NPORT-EX 2 NPORT_MVAW_11126107_0623.htm EDGAR HTML
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments 
Core Plus Fixed Income Portfolio
 
 
 
Face
Amount
(000)
 
Value
(000)
Fixed Income Securities (98.4%)
 
 
Agency Fixed Rate Mortgages (23.7%)
Federal Home Loan Mortgage Corporation,
 
 
2.00%, 10/1/51
$
       404
$314
Conventional Pools:
 
 

2.50%, 11/1/49 - 4/1/52
 
     2,416
2,058

3.00%, 11/1/49 - 12/1/49
 
       398
348
3.50%, 8/1/49
 
       153
138

4.00%, 4/1/49 - 11/1/49
 
       537
506
4.50%, 2/1/49
 
       304
297
Gold Pools:
 
 

3.00%, 3/1/47 - 6/1/49
 
     1,141
1,022

3.50%, 1/1/44 - 4/1/49
 
       764
710

4.00%, 6/1/44 - 1/1/48
 
       283
271

5.41%, 7/1/37 - 8/1/37
 
        10
10

5.44%, 1/1/37 - 2/1/38
 
        40
40

5.46%, 8/1/37 - 1/1/38
 
        26
28

5.50%, 8/1/37 - 11/1/37
 
        39
40
5.52%, 10/1/37
 
         5
5

5.62%, 12/1/36 - 8/1/37
 
        43
44

6.00%, 10/1/36 - 8/1/38
 
        37
39

6.50%, 12/1/25 - 8/1/33
 
        48
49

7.00%, 6/1/28 - 11/1/31
 
        15
17
Federal National Mortgage Association,
 
 
2.00%, 11/1/51
 
     2,127
1,672

2.50%, 2/1/50 - 2/1/52
 
    10,221
8,517
Conventional Pools:
 
 

3.00%, 6/1/40 - 1/1/50
 
     2,860
2,539

3.50%, 8/1/45 - 1/1/50
 
     2,896
2,660

4.00%, 11/1/41 - 9/1/49
 
     2,476
2,359

4.50%, 3/1/41 - 8/1/49
 
       969
946
5.00%, 3/1/41
 
        77
77

5.50%, 6/1/35 - 1/1/37
 
        28
28
5.62%, 12/1/36
 
        17
17

6.50%, 4/1/24 - 1/1/34
 
       374
382

7.00%, 5/1/28 - 12/1/33
 
        56
58
9.50%, 4/1/30
 
         9
9
July TBA
 
 
2.50%, 7/1/53 (a)
 
     5,525
4,684
3.00%, 7/1/53 (a)
 
     6,300
5,545
3.50%, 7/1/53 (a)
 
    24,675
22,483
4.00%, 7/1/53 (a)
 
     7,350
6,898
4.50%, 7/1/53 (a)
 
    24,850
23,887
5.00%, 7/1/53 (a)
 
     9,050
8,869
5.50%, 7/1/53 (a)
 
    32,700
32,553
Government National Mortgage Association,
 
 
Various Pools:
 
 

3.50%, 11/20/40 - 7/20/49
 
       770
721

4.00%, 8/20/41 - 11/20/49
 
     1,996
1,912

4.50%, 4/20/49 - 7/20/49
 
       206
197
5.00%, 12/20/48
 
        23
23
6.50%, 5/15/40
 
       196
201
 
 
133,173
 
 
Face
Amount
(000)
 
Value
(000)
Asset-Backed Securities (12.5%)
 
 
AASET U.S. Ltd.,
 
 
4.45%, 11/18/38 (b)
$
     2,127
$1,871
AIMCO CLO,
 
 
Series 2018-B
 
 
3 Month USD LIBOR + 1.10%,
6.36%, 1/15/32 (b)(c)
 
     3,600
3,568
Allegro CLO XI Ltd.,
 
 
3 Month USD LIBOR + 1.39%,
6.66%, 1/19/33 (b)(c)
 
     2,150
2,133
American Homes 4 Rent Trust,
 
 
6.07%, 10/17/52 (b)
 
     1,001
979
Aqua Finance Trust,
 
 
3.47%, 7/16/40 (b)
 
       794
731
BCMSC Trust,
 
 
7.51%, 1/15/29 (c)
 
     1,243
1,127
Benefit Street Partners CLO XX Ltd.,
 
 
3 Month USD LIBOR + 1.17%,
6.43%, 7/15/34 (b)(c)
 
     3,685
3,625
Blackbird Capital Aircraft,
 
 
2.44%, 7/15/46 (b)
 
     1,255
1,082
Blackbird Capital Aircraft Lease Securitization
Ltd.,
 
 
5.68%, 12/16/41 (b)(c)
 
       694
486
Cascade MH Asset Trust,
 
 
4.00%, 11/25/44 (b)(c)
 
     1,064
1,005
Cologix Canadian Issuer LP,
 
 
4.94%, 1/25/52 (b)
CAD
     3,600
2,464
Cologix Data Centers US Issuer LLC,
 
 
3.30%, 12/26/51 (b)
$
     2,125
1,886
Conn's Receivables Funding LLC,
 
 
2.87%, 5/15/26 (b)
 
       146
145
9.52%, 12/15/26 (b)
 
     3,500
3,508
Contimortgage Home Equity Loan Trust,
 
 
8.10%, 8/15/25
 
        18
14
Diamond Resorts Owner Trust,
 
 
4.02%, 2/20/32 (b)
 
       304
287
ELFI Graduate Loan Program LLC,
 
 
4.51%, 8/26/47 (b)
 
     1,441
1,372
Falcon Aerospace Ltd.,
 
 
3.60%, 9/15/39 (b)
 
       595
510
FortiFi,
 
 
Series 2023-1A, Class A
 
 
6.23%, 9/20/59 (b)
 
     3,079
2,992
GAIA Aviation Ltd.,
 
 
7.00%, 12/15/44 (b)(c)
 
     1,540
812
GCI Funding I LLC,
 
 
2.82%, 10/18/45 (b)
 
       681
598
Golub Capital Partners ABS Funding Ltd.,
 
 
2.77%, 4/20/29 (b)
 
       875
807
Class A2
 
 
3.21%, 1/22/29 (b)
 
     3,290
3,087
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Core Plus Fixed Income Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Asset-Backed Securities (cont'd)
 
 
Goodgreen Trust,
 
 
5.53%, 4/15/55 (b)
$
     1,773
$1,491
5.74%, 10/15/56 (b)
 
     2,568
2,155
JOL Air Ltd.,
 
 
4.95%, 4/15/44 (b)
 
       238
170
Lunar Aircraft Ltd.,
 
 
3.38%, 2/15/45 (b)
 
       359
313
MACH 1 Cayman Ltd.,
 
 
3.47%, 10/15/39 (b)
 
       797
680
MAPS Ltd.,
 
 
4.21%, 5/15/43 (b)
 
       339
303
METAL LLC,
 
 
4.58%, 10/15/42 (b)
 
       568
346
Mosaic Solar Loan Trust,
 
 
2.10%, 4/20/46 (b)
 
       523
449
Newtek Small Business Loan Trust,
 
 
Daily U.S. Prime Rate - 0.55%,
7.70%, 2/25/44 (b)(c)
 
       237
234
SOFR30A + 3.00%,
7.75%, 7/25/50 (b)(c)
 
     1,049
1,043
Octagon Investment Partners 51 Ltd.,
 
 
3 Month USD LIBOR + 1.15%,
6.40%, 7/20/34 (b)(c)
 
     5,225
5,126
Oxford Finance Funding LLC,
 
 
5.44%, 2/15/27 (b)
 
       124
123
PMT Issuer Trust - FMSR,
 
 
1 Month USD LIBOR + 3.00%,
8.15%, 3/25/26 (b)(c)
 
     3,900
3,774
SOFR30A + 4.19%,
9.26%, 6/25/27 (b)(c)
 
     2,700
2,713
PRET 2021-NPL6 LLC,
 
 
2.49%, 7/25/51 (b)(c)
 
     1,154
1,070
Progress Residential Trust,
 
 
2.31%, 5/17/38 (b)
 
       650
569
Raptor Aircraft Finance I LLC,
 
 
4.21%, 8/23/44 (b)
 
     2,033
1,601
ReadyCap Lending Small Business Loan Trust,
 
 
Daily U.S. Prime Rate - 0.50%,
7.75%, 12/27/44 (b)(c)
 
       289
278
Republic Finance Issuance Trust,
 
 
3.54%, 11/20/30 (b)
 
     1,385
1,297
Sculptor CLO XXVI Ltd.,
 
 
3 Month USD LIBOR + 1.27%,
6.52%, 7/20/34 (b)(c)
 
     4,900
4,812
Start II Ltd.,
 
 
4.09%, 3/15/44 (b)
 
       255
225
Start Ltd.,
 
 
4.09%, 5/15/43 (b)
 
     2,418
2,099
Sunbird Engine Finance LLC,
 
 
3.67%, 2/15/45 (b)
 
       874
728
Tricon American Homes Trust,
 
 
5.10%, 1/17/36 (b)
 
     3,500
3,446
 
 
 
70,134
 
 
Face
Amount
(000)
 
Value
(000)
Collateralized Mortgage Obligations - Agency Collateral Series (0.4%)
Federal Home Loan Mortgage Corp., Multifamily
Structured Pass-Through Certificates,
 
