed		47
Payable for Trustees' Fees and Expenses		37
Payable for Shareholder Services Fees — Class A		28
Payable for Distribution and Shareholder Services Fees — Class L		6
Payable for Distribution and Shareholder Services Fees — Class C		1
Payable for Administration Fees		32
Payable for Sub Transfer Agency Fees — Class I		2
Payable for Sub Transfer Agency Fees — Class A		21
Payable for Sub Transfer Agency Fees — Class L		1
Payable for Sub Transfer Agency Fees — Class C		—	@
Payable for Transfer Agency Fees — Class I		3
Payable for Transfer Agency Fees — Class A		5
Payable for Transfer Agency Fees — Class L		1
Payable for Transfer Agency Fees — Class C		1
Payable for Transfer Agency Fees — Class R6		1
Deferred Capital Gain Country Tax		1
Other Liabilities		206
Total Liabilities		20,214
Net Assets	$	512,853
Net Assets Consist of:
Paid-in-Capital	$	514,204
Total Accumulated Loss		(1,351	)
Net Assets	$	512,853

The accompanying notes are an integral part of the consolidated financial statements.
40

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Global Strategist Portfolio

Consolidated Statement of Assets and Liabilities (cont'd)	September 30, 2023 (000)
CLASS I:
Net Assets	$	16,888
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,100,609
Net Asset Value, Offering and Redemption Price Per Share	$	15.34
CLASS A:
Net Assets	$	134,213
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		8,878,802
Net Asset Value, Redemption Price Per Share	$	15.12
Maximum Sales Load		5.25	%
Maximum Sales Charge	$	0.84
Maximum Offering Price Per Share	$	15.96
CLASS L:
Net Assets	$	9,768
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		660,480
Net Asset Value, Offering and Redemption Price Per Share	$	14.79
CLASS C:
Net Assets	$	1,457
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		100,331
Net Asset Value, Offering and Redemption Price Per Share	$	14.52
CLASS R6:
Net Assets	$	350,527
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		22,830,412
Net Asset Value, Offering and Redemption Price Per Share	$	15.35

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.
41

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Global Strategist Portfolio

Consolidated Statement of Operations	Year Ended September 30, 2023 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $63 of Foreign Taxes Withheld)	$	7,152
Dividends from Securities of Unaffiliated Issuers (Net of $292 of Foreign Taxes Withheld)		3,973
Dividends from Security of Affiliated Issuer (Note G)		2,814
Total Investment Income		13,939
Expenses:
Advisory Fees (Note B)		2,130
Shareholder Services Fees — Class A (Note D)		356
Distribution and Shareholder Services Fees — Class L (Note D)		77
Distribution and Shareholder Services Fees — Class C (Note D)		18
Administration Fees (Note C)		379
Custodian Fees (Note F)		341
Professional Fees		173
Pricing Fees		136
Sub Transfer Agency Fees — Class I		10
Sub Transfer Agency Fees — Class A		88
Sub Transfer Agency Fees — Class L		6
Sub Transfer Agency Fees — Class C		1
Registration Fees		85
Transfer Agency Fees — Class I (Note E)		17
Transfer Agency Fees — Class A (Note E)		29
Transfer Agency Fees — Class L (Note E)		5
Transfer Agency Fees — Class C (Note E)		3
Transfer Agency Fees — Class R6 (Note E)		3
Shareholder Reporting Fees		36
Trustees' Fees and Expenses		16
Other Expenses		37
Total Expenses		3,946
Rebate from Morgan Stanley Affiliate (Note G)		(108	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(21	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(2	)
Net Expenses		3,815
Net Investment Income		10,124
Realized Gain (Loss):
Investments Sold		(17,276	)
Foreign Currency Forward Exchange Contracts		(2,210	)
Foreign Currency Translation		(187	)
Futures Contracts		1,051
Swap Agreements		11,073
Net Realized Loss		(7,549	)
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Increase in Deferred Capital Gain Country Tax of $1)		45,199
Foreign Currency Forward Exchange Contracts		(1,213	)
Foreign Currency Translation		(123	)
Futures Contracts		(1,030	)
Swap Agreements		10,357
Net Change in Unrealized Appreciation (Depreciation)		53,190
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		45,641
Net Increase in Net Assets Resulting from Operations	$	55,765

The accompanying notes are an integral part of the consolidated financial statements.
42

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Global Strategist Portfolio

Consolidated Statements of Changes in Net Assets	Year Ended September 30, 2023 (000)			Year Ended September 30, 2022 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	10,124		$	5,349
Net Realized Loss		(7,549	)		(16,648	)
Net Change in Unrealized Appreciation (Depreciation)		53,190			(104,098	)
Net Increase (Decrease) in Net Assets Resulting from Operations		55,765			(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		2,442			7,959
Distributions Reinvested		111			1,989
Redeemed		(5,813	)		(11,328	)
Class A:
Subscribed		2,101			6,232
Distributions Reinvested		760			13,341
Redeemed		(20,524	)		(20,802	)
Class L:
Exchanged		92			155
Distributions Reinvested		43			906
Redeemed		(1,225	)		(1,016	)
Class C:
Subscribed		132			668
Distributions Reinvested		7			150
Redeemed		(660	)		(608	)
Class R6:*
Subscribed		70,059			7,154
Distributions Reinvested		1,669			23,348
Redeemed		(567	)		(127	)
Net Increase in Net Assets Resulting from Capital Share Transactions		48,627			28,021
Total Increase (Decrease) in Net Assets		101,789			(127,376	)
Net Assets:
Beginning of Period		411,064			538,440
End of Period	$	512,853		$	411,064

The accompanying notes are an integral part of the consolidated financial statements.
43

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Global Strategist Portfolio

Consolidated Statements of Changes in Net Assets (cont'd)	Year Ended September 30, 2023 (000)			Year Ended September 30, 2022 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		160			461
Shares Issued on Distributions Reinvested		7			113
Shares Redeemed		(383	)		(684	)
Net Decrease in Class I Shares Outstanding		(216	)		(110	)
Class A:
Shares Subscribed		141			379
Shares Issued on Distributions Reinvested		51			764
Shares Redeemed		(1,366	)		(1,256	)
Net Decrease in Class A Shares Outstanding		(1,174	)		(113	)
Class L:
Shares Exchanged		6			10
Shares Issued on Distributions Reinvested		3			53
Shares Redeemed		(83	)		(61	)
Net Increase (Decrease) in Class L Shares Outstanding		(74	)		2
Class C:
Shares Subscribed		9			41
Shares Issued on Distributions Reinvested		1			9
Shares Redeemed		(46	)		(37	)
Net Increase (Decrease) in Class C Shares Outstanding		(36	)		13
Class R6:*
Shares Subscribed		4,585			445
Shares Issued on Distributions Reinvested		111			1,324
Shares Redeemed		(38	)		(8	)
Net Increase in Class R6 Shares Outstanding		4,658			1,761

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

The accompanying notes are an integral part of the consolidated financial statements.
44

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Financial Highlights

Global Strategist Portfolio

	Class I
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	13.58		$	18.74		$	16.08		$	15.45		$	17.05
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.34			0.19			0.16			0.17			0.27
Net Realized and Unrealized Gain (Loss)		1.51			(3.94	)		2.73			0.74			0.17
Total from Investment Operations		1.85			(3.75	)		2.89			0.91			0.44
Distributions from and/or in Excess of:
Net Investment Income		(0.09	)		(0.12	)		(0.22	)		(0.03	)		(0.58	)
Net Realized Gain		—			(1.29	)		(0.01	)		(0.25	)		(1.46	)
Total Distributions		(0.09	)		(1.41	)		(0.23	)		(0.28	)		(2.04	)
Net Asset Value, End of Period	$	15.34		$	13.58		$	18.74		$	16.08		$	15.45
Total Return⁽²⁾		13.72	%		(21.73	)%		18.10	%		5.93	%		3.74	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	16,888		$	17,886		$	26,745		$	34,031		$	57,532
Ratio of Expenses Before Expense Limitation		0.85	%		0.83	%		0.76	%		0.84	%		0.84	%
Ratio of Expenses After Expense Limitation		0.72	%⁽³⁾		0.72	%⁽³⁾		0.73	%⁽³⁾		0.72	%⁽³⁾		0.72	%⁽³⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.73	%⁽³⁾		N/A			N/A
Ratio of Net Investment Income		2.23	%⁽³⁾		1.13	%⁽³⁾		0.90	%⁽³⁾		1.14	%⁽³⁾		1.80	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%		0.02	%		0.01	%		0.02	%		0.02	%
Portfolio Turnover Rate		91	%		93	%		115	%		109	%		117	%

(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.

The accompanying notes are an integral part of the consolidated financial statements.
45

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Financial Highlights

Global Strategist Portfolio

	Class A
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	13.41		$	18.53		$	15.91		$	15.30		$	16.90
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.29			0.14			0.12			0.13			0.23
Net Realized and Unrealized Gain (Loss)		1.50			(3.90	)		2.68			0.73			0.15
Total from Investment Operations		1.79			(3.76	)		2.80			0.86			0.38
Distributions from and/or in Excess of:
Net Investment Income		(0.08	)		(0.07	)		(0.17	)		—			(0.52	)
Net Realized Gain		—			(1.29	)		(0.01	)		(0.25	)		(1.46	)
Total Distributions		(0.08	)		(1.36	)		(0.18	)		(0.25	)		(1.98	)
Net Asset Value, End of Period	$	15.12		$	13.41		$	18.53		$	15.91		$	15.30
Total Return⁽²⁾		13.35	%		(21.99	)%		17.72	%		5.65	%		3.38	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	134,213		$	134,814		$	188,317		$	170,643		$	197,271
Ratio of Expenses Before Expense Limitation		1.04	%		1.05	%		1.02	%		1.08	%		1.09	%
Ratio of Expenses After Expense Limitation		1.01	%⁽³⁾		1.04	%⁽³⁾		1.01	%⁽³⁾		1.02	%⁽³⁾		1.03	%⁽³⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			1.01	%⁽³⁾		N/A			N/A
Ratio of Net Investment Income		1.93	%⁽³⁾		0.84	%⁽³⁾		0.67	%⁽³⁾		0.87	%⁽³⁾		1.49	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%		0.02	%		0.01	%		0.02	%		0.02	%
Portfolio Turnover Rate		91	%		93	%		115	%		109	%		117	%

(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.

The accompanying notes are an integral part of the consolidated financial statements.
46

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Financial Highlights

Global Strategist Portfolio

	Class L
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	13.17		$	18.24		$	15.67		$	15.15		$	16.73
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.21			0.05			0.03			0.05			0.15
Net Realized and Unrealized Gain (Loss)		1.47			(3.83	)		2.64			0.72			0.16
Total from Investment Operations		1.68			(3.78	)		2.67			0.77			0.31
Distributions from and/or in Excess of:
Net Investment Income		(0.06	)		—			(0.09	)		—			(0.43	)
Net Realized Gain		—			(1.29	)		(0.01	)		(0.25	)		(1.46	)
Total Distributions		(0.06	)		(1.29	)		(0.10	)		(0.25	)		(1.89	)
Net Asset Value, End of Period	$	14.79		$	13.17		$	18.24		$	15.67		$	15.15
Total Return⁽²⁾		12.69	%		(22.33	)%		17.09	%		5.10	%		2.87	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	9,768		$	9,674		$	13,359		$	12,773		$	13,356
Ratio of Expenses Before Expense Limitation		1.56	%		1.56	%		1.53	%		1.60	%		1.58	%
Ratio of Expenses After Expense Limitation		1.54	%⁽³⁾		1.55	%⁽³⁾		1.52	%⁽³⁾		1.54	%⁽³⁾		1.53	%⁽³⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			1.52	%⁽³⁾		N/A			N/A
Ratio of Net Investment Income		1.40	%⁽³⁾		0.34	%⁽³⁾		0.16	%⁽³⁾		0.36	%⁽³⁾		0.97	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%		0.02	%		0.01	%		0.02	%		0.02	%
Portfolio Turnover Rate		91	%		93	%		115	%		109	%		117	%

(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.

The accompanying notes are an integral part of the consolidated financial statements.
47

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Financial Highlights

Global Strategist Portfolio

	Class C
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	12.96		$	18.02		$	15.49		$	15.02		$	16.65
Income (Loss) from Investment Operations:
Net Investment Income (Loss)⁽¹⁾		0.16			0.02			(0.02	)		0.01			0.11
Net Realized and Unrealized Gain (Loss)		1.45			(3.79	)		2.61			0.71			0.15
Total from Investment Operations		1.61			(3.77	)		2.59			0.72			0.26
Distributions from and/or in Excess of:
Net Investment Income		(0.05	)		—			(0.05	)		—			(0.43	)
Net Realized Gain		—			(1.29	)		(0.01	)		(0.25	)		(1.46	)
Total Distributions		(0.05	)		(1.29	)		(0.06	)		(0.25	)		(1.89	)
Net Asset Value, End of Period	$	14.52		$	12.96		$	18.02		$	15.49		$	15.02
Total Return⁽²⁾		12.45	%		(22.62	)%		16.79	%		4.81	%		2.55	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,457		$	1,771		$	2,236		$	1,435		$	1,906
Ratio of Expenses Before Expense Limitation		1.97	%		1.92	%		1.90	%		1.98	%		1.93	%
Ratio of Expenses After Expense Limitation		1.82	%⁽³⁾		1.82	%⁽³⁾		1.83	%⁽³⁾		1.82	%⁽³⁾		1.82	%⁽³⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			1.83	%⁽³⁾		N/A			N/A
Ratio of Net Investment Income (Loss)		1.13	%⁽³⁾		0.11	%⁽³⁾		(0.11	)%⁽³⁾		0.07	%⁽³⁾		0.73	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%		0.02	%		0.01	%		0.02	%		0.02	%
Portfolio Turnover Rate		91	%		93	%		115	%		109	%		117	%

(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."

The accompanying notes are an integral part of the consolidated financial statements.
48

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Consolidated Financial Highlights

Global Strategist Portfolio

	Class R6⁽¹⁾
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	13.59		$	18.75		$	16.10		$	15.46		$	17.06
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.35			0.20			0.20			0.19			0.27
Net Realized and Unrealized Gain (Loss)		1.50			(3.94	)		2.69			0.74			0.17
Total from Investment Operations		1.85			(3.74	)		2.89			0.93			0.44
Distributions from and/or in Excess of:
Net Investment Income		(0.09	)		(0.13	)		(0.23	)		(0.04	)		(0.58	)
Net Realized Gain		—			(1.29	)		(0.01	)		(0.25	)		(1.46	)
Total Distributions		(0.09	)		(1.42	)		(0.24	)		(0.29	)		(2.04	)
Net Asset Value, End of Period	$	15.35		$	13.59		$	18.75		$	16.10		$	15.46
Total Return⁽³⁾		13.64	%		(21.67	)%		18.07	%		6.02	%		3.77	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	350,527		$	246,919		$	307,783		$	159,238		$	151,242
Ratio of Expenses Before Expense Limitation		0.70	%		0.71	%		N/A			0.75	%		0.75	%
Ratio of Expenses After Expense Limitation		0.68	%⁽⁴⁾		0.69	%⁽⁴⁾		0.68	%⁽⁴⁾		0.69	%⁽⁴⁾		0.69	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.68	%⁽⁴⁾		N/A			N/A
Ratio of Net Investment Income		2.26	%⁽⁴⁾		1.22	%⁽⁴⁾		1.06	%⁽⁴⁾		1.21	%⁽⁴⁾		1.76	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%		0.02	%		0.01	%		0.02	%		0.02	%
Portfolio Turnover Rate		91	%		93	%		115	%		109	%		117	%

(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.

The accompanying notes are an integral part of the consolidated financial statements.
49

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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"). All Funds are considered diversified for purposes of the Act.

The Trust applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC"). In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Consolidated Statement of Assets and Liabilities through the date that the financial statements were issued.

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 has issued 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.

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 September 30, 2023, the Subsidiary represented approximately $50,117,000 or approximately 9.77% 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 reputable 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Consolidated Financial Statements (cont'd)

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-thecounter ("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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Consolidated Financial Statements (cont'd)

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.)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 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	$	—	$	18,320	$	—	$	18,320
Asset-Backed Securities		—		1,156		—		1,156
Commercial Mortgage-Backed Securities		—		2,261		—		2,261
Corporate Bonds		—		40,188		—		40,188
Mortgages — Other		—		5,949		—		5,949
Municipal Bond		—		230		—		230
Sovereign		—		126,309		—		126,309
Supranational		—		5,713		—		5,713
U.S. Treasury Securities		—		25,105		—		25,105
Total Fixed Income Securities		—		225,231		—		225,231

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
Aerospace & Defense	$	1,687	$	1,174		$	—		$	2,861
Air Freight & Logistics		579		353			—			932
Automobile Components		194		149			—			343
Automobiles		2,407		1,108			—			3,515
Banks		5,069		10,770			—			15,839
Beverages		1,774		1,098			—			2,872
Biotechnology		2,524		622			—			3,146
Broadline Retail		3,717		471			—			4,188
Building Products		637		432			—			1,069
Capital Markets		3,269		1,724			—			4,993
Chemicals		1,940		1,595			—			3,535
Commercial Services & Supplies		714		186			—			900
Communications Equipment		948		160			—			1,108
Construction & Engineering		193		472			—			665
Construction Materials		335		271			—			606
Consumer Finance		497		—			—			497
Consumer Staples Distribution & Retail		2,278		638			—			2,916
Containers & Packaging		296		73			—			369
Distributors		136		17			—			153
Diversified Consumer Services		—		49			—			49
Diversified REITs		198		428			—			626
Diversified Telecommunication Services		749		1,063			—			1,812
Electric Utilities		1,650		805			—			2,455
Electrical Equipment		678		982			—			1,660
Electronic Equipment, Instruments & Components		638		131			—			769
Energy Equipment & Services		446		35			—	†		481	†
Entertainment		1,549		128			—			1,677
Financial Services		4,286		672			—			4,958
Food Products		1,050		2,022			—			3,072
Gas Utilities		82		146			—			228
Ground Transportation		1,787		50			—			1,837
Health Care		207		—			—			207
Health Care Equipment & Supplies		2,701		969			—			3,670
Health Care Providers & Services		3,048		204			—			3,252
Health Care Technology		86		—			—			86
Hotel & Resort REITs		33		—			—			33
Hotels, Restaurants & Leisure		2,429		1,019	†		—			3,448	†
Household Durables		364		102			—			466
Household Products		1,375		390			—			1,765
Independent Power & Renewable Electricity Producers		94		148			—			242
Independent Power Producers & Energy Traders		—		8			—			8
Industrial Conglomerates		846		747			—			1,593
Industrial REITs		297		225			—			522

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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)
Information Technology Services	$	1,994	$	151		$	—		$	2,145
Insurance		3,029		2,986			—			6,015
Interactive Media & Services		6,382		116			—			6,498
Investment Company		—		—	†		—			—	†
Leisure Products		38		—			—			38
Life Sciences Tools & Services		1,661		319			—			1,980
Machinery		1,932		1,291			—			3,223
Marine Transportation		—		150			—			150
Media		972		220			—			1,192
Metals & Mining		1,150		2,222	†		—			3,372	†
Multi-Utilities		670		609			—			1,279
Office REITs		71		55			—			126
Oil, Gas & Consumable Fuels		6,237		3,222			—			9,459
Paper & Forest Products		20		215			—			235
Passenger Airlines		40		64			—			104
Personal Care Products		95		1,230			—			1,325
Pharmaceuticals		4,433		5,656			—			10,089
Professional Services		1,108		863			—			1,971
Real Estate Management & Development		112		505			—			617
Residential REITs		444		—			—			444
Retail		258		213			—			471
Semiconductors & Semiconductor Equipment		7,949		1,550			—			9,499
Software		11,644		977			—			12,621
Specialized REITs		938		—			—			938
Specialty Retail		2,357		322			—			2,679
Tech Hardware, Storage & Peripherals		8,144		52			—			8,196
Textiles, Apparel & Luxury Goods		542		2,054			—			2,596
Tobacco		633		402			—			1,035
Trading Companies & Distributors		479		307			—			786
Transportation Infrastructure		—		244			—			244
Water Utilities		92		71			—			163
Wireless Telecommunication Services		306		120			—			426
Total Common Stocks		117,517		57,822	†		—	†		175,339	†
Warrants		1		—			—			1
Short-Term Investments
Investment Company		74,041		—			—			74,041
U.S. Treasury Securities		—		3,113			—			3,113
Total Short-Term Investments		74,041		3,113			—			77,154
Foreign Currency Forward Exchange Contracts		—		523			—			523
Futures Contracts		2,073		—			—			2,073
Interest Rate Swap Agreements		—		165			—			165
Total Return Swap Agreements		—		5,399			—			5,399
Total Assets		193,632		292,253	†		—	†		485,885	†

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)			Total (000)
Liabilities:
Foreign Currency Forward Exchange Contracts	$	—		$	(950	)	$	—		$	(950	)
Futures Contracts		(1,589	)		—			—			(1,589	)
Total Return Swap Agreements		—			(7,249	)		—			(7,249	)
Total Liabilities		(1,589	)		(8,199	)		—			(9,788	)
Total	$	192,043		$	284,054	†	$	—	†	$	476,097	†

† 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		(59	)		—
Transfers in		—			—
Transfers out		—			—
Corporate actions		—			—
Change in unrealized appreciation (depreciation)		—			—
Realized gains (losses)		—			—
Ending Balance	$	—		$	—	†
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Consolidated Financial Statements (cont'd)

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.

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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Consolidated 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:

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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Consolidated Financial Statements (cont'd)

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 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, 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.

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of September 30, 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

523

Futures Contracts

Variation Margin on
Futures Contracts

Commodity Risk

751

(a)

Futures Contracts

Variation Margin on
Futures Contracts

Equity Risk

(a)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

1,299

(a)

Swap Agreements

Variation Margin on
Swap Agreements

Interest Rate Risk

165

(a)

Swap Agreements

Unrealized Appreciation on
Swap Agreements

Equity Risk

5,399

Total

8,160

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

(950

)

Futures Contracts

Variation Margin on
Futures Contracts

Equity Risk

(160

)(a)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(1,429

)(a)

Swap Agreements

Unrealized Depreciation on
Swap Agreements

Equity Risk

(7,249

)

Total

(9,788

)

(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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Consolidated Financial Statements (cont'd)

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(2,210	)
Commodity Risk	Futures Contracts		(87	)
Equity Risk	Futures Contracts		706
Interest Rate Risk	Futures Contracts		582
Currency Risk	Futures Contracts		(150	)
Equity Risk	Swap Agreements		14,506
Interest Rate Risk	Swap Agreements		(3,433	)
Total		$	9,914
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(1,213	)
Commodity Risk	Futures Contracts		751
Equity Risk	Futures Contracts		(757	)
Interest Rate Risk	Futures Contracts		(1,048	)
Currency Risk	Futures Contracts		24
Equity Risk	Swap Agreements		8,155
Interest Rate Risk	Swap Agreements		2,202
Total		$	8,114

At September 30, 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(a)	Assets(b) (000)		Liabilities(b) (000)
Foreign Currency Forward Exchange Contracts	$	523	$	(950	)
Swap Agreements		5,399		(7,249	)
Total	$	5,922	$	(8,199	)

(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 Consolidated Statement of Assets and Liabilities.

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 September 30, 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(a) (000)			Net Amount (not less than $0) (000)
Australia & New Zealand Banking Group Ltd.	$	—	@	$	—		$	—		$	—	@
Bank of America NA		12			(12	)		—			0
Barclays Bank PLC		2,138			(1,408	)		(730	)		0
BNP Paribas SA		2,204			(1,028	)		(1,176	)		0
Goldman Sachs International		40			(40	)		—			0
JPMorgan Chase Bank NA		1,349			(638	)		(711	)		0
Standard Chartered Bank		8			(3	)		—			5
State Street Bank and Trust Co.		3			—			—			3
UBS AG		160			(160	)		—			0
Westpac Banking Corp.		8			—			—			8
Total	$	5,922		$	(3,289	)	$	(2,617	)	$	16

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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(a) (000)			Net Amount (not less than $0) (000)
Australia & New Zealand Banking Group Ltd.	$	6	$	—		$	—		$	6
Bank of America NA		1,127		(12	)		—			1,115
Bank of New York Mellon		1		—			—			1
Barclays Bank PLC		1,431		(1,408	)		—			23
BNP Paribas SA		1,214		(1,028	)		—			186
Citibank NA		21		—			—			21
Goldman Sachs International		2,193		(40	)		(2,153	)		0
JPMorgan Chase Bank NA		638		(638	)		—			0
Standard Chartered Bank		3		(3	)		—			0
UBS AG		1,565		(160	)		(1,170	)		235
Total	$	8,199	$	(3,289	)	$	(3,323	)	$	1,587

@ Value is less than $500.

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

For the year ended September 30, 2023, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	189,518,000
Futures Contracts:
Average monthly notional value	$	184,354,000
Swap Agreements:
Average monthly notional amount	$	130,087,000

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.

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.

The Fund owns shares of 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/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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Consolidated Financial Statements (cont'd)

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 year ended September 30, 2023, approximately $23,000 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 has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Consolidated Financial Statements (cont'd)

Agency Fees" in the Statement of Operations, amounted to approximately $3,000.

G. Security Transactions and Transactions with Affiliates: For the year ended September 30, 2023, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $192,974,000 and $169,168,000, respectively. For the year ended September 30, 2023, purchases and sales of long-term U.S. Government securities were approximately $245,664,000 and $235,564,000, 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 year ended September 30, 2023, advisory fees paid were reduced by approximately $108,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the year ended September 30, 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			$	296,548			$	298,009			$	2,814

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value September 30, 2023 (000)
Liquidity Funds				$	—			$	—			$	74,041

provisions of the Rule. For the year ended September 30, 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 year ended September 30, 2023, included in "Trustees' Fees and Expenses" in the Consolidated Statement of Operations amounted to approximately $2,000. At September 30, 2023, the Fund had an accrued pension liability of approximately $37,000, which is reflected as "Payable for Trustees' Fees and Expenses" in the Consolidated Statement of Assets and Liabilities.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Consolidated Financial Statements (cont'd)

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, 2023 remains subject to examination by taxing authorities.

2023 Distributions Paid From:				2022 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	2,603	$	—	$	35,063	$	4,937

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2023.

At September 30, 2023, the Fund had no distributable earnings on a tax basis.

At September 30, 2023, the Fund had available for federal income tax purposes unused long-term capital losses of approximately $7,270,000, 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, 2023, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $8,545,000.

Qualified Late Year Ordinary Losses (000)				Post-October Capital Losses (000)
$	5,367			$	—

K. Market Risk and Risks Relating to Certain Financial Instruments

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Consolidated Financial Statements (cont'd)

performance of the Fund's investments, adversely affect and increase the volatility of the Fund's share price and exacerbate pre-existing risks to the Fund. 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 and its investments 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Morgan Stanley Institutional Fund Trust —
Global Strategist Portfolio

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities of Global Strategist Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund Trust (the "Trust")), including the consolidated portfolio of investments, as of September 30, 2023, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund Trust) at September 30, 2023, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended and its consolidated financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.
Boston, Massachusetts
November 27, 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

The Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board reviewed similar information and factors regarding the Sub-Adviser, to the extent applicable. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Administrator under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, business management and planning, legal services and the provision of supplies, office space and utilities at the Adviser's expense. The Board also considered the Adviser's investment in personnel and infrastructure that benefits the Fund. (The Adviser, Sub-Adviser and Administrator together are referred to as the "Adviser" and the advisory, sub-advisory and administration agreements together are referred to as the "Management Agreement.") The Board also considered that the Adviser serves a variety of other investment advisory clients and has experience overseeing service providers. The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as prepared by Broadridge Financial Solutions, Inc. ("Broadridge").

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2022, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was below its peer group average for the one-, three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's (i) performance was acceptable and (ii) management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

Profitability of the Adviser and Affiliates

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Advisory Agreement Approval (unaudited) (cont'd)

Other Benefits of the Relationship

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

Other Factors and Current Trends

General Conclusion

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Liquidity Risk Management Program (unaudited)

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2023. For corporate shareholders, 52.02% of the dividends qualified for the dividends received deduction.

The Fund designated approximately $1,249,000 of its distributions paid as business interest income.

The Fund designated approximately $809,000 of its distributions paid as qualified interest income.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Important Notices (unaudited)

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

Tailored Shareholder Reports

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) (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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) (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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited)

Independent Trustees:

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Frank L. Bowman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1944

Trustee

Since
August
2006

Frances L. Cashman
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1961

Trustee

Since
February
2022

Kathleen A. Dennis
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1953

Trustee

Since
August
2006

Board Member, University of Albany Foundation (2012-present); Board Member, Mutual Funds Directors Forum (2014-present); Director of various non-profit organizations.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Nancy C. Everett
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
January
2015

Eddie A. Grier
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
February
2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Jakki L. Haussler
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1957

Trustee

Since
January
2015

Dr. Manuel H. Johnson
c/o Johnson Smick
International, Inc.
220 I Street, NE
Suite 200
Washington, D.C. 20002
Birth Year: 1949

Trustee

Since
July
1991

Director of NVR, Inc. (home construction).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Joseph K. Kearns
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1942

Trustee

Since
August
1994

Michael F. Klein
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1958

Trustee

Since
August
2006

Director of certain investment funds managed or sponsored by Aetos Alternatives Management, LP; Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

Patricia A. Maleski
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1960

Trustee

Since
January
2017

Trustee (since January 2022) and Treasurer (since January 2023), Nutley Family Service Bureau, Inc.

W. Allen Reed
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1947

Chair of the Board and Trustee

Chair of the Board since August 2020 and Trustee since August 2006

Formerly, Director of Legg Mason, Inc. (2006-2019); and Director of the Auburn University Foundation (2010-2015).

* This is the earliest date the Trustee began serving the Morgan Stanley Funds. Each Trustee serves an indefinite term, until his or her successor is elected.

*** This includes any directorships at public companies and registered investment companies held by the Trustees at any time during the past five years.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Executive Officers:

Name, Address and Birth Year
of Executive Officer

Position(s) Held
with
Registrant

Length of
Time Served*

Principal Occupation(s) During Past 5 Years

John H. Gernon
522 Fifth Avenue
New York, NY 10036
Birth Year: 1963

President and Principal Executive Officer

Since
September
2013

Deidre A. Downes
1633 Broadway
New York, NY 10019
Birth Year: 1977

Chief Compliance Officer

Since
November
2021

Francis J. Smith
522 Fifth Avenue
New York, NY 10036
Birth Year: 1965

Treasurer and Principal Financial Officer

Treasurer since July 2003 and Principal Financial Officer since September
2002

Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).

