NPORT-EX 2 NPORT_MVAW_92159621_1222.htm

 

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)

 

   Face     
   Amount   Value 
   (000)   (000) 
Fixed Income Securities (98.4%)          
Agency Fixed Rate Mortgages (20.8%)          
Federal Home Loan Mortgage Corporation,          
2.00%, 10/1/51  $409   $319 
Conventional Pools:          
2.50%, 11/1/49   616    532 
3.00%, 11/1/49 – 12/1/49   414    361 
3.50%, 8/1/49   156    141 
4.00%, 4/1/49 – 11/1/49   563    533 
4.50%, 2/1/49   328    321 
Gold Pools:          
3.00%, 3/1/47 – 6/1/49   1,191    1,070 
3.50%, 1/1/44 – 4/1/49   796    744 
4.00%, 6/1/44 – 1/1/48   308    297 
5.41%, 7/1/37 – 8/1/37   10    10 
5.44%, 1/1/37 – 2/1/38   40    41 
5.46%, 5/1/37 – 1/1/38   39    39 
5.48%, 8/1/37   10    10 
5.50%, 8/1/37 – 11/1/37   40    42 
5.52%, 10/1/37   5    5 
5.62%, 12/1/36 – 8/1/37   45    47 
6.00%, 10/1/36 – 8/1/38   41    43 
6.50%, 12/1/25 – 8/1/33   49    52 
7.00%, 6/1/28 – 11/1/31   19    20 
Federal National Mortgage Association,          
2.00%, 11/1/51   2,170    1,715 
2.50%, 1/1/52 – 2/1/52   4,668    3,851 
Conventional Pools:          
2.50%, 2/1/50   734    633 
3.00%, 6/1/40 – 1/1/50   3,020    2,682 
3.50%, 8/1/45 – 1/1/50   3,057    2,806 
4.00%, 11/1/41 – 9/1/49   2,587    2,482 
4.50%, 3/1/41 – 8/1/49   1,002    982 
5.00%, 3/1/41   79    80 
5.50%, 6/1/35 – 1/1/37   29    30 
5.62%, 12/1/36   17    18 
6.50%, 4/1/24 – 1/1/34   417    437 
7.00%, 5/1/28 – 12/1/33   62    67 
9.50%, 4/1/30   14    15 
January TBA:          
2.50%, 1/1/53 (a)   6,825    5,787 
3.50%, 1/1/53 (a)   28,200    25,651 
4.00%, 1/1/53 (a)   10,475    9,835 
4.50%, 1/1/53 (a)   25,225    24,318 
5.00%, 1/1/53 (a)   8,925    8,802 
5.50%, 1/1/53 (a)   18,475    18,533 
Government National Mortgage Association,          
January TBA:          
3.00%, 1/20/53 (a)   8,800    7,839 
Various Pools:          
3.50%, 11/20/40 – 7/20/49   799    748 
4.00%, 8/20/41 – 11/20/49   2,140    2,045 
4.50%, 4/20/49 – 7/20/49   222    213 
5.00%, 12/20/48 – 2/20/49   26    26 
6.50%, 5/15/40   217    227 
         124,449 

 

 

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Asset-Backed Securities (13.4%)          
AASET 2018-2 US Ltd.,          
4.45%, 11/18/38 (b)   2,355    1,872 
AIMCO CLO,          
Series 2018-B          
3 Month USD LIBOR + 1.10%, 5.18%, 1/15/32 (b)(c)   3,600    3,542 
Allegro CLO XI Ltd.,          
3 Month USD LIBOR + 1.39%, 5.62%, 1/19/33 (b)(c)   2,150    2,119 
American Homes 4 Rent Trust,          
6.07%, 10/17/52 (b)   1,001    974 
Aqua Finance Trust,          
3.47%, 7/16/40 (b)   900    840 
BCMSC Trust,          
7.51%, 1/15/29 (c)   1,294    1,172 
Benefit Street Partners CLO XX Ltd.,          
3 Month USD LIBOR + 1.17%, 5.25%, 7/15/34 (b)(c)   3,685    3,599 
Blackbird Capital Aircraft,          
2.44%, 7/15/46 (b)   1,337    1,100 
Blackbird Capital Aircraft Lease Securitization Ltd.,          
5.68%, 12/16/41 (b)   694    459 
Cascade MH Asset Trust,          
4.00%, 11/25/44 (b)(c)   1,128    1,060 
Cologix Data Centers US Issuer LLC,          
3.30%, 12/26/51 (b)  CAD2,125    1,862 
4.94%, 1/25/52 (b)  $3,600    2,430 
Conn's Receivables Funding LLC,          
2.87%, 5/15/26 (b)   1,300    1,277 
9.52%, 12/15/26 (b)   3,500    3,473 
ContiMortgage Home Equity Loan Trust,          
8.10%, 8/15/25   18    14 
Diamond Resorts Owner Trust,          
4.02%, 2/20/32 (b)   389    378 
ELFI Graduate Loan Program LLC,          
4.51%, 8/26/47 (b)   1,543    1,463 
Falcon Aerospace Ltd.,          
3.60%, 9/15/39 (b)   704    572 
FCI Funding LLC,          
Class A          
3.63%, 2/18/31 (b)   22    22 
GAIA Aviation Ltd.,          
7.00%, 12/15/44 (b)   1,487    844 
GCI Funding I LLC,          
2.82%, 10/18/45 (b)   736    650 
Golub Capital Partners ABS Funding Ltd.,          
2.77%, 4/20/29 (b)   875    792 
Class A2          
3.21%, 1/22/29 (b)   3,290    3,074 
Goodgreen Trust,          
5.53%, 4/15/55 (b)   1,818    1,519 
5.74%, 10/15/56 (b)   2,657    2,109 
JOL Air Ltd.,          
4.95%, 4/15/44 (b)   241    161 
Lunar Aircraft Ltd.,          
3.38%, 2/15/45 (b)   379    311 
MACH 1 Cayman Ltd.,          
3.47%, 10/15/39 (b)   815    660 
MAPS Ltd.,          
4.21%, 5/15/43 (b)   385    344 
METAL LLC,          
Class A          
4.58%, 10/15/42 (b)   591    311 

 

 

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Mosaic Solar Loan Trust,          
2.10%, 4/20/46 (b)   564    490 
New Residential Mortgage LLC,          
Class A          
5.44%, 6/25/25 – 7/25/25 (b)   4,090    3,855 
Newtek Small Business Loan Trust,          
Class A          
Daily U.S. Prime Rate - 0.55%, 6.95%, 2/25/44 (b)(c)   277    273 
NRZ Excess Spread-Collateralized Notes,          
Class A          
3.47%, 11/25/26 (b)   2,058    1,821 
Octagon Investment Partners 51 Ltd.,          
3 Month USD LIBOR + 1.15%, 5.39%, 7/20/34 (b)(c)   5,225    5,096 
Oxford Finance Funding LLC,          
5.44%, 2/15/27 (b)   198    193 
PMT FMSR Issuer Trust,          
1 Month USD LIBOR + 3.00%, 7.39%, 3/25/26 (b)(c)   3,900    3,791 
PNMAC GMSR Issuer Trust,          
1 Month USD LIBOR + 2.35%, 6.74%, 4/25/23 (b)(c)   2,000    1,888 
SOFR30A + 4.19%, 8.13%, 6/25/27 (b)(c)   2,700    2,598 
SOFR30A + 4.25%, 8.18%, 5/25/27 (b)(c)   2,725    2,583 
PRET 2021-NPL6 LLC,          
2.49%, 7/25/51 (b)   1,468    1,363 
Progress Residential Trust,          
2.31%, 5/17/38 (b)   650    547 
Raptor Aircraft Finance I LLC,          
4.21%, 8/23/44 (b)   2,115    1,543 
ReadyCap Lending Small Business Loan Trust,          
Daily U.S. Prime Rate - 0.55%, 7.00%, 12/27/44 (b)(c)   374    355 
Republic Finance Issuance Trust,          
3.54%, 11/20/30 (b)   1,385    1,269 
S-Jets Ltd.,          
3.97%, 8/15/42 (b)   2,708    2,105 
Sculptor CLO XXVI Ltd.,          
3 Month USD LIBOR + 1.27%, 5.51%, 7/20/34 (b)(c)   4,900    4,779 
START Ireland,          
4.09%, 3/15/44 (b)   270    231 
Start Ltd.,          
4.09%, 5/15/43 (b)   2,685    2,151 
Sunbird Engine Finance LLC,          
3.67%, 2/15/45 (b)   921    736 
Tricon American Homes Trust,          
5.10%, 1/17/36 (b)   3,500    3,391 
         80,061 
Collateralized Mortgage Obligations - Agency Collateral Series (0.0%) (d)          
Federal Home Loan Mortgage Corporation,          
IO REMIC          
6.00% - 1 Month USD LIBOR, 1.68%, 11/15/43 (e)   425    33 
IO STRIPS          
7.50%, 12/15/29   11    2 
Federal National Mortgage Association,          
IO PAC REMIC          
8.00%, 9/18/27   28    3 
IO REMIC          
6.00%, 7/25/33   30    5 
IO STRIPS          
6.50%, 9/25/29 – 12/25/29   128    14 
8.50%, 10/25/25   7    —@
9.00%, 11/25/26   6    —@

 

 

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

REMIC          
7.00%, 9/25/32   95    99 
Government National Mortgage Association,          
IO          
5.00%, 2/16/41   85    19 
         175 
Commercial Mortgage-Backed Securities (15.9%)          
BAMLL Commercial Mortgage Securities Trust,          
1 Month Term SOFR + 3.00%, 7.34%, 1/15/39 (b)(c)   3,175    2,986 
BANK 2019-BNK21,          
IO          
0.85%, 10/17/52 (c)   13,116    546 
BANK 2020-BNK30,          
2.92%, 12/15/53 (c)   4,200    2,677 
Benchmark Mortgage Trust,          
3.76%, 7/15/53 (b)   2,000    1,694 
IO          
0.88%, 9/15/48 (b)(c)   31,000    871 
BF Mortgage Trust,          
1 Month USD LIBOR + 1.70%, 6.02%, 12/15/35 (b)(c)   2,500    2,225 
BPR Trust,          
1 Month Term SOFR + 3.00%, 7.34%, 5/15/39 (b)(c)   3,170    3,146 
BX Trust,          
1 Month Term SOFR + 2.70%, 7.04%, 1/15/39 (b)(c)   3,630    3,390 
BXP Trust,          
1 Month USD LIBOR + 3.00%, 7.32%, 11/15/34 (b)(c)   1,150    921 
CG-CCRE Commercial Mortgage Trust,          
1 Month USD LIBOR + 1.85%, 6.17%, 11/15/31 (b)(c)   541    514 
Citigroup Commercial Mortgage Trust,          
3.50%, 12/10/41 (b)(c)   1,100    715 
IO          
0.72%, 11/10/48 (c)   2,342    38 
0.87%, 9/10/58 (c)   4,244    80 
Commercial Mortgage Trust,          
3.40%, 8/15/57 (b)(c)   1,400    1,233 
IO          
0.03%, 7/10/45 (c)   7,291    —@
0.66%, 10/10/47 (c)   2,438    22 
0.98%, 7/15/47 (c)   2,643    28 
Credit Suisse Mortgage Trust,          
Class A          
1 Month USD LIBOR + 3.00%, 7.82%, 12/15/35 (b)(c)   5,275    5,263 
1 Month USD LIBOR + 3.97%, 8.29%, 4/15/23 (b)(c)   2,844    2,779 
CSWF Commercial Mortgage Trust,          
1 Month USD LIBOR + 1.57%, 5.88%, 6/15/34 (b)(c)   2,680    2,521 
DROP Mortgage Trust,          
1 Month USD LIBOR + 1.15%, 5.47%, 10/15/43 (b)(c)   3,525    3,371 
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates,          
2.88%, 1/25/49 (c)   7,514    1,345 
2.98%, 1/25/32 (c)   5,775    1,075 
3.21%, 5/25/32 (c)   11,220    2,334 
3.56%, 6/25/54 (c)   6,549    1,512 
4.15%, 8/25/54 (c)   5,300    1,422 
Federal Home Loan Mortgage Corporation,          
IO          
2.74%, 8/25/48 (c)   5,484    827 
Federal Home Loan Mortgage Corporation,          
1 Month USD LIBOR + 4.35%, 8.49%, 12/25/26 (b)(c)   61    58 

 

 

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

1 Month USD LIBOR + 5.25%, 9.39%, 7/25/26 (b)(c)   45    43 
IO          
0.33%, 11/25/27 (c)   23,351    324 
2.63%, 1/25/49(c)   21,291    3,287 
2.65%, 2/25/49 (c)   9,522    1,454 
2.73%, 9/25/48 (c)   16,800    2,547 
3.07%, 11/25/36 (c)   4,400    1,192 
3.09%, 4/25/39 (c)   3,200    846 
3.46%, 10/25/38 (c)   3,500    1,006 
3.79%, 6/25/50 (c)   8,000    1,931 
GS Mortgage Securities Trust,          
4.72%, 8/10/46 (b)(c)   500    404 
IO          
0.71%, 9/10/47 (c)   4,430    40 
1.20%, 10/10/48 (c)   4,587    123 
Highways 2021 PLC,          
4.68%, 12/18/31 (b)  GBP2,775    3,217 
Jackson Park Trust,          
3.24%, 10/14/39 (b)(c)  $1,700    1,233 
JP Morgan Chase Commercial Mortgage Securities Trust,          
1 Month USD LIBOR + 2.45%, 6.77%, 4/15/38 (b)(c)   2,400    2,283 
IO          
0.58%, 4/15/46 (c)   6,956    10 
0.59%, 12/15/49 (c)   3,572    62 
0.81%, 7/15/47 (c)   4,160    25 
JPMBB Commercial Mortgage Securities Trust,          
4.65%, 4/15/47 (b)(c)   775    703 
IO          
0.94%, 8/15/47 (c)   2,878    27 
Last Mile Logistics Pan Euro Finance DAC,          
3 Month EURIBOR + 1.90%, 3.70%, 8/17/33 (b)(c)  EUR747    718 
Manhattan West Mortgage Trust,          
2.34%, 9/10/39 (b)(c)  $1,500    1,198 
MF1 2021-W10X,          
1 Month Term SOFR + 2.82%, 7.16%, 12/15/34 (b)(c)   4,350    4,155 
MFT Mortgage Trust,          
3.28%, 8/10/40 (b)(c)   1,000    710 
MFT Trust,          
3.48%, 2/10/42 (b)(c)   800    497 
MKT 2020-525M Mortgage Trust,          
2.94%, 2/12/40 (b)(c)   1,000    539 
Multifamily Connecticut Avenue Securities Trust,          
1 Month USD LIBOR + 1.95%, 6.34%, 3/25/50 (b)(c)   219    217 
Natixis Commercial Mortgage Securities Trust,          
4.13%, 5/15/39(b)(c)   2,300    1,822 
4.32%, 1/15/43 (b)(c)   800    636 
1 Month USD LIBOR + 1.70%, 6.02%, 8/15/38 (b)(c)   3,250    3,080 
1 Month Term SOFR + 2.20%, 6.52%, 7/15/36 (b)(c)   2,300    2,098 
Olympic Tower Mortgage Trust,          
3.57%, 5/10/39 (b)   2,900    2,578 
Real Estate Asset Liquidity Trust,          
IO          
1.14%, 2/12/31 (b)(c)  CAD32,273    1,072 
SG Commercial Mortgage Securities Trust,          
3.73%, 3/15/37 (b)(c)  $1,900    1,662 
SLG Office Trust,          
IO          
0.26%, 7/15/41 (b)(c)   34,800    560 
Taubman Centers Commercial Mortgage Trust,          
1 Month Term SOFR + 2.19%, 6.52%, 5/15/37 (b)(c)   3,950    3,845 

 

 

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Vita Scientia 2022-1 DAC,          
3 Month EURIBOR + 2.49%, 4.41%, 8/27/25 (b)(c)  EUR2,125    1,984 
VMC Finance 2021-HT1 LLC,          
1 Month USD LIBOR + 1.65%, 5.99%, 1/18/37 (b)(c)  $2,387    2,311 
Wells Fargo Commercial Mortgage Trust,          
1 Month USD LIBOR + 1.74%, 6.06%, 2/15/37 (b)(c)   900    863 
WFRBS Commercial Mortgage Trust,          
4.15%, 5/15/45 (b)(c)   425    403 
         95,298 
Corporate Bonds (26.8%)          
Finance (10.7%)          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,          
3.00%, 10/29/28   1,925    1,616 
4.13%, 7/3/23   1,150    1,142 
Air Lease Corp.,          
2.10%, 9/1/28   600    490 
Australia & New Zealand Banking Group Ltd.,          
2.57%, 11/25/35 (b)   875    644 
Avolon Holdings Funding Ltd.,          
2.88%, 2/15/25 (b)   2,650    2,450 
Banco de Credito e Inversiones SA,          
2.88%, 10/14/31 (b)   2,275    1,896 
Banco Santander Chile,          
2.70%, 1/10/25 (b)   1,125    1,069 
Banco Santander SA,          
4.18%, 3/24/28   800    743 
5.18%, 11/19/25   600    591 
Bank Hapoalim BM,          
3.26%, 1/21/32 (b)   2,075    1,794 
Bank of America Corp.,          
2.69%, 4/22/32   7,200    5,780 
3.85%, 3/8/37   125    104 
5.02%, 7/22/33   125    119 
Bank of Ireland Group PLC,          
2.03%, 9/30/27 (b)   2,500    2,114 
Bank of Montreal,          
3.09%, 1/10/37   1,725    1,308 
Belrose Funding Trust,          
2.33%, 8/15/30 (b)   1,225    930 
BNP Paribas SA,          
2.22%, 6/9/26 (b)   575    528 
4.40%, 8/14/28 (b)   1,050    995 
BPCE SA,          
3.12%, 10/19/32 (b)   1,100    805 
5.15%, 7/21/24 (b)   2,750    2,694 
Citigroup, Inc.,          
2.52%, 11/3/32   4,850    3,784 
3.06%, 1/25/33   475    385 
CNO Financial Group, Inc.,          
5.25%, 5/30/29   885    845 
Coinbase Global, Inc.,          
3.38%, 10/1/28 (b)   1,010    535 
Credit Suisse Group AG,          
6.54%, 8/12/33 (b)   1,550    1,364 
Global Atlantic Fin Co.,          
4.70%, 10/15/51 (b)   1,320    1,008 
Goldman Sachs Group, Inc.,          
2.62%, 4/22/32   3,150    2,520 

 

 

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Grupo Aval Ltd.,          
4.38%, 2/4/30 (b)   770    625 
HSBC Holdings PLC,          
3.80%, 3/11/25   2,400    2,334 
Intesa Sanpaolo SpA,          
5.25%, 1/12/24   610    605 
Jefferies Finance LLC/JFIN Co.-Issuer Corp.,          
5.00%, 8/15/28 (b)   1,490    1,218 
JPMorgan Chase & Co.,          
1.95%, 2/4/32   1,025    786 
JPMorgan Chase Bank NA,          
0.00%, 12/28/23   1,000    951 
Life Storage LP,          
2.40%, 10/15/31   1,050    810 
Macquarie Group Ltd.,          
2.87%, 1/14/33 (b)   1,350    1,039 
Marsh & McLennan Cos., Inc.,          
5.88%, 8/1/33   1,029    1,088 
Nationwide Building Society,          
3.96%, 7/18/30 (b)   1,200    1,041 
4.30%, 3/8/29 (b)   1,550    1,401 
Nordea Bank Abp,          
5.38%, 9/22/27 (b)   1,200    1,208 
Oversea-Chinese Banking Corp. Ltd.,          
1.83%, 9/10/30 (b)(c)   970    871 
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,          
3.88%, 3/1/31 (b)   2,850    2,182 
Societe Generale SA,          
2.63%, 1/22/25 (b)   1,625    1,529 
Sun Communities Operating LP,          
4.20%, 4/15/32   2,000    1,767 
SVB Financial Group,          
1.80%, 2/2/31 (g)   1,275    933 
4.10%, 2/15/31 (f)   970    560 
Toronto-Dominion Bank,          
8.13%, 10/31/82   1,625    1,694 
United Overseas Bank Ltd.,          
3.86%, 10/7/32 (b)   2,950    2,723 
Westpac Banking Corp.,          
2.67%, 11/15/35   775    578 
         64,196 
Industrials (13.8%)          
Airbnb, Inc.,          
0.00%, 3/15/26   1,015    838 
Alibaba Group Holding Ltd.,          
2.13%, 2/9/31 (g)   825    659 
Anheuser-Busch InBev Worldwide, Inc.,          
4.60%, 4/15/48   914    799 
AT&T, Inc.,          
3.55%, 9/15/55   1,400    940 
BAT Capital Corp.,          
2.26%, 3/25/28   2,000    1,663 
Boeing Co.,          
3.25%, 2/1/35   775    592 
BP Capital Markets PLC,          
4.38%, 6/22/25 (f)   700    670 
4.88%, 3/22/30 (f)   700    615 
Celanese U.S. Holdings LLC,          
6.17%, 7/15/27   2,150    2,124 

 

 

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Charter Communications Operating LLC/Charter Communications Operating Capital,          
2.80%, 4/1/31   1,275    995 
3.50%, 3/1/42   2,575    1,658 
Children's Health System of Texas,          
2.51%, 8/15/50   800    481 
CVS Health Corp.,          
5.05%, 3/25/48   1,450    1,309 
Dell International LLC/EMC Corp.,          
3.45%, 12/15/51 (b)   2,575    1,586 
Delta Air Lines Pass Through Trust,          
Series AA          
3.20%, 10/25/25   1,050    1,024 
Dexcom, Inc.,          
0.25%, 11/15/25 (g)   1,175    1,284 
Dick's Sporting Goods, Inc.,          
4.10%, 1/15/52   2,225    1,443 
Duke University,          
Series 2020          
2.83%, 10/1/55   1,600    1,087 
DXC Technology Co.,          
1.80%, 9/15/26   3,450    3,009 
Enterprise Products Operating LLC,          
3.30%, 2/15/53   825    552 
Expedia Group, Inc.,          
0.00%, 2/15/26   950    832 
Ford Motor Co.,          
3.25%, 2/12/32   525    395 
Ford Motor Credit Co., LLC,          
GMTN          
4.39%, 1/8/26   800    747 
Galaxy Pipeline Assets Bidco Ltd.,          
1.75%, 9/30/27 (b)   2,477    2,298 
General Motors Co.,          
5.40%, 10/15/29   1,225    1,172 
6.75%, 4/1/46   925    891 
Global Partners LP/GLP Finance Corp.,          
7.00%, 8/1/27   715    680 
GLP Capital LP/GLP Financing II, Inc.,          
5.38%, 4/15/26   1,250    1,228 
Grifols SA,          
2.25%, 11/15/27  EUR630    591 
HCA, Inc.,          
4.63%, 3/15/52 (b)  $500    391 
5.25%, 6/15/49   1,025    878 
Hyundai Capital America,          
1.80%, 1/10/28 (b)   2,650    2,177 
Imperial Brands Finance PLC,          
3.13%, 7/26/24 (b)   1,000    957 
Intel Corp.,          
2.80%, 8/12/41   1,675    1,176 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,          
2.50%, 1/15/27 (b)   1,575    1,380 
Johns Hopkins University,          
Series A          
2.81%, 1/1/60   1,170    736 
Kimberly-Clark de Mexico SAB de CV,          
2.43%, 7/1/31 (b)   1,375    1,102 
Level 3 Financing, Inc.,          
3.40%, 3/1/27 (b)   1,275    1,080 

 

 

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Lions Gate Capital Holdings LLC,          
5.50%, 4/15/29 (b)   1,570    912 
Lowe's Cos., Inc.,          
5.80%, 9/15/62   525    506 
Macy's Retail Holdings LLC,          
5.88%, 3/15/30 (b)   690    600 
Magallanes, Inc.,          
5.14%, 3/15/52 (b)   1,475    1,078 
Matador Resources Co.,          
5.88%, 9/15/26   1,785    1,719 
McLaren Health Care Corp.,          
Series A          
4.39%, 5/15/48   1,175    984 
Medline Borrower LP,          
3.88%, 4/1/29 (b)   1,410    1,139 
NBN Co. Ltd.,          
2.63%, 5/5/31 (b)   2,400    1,906 
Newcastle Coal Infrastructure Group Pty Ltd.,          
4.40%, 9/29/27 (b)   2,550    2,200 
Nissan Motor Co. Ltd.,          
3.04%, 9/15/23 (b)   2,400    2,352 
NOVA Chemicals Corp.,          
4.25%, 5/15/29 (b)(g)   1,510    1,237 
ONEOK, Inc.,          
3.10%, 3/15/30   1,250    1,050 
3.40%, 9/1/29   375    325 
Ooredoo International Finance Ltd.,          
2.63%, 4/8/31 (b)   1,268    1,093 
Peloton Interactive, Inc.,          
0.00%, 2/15/26   2,115    1,510 
Resorts World Las Vegas LLC/RWLV Capital, Inc.,          
4.63%, 4/16/29 (b)   1,400    995 
RingCentral, Inc.,          
0.00%, 3/15/26   895    707 
Rockies Express Pipeline LLC,          
3.60%, 5/15/25 (b)   2,125    2,010 
Rogers Communications, Inc.,          
4.55%, 3/15/52 (b)   1,525    1,189 
Seattle Children's Hospital,          
Series 2021          
2.72%, 10/1/50   2,750    1,745 
Silgan Holdings, Inc.,          
1.40%, 4/1/26 (b)   2,150    1,899 
Splunk, Inc.,          
1.13%, 6/15/27   1,200    1,018 
Spotify USA, Inc.,          
0.00%, 3/15/26   1,190    964 
Standard Industries, Inc.,          
2.25%, 11/21/26 (b)  EUR575    529 
Syngenta Finance NV,          
4.89%, 4/24/25 (b)  $975    945 
Uber Technologies, Inc.,          
0.00%, 12/15/25 (g)   1,560    1,322 
Var Energi ASA,          
7.50%, 1/15/28 (b)   1,025    1,046 
Verizon Communications, Inc.,          
2.36%, 3/15/32   300    239 
2.65%, 11/20/40   2,050    1,391 
3.40%, 3/22/41   275    208 
Vontier Corp.,          
2.40%, 4/1/28   2,700    2,167 

 

 

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

VTR Finance NV,          
6.38%, 7/15/28 (b)   1,050    407 
Warnermedia Holdings, Inc.,          
4.28%, 3/15/32 (b)   1,750    1,446 
5.05%, 3/15/42 (b)   925    711 
Wayfair, Inc.,          
0.63%, 10/1/25   1,675    1,100 
         82,688 
Utilities (2.3%)          
Duke Energy Indiana LLC,          
2.75%, 4/1/50   460    291 
Enel Finance International NV,          
5.00%, 6/15/32 (b)   1,275    1,152 
Fells Point Funding Trust,          
3.05%, 1/31/27 (b)   2,275    2,074 
Jersey Central Power & Light Co.,          
2.75%, 3/1/32 (b)   1,400    1,134 
Mississippi Power Co.,          
3.95%, 3/30/28   2,325    2,185 
NextEra Energy Capital Holdings, Inc.,          
3.00%, 1/15/52   1,350    887 
Niagara Mohawk Power Corp.,          
2.76%, 1/10/32 (b)   2,700    2,198 
Northern States Power Co.,          
2.90%, 3/1/50   1,400    964 
Piedmont Natural Gas Co., Inc.,          
2.50%, 3/15/31   975    798 
Public Service Enterprise Group, Inc.,          
2.45%, 11/15/31   1,350    1,082 
Virginia Electric and Power Co.,          
2.95%, 11/15/51   1,375    910 
         13,675 
         160,559 
Mortgages - Other (17.2%)          
510 Asset Backed 2021-NPL1 Trust,          
2.24%, 6/25/61 (b)   1,861    1,709 
Adjustable Rate Mortgage Trust,          
4.78%, 6/25/35 (c)   34    32 
Ajax Mortgage Loan Trust,          
1.70%, 5/25/59 (b)   1,432    1,208 
2.35%, 9/25/65 (b)(c)   725    563 
Alternative Loan Trust,          
1 Month USD LIBOR + 0.36%, 4.75%, 5/25/47 (c)   70    59 
Banc of America Alternative Loan Trust,          
1 Month USD LIBOR + 0.65%, 5.04%, 7/25/46 (c)   99    80 
6.36%, 10/25/36   401    122 
Banc of America Funding Trust,          
5.25%, 7/25/37   13    13 
Barclays Commercial Mortgage Trust,          
0.46%, 12/15/55   18,450    739 
Bear Stearns ARM Trust,          
3.37%, 2/25/34 (c)   436    397 
BRAVO Residential Funding Trust,          
2.00%, 5/25/59 (b)(c)   1,675    1,471 
Brean Asset Backed Securities Trust,          
1.40%, 10/25/63 (b)(c)   2,112    1,809 
1.75%, 10/25/61 (b)(c)   2,206    1,937 

 

 

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Cascade Funding Mortgage Trust,          
1.94%, 9/25/50 (b)(c)   3,543    3,195 
2.72%, 12/26/30 (b)(c)   3,850    3,578 
2.91%, 2/25/31 (b)(c)   3,800    3,522 
3.73%, 6/25/36 (b)(c)   3,825    3,468 
4.00%, 10/25/68 (b)(c)   1,996    1,888 
CFMT 2022-HB8 LLC,          
3.75%, 4/25/25 (b)(c)   2,650    2,288 
CFMT LLC,          
3.25%, 9/25/37 (b)(c)   1,840    1,438 
ChaseFlex Trust,          
6.00%, 2/25/37   587    241 
COLT 2021-RPL1 Trust,          
1.67%, 9/25/61 (b)(c)   1,386    1,215 
E-MAC NL 2004-I BV,          
Class A          
3 Month EURIBOR + 0.18%, 3.80%, 7/25/36 (c)  EUR319    313 
Eurosail-NL 2007-2 BV,          
3 Month EURIBOR + 1.80%, 3.18%, 10/17/40 (c)   700    738 
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates,          
0.15%, 11/25/55  $7,625    2,133 
Federal Home Loan Mortgage Corporation,          
3.00%, 7/25/46 – 5/25/47   979    840 
3.50%, 5/25/45 – 5/25/47   378    331 
3.85%, 5/25/45 (b)(c)   1    1 
4.00%, 5/25/45   8    7 
1 Month USD LIBOR + 5.15%, 9.54%, 10/25/29 (c)   300    319 
FMC GMSR Issuer Trust,          
3.85%, 10/25/26 (b)(c)   2,600    2,092 
4.45%, 1/25/26 (b)(c)   3,500    3,066 
7.90%, 7/25/27 (b)   2,675    2,525 
GCAT 2022-NQM3 Trust,          
4.35%, 4/25/67 (b)(c)   4,556    4,419 
Headlands Residential 2021-RPL1 LLC,          
2.49%, 9/25/26 (b)(c)   3,320    3,104 
IM Pastor 3 FTH,          
3 Month EURIBOR + 0.14%, 2.22%, 3/22/43 (c)  EUR319    271 
Imperial Fund Mortgage Trust,          
2.49%, 2/25/67 (b)(c)  $2,629    2,288 
JP Morgan Mortgage Trust,          
3.46%, 6/25/37 (c)   57    46 
6.00%, 6/25/37   7    10 
Legacy Mortgage Asset Trust,          
3.25%, 2/25/60 (b)   2,096    2,058 
Lehman Mortgage Trust,          
6.50%, 9/25/37   623    228 
NYMT Loan Trust,          
2.94%, 10/25/60 (b)(c)   2,484    2,396 
OBX Trust,          
3.50%, 2/25/60 (b)(c)   384    335 
Pepper Residential Securities Trust,          
1 Month USD LIBOR + 0.93%, 5.20%, 3/12/61 (b)(c)   252    252 
PMC PLS ESR Issuer LLC,          
5.11%, 2/25/27 (b)   2,362    2,226 
PNMAC GMSR Issuer Trust,          
1 Month USD LIBOR + 2.65%, 7.04%, 8/25/25 (b)(c)   1,400    1,397 
1 Month USD LIBOR + 2.85%, 7.24%, 2/25/23 (b)(c)   1,000    1,003 
Preston Ridge Partners LLC,          
1.74%, 9/25/26 (b)(c)   1,978    1,764 
2.36%, 10/25/26 (b)   2,227    2,022 

 

 

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

5.56%, 6/25/27 (b)   2,308    2,207 
Sage AR Funding PLC (SGSHR) No. 1,          
4.91%, 11/17/51 (b)  GBP3,625    3,974 
Seasoned Credit Risk Transfer Trust,          
3.00%, 9/25/55 – 2/25/59  $9,469    8,374 
4.00%, 7/25/56 (c)   248    244 
4.00%, 8/25/56 (b)(c)   1,000    889 
4.00%, 8/25/58 – 2/25/59   1,276    1,199 
4.25%, 8/25/59 – 11/25/60(b)(c)   6,550    5,536 
4.50%, 6/25/57   1,151    1,135 
4.75%, 7/25/56 – 6/25/57(b)(c)   1,408    1,285 
4.75%, 10/25/58 (c)   1,300    1,157 
Stanwich Mortgage Loan Co. LLC,          
2.74%, 10/16/26 (b)   2,260    2,001 
Structured Asset Securities Corp. Reverse Mortgage Loan Trust,          
1 Month USD LIBOR + 1.85%, 6.24%, 5/25/47 (b)(c)   1,557    1,384 
TDA 27 FTA,          
3 Month EURIBOR + 0.19%, 2.33%, 12/28/50 (c)  EUR1,270    1,087 
TVC Mortgage Trust,          
3.47%, 9/25/24 (b)  $249    248 
VOLT CV LLC,          
2.49%, 11/27/51 (b)   1,627    1,437 
VOLT XCIII LLC,          
1.89%, 2/27/51 (b)   1,982    1,775 
VOLT XCIV LLC,          
2.24%, 2/27/51 (b)   2,437    2,215 
         103,303 
Municipal Bonds (0.8%)          
Chicago O’Hare International Airport, IL,          
O'Hare International Airport Revenue Series 2010B          
6.40%, 1/1/40   255    286 
City of New York, NY,          
Series G-1          
5.97%, 3/1/36   270    289 
Illinois State Toll Highway Authority, IL,          
Highway Revenue, Build America Bonds Series A          
6.18%, 1/1/34   477    513 
New York City, NY,          
Transitional Finance Authority Future Tax Secured Revenue Series A          
5.27%, 5/1/27   320    323 
Onondaga Civic Development Corp., NY,          
3.07%, 12/1/55   2,925    1,808 
University of Michigan, MI,          
Series A          
4.45%, 4/1/22   1,645    1,338 
         4,557 
Sovereign (3.2%)          
Dominican Republic International Bond,          
4.88%, 9/23/32 (b)   410    342 
5.88%, 1/30/60 (b)   2,310    1,703 
Ecuador Government International Bond,          
1.50%, 7/31/40 (b)(h)   261    107 
Egypt Government International Bond,          
6.38%, 4/11/31 (b)  EUR2,025    1,514 
7.50%, 2/16/61 (b)  $290    180 
8.15%, 11/20/59 (b)   210    138 
8.88%, 5/29/50 (b)   410    279 

 

 

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Export-Import Bank of India,          
3.25%, 1/15/30 (b)   670    582 
3.88%, 2/1/28 (b)   505    470 
Hellenic Republic Government Bond,          
2.00%, 4/22/27 (b)  EUR1,208    1,212 
Ivory Coast Government International Bond,          
4.88%, 1/30/32 (b)  $1,360    1,154 
Mexico Government International Bond,          
3.25%, 4/16/30 (g)   750    655 
3.75%, 4/19/71   850    531 
Pertamina Persero PT,          
6.50%, 11/7/48 (b)   1,325    1,332 
Perusahaan Penerbit SBSN Indonesia III,          
4.70%, 6/6/32 (b)   711    701 
Petroleos Mexicanos,          
6.70%, 2/16/32   2,727    2,147 
Philippine Government International Bond,          
4.20%, 3/29/47   420    361 
Republic of South Africa Government Bond,          
8.00%, 1/31/30  ZAR22,750    1,194 
8.25%, 3/31/32   92,280    4,632 
         19,234 
Supranational (0.2%)          
Banque Ouest Africaine de Developpement,          
2.75%, 1/22/33 (b)  EUR270    220 
4.70%, 10/22/31 (b)  $1,240    1,062 
         1,282 
Variable Rate Senior Loan Interest (0.1%)          
American Airlines, Inc.,          
2018 Term Loan B          
1 Month USD LIBOR + 1.75%, 3.19%, 6/27/25   970    914 
Total Fixed Income Securities (Cost $663,385)        589,832 
           
   Shares      
Short-Term Investments (14.9%)          
Investment Company (13.0%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (i) (Cost $78,013)   78,012,978    78,013 
Securities held as Collateral on Loaned Securities (0.6%)          
Investment Company (0.6%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (i) (Cost $3,500)   3,499,538    3,500 

 

   Face      
   Amount      
   (000)      
U.S. Treasury Security (1.3%)          
U.S. Treasury Bill          
3.84%, 3/16/23 (j) (Cost $7,743)  $      7,803    7,738 
Total Short-Term Investments (Cost $89,256)        89,251 
Total Investments (113.3%) (Cost $752,641) Including $6,013 of Securities Loaned (k)(l)(m)        679,083 
Liabilities in Excess of Other Assets (-13.3%)        (79,975)
Net Assets (100.0%)       $599,108 

 

 

 

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

 

(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 December 31, 2022. 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)Amount is less than 0.05%.
(e)Inverse Floating Rate Security - Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at December 31, 2022.
(f)Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of December 31, 2022.
(g)All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at December 31, 2022, were approximately $6,013,000 and $6,140,000, respectively. The Fund received cash collateral of approximately $3,500,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $2,640,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(h)Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date.
(i)The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended December 31, 2022, advisory fees paid were reduced by approximately $31,000 relating to the Fund's investment in the Liquidity Funds.
(j)Rate shown is the yield to maturity at December 31, 2022.
(k)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.
(l)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 three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions.
(m)At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,581,000 and the aggregate gross unrealized depreciation is approximately $78,472,000, resulting in net unrealized depreciation of approximately $76,891,000.
@ Value is less than $500.
CLO Collateralized Loan Obligation.
EURIBOR Euro Interbank Offered Rate.
IO Interest Only.
LIBOR London Interbank Offered Rate.
MTN Medium Term Note.
PAC Planned Amortization Class.
REMIC Real Estate Mortgage Investment Conduit.
SOFR Secured Overnight Financing Rate.
STRIPS Separate Trading of Registered Interest and Principal of Securities.
TBA To Be Announced.
USD United States Dollar.