 
IO
 
 
4.48%, 11/25/55 (c)
$
     7,625
$2,098
Federal Home Loan Mortgage Corporation,
 
 
IO REMIC
 
 
6.00% - 1 Month USD LIBOR, 0.81%,
11/15/43 (d)
 
       377
27
IO STRIPS
 
 
7.50%, 12/15/29
 
        10
2
Federal National Mortgage Association,
 
 
IO PAC REMIC
 
 
8.00%, 9/18/27
 
        21
2
IO REMIC
 
 
6.00%, 7/25/33
 
        28
4
IO STRIPS
 
 

6.50%, 9/25/29 - 12/25/29
 
       112
11
8.00%, 4/25/24
 
        —@
—@
8.50%, 10/25/25
 
         3
—@
9.00%, 11/25/26
 
         3
—@
REMIC
 
 
7.00%, 9/25/32
 
        87
90
Government National Mortgage Association,
 
 
IO
 
 
5.00%, 2/16/41
 
        82
18
 
 
2,252
Commercial Mortgage-Backed Securities (14.6%)
BANK 2019-BNK21,
 
 
IO
 
 
0.96%, 10/17/52 (c)
 
    14,053
566
BANK 2020-BNK30,
 
 
3.02%, 12/15/53 (c)
 
     4,200
2,194
Benchmark Mortgage Trust,
 
 
3.76%, 7/15/53 (b)
 
     2,000
1,780
IO
 
 
0.99%, 9/15/48 (b)(c)
 
    31,000
758
BF Mortgage Trust,
 
 
1 Month USD LIBOR + 1.70%, 6.89%,
12/15/35 (b)(c)
 
     2,500
1,890
BPR Trust,
 
 
1 Month Term SOFR + 3.00%, 8.15%,
5/15/39 (b)(c)
 
     3,170
3,180
BXP Trust,
 
 
1 Month USD LIBOR + 3.00%, 8.19%,
11/15/34 (b)(c)
 
     1,150
824
CG-CCRE Commercial Mortgage Trust,
 
 
1 Month USD LIBOR + 1.85%, 7.05%,
11/15/31 (b)(c)
 
       533
512
Citigroup Commercial Mortgage Trust,
 
 
3.62%, 12/10/41 (b)(c)
 
     1,100
703
IO
 
 
0.87%, 11/10/48 (c)
 
     2,321
30
1.02%, 9/10/58 (c)
 
     4,180
62
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Core Plus Fixed Income Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Commercial Mortgage-Backed Securities (cont'd)
Commercial Mortgage Trust,
 
 
3.51%, 8/15/57 (b)(c)
$
     1,400
$1,228
IO
 
 
0.81%, 10/10/47 (c)
 
     2,407
14
1.08%, 7/15/47 (c)
 
     2,121
11
Credit Suisse Mortgage Trust,
 
 
Class A
 
 
1 Month Term SOFR + 4.08%, 9.23%,
4/15/26 (b)(c)
 
     2,623
2,561
1 Month USD LIBOR + 3.50%, 8.69%,
12/15/35 (b)(c)
 
     5,275
5,270
CSWF Corp.,
 
 
1 Month USD LIBOR + 1.57%, 6.76%,
6/15/34 (b)(c)
 
     2,680
2,242
DROP Mortgage Trust,
 
 
1 Month USD LIBOR + 1.15%, 6.34%,
10/15/43 (b)(c)
 
     3,525
3,223
Federal Home Loan Mortgage Corp., Multifamily
Structured Pass-Through Certificates,
 
 
IO
 
 
0.46%, 11/25/27 (c)
 
    23,072
287
2.72%, 1/25/49 (c)
 
    17,200
2,571
2.72%, 1/25/49 (c)
 
     4,091
581
2.74%, 2/25/49 (c)
 
     9,522
1,413
2.82%, 9/25/48 (c)
 
    16,800
2,488
2.83%, 8/25/48 (c)
 
     5,484
786
2.98%, 1/25/49 (c)
 
     7,514
1,298
3.08%, 1/25/32 (c)
 
     5,775
1,045
3.17%, 11/25/36 (c)
 
     4,400
1,167
3.20%, 4/25/39 (c)
 
     3,200
829
3.32%, 5/25/32 (c)
 
    11,220
2,242
3.58%, 10/25/38 (c)
 
     3,500
980
3.69%, 6/25/54 (c)
 
     6,549
1,460
3.92%, 6/25/50 (c)
 
     8,000
1,886
4.29%, 8/25/54 (c)
 
     5,300
1,404
FREMF 2016-KF21 Mortgage Trust,
 
 
1 Month USD LIBOR + 5.25%, 10.44%,
7/25/26 (b)(c)
 
        45
43
FREMF 2017-KF27 Mortgage Trust,
 
 
1 Month USD LIBOR + 4.35%, 9.54%,
12/25/26 (b)(c)
 
        61
59
GS Mortgage Securities Trust,
 
 
4.71%, 8/10/46 (b)(c)
 
       500
428
IO
 
 
0.83%, 9/10/47 (c)
 
     4,460
26
1.36%, 10/10/48 (c)
 
     4,474
97
Highways 2021 PLC,
 
 
3 Month GBP SONIA + 1.35%, 6.25%,
12/18/31 (b)(c)
GBP
     2,775
3,402
Jackson Park Trust,
 
 
3.35%, 10/14/39 (b)(c)
$
     1,700
1,247
 
 
Face
Amount
(000)
 
Value
(000)
 
JP Morgan Chase Commercial Mortgage
Securities Trust,
 
 
1 Month Term SOFR + 2.56%, 7.71%,
4/15/38 (b)(c)
$
     2,400
$2,312
IO
 
 
0.65%, 4/15/46 (c)
 
     6,956
20
0.71%, 12/15/49 (c)
 
     3,558
53
0.87%, 7/15/47 (c)
 
     3,016
6
JPMBB Commercial Mortgage Securities Trust,
 
 
4.78%, 4/15/47 (b)(c)
 
       775
679
IO
 
 
1.09%, 8/15/47 (c)
 
     2,878
14
Last Mile Logistics Pan Euro Finance DAC,
 
 
3 Month EURIBOR + 1.90%, 5.26%,
8/17/33 (b)(c)
EUR
       736
753
Manhattan West Mortgage Trust,
 
 
2.41%, 9/10/39 (b)(c)
$
     1,500
1,224
MF1 2021-W10X,
 
 
1 Month Term SOFR + 2.82%, 7.97%,
12/15/34 (b)(c)
 
     4,350
4,007
MFT Mortgage Trust,
 
 
3.39%, 8/10/40 (b)(c)
 
     1,000
653
3.59%, 2/10/42 (b)(c)
 
       800
496
MKT 2020-525M Mortgage Trust,
 
 
3.04%, 2/12/40 (b)(c)
 
     1,000
408
Multifamily Connecticut Avenue Securities Trust,
 
 
1 Month USD LIBOR + 1.95%, 7.10%,
3/25/50 (b)(c)
 
       195
194
Natixis Commercial Mortgage Securities Trust,
 
 

4.27%, 5/15/39 (b)(c)
 
     2,300
1,782
4.46%, 1/15/43 (b)(c)
 
       800
630
1 Month Term SOFR + 2.28%, 7.43%,
7/15/36 (b)(c)
 
     2,300
1,966
Olympic Tower Mortgage Trust,
 
 
3.57%, 5/10/39 (b)
 
     2,900
2,459
Real Estate Asset Liquidity Trust,
 
 
IO
 
 
1.16%, 2/12/31 (b)(c)
CAD
    31,757
972
SG Commercial Mortgage Securities Trust,
 
 
3.85%, 3/15/37 (b)(c)
$
     1,900
1,702
SLG Office Trust,
 
 
IO
 
 
0.26%, 7/15/41 (b)(c)
 
    34,800
530
Taubman Centers Commercial Mortgage Trust,
 
 
1 Month Term SOFR + 2.19%, 7.33%,
5/15/37 (b)(c)
 
     3,950
3,852
Vita Scientia 2022-1 DAC,
 
 
3 Month EURIBOR + 2.49%, 5.95%,
8/27/25 (b)(c)
EUR
     2,125
1,957
VMC Finance 2021-HT1 LLC,
 
 
1 Month USD LIBOR + 1.65%, 6.81%,
1/18/37 (b)(c)
$
     2,387
2,316
WFRBS Commercial Mortgage Trust,
 
 
4.18%, 5/15/45 (b)(c)
 
       425
405
 
 
82,177
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Core Plus Fixed Income Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Corporate Bonds (26.2%)
 
 
Finance (10.1%)
 
 
American International Group, Inc.,
 
 

5.13%, 3/27/33
$
     1,208
$1,181
Australia & New Zealand Banking Group Ltd.,
 
 

2.57%, 11/25/35 (b)
 
       875
665
Aviation Capital Group LLC,
 
 

6.25%, 4/15/28 (b)
 
       950
949

6.38%, 7/15/30 (b)
 
       525
521
Banco de Credito e Inversiones SA,
 
 

2.88%, 10/14/31 (b)
 
     2,275
1,887
Banco Santander SA,
 
 

4.18%, 3/24/28
 
       800
749

5.18%, 11/19/25
 
       600
583
Bank Hapoalim BM,
 
 

3.26%, 1/21/32 (b)
 
     2,075
1,784
Bank of America Corp.,
 
 

2.69%, 4/22/32
 
     3,675
3,047

3.85%, 3/8/37
 
       125
107

4.57%, 4/27/33
 
     3,225
3,034
Bank of Ireland Group PLC,
 
 

2.03%, 9/30/27 (b)
 