Mary E. Mullin
1633 Broadway
New York, NY 10019
Birth Year: 1967

Secretary

Since
June
1999

Managing Director of the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

Michael J. Key
522 Fifth Avenue
New York, NY 10036
Birth Year: 1979

Vice President

Since
June
2017

* This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves an indefinite term, until his or her successor is elected.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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.
P.O. Box 219804
Kansas City, Missouri 64121-9804

Co-Transfer Agent

Eaton Vance Management
Two International Place
Boston, Massachusetts 02110

Custodian

State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114

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

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

IFTGSANN
6048652 EXP 11.30.24

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Annual Report

September 30, 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Table of Contents (unaudited)

Shareholders' Letter					2
Expense Example					3
Investment Overview					4
Portfolio of Investments					7
Statement of Assets and Liabilities					13
Statement of Operations					15
Statements of Changes in Net Assets					16
Financial Highlights					18
Notes to Financial Statements					24
Report of Independent Registered Public Accounting Firm					31
Investment Advisory Agreement Approval					32
Liquidity Risk Management Program					34
Important Notices					35
Federal Tax Notice					36
U.S. Customer Privacy Notice					37
Trustees and Officers Information					40

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Shareholders' Letter (unaudited)

Dear Shareholders,

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

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

October 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Expense Example (unaudited)

High Yield Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended September 30, 2023 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 4/1/23		Actual Ending Account Value 9/30/23		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	$	1,024.10	$	1,021.81	$	3.30	$	3.29		0.65	%
High Yield Portfolio Class A		1,000.00		1,021.10		1,020.05		5.07		5.06		1.00
High Yield Portfolio Class L		1,000.00		1,019.80		1,018.80		6.33		6.33		1.25
High Yield Portfolio Class C		1,000.00		1,018.50		1,016.29		8.86		8.85		1.75
High Yield Portfolio Class R6		1,000.00		1,022.90		1,021.96		3.14		3.14		0.62
High Yield Portfolio Class IR		1,000.00		1,024.20		1,021.96		3.15		3.14		0.62

** Annualized.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited)

High Yield Portfolio

The Fund seeks total return.

Performance

For the fiscal year ended September 30, 2023, the Fund's Class I shares had a total return based on net asset value and reinvestment of distributions per share of 10.34%, net of fees. The Fund's Class I shares outperformed against the Fund's benchmark, the Bloomberg U.S. Corporate High Yield Index⁽ⁱ⁾ (the "Index"), which returned 10.28%.

Please keep in mind that double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

Factors Affecting Performance

• As of September 30, 2023, the Index returned 10.28% during the one-year period. The yield-to-worst and spread-to-worst both decreased during the period, falling by 80 basis points (bps) and 150 bps to 8.88% and 412 bps, respectively.⁽ⁱⁱ⁾

• U.S. and global high yield markets got off to a strong start to the period and largely sustained the positive momentum until the Federal Reserve (Fed) meeting in December 2022. The yield on the 10-year U.S. Treasury fell more than 75 bps between mid-October and mid-December 2022 amid rising expectations that a modest softening in inflation readings would prompt a dovish softening in monetary policy from the Fed.⁽ⁱⁱⁱ⁾ Fed Chairman Powell's guidance effectively threw cold water on the fire at the conclusion of the December 2022 meeting, setting higher expectations for the terminal fed funds rate.

• High yield markets kicked off 2023 with a strong opening act in January, as investors put cash to work and risk assets broadly rallied. However, volatility returned in the following two months amid a string of stronger-than-expected macroeconomic readings and a focus on the vulnerability of U.S. regional banks. U.S. high yield markets reversed course briefly as volatility receded,

but volatility returned due to concerns around the U.S. debt ceiling and hawkish rhetoric from global central banks. High yield markets were able to regain their footing for most of the summer of 2023 amid the perception of an increased likelihood of a soft economic landing. However, the period ended with a softer tone as global rates moved sharply higher on the back of hawkish rhetoric from the Fed and the European Central Bank.

• For the Fund, from a sector perspective, an underweight position and favorable credit selection in the wirelines sector was the primary contributor to relative performance during the period. Relative outperformance in the sector was driven by an underweight position in a legacy wireline operator that is facing significant long-term secular challenges. Favorable credit selection in the restaurants sector also helped relative performance but was offset by challenging credit selection in the health care sector.

• From a ratings perspective, favorable credit selection and an underweight position in BB-rated bonds helped performance during the period. One of the primary contributors in the ratings segment was an overweight position in an oil field services company that reported strong third quarter 2023 earnings. Positioning within the B-rated segments also contributed positively to relative performance; however, this was offset by the Fund's credit selection in bonds rated CCC or below. A modest allocation to cash also hurt relative performance in a strong period for U.S. high yield markets.

Management Strategies

• The high yield market ended the reporting period with a historically attractive yield; however, our outlook and positioning remain somewhat cautious. The need for caution is predicated on prevailing catalysts that include restrictive monetary policy, near-term headwinds facing the U.S. consumer and high yield issuers, and valuations that trade inside historical norms. Supportive credit quality and

⁽ⁱ⁾ "Bloomberg^®" and the Bloomberg Index/Indices used are service marks of Bloomberg Finance L.P. and its affiliates, and have been licensed for use for certain purposes by Morgan Stanley Investment Management (MSIM). Bloomberg is not affiliated with MSIM, does not approve, endorse, review, or recommend any product, and. does not guarantee the timeliness, accurateness, or completeness of any data or information relating to any product.

⁽ⁱⁱ⁾ Source: Bloomberg L.P. Data based on the Bloomberg U.S. Corporate High Yield Index as of September 30, 2023. One basis point = 0.01%

⁽ⁱⁱⁱ⁾ Source: Bloomberg L.P.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

High Yield Portfolio

seniority will likely provide mitigating buoyancy over the near term. However, market participants should resist stretching for yield and instead focus on fundamentals and value with the expectation for an eventual — inevitable — return of volatility.

• Sector biases at the end of the period included overweight positions in defensive sectors trading with what we assess to be attractive long-term value, and underweight positions in cyclical sectors with asymmetric risk/return characteristics. We are also mindful of avoiding value traps in historically defensive sectors such as cable & satellite TV and telecommunications, where historically wide valuations come with deep secular headwinds laden with idiosyncratic fundamental pitfalls.

• Wider peak spreads in coming quarters seem inevitable, particularly moving into an election year in 2024, with ongoing war in Europe and declining relations coupled with increasingly aggressive overtures between Western allies and China. Risk and volatility, however, also represent the opportunity for attractive entry points that will likely reward disciplined long-term investors.

* Minimum Investment

In accordance with SEC regulations, the Fund's performance shown assumes that all recurring fees (including management fees) were deducted and all dividends and distributions were reinvested. The performance of Class A, Class L, Class C, Class R6 and Class IR shares will vary from the performance of Class I shares based upon their different inception dates and will be negatively impacted by additional fees assessed to those classes (where applicable).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

High Yield Portfolio

Performance Compared to the Bloomberg U.S. Corporate High Yield Index⁽¹⁾ and the Lipper High Current Yield Bond Funds Index⁽²⁾

	Period Ended September 30, 2023 Total Returns⁽³⁾
				Average Annual
	One Year			Five Years			Ten Years			Since Inception⁽⁸⁾
Fund — Class I Shares w/o sales charges⁽⁴⁾		10.34	%		2.01	%		3.99	%		5.48	%
Fund — Class A Shares w/o sales charges⁽⁴⁾		9.98			1.64			3.62			5.12
Fund — Class A Shares with maximum 3.25% sales charges⁽⁴⁾		6.45			0.98			3.28			4.82
Fund — Class L Shares w/o sales charges⁽⁴⁾		9.76			1.40			3.36			4.86
Fund — Class C Shares w/o sales charges⁽⁶⁾		9.16			0.90			—			2.39
Fund — Class C Shares with maximum 1.00% deferred sales charges⁽⁶⁾		8.16			0.90			—			2.39
Fund — Class R6 Shares w/o sales charges⁽⁵⁾		10.35			2.03			—			3.32
Fund — Class IR Shares w/o sales charges⁽⁷⁾		10.36			2.04			—			2.29
Bloomberg U.S. Corporate High Yield Index		10.28			2.96			4.24			4.94
Lipper High Current Yield Bond Funds Index		9.76			2.69			3.75			4.48

⁽¹⁾The Bloomberg U.S. Corporate High Yield Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody's, Fitch, and S&P is Ba1/BB+/BB+ or below. The index excludes emerging market debt. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

⁽²⁾ The Lipper High Current Yield Bond Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper High Current Yield Bond Funds classification. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. As of the date of this report, the Fund was in the Lipper High Current Yield Bond Funds classification.

⁽³⁾ Total returns for the Fund reflect expenses waived and/or reimbursed, if applicable, by the Adviser. Without such waivers and/or reimbursements, total returns would have been lower.

⁽⁴⁾ Commenced operations on February 7, 2012.

⁽⁵⁾ Commenced offering on March 28, 2014.

⁽⁶⁾ Commenced offering on April 30, 2015. Class C shares will generally convert to Class A shares approximately eight years after the end of the calendar month in which the shares were purchased. Performance for periods greater than eight years reflects this conversion (beginning April 2023).

⁽⁷⁾ Commenced offering on June 15, 2018.

⁽⁸⁾ For comparative purposes, average annual since inception returns listed for the Indexes refer to the inception date of Class I of the Fund, not the inception of the Indexes.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments

High Yield Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (99.0%)
Corporate Bonds (96.4%)
Basic Materials (5.7%)
ASP Unifrax Holdings, Inc.
5.25%, 9/30/28 (a)	$	735	$	525
Eldorado Gold Corp.
6.25%, 9/1/29 (a)		500		432
HB Fuller Co.
4.25%, 10/15/28		515		455
Herens Holdco Sarl
4.75%, 5/15/28 (a)		600		467
Hudbay Minerals, Inc.
4.50%, 4/1/26 (a)		359		336
IAMGOLD Corp.
5.75%, 10/15/28 (a)		574		450
International Flavors & Fragrances, Inc.
1.23%, 10/1/25 (a)		300		269
Iris Holding, Inc.
10.00%, 12/15/28 (a)		600		473
Kaiser Aluminum Corp.
4.50%, 6/1/31 (a)		250		198
4.63%, 3/1/28 (a)		175		153
Minerals Technologies, Inc.
5.00%, 7/1/28 (a)		500		459
NOVA Chemicals Corp.
4.25%, 5/15/29 (a)		300		234
Novelis Corp.
4.75%, 1/30/30 (a)		375		325
Nufarm Australia Ltd./Nufarm Americas, Inc.
5.00%, 1/27/30 (a)		500		442
TMS International Corp.
6.25%, 4/15/29 (a)		525		435
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.
5.13%, 4/1/29 (a)		525		274
5.38%, 9/1/25 (a)		80		74
				6,001
Communications (8.6%)
Altice France SA
5.13%, 7/15/29 (a)		325		232
Arches Buyer, Inc.
6.13%, 12/1/28 (a)		310		252
Audacy Capital Corp.
6.50%, 5/1/27 (a)		900		19
Block Communications, Inc.
4.88%, 3/1/28 (a)		693		574
C&W Senior Financing DAC
6.88%, 9/15/27 (a)		250		220
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00%, 2/1/28 (a)		450		409
Charter Communications Operating LLC/Charter Communications Operating Capital
3.85%, 4/1/61		460		257

	Face Amount (000)		Value (000)
Ciena Corp.
4.00%, 1/31/30 (a)	$	785	$	665
Clear Channel Outdoor Holdings, Inc.
7.75%, 4/15/28 (a)		510		408
CSC Holdings LLC
11.25%, 5/15/28 (a)		680		678
EquipmentShare.com, Inc.
9.00%, 5/15/28 (a)		725		698
GCI LLC
4.75%, 10/15/28 (a)		300		259
Gray Escrow II, Inc.
5.38%, 11/15/31 (a)		500		328
Gray Television, Inc.
4.75%, 10/15/30 (a)		25		17
Iliad Holding SASU
7.00%, 10/15/28 (a)		200		182
Lamar Media Corp.
4.00%, 2/15/30		200		170
LCPR Senior Secured Financing DAC
6.75%, 10/15/27 (a)		520		478
Midcontinent Communications/Midcontinent Finance Corp.
5.38%, 8/15/27 (a)		576		534
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.63%, 3/15/30 (a)		350		276
Radiate Holdco LLC/Radiate Finance, Inc.
6.50%, 9/15/28 (a)		525		277
Sable International Finance Ltd.
5.75%, 9/7/27 (a)		249		226
Spotify USA, Inc.
0.00%, 3/15/26		500		427
TEGNA, Inc.
5.00%, 9/15/29		300		252
Townsquare Media, Inc.
6.88%, 2/1/26 (a)		100		95
Viavi Solutions, Inc.
3.75%, 10/1/29 (a)		650		529
Virgin Media Finance PLC
5.00%, 7/15/30 (a)		400		315
Ziggo BV
4.88%, 1/15/30 (a)		350		286
				9,063
Consumer, Cyclical (24.4%)
Acushnet Co.
7.38%, 10/15/28 (a)		80		81
Air Canada
3.88%, 8/15/26 (a)		300		272
Allwyn Entertainment Financing UK PLC
7.88%, 4/30/29 (a)		245		248
American Airlines, Inc.
7.25%, 2/15/28 (a)		117		112

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Consumer, Cyclical (cont'd)
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.50%, 4/20/26 (a)	$	182	$	177
5.75%, 4/20/29 (a)		403		375
Arko Corp.
5.13%, 11/15/29 (a)		675		545
Ashton Woods USA LLC/Ashton Woods Finance Co.
4.63%, 4/1/30 (a)		500		410
At Home Group, Inc.
4.88%, 7/15/28 (a)		255		109
BCPE Empire Holdings, Inc.
7.63%, 5/1/27 (a)		280		266
Boyne USA, Inc.
4.75%, 5/15/29 (a)		490		429
Brinker International, Inc.
8.25%, 7/15/30 (a)		280		270
Carrols Restaurant Group, Inc.
5.88%, 7/1/29 (a)		1,010		849
Cars.com, Inc.
6.38%, 11/1/28 (a)		695		632
CCM Merger, Inc.
6.38%, 5/1/26 (a)		550		527
CD&R Smokey Buyer, Inc.
6.75%, 7/15/25 (a)		885		854
Cushman & Wakefield U.S. Borrower LLC
6.75%, 5/15/28 (a)		250		231
Dealer Tire LLC/DT Issuer LLC
8.00%, 2/1/28 (a)		950		892
DraftKings Holdings, Inc.
0.00%, 3/15/28		465		356
Dream Finders Homes, Inc.
8.25%, 8/15/28 (a)		500		504
Evergreen Acqco 1 LP/TVI, Inc.
9.75%, 4/26/28 (a)		325		335
Everi Holdings, Inc.
5.00%, 7/15/29 (a)		300		259
Ferrellgas LP/Ferrellgas Finance Corp.
5.88%, 4/1/29 (a)		1,075		968
Ford Motor Co.
0.00%, 3/15/26		275		272
3.25%, 2/12/32		1,090		841
GYP Holdings III Corp.
4.63%, 5/1/29 (a)		260		224
Hanesbrands, Inc.
4.88%, 5/15/26 (a)		320		294
Hawaiian Brand Intellectual Property Ltd./ HawaiianMiles Loyalty Ltd.
5.75%, 1/20/26 (a)		300		270
Hilton Domestic Operating Co., Inc.
3.63%, 2/15/32 (a)		250		202
Jacobs Entertainment, Inc.
6.75%, 2/15/29 (a)		620		536

	Face Amount (000)		Value (000)
JB Poindexter & Co., Inc.
7.13%, 4/15/26 (a)	$	850	$	828
Ken Garff Automotive LLC
4.88%, 9/15/28 (a)		275		235
Kohl's Corp.
4.63%, 5/1/31 (b)		307		207
LCM Investments Holdings II LLC
4.88%, 5/1/29 (a)		275		234
LGI Homes, Inc.
4.00%, 7/15/29 (a)		330		264
Lindblad Expeditions Holdings, Inc.
9.00%, 5/15/28 (a)		199		199
Lindblad Expeditions LLC
6.75%, 2/15/27 (a)		395		370
Lithia Motors, Inc.
3.88%, 6/1/29 (a)		400		337
Macy's Retail Holdings LLC
5.88%, 3/15/30 (a)		500		424
Mclaren Finance PLC
7.50%, 8/1/26 (a)		450		393
Michaels Cos., Inc.
7.88%, 5/1/29 (a)		520		340
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.
4.88%, 5/1/29 (a)		400		341
New Home Co., Inc.
8.25%, 10/15/27 (a)(b)		1,058		984
Newell Brands, Inc.
5.20%, 4/1/26 (b)		320		302
Patrick Industries, Inc.
4.75%, 5/1/29 (a)		150		125
Peloton Interactive, Inc.
0.00%, 2/15/26		595		451
PetSmart, Inc./PetSmart Finance Corp.
4.75%, 2/15/28 (a)		275		241
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.88%, 9/1/31 (a)		520		384
Raptor Acquisition Corp./Raptor Co.-Issuer LLC
4.88%, 11/1/26 (a)		175		164
Real Hero Merger Sub 2, Inc.
6.25%, 2/1/29 (a)		745		576
Resorts World Las Vegas LLC/RWLV Capital, Inc.
4.63%, 4/16/29		600		480
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC
6 Month USD LIBOR + 5.63%, 10.93%, 10/15/26 (a)(c)		730		735
Speedway Motorsports LLC/Speedway Funding II, Inc.
4.88%, 11/1/27 (a)		900		818
Station Casinos LLC
4.50%, 2/15/28 (a)		200		175

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Consumer, Cyclical (cont'd)
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.
5.88%, 5/15/25 (a)	$	660	$	637
Tenneco, Inc.
8.00%, 11/17/28 (a)		430		350
Thor Industries, Inc.
4.00%, 10/15/29 (a)		275		227
Titan International, Inc.
7.00%, 4/30/28		285		267
United Airlines, Inc.
4.63%, 4/15/29 (a)		475		409
Viking Cruises Ltd.
5.88%, 9/15/27 (a)		630		576
VistaJet Malta Finance PLC/Vista Management Holding, Inc.
9.50%, 6/1/28 (a)		165		145
Wheel Pros, Inc.
6.50%, 5/15/29 (a)		600		202
White Cap Buyer LLC
6.88%, 10/15/28 (a)		400		354
Wolverine World Wide, Inc.
4.00%, 8/15/29 (a)		350		260
ZF North America Capital, Inc.
6.88%, 4/14/28 (a)		385		377
				25,751
Consumer, Non-Cyclical (14.5%)
AHP Health Partners, Inc.
5.75%, 7/15/29 (a)		860		727
Alta Equipment Group, Inc.
5.63%, 4/15/26 (a)		610		563
AMN Healthcare, Inc.
4.00%, 4/15/29 (a)		450		382
APi Group DE, Inc.
4.13%, 7/15/29 (a)		350		295
Bausch & Lomb Escrow Corp.
8.38%, 10/1/28 (a)		270		271
Block, Inc.
0.25%, 11/1/27		275		208
Carriage Services, Inc.
4.25%, 5/15/29 (a)		250		214
Chobani LLC/Chobani Finance Corp., Inc.
4.63%, 11/15/28 (a)		425		375
CoreLogic, Inc.
4.50%, 5/1/28 (a)		250		190
CPI CG, Inc.
8.63%, 3/15/26 (a)		448		442
Darling Ingredients, Inc.
6.00%, 6/15/30 (a)		200		190
Edgewell Personal Care Co.
5.50%, 6/1/28 (a)		250		231
Esc Cb National Cineme
0.00%, 8/15/26 (d)(e)		600		—

	Face Amount (000)		Value (000)
Fortrea Holdings, Inc.
7.50%, 7/1/30 (a)	$	425	$	414
Garda World Security Corp.
9.50%, 11/1/27 (a)		250		239
Grifols SA
4.75%, 10/15/28 (a)		625		534
GXO Logistics, Inc.
1.65%, 7/15/26		325		286
Heartland Dental LLC/Heartland Dental Finance Corp.
8.50%, 5/1/26 (a)		491		463
10.50%, 4/30/28 (a)		460		463
H-Food Holdings LLC/Hearthside Finance Co., Inc.
8.50%, 6/1/26 (a)		400		100
Ingles Markets, Inc.
4.00%, 6/15/31 (a)		500		411
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc.
5.00%, 2/1/26 (a)		500		491
LifePoint Health, Inc.
5.38%, 1/15/29 (a)		550		385
9.88%, 8/15/30 (a)		285		276
Medline Borrower LP
3.88%, 4/1/29 (a)		500		423
Metis Merger Sub LLC
6.50%, 5/15/29 (a)		400		338
ModivCare Escrow Issuer, Inc.
5.00%, 10/1/29 (a)		600		431
ModivCare, Inc.
5.88%, 11/15/25 (a)		250		238
Nathan's Famous, Inc.
6.63%, 11/1/25 (a)		359		358
Option Care Health, Inc.
4.38%, 10/31/29 (a)		380		329
P&L Development LLC/PLD Finance Corp.
7.75%, 11/15/25 (a)		1,085		794
Performance Food Group, Inc.
4.25%, 8/1/29 (a)		300		260
Perrigo Finance Unlimited Co.
4.90%, 12/15/44		325		241
PROG Holdings, Inc.
6.00%, 11/15/29 (a)		325		284
Signal Parent, Inc.
6.13%, 4/1/29 (a)		1,070		654
Sotheby's
7.38%, 10/15/27 (a)		450		415
TriNet Group, Inc.
3.50%, 3/1/29 (a)		340		287
U.S. Acute Care Solutions LLC
6.38%, 3/1/26 (a)		825		711
VT Topco, Inc.
8.50%, 8/15/30 (a)		255		253
WASH Multifamily Acquisition, Inc.
5.75%, 4/15/26 (a)		500		467

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Consumer, Non-Cyclical (cont'd)
ZipRecruiter, Inc.
5.00%, 1/15/30 (a)	$	835	$	656
				15,289
Energy (9.7%)
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 4/1/28 (a)		200		187
6.88%, 4/1/27 (a)		300		291
Baytex Energy Corp.
8.50%, 4/30/30 (a)		105		106
8.75%, 4/1/27 (a)		556		565
CITGO Petroleum Corp.
6.38%, 6/15/26 (a)		610		603
CNX Midstream Partners LP
4.75%, 4/15/30 (a)		450		375
Continental Resources, Inc.
2.88%, 4/1/32 (a)		825		618
CQP Holdco LP/BIP-V Chinook Holdco LLC
5.50%, 6/15/31 (a)		575		510
Diamondback Energy, Inc.
4.25%, 3/15/52		300		213
Global Partners LP/GLP Finance Corp.
7.00%, 8/1/27		690		673
ITT Holdings LLC
6.50%, 8/1/29 (a)		295		250
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.
6.00%, 8/1/26 (a)		550		532
Martin Midstream Partners LP/Martin Midstream Finance Corp.
11.50%, 2/15/28 (a)		545		554
Matador Resources Co.
5.88%, 9/15/26		274		265
6.88%, 4/15/28 (a)		390		383
NextEra Energy Partners LP
2.50%, 6/15/26 (a)		715		610
Oceaneering International, Inc.
6.00%, 2/1/28 (a)(f)		925		872
ONEOK, Inc.
3.10%, 3/15/30		225		188
Rockies Express Pipeline LLC
3.60%, 5/15/25 (a)		300		284
Sitio Royalties Operating Partnership LP/Sitio Finance Corp.
7.88%, 11/1/28 (a)		470		472
Southwestern Energy Co.
4.75%, 2/1/32		300		258
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
6.00%, 12/31/30 (a)		500		442
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.00%, 1/15/32		600		506

	Face Amount (000)		Value (000)
Vermilion Energy, Inc.
5.63%, 3/15/25 (a)	$	575	$	561
				10,318
Finance (8.7%)
AG TTMT Escrow Issuer LLC
8.63%, 9/30/27 (a)		200		201
AmWINS Group, Inc.
4.88%, 6/30/29 (a)		350		307
BroadStreet Partners, Inc.
5.88%, 4/15/29 (a)		425		375
Castlelake Aviation Finance DAC
5.00%, 4/15/27 (a)		370		338
Compass Group Diversified Holdings LLC
5.25%, 4/15/29 (a)		685		600
CTR Partnership LP/CareTrust Capital Corp.
3.88%, 6/30/28 (a)		900		771
Global Net Lease, Inc./Global Net Lease Operating Partnership LP
3.75%, 12/15/27 (a)		300		233
Howard Hughes Corp.
4.13%, 2/1/29 (a)		200		160
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 9/15/24		245		236
6.25%, 5/15/26		475		442
6.38%, 12/15/25		60		57
Iron Mountain, Inc.
5.25%, 7/15/30 (a)		300		263
Jane Street Group/JSG Finance, Inc.
4.50%, 11/15/29 (a)		775		667
Jefferies Finance LLC/JFIN Co.-Issuer Corp.
5.00%, 8/15/28 (a)		500		422
Jefferson Capital Holdings LLC
6.00%, 8/15/26 (a)		731		647
LPL Holdings, Inc.
4.00%, 3/15/29 (a)		655		572
Macquarie Airfinance Holdings Ltd.
8.38%, 5/1/28 (a)		320		325
MGIC Investment Corp.
5.25%, 8/15/28		275		256
Oxford Finance LLC/Oxford Finance Co-Issuer II Inc.
6.38%, 2/1/27 (a)		750		698
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27		250		228
RLJ Lodging Trust LP
3.75%, 7/1/26 (a)		250		226
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.
2.88%, 10/15/26 (a)		370		326
VistaJet Malta Finance PLC/Vista Management Holding, Inc.
6.38%, 2/1/30 (a)		1,075		832
				9,182

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Industrials (18.5%)
ACProducts Holdings, Inc.
6.38%, 5/15/29 (a)	$	625	$	413
AmeriTex HoldCo Intermediate LLC
10.25%, 10/15/28 (a)		370		366
Ball Corp.
3.13%, 9/15/31		400		314
Bombardier, Inc.
6.00%, 2/15/28 (a)		525		477
Brundage-Bone Concrete Pumping Holdings, Inc.
6.00%, 2/1/26 (a)		400		381
Cargo Aircraft Management, Inc.
4.75%, 2/1/28 (a)		500		447
Carriage Purchaser, Inc.
7.88%, 10/15/29 (a)		1,010		768
Coherent Corp.
5.00%, 12/15/29 (a)		500		434
Covanta Holding Corp.
4.88%, 12/1/29 (a)		485		399
5.00%, 9/1/30		130		104
CP Atlas Buyer, Inc.
7.00%, 12/1/28 (a)		399		313
CryoPort, Inc.
0.75%, 12/1/26 (a)		680		541
Dycom Industries, Inc.
4.50%, 4/15/29 (a)		960		831
Emerald Debt Merger Sub LLC
6.63%, 12/15/30 (a)		375		361
EnerSys
4.38%, 12/15/27 (a)		455		414
EnPro Industries, Inc.
5.75%, 10/15/26		500		480
Enviri Corp.
5.75%, 7/31/27 (a)		1,167		1,028
Fly Leasing Ltd.
7.00%, 10/15/24 (a)		1,645		1,512
Great Lakes Dredge & Dock Corp.
5.25%, 6/1/29 (a)		880		723
Hillenbrand, Inc.
3.75%, 3/1/31		250		201
JPW Industries Holding Corp.
9.00%, 10/1/24 (a)		950		911
Madison IAQ LLC
5.88%, 6/30/29 (a)		750		605
Manitowoc Co., Inc.
9.00%, 4/1/26 (a)		530		529
Moog, Inc.
4.25%, 12/15/27 (a)		500		452
Mueller Water Products, Inc.
4.00%, 6/15/29 (a)		450		392
New Enterprise Stone & Lime Co., Inc.
5.25%, 7/15/28 (a)		450		404

	Face Amount (000)		Value (000)
OI European Group BV
4.75%, 2/15/30 (a)	$	250	$	218
PGT Innovations, Inc.
4.38%, 10/1/29 (a)		635		586
Seaspan Corp.
5.50%, 8/1/29 (a)		650		522
Smyrna Ready Mix Concrete LLC
6.00%, 11/1/28 (a)		300		277
TK Elevator U.S. Newco, Inc.
5.25%, 7/15/27 (a)		325		298
TopBuild Corp.
3.63%, 3/15/29 (a)		250		213
TransDigm, Inc.
5.50%, 11/15/27		300		281
Trident TPI Holdings, Inc.
12.75%, 12/31/28 (a)		270		283
TriMas Corp.
4.13%, 4/15/29 (a)		400		343
Trivium Packaging Finance BV
8.50%, 8/15/27 (a)		300		275
TTM Technologies, Inc.
4.00%, 3/1/29 (a)		450		374
VM Consolidated, Inc.
5.50%, 4/15/29 (a)		545		491
Vontier Corp.
2.95%, 4/1/31		675		521
Waste Pro USA, Inc.
5.50%, 2/15/26 (a)		475		444
Watco Cos. LLC/Watco Finance Corp.
6.50%, 6/15/27 (a)		425		404
XPO Escrow Sub LLC
7.50%, 11/15/27 (a)		200		203
				19,533
Technology (4.7%)
AthenaHealth Group, Inc.
6.50%, 2/15/30 (a)		650		545
Clarivate Science Holdings Corp.
4.88%, 7/1/29 (a)		450		384
Cloud Software Group, Inc.
9.00%, 9/30/29 (a)		238		207
Concentrix Corp.
6.60%, 8/2/28		350		338
Crowdstrike Holdings, Inc.
3.00%, 2/15/29		495		417
KBR, Inc.
4.75%, 9/30/28 (a)		430		379
Kyndryl Holdings, Inc.
2.70%, 10/15/28		590		485
McAfee Corp.
7.38%, 2/15/30 (a)		65		55
Playtika Holding Corp.
4.25%, 3/15/29 (a)		640		535

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Technology (cont'd)
Rackspace Technology Global, Inc.
5.38%, 12/1/28 (a)	$	625	$	210
ROBLOX Corp.
3.88%, 5/1/30 (a)		600		482
Rocket Software, Inc.
6.50%, 2/15/29 (a)		745		616
Unisys Corp.
6.88%, 11/1/27 (a)		375		281
				4,934
Utilities (1.6%)
Leeward Renewable Energy Operations LLC
4.25%, 7/1/29 (a)		910		749
Pike Corp.
5.50%, 9/1/28 (a)		545		478
TransAlta Corp.
7.75%, 11/15/29		525		532
				1,759
				101,830
Variable Rate Senior Loan Interests (2.6%)
Consumer, Cyclical (0.4%)
Peloton Interactive, Inc. Term Loan 6 Month USD SOFR + 6.50%, 12.26%, 5/25/27 (c)		395		397
Consumer, Non-Cyclical (1.6%)
AlixPartners LLP
2021 Term Loan B 1 Month USD SOFR + 2.75%, 8.18%, 2/4/28 (c)		193		193
Pearl Intermediate Parent LLC
2018 2nd Lien Term Loan 1 Month USD SOFR + 6.25%, 11.68%, 2/13/26 (c)		500		495
Pluto Acquisition I, Inc.
2021 1st Lien Term Loan 3 Month USD SOFR + 4.00%, 9.32%, 6/22/26 (c)		480		421
Surgery Center Holdings, Inc.
2021 Term Loan 1 Month USD SOFR + 3.75%, 9.18%, 8/31/26 (c)		550		551
				1,660
Industrials (0.6%)
Grinding Media, Inc.
2021 Term Loan B 3 Month USD SOFR + 4.00%, 9.53%, 10/12/28 (c)		696		692
				2,749
Total Fixed Income Securities (Cost $114,311)				104,579
	Shares
Common Stocks (0.1%)
Automobile Components (0.0%)
Exide Technologies (g)		592		—
Diversified REITs (0.0%)‡
American Gilsonite Co. (g)		500		3
Machinery (0.1%)
Iracore Investment Holdings, Inc., Class A (g)(h)		470		72

	Shares		Value (000)
Semiconductors & Semiconductor Equipment (0.0%)‡
UC Holdings, Inc. (e)		2,826	$	13
Total Common Stocks (Cost $151)				88
Total Investments (99.1%) (Cost $114,462) (i)(j)				104,667
Other Assets in Excess of Liabilities (0.9%)				921
Net Assets (100.0%)			$	105,588

‡ Amount is less than 0.05%.