 

 

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at December 31, 2022:

 

   Contracts   In      Unrealized 
   to   Exchange      Appreciation 
   Deliver   For   Delivery  (Depreciation) 
Counterparty  (000)   (000)   Date  (000) 
Australia & New Zealand Banking Group Ltd.  CAD15   $11   1/4/23  $ —@ 
Australia & New Zealand Banking Group Ltd.  $4,027   AUD6,020   2/9/23   77 
Australia & New Zealand Banking Group Ltd.  $11   CAD15   2/9/23   (—@)
Australia & New Zealand Banking Group Ltd.  $6,202   EUR5,960   2/9/23   194 
Bank of America NA  $1,470   MXN28,828   2/9/23   (—@)
Barclays Bank PLC  AUD6,040   $3,867   2/9/23   (251)
BNP Paribas SA  CNY24,384   $3,416   2/9/23   (102)
BNP Paribas SA  GBP6,136   $6,939   2/9/23   (485)
BNP Paribas SA  $23   CAD31   2/9/23   —@ 
BNP Paribas SA  $1,160   CNY8,047   2/9/23   1 
BNP Paribas SA  $778   CNY5,391   2/9/23   (1)
BNP Paribas SA  $785   CNY5,473   2/9/23   4 
Goldman Sachs International  $1,743   BRL9,071   2/9/23   (36)
HSBC Bank PLC  EUR15,826   $15,722   2/9/23   (1,259)
JPMorgan Chase Bank NA  SEK10,785   $1,050   2/9/23   14 
JPMorgan Chase Bank NA  $34   CAD46   2/9/23   (—@)
JPMorgan Chase Bank NA  $790   CNY5,473   2/9/23   (—@)
JPMorgan Chase Bank NA  $1,716   JPY250,153   2/9/23   199 
JPMorgan Chase Bank NA  $1,830   MXN36,286   2/9/23   20 
JPMorgan Chase Bank NA  ZAR97,138   $5,275   2/9/23   (424)
Royal Bank of Canada  CAD1,240   $920   2/9/23   4 
Royal Bank of Canada  $661   EUR625   2/9/23   10 
Royal Bank of Canada  $575   JPY77,508   2/9/23   18 
Royal Bank of Canada  $2,301   JPY310,031   2/9/23   72 
State Street Bank & Trust Co.  EUR1   $1   2/9/23   (—@)
UBS AG  CAD5,022   $3,693   2/9/23   (17)
UBS AG  $876   EUR828   2/9/23   12 
UBS AG  $67   GBP54   2/9/23   (1)
                $(1,951)

 

 

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Futures Contracts:

The Fund had the following futures contracts open at December 31, 2022:

 

                  Unrealized 
   Number      Notional       Appreciation 
   of   Expiration  Amount   Value   (Depreciation) 
   Contracts   Date  (000)   (000)   (000) 
Long:                      
U.S. Treasury 10 yr. Note  88   Mar-23  $8,800   $9,882   $(102)
U.S. Treasury 10 yr. Ultra Note  249   Mar-23   24,900    29,452    (87)
U.S. Treasury 5 yr. Note  271   Mar-23   27,100    29,249    (154)
U.S. Treasury Long Bond  398   Mar-23   39,800    49,887    (541)
U.S. Treasury Ultra Bond  229   Mar-23   22,900    30,758    (205)
                       
Short:                      
Euro-Buxl 30 yr. Bond  3   Mar-23  EUR(300)   (434)   78 
German Euro-OAT Index  11   Mar-23   (1,100)   (1,499)   97 
Japan 10 Yr. Bond Index  9   Mar-23  JPY(900,000)   (9,975)   182 
U.S. Treasury 2 yr. Note  171   Mar-23  $(34,200)   (35,069)   (12)
                    $(744)

 

Credit Default Swap Agreements: 

The Fund had the following credit default swap agreements open at December 31, 2022:

 

   Credit                    Upfront    
   Rating of              Notional     Payment  Unrealized 
Swap Counterparty and  Reference  Buy/Sell  Pay/Receive  Payment  Maturity  Amount  Value  Paid  Depreciation 
Reference Obligation  Obligation†  Protection  Fixed Rate  Frequency  Date  (000)  (000)  (000)  (000) 
Morgan Stanley & Co. LLC*                                
CDX.NA.HY.39  NR  Buy  5.00% Quarterly  12/20/27  $11,900  $(93) $545  $(638)

 

 

@   Value is less than $500.
*   Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.
†   Credit rating as issued by Standard & Poor’s.
BTP   Buoni del Tesoro Poliennali.
OAT   Obligations Assimilables du Trésor (Treasury Obligation).
NR   Not rated.
AUD — Australian Dollar
BRL — Brazilian Real
CAD — Canadian Dollar
CNY — Chinese Yuan Renminbi
EUR — Euro
GBP — British Pound
JPY — Japanese Yen
MXN — Mexican Peso
SEK — Swedish Krona
USD — United States Dollar
ZAR — South African Rand

 

 

Portfolio Composition*

 

   Percentage of 
Classification  Total Investments 
Agency Fixed Rate Mortgages   18.4%
Mortgages - Other   15.3 
Commercial Mortgage-Backed Securities   14.1 
Short-Term Investments   12.7 
Industrials   12.2 
Asset-Backed Securities   11.9 
Finance   9.5 
Other**   5.9 
Total Investments   100.0%***

 

 

*Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2022.

**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 $196,205,000 and net unrealized depreciation of approximately $744,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $1,951,000. Also does not include open swap agreements with total unrealized depreciation of approximately $638.

 

 

 

 

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)

 

   Face     
   Amount   Value 
   (000)   (000) 
Fixed Income Securities (97.1%)          
Commercial Mortgage-Backed Securities (2.5%)          
Credit Suisse Mortgage Trust, Class A          
1 Month Term SOFR + 3.14%, 7.48%, 9/9/24 (a)(b)  $1,100   $1,090 
J.P. Morgan Chase Commercial Mortgage Securities Trust          
1 Month Term SOFR + 2.18%, 6.51%, 8/15/39 (a)(b)   1,300    1,302 
Taurus 2018-2 UK DAC          
3 Month GBP SONIA + 1.22%, 4.50%, 5/22/28 (b)  GBP 588    704 
         3,096 
Corporate Bonds (94.6%)          
Finance (35.1%)          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,          
1.65%, 10/29/24  $625    577 
2.88%, 8/14/24   175    166 
3.00%, 10/29/28   925    777 
Air Lease Corp.,          
2.10%, 9/1/28   300    245 
4.63%, 10/1/28   1,250    1,172 
American National Group, Inc.          
6.14%, 6/13/32 (a)   550    522 
Aon Corp./Aon Global Holdings PLC          
2.60%, 12/2/31   625    512 
Australia & New Zealand Banking Group Ltd.          
2.57%, 11/25/35 (a)   300    221 
Avolon Holdings Funding Ltd.          
2.88%, 2/15/25 (a)   550    508 
Banco de Credito e Inversiones SA          
2.88%, 10/14/31 (a)   200    167 
Banco Santander SA,          
1.72%, 9/14/27   1,000    855 
4.18%, 3/24/28   600    557 
Bank Hapoalim BM          
3.26%, 1/21/32 (a)   725    627 
Bank of America Corp.,          
2.69%, 4/22/32   900    723 
3.85%, 3/8/37   800    665 
5.02%, 7/22/33   2,200    2,095 
Bank of Ireland Group PLC          
2.03%, 9/30/27 (a)   1,725    1,459 
Belrose Funding Trust          
2.33%, 8/15/30 (a)   475    361 
BNP Paribas SA          
4.40%, 8/14/28 (a)   375    355 
Boston Properties LP          
6.75%, 12/1/27   325    336 
BPCE SA,          
3.12%, 10/19/32 (a)   375    274 
3.65%, 1/14/37 (a)(c)   500    375 
5.15%, 7/21/24 (a)   1,025    1,004 
Capital One Financial Corp.          
3.27%, 3/1/30   850    728 
Carlyle Finance Subsidiary LLC          
3.50%, 9/19/29 (a)   425    360 
Charles Schwab Corp.,          
Series G          
5.38%, 1/6/25 (d)   650    639 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

CI Financial Corp.        
4.10%, 6/15/51   1,025    607 
Citigroup, Inc.,          
2.52%, 11/3/32   525    410 
3.06%, 1/25/33   1,175    951 
6.27%, 11/17/33   850    880 
Coinbase Global, Inc.          
3.38%, 10/1/28 (a)   190    101 
Corporate Office Properties LP          
2.75%, 4/15/31   850    638 
Credit Suisse Group AG          
9.02%, 11/15/33 (a)   1,250    1,283 
Deutsche Bank AG          
2.22%, 9/18/24   450    435 
Extra Space Storage LP Co.          
3.90%, 4/1/29   750    673 
First-Citizens Bank & Trust Co.          
2.97%, 9/27/25   775    733 
Global Atlantic Fin Co.          
4.40%, 10/15/29 (a)   1,375    1,154 
Goldman Sachs Group, Inc.          
2.62%, 4/22/32   3,200    2,559 
Grupo Aval Ltd.          
4.38%, 2/4/30 (a)   375    304 
High Street Funding Trust I          
4.11%, 2/15/28 (a)(c)   850    793 
HSBC Holdings PLC,          
1.59%, 5/24/27   1,250    1,079 
4.76%, 6/9/28   650    615 
Intact Financial Corp.          
5.46%, 9/22/32 (a)   850    841 
Intesa Sanpaolo SpA          
7.00%, 11/21/25 (a)   625    638 
Jefferies Group LLC/Jefferies Group Capital Finance, Inc.          
2.63%, 10/15/31   450    344 
JPMorgan Chase & Co.,          
1.95%, 2/4/32   1,475    1,132 
4.57%, 6/14/30   450    424 
KKR Group Finance Co. XII LLC          
4.85%, 5/17/32 (a)   175    164 
LeasePlan Corp. NV          
2.88%, 10/24/24 (a)   675    634 
Life Storage LP          
2.40%, 10/15/31   625    482 
Macquarie Group Ltd.          
2.87%, 1/14/33 (a)   575    443 
Marsh & McLennan Cos., Inc.          
5.88%, 8/1/33   350    370 
National Australia Bank Ltd.          
2.33%, 8/21/30 (a)   375    286 
Nordea Bank Abp          
5.38%, 9/22/27 (a)   625    629 
Radian Group, Inc.          
4.88%, 3/15/27   1,050    964 
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.          
3.88%, 3/1/31 (a)   345    264 
Sabra Health Care LP          
3.20%, 12/1/31   825    616 
Santander U.K. Group Holdings PLC          
6.83%, 11/21/26   625    634 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Shinhan Bank Co., Ltd.        
4.00%, 4/23/29 (a)   875    781 
Societe Generale SA          
2.89%, 6/9/32 (a)   200    154 
Stewart Information Services Corp.          
3.60%, 11/15/31   500    384 
Sun Communities Operating LP          
4.20%, 4/15/32   775    685 
SVB Financial Group,          
1.80%, 2/2/31 (c)   650    476 
4.10%, 2/15/31 (d)   123    71 
Swedbank AB          
3.36%, 4/4/25 (a)   350    337 
Synchrony Bank          
5.63%, 8/23/27   675    659 
Synchrony Financial          
4.88%, 6/13/25   175    171 
Synovus Financial Corp.          
5.20%, 8/11/25   475    469 
Toronto-Dominion Bank          
8.13%, 10/31/82   1,000    1,042 
Wells Fargo & Co.,          
MTN          
2.88%, 10/30/30   375    319 
Westpac Banking Corp.          
2.67%, 11/15/35   225    168 
         44,076 
Industrials (49.6%)          
AbbVie, Inc.,          
4.05%, 11/21/39   300    258 
4.25%, 11/21/49   350    292 
Adventist Health System          
5.43%, 3/1/32   700    692 
Airbnb, Inc.          
0.00%, 3/15/26   265    219 
Alaska Airlines 2020-1 Class A Pass Through Trust          
4.80%, 2/15/29 (a)   1,075    1,025 
Alibaba Group Holding Ltd.          
2.70%, 2/9/41   240    154 
Altria Group, Inc.          
3.40%, 2/4/41   350    233 
Amazon.com, Inc.,          
2.70%, 6/3/60   425    258 
4.70%, 12/1/32   875    869 
American Airlines, Inc./AAdvantage Loyalty IP Ltd.          
5.75%, 4/20/29 (a)   220    201 
Anheuser-Busch InBev Worldwide, Inc.,          
4.35%, 6/1/40   750    662 
4.60%, 4/15/48   309    270 
Apple, Inc.,          
2.38%, 2/8/41   425    302 
3.95%, 8/8/52   700    599 
AT&T, Inc.,          
2.55%, 12/1/33   825    636 
3.55%, 9/15/55   1,452    975 
Baidu, Inc.          
1.72%, 4/9/26   450    401 
BAT Capital Corp.,          
2.26%, 3/25/28   1,050    873 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

3.73%, 9/25/40   250    171 
Boeing Co.,          
2.95%, 2/1/30   675    573 
3.25%, 2/1/35   600    458 
BP Capital Markets PLC,          
4.38%, 6/22/25  (d)   1,050    962 
Braskem Netherlands Finance BV          
4.50%, 1/31/30 (a)   340    290 
Broadcom, Inc.,          
3.19%, 11/15/36 (a)   550    397 
3.42%, 4/15/33 (a)   225    181 
Brunswick Corp.          
5.10%, 4/1/52   425    307 
Cedars-Sinai Health System,          
Series 2021          
2.29%, 8/15/31   620    499 
Celanese U.S. Holdings LLC          
6.17%, 7/15/27   1,350    1,334 
Charter Communications Operating LLC/Charter Communications Operating Capital,          
2.80%, 4/1/31   275    215 
3.50%, 3/1/42   975    628 
5.13%, 7/1/49   500    380 
Comcast Corp.,          
3.75%, 4/1/40   575    477 
4.00%, 3/1/48   650    524 
CommonSpirit Health          
6.07%, 11/1/27   575    589 
Consorcio Transmantaro SA          
4.70%, 4/16/34 (a)   400    365 
Continental Resources, Inc.,          
2.27%, 11/15/26 (a)   275    239 
2.88%, 4/1/32 (a)   875    649 
Coterra Energy, Inc.          
3.90%, 5/15/27   950    888 
CVS Health Corp.,          
1.75%, 8/21/30   625    494 
5.05%, 3/25/48   650    587 
Daimler Trucks Finance North America LLC          
2.00%, 12/14/26 (a)   775    684 
Dell International LLC/EMC Corp.          
3.45%, 12/15/51 (a)   725    446 
Delta Air Lines, Inc./SkyMiles IP Ltd.          
4.50%, 10/20/25 (a)   1,025    1,001 
Diamondback Energy, Inc.          
3.13%, 3/24/31   600    498 
Dick's Sporting Goods, Inc.          
4.10%, 1/15/52   450    292 
DuPont de Nemours, Inc.          
5.32%, 11/15/38   225    217 
DXC Technology Co.          
1.80%, 9/15/26   950    829 
Enbridge, Inc.          
2.50%, 8/1/33   325    251 
Energy Transfer LP,          
5.00%, 5/15/50   125    100 
6.25%, 4/15/49   100    93 
Enterprise Products Operating LLC          
3.30%, 2/15/53   625    419 
EQT Corp.          
5.70%, 4/1/28   575    573 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Exelon Corp.        
4.10%, 3/15/52   225    181 
Ferguson Finance PLC          
4.65%, 4/20/32 (a)   300    274 
Ford Motor Credit Co., LLC,          
GMTN          
4.39%, 1/8/26   315    294 
General Motors Co.,          
6.60%, 4/1/36   325    319 
6.75%, 4/1/46   125    120 
Georgia-Pacific LLC          
2.30%, 4/30/30 (a)   650    541 
Glencore Funding LLC          
2.50%, 9/1/30 (a)(c)   600    488 
Global Payments, Inc.          
5.40%, 8/15/32   500    478 
Grifols SA          
2.25%, 11/15/27 (a)  EUR 310    291 
HCA, Inc.,          
4.63%, 3/15/52 (a)  $275    215 
5.25%, 6/15/49   550    471 
HF Sinclair Corp.          
5.88%, 4/1/26   500    501 
Hyundai Capital America          
3.00%, 2/10/27 (a)   1,200    1,079 
Imperial Brands Finance PLC,          
3.13%, 7/26/24 (a)   725    694 
6.13%, 7/27/27 (a)   400    399 
Intel Corp.,          
2.80%, 8/12/41   550    386 
3.25%, 11/15/49   300    206 
International Business Machines Corp.          
2.85%, 5/15/40   375    274 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.          
2.50%, 1/15/27 (a)   550    482 
JDE Peet's NV          
1.38%, 1/15/27 (a)   875    740 
JetBlue Pass Through Trust,          
Series AA          
2.75%, 11/15/33   433    356 
Kimberly-Clark de Mexico SAB de CV          
2.43%, 7/1/31 (a)   275    220 
Kinder Morgan, Inc.          
5.45%, 8/1/52   175    158 
Kyndryl Holdings, Inc.          
2.05%, 10/15/26   1,075    878 
Level 3 Financing, Inc.          
3.40%, 3/1/27 (a)   625    529 
Lowe's Cos., Inc.          
5.80%, 9/15/62   575    554 
Macy's Retail Holdings LLC          
5.88%, 3/15/30 (a)   405    352 
Marriott International, Inc.,          
Series HH          
2.85%, 4/15/31   1,075    873 
McDonald's Corp.          
4.45%, 9/1/48   350    306 
MDGH GMTN (RSC) Ltd.          
4.50%, 11/7/28 (a)   425    422 
Micron Technology, Inc.          
2.70%, 4/15/32   1,275    956 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Portfolio of Investments

First Quarter Report 

December 31, 2022 (unaudited)(cont’d)

 

Microsoft Corp.        
2.53%, 6/1/50   525    348 
Midwest Connector Capital Co. LLC          
4.63%, 4/1/29 (a)   600    543 
Minsur SA          
4.50%, 10/28/31 (a)   200    174 
MPLX LP          
5.20%, 12/1/47   100    86 
National Fuel Gas Co.          
2.95%, 3/1/31   1,036    814 
NBN Co. Ltd.          
2.63%, 5/5/31 (a)   1,225    973 
Newcastle Coal Infrastructure Group Pty Ltd.          
4.40%, 9/29/27 (a)   1,125    971 
Nissan Motor Co. Ltd.          
3.52%, 9/17/25 (a)   1,025    953 
NOVA Chemicals Corp.          
4.88%, 6/1/24 (a)   300    291 
ONEOK, Inc.,          
3.10%, 3/15/30   1,125    945 
3.40%, 9/1/29   275    238 
Oracle Corp.,          
3.60%, 4/1/50   525    356 
3.85%, 7/15/36   225    185 
Peloton Interactive, Inc.          
0.00%, 2/15/26   415    296 
Philip Morris International, Inc.          
5.75%, 11/17/32   300    307 
Prosus NV          
3.68%, 1/21/30 (a)   775    646 
Q-Park Holding I BV          
1.50%, 3/1/25 (a)  EUR 150    148 
QUALCOMM, Inc.          
1.65%, 5/20/32  $400    309 
Resorts World Las Vegas LLC/RWLV Capital, Inc.          
4.63%, 4/16/29 (a)   300    213 
RingCentral, Inc.          
0.00%, 3/15/26   175    138 
Rockies Express Pipeline LLC          
3.60%, 5/15/25 (a)   400    378 
Rogers Communications, Inc.          
4.55%, 3/15/52 (a)   550    429 
Sabine Pass Liquefaction LLC          
4.50%, 5/15/30   950    883 
Sealed Air Corp.          
1.57%, 10/15/26 (a)   800    692 
Sigma Alimentos SA de CV          
4.13%, 5/2/26   450    427 
Silgan Holdings, Inc.          
1.40%, 4/1/26 (a)   500    442 
Smithfield Foods, Inc.          
3.00%, 10/15/30 (a)   850    649 
Sodexo, Inc.          
2.72%, 4/16/31 (a)   675    540 
Spotify USA, Inc.          
0.00%, 3/15/26   165    134 
Standard Industries, Inc.          
2.25%, 11/21/26 (a)  EUR 100    92 
Syngenta Finance NV          
4.89%, 4/24/25 (a)  $300    291 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

T-Mobile USA, Inc.,          
2.25%, 11/15/31   725    572 
3.30%, 2/15/51   250    168 
Tencent Holdings Ltd.,          
2.39%, 6/3/30 (a)   200    163 
3.60%, 1/19/28 (a)   500    459 
3.98%, 4/11/29 (a)   300    277 
Transportadora de Gas Internacional SA ESP          
5.55%, 11/1/28 (a)   400    368 
Transurban Finance Co. Pty Ltd.          
2.45%, 3/16/31 (a)   500    394 
Uber Technologies, Inc.          
0.00%, 12/15/25 (c)   150    127 
Union Pacific Corp.          
4.95%, 9/9/52   350    338 
Var Energi ASA          
7.50%, 1/15/28 (a)   600    612 
Verizon Communications, Inc.,          
1.75%, 1/20/31   500    389 
2.36%, 3/15/32   250    199 
2.65%, 11/20/40   850    577 
3.40%, 3/22/41   300    227 
VICI Properties LP          
4.75%, 2/15/28   300    285 
VICI Properties LP/VICI Note Co., Inc.          
3.88%, 2/15/29 (a)   850    746 
Vontier Corp.          
2.95%, 4/1/31   725    525 
Walt Disney Co.          
3.50%, 5/13/40   450    364 
Warnermedia Holdings, Inc.,          
4.28%, 3/15/32 (a)   475    392 
5.05%, 3/15/42 (a)   325    250 
5.14%, 3/15/52 (a)   725    530 
Western Digital Corp.          
1.50%, 2/1/24 (e)   215    206 
Williams Cos., Inc.          
5.30%, 8/15/52   600    540 
Ziff Davis, Inc.          
1.75%, 11/1/26 (a)   200    200 
         62,365 
Utilities (9.9%)          
APA Infrastructure Ltd.          
4.20%, 3/23/25 (a)   300    290 
Berkshire Hathaway Energy Co.,          
2.85%, 5/15/51   350    231 
4.60%, 5/1/53 (a)   150    131 
Cleveland Electric Illuminating Co.          
4.55%, 11/15/30 (a)   250    235 
Consumers Energy Co.          
2.50%, 5/1/60   325    183 
Dominion Energy, Inc.          
5.38%, 11/15/32   400    398 
DTE Electric Co.          
3.95%, 3/1/49   450    371 
Duke Energy Corp.          
5.00%, 8/15/52   525    469 
Duke Energy Indiana LLC          
2.75%, 4/1/50   580    367 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Edison International        
6.95%, 11/15/29   825    863 
EDP Finance BV          
6.30%, 10/11/27 (a)   700    721 
Enel Finance International NV          
5.00%, 6/15/32 (a)   600    542 
Entergy Texas, Inc.          
3.55%, 9/30/49   200    144 
Fells Point Funding Trust          
3.05%, 1/31/27 (a)   1,275    1,162 
Interstate Power and Light Co.,          
2.30%, 6/1/30   300    246 
3.50%, 9/30/49   175    126 
Jersey Central Power & Light Co.          
2.75%, 3/1/32 (a)   375    304 
New England Power Co.          
5.94%, 11/25/52 (a)   300    310 
NextEra Energy Capital Holdings, Inc.          
3.00%, 1/15/52   475    312 
Niagara Mohawk Power Corp.          
2.76%, 1/10/32 (a)   800    651 
Northern States Power Co.          
2.90%, 3/1/50   350    241 
Pacific Gas and Electric Co.          
3.30%, 8/1/40   375    255 
PECO Energy Co.          
3.05%, 3/15/51   425    293 
Piedmont Natural Gas Co., Inc.          
2.50%, 3/15/31   475    389 
Public Service Co. of Colorado,          
Series 34          
3.20%, 3/1/50   275    196 
4.50%, 6/1/52   275    248 
Public Service Enterprise Group, Inc.          
2.45%, 11/15/31   525    421 
Southern California Edison Co.          
4.00%, 4/1/47   250    197 
Southern Co.          
4.40%, 7/1/46   525    440 
Union Electric Co.          
3.90%, 4/1/52   250    203 
Virginia Electric and Power Co.,          
2.45%, 12/15/50   275    164 
2.95%, 11/15/51   375    248 
Series C          
4.63%, 5/15/52   225    198 
Vistra Operations Co. LLC          
4.88%, 5/13/24 (a)   900    883 
         12,432 
Total Fixed Income Securities (Cost $136,510)        121,969 

 

   Shares     
Short-Term Investments (3.5%)          
Investment Company (0.9%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (f) (Cost $1,192)   1,191,553    1,192 
         
Securities held as Collateral on Loaned Securities (1.1%)        
Investment Company (1.1%)        
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (f) (Cost $1,369)   1,368,525    1,369 

 

   Face     
   Amount     
   (000)      
U.S. Treasury Security (1.5%)          
U.S. Treasury Bill          
3.84%, 3/16/23 (g)(h) (Cost $1,851)  $1,865    1,850 
Total Short-Term Investments (Cost $4,412)        4,411 
Total Investments (100.6%) (Cost $140,922) Including $1,480 of Securities Loaned (i)(j)(k)        126,380 
Liabilities in Excess of Other Assets (-0.6%)        (730)
Net Assets (100.0%)       $125,650 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Portfolio of Investments 

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

 

(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 December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.
(c)All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at December 31, 2022, were approximately $1,480,000 and $1,512,000, respectively. The received cash collateral of approximately $1,369,000, was subsequently invested in Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $143,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(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 December 31, 2022.
(e)Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date.
(f)The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended December 31, 2022, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.
(g)Rate shown is the yield to maturity at December 31, 2022.
(h)All or a portion of the security was pledged to cover margin requirements for futures contracts.
(i)Securities are available for collateral in connection with, purchase of open foreign currency forward exchange contracts and open futures contracts.
(j)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 three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions.
(k)At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $802,000 and the aggregate gross unrealized depreciation is approximately $15,269,000, resulting in net unrealized depreciation of approximately $14,467,000.
MTN Medium Term Note.
SOFR Secured Overnight Financing Rate.
SONIA Sterling Overnight Index Average.

 

 

 

 

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at December 31, 2022:

 

     Contracts   In      Unrealized   
     to   Exchange      Appreciation   
     Deliver   For   Delivery  (Depreciation)   
Counterparty    (000)   (000)   Date  (000)   
HSBC Bank PLC    EUR 531   $527   2/9/23  $(42)  
JPMorgan Chase Bank NA    EUR 2   $2   2/9/23   (—@)  
UBS AG    $9   EUR 9   2/9/23   —@  
UBS AG    $6   GBP 5   2/9/23   (—@)  
UBS AG    GBP 585   $663   2/9/23   (45)  
                  $(87)  

 

Futures Contracts:

The Fund had the following futures contracts open at December 31, 2022:

 

                    Unrealized 
   Number        Notional       Appreciation 
   of   Expiration    Amount   Value   (Depreciation) 
   Contracts   Date    (000)   (000)   (000) 
Long:                        
U.S. Treasury 2 yr. Note  75   Mar-23    $15,000   $15,381   $13 
U.S. Treasury Long Bond  85   Mar-23     8,500    10,654    (108)
U.S. Treasury Ultra Bond  38   Mar-23     3,800    5,104    (55)
                         
Short:                        
German Euro-BOBL Index  1   Mar-23    EUR (100)   (120)   5 
German Euro-Bund Index  1   Mar-23     (100)   (142)   10 
U.S. Treasury 10 yr. Note  73   Mar-23    $(7,300)   (8,198)   30 
U.S. Treasury 10 yr. Ultra Note  166   Mar-23     (16,600)   (19,635)   266 
U.S. Treasury 5 yr. Note  13   Mar-23     (1,300)   (1,403)   1 
                      $162 

 

 

@ Value is less than $500.          
EUR Euro.          
GBP British Pound.          

 

 

 

 

Portfolio Composition*

 

   Percentage of 
Classification  Total Investments 
Industrials   49.9%
Finance   35.3 
Utilities   9.9 
Others**   4.9 
Total Investments   100.0%***

 

 

*Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2022.
**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 $60,637,000 and net unrealized appreciation of approximately $162,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $87,000.

 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Discovery Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)

 

   Shares   Value
(000)		 
Common Stocks (95.4%)          
Biotechnology (1.0%)          
Intellia Therapeutics, Inc. (a)   119,608   $4,173 
ProKidney Corp. (a)(b)   788,497    5,409 
         9,582 
Chemicals (0.4%)          
Ginkgo Bioworks Holdings, Inc. (a)(b)   2,214,653    3,743 
           
Commercial Services & Supplies (0.2%)          
Aurora Innovation, Inc. (a)(b)   1,465,343    1,773 
           
Consumer Finance (0.5%)          
Upstart Holdings, Inc. (a)(b)   373,465    4,937 
           
Entertainment (4.5%)          
ROBLOX Corp., Class A (a)   1,455,645    41,428 
           
Health Care Providers & Services (7.1%)          
Agilon Health, Inc. (a)   3,655,191    58,995 
Guardant Health, Inc. (a)   228,675    6,220 
         65,215 
Health Care Technology (5.6%)          
Doximity, Inc., Class A (a)   1,546,285    51,893 
           
Information Technology Services (23.1%)          
Adyen NV (Netherlands) (a)   40,719    56,529 
Affirm Holdings, Inc. (a)   2,035,482    19,683 
Cloudflare, Inc., Class A (a)   1,299,441    58,748 
Shopify, Inc., Class A (Canada) (a)   474,000    16,453 
Snowflake, Inc., Class A (a)   432,439    62,072 
         213,485 
Interactive Media & Services (4.5%)          
ZoomInfo Technologies, Inc., Class A (a)   1,380,442    41,565 
           
Internet & Direct Marketing Retail (14.5%)          
Chewy, Inc., Class A (a)   1,115,102    41,348 
Coupang, Inc. (a)   1,500,013    22,065 
DoorDash, Inc., Class A (a)   849,350    41,465 
Global-e Online Ltd. (Israel) (a)   990,620    20,446 
Wayfair, Inc., Class A (a)(b)   277,276    9,120 
         134,444 
Leisure Products (1.6%)          
Peloton Interactive, Inc., Class A (a)(b)   1,868,575    14,836 
           
Life Sciences Tools & Services (3.2%)          
10X Genomics, Inc., Class A (a)   441,700    16,096 
Illumina, Inc. (a)   65,674    13,279 
         29,375 
Media (6.1%)          
Trade Desk, Inc., Class A (a)   1,253,264    56,184 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Discovery Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Pharmaceuticals (7.1%)          
Royalty Pharma PLC, Class A (United Kingdom)   1,673,034    66,118 
           
Road & Rail (2.1%)          
Grab Holdings Ltd., Class A (Singapore) (a)   5,925,433    19,080 
           
Software (13.6%)          
Bill.Com Holdings, Inc. (a)   451,227    49,166 
Datadog, Inc., Class A (a)   615,615    45,248 
Gitlab, Inc., Class A (a)(b)   358,980    16,312 
MicroStrategy, Inc., Class A (a)(b)   24,176    3,422 
Samsara, Inc., Class A (a)   938,514    11,666 
         125,814 
Specialty Retail (0.3%)          
Carvana Co. (a)(b)   622,742    2,952 
Total Common Stocks (Cost $1,599,760)        882,424 
           
Preferred Stock (2.6%)          
Software (2.6%)          
Databricks, Inc.(a)(c)(d)
(acquisition cost — $31,810 ; acquired 8/31/21) (Cost $31,810)		   432,882    23,813 
           
Investment Company (0.6%)          
Grayscale Bitcoin Trust (a) (Cost $29,298)   692,207    5,738 

 

   No. of
Warrants		     
Warrant (0.0%) (e)          
Chemicals (0.0%) (e)          
Ginkgo Bioworks Holdings, Inc. expires 12/31/27 (a) (Cost $656)   196,782    39 

 

   Shares     
Short-Term Investments (3.8%)          
Securities held as Collateral on Loaned Securities (2.6%)          
Investment Company (2.2%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f)   20,195,785    20,196 

 

   Face
Amount
(000)		     
Repurchase Agreements (0.4%)          
HSBC Securities USA, Inc., (4.27%, dated 12/30/22, due 1/3/23; proceeds $1,873; fully collateralized by a U.S. Government obligation; 4.38% due 5/15/41; valued at $1,911)  $1,873    1,873 
Merrill Lynch & Co., Inc., (4.25%, dated 12/30/22, due 1/3/23; proceeds $1,874; fully collateralized by a U.S. Government obligation; 1.50% due 2/15/25; valued at $1,911)   1,874    1,874 
         3,747 
Total Securities held as Collateral on Loaned Securities (Cost $23,943)        23,943 

 

   Shares     
Investment Company  (1.2%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $11,404)   11,403,678    11,404 
Total Short-Term Investments (Cost $35,347)        35,347 
Total Investments Excluding Purchased Options (102.4%) (Cost $1,696,871)        947,361 
Total Purchased Options Outstanding (0.2%) (Cost $2,783)        1,774 
Total Investments (102.6%) (Cost $1,699,654) Including $25,511 of Securities Loaned (g)(h)(i)(j)        949,135 
Liabilities in Excess of Other Assets (-2.6%)        (23,670)
Net Assets (100.0%)       $925,465 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Discovery Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

 

(a) Non-income producing security.
(b) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at December 31, 2022, were approximately $25,511,000 and $26,406,000, respectively. The Fund received cash collateral of approximately $23,943,000 which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The remaining collateral of approximately $2,463,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at December 31, 2022 amounts to approximately $23,813,000 and represents 2.6% of net assets.
(d) At December 31, 2022, the Fund held a fair valued security at approximately $23,813,000, representing 2.6% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Trust's (as defined herein) Trustees.
(e) Amount is less than 0.05%.
(f) The 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 three months ended December 31, 2022, advisory fees paid were reduced by approximately $19,000 relating to the Fund's investment in the Liquidity Funds.
(g) The approximate fair value and percentage of net assets, $56,529,000 and 6.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(h) 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 three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions.
(i) Securities are available for collateral in connection with purchased options.
(j) At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $10,369,000 and the aggregate gross unrealized depreciation is approximately $760,888,000, resulting in net unrealized depreciation of approximately $750,519,000.

 

Call Options Purchased:

The Fund had the following call options purchased open at December 31, 2022:

 

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		  Notional
Amount
(000)		  Value
(000)		  Premiums
Paid
(000)		  Unrealized
Depreciation
(000)		 
Goldman Sachs International  USD/CNH  CNH 7.87  Oct-23  2,378,602  2,379  $6  $11  $(5)
JP Morgan Chase Bank NA  USD/CNH  CNH 7.53  Jul-23  279,968,319  279,968   807   1,390   (583)
Standard Chartered Bank  USD/CNH  CNH 7.57  Aug-23  309,556,026  309,556   961   1,382   (421)
                    $1,774  $2,783  $(1,009)

 

CNH    — Chinese Yuan Renminbi Offshore

USD     — United States Dollar

 

 

 

 

Portfolio Composition*

 

Classification  Percentage of
Total Investments		 
Information Technology Services   23.1%
Others**   20.3 
Software   16.2 
Internet & Direct Marketing Retail   14.5 
Pharmaceuticals   7.2 
Health Care Providers & Services   7.0 
Media   6.1 
Health Care Technology   5.6 
Total Investments   100.0%

 

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2022.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)

 
   Shares   Value
(000)		 
Common Stocks (94.4%)          
Automobiles (0.8%)          
Ford Motor Co.   40,918   $476 
General Motors Co.   14,220    478 
         954 
Banks (3.6%)          
Citizens Financial Group, Inc.   21,821    859 
KeyCorp   49,944    870 
PacWest Bancorp   35,789    821 
Popular, Inc.   13,120    870 
Signature Bank   7,269    838 
         4,258 
Beverages (0.6%)          
Molson Coors Beverage Co., Class B   13,683    705 
           
Building Products (1.7%)          
Builders FirstSource, Inc. (a)   7,571    491 
Fortune Brands Innovations, Inc.   8,128    464 
Hayward Holdings, Inc. (a)   53,572    504 
Masterbrand, Inc.   8,128    61 
Owens Corning   5,407    461 
         1,981 
Capital Markets (2.6%)          
Carlyle Group, Inc.   26,108    779 
Invesco Ltd.   41,687    750 
State Street Corp.   10,147    787 
Virtu Financial, Inc., Class A   35,029    715 
         3,031 
Chemicals (2.7%)          
Chemours Co.   14,861    455 
Dow, Inc.   9,057    456 
Huntsman Corp.   16,288    448 
LyondellBasell Industries NV, Class A   5,595    465 
Mosaic Co.   9,763    428 
Olin Corp.   8,210    435 
Westlake Chemical Corp.   4,303    441 
         3,128 
Commercial Banks (0.7%)          
Western Alliance Bancorp   14,316    853 
           
Commercial Services & Supplies (0.3%)          
Clean Harbors, Inc. (a)   2,596    296 
           
Construction & Engineering (0.4%)          
MDU Resources Group, Inc.   16,124    489 
           
Consumer Finance (3.7%)          
Ally Financial, Inc.   30,441    744 
Capital One Financial Corp.   8,170    760 
Discover Financial Services   7,391    723 
OneMain Holdings, Inc.   20,469    682 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

SLM Corp.   45,794    760 
Synchrony Financial   21,941    721 
         4,390 
Containers & Packaging  (1.1%)          
Berry Global Group, Inc.   7,500    453 
International Paper Co.   12,627    437 
WestRock Co.   12,724    448 
         1,338 
Diversified Consumer Services (0.6%)          
ADT, Inc.   39,155    355 
H&R Block, Inc.   9,043    330 
         685 
Diversified Telecommunication Services (1.5%)          
Lumen Technologies, Inc.   333,122    1,739 
           
Electric Utilities (3.1%)          
Edison International   10,959    697 
Evergy, Inc.   12,327    775 
Hawaiian Electric Industries, Inc.   17,772    744 
NRG Energy, Inc.   21,488    684 
PG&E Corp. (a)   46,607    758 
         3,658 
Electrical Equipment (0.9%)          
Generac Holdings, Inc. (a)   5,333    537 
Regal Rexnord Corp.   4,079    489 
         1,026 
Electronic Equipment, Instruments & Components (1.8%)          
Arrow Electronics, Inc. (a)   4,181    437 
Avnet, Inc.   10,282    428 
Jabil, Inc.   6,267    427 
TD SYNNEX Corp.   4,559    432 
Vontier Corp.   23,305    450 
         2,174 
Equity Real Estate Investment Trusts (REITs) (5.8%)          
Annaly Capital Management, Inc. REIT   36,283    765 
Apartment Income Corp. REIT   11,732    403 
Boston Properties, Inc. REIT   6,477    438 
Cousins Properties, Inc. REIT   17,218    435 
Douglas Emmett, Inc. REIT   27,503    431 
EPR Properties REIT   10,235    386 
Highwoods Properties, Inc. REIT   15,307    428 
Kilroy Realty Corp. REIT   11,009    426 
Kimco Realty Corp. REIT   19,070    404 
Medical Properties Trust, Inc. REIT   35,458    395 
New Residential Investment Corp. REIT   85,551    699 
Omega Healthcare Investors, Inc. REIT   14,234    398 
SL Green Realty Corp. REIT   12,162    410 
VICI Properties, Inc. REIT   12,558    407 
Weyerhaeuser Co. REIT   13,389    415 
         6,840 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Food & Staples Retailing (1.1%)          
Walgreens Boots Alliance, Inc.   35,374    1,321 
           
Food Products (3.1%)          
Bunge Ltd.   7,653    763 
Darling Ingredients, Inc. (a)   11,690    732 
Pilgrim's Pride Corp. (a)   29,143    692 
Seaboard Corp.   186    702 
Tyson Foods, Inc., Class A   11,414    710 
         3,599 
Gas Utilities (1.2%)          
National Fuel Gas Co.   11,546    731 
UGI Corp.   18,763    695 
         1,426 
Health Care Equipment & Supplies (2.1%)          
Maravai LifeSciences Holdings, Inc. (a)   72,072    1,031 
QuidelOrtho Corp. (a)   6,045    518 
Sotera Health Co. (a)   110,634    922 
         2,471 
Health Care Providers & Services (5.3%)          
Centene Corp. (a)   6,452    529 
Cigna Corp.   1,694    561 
CVS Health Corp.   5,516    514 
DaVita, Inc. (a)   7,548    564 
ENHABIT, Inc. (a)   39,012    513 
Henry Schein, Inc. (a)   6,930    553 
Laboratory Corp. of America Holdings   2,393    564 
Premier, Inc., Class A   16,918    592 
Quest Diagnostics, Inc.   3,775    591 
Tenet Healthcare Corp. (a)   12,544    612 
Universal Health Services, Inc., Class B   4,407    621 
         6,214 
Health Care Technology (0.5%)          
Envista Holdings Corp. (a)   17,158    578 
           