     1,425
1,234
Bank of Montreal,
 
 

3.09%, 1/10/37
 
     1,725
1,357
BBVA Bancomer SA,
 
 

5 Year CMT + 4.66%, 8.45%, 6/29/38 (b)
 
       600
601
BNP Paribas SA,
 
 

2.22%, 6/9/26 (b)
 
       575
532

2.59%, 1/20/28 (b)
 
     1,525
1,364
BPCE SA,
 
 

5.15%, 7/21/24 (b)
 
     2,750
2,701
CaixaBank SA,
 
 

6.21%, 1/18/29 (b)
 
     1,400
1,398
Capital One Financial Corp.,
 
 

5.82%, 2/1/34
 
        75
72

6.31%, 6/8/29
 
       175
174

6.38%, 6/8/34
 
       525
522
Centene Corp.,
 
 

2.50%, 3/1/31
 
     3,050
2,435
Charles Schwab Corp.,
 
 

5.85%, 5/19/34
 
     1,370
1,391
Citigroup, Inc.,
 
 

3.79%, 3/17/33
 
     1,275
1,127
CNO Financial Group, Inc.,
 
 

5.25%, 5/30/29
 
       885
838
Coinbase Global, Inc.,
 
 

3.38%, 10/1/28 (b)
 
     1,350
904
Global Atlantic Fin Co.,
 
 

4.70%, 10/15/51 (b)
 
     1,320
938
Grupo Aval Ltd.,
 
 

4.38%, 2/4/30 (b)
 
       561
441
Jefferies Finance LLC/JFIN Co.-Issuer Corp.,
 
 

5.00%, 8/15/28 (b)
 
     1,490
1,223
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
JPMorgan Chase & Co.,
 
 

SOFR + 1.85%, 5.35%, 6/1/34 (c)
$
     3,275
$3,302
Life Storage LP,
 
 

2.40%, 10/15/31
 
     1,050
833
Lincoln National Corp.,
 
 

3.05%, 1/15/30 (e)
 
     1,275
1,056
Macquarie Group Ltd.,
 
 

2.87%, 1/14/33 (b)
 
     1,350
1,079
Metropolitan Life Global Funding I,
 
 

5.15%, 3/28/33 (b)
 
     1,050
1,039
Nationwide Building Society,
 
 

4.30%, 3/8/29 (b)
 
     1,550
1,438
Nordea Bank Abp,
 
 

5.38%, 9/22/27 (b)
 
     1,200
1,186
Oversea-Chinese Banking Corp., Ltd.,
 
 

1.83%, 9/10/30 (b)
 
       970
885
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc.,
 
 

3.88%, 3/1/31 (b)
 
     1,475
1,197
Societe Generale SA,
 
 

2.63%, 1/22/25 (b)
 
     1,625
1,528
Toronto-Dominion Bank,
 
 

8.13%, 10/31/82
 
     1,625
1,655
Truist Financial Corp.,
 
 

SOFR + 2.36%, 5.87%, 6/8/34 (c)
 
     2,025
2,027
U.S. Bancorp,
 
 

5.85%, 10/21/33
 
     1,450
1,453
UBS Group AG,
 
 

6.54%, 8/12/33 (b)
 
     1,550
1,589
United Overseas Bank Ltd.,
 
 

3.86%, 10/7/32 (b)
 
     2,950
2,765
 
 
 
56,791
Industrials (14.0%)
 
 
Airbnb, Inc.,
 
 

0.00%, 3/15/26
 
     1,015
888
Alibaba Group Holding Ltd.,
 
 

2.13%, 2/9/31 (e)
 
       825
672
Ashtead Capital, Inc.,
 
 

5.55%, 5/30/33 (b)
 
     1,900
1,854
AT&T, Inc.,
 
 

3.55%, 9/15/55
 
       375
263
BAT Capital Corp.,
 
 

2.26%, 3/25/28
 
     2,000
1,715
Boeing Co.,
 
 

3.25%, 2/1/35
 
       775
629
BP Capital Markets PLC,
 
 

4.88%, 3/22/30 (f)
 
       700
638
Celanese U.S. Holdings LLC,
 
 

6.17%, 7/15/27
 
     2,150
2,140
Charter Communications
Operating LLC/Charter Communications
Operating Capital,
 
 

2.80%, 4/1/31
 
     1,275
1,026

3.50%, 3/1/42
 
     2,575
1,725
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Core Plus Fixed Income Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Industrials (cont'd)
 
 
Cheniere Energy Partners LP,
 
 

5.95%, 6/30/33 (b)
$
       550
$552
Children's Health System of Texas,
 
 

2.51%, 8/15/50
 
       800
497
CVS Health Corp.,
 
 

5.88%, 6/1/53
 
       775
795
Dell International LLC/EMC Corp.,
 
 

3.45%, 12/15/51 (b)
 
     2,575
1,729
Dick's Sporting Goods, Inc.,
 
 

4.10%, 1/15/52
 
     2,225
1,548
Duke University,
 
 
Series 2020
 
 

2.83%, 10/1/55
 
     1,600
1,116
Enterprise Products Operating LLC,
 
 

3.30%, 2/15/53
 
       825
590

5.35%, 1/31/33
 
       500
509
Ford Motor Co.,
 
 

3.25%, 2/12/32
 
       525
413
Ford Motor Credit Co. LLC,
 
 
GMTN
 
 

4.39%, 1/8/26
 
       800
758
Foundry JV Holdco LLC,
 
 

5.88%, 1/25/34 (b)
 
     1,525
1,521
Garda World Security Corp.,
 
 

9.50%, 11/1/27 (b)
 
       925
895
General Motors Co.,
 
 

6.75%, 4/1/46
 
       925
936
General Motors Financial Co., Inc.,
 
 

5.80%, 6/23/28
 
     2,825
2,816
Global Partners LP/GLP Finance Corp.,
 
 

7.00%, 8/1/27
 
       715
695
GLP Capital LP/GLP Financing II, Inc.,
 
 

5.38%, 4/15/26
 
     1,250
1,225
Grifols SA,
 
 

2.25%, 11/15/27
EUR
       630
624
HCA, Inc.,
 
 

4.63%, 3/15/52 (b)
$
     1,550
1,275
Hyundai Capital America,
 
 

1.80%, 1/10/28 (b)
 
     2,650
2,236

5.60%, 3/30/28 (b)
 
     1,675
1,667
Imperial Brands Finance PLC,
 
 

3.13%, 7/26/24 (b)
 
     1,000
966
Intel Corp.,
 
 

5.90%, 2/10/63
 
       900
930
JBS USA LUX SA/JBS USA Food Co./JBS USA
Finance, Inc.,
 
 

2.50%, 1/15/27 (b)
 
     1,575
1,381
Johns Hopkins University,
 
 
Series A
 
 

2.81%, 1/1/60
 
     1,170
770
Lowe's Cos., Inc.,
 
 

5.80%, 9/15/62
 
       525
520
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
Macy's Retail Holdings LLC,
 
 

5.88%, 3/15/30 (b)
$
       690
$616
Marriott International, Inc.,
 
 

4.90%, 4/15/29
 
       575
560
Matador Resources Co.,
 
 

5.88%, 9/15/26
 
       846
821
McAfee Corp.,
 
 

7.38%, 2/15/30 (b)
 
     1,075
936
McLaren Health Care Corp.,
 
 
Series A
 
 

4.39%, 5/15/48 (e)
 
     1,175
1,041
Medline Borrower LP,
 
 

3.88%, 4/1/29 (b)
 
     1,410
1,227
NBN Co. Ltd.,
 
 

2.63%, 5/5/31 (b)
 
     2,400
2,016
Newcastle Coal Infrastructure Group Pty Ltd.,
 
 

4.40%, 9/29/27 (b)
 
     2,550
2,331
NOVA Chemicals Corp.,
 
 

4.25%, 5/15/29 (b)(e)
 
     1,510
1,234
ONEOK, Inc.,
 
 

3.40%, 9/1/29
 
       375
327
Ooredoo International Finance Ltd.,
 
 

2.63%, 4/8/31 (b)
 
     1,268
1,095
Oracle Corp.,
 
 

3.60%, 4/1/50
 
     2,300
1,645
Peloton Interactive, Inc.,
 
 

0.00%, 2/15/26
 
     1,215
927
Petrobras Global Finance BV,
 
 

6.50%, 7/3/33
 
     1,379
1,351
Resorts World Las Vegas LLC/RWLV Capital,
Inc.,
 
 

4.63%, 4/16/29 (b)
 
     1,400
1,156
RingCentral, Inc.,
 
 

0.00%, 3/15/26
 
       895
747
Rockies Express Pipeline LLC,
 
 

3.60%, 5/15/25 (b)
 
       925
875
Rogers Communications, Inc.,
 
 

4.55%, 3/15/52 (b)
 
     2,550
2,053
Seattle Children's Hospital,
 
 
Series 2021
 
 

2.72%, 10/1/50
 
     2,750
1,825
Silgan Holdings, Inc.,
 
 

1.40%, 4/1/26 (b)
 
     2,150
1,901
Sirius XM Radio, Inc.,
 
 

3.88%, 9/1/31 (b)
 
     1,450
1,123
Splunk, Inc.,
 
 

1.13%, 6/15/27
 
     1,075
933
Spotify USA, Inc.,
 
 

0.00%, 3/15/26
 
     1,190
1,017
Standard Industries, Inc.,
 
 

2.25%, 11/21/26 (b)
EUR
       575
559
Syngenta Finance NV,
 
 