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

(b) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2023. Maturity date disclosed is the ultimate maturity date.

(d) Non-income producing security; bond in default.

(e) Issuer in bankruptcy.

(f) When-issued security.

(g) Non-income producing security.

(h) At September 30, 2023, the Trust held a fair valued security valued at approximately $72,000, representing 0.1% 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) Securities are available as collateral in connection with securities purchased on a forward commitment basis.

(j) At September 30, 2023, the aggregate cost for federal income tax purposes is approximately $114,640,000. The aggregate gross unrealized appreciation is approximately $484,000 and the aggregate gross unrealized depreciation is approximately $9,460,000, resulting in net unrealized depreciation of approximately $8,976,000.

DAC Designated Activity Company.

LIBOR London Interbank Offered Rate.

SOFR Secured Overnight Financing Rate.

USD United States Dollar.

Portfolio Composition

Classification	Percentage of Total Investments
Consumer, Cyclical		25.0	%
Industrials		19.3
Consumer, Non-Cyclical		16.2
Energy		9.8
Finance		8.8
Communications		8.7
Other*		6.5
Basic Materials		5.7
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.
12

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

High Yield Portfolio

Statement of Assets and Liabilities	September 30, 2023 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $114,462)	$	104,667
Interest Receivable		2,078
Receivable for Investments Sold		679
Receivable for Fund Shares Sold		119
Due from Adviser		11
Receivable from Affiliate		1
Other Assets		64
Total Assets		107,619
Liabilities:
Payable for Investments Purchased		1,375
Payable to Bank		442
Payable for Professional Fees		63
Payable for Fund Shares Redeemed		43
Payable for Sub Transfer Agency Fees — Class I		13
Payable for Sub Transfer Agency Fees — Class A		2
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Sub Transfer Agency Fees — Class C		1
Payable for Administration Fees		7
Payable for Transfer Agency Fees — Class I		3
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 Transfer Agency Fees — Class IR		—	@
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 Custodian Fees		4
Other Liabilities		71
Total Liabilities		2,031
Net Assets	$	105,588
Net Assets Consist of:
Paid-in-Capital	$	143,355
Total Accumulated Loss		(37,767	)
Net Assets	$	105,588

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

High Yield Portfolio

Statement of Assets and Liabilities (cont'd)	September 30, 2023 (000)
CLASS I:
Net Assets	$	85,713
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		10,597,163
Net Asset Value, Offering and Redemption Price Per Share	$	8.09
CLASS A:
Net Assets	$	11,192
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,386,477
Net Asset Value, Redemption Price Per Share	$	8.07
Maximum Sales Load		3.25	%
Maximum Sales Charge	$	0.27
Maximum Offering Price Per Share	$	8.34
CLASS L:
Net Assets	$	166
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		20,555
Net Asset Value, Offering and Redemption Price Per Share	$	8.08
CLASS C:
Net Assets	$	3,539
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		439,081
Net Asset Value, Offering and Redemption Price Per Share	$	8.06
CLASS R6:
Net Assets	$	4,967
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		613,622
Net Asset Value, Offering and Redemption Price Per Share	$	8.09
CLASS IR:
Net Assets	$	11
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,327
Net Asset Value, Offering and Redemption Price Per Share	$	8.09

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

High Yield Portfolio

Statement of Operations	Year Ended September 30, 2023 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	8,973
Dividends from Security of Affiliated Issuer (Note G)		39
Total Investment Income		9,012
Expenses:
Advisory Fees (Note B)		740
Professional Fees		224
Sub Transfer Agency Fees — Class I		125
Sub Transfer Agency Fees — Class A		11
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		3
Registration Fees		112
Administration Fees (Note C)		99
Shareholder Services Fees — Class A (Note D)		29
Distribution and Shareholder Services Fees — Class L (Note D)		1
Distribution and Shareholder Services Fees — Class C (Note D)		38
Pricing Fees		45
Transfer Agency Fees — Class I (Note E)		15
Transfer Agency Fees — Class A (Note E)		5
Transfer Agency Fees — Class L (Note E)		3
Transfer Agency Fees — Class C (Note E)		3
Transfer Agency Fees — Class R6 (Note E)		3
Transfer Agency Fees — Class IR (Note E)		2
Transfer Agency Fees — Class W* (Note E)		2
Shareholder Reporting Fees		30
Custodian Fees (Note F)		15
Trustees' Fees and Expenses		8
Other Expenses		24
Total Expenses		1,537
Waiver of Advisory Fees (Note B)		(534	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(110	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class L (Note B)		(3	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class R6 (Note B)		(3	)
Reimbursement of Class Specific Expenses — Class IR (Note B)		(2	)
Reimbursement of Class Specific Expenses — Class W* (Note B)		(2	)
Rebate from Morgan Stanley Affiliate (Note G)		(1	)
Net Expenses		880
Net Investment Income		8,132
Realized Loss:
Investments Sold		(12,076	)
Change in Unrealized Appreciation (Depreciation):
Investments		17,068
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		4,992
Net Increase in Net Assets Resulting from Operations	$	13,124

@ Amount is less than $500.

* Effective June 28, 2023, Class W shares were liquidated.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

High Yield Portfolio

Statements of Changes in Net Assets	Year Ended September 30, 2023 (000)			Year Ended September 30, 2022 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	8,132		$	9,621
Net Realized Loss		(12,076	)		(5,151	)
Net Change in Unrealized Appreciation (Depreciation)		17,068			(30,555	)
Net Increase (Decrease) in Net Assets Resulting from Operations		13,124			(26,085	)
Dividends and Distributions to Shareholders:
Class I		(6,936	)		(8,231	)
Class A		(752	)		(784	)
Class L		(10	)		(17	)
Class C		(214	)		(258	)
Class R6*		(389	)		(455	)
Class IR		(1	)		(1	)
Class W**		(1	)		(1	)
Total Dividends and Distributions to Shareholders		(8,303	)		(9,747	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		28,162			43,321
Distributions Reinvested		6,642			8,101
Redeemed		(71,061	)		(64,717	)
Class A:
Subscribed		7,175			12,087
Distributions Reinvested		752			784
Redeemed		(8,669	)		(15,535	)
Class L:
Exchanged		37			—
Distributions Reinvested		10			17
Redeemed		(110	)		(110	)
Class C:
Subscribed		537			608
Distributions Reinvested		214			258
Redeemed		(1,466	)		(2,039	)
Class R6:*
Subscribed		13			9,619
Distributions Reinvested		389			455
Redeemed		(3,832	)		(3,540	)
Class IR:
Distributions Reinvested		1			1
Class W:**
Distributions Reinvested		1			1
Redeemed		(10	)		—
Net Decrease in Net Assets Resulting from Capital Share Transactions		(41,215	)		(10,689	)
Total Decrease in Net Assets		(36,394	)		(46,521	)
Net Assets:
Beginning of Period		141,982			188,503
End of Period	$	105,588		$	141,982

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

High Yield Portfolio

Statements of Changes in Net Assets (cont'd)	Year Ended September 30, 2023 (000)			Year Ended September 30, 2022 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		3,470			4,876
Shares Issued on Distributions Reinvested		819			906
Shares Redeemed		(8,737	)		(7,365	)
Net Decrease in Class I Shares Outstanding		(4,448	)		(1,583	)
Class A:
Shares Subscribed		882			1,381
Shares Issued on Distributions Reinvested		93			88
Shares Redeemed		(1,068	)		(1,760	)
Net Decrease in Class A Shares Outstanding		(93	)		(291	)
Class L:
Shares Exchanged		5			—
Shares Issued on Distributions Reinvested		1			2
Shares Redeemed		(14	)		(13	)
Net Decrease in Class L Shares Outstanding		(8	)		(11	)
Class C:
Shares Subscribed		65			65
Shares Issued on Distributions Reinvested		27			29
Shares Redeemed		(181	)		(231	)
Net Decrease in Class C Shares Outstanding		(89	)		(137	)
Class R6:*
Shares Subscribed		1			1,056
Shares Issued on Distributions Reinvested		48			52
Shares Redeemed		(475	)		(432	)
Net Increase (Decrease) in Class R6 Shares Outstanding		(426	)		676
Class IR:
Shares Issued on Distributions Reinvested		—	@@		—	@@
Class W:**
Shares Issued on Distributions Reinvested		—	@@		—	@@
Shares Redeemed		(1	)		—
Net Increase (Decrease) in Class W Shares Outstanding		(1	)		—	@@

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

** Effective June 28, 2023, Class W shares were liquidated.

@@ Amount is less than 500 shares.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

High Yield Portfolio

	Class I
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	7.84		$	9.68		$	9.19		$	9.78		$	9.96
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.54			0.50			0.53			0.57			0.63
Net Realized and Unrealized Gain (Loss)		0.26			(1.83	)		0.49			(0.57	)		(0.19	)
Total from Investment Operations		0.80			(1.33	)		1.02			0.00			0.44
Distributions from and/or in Excess of:
Net Investment Income		(0.55	)		(0.51	)		(0.53	)		(0.59	)		(0.62	)
Net Asset Value, End of Period	$	8.09		$	7.84		$	9.68		$	9.19		$	9.78
Total Return⁽²⁾		10.34	%		(14.27	)%		11.38	%		0.15	%		4.68	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	85,713		$	117,898		$	161,038		$	155,539		$	176,483
Ratio of Expenses Before Expense Limitation		1.19	%		1.04	%		1.03	%		1.02	%		0.98	%
Ratio of Expenses After Expense Limitation		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⁾
Ratio of Net Investment Income		6.66	%⁽³⁾		5.64	%⁽³⁾		5.50	%⁽³⁾		6.20	%⁽³⁾		6.51	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾
Portfolio Turnover Rate		57	%		28	%		54	%		69	%		42	%

(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.

(4) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

High Yield Portfolio

	Class A
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	7.82		$	9.67		$	9.17		$	9.76		$	9.94
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.51			0.47			0.49			0.55			0.60
Net Realized and Unrealized Gain (Loss)		0.26			(1.84	)		0.51			(0.58	)		(0.20	)
Total from Investment Operations		0.77			(1.37	)		1.00			(0.03	)		0.40
Distributions from and/or in Excess of:
Net Investment Income		(0.52	)		(0.48	)		(0.50	)		(0.56	)		(0.58	)
Net Asset Value, End of Period	$	8.07		$	7.82		$	9.67		$	9.17		$	9.76
Total Return⁽²⁾		9.98	%		(14.69	)%		11.14	%		(0.22	)%		4.28	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	11,192		$	11,573		$	17,116		$	14,595		$	24,401
Ratio of Expenses Before Expense Limitation		1.45	%		1.29	%		1.27	%		1.31	%		1.23	%
Ratio of Expenses After Expense Limitation		1.00	%⁽³⁾		1.00	%⁽³⁾		0.99	%⁽³⁾		1.00	%⁽³⁾		0.99	%⁽³⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.99	%⁽³⁾		1.00	%⁽³⁾		0.99	%⁽³⁾
Ratio of Net Investment Income		6.31	%⁽³⁾		5.27	%⁽³⁾		5.16	%⁽³⁾		5.87	%⁽³⁾		6.17	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾
Portfolio Turnover Rate		57	%		28	%		54	%		69	%		42	%

(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.

(4) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

High Yield Portfolio

	Class L
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	7.83		$	9.67		$	9.17		$	9.76		$	9.94
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.49			0.45			0.47			0.52			0.57
Net Realized and Unrealized Gain (Loss)		0.25			(1.84	)		0.51			(0.58	)		(0.19	)
Total from Investment Operations		0.74			(1.39	)		0.98			(0.06	)		0.38
Distributions from and/or in Excess of:
Net Investment Income		(0.49	)		(0.45	)		(0.48	)		(0.53	)		(0.56	)
Net Asset Value, End of Period	$	8.08		$	7.83		$	9.67		$	9.17		$	9.76
Total Return⁽²⁾		9.76	%		(14.92	)%		10.84	%		(0.46	)%		4.06	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	166		$	222		$	383		$	425		$	468
Ratio of Expenses Before Expense Limitation		3.18	%		2.16	%		1.98	%		1.91	%		1.86	%
Ratio of Expenses After Expense Limitation		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⁾
Ratio of Net Investment Income		6.05	%⁽³⁾		5.02	%⁽³⁾		4.90	%⁽³⁾		5.60	%⁽³⁾		5.93	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾
Portfolio Turnover Rate		57	%		28	%		54	%		69	%		42	%

(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.

(4) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

High Yield Portfolio

	Class C
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	7.81		$	9.65		$	9.16		$	9.75		$	9.93
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.45			0.40			0.42			0.46			0.52
Net Realized and Unrealized Gain (Loss)		0.26			(1.83	)		0.50			(0.56	)		(0.19	)
Total from Investment Operations		0.71			(1.43	)		0.92			(0.10	)		0.33
Distributions from and/or in Excess of:
Net Investment Income		(0.46	)		(0.41	)		(0.43	)		(0.49	)		(0.51	)
Net Asset Value, End of Period	$	8.06		$	7.81		$	9.65		$	9.16		$	9.75
Total Return⁽²⁾		9.16	%		(15.27	)%		10.20	%		(0.93	)%		3.55	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	3,539		$	4,121		$	6,418		$	7,633		$	5,226
Ratio of Expenses Before Expense Limitation		2.22	%		2.05	%		2.01	%		2.02	%		1.98	%
Ratio of Expenses After Expense Limitation		1.75	%⁽³⁾		1.75	%⁽³⁾		1.74	%⁽³⁾		1.74	%⁽³⁾		1.74	%⁽³⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			1.74	%⁽³⁾		1.74	%⁽³⁾		1.74	%⁽³⁾
Ratio of Net Investment Income		5.56	%⁽³⁾		4.51	%⁽³⁾		4.41	%⁽³⁾		5.06	%⁽³⁾		5.43	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾
Portfolio Turnover Rate		57	%		28	%		54	%		69	%		42	%

(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.

(4) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

High Yield Portfolio

	Class R6⁽¹⁾
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	7.84		$	9.69		$	9.19		$	9.78		$	9.96
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.54			0.51			0.53			0.55			0.64
Net Realized and Unrealized Gain (Loss)		0.26			(1.84	)		0.50			(0.55	)		(0.20	)
Total from Investment Operations		0.80			(1.33	)		1.03			0.00			0.44
Distributions from and/or in Excess of:
Net Investment Income		(0.55	)		(0.52	)		(0.53	)		(0.59	)		(0.62	)
Net Asset Value, End of Period	$	8.09		$	7.84		$	9.69		$	9.19		$	9.78
Total Return⁽³⁾		10.35	%		(14.30	)%		11.49	%		0.18	%		4.71	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	4,967		$	8,149		$	3,526		$	5,471		$	301
Ratio of Expenses Before Expense Limitation		1.10	%		0.94	%		0.94	%		0.94	%		1.11	%
Ratio of Expenses After Expense Limitation		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⁾
Ratio of Net Investment Income		6.69	%⁽⁴⁾		5.82	%⁽⁴⁾		5.54	%⁽⁴⁾		6.20	%⁽⁴⁾		6.55	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾
Portfolio Turnover Rate		57	%		28	%		54	%		69	%		42	%

(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.

(5) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

High Yield Portfolio

	Class IR
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	7.84		$	9.69		$	9.19		$	9.78		$	9.96
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.54			0.48			0.50			0.52			0.56
Net Realized and Unrealized Gain (Loss)		0.26			(1.81	)		0.53			(0.52	)		(0.12	)
Total from Investment Operations		0.80			(1.33	)		1.03			0.00			0.44
Distributions from and/or in Excess of:
Net Investment Income		(0.55	)		(0.52	)		(0.53	)		(0.59	)		(0.62	)
Net Asset Value, End of Period	$	8.09		$	7.84		$	9.69		$	9.19		$	9.78
Total Return⁽²⁾		10.36	%		(14.30	)%		11.49	%		0.18	%		4.71	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	11		$	10		$	11		$	10		$	10
Ratio of Expenses Before Expense Limitation		21.53	%		19.61	%		18.97	%		20.43	%		20.17	%
Ratio of Expenses After Expense Limitation		0.62	%⁽³⁾		0.62	%⁽³⁾		0.62	%⁽³⁾		0.62	%⁽³⁾		0.62	%⁽³⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.62	%⁽³⁾		0.62	%⁽³⁾		0.62	%⁽³⁾
Ratio of Net Investment Income		6.69	%⁽³⁾		5.38	%⁽³⁾		5.26	%⁽³⁾		5.70	%⁽³⁾		5.80	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾
Portfolio Turnover Rate		57	%		28	%		54	%		69	%		42	%

(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.

(4) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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"). 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 has issued six classes of shares — Class I, Class A, Class L, Class C, Class R6 and Class IR. Effective April 29, 2022, Class IS shares were renamed Class R6 shares. On June 28, 2023, Class W shares were liquidated as a share class of the Fund and there were no shares outstanding as of September 30, 2023. Accordingly, no financial highlights have been presented for Class W.

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 reputable 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-thecounter ("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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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; 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.

• 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.)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 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	$	—	$	101,830		$	—	$	101,830
Variable Rate Senior Loan Interests		—		2,749			—		2,749
Total Fixed Income Securities		—		104,579			—		104,579
Common Stocks
Automobile Components		—		—	†		—		—	†
Diversified REITs		—		3			—		3
Machinery		—		—			72		72
Semiconductors & Semiconductor Equipment		—		13			—		13
Total Common Stocks		—		16	†		72		88	†
Total Assets	$	—	$	104,595	†	$	72	$	104,667	†

† 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		61
Realized gains (losses)		—
Ending Balance	$	72
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023	$	61

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 September 30, 2023:

Fair Value at
September 30, 2023
(000)

Valuation
Technique

Unobservable
Input

Amount*

Impact to
Valuation from an
Increase in Input**

Common Stock

Market Comparable
Companies

Enterprise Value/
EBITDA

3.0

Increase

Enterprise Value/
Revenue

0.34

Increase

Discount for Lack
of Marketability

30.0

Decrease

* Amount is indicative of the weighted average.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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 indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

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 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. For the year ended September 30, 2023, approximately $534,000 of advisory fees were waived and approximately $122,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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.

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 year ended September 30, 2023, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $68,839,000 and $107,927,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended ended September 30, 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 year ended September 30, 2023, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the year ended September 30, 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			$	42,137			$	42,877			$	39

Affiliated
Investment
Company (cont'd)

Realized
Gain
(Loss)
(000)

Change in
Unrealized
Appreciation
(Depreciation)
(000)

Value
September 30,
2023
(000)

Liquidity Funds

—

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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 ("RIC") and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

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, 2023 remains subject to examination by taxing authorities.

2023 Distributions Paid From: Ordinary Income (000)				2022 Distributions Paid From: Ordinary Income (000)
$	8,303			$	9,747

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2023.

At September 30, 2023, 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)
$	769			$	—

At September 30, 2023, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $2,257,000 and $27,298,000, respectively, that do not have an expiration date.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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 new or 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Morgan Stanley Institutional Fund Trust —
High Yield Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of High Yield Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund Trust (the "Trust")), including the portfolio of investments, as of September 30, 2023, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund Trust) at September 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.
Boston, Massachusetts
November 27, 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2022, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was below its peer group average for the one-, three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's contractual management fee was higher than but close to its peer group average and the actual management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's (i) performance was acceptable and (ii) management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

Profitability of the Adviser and Affiliates

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Advisory Agreement Approval (unaudited) (cont'd)

Other Benefits of the Relationship

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

Other Factors and Current Trends

General Conclusion

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Liquidity Risk Management Program (unaudited)

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Important Notices (unaudited)

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

Tailored Shareholder Reports

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2023.

The Fund designated approximately $7,260,000 of its distributions paid as business interest income.

The Fund designated approximately $6,287,000 of its distributions paid as qualified interest income.

In January, the Fund provides tax information to shareholders for the calendar year.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) (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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) (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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited)

Independent Trustees:

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Frank L. Bowman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1944

Trustee

Since
August
2006

Frances L. Cashman
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1961

Trustee

Since
February
2022

Kathleen A. Dennis
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1953

Trustee

Since
August
2006

Board Member, University of Albany Foundation (2012-present); Board Member, Mutual Funds Directors Forum (2014-present); Director of various non-profit organizations.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Nancy C. Everett
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
January
2015

Eddie A. Grier
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
February
2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Jakki L. Haussler
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1957

Trustee

Since
January
2015

Dr. Manuel H. Johnson
c/o Johnson Smick
International, Inc.
220 I Street, NE
Suite 200
Washington, D.C. 20002
Birth Year: 1949

Trustee

Since
July
1991

Director of NVR, Inc. (home construction).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Joseph K. Kearns
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1942

Trustee

Since
August
1994

Michael F. Klein
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1958

Trustee

Since
August
2006

Director of certain investment funds managed or sponsored by Aetos Alternatives Management, LP; Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

Patricia A. Maleski
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1960

Trustee

Since
January
2017

Trustee (since January 2022) and Treasurer (since January 2023), Nutley Family Service Bureau, Inc.

W. Allen Reed
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1947

Chair of the Board and Trustee

Chair of the Board since August 2020 and Trustee since August 2006

Formerly, Director of Legg Mason, Inc. (2006-2019); and Director of the Auburn University Foundation (2010-2015).

* This is the earliest date the Trustee began serving the Morgan Stanley Funds. Each Trustee serves an indefinite term, until his or her successor is elected.

*** This includes any directorships at public companies and registered investment companies held by the Trustees at any time during the past five years.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Executive Officers:

Name, Address and Birth Year
of Executive Officer

Position(s) Held
with
Registrant

Length of
Time Served*

Principal Occupation(s) During Past 5 Years

John H. Gernon
522 Fifth Avenue
New York, NY 10036
Birth Year: 1963

President and Principal Executive Officer

Since
September
2013

Deidre A. Downes
1633 Broadway
New York, NY 10019
Birth Year: 1977

Chief Compliance Officer

Since
November
2021

Francis J. Smith
522 Fifth Avenue
New York, NY 10036
Birth Year: 1965

Treasurer and Principal Financial Officer

Treasurer since July 2003 and Principal Financial Officer since September
2002

Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).

Mary E. Mullin
1633 Broadway
New York, NY 10019
Birth Year: 1967

Secretary

Since
June
1999

Managing Director of the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

Michael J. Key
522 Fifth Avenue
New York, NY 10036
Birth Year: 1979

Vice President

Since
June
2017

* This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves an indefinite term, until his or her successor is elected.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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.
P.O. Box 219804
Kansas City, Missouri 64121-9804

Co-Transfer Agent

Eaton Vance Management
Two International Place
Boston, Massachusetts 02110

Custodian

State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114

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

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

IFTHYANN
6045112 EXP 11.30.24

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Annual Report

September 30, 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Table of Contents (unaudited)

Shareholders' Letter					2
Expense Example					3
Investment Overview					4
Portfolio of Investments					7
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
Report of Independent Registered Public Accounting Firm					31
Investment Advisory Agreement Approval					32
Liquidity Risk Management Program					34
Federal Tax Notice					35
Important Notices					36
U.S. Customer Privacy Notice					37
Trustees and Officers Information					40

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Shareholders' Letter (unaudited)

Dear Shareholders,

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

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

October 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Expense Example (unaudited)

Short Duration Income Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended September 30, 2023 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 4/1/23		Actual Ending Account Value 9/30/23		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	$	1,013.50	$	1,023.56	$	1.51	$	1.52		0.30	%
Short Duration Income Portfolio Class A		1,000.00		1,010.90		1,022.31		2.77		2.79		0.55
Short Duration Income Portfolio Class L		1,000.00		1,009.60		1,021.06		4.03		4.05		0.80
Short Duration Income Portfolio Class C		1,000.00		1,007.00		1,018.55		6.54		6.58		1.30
Short Duration Income Portfolio Class R6		1,000.00		1,012.40		1,023.82		1.26		1.27		0.25

** Annualized.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited)

Short Duration Income Portfolio

The Fund seeks above-average total return over a market cycle of three to five years.

Performance

For the fiscal year ended September 30, 2023, the Fund's Class I shares had a total return based on net asset value and reinvestment of distributions per share of 4.19%, net of fees. The Fund's Class I shares outperformed against the Fund's benchmark, the Bloomberg 1-3 Year U.S. Government/Credit Index⁽ⁱ⁾ (the "Index"), which returned 2.77%.

Factors Affecting Performance

• Over the fiscal year, government bond yields rose in the U.S. and throughout the world as central banks maintained hawkish positions in their fight against inflation. "Higher for longer" rhetoric was accompanied by recession fears, creating heightened levels of uncertainty in the markets. Against this backdrop, the Fund's mildly short to neutral duration position (i.e., less sensitivity to interest rate movements) versus the Index helped relative performance.

• The portfolio's overweight to investment grade corporate bonds contributed to relative performance as the market perceived a decline in credit risk for these types of bonds.

• The portfolio's exposure to securitized credit contributed to relative performance, particularly the allocation to asset-backed securities (ABS).

• There were no material detractors from relative performance in the period.

Management Strategies

Fed has been adamant that the inflation game has not been won, so markets should expect the Fed to keep rates unchanged (at the September 2023 Federal Open Market Committee meeting, the Fed eliminated several rate cuts from its 2024 forecasts). In other words, rates would be kept higher for longer; market positioning seems to be skewed toward long interest-rate risk, making bonds vulnerable to disappointing news; and lastly, the coup de grace is that the U.S. yield curve has been highly inverted (meaning that yields on shorter-maturity U.S. Treasury bonds have been higher than yields on longer-maturity U.S. Treasury bonds), making longer-maturity bonds less attractive than shorter-maturity bonds. Add it all up, and you have a good cumulative narrative as to why longer-term yields rose in this period. Importantly, we believe that while the velocity of the Treasury market sell-off looks extreme, the end point — a U.S. Treasury 10-year yield ending September 2023 at 4.57%⁽ⁱⁱ⁾ — does not.

• One potential casualty of higher yields, wider credit spreads and softer equity prices is the economy, particularly in the U.S. Until September 2023, the probability of a "soft landing" grew as falling inflation, stable unemployment and reasonable growth looked increasingly feasible. However, we believe that the rise in yields on the back of increased confidence the Fed would not lower rates as much and as soon as expected — resulting in a meaningful rise in real interest rates — increases the chances of a harder landing and possibly a recession. While we believe it is far too early to assign this as the most likely scenario given what we currently know about economic activity, credit and equity markets have had to price in this higher probability, resulting in poor performance toward the end of the reporting period. We are also concerned about the ability of higher-risk assets to outperform in an era of inverted yield curves and high cash rates. We believe that the solid fundamentals we have witnessed in the year-to-date through September 2023 (low default rates, more credit

⁽ⁱⁱ⁾ Source: Bloomberg L.P. Data as of September 30, 2023.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

Short Duration Income Portfolio

rating upgrades than downgrades, etc.) could easily begin to deteriorate over the months ahead. As of period end, we therefore remained cautious about maintaining anything above a modestly long position in lower-quality fixed income. We believe that selectivity will remain of paramount importance. We also believe that avoiding defaults and blow-ups will eventually be key as higher rates and refinancing risks feed into corporate performance and outlooks. The high yields on offer will help blunt underperformance if fundamentals do deteriorate, in our view.

• Within securitized assets, at period end, we continued to favor shorter-maturity securitized credit — residential mortgage-backed securities (RMBS), ABS and selected commercial mortgage-backed securities (CMBS) — as offering the best opportunities in fixed income. That said, our outlook had modestly deteriorated as household balance sheets come under more pressure and excess savings run down. At period end, we were trying to take advantage of higher yields on higher quality issuers to achieve our target returns, rather than venturing down the risk/rating spectrum. Our favorite category of securitized credit remained non-agency residential mortgages, despite challenging home affordability. Somewhat surprisingly, we believe that U.S. housing looks like it may have bottomed out, with prices rising once again.