Hotels, Restaurants & Leisure (1.9%)          
Aramark   9,277    384 
Boyd Gaming Corp.   6,502    355 
Marriott Vacations Worldwide Corp.   2,730    367 
Penn National Gaming, Inc. (a)   11,335    337 
Six Flags Entertainment Corp. (a)   17,827    414 
Travel & Leisure Co.   10,332    376 
         2,233 
Household Durables (1.4%)          
Lennar Corp., Class A   3,080    279 
Lennar Corp., Class B   3,727    279 
Mohawk Industries, Inc. (a)   2,833    289 
Newell Brands, Inc.   21,233    278 
Pulte Group, Inc.   6,128    279 
Toll Brothers, Inc.   5,547    277 
         1,681 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Independent Power Producers & Energy Traders (0.6%)          
Vistra Corp.   30,463    707 
           
Information Technology Services (4.3%)          
Akamai Technologies, Inc. (a)   3,462    292 
Amdocs Ltd.   3,512    319 
Cognizant Technology Solutions Corp., Class A   5,231    299 
Concentrix Corp.   2,663    355 
DXC Technology Co. (a)   11,589    307 
Euronet Worldwide, Inc. (a)   3,472    328 
Fidelity National Information Services, Inc.   4,531    308 
Fiserv, Inc. (a)   3,090    312 
FleetCor Technologies, Inc. (a)   1,689    310 
Genpact Ltd.   6,981    323 
Global Payments, Inc.   3,187    317 
International Business Machines Corp.   2,111    298 
Kyndryl Holdings, Inc. (a)   28,539    317 
SS&C Technologies Holdings, Inc.   6,163    321 
Western Union Co.   22,453    309 
WEX, Inc. (a)   1,945    318 
         5,033 
Insurance (3.6%)          
American International Group, Inc.   8,476    536 
Axis Capital Holdings Ltd.   9,221    500 
CNA Financial Corp.   12,670    536 
F&G Annuities & Life, Inc. (a)   1    —@ 
Fidelity National Financial, Inc.   14,150    532 
First American Financial Corp.   10,133    530 
Old Republic International Corp.   22,015    532 
Principal Financial Group, Inc.   5,800    487 
Unum Group   12,732    522 
         4,175 
Life Sciences Tools & Services (0.8%)          
Syneos Health, Inc. (a)   26,898    987 
           
Machinery (3.3%)          
AGCO Corp.   3,646    506 
Allison Transmission Holdings, Inc.   11,180    465 
Esab Corp.   10,563    496 
Gates Industrial Corp. PLC (a)   45,076    514 
PACCAR, Inc.   4,711    466 
Pentair PLC   10,937    492 
Stanley Black & Decker, Inc.   6,268    471 
Timken Co.   7,031    497 
         3,907 
Media (4.8%)          
Altice USA, Inc., Class A (a)   163,702    753 
Comcast Corp., Class A   18,058    631 
DISH Network Corp., Class A (a)   42,857    602 
Fox Corp., Class A   20,477    622 
Fox Corp., Class B   21,743    618 
Liberty Media Corp-Liberty SiriusXM, Class A (a)   14,957    588 
Liberty Media Corp-Liberty SiriusXM, Class C (a)   14,995    587 
Nexstar Media Group, Inc., Class A   3,445    603 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Paramount Global, Class B   34,515    583 
         5,587 
Metals & Mining (0.8%)          
Cleveland-Cliffs, Inc. (a)   28,697    462 
Reliance Steel & Aluminum Co.   2,208    447 
         909 
Multi-Line Retail (0.6%)          
Macy's, Inc.   16,964    350 
Nordstrom, Inc.   21,708    351 
         701 
Oil, Gas & Consumable Fuels (6.4%)          
Chesapeake Energy Corp.   11,393    1,075 
EQT Corp.   29,302    991 
HF Sinclair Corp.   20,964    1,088 
Ovintiv, Inc.   21,442    1,087 
PDC Energy, Inc.   16,138    1,025 
Phillips 66   10,484    1,091 
Valero Energy Corp.   9,002    1,142 
         7,499 
Personal Products (1.3%)          
Coty, Inc., Class A (a)   93,297    798 
Olaplex Holdings, Inc. (a)   133,358    695 
         1,493 
Pharmaceuticals (6.3%)          
Bristol-Myers Squibb Co.   11,492    827 
Catalent, Inc. (a)   19,484    877 
Elanco Animal Health, Inc. (a)   73,144    894 
Jazz Pharmaceuticals PLC (a)   6,097    971 
Organon & Co.   35,490    991 
Perrigo Co. PLC   28,959    987 
Pfizer, Inc.   18,210    933 
Viatris, Inc.   84,127    937 
         7,417 
Professional Services (1.0%)          
Dun & Bradstreet Holdings, Inc.   22,621    277 
ManpowerGroup, Inc.   3,551    296 
Robert Half International, Inc.   4,130    305 
Science Applications International Corp.   2,725    302 
         1,180 
Real Estate Management & Development (0.4%)          
Jones Lang LaSalle, Inc. (a)   2,636    420 
           
Road & Rail (1.8%)          
Avis Budget Group, Inc. (a)   1,957    321 
Hertz Global Holdings, Inc. (a)   22,911    353 
Knight-Swift Transportation Holdings, Inc.   6,735    353 
Schneider National, Inc., Class B   15,121    354 
U-Haul Holding Co.   5,881    354 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

XPO Logistics, Inc. (a)   10,501    349 
         2,084 
Semiconductors & Semiconductor Equipment (2.4%)          
Cirrus Logic, Inc. (a)   6,467    481 
Intel Corp.   16,637    440 
Micron Technology, Inc.   8,780    439 
MKS Instruments, Inc.   5,839    495 
Qorvo, Inc. (a)   4,940    448 
Skyworks Solutions, Inc.   5,127    467 
         2,770 
Software (1.3%)          
AppLovin Corp., Class A (a)   28,831    303 
Dropbox, Inc., Class A (a)   14,103    316 
Gen Digital, Inc.   13,669    293 
NCR Corp. (a)   13,602    318 
Zoom Video Communications, Inc., Class A (a)   4,399    298 
         1,528 
Specialty Retail (1.8%)          
AutoNation, Inc. (a)   3,236    347 
Dick's Sporting Goods, Inc.   3,335    401 
Lithia Motors, Inc., Class A   1,709    350 
Penske Automotive Group, Inc.   3,083    354 
Victoria's Secret & Co. (a)   8,748    313 
Williams-Sonoma, Inc.   3,496    402 
         2,167 
Tech Hardware, Storage & Peripherals (0.7%)          
Dell Technologies, Inc., Class C   10,410    419 
Hewlett Packard Enterprise Co.   27,503    439 
         858 
Textiles, Apparel & Luxury Goods (0.2%)          
PVH Corp.   3,777    267 
           
Thrifts & Mortgage Finance (1.5%)          
MGIC Investment Corp.   66,393    863 
New York Community Bancorp, Inc.   99,778    858 
         1,721 
Trading Companies & Distributors (2.0%)          
Air Lease Corp.   12,808    492 
Core & Main, Inc., Class A (a)   23,424    452 
United Rentals, Inc. (a)   1,384    492 
Univar Solutions, Inc. (a)   14,747    469 
WESCO International, Inc. (a)   3,990    500 
         2,405 
Total Common Stocks (Cost $117,967)        110,883 
           
Short-Term Investment (4.9%)          
Investment Company (4.9%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (b) (Cost $5,754)   5,754,004    5,754 
Total Investments (99.3%) (Cost $123,721) (c)(d)(e)        116,637 
Other Assets in Excess of Liabilities (0.7%)        868 
Net Assets (100.0%)       $117,505 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

 

(a) Non-income producing security.
(b) 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 three months ended December 31, 2022, advisory fees paid were approximately $4,000 relating to the fund's investment in the Liquidity Funds.
(c) Securities are available for collateral in connection with purchase of swap agreements.
(d) 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 three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions.
(e) At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,963,000 and the aggregate gross unrealized depreciation is approximately $10,834,000, resulting in net unrealized depreciation of approximately $6,871,000.
@ Value is less than $500.
REIT Real Estate Investment Trust.

 

Total Return Swap Agreements:

The Fund had the following total return swap agreements open at December 31, 2022:

 

Swap Counterparty  Index  Pay/Receive
Total Return
of Referenced
Index		  Floating
Rate		  Payment
Frequency		  Maturity
Date		  Notional
Amount
(000)		  Value
(000)		   Upfront
Payment
Paid
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
JPMorgan Chase Bank NA  JP Morgan Russell 1000 Anti-Value Index††  Pay  SOFR + 0.15%  Quarterly  12/11/23  $ 35,377         817   $—   $817 
JPMorgan Chase Bank NA  JP Morgan Russell 1000 Value Index††  Receive  SOFR + 0.15%  Quarterly  12/11/23  41,318   (604)   —    (604)
                       $213   $—   $213 

 

 

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

 

 

 

 

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

The following table represents the equity basket holdings underlying the total return swap with JPM Russell 1000 Anti-Value Index as of December 31, 2022:

 

Security Description  Shares   Value
(000)		   Index
Weight		 
JPM Russell 1000 Anti-Value Index               
10X Genomics, Inc.   1,068   $39    0.54%
Alnylam Pharmaceuticals, Inc.   160    38    0.52 
Alteryx, Inc.   854    43    0.60 
Ameren Corp.   425    38    0.52 
Aptargroup, Inc.   345    38    0.52 
Atlassian Corp.   294    38    0.52 
Boeing Co.   208    40    0.54 
Cloudflare, Inc.   829    37    0.52 
Cms Energy Corp.   602    38    0.52 
Confluent, Inc.   1,749    39    0.53 
Coupa Software, Inc.   602    48    0.66 
Datadog, Inc.   537    39    0.54 
Deckers Outdoor Corp.   98    39    0.54 
Estee Lauder Cos, Inc.   158    39    0.54 
First Republic Bank   313    38    0.53 
Five9, Inc.   572    39    0.53 
Grocery Outlet Holding Corp.   1,281    37    0.51 
Hess Corp.   273    39    0.53 
Hubspot, Inc.   133    39    0.53 
Jpmorgan Chase & Co.   280    37    0.52 
Lyft, Inc.   3,571    39    0.54 
Madison Square Garden Sports Corp.   231    42    0.58 
Markel Corp.   28    37    0.51 
Mongodb, Inc.   208    41    0.56 
Msa Safety, Inc.   274    39    0.54 
Natera, Inc.   959    39    0.53 
Nike, Inc.   339    40    0.55 
Norfolk Southern Corp.   152    38    0.52 
Nov, Inc.   1,804    38    0.52 
O'Reilly Automotive, Inc.   45    38    0.52 
Pinterest, Inc.   1,618    39    0.54 
Planet Fitness, Inc.   482    38    0.52 
Pnc Financial Services Group, Inc.   237    38    0.52 
Public Service Enterprise Group, Inc.   613    38    0.52 
Ryan Specialty Holdings, Inc.   904    38    0.52 
Sarepta Therapeutics, Inc.   307    40    0.55 
Schlumberger Ltd.   738    39    0.54 
Seagen, Inc.   309    40    0.55 
Smartsheet, Inc.   1,025    40    0.55 
Snowflake, Inc.   268    38    0.53 
Spirit Aerosystems Holdings, Inc.   1,392    41    0.57 
Spotify Technology SA   487    38    0.53 
Tandem Diabetes Care, Inc.   872    39    0.54 
Tfs Financial Corp.   2,681    39    0.53 
Toro Co.   333    38    0.52 
Transdigm Group, Inc.   60    38    0.52 
Ultragenyx Pharmaceutical, Inc.   930    43    0.59 
Under Armour, Inc.   3,907    40    0.55 
White Mountains Insurance Group Ltd.   28    40    0.55 
Zoominfo Technologies, Inc.   1,299    39    0.54 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

The following table represents the equity basket holdings underlying the total return swap with JPM Russell 1000 Value Index as of December 31, 2022:

 

Security Description  Shares   Value
(000)		   Index
Weight		 
JPM Russell 1000 Value Index               
Ally Financial, Inc.   3,044   $74    0.76%
Annaly Capital Management, Inc.   3,588    76    0.77 
Bristol-Myers Squibb Co.   1,197    86    0.88 
Bunge Ltd.   749    75    0.76 
Capital One Financial Corp.   817    76    0.78 
Carlyle Group, Inc.   2,617    78    0.80 
Catalent, Inc.   2,032    91    0.93 
Chesapeake Energy Corp.   1,215    115    1.17 
Citizens Financial Group, Inc.   2,236    88    0.90 
Coty, Inc.   9,117    78    0.80 
Darling Ingredients, Inc.   1,138    71    0.73 
Discover Financial Services   735    72    0.73 
Elanco Animal Health, Inc.   7,590    93    0.95 
EQT Corp.   3,172    107    1.10 
Evergy, Inc.   1,186    75    0.76 
Hawaiian Electric Industries, Inc.   1,732    72    0.74 
Hf Sinclair Corp.   2,276    118    1.21 
Invesco Ltd.   4,150    75    0.76 
Jazz Pharmaceuticals PLC   634    101    1.03 
Keycorp   5,112    89    0.91 
Lumen Technologies, Inc.   38,211    199    2.04 
Maravai Lifesciences Holdings, Inc.   7,512    108    1.10 
Mgic Investment Corp.   6,818    89    0.91 
Molson Coors Beverage Co.   1,349    70    0.71 
National Fuel Gas Co.   1,123    71    0.73 
New York Community Bancorp, Inc.   10,259    88    0.90 
Organon & Co.   3,674    103    1.05 
Ovintiv, Inc.   2,328    118    1.21 
Pacwest Bancorp   3,667    84    0.86 
Pdc Energy, Inc.   1,751    111    1.14 
Perrigo Co PLC   3,024    103    1.05 
Pfizer, Inc.   1,902    97    1.00 
PG&E Corp.   4,515    73    0.75 
Phillips 66   1,130    118    1.20 
Popular, Inc.   1,351    90    0.92 
Rithm Capital Corp.   8,496    69    0.71 
Seaboard Corp.   19    70    0.71 
Signature Bank   757    87    0.89 
Slm Corp.   4,575    76    0.78 
Sotera Health Co.   11,504    96    0.98 
State Street Corp.   947    73    0.75 
Synchrony Financial   2,201    72    0.74 
Syneos Health, Inc.   2,822    104    1.06 
Tyson Foods, Inc.   1,120    70    0.71 
Valero Energy Corp.   969    123    1.26 
Viatris, Inc.   8,764    98    1.00 
Virtu Financial, Inc.   3,505    72    0.73 
Vistra Corp.   2,979    69    0.71 
Walgreens Boots Alliance, Inc.   4,015    150    1.53 
Western Alliance Bancorp   1,471    88    0.89 

 

SOFR Secured Overnight Financing Rate.

 

 

 

  

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Others*   76.0%
Oil, Gas & Consumable Fuels   6.4 
Pharmaceuticals   6.4 
Equity Real Estate Investment Trusts (REITs)   5.9 
Health Care Providers & Services   5.3 
Total Investments   100.0%**

 

 

* Industries and/or investment types representing less than 5% of total investments.
** Does not include open swap agreements with net unrealized appreciation of approximately $213,000.

 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)

 

  Face
Amount
(000)		   Value
(000)		 
Fixed Income Securities (52.9%)          
Agency Fixed Rate Mortgages (4.0%)          
United States (4.0%)          
Federal Home Loan Mortgage Corporation,          
Conventional Pools:          
2.50%, 4/1/52  $2,520   $2,075 
4.50%, 1/1/49   59    58 
Gold Pools:          
3.50%, 1/1/44 – 6/1/45   493    462 
4.50%, 1/1/49   16    15 
6.50%, 5/1/32 – 7/1/32   22    24 
7.50%, 5/1/35   2    2 
Federal National Mortgage Association,          
Conventional Pools:          
3.00%, 7/1/49   224    200 
3.50%, 3/1/47 – 1/1/51   1,073    991 
4.00%, 4/1/45 – 9/1/45   518    499 
4.50%, 3/1/41 – 11/1/44   85    84 
5.00%, 1/1/41 – 3/1/41   214    217 
6.00%, 1/1/38   2    2 
6.50%, 12/1/29   5    5 
7.50%, 8/1/37   3    3 
January TBA:          
2.00%, 1/1/53 (a)     1,900    1,551 
2.50%, 1/1/53 (a)   3,000    2,544 
3.00%, 1/1/53 (a)   5,150    4,525 
4.00%, 1/1/53 (a)   300    282 
5.00%, 1/1/53 (a)   1,750    1,726 
6.00%, 1/1/53 (a)   2,200    2,234 
Government National Mortgage Association,          
Various Pools:          
4.00%, 8/20/41 – 11/20/42   131    126 
4.50%, 6/20/49   31    30 
5.00%, 2/20/49 – 6/20/49   60    59 
5.50%, 8/15/39   15    16 
         17,730 
Asset-Backed Securities (0.3%)          
United States (0.3%)          
Harbor Group International LLC,          
1 Month USD LIBOR + 1.00%, 5.33%, 9/17/36 (b)(c)   500    476 
Renaissance Home Equity Loan Trust,          
1 Month USD LIBOR + 0.76%, 5.15%, 12/25/32 (c)   187    171 
SASCO Mortgage Loan Trust,          
1 Month USD LIBOR + 2.18%, 4.43%, 5/25/34 (c)   128    126 
SLM Student Loan Trust,          
3 Month EURIBOR + 0.55%, 2.09%, 7/25/39 (c)  EUR 335    344 
         1,117 
Commercial Mortgage-Backed Securities (0.5%)          
United Kingdom  (0.1%)          
Taurus 2018-2 UK DAC,          
4.50%, 5/22/28 (c)  GBP 147    176 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

United States (0.4%)        
Ashford Hospitality Trust,        
1 Month USD LIBOR + 1.85%, 6.17%, 6/15/35 (b)(c)  $250    239 
Commercial Mortgage Trust,          
4.75%, 7/15/47 (b)(c)   152    138 
Life Mortgage Trust,          
1 Month Term SOFR + 1.30%, 5.63%, 5/15/39 (b)(c)   500    489 
Taubman Centers Commercial Mortgage Trust,          
1 Month Term SOFR + 2.19%, 6.52%, 5/15/37 (b)(c)   500    487 
WFRBS Commercial Mortgage Trust,          
4.00%, 10/15/57 (b)(c)   200    175 
4.98%, 9/15/46 (b)(c)   375    338 
         1,866 
         2,042 
Corporate Bonds (10.2%)          
Australia (0.5%)          
Australia & New Zealand Banking Group Ltd.,          
2.57%, 11/25/35 (b)   600    442 
Commonwealth Bank of Australia,          
1.94%, 10/3/29  EUR 400    404 
Macquarie Group Ltd.,          
4.15%, 3/27/24 (b)  $225    224 
NBN Co. Ltd.,          
2.63%, 5/5/31 (b)     575    457 
Transurban Finance Co. Pty Ltd.,          
2.00%, 8/28/25  EUR 350    361 
Westpac Banking Corp.,          
2.67%, 11/15/35  $650    484 
         2,372 
Canada (0.6%)          
Enbridge, Inc.,          
2.50%, 1/15/25   600    568 
Province of Ontario Canada,          
2.30%, 6/15/26   970    901 
Province of Quebec Canada,          
0.00%, 10/29/30  EUR 1,080    893 
Rogers Communications, Inc.,          
3.80%, 3/15/32 (b)  $525    455 
         2,817 
China (0.1%)          
Alibaba Group Holding Ltd.,          
2.13%, 2/9/31   400    319 
           
Colombia (0.2%)          
Ecopetrol SA,          
5.88%, 9/18/23   1,000    996 
           
France (0.6%)          
AXA SA,          
3.25%, 5/28/49  EUR 500    476 
Banque Federative du Credit Mutuel SA,          
0.75%, 7/17/25   400    400 
BNP Paribas SA,          
1.13%, 6/11/26   485    475 
1.25%, 7/13/31  GBP 200    172 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

BPCE SA,        
5.15%, 7/21/24 (b)  $925    906 
Orange SA,          
5.00%, 10/1/26 (d)  EUR 250    269 
TotalEnergies SE,          
2.71%, 5/5/23 (d)   100    106 
         2,804 
Germany (0.9%)          
Bayer US Finance II LLC,          
3.88%, 12/15/23 (b)  $875    863 
Daimler Finance North America LLC,          
0.75%, 3/1/24 (b)   550    522 
Deutsche Bank AG,          
2.22%, 9/18/24   250    241 
Series E          
0.96%, 11/8/23   375    361 
Deutsche Telekom International Finance BV,          
4.38%, 6/21/28 (b)   625    601 
Kreditanstalt fuer Wiederaufbau,          
1.13%, 9/15/32  EUR 810    728 
Volkswagen International Finance NV,          
Series 10Y          
1.88%, 3/30/27   500    483 
         3,799 
India (0.3%)          
Indian Railway Finance Corp. Ltd.,          
3.57%, 1/21/32 (b)  $200    172 
ONGC Videsh Vankorneft Pte Ltd.,          
3.75%, 7/27/26     1,050    982 
         1,154 
Ireland (0.2%)          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,          
2.45%, 10/29/26   425    372 
Avolon Holdings Funding Ltd.,          
2.88%, 2/15/25 (b)   325    301 
         673 
Italy (0.1%)          
Assicurazioni Generali SpA,          
5.50%, 10/27/47  EUR 400    433 
           
Japan (0.2%)          
NTT Finance Corp.,          
1.59%, 4/3/28 (b)  $800    672 
           
Korea, Republic of (0.4%)          
Korea Electric Power Corp.,          
2.50%, 6/24/24 (b)   810    779 
Korea Hydro & Nuclear Power Co., Ltd.,          
3.75%, 7/25/23 (b)   510    508 
Korea Southern Power Co. Ltd.,          
0.75%, 1/27/26 (b)   730    641 
         1,928 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Luxembourg (0.1%)          
Blackstone Property Partners Europe Holdings Sarl,          
1.25%, 4/26/27  EUR 400    335 
Logicor Financing Sarl,          
1.50%, 7/13/26   300    272 
         607 
Mexico (0.1%)          
Fomento Economico Mexicano SAB de CV,          
0.50%, 5/28/28   500    438 
           
Netherlands (0.1%)          
ASR Nederland NV,          
5.00%, 9/30/24 (d)   425    452 
           
Qatar  (0.0%) (e)          
Ooredoo International Finance Ltd.,          
2.63%, 4/8/31 (b)  $200    172 
           
Spain (0.4%)          
Banco Santander SA,          
3.13%, 1/19/27  EUR 400    411 
5.18%, 11/19/25  $800    788 
CaixaBank SA,          
0.75%, 4/18/23  EUR 400    426 
         1,625 
Sweden (0.1%)          
Akelius Residential Property Financing BV,          
1.13%, 1/11/29   400    332 
           
Switzerland (0.0%) (e)          
Syngenta Finance NV,          
4.44%, 4/24/23 (b)  $200    199 
           
United Arab Emirates (0.2%)          
ADCB Finance Cayman Ltd.,          
4.00%, 3/29/23 (b)     200    199 
Galaxy Pipeline Assets Bidco Ltd.,          
2.63%, 3/31/36 (b)   650    526 
         725 
United Kingdom (1.0%)          
BAT Capital Corp.,          
3.56%, 8/15/27   675    618 
HSBC Holdings PLC,          
2.26%, 11/13/26  GBP 300    327 
2.63%, 11/7/25  $525    493 
7.39%, 11/3/28   775    816 
Lloyds Banking Group PLC,          
1.75%, 9/7/28  EUR 330    340 
2.25%, 10/16/24  GBP 400    459 
Nationwide Building Society,          
3.77%, 3/8/24 (b)  $300    298 
4.36%, 8/1/24 (b)   200    198 
National Grid Electricity Distribution West Midlands PLC,          
5.75%, 4/16/32   200    245 
NGG Finance PLC,          
5.63%, 6/18/73  GBP 350    401 
         4,195 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

United States (4.1%)          
Amazon.com, Inc.,          
2.70%, 6/3/60  $250    152 
American Express Co.,          
2.55%, 3/4/27   300    273 
American Tower Corp.,          
1.60%, 4/15/26   175    156 
Aon Corp.,          
2.80%, 5/15/30   250    214 
AT&T, Inc.,          
1.80%, 9/5/26  EUR 400    399 
2.90%, 12/4/26  GBP 350    391 
Bank of America Corp.,          
2.69%, 4/22/32  $325    261 
3.71%, 4/24/28   600    556 
3.85%, 3/8/37   150    125 
5.02%, 7/22/33   125    119 
Capital One Financial Corp.,          
3.30%, 10/30/24   425    410 
CDW LLC/CDW Finance Corp.,          
2.67%, 12/1/26   100    89 
Celanese U.S. Holdings LLC,          
6.17%, 7/15/27   550    543 
Charter Communications Operating LLC/Charter Communications Operating Capital,          
2.80%, 4/1/31   275    215 
3.50%, 3/1/42   125    80 
5.13%, 7/1/49   125    95 
Chubb INA Holdings, Inc.,          
0.88%, 6/15/27  EUR 400    375 
Cigna Corp.,          
3.88%, 10/15/47  $200    156 
Citigroup, Inc.,          
2.52%, 11/3/32   725    566 
3.06%, 1/25/33   300    243 
Comcast Corp.,          
1.95%, 1/15/31   675    547 
CVS Health Corp.,          
5.05%, 3/25/48   375    338 
Deere & Co.,          
3.10%, 4/15/30   450    404 
Energy Transfer LP,          
2.90%, 5/15/25     775    730 
Enterprise Products Operating LLC,          
3.95%, 1/31/60   275    200 
Georgia-Pacific LLC,          
2.30%, 4/30/30 (b)   950    791 
Global Payments, Inc.,          
4.95%, 8/15/27   475    461 
Goldman Sachs Group, Inc.,          
2.62%, 4/22/32   775    620 
HCA, Inc.,          
5.25%, 6/15/49   250    214 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,          
2.50%, 1/15/27 (b)   350    307 
Jersey Central Power & Light Co.,          
2.75%, 3/1/32 (b)   500    405 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

JPMorgan Chase & Co.,          
1.95%, 2/4/32   1,000    767 
Level 3 Financing, Inc.,          
3.40%, 3/1/27 (b)   550    466 
Lowe's Cos., Inc.,          
1.30%, 4/15/28   425    354 
1.70%, 10/15/30   475    373 
McDonald's Corp.,          
MTN          
3.38%, 5/26/25   350    339 
Medtronic Global Holdings SCA,          
1.00%, 7/2/31  EUR 250    215 
Metropolitan Life Global Funding I,          
2.95%, 4/9/30 (b)  $575    500 
NextEra Energy Capital Holdings, Inc.,          
2.75%, 11/1/29     525    455 
NVIDIA Corp.,          
2.85%, 4/1/30   900    787 
PepsiCo, Inc.,          
2.63%, 4/28/26  EUR 400    420 
Prologis Euro Finance LLC,         
1.88%, 1/5/29   300    283 
Thermo Fisher Scientific Finance I BV,          
2.00%, 10/18/51   100    68 
Thermo Fisher Scientific, Inc.,          
0.88%, 10/1/31   650    551 
1.88%, 10/1/49   100    69 
Upjohn Finance BV,          
1.91%, 6/23/32   550    452 
Verizon Communications, Inc.,          
1.13%, 11/3/28  GBP 300    292 
3.40%, 3/22/41  $375    283 
Vontier Corp.,          
2.40%, 4/1/28   250    201 
Walt Disney Co.,          
2.65%, 1/13/31   300    257 
Warnermedia Holdings, Inc.,          
4.28%, 3/15/32 (b)   375    310 
5.05%, 3/15/42 (b)   125    96 
Wells Fargo & Co.,          
MTN          
2.88%, 10/30/30   375    319 
         18,292 
         45,004 
Mortgages - Other (1.2%)          
Germany (0.0%) (e)          
Berg Finance,          
2.55%, 4/22/33 (c)  EUR 144    146 
           
Ireland (0.1%)          
Glenbeigh 2 Issuer 2021-2 DAC,          
3 Month EURIBOR + 0.75%, 2.88%, 6/24/50 (b)(c)   378    394 
           
Netherlands  (0.0%) (e)          
E-MAC NL 2006-II BV,          
3 Month EURIBOR + 0.13%, 2.76%, 1/25/39 (c)   140    136 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

United Kingdom (0.1%)          
Great Hall Mortgages No. 1 PLC,          
3 Month EURIBOR + 0.25%, 2.31%, 6/18/38 (c)   200    202 
Landmark Mortgage Securities No. 3 PLC,          
3 Month GBP LIBOR + 2.10%, 5.49%, 4/17/44 (c)  GBP 187    210 
         412 
United States (1.0%)          
Banc of America Alternative Loan Trust,          
6.36%, 10/25/36 (f)  $22    7 
Bayview MSR Opportunity Master Fund Trust,          
3.00%, 1/25/52 (b)(c)   663    554 
ChaseFlex Trust,          
6.00%, 2/25/37     20    8 
Federal Home Loan Mortgage Corporation,          
3.00%, 9/25/45 – 5/25/47   245    212 
3.50%, 5/25/45 – 7/25/46   88    77 
4.00%, 5/25/45   5    4 
GS Mortgage-Backed Securities Trust,          
2.50%, 1/25/52 (b)(c)   527    426 
GSR Mortgage Loan Trust,          
5.75%, 1/25/37   7    5 
Hundred Acre Wood Trust,          
2.50%, 10/25/51 (b)(c)   463    372 
JP Morgan Mortgage Trust,          
3.00%, 4/25/52 – 9/25/52(b)(c)   1,070    897 
3.25%, 7/25/52 (b)(c)   645    553 
Lehman Mortgage Trust,          
6.50%, 9/25/37   17    6 
Mello Mortgage Capital Acceptance,          
2.50%, 8/25/51 (b)(c)   529    427 
PRMI Securitization Trust,          
2.50%, 4/25/51 (b)(c)   611    492 
Seasoned Credit Risk Transfer Trust,          
3.00%, 7/25/58 – 10/25/58   266    236 
4.00%, 10/25/58   27    25 
         4,301 
         5,389 
Municipal Bond (0.1%)          
United States (0.1%)          
University of Michigan, MI,          
Series A          
4.45%, 4/1/22   400    325 
           
Sovereign (29.5%)          
Australia (1.0%)          
Australia Government Bond,          
0.25%, 11/21/25  AUD 3,450    2,142 
1.25%, 5/21/32   3,850    2,057 
3.25%, 4/21/25   240    163 
         4,362 
Austria (0.1%)          
Republic of Austria Government Bond,          
0.00%, 2/20/30 (b)  EUR 360    312 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Belgium (0.3%)          
Kingdom of Belgium Government Bond,          
0.90%, 6/22/29 (b)   170    161 
1.70%, 6/22/50 (b)   480    363 
1.90%, 6/22/38 (b)   760    674 
         1,198 
Brazil (3.1%)          
Brazil Notas do Tesouro Nacional,          
10.00%, 1/1/27  BRL 79,088    13,775 
           
Canada (1.3%)          
Canadian Government Bond,          
1.25%, 6/1/30  CAD 2,940    1,883 
2.00%, 12/1/51   100    56 
2.25%, 6/1/29   5,220    3,630 
         5,569 
China (9.4%)          
Agricultural Development Bank of China,          
2.25%, 4/22/25  CNY 3,600    514 
3.79%, 10/26/30   3,430    520 
China Development Bank,          
3.07%, 3/10/30   7,380    1,066 
3.34%, 7/14/25   3,430    503 
China Government Bond,          
2.37%, 1/20/27     16,900    2,406 
2.76%, 5/15/32   204,760    29,208 
3.13%, 11/21/29   20,150    2,961 
3.27%, 11/19/30   13,760    2,045 
3.52%, 4/25/46   1,430    213 
3.53%, 10/18/51   1,300    196 
3.81%, 9/14/50   3,170    501 
3.86%, 7/22/49   6,000    955 
Export-Import Bank of China,          
2.93%, 3/2/25   3,470    503 
         41,591 
Colombia  (0.0%) (e)          
Colombian TES Series B,          
7.75%, 9/18/30  COP 618,000    96 
           
Czech Republic (0.0%) (e)          
Czech Republic Government Bond,          
1.20%, 3/13/31  CZK 6,000    197 
           
Denmark (0.1%)          
Denmark Government Bond,          
0.50%, 11/15/27  DKK 3,000    390 
           
Finland (0.1%)          
Finland Government Bond,          
1.13%, 4/15/34 (b)  EUR 370    323 
           
France (1.8%)          
Agence Francaise de Developpement EPIC,          
1.50%, 10/31/34   500    430 
Banque Federative du Credit Mutuel SA,          
1.25%, 12/5/25  GBP 400    434 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

French Republic Government Bond OAT,          
0.00%, 11/25/29  EUR 6,580    5,811 
2.00%, 5/25/48 (b)   860    721 
SNCF Reseau,          
1.88%, 3/30/34     400    363 
         7,759 
Germany (1.2%)          
Bundesrepublik Deutschland Bundesanleihe,          
0.00%, 5/15/36   110    84 
0.25%, 2/15/29   2,930    2,750 
4.25%, 7/4/39   1,140    1,492 
State of North Rhine-Westphalia Germany,          
1.65%, 2/22/38   1,320    1,149 
         5,475 
Greece (2.6%)          
Hellenic Republic Government Bond,          
0.75%, 6/18/31 (b)   14,526    11,534 
           
Hong Kong (0.1%)          
Hong Kong Government International Bond,          
2.50%, 5/28/24 (b)  $250    243 
           
Hungary  (0.0%) (e)          
Hungary Government Bond,          
3.00%, 8/21/30  HUF 24,000    43 
           
Indonesia (0.2%)          
Indonesia Government International Bond,          
1.75%, 4/24/25  EUR 270    277 
Indonesia Treasury Bond,          
6.50%, 2/15/31  IDR 4,104,000    256 
8.25%, 5/15/29   1,408,000    97 
8.38%, 3/15/34   3,572,000    252 
         882 
Ireland (0.1%)          
Ireland Government Bond,          
0.20%, 10/18/30  EUR 410    357 
           
Italy (1.1%)          
Italy Buoni Poliennali Del Tesoro,          
0.00%, 8/1/26   1,190    1,119 
0.45%, 2/15/29   160    138 
1.85%, 7/1/25 (b)   1,960    2,017 
2.45%, 9/1/50 (b)   1,250    893 
2.50%, 12/1/32   220    197 
Republic of Italy Government International Bond,          
0.88%, 5/6/24  $745    697 
         5,061 
Japan (4.1%)          
Japan Government Five Year Bond,          
0.10%, 6/20/24  JPY 605,000    4,615 
Japan Government Ten Year Bond,        
0.10%, 6/20/26 – 6/20/31   550,000    4,112 
Japan Government Thirty Year Bond,          
0.30%, 6/20/46   207,000    1,228 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

0.40%, 9/20/49   131,000    754 
0.60%, 6/20/50   143,300    863 
1.70%, 6/20/33   447,800    3,792 
Japan Government Twenty Year Bond,          
0.40%, 6/20/41   431,000    2,824 
         18,188 
Korea, Republic of (0.4%)          
Export-Import Bank of Korea,          
0.63%, 2/9/26  $640    565 
2.38%, 6/25/24   510    491 
Korea Development Bank,          
0.80%, 7/19/26     590    514 
Korea International Bond,          
2.00%, 6/19/24   350    336 
         1,906 
Malaysia (0.3%)          
Malaysia Government Bond,          
3.89%, 8/15/29  MYR 2,330    525 
Petronas Capital Ltd.,          
3.50%, 3/18/25 (b)  $875    850 
         1,375 
Mexico (0.2%)          
Mexican Bonos,          
Series M          
7.50%, 6/3/27  MXN 6,000    291 
8.50%, 5/31/29   5,900    295 
Mexico Government International Bond,          
4.50%, 4/22/29  $530    506 
         1,092 
Netherlands (0.3%)          
Nederlandse Waterschapsbank NV,          
1.00%, 5/28/30 (b)  EUR 376    299 
Netherlands Government Bond,          
0.00%, 7/15/30 (b)   970    846 
2.75%, 1/15/47 (b)   90    98 
         1,243 
Nigeria  (0.0%) (e)          
Africa Finance Corp.,          
4.38%, 4/17/26 (b)  $200    189 
           
Norway  (0.0%) (e)          
Norway Government Bond,          
2.13%, 5/18/32 (b)  NOK 790    74 
           
Poland (0.1%)          
Republic of Poland Government Bond,          
0.25%, 10/25/26  PLN 1,300    232 
           
Spain (0.5%)          
Spain Government Bond,          
0.00%, 1/31/28  EUR 540    494 
0.70%, 4/30/32 (b)   399    333 
1.25%, 10/31/30 (b)   955    878 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

2.70%, 10/31/48 (b)   410    359 
3.45%, 7/30/66 (b)   120    115 
         2,179 
Sweden (0.1%)          
Sweden Government Bond,          
0.75%, 5/12/28  SEK 2,430    213 
1.00%, 11/12/26   1,440    130 
         343 
United Kingdom (1.0%)          
United Kingdom Gilt,          
0.38%, 10/22/30  GBP 1,780    1,682 
0.63%, 10/22/50   680    367 
1.25%, 10/22/41   1,150    882 
1.63%, 10/22/28   650    706 
3.50%, 1/22/45   840    935 
         4,572 
         130,560 
Supranational (1.3%)          
Asian Development Bank,          
2.13%, 5/19/31  NZD 300    150 
European Investment Bank,          
0.20%, 7/15/24  EUR 970    996 
Series EARN          
0.00%, 1/14/31   925    777 
International Bank for Reconstruction & Development,          
2.20%, 2/27/24  AUD 3,040    2,030 
SOFR + 0.43%, 4.58%, 8/19/27 (c)  $1,630    1,638 
         5,591 
U.S. Treasury Securities (5.8%)          
United States (5.8%)          
U.S. Treasury Bonds,          
1.13%, 5/15/40     4,920    3,082 
1.25%, 5/15/50   180    97 
1.75%, 8/15/41   600    411 
2.50%, 2/15/45   2,000    1,508 
2.75%, 8/15/47   2,720    2,124 
U.S. Treasury Inflation-Indexed Bond,          
0.63%, 7/15/32   6,168    5,654 
U.S. Treasury Notes,          
0.50%, 4/30/27   2,030    1,748 
1.13%, 10/31/26   2,210    1,977 
1.38%, 11/15/31   3,410    2,776 
1.88%, 6/30/26   1,950    1,810 
2.13%, 5/15/25   1,390    1,321 
2.50%, 5/15/24   2,480    2,408 
4.13%, 9/30/27   760    763 
         25,679 
Total Fixed Income Securities (Cost $269,228)        233,437 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

  Shares     
Common Stocks (32.0%)          
Australia (1.2%)          
Ampol Ltd.   1,149    22 
ANZ Group Holdings Ltd.   14,062    226 
APA Group   5,562    41 
Aristocrat Leisure Ltd.   2,860    59 
ASX Ltd.   929    43 
Aurizon Holdings Ltd.   8,900    23 
BHP Group Ltd.   23,760    736 
BlueScope Steel Ltd.   2,238    25 
Brambles Ltd.   6,674    55 
Cochlear Ltd.   316    44 
Coles Group Ltd.   6,393    72 
Commonwealth Bank of Australia   8,063    560 
Computershare Ltd.   2,587    46 
CSL Ltd.   2,301    449 
Dexus REIT   5,193    27 
Endeavour Group Ltd. (Australia)   6,462    28 
Fortescue Metals Group Ltd.   7,959    111 
Goodman Group REIT   8,132    96 
GPT Group REIT   9,089    26 
IDP Education Ltd.   978    18 
IGO Ltd.   3,185    29 
Insurance Australia Group Ltd.   11,768    38 
James Hardie Industries PLC CDI   2,154    39 
Lendlease Corp Ltd. REIT   3,266    17 
Lottery Corp. Ltd. (g)   10,535    32 
Macquarie Group Ltd.   1,746    197 
Medibank Pvt Ltd.   13,051    26 
Mineral Resources Ltd.   800    42 
Mirvac Group REIT   18,891    27 
National Australia Bank Ltd.   15,411    313 
Newcrest Mining Ltd.   4,232    59 
Northern Star Resources Ltd.   5,323    40 
OneMarket Ltd. (g)   390    – 
Orica Ltd.   2,141    22 
Origin Energy Ltd.   8,297    43 
Pilbara Minerals Ltd. (g)   12,190    31 
Qantas Airways Ltd. (g)   4,335    18 
QBE Insurance Group Ltd.   7,070    64 
Ramsay Health Care Ltd.   857    38 
REA Group Ltd.   250    19 
Reece Ltd.   1,089    10 
Rio Tinto Ltd.   1,752    138 
Santos Ltd.   15,055    74 
Scentre Group REIT   24,683    48 
SEEK Ltd.   1,596    23 
Sonic Healthcare Ltd.   2,130    43 
South32 Ltd.   21,701    59 
Stockland REIT   11,392    28 
Suncorp Group Ltd.   5,983    49 
Telstra Corp., Ltd.   19,101    52 
Transurban Group (Units)   14,669    129 
Treasury Wine Estates Ltd.   3,310    31 
Vicinity Centres REIT   18,275    25 
Washington H Soul Pattinson & Co. Ltd.   1,023    19 
Wesfarmers Ltd.   5,359    167 
Westpac Banking Corp.   16,571    262 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