4.89%, 4/24/25 (b)
$
       975
955
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Core Plus Fixed Income Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Industrials (cont'd)
 
 
Uber Technologies, Inc.,
 
 

0.00%, 12/15/25
$
     1,060
$972
Var Energi ASA,
 
 

7.50%, 1/15/28 (b)
 
     1,025
1,055
Verizon Communications, Inc.,
 
 

1.75%, 1/20/31
 
     3,650
2,881

3.40%, 3/22/41
 
       275
212
Vontier Corp.,
 
 

2.40%, 4/1/28
 
     2,700
2,252
Warnermedia Holdings, Inc.,
 
 

4.28%, 3/15/32
 
     1,750
1,553

5.05%, 3/15/42
 
       925
780

5.39%, 3/15/62
 
     1,400
1,142
 
 
 
78,632
Utilities (2.1%)
 
 
Duke Energy Indiana LLC,
 
 

2.75%, 4/1/50
 
       460
294
Enel Finance America LLC,
 
 

2.88%, 7/12/41 (b)
 
     1,050
692
Eversource Energy,
 
 

5.13%, 5/15/33
 
       650
641
Fells Point Funding Trust,
 
 

3.05%, 1/31/27 (b)
 
     2,275
2,093
Jersey Central Power & Light Co.,
 
 

2.75%, 3/1/32 (b)
 
     1,400
1,156
Mississippi Power Co.,
 
 

3.95%, 3/30/28
 
     2,325
2,189
NextEra Energy Capital Holdings, Inc.,
 
 

3.00%, 1/15/52
 
     1,350
890
Northern States Power Co.,
 
 

2.90%, 3/1/50
 
     1,400
966
Public Service Enterprise Group, Inc.,
 
 

2.45%, 11/15/31
 
       925
749
Southern California Edison Co.,
 
 

5.88%, 12/1/53
 
     1,075
1,097
Virginia Electric & Power Co.,
 
 

2.95%, 11/15/51
 
     1,375
922
 
 
 
11,689
 
 
147,112
Mortgages - Other (15.7%)
 
 
510 Asset Backed 2021-NPL1 Trust,
 
 

2.24%, 6/25/61 (b)(c)
 
     1,538
1,421
Adjustable Rate Mortgage Trust,
 
 

5.50%, 6/25/35 (c)
 
        32
31
Ajax Mortgage Loan Trust,
 
 

1.70%, 5/25/59 (b)(c)
 
     1,335
1,169

2.35%, 9/25/65 (b)(c)
 
       725
565
Alternative Loan Trust,
 
 
1 Month USD LIBOR + 0.36%,
5.51%, 5/25/47 (c)
 
        68
59
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
Banc of America Alternative Loan Trust,
 
 
1 Month USD LIBOR + 0.65%,
5.80%, 7/25/46 (c)
$
        94
$76

6.36%, 10/25/36 (c)
 
       396
116
Banc of America Funding Trust,
 
 

5.25%, 7/25/37
 
        12
11
BBCMS Mortgage Trust,
 
 
IO
 
 

0.64%, 12/15/55 (c)
 
    18,424
712
Bear Stearns ARM Trust,
 
 

3.86%, 2/25/34 (c)
 
       410
377
BRAVO Residential Funding Trust,
 
 

2.00%, 5/25/59 (b)(c)
 
     1,540
1,366
Brean Asset Backed Securities Trust,
 
 

1.40%, 10/25/63 (b)(c)
 
     2,109
1,802

1.75%, 10/25/61 (b)(c)
 
     2,183
1,910
BX Commercial Mortgage Trust,
Class A,
 
 
Series 2023-VLT2
1 Month Term SOFR + 2.28%,
7.43%, 6/15/40 (b)(c)
 
     2,050
2,047
Cascade Funding Mortgage Trust,
 
 

1.94%, 9/25/50 (b)(c)
 
     2,598
2,368

3.73%, 6/25/36 (b)(c)
 
     3,825
3,502

4.00%, 10/25/68 (b)(c)
 
     2,036
1,926
CFMT 2022-HB8 LLC,
 
 

3.75%, 4/25/25 (b)(c)
 
     2,650
2,431
CFMT LLC,
 
 

2.91%, 2/25/31 (b)(c)
 
     3,800
3,497

3.25%, 9/25/37 (b)(c)
 
     1,840
1,437
ChaseFlex Trust,
 
 

6.00%, 2/25/37
 
       591
245
COLT 2021-RPL1 Trust,
 
 

1.67%, 9/25/61 (b)(c)
 
     1,301
1,118
E-MAC NL 2004-I BV,
 
 
3 Month EURIBOR + 0.18%,
5.52%, 7/25/36 (c)
EUR
       291
291
Eurosail-NL 2007-2 BV,
 
 
3 Month EURIBOR + 1.80%,
4.98%, 10/17/40 (c)
 
       700
750
Federal Home Loan Mortgage Corp. Whole
Loan Securities Trust,
 
 

3.00%, 7/25/46 - 5/25/47
$
       952
827

3.50%, 5/25/45 - 5/25/47
 
       356
317

3.85%, 5/25/45 (b)(c)
 
        —@
—@

4.00%, 5/25/45
 
         8
7
FMC GMSR Issuer Trust,
 
 

7.90%, 7/25/27 (b)
 
     2,675
2,635
GCAT 2022-NQM3 Trust,
 
 

4.35%, 4/25/67 (b)(c)
 
     4,418
4,221
Headlands Residential 2021-RPL1 LLC,
 
 

2.49%, 9/25/26 (b)(c)
 
     3,320
3,088
IM Pastor 3 FTH,
 
 
3 Month EURIBOR + 0.14%,
3.73%, 3/22/43 (c)
EUR
       287
271
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Core Plus Fixed Income Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Mortgages - Other (cont'd)
 
 
Imperial Fund Mortgage Trust,
 
 

2.49%, 2/25/67 (b)(c)
$
     2,482
$2,163
JP Morgan Mortgage Trust,
 
 

4.40%, 6/25/37 (c)
 
        51
40

6.00%, 6/25/37
 
        —@
—@
Legacy Mortgage Asset Trust,
 
 

6.25%, 2/25/60 (b)(c)
 
     1,906
1,874
Lehman Mortgage Trust,
 
 

6.50%, 9/25/37
 
       623
224
NYMT Loan Trust,
 
 

2.94%, 10/25/60 (b)(c)
 
     2,322
2,268
OBX Trust,
 
 

3.50%, 2/25/60 (b)(c)
 
       366
321
Pepper Residential Securities Trust,
 
 
1 Month USD LIBOR + 0.93%,
6.15%, 3/12/61 (b)(c)
 
       154
154
PMC PLS ESR Issuer LLC,
 
 

5.11%, 2/25/27 (b)(c)
 
     1,975
1,878
Preston Ridge Partners Mortgage LLC,
 
 

1.74%, 9/25/26 (b)(c)
 
     1,843
1,659

2.36%, 10/25/26 (b)(c)
 
     2,031
1,891

5.56%, 6/25/27 (b)(c)
 
     2,228
2,161
Sage AR Funding Holdings Ltd.,
 
 
3 Month GBP SONIA + 1.85%,
6.57%, 11/17/51 (b)(c)
GBP
     3,625
4,131
Seasoned Credit Risk Transfer Trust,
 
 

3.00%, 9/25/55 - 2/25/59
$
     9,161
8,028

4.00%, 7/25/56 - 2/25/59 (b)(c)
 
     2,392
2,178

4.25%, 8/25/59 - 11/25/60 (b)(c)
 
     6,550
5,534

4.50%, 6/25/57
 
     1,096
1,053

4.75%, 7/25/56 - 10/25/58 (b)(c)
 
     2,701
2,435
Stanwich Mortgage Loan Co. LLC,
 
 

2.74%, 10/16/26 (b)(c)
 
     2,015
1,831
Structured Asset Securities Corp., Reverse
Mortgage Loan Trust,
 
 
1 Month USD LIBOR + 1.85%,
7.00%, 5/25/47 (b)(c)
 
     1,611
1,514
TDA 27 FTA,
 
 
3 Month EURIBOR + 0.19% ,
3.77%, 12/28/50 (c)
EUR
     1,163
1,065
TVC Mortgage Trust,
 
 

3.47%, 9/25/24 (b)
$
         7
7
VOLT CV LLC,
 
 

2.49%, 11/27/51 (b)(c)
 
     1,540
1,423
VOLT XCIII LLC,
 
 

1.89%, 2/27/51 (b)(c)
 
     1,709
1,580
VOLT XCIV LLC,
 
 

2.24%, 2/27/51 (b)(c)
 
     2,104
1,944
 
 
 
87,949
Municipal Bonds (0.8%)
 
 
Chicago O'Hare International Airport, IL,
O’Hare International Airport Revenue,
 
 
Series 2010B

6.40%, 1/1/40
 
       255
292
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
City of New York, NY,
 
 
Series G-1

5.97%, 3/1/36
$
       270
$294
Illinois State Toll Highway Authority, IL,
Highway Revenue, Build America Bonds,
 
 
Series A

6.18%, 1/1/34
 
       477
520
Onondaga Civic Development Corp., NY,
 
 

3.07%, 12/1/55
 
     2,925
1,999
University of Michigan, MI,
 
 
Series A

4.45%, 4/1/2122
 
     1,645
1,431
 
 
 
4,536
Sovereign (4.3%)
 
 
Dominican Republic International Bond,
 
 