* Minimum Investment

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

Short Duration Income Portfolio

Performance Compared to the Bloomberg 1-3 Year U.S. Government/Credit Index⁽¹⁾, the Short Duration Income Blend Index⁽²⁾ and the Lipper Short Investment Grade Debt Funds Index⁽³⁾

	Period Ended September 30, 2023 Total Returns⁽⁴⁾
				Average Annual
	One Year			Five Years			Ten Years			Since Inception⁽¹⁰⁾
Fund — Class I Shares w/o sales charges⁽⁵⁾		4.19	%		1.38	%		2.04	%		2.81	%
Fund — Class A Shares w/o sales charges⁽⁶⁾		3.92			1.13			1.77			0.46
Fund — Class A Shares with maximum 2.25% sales charges⁽⁶⁾		1.57			0.67			1.53			0.31
Fund — Class L Shares w/o sales charges⁽⁷⁾		3.68			0.88			1.47			1.43
Fund — Class C Shares w/o sales charges⁽⁸⁾		3.02			0.36			—			1.10
Fund — Class C Shares with maximum 1.00% deferred sales charges⁽⁸⁾		2.02			0.36			—			1.10
Fund — Class R6 Shares w/o sales charges⁽⁹⁾		4.24			1.43			—			2.43
Bloomberg 1-3 Year U.S. Government/Credit Index		2.77			1.21			1.02			3.47
Short Duration Income Blend Index		2.77			0.97			0.90			3.43
Lipper Short Investment Grade Debt Funds Index		4.15			1.64			1.47			3.40

⁽¹⁾ The Bloomberg 1-3 Year U.S. Government/Credit Index tracks the securities in the 1-3 year maturity range of the Bloomberg U.S. Government/Credit Index which tracks investment-grade (BBB-/Baa3) or higher publicly traded fixed rate U.S. government, U.S. agency, and corporate issues. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

⁽²⁾ The Short Duration Income Blend Index is a performance linked benchmark of the old benchmarks represented by Bloomberg 1-3 Year U.S. Government/Credit Index for periods from the Fund's inception to January 8, 2016, the ICE BofA 1-Year U.S. Treasury Note Index (benchmark that tracks one-year U.S. government securities) from January 9, 2016 to July 31, 2019 and the new benchmark represented by Bloomberg 1-3 Year U.S. Government/Credit index for periods thereafter. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

⁽³⁾ The Lipper Short Investment Grade Debt Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Short Investment Grade Debt Funds classification. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. As of the date of this report, the Fund was in the Lipper Short Investment Grade Debt Funds classification.

⁽⁴⁾ Total returns for the Fund reflect expenses waived and/or reimbursed, if applicable, by the Adviser. Without such waivers and/or reimbursements, total returns would have been lower.

⁽⁵⁾ Commenced operations on March 31, 1992.

⁽⁶⁾ Commenced offering on September 28, 2007.

⁽⁷⁾ Commenced offering on April 27, 2012.

⁽⁹⁾ Commenced offering on January 11, 2016.

⁽¹⁰⁾ For comparative purposes, average annual since inception returns listed for the Indexes refer to the inception date of Class I of the Fund, not the inception of the Indexes.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (96.4%)
Agency Adjustable Rate Mortgages (0.1%)
Federal Home Loan Mortgage Corporation,
Conventional Pools:
1 Year CMT + 2.18%, 4.89%, 6/1/38 (a)	$	48	$	49
1 Year CMT + 2.31%, 5.25%, 3/1/37 (a)		136		138
1 Year CMT + 2.33%, 4.87%, 1/1/36 (a)		116		117
1 Year CMT + 2.34%, 5.00%, 7/1/38 (a)		115		116
				420
Agency Fixed Rate Mortgages (0.1%)
Federal Home Loan Mortgage Corporation,
Gold Pools:
4.50%, 12/1/24		17		17
7.50%, 5/1/35		9		9
8.00%, 8/1/32		4		5
8.50%, 8/1/31		6		6
Federal National Mortgage Association,
Conventional Pools:
4.50%, 6/1/24 - 7/1/24		24		24
5.00%, 12/1/24		16		16
6.00%, 9/1/37		24		24
6.50%, 2/1/28 - 10/1/32		78		79
7.00%, 7/1/29 - 3/1/37		89		91
7.50%, 8/1/37		11		12
8.00%, 4/1/33		19		20
8.50%, 10/1/32		10		11
Government National Mortgage Association,
Various Pools:
6.00%, 11/15/38		44		45
8.50%, 7/15/30		2		2
				361
Asset-Backed Securities (15.8%)
Affirm Asset Securitization Trust,
4.55%, 6/15/27 (b)		469		463
AMSR Trust,
2.11%, 9/17/37 (b)		975		891
Amur Equipment Finance Receivables XII LLC,
Series 2023-1A Class A2
6.09%, 12/20/29 (b)		570		571
Aqua Finance Trust,
1.54%, 7/17/46 (b)		465		409
Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd.,
1 Month Term SOFR + 1.18%,
6.52%, 8/15/34 (a)(b)		1,200		1,184
BHG Securitization Trust,
Series 2023-A Class A
5.55%, 4/17/36 (b)		1,382		1,363
Blackbird Capital Aircraft,
2.44%, 7/15/46 (b)		650		556
Carlyle U.S. CLO Ltd.,
3 Month Term SOFR + 1.31%,
6.64%, 7/20/31 (a)(b)		2,225		2,223

	Face Amount (000)		Value (000)
Cartiga Asset Finance Trust LLC,
Series 2023-1 Class A
7.00%, 3/15/35 (b)	$	843	$	837
Cascade MH Asset Trust,
4.25%, 8/25/54 (b)		1,512		1,330
Cologix Data Centers US Issuer LLC,
3.30%, 12/26/51 (b)		1,225		1,081
Commonbond Student Loan Trust,
1.20%, 3/25/52 (b)		930		750
Dryden 58 CLO Ltd.,
3 Month Term SOFR + 1.26%,
6.57%, 7/17/31 (a)(b)		750		749
ECMC Group Student Loan Trust,
Class A1B
SOFR30A + 1.11%,
6.43%, 1/27/70 (a)(b)		577		569
ELFI Graduate Loan Program 2021-A LLC,
1.53%, 12/26/46 (b)		1,327		1,123
Falcon Aerospace Ltd.,
3.60%, 9/15/39 (b)		214		194
FCI Funding LLC,
1.13%, 4/15/33 (b)		110		107
FHF Trust,
1.27%, 3/15/27 (b)		153		147
Finance of America HECM Buyout,
4.00%, 8/1/32 (a)(b)		1,462		1,419
GAIA Aviation Ltd.,
3.97%, 12/15/44 (b)		424		383
GCI Funding I LLC,
2.82%, 10/18/45 (b)		915		799
Golub Capital Partners ABS Funding Ltd.,
2.77%, 4/20/29 (b)		1,725		1,608
Class A2
3.21%, 1/22/29 (b)		942		903
Kubota Credit Owner Trust,
0.59%, 10/15/24 (b)		84		83
Loanpal Solar Loan Ltd.,
2.22%, 3/20/48 (b)		1,248		902
2.29%, 1/20/48 (b)		960		723
Lunar 2021-1 Structured Aircraft Portfolio Notes,
2.64%, 10/15/46 (b)		1,550		1,331
MACH 1 Cayman Ltd.,
3.47%, 10/15/39 (b)		347		296
Madison Park Funding XXIV Ltd.,
3 Month Term SOFR + 1.42%,
6.75%, 10/20/29 (a)(b)		2,168		2,164
MAPS Trust,
2.52%, 6/15/46 (b)		524		456
Marlette Funding Trust,
Series 2023-1A Class A
6.07%, 4/15/33 (b)		1,395		1,393
Mercedes-Benz Auto Receivables Trust,
0.55%, 2/18/25		17		17

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Asset-Backed Securities (cont'd)
MFA 2021-NPL1 LLC,
2.36%, 3/25/60 (b)	$	639	$	616
Monroe Capital ABS Funding 2021-1 Ltd.,
2.82%, 4/22/31 (b)		1,625		1,545
Mosaic Solar Loan Trust,
2.05%, 12/20/46 (b)		857		650
2.10%, 4/20/46 (b)		183		154
Navient Private Education Refi Loan Trust,
0.94%, 7/15/69 (b)		892		769
Nelnet Student Loan Trust,
1.32%, 4/20/62 (b)		787		705
Newday Funding Master Issuer PLC,
SOFR + 0.95%, 6.27%, 7/15/29 (a)(b)		1,175		1,166
SOFR + 1.10%, 6.42%, 3/15/29 (a)(b)		1,760		1,756
Newtek Small Business Loan Trust,
Daily U.S. Prime Rate – 0.50%,
8.00%, 7/25/50 (a)(b)		708		707
NRZ Excess Spread-Collateralized Notes,
Class A
2.98%, 3/25/26 (b)		904		825
3.10%, 7/25/26 (b)		675		604
3.23%, 5/25/26 (b)		1,146		1,043
3.47%, 11/25/26 (b)		1,037		936
NRZ FHT Excess LLC,
Class A
4.21%, 11/25/25 (b)		303		281
Octane Receivables Trust,
1.21%, 9/20/28 (b)		187		181
Series 2023-1A Class A
5.87%, 5/21/29 (b)		676		674
Option One Mortgage Loan Trust Asset-Backed Certificates,
1 Month Term SOFR + 0.61%, 5.94%, 8/20/30 (a)		26		26
Oscar U.S. Funding XV LLC,
Series 2023-1A Class A3
5.81%, 12/10/27 (b)		1,875		1,864
Oxford Finance Funding LLC,
3.10%, 2/15/28 (b)		93		89
Palmer Square CLO Ltd.,
3 Month Term SOFR + 1.36%, 6.67%, 7/16/31 (a)(b)		1,225		1,223
PFS Financing Corp.,
0.77%, 8/15/26 (b)		1,310		1,250
0.97%, 2/15/26 (b)		960		942
4.27%, 8/15/27 (b)		2,225		2,158
PRET 2021-NPL6 LLC,
2.49%, 7/25/51 (b)		592		565

	Face Amount (000)			Value (000)
Pretium Mortgage Credit Partners I LLC,
2.24%, 9/27/60 (b)	$	445		$	423
ReadyCap Lending Small Business Loan Trust,
Daily U.S. Prime Rate – 0.50%, 8.00%, 12/27/44 (a)(b)		82			79
Republic Finance Issuance Trust,
2.47%, 11/20/30 (b)		500			486
SMB Private Education Loan Trust,
1.34%, 3/17/53 (b)		522			458
1.68%, 2/15/51 (b)		602			536
Southwick Park CLO LLC,
3 Month Term SOFR + 1.32%, 6.65%, 7/20/32 (a)(b)		2,000			1,993
SPS Servicer Advance Receivables Trust,
1.83%, 11/15/55 (b)		2,100			1,894
Start II Ltd.,
4.09%, 3/15/44 (b)		586			521
Start Ltd.,
4.09%, 5/15/43 (b)		1,128			987
Theorem Funding Trust,
7.60%, 4/15/29 (b)		282			284
Series 2023-1A Class A
7.58%, 4/15/29 (b)		333			334
Towd Point HE Trust,
0.92%, 2/25/63 (a)(b)		700			657
VCP RRL ABS I Ltd.,
Class A
2.15%, 10/20/31 (b)		365			332
VOLT XCIX LLC,
2.12%, 4/25/51 (b)		1,038			970
VOLT XCVI LLC,
2.12%, 3/27/51 (b)		702			668
					58,375
Collateralized Mortgage Obligations — Agency Collateral Series (0.2%)
Federal Home Loan Mortgage Corporation,
REMIC
7.50%, 9/15/29		121			122
Government National Mortgage Association,
1 Month Term SOFR + 0.56%, 5.50%, 5/20/62 (a)		—	@		—	@
1 Month Term SOFR + 0.71%, 6.03%, 1/20/64 (a)		38			38
REMIC
1 Month Term SOFR + 0.61%, 5.93%, 3/20/61 (a)		54			54
1 Month Term SOFR + 0.67%, 5.99%, 9/20/62 (a)		104			104
Seasoned Credit Risk Transfer Trust,
3.00%, 2/25/59		529			450
					768

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Commercial Mortgage-Backed Securities (5.9%)
ALEN Mortgage Trust,
1 Month Term SOFR + 1.26%, 6.60%, 4/15/34 (a)(b)	$	1,200	$	1,091
Angel Oak SB Commercial Mortgage Trust,
2.07%, 5/25/50 (a)(b)		598		532
BX Commercial Mortgage Trust,
Class A
1 Month Term SOFR + 0.81%, 6.15%, 4/15/34 (a)(b)		2,100		1,990
BX Trust,
1 Month Term SOFR + 1.58%, 6.91%, 1/15/39 (a)(b)		820		802
CSMC 2022-MARK,
1 Month Term SOFR + 2.70%, 8.03%, 6/15/39 (a)(b)		1,570		1,563
CSMC Trust,
3.53%, 8/15/37 (b)		575		508
1 Month Term SOFR + 3.61%, 8.95%, 12/15/35 (a)(b)		2,125		2,124
CSWF Corp.,
1 Month Term SOFR + 1.08%, 6.41%, 6/15/34 (a)(b)		1,787		1,640
DROP Mortgage Trust,
1 Month Term SOFR + 1.26%, 6.60%, 10/15/43 (a)(b)		1,700		1,592
HPLY Trust,
1 Month Term SOFR + 2.46%, 7.79%, 11/15/36 (a)(b)		383		370
J.P. Morgan Chase Commercial Mortgage Securities Trust,
4.13%, 7/5/31 (b)		1,100		996
Class A
1 Month Term SOFR + 1.23%, 6.56%, 11/15/38 (a)(b)		2,450		2,413
Natixis Commercial Mortgage Securities Trust,
1 Month Term SOFR + 1.06%, 6.40%, 8/15/38 (a)(b)		2,080		1,955
1 Month Term SOFR + 2.28%, 7.61%, 7/15/36 (a)(b)		850		749
Silver Hill Trust,
3.10%, 11/25/49 (a)(b)		319		311
TPGI Trust,
Class A
1 Month Term SOFR + 0.81%, 6.15%, 6/15/26 (a)(b)		986		971
TTAN 2021-MHC,
Class A
1 Month Term SOFR + 0.96%, 6.30%, 3/15/38 (a)(b)		730		722
VMC Finance 2021-HT1 LLC,
1 Month Term SOFR + 1.76%, 7.10%, 1/18/37 (a)(b)		1,380		1,350
				21,679

	Face Amount (000)		Value (000)
Corporate Bonds (62.0%)
Finance (32.2%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
1.65%, 10/29/24	$	2,000	$	1,903
2.45%, 10/29/26		850		762
Air Lease Corp.,
0.80%, 8/18/24		2,895		2,761
Assurant, Inc.,
6.10%, 2/27/26		925		921
Athene Global Funding,
2.75%, 6/25/24 (b)		2,280		2,220
Australia & New Zealand Banking Group Ltd.,
4.40%, 5/19/26 (b)		2,500		2,385
Banco Santander Chile,
2.70%, 1/10/25 (b)		800		768
Bank of America Corp.,
3.38%, 4/2/26		2,310		2,211
5.08%, 1/20/27		2,000		1,955
Bank of Nova Scotia,
1.05%, 3/2/26		5,050		4,510
Banque Federative du Credit Mutuel SA,
2.38%, 11/21/24 (b)		3,480		3,339
4.52%, 7/13/25 (b)		3,210		3,123
Barclays PLC,
5.30%, 8/9/26		2,000		1,960
BNP Paribas SA,
2.22%, 6/9/26 (b)		3,150		2,940
BPCE SA,
2.38%, 1/14/25 (b)		2,635		2,498
Canadian Imperial Bank of Commerce,
3.30%, 4/7/25		2,270		2,183
Charles Schwab Corp.,
5.88%, 8/24/26		1,675		1,670
Citigroup, Inc.,
3.11%, 4/8/26		2,000		1,909
3.35%, 4/24/25		3,770		3,704
Corebridge Financial, Inc.,
3.50%, 4/4/25		2,280		2,188
Deutsche Bank AG,
Series E
0.96%, 11/8/23		3,950		3,927
Elevance Health, Inc.,
1.50%, 3/15/26		2,830		2,564
Equitable Financial Life Global Funding,
1.40%, 7/7/25 (b)		3,300		3,033
F&G Annuities & Life, Inc.,
7.40%, 1/13/28		1,650		1,648
GA Global Funding Trust,
1.63%, 1/15/26 (b)		4,070		3,636

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Goldman Sachs Group, Inc.,
3.50%, 1/23/25	$	1,750	$	1,693
Guardian Life Global Funding,
0.88%, 12/10/25 (b)		2,450		2,201
HSBC Holdings PLC,
3.80%, 3/11/25		3,350		3,309
2.63%, 11/7/25		1,850		1,773
JPMorgan Chase & Co.,
2.01%, 3/13/26		2,000		1,884
2.08%, 4/22/26		4,500		4,225
5.55%, 12/15/25		2,120		2,106
LeasePlan Corp. NV,
2.88%, 10/24/24 (b)		1,275		1,227
Macquarie Group Ltd.,
1.34%, 1/12/27 (b)		3,060		2,739
Nordea Bank Abp,
1.50%, 9/30/26 (b)		5,075		4,459
Royal Bank of Canada,
1.20%, 4/27/26		4,370		3,899
Safina Ltd.,
2.00%, 12/30/23		23		23
Santander UK Group Holdings PLC,
4.80%, 11/15/24		5,510		5,500
SMBC Aviation Capital Finance DAC,
5.45%, 5/3/28 (b)		1,775		1,717
Societe Generale SA,
2.63%, 1/22/25 (b)		1,175		1,117
Standard Chartered PLC,
0.99%, 1/12/25 (b)		4,795		4,717
Sumitomo Mitsui Financial Group, Inc.,
2.35%, 1/15/25		6,480		6,188
Suncorp-Metway Ltd.,
3.30%, 4/15/24 (b)		1,980		1,948
Swedbank AB,
6.14%, 9/12/26 (b)		1,330		1,325
Synchrony Bank,
5.40%, 8/22/25		1,480		1,427
Truist Financial Corp.,
6.05%, 6/8/27		985		975
Wells Fargo & Co.,
3.91%, 4/25/26		1,975		1,904
Woori Bank,
4.88%, 1/26/28 (b)		2,165		2,114
				119,188
Industrials (26.2%)
Altria Group, Inc.,
2.35%, 5/6/25		1,500		1,419
American Tower Corp.,
1.60%, 4/15/26		450		404
AT&T, Inc.,
1.65%, 2/1/28		2,210		1,866

	Face Amount (000)		Value (000)
Bayer US Finance LLC,
3.38%, 10/8/24 (b)	$	1,740	$	1,694
Boeing Co.,
5.04%, 5/1/27		1,475		1,441
CDW LLC/CDW Finance Corp.,
2.67%, 12/1/26		250		226
Celanese U.S. Holdings LLC,
6.17%, 7/15/27		1,110		1,095
Charter Communications Operating LLC/Charter Communications Operating Capital,
4.91%, 7/23/25		850		831
Cigna Group,
4.50%, 2/25/26		3,025		2,942
Columbia Pipelines Holding Co. LLC,
6.04%, 8/15/28 (b)		800		796
6.06%, 8/15/26 (b)		195		196
Concentrix Corp.,
6.65%, 8/2/26		1,200		1,193
Continental Resources, Inc.,
2.27%, 11/15/26 (b)		1,000		887
Daimler Truck Finance North America LLC,
2.00%, 12/14/26 (b)		2,025		1,810
DuPont de Nemours, Inc.,
4.49%, 11/15/25		875		855
Eastern Energy Gas Holdings LLC,
3.55%, 11/1/23		2,050		2,048
Energy Transfer LP,
2.90%, 5/15/25		4,130		3,925
4.75%, 1/15/26		325		316
Enterprise Products Operating LLC,
3.90%, 2/15/24		1,200		1,191
Fox Corp.,
4.03%, 1/25/24		1,200		1,192
General Motors Financial Co., Inc.,
1.50%, 6/10/26		2,890		2,555
3.95%, 4/13/24		1,250		1,234
Genuine Parts Co.,
1.75%, 2/1/25		740		698
Georgia-Pacific LLC,
1.75%, 9/30/25 (b)		4,080		3,773
Global Payments, Inc.,
4.95%, 8/15/27		1,250		1,202
Haleon U.S. Capital LLC,
3.02%, 3/24/24		750		739
HCA, Inc.,
5.00%, 3/15/24		1,600		1,592
Hyatt Hotels Corp.,
5.75%, 1/30/27		1,275		1,267
Hyundai Capital America,
1.30%, 1/8/26 (b)		2,780		2,504
5.50%, 3/30/26 (b)		675		666
Hyundai Capital Services, Inc.,
2.13%, 4/24/25 (b)		1,000		942

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Imperial Brands Finance PLC,
3.13%, 7/26/24 (b)	$	2,015	$	1,964
JDE Peet's NV,
0.80%, 9/24/24 (b)		3,025		2,872
Kinder Morgan, Inc.,
1.75%, 11/15/26		2,640		2,349
Marriott International, Inc.,
5.45%, 9/15/26		710		704
Mitsubishi Corp.,
1.13%, 7/15/26 (b)		2,610		2,315
Mondelez International Holdings Netherlands BV,
1.25%, 9/24/26 (b)		2,910		2,571
2.25%, 9/19/24 (b)		550		531
National Fuel Gas Co.,
5.50%, 10/1/26		1,565		1,544
NBN Co. Ltd.,
1.45%, 5/5/26 (b)		2,770		2,490
NTT Finance Corp.,
1.16%, 4/3/26 (b)		6,790		6,096
Nucor Corp.,
2.00%, 6/1/25		975		916
NXP BV/NXP Funding LLC/NXP USA, Inc.,
2.70%, 5/1/25		1,540		1,463
ONEOK, Inc.,
5.55%, 11/1/26		630		626
Penske Truck Leasing Co. LP/PTL Finance Corp.,
5.75%, 5/24/26 (b)		1,825		1,799
Pfizer Investment Enterprises Pte. Ltd.,
4.45%, 5/19/26		1,705		1,666
Pioneer Natural Resources Co.,
1.13%, 1/15/26		4,490		4,060
Revvity, Inc.,
0.85%, 9/15/24		3,440		3,270
Royalty Pharma PLC,
1.20%, 9/2/25		1,475		1,341
Silgan Holdings, Inc.,
1.40%, 4/1/26 (b)		1,875		1,665
Sonoco Products Co.,
1.80%, 2/1/25		1,460		1,378
TD SYNNEX Corp.,
1.25%, 8/9/24		5,815		5,557
VICI Properties LP,
4.38%, 5/15/25		1,880		1,819
Vontier Corp.,
1.80%, 4/1/26		2,375		2,133
Zimmer Biomet Holdings, Inc.,
1.45%, 11/22/24		2,400		2,280
				96,908

	Face Amount (000)		Value (000)
Utilities (3.6%)
Ameren Corp.,
2.50%, 9/15/24	$	2,510	$	2,428
American Electric Power Co., Inc.,
Series N
1.00%, 11/1/25		1,500		1,360
Dominion Energy, Inc.,
Series A
1.45%, 4/15/26		2,355		2,120
Eversource Energy,
4.75%, 5/15/26		1,410		1,379
ITC Holdings Corp.,
4.95%, 9/22/27 (b)		1,970		1,921
NextEra Energy Capital Holdings, Inc.,
1.88%, 1/15/27		2,825		2,503
6.05%, 3/1/25		360		361
Southern Co.,
4.48%, 8/1/24 (c)		1,175		1,158
				13,230
				229,326
Mortgages — Other (11.5%)
Ajax Mortgage Loan Trust,
1.07%, 9/25/65 (a)(b)		668		565
1.70%, 5/25/59 (b)		485		434
BRAVO Residential Funding Trust,
2.00%, 5/25/59 (a)(b)		620		549
Brean Asset Backed Securities Trust,
1.40%, 10/25/63 (a)(b)		1,729		1,449
1.75%, 10/25/61 (a)(b)		1,811		1,561
Brean Asset-Backed Securities Trust,
Series 2023-RM6 Class A1
5.25%, 1/25/63 (b)		1,849		1,707
Bunker Hill Loan Depositary Trust,
1.72%, 2/25/55 (a)(b)		176		166
BX Commercial Mortgage Trust,
Class A
1 Month Term SOFR + 2.28%,
7.61%, 6/15/40 (a)(b)		1,450		1,451
Cascade Funding Mortgage Trust,
0.90%, 6/25/36 (a)(b)		984		956
2.80%, 6/25/69 (a)(b)		169		164
4.00%, 10/25/68 (a)(b)		205		202
CFMT LLC,
1.37%, 2/25/31 (a)(b)		1,600		1,522
1.94%, 9/25/50 (a)(b)		914		857
Series 2023-HB12 Class M1
4.25%, 4/25/33 (a)(b)		2,025		1,805
CHL Mortgage Pass-Through Trust,
5.50%, 5/25/34		36		34

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Mortgages — Other (cont'd)
CIM Trust,
2.57%, 7/25/59 (b)	$	788	$	761
CSMC Trust,
0.94%, 5/25/66 (a)(b)		836		625
1.18%, 2/25/66 (a)(b)		730		604
Series 2022-RPL4 Class A1
3.90%, 4/25/62 (a)(b)		1,463		1,343
FMC GMSR Issuer Trust,
3.85%, 10/25/26 (a)(b)		1,700		1,399
4.45%, 1/25/26 (a)(b)		1,500		1,302
7.90%, 7/25/27 (b)		1,600		1,579
Class A
3.62%, 7/25/26 (a)(b)		1,550		1,275
Headlands Residential 2021-RPL1 LLC,
2.49%, 9/25/26 (a)(b)		1,940		1,864
Homeward Opportunities Fund Trust,
6.23%, 8/25/25 (b)		68		68
Imperial Fund Mortgage Trust,
1.38%, 10/25/55 (a)(b)		389		341
1.60%, 11/25/56 (a)(b)		844		673
2.49%, 2/25/67 (a)(b)		1,260		1,081
J.P. Morgan Mortgage Trust,
Series 2023-4 Class 1A4
6.00%, 11/25/53 (a)(b)		1,831		1,797
Legacy Mortgage Asset Trust,
6.25%, 2/25/60 (b)		773		764
LHOME Mortgage Trust,
2.09%, 2/25/26 (a)(b)		162		162
New Residential Mortgage Loan Trust,
3.75%, 5/28/52 - 8/25/55 (a)(b)		104		96
3.88%, 9/25/57 (a)(b)		193		176
NewRez Warehouse Securitization Trust,
1 Month Term SOFR + 0.86%, 6.18%, 5/25/55 (a)(b)		1,105		1,104
NYMT Loan Trust,
2.94%, 10/25/60 (a)(b)		1,412		1,387
Oceanview Mortgage Loan Trust,
1.73%, 5/28/50 (a)(b)		246		220
Pepper Residential Securities Trust,
1 Month Term SOFR + 1.04%,
6.37%, 3/12/61 (a)(b)		43		43
SOFR + 1.06%,
6.38%, 8/18/60 (a)(b)		19		19
SOFR + 1.11%,
6.43%, 6/20/60 (a)(b)		9		9
Preston Ridge Partners Mortgage LLC,
1.74%, 9/25/26 (a)(b)		921		849
2.12%, 1/25/26 - 3/25/26 (a)(b)		997		952
2.36%, 10/25/26 (b)		1,161		1,087
Residential Mortgage Loan Trust,
1.65%, 5/25/60 (a)(b)		131		129

	Face Amount (000)		Value (000)
RESIMAC Bastille Trust,
1 Month Term SOFR + 1.04%, 6.37%, 9/5/57 (a)(b)	$	38	$	38
RMF Buyout Issuance Trust, 1.72%, 10/25/50 (a)(b)		987		911
RMF Proprietary Issuance Trust,
2.13%, 9/25/61 (a)(b)		1,546		1,108
4.00%, 8/25/62 (a)(b)		2,225		1,804
Sequoia Mortgage Trust,
1 Month Term SOFR + 0.73%, 6.06%, 8/20/34 (a)		73		67
Stanwich Mortgage Loan Co. LLC,
2.74%, 10/16/26 (b)		1,239		1,135
Towd Point Mortgage Trust,
1.75%, 10/25/60 (b)		498		427
2.75%, 4/25/57 (a)(b)		3		3
1 Month Term SOFR + 0.71%, 5.28%, 2/25/57 (a)(b)		48		48
Verus Securitization Trust,
1.03%, 2/25/66 (a)(b)		578		476
VOLT XCIII LLC,
1.89%, 2/27/51 (b)		681		644
VOLT XCIV LLC,
2.24%, 2/27/51 (b)		786		744
				42,536
Sovereign (0.8%)
Corp. Andina de Fomento,
1.63%, 9/23/25		1,750		1,616
Korea National Oil Corp.,
0.88%, 10/5/25 (b)		1,680		1,526
				3,142
Total Fixed Income Securities (Cost $378,583)				356,607
	Shares
Short-Term Investments (3.1%)
Investment Company (2.7%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $9,819)		9,819,256		9,819
	Face Amount (000)
U.S. Treasury Security (0.4%)
U.S. Treasury Bill, 5.01%, 11/30/23 (d)(e) (Cost $1,518)	$	1,530		1,517
Total Short-Term Investments (Cost $11,337)				11,336
Total Investments (99.5%) (Cost $389,920) (f)(g)				367,943
Other Assets in Excess of Liabilities (0.5%)				1,848
Net Assets (100.0%)			$	369,791

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

(a) Floating or variable rate securities: The rates disclosed are as of September 30, 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) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2023. Maturity date disclosed is the ultimate maturity date.

(d) Rate shown is the yield to maturity at September 30, 2023.

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

(f) Securities are available for collateral in connection with open futures contracts.

(g) At September 30, 2023, the aggregate cost for federal income tax purposes is approximately $390,048,000. The aggregate gross unrealized appreciation is approximately $485,000 and the aggregate gross unrealized depreciation is approximately $22,490,000, resulting in net unrealized depreciation of approximately $22,005,000.

CLO Collateralized Loan Obligation.

CMT Constant Maturity Treasury Note Rate.

DAC Designated Activity Company.

HECM Home Equity Conversion Mortgage

REMIC Real Estate Mortgage Investment Conduit.

SOFR Secured Overnight Financing Rate.

SOFR30A 30-Day Average SOFR.