WiseTech Global Ltd.   690    24 
Woodside Energy Group Ltd.   8,930    216 
Woolworths Group Ltd.   5,717    131 
Xero Ltd. (g)   640    30 
         5,359 
Austria  (0.1%)          
Erste Group Bank AG   8,028    257 
OMV AG   736    38 
Verbund AG   347    29 
voestalpine AG   584    15 
         339 
Belgium (0.2%)          
Ageas SA   786    35 
Anheuser-Busch InBev SA   4,230    255 
Argenx SE (g)   270    102 
D'ieteren Group   120    23 
Elia Group SA   161    23 
Groupe Bruxelles Lambert SA   485    39 
KBC Group NV   5,859    377 
Sofina SA   76    17 
Solvay SA   361    36 
UCB SA   617    48 
Umicore SA   1,023    37 
Warehouses De Pauw CVA REIT   791    23 
         1,015 
Canada (1.9%)          
Agnico Eagle Mines Ltd.   2,084    108 
Air Canada (g)   805    12 
Algonquin Power & Utilities Corp.   3,284    21 
Alimentation Couche-Tard, Inc.   3,966    174 
AltaGas Ltd.   1,324    23 
ARC Resources Ltd.   3,184    43 
Bank of Montreal   3,235    293 
Bank of Nova Scotia   5,668    278 
Barrick Gold Corp. (LSE)   6,338    109 
Barrick Gold Corp. (NYSE)   1,893    33 
BCE, Inc.   344    15 
Brookfield Asset Management Ltd., Class A (g)   1,618    46 
Brookfield Corp.   6,928    218 
Brookfield Renewable Corp., Class A   615    17 
BRP, Inc.   171    13 
CAE, Inc. (g)   1,511    29 
Cameco Corp.   2,024    46 
Canadian Apartment Properties REIT   401    13 
Canadian Imperial Bank of Commerce   4,321    175 
Canadian National Railway Co.   2,888    343 
Canadian Natural Resources Ltd.   5,366    298 
Canadian Pacific Railway Ltd.   4,450    332 
Canadian Tire Corp., Ltd., Class A   262    27 
Canadian Utilities Ltd., Class A   606    16 
CCL Industries, Inc., Class B   706    30 
Cenovus Energy, Inc.   6,704    130 
CGI, Inc. (g)   998    86 
Constellation Software, Inc.   95    148 
Descartes Systems Group, Inc. (g)   398    28 
Dollarama, Inc.   1,310    77 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Element Fleet Management Corp.   1,835    25 
Emera, Inc.   1,255    48 
Empire Co., Ltd., Class A   766    20 
Enbridge, Inc.   9,669    378 
Fairfax Financial Holdings Ltd.   108    64 
First Quantum Minerals Ltd.   2,977    62 
FirstService Corp.   190    23 
Fortis, Inc.   2,262    91 
Franco-Nevada Corp.   894    122 
George Weston Ltd.   340    42 
GFL Environmental, Inc.   861    25 
Gildan Activewear, Inc.   860    24 
Great-West Lifeco, Inc.   1,311    30 
Hydro One Ltd.   1,552    42 
IA Financial Corp., Inc.   498    29 
IGM Financial, Inc.   390    11 
Imperial Oil Ltd.   1,055    51 
Intact Financial Corp.   828    119 
Ivanhoe Mines Ltd., Class A (g)   3,215    25 
Keyera Corp.   1,040    23 
Kinross Gold Corp.   6,090    25 
Loblaw Cos., Ltd.   773    68 
Lundin Mining Corp.   3,181    20 
Magna International, Inc.   1,328    75 
Manulife Financial Corp.   9,209    164 
Metro, Inc.   1,131    63 
National Bank of Canada   1,571    106 
Northland Power, Inc.   1,122    31 
Nutrien Ltd.   2,650    193 
Nuvei Corp. (g)   308    8 
Onex Corp.   344    17 
Open Text Corp.   1,264    37 
Pan American Silver Corp.   926    15 
Parkland Corp.   746    16 
Pembina Pipeline Corp.   2,602    88 
Power Corp. of Canada   2,709    64 
Quebecor, Inc., Class B   740    17 
Restaurant Brands International, Inc.   1,382    89 
RioCan Real Estate Investment Trust REIT   705    11 
Ritchie Bros Auctioneers, Inc.   528    31 
Rogers Communications, Inc., Class B   1,652    77 
Royal Bank of Canada   6,723    632 
Saputo, Inc.   1,186    29 
Shaw Communications, Inc., Class B   2,242    65 
Shopify, Inc., Class A (g)   5,586    194 
Sun Life Financial, Inc.   2,752    128 
Suncor Energy, Inc.   6,555    208 
TC Energy Corp.   4,905    196 
Teck Resources Ltd., Class B   2,326    88 
TELUS Corp.   2,202    43 
TFI International, Inc.   383    38 
Thomson Reuters Corp.   800    91 
TMX Group Ltd.   261    26 
Toromont Industries Ltd.   390    28 
Toronto-Dominion Bank   8,702    563 
Tourmaline Oil Corp.   1,521    77 
West Fraser Timber Co., Ltd.   282    20 
Wheaton Precious Metals Corp.   2,049    80 
WSP Global, Inc.   593    69 
         8,225 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

China  (0.0%) (e)        
China Common Rich Renewable Energy Investments Ltd. (g)   42,000    — 
Chow Tai Fook Jewellery Group Ltd. (h)   8,796    18 
         18 
Denmark (0.5%)          
AP Moller - Maersk AS Series A   14    31 
AP Moller - Maersk AS Series B   24    54 
Carlsberg AS Series B   470    62 
Chr Hansen Holding AS   518    37 
Coloplast AS Series B   578    68 
Danske Bank AS   3,293    65 
Demant AS (g)   449    12 
DSV AS   906    143 
Genmab AS (g)   318    134 
Novo Nordisk AS Series B   7,883    1,071 
Novozymes AS Series B   1,004    51 
Orsted AS   928    84 
Pandora AS   437    31 
ROCKWOOL AS, Class B   43    10 
Tryg AS   1,732    41 
Vestas Wind Systems AS   4,989    146 
         2,040 
Finland (0.2%)          
Elisa Oyj   686    36 
Fortum Oyj   2,104    35 
Kesko Oyj, Class B   1,331    29 
Kone Oyj, Class B   1,653    86 
Neste Oyj   2,023    93 
Nokia Oyj   26,286    122 
Orion Oyj, Class B   507    28 
Sampo Oyj, Class A   2,326    122 
Stora Enso Oyj, Class R   2,674    38 
UPM-Kymmene Oyj   2,574    96 
Wartsila Oyj Abp   2,321    20 
         705 
France (2.2%)          
Accor SA (g)   815    20 
Aeroports de Paris (g)   143    19 
Air Liquide SA   2,463    350 
Airbus SE   2,787    331 
Alstom SA   1,523    37 
Amundi SA   288    16 
ArcelorMittal SA   2,469    65 
Arkema SA   283    25 
AXA SA   8,783    245 
BioMerieux   199    21 
BNP Paribas SA   25,793    1,469 
Bollore SA   4,177    23 
Bouygues SA   1,091    33 
Bureau Veritas SA   1,398    37 
Capgemini SE   771    129 
Carrefour SA   2,786    47 
Cie de Saint-Gobain   2,322    114 
Cie Generale des Etablissements Michelin SCA   3,208    89 
Covivio REIT   227    13 
Credit Agricole SA   28,008    295 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Danone SA   3,034    160 
Dassault Aviation SA   117    20 
Dassault Systemes SE   3,169    114 
Edenred   1,176    64 
Eiffage SA   393    39 
Electricite de France SA   2,504    32 
Engie SA   9,088    130 
EssilorLuxottica SA   1,378    249 
Eurazeo SE   206    13 
Eurofins Scientific SE   631    45 
Euronext NV   404    30 
Gecina SA REIT   221    22 
Getlink SE   2,093    33 
Hermes International   149    231 
Ipsen SA   175    19 
Kering SA   364    185 
Klepierre SA REIT (g)   1,035    24 
L'Oreal SA   1,139    408 
La Francaise des Jeux SAEM   494    20 
Legrand SA   1,263    101 
LVMH Moet Hennessy Louis Vuitton SE   1,316    958 
Orange SA   9,492    94 
Pernod Ricard SA   969    191 
Publicis Groupe SA   1,084    69 
Remy Cointreau SA   110    18 
Renault SA (g)   932    31 
Safran SA   1,602    201 
Sanofi   5,392    520 
Sartorius Stedim Biotech   132    43 
Schneider Electric SE   2,568    361 
SEB SA   118    10 
Societe Generale SA   18,454    463 
Sodexo SA   417    40 
STMicroelectronics NV   3,232    115 
Teleperformance   281    67 
Thales SA   505    64 
TotalEnergies SE   11,569    726 
Ubisoft Entertainment SA (g)   445    13 
Unibail-Rodamco-Westfield REIT (g)   579    30 
Valeo SA   1,004    18 
Veolia Environnement SA   3,214    83 
Vinci SA   2,530    252 
Vivendi SE   3,392    32 
Wendel SE   126    12 
Worldline SA (g)   1,139    45 
         9,773 
Germany (1.3%)          
Adidas AG   831    113 
Allianz SE (Registered)   1,908    407 
Aroundtown SA   5,055    12 
BASF SE   4,363    215 
Bayer AG (Registered)   4,638    239 
Bayerische Motoren Werke AG   1,565    139 
Bayerische Motoren Werke AG (Preference)   281    24 
Bechtle AG   388    14 
Beiersdorf AG   474    54 
Brenntag SE   725    46 
Carl Zeiss Meditec AG   190    24 
Commerzbank AG (g)   24,506    229 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Continental AG   521    31 
Covestro AG   916    36 
Daimler Truck Holding AG (g)   2,136    66 
Delivery Hero SE (g)   804    39 
Deutsche Bank AG (Registered)   9,348    105 
Deutsche Boerse AG   892    154 
Deutsche Lufthansa AG (Registered) (g)   2,821    23 
Deutsche Post AG (Registered)   4,699    176 
Deutsche Telekom AG (Registered)   15,229    303 
Dr Ing hc F Porsche AG (Preference) (g)   547    55 
E.ON SE   10,686    106 
Evonik Industries AG   1,000    19 
Fresenius Medical Care AG & Co., KGaA   982    32 
Fresenius SE & Co., KGaA   2,001    56 
GEA Group AG   713    29 
Hannover Rueck SE (Registered)   283    56 
HeidelbergCement AG   685    39 
HelloFresh SE (g)   793    17 
Henkel AG & Co., KGaA   490    31 
Henkel AG & Co., KGaA (Preference)   838    58 
Infineon Technologies AG   6,110    186 
Knorr-Bremse AG   341    18 
LEG Immobilien SE   360    23 
Mercedes-Benz Group AG (Registered)   3,810    249 
Merck KGaA   612    118 
MTU Aero Engines AG   252    54 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)   656    212 
Nemetschek SE   272    14 
Porsche Automobil Holding SE (Preference)   729    40 
Puma SE   506    31 
QIAGEN NV (g)   1,083    54 
Rational AG   24    14 
Rheinmetall AG   216    43 
RWE AG   3,052    135 
SAP SE   4,938    510 
Sartorius AG (Preference)   116    46 
Scout24 SE   383    19 
Siemens AG (Registered)   3,618    499 
Siemens Energy AG (g)   2,058    39 
Siemens Healthineers AG   1,368    68 
Symrise AG   632    69 
Telefonica Deutschland Holding AG   4,890    12 
United Internet AG (Registered)   454    9 
Volkswagen AG   140    22 
Volkswagen AG (Preference)   879    109 
Vonovia SE   3,457    81 
Zalando SE (g)   1,077    38 
         5,659 
Hong Kong (0.5%)          
AIA Group Ltd.   55,656    615 
BOC Hong Kong Holdings Ltd.   17,060    58 
Budweiser Brewing Co., APAC Ltd.   7,886    25 
CK Asset Holdings Ltd.   8,908    55 
CK Hutchison Holdings Ltd.   12,318    74 
CK Infrastructure Holdings Ltd.   2,965    15 
CLP Holdings Ltd.   7,619    56 
ESR Group Ltd.   9,447    20 
Futu Holdings Ltd. ADR (g)   292    12 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Galaxy Entertainment Group Ltd.   10,857    71 
Hang Lung Properties Ltd.   9,499    18 
Hang Seng Bank Ltd.   3,593    60 
Henderson Land Development Co., Ltd.   6,983    24 
HK Electric Investments & HK Electric Investments Ltd.   11,715    8 
HKT Trust & HKT Ltd.   18,209    22 
Hong Kong & China Gas Co., Ltd.   52,029    49 
Hong Kong Exchanges & Clearing Ltd.   5,582    240 
Hongkong Land Holdings Ltd.   5,012    23 
Jardine Matheson Holdings Ltd.   754    38 
Link REIT   10,113    74 
MTR Corp., Ltd.   7,396    39 
New World Development Co. Ltd.   7,212    20 
Power Assets Holdings Ltd.   6,556    36 
Sands China Ltd. (g)   11,607    38 
Sino Land Co., Ltd.   16,479    21 
SITC International Holdings Co. Ltd.   7,524    17 
Sun Hung Kai Properties Ltd.   6,889    94 
Swire Pacific Ltd., Class A   2,378    21 
Swire Properties Ltd.   5,311    13 
Techtronic Industries Co., Ltd.   6,754    75 
WH Group Ltd.   39,386    23 
Wharf Real Estate Investment Co., Ltd.   8,010    47 
Xinyi Glass Holdings Ltd.   8,851    16 
         2,017 
Ireland (0.1%)          
AIB Group PLC   5,118    20 
Bank of Ireland Group PLC   5,156    49 
CRH PLC   3,744    149 
Flutter Entertainment PLC (g)   837    115 
Kerry Group PLC, Class A   791    71 
Kingspan Group PLC   768    41 
Smurfit Kappa Group PLC   1,233    46 
         491 
Israel (0.1%)          
Azrieli Group Ltd.   200    13 
Bank Hapoalim BM   5,970    54 
Bank Leumi Le-Israel BM   7,258    60 
Bezeq The Israeli Telecommunication Corp. Ltd.   9,751    17 
Check Point Software Technologies Ltd. (g)   471    59 
CyberArk Software Ltd. (g)   191    25 
Elbit Systems Ltd.   125    20 
ICL Group Ltd.   3,328    24 
Israel Discount Bank Ltd., Class A   5,815    31 
Mizrahi Tefahot Bank Ltd.   725    23 
Nice Ltd.   299    58 
Teva Pharmaceutical Industries Ltd. ADR (g)   5,216    48 
Tower Semiconductor Ltd. (g)   514    22 
Wix.com Ltd. (g)   269    21 
ZIM Integrated Shipping Services Ltd.   395    7 
         482 
Italy (0.7%)          
Amplifon SpA   586    17 
Assicurazioni Generali SpA   5,185    92 
CNH Industrial NV   4,749    76 
Davide Campari-Milano NV   2,499    25 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

DiaSorin SpA   119    17 
Enel SpA   38,299    206 
Eni SpA   11,554    164 
EXOR NV   1,022    75 
Ferrari NV   596    128 
FinecoBank Banca Fineco SpA   13,923    231 
Infrastrutture Wireless Italiane SpA   1,587    16 
Intesa Sanpaolo SpA   381,740    846 
Mediobanca Banca di Credito Finanziario SpA   14,025    135 
Moncler SpA   967    51 
Nexi SpA (g)   2,794    22 
Poste Italiane SpA   2,416    24 
Prysmian SpA   1,200    45 
Recordati Industria Chimica e Farmaceutica SpA   494    21 
Snam SpA   9,525    46 
Stellantis NV   10,430    148 
Telecom Italia SpA (Milano) (g)   46,925    11 
Tenaris SA   2,186    38 
Terna - Rete Elettrica Nazionale   6,649    49 
UniCredit SpA   47,080    668 
         3,151 
Japan (0.8%)          
Chiba Bank Ltd.   15,190    111 
Concordia Financial Group Ltd.   31,195    130 
Japan Post Bank Co. Ltd.   11,819    101 
Mizuho Financial Group, Inc.   69,124    974 
Resona Holdings, Inc.   61,920    340 
Shizuoka Financial Group, Inc.   12,791    103 
Sumitomo Mitsui Financial Group, Inc.   37,414    1,505 
Sumitomo Mitsui Trust Holdings, Inc.   9,679    338 
         3,602 
Netherlands (0.9%)          
ABN AMRO Bank NV CVA   9,711    134 
Adyen NV (g)   103    143 
Aegon NV   8,420    43 
AerCap Holdings NV (g)   639    37 
Akzo Nobel NV   865    58 
ASM International NV   222    56 
ASML Holding NV   1,916    1,045 
BNP Paribas Emissions- und Handelsgesellschaft mbH   89,338    1,088 
Coca-Cola Europacific Partners PLC   972    54 
Heineken Holding NV   474    37 
Heineken NV   1,219    115 
IMCD NV   269    38 
JDE Peet's NV   478    14 
Just Eat Takeaway.com NV (g)   879    19 
Koninklijke Ahold Delhaize NV   4,905    141 
Koninklijke DSM NV   818    100 
Koninklijke KPN NV   15,517    48 
Koninklijke Philips NV   4,342    65 
NN Group NV   1,314    54 
OCI NV   501    18 
Prosus NV (g)   3,941    272 
Randstad NV   564    34 
Universal Music Group NV   3,427    83 
Wolters Kluwer NV   1,238    130 
         3,826 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

New Zealand  (0.0%) (e)          
Auckland International Airport Ltd. (g)   6,071    30 
Fisher & Paykel Healthcare Corp., Ltd.   2,808    40 
Mercury NZ Ltd.   3,399    12 
Meridian Energy Ltd.   6,087    21 
Spark New Zealand Ltd.   9,107    31 
         134 
Norway (0.1%)          
Adevinta ASA (g)   1,463    10 
Aker BP ASA   1,535    48 
DNB Bank ASA   4,503    89 
Equinor ASA   4,626    166 
Gjensidige Forsikring ASA   975    19 
Kongsberg Gruppen ASA   429    18 
Mowi ASA   2,004    34 
Norsk Hydro ASA   6,452    48 
Orkla ASA   3,649    26 
Salmar ASA   315    13 
Telenor ASA   3,454    32 
Yara International ASA   810    36 
         539 
Portugal  (0.0%) (e)          
EDP - Energias de Portugal SA   11,293    56 
EDP Renovaveis SA   1,197    27 
Galp Energia SGPS SA   2,018    27 
Jeronimo Martins SGPS SA   1,137    25 
         135 
Singapore (0.2%)          
CapitaLand Ascendas REIT   15,500    32 
CapitaLand Integrated Commercial Trust REIT   24,402    37 
Capitaland Investment Ltd.   11,800    33 
City Developments Ltd.   1,900    12 
DBS Group Holdings Ltd.   8,200    207 
Genting Singapore Ltd.   27,400    19 
Grab Holdings Ltd., Class A (g)   6,200    20 
Jardine Cycle & Carriage Ltd.   500    11 
Keppel Corp., Ltd.   6,700    36 
Mapletree Commercial Trust REIT   11,000    14 
Mapletree Logistics Trust REIT   15,500    18 
Oversea-Chinese Banking Corp., Ltd.   15,500    141 
Sea Ltd. ADR (g)   1,700    88 
Singapore Airlines Ltd.   6,100    25 
Singapore Exchange Ltd.   3,900    26 
Singapore Technologies Engineering Ltd.   7,200    18 
Singapore Telecommunications Ltd.   36,800    71 
United Overseas Bank Ltd.   5,400    124 
UOL Group Ltd.   2,100    11 
Venture Corp. Ltd.   1,200    15 
Wilmar International Ltd.   8,700    27 
         985 
Spain (0.8%)          
Acciona SA   119    22 
ACS Actividades de Construccion y Servicios SA   1,032    30 
Aena SME SA (g)   363    45 
Amadeus IT Group SA (g)   2,161    112 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Banco Bilbao Vizcaya Argentaria SA   152,149    916 
Banco Santander SA   399,490    1,194 
CaixaBank SA   104,721    411 
Cellnex Telecom SA (g)   2,604    86 
Corp. ACCIONA Energias Renovables SA   317    12 
Enagas SA   1,188    20 
Endesa SA   1,514    29 
Ferrovial SA   2,347    61 
Grifols SA (g)   1,438    17 
Iberdrola SA   28,788    336 
Industria de Diseno Textil SA   5,163    137 
Naturgy Energy Group SA   699    18 
Red Electrica Corp., SA   1,939    34 
Repsol SA   6,444    103 
Siemens Gamesa Renewable Energy SA (g)   1,133    22 
Telefonica SA   24,606    89 
Telepizza Group SA (g)   156    1 
         3,695 
Sweden (0.5%)          
Alfa Laval AB   1,376    40 
Assa Abloy AB, Class B   4,793    103 
Atlas Copco AB, Class A   12,771    151 
Atlas Copco AB, Class B   7,432    79 
Boliden AB   1,291    49 
Electrolux AB, Class B   1,060    14 
Embracer Group AB (g)   3,057    14 
Epiroc AB, Class A   3,141    57 
Epiroc AB, Class B   1,857    30 
EQT AB   1,449    31 
Essity AB, Class B   2,881    75 
Evolution AB   867    84 
Fastighets AB Balder, Class B (g)   3,036    14 
Getinge AB, Class B   1,106    23 
Hennes & Mauritz AB, Class B   3,525    38 
Hexagon AB, Class B   9,319    98 
Holmen AB, Class B   442    18 
Husqvarna AB, Class B   2,024    14 
Industrivarden AB, Class A   622    15 
Industrivarden AB, Class C   736    18 
Indutrade AB   1,312    27 
Investment AB Latour, Class B   712    13 
Investor AB, Class A   2,367    44 
Investor AB, Class B   8,650    157 
Kinnevik AB, Class B (g)   1,162    16 
L E Lundbergforetagen AB, Class B   362    15 
Lifco AB, Class B   1,121    19 
Nibe Industrier AB, Class B   7,308    68 
Nordea Bank Abp   15,678    168 
Sagax AB, Class B   911    21 
Sandvik AB   5,082    92 
Securitas AB, Class B   2,329    19 
Skandinaviska Enskilda Banken AB, Class A   7,615    88 
Skanska AB, Class B   1,620    26 
SKF AB, Class B   1,824    28 
Svenska Cellulosa AB SCA, Class B   2,863    36 
Svenska Handelsbanken AB, Class A   6,893    69 
Swedbank AB, Class A   4,268    73 
Swedish Orphan Biovitrum AB (g)   796    17 
Tele2 AB, Class B   2,725    22 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Telefonaktiebolaget LM Ericsson, Class B   13,851    81 
Telia Co., AB   12,603    32 
Volvo AB, Class A   954    18 
Volvo AB, Class B   7,193    130 
Volvo Car AB, Class B (g)   2,882    13 
         2,257 
Switzerland (1.6%)          
ABB Ltd. (Registered)   7,441    227 
Adecco Group AG (Registered)   762    25 
Alcon, Inc.   2,399    165 
Bachem Holding AG   161    14 
Baloise Holding AG (Registered)   216    33 
Banque Cantonale Vaudoise (Registered)   142    14 
Barry Callebaut AG (Registered)   17    33 
BKW AG   100    14 
Chocoladefabriken Lindt & Spruengli AG   5    51 
Chocoladefabriken Lindt & Spruengli AG (Registered)   1    103 
Cie Financiere Richemont SA (Registered)   2,476    321 
Clariant AG (Registered) (g)   1,031    16 
Credit Suisse Group AG (Registered)   17,324    52 
EMS-Chemie Holding AG (Registered)   33    22 
Geberit AG (Registered)   170    80 
Givaudan SA (Registered)   44    135 
Holcim AG (Registered) (g)   2,631    136 
Julius Baer Group Ltd.   1,010    59 
Kuehne & Nagel International AG (Registered)   257    60 
Logitech International SA (Registered)   821    51 
Lonza Group AG (Registered)   354    174 
Nestle SA (Registered)   12,939    1,495 
Novartis AG (Registered)   10,237    926 
Partners Group Holding AG   108    96 
Roche Holding AG   127    49 
Roche Holding AG (Genusschein)   3,334    1,048 
Schindler Holding AG   192    36 
Schindler Holding AG (Registered)   110    20 
SGS SA (Registered)   30    70 
SIG Group AG (g)   1,484    32 
Sika AG (Registered)   697    167 
Sonova Holding AG (Registered)   257    61 
Straumann Holding AG (Registered)   532    61 
Swatch Group AG   136    39 
Swatch Group AG (Registered)   249    13 
Swiss Life Holding AG (Registered)   145    75 
Swiss Prime Site AG (Registered)   364    31 
Swiss Re AG   1,421    133 
Swisscom AG (Registered)   120    66 
Temenos AG (Registered)   303    17 
UBS Group AG (Registered)   15,849    294 
VAT Group AG   129    35 
Zurich Insurance Group AG   711    340 
         6,889 
United Kingdom (2.3%)          
3i Group PLC   4,571    74 
Aberdeen PLC   10,093    23 
Admiral Group PLC   848    22 
Anglo American PLC   5,957    233 
Antofagasta PLC   1,816    34 
Ashtead Group PLC   2,072    118 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Associated British Foods PLC   1,691    32 
AstraZeneca PLC   7,249    981 
Auto Trader Group PLC   4,498    28 
AVEVA Group PLC   564    22 
Aviva PLC   13,125    70 
BAE Systems PLC   14,701    152 
Barclays PLC   75,271    143 
Barratt Developments PLC   4,803    23 
Berkeley Group Holdings PLC   512    23 
BP PLC   87,562    505 
British American Tobacco PLC   10,094    399 
British Land Co., PLC REIT   4,161    20 
BT Group PLC   32,725    44 
Bunzl PLC   1,592    53 
Burberry Group PLC   1,843    45 
Coca-Cola HBC AG (g)   945    22 
Compass Group PLC   8,275    191 
Croda International PLC   656    52 
DCC PLC   464    23 
Diageo PLC   10,648    466 
Entain PLC   2,775    44 
Evraz PLC (g)   2,495    — 
Experian PLC   4,331    147 
G4S PLC (g)   6,437    19 
Glencore PLC   45,070    301 
GSK PLC   19,087    330 
Haleon PLC (g)   23,685    94 
Halma PLC   1,795    43 
Hargreaves Lansdown PLC   1,696    17 
Hikma Pharmaceuticals PLC   776    14 
HSBC Holdings PLC   92,861    576 
Imperial Brands PLC   4,230    105 
Informa PLC   6,817    51 
InterContinental Hotels Group PLC   869    50 
Intertek Group PLC   768    37 
J Sainsbury PLC   8,182    21 
JD Sports Fashion PLC   12,259    19 
Johnson Matthey PLC   842    22 
Kingfisher PLC   9,188    26 
Land Securities Group PLC REIT   3,352    25 
Legal & General Group PLC   28,109    84 
Lloyds Banking Group PLC   318,200    174 
London Stock Exchange Group PLC   1,541    132 
M&G PLC   11,838    27 
Melrose Industries PLC   19,168    31 
Mondi PLC   2,301    39 
National Grid PLC   17,291    207 
NatWest Group PLC   24,755    79 
Next PLC   611    43 
Ocado Group PLC (g)   2,789    21 
Paragon Offshore PLC (g)(i)   303    — 
Pearson PLC   3,115    35 
Persimmon PLC   1,509    22 
Phoenix Group Holdings PLC   3,531    26 
Prudential PLC   12,921    176 
Reckitt Benckiser Group PLC   3,352    232 
RELX PLC   9,030    250 
Rentokil Initial PLC   11,814    73 
Rio Tinto PLC   5,249    369 
Rolls-Royce Holdings PLC (g)   39,594    44 
Sage Group PLC   4,888    44 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Schroders PLC   3,486    18 
Segro PLC REIT   5,711    53 
Severn Trent PLC   1,182    38 
Shell PLC   33,816    953 
Smith & Nephew PLC   4,120    55 
Smiths Group PLC   1,700    33 
Spirax-Sarco Engineering PLC   346    44 
SSE PLC   5,032    103 
St. James's Place PLC   2,566    34 
Standard Chartered PLC   11,692    87 
Taylor Wimpey PLC   16,657    20 
Tesco PLC   35,088    95 
Unilever PLC CVA   11,918    602 
United Utilities Group PLC   3,216    38 
Vodafone Group PLC   124,074    126 
Whitbread PLC   951    29 
WPP PLC   5,146    51 
         10,226 
United States (15.8%)          
3M Co.   1,100    132 
Abbott Laboratories   3,453    379 
AbbVie, Inc.   3,500    566 
Accenture PLC, Class A   1,228    328 
Activision Blizzard, Inc.   1,543    118 
Adobe, Inc. (g)   894    301 
Advance Auto Parts, Inc.   120    18 
Advanced Micro Devices, Inc. (g)   3,155    204 
AES Corp.   1,305    38 
Affirm Holdings, Inc. (g)   387    4 
Aflac, Inc.   1,163    84 
Agilent Technologies, Inc.   579    87 
Air Products & Chemicals, Inc.   439    135 
Airbnb, Inc., Class A (g)   726    62 
Akamai Technologies, Inc. (g)   313    26 
Albemarle Corp.   231    50 
Alcoa Corp.   346    16 
Alexandria Real Estate Equities, Inc. REIT   304    44 
Align Technology, Inc. (g)   145    31 
Allegion PLC   173    18 
Alliant Energy Corp.   496    27 
Allstate Corp.   521    71 
Ally Financial, Inc.   607    15 
Alnylam Pharmaceuticals, Inc. (g)   233    55 
Alphabet, Inc., Class A (g)   11,808    1,042 
Alphabet, Inc., Class C (g)   10,942    971 
Altria Group, Inc.   3,571    163 
Amazon.com, Inc. (g)   17,979    1,510 
Amcor PLC   2,943    35 
Ameren Corp.   511    45 
American Electric Power Co., Inc.   1,017    97 
American Express Co.   1,251    185 
American Financial Group, Inc.   141    19 
American Homes 4 Rent, Class A REIT   617    19 
American International Group, Inc.   1,469    93 
American Tower Corp. REIT   918    194 
American Water Works Co., Inc.   360    55 
Ameriprise Financial, Inc.   212    66 
AmerisourceBergen Corp.   305    51 
AMETEK, Inc.   451    63 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Amgen, Inc.   1,059    278 
Amphenol Corp., Class A   1,170    89 
Analog Devices, Inc.   1,016    167 
Annaly Capital Management, Inc. REIT   920    19 
ANSYS, Inc. (g)   170    41 
AO Smith Corp.   253    14 
Aon PLC, Class A   414    124 
APA Corp.   645    30 
Apollo Global Management, Inc.   784    50 
Apple, Inc.   31,723    4,122 
Applied Materials, Inc.   1,699    165 
Aptiv PLC (g)   531    49 
Aramark   460    19 
Arch Capital Group Ltd. (g)   711    45 
Archer-Daniels-Midland Co.   1,101    102 
Ares Management Corp., Class A   303    21 
Arista Networks, Inc. (g)   482    58 
Arrow Electronics, Inc. (g)   126    13 
Arthur J Gallagher & Co.   410    77 
Aspen Technology, Inc. (g)   56    12 
Assurant, Inc.   106    13 
AT&T, Inc.   13,974    257 
Atmos Energy Corp.   277    31 
Autodesk, Inc. (g)   428    80 
Automatic Data Processing, Inc.   825    197 
AutoZone, Inc. (g)   38    94 
AvalonBay Communities, Inc. REIT   278    45 
Avantor, Inc. (g)   1,325    28 
Avery Dennison Corp.   159    29 
Baker Hughes Co.   1,958    58 
Ball Corp.   615    31 
Bank of America Corp.   14,084    466 
Bank of New York Mellon Corp.   1,507    69 
Bath & Body Works, Inc.   452    19 
Baxter International, Inc.   991    51 
Becton Dickinson & Co.   558    142 
Bentley Systems, Inc., Class B   382    14 
Berkshire Hathaway, Inc., Class B (g)   2,555    789 
Best Buy Co., Inc.   403    32 
Bill.Com Holdings, Inc. (g)   182    20 
Bio-Rad Laboratories, Inc., Class A (g)   44    19 
Bio-Techne Corp.   309    26 
Biogen, Inc. (g)   283    78 
BioMarin Pharmaceutical, Inc. (g)   366    38 
Black Knight, Inc. (g)   309    19 
BlackRock, Inc.   298    211 
Blackstone Group, Inc.   1,376    102 
Block, Inc., Class A (g)   1,021    64 
Boeing Co. (g)   1,099    209 
Booking Holdings, Inc. (g)   78    157 
Booz Allen Hamilton Holding Corp.   260    27 
BorgWarner, Inc.   466    19 
Boston Properties, Inc. REIT   290    20 
Boston Scientific Corp. (g)   2,817    130 
Bristol-Myers Squibb Co.   4,245    305 
Broadcom, Inc.   806    451 
Broadridge Financial Solutions, Inc.   231    31 
Brown & Brown, Inc.   470    27 
Brown-Forman Corp., Class B   614    40 
Bunge Ltd.   299    30 
Burlington Stores, Inc. (g)   129    26 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Cadence Design Systems, Inc. (g)   536    86 
Caesars Entertainment, Inc. (g)   423    18 
Camden Property Trust REIT   200    22 
Campbell Soup Co.   422    24 
Capital One Financial Corp.   752    70 
Cardinal Health, Inc.   533    41 
Carlisle Cos., Inc.   102    24 
Carlyle Group, Inc.   391    12 
CarMax, Inc. (g)   318    19 
Carnival Corp. (g)   1,955    16 
Carrier Global Corp.   1,663    69 
Catalent, Inc. (g)   335    15 
Caterpillar, Inc.   1,033    247 
Cboe Global Markets, Inc.   210    26 
CBRE Group, Inc., Class A (g)   632    49 
CDW Corp.   267    48 
Celanese Corp.   215    22 
Centene Corp. (g)   1,130    93 
CenterPoint Energy, Inc.   1,244    37 
Ceridian HCM Holding, Inc. (g)   271    17 
CF Industries Holdings, Inc.   390    33 
CH Robinson Worldwide, Inc.   248    23 
Charles River Laboratories International, Inc. (g)   101    22 
Charles Schwab Corp.   2,816    234 
Charter Communications, Inc., Class A (g)   221    75 
Cheniere Energy, Inc.   445    67 
Chesapeake Energy Corp.   203    19 
Chevron Corp.   3,621    650 
Chewy, Inc., Class A (g)   183    7 
Chipotle Mexican Grill, Inc. (g)   54    75 
Chubb Ltd.   813    179 
Church & Dwight Co., Inc.   482    39 
Cigna Corp.   602    199 
Cincinnati Financial Corp.   295    30 
Cintas Corp.   180    81 
Cisco Systems, Inc.   8,181    390 
Citigroup, Inc.   3,807    172 
Citizens Financial Group, Inc.   977    38 
Clarivate PLC (g)   594    5 
Cleveland-Cliffs, Inc. (g)   1,014    16 
Clorox Co.   248    35 
Cloudflare, Inc., Class A (g)   491    22 
CME Group, Inc.   713    120 
CMS Energy Corp.   572    36 
Coca-Cola Co.   8,098    515 
Cognex Corp.   341    16 
Cognizant Technology Solutions Corp., Class A   1,014    58 
Coinbase Global, Inc., Class A (g)   242    9 
Colgate-Palmolive Co.   1,574    124 
Comcast Corp., Class A   8,577    300 
Conagra Brands, Inc.   947    37 
ConocoPhillips   16,375    1,932 
Consolidated Edison, Inc.   703    67 
Constellation Brands, Inc., Class A   316    73 
Constellation Energy Corp.   645    56 
Contra Abiomed, Inc. (g)   90    –@
Cooper Cos., Inc.   97    32 
Copart, Inc. (g)   848    52 
Corning, Inc.   1,587    51 
Corteva, Inc.   1,400    82 
CoStar Group, Inc. (g)   784    61 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Costco Wholesale Corp.   874    399 
Coterra Energy, Inc.   10,118    249 
Crowdstrike Holdings, Inc., Class A (g)   395    42 
Crown Castle International Corp. REIT   849    115 
Crown Holdings, Inc.   237    19 
CSX Corp.   4,298    133 
Cummins, Inc.   278    67 
CVS Health Corp.   2,596    242 
Danaher Corp.   1,376    365 
Darden Restaurants, Inc.   240    33 
Darling Ingredients, Inc. (g)   312    20 
Datadog, Inc., Class A (g)   483    36 
DaVita, Inc. (g)   109    8 
Deere & Co.   571    245 
Dell Technologies, Inc., Class C   526    21 
Delta Air Lines, Inc. (g)   315    10 
Dentsply Sirona, Inc.   421    13 
Devon Energy Corp.   8,080    497 
Dexcom, Inc. (g)   760    86 
Diamondback Energy, Inc.   2,204    301 
Digital Realty Trust, Inc. REIT   563    56 
Discover Financial Services   532    52 
DISH Network Corp., Class A   488    7 
DocuSign, Inc. (g)   395    22 
Dollar General Corp.   448    110 
Dollar Tree, Inc. (g)   442    63 
Dominion Energy, Inc.   1,643    101 
Domino's Pizza, Inc.   71    25 
DoorDash, Inc., Class A (g)   455    22 
Dover Corp.   282    38 
Dow, Inc.   1,411    71 
DR Horton, Inc.   651    58 
Dropbox, Inc., Class A (g)   539    12 
DTE Energy Co.   383    45 
Duke Energy Corp.   1,524    157 
DuPont de Nemours, Inc.   980    67 
Dynatrace, Inc. (g)   390    15 
Eastman Chemical Co.   243    20 
Eaton Corp., PLC   784    123 
eBay, Inc.   1,093    45 
Ecolab, Inc.   506    74 
Edison International   758    48 
Edwards Lifesciences Corp. (g)   1,213    91 
Elanco Animal Health, Inc. (g)   831    10 
Electronic Arts, Inc.   547    67 
Elevance Health, Inc.   474    243 
Eli Lilly & Co.   1,586    580 
Emerson Electric Co.   1,158    111 
Enphase Energy, Inc. (g)   266    70 
Entegris, Inc.   293    19 
Entergy Corp.   403    45 
EOG Resources, Inc.   1,148    149 
EPAM Systems, Inc. (g)   112    37 
EQT Corp.   665    22 
Equifax, Inc.   244    47 
Equinix, Inc. REIT   180    118 
Equitable Holdings, Inc.   740    21 
Equity Lifestyle Properties, Inc. REIT   347    22 
Equity Residential REIT   711    42 
Erie Indemnity Co., Class A   50    12 
Essential Utilities, Inc.   490    23 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Essex Property Trust, Inc. REIT   129    27 
Estee Lauder Cos., Inc., Class A   459    114 
Etsy, Inc. (g)   250    30 
Everest Re Group Ltd.   77    26 
Evergy, Inc.   453    29 
Eversource Energy   686    58 
Exact Sciences Corp. (g)   337    17 
Exelon Corp.   1,947    84 
Expedia Group, Inc. (g)   301    26 
Expeditors International of Washington, Inc.   327    34 
Extra Space Storage, Inc. REIT   264    39 
Exxon Mobil Corp.   8,106    894 
F5 Networks, Inc. (g)   117    17 
Factset Research Systems, Inc.   77    31 
Fair Isaac Corp. (g)   49    29 
Fastenal Co.   1,137    54 
FedEx Corp.   494    86 
Ferguson PLC   417    53 
Fidelity National Financial, Inc.   516    19 
Fidelity National Information Services, Inc.   1,191    81 
Fifth Third Bancorp   1,352    44 
First Citizens BancShares, Inc., Class A   24    18 
First Horizon Corp.   1,055    26 
First Republic Bank   361    44 
First Solar, Inc. (g)   188    28 
FirstEnergy Corp.   1,068    45 
Fiserv, Inc. (g)   1,185    120 
FleetCor Technologies, Inc. (g)   140    26 
FMC Corp.   247    31 
Ford Motor Co.   7,952    92 
Fortinet, Inc. (g)   1,310    64 
Fortive Corp.   667    43 
Fortune Brands Innovations, Inc.   254    15 
Fox Corp., Class A   601    18 
Fox Corp., Class B   285    8 
Franklin Resources, Inc.   586    15 
Freeport-McMoRan, Inc.   2,782    106 
Gaming and Leisure Properties, Inc. REIT   504    26 
Garmin Ltd.   306    28 
Gartner, Inc.   158    53 
Gen Digital, Inc.   1,188    25 
Generac Holdings, Inc.   127    13 
General Dynamics Corp.   453    112 
General Electric Co.   2,112    177 
General Mills, Inc.   1,230    103 
General Motors Co.   2,750    93 
Genuine Parts Co.   279    48 
Gilead Sciences, Inc.   2,532    217 
Global Payments, Inc.   541    54 
Globe Life, Inc.   183    22 
GoDaddy, Inc., Class A (g)   305    23 
Goldman Sachs Group, Inc.   672    231 
Halliburton Co.   1,752    69 
Hartford Financial Services Group, Inc.   628    48 
Hasbro, Inc.   263    16 
HCA Healthcare, Inc.   452    108 
Healthcare Realty Trust, Inc. REIT   755    15 
Healthpeak Properties, Inc. REIT   1,068    27 
HEICO Corp.   85    13 
HEICO Corp., Class A   141    17 
Henry Schein, Inc. (g)   269    21 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Hershey Co.   291    67 
Hess Corp.   544    77 
Hewlett Packard Enterprise Co.   2,548    41 
HF Sinclair Corp.   318    17 
Hilton Worldwide Holdings, Inc.   546    69 
Hologic, Inc. (g)   490    37 
Home Depot, Inc.   2,032    642 
Honeywell International, Inc.   1,316    282 
Horizon Therapeutics PLC (g)   431    49 
Hormel Foods Corp.   599    27 
Host Hotels & Resorts, Inc. REIT   1,401    22 
Howmet Aerospace, Inc.   727    29 
HP, Inc.   2,049    55 
Hubbell, Inc.   106    25 
HubSpot, Inc. (g)   89    26 
Humana, Inc.   250    128 
Huntington Bancshares, Inc.   2,824    40 
Huntington Ingalls Industries, Inc.   79    18 
IDEX Corp.   148    34 
IDEXX Laboratories, Inc. (g)   163    67 
Illinois Tool Works, Inc.   609    134 
Illumina, Inc. (g)   308    62 
Incyte Corp. (g)   373    30 
Ingersoll Rand, Inc.   785    41 
Insulet Corp. (g)   135    40 
Intel Corp.   8,167    216 
Intercontinental Exchange, Inc.   1,096    112 
International Business Machines Corp.   1,764    249 
International Flavors & Fragrances, Inc.   501    53 
International Paper Co.   681    24 
Interpublic Group of Cos., Inc.   768    26 
Intuit, Inc.   521    203 
Intuitive Surgical, Inc. (g)   703    187 
Invesco Ltd.   673    12 
Invitation Homes, Inc. REIT   1,203    36 
IQVIA Holdings, Inc. (g)   365    75 
Iron Mountain, Inc. REIT   575    29 
Jack Henry & Associates, Inc.   143    25 
Jacobs Solutions, Inc.   251    30 
Jazz Pharmaceuticals PLC (g)   124    20 
JB Hunt Transport Services, Inc.   168    29 
JM Smucker Co.   212    34 
Johnson & Johnson   5,174    914 
Johnson Controls International PLC   1,357    87 
JPMorgan Chase & Co.   5,732    769 
Juniper Networks, Inc.   635    20 
Kellogg Co.   510    36 
Keurig Dr Pepper, Inc.   1,538    55 
KeyCorp   1,837    32 
Keysight Technologies, Inc. (g)   352    60 
Kimberly-Clark Corp.   673    91 
Kimco Realty Corp. REIT   1,224    26 
Kinder Morgan, Inc.   4,013    73 
KKR & Co., Inc.   1,102    51 
KLA Corp.   278    105 
Knight-Swift Transportation Holdings, Inc.   308    16 
Kraft Heinz Co.   1,468    60 
Kroger Co.   1,339    60 
L3Harris Technologies, Inc.   378    79 
Laboratory Corp. of America Holdings   178    42 
Lam Research Corp.   271    114 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Lamb Weston Holdings, Inc.   283    25 
Las Vegas Sands Corp. (g)   677    33 
Lear Corp.   116    14 
Leidos Holdings, Inc.   255    27 
Lennar Corp., Class A   507    46 
Lennox International, Inc.   63    15 
Liberty Broadband Corp., Class C (g)   248    19 
Liberty Global PLC, Class A (g)   325    6 
Liberty Global PLC Series C (g)   559    11 
Liberty Media Corp-Liberty SiriusXM, Class A (g)   145    6 
Liberty Media Corp-Liberty SiriusXM, Class C (g)   324    13 
Liberty Media Corp.-Liberty Formula One, Class C (g)   386    23 
Lincoln National Corp.   316    10 
Linde PLC   981    320 
Live Nation Entertainment, Inc. (g)   338    24 
LKQ Corp.   514    27 
Lockheed Martin Corp.   464    226 
Loews Corp.   395    23 
Lowe's Cos., Inc.   1,235    246 
LPL Financial Holdings, Inc.   156    34 
Lucid Group, Inc. (g)   799    5 
Lululemon Athletica, Inc. (g)   234    75 
Lumen Technologies, Inc.   1,858    10 
LyondellBasell Industries NV, Class A   512    43 
M&T Bank Corp.   346    50 
Marathon Oil Corp.   9,473    256 
Marathon Petroleum Corp.   966    112 
Markel Corp. (g)   26    34 
MarketAxess Holdings, Inc.   75    21 
Marriott International, Inc., Class A   546    81 
Marsh & McLennan Cos., Inc.   971    161 
Martin Marietta Materials, Inc.   124    42 
Marvell Technology, Inc.   1,714    63 
Masco Corp.   450    21 
Masimo Corp.   94    14 
Mastercard, Inc., Class A   1,694    589 
Match Group, Inc. (g)   554    23 
McCormick & Co., Inc.   496    41 
McDonald's Corp.   1,448    382 
McKesson Corp.   281    105 
Medical Properties Trust, Inc. REIT   1,179    13 
Medtronic PLC   2,636    205 
MercadoLibre, Inc. (g)   89    75 
Merck & Co., Inc.   4,972    552 
Meta Platforms, Inc., Class A (g)   4,433    533 
MetLife, Inc.   1,324    96 
Mettler-Toledo International, Inc. (g)   44    64 
MGM Resorts International   616    21 
Microchip Technology, Inc.   1,088    76 
Micron Technology, Inc.   2,218    111 
Microsoft Corp.   13,893    3,332 
Mid-America Apartment Communities, Inc. REIT   229    36 
Moderna, Inc. (g)   620    111 
Mohawk Industries, Inc. (g)   102    10 
Molina Healthcare, Inc. (g)   115    38 
Molson Coors Beverage Co., Class B   381    20 
Mondelez International, Inc., Class A   2,695    180 
MongoDB, Inc. (g)   129    25 
Monolithic Power Systems, Inc.   87    31 
Monster Beverage Corp. (g)   775    79 
Moody's Corp.   326    91 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Mosaic Co.   673    30 
Motorola Solutions, Inc.   329    85 
MSCI, Inc.   159    74 
Nasdaq, Inc.   682    42 
NetApp, Inc.   431    26 
Netflix, Inc. (g)   877    259 
Neurocrine Biosciences, Inc. (g)   186    22 
Newell Brands, Inc.   786    10 
Newmont Corp.   1,494    71 
News Corp., Class A   761    14 
NextEra Energy, Inc.   3,867    323 
NIKE, Inc., Class B   2,509    294 
NiSource, Inc.   801    22 
Nordson Corp.   102    24 
Norfolk Southern Corp.   469    116 
Northern Trust Corp.   389    34 
Northrop Grumman Corp.   290    158 
Novocure Ltd. (g)   182    13 
NRG Energy, Inc.   465    15 
Nucor Corp.   505    67 
NVIDIA Corp.   4,960    725 
NVR, Inc. (g)   6    28 
NXP Semiconductors NV   518    82 
O'Reilly Automotive, Inc. (g)   123    104 
Occidental Petroleum Corp.   1,836    116 
Okta, Inc. (g)   291    20 
Old Dominion Freight Line, Inc.   192    54 
Omnicom Group, Inc.   404    33 
ON Semiconductor Corp. (g)   852    53 
ONEOK, Inc.   883    58 
Oracle Corp.   3,135    256 
Otis Worldwide Corp.   828    65 
Ovintiv, Inc.   504    26 
Owens Corning   192    16 
PACCAR, Inc.   684    68 
Packaging Corp. of America   186    24 
Palantir Technologies, Inc., Class A (g)   3,275    21 
Palo Alto Networks, Inc. (g)   594    83 
Paramount Global, Class B   1,207    20 
Parker Hannifin Corp.   251    73 
Paychex, Inc.   644    74 
Paycom Software, Inc. (g)   100    31 
Paylocity Holding Corp. (g)   81    16 
PayPal Holdings, Inc. (g)   2,156    154 
PDC Energy, Inc.   989    63 
Pentair PLC   326    15 
PepsiCo, Inc.   2,723    492 
PerkinElmer, Inc.   249    35 
Pfizer, Inc.   11,128    570 
PG&E Corp. (g)   2,922    48 
Philip Morris International, Inc.   3,052    309 
Phillips 66   935    97 
Pinterest, Inc., Class A (g)   1,140    28 
Pioneer Natural Resources Co.   3,039    694 
Plug Power, Inc. (g)   1,021    13 
PNC Financial Services Group, Inc.   798    126 
Pool Corp.   79    24 
PPG Industries, Inc.   469    59 
PPL Corp.   1,447    42 
Principal Financial Group, Inc.   488    41 
Procter & Gamble Co.   4,719    715 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Progressive Corp.   1,144    148 
ProLogis, Inc. REIT   1,809    204 
Prudential Financial, Inc.   727    72 
PTC, Inc. (g)   219    26 
Public Service Enterprise Group, Inc.   986    60 
Public Storage REIT   310    87 
Pulte Group, Inc.   460    21 
Qorvo, Inc. (g)   206    19 
QUALCOMM, Inc.   2,222    244 
Quanta Services, Inc.   278    40 
Quest Diagnostics, Inc.   231    36 
Raymond James Financial, Inc.   380    41 
Raytheon Technologies Corp.   2,891    292 
Realty Income Corp. REIT   1,221    77 
Regency Centers Corp. REIT   305    19 
Regeneron Pharmaceuticals, Inc. (g)   208    150 
Regions Financial Corp.   1,829    39 
Repligen Corp. (g)   103    17 
Republic Services, Inc.   436    56 
ResMed, Inc.   289    60 
Rivian Automotive, Inc., Class A (g)   641    12 
Robert Half International, Inc.   219    16 
ROBLOX Corp., Class A (g)   685    19 
Rockwell Automation, Inc.   225    58 
Roku, Inc. (g)   246    10 
Rollins, Inc.   435    16 
Roper Technologies, Inc.   209    90 
Ross Stores, Inc.   690    80 
Royal Caribbean Cruises Ltd. (g)   456    23 
Royalty Pharma PLC, Class A   687    27 
RPM International, Inc.   255    25 
S&P Global, Inc.   675    226 
Salesforce, Inc. (g)   1,966    261 
SBA Communications Corp. REIT   211    59 
Schlumberger NV   2,713    145 
Seagate Technology Holdings PLC   393    21 
Seagen, Inc. (g)   268    34 
Sealed Air Corp.   289    14 
SEI Investments Co.   228    13 
Sempra Energy   624    96 
Sensata Technologies Holding PLC   307    12 
ServiceNow, Inc. (g)   396    154 
Sherwin-Williams Co.   487    116 
Signature Bank   123    14 
Simon Property Group, Inc. REIT   645    76 
Sirius XM Holdings, Inc.   1,543    9 
Skyworks Solutions, Inc.   321    29 
Snap, Inc., Class A (g)   2,174    19 
Snap-On, Inc.   105    24 
Snowflake, Inc., Class A (g)   429    62 
SolarEdge Technologies, Inc. (g)   108    31 
Southern Co.   2,124    152 
Southwest Airlines Co.   292    10 
Splunk, Inc. (g)   315    27 
SS&C Technologies Holdings, Inc.   448    23 
Stanley Black & Decker, Inc.   292    22 
Starbucks Corp.   2,272    225 
State Street Corp.   721    56 
Steel Dynamics, Inc.   351    34 
Steris PLC   196    36 
Stryker Corp.   673    165 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Sun Communities, Inc. REIT   245    35 
SVB Financial Group (g)   115    26 
Synchrony Financial   944    31 
Synopsys, Inc. (g)   300    96 
Sysco Corp.   995    76 
T Rowe Price Group, Inc.   446    49 
T-Mobile US, Inc. (g)   1,245    174 
Take-Two Interactive Software, Inc. (g)   328    34 
Targa Resources Corp.   423    31 
Target Corp.   917    137 
TE Connectivity Ltd.   634    73 
Teledyne Technologies, Inc. (g)   92    37 
Teleflex, Inc.   93    23 
Teradyne, Inc.   308    27 
Tesla, Inc. (g)   5,544    683 
Texas Instruments, Inc.   1,807    299 
Texas Pacific Land Corp.   12    28 
Textron, Inc.   415    29 
Thermo Fisher Scientific, Inc.   778    428 
TJX Cos., Inc.   2,291    182 
Toast, Inc., Class A (g)   482    9 
Tractor Supply Co.   221    50 
Trade Desk, Inc., Class A (g)   834    37 
Tradeweb Markets, Inc., Class A   213    14 
Trane Technologies PLC   458    77 
TransDigm Group, Inc.   101    64 
TransUnion   384    22 
Travelers Cos., Inc.   462    87 
Trimble, Inc. (g)   492    25 
Truist Financial Corp.   2,597    112 
Twilio, Inc., Class A (g)   336    16 
Tyler Technologies, Inc. (g)   82    26 
Tyson Foods, Inc., Class A   564    35 
U-Haul Holding Co.   167    9 
Uber Technologies, Inc. (g)   2,951    73 
UDR, Inc. REIT   647    25 
UGI Corp.   417    15 
Ulta Beauty, Inc.   101    47 
Union Pacific Corp.   1,243    257 
United Parcel Service, Inc., Class B   1,476    257 
United Rentals, Inc. (g)   138    49 
UnitedHealth Group, Inc.   1,850    981 
Unity Software, Inc. (g)   491    14 
Universal Health Services, Inc., Class B   129    18 
US Bancorp   2,780    121 
Vail Resorts, Inc.   80    19 
Valero Energy Corp.   766    97 
Veeva Systems, Inc., Class A (g)   280    45 
Ventas, Inc. REIT   785    35 
VeriSign, Inc.   189    39 
Verisk Analytics, Inc.   311    55 
Verizon Communications, Inc.   8,309    327 
Vertex Pharmaceuticals, Inc. (g)   504    146 
VF Corp.   671    19 
Viatris, Inc.   2,402    27 
VICI Properties, Inc. REIT   1,901    62 
Visa, Inc., Class A   3,217    668 
Vistra Corp.   738    17 
VMware, Inc., Class A   418    51 
Vulcan Materials Co.   261    46 
Walgreens Boots Alliance, Inc.   1,436    54 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Walmart, Inc.   2,947    418 
Walt Disney Co. (g)   3,563    310 
Warner Bros Discovery, Inc. (g)   4,623    44 
Waste Connections, Inc.   508    67 
Waste Management, Inc.   816    128 
Waters Corp. (g)   117    40 
Webster Financial Corp.   344    16 
WEC Energy Group, Inc.   622    58 
Wells Fargo & Co.   7,575    313 
Welltower, Inc. REIT   919    60 
West Pharmaceutical Services, Inc.   146    34 
Western Digital Corp. (g)   608    19 
Western Union Co.   757    10 
Westinghouse Air Brake Technologies Corp.   341    34 
Westlake Chemical Corp.   76    8 
WestRock Co.   503    18 
Weyerhaeuser Co. REIT   1,454    45 
Whirlpool Corp.   109    15 
Williams Cos., Inc.   2,403    79 
Willis Towers Watson PLC   215    53 
Wolfspeed, Inc. (g)   242    17 
Workday, Inc., Class A (g)   390    65 
WP Carey, Inc. REIT   384    30 
WR Berkley Corp.   412    30 
WW Grainger, Inc.   90    50 
Wynn Resorts Ltd. (g)   213    18 
Xcel Energy, Inc.   1,078    76 
Xylem, Inc.   355    39 
Yum! Brands, Inc.   563    72 
Zebra Technologies Corp., Class A (g)   101    26 
Zillow Group, Inc., Class C (g)   318    10 
Zimmer Biomet Holdings, Inc.   415    53 
Zoetis, Inc.   931    136 
Zoom Video Communications, Inc., Class A (g)   446    30 
ZoomInfo Technologies, Inc., Class A (g)   501    15 
Zscaler, Inc. (g)   166    19 
         70,007 
Total Common Stocks (Cost $97,471)        141,569 
           