5.88%, 1/30/60 (b)
 
       700
544

13.63%, 2/3/33 (b)
DOP
   117,700
2,652
Egypt Government International Bond,
 
 

6.38%, 4/11/31 (b)
EUR
     1,018
618
Export-Import Bank of India,
 
 

3.25%, 1/15/30 (b)
$
       670
592

3.88%, 2/1/28 (b)
 
       505
474
Indonesia Treasury Bond,
 
 

8.38%, 3/15/34
IDR
39,816,000
3,060
Ivory Coast Government International Bond,
 
 

4.88%, 1/30/32 (b)
EUR
     1,360
1,159
KSA Sukuk Ltd.,
 
 

4.51%, 5/22/33 (b)
$
     1,675
1,648
Mexican Bonos,
 
 
Series M

7.75%, 5/29/31
MXN
    82,500
4,562
Mexico Government International Bond,
 
 

3.25%, 4/16/30 (e)
$
       750
669

3.75%, 4/19/71
 
       850
569
Petroleos Mexicanos,
 
 

6.70%, 2/16/32
 
     2,727
2,076
Philippine Government International Bond,
 
 

4.20%, 3/29/47
 
       420
362
Republic of South Africa Government Bond,
 
 

8.00%, 1/31/30
ZAR
    22,750
1,068

8.25%, 3/31/32
 
    92,280
4,122
 
 
 
24,175
Supranational (0.2%)
Banque Ouest Africaine de Developpement,
 
 
2.75%, 1/22/33 (b)
EUR
       270
215
4.70%, 10/22/31 (b)
$
     1,240
1,009
 
 
1,224
Total Fixed Income
Securities (Cost $604,211)
 
552,732
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Core Plus Fixed Income Portfolio
 
 
 
Shares

 Value
(000)
Short-Term Investments (19.7%)
 
 
Investment Company (11.3%)
 
 
Morgan Stanley Institutional Liquidity Funds —
Government Portfolio — Institutional
Class  (g) (Cost $63,265)
 
63,265,191
$63,265
Securities held as Collateral on Loaned Securities (0.4%)
Investment Company (0.4%)
 
 
Morgan Stanley Institutional Liquidity Funds —
Government Portfolio — Institutional Class (g)
(Cost $2,526)
 
 2,526,038
2,526
 
 
 
Face
Amount
(000)

 
 
 
 
U.S. Treasury Securities (8.0%)
 
 
U.S. Treasury Bill,
 
 
5.01%, 11/30/23 (h)
$
     2,300
2,250
5.32%, 12/14/23 (h)
 
    23,000
22,453
U.S. Treasury Note,
0.25%, 11/15/23
 
    20,850
20,467
Total U.S. Treasury
Securities (Cost $45,225)
 
45,170
Total Short-Term Investments (Cost $111,017)
110,961
Total Investments (118.1%) (Cost $715,228)
Including $4,577 of Securities Loaned (i)(j)(k)
663,693
Liabilities in Excess of Other Assets (—18.1%)
(101,782
)
Net Assets (100.0%)
$561,911
 
@
Face Amount/Value is less than $500.
(a)
Security is subject to delayed delivery.
(b)
144A security − Certain conditions for public sale may exist. Unless
otherwise noted, these securities are deemed to be liquid.
(c)
Floating or variable rate securities: The rates disclosed are as of
June 30, 2023. For securities based on a published reference rate and
spread, the reference rate and spread are indicated in the description
in the Portfolio of Investments. Certain variable rate securities may not
be based on a published reference rate and spread but are determined
by the issuer or agent and are based on current market conditions.
These securities do not indicate a reference rate and spread in their
description in the Portfolio of Investments.
(d)
Inverse Floating Rate Security - Interest rate fluctuates with an inverse
relationship to an associated interest rate. Indicated rate is the
effective rate at June 30, 2023.
(e)
All or a portion of this security was on loan. The value of loaned
securities and related collateral outstanding at June 30, 2023, were
approximately $4,577,000 and $4,659,000, respectively. The Fund
received cash collateral of approximately $2,526,000, was
subsequently invested in a Morgan Stanley Institutional Liquidity Funds -
Government Portfolio - Institutional Class as reported in the Portfolio of
Investments. The remaining collateral of approximately
$2,133,000 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.
(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 June 30, 2023.
(g)
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 nine months ended June 30, 2023, advisory
fees paid were reduced by approximately $88,000 relating to the
Fund's investment in the Liquidity Funds.
(h)
Rate shown is the yield to maturity at June 30, 2023.
(i)
Securities are available for collateral in connection with securities
purchased on a forward commitment basis, open foreign currency
forward exchange contracts, futures contracts and an swap
agreement.
(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 nine months ended June 30, 2023, the
Fund did not engage in any cross-trade transactions.
(k)
At June 30, 2023, the aggregate cost for federal income tax purposes
approximates the aggregate cost for book purposes. The aggregate
gross unrealized appreciation is approximately $2,085,000 and the
aggregate gross unrealized depreciation is approximately
$55,186,000, resulting in net unrealized depreciation of approximately
$53,101,000.
 
CLO
Collateralized Loan Obligation.
CMT
Constant Maturity Treasury Note Rate.
DAC
Designated Activity Company.
EURIBOR
Euro Interbank Offered Rate.
IO
Interest Only Security.
LIBOR
London Interbank Offered Rate.
PAC
Planned Amortization Class.
REMIC
Real Estate Mortgage Investment Conduit.
SOFR
Secured Overnight Financing Rate.
SONIA
Sterling Overnight Index Average.
STRIPS
Separate Trading of Registered Interest and Principal of Securities.
TBA
To Be Announced.
USD
United States Dollar.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Core Plus Fixed Income Portfolio
 
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at June 30, 2023:
Counterparty
Contracts
to Deliver
(000)
In
Exchange
For
(000)
Delivery
Date
Unrealized
Appreciation
(Depreciation)
(000)
Bank of America NA
GBP
5,993
$
7,581
8/10/23
$(32
)
Barclays Bank PLC
$
278
EUR
256
8/10/23
2
Barclays Bank PLC
$
185
MXN
3,232
8/10/23
3
BNP Paribas SA
EUR
85
$
93
7/5/23
—
@
BNP Paribas SA
$
93
EUR
85
8/10/23
—
@
BNP Paribas SA
$
50
GBP
39
8/10/23
—
@
Citibank NA
EUR
618
$
673
8/10/23
(2
)
Goldman Sachs International
$
1,398
NOK
14,762
8/10/23
(21
)
JPMorgan Chase Bank NA
DOP
30,305
$
550
8/10/23
6
JPMorgan Chase Bank NA
EUR
597
$
648
8/10/23
(4
)
JPMorgan Chase Bank NA
$
35
CAD
46
8/10/23
—
@
JPMorgan Chase Bank NA
$
1,408
JPY
187,066
8/10/23
(104
)
Royal Bank of Canada
$
144
EUR
132
8/10/23
—
@
UBS AG
CAD
4,625
$
3,442
8/10/23
(51
)
UBS AG
IDR
46,473,437
$
3,149
8/10/23
51
UBS AG
MXN
63,428
$
3,503
8/10/23
(177
)
UBS AG
$
22
CAD
30
8/10/23
—
@
UBS AG
$
11
CAD
15
8/10/23
—
@
UBS AG
$
177
EUR
159
8/10/23
(2
)
UBS AG
$
30
EUR
28
8/10/23
1
UBS AG
$
66
GBP
52
8/10/23
1
UBS AG
ZAR
101,912
$
5,490
8/10/23
95
Westpac Banking Corp.
EUR
5,674
$
6,288
8/10/23
85
 
 
 
 
 
 
$(149
)
 
Futures Contracts:
The Fund had the following futures contracts open at June 30, 2023:
 
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
Long:
 
 
 
 
U.S. Treasury 2 yr. Note (United States)
129
Sep-23
$
25,800
$26,231
$(318
)
U.S. Treasury 5 yr. Note (United States)
318
Sep-23
 
31,800
34,056
(592
)
U.S. Treasury 10 yr. Note (United States)
127
Sep-23
 
12,700
14,258
(250
)
U.S. Treasury Long Bond (United States)
342
Sep-23
 
34,200
43,402
(154
)
U.S. Treasury Ultra Long Bond (United States)
189
Sep-23
 
18,900
25,745
317
U.S. Treasury 10 yr. Ultra Note (United States)
3
Sep-23
 
300
355
—@
Short:
 
 
 
 
EURO OAT Index (Germany)
11
Sep-23
EUR
(1,100)
(1,541
)
(22
)
Euro-Buxl 30 yr. Bond (Germany)
3
Sep-23
 
(300)
(457
)
(24
)
 
 
 
 
 
$(1,043
)
 

Credit Default Swap Agreements:
The Fund had the following credit default swap agreement open at June 30, 2023:
Swap Counterparty
and Reference Obligation
Credit
Rating of
Reference
Obligation†
Buy/Sell
Protection
Pay/
Received
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
(000)
Value
(000)
Upfront
Payment
Paid
(000)
Unrealized
Depreciation
(000)
Morgan Stanley & Co. LLC*
CDX.NA.HY.S40
NR
Buy
5.00%
Quarterly
6/20/28
$11,900
$(347
)
$26
$(374
)
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Core Plus Fixed Income Portfolio
 
†
Credit rating as issued by Standard & Poor’s.
*
Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.
@
Value is less than $500.
 