Futures Contracts:

The Fund had the following futures contracts open at September 30, 2023:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 2 yr. Note (United States)		525	Dec-23	$	105,000		$	106,423		$	(267	)
Short:
U.S. Treasury 5 yr. Note (United States)		231	Dec-23		(23,100	)		(24,338	)		226
U.S. Treasury 10 yr. Note (United States)		74	Dec-23		(7,400	)		(7,996	)		142
										$	101

Portfolio Composition

Classification	Percentage of Total Investments
Finance		32.4	%
Industrials		26.3
Asset-Backed Securities		15.9
Mortgages — Other		11.6
Other*		7.9
Commercial Mortgage-Backed Securities		5.9
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 $138,757,000 and net unrealized appreciation of approximately $101,000.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Short Duration Income Portfolio

Statement of Assets and Liabilities	September 30, 2023 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $380,101)	$	358,124
Investment in Security of Affiliated Issuer, at Value (Cost $9,819)		9,819
Total Investments in Securities, at Value (Cost $389,920)		367,943
Interest Receivable		2,203
Receivable from Affiliate		26
Receivable for Variation Margin on Futures Contracts		2
Other Assets		84
Total Assets		370,258
Liabilities:
Payable for Fund Shares Redeemed		132
Payable for Professional Fees		77
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		1
Payable for Shareholder Services Fees — Class A		43
Payable for Distribution and Shareholder Services Fees — Class L		—	@
Payable for Distribution and Shareholder Services Fees — Class C		2
Payable for Trustees' Fees and Expenses		37
Payable for Administration Fees		25
Payable for Advisory Fees		11
Payable for Custodian Fees		7
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		1
Payable for Transfer Agency Fees — Class R6		—	@
Payable to Bank		1
Other Liabilities		71
Total Liabilities		467
Net Assets	$	369,791
Net Assets Consist of:
Paid-in-Capital	$	396,689
Total Accumulated Loss		(26,898	)
Net Assets	$	369,791

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Short Duration Income Portfolio

Statement of Assets and Liabilities (cont'd)	September 30, 2023 (000)
CLASS I:
Net Assets	$	160,099
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		20,405,434
Net Asset Value, Offering and Redemption Price Per Share	$	7.85
CLASS A:
Net Assets	$	206,286
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		26,217,438
Net Asset Value, Redemption Price Per Share	$	7.87
Maximum Sales Load		2.25	%
Maximum Sales Charge	$	0.18
Maximum Offering Price Per Share	$	8.05
CLASS L:
Net Assets	$	959
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		122,259
Net Asset Value, Offering and Redemption Price Per Share	$	7.84
CLASS C:
Net Assets	$	2,436
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		311,762
Net Asset Value, Offering and Redemption Price Per Share	$	7.81
CLASS R6:
Net Assets	$	11
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,435
Net Asset Value, Offering and Redemption Price Per Share	$	7.85

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Short Duration Income Portfolio

Statement of Operations	Year Ended September 30, 2023 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	11,884
Dividends from Security of Affiliated Issuer (Note G)		281
Total Investment Income		12,165
Expenses:
Advisory Fees (Note B)		797
Shareholder Services Fees — Class A (Note D)		544
Distribution and Shareholder Services Fees — Class L (Note D)		5
Distribution and Shareholder Services Fees — Class C (Note D)		35
Administration Fees (Note C)		319
Sub Transfer Agency Fees — Class I		135
Sub Transfer Agency Fees — Class A		143
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		3
Professional Fees		178
Registration Fees		122
Pricing Fees		30
Custodian Fees (Note F)		28
Shareholder Reporting Fees		26
Transfer Agency Fees — Class I (Note E)		6
Transfer Agency Fees — Class A (Note E)		7
Transfer Agency Fees — Class L (Note E)		3
Transfer Agency Fees — Class C (Note E)		3
Transfer Agency Fees — Class R6 (Note E)		2
Trustees' Fees and Expenses		14
Other Expenses		34
Total Expenses		2,434
Waiver of Advisory Fees (Note B)		(551	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(53	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(41	)
Reimbursement of Class Specific Expenses — Class L (Note B)		(3	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(4	)
Reimbursement of Class Specific Expenses — Class R6 (Note B)		(2	)
Rebate from Morgan Stanley Affiliate (Note G)		(9	)
Net Expenses		1,771
Net Investment Income		10,394
Realized Loss:
Investments Sold		(3,985	)
Futures Contracts		(709	)
Net Realized Loss		(4,694	)
Change in Unrealized Appreciation (Depreciation):
Investments		11,389
Futures Contracts		(1,555	)
Net Change in Unrealized Appreciation (Depreciation)		9,834
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		5,140
Net Increase in Net Assets Resulting from Operations	$	15,534

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Short Duration Income Portfolio

Statements of Changes in Net Assets	Year Ended September 30, 2023 (000)			Year Ended September 30, 2022 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	10,394		$	6,204
Net Realized Gain (Loss)		(4,694	)		524
Net Change in Unrealized Appreciation (Depreciation)		9,834			(33,697	)
Net Increase (Decrease) in Net Assets Resulting from Operations		15,534			(26,969	)
Dividends and Distributions to Shareholders:
Class I		(4,978	)		(2,861	)
Class A		(5,619	)		(3,120	)
Class L		(23	)		(9	)
Class C		(64	)		(16	)
Class R6*		(—	@)		(—	@)
Total Dividends and Distributions to Shareholders		(10,684	)		(6,006	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		63,693			103,422
Distributions Reinvested		4,976			2,861
Redeemed		(88,761	)		(169,590	)
Class A:
Subscribed		30,157			138,289
Distributions Reinvested		5,587			3,110
Redeemed		(62,014	)		(213,622	)
Class L:
Exchanged		29			343
Distributions Reinvested		23			9
Redeemed		(78	)		(117	)
Class C:
Subscribed		1,062			6,127
Distributions Reinvested		64			16
Redeemed		(2,377	)		(4,918	)
Class R6:*
Distributions Reinvested		—	@		—	@
Net Decrease in Net Assets Resulting from Capital Share Transactions		(47,639	)		(134,070	)
Total Decrease in Net Assets		(42,789	)		(167,045	)
Net Assets:
Beginning of Period		412,580			579,625
End of Period	$	369,791		$	412,580

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Short Duration Income Portfolio

Statements of Changes in Net Assets (cont'd)	Year Ended September 30, 2023 (000)			Year Ended September 30, 2022 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		8,164			12,879
Shares Issued on Distributions Reinvested		638			355
Shares Redeemed		(11,396	)		(20,928	)
Net Decrease in Class I Shares Outstanding		(2,594	)		(7,694	)
Class A:
Shares Subscribed		3,867			17,097
Shares Issued on Distributions Reinvested		715			385
Shares Redeemed		(7,944	)		(26,278	)
Net Decrease in Class A Shares Outstanding		(3,362	)		(8,796	)
Class L:
Shares Exchanged		4			42
Shares Issued on Distributions Reinvested		3			1
Shares Redeemed		(10	)		(14	)
Net Increase (Decrease) in Class L Shares Outstanding		(3	)		29
Class C:
Shares Subscribed		137			753
Shares Issued on Distributions Reinvested		8			2
Shares Redeemed		(305	)		(605	)
Net Increase (Decrease) in Class C Shares Outstanding		(160	)		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.
18

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Short Duration Income Portfolio

	Class I
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	7.75		$	8.33		$	8.31		$	8.24		$	8.13
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.22			0.12			0.10			0.17			0.21
Net Realized and Unrealized Gain (Loss)		0.10			(0.58	)		0.03			0.09			0.10
Total from Investment Operations		0.32			(0.46	)		0.13			0.26			0.31
Distributions from and/or in Excess of:
Net Investment Income		(0.21	)		(0.12	)		(0.11	)		(0.19	)		(0.20	)
Net Realized Gain		(0.01	)		—			—			—			—
Total Distributions		(0.22	)		(0.12	)		(0.11	)		(0.19	)		(0.20	)
Net Asset Value, End of Period	$	7.85		$	7.75		$	8.33		$	8.31		$	8.24
Total Return⁽²⁾		4.19	%		(5.62	)%		1.57	%		3.20	%		3.93	%⁽³⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	160,099		$	178,175		$	255,659		$	233,816		$	174,909
Ratio of Expenses Before Expense Limitation		0.47	%		0.44	%		0.45	%		0.53	%		0.49	%
Ratio of Expenses After Expense Limitation		0.30	%⁽⁴⁾		0.30	%⁽⁴⁾		0.30	%⁽⁴⁾		0.29	%⁽⁴⁾		0.30	%⁽⁴⁾
Ratio of Net Investment Income		2.76	%⁽⁴⁾		1.48	%⁽⁴⁾		1.25	%⁽⁴⁾		2.12	%⁽⁴⁾		2.55	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.01	%		0.00	%⁽⁵⁾
Portfolio Turnover Rate		26	%		53	%		53	%		74	%		64	%

(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 I shares would have been approximately 3.80%.

(5) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Short Duration Income Portfolio

	Class A
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	7.77		$	8.35		$	8.34		$	8.26		$	8.15
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.20			0.10			0.08			0.15			0.19
Net Realized and Unrealized Gain (Loss)		0.10			(0.59	)		0.02			0.10			0.10
Total from Investment Operations		0.30			(0.49	)		0.10			0.25			0.29
Distributions from and/or in Excess of:
Net Investment Income		(0.19	)		(0.09	)		(0.09	)		(0.17	)		(0.18	)
Net Realized Gain		(0.01	)		—			—			—			—
Total Distributions		(0.20	)		(0.09	)		(0.09	)		(0.17	)		(0.18	)
Net Asset Value, End of Period	$	7.87		$	7.77		$	8.35		$	8.34		$	8.26
Total Return⁽²⁾		3.92	%		(5.85	)%		1.20	%		3.06	%		3.66	%⁽³⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	206,286		$	229,782		$	320,477		$	148,771		$	83,111
Ratio of Expenses Before Expense Limitation		0.71	%		0.68	%		0.69	%		0.77	%		0.76	%
Ratio of Expenses After Expense Limitation		0.55	%⁽⁴⁾		0.55	%⁽⁴⁾		0.55	%⁽⁴⁾		0.54	%⁽⁴⁾		0.55	%⁽⁴⁾
Ratio of Net Investment Income		2.51	%⁽⁴⁾		1.22	%⁽⁴⁾		0.98	%⁽⁴⁾		1.84	%⁽⁴⁾		2.30	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.01	%		0.00	%⁽⁵⁾
Portfolio Turnover Rate		26	%		53	%		53	%		74	%		64	%

(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.

(5) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Short Duration Income Portfolio

	Class L
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	7.74		$	8.33		$	8.31		$	8.24		$	8.12
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.18			0.08			0.06			0.13			0.17
Net Realized and Unrealized Gain (Loss)		0.10			(0.59	)		0.03			0.09			0.11
Total from Investment Operations		0.28			(0.51	)		0.09			0.22			0.28
Distributions from and/or in Excess of:
Net Investment Income		(0.17	)		(0.08	)		(0.07	)		(0.15	)		(0.16	)
Net Realized Gain		(0.01	)		—			—			—			—
Total Distributions		(0.18	)		(0.08	)		(0.07	)		(0.15	)		(0.16	)
Net Asset Value, End of Period	$	7.84		$	7.74		$	8.33		$	8.31		$	8.24
Total Return⁽²⁾		3.68	%		(6.21	)%		1.06	%		2.69	%		3.52	%⁽³⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	959		$	973		$	808		$	829		$	795
Ratio of Expenses Before Expense Limitation		1.22	%		1.15	%		1.17	%		1.26	%		1.25	%
Ratio of Expenses After Expense Limitation		0.80	%⁽⁴⁾		0.80	%⁽⁴⁾		0.80	%⁽⁴⁾		0.79	%⁽⁴⁾		0.80	%⁽⁴⁾
Ratio of Net Investment Income		2.26	%⁽⁴⁾		1.00	%⁽⁴⁾		0.76	%⁽⁴⁾		1.64	%⁽⁴⁾		2.07	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.01	%		0.00	%⁽⁵⁾
Portfolio Turnover Rate		26	%		53	%		53	%		74	%		64	%

(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.

(5) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Short Duration Income Portfolio

	Class C
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	7.72		$	8.29		$	8.29		$	8.22		$	8.10
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.14			0.04			0.01			0.09			0.13
Net Realized and Unrealized Gain (Loss)		0.09			(0.57	)		0.02			0.09			0.11
Total from Investment Operations		0.23			(0.53	)		0.03			0.18			0.24
Distributions from and/or in Excess of:
Net Investment Income		(0.13	)		(0.04	)		(0.03	)		(0.11	)		(0.12	)
Net Realized Gain		(0.01	)		—			—			—			—
Total Distributions		(0.14	)		(0.04	)		(0.03	)		(0.11	)		(0.12	)
Net Asset Value, End of Period	$	7.81		$	7.72		$	8.29		$	8.29		$	8.22
Total Return⁽²⁾		3.02	%		(6.46	)%		0.41	%		2.16	%		3.01	%⁽³⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	2,436		$	3,639		$	2,670		$	37		$	36
Ratio of Expenses Before Expense Limitation		1.56	%		1.52	%		1.72	%		7.65	%		6.34	%
Ratio of Expenses After Expense Limitation		1.30	%⁽⁴⁾		1.30	%⁽⁴⁾		1.30	%⁽⁴⁾		1.29	%⁽⁴⁾		1.30	%⁽⁴⁾
Ratio of Net Investment Income		1.76	%⁽⁴⁾		0.53	%⁽⁴⁾		0.17	%⁽⁴⁾		1.14	%⁽⁴⁾		1.55	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.01	%		0.00	%⁽⁵⁾
Portfolio Turnover Rate		26	%		53	%		53	%		74	%		64	%

(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.

(5) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Short Duration Income Portfolio

	Class R6⁽¹⁾
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	7.75		$	8.34		$	8.32		$	8.24		$	8.13
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.22			0.12			0.11			0.18			0.21
Net Realized and Unrealized Gain (Loss)		0.11			(0.59	)		0.02			0.09			0.11
Total from Investment Operations		0.33			(0.47	)		0.13			0.27			0.32
Distributions from and/or in Excess of:
Net Investment Income		(0.22	)		(0.12	)		(0.11	)		(0.19	)		(0.21	)
Net Realized Gain		(0.01	)		—			—			—			—
Total Distributions		(0.23	)		(0.12	)		(0.11	)		(0.19	)		(0.21	)
Net Asset Value, End of Period	$	7.85		$	7.75		$	8.34		$	8.32		$	8.24
Total Return⁽³⁾		4.24	%		(5.69	)%		1.62	%		3.37	%		3.98	%⁽⁴⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	11		$	11		$	11		$	14		$	16
Ratio of Expenses Before Expense Limitation		22.60	%		19.49	%		19.98	%		12.15	%		17.44	%
Ratio of Expenses After Expense Limitation		0.25	%⁽⁵⁾		0.25	%⁽⁵⁾		0.24	%⁽⁵⁾		0.24	%⁽⁵⁾		0.24	%⁽⁵⁾
Ratio of Net Investment Income		2.80	%⁽⁵⁾		1.54	%⁽⁵⁾		1.32	%⁽⁵⁾		2.21	%⁽⁵⁾		2.61	%⁽⁵⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.01	%		0.00	%⁽⁶⁾
Portfolio Turnover Rate		26	%		53	%		53	%		74	%		64	%

(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%.

(6) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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"). 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 has issued 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 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.

also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from reputable 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

• 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.)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 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	$	—		$	420	$	—	$	420
Agency Fixed Rate Mortgages		—			361		—		361
Asset-Backed Securities		—			58,375		—		58,375
Collateralized Mortgage Obligations — Agency Collateral Series		—			768		—		768
Commercial Mortgage- Backed Securities		—			21,679		—		21,679
Corporate Bonds		—			229,326		—		229,326
Mortgages — Other		—			42,536		—		42,536
Sovereign		—			3,142		—		3,142
Total Fixed Income Securities		—			356,607		—		356,607
Short-Term Investments
Investment Company		9,819			—		—		9,819
U.S. Treasury Security		—			1,517		—		1,517
Total Short-Term Investments		9,819			1,517		—		11,336
Futures Contracts		368			—		—		368
Total Assets		10,187			358,124		—		368,311
Liabilities:
Future Contract		(267	)		—		—		(267	)
Total	$	9,920		$	358,124	$	—	$	368,044

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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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.

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of September 30, 2023:

Asset Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

368

(a)

Liability Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(267

)(a)

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 year ended September 30, 2023 in accordance with ASC 815:

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Interest Rate Risk	Futures Contracts	$	(709	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Interest Rate Risk	Futures Contracts	$	(1,555	)

For the year ended September 30, 2023, the approximate average monthly amount outstanding for each derivative type is as follows:

Futures Contracts:
Average monthly notional value				$	120,130,000

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 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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 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 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 year ended September 30, 2023, approximately $551,000 of advisory fees were waived and approximately $103,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

respectively. For the year ended September 30, 2023, purchases and sales of long-term U.S. Government securities were approximately $30,597,000 and $31,641,000, 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 year ended September 30, 2023, advisory fees paid were reduced by approximately $9,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the year ended September 30, 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			$	132,159			$	131,713			$	281

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value September 30, 2023 (000)
Liquidity Funds				$	—			$	—			$	9,819

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 year ended September 30, 2023, included in "Trustees' Fees and Expenses" in the Statement of Operations amounted to approximately $2,000. At September 30, 2023, the Fund had an accrued pension liability of approximately $37,000, which is reflected as "Payable for Trustees' Fees and Expenses" in the Statement of Assets and Liabilities.

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.

2023 Distributions Paid From:				2022 Distributions Paid From:
Ordinary Income (000)		Long Term Capital Gain (000)		Ordinary Income (000)
$	10,235	$	449	$	6,006

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2023.

At September 30, 2023, 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)
$	1,467			$	—

At September 30, 2023, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $1,148,000 and $5,161,000, respectively, that do not have an expiration date.

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. The risks associated with these developments may be magnified if 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) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, adversely affect and increase the volatility of the Fund's share price and exacerbate pre-existing risks to the Fund. 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 and its investments 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Morgan Stanley Institutional Fund Trust —
Short Duration Income Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Short Duration Income Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund Trust (the "Trust")), including the portfolio of investments, as of September 30, 2023, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund Trust) at September 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.
Boston, Massachusetts
November 27, 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2022, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one- and five-year periods and below its peer group average for the three-year period. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

Profitability of the Adviser and Affiliates

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Advisory Agreement Approval (unaudited) (cont'd)

Other Benefits of the Relationship

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

Other Factors and Current Trends

General Conclusion

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Liquidity Risk Management Program (unaudited)

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2023.

The Fund designated and paid approximately $449,000 as a long-term capital gain distribution.

The Fund designated approximately $8,836,000 of its distributions paid as business interest income.

The Fund designated approximately $6,715,000 of its distributions paid as qualified interest income.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Important Notices (unaudited)

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

Tailored Shareholder Reports

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) (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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) (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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited)

Independent Trustees:

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Frank L. Bowman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1944

Trustee

Since
August
2006

Frances L. Cashman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1961

Trustee

Since
February
2022

Kathleen A. Dennis
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1953

Trustee

Since
August
2006

Board Member, University of Albany Foundation (2012-present); Board Member, Mutual Funds Directors Forum (2014-present); Director of various non-profit organizations.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Nancy C. Everett
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
January
2015

Eddie A. Grier
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
February
2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Jakki L. Haussler
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1957

Trustee

Since
January
2015

Dr. Manuel H. Johnson
c/o Johnson Smick
International, Inc.
220 I Street, NE
Suite 200
Washington, D.C. 20002
Birth Year: 1949

Trustee

Since
July
1991

Director of NVR, Inc. (home construction).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Joseph K. Kearns
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1942

Trustee

Since
August
1994

Michael F. Klein
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1958

Trustee

Since
August
2006

Director of certain investment funds managed or sponsored by Aetos Alternatives Management, LP; Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

Patricia A. Maleski
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1960

Trustee

Since
January
2017

Trustee (since January 2022) and Treasurer (since January 2023), Nutley Family Service Bureau, Inc.

W. Allen Reed
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1947

Chair of the Board and Trustee

Chair of the Board since August 2020 and Trustee since August 2006

Formerly, Director of Legg Mason, Inc. (2006-2019); and Director of the Auburn University Foundation (2010-2015).

* This is the earliest date the Trustee began serving the Morgan Stanley Funds. Each Trustee serves an indefinite term, until his or her successor is elected.

*** This includes any directorships at public companies and registered investment companies held by the Trustees at any time during the past five years.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Executive Officers:

Name, Address and Birth Year
of Executive Officer

Position(s) Held
with
Registrant

Length of
Time Served*

Principal Occupation(s) During Past 5 Years

John H. Gernon
522 Fifth Avenue
New York, NY 10036
Birth Year: 1963

President and Principal Executive Officer

Since
September
2013

Deidre A. Downes
1633 Broadway
New York, NY 10019
Birth Year: 1977

Chief Compliance Officer

Since
November
2021

Francis J. Smith
522 Fifth Avenue
New York, NY 10036
Birth Year: 1965

Treasurer and Principal Financial Officer

Treasurer since July 2003 and Principal Financial Officer since September
2002

Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).

Mary E. Mullin
1633 Broadway
New York, NY 10019
Birth Year: 1967

Secretary

Since
June
1999

Managing Director of the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

Michael J. Key
522 Fifth Avenue
New York, NY 10036
Birth Year: 1979

Vice President

Since
June
2017

* This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves an indefinite term, until his or her successor is elected.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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.
P.O. Box 219804
Kansas City, Missouri 64121-9804

Co-Transfer Agent

Eaton Vance Management
Two International Place
Boston, Massachusetts 02110

Custodian

State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114

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

(This page has been left blank intentionally.)

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

IFTLDANN
6045107 EXP 11.30.24

Morgan Stanley Institutional Fund Trust

Short Duration Municipal Income Portfolio

(formerly Ultra-Short Municipal Income Portfolio)

Annual Report

September 30, 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Table of Contents (unaudited)

Shareholders' Letter					2
Expense Example					3
Investment Overview					4
Portfolio of Investments					7
Statement of Assets and Liabilities					11
Statement of Operations					12
Statements of Changes in Net Assets					13
Financial Highlights					14
Notes to Financial Statements					17
Report of Independent Registered Public Accounting Firm					22
Investment Advisory Agreement Approval					23
Liquidity Risk Management Program					25
Federal Tax Notice					26
Important Notices					27
U.S. Customer Privacy Notice					28
Trustees and Officers Information					31

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Annual Report, in which you will learn how your investment in Short Duration Municipal Income Portfolio (the "Fund") (formerly Ultra-Short Municipal Income Portfolio) performed during the latest twelve-month period.

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

October 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Expense Example (unaudited)

Short Duration 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 September 30, 2023 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

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 4/1/23		Actual Ending Account Value 9/30/23		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Short Duration Municipal Income Portfolio Class IR	$	1,000.00	$	1,011.10	$	1,023.95	$	0.85	$	0.85		0.17	%
Short Duration Municipal Income Portfolio Institutional Class		1,000.00		1,010.60		1,023.55		1.25		1.25		0.25
Short Duration Municipal Income Portfolio Class A		1,000.00		1,010.70		1,023.46		1.35		1.35		0.27

* 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 181***/365 (to reflect the most recent one-half year period).

** Annualized.

*** Adjusted to reflect non-business days accruals.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited)

Short Duration Municipal Income Portfolio

The Fund seeks to provide current income exempt from regular federal income tax and capital preservation while maintaining liquidity.

Performance

For the fiscal year ended September 30, 2023, the Fund's Institutional Class shares had a total return based on net asset value and reinvestment of distributions per share of 2.41%, net of fees. The Fund's Institutional Class shares outperformed against the Fund's new benchmark,⁽ⁱ⁾ the ICE BofA 1-3 Year U.S. Municipal Securities Index (the "Index"), which returned 2.15%, and the Short Duration Municipal Income Blended Index,⁽ⁱⁱⁱ⁾ which returned 1.66%, and underperformed against the prior benchmark, Bloomberg BVAL Municipal AAA Yield Curve (Callable) 3-Month Index,⁽ⁱⁱ⁾ which returned 2.85%. Past performance is no guarantee of future results.

Factors Affecting Performance

• In the trailing 12-month period ended September 30, 2023, the municipal market has been characterized by a broadly upward interest rate movement, as the Federal Reserve (Fed) continued the battle to bring inflation down to target levels. During the majority of the 12-month period, longer-dated portions of the municipal market outperformed but came under pressure following Fed Chairman Powell's August 2023 Jackson Hole and September 2023 Federal Open Market Committee press conference speeches. During the Fund's fiscal year, the municipal yield curve inverted in the 1- to 10-year segment of the curve (meaning that yields on 1-year maturity bonds were higher than yields on 10-year maturity bonds), the first inversion of any type for the asset class. As a result of this curve inversion, the front end of the municipal market was offering very attractive yield levels. At the end of the reporting period, all eyes

were on Fed rhetoric as investors tried to interpret the future path of interest rates.

• Effective July 31, 2023, the Fund's name, portfolio managers, benchmark and principal investment strategy changed ("Fund changes"). Before that date, the Fund was known as the Ultra-Short Municipal Income Portfolio, and the former benchmark was the Bloomberg BVAL Municipal AAA Yield Curve (Callable) 3-Month Index. For the period from October 1, 2022 to July 31, 2023 (which was prior to the Fund changes effective date and therefore does not reflect the Fund changes above), the portfolio outperformed the former benchmark. As a result of ongoing uncertainty around Fed policy and continued Treasury market volatility, the portfolio maintained a high exposure to floating-rate and variable-rate securities during the period October 1, 2022 to July 31, 2023. The Fund's exposure to variable rate demand obligations, which can be sold at par and therefore are less subject to have market value fluctuations, contributed to the Fund's outperformance versus the prior benchmark in the 10-month period.

• From the period after the Fund changes, July 31, 2023, to September 30, 2023, the Fund outperformed the Index.

• The primary contributor to relative performance in the two-month period after the Fund changes was the Fund's overweight allocation to municipal floating-rate notes (FRNs) and variable rate demand notes (VRDNs), as these are defensive securities with a low duration profile. This was additive to relative performance, as rates backed up in the period from the Fund changes through the end of the reporting period. Additionally, the Fund's underweight allocation to the local general obligation (GO) sector aided relative performance

⁽ⁱ⁾ Effective July 31, 2023, the Fund's name, portfolio managers, benchmark and principal investment strategy changed. Before that date, the Fund was known as the Ultra-Short Municipal Income Portfolio, and the prior benchmark was the Bloomberg BVAL Municipal AAA Yield Curve (Callable) 3-Month Index.

⁽ⁱⁱ⁾ "Bloomberg^®" and the Bloomberg Index/Indices used are service marks of Bloomberg Finance L.P. and its affiliates, and have been licensed for use for certain purposes by Morgan Stanley Investment Management (MSIM). Bloomberg is not affiliated with MSIM, does not approve, endorse, review, or recommend any product, and. does not guarantee the timeliness, accurateness, or completeness of any data or information relating to any product.

⁽ⁱⁱⁱ⁾ Short Duration Municipal Income Blended Index is a performance linked benchmark of the old and new benchmark of the Fund. The old benchmark represented by Bloomberg BVAL Municipal AAA Yield Curve (Callable) 3-Month Index from the Fund's inception to July 30, 2023 and the new benchmark represented by ICE BofA 1-3 Year US Municipal Securities Index for the periods thereafter.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

Short Duration Municipal Income Portfolio

as this sector trailed the broader Index during the two-month period, and bonds chosen for the Fund in this sector outpaced similar holdings in the Index. Finally, the Fund's overweight exposure to A rated municipals added to relative performance as this market segment outperformed the broader Index during the two-month period, and securities chosen for the Fund in this market segment outpaced similar Index holdings.

• The primary detractor from relative performance in the two-month period after the Fund changes was the Fund's overweight allocation to 3- to 5-year maturity bonds, as this market segment has a longer duration profile versus shorter-dated segments of the Index, which detracted during the two-month period as rates moved higher. Additionally, the Fund's security selection in the transportation sector weighed on relative performance in the two-month period, as bonds selected for the Fund in this sector lagged similar holdings in the Index.

Management Strategies

• In terms of strategy positioning, as of the end of the reporting period, the Fund has remained overweight to short-dated segments of the investable universe. In particular, the Fund was positioned with overweight exposure to defensive strategies, including FRNs and VRDNs. We believed this curve exposure could help buffer the portfolio against further upward rate movements, while also taking advantage of the outsized yield on the front end of the municipal yield curve. At period end, the Fund was looking to extend duration over time, if the picture around interest rate movement becomes clearer.

* Minimum Investment

** Commenced operations on December 19, 2018

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

Short Duration Municipal Income Portfolio

Performance Compared to the ICE BofA 1-3 Year US Municipal Securities Index⁽¹⁾, Short Duration Municipal Income Blended Index⁽²⁾, Bloomberg BVAL Municipal AAA Yield Curve (Callable) 3-Month Index⁽³⁾ and the Lipper Short Municipal Debt Funds Index⁽⁴⁾

	Period Ended September 30, 2023 Total Returns⁽⁵⁾
				Average Annual
	One Year			Five Years		Ten Years		Since Inception⁽⁷⁾
Fund — Class IR Shares w/o sales charges⁽⁶⁾		2.51	%		—		—		1.10	%
Fund — Institutional Class Shares w/o sales charges⁽⁶⁾		2.41			—		—		1.02
Fund — Class A Shares w/o sales charges⁽⁶⁾		2.41			—		—		0.98
ICE BofA 1-3 Year US Municipal Securities Index		2.15			—		—		0.82
Short Duration Muni Income Blended Index		1.66			—		—		0.88
Bloomberg BVAL Municipal AAA Yield Curve (Callable) 3 Month Index		2.85			—		—		1.13
Lipper Short Municipal Debt Funds Index		2.57			—		—		0.81

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Performance assumes that all dividends and distributions, if any, were reinvested. For the most recent month-end performance figures, please visit www.morganstanley.com/im. Investment returns and principal value will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of share classes will vary due to differences in expenses. The Fund returns are calculated based on the net asset value as of the last business day of the period.