Short-Term Investments (15.7%)          
Investment Company (15.2%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (j) (Cost $67,266)   67,265,531    67,266 

 

  Face
Amount
(000)		      
U.S. Treasury Security (0.5%)          
U.S. Treasury Bill,          
3.84%, 3/16/23 (k) (Cost $2,273)  $2,291    2,272 
Total Short-Term Investments (Cost $69,539)        69,538 
Total Investments (100.6%) (Cost $436,238) (l)(m)(n)(o)        444,544 
Liabilities in Excess of Other Assets (-0.6%)        (2,706)
Net Assets (100.0%)       $441,838 

 

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.

 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

 

(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 December 31, 2022. 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 December 31, 2022.
(e) Amount is less than 0.05%.
(f) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date.
(g) Non-income producing security.
(h) Security trades on the Hong Kong exchange.
(i)

At December 31, 2022, the Fund held a fair valued security valued at $0, representing 0.0% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Trust's (as defined herein) Trustees.
(j) 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 three months ended December 31, 2022, advisory fees paid were reduced by approximately $29,000 relating to the Fund's investment in the Liquidity Funds.
(k) Rate shown is the yield to maturity at December 31, 2022.
(l) Securities are available for collateral in connection with securities purchased on a forward commitment basis, foreign currency forward exchange contracts, futures contracts and swap agreements.
(m) The approximate fair value and percentage of net assets, $ 62,753,000 and 14.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.
(n) 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 three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions.
(o) At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $63,315,000 and the aggregate gross unrealized depreciation is approximately $46,060,000, resulting in net unrealized appreciation of approximately $17,255,000.

@ Value is less than $500.
ADR American Depositary Receipt.
CDI CHESS Depositary Interest.
CVA Certificaten Van Aandelen.
EURIBOR Euro Interbank Offered Rate.
LIBOR London Interbank Offered Rate.
LSE London Stock Exchange.
MTN Medium Term Note.
NYSE New York Stock Exchange.
OAT Obligations Assimilables du Trésor (French Treasury Obligation).
REIT Real Estate Investment Trust.
SOFR Secured Overnight Financing Rate.
SONIA Sterling Overnight Index Average
TBA To Be Announced.
USD United States Dollar.

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at December 31, 2022:

 

Counterparty   Contracts
to
Deliver
(000)		   In
Exchange
For
(000)		   Delivery
Date		   Unrealized
Appreciation
(Depreciation)
(000)		  
Bank of America NA   CNH 10,096   $ 1,460   3/16/23   $ (7 )
Bank of America NA   EUR 278   $ 290   2/9/23     (7 )
Bank of America NA   PLN 252   $ 57   3/16/23     (1 )
Bank of America NA   $ 836   CHF 832   2/9/23     67  
Bank of America NA   $ 146   ILS 496   3/16/23     (5 )
Barclays Bank PLC   AUD 1,784   $ 1,213   3/16/23     (5 )
Barclays Bank PLC   AUD 5,237   $ 3,353   2/9/23     (218 )
Barclays Bank PLC   EUR 2,043   $ 2,190   3/16/23     (8 )
Barclays Bank PLC   HKD 1,057   $ 136   3/16/23     —@  
Barclays Bank PLC   JPY 116,294   $ 882   3/16/23     (13 )
Barclays Bank PLC   $ 944   EUR 881   3/16/23     4  
Barclays Bank PLC   $ 365   EUR 340   3/16/23     1  
Barclays Bank PLC   $ 2,323   JPY 310,108   3/16/23     63  
BNP Paribas SA   CNH 3,811   $ 551   3/16/23     (2 )
BNP Paribas SA   HKD 323   $ 42   3/16/23     —@  
BNP Paribas SA   SEK 12,540   $ 1,208   3/16/23     1  
BNP Paribas SA   $ 235   CAD 318   3/16/23     (—@ )
BNP Paribas SA   $ 133   CHF 122   3/16/23     (—@ )
BNP Paribas SA   $ 49   COP 242,881   3/16/23     (—@ )
BNP Paribas SA   $ 185   EUR 173   3/16/23     1  
BNP Paribas SA   $ 938   EUR 879   3/16/23     8  
BNP Paribas SA   $ 427   INR 35,333   3/16/23     (1 )
BNP Paribas SA   $ 1,761   JPY 235,115   3/16/23     47  
BNP Paribas SA   $ 2,515   MXN 50,138   3/16/23     25  
BNP Paribas SA   $ 177   SEK 1,796   3/16/23     (4 )
Citibank NA   $ 10   CZK 229   3/16/23     —@
Citibank NA   $ 68   ILS 228   3/16/23     (2 )
Citibank NA   $ 559   THB 20,723   2/9/23     41  
Goldman Sachs International   BRL 12,685   $ 2,349   3/16/23     (22 )
Goldman Sachs International   BRL 74,317   $ 13,794   3/16/23     (95 )
Goldman Sachs International   BRL 4,533   $ 852   3/16/23     5  
Goldman Sachs International   DKK 62   $ 9   3/16/23     (—@ )
Goldman Sachs International   HKD 40   $ 5   3/16/23     —@
Goldman Sachs International   JPY 159,148   $ 1,200   3/16/23     (24 )
Goldman Sachs International   NOK 583   $ 60   3/16/23     —@  
Goldman Sachs International   NZD 1   $ —@   3/16/23     —@  
Goldman Sachs International   SGD 83   $ 62   3/16/23     (—@ )
Goldman Sachs International   $ 682   AUD 1,003   3/16/23     3  
Goldman Sachs International   $ 697   AUD 1,008   3/16/23     (8 )
Goldman Sachs International   $ 6,016   BRL 31,935   3/16/23     (48 )
Goldman Sachs International   $ 889   CHF 814   3/16/23     (1 )
Goldman Sachs International   $ 84   CLP 74,031   3/16/23     2  
Goldman Sachs International   $ 12   CZK 278   3/16/23     —@  
Goldman Sachs International   $ 1,771   KRW 2,515,849   2/9/23     221  
Goldman Sachs International   $ 1,111   MXN 22,158   3/16/23     11  
Goldman Sachs International   $ 315   NZD 496   3/16/23     (—@ )
Goldman Sachs International   $ 103   PEN 411   2/9/23     5  
Goldman Sachs International   $ 125   RON 632   2/9/23     11  
Goldman Sachs International   $ 2,005   SEK 20,347   3/16/23     (48 )
Goldman Sachs International   $ 1,382   TWD 41,635   3/16/23     (18 )
HSBC Bank PLC   $ 681   EUR 685   2/9/23     55  
JPMorgan Chase Bank NA   CAD 127   $ 95   2/9/23     1  
JPMorgan Chase Bank NA   CNH 106,030   $ 15,331   3/16/23     (75 )

 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

JPMorgan Chase Bank NA   DKK 508   $ 67   2/9/23     (6 )
JPMorgan Chase Bank NA   EUR 720   $ 754   2/9/23     (19 )
JPMorgan Chase Bank NA   MXN 1,867   $ 94   2/9/23     (1 )
JPMorgan Chase Bank NA   NOK 449   $ 46   3/16/23     —@  
JPMorgan Chase Bank NA   NZD 6,017   $ 3,910   3/16/23     87  
JPMorgan Chase Bank NA   SGD 131   $ 98   3/16/23     (—@ )
JPMorgan Chase Bank NA   $ 16   AUD 24   2/9/23     —@  
JPMorgan Chase Bank NA   $ 1,514   CAD 2,048   3/16/23     (1 )
JPMorgan Chase Bank NA   $ 693   CHF 635   3/16/23     (1 )
JPMorgan Chase Bank NA   $ 2,706   CNH 19,352   2/9/23     98  
JPMorgan Chase Bank NA   $ 1,143   GBP 920   3/16/23     (29 )
JPMorgan Chase Bank NA   $ 3,469   JPY 505,728   2/9/23     403  
JPMorgan Chase Bank NA   $ 2,647   JPY 353,327   3/16/23     71  
JPMorgan Chase Bank NA   $ 599   MXN 11,948   3/16/23     6  
JPMorgan Chase Bank NA   $ 90   NOK 943   2/9/23     6  
JPMorgan Chase Bank NA   $ 310   SEK 3,415   2/9/23     18  
JPMorgan Chase Bank NA   $ 13   SEK 137   3/16/23     (—@ )
UBS AG   AUD 618   $ 417   2/9/23     (5 )
UBS AG   CAD 934   $ 687   2/9/23     (3 )
UBS AG   CAD 163   $ 121   3/16/23     (—@ )
UBS AG   CHF 1,111   $ 1,209   3/16/23     (1 )
UBS AG   CNY 183,125   $ 26,549   3/16/23     58  
UBS AG   DKK 370   $ 53   3/16/23     (—@ )
UBS AG   EUR 1,533   $ 1,636   3/16/23     (13 )
UBS AG   GBP 1,534   $ 1,738   2/9/23     (117 )
UBS AG   JPY 185,397   $ 1,421   3/16/23     (5 )
UBS AG   JPY 14,209   $ 104   2/9/23     (5 )
UBS AG   KRW 1,452,084   $ 1,105   3/16/23     (45 )
UBS AG   NZD 6,017   $ 3,910   3/16/23     87  
UBS AG   THB 6,031   $ 177   3/16/23     1  
UBS AG   TRY 458   $ 23   3/16/23     —@  
UBS AG   $ 1,601   AUD 2,318   3/16/23     (18 )
UBS AG   $ 7   CAD 9   3/16/23     (—@ )
UBS AG   $ 991   CHF 908   3/16/23     (1 )
UBS AG   $ 14,796   EUR 13,811   3/16/23     60  
UBS AG   $ 899   EUR 844   2/9/23     7  
UBS AG   $ 885   GBP 750   2/9/23     22  
UBS AG   $ 1,310   GBP 1,054   3/16/23     (33 )
UBS AG   $ 249   GBP 202   2/9/23     (4 )
UBS AG   $ 12   HUF 4,751   3/16/23     —@  
UBS AG   $ 70   HUF 29,662   2/9/23     8  
UBS AG   $ 100   IDR 1,589,201   2/9/23     2  
UBS AG   $ 548   IDR 8,561,187   3/16/23     1  
UBS AG   $ 1,125   JPY 150,207   3/16/23     30  
UBS AG   $ 2,385   KRW 3,079,701   3/16/23     55  
UBS AG   $ 1,089   MXN 21,716   3/16/23     11  
UBS AG   $ 24   MXN 481   2/9/23     —@  
UBS AG   $ 121   MXN 2,373   3/16/23     (1 )
UBS AG   $ 126   NZD 216   2/9/23     11  
UBS AG   $ 4,863   NZD 7,669   3/16/23     10  
UBS AG   $ 89   PLN 433   2/9/23     9  
UBS AG   $ 614   SEK 6,233   3/16/23     (15 )
UBS AG   $ 403   SGD 569   2/9/23     22  
UBS AG   ZAR 1,082   $ 62   3/16/23     (1 )
                    $ 719  

 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Futures Contracts:

The Fund had the following futures contracts open at December 31, 2022:

 

    Number
of
Contracts		   Expiration
Date		   Notional
Amount
(000)		   Value
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		  
Long:                            
Euro Stoxx 50 Index (Germany)   276   Mar-23   EUR 3   $ 11,182   $ (468 )
Hang Seng Index (Hong Kong)   89   Jan-23   HKD 4     3,854     (38 )
ICE Brent Crude Oil Index (United Kingdom)   41   Oct-23   $ 41     3,348     23  
KFE 10 yr Treasury Bond Index (Korea, Republic of)   24   Mar-23   KRW 2,400,000     2,087     (65 )
Long Gilt Index (United Kingdom)   7   Mar-23   GBP 700     845     (47 )
SFE 10 Yr. Australian Bond Index (Australia)   81   Mar-23   AUD 8,100     6,380     (356 )
SGX MSCI Singapore Index Index (Singapore)   2   Jan-23   SGD —@     43     (—@ )
TSE TOPIX Index (Japan)   26   Mar-23   JPY 260     3,747     (96 )
U.S. Treasury 10 yr. Note (United States)   3   Mar-23   $ 300     337     (7 )
U.S. Treasury 10 yr. Ultra Note (United States)   66   Mar-23     6,600     7,807     (11 )
U.S. Treasury Long Bond (United States)   17   Mar-23     1,700     2,131     (14 )
U.S. Treasury Ultra Bond (United States)   2   Mar-23     200     269     (1 )
                             
Short:                            
CME Bitcoin Index (United States)   6   Jan-23     (—@ )   (496 )   2  
German Euro-BTP Index (Germany)   96   Mar-23   EUR (9,600 )   (11,193 )   902  
German Euro-Bund Index (Germany)   11   Mar-23     (1,100 )   (1,565 )   109  
German Short Euro-BTP Index (Germany)   22   Mar-23     (2,200 )   (2,475 )   41  
MSCI Emerging Market Index (United States)   8   Mar-23   $ (—@ )   (384 )   4  
Nikkei 255 Index (Japan)   4   Mar-23   JPY (2 )   (392 )   22  
S&P 500 E Mini Index (United States)   114   Mar-23   $ (6 )   (22,008 )   779  
U.S. Treasury 10 yr. Note (United States)   38   Mar-23     (3,800 )   (4,267 )   7  
U.S. Treasury 10 yr. Ultra Note (United States)   23   Mar-23     (2,300 )   (2,721 )   5  
U.S. Treasury 2 yr. Note (United States)   59   Mar-23     (11,800 )   (12,100 )   (12 )
U.S. Treasury 5 yr. Note (United States)   143   Mar-23     (14,300 )   (15,434 )   173  
                        $ 952  

 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Interest Rate Swap Agreements:

The Fund had the following interest rate swap agreements open at December 31, 2022:

 

Swap Counterparty  Floating Rate
Index		  Pay/Receive
Floating Rate		  Fixed
Rate		  Payment
Frequency
Paid/
Received		  Maturity
Date		  Notional
Amount
(000)		  Value
(000)		  Upfront
Payment
Paid
(Received)
(000)		  Unrealized
Appreciation
(Depreciation)
(000)		 
Morgan Stanley & Co. LLC*  BRL-CDI  Pay   13.54% Semi-Annual/
Quarterly		  1/2/25  BRL22,217  $67  $—  $67 
Morgan Stanley & Co. LLC*  BRL-CDI  Pay   13.56  Semi-Annual/
Quarterly		  1/2/25   22,217   70   —   70 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   2.47  Semi-Annual/
Quarterly		  10/6/32  $721   5   —   5 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   2.71  Semi-Annual/
Quarterly		  10/31/32   1,798   (23)  —   (23)
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   2.72  Semi-Annual/
Quarterly		  10/31/32   1,799   (24)  —   (24)
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   2.78  Semi-Annual/
Quarterly		  10/26/32   1,679   (33)  —   (33)
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Receive   2.78  Semi-Annual/
Quarterly		  10/26/32   1,679   (32)  —   (32)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   6.66  Quarterly/
Quarterly		  7/1/26  MXN32,653   (119)  —   (119)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   6.68  Quarterly/
Quarterly		  6/29/26   32,653   (118)  —   (118)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   6.68  Quarterly/
Quarterly		  6/29/26   32,653   (116)  (1)  (117)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   7.36  Quarterly/
Quarterly		  12/22/26   57,377   (153)  —   (153)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   7.38  Quarterly/
Quarterly		  12/22/26   57,378   (151)  —   (151)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   9.80  Quarterly/
Quarterly		  11/15/24   228,858   (40)  —   (40)
Morgan Stanley & Co. LLC*  1 Month TIIE  Pay   9.81  Quarterly/
Quarterly		  11/15/24   336,223   (56)  —   (56)
                       $(723) $(1) $(724)

 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Total Return Swap Agreements:

The Fund had the following total return swap agreements open at December 31, 2022:

 

Swap Counterparty  Index  Pay/Receive
Total Return
of Referenced
Index		  Floating
Rate		  Payment
Frequency		  Maturity
Date		  Notional
Amount
(000)		  Value
(000)		  Upfront
Payment
Paid
(000)		  Unrealized
Appreciation
(Depreciation)
(000)		 
BNP Paribas SA  BNP Custom U.S. Banks Index  Receive  SOFR + 0.40%  Quarterly  12/22/23  $2,790  $76  $—  $76 
BNP Paribas SA  BNP European Growth Custom Index††  Pay  ESTR + 0.04%  Quarterly  9/28/23  EUR11,354   64   —   64 
BNP Paribas SA  BNP European Value Custom Index††  Receive  ESTR + 0.42%  Quarterly  9/28/23   11,612   (128)  —   (128)
BNP Paribas SA  MSCI Canada Banks Index  Pay  CORRA + 0.27%  Quarterly  9/8/23  CAD2,206   (22)  —   (22)
BNP Paribas SA  MSCI Canada Banks Index  Pay  CORRA + 0.27%  Quarterly  9/8/23   2,175   54   —   54 
BNP Paribas SA  MSCI Japan Net Total Return Index  Receive  SOFR + 0.35%  Quarterly  2/10/23  $14,780   775   —   775 
BNP Paribas SA  MSCI USA Index  Receive  SOFR + 0.35%  Quarterly  7/14/23   49,530   3,234   —   3,234 
BNP Paribas SA  MSCI USA Industrials Index  Receive  SOFR + 0.33%  Quarterly  12/13/23   2,045   (31)  —   (31)
BNP Paribas SA  MSCI USA Information Technology Index  Pay  SOFR + 0.33%  Quarterly  12/13/23   2,045   120   —   120 
Goldman Sachs International  MSCI Emerging Markets Net Total Return Index  Receive  SOFR + 0.24%  Quarterly  1/26/23   26,960   3,572   —   3,572 
Goldman Sachs International  MSCI USA Index  Receive  SOFR + 0.30%  Quarterly  9/22/23   37,352   98   —   98 
JPMorgan Chase Bank NA  JPM SPX 1500 Growth Custom Index††  Pay  SOFR + 0.35%  Quarterly  12/11/23   3,400   88   —   88 
JPMorgan Chase Bank NA  JPM SPX 1500 Growth Custom Index††  Pay  SOFR + 0.35%  Quarterly  12/11/23   6,897   229   —   229 
JPMorgan Chase Bank NA  JPM SPX 1500 Growth Custom Index††  Pay  SOFR + 0.35%  Quarterly  12/11/23   6,700   183   —   183 
JPMorgan Chase Bank NA  JPM SPX 1500 Value Custom Index††  Receive  SOFR + 0.35%  Quarterly  12/11/23   3,408   (69)  —   (69)
JPMorgan Chase Bank NA  JPM SPX 1500 Value Custom Index††  Receive  SOFR + 0.35%  Quarterly  12/11/23   6,903   (186)  —   (186)
JPMorgan Chase Bank NA  JPM SPX 1500 Value Custom Index††  Receive  SOFR + 0.35%  Quarterly  12/11/23   6,747   (154)  —   (154)
JPMorgan Chase Bank NA  JPM SPX 500 Growth Custom Index††  Pay  SOFR + 0.35%  Quarterly  12/11/23   8,527   216   —   216 
JPMorgan Chase Bank NA  JPM SPX 500 Value Custom Index††  Receive  SOFR + 0.35%  Quarterly  12/11/23   8,514   (117)  —   (117)
                      $8,002  $—  $8,002 

 

 

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

 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

The following table represents the equity basket holdings underlying the total return swap with BNP European Growth Custom Index as of December 31, 2022:

 

Security Description  Shares   Value
(000)		   Index
Weight		 
BNP European Growth Custom Index               
ADP   180   $24    2.16%
Adyen NV   17    24    2.11 
Air Liquide SA   176    25    2.23 
Akzo Nobel NV   369    25    2.21 
Argenx SE   65    24    2.16 
Asml Holding NV   42    23    2.01 
Beiersdorf AG   226    26    2.32 
Carl Zeiss Meditec AG   199    25    2.25 
Cellnex Telecom SA   735    24    2.17 
Corp ACCIONA Energias Renovables SA   661    26    2.29 
Dassault Systemes SE   692    25    2.21 
Davide Campari-Milano NV   2,413    24    2.19 
Delivery Hero SE   597    29    2.56 
Deutsche Boerse AG   140    24    2.15 
Edp Renovaveis SA   1,122    25    2.21 
Elia Group SA   174    25    2.21 
Eurazeo SE   400    25    2.22 
Ferrari NV   115    25    2.20 
Ferrovial SA   938    25    2.19 
Finecobank SpA   1,556    26    2.31 
Groupe Bruxelles Lambert NV   313    25    2.23 
Hannover Rueck SE   128    25    2.28 
Hermes International   16    24    2.17 
Kone Oyj - Class B   494    26    2.28 
Koninklijke Dsm NV   197    24    2.16 
L'Oreal   68    24    2.16 
LVMH Moet Hennessy Louis Vuitton SE   33    24    2.17 
MTU Aero Engines AG   117    25    2.27 
Neste Oyj   524    24    2.15 
Prosus NV   370    26    2.28 
Rational AG   40    24    2.13 
Remy Cointreau   150    25    2.26 
Safran SA   205    26    2.30 
Sampo Oyj -Class A   486    25    2.27 
Sartorius AG   68    27    2.39 
Sartorius Stedim Biotech   76    25    2.19 
Scout24 SE   467    23    2.09 
Sofina   110    24    2.17 
Symrise AG   228    25    2.22 
Terna Rete Elettrica Nazionale SpA   3,273    24    2.16 
Universal Music Group NV   1,059    26    2.28 
Vonovia SE   1,027    24    2.16 
Warehouses De Pauw SCA   900    26    2.30 
Wolters Kluwer   229    24    2.14 
Zalando SE   768    27    2.43 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

The following table represents the equity basket holdings underlying the total return swap with BNP European Value Custom Index as of December 31, 2022:

 