CAD —
Canadian Dollar
DOP —
Dominican Peso
EUR —
Euro
GBP —
British Pound
IDR —
Indonesian Rupiah
JPY —
Japanese Yen
MXN —
Mexican Peso
NOK —
Norwegian Krone
USD —
United States Dollar
ZAR —
South African Rand
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
 
Portfolio Composition*
Classification
Percentage of
Total Investments
Agency Fixed Rate Mortgages
20.1
%
Mortgages - Other
13.3
Commercial Mortgage-Backed Securities
12.4
Industrials
11.9
Asset-Backed Securities
10.6
Investment Company
9.6
Finance
8.6
U.S. Treasury Securities
6.8
Other**
6.7
Total Investments
100.0
%***
 
*
Percentages indicated are based upon total investments (excluding Securities held
as Collateral on Loaned Securities) as of June 30, 2023.
**
Industries and/or investment types representing less than 5% of total investments.
***
Does not include open long/short futures contracts with a value of approximately
$146,045,000 and total unrealized depreciation of approximately $1,043,000.
Does not include open foreign currency forward exchange contracts with net
unrealized depreciation of approximately $149,000. Also does not include open
swap agreements with net unrealized depreciation of approximately $374,000.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments 
Corporate Bond Portfolio
 
 
 
Face
Amount
(000)
 
Value
(000)
Fixed Income Securities (96.8%)
 
 
Commercial Mortgage-Backed Securities (2.9%)
Credit Suisse Mortgage Trust,
 
 
1 Month Term SOFR + 3.14%, 8.29%,
9/9/24 (a)(b)
$
     1,100
$1,102
J.P. Morgan Chase Commercial Mortgage
Securities Trust,
 
 
1 Month Term SOFR + 2.18%, 7.33%,
9/15/39 (a)(b)
 
     1,300
1,305
Taurus 2018-2 UK DAC,
 
 
3 Month GBP SONIA + 1.22%, 5.97%,
5/22/28 (b)
GBP
       581
737
 
 
3,144
Corporate Bonds (93.7%)
 
 
Finance (35.1%)
 
 
Ally Financial, Inc.,
 
 

5.75%, 11/20/25 (c)
$
       850
819
American International Group, Inc.,
 
 

5.13%, 3/27/33
 
       330
322
American National Group LLC,
 
 

6.14%, 6/13/32 (a)
 
       550
523
Assurant, Inc.,
 
 

6.10%, 2/27/26
 
       300
301
Australia & New Zealand Banking Group Ltd.,
 
 

2.57%, 11/25/35 (a)
 
       300
228
Aviation Capital Group LLC,
 
 

6.25%, 4/15/28 (a)
 
       375
374

6.38%, 7/15/30 (a)
 
       325
323
Banco de Credito e Inversiones SA,
 
 

2.88%, 10/14/31 (a)
 
       200
166
Banco Santander SA,
 
 

1.72%, 9/14/27
 
     1,000
869
Bank Hapoalim BM,
 
 

3.26%, 1/21/32 (a)
 
       725
623
Bank of America Corp.,
 
 

3.85%, 3/8/37
 
       800
685

4.38%, 4/27/28
 
       425
408

4.57%, 4/27/33
 
     2,450
2,305
Bank of Ireland Group PLC,
 
 

2.03%, 9/30/27 (a)
 
       950
823
Bank of New York Mellon Corp.,
 
 
Series J
 
 

SOFR + 1.61%, 4.97%, 4/26/34
 
       825
806
BBVA Bancomer SA,
 
 

5 Year CMT + 4.66%, 8.45%, 6/29/38 (a)
 
       200
200
BPCE SA,
 
 

3.12%, 10/19/32 (a)
 
       375
290

3.65%, 1/14/37 (a)
 
       500
398
CaixaBank SA,
 
 

6.21%, 1/18/29 (a)
 
     1,075
1,073
Capital One Financial Corp.,
 
 

6.38%, 6/8/34
 
       650
646
Centene Corp.,
 
 

2.50%, 3/1/31
 
     1,025
818
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
Charles Schwab Corp.,
 
 

5.85%, 5/19/34
$
       325
$330
Series G
 
 

5.38%, 6/1/25 (d)
 
       650
624
CI Financial Corp.,
 
 

4.10%, 6/15/51
 
       725
442
Citigroup, Inc.,
 
 

3.06%, 1/25/33
 
     1,175
982

3.79%, 3/17/33
 
       475
420
Coinbase Global, Inc.,
 
 

3.38%, 10/1/28 (a)
 
       275
184
Corporate Office Properties LP,
 
 

2.75%, 4/15/31
 
       850
647
Extra Space Storage LP,
 
 

3.90%, 4/1/29
 
       750
684

5.70%, 4/1/28
 
       325
325
F&G Annuities & Life, Inc.,
 
 

7.40%, 1/13/28 (a)
 
     1,000
1,000
First-Citizens Bank & Trust Co.,
 
 

2.97%, 9/27/25
 
       775
733
Global Atlantic Fin Co.,
 
 

4.40%, 10/15/29 (a)
 
     1,100
929
Goldman Sachs Group, Inc.,
 
 

2.62%, 4/22/32
 
     1,400
1,149
Grupo Aval Ltd.,
 
 

4.38%, 2/4/30 (a)
 
       375
294
High Street Funding Trust I,
 
 

4.11%, 2/15/28 (a)
 
       850
791
HSBC Holdings PLC,
 
 

1.59%, 5/24/27
 
       375
331

3.97%, 5/22/30
 
       525
472
Intact Financial Corp.,
 
 

5.46%, 9/22/32 (a)
 
       825
823
Intesa Sanpaolo SpA,
 
 

1 Year CMT + 3.90%, 7.78%, 6/20/54 (a)
 
       325
324
Jefferies Financial Group, Inc.,
 
 

2.63%, 10/15/31
 
       450
349
JPMorgan Chase & Co.,
 
 

4.57%, 6/14/30
 
       450
433

SOFR + 1.85%, 5.35%, 6/1/34
 
     1,850
1,865
KeyBank NA,
 
 

4.15%, 8/8/25
 
       700
647

5.85%, 11/15/27
 
       350
330
Lincoln National Corp.,
 
 

3.05%, 1/15/30 (c)
 
       500
414
Macquarie Group Ltd.,
 
 

2.87%, 1/14/33 (a)
 
       575
460
National Australia Bank Ltd.,
 
 

2.33%, 8/21/30 (a)
 
       375
293
Nordea Bank Abp,
 
 

5.38%, 9/22/27 (a)
 
       275
272
Radian Group, Inc.,
 
 

4.88%, 3/15/27
 
       525
496
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Corporate Bond Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Finance (cont'd)
 
 
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc.,
 
 

3.88%, 3/1/31 (a)
$
       345
$280
Sabra Health Care LP,
 
 

3.20%, 12/1/31
 
       600
448
Santander UK Group Holdings PLC,
 
 

6.83%, 11/21/26
 
       625
627
Shinhan Bank Co. Ltd.,
 
 

4.00%, 4/23/29 (a)
 
       875
798
SMBC Aviation Capital Finance DAC,
 
 

5.45%, 5/3/28 (a)
 
       925
913
Stewart Information Services Corp.,
 
 

3.60%, 11/15/31
 
       500
385
Synchrony Financial,
 
 

4.50%, 7/23/25
 
       600
566
Synovus Financial Corp.,
 
 

5.20%, 8/11/25
 
       475
453
Toronto-Dominion Bank,
 
 

8.13%, 10/31/82
 
     1,000
1,018
Truist Financial Corp.,
 
 

SOFR + 2.36%, 5.87%, 6/8/34
 
       950
951
U.S. Bancorp,
 
 

5.85%, 10/21/33
 
       525
526
UBS Group AG,
 
 

9.02%, 11/15/33 (a)
 
       550
660
UnitedHealth Group, Inc.,
 
 

5.20%, 4/15/63
 
       225
225

5.88%, 2/15/53
 
       225
250
Wells Fargo & Co.,
 
 
MTN
 
 

2.88%, 10/30/30
 
       375
324
Westpac Banking Corp.,
 
 

2.67%, 11/15/35
 
       225
173
 
 
 
38,640
Industrials (50.3%)
 
 
AbbVie, Inc.,
 
 

4.05%, 11/21/39
 
       250
218

4.40%, 11/6/42
 
       175
157
Adventist Health System,
 
 

5.43%, 3/1/32
 
       700
694
Alaska Airlines 2020-1 Class A Pass-Through
Trust,
 
 

4.80%, 2/15/29 (a)
 
     1,025
986
Alibaba Group Holding Ltd.,
 
 

2.70%, 2/9/41
 
       240
160
Amazon.com, Inc.,
 
 

3.10%, 5/12/51
 
       425
317
Anheuser-Busch Cos. LLC/Anheuser-Busch
InBev Worldwide, Inc.,
 
 

4.90%, 2/1/46
 
       650
622
Arches Buyer, Inc.,
 
 

4.25%, 6/1/28 (a)
 
       325
283
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
Ashtead Capital, Inc.,
 
 

5.55%, 5/30/33 (a)
$
       725
$707
AT&T, Inc.,
 
 

3.55%, 9/15/55
 
     1,027
720

4.50%, 5/15/35
 
       525
483
Baidu, Inc.,
 
 

1.72%, 4/9/26
 
       450
404
BAT Capital Corp.,
 
 

2.26%, 3/25/28
 
       575
493

3.73%, 9/25/40
 
       250
178

4.74%, 3/16/32
 
       350
319
Berry Global, Inc.,
 
 