⁽¹⁾ The ICE BofA (Intercontinental Exchange Bank of America) 1-3 Year US Municipal Securities Index is a subset of ICE BofA US Municipal Securities Index including all securities with a remaining term to final maturity less than 3 years. ICE BofA US Municipal Securities Index tracks the performance of US dollar denominated investment grade taxexempt debt publicly issued by US states and territories, and their political subdivisions, in the US domestic market. Qualifying securities must have at least one year remaining term to final maturity, at least 18 months to final maturity at the time of issuance, a fixed coupon schedule and an investment grade rating (based on an average of Moody's, S&P and Fitch). It is not possible to invest directly in an index. Effective July 31, 2023, the Fund changed its primary benchmark to the ICE BofA 1-3 Year US Municipal Securities Index because the Adviser believes it is a more appropriate benchmark for the Fund.

⁽²⁾ The Short Duration Municipal Income Blended Index is a performance linked benchmark of the old and new benchmark of the Fund. The old benchmark represented by Bloomberg BVAL Municipal AAA Yield Curve (Callable) 3-Month Index from the Fund's inception to July 30, 2023 and the new benchmark represented by ICE BofA 1-3 Year US Municipal Securities Index for the periods thereafter. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

⁽³⁾ Bloomberg BVAL Municipal AAA Yield Curve (Callable) 3-Month Index is Bloomberg's evaluated pricing service, BVAL, provides a municipal "AAA" 5% coupon benchmark yield curve that is the baseline curve for BVAL tax-exempt municipals. It is populated with high quality U.S. municipal bonds with an average rating of "AAA" from Moody's and S&P. The yield curve is built using nonparametric fit of market data obtained from the Municipal Securities Rulemaking Board, new issues and other proprietary contributed prices. The benchmark is updated hourly and utilizes eligible "AAA" traded observations throughout the day and accessible on through Bloomberg services. It is not possible to invest directly in an index

⁽⁴⁾ The Lipper Short Municipal Debt Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Short Municipal Debt Funds classification. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. As of the date of this report, the Fund was in the Lipper Short Municipal Debt Funds classification.

⁽⁵⁾ Total returns for the Fund reflect expenses waived and/or reimbursed, if applicable, by the Adviser. Without such waivers and/or reimbursements, total returns would have been lower.

⁽⁶⁾ Commenced operations on December 19, 2018.

⁽⁷⁾ For comparative purposes, average annual since inception returns listed for the Indexes refer to the inception date of the Fund, not the inception of the Indexes.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments

Short Duration Municipal Income Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (98.7%)
Municipal Bonds (92.0%)
Alabama (1.3%)
Black Belt Energy Gas District, Gas Project Revenue Refunding Bonds 2023,
Series D-1
5.50%, 6/1/49 (a)	$	2,450	$	2,500
Arizona (2.6%)
Arizona Health Facilities Authority Revenue Bonds (Banner Health),
Series 2014A
4.00%, 1/1/44		2,855		2,855
Industrial Development Authority of The City of Chandler, Industrial Development Revenue Bonds,
Series 2007 (AMT)
4.10%, 12/1/37 (a)		2,000		1,958
				4,813
California (2.3%)
State of California General Obligation Bonds Various Purpose General Obligation Refunding Bonds,
5.00%, 9/1/27		2,500		2,640
State Public Works Board of The State of California Lease Revenue Refunding Bonds 2023,
Series C
5.00%, 9/1/27 (b)		1,600		1,683
				4,323
Colorado (2.2%)
Colorado Health Facilities Authority Hospital Revenue Bonds,
Series 2023A-1
5.00%, 11/15/58 (a)		2,000		2,102
State of Colorado Building Excellent Schools Today Certificates of Participation Tax-Exempt,
Series 2013I
5.00%, 3/15/36		2,000		2,010
				4,112
Connecticut (1.0%)
State of Connecticut Health And Educational Facilities Authority Revenue Bonds, Quinnipiac University Issue,
Series L
5.00%, 7/1/24		1,900		1,913
District of Columbia (1.0%)
Metropolitan Washington Airports Authority, Airport System,
Series 2011A-1
3.95%, 10/1/39 (a)		1,800		1,800
Florida (8.0%)
Broward County, Airport System Revenue Bonds,
Series 2015A
5.00%, 10/1/29		2,000		2,016

	Face Amount (000)		Value (000)
Broward County, Industrial Development Revenue, Florida Power & Light Company,
Series 2018 B
4.20%, 12/1/48 (a)	$	10,500	$	10,500
School District of Miami-Dade County, Tax Anticipation Notes,
Series 2023
5.00%, 6/18/24		2,500		2,519
				15,035
Georgia (4.0%)
City of Atlanta Airport General Revenue Refunding Bonds,
Series 2014C
5.00%, 1/1/26		2,500		2,504
Colquitt County School District, General Obligation Bonds,
Series 2023
5.00%, 12/1/24		1,000		1,013
Main Street Natural Gas, Inc., Gas Supply Revenue Bonds,
Series 2021A
4.00%, 7/1/52 (a)		2,500		2,435
Series 2023D
5.00%, 12/1/54 (a)		1,500		1,487
				7,439
Hawaii (0.7%)
City And County of Honolulu General Obligation Bonds,
Series 2023D
5.00%, 3/1/26		1,250		1,288
Illinois (4.8%)
Board of Education of The City of Chicago Unlimited Tax General Obligation Refunding Bonds,
Series 2018C
5.00%, 12/1/23		1,000		1,001
Illinois Finance Authority Revenue Bonds,
Series 2020B-2
5.00%, 5/15/50 (a)		2,500		2,539
Illinois Finance Authority Water Facilities Refunding Revenue Bonds,
Series 2020
3.88%, 5/1/40 (a)		1,500		1,459
Sales Tax Securitization Corporation Second Lien Sales Tax Securitization Bonds,
Series 2020A
5.00%, 1/1/27		2,290		2,357
State of Illinois Build Illinois Bonds (Sales Tax Revenue Bonds),
Series A
4.00%, 6/15/25		1,750		1,752
				9,108

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Short Duration Municipal Income Portfolio

	Face Amount (000)		Value (000)
Indiana (1.9%)
City of Whiting, Environmental Facilities Refunding Revenue Bonds,
Series 2019A
5.00%, 12/1/44 (a)	$	2,500	$	2,540
Indiana Housing And Community Development Authority Multifamily Housing Revenue Bonds,
Series 2023
4.10%, 9/1/28 (a)		1,000		991
				3,531
Iowa (1.9%)
Iowa Finance Authority, Solid Waste Facilities Revenue Bonds (Midamerican Energy Company Project),
Series 2016B
4.30%, 12/1/46 (a)		3,500		3,500
Kentucky (9.7%)
Commonwealth of Kentucky State Property And Buildings Commission Revenue Refunding Bonds,
Series B
5.00%, 11/1/26		2,500		2,576
County of Meade, Industrial Building Revenue Bonds (Nucor Steel Brandenburg Project) (Green Bonds),
Series 2021B-1
4.95%, 8/1/61 (a)		3,000		3,000
Daviess County, Solid Waste Disposal Facilities Revenue,
Series 1993-A
4.00%, 12/1/23 (a)		5,000		5,000
Kentucky Economic Development Finance Authority, Catholic Health Initiatives,
Series 2004 C
4.80%, 5/1/34 (a)		6,000		6,000
University of Kentucky, General Receipts Refunding Bonds,
Series D
3.00%, 10/1/25		1,600		1,564
				18,140
Louisiana (2.7%)
Parish of St. James, State of Louisiana Revenue Bonds, Nucor Steel Louisiana LLC Project, Gulf Opportunity Zone Bonds,
Series 2010B-1
4.30%, 11/1/40 (a)		5,000		5,000
Massachusetts (1.1%)
Boston Water And Sewer Commission, General Revenue And Refunding Bonds 2015,
Series A
4.00%, 11/1/27		2,000		2,007

	Face Amount (000)		Value (000)
Michigan (3.3%)
Board of Control of Saginaw Valley, State University General Revenue And Refunding Bonds,
Series 2016A
5.00%, 7/1/30	$	1,750	$	1,780
Michigan Finance Authority, Hospital Revenue Bonds Trinity Health Credit Group,
Series 2015
4.83%, 12/1/39 (a)		2,000		2,002
Wayne County Airport Authority Airport Revenue Bonds,
Series 2015F
5.00%, 12/1/31		2,500		2,513
				6,295
Minnesota (0.8%)
Minnesota Rural Water Finance Authority Public Projects Construction Notes,
Series 2023
4.38%, 4/1/25 (b)		1,500		1,500
Missouri (2.0%)
Health And Educational Facilities Authority of The State of Missouri Health Facilities Revenue Bonds,
Series 2016
5.00%, 11/15/28		1,300		1,325
Series 2021A
4.00%, 7/1/26		1,100		1,102
Missouri Joint Municipal Electric Utility Commission,
Series 2023
5.00%, 1/1/26 (b)		1,345		1,378
				3,805
Nebraska (0.8%)
Washington County, Nebraska Industrial Development Revenue Bonds,
Series 2010 B
4.01%, 12/1/40 (a)		1,500		1,500
New Jersey (0.9%)
New Jersey Economic Development Authority Water Facilities Refunding Revenue Bonds,
Series 2020D
1.10%, 11/1/29 (a)		2,000		1,651
New Mexico (1.3%)
New Mexico Mortgage Finance Authority Multifamily Housing Revenue Bonds,
Series 2023
5.00%, 2/1/42 (a)		325		327
State of New Mexico, Capital Projects General Obligation Bonds,
Series 2021
5.00%, 3/1/25		2,000		2,033
				2,360

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Short Duration Municipal Income Portfolio

	Face Amount (000)		Value (000)
New York (13.0%)
City of New York General Obligation Bonds,
Series B
4.80%, 10/1/46 (a)	$	4,170	$	4,170
Long Island Power Authority, Electric System General Revenue Bonds,
Series 2022B
5.00%, 9/1/52 (a)		2,000		2,065
Metropolitan Transportation Authority,
Series 2016A
5.00%, 11/15/24		1,360		1,372
New York City Transitional Finance Authority Future Tax Secured Revenue,
Series A4
4.75%, 8/1/45 (a)		1,000		1,000
New York Dorm Authority Personal Income Tax Revenue Bonds 2014A
Series 2014A
5.00%, 2/15/29		2,500		2,507
Port Authority of New York And New Jersey Consolidated Bonds,
Series 185
5.00%, 9/1/28		1,000		1,003
Series 242
5.00%, 12/1/26 - 12/1/27		3,000		3,073
RBC Municipal Products Inc Trust, Various States Certificates, E-154
4.08%, 6/1/28 (a)(c)		7,800		7,800
Tsasc, Inc., Tobacco Settlement Bonds, Fiscal 2017,
Series A
5.00%, 6/1/24		1,475		1,483
				24,473
North Carolina (0.9%)
University of North Carolina Hospitals At Chapel Hill,
Series 2009A
3.85%, 2/1/24 (a)		1,700		1,700
Ohio (5.0%)
County of Hamilton, Ohio Hospital Facilities Revenue Refunding And Improvement Bonds,
Series B
4.13%, 8/15/51 (a)		9,425		9,425
Pennsylvania (4.9%)
Commonwealth of Pennsylvania, General Obligation Bonds,
Series 2016
5.00%, 9/15/24		1,775		1,794
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Refunding Revenue Bonds Series 2019A (AMT),
Series 2019A
4.10%, 4/1/34 (a)		2,000		2,000

	Face Amount (000)		Value (000)
Pennsylvania Higher Educational Facilities Authority Refunding Revenue Bonds, State System of Higher Education,
Series AQ
5.00%, 6/15/24	$	1,440	$	1,450
Pennsylvania Turnpike Commission Registration Fee Revenue Refunding Bonds, Series 2023,
4.83%, 7/15/41 (a)		2,000		2,000
Philadelphia Redevelopment Authority City Service Agreement Revenue Refunding Bonds,
Series 2015A
5.00%, 4/15/27		2,000		2,028
				9,272
Puerto Rico (1.2%)
Commonwealth of Puerto Rico,
Series 2022 A-1
5.63%, 7/1/27		2,198		2,258
Texas (7.7%)
Cities of Dallas And Fort Worth, Texas Dallas Fort Worth International Airport,
Series 2023B
5.00%, 11/1/25		1,250		1,279
Series 2023C
5.00%, 11/1/27		1,250		1,280
City of San Antonio, General Improvement Bonds,
Series 2023
5.00%, 2/1/25		1,335		1,354
Tax Notes,
Series 2023
5.64%, 2/1/26		1,500		1,502
Water System Junior Lien Revenue And Refunding Bonds,
Series 2023A
5.00%, 5/15/24		1,000		1,007
Grand Parkway Transportation Corporation,
Series 2023,
5.00%, 10/1/52 (a)		2,500		2,602
Harris County, Toll Road First Lien Revenue And Refunding Bonds,
Series 2021
5.00%, 8/15/25		2,000		2,042
Hays Consolidated Independent School District,
Series 2023
5.00%, 2/15/24		1,000		1,003
Leander Independent School District, Unlimited Tax School Building Bonds,
Series 2023
5.00%, 2/15/24		1,455		1,461
Texas Water Development Board State Water Implementation Revenue Fund For Texas Revenue Bonds,
Series 2023A
5.00%, 10/15/25 (b)		1,000		1,025
				14,555

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Short Duration Municipal Income Portfolio

	Face Amount (000)		Value (000)
Utah (0.1%)
Utah Water Finance Agency,
Series 2008 B
4.00%, 10/1/37 (a)	$	270	$	270
Virginia (1.1%)
Virginia Housing Development Authority Rental Housing Bonds,
Series E
4.10%, 10/1/27 (b)		2,000		1,993
Washington (2.2%)
Port of Seattle, Intermediate Lien Revenue Bonds ,
Series 2015C
5.00%, 4/1/31		2,000		2,009
State of Washington, Various Purpose General Obligation Refunding Bonds,
Series R-2018D
5.00%, 8/1/25		2,070		2,116
				4,125
Wisconsin (1.6%)
Wisconsin Health And Educational Facilities Authority Revenue Bonds,
Series 2018B-3
5.00%, 8/15/54 (a)		3,000		3,008
Total Municipal Bonds (Cost $173,742)				172,699
Commercial Paper (6.7%)
San Antonio, Electricity & Gas Revenue 3/A2,
3.60%, 10/26/23		10,000		10,000
State of Oregon Department of Transportation,
3.62%, 12/12/23		2,500		2,499
Total Commercial Paper (Cost $12,500)				12,499
Total Fixed Income Securities (Cost $186,242)				185,198
	Shares
Investment Company (2.2%)
Morgan Stanley Institutional Liquidity Funds — Tax-Exempt Portfolio — Institutional Class — (See Note G) (Cost $4,187)		4,187,777		4,187
Total Investments (100.9%) (Cost $190,429) (d)(e)				189,385
Liabilities in Excess of Other Assets (–0.9%)				(1,743	)
Net Assets (100.0%)			$	187,642

(b) When-issued security.

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

(d) Securities are available for collateral in connection with purchase of when-issued security.

(e) At September 30, 2023, the aggregate cost for federal income tax purposes is approximately $190,429,000. The aggregate gross unrealized appreciation is approximately $5,000 and the aggregate gross unrealized depreciation is approximately $1,049,000, resulting in net unrealized depreciation of approximately $1,044,000.

AMT Alternative Minimum Tax.

Portfolio Composition

Classification	Percentage of Total Investments
Fixed Income Securities		97.8	%
Other*		2.2
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

Annual Report — September 30, 2023

Short Duration Municipal Income Portfolio

Statement of Assets and Liabilities	September 30, 2023 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $186,242)	$	185,198
Investment in Security of Affiliated Issuer, at Value (Cost $4,187)		4,187
Total Investments in Securities, at Value (Cost $190,429)		189,385
Receivable for Investments Sold		11,941
Interest Receivable		1,321
Due from Adviser		29
Receivable from Affiliate		6
Receivable for Fund Shares Sold		5
Other Assets		35
Total Assets		202,722
Liabilities:
Payable for Investments Purchased		7,584
Payable to Bank		7,394
Payable for Professional Fees		47
Payable for Administration Fees		13
Payable for Fund Shares Redeemed		10
Payable for Shareholder Services Fees — Institutional Class		—	@
Payable for Shareholder Services Fees — Class A		8
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		21
Total Liabilities		15,080
Net Assets	$	187,642
Net Assets Consist of:
Paid-in-Capital	$	188,280
Total Accumulated Loss		(638	)
Net Assets	$	187,642
CLASS IR:
Net Assets	$	95,009
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		9,526,849
Net Asset Value, Offering and Redemption Price Per Share	$	9.97
INSTITUTIONAL CLASS:
Net Assets	$	50
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		5,024
Net Asset Value, Offering and Redemption Price Per Share	$	9.97
CLASS A:
Net Assets	$	92,583
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		9,284,135
Net Asset Value, Offering and Redemption Price Per Share	$	9.97

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Short Duration Municipal Income Portfolio

Statement of Operations	Year Ended September 30, 2023 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	5,889
Interest from Securities of Affiliated Issuers (Note G)		14
Total Investment Income		5,903
Expenses:
Advisory Fees (Note B)		362
Shareholder Services Fees — Institutional Class (Note D)		9
Shareholder Services Fees — Class A (Note D)		168
Professional Fees		161
Administration Fees (Note C)		145
Registration Fees		51
Shareholder Reporting Fees		15
Custodian Fees (Note F)		10
Trustees' Fees and Expenses		9
Transfer Agency Fees — Class IR (Note E)		2
Transfer Agency Fees — Institutional Class (Note E)		3
Transfer Agency Fees — Class A (Note E)		3
Pricing Fees		3
Other Expenses		24
Total Expenses		965
Waiver of Advisory Fees (Note B)		(362	)
Expenses Reimbursed by Adviser (Note B)		(140	)
Reimbursement of Class Specific Expenses — Class IR (Note B)		(2	)
Reimbursement of Class Specific Expenses — Institutional Class (Note B)		(3	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(1	)
Rebate from Morgan Stanley Affiliate (Note G)		(—	@)
Waiver of Shareholder Services Fees — Class A (Note D)		(84	)
Net Expenses		373
Net Investment Income		5,530
Change in Unrealized Appreciation (Depreciation):
Investments		(1,027	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(1,027	)
Net Increase in Net Assets Resulting from Operations	$	4,503

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Short Duration Municipal Income Portfolio

Statements of Changes in Net Assets	Year Ended September 30, 2023 (000)			Year Ended September 30, 2022 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	5,530		$	751
Net Change in Unrealized Appreciation (Depreciation)		(1,027	)		(18	)
Net Increase in Net Assets Resulting from Operations		4,503			733
Dividends and Distributions to Shareholders:
Class IR		(2,444	)		(400	)
Institutional Class		(263	)		(48	)
Class A		(2,281	)		(377	)
Total Dividends and Distributions to Shareholders		(4,988	)		(825	)
Capital Share Transactions:⁽¹⁾
Class IR:
Subscribed		83,383			53,684
Distributions Reinvested		2,452			390
Redeemed		(61,875	)		(49,112	)
Institutional Class:
Subscribed		10,050			10,000
Distributions Reinvested		264			47
Redeemed		(20,740	)		(4,860	)
Class A:
Subscribed		78,313			22,904
Distributions Reinvested		2,288			369
Redeemed		(53,773	)		(47,416	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		40,362			(13,994	)
Total Increase (Decrease) in Net Assets		39,877			(14,086	)
Net Assets:
Beginning of Period		147,765			161,851
End of Period	$	187,642		$	147,765
(1) Capital Share Transactions:
Class IR:
Shares Subscribed		8,338			5,368
Shares Issued on Distributions Reinvested		245			39
Shares Redeemed		(6,187	)		(4,911	)
Net Increase in Class IR Shares Outstanding		2,396			496
Institutional Class:
Shares Subscribed		1,005			1,000
Shares Issued on Distributions Reinvested		26			5
Shares Redeemed		(2,074	)		(485	)
Net Increase (Decrease) in Institutional Class Shares Outstanding		(1,043	)		520
Class A:
Shares Subscribed		7,831			2,290
Shares Issued on Distributions Reinvested		229			37
Shares Redeemed		(5,377	)		(4,742	)
Net Increase (Decrease) in Class A Shares Outstanding		2,683			(2,415	)

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Short Duration Municipal Income Portfolio

	Class IR
	Year Ended September 30,												Period from December 19, 2018⁽¹⁾ to
Selected Per Share Data and Ratios	2023			2022			2021			2020			September 30, 2019
Net Asset Value, Beginning of Period	$	10.00		$	10.00		$	10.00		$	10.00		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.31			0.06			0.01			0.09			0.12
Net Realized and Unrealized Gain (Loss)		(0.06	)		0.00	⁽³⁾		0.00	⁽³⁾		0.00	⁽³⁾		0.00	⁽³⁾
Total from Investment Operations		0.25			0.06			0.01			0.09			0.12
Distributions from and/or in Excess of:
Net Investment Income		(0.28	)		(0.06	)		(0.01	)		(0.09	)		(0.12	)
Net Realized Gain		—			(0.00	)⁽³⁾		—			—			—
Total Distributions		(0.28	)		(0.06	)		(0.01	)		(0.09	)		(0.12	)
Net Asset Value, End of Period	$	9.97		$	10.00		$	10.00		$	10.00		$	10.00
Total Return⁽⁴⁾		2.51	%		0.61	%		0.06	%		0.91	%		1.19	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	95,009		$	71,284		$	66,358		$	118,335		$	67,174
Ratio of Expenses Before Expense Limitation		0.43	%		0.46	%		0.40	%		0.40	%		0.52	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		0.15	%⁽⁷⁾		0.13	%⁽⁷⁾		0.13	%⁽⁷⁾		0.13	%⁽⁷⁾		0.13	%⁽⁶⁾⁽⁷⁾
Ratio of Net Investment Income		3.09	%⁽⁷⁾		0.59	%⁽⁷⁾		0.07	%⁽⁷⁾		0.78	%⁽⁷⁾		1.49	%⁽⁶⁾⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁸⁾		N/A			N/A			N/A			N/A
Portfolio Turnover Rate		N/A⁽⁹⁾			N/A⁽⁹⁾			N/A⁽⁹⁾			N/A⁽⁹⁾			N/A⁽⁹⁾

(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.

(8) Amount is less than 0.005%.

(9) 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.
14

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Short Duration Municipal Income Portfolio

	Institutional Class
	Year Ended September 30,												Period from December 19, 2018⁽¹⁾ to
Selected Per Share Data and Ratios	2023			2022			2021			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⁾		0.30			0.07			0.00	⁽³⁾		0.10			0.11
Net Realized and Unrealized Gain (Loss)		(0.06	)		(0.03	)		(0.01	)		0.00	⁽³⁾		0.00	⁽³⁾
Total from Investment Operations		0.24			0.04			(0.01	)		0.10			0.11
Distributions from and/or in Excess of:
Net Investment Income		(0.27	)		(0.05	)		(0.00	)⁽³⁾		(0.08	)		(0.11	)
Net Realized Gain		—			(0.00	)⁽³⁾		—			—			—
Total Distributions		(0.27	)		(0.05	)		(0.00	)⁽³⁾		(0.08	)		(0.11	)
Net Asset Value, End of Period	$	9.97		$	10.00		$	10.01		$	10.02		$	10.00
Total Return⁽⁴⁾		2.41	%		0.44	%		(0.09	)%		1.01	%		1.11	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	50		$	10,477		$	5,292		$	9,997		$	40,250
Ratio of Expenses Before Expense Limitation		0.54	%		0.60	%		0.53	%		0.49	%		0.62	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		0.23	%⁽⁷⁾		0.21	%⁽⁷⁾		0.18	%⁽⁷⁾		0.23	%⁽⁷⁾		0.23	%⁽⁶⁾⁽⁷⁾
Ratio of Net Investment Income (Loss)		3.01	%⁽⁷⁾		0.74	%⁽⁷⁾		(0.01	)%⁽⁷⁾		1.03	%⁽⁷⁾		1.39	%⁽⁶⁾⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁸⁾		N/A			N/A			N/A			N/A
Portfolio Turnover Rate		N/A⁽⁹⁾			N/A⁽⁹⁾			N/A⁽⁹⁾			N/A⁽⁹⁾			N/A⁽⁹⁾

(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) 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."

(8) Amount is less than 0.005%.

(9) 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.
15

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Short Duration Municipal Income Portfolio

	Class A
	Year Ended September 30,												Period from December 19, 2018⁽¹⁾ to
Selected Per Share Data and Ratios	2023			2022			2021			2020			September 30, 2019
Net Asset Value, Beginning of Period	$	10.00		$	10.00		$	10.00		$	10.00		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.30			0.04			0.00	⁽³⁾		0.07			0.10
Net Realized and Unrealized Gain (Loss)		(0.06	)		0.01			0.00	⁽³⁾		0.00	⁽³⁾		0.00	⁽³⁾
Total from Investment Operations		0.24			0.05			0.00	⁽³⁾		0.07			0.10
Distributions from and/or in Excess of:
Net Investment Income		(0.27	)		(0.05	)		(0.00	)⁽³⁾		(0.07	)		(0.10	)
Net Realized Gain		—			(0.00	)⁽³⁾		—			—			—
Total Distributions		(0.27	)		(0.05	)		(0.00	)⁽³⁾		(0.07	)		(0.10	)
Net Asset Value, End of Period	$	9.97		$	10.00		$	10.00		$	10.00		$	10.00
Total Return⁽⁴⁾		2.41	%		0.53	%		0.01	%		0.73	%		1.04	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	92,583		$	66,004		$	90,201		$	185,866		$	132,882
Ratio of Expenses Before Expense Limitation		0.63	%		0.66	%		0.60	%		0.59	%		0.72	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		0.26	%⁽⁷⁾		0.21	%⁽⁷⁾		0.19	%⁽⁷⁾		0.32	%⁽⁷⁾		0.33	%⁽⁶⁾⁽⁷⁾
Ratio of Net Investment Income (Loss)		2.98	%⁽⁷⁾		0.44	%⁽⁷⁾		(0.02	)%⁽⁷⁾		0.68	%⁽⁷⁾		1.30	%⁽⁶⁾⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁸⁾		N/A			N/A			N/A			N/A
Portfolio Turnover Rate		N/A⁽⁹⁾			N/A⁽⁹⁾			N/A⁽⁹⁾			N/A⁽⁹⁾			N/A⁽⁹⁾

(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.

(8) Amount is less than 0.005%.

(9) 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.
16

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements

The accompanying financial statements relate to the Short Duration Municipal Income Portfolio (name changed on July 31, 2023, formerly 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.

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 reputable brokers/dealers; (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; and (3) 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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.)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 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:
Municipal Bonds	$	—	$	172,699	$	—	$	172,699
Commercial Paper		—		12,499		—		12,499
Total Fixed Income Securities		—		185,198		—		185,198
Short-Term Investment
Investment Company		4,187		—		—		4,187
Total Assets	$	4,187	$	185,198	$	—	$	189,385

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 indemnification clauses. The Trust's maximum exposure under these arrangements is unknown

as this would involve future claims that may be made against the Fund that have not yet occurred.

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, if any, are declared 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. 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. For the year ended September 30, 2023, approximately $362,000 of advisory fees

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

were waived and approximately $146,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

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 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 deems such action is appropriate. For the year ended September 30, 2023, this waiver amounted to approximately $84,000.

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.

pays SS&C GIDS 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.

G. Security Transactions and Transactions with Affiliates: The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Tax Exempt 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 year ended September 30, 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 year ended September 30, 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				$	—			$	42,265			$	38,078			$	14

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value September 30, 2023 (000)
Liquidity Funds				$	—			$	—			$	4,187

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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, 2023 remains subject to examination by taxing authorities.

2023 Distributions Paid From:				2022 Distributions Paid From:
Ordinary Income (000)		Tax-Exempt Income (000)		Ordinary Income (000)		Tax-Exempt Income (000)
$	259	$	4,729	$	133	$	692

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2023.

At September 30, 2023, 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)
$	525			$	—

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

exacerbate pre-existing risks to the Fund. 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 and its investments 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. Subsequent Event: At a meeting held on September 27-28, 2023, the Trustees unanimously approved the reorganization of the Fund into an exchange-traded fund ("ETF"), which will be managed by Morgan Stanley Investment Management Inc. The Trustees, including all of the Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Fund, determined that participation in the reorganization is in the best interests of the Fund and the interests of existing shareholders of the Fund will not be diluted as a result of the reorganization. Subject to shareholder approval, the Fund will be reorganized into an ETF through the reorganization of the Fund into a newly-created ETF — Eaton Vance Short Duration Municipal Income ETF, which is a series of Morgan Stanley ETF Trust. If approved by shareholders, the reorganization is anticipated to occur (after the close of trading) on or about March 22, 2024 (the "Closing Date").

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Morgan Stanley Institutional Fund Trust —
Short Duration Municipal Income Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Short Duration Municipal Income Portfolio (formerly Ultra-Short Municipal Income Portfolio) (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund Trust (the "Trust")), including the portfolio of investments, as of September 30, 2023, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the three years in the period then ended, the financial highlights for each of the four years then ended and the period from December 19, 2018 (commencement of operations) through September 30, 2019 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund Trust) at September 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the three years in the period then ended and its financial highlights for each of the four years then ended and the period from December 19, 2018 (commencement of operations) through September 30, 2019, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.
Boston, Massachusetts
November 27, 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2022, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one-, three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

Profitability of the Adviser and Affiliates

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Advisory Agreement Approval (unaudited) (cont'd)

Other Benefits of the Relationship

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

Other Factors and Current Trends

General Conclusion

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Liquidity Risk Management Program (unaudited)

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2023.

The Fund designated approximately $159,000 of its distributions paid as qualified interest income.

The Fund designated approximately $159,000 of its distributions paid as business interest income.

The Fund designated 94.82% of its income dividends as tax-exempt income dividends.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Important Notices (unaudited)

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

Tailored Shareholder Reports

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) (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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) (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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited)

Independent Trustees:

Name, Address and Birth Year
of Independent Director

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Director**

Other Directorships
Held by Independent
Director During
Past 5 Years***

Frank L. Bowman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1944

Trustee

Since
August
2006

Kathleen A. Dennis
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1953

Trustee

Since
August
2006

Board Member, University of Albany Foundation (2012-present); Board Member, Mutual Funds Directors Forum (2014-present); Director of various non-profit organizations.