Security Description  Shares   Value
(000)		   Index
Weight		 
BNP European Value Custom Index               
Arcelormittal   964   $25    2.10%
Arkema   292    26    2.18 
Banco Bilbao Vizcaya Argenta   4,519    27    2.26 
Banco Santander SA   8,994    27    2.24 
Bayer AG (Registered)   473    24    2.03 
Bayerische Motoren Werke AG   298    27    2.20 
Bayerische Motoren Werke (Preferred)   311    27    2.20 
Bechtle AG   695    25    2.04 
Bouygues SA   848    25    2.11 
Brenntag SE   414    26    2.20 
Carrefour SA   1,511    25    2.10 
Commerzbank AG   3,165    30    2.48 
Compagnie De Saint Gobain   537    26    2.18 
Continental AG   438    26    2.18 
Daimler Truck Holding AG   810    25    2.08 
Deutsche Bank Ag (Registered)   2,477    28    2.33 
Deutsche Lufthansa (Registered)   3,236    27    2.23 
Deutsche Post AG (Registered)   653    25    2.04 
Deutsche Telekom AG (Registered)   1,299    26    2.15 
E.ON SE   2,719    27    2.25 
Eiffage   260    26    2.12 
Enel SpA   4,789    26    2.14 
Engie   1,740    25    2.07 
Eni SpA   1,847    26    2.18 
Fresenius Medical Care AG   822    27    2.23 
Fresenius Se & Co KGaA   934    26    2.18 
Heidelbergcement AG   481    27    2.28 
Heineken Holding NV   340    26    2.18 
Jde Peet'S NV   899    26    2.16 
Klepierre   1,116    26    2.13 
Koninklijke Ahold Delhaize NV   875    25    2.09 
Koninklijke Philips NV   1,845    28    2.29 
Leg Immobilien SE   395    26    2.13 
Michelin   938    26    2.16 
Nexi SpA   3,222    25    2.11 
Nn Group NV   608    25    2.06 
Nokia Oyj   5,325    25    2.05 
Orange   2,694    27    2.22 
Randstad NV   446    27    2.26 
Seb SA   312    26    2.17 
Societe Generale SA   1,108    28    2.31 
Stellantis NV   1,806    26    2.13 
Telefonica SA   7,220    26    2.17 
Unicredit SpA   1,985    28    2.34 
Veolia Environnement   996    26    2.12 
Voestalpine AG   971    26    2.14 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Growth Custom Index as of December 31, 2022:

 

Security Description  Shares   Value
(000)		   Index
Weight		 
JPM SPX 1500 Growth Custom Index               
Agilysys, Inc.   782   $62    0.63%
Alliant Energy Corp.   909    50    0.51 
Aptargroup, Inc.   463    51    0.52 
Arlo Technologies, Inc.   14,734    52    0.53 
Arrowhead Pharmaceuticals, Inc.   1,521    62    0.63 
Bio-Techne Corp.   613    51    0.52 
Boeing Co.   280    53    0.55 
Capitol Federal Financial, Inc.   5,961    52    0.53 
Cnx Resources Corp.   3,028    51    0.52 
Coherus Biosciences, Inc.   7,422    59    0.60 
Commerce Bancshares, Inc.   736    50    0.51 
Community Bank System, Inc.   792    50    0.51 
Core Laboratories NV   2,580    52    0.54 
Cytokinetics, Inc.   1,332    61    0.63 
Deckers Outdoor Corp.   132    53    0.54 
Dril-Quip, Inc.   2,234    61    0.62 
ELF Beauty, Inc.   902    50    0.51 
Enerpac Tool Group Corp.   2,080    53    0.54 
First Republic Bank   419    51    0.52 
Hci Group, Inc.   1,347    53    0.55 
Hess Corp.   365    52    0.53 
Lamb Weston Holdings, Inc.   570    51    0.52 
Manhattan Associates, Inc.   422    51    0.53 
Marketaxess Holdings, Inc.   182    51    0.52 
Mastercard, Inc. - Class A   144    50    0.51 
MSA Safety, Inc.   363    52    0.54 
Nike, Inc. - Class B   458    54    0.55 
Nordson Corp.   212    50    0.52 
Nov, Inc.   2,388    50    0.51 
O'Reilly Automotive, Inc.   60    50    0.52 
Penumbra, Inc.   226    50    0.52 
Progyny, Inc.   1,606    50    0.51 
Public Service Enterprise Group, Inc.   824    50    0.52 
Quinstreet, Inc.   3,603    52    0.53 
Rexford Industrial Realty, Inc.   918    50    0.51 
Ross Stores, Inc.   428    50    0.51 
Royal Gold, Inc.   445    50    0.51 
Sabre Corp.   8,484    52    0.54 
Servicenow, Inc.   128    50    0.51 
St Joe Co.   1,397    54    0.55 
Targa Resources Corp.   715    53    0.54 
Techtarget   1,162    51    0.52 
Toro Co.   449    51    0.52 
Tractor Supply Company   227    51    0.52 
Transdigm Group, Inc.   81    51    0.52 
Under Armour, Inc. - Class A   5,349    54    0.56 
Unisys Corp.   11,787    60    0.62 
Vericel Corp.   2,147    57    0.58 
Vicor Corp.   960    52    0.53 
Welltower, Inc.   765    50    0.51 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Value Custom Index as of December 31, 2022:

 

Security Description  Shares   Value
(000)		   Index
Weight		 
JPM SPX 1500 Value Custom Index               
ACI Worldwide, Inc.   2,400   $55    0.56%
Agco Corp.   369    51    0.52 
American Equity Investment Life Insurance Company   1,210    55    0.56 
American International Group   798    50    0.51 
Avanos Medical, Inc.   1,909    52    0.53 
Avista Corp.   1,195    53    0.54 
Bank Of New York Mellon Corp.   1,138    52    0.53 
Boston Properties, Inc.   758    51    0.52 
Charles River Laboratories   235    51    0.52 
Coca-Cola Consolidated, Inc.   103    53    0.54 
Concentrix Corp.   423    56    0.57 
Cousins Properties, Inc.   2,014    51    0.52 
Dmc Global, Inc.   2,954    57    0.59 
Ebix, Inc.   2,629    52    0.53 
Envista Holdings Corp.   1,512    51    0.52 
ESAB Corp.   1,071    50    0.51 
Essent Group Ltd.   1,303    51    0.52 
Genesco, Inc.   1,106    51    0.52 
Genworth Financial, Inc. - Class A   9,832    52    0.53 
Global Payments, Inc.   507    50    0.51 
Highwoods Properties, Inc.   1,793    50    0.51 
Innoviva, Inc.   3,807    50    0.51 
Interdigital, Inc.   1,032    51    0.52 
Iteos Therapeutics, Inc.   2,566    50    0.51 
Kaman Corp.   2,429    54    0.55 
KB Home   1,594    51    0.52 
M/I Homes, Inc.   1,117    52    0.53 
Millerknoll, Inc.   2,589    54    0.55 
Mks Instruments, Inc.   618    52    0.53 
NCR Corporation   2,168    51    0.52 
OFG Bancorp   1,835    51    0.52 
O-I Glass, Inc.   3,037    50    0.51 
Organogenesis Holdings, Inc.   18,716    50    0.51 
PG&E Corp.   3,153    51    0.52 
Patrick Industries, Inc.   872    53    0.54 
Pbf Energy, Inc. - Class A   1,491    61    0.62 
Phibro Animal Health Corp. - Class A   3,957    53    0.54 
Propetro Holding Corp.   4,970    52    0.53 
Resideo Technologies, Inc.   3,198    53    0.54 
Syneos Health, Inc.   1,453    53    0.54 
Taylor Morrison Home Corp.   1,663    50    0.51 
Tenet Healthcare Corp.   1,105    54    0.55 
Thryv Holdings, Inc.   2,780    53    0.54 
Timken Co.   713    50    0.51 
Titan International, Inc.   3,426    52    0.53 
Truist Financial Corp.   1,182    51    0.52 
US Silica Holdings, Inc.   4,224    53    0.54 
Viatris, Inc.   4,513    50    0.51 
Wolverine World Wide, Inc.   4,834    53    0.54 
Zimvie, Inc.   5,632    53    0.54 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Growth Custom Index as of December 31, 2022:

 

Security Description  Shares   Value
(000)		   Index
Weight		 
JPM SPX 500 Growth Custom Index               
Ameren Corporation   16,762   $1,490    1.04%
American Tower Corp.   6,882    1,458    1.02 
American Water Works Co., Inc.   9,446    1,440    1.00 
Aon PLC - Class A   4,770    1,432    1.00 
Baker Hughes Co.   52,107    1,539    1.07 
Berkshire Hathaway, Inc. - Class B   4,750    1,467    1.02 
Bio-Techne Corp.   17,990    1,491    1.04 
Boeing Co.   8,200    1,562    1.09 
Brown & Brown, Inc.   25,303    1,442    1.01 
Cadence Design System, Inc.   9,042    1,453    1.01 
Ceridian Hcm Holding, Inc.   23,201    1,488    1.04 
Cintas Corp.   3,207    1,449    1.01 
Coca-Cola Co.   22,865    1,454    1.01 
Crown Castle, Inc.   10,483    1,422    0.99 
Ecolab, Inc.   9,807    1,428    1.00 
Edwards Lifesciences Corp.   20,029    1,494    1.04 
Eli Lilly & Co.   3,904    1,428    1.00 
Estee Lauder Companies - Class A   6,231    1,546    1.08 
Gartner, Inc.   4,238    1,425    0.99 
Hershey Co.   6,144    1,423    0.99 
Hess Corp.   10,774    1,528    1.07 
Illinois Tool Works   6,593    1,453    1.01 
Intuitive Surgical, Inc.   5,427    1,440    1.00 
Linde PLC   4,388    1,431    1.00 
Live Nation Entertainment, Inc.   20,419    1,424    0.99 
Marketaxess Holdings, Inc.   5,286    1,474    1.03 
Mastercard, Inc. - Class A   4,188    1,456    1.02 
Mettler-Toledo International   991    1,433    1.00 
Monster Beverage Corp.   14,333    1,455    1.02 
Nextera Energy, Inc.   17,058    1,426    0.99 
Nike, Inc. - Class B   13,408    1,569    1.09 
Old Dominion Freight Line   5,067    1,438    1.00 
Paycom Software, Inc.   4,698    1,458    1.02 
Progressive Corp.   11,136    1,444    1.01 
Public Service Enterprise Group, Inc.   24,187    1,482    1.03 
Rockwell Automation, Inc.   5,697    1,467    1.02 
Schlumberger Ltd.   29,150    1,558    1.09 
Servicenow, Inc.   3,731    1,449    1.01 
Synopsys, Inc.   4,486    1,432    1.00 
Targa Resources Corp.   21,150    1,555    1.08 
Transdigm Group, Inc.   2,374    1,495    1.04 
Tyler Technologies, Inc.   4,693    1,513    1.06 
UDR, Inc.   36,798    1,425    0.99 
Vulcan Materials Co.   8,122    1,422    0.99 
Waters Corp.   4,281    1,467    1.02 
Wec Energy Group, Inc.   15,368    1,441    1.01 
Welltower, Inc.   22,372    1,467    1.02 
West Pharmaceutical Services   6,183    1,455    1.02 
Xylem, Inc.   13,080    1,446    1.01 
Yum! Brands, Inc.   11,304    1,448    1.01 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Value Custom Index as of December 31, 2022:

 

Security Description  Shares   Value
(000)		   Index
Weight		 
JPM SPX 500 Value Custom Index               
AES Corp.   3,383   $97    1.03%
American International Group   1,526    97    1.02 
Archer-Daniels-Midland Co.   1,018    95    1.00 
Boston Properties, Inc.   1,454    98    1.04 
Capital One Financial Corp.   1,014    94    1.00 
Cbre Group, Inc. - Class A   1,238    95    1.01 
Celanese Corp.   929    95    1.00 
Cigna Corp.   285    94    1.00 
Citigroup, Inc.   2,117    96    1.01 
Citizens Financial Group   2,395    94    1.00 
Comcast Corp. - Class A   2,735    96    1.01 
Comerica, Inc.   1,448    97    1.02 
Conagra Brands, Inc.   2,474    96    1.01 
Davita, Inc.   1,265    94    1.00 
Dow, Inc.   1,870    94    1.00 
Dr Horton, Inc.   1,098    98    1.04 
Dxc Technology Co.   3,542    94    0.99 
Evergy, Inc.   1,596    100    1.06 
Fedex Corp.   549    95    1.01 
Fifth Third Bancorp   2,866    94    0.99 
Fox Corp - Class A   3,093    94    0.99 
Generac Holdings, Inc.   1,043    105    1.11 
Global Payments, Inc.   963    96    1.01 
Hewlett Packard Enterprise   5,895    94    1.00 
Keycorp   5,473    95    1.01 
Kraft Heinz Co.   2,375    97    1.02 
Laboratory Corp of America Holdings   405    95    1.01 
Lennar Corp. - Class A   1,064    96    1.02 
Lyondellbasell Industries - Class A   1,158    96    1.02 
Marathon Petroleum Corp.   868    101    1.07 
Medtronic PLC   1,232    96    1.01 
Mohawk Industries, Inc.   987    101    1.07 
Newell Brands, Inc.   7,377    96    1.02 
Organon & Co.   3,634    101    1.07 
PG&E Corp.   6,073    99    1.04 
Pentair PLC   2,108    95    1.00 
Pfizer, Inc.   1,880    96    1.02 
Phillips 66   919    96    1.01 
Pultegroup, Inc.   2,122    97    1.02 
Quest Diagnostics, Inc.   635    99    1.05 
Robert Half International, Inc.   1,276    94    1.00 
Seagate Technology Holdings   1,803    95    1.00 
Skyworks Solutions, Inc.   1,030    94    0.99 
Tapestry, Inc.   2,571    98    1.04 
Truist Financial Corp.   2,260    97    1.03 
United Rentals, Inc.   268    95    1.01 
Universal Health Services - Class B   739    104    1.10 
Valero Energy Corp.   789    100    1.06 
Viatris, Inc.   8,666    96    1.02 
Zions Bancorp NA   2,011    99    1.05 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

 

@   Value/Notional amount is less than $500.
*   Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.
BTP   Buoni del Tesoro Poliennali.
CDI   Certificado de Depósito Interbancári.
CME   Chicago Mercantile Exchange.
CORRA   Canadian Overnight Repo Rate Average.
ESTR   Euro Short-Term Rate.
ICE   Intercontinental Exchange
MSCI   Morgan Stanley Capital International.
SGX   Singapore Exchange Ltd.
TIIE   Interbank Equilibrium Interest Rate.
TOPIX   Tokyo Price Index

AUD — Australian Dollar
BRL — Brazilian Real
CAD — Canadian Dollar
CHF — Swiss Franc
CLP — Chilean Peso
CNH — Chinese Yuan Renminbi Offshore
CNY — Chinese Yuan Renminbi
COP — Colombian Peso
CZK — Czech Koruna
DKK — Danish Krone
EUR — Euro
GBP — British Pound
HKD — Hong Kong Dollar
HUF — Hungarian Forint
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   52.5%
Common Stocks   31.9 
Short-Term Investments   15.6 
Total Investments   100.0%**

 

 

**Does not include open long/short futures contracts with a value of approximately $115,065,000 and net unrealized appreciation of approximately $952,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $719,000. Also does not include open swap agreements with net unrealized appreciation of approximately $7,278,000.

 

 

 

 

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)

 

   Face
Amount
(000)		   Value
(000)		 
Fixed Income Securities (96.7%)          
Corporate Bonds (95.3%)          
Basic Materials (6.6%)          
ASP Unifrax Holdings, Inc.          
5.25%, 9/30/28 (a)  $300   $242 
Avient Corp.          
7.13%, 8/1/30 (a)   300    294 
Diamond BC BV          
4.63%, 10/1/29 (a)   680    547 
Eldorado Gold Corp.          
6.25%, 9/1/29 (a)   500    438 
First Quantum Minerals Ltd.          
7.50%, 4/1/25 (a)   750    732 
HB Fuller Co.          
4.25%, 10/15/28    675    600 
Herens Holdco Sarl          
4.75%, 5/15/28 (a)   600    449 
Hudbay Minerals, Inc.,          
4.50%, 4/1/26 (a)   250    227 
6.13%, 4/1/29 (a)   250    227 
IAMGOLD Corp.          
5.75%, 10/15/28 (a)   574    447 
Innophos Holdings, Inc.          
9.38%, 2/15/28 (a)   700    688 
Iris Holding, Inc.          
10.00%, 12/15/28 (a)   600    495 
Kaiser Aluminum Corp.,          
4.50%, 6/1/31 (a)   250    201 
4.63%, 3/1/28 (a)   300    262 
Minerals Technologies, Inc.          
5.00%, 7/1/28 (a)   500    446 
NOVA Chemicals Corp.          
4.25%, 5/15/29 (a)   300    246 
Novelis Corp.          
4.75%, 1/30/30 (a)   500    444 
Nufarm Australia Ltd./Nufarm Americas Inc.          
5.00%, 1/27/30 (a)   500    434 
Tacora Resources, Inc.          
8.25%, 5/15/26 (a)   500    363 
TMS International Corp.          
6.25%, 4/15/29 (a)   1,150    825 
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.          
5.13%, 4/1/29 (a)   525    341 
         8,948 
Communications (9.2%)          
Altice France SA          
5.13%, 7/15/29 (a)   600    451 
Arches Buyer, Inc.,          
4.25%, 6/1/28 (a)   175    137 
6.13%, 12/1/28 (a)   200    161 
Audacy Capital Corp.          
6.50%, 5/1/27 (a)   900    171 
Block Communications, Inc.          
4.88%, 3/1/28 (a)   943    824 
C&W Senior Financing DAC          
6.88%, 9/15/27 (a)   250    233 

 

 

 

 

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Cable One, Inc.          
4.00%, 11/15/30 (a)   250    197 
Cars.com, Inc.          
6.38%, 11/1/28 (a)   17    15 
CCO Holdings LLC/CCO Holdings Capital Corp.          
5.00%, 2/1/28 (a)   550    501 
Ciena Corp.          
4.00%, 1/31/30 (a)   225    198 
Clear Channel Outdoor Holdings, Inc.          
7.75%, 4/15/28 (a)   475    347 
Clear Channel Worldwide Holdings, Inc.          
5.13%, 8/15/27 (a)   250    217 
CSC Holdings LLC          
5.75%, 1/15/30 (a)   500    283 
GCI LLC          
4.75%, 10/15/28 (a)   300    253 
Gray Escrow II, Inc.          
5.38%, 11/15/31 (a)   500    361 
iHeartCommunications, Inc.          
5.25%, 8/15/27 (a)   500    424 
Iliad Holding SASU          
7.00%, 10/15/28 (a)   400    362 
Lamar Media Corp.          
4.00%, 2/15/30    500    438 
LCPR Senior Secured Financing DAC          
6.75%, 10/15/27 (a)   720    675 
Midcontinent Communications/Midcontinent Finance Corp.          
5.38%, 8/15/27 (a)   965    875 
National CineMedia LLC          
5.75%, 8/15/26    600    17 
Nexstar Media, Inc.          
5.63%, 7/15/27 (a)   600    552 
Outfront Media Capital LLC/Outfront Media Capital Corp.          
4.63%, 3/15/30 (a)   500    415 
Radiate Holdco LLC/Radiate Finance, Inc.          
6.50%, 9/15/28 (a)   750    316 
Sable International Finance Ltd.          
5.75%, 9/7/27 (a)   249    230 
Sirius XM Radio, Inc.          
4.00%, 7/15/28 (a)   325    284 
TEGNA, Inc.,          
4.63%, 3/15/28   300    285 
5.00%, 9/15/29   300    285 
Townsquare Media, Inc.          
6.88%, 2/1/26 (a)   500    444 
TripAdvisor, Inc.          
7.00%, 7/15/25 (a)   175    173 
Univision Communications, Inc.,          
4.50%, 5/1/29 (a)   350    293 
6.63%, 6/1/27 (a)   300    290 
UPC Broadband Finco BV          
4.88%, 7/15/31 (a)   300    250 
UPC Holding BV          
5.50%, 1/15/28 (a)   250    222 
Urban One, Inc.          
7.38%, 2/1/28 (a)   800    677 
Virgin Media Finance PLC          
5.00%, 7/15/30 (a)   400    322 

 

 

 

 

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Ziggo BV          
4.88%, 1/15/30 (a)   350    293 
         12,471 
Consumer, Cyclical (24.9%)          
AAG FH LP/AAG FH Finco, Inc.          
9.75%, 7/15/24 (a)   550    531 
Air Canada          
3.88%, 8/15/26 (a)   300    266 
American Airlines, Inc./AAdvantage Loyalty IP Ltd.          
5.75%, 4/20/29 (a)   750    687 
American Axle & Manufacturing, Inc.          
6.88%, 7/1/28    325    290 
American Builders & Contractors Supply Co., Inc.          
3.88%, 11/15/29 (a)   250    205 
Arko Corp.          
5.13%, 11/15/29 (a)   675    531 
Asbury Automotive Group, Inc.,          
4.63%, 11/15/29 (a)   225    190 
4.75%, 3/1/30   250    209 
Ashton Woods USA LLC/Ashton Woods Finance Co.          
4.63%, 4/1/30 (a)   500    402 
At Home Group Inc.          
7.13%, 7/15/29 (a)   450    262 
At Home Group, Inc.          
4.88%, 7/15/28 (a)   175    124 
Banijay Entertainment SASU          
5.38%, 3/1/25 (a)   425    402 
Bath & Body Works, Inc.          
6.95%, 3/1/33    500    440 
Beacon Roofing Supply, Inc.          
4.13%, 5/15/29 (a)   300    250 
Beazer Homes USA, Inc.          
5.88%, 10/15/27    500    438 
Bloomin' Brands, Inc./OSI Restaurant Partners LLC          
5.13%, 4/15/29 (a)   400    337 
Boyd Gaming Corp.,          
4.75%, 12/1/27   200    187 
4.75%, 6/15/31 (a)   200    174 
Boyne USA, Inc.          
4.75%, 5/15/29 (a)   750    665 
Caesars Entertainment, Inc.          
4.63%, 10/15/29 (a)   500    408 
Carrols Restaurant Group, Inc.          
5.88%, 7/1/29 (a)   1,175    825 
CCM Merger, Inc.          
6.38%, 5/1/26 (a)   750    708 
CD&R Smokey Buyer, Inc.          
6.75%, 7/15/25 (a)   760    656 
CDI Escrow Issuer, Inc.          
5.75%, 4/1/30 (a)   425    382 
Clarios Global LP/Clarios U.S. Finance Co.          
8.50%, 5/15/27 (a)   500    489 
Dana, Inc.          
4.25%, 9/1/30    300    242 
Dealer Tire LLC/DT Issuer LLC          
8.00%, 2/1/28 (a)   575    507 
Everi Holdings, Inc.          
5.00%, 7/15/29 (a)   500    430 

 

 

 

 

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Ferrellgas LP/Ferrellgas Finance Corp.          
5.88%, 4/1/29 (a)   1,075    885 
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.          
6.75%, 1/15/30 (a)   575    465 
Ford Motor Co.          
3.25%, 2/12/32    480    361 
Ford Motor Credit Co. LLC          
4.13%, 8/17/27    1,840    1,651 
Forestar Group, Inc.          
5.00%, 3/1/28 (a)   250    215 
Foundation Building Materials, Inc.          
6.00%, 3/1/29 (a)   450    339 
GYP Holdings III Corp.          
4.63%, 5/1/29 (a)    250    204 
Hawaiian Brand Intellectual Property Ltd/HawaiianMiles Loyalty Ltd          
5.75%, 1/20/26 (a)   600    544 
Hilton Domestic Operating Co., Inc.          
3.63%, 2/15/32 (a)   250    201 
Installed Building Products, Inc.          
5.75%, 2/1/28 (a)   450    405 
Interface, Inc.          
5.50%, 12/1/28 (a)   200    165 
International Game Technology PLC          
5.25%, 1/15/29 (a)   375    350 
IRB Holding Corp.          
7.00%, 6/15/25 (a)   250    250 
Jacobs Entertainment, Inc.          
6.75%, 2/15/29 (a)   300    271 
JB Poindexter & Co., Inc.          
7.13%, 4/15/26 (a)   750    725 
Ken Garff Automotive LLC          
4.88%, 9/15/28 (a)   275    230 
LCM Investments Holdings II LLC          
4.88%, 5/1/29 (a)   375    301 
LGI Homes, Inc.          
4.00%, 7/15/29 (a)   500    387 
Lindblad Expeditions LLC          
6.75%, 2/15/27 (a)   395    359 
Lions Gate Capital Holdings LLC          
5.50%, 4/15/29 (a)   500    291 
Lithia Motors, Inc.          
4.63%, 12/15/27 (a)   250    226 
Macy's Retail Holdings LLC          
5.88%, 3/15/30 (a)   500    435 
Marriott Ownership Resorts, Inc.          
4.50%, 6/15/29 (a)   250    208 
Mattamy Group Corp.          
5.25%, 12/15/27 (a)   250    222 
Mclaren Finance PLC          
7.50%, 8/1/26 (a)   450    340 
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.          
4.88%, 5/1/29 (a)   500    426 
New Home Co., Inc.          
7.25%, 10/15/25 (a)   410    353 
Park River Holdings, Inc.          
5.63%, 2/1/29 (a)   525    350 
Peloton Interactive, Inc.          
0.00%, 2/15/26    595    425 
Penn National Gaming, Inc.          
4.13%, 7/1/29 (a)   300    237 

 

 

 

 

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

PetSmart, Inc./PetSmart Finance Corp.,          
4.75%, 2/15/28 (a)   500    454 
7.75%, 2/15/29 (a)   250    235 
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.          
5.88%, 9/1/31 (a)   850    602 
Raptor Acquisition Corp./Raptor Co-Issuer LLC          
4.88%, 11/1/26 (a)   570    507 
Real Hero Merger Sub 2, Inc.          
6.25%, 2/1/29 (a)   825    567 
Resorts World Las Vegas LLC/RWLV Capital, Inc.          
4.63%, 4/16/29    600    426 
Rite Aid Corp.,          
7.50%, 7/1/25 (a)   576    379 
8.00%, 11/15/26 (a)   380    204 
Scientific Games Holdings LP/Scientific Games US FinCo Inc          
6.63%, 3/1/30 (a)   500    423 
Scientific Games International, Inc.          
7.00%, 5/15/28 (a)   400    382 
Speedway Motorsports LLC/Speedway Funding II, Inc.          
4.88%, 11/1/27 (a)   725    645 
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.          
8.00%, 9/20/25 (a)   300    301 
SRS Distribution, Inc.          
4.63%, 7/1/28 (a)   500    444 
Station Casinos LLC          
4.50%, 2/15/28 (a)   500    435 
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.          
5.88%, 5/15/25 (a)   810    757 
Superior Plus LP/Superior General Partner, Inc.          
4.50%, 3/15/29 (a)   400    343 
Taylor Morrison Communities, Inc.          
5.88%, 6/15/27 (a)   150    144 
Tempur Sealy International, Inc.,          
3.88%, 10/15/31 (a)   250    197 
4.00%, 4/15/29 (a)   200    168 
Thor Industries, Inc.          
4.00%, 10/15/29 (a)    450    354 
Titan International, Inc.          
7.00%, 4/30/28    975    922 
United Airlines Holdings, Inc.          
4.88%, 1/15/25    250    239 
United Airlines, Inc.          
4.63%, 4/15/29 (a)   475    414 
Victoria’s Secret & Co.          
4.63%, 7/15/29 (a)   500    393 
Wheel Pros, Inc.          
6.50%, 5/15/29 (a)   600    213 
White Cap Buyer LLC          
6.88%, 10/15/28 (a)   500    433 
         33,639 
Consumer, Non-Cyclical (15.0%)          
AdaptHealth LLC,          
4.63%, 8/1/29 (a)   675    566 
6.13%, 8/1/28  (a)   400    368 
AHP Health Partners, Inc.          
5.75%, 7/15/29 (a)   885    695 
Air Methods Corp.          
8.00%, 5/15/25 (a)   800    44 

 

 

 

 

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Akumin, Inc.          
7.00%, 11/1/25 (a)   500    359 
Albertsons Cos., Inc./Safeway, Inc./New Albertson's, Inc./Albertson's LLC          
5.88%, 2/15/28 (a)   250    238 
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC          
3.50%, 3/15/29 (a)   195    164 
Alta Equipment Group, Inc.          
5.63%, 4/15/26 (a)   500    452 
AMN Healthcare, Inc.          
4.00%, 4/15/29 (a)   350    300 
APi Escrow Corp.          
4.75%, 10/15/29 (a)   200    174 
APi Group DE, Inc.          
4.13%, 7/15/29 (a)   350    291 
Bellring Brands, Inc.          
7.00%, 3/15/30 (a)   450    434 
Cano Health LLC          
6.25%, 10/1/28 (a)   970    592 
Carriage Services, Inc.          
4.25%, 5/15/29 (a)   250    199 
Catalent Pharma Solutions, Inc.          
3.13%, 2/15/29 (a)   250    199 
Central Garden & Pet Co.          
5.13%, 2/1/28    300    280 
Cheplapharm Arzneimittel GmbH          
5.50%, 1/15/28 (a)   350    293 
Chobani LLC/Chobani Finance Corp., Inc.,          
4.63%, 11/15/28 (a)   425    371 
7.50%, 4/15/25 (a)   550    536 
CoreLogic, Inc.          
4.50%, 5/1/28 (a)   250    192 
CPI CG, Inc.          
8.63%, 3/15/26 (a)   468    462 
Darling Ingredients, Inc.          
6.00%, 6/15/30 (a)   580    568 
Edgewell Personal Care Co.          
5.50%, 6/1/28 (a)   250    234 
FAGE International SA/FAGE USA Dairy Industry, Inc.          
5.63%, 8/15/26 (a)   371    345 
Garda World Security Corp.          
9.50%, 11/1/27 (a)   650    627 
Grifols Escrow Issuer SA          
4.75%, 10/15/28 (a)   325    281 
H-Food Holdings LLC/Hearthside Finance Co., Inc.          
8.50%, 6/1/26 (a)   500    291 
Hadrian Merger Sub, Inc.          
8.50%, 5/1/26 (a)   600    531 
Horizon Therapeutics USA, Inc.          
5.50%, 8/1/27 (a)   360    370 
Ingles Markets, Inc.          
4.00%, 6/15/31 (a)   500    421 
Lannett Co., Inc.          
7.75%, 4/15/26 (a)   500    131 
Medline Borrower LP          
5.25%, 10/1/29 (a)   750    597 
Metis Merger Sub LLC          
6.50%, 5/15/29 (a)   600    504 
ModivCare Escrow Issuer, Inc.          
5.00%, 10/1/29 (a)   600    507 
Nathan's Famous, Inc.          
6.63%, 11/1/25 (a)   750    735 

 

 

 

 

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

P&L Development LLC/PLD Finance Corp.          
7.75%, 11/15/25 (a)   650    528 
Performance Food Group, Inc.          
5.50%, 10/15/27 (a)   500    473 
Perrigo Finance Unlimited Co.          
3.90%, 12/15/24    500    473 
PRA Health Sciences, Inc.          
2.88%, 7/15/26 (a)   209    189 
PROG Holdings, Inc.          
6.00%, 11/15/29 (a)   325    262 
RP Escrow Issuer LLC          
5.25%, 12/15/25 (a)   500    382 
Signal Parent, Inc.          
6.13%, 4/1/29 (a)   500    153 
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed          
4.63%, 3/1/29 (a)   995    811 
Sotheby's          
7.38%, 10/15/27 (a)   450    423 
Spectrum Brands, Inc.,          
3.88%, 3/15/31 (a)   250    195 
5.00%, 10/1/29 (a)   162    140 
Surgery Center Holdings, Inc.,          
6.75%, 7/1/25 (a)   150    148 
10.00%, 4/15/27 (a)   455    464 
Tenet Healthcare Corp.          
6.13%, 10/1/28 (a)   500    449 
US Acute Care Solutions LLC          
6.38%, 3/1/26 (a)   750    667 
US Foods, Inc.          
4.63%, 6/1/30 (a)   250    220 
WASH Multifamily Acquisition, Inc.          
5.75%, 4/15/26 (a)   500    472 
ZipRecruiter, Inc.          
5.00%, 1/15/30 (a)   595    491 
         20,291 
Energy (9.9%)          
Archrock Partners LP/Archrock Partners Finance Corp.,          
6.25%, 4/1/28 (a)   200    183 
6.88%, 4/1/27 (a)   300    287 
Baytex Energy Corp.          
8.75%, 4/1/27 (a)   250    255 
Blue Racer Midstream LLC/Blue Racer Finance Corp.          
6.63%, 7/15/26 (a)   850    824 
CNX Midstream Partners LP          
4.75%, 4/15/30 (a)   450    370 
Colgate Energy Partners III LLC          
5.88%, 7/1/29 (a)   900    774 
CrownRock LP/CrownRock Finance, Inc.          
5.00%, 5/1/29 (a)   250    226 
Global Partners LP/GLP Finance Corp.          
7.00%, 8/1/27    840    799 
Hess Midstream Operations LP          
4.25%, 2/15/30 (a)   300    257 
Holly Energy Partners LP/Holly Energy Finance Corp.          
6.38%, 4/15/27 (a)   300    295 
ITT Holdings LLC          
6.50%, 8/1/29 (a)   250    211 

 

 

 

 

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Kinetik Holdings LP          
5.88%, 6/15/30 (a)   500    470 
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.          
6.00%, 8/1/26 (a)   700    673 
Martin Midstream Partners LP/Martin Midstream Finance Corp.,          
10.00%, 2/29/24 (a)   218    219 
11.50%, 2/28/25 (a)   992    994 
Matador Resources Co.          
5.88%, 9/15/26    1,000    963 
Murphy Oil Corp.          
5.88%, 12/1/27    440    424 
NuStar Logistics LP          
6.38%, 10/1/30    450    417 
Occidental Petroleum Corp.          
6.13%, 1/1/31    750    758 
Oceaneering International, Inc.          
6.00%, 2/1/28    875    807 
Parkland Corp.,          
4.50%, 10/1/29 (a)   250    209 
4.63%, 5/1/30 (a)   250    207 
Rockcliff Energy II LLC          
5.50%, 10/15/29 (a)   450    412 
Rockies Express Pipeline LLC          
3.60%, 5/15/25 (a)   300    284 
Southwestern Energy Co.          
4.75%, 2/1/32    300    257 
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.          
6.00%, 12/31/30 (a)   500    433 
Vermilion Energy, Inc.          
5.63%, 3/15/25 (a)   900    866 
Viper Energy Partners LP          
5.38%, 11/1/27 (a)   600    571 
         13,445 
Finance (8.4%)          
AG TTMT Escrow Issuer LLC          
8.63%, 9/30/27 (a)   400    402 
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer          
6.75%, 10/15/27 (a)   500    450 
BroadStreet Partners, Inc.          
5.88%, 4/15/29 (a)   450    384 
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL          
4.50%, 4/1/27 (a)   400    335 
Coinbase Global, Inc.          
3.38%, 10/1/28 (a)   425    225 
Compass Group Diversified Holdings LLC          
5.25%, 4/15/29 (a)   685    587 
CTR Partnership LP/CareTrust Capital Corp.          
3.88%, 6/30/28 (a)   348    295 
Cushman & Wakefield US Borrower LLC          
6.75%, 5/15/28 (a)   250    239 
EPR Properties          
4.75%, 12/15/26    100    90 
Global Net Lease, Inc./Global Net Lease Operating Partnership LP          
3.75%, 12/15/27 (a)   400    331 
GTCR AP Finance, Inc.          
8.00%, 5/15/27 (a)   200    192 
Howard Hughes Corp.          
4.13%, 2/1/29 (a)   400    336 

 

 

 

 

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Icahn Enterprises LP/Icahn Enterprises Finance Corp.          
4.38%, 2/1/29    250    212 
Iron Mountain, Inc.          
5.25%, 7/15/30 (a)   300    261 
Jane Street Group/JSG Finance, Inc.          
4.50%, 11/15/29 (a)   500    431 
Jefferies Finance LLC/JFIN Co.-Issuer Corp.          
5.00%, 8/15/28 (a)   500    409 
Jefferson Capital Holdings LLC          
6.00%, 8/15/26 (a)   643    533 
LD Holdings Group LLC,          
6.13%, 4/1/28 (a)   250    152 
6.50%, 11/1/25 (a)   350    236 
LPL Holdings, Inc.          
4.00%, 3/15/29 (a)   350    305 
MGIC Investment Corp.          
5.25%, 8/15/28    500    462 
Oxford Finance LLC/Oxford Finance Co-Issuer II Inc.          
6.38%, 2/1/27 (a)   750    699 
PRA Group, Inc.          
5.00%, 10/1/29 (a)   310    256 
RHP Hotel Properties LP/RHP Finance Corp.,          
4.50%, 2/15/29 (a)   250    216 
4.75%, 10/15/27   250    227 
RLJ Lodging Trust LP          
3.75%, 7/1/26 (a)   250    223 
SBA Communications Corp.,          
Series WI          
3.88%, 2/15/27    300    272 
SLM Corp.          
3.13%, 11/2/26    250    213 
StoneX Group, Inc.          
8.63%, 6/15/25 (a)   899    910 
SVB Financial Group          
1.80%, 2/2/31    525    384 
United Wholesale Mortgage LLC          
5.50%, 4/15/29 (a)   300    239 
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC          
4.75%, 4/15/28 (a)   275    220 
VistaJet Malta Finance PLC/XO Management Holding, Inc.          
6.38%, 2/1/30 (a)   825    663 
         11,389 
Industrials (17.4%)          
Bombardier, Inc.          
6.00%, 2/15/28 (a)   750    694 
Brundage-Bone Concrete Pumping Holdings, Inc.          
6.00%, 2/1/26 (a)   500    456 
Builders FirstSource, Inc.          
5.00%, 3/1/30 (a)   250    222 
Cargo Aircraft Management, Inc.          
4.75%, 2/1/28 (a)   500    455 
Carriage Purchaser, Inc.          
7.88%, 10/15/29 (a)   1,330    946 
Clean Harbors, Inc.          
4.88%, 7/15/27 (a)   300    285 
Coherent Corp.          
5.00%, 12/15/29 (a)   450    389 
Covanta Holding Corp.          
4.88%, 12/1/29 (a)   450    369 

 

 

 

 

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

CP Atlas Buyer, Inc.          
7.00%, 12/1/28 (a)   800    595 
Dycom Industries, Inc.          
4.50%, 4/15/29 (a)   250    218 
EnerSys          
4.38%, 12/15/27 (a)   350    317 
EnPro Industries, Inc.          
5.75%, 10/15/26    750    731 
Fly Leasing Ltd.          
7.00%, 10/15/24 (a)   1,175    920 
FXI Holdings, Inc.          
7.88%, 11/1/24 (a)   538    448 
GFL Environmental, Inc.          
4.75%, 6/15/29 (a)   300    263 
Great Lakes Dredge & Dock Corp.          
5.25%, 6/1/29 (a)   880    685 
Griffon Corp.          
5.75%, 3/1/28    450    412 
Harsco Corp.          
5.75%, 7/31/27 (a)   650    514 
Hillenbrand, Inc.          
3.75%, 3/1/31    250    205 
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC          
6.00%, 9/15/28 (a)   500    404 
JPW Industries Holding Corp.          
9.00%, 10/1/24 (a)   1,050    908 
Koppers, Inc.          
6.00%, 2/15/25 (a)   750    714 
Manitowoc Co., Inc.          
9.00%, 4/1/26 (a)   750    706 
Mauser Packaging Solutions Holding Co.          
7.25%, 4/15/25 (a)   1,000    927 
MIWD Holdco II LLC/MIWD Finance Corp.          
5.50%, 2/1/30 (a)   600    478 
Moog, Inc.          
4.25%, 12/15/27 (a)    500    463 
Mueller Water Products, Inc.          
4.00%, 6/15/29 (a)   550    484 
New Enterprise Stone & Lime Co., Inc.,          
5.25%, 7/15/28 (a)   450    400 
9.75%, 7/15/28 (a)   500    464 
OI European Group BV          
4.75%, 2/15/30 (a)   250    219 
Owens-Brockway Glass Container, Inc.          
6.63%, 5/13/27 (a)   188    183 
Patrick Industries, Inc.          
4.75%, 5/1/29 (a)   500    416 
PGT Innovations, Inc.          
4.38%, 10/1/29 (a)   600    503 
Roller Bearing Co. of America, Inc.          
4.38%, 10/15/29 (a)   250    216 
Seaspan Corp.          
5.50%, 8/1/29 (a)   500    380 
SRM Escrow Issuer LLC          
6.00%, 11/1/28 (a)   400    359 
Standard Industries, Inc.          
5.00%, 2/15/27 (a)   250    231 
Summit Materials LLC/Summit Materials Finance Corp.          
5.25%, 1/15/29 (a)   150    140 