5.50%, 4/15/28 (a)
 
       375
369
Boeing Co.,
 
 

2.95%, 2/1/30
 
       675
587

3.25%, 2/1/35
 
       600
487
BP Capital Markets America, Inc.,
 
 

4.89%, 9/11/33
 
       300
297
BP Capital Markets PLC,
 
 

4.88%, 3/22/30 (d)
 
       550
502
Broadcom, Inc.,
 
 

3.19%, 11/15/36 (a)
 
       425
321
Brunswick Corp.,
 
 

5.10%, 4/1/52
 
       425
316
CBRE Services, Inc.,
 
 

5.95%, 8/15/34
 
       675
667
Cedars-Sinai Health System,
 
 
Series 2021
 
 

2.29%, 8/15/31
 
       620
508
Celanese U.S. Holdings LLC,
 
 

6.17%, 7/15/27
 
     1,075
1,070
Cemex SAB de CV,
 
 

9.13%, 3/14/28 (a)(d)
 
       400
406
Charter Communications
Operating LLC/Charter Communications
Operating Capital,
 
 

2.80%, 4/1/31
 
       275
221

3.50%, 3/1/42
 
       500
335

5.13%, 7/1/49
 
       500
394
Cheniere Energy Partners LP,
 
 

5.95%, 6/30/33 (a)
 
       250
251
Ciena Corp.,
 
 

4.00%, 1/31/30 (a)
 
       300
262
Comcast Corp.,
 
 

2.94%, 11/1/56
 
       325
212

3.75%, 4/1/40
 
       575
485
CommonSpirit Health,
 
 

6.07%, 11/1/27
 
       575
586
Continental Resources, Inc.,
 
 

2.88%, 4/1/32 (a)
 
       875
673
CVS Health Corp.,
 
 

1.75%, 8/21/30
 
       375
299

5.88%, 6/1/53
 
       325
334
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Corporate Bond Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Industrials (cont'd)
 
 
Dell International LLC/EMC Corp.,
 
 

3.45%, 12/15/51 (a)
$
       500
$336
Delta Air Lines, Inc./SkyMiles IP Ltd.,
 
 

4.75%, 10/20/28 (a)
 
       875
850
Diamondback Energy, Inc.,
 
 

3.13%, 3/24/31
 
       600
514
Dick's Sporting Goods, Inc.,
 
 

4.10%, 1/15/52
 
       585
407
DuPont de Nemours, Inc.,
 
 

5.32%, 11/15/38
 
       225
223
Electricite de France SA,
 
 

6.25%, 5/23/33 (a)
 
       350
356
Enbridge, Inc.,
 
 

2.50%, 8/1/33
 
       350
274

5.70%, 3/8/33
 
       500
507
Enterprise Products Operating LLC,
 
 

3.30%, 2/15/53
 
       375
268

5.35%, 1/31/33
 
       175
178
EQT Corp.,
 
 

5.70%, 4/1/28
 
       575
568
Ferrellgas LP/Ferrellgas Finance Corp.,
 
 

5.88%, 4/1/29 (a)
 
       325
273
Fidelity National Information Services, Inc.,
 
 

2.25%, 3/1/31
 
       600
479
Ford Motor Credit Co. LLC,
 
 
GMTN
 
 

4.39%, 1/8/26
 
       315
298
Fortune Brands Innovations, Inc.,
 
 

5.88%, 6/1/33
 
       625
626
Foundry JV Holdco LLC,
 
 

5.88%, 1/25/34 (a)
 
       425
424
General Motors Co.,
 
 

6.60%, 4/1/36
 
       325
334

6.75%, 4/1/46
 
       125
127
General Motors Financial Co., Inc.,
 
 

5.80%, 6/23/28
 
       650
648
Glencore Funding LLC,
 
 

2.50%, 9/1/30 (a)(c)
 
       600
492
Global Partners LP/GLP Finance Corp.,
 
 

7.00%, 8/1/27
 
       275
267
Grifols SA,
 
 

2.25%, 11/15/27 (a)
EUR
       310
307
Hanesbrands, Inc.,
 
 

9.00%, 2/15/31 (a)(c)
$
       250
252
HCA, Inc.,
 
 

4.63%, 3/15/52 (a)
 
       575
473
HF Sinclair Corp.,
 
 

5.88%, 4/1/26
 
       500
502
Hudbay Minerals, Inc.,
 
 

4.50%, 4/1/26 (a)
 
       300
280
Hyundai Capital America,
 
 

3.00%, 2/10/27 (a)(c)
 
     1,200
1,095
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
Imperial Brands Finance PLC,
 
 

6.13%, 7/27/27 (a)
$
       400
$401
Intel Corp.,
 
 

3.25%, 11/15/49
 
       300
212

5.90%, 2/10/63
 
       300
310
International Business Machines Corp.,
 
 

2.85%, 5/15/40
 
       275
202
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
760
JetBlue Pass Through Trust,
 
 
Series AA
 
 

2.75%, 11/15/33
 
       421
359
Kohl's Corp.,
 
 

4.63%, 5/1/31
 
       375
261
Kyndryl Holdings, Inc.,
 
 

2.70%, 10/15/28
 
       400
326

3.15%, 10/15/31
 
       450
338
Level 3 Financing, Inc.,
 
 

3.40%, 3/1/27 (a)
 
       625
531
Lithia Motors, Inc.,
 
 

3.88%, 6/1/29 (a)
 
       325
283
Lowe's Cos., Inc.,
 
 

5.80%, 9/15/62
 
       450
445
Macy's Retail Holdings LLC,
 
 

5.88%, 3/15/30 (a)(c)
 
       405
361
Marriott International, Inc.,
 
 
Series HH
 
 

2.85%, 4/15/31
 
     1,075
905
McCormick & Co., Inc.,
 
 

4.95%, 4/15/33
 
       600
589
Meta Platforms, Inc.,
 
 

5.75%, 5/15/63
 
       350
363
Micron Technology, Inc.,
 
 

5.88%, 9/15/33
 
       725
719
Midwest Connector Capital Co. LLC,
 
 

4.63%, 4/1/29 (a)
 
       600
549
Minsur SA,
 
 

4.50%, 10/28/31 (a)
 
       200
176
National Fuel Gas Co.,
 
 

2.95%, 3/1/31
 
     1,036
830
Newcastle Coal Infrastructure Group Pty Ltd.,
 
 

4.40%, 9/29/27 (a)
 
     1,125
1,029
Newell Brands, Inc.,
 
 

4.70%, 4/1/26
 
       700
658
Nissan Motor Acceptance Co. LLC,
 
 

1.85%, 9/16/26 (a)
 
       650
552
NOVA Chemicals Corp.,
 
 

4.88%, 6/1/24 (a)
 
       300
293
NXP BV/NXP Funding LLC/NXP USA, Inc.,
 
 

2.65%, 2/15/32
 
       375
304

5.00%, 1/15/33
 
       235
226
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Corporate Bond Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Industrials (cont'd)
 
 
Occidental Petroleum Corp.,
 
 

7.50%, 5/1/31
$
       600
$656
ONEOK, Inc.,
 
 

3.10%, 3/15/30
 
       650
559

3.40%, 9/1/29
 
       275
240
Oracle Corp.,
 
 

3.60%, 4/1/50
 
     1,150
822

3.85%, 7/15/36
 
       225
188
Peloton Interactive, Inc.,
 
 

0.00%, 2/15/26
 
       415
317
Penske Truck Leasing Co. LP/PTL Finance
Corp.,
 
 

6.20%, 6/15/30 (a)
 
       600
604
Permian Resources Operating LLC,
 
 

5.88%, 7/1/29 (a)
 
       300
283
Pfizer Investment Enterprises Pte. Ltd.,
 
 

5.30%, 5/19/53
 
       475
494
Philip Morris International, Inc.,
 
 

5.38%, 2/15/33
 
       300
299
Q-Park Holding I BV,
 
 

1.50%, 3/1/25 (a)
EUR
       150
157
Resorts World Las Vegas LLC/RWLV Capital,
Inc.,
 
 

4.63%, 4/16/29 (a)
$
       300
248
Rogers Communications, Inc.,
 
 

4.55%, 3/15/52 (a)
 
       675
543
Sabine Pass Liquefaction LLC,
 
 

4.50%, 5/15/30
 
       575
547
Sigma Alimentos SA de CV,
 
 

4.13%, 5/2/26
 
       450
430
Silgan Holdings, Inc.,
 
 

1.40%, 4/1/26 (a)
 
       500
442
Sirius XM Radio, Inc.,
 
 

3.88%, 9/1/31 (a)
 
       600
465
Smithfield Foods, Inc.,
 
 

3.00%, 10/15/30 (a)
 
       850
667
Sodexo, Inc.,
 
 

2.72%, 4/16/31 (a)
 
       675
559
Standard Industries, Inc.,
 
 

2.25%, 11/21/26 (a)
EUR
       100
97
Syngenta Finance NV,
 
 

4.89%, 4/24/25 (a)
$
       300
294
T-Mobile USA, Inc.,
 
 

2.25%, 11/15/31
 
       400
320
Tencent Holdings Ltd.,
 
 

2.39%, 6/3/30 (a)
 
       200
166

3.60%, 1/19/28 (a)
 
       500
466

3.98%, 4/11/29 (a)
 
       300
279
Transportadora de Gas Internacional SA ESP,
 
 

5.55%, 11/1/28 (a)
 
       400
387
United Airlines Pass-Through Trust,
 
 
Series 2023-1
 
 