Nancy C. Everett
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
January
2015

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Director

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Director**

Other Directorships
Held by Independent
Director During
Past 5 Years***

Jakki L. Haussler
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1957

Trustee

Since
January
2015

Dr. Manuel H. Johnson
c/o Johnson Smick
International, Inc.
220 I Street, NE
Suite 200
Washington, D.C. 20002
Birth Year: 1949

Trustee

Since
July
1991

Director of NVR, Inc. (home construction).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Director

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Director**

Other Directorships
Held by Independent
Director During
Past 5 Years***

Joseph K. Kearns
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1942

Trustee

Since
August
1994

Michael F. Klein
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1958

Trustee

Since
August
2006

Director of certain investment funds managed or sponsored by Aetos Alternatives Management, LP; Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

Patricia A. Maleski
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1960

Trustee

Since
January
2017

Trustee (since January 2022) and Treasurer (since January 2023), Nutley Family Service Bureau, Inc.

W. Allen Reed
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1947

Chair of the Board and Trustee

Chair of the Board since August 2020 and Trustee since August 2006

Formerly, Director of Legg Mason, Inc. (2006-2019); and Director of the Auburn University Foundation (2010-2015).

* This is the earliest date the Trustee began serving the Morgan Stanley Funds. Each Trustee serves an indefinite term, until his or her successor is elected.

*** This includes any directorships at public companies and registered investment companies held by the Trustees at any time during the past five years.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Executive Officers:

Name, Address and Birth Year
of Executive Officer

Position(s) Held
with
Registrant

Length of
Time Served*

Principal Occupation(s) During Past 5 Years

John H. Gernon
522 Fifth Avenue
New York, NY 10036
Birth Year: 1963

President and Principal Executive Officer

Since
September
2013

Deidre A. Downes
1633 Broadway
New York, NY 10019
Birth Year: 1977

Chief Compliance Officer

Since
November
2021

Francis J. Smith
522 Fifth Avenue
New York, NY 10036
Birth Year: 1965

Treasurer and Principal Financial Officer

Treasurer since July 2003 and Principal Financial Officer since September
2002

Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).

Mary E. Mullin
1633 Broadway
New York, NY 10019
Birth Year: 1967

Secretary

Since
June
1999

Managing Director of the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

Michael J. Key
522 Fifth Avenue
New York, NY 10036
Birth Year: 1979

Vice President

Since
June
2017

* This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves an indefinite term, until his or her successor is elected.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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.
P.O. Box 219804
Kansas City, Missouri 64121-9804

Co-Transfer Agent

Morgan Stanley Services Company, Inc.
522 Fifth Avenue
New York, New York 10036

Custodian

State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114

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

(This page has been left blank intentionally.)

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

IFTUSMIANN
6048656 EXP 11.30.24

Morgan Stanley Institutional Fund Trust

Ultra-Short Income Portfolio

Annual Report

September 30, 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Table of Contents (unaudited)

Shareholders' Letter					2
Expense Example					3
Investment Overview					4
Portfolio of Investments					8
Statement of Assets and Liabilities					12
Statement of Operations					13
Statements of Changes in Net Assets					14
Financial Highlights					15
Notes to Financial Statements					18
Report of Independent Registered Public Accounting Firm					23
Investment Advisory Agreement Approval					24
Liquidity Risk Management Program					26
Federal Tax Notice					27
Important Notices					28
U.S. Customer Privacy Notice					29
Trustees and Officers Information					32

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Shareholders' Letter (unaudited)

Dear Shareholders,

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

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

October 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Expense Example (unaudited)

Ultra-Short Income Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended September 30, 2023 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 4/1/23		Actual Ending Account Value 9/30/23		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	$	1,028.10	$	1,023.68	$	1.26	$	1.26		0.25	%
Ultra-Short Income Portfolio Institutional Class		1,000.00		1,026.90		1,023.44		1.52		1.51		0.30
Ultra-Short Income Portfolio Class A		1,000.00		1,027.60		1,023.19		1.77		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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited)

Ultra-Short Income Portfolio

The Fund seeks current income with capital preservation while maintaining liquidity.

Performance

For the fiscal year ended September 30, 2023, the Fund's Institutional Class shares had a total return based on net asset value and reinvestment of distributions per share of 4.97%, net of fees. The Fund's Institutional Class shares outperformed against the Fund's benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index (the "Index"), which returned 4.47%. For the seven-day period ended September 30, 2023, the Fund's Institutional Class shares provided an annualized current yield of 5.55% (subsidized) and 5.49% (non-subsidized), while its 30-day moving average annualized yield was 5.53% (subsidized) and 5.47% (non-subsidized). The 30-day SEC yield was 5.51% (subsidized) and 5.45% (non-subsidized). The non-subsidized yield reflects what the yield would have been had a fee and/or expense waiver not been in place during the period shown. Past performance is no guarantee of future results.

Factors Affecting Performance

• November 2022 began with the Federal Reserve (Fed) delivering its fourth consecutive 75 basis point⁽ⁱ⁾ interest rate hike since the cycle began in March 2022, while indicating "ongoing increases" will be needed to achieve the Fed's objectives. Chair Powell left the door open to reducing the pace of hikes at future meetings, but clarified it was premature to consider a "pause" in rate increases. This meeting shifted the narrative in the markets, from a rapid hiking slope to a more measured one, albeit leading to a higher terminal (peak) rate. Although Fed speakers reinforced this posture during the month, the lower-than-expected inflation report caused markets to latch onto the pivot narrative and financial conditions eased significantly by the end of the month. Ahead of their blackout period, Fed officials closed the month by continuing to stress that inflation remains a major issue, and many in the market still forecast a terminal rate of 5% to 5.25% as a highly likely outcome.

• As widely anticipated, the Fed slowed the pace of rate hikes at the December 2022 Federal Open Market Committee (FOMC or the Committee) meeting, increasing the target range by 50 basis

points to the range of 4.25% to 4.50%. Updated dot plot forecasts showed that officials expected the terminal rate to reach 5.1% in 2023 before dropping back to 4.1% in 2024. The Committee additionally cited that "ongoing rate increases are likely appropriate" to continue tackling elevated inflation and a very tight labor market. The market priced in two additional rate hikes in early 2023 before a pause in the tightening cycle — a notable disconnect between market pricing and Fed communication.

• Gross domestic product (GDP) readings came in stronger than consensus estimates for the fourth quarter of 2022, with the annualized rate of 2.9% beating the expected 2.6% growth rate and the market beginning to gravitate more toward the "soft-landing" outcome for the economy in 2023.⁽ⁱⁱ⁾ This helped exaggerate the already existing disconnect between Fed communication and market pricing.

• With respect to the labor market, the theme of resilience persisted throughout the fourth quarter of 2022 and into 2023. Payroll growth exceeded 500,000 jobs in the January 2023 report, coming after gains of 260,000 and 290,000 jobs in December and November 2022, respectively.⁽ⁱⁱⁱ⁾ The unemployment rate, at 3.5%, matched the lowest reading in 70 years. Fed officials repeatedly cited the tightness in the labor market as a major contributor to inflation potentially becoming embedded moving forward and as a rationale for them not blinking in the fight against inflation.

• The January 2023 consumer price index (CPI) numbers matched expectations, as the headline index increased by 0.5% month-over-month, while the core inflation gauge rose by 0.4% month-over-month. Combined with revisions to last year's readings, these data underscored that while inflation was most likely falling from its peak, progress was slower and more difficult than market participants would have liked. This caused the market to dilute some of the hope that had been building in the fourth quarter of 2022 when headline CPI rose 0.1% and 0.2% month-over-month in December and November, respectively. Markets were expected to

⁽ⁱ⁾ One basis point = 0.01%

⁽ⁱⁱ⁾ Source for all GDP data in this report: Bureau of Economic Analysis.

⁽ⁱⁱⁱ⁾ Source for labor market data in this report: Bureau of Labor Statistics and Bloomberg L.P.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

Ultra-Short Income Portfolio

remain focused on the variations in contributions from underlying components of CPI, such as used cars, in the months that followed.

• The FOMC voted unanimously to increase the federal funds target rate by 0.25% to a range of 4.50% to 4.75% at the conclusion of its February 2023 meeting. The Committee noted that further rate hikes are "appropriate" in order to achieve "sufficiently restrictive" policy. The FOMC modified their messaging: in the post-meeting statement, it had previously discussed the "pace" of future rate increases, but now referred to the "extent" of future increases. This change didn't seem overly impactful on the surface, but it pointed to a Fed that was beginning to approach the end of its rate hiking cycle. Fed officials continued to monitor the economic outlook in effort to position policy accordingly. Market participants expected the Fed to continue raising rates into early summer 2023, as January 2023's employment figures far exceeded expectations.

• At the March 2023 meeting, the FOMC voted unanimously to increase the federal funds target rate by 0.25% to a range of 4.75% to 5.00%. During the month, several high-profile regional banks came under significant pressure to meet withdrawals. The Fed and U.S. Treasury acted swiftly, securing uninsured deposits and preventing widespread contagion by announcing a newly created Bank Term Funding Program. The new facility made additional funding available to ensure banks have the ability to meet the needs of their depositors. On the back of this announcement, the FOMC press release noted that the U.S. banking system was "sound and resilient," but these stresses were likely to result in tighter financial conditions and impact economic activity.

• In the first quarter of 2023, U.S. GDP grew 2.2% (annualized). The jobs market remained strong, despite the Fed's aggressive pace of interest rate hikes. Monthly non-farm payrolls averaged 295,000 jobs per month added to the economy in the first three months of 2023, and the unemployment rate was 3.5% as of March 2023.

• The FOMC voted unanimously to increase the federal funds target rate by 0.25% to a range of 5.00% to 5.25% at the conclusion of its May 2023 meeting. The press release was relatively unchanged from the prior meeting; however, it now included a

softer stance on forward guidance. Concerns around regional banks continued to flare as J.P. Morgan purchased First Republic Bank after U.S. regulators took control. Market participants believed the Fed was likely to hold its policy rate steady at its June 2023 meeting as it paused to interpret incoming data, with employment remaining tight and inflation still running above target.

• This pause materialized at the June 2023 meeting, as expected. The FOMC voted unanimously to maintain the federal funds target range at 5.00% to 5.25%. This was the first time since March 2022 that the Committee left rates unchanged. Market participants attempted to grasp whether this signaled a longer-term pause in policy rate movements.

• The June 2023 meeting also included an update of the Fed's summary of economic projections. The dot plot showed officials' median projection for the benchmark rate at the end of 2023 increased 0.50% to 5.6%. The 2023 median GDP growth projection was upgraded 0.60% to 1.0%. The 2024 GDP growth forecast was lowered slightly to 1.1%. The 2023 unemployment rate estimate decreased 0.40% to 4.1%. The Fed reduced its median 2023 personal consumption expenditure (PCE) inflation forecast to 3.2% in June, from 3.3% in March. The 2024 PCE projection was unchanged at 2.5%.

• In July 2023, the FOMC voted unanimously to increase the federal funds target rate by 0.25% to a range of 5.25% to 5.50%. The accompanying press release included an upgrade to its characterization of economic growth from "modest" to "moderate," but the statement overall was mostly unchanged. The job market remained strong, and inflation continued to run above the Fed's target. In his press conference, Chair Powell explained that the Fed remains data-dependent going forward while market participants grappled with the validity of another hike later in 2023.

• Economic data for the second quarter of 2023 continued to point to relative resilience in the U.S. economy. GDP growth rose 2.1% (annualized) in the April to June 2023 quarterly period. Monthly non-farm payrolls growth showed signs of slowing, averaging 240,000 jobs per month in the second quarter, while unemployment remained low, at 3.5% as of July 2023.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

Ultra-Short Income Portfolio

• At the FOMC's next meeting in September 2023, officials voted to hold rates steady at a range of 5.25% to 5.50%. The press release was relatively unchanged aside from a minor adjustment in characterizing the economic expansion as "solid," from "moderate" previously. The release also noted that while job growth "remains strong" it has more recently "slowed."

• The September 2023 meeting included an update of the Fed's summary of economic projections. The Fed's dot plot showed officials' median projection for the benchmark rate at the end of 2023 was unchanged at 5.6%. The 2023 median GDP growth projection was increased substantially 110 basis points to 2.1%. The 2024 GDP growth forecast improved as well to 1.5%. The 2023 unemployment rate estimate declined 30 basis points to 3.8%. The Fed increased its median 2023 PCE inflation forecast to 3.3% in September from 3.2% in June. The 2024 PCE projection was unchanged at 2.5%.

• Positive factors affecting the Fund's performance relative to the Index in the period were its high allocations to daily resetting SOFR (secured overnight financing rate) and OBFR (overnight bank fund rate) floating-rate notes, along with elevated levels of daily and weekly liquidity^(iv), which resulted in its ultra-short duration profile. This positioning enabled the Fund to turnover quickly as the Fed continued its historic tightening campaign throughout the reporting period. Additionally, due to duration positioning and to security selection, the Fund's net asset value (NAV) increased from $9.97 on September 30, 2022, to $9.98 to close the reporting period on September 30, 2023.

• Legacy fixed-rate securities that were purchased prior to the curve steepening lost some of their mark-to-market value and as a result decreased the portfolio's income accrual over alternative market options.

Management Strategies

• At period end, we remained comfortable managing the portfolio with elevated levels of daily and weekly liquidity.^(iv)

• High allocations to SOFR and OBFR floating-rate notes (FRNs) helped contribute to minimal volatility in the Fund's NAV throughout the period. As of September 30, 2023, 41% of portfolio was allocated to SOFR and OBFR FRNs. SOFR and OBFR FRNs reset daily and immediately reprice following each subsequent interest rate hike and help preserve capital as the yield curve steepens.

• At period end, portfolio composition remained 95% invested in A1/P1 rated securities and with no exposure to China.

• We continued to maximize the Fund's allowable exposure to A2/P2 rated securities. We believed these securities remain attractive given their yield pickup over A1/P1 paper and diversification away from the financial sector that dominates the commercial paper/certificates of deposit A1/P1 market.^(v)

^(iv) Daily liquid assets include (i) cash; (ii) direct obligations of the U.S. Government; and (iii) securities that will mature or are subject to a demand feature that is exercisable and payable within one business day. Weekly liquid assets include (i) cash; (ii) direct obligations of the U.S. Government; (iii) Government securities issued by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States, that are issued at a discount to the principal amount to be repaid at maturity and have a remaining maturity of 60 days or less; and (iv) securities that will mature or are subject to a demand feature that is exercisable and payable within five business days.

^(v)Diversification neither assures a profit nor guarantees against a loss in a declining market.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Overview (unaudited) (cont'd)

Ultra-Short Income Portfolio

* Minimum Investment

** Commenced operations on April 28, 2016.

In accordance with SEC regulations, the Fund's performance shown assumes and distributions were reinvested. The performance of Class A and Class IR shares will vary from the performance of Institutional Class shares and will be negatively impacted by additional fees assessed to those classes (where applicable).

Performance Compared to the ICE BofA 3-Month U.S. Treasury Bill Index⁽¹⁾ and the Lipper Ultra Short Obligations Funds Index⁽²⁾

	Period Ended September 30, 2023 Total Returns⁽³⁾
				Average Annual
	One Year			Five Years			Ten Years		Since Inception⁽⁵⁾
Fund — Class IR Shares w/o sales charges⁽⁴⁾		5.03	%		1.91	%		—		1.73	%
Fund — Institutional Class Shares w/o sales charges⁽⁴⁾		4.97			1.86			—		1.68
Fund — Class A Shares w/o sales charges⁽⁴⁾		4.92			1.74			—		1.53
ICE BofA 3-Month U.S. Treasury Bill Index		4.47			1.72			—		1.48
Lipper Ultra Short Obligations Funds Index		4.99			1.85			—		1.75

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Performance assumes that all dividends and distributions, if any, were reinvested. For the most recent month-end performance figures, please visit www.morganstanley.com/im. Investment returns and principal value will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of share classes will vary due to differences in expenses. The Fund returns are calculated based on the net asset value as of the last business day of the period.

⁽¹⁾ The ICE BofA (Intercontinental Exchange Bank of America) 3-Month U.S. Treasury Bill Index tracks the performance of U.S. Treasury bills with a remaining maturity of three months. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

⁽²⁾ The Lipper Ultra Short Obligations Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Ultra Short Obligations Funds classification. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. As of the date of this report, the Fund was in the Lipper Ultra Short Obligations' Funds classification.

⁽³⁾ Total returns for the Fund reflect expenses waived and/or reimbursed, if applicable, by the Adviser. Without such waivers and/or reimbursements, total returns would have been lower.

⁽⁴⁾ Commenced operations on April 28, 2016.

⁽⁵⁾ For comparative purposes, average annual since inception returns listed for the Indexes refer to the inception date of the Fund, not the inception of the Indexes.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
Certificates of Deposit (17.9%)
Domestic Banks (2.6%)
Bank of America NA,
5.80%, 5/28/24	$	100,000	$	99,881
6.00%, 9/23/24		75,000		75,009
Citibank NA
5.79%, 7/8/24		112,000		111,787
				286,677
International Banks (15.3%)
Banco Santander SA,
5.89%, 1/19/24		75,000		75,024
5.90%, 3/14/24		50,000		49,999
6.05%, 9/11/24		100,000		100,023
Bank of Nova Scotia
5.55%, 5/17/24		131,000		130,663
Canadian Imperial Bank of Commerce
5.77%, 6/12/24		150,000		149,798
National Bank of Kuwait SAKP,
5.68%, 12/14/23		150,000		150,000
5.75%, 1/19/24		150,000		149,877
5.95%, 12/14/23		200,000		200,005
Natixis SA,
5.29%, 12/13/23		10,000		9,992
5.94%, 6/14/24		25,000		25,001
6.02%, 10/2/24		25,000		25,000
Qatar National Bank
6.20%, 9/23/24		125,000		117,768
Royal Bank of Canada
5.59%, 10/11/23		50,000		50,001
Skandinaviska Enskilda Banken AB
6.01%, 8/9/24		102,000		101,968
Swedbank AB
6.01%, 8/9/24		75,000		75,021
Toronto-Dominion Bank,
5.48%, 4/19/24		116,500		116,222
5.80%, 5/16/24 - 7/15/24		86,000		85,910
5.88%, 6/14/24		75,000		75,000
6.00%, 9/20/24		25,000		25,019
Westpac Banking Corp.
5.58%, 3/8/24		4,310		4,305
				1,716,596
Total Certificates of Deposit (Cost $2,004,590)				2,003,273
Commercial Paper (a) (37.2%)
Asset-Backed Diversified Financial Services (3.7%)
Atlantic Asset Securitization LLC
5.42%, 12/5/23		50,000		49,489
Cabot Trail Funding LLC
5.52%, 2/9/24		15,000		14,690
Chariot Funding LLC,
5.66%, 12/13/23		100,000		98,859
5.67%, 12/18/23 (b)		173,500		171,388

	Face Amount (000)		Value (000)
Equitable Short Term Funding LLC
5.58%, 11/8/23 (b)	$	25,000	$	24,851
Pacific Life Short Term Funding LLC
5.38%, 5/6/24 (b)		10,000		9,655
Thunder Bay Funding LLC
5.72%, 12/7/23		50,000		49,480
				418,412
Automobile (0.7%)
Mercedes-Benz Finance North America LLC,
5.37%, 10/27/23		14,000		13,942
5.38%, 11/2/23 (b)		40,000		39,800
Toyota Financial Services de Puerto Rico, Inc.
5.41%, 10/5/23		22,000		21,981
				75,723
Chemicals (5.2%)
BASF SE,
5.57%, 11/20/23		147,000		145,844
5.58%, 11/21/23		40,000		39,680
5.77%, 12/6/23		25,000		24,742
5.78%, 12/18/23 - 12/19/23		295,000		291,359
EIDP, Inc.,
5.77%, 10/13/23 - 10/17/23		57,000		56,859
5.84%, 12/7/23		5,000		4,950
5.93%, 12/4/23		15,000		14,855
				578,289
Communications (1.6%)
AT&T, Inc.,
5.68%, 12/19/23		82,000		80,975
5.80%, 2/23/24		21,625		21,121
5.93%, 3/19/24		15,000		14,588
Walt Disney Co.
5.71%, 3/26/24		65,000		63,199
				179,883
Consumer, Non-Cyclical (2.2%)
LVMH Moet Hennessy Louis Vuitton,
5.77%, 6/6/24		80,000		76,916
5.78%, 6/6/24 - 6/7/24		85,000		81,714
5.80%, 6/10/24		65,000		62,454
5.83%, 6/13/24 (b)		22,000		21,128
				242,212
Diversified Financial Services (0.6%)
Bay Square Funding LLC
6.05%, 9/18/24		50,000		47,202
New York Life Short Term Funding LLC
5.33%, 10/4/23		20,000		19,985
				67,187
Domestic Banks (5.5%)
Barton Capital SA
5.46%, 11/1/23		50,000		49,752

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
Domestic Banks (cont'd)
HSBC USA, Inc.,
5.72%, 5/7/24	$	22,000	$	21,203
5.93%, 5/17/24		35,000		33,670
5.98%, 12/15/23		75,000		74,108
6.01%, 12/8/23		74,000		73,201
6.02%, 11/14/23		25,000		24,825
6.25%, 6/3/24 - 6/6/24 (b)		73,000		69,977
6.26%, 6/7/24		25,000		23,956
6.35%, 6/10/24		42,000		40,223
6.39%, 7/12/24		25,000		23,799
6.46%, 6/28/24		75,000		71,582
6.47%, 8/22/24		14,250		13,461
6.48%, 8/20/24 (b)		48,000		45,361
6.51%, 7/26/24		50,000		47,472
				612,590
Finance (3.4%)
Barclays Capital, Inc.,
5.68%, 12/19/23		100,000		98,760
5.73%, 12/28/23		100,000		98,616
5.75%, 12/18/23		32,000		31,608
5.87%, 11/22/23		75,000		74,388
6.15%, 7/24/24		30,000		28,583
6.18%, 9/13/24		47,250		44,653
Citigroup Global Markets, Inc.
5.47%, 12/14/23		9,350		9,242
				385,850
Health Care Services (0.3%)
Catholic Health Initiatives,
5.68%, 12/7/23		14,154		13,985
5.92%, 12/13/23		25,000		24,675
				38,660
Insurance (1.2%)
Pricoa Short Term Funding LLC,
5.38%, 5/1/24		15,000		14,496
5.92%, 6/17/24		75,000		71,920
5.94%, 7/17/24		23,000		21,947
Prudential Financial, Inc.
5.35%, 10/2/23		1,000		999
Prudential Funding LLC
5.90%, 5/20/24		26,800		25,825
				135,187
International Banks (12.8%)
Australia & New Zealand Banking Group Ltd.
5.85%, 4/22/24		4,000		3,872
Barclays Bank PLC
5.98%, 7/9/24 (b)		10,000		9,549
Federation des Caisses Desjardins du Quebec
5.59%, 12/18/23		15,000		14,817
Landesbank Baden-Wuerttemberg
5.34%, 10/3/23 - 10/6/23		506,000		505,596
Lloyds Bank PLC
5.95%, 6/28/24		4,000		3,828

	Face Amount (000)		Value (000)
Macquarie Bank Ltd.,
5.41%, 10/4/23 (b)	$	85,000	$	84,937
5.49%, 11/24/23		75,000		74,362
5.71%, 12/8/23 - 12/11/23		150,000		148,366
5.72%, 12/15/23 (b)		25,000		24,704
5.99%, 5/10/24		20,000		19,293
6.07%, 9/20/24		75,000		70,799
National Australia Bank Ltd.
5.94%, 9/12/24		75,000		70,954
Societe Generale SA,
5.62%, 2/26/24 (b)		15,000		14,675
5.82%, 11/10/23 (b)		110,000		109,319
6.38%, 7/1/24 (b)		80,000		76,507
Sumitomo Mitsui Trust Bank Ltd.,
5.52%, 1/5/24		16,000		15,759
5.61%, 12/14/23		35,000		34,598
Suncorp Group Ltd.
5.52%, 11/6/23		19,000		18,887
Toronto-Dominion Bank
6.00%, 8/23/24		52,500		49,817
UBS AG
6.13%, 7/31/24		13,000		12,371
Westpac Banking Corp.
5.93%, 9/6/24		70,000		66,271
				1,429,281
Total Commercial Paper (Cost $4,165,175)				4,163,274
Corporate Bonds (0.9%)
Domestic Bank (0.6%)
JP Morgan Chase & Co.
3.88%, 2/1/24 (c)		66,985		66,518
Insurance (0.2%)
Equitable Financial Life Global Funding
0.50%, 11/17/23 (b)		15,000		14,906
International Banks (0.1%)
Federation des Caisses Desjardins du Quebec
0.70%, 5/21/24 (b)		3,583		3,466
Sumitomo Mitsui Trust Bank Ltd.
0.85%, 3/25/24 (b)		11,353		11,085
				14,551
Total Corporate Bonds (Cost $95,943)				95,975
Floating Rate Notes (d) (32.1%)
Diversified Financial Services (1.1%)
Mizuho Markets Cayman LP,
SOFR + 0.52%, 5.90%, 12/22/23 (b)		50,000		50,039
SOFR + 0.60%, 6.00%, 3/20/24		75,000		75,088
				125,127
Domestic Banks (2.5%)
Barton Capital SA,
SOFR + 0.47%, 5.78%, 12/1/23		100,000		100,054
Citibank NA,
SOFR + 0.68%, 6.00%, 6/12/24		65,000		65,090

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
Domestic Banks (cont'd)
Wells Fargo Bank NA,
SOFR + 0.65%, 5.96%, 7/3/24	$	114,500	$	114,620
				279,764
Finance (1.0%)
American Express Co.,
SOFR + 0.23%, 5.60%, 11/3/23		15,999		15,998
J.P Morgan Securities LLC,
SOFR + 0.65%, 5.97%, 6/7/24 (b)		100,000		100,083
				116,081
International Banks (27.5%)
Bank of Montreal,
SOFR + 0.35%, 5.69%, 12/8/23		115,589		115,591
SOFR + 0.75%, 6.06%, 12/1/23		200,000		200,195
SOFR + 0.80%, 6.11%, 11/7/23		75,500		75,550
MTN
SOFR + 0.71%, 6.06%, 3/8/24 (c)		25,510		25,545
Bank of Nova Scotia,
SOFR + 0.75%, 6.06%, 12/4/23		94,000		94,096
MTN
SOFR + 0.96%, 6.30%, 3/11/24		15,361		15,395
Barclays Bank PLC,
SOFR + 0.75%, 6.06%, 10/4/23 - 10/5/23 (b)		75,000		75,007
Canadian Imperial Bank of Commerce,
SOFR + 0.40%, 5.71%, 12/14/23		27,897		27,900
SOFR + 0.66%, 5.97%, 6/7/24		150,000		150,262
SOFR + 0.70%, 6.02%, 4/5/24		175,000		175,409
Mizuho Bank Ltd.,
SOFR + 0.56%, 5.88%, 3/14/24		100,000		100,087
SOFR + 0.60%, 5.92%, 2/26/24		175,000		175,187
Natixis SA,
SOFR + 0.36%, 5.67%, 11/1/23		42,000		42,010
SOFR + 0.50%, 5.81%, 7/1/24		250,000		250,063
Nordea Bank AB,
SOFR + 0.50%, 5.81%, 3/18/24 (b)		40,000		40,035
Nordea Bank ABP,
SOFR + 0.50%, 5.81%, 3/12/24 - 3/18/24		125,000		125,106
SOFR + 0.51%, 5.82%, 3/15/24		50,000		50,045
Royal Bank of Canada,
SOFR + 0.30%, 5.68%, 1/19/24		1,045		1,045
SOFR + 0.75%, 6.06%, 11/29/23 (b)		100,000		100,094
MTN
SOFR + 0.45%, 5.81%, 10/26/23		28,691		28,691
Skandinaviska Enskilda Banken AB,
SOFR + 0.65%, 5.97%, 6/12/24 (b)		131,000		131,160
Societe Generale SA,
SOFR + 0.68%, 5.99%, 6/27/24 (b)		35,000		35,051
SOFR + 0.82%, 6.13%, 12/11/23 (b)		22,000		22,027
SOFR + 0.90%, 6.21%, 11/20/23 (b)		90,000		90,094

	Face Amount (000)		Value (000)
Sumitomo Mitsui Banking Corp.,
SOFR + 0.58%, 5.89%, 2/23/24	$	18,000	$	18,018
SOFR + 0.60%, 5.91%, 12/5/23		125,000		125,098
SOFR + 0.70%, 6.01%, 6/6/24		100,000		100,124
SOFR + 0.92%, 6.23%, 11/30/23		150,000		150,192
SOFR + 0.95%, 6.26%, 10/25/23		101,000		101,057
Svenska Handelsbanken AB,
SOFR + 0.67%, 5.99%, 4/5/24		183,000		183,315
SOFR + 0.72%, 6.04%, 12/5/23		180,000		180,187
Toronto-Dominion Bank,
SOFR + 0.36%, 5.71%, 3/4/24 (c)		41,413		41,412
MTN
SOFR + 0.91%, 6.25%, 3/8/24		25,189		25,242
				3,070,290
Total Floating Rate Notes (Cost $3,587,753)				3,591,262
Repurchase Agreements (10.6%)
Bank of America Securities, Inc., (5.77% (d), dated 1/27/23, due 1/26/24; proceeds $232,835; fully collateralized by various Common Stocks and Preferred Stocks; valued at $231,000) (Demand 10/2/23) (e)		220,000		220,000
BMO Capital Markets Corp., (5.42%, dated 9/29/23, due 10/2/23; proceeds $1,000; fully collateralized by various Corporate Bonds, 0.90% - 6.15%, due 3/25/24 - 12/1/49; valued at $1,051)		1,000		1,000
BNP Paribas SA, (5.53% (d), dated 6/29/22, due 10/6/23; proceeds $246,393; fully collateralized by various Corporate Bonds, 2.45% - 12.75%, due 2/15/25 - 10/1/33; valued at $243,800) (Demand 10/2/23)		230,000		230,000
Citigroup Global Markets, Inc., (5.94% (d), dated 11/14/22, due 1/2/24; proceeds $213,685; fully collateralized by various Corporate Bonds, 3.13% - 12.75%, due 4/1/24 - 6/1/60; valued at $212,000) (Demand 10/2/23) (e)		200,000		200,000
ING Financial Markets LLC, (5.40%, dated 9/29/23, due 10/2/23; proceeds $5,002; fully collateralized by various Corporate Bonds, 1.95% - 6.50%, due 9/29/25 - 12/31/79; valued at $5,251)		5,000		5,000
JP Morgan Securities LLC, (5.57% (d), dated 11/17/21, due 10/6/23; proceeds $77,451; fully collateralized by various Convertable Bonds, 0.00% - 5.00%, due 3/15/26 - 11/1/26; valued at $75,346) (Demand 10/2/23) (e)		70,000		70,000
JP Morgan Securities LLC, (5.77% (d), dated 1/5/23, due 12/28/23; proceeds $306,594; fully collateralized by various Corporate Bonds, 2.15% - 11.50%, due 11/26/24 - 4/15/32; valued at $308,835) (Demand 10/2/23) (e)		290,000		290,000
Pershing LLC, (5.64%, dated 9/29/23, due 10/2/23; proceeds $25,012; fully collateralized by various Corporate Bonds, 1.60% - 9.62%, due 6/14/24 - 12/31/79; valued at $26,428) (e)		25,000		25,000

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
Societe Generale SA, (5.47%, dated 9/29/23, due 10/2/23; proceeds $55,025; fully collateralized by various Corporate Bonds, 0.82% - 11.00%, due 2/29/24 - 12/31/79; valued at $58,077) (e)	$	55,000	$	55,000
Wells Fargo Securities LLC, (5.71%, dated 9/15/23, due 12/14/23; proceeds $90,270; fully collateralized by various Common Stocks; valued at $93,450) (e)		89,000		89,000
Total Repurchase Agreements (Cost $1,185,000)				1,185,000
Time Deposits (1.8%)
Domestic Bank (1.5%)
DNB Bank ASA (New York Branch)
5.30%, 10/2/23		164,000		164,000
International Bank (0.3%)
Credit Agricole Corporate and Investment Bank
5.30%, 10/2/23		32,000		32,000
Total Time Deposits (Cost $196,000)				196,000
Total Investments (100.5%) (Cost $11,234,461) (f)(g)				11,234,784
Liabilities in Excess of Other Assets (–0.5%)				(56,767	)
Net Assets (100.0%)			$	11,178,017

(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.