 

 

 

 

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

TK Elevator US Newco, Inc.          
5.25%, 7/15/27 (a)   550    489 
TopBuild Corp.,          
3.63%, 3/15/29 (a)   250    205 
4.13%, 2/15/32 (a)   150    122 
TransDigm, Inc.          
5.50%, 11/15/27    300    282 
Trident TPI Holdings, Inc.          
6.63%, 11/1/25 (a)   750    655 
TriMas Corp.          
4.13%, 4/15/29 (a)   400    350 
Triumph Group, Inc.,          
6.25%, 9/15/24 (a)   700    665 
8.88%, 6/1/24 (a)   214    218 
Trivium Packaging Finance BV          
8.50%, 8/15/27 (a)   500    460 
TTM Technologies, Inc.          
4.00%, 3/1/29 (a)   250    215 
Victors Merger Corp.          
6.38%, 5/15/29 (a)   750    413 
VM Consolidated, Inc.          
5.50%, 4/15/29 (a)   325    287 
Waste Pro USA, Inc.          
5.50%, 2/15/26 (a)   475    421 
Watco Cos. LLC/Watco Finance Corp.          
6.50%, 6/15/27 (a)   750    714 
XPO Escrow Sub LLC          
7.50%, 11/15/27 (a)   340    345 
         23,560 
Technology (3.4%)          
Booz Allen Hamilton, Inc.          
4.00%, 7/1/29 (a)   250    220 
Clarivate Science Holdings Corp.          
4.88%, 7/1/29 (a)   450    383 
Crowdstrike Holdings, Inc.          
3.00%, 2/15/29    570    482 
Dun & Bradstreet Corp.          
5.00%, 12/15/29 (a)   300    257 
KBR, Inc.          
4.75%, 9/30/28 (a)   330    294 
Kyndryl Holdings, Inc.          
2.70%, 10/15/28    250    188 
Minerva Merger Sub, Inc.          
6.50%, 2/15/30 (a)   500    369 
NCR Corp.          
5.13%, 4/15/29 (a)   250    210 
ON Semiconductor Corp.          
3.88%, 9/1/28 (a)   400    350 
Playtika Holding Corp.          
4.25%, 3/15/29 (a)   500    393 
Rackspace Technology Global, Inc.          
5.38%, 12/1/28 (a)   625    273 
Rocket Software, Inc.          
6.50%, 2/15/29 (a)   500    395 
Unisys Corp.          
6.88%, 11/1/27 (a)   375    288 

 

 

 

 

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Ziff Davis, Inc.          
4.63%, 10/15/30 (a)   502    426 
         4,528 
Utilities (0.5%)          
Calpine Corp.          
5.13%, 3/15/28 (a)   375    335 
Leeward Renewable Energy Operations LLC          
4.25%, 7/1/29 (a)   114    98 
TransAlta Corp.          
7.75%, 11/15/29    200    204 
         637 
         128,908 
Variable Rate Senior Loan Interests (1.4%)          
Consumer, Cyclical (0.7%)          
Peloton Interactive, Inc.,          
Term Loan          
1 Month USD SOFR + 6.50%, 11.76%, 5/25/27 (b)   398    392 
TopGolf International, Inc.,          
Term Loan B          
3 Month USD LIBOR + 6.25%, 10.58%, 2/9/26 (b)   481    482 
         874 
Consumer, Non-Cyclical (0.4%)          
H Food Holdings LLC,          
2018 Term Loan B          
1 Month USD LIBOR + 3.69%, 8.07%, 5/23/25 (b)   645    577 
           
Energy (0.0%) (e)          
Gavilan Resources LLC,          
2nd Lien Term Loan          
3 Month USD LIBOR, 3.25%, 3/1/24 (b)(c)(d)   1,000    — 
           
Industrials (0.3.%)          
Titan Acquisition Limited,          
2018 Term Loan B          
6 Month USD LIBOR + 3.00%, 8.15%, 3/28/25 (b)   500    468 
         1,919 
Total Fixed Income Securities (Cost $152,618)        130,827 

 

   Shares     
Common Stocks (0.0%) (e)          
Auto Components (0.0%) (e)          
Exide Technologies (f)   592    — 
           
Equity Real Estate Investment Trusts (REITs) (0.0%) (e)          
American Gilsonite Co.   500    4 
           
Machinery  (0.0%) (e)          
Iracore International Holdings, Inc., Class A (f)(g)   470    24 
           
Semiconductors & Semiconductor Equipment  (0.0%) (e)          
UC Holdings, Inc.   2,826    31 
           
Total Common Stocks (Cost $151)        59 
Total Investments (96.7%) (Cost $152,769) (h)(i)        130,886 
Other Assets in Excess of Liabilities (3.3%)        4,398 
Net Assets (100.0%)       $135,284 

 

 

 

 

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

 

(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 December 31, 2022. 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) Non-income producing security; bond in default.
(d) Issuer in bankruptcy.
(e) Amount is less than 0.05%.
(f) Non-income producing security.
(g) At December 31, 2022, the Fund held a fair valued security valued at $24,000, representing 0.02% 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 Trustees.
(h) 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 three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions.
(i) At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $318,000 and the aggregate gross unrealized depreciation is approximately $22,201,000, resulting in net unrealized depreciation of approximately $21,883,000.
CDI CHESS Depositary Interest.
LIBOR London Interbank Offered Rate.
REITs Real Estate Investment Trusts.
SOFR Secured Overnight Financing Rate.
USD United States Dollar.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Consumer, Cyclical   26.1%
Industrials   17.6 
Consumer, Non-Cyclical   15.5 
Energy   10.3 
Communications   9.5 
Finance   8.7 
Basic Materials   6.8 
Other*   5.5 
Total Investments   100.0%

 

 

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

 

 

 

 

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)

 

    Face
Amount
(000)		     Value
(000)		  
Fixed Income Securities (98.2%)                
Agency Adjustable Rate Mortgages (0.1%)                
Federal Home Loan Mortgage Corporation,                
Conventional Pools:                
1 Year CMT + 2.18%, 3.16%, 6/1/38   $ 62     $ 63  
1 Year CMT + 2.34%, 3.58%, 1/1/36     135       137  
1 Year CMT + 2.33%, 3.73%, 7/1/38     130       132  
1 Year CMT + 2.31%, 3.81%, 3/1/37     151       153  
              485  
Agency Bond - Consumer Discretionary (U.S. Government Guaranteed) (0.0%) (a)                
Safina Ltd.                
2.00%, 12/30/23     91       89  
                 
Agency Fixed Rate Mortgages (0.1%)                
Federal Home Loan Mortgage Corporation,                
Gold Pools:                
4.50%, 12/1/24     35       34  
7.50%, 5/1/35     10       10  
8.00%, 8/1/32     6       6  
8.50%, 8/1/31     7       7  
Federal National Mortgage Association,                
Conventional Pools:                
4.50%, 6/1/24 – 7/1/24     62       61  
5.00%, 12/1/23 – 12/1/24     30       30  
6.00%, 9/1/37     25       26  
6.50%, 2/1/28 – 10/1/32     92       94  
7.00%, 7/1/29 – 3/1/37     103       109  
7.50%, 8/1/37     13       14  
8.00%, 4/1/33     23       25  
8.50%, 10/1/32     12       13  
Government National Mortgage Association,                
Various Pools:                
6.00%, 11/15/38     47       49  
8.50%, 7/15/30     5       5  
              483  
Asset-Backed Securities (15.8%)                
Affirm Asset Securitization Trust                
4.55%, 6/15/27 (b)     953       929  
AIMCO CLO,                
Series 2018-B                
3 Month USD LIBOR + 1.10%, 5.18%, 1/15/32 (b)(c)     1,725       1,697  
AMSR Trust                
2.11%, 9/17/37 (b)     975       878  
Aqua Finance Trust                
1.54%, 7/17/46 (b)     583       534  
Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd.                
1 Month USD LIBOR + 1.07%, 5.39%, 8/15/34 (b)(c)     1,200       1,141  
Blackbird Capital Aircraft                
2.44%, 7/15/46 (b)     707       581  
Carlyle U.S. CLO Ltd.                
3 Month USD LIBOR + 1.05%, 5.29%, 7/20/31 (b)(c)     2,225       2,193  
Cologix Data Centers US Issuer LLC                
3.30%, 12/26/51 (b)     1,225       1,073  

 

 

 

 

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Commonbond Student Loan Trust                
1.20%, 3/25/52 (b)     1,043       845  
Dryden 58 CLO Ltd.                
5.08%, 7/17/31 (c)     750       739  
ECMC Group Student Loan Trust,                
Class A1B                
1 Month USD LIBOR + 1.00%, 5.39%, 1/27/70 (b)(c)     687       683  
ELFI Graduate Loan Program 2021-A LLC                
1.53%, 12/26/46 (b)     1,494       1,307  
Elmwood CLO IV Ltd.                
3 Month USD LIBOR + 1.24%, 5.32%, 4/15/33 (b)(c)     2,200       2,167  
Falcon Aerospace Ltd.                
3.60%, 9/15/39 (b)     293       238  
FCI Funding 2021-1 LLC                
1.13%, 4/15/33 (b)     240       234  
FCI Funding 2019-1 LLC,                
3.63%, 2/18/31 (b)     14       14  
FHF Trust                
1.27%, 3/15/27 (b)     257       246  
GAIA Aviation Ltd.                
3.97%, 12/15/44 (b)     460       382  
GCI Funding I LLC                
2.82%, 10/18/45 (b)     1,030       910  
Golub Capital Partners ABS Funding Ltd.,                
2.77%, 4/20/29 (b)     1,725       1,562  
Class A2                
3.21%, 1/22/29 (b)     1,360       1,271  
Kubota Credit Owner Trust                
0.59%, 10/15/24 (b)     410       401  
LCM 38 Ltd.                
3 Month Term SOFR + 2.10%, 4.59%, 7/15/34 (b)(c)     2,000       1,986  
Loanpal Solar Loan Ltd.,                
2.22%, 3/20/48 (b)     1,336       981  
2.29%, 1/20/48 (b)     1,032       787  
Lunar 2021-1 Structured Aircraft Portfolio Notes                
2.64%, 10/15/46 (b)     1,639       1,318  
MACH 1 Cayman Ltd.                
3.47%, 10/15/39 (b)     374       303  
Madison Park Funding XXIV Ltd.                
SOFR + 1.42%, 5.38%, 10/20/29 (b)(c)     2,207       2,175  
MAPS Trust                
2.52%, 6/15/46 (b)     753       627  
Mercedes-Benz Auto Receivables Trust                
0.55%, 2/18/25     114       112  
Mercury Financial Credit Card Master Trust                
1.54%, 3/20/26 (b)     1,725       1,646  
MFA 2021-NPL1 LLC                
2.36%, 3/25/60 (b)     861       812  
Monroe Capital ABS Funding 2021-1 Ltd.                
2.82%, 4/22/31 (b)     1,625       1,495  
Mosaic Solar Loan Trust,                
2.05%, 12/20/46 (b)     947       717  
2.10%, 4/20/46 (b)     205       178  
Navient Private Education Refi Loan Trust                
0.94%, 7/15/69 (b)     1,032       873  
Nelnet Student Loan Trust                
1.32%, 4/20/62 (b)     958       851  
Neuberger Berman Loan Advisers CLO 31 Ltd.                
3 Month USD LIBOR + 1.04%, 5.28%, 4/20/31 (b)(c)     2,475       2,429  

 

 

 

 

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 
New Residential Advance Receivables Trust Advance Receivables Backed        
1.43%, 8/15/53 (b)   1,170    1,130 
Newday Funding Master Issuer PLC,          
SOFR + 0.95%, 5.15%, 7/15/29 (b)(c)   1,175    1,152 
SOFR + 1.10%, 5.30%, 3/15/29 (b)(c)   1,760    1,735 
NRZ Advance Receivables Trust          
1.48%, 9/15/53 (b)   1,380    1,330 
NRZ Excess Spread-Collateralized Notes,          
2.98%, 3/25/26 (b)   1,079    959 
Class A          
3.10%, 7/25/26 (b)   889    778 
3.23%, 5/25/26 (b)   1,340    1,188 
3.47%, 11/25/26 (b)   1,220    1,079 
NRZ FHT Excess LLC,          
Class A          
4.21%, 11/25/25 (b)   397    368 
Octane Receivables Trust          
1.21%, 9/20/28 (b)   315    299 
Option One Mortgage Loan Trust Asset-Backed Certificates          
1 Month USD LIBOR + 0.50%, 4.85%, 8/20/30 (c)   38    37 
Oxford Finance Funding LLC          
3.10%, 2/15/28 (b)   157    155 
Palmer Square CLO 2018-2 Ltd.          
3 Month USD LIBOR + 1.10%, 5.18%, 7/16/31 (b)(c)   1,225    1,210 
PFS Financing Corp.,          
0.77%, 8/15/26 (b)   1,310    1,209 
0.97%, 2/15/26 (b)   960    906 
4.27%, 8/15/27 (b)   2,225    2,173 
PNMAC GMSR Issuer Trust          
1 Month USD LIBOR + 2.35%, 6.74%, 4/25/23 (b)(c)   1,000    944 
PRET 2021-NPL6 LLC          
2.49%, 7/25/51 (b)   853    792 
ReadyCap Lending Small Business Loan Trust          
Daily US Prime Rate - 0.50%, 7.00%, 12/27/44 (b)(c)   112    107 
Republic Finance Issuance Trust          
2.47%, 11/20/30 (b)   500    472 
S-Jets Ltd.          
3.97%, 8/15/42 (b)   1,384    1,076 
SMB Private Education Loan Trust,          
1.34%, 3/17/53 (b)   661    580 
1.68%, 2/15/51 (b)   756    682 
Southwick Park CLO LLC          
3 Month USD LIBOR + 1.06%, 5.30%, 7/20/32 (b)(c)   2,000    1,966 
SPS Servicer Advance Receivables Trust          
1.83%, 11/15/55 (b)   2,100    1,906 
START Ireland          
4.09%, 3/15/44 (b)   638    545 
Start Ltd.          
4.09%, 5/15/43 (b)   1,289    1,033 
Theorem Funding Trust          
7.60%, 4/15/29   460    458 
VCP RRL ABS I Ltd.,          
Class A          
2.15%, 10/20/31 (b)   373    338 
         63,922 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Collateralized Mortgage Obligations - Agency Collateral Series (0.2%)        
Federal Home Loan Mortgage Corporation, REMIC        
7.50%, 9/15/29   161    165 
Government National Mortgage Association,          
1 Month USD LIBOR + 0.28%, 4.12%, 5/20/63 (c)   3    3 
1 Month USD LIBOR + 0.45%, 4.29%, 5/20/62 (c)   —@    —@ 
1 Month USD LIBOR + 0.60%, 4.44%, 1/20/64 (c)   60    60 
REMIC          
1 Month USD LIBOR + 0.50%, 4.34%, 3/20/61 (c)   73    73 
1 Month USD LIBOR + 0.56%, 4.40%, 9/20/62 (c)   172    172 
Seasoned Credit Risk Transfer Trust          
3.00%, 2/25/59   565    531 
         1,004 
Commercial Mortgage-Backed Securities (5.5%)          
Alen 2021-ACEN Mortgage Trust          
1 Month USD LIBOR + 1.15%, 5.47%, 4/15/34 (b)(c)   1,200    1,086 
Angel Oak SB Commercial Mortgage Trust          
2.07%, 5/25/50 (b)(c)   719    653 
BX Commercial Mortgage Trust,          
Class A          
1 Month USD LIBOR + 0.70%, 5.02%, 4/15/34 (b)(c)   2,100    2,003 
BX Trust BX 2022 VAMF          
1 Month Term SOFR + 1.58%, 5.92%, 1/15/39 (b)(c)   820    780 
Credit Suisse Mortgage Capital Certificates          
3.53%, 8/15/37 (b)   575    518 
CSMC 2020-TMIC,          
Class A          
1 Month USD LIBOR + 3.00%, 7.82%, 12/15/35 (b)(c)   2,125    2,120 
CSMC 2022-MARK          
1 Month Term SOFR + 2.70%, 7.03%, 6/15/39 (b)(c)   1,570    1,557 
CSWF Commercial Mortgage Trust          
1 Month USD LIBOR + 0.967%, 5.28%, 6/15/34 (b)(c)   1,787    1,712 
DROP Mortgage Trust          
1 Month USD LIBOR + 1.15%, 5.47%, 10/15/43 (b)(c)   1,700    1,626 
HPLY Trust          
1 Month USD LIBOR + 2.35%, 6.67%, 11/15/36 (b)(c)   383    362 
J.P. Morgan Chase Commercial Mortgage Securities Trust,          
4.13%, 7/5/31 (b)   1,100    1,035 
Class A          
1 Month USD LIBOR + 1.12%, 5.43%, 11/15/38 (b)(c)   2,450    2,352 
Natixis Commercial Mortgage Securities Trust,          
1 Month USD LIBOR + 0.95%, 5.27%, 8/15/38 (b)(c)   2,080    1,989 
1 Month Term SOFR + 2.20%, 6.52%, 7/15/36 (b)(c)   850    775 
Silver Hill Trust          
3.10%, 11/25/49 (b)(c)   407    394 
TPGI Trust,          
Class A          
1 Month USD LIBOR + 0.70%, 5.02%, 6/15/26 (b)(c)   1,175    1,136 
TTAN 2021-MHC,          
Class A          
1 Month USD LIBOR + 0.85%, 5.17%, 3/15/38 (b)(c)   839    816 
VMC Finance 2021-HT1 LLC          
1 Month USD LIBOR + 1.65%, 5.99%, 1/18/37 (b)(c)   1,380    1,336 
         22,250 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Corporate Bonds (58.7%)          
Finance (29.5%)          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,          
1.65%, 10/29/24   2,000    1,846 
2.45%, 10/29/26   850    744 
Air Lease Corp.          
0.80%, 8/18/24   2,895    2,668 
Athene Global Funding          
2.75%, 6/25/24 (b)   2,280    2,170 
Australia & New Zealand Banking Group Ltd.          
4.40%, 5/19/26 (b)   2,500    2,403 
Avolon Holdings Funding Ltd.          
2.88%, 2/15/25 (b)   625    578 
Banco Bilbao Vizcaya Argentaria SA          
0.88%, 9/18/23   1,600    1,550 
Banco Santander Chile          
2.70%, 1/10/25 (b)   800    760 
Bank of America Corp.          
3.38%, 4/2/26   2,310    2,208 
Bank of Nova Scotia          
1.05%, 3/2/26   5,050    4,471 
Banque Federative du Credit Mutuel SA,          
2.38%, 11/21/24 (b)   3,480    3,293 
4.52%, 7/13/25 (b)   3,210    3,156 
Barclays PLC          
5.30%, 8/9/26 (c)   2,000    1,987 
BNP Paribas SA          
2.22%, 6/9/26 (b)   3,150    2,895 
BPCE SA          
2.38%, 1/14/25 (b)   2,635    2,460 
Canadian Imperial Bank of Commerce,          
2.25%, 1/28/25   1,130    1,067 
3.30%, 4/7/25   2,270    2,180 
Citigroup, Inc.,          
3.11%, 4/8/26   2,000    1,895 
3.35%, 4/24/25   4,770    4,628 
Corebridge Financial, Inc.          
3.50%, 4/4/25 (b)   2,280    2,188 
Deutsche Bank AG,          
Series E          
0.96%, 11/8/23   3,950    3,802 
Elevance Health, Inc.          
1.50%, 3/15/26   2,830    2,547 
Equitable Financial Life Global Funding          
1.40%, 7/7/25 (b)   3,300    2,995 
GA Global Funding Trust          
1.63%, 1/15/26 (b)   4,070    3,618 
Goldman Sachs Group, Inc.          
3.50%, 1/23/25   1,750    1,692 
Guardian Life Global Funding          
0.88%, 12/10/25 (b)   2,450    2,167 
HSBC Holdings PLC,          
2.63%, 11/7/25   1,850    1,739 
3.80%, 3/11/25   3,350    3,258 
JPMorgan Chase & Co.,          
2.01%, 3/13/26   2,000    1,853 
2.08%, 4/22/26   4,500    4,181 
5.55%, 12/15/25   2,120    2,122 
LeasePlan Corp. NV          
2.88%, 10/24/24 (b)   1,275    1,197 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Lloyds Banking Group PLC          
0.70%, 5/11/24   2,105    2,065 
Macquarie Bank Ltd.          
2.30%, 1/22/25 (b)   3,475    3,290 
Macquarie Group Ltd.          
1.34%, 1/12/27 (b)   3,060    2,670 
NatWest Group PLC          
7.47%, 11/10/26   2,000    2,083 
Nordea Bank Abp          
1.50%, 9/30/26 (b)   5,075    4,389 
Royal Bank of Canada          
1.20%, 4/27/26   7,020    6,250 
Santander UK Group Holdings PLC          
4.80%, 11/15/24   5,510    5,419 
Societe Generale SA          
2.63%, 1/22/25 (b)   1,175    1,106 
Standard Chartered PLC          
0.99%, 1/12/25 (b)   4,795    4,532 
Sumitomo Mitsui Financial Group, Inc.          
2.35%, 1/15/25   6,480    6,136 
Suncorp-Metway Ltd.          
3.30%, 4/15/24 (b)   1,980    1,931 
Synchrony Bank          
5.40%, 8/22/25   1,480    1,454 
Wells Fargo & Co.          
3.91%, 4/25/26   1,975    1,921 
         119,564 
Industrials (26.9%)          
Altria Group, Inc.          
2.35%, 5/6/25   1,500    1,414 
American Tower Corp.          
1.60%, 4/15/26   450    401 
AT&T, Inc.          
1.70%, 3/25/26   2,840    2,563 
Baxter International, Inc.          
1.92%, 2/1/27   4,230    3,756 
Bayer US Finance LLC          
3.38%, 10/8/24 (b)   1,740    1,683 
Boeing Co.          
5.04%, 5/1/27   1,475    1,461 
CDW LLC/CDW Finance Corp.          
2.67%, 12/1/26   250    222 
Celanese U.S. Holdings LLC          
6.17%, 7/15/27   1,110    1,097 
Charter Communications Operating LLC/Charter Communications Operating Capital          
4.91%, 7/23/25   850    834 
Cigna Corp.          
4.50%, 2/25/26   3,025    2,982 
Continental Resources, Inc.          
2.27%, 11/15/26 (b)   1,000    868 
Daimler Trucks Finance North America LLC,          
1.13%, 12/14/23 (b)   575    553 
2.00%, 12/14/26 (b)   2,025    1,787 
Dell International LLC/EMC Corp.          
5.45%, 6/15/23   523    523 
DuPont de Nemours, Inc.          
4.49%, 11/15/25   875    861 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Eastern Energy Gas Holdings LLC          
3.55%, 11/1/23   2,050    2,024 
Energy Transfer LP,          
2.90%, 5/15/25   4,130    3,893 
4.75%, 1/15/26   325    317 
Enterprise Products Operating LLC          
3.90%, 2/15/24   1,200    1,182 
Fox Corp.          
4.03%, 1/25/24   1,200    1,187 
General Motors Financial Co., Inc.,          
1.50%, 6/10/26   2,890    2,513 
3.95%, 4/13/24   1,250    1,226 
Genuine Parts Co.          
1.75%, 2/1/25   740    691 
Georgia-Pacific LLC          
1.75%, 9/30/25 (b)   4,080    3,731 
Glencore Funding LLC          
4.13%, 3/12/24 (b)   1,225    1,206 
Global Payments, Inc.          
4.95%, 8/15/27   1,250    1,215 
GSK Consumer Healthcare Capital U.S. LLC          
3.02%, 3/24/24   750    728 
HCA, Inc.          
5.00%, 3/15/24   1,600    1,592 
Hyundai Capital America,          
1.25%, 9/18/23 (b)   1,380    1,338 
1.30%, 1/8/26 (b)   2,780    2,434 
2.38%, 2/10/23 (b)   590    589 
Hyundai Capital Services, Inc.          
2.13%, 4/24/25 (b)   1,000    915 
Imperial Brands Finance PLC          
3.13%, 7/26/24 (b)   2,015    1,927 
International Flavors & Fragrances, Inc.          
1.23%, 10/1/25 (b)   2,250    1,990 
JDE Peet's NV          
0.80%, 9/24/24 (b)   3,025    2,765 
Kinder Morgan, Inc.          
1.75%, 11/15/26   2,640    2,334 
Mitsubishi Corp.          
1.13%, 7/15/26 (b)   2,610    2,292 
Mondelez International Holdings Netherlands BV,          
1.25%, 9/24/26 (b)   2,910    2,533 
2.25%, 9/19/24 (b)   950    904 
Mercedes-Benz Finance North America LLC          
3.30%, 5/19/25 (b)   2,510    2,417 
NBN Co. Ltd.          
1.45%, 5/5/26 (b)   2,770    2,447 
Nissan Motor Co. Ltd.          
3.04%, 9/15/23 (b)   2,640    2,587 
NongHyup Bank          
1.25%, 7/20/25 (b)   690    625 
NTT Finance Corp.          
1.16%, 4/3/26 (b)   6,790    6,013 
Nucor Corp.          
2.00%, 6/1/25   975    908 
NXP BV/NXP Funding LLC/NXP USA, Inc.          
2.70%, 5/1/25   1,540    1,451 
PerkinElmer, Inc.          
0.85%, 9/15/24   3,440    3,190 
Pioneer Natural Resources Co.          
1.13%, 1/15/26   4,490    4,007 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Royalty Pharma PLC          
1.20%, 9/2/25   1,475    1,321 
Sealed Air Corp.          
1.57%, 10/15/26 (b)   1,725    1,492 
Siemens Financieringsmaatschappij NV          
3.25%, 5/27/25 (b)   1,000    966 
Silgan Holdings, Inc.          
1.40%, 4/1/26 (b)   1,875    1,656 
Skyworks Solutions, Inc.          
0.90%, 6/1/23   1,750    1,716 
Sonoco Products Co.          
1.80%, 2/1/25   1,460    1,358 
TD SYNNEX Corp.          
1.25%, 8/9/24   5,815    5,404 
TSMC Global Ltd.          
0.75%, 9/28/25 (b)   1,575    1,422 
VICI Properties LP          
4.38%, 5/15/25   1,880    1,828 
Warnermedia Holdings, Inc.          
3.43%, 3/15/24 (b)   2,110    2,049 
Williams Cos., Inc.          
4.30%, 3/4/24   1,330    1,314 
Zimmer Biomet Holdings, Inc.          
1.45%, 11/22/24   2,400    2,233 
         108,935 
Utilities (2.3%)          
Ameren Corp.          
2.50%, 9/15/24   2,510    2,403 
American Electric Power Co., Inc.,          
Series N          
1.00%, 11/1/25   1,500    1,341 
Dominion Energy, Inc.,          
Series A          
1.45%, 4/15/26   2,355    2,099 
NextEra Energy Capital Holdings, Inc.          
1.88%, 1/15/27   2,825    2,504 
Southern Co.          
4.48%, 8/1/24 (d)   1,175    1,161 
         9,508 
         238,007 
Mortgages - Other (12.8%)          
Ajax Mortgage Loan Trust,          
1.07%, 9/25/65 (b)(c)   744    648 
1.70%, 5/25/59 (b)   546    460 
2.24%, 6/25/66 (b)   726    685 
BRAVO Residential Funding Trust          
2.00%, 5/25/59 (b)(c)   699    614 
Brean Asset Backed Securities Trust,          
1.40%, 10/25/63 (b)(c)   1,748    1,497 
1.75%, 10/25/61 (b)(c)   1,819    1,598 
Bunker Hill Loan Depositary Trust          
1.72%, 2/25/55 (b)(c)   237    220 
Cascade Funding Mortgage Trust,          
0.90%, 6/25/36 (b)(c)   1,267    1,204 
1.37%, 2/25/31 (b)(c)   1,600    1,505 
1.94%, 9/25/50 (b)(c)   1,413    1,274 
2.72%, 12/26/30 (b)(c)   1,625    1,510 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

2.80%, 6/25/69 (b)(c)   258    250 
4.00%, 10/25/68 (b)(c)   275    266 
Cascade MH Asset Trust          
4.25%, 8/25/54 (b)   1,572    1,381 
CHL Mortgage Pass-Through Trust          
5.50%, 5/25/34   40    38 
CIM Trust 2021-NR2,          
2.57%, 7/25/59 (b)   1,010    951 
Credit Suisse Mortgage Capital Certificates,          
0.94%, 5/25/66 (b)(c)   925    716 
1.18%, 2/25/66 (b)(c)   807    666 
Finance of America HECM Buyout          
4.00%, 12/25/24 (b)(c)   2,467    2,421 
FMC GMSR Issuer Trust,          
3.85%, 10/25/26 (b)(c)   1,700    1,368 
4.45%, 1/25/26 (b)(c)   1,500    1,314 
7.90%, 7/25/27 (b)   1,600    1,510 
Class A          
3.62%, 7/25/26 (b)(c)   1,550    1,263 
Headlands Residential 2021-RPL1 LLC          
2.49%, 9/25/26 (b)(c)   1,940    1,814 
Homeward Opportunities Fund Trust          
3.23%, 8/25/25 (b)   569    569 
Imperial Fund Mortgage Trust,          
1.38%, 10/25/55 (b)(c)   453    399 
1.60%, 11/25/56 (b)(c)   903    747 
2.49%, 2/25/67 (b)(c)   1,378    1,200 
Legacy Mortgage Asset Trust          
3.25%, 2/25/60 (b)   891    875 
LHOME Mortgage Trust          
2.09%, 2/25/26 (b)(c)   700    666 
New Residential Mortgage Loan Trust,          
3.75%, 5/28/52 – 8/25/55(b)(c)   118    110 
3.93%, 9/25/57 (b)(c)   223    206 
NewRez Warehouse Securitization Trust          
1 Month USD LIBOR + 0.75%, 5.14%, 5/25/55 (b)(c)   1,275    1,259 
NYMT Loan Trust          
2.94%, 10/25/60 (b)(c)   1,552    1,497 
Oceanview Mortgage Loan Trust          
1.73%, 5/28/50 (b)(c)   284    254 
Pepper Residential Securities Trust,          
1 Month USD LIBOR + 0.93%, 5.20%, 3/12/61 (b)(c)   98    98 
1 Month USD LIBOR + 0.88%, 5.21%, 1/16/60 (b)(c)   24    24 
1 Month USD LIBOR + 0.95%, 5.29%, 8/18/60 (b)(c)   56    56 
1 Month USD LIBOR + 1.00%, 5.35%, 6/20/60 (b)(c)   49    48 
Preston Ridge Partners LLC,          
1.74%, 9/25/26 (b)(c)   1,031    920 
1.87%, 8/25/26 (b)   1,423    1,282 
2.12%, 1/25/26 – 3/25/26(b)(c)   1,182    1,076 
2.36%, 10/25/26 (b)   1,336    1,213 
Pretium Mortgage Credit Partners I LLC          
2.24%, 9/27/60 (b)   558    510 
Residential Mortgage Loan Trust          
1.65%, 5/25/60 (b)(c)   260    250 
RESIMAC Bastille Trust,          
1 Month USD LIBOR + 0.85%, 5.02%, 12/5/59 (b)(c)   26    26 
1 Month USD LIBOR + 0.93%, 5.10%, 9/5/57 (b)(c)   80    80 
RESIMAC Premier Trust          
1 Month USD LIBOR + 0.95%, 5.22%, 2/10/51 (b)(c)   81    81 
RMF Buyout Issuance Trust          
1.72%, 10/25/50 (b)(c)   1,706    1,562 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

RMF Proprietary Issuance Trust,        
2.13%, 9/25/61 (b)(c)   1,587    1,273 
4.00%, 8/25/62 (b)(c)   2,225    2,004 
Sequoia Mortgage Trust          
1 Month USD LIBOR + 0.62%, 4.97%, 8/20/34 (c)   89    83 
Stanwich Mortgage Loan Co. LLC          
2.74%, 10/16/26 (b)   1,449    1,283 
Towd Point HE Trust          
0.92%, 2/25/63 (b)(c)   988    928 
Towd Point Mortgage Trust,          
1.75%, 10/25/60 (b)   554    476 
2.75%, 4/25/57 (b)(c)   13    12 
1 Month USD LIBOR + 0.60%, 3.77%, 2/25/57 (b)(c)   71    70 
TVC Mortgage Trust          
3.47%, 9/25/24 (b)   88    88 
VCAT Asset Securitization, 2021-NPL6 LLC          
1.92%, 9/25/51 (b)   1,579    1,382 
Verus Securitization Trust          
1.03%, 2/25/66 (b)(c)   654    550 
VOLT XCIII LLC          
1.89%, 2/27/51 (b)   871    780 
VOLT XCIV LLC          
2.24%, 2/27/51 (b)   1,015    923 
VOLT XCIX LLC          
2.12%, 4/25/51 (b)   1,333    1,185 
VOLT XCVI LLC          
2.12%, 3/27/51 (b)   951    866 
         52,084 
Municipal Bond (0.0%) (a)          
Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Asset-Backed Bonds, Series 2021          
1.85%, 6/1/31   190    187 
           
Sovereign (0.4%)          
Korea National Oil Corp.          
0.88%, 10/5/25 (b)   1,680    1,488 
           
Supranational (0.4%)          
Corp. Andina de Fomento          
1.63%, 9/23/25   1,750    1,587 
           
U.S. Treasury Security (4.2%)          
U.S. Treasury Notes          
4.50%, 11/30/24   17,100    17,102 
Total Fixed Income Securities (Cost $428,642)        398,688 

 

   Shares     
Short-Term Investments (1.4%)          
Investment Company (1.0%)          
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (e) (Cost $3,880)   3,880,431    3,880 

 

   Face     
   Amount     
   (000)      
U.S. Treasury Security  (0.4%)          
U.S. Treasury Bill          
3.84%, 3/16/23 (f) (Cost $1,518)  $1,530    1,517 
Total Short-Term Investments (Cost $5,398)        5,397 
Total Investments (99.6%) (Cost $434,040)  (g)(h)(i)        404,085 
Other Assets in Excess of Liabilities (0.4%)        1,485 
Net Assets (100.0%)       $405,570 

 

 

 

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

 

(a) Amount is less than 0.05%.
(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 December 31, 2022. 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) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date.
(e) 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 three months ended December 31, 2022, advisory fees paid were less than $2,000 relating to the Fund's investment in the Liquidity Funds.
(f) Rate shown is the yield to maturity at December 31, 2022.
(g) Securities are available for collateral in connection with futures contracts.
(h) 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 three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions.
(i) At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $160,000 and the aggregate gross unrealized depreciation is approximately $30,016,000, resulting in net unrealized depreciation of approximately $29,856,000.
@ Face Amount/Value is less than $500.
CLO Collateralized Loan Obligation.
CMT Constant Maturity Treasury Note Rate.
LIBOR London Interbank Offered Rate.
REMIC Real Estate Mortgage Investment Conduit.
SOFR Secured Overnight Financing Rate.
USD United States Dollar.

 

Futures Contracts:

The Fund had the following futures contracts open at December 31, 2022:  

 

   Number
of
Contracts		   Expiration
Date		  Notional
Amount
(000)		   Value
(000)		   Unrealized
Appreciation
(000)		 
Long:                      
U.S. Treasury 2 yr. Note (United States)  364   Mar-23  $72,800   $74,648   $39 
                       
Short:                      
U.S. Treasury 5 yr. Note (United States)  360   Mar-23   (36,000)   (38,855)   39 
U.S. Treasury 10 yr. Note (United States)  79   Mar-23   (7,900)   (8,871)            21 
                    $99 

 

 

 

Portfolio Composition
 
Classification  Percentage of
Total Investments		 
Finance   29.6%
Industrials   27.0 
Asset-Backed Securities   15.8 
Mortgages - Other   12.9 
Other*   7.9 
Commercial Mortgage-Backed Securities   5.5 
Short-Term Investments   1.3 
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 $122,374,000 and total unrealized appreciation of approximately $99,000.