(d) Floating or variable rate securities: The rates disclosed are as of September 30, 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.

(f) Securities are available for collateral in connection with securities purchased on a forward commitment basis.

(g) At September 30, 2023, the aggregate cost for federal income tax purposes is approximately $11,234,461,000. The aggregate gross unrealized appreciation is approximately $3,885,000 and the aggregate gross unrealized depreciation is approximately $3,562,000, resulting in net unrealized appreciation of approximately $323,000.

MTN Medium Term Note.

SOFR Secured Overnight Financing Rate.

Portfolio Composition

Classification	Percentage of Total Investments
Commercial Paper		37.1	%
Floating Rate Notes		32.0
Certificates of Deposit		17.8
Repurchase Agreements		10.5
Other*		2.6
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.
11

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Ultra-Short Income Portfolio

Statement of Assets and Liabilities	September 30, 2023 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $11,234,461, including value of repurchase agreements of $1,185,000)	$	11,234,784
Cash		1,914
Interest Receivable		58,022
Receivable for Fund Shares Sold		11,306
Other Assets		1,077
Total Assets		11,307,103
Liabilities:
Payable for Investments Purchased		75,788
Payable for Fund Shares Redeemed		43,131
Dividends Payable		4,350
Payable for Advisory Fees		3,976
Payable for Administration Fees		759
Payable for Shareholder Services Fees — Institutional Class		60
Payable for Shareholder Services Fees — Class A		415
Payable for Custodian Fees		51
Payable for Professional Fees		50
Payable for Transfer Agency Fees — Class IR		10
Payable for Transfer Agency Fees — Institutional Class		4
Payable for Transfer Agency Fees — Class A		3
Other Liabilities		489
Total Liabilities		129,086
Net Assets	$	11,178,017
Net Assets Consist of:
Paid-in-Capital	$	11,240,191
Total Accumulated Loss		(62,174	)
Net Assets	$	11,178,017
CLASS IR:
Net Assets	$	4,879,799
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		489,074,616
Net Asset Value, Offering and Redemption Price Per Share	$	9.98
INSTITUTIONAL CLASS:
Net Assets	$	1,447,215
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		145,039,058
Net Asset Value, Offering and Redemption Price Per Share	$	9.98
CLASS A:
Net Assets	$	4,851,003
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		486,273,376
Net Asset Value, Offering and Redemption Price Per Share	$	9.98

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Ultra-Short Income Portfolio

Statement of Operations	Year Ended September 30, 2023 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	571,008
Expenses:
Advisory Fees (Note B)		22,524
Shareholder Services Fees — Institutional Class (Note D)		807
Shareholder Services Fees — Class A (Note D)		11,787
Administration Fees (Note C)		9,009
Registration Fees		1,289
Custodian Fees (Note F)		189
Trustees' Fees and Expenses		176
Professional Fees		151
Transfer Agency Fees — Class IR (Note E)		45
Transfer Agency Fees — Institutional Class (Note E)		19
Transfer Agency Fees — Class A (Note E)		14
Shareholder Reporting Fees		49
Pricing Fees		1
Other Expenses		380
Total Expenses		46,440
Waiver of Advisory Fees (Note B)		(5,614	)
Reimbursement of Class Specific Expenses — Class IR (Note B)		(45	)
Reimbursement of Class Specific Expenses — Institutional Class (Note B)		(19	)
Waiver of Shareholder Services Fees — Class A (Note D)		(7,072	)
Net Expenses		33,690
Net Investment Income		537,318
Realized Gain:
Investments Sold		46
Change in Unrealized Appreciation (Depreciation):
Investments		11,970
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		12,016
Net Increase in Net Assets Resulting from Operations	$	549,334

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Ultra-Short Income Portfolio

Statements of Changes in Net Assets	Year Ended September 30, 2023 (000)			Year Ended September 30, 2022 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	537,318		$	90,977
Net Realized Gain		46			235
Net Change in Unrealized Appreciation (Depreciation)		11,970			(14,783	)
Net Increase in Net Assets Resulting from Operations		549,334			76,429
Dividends and Distributions to Shareholders:
Class IR		(237,467	)		(40,463	)
Institutional Class		(75,947	)		(15,723	)
Class A		(223,904	)		(34,791	)
Total Dividends and Distributions to Shareholders		(537,318	)		(90,977	)
Capital Share Transactions:⁽¹⁾
Class IR:
Subscribed		6,283,629			7,214,321
Distributions Reinvested		194,526			30,579
Redeemed		(6,549,877	)		(7,307,703	)
Institutional Class:
Subscribed		1,331,405			2,043,532
Distributions Reinvested		76,064			15,376
Redeemed		(1,968,576	)		(1,884,107	)
Class A:
Subscribed		3,934,159			2,260,850
Distributions Reinvested		223,899			34,037
Redeemed		(3,763,110	)		(3,810,471	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(237,881	)		(1,403,586	)
Total Decrease in Net Assets		(225,865	)		(1,418,134	)
Net Assets:
Beginning of Period		11,403,882			12,822,016
End of Period	$	11,178,017		$	11,403,882
(1) Capital Share Transactions:
Class IR:
Shares Subscribed		629,870			723,399
Shares Issued on Distributions Reinvested		19,501			3,067
Shares Redeemed		(656,519	)		(732,632	)
Net Decrease in Class IR Shares Outstanding		(7,148	)		(6,166	)
Institutional Class:
Shares Subscribed		133,403			204,843
Shares Issued on Distributions Reinvested		7,624			1,542
Shares Redeemed		(197,293	)		(188,909	)
Net Increase (Decrease) in Institutional Class Shares Outstanding		(56,266	)		17,476
Class A:
Shares Subscribed		394,450			226,710
Shares Issued on Distributions Reinvested		22,446			3,414
Shares Redeemed		(377,277	)		(382,083	)
Net Increase (Decrease) in Class A Shares Outstanding		39,619			(151,959	)

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Ultra-Short Income Portfolio

	Class IR
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.97		$	9.98		$	9.99		$	10.02		$	10.01
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.48			0.10			0.02			0.13			0.25
Net Realized and Unrealized Gain (Loss)		0.01			(0.02	)		(0.01	)		(0.03	)		0.01
Total from Investment Operations		0.49			0.08			0.01			0.10			0.26
Distributions from and/or in Excess of:
Net Investment Income		(0.48	)		(0.09	)		(0.02	)		(0.13	)		(0.25	)
Net Asset Value, End of Period	$	9.98		$	9.97		$	9.98		$	9.99		$	10.02
Total Return⁽²⁾		5.03	%		0.79	%		0.10	%		1.03	%		2.68	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	4,879,799		$	4,945,966		$	5,014,307		$	5,388,750		$	4,765,201
Ratio of Expenses Before Expense Limitation		0.30	%		0.29	%		0.30	%		0.31	%		0.30	%
Ratio of Expenses After Expense Limitation		0.25	%		0.20	%		0.18	%		0.24	%		0.24	%
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			0.24	%		0.24	%
Ratio of Net Investment Income		4.82	%		0.96	%		0.21	%		1.34	%		2.53	%
Portfolio Turnover Rate		N/A⁽³⁾			N/A⁽³⁾			N/A⁽³⁾			N/A⁽³⁾			N/A⁽³⁾

(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) 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.
15

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Ultra-Short Income Portfolio

	Institutional Class
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.97		$	9.98		$	9.99		$	10.02		$	10.01
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.47			0.08			0.02			0.14			0.25
Net Realized and Unrealized Gain (Loss)		0.01			(0.01	)		(0.01	)		(0.04	)		0.01
Total from Investment Operations		0.48			0.07			0.01			0.10			0.26
Distributions from and/or in Excess of:
Net Investment Income		(0.47	)		(0.08	)		(0.02	)		(0.13	)		(0.25	)
Net Asset Value, End of Period	$	9.98		$	9.97		$	9.98		$	9.99		$	10.02
Total Return⁽²⁾		4.97	%		0.74	%		0.05	%		0.98	%		2.62	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,447,215		$	2,006,592		$	1,834,410		$	2,544,657		$	3,085,210
Ratio of Expenses Before Expense Limitation		0.35	%		0.34	%		0.35	%		0.36	%		0.34	%
Ratio of Expenses After Expense Limitation		0.30	%		0.25	%		0.23	%		0.29	%		0.29	%
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			0.29	%		0.29	%
Ratio of Net Investment Income		4.77	%		0.79	%		0.16	%		1.39	%		2.48	%
Portfolio Turnover Rate		N/A⁽³⁾			N/A⁽³⁾			N/A⁽³⁾			N/A⁽³⁾			N/A⁽³⁾

(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) 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.
16

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Financial Highlights

Ultra-Short Income Portfolio

	Class A
	Year Ended September 30,
Selected Per Share Data and Ratios	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.97		$	9.98		$	9.99		$	10.02		$	10.01
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.47			0.07			0.01			0.12			0.23
Net Realized and Unrealized Gain (Loss)		0.01			0.00	⁽²⁾		(0.01	)		(0.04	)		0.01
Total from Investment Operations		0.48			0.07			(0.00	)⁽²⁾		0.08			0.24
Distributions from and/or in Excess of:
Net Investment Income		(0.47	)		(0.08	)		(0.01	)		(0.11	)		(0.23	)
Net Asset Value, End of Period	$	9.98		$	9.97		$	9.98		$	9.99		$	10.02
Total Return⁽³⁾		4.92	%		0.67	%		(0.03	)%		0.80	%		2.42	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	4,851,003		$	4,451,324		$	5,973,299		$	9,923,736		$	10,784,226
Ratio of Expenses Before Expense Limitation		0.55	%		0.54	%		0.55	%		0.56	%		0.55	%
Ratio of Expenses After Expense Limitation		0.35	%		0.31	%		0.32	%		0.46	%		0.49	%
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			0.46	%		0.49	%
Ratio of Net Investment Income		4.72	%		0.70	%		0.08	%		1.16	%		2.29	%
Portfolio Turnover Rate		N/A⁽⁴⁾			N/A⁽⁴⁾			N/A⁽⁴⁾			N/A⁽⁴⁾			N/A⁽⁴⁾

(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) 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.
17

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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"). 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.

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 reputable 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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.)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 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	$	—	$	2,003,273	$	—	$	2,003,273
Commercial Paper		—		4,163,274		—		4,163,274
Corporate Bonds		—		95,975		—		95,975
Floating Rate Notes		—		3,591,262		—		3,591,262
Repurchase Agreements		—		1,185,000		—		1,185,000
Time Deposits		—		196,000		—		196,000
Total Short-Term Investments		—		11,234,784		—		11,234,784
Total Assets	$	—	$	11,234,784	$	—	$	11,234,784

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

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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.

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. For the year ended September 30, 2023, approximately $5,614,000 of advisory fees were waived and approximately $64,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

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 deems such action is appropriate. For the year ended September 30, 2023, this waiver amounted to approximately $7,072,000.

The Distributor, Adviser and Administrator may also waive the shareholder services fees, advisory fees, administration fees and/or reimburse expenses to enable the Fund to maintain a minimum level of daily net investment income. This arrangement had no effect for the year ended September 30, 2023. The Distributor, Adviser and Administrator may discontinue these voluntary fee waivers and/or expense reimbursements at any time in the future.

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.

G. Security Transactions and Transactions with Affiliates: 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 Morgan Stanley Institutional Fund Trust 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.

2023 Distributions Paid From: Ordinary Income (000)				2022 Distributions Paid From: Ordinary Income (000)
$	537,318			$	90,977

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Notes to Financial Statements (cont'd)

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2023

At September 30, 2023, 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)
$	6,217			$	—

At September 30, 2023, the Fund had available for federal income tax purposes unused short-term capital losses of approximately $63,937,000 that do not have an expiration date.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Morgan Stanley Institutional Fund Trust —
Ultra-Short Income Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Ultra-Short Income Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund Trust (the "Trust")), including the portfolio of investments, as of September 30, 2023, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund Trust) at September 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.
Boston, Massachusetts
November 27, 2023

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2022, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one-, three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's contractual management fee was higher than but close to its peer group average and the actual management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

Profitability of the Adviser and Affiliates

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Investment Advisory Agreement Approval (unaudited) (cont'd)

Other Benefits of the Relationship

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

Other Factors and Current Trends

General Conclusion

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Liquidity Risk Management Program (unaudited)

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2023.

The Fund designated approximately $291,551,000 of its distributions paid as qualified interest income.

The Fund designated approximately $537,291,000 of its distributions paid as business interest income.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Important Notices (unaudited)

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

Tailored Shareholder Reports

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) (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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

U.S. Customer Privacy Notice (unaudited) (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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited)

Independent Trustees:

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Frank L. Bowman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1944

Trustee

Since
August
2006

Frances L. Cashman
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1961

Trustee

Since
February
2022

Kathleen A. Dennis
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1953

Trustee

Since
August
2006

Board Member, University of Albany Foundation (2012-present); Board Member, Mutual Funds Directors Forum (2014-present); Director of various non-profit organizations.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Nancy C. Everett
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
January
2015

Eddie A. Grier
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
February
2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Jakki L. Haussler
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1957

Trustee

Since
January
2015

Dr. Manuel H. Johnson
c/o Johnson Smick
International, Inc.
220 I Street, NE
Suite 200
Washington, D.C. 20002
Birth Year: 1949

Trustee

Since
July
1991

Director of NVR, Inc. (home construction).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Joseph K. Kearns
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1942

Trustee

Since
August
1994

Michael F. Klein
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1958

Trustee

Since
August
2006

Director of certain investment funds managed or sponsored by Aetos Alternatives Management, LP; Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

Patricia A. Maleski
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1960

Trustee

Since
January
2017

Trustee (since January 2022) and Treasurer (since January 2023), Nutley Family Service Bureau, Inc.

W. Allen Reed
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1947

Chair of the Board and Trustee

Chair of the Board since August 2020 and Trustee since August 2006

Formerly, Director of Legg Mason, Inc. (2006-2019); and Director of the Auburn University Foundation (2010-2015).

* This is the earliest date the Trustee began serving the Morgan Stanley Funds. Each Trustee serves an indefinite term, until his or her successor is elected.

*** This includes any directorships at public companies and registered investment companies held by the Trustees at any time during the past five years.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

Trustees and Officers Information (unaudited) (cont'd)

Executive Officers:

Name, Address and Birth Year
of Executive Officer

Position(s) Held
with
Registrant

Length of
Time Served*

Principal Occupation(s) During Past 5 Years

John H. Gernon
522 Fifth Avenue
New York, NY 10036
Birth Year: 1963

President and Principal Executive Officer

Since
September
2013

Deidre A. Downes
1633 Broadway
New York, NY 10019
Birth Year: 1977

Chief Compliance Officer

Since
November
2021

Francis J. Smith
522 Fifth Avenue
New York, NY 10036
Birth Year: 1965

Treasurer and Principal Financial Officer

Treasurer since July 2003 and Principal Financial Officer since September
2002

Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).

Mary E. Mullin
1633 Broadway
New York, NY 10019
Birth Year: 1967

Secretary

Since
June
1999

Managing Director of the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

Michael J. Key
522 Fifth Avenue
New York, NY 10036
Birth Year: 1979

Vice President

Since
June
2017

* This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves an indefinite term, until his or her successor is elected.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2023

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.
P.O. Box 219804
Kansas City, Missouri 64121-9804

Co-Transfer Agent

Morgan Stanley Services Company, Inc.
522 Fifth Avenue
New York, New York 10036

Custodian

State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114

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

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

IFTUSIANN
6045117 EXP 11.30.24

Item 2. Code of Ethics.

(a) The registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) No information need be disclosed pursuant to this paragraph.

(d) Not applicable.

(e) Not applicable.

(f)

(1) The registrant’s Code of Ethics is attached hereto as Exhibit 13 A.

(2) Not applicable.

(3) Not applicable.

Item 3. Audit Committee Financial Expert.

The registrant's Board of Trustees has determined that Jakki L. Haussler, an “independent” Trustee, is an “audit committee financial expert" serving on its audit committee. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

(a)(b)(c)(d) and (g). Based on fees billed for the periods shown:

2023

	Registrant			Covered Entities
Audit Fees	$	586,943			N/A
Non-Audit Fees
Audit-Related Fees	$	—	(2)	$	—	(2)
Tax Fees	$	—	(3)	$	—	(4)
All Other Fees	$	—		$	1,586,712	(5)
Total Non-Audit Fees	$	—		$	1,586,712
Total	$	586,943		$	1,586,712

2022

	Registrant			Covered Entities
Audit Fees	$	586,943			N/A
Non-Audit Fees
Audit-Related Fees	$	—	(2)	$	—	(2)
Tax Fees	$	—	(3)	$	—	(4)
All Other Fees	$	—		$	13,150,465	(5)
Total Non-Audit Fees	$	—		$	13,150,465
Total	$	586,943		$	13,150,465

N/A- Not applicable, as not required by Item 4.

⁽¹⁾

Covered Entities include the Adviser (excluding sub-advisors) and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant.

⁽²⁾

Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the Covered Entities' and funds advised by the Adviser or its affiliates, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon procedures engagements.

⁽³⁾

Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the preparation and review of the Registrant’s tax returns.

⁽⁴⁾

Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of Covered Entities' tax returns.

⁽⁵⁾

The fees included under “All Other Fees” are for services provided by Ernst & Young LLP related to surprise examinations for certain investment accounts to satisfy SEC Custody Rules and consulting services related to merger integration for sister entity to the Adviser.

(e)(1) The audit committee’s pre-approval policies and procedures are as follows:

AUDIT COMMITTEE
AUDIT AND NON-AUDIT SERVICES
PRE-APPROVAL POLICY AND PROCEDURES
OF THE
MORGAN STANLEY FUNDS

AS ADOPTED AND AMENDED JULY 23, 2004 AND JUNE 12 AND 13, 2019³

1. Statement of Principles

The Audit Committee of the Board is required to review and, in its sole discretion, pre-approve all Covered Services to be provided by the Independent Auditors to the Fund and Covered Entities in order to assure that services performed by the Independent Auditors do not impair the auditor’s independence from the Fund.

The SEC has issued rules specifying the types of services that an independent auditor may not provide to its audit client, as well as the audit committee’s administration of the engagement of the independent auditor. The SEC’s rules establish two different approaches to pre-approving services, which the SEC considers to be equally valid. Proposed services either: may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”); or require the specific pre-approval of the Audit Committee or its delegate (“specific pre-approval”). The Audit Committee believes that the combination of these two approaches in this Policy will result in an effective and efficient procedure to pre-approve services performed by the Independent Auditors. As set forth in this Policy, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee (or by any member of the Audit Committee to which pre-approval authority has been delegated) if it is to be provided by the Independent Auditors. Any proposed services exceeding pre-approved cost levels or budgeted amounts will also require specific pre-approval by the Audit Committee.

The appendices to this Policy describe the Audit, Audit-related, Tax and All Other services that have the general pre-approval of the Audit Committee. The term of any general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee considers and provides a different period and states otherwise. The Audit Committee will annually review and pre-approve the services that may be provided by the Independent Auditors without obtaining specific pre-approval from the Audit Committee. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of this Policy is to set forth the policy and procedures by which the Audit Committee intends to fulfill its responsibilities. It does not delegate the Audit Committee’s responsibilities to pre-approve services performed by the Independent Auditors to management.

The Fund’s Independent Auditors have reviewed this Policy and believes that implementation of the Policy will not adversely affect the Independent Auditors’ independence.

³ This Audit Committee Audit and Non-Audit Services Pre-Approval Policy and Procedures (the “Policy”), adopted as of the date above, supersedes and replaces all prior versions that may have been adopted from time to time.

2. Delegation

As provided in the Act and the SEC’s rules, the Audit Committee may delegate either type of pre-approval authority to one or more of its members. The member to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next scheduled meeting.

3. Audit Services

The annual Audit services engagement terms and fees are subject to the specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by the Independent Auditors to be able to form an opinion on the Fund’s financial statements. These other procedures include information systems and procedural reviews and testing performed in order to understand and place reliance on the systems of internal control, and consultations relating to the audit. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, Fund structure or other items.

In addition to the annual Audit services engagement approved by the Audit Committee, the Audit Committee may grant general pre-approval to other Audit services, which are those services that only the Independent Auditors reasonably can provide. Other Audit services may include statutory audits and services associated with SEC registration statements (on Forms N-1A, N-2, N-3, N-4, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

The Audit Committee has pre-approved the Audit services in Appendix A. All other Audit services not listed in Appendix A must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

4. Audit-related Services

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements and, to the extent they are Covered Services, the Covered Entities or that are traditionally performed by the Independent Auditors. Because the Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor and is consistent with the SEC’s rules on auditor independence, the Audit Committee may grant general pre-approval to Audit-related services. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Forms N-CEN and/or N-CSR.

The Audit Committee has pre-approved the Audit-related services in Appendix A. All other Audit-related services not listed in Appendix A must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

5. Tax Services

The Audit Committee believes that the Independent Auditors can provide Tax services to the Fund and, to the extent they are Covered Services, the Covered Entities, such as tax compliance, tax planning and tax advice without impairing the auditor’s independence, and the SEC has stated that the Independent Auditors may provide such services.

Pursuant to the preceding paragraph, the Audit Committee has pre-approved the Tax Services in Appendix A. All Tax services in Appendix A must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

6. All Other Services

The Audit Committee believes, based on the SEC’s rules prohibiting the Independent Auditors from providing specific non-audit services, that other types of non-audit services are permitted. Accordingly, the Audit Committee believes it may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, would not impair the independence of the auditor and are consistent with the SEC’s rules on auditor independence.

The Audit Committee has pre-approved the All Other services in Appendix A. Permissible All Other services not listed in Appendix A must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

7. Pre-Approval Fee Levels or Budgeted Amounts

Pre-approval fee levels or budgeted amounts for all services to be provided by the Independent Auditors will be established annually by the Audit Committee. Any proposed services exceeding these levels or amounts will require specific pre-approval by the Audit Committee. The Audit Committee is mindful of the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services.

8. Procedures

All requests or applications for services to be provided by the Independent Auditors that do not require specific approval by the Audit Committee will be submitted to the Fund’s Principal Financial and Accounting Officer and must include a detailed description of the services to be rendered. The Fund’s Principal Financial and Accounting Officer will determine whether such services are included within the list of services that have received the general pre-approval of the Audit Committee. The Audit Committee will be informed on a timely basis of any such services rendered by the Independent Auditors. Requests or applications to provide services that require specific approval by the Audit Committee or Chairperson of the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Financial and Accounting Officer, who, after consultation with the Independent Auditors, will discuss whether the request or application is consistent with the SEC’s rules on auditor independence.

The Audit Committee has designated the Fund’s Principal Financial and Accounting Officer to monitor the performance of all services provided by the Independent Auditors and to determine whether such services are in compliance with this Policy. The Fund’s Principal Financial and Accounting Officer will report to the Audit Committee on a periodic basis on the results of its monitoring. Both the Fund’s Principal Financial and Accounting Officer and management will immediately report to the Chairperson of the Audit Committee any breach of this Policy that comes to the attention of the Fund’s Principal Financial and Accounting Officer or any member of management.

9. Additional Requirements

The Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the Independent Auditors and to assure the auditor’s independence from the Fund, such as reviewing a formal written statement from the Independent Auditors delineating all relationships between the Independent Auditors and the Fund, consistent with the PCAOB’s Ethics and Independence Rule 3526, and discussing with the Independent Auditors its methods and procedures for ensuring independence.

10. Covered Entities

Covered Entities include the Fund’s investment adviser(s) and any entity controlling, controlled by or under common control with the Fund’s investment adviser(s) that provides ongoing services to the Fund(s). Beginning with non-audit service contracts entered into on or after May 6, 2003, the Fund’s audit committee must pre-approve non-audit services provided not only to the Fund but also to the Covered Entities if the engagements relate directly to the operations and financial reporting of the Fund. This list of Covered Entities would include:

Morgan Stanley Funds

Morgan Stanley & Co. LLC

Morgan Stanley Investment Management Inc.

Morgan Stanley Investment Management Limited

Morgan Stanley Investment Management Private Limited

Morgan Stanley Asset & Investment Trust Management Co., Limited

Morgan Stanley Investment Management Company

Morgan Stanley Services Company, Inc.

Morgan Stanley Distribution, Inc.

Morgan Stanley AIP GP LP

Morgan Stanley Alternative Investment Partners LP

Morgan Stanley Smith Barney LLC

Morgan Stanley Capital Management LLC

Morgan Stanley Asia Limited

Morgan Stanley Services Group

(e)(2) Beginning with non-audit service contracts entered into on or after May 6, 2003, the audit committee also is required to pre-approve services to Covered Entities to the extent that the services are determined to have a direct impact on the operations or financial reporting of the Registrant. 100% of such services were pre-approved by the audit committee pursuant to the Audit Committee’s pre-approval policies and procedures (attached hereto).

(f) Not applicable.

(g) See table above.

(h) The audit committee of the Board of Trustees has considered whether the provision of services other than audit services performed by the auditors to the Registrant and Covered Entities is compatible with maintaining the auditors' independence in performing audit services.

APPENDIX A

Pre-Approved Audit Services

Service	Range of Fees
	The Fund(s)	Covered Entities
Statutory audits or financial audits for the Funds	For a complete list of fees, please contact the legal department **	N/A
Services associated with SEC registration statements (including new fund filings/seed audits), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end fund offerings, consents), and assistance in responding to SEC comment letters	*	*
Consultations by the Fund’s management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard setting bodies (Note: Under SEC rules, some consultations may be “audit related” services rather than “audit” services)	*	*

Pre-Approved Audit-Related Services

Service	Range of Fees
	The Fund(s)	Covered Entities
Attest procedures not required by statute or regulation	*	*
Due diligence services pertaining to potential fund mergers	*	*
Consultations by the Fund’s management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be “audit” services rather than “audit-related” services)	*	*
General assistance with implementation of the requirements of SEC rules or listing standards promulgated pursuant to the Sarbanes-Oxley Act	*	*

Pre-Approved Tax Services

Service	Range of Fees
	The Fund(s)	Covered Entities
U.S. federal, state and local tax planning and advice	*	*
U.S. federal, state and local tax compliance	*	*
International tax planning and advice	*	*
International tax compliance	*	*
Review/preparation of federal, state, local and international income, franchise, and other tax returns	$450,000 PwC	N/A
Identification of Passive Foreign Investment Companies	$175,000 PwC	*
PwC ITV Tool – assist in determining which Fund holdings have foreign capital gains tax exposure	$125,000 PwC	*
Foreign Tax Services - Preparation of local foreign tax returns and assistance with local tax compliance issues (including maintenance of transaction schedules, assistance in periodic tax remittances, tax registration, representing funds before foreign revenue authorities and assistance with assessment orders)	$500,000 PwC	*
Assistance with tax audits and appeals before the IRS and similar state, local and foreign agencies	*	*
Tax advice and assistance regarding statutory, regulatory or administrative developments (e.g., excise tax reviews, evaluation of Fund’s tax compliance function)	*	*

Pre-Approved All Other Services

Service	Range of Fees
	The Fund(s)	Covered Entities
Risk management advisory services, e.g., assessment and testing of security infrastructure controls	*	*

* Aggregate fees related to the pre-approved services will be limited to 10% of the 2023-2024 annual fees for audit and tax services (see fee schedule distributed by the Auditors).

** Audit and tax services for new funds/portfolios will be subject to the maximum audit and tax fee for a fund/portfolio on fee schedule distributed by the Auditors.

Prohibited Non-Audit Services

● Bookkeeping or other services related to the accounting records or financial statements of the audit client

● Financial information systems design and implementation

● Appraisal or valuation services, fairness opinions or contribution-in-kind reports

● Actuarial services

● Internal audit outsourcing services

● Management functions

● Human resources

● Broker-dealer, investment adviser or investment banking services

● Legal services

● Expert services unrelated to the audit

(i) Not Applicable.

(j) Not Applicable.

Item 5. Audit Committee of Listed Registrants.

(a) The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act whose members are:

Joseph J. Kearns, Nancy C. Everett, Eddie A. Grier and Jakki L. Haussler.

(b) Not applicable.

Item 6. Schedule of Investments

(a) Refer to Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Applicable only to reports filed by closed-end funds.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Applicable only to reports filed by closed-end funds.

Item 9. Closed-End Fund Repurchases

Applicable only 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) The Code of Ethics for Principal Executive and Senior Financial Officers.

(b) A separate certification for each principal executive officer and principal financial officer of the registrant as part of EX-99.CERT.

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
November 20, 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
November 20, 2023

/s/ Francis J. Smith
Francis J. Smith
Principal Financial Officer
November 20, 2023