 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Ultra-Short Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)

 

   Face     
   Amount   Value 
   (000)  (000)
Certificates of Deposit (13.2%)          
Domestic Banks (5.4%)          
Citibank NA          
3.85%, 7/28/23  $150,000   $148,796 
First Republic Bank          
4.40%, 1/4/23   462,000    462,000 
         610,796 
International Banks (7.8%)          
National Bank of Kuwait Sakp,          
5.07%, 3/23/23   300,000    300,067 
5.95%, 12/14/23   200,000    200,387 
Qatar National Bank          
1.10%, 1/31/23   110,000    109,568 
Sumitomo Mitsui Banking Corp.          
2.70%, 4/26/23   125,000    124,141 
Svenska Handelsbanken AB          
3.91%, 7/19/23   71,000    70,518 
Toronto-Dominion Bank          
2.61%, 5/22/23   90,000    89,169 
         893,850 
Total Certificates of Deposit (Cost $1,507,905)        1,504,646 
           
Commercial Paper (a) (34.7%)          
Asset-Backed Diversified Financial Services (4.7%)          
Atlantic Asset Securitization LLC,          
5.44%, 5/3/23 – 6/12/23   140,000    137,455 
Barton Capital Corp.,          
4.37%, 1/4/23   11,000    10,993 
4.82%, 3/22/23   75,000    74,208 
LMA Americas LLC,          
4.84%, 3/21/23   75,000    74,222 
5.27%, 6/22/23   35,000    34,162 
5.37%, 5/23/23   50,000    49,013 
5.44%, 5/5/23 – 7/6/23   112,000    109,414 
5.49%, 7/25/23   40,000    38,847 
Starbird Funding Corp.          
5.18%, 6/20/23   2,000    1,953 
         530,267 
Automobiles (1.1%)          
American Honda Finance Corporation,          
5.08%, 3/10/23 – 3/13/23   100,000    99,046 
5.09%, 3/6/23 – 3/10/23   14,750    14,616 
Toyota Credit Canada Inc.          
3.55%, 1/11/23   10,000    9,985 
         123,647 
Chemicals (1.0%)          
Nutrien Ltd.,          
5.24%, 3/23/23 – 3/24/23   115,000    113,683 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Ultra-Short Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Computer Technology (0.2%)          
Fidelity National Information Services, Inc.          
5.14%, 3/22/23   25,000    24,717 
           
Domestic Banks (4.3%)          
HSBC USA, Inc.,          
3.08%, 4/28/23   35,000    34,441 
3.41%, 6/9/23   152,500    149,102 
4.23%, 8/4/23   110,000    106,594 
4.26%, 7/6/23   22,500    21,902 
4.41%, 8/11/23   18,000    17,423 
6.07%, 12/15/23   75,000    71,138 
6.09%, 12/8/23   74,000    70,267 
6.10%, 11/14/23   25,000    23,760 
         494,627 
Finance (8.3%)          
Barclays Capital, Inc.,          
4.23%, 7/19/23   67,500    65,565 
5.76%, 12/19/23   100,000    94,772 
5.81%, 12/28/23   100,000    94,627 
5.83%, 12/18/23   32,000    30,332 
5.95%, 11/22/23   75,000    71,402 
CDP Financial, Inc.,          
3.92%, 6/22/23   90,000    87,883 
3.93%, 6/21/23   115,000    112,312 
3.95%, 6/13/23   90,000    88,005 
4.13%, 8/21/23   50,000    48,377 
Citigroup Global Markets, Inc.,          
4.06%, 5/17/23   1,000    981 
5.55%, 12/14/23   9,350    8,872 
PSP Capital Inc.,          
4.06%, 8/16/23   150,000    145,322 
4.09%, 8/17/23   96,000    92,992 
         941,442 
Health Care Services (0.8%)          
Catholic Health Initiatives,          
5.03%, 3/22/23   30,000    29,610 
5.04%, 3/23/23   9,887    9,757 
5.52%, 6/15/23   50,000    48,673 
         88,040 
Industrials (1.9%)          
Fiserv, Inc.          
5.14%, 3/23/23   52,000    51,401 
Parker-Hannifin Corp.,          
5.09%, 3/22/23 – 3/23/23   46,000    45,472 
Reckitt Benckiser Treasury Services PLC          
5.05%, 3/23/23   64,000    63,300 
Wal Mart Stores, Inc.          
4.37%, 1/4/23   16,000    15,990 
Waste Management, Inc.          
5.13%, 3/23/23   45,750    45,225 
         221,388 
Insurance (0.6%)          
Pricoa Short Term Funding LLC,          
4.17%, 7/13/23   5,000    4,864 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Ultra-Short Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

5.00%, 9/8/23   33,000    31,822 
5.07%, 9/22/23   30,000    28,864 
         65,550 
International Banks (11.8%)          
Barclays Bank PLC,          
2.60%, 4/20/23 (b)   100,000    99,257 
4.72%, 2/7/23 (b)   2,000    1,990 
BPCE SA          
5.53%, 9/8/23   45,000    43,376 
Landesbank Baden-Wuerttemberg          
4.42%, 2/2/23   300,000    298,769 
Lloyds Bank PLC          
5.44%, 10/3/23 (c)   75,000    72,044 
Mizuho Bank Ltd.,          
4.43%, 2/1/23   50,000    49,799 
4.87%, 3/23/23   50,000    49,456 
National Australia Bank Ltd.          
3.92%, 6/15/23   137,000    133,874 
Societe Generale SA          
5.90%, 11/10/23 (b)   160,000    152,412 
Sumitomo Mitsui Trust Bank Ltd.,          
4.44%, 1/19/23 – 1/20/23   325,000    324,200 
Suncorp Group Ltd.,          
5.47%, 5/8/23 – 5/9/23   110,000    107,963 
Toronto-Dominion Bank          
5.61%, 9/29/23   10,000    9,615 
         1,342,755 
Total Commercial Paper (Cost $3,953,991)        3,946,116 
           
Corporate Bonds (0.7%)          
Computer Technology (0.2%)          
Fidelity National Information Services, Inc.          
0.38%, 3/1/23   22,000    21,835 
           
Domestic Bank  (0.2%)          
Truist Bank          
3.00%, 2/2/23   25,000    24,964 
           
International Banks (0.3%)          
Banque Federative du Credit Mutuel SA          
3.75%, 7/20/23 (b)   3,000    2,977 
Goldman Sachs Group, Inc.          
0.52%, 3/8/23   25,000    24,809 
UBS AG          
0.38%, 6/1/23 (b)   1,275    1,250 
         29,036 
Total Corporate Bonds (Cost $75,832)        75,835 
           
Floating Rate Notes (d) (38.8%)          
Asset-Backed Diversified Financial Services (0.5%)          
Collateralized Commercial Paper FLEX Co. LLC,          
SOFR + 0.38%, 4.68%, 3/23/23 (b)   5,000    5,001 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Ultra-Short Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Fairway Finance Co. LLC,          
SOFR + 0.73%, 5.03%, 6/15/23 (b)   50,000    50,068 
         55,069 
Automobiles (1.1%)          
Toyota Motor Credit Corp.          
5.05%, 12/11/23   123,360    123,565 
           
Domestic Banks (2.4%)          
Bank of America NA          
5.05%, 8/4/23   95,000    95,106 
Bank of America Securities, Inc.,          
4.90%, 3/3/23   20,000    20,009 
5.12%, 10/20/23   125,000    125,183 
Citibank NA,          
SOFR + 0.63%, 4.93%, 9/26/23   36,000    35,995 
         276,293 
Finance (1.0%)          
American Express Co.,          
SOFR + 0.23%, 4.30%, 11/3/23   15,249    15,178 
CDP Financial, Inc.,          
SOFR + 0.80%, 5.10%, 11/1/23 (b)   50,000    50,078 
Citigroup Global Markets Holdings, Inc.,          
SOFR + 0.78%, 4.55%, 7/10/23   50,000    50,045 
         115,301 
International Banks (33.8%)          
Bank of Montreal,          
SOFR + 0.27%, 4.06%, 4/14/23   2,078    2,075 
SOFR + 0.27%, 4.58%, 9/15/23   1,008    1,005 
SOFR + 0.70%, 5.00%, 5/8/23   50,000    50,059 
SOFR + 0.75%, 5.05%, 12/1/23   200,000    200,235 
SOFR + 0.80%, 5.10%, 11/7/23   75,500    75,614 
Bank of Nova Scotia,          
SOFR + 0.55%, 4.86%, 9/15/23   32,234    32,198 
SOFR + 0.60%, 4.90%, 5/15/23   100,000    100,099 
SOFR + 0.75%, 5.05%, 8/1/23 – 12/4/23   190,000    190,301 
Barclays Bank PLC,          
5.05%, 10/4/23 – 10/5/23 (b)   75,000    75,021 
BNZ International Funding Ltd.,          
SOFR + 0.72%, 4.44%, 7/12/23 (b)   75,000    75,073 
SOFR + 0.72%, 4.59%, 4/21/23 (b)   95,500    95,602 
BPCE SA,          
SOFR + 0.65%, 4.95%, 9/13/23 (b)   396,000    396,276 
4.98%, 9/1/23 (b)   115,000    115,121 
Canadian Imperial Bank of Commerce,          
SOFR + 0.34%, 4.66%, 6/22/23   4,980    4,973 
SOFR + 0.74%, 5.04%, 8/3/23   25,000    25,066 
SOFR + 0.80%, 5.10%, 10/20/23   200,000    200,521 
DNB Bank ASA,          
SOFR + 0.70%, 5.00%, 7/27/23 (b)   25,000    25,047 
Macquarie Bank Ltd.,          
SOFR + 0.65%, 4.95%, 6/21/23 (b)   75,000    75,091 
SOFR + 0.77%, 5.07%, 8/2/23 (b)   148,000    148,259 
SOFR + 0.78%, 5.08%, 8/4/23 (b)   195,000    195,351 
Royal Bank of Canada,          
SOFR + 0.45%, 4.40%, 10/26/23   33,139    33,065 
SOFR + 0.72%, 5.02%, 12/7/23 (b)   50,000    50,048 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Ultra-Short Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

SOFR + 0.75%, 5.05%, 11/29/23 (b)   100,000    100,128 
Skandinaviska Enskilda Banken AB,          
SOFR + 0.69%, 4.99%, 8/16/23   150,000    150,169 
SOFR + 0.70%, 5.00%, 8/11/23 (b)   250,000    250,328 
Societe Generale SA,          
SOFR + 0.82%, 5.12%, 12/11/23 (b)   22,000    22,043 
SOFR + 0.90%, 5.20%, 11/20/23 (b)   90,000    90,239 
Sumitomo Mitsui Banking Corp.,          
SOFR + 0.59%, 4.89%, 9/22/23   18,000    18,004 
SOFR + 0.80%, 5.10%, 8/1/23   20,000    20,041 
SOFR + 0.92%, 5.22%, 11/30/23   150,000    150,413 
SOFR + 0.95%, 5.25%, 10/25/23   101,000    101,288 
Svenska Handelsbanken AB,          
SOFR + 0.72%, 5.02%, 12/5/23   190,000    190,205 
SOFR + 0.75%, 5.05%, 7/28/23 (b)   98,000    98,157 
SOFR + 0.75%, 5.05%, 8/2/23   50,000    50,077 
Swedbank AB Sparbanken Sverige,          
SOFR + 0.70%, 5.00%, 7/14/23   27,500    27,543 
UBS AG,          
SOFR + 0.82%, 4.64%, 10/17/23 (b)   96,000    96,131 
SOFR + 0.64%, 4.96%, 6/21/23 (b)   190,000    190,069 
Westpac Banking Corp.,          
SOFR + 0.50%, 4.80%, 3/21/23 (b)   12,500    12,505 
SOFR + 0.72%, 5.02%, 8/2/23 – 8/4/23(b)   116,500    116,716 
         3,850,156 
Total Floating Rate Notes (Cost $4,414,345)        4,420,384 
           
Repurchase Agreements (12.3%)          
Bank of America Securities, Inc., (4.72%, dated 1/27/22, due 1/27/23; proceeds $314,357; fully collateralized by various Common Stocks and Preferred Stocks; valued at $315,000) (Demand 1/3/23) (e)   300,000    300,000 
BMO Capital Markets Corp, (4.42%, dated 12/30/22, due 1/3/23; proceeds $1,000; fully collateralized by a U.S. Government Security, 3.07% due 11/28/33, U.S. Government obligations, 0.00% - 2.50% due 2/23/23 - 2/15/49 and Corporate Bonds, 1.15% - 8.91% due 10/26/23 - 2/1/41; valued at $ 1,049)   1,000    1,000 
BNP Paribas, (4.53%, dated 6/29/22, due 1/6/23; proceeds $235,528; fully collateralized by various by various Corporate Bonds 1.70% - 11.00% due 3/1/24 - 6/15/76; valued at $243,791) (Demand 1/3/23) (e)   230,000    230,000 
BNP Paribas, (4.59% ,dated 5/16/22, due 1/6/23; proceeds $82,397; fully collateralized by various Corporate Bonds 1.40% - 9.50% due 3/15/23 - 9/15/79; valued at $84,699) (Demand 1/3/23) (e)   80,000    80,000 
Citigroup Global Markets Holdings, Inc., (4.93%, dated 11/14/22, due 4/4/23; proceeds $203,862; fully collateralized by various by various Corporate Bonds, 2.38% - 13.38% due 5/15/23 - 12/21/65 and U.S. Government agency securities, 4.62% - 4.69% due 8/20/67- 10/20/67; valued at $210,418) (Demand 1/3/23) (e)   200,000    200,000 
JP Morgan Securities LLC, (4.57%, dated 11/17/21, due 1/6/23; proceeds $73,688; fully collateralized by various Common Stocks and Preferred Stocks; valued at $ 73,793) (Demand 1/3/23) (e)   70,000    70,000 
JP Morgan Securities LLC, (4.70%, dated 7/14/22, due 3/6/23; proceeds $298,897; fully collateralized by various Corporate Bonds, 2.65% - 11.13% due 4/1/23 - 12/15/65; valued at $308,631) (Demand 1/3/23) (e)   290,000    290,000 
Pershing LLC, (4.63%, dated 12/30/22, due 1/3/23; proceeds $25,013; fully collateralized by various Corporate Bonds, 0.25% - 7.95% due 1/6/23 - 11/1/66; valued at $26,411)   25,000    25,000 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Ultra-Short Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Societe Generale SA, (4.47%, dated 12/30/22, due 1/3/23; proceeds $17,008; fully collateralized by various Corporate Bonds, 3.95% - 8.88% due 3/15/23 - 1/22/30; valued at $18,030)   17,000    17,000 
Wells Fargo Securities LLC, (4.85%, dated 12/9/22, due 3/9/23; proceeds $50,606; fully collateralized by various Corporate Bonds, 1.79% - 5.95% due 5/22/23 - 4/22/61; Common Stocks and Preferred Stocks; valued at $52,500) (e)   50,000    50,000 
Wells Fargo Securities LLC, (4.85%, dated 12/9/22, due 3/9/23; proceeds $135,625; fully collateralized by various Common Stocks and Preferred Stock; valued at $140,700) (e)   134,000    134,000 
Total Repurchase Agreements (Cost $1,397,000)        1,397,000 
           
Time Deposit (0.0%) (f)          
International Bank (0.0%) (f)          
Credit Agricole CIB (Grand Cayman)          
4.29%, 1/3/23 (Cost $1,000)   1,000    1,000 
Total Investments (99.7%) (Cost $11,350,073) (g)(h)(i)        11,344,981 
Other Assets in Excess of Liabilities (0.3%)        28,840 
Net Assets (100.0%)       $11,373,821 

 

 

(a) The rates shown are the effective yields at the date of purchase.
(b) 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(c) All or a portion of the security is subject to delayed delivery.
(d) Floating or variable rate securities: The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.
(e) Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of December 31, 2022.
(f) Amount is less than 0.05%.
(g) Securities are available for collateral in connection with securities purchased on a forward commitment basis.
(h) 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 three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions.
(i) At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,351,000 and the aggregate gross unrealized depreciation is approximately $12,443,000, resulting in net unrealized depreciation of approximately $5,092,000.
 
SOFR Secured Overnight Financing Rate.

 

 

 

 

Portfolio Composition
     
Classification  Percentage of
Total Investments		 
Floating Rate Notes    39.0%
Commercial Paper    34.8 
Certificates of Deposit    13.2 
Repurchase Agreements    12.3 
Other*    0.7 
Total Investments    100.0%

 

 

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

 

 

 

 

Morgan Stanley Institutional Fund Trust

Ultra-Short Municipal Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)

 

   Face     
   Amount   Value 
   (000)  (000)
Weekly Variable Rate Bonds (a) (54.5%)          
County of Clark, NV,          
Nevada Industrial Development Revenue Bonds          
3.65%, 3/1/38  $6,500   $6,500 
County of Liberty, FL,          
Industrial Development Revenue Bonds          
Georgia Pacific Corp.          
Ser 2004          
3.80%, 10/1/28   4,500    4,500 
County of Perry, MS,          
Mississippi Pollution Control Refunding Revenue Bonds          
Leaf River Cellulose, LLC Project          
Ser 2021          
3.75%, 10/1/41   4,000    4,000 
Daviess County, KY,          
Solid Waste Disposal Facilities Revenue          
Ser 1993-A (AMT)          
3.46%, 12/1/23   5,000    5,000 
Iowa State Finance Authority, LA,          
Midwestern Disaster Area Revenue Bonds          
Archer-Daniels-Midland Company Project          
Ser 2012          
3.77%, 12/1/45   3,500    3,500 
Solid Waste Facilities Revenue Bonds          
Mid America Energy Company Project          
Ser 2016 B (AMT)          
3.91%, 12/1/46   3,500    3,500 
Ser 2017 (AMT)          
3.90%, 12/1/47   3,000    3,000 
Kentucky Economic Development Finance Authority, KY,          
Catholic Health Initiatives          
Ser 2004 C          
4.00%, 5/1/34   5,000    5,000 
Metropolitan Washington Airports Authority, DC,          
Airport System Subser 2011 A-1          
3.70%, 10/1/39   6,100    6,100 
New York State Energy Research & Development Authority Facilities, NY,          
Consolidated Edison Co          
Ser 2004 Subser C-3 (AMT)          
3.68%, 11/1/39   6,000    6,000 
Parish of St. James, LA,          
State of Louisiana Revenue Bonds, Nucor Steel Louisiana LLC Project,          
Gulf Opportunity Zone Bonds          
Ser 2010B-1          
4.10%, 11/1/40   4,500    4,500 
Port of Tacoma, WA,          
Subordinate Lien Revenue Refunding Bonds          
Ser 2008 (AMT)          
3.64%, 12/1/35   6,600    6,600 
RBC Municipal Products Inc Trust, CO,          
City and County of Denver Airport System –          
Subordinate Bonds Floater Certificates          
Ser 2019-G114          
3.91%, 12/1/26 (b)   800    800 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Ultra-Short Municipal Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

RBC Municipal Products Inc Trust, MO,          
Health And Educational Facilities Authority of The State of Missouri SSM          
Health Ser 2019 A Floater          
Certificates Ser 2019-C17          
3.70%, 12/1/39 (b)   3,000    3,000 
RBC Municipal Products Inc Trust, NY,          
New York City Variable Ser 2006 Subser I-5 Floater          
Certificates Ser 2019-E133          
3.69%, 5/1/23 (b)   4,000    4,000 
RBC Municipal Products Inc Trust, SC,          
Transportation Infrastructure Bank Ser 2017 A Floater          
Certificates Ser 2019-G109          
3.86%, 10/1/25 (b)   525    525 
RBC Municipal Products Inc Trust, TX,          
Various States Certificates          
E-140          
3.69%, 10/1/24 (b)   2,000    2,000 
E-150          
3.69%, 5/1/27 (b)   4,000    4,000 
E-154          
3.76%, 6/1/28 (b)   7,800    7,800 
Utah Water Finance Agency, UT,          
Ser 2008 B          
3.70%, 10/1/37   5,840    5,840 
Washington County, NE,          
Nebraska Industrial Development Revenue Bonds          
Ser 2010 B          
3.50%, 12/1/40   1,500    1,500 
Total Weekly Variable Rate Bonds (Cost $87,665)        87,665 
           
Commercial Paper (c) (17.4%)          
Austin Texas Utility System          
Revenue IAM Commercial Paper          
3/A2 Ser A          
3.00%, 2/2/23   5,000    5,000 
King Country Wash IAM Commercial Paper          
3/A2 Ser A IAM 103          
2.03%, 1/5/23   5,000    4,999 
Lincoln Nebraska Electric System          
Revenue IAM Commercial Paper          
3/A2 Ser 1995          
2.65%, 4/20/23   3,000    2,995 
Mercer County Pollution Control          
Revenue IAM Commercial Paper          
3/A2 Ser 1 ND          
2.95%, 2/15/23   4,000    3,995 
Metropolitan Government Nashville & Davidson Country,          
Water & Sewer Revenue IAM Commercial Paper          
3/A2          
3.40%, 2/16/23   3,000    2,998 
NC Electric Membership Corp.          
2.15%, 1/3/23   4,000    3,999 
Omeha Pub PWR District Nebraska Electric System,          
Revenue IAM Commercial Paper          
3/A2 Ser A,          
2.60%, 2/8/23   2,000    1,998 
3.45%, 3/3/23   2,000    2,000 
Total Commercial Paper (Cost $28,000)        27,984 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Ultra-Short Municipal Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

Floating Rate Notes (a) (11.8%)          
Indiana Finance Authority, IN,          
Economic Development Refunding Revenue Bonds          
Ser 2010A (AMT)          
3.40%, 5/1/34   1,000    999 
Michigan Finance Authority, MI,          
Hospital Revenue Bonds Trinity Health Credit Group          
Ser 2015          
4.51%, 12/1/39   2,000    2,004 
Mission Economic Development Corporation, TX,          
Solid Waste Disposal Revenue Refunding Bonds          
Republic Services Inc. Ser 2012          
4.10%, 1/1/26 (b)   1,000    1,000 
New York City Cultural Resources Trust, NY,          
American Museum of Natural History          
Ser 2014 B-1          
4.00%, 4/1/44   3,000    3,000 
New York State Environmental Facilities Corp., NY,          
Solid Waste Disposal Refunding Revenue Bonds          
Waste Management Inc. Project 2012 (AMT)          
4.00%, 5/1/30   7,000    7,000 
Pennsylvania Economic Development Financing Authority, PA,          
Solid Waste Disposal Refunding Revenue Bonds          
Ser 2019A (AMT)          
3.88%, 4/1/34   2,000    2,000 
The Industrial Development Authority of The City of Phoenix, AZ,          
Solid Waste Disposal Revenue Refunding Bonds          
Ser 2013 (AMT)          
4.10%, 12/1/35   3,000    3,000 
Total Floating Rate Notes (Cost $19,004)        19,003 
           
Closed-End Investment Companies (a) (6.2%)          
Nuveen AMT-Free Municipal Credit Income Fund, OT,          
MFP Share Ser B          
4.11%, 3/1/29 (b)   5,000    5,000 
Nuveen New York AMT-Free Quality Municipal Income Fund,          
800 Ser E (AMT)          
4.11%, 5/1/47 (b)   5,000    5,000 
Total Closed-End Investment Companies (Cost $10,000)        10,000 
           
Daily Variable Rate Bonds (a) (4.7%)          
County of Bay, FL,          
Florida Industrial Development Revenue Bonds          
Gulf Power Company Project          
Ser 2020 (AMT)          
3.70%, 6/1/50   5,800    5,800 
West Jefferson, AL,          
Industrial Development Board          
Solid Waste Disposal Revenue Alabama Power- Miller Plant          
Ser 2008 (AMT)          
3.74%, 12/1/38   1,700    1,700 
Total Daily Variable Rate Bonds (Cost $7,500)        7,500 
           
Municipal Bonds & Notes (3.4%)          
City of Houston, TX,          
Texas Public Improvement Refunding Bonds          
Ser 2016A          
5.00%, 3/1/23   3,000    3,010 

 

 

 

 

Morgan Stanley Institutional Fund Trust

Ultra-Short Municipal Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont’d)

 

County of Clark, NV,          
Airport System Junior Subordinate Lien Revenue Notes          
Ser 2021B          
5.00%, 7/1/23   2,400    2,417 
Total Municipal Bonds & Notes (Cost $5,428)        5,427 
Total Investments (98.0%) (Cost $157,597) (d)(e)        157,579 
Other Assets in Excess of Liabilities (2.0%)        3,270 
Net Assets (100.0%)       $160,849 

 

 

(a) Floating or variable rate securities: The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.
(b) 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(c) The rates shown are the effective yields at the date of purchase.
(d) 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 three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions.
(e) At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $0 and the aggregate gross unrealized depreciation is approximately $18,000, resulting in net unrealized depreciation of approximately $18,000.
 
AMT Alternative Minimum Tax.
MFP Municipal Fund Preferred.

 

 

 

 

Portfolio Composition    
     
Classification  Percentage of
Total Investments		 
Weekly Variable Rate Bonds   55.6%
Commercial Paper   17.8 
Floating Rate Notes   12.1 
Closed-End Investment Companies   6.3 
Others*   8.2 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund Trust

 

Notes to the Portfolio of Investments ▪ December 31, 2022 (unaudited)

 

Security Valuation: (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited (“MSIM Limited”) (the “Sub-Adviser”), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or is unable to provide a price, prices from brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter (“OTC”) market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (4) certain senior collateralized loans ("Senior Loans") are valued based on quotations received from an independent pricing service; (5) 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; (6) 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; (7) 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; (8) 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; (9) 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 (10) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day.

 

 

 

 

In connection with Rule 2a-5 of the Act, which became effective September 8, 2022, the Trustees have designated the Trust's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust’s valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

 

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

 

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

 

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

 

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

 

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

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
Core Plus Fixed Income
Assets:
Fixed Income Securities                    
Agency Fixed Rate Mortgages  $—   $124,449   $—   $124,449 
Asset-Backed Securities   —    80,061    —    80,061 
Collateralized Mortgage Obligations - Agency Collateral Series   —    175    —    175 
Commercial Mortgage-Backed Securities   —    95,298    —    95,298 
Corporate Bonds   —    160,559    —    160,559 
Mortgages - Other   —    103,303    —    103,303 
Municipal Bonds   —    4,557    —    4,557 
Sovereign   —    19,234    —    19,234 
Supranational   —    1,282    —    1,282 
Variable Rate Senior Loan Interests   —    914    —    914 
Total Fixed Income Securities   —    589,832    —    589,832 
Short-Term Investments                    
Investment Company   81,513    —    —    81,513 
U.S. Treasury Securities   —    7,738    —    7,738 
Total Short-Term Investments   81,513    7,738    —    89,251 
Foreign Currency Forward Exchange Contracts   —    625    —    625 
Futures Contracts   357    —    —    357 
Total Assets   81,870    598,195    —    680,065 
Liabilities:                    
Foreign Currency Forward Exchange Contracts   —    (2,576)   —    (2,576)
Futures Contracts   (1,101)   —    —    (1,101)
Credit Default Swap Agreement   —    (638)   —    (638)
Total Liabilities   (1,101)   (3,214)   —    (4,315)
Total  $80,769   $594,981  $   —   $675,750 

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
Corporate Bond
Assets:
Fixed Income Securities                    
Commercial Mortgage-Backed Securities  $—   $3,096   $—   $3,096 
Corporate Bonds   —    118,873    —    118,873 
Total Fixed Income Securities   —    121,969    —    121,969 
Short-Term Investments                    
Investment Company   2,561    —    —    2,561 
U.S. Treasury Security   —    1,850    —    1,850 
Total Short-Term Investments   2,561    1,850    —    4,411 
Foreign Currency Forward Exchange Contracts   —    —@    —    —@ 
Futures Contracts   325    —    —    325 
Total Assets   2,886    123,819    —    126,705 
Liabilities:                    
Foreign Currency Forward Exchange Contracts   —    (87)   —    (87)
Futures Contracts   (163)   —    —    (163)
Total Liabilities   (163)   (87)   —    (250)
Total  $2,723   $123,732    $              —   $126,455 

 

 

@            Value is less than $500.

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

     
Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
Discovery
Assets:
Common Stocks                    
Biotechnology  $9,582   $—   $—   $9,582 
Chemicals   3,743    —    —    3,743 
Commercial Services & Supplies   1,773    —    —    1,773 
Consumer Finance   4,937    —    —    4,937 
Entertainment   41,428    —    —    41,428 
Health Care Providers & Services   65,215    —    —    65,215 
Health Care Technology   51,893    —    —    51,893 
Information Technology Services   156,956    56,529    —    213,485 
Interactive Media & Services   41,565    —    —    41,565 
Internet & Direct Marketing Retail   134,444    —    —    134,444 
Leisure Products   14,836    —    —    14,836 
Life Sciences Tools & Services   29,375    —    —    29,375 
Media   56,184    —    —    56,184 
Pharmaceuticals   66,118    —    —    66,118 
Road & Rail   19,080    —    —    19,080 
Software   125,814    —    —    125,814 
Specialty Retail   2,952    —    —    2,952 
Total Common Stocks   825,895    56,529    —    882,424 
Preferred Stock                    
Software   —    —    23,813    23,813 
Investment Company   5,738    —    —    5,738 
Warrant   39    —    —    39 
Call Options Purchased   —    1,774    —    1,774 
Short-Term Investments                    
Investment Company   31,600    —    —    31,600 
Repurchase Agreements   —    3,747    —    3,747 
Total Short-Term Investments   31,600    3,747    —    35,347 
Total Assets  $863,272   $62,050   $23,813   $949,135 

 

 

 

 

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

 

Discovery  Preferred
Stock
(000)		 
Beginning Balance  $25,782 
Purchases   — 
Sales   — 
PIPE transactions   — 
Amortization of discount   — 
Transfers in   — 
Transfers out   — 
Corporate actions   — 
Change in unrealized appreciation (depreciation)   (1,969)
Realized gains (losses)   — 
Ending Balance  $23,813 
      
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022  $(1,969)

 

 

 

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2022. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment’s fair value as of December 31, 2022.

 

Discovery  Fair Value at
December 31, 2022
(000)		   Valuation
Technique		  Unobservable
Input		  Amount*   Impact to
Valuation from an
Increase in Input**
Preferred Stock  $23,813   Discounted Cash Flow  Weighted Average
Cost of Capital		   14.0%  Decrease
           Perpetual Growth
Rate		   3.5%  Increase
        Market Comparable
Companies		  Enterprise Value
/Revenue		   12.8x  Increase
           Discount for
Lack of Marketability		   15.0%  Decrease

 

 

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

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
Dynamic Value
Assets:
Common Stocks                    
Automobiles  $954   $—   $—   $954 
Banks   4,258    —    —    4,258 
Beverages   705    —    —    705 
Building Products   1,981    —    —    1,981 
Capital Markets   3,031    —    —    3,031 
Chemicals   3,128    —    —    3,128 
Commercial Banks   853    —    —    853 
Commercial Services & Supplies   296    —    —    296 
Construction & Engineering   489    —    —    489 
Consumer Finance   4,390    —    —    4,390 
Containers & Packaging   1,338    —    —    1,338 
Diversified Consumer Services   685    —    —    685 
Diversified Telecommunication Services   1,739    —    —    1,739 
Electric Utilities   3,658    —    —    3,658 
Electrical Equipment   1,026    —    —    1,026 
Electronic Equipment, Instruments & Components   2,174    —    —    2,174 
Equity Real Estate Investment Trusts (REITs)   6,840    —    —    6,840 
Food & Staples Retailing   1,321    —    —    1,321 
Food Products   3,599    —    —    3,599 
Gas Utilities   1,426    —    —    1,426 
Health Care Equipment & Supplies   2,471    —    —    2,471 
Health Care Providers & Services   6,214    —    —    6,214 
Health Care Technology   578    —    —    578 
Hotels, Restaurants & Leisure   2,233    —    —    2,233 
Household Durables   1,681    —    —    1,681 
Independent Power Producers & Energy Traders   707    —    —    707 
Information Technology Services   5,033    —    —    5,033 
Insurance   4,175    —    —    4,175 
Life Sciences Tools & Services   987    —    —    987 
Machinery   3,907    —    —    3,907 
Media   5,587    —    —    5,587 
Metals & Mining   909    —    —    909 
Multi-Line Retail   701    —    —    701 
Oil, Gas & Consumable Fuels   7,499    —    —    7,499 
Personal Products   1,493    —    —    1,493 
Pharmaceuticals   7,417    —    —    7,417 
Professional Services   1,180    —    —    1,180 
Real Estate Management & Development   420    —    —    420 
Road & Rail   2,084    —    —    2,084 
Semiconductors & Semiconductor Equipment   2,770    —    —    2,770 
Software   1,528    —    —    1,528 
Specialty Retail   2,167    —    —    2,167 
Tech Hardware, Storage & Peripherals   858    —    —    858 
Textiles, Apparel & Luxury Goods   267    —    —    267 
Thrifts & Mortgage Finance   1,721    —    —    1,721 
Trading Companies & Distributors   2,405    —    —    2,405 
Total Common Stocks   110,883    —    —    110,883 
Short-Term Investment                    
Investment Company   5,754    —    —    5,754 
Total Return Swap Agreement   —    817    —    817 
Total Assets   116,637    817    —    117,454 
Liabilities:
Total Return Swap Agreement   —    (604)   —    (604)
Total  $116,637   $213   $—   $116,850 

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
Global Strategist
Assets:
Fixed Income Securities                    
Agency Fixed Rate Mortgages  $—   $17,730   $—   $17,730 
Asset-Backed Securities   —    1,117    —    1,117 
Commercial Mortgage-Backed Securities   —    2,042    —    2,042 
Corporate Bonds   —    45,004    —    45,004 
Mortgages - Other   —    5,389    —    5,389 
Municipal Bond   —    325    —    325 
Sovereign   —    130,560    —    130,560 
Supranational   —    5,591    —    5,591 
U.S. Treasury Securities       —    25,679            —    25,679 
Total Fixed Income Securities   —    233,437    —    233,437 
Common Stocks                    
Aerospace & Defense   1,275    965    —    2,240 
Air Freight & Logistics   400    319    —    719 
Airlines   32    66    —    98 
Auto Components   157    138    —    295 
Automobiles   885    958    —    1,843 
Banks   4,479    15,720    —    20,199 
Beverages   1,328    1,247    —    2,575 
Biotechnology   1,791    719    —    2,510 
Building Products   356    432    —    788 
Capital Markets   2,347    1,641    —    3,988 
Chemicals   1,432    1,547    —    2,979 
Commercial Banks   260    182    —    442 
Commercial Services & Supplies   456    166    —    622 
Communications Equipment   570    203    —    773 
Construction & Engineering   109    441    —    550 
Construction Materials   88    363    —    451 
Consumer Finance   353    —    —    353 
Containers & Packaging   224    78    —    302 
Distributors   99    23    —    122 
Diversified Consumer Services   —    53    —    53 
Diversified Financial Services   885    410    —    1,295 
Diversified Financials   19    38    —    57 
Diversified Telecommunication Services   669    1,071    —    1,740 
Electric Utilities   1,483    1,222    —    2,705 
Electrical Equipment   418    941    —    1,359 
Electronic Equipment, Instruments & Components   438    156    —    594 
Energy Equipment & Services   272    38    —†   310 
Entertainment   996    133    —    1,129 
Equity Real Estate Investment Trusts (REITs)   1,831    897    —    2,728 
Food & Staples Retailing   1,374    627    —    2,001 
Food Products   850    2,082    —    2,932 
Gas Utilities   69    174    —    243 
Health Care Equipment & Supplies   1,872    973    —    2,845 
Health Care Providers & Services   2,354    186    —    2,540 
Health Care Technology   45    —    —    45 
Hotels, Restaurants & Leisure   1,463    813    —    2,276 
Household Durables   216    112    —    328 
Household Products   1,004    396    —    1,400 
Independent Power Producers & Energy Traders   103    195    —    298 
Industrial Conglomerates   591    777    —    1,368 
Information Technology Services   3,396    575    —    3,971 
Insurance   2,242    3,101    —    5,343 
Interactive Media & Services   2,641    99    —    2,740 
Internet & Direct Marketing Retail   1,689    368    —    2,057 
Leisure Products   29    —    —    29 
Life Sciences Tools & Services   1,285    376    —    1,661 
Machinery   1,213    1,222    —    2,435 
Marine   7    162    —    169 
Media   667    203    —    870 
Metals & Mining   964    2,417    —    3,381 
Multi-Line Retail   414    210    —    624 
Multi-Utilities   604    526    —    1,130 
Oil, Gas & Consumable Fuels   8,188    3,154    —    11,342 
Paper & Forest Products   20    227    —    247 
Personal Products   114    1,158    —    1,272 
Pharmaceuticals   3,204    5,412    —    8,616 
Professional Services   381    797    —    1,178 
Real Estate Management & Development   72    389    —    461 
Road & Rail   1,420    62    —    1,482 
Semiconductors & Semiconductor Equipment   3,346    1,424    —    4,770 
Software   5,959    833    —    6,792 
Specialty Retail   1,559    238    —    1,797 
Tech Hardware, Storage & Peripherals   4,305    51    —    4,356 
Textiles, Apparel & Luxury Goods   412    2,018    —    2,430 
Tobacco   472    504    —    976 
Trading Companies & Distributors   271    265    —    536 
Transportation Infrastructure   —    256    —    256 
Water Utilities   78    76    —    154 
Wireless Telecommunication Services   251    148    —    399 
Total Common Stocks   78,796    62,773    —†   141,569†
Short-Term Investments                    
Investment Company   67,266    —    —    67,266 
U.S. Treasury Security   —    2,272    —    2,272 
Total Short-Term Investments   67,266    2,272    —    69,538 
Foreign Currency Forward Exchange Contracts   —    1,655    —    1,655 
Futures Contracts   2,067    —    —    2,067 
Interest Rate Swap Agreements   —    142    —    142 
Total Return Swap Agreements   —    8,709    —    8,709 
Total Assets   148,129    308,988    —†   457,117†
Liabilities:                    
Foreign Currency Forward Exchange Contracts   —    (936)   —    (936)
Futures Contracts   (1,115)   —    —    (1,115)
Interest Rate Swap Agreements   —    (866)   —    (866)
Total Return Swap Agreements   —    (707)   —    (707)
Total Liabilities   (1,115)   (2,509)   —    (3,624)
Total  $147,014   $306,479   $—†  $453,493†

 

 

†       Includes one or more securities valued at zero.

 

 

 

 

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

 

Global Strategist  Fixed
Income
(000)		   Common
Stock
(000)		 
Beginning Balance  $59   $— 
Purchases   —    — 
Sales   —    — 
Amortization of discount   —    — 
Transfers in   —    — 
Transfers out   (59)   —†
Corporate actions   —    — 
Change in unrealized appreciation (depreciation)   —    — 
Realized gains (losses)   —    — 
Ending Balance  $—   $—†
           
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022  $—   $      — 

 

 

† Includes a security valued at zero.

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
High Yield
Assets:
Fixed Income Securities                    
Corporate Bonds  $              —   $128,908   $—   $128,908 
Variable Rate Senior Loan Interests   —    1,919                 —    1,919 
Total Fixed Income Securities   —    130,827    —    130,827 
Common Stocks                    
Auto Components   —    —†   —    —†
Equity Real Estate Investment Trusts (REITs)   —    4    —    4 
Machinery   —    —    24    24 
Semiconductors & Semiconductor Equipment   —    31    —    31 
Total Common Stocks   —    35†   24    59†
Total Assets  $—   $130,862†  $24   $130,886†

 

 

†         Includes a security valued at zero.

 

 

 

 

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

 

High Yield  Common
Stock
(000)		 
Beginning Balance  $11 
Purchases   — 
Sales   — 
Amortization of discount   — 
Transfers in   — 
Transfers out   — 
Corporate actions   — 
Change in unrealized appreciation (depreciation)   13 
Realized gains (losses)   — 
Ending Balance  $24 
      
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022  $13 

 

 

 

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 December 31, 2022. The Fund calculated the weighted averages of the unobservable inputs relative to each investment’s fair value as of December 31, 2019.

 

High Yield  Fair Value at
December 31, 2022
(000)		   Valuation
Technique		  Unobservable
Input		  Amount*   Impact to
Valuation from an
Increase in Input**
Common Stock  $       24   Market Comparable Companies  Enterprise Value/EBITDA   4.0x  Increase
           Enterprise Value/Revenue   0.4x  Increase
           Discount for Lack of Marketability   30.0%  Decrease

 

 

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

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
Short Duration Income
Assets:
Fixed Income Securities                    
Agency Adjustable Rate Mortgages  $         —   $485   $                —   $485 
Agency Bonds - Consumer Discretionary (U.S. Government Guaranteed)   —    89    —    89 
Agency Fixed Rate Mortgages   —    483    —    483 
Asset-Backed Securities   —    63,922    —    63,922 
Collateralized Mortgage Obligations - Agency Collateral Series   —    1,004    —    1,004 
Commercial Mortgage-Backed Securities   —    22,250    —    22,250 
Corporate Bonds   —    238,007    —    238,007 
Mortgages - Other   —    52,084    —    52,084 
Municipal Bond   —    187    —    187 
Sovereign   —    1,488    —    1,488 
Supranational   —    1,587    —    1,587 
U.S. Treasury Security   —    17,102    —    17,102 
Total Fixed Income Securities   —    398,688    —    398,688 
Short-Term Investments                    
Investment Company   3,880    —    —    3,880 
U.S. Treasury Security   —    1,517    —    1,517 
Total Short-Term Investments   3,880    1,517    —    5,397 
Futures Contracts   99    —    —    99 
Total Assets  $3,979   $400,205    $—   $404,184 

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
Ultra-Short Income
Assets:
Short-Term Investments                    
Certificates of Deposit  $—   $1,504,646   $—   $1,504,646 
Commercial Paper   —    3,946,116    —    3,946,116 
Corporate Bonds   —    75,835    —    75,835 
Floating Rate Notes   —    4,420,384    —    4,420,384 
Repurchase Agreements   —    1,397,000    —    1,397,000 
Time Deposits   —    1,000    —    1,000 
Total Short-Term Investments   —    11,344,981    —    11,344,981 
Total Assets  $   —   $11,344,981   $       —   $11,344,981 

 

 

 

 

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
Ultra-Short Municipal Income
Assets:
Short-Term Investments                    
Weekly Variable Rate Bonds  $—   $87,665   $—   $87,665 
Commercial Paper   —    27,984    —    27,984 
Floating Rate Notes   —    19,003    —    19,003 
Closed-End Investment Companies   —    10,000    —    10,000 
Daily Variable Rate Bonds   —    7,500    —    7,500 
Municipal Bonds & Notes   —    5,427    —    5,427 
Total Short-Term Investments   —    157,579    —    157,579 
Total Assets  $—   $157,579   $—   $157,579 

 

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