5.80%, 7/15/37
 
       600
612
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
Var Energi ASA,
 
 

7.50%, 1/15/28 (a)
$
       600
$618
Verizon Communications, Inc.,
 
 

1.75%, 1/20/31
 
     1,025
809

3.40%, 3/22/41
 
       300
232
VICI Properties LP/VICI Note Co., Inc.,
 
 

3.88%, 2/15/29 (a)
 
     1,100
966
Warnermedia Holdings, Inc.,
 
 

5.05%, 3/15/42
 
       325
274

5.39%, 3/15/62
 
       700
571
Williams Cos., Inc.,
 
 

5.30%, 8/15/52
 
       600
554
 
 
 
55,310
Utilities (8.3%)
 
 
AEP Transmission Co. LLC,
 
 

5.40%, 3/15/53
 
       475
489
Calpine Corp.,
 
 

5.13%, 3/15/28 (a)
 
       300
268
Cleveland Electric Illuminating Co.,
 
 

4.55%, 11/15/30 (a)
 
       250
236
Dominion Energy, Inc.,
 
 

5.38%, 11/15/32
 
       400
402
DTE Electric Co.,
 
 

3.95%, 3/1/49
 
       450
371
Duke Energy Corp.,
 
 

5.00%, 8/15/52
 
       350
320
Duke Energy Indiana LLC,
 
 

2.75%, 4/1/50
 
       330
211
EDP Finance BV,
 
 

6.30%, 10/11/27 (a)
 
       700
719
Enel Finance America LLC,
 
 

2.88%, 7/12/41 (a)
 
       500
329
Entergy Texas, Inc.,
 
 

3.55%, 9/30/49
 
       200
148
Eversource Energy,
 
 

5.13%, 5/15/33
 
       250
247
Fells Point Funding Trust,
 
 

3.05%, 1/31/27 (a)
 
       600
552
Georgia Power Co.,
 
 

4.95%, 5/17/33
 
       550
543
Interstate Power and Light Co.,
 
 

2.30%, 6/1/30
 
       300
250
Jersey Central Power & Light Co.,
 
 

2.75%, 3/1/32 (a)
 
       375
310
Metropolitan Edison Co.,
 
 

5.20%, 4/1/28 (a)
 
       325
322
New England Power Co.,
 
 

5.94%, 11/25/52 (a)
 
       200
209
NextEra Energy Capital Holdings, Inc.,
 
 

3.00%, 1/15/52
 
       475
313
Northern States Power Co.,
 
 

2.90%, 3/1/50
 
       350
242
Pacific Gas & Electric Co.,
 
 

3.30%, 8/1/40
 
       375
253
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Corporate Bond Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Utilities (cont'd)
 
 
PacifiCorp,
 
 

4.15%, 2/15/50
$
       650
$504
PECO Energy Co.,
 
 

3.05%, 3/15/51
 
       425
295
Pennsylvania Electric Co.,
 
 

5.15%, 3/30/26 (a)
 
       300
296
Public Service Co. of Colorado,
 
 

5.25%, 4/1/53
 
       100
96
Public Service Enterprise Group, Inc.,
 
 

2.45%, 11/15/31
 
       350
283
Southern California Edison Co.,
 
 

4.00%, 4/1/47
 
       250
199

5.88%, 12/1/53
 
       275
281
Virginia Electric & Power Co.,
 
 

2.45%, 12/15/50
 
       275
165

2.95%, 11/15/51
 
       375
251
 
 
 
9,104
 
 
103,054
Sovereign (0.2%)
 
 
Petroleos Mexicanos,
 
 

10.00%, 2/7/33 (a)(c)
 
       298
273
Total Fixed Income
Securities (Cost $112,447)
 
106,471
 
 
 
Shares

 
Short-Term Investments (3.7%)
 
 
Investment Company (0.2%)
 
 
Morgan Stanley Institutional Liquidity Funds —
Government Portfolio — Institutional
Class (e) (Cost $274)
 
   274,475
274
Securities held as Collateral on Loaned Securities (1.8%)
Investment Company (1.8%)
 
 
Morgan Stanley Institutional Liquidity Funds —
Government Portfolio — Institutional Class (e)
(Cost $1,978)
 
 1,978,035
1,978
 
 
 
Face
Amount
(000)

 Value
(000)
 
 
 
U.S. Treasury Security (1.7%)
 
 
U.S. Treasury Bill,
5.01%, 11/30/23 (f)(g)
(Cost $1,828)
$
     1,865
$1,825
Total Short-Term Investments (Cost $4,080)
4,077
Total Investments (100.5%) (Cost $116,527)
Including $2,588 of Securities Loaned (h)(i)(j)
110,548
Liabilities in Excess of Other Assets (—0.5%)
(530
)
Net Assets (100.0%)
$110,018
 
(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
June 30, 2023. For securities based on a published reference rate and
spread, the reference rate and spread are indicated in the description
in the Portfolio of Investments. Certain variable rate securities may not
be based on a published reference rate and spread but are determined
by the issuer or agent and are based on current market conditions.
These securities do not indicate a reference rate and spread in their
description in the Portfolio of Investments.
(c)
All or a portion of this security was on loan. The value of loaned
securities and related collateral outstanding at June 30, 2023, were
approximately $2,588,000 and $2,638,000, respectively. The Fund
received cash collateral of approximately $1,978,000, was
subsequently invested in a Morgan Stanley Institutional Liquidity Funds -
Government Portfolio - Institutional Class as reported in the Portfolio of
Investments. The remaining collateral of approximately $660,000 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 June 30, 2023.
(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. 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 nine months ended June 30, 2023, advisory
fees paid were reduced by approximately $2,000 relating to the
Fund's investment in the Liquidity Funds.
(f)
Rate shown is the yield to maturity at June 30, 2023.
(g)
All or a portion of the security was pledged to cover margin
requirements for futures contracts.
(h)
Securities are available for collateral in connection with, purchase of
open foreign currency forward exchange contracts and open futures
contracts.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Corporate Bond Portfolio
(i)
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 nine months ended June 30, 2023, the
Fund did not engage in any cross-trade transactions.
(j)
At June 30, 2023, the aggregate cost for federal income tax purposes
approximates the aggregate cost for book purposes. The aggregate
gross unrealized appreciation is approximately $1,010,000 and the
aggregate gross unrealized depreciation is approximately
$6,836,000, resulting in net unrealized depreciation of approximately
$5,826,000.
 
CMT
Constant Maturity Treasury Note Rate.
DAC
Designated Activity Company.
MTN
Medium Term Note.
SOFR
Secured Overnight Financing Rate.
SONIA
Sterling Overnight Index Average.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Corporate Bond Portfolio
 
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at June 30, 2023:
Counterparty
Contracts
to Deliver
(000)
In
Exchange
For
(000)
Delivery
Date
Unrealized
Appreciation
(Depreciation)
(000)
Bank of America NA
GBP
580
$
734
8/10/23
$(3
)
Westpac Banking Corp.
EUR
524
$
581
8/10/23
8
 
 
 
 
 
 
$5
 
Futures Contracts:
The Fund had the following futures contracts open at June 30, 2023:
 
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
Long:
 
 
 
 
U.S. Treasury 2 yr. Note (United States)
55
Sep-23
$
11,000
$11,184
$(101
)
U.S. Treasury Long Bond (United States)
80
Sep-23
 
8,000
10,152
(46
)
U.S. Treasury Ultra Long Bond (United States)
39
Sep-23
 
3,900
5,313
58
Short:
 
 
 
 
German Euro-Bobl Index (Germany)
1
Sep-23
EUR
(100)
(126
)
1
German Euro-Bund Index (Germany)
1
Sep-23
 
(100)
(146
)
—@
U.S. Treasury 5 yr. Note (United States)
33
Sep-23
$
(3,300)
(3,534
)
35
U.S. Treasury 10 yr. Note (United States)
62
Sep-23
 
(6,200)
(6,960
)
115
U.S. Treasury 10 yr. Ultra Note (United States)
86
Sep-23
 
(8,600)
(10,186
)
86
 
 
 
 
 
$148
 
@
Value is less than $500.
 
EUR
— Euro
GBP
— British Pound
USD
— United States Dollar
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
 
Portfolio Composition*
Classification
Percentage of
Total Investments
Industrials
50.9
%
Finance
35.6
Utilities
8.4
Other**
5.1
Total Investments
100.0
%***
 
*
Percentages indicated are based upon total investments (excluding Securities held
as Collateral on Loaned Securities) as of June 30, 2023.
**
Industries and/or investment types representing less than 5% of total investments.
***
Does not include open long futures contracts with a value of approximately
$47,601,000 and net unrealized appreciation of approximately $148,000. Does
not include open foreign currency forward exchange contracts with net unrealized
appreciation of approximately $5,000. 
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments 
Discovery Portfolio
 
 
 
Shares
 
Value
(000)
Common Stocks (94.6%)
Biotechnology (2.0%)
Intellia Therapeutics, Inc. (a)
 
   109,666
$4,472
ProKidney Corp. (a)(b)
 
   500,425
5,600
Roivant Sciences Ltd. (a)
 
 1,003,512
10,115
 
 
 
20,187
Broadline Retail (8.1%)
Coupang, Inc. (Korea, Republic of) (a)
 
   962,093
16,740
Global-e Online Ltd. (Israel) (a)
 
 1,635,663
66,964
 
 
 
83,704
Chemicals (0.4%)
Ginkgo Bioworks Holdings, Inc. (a)(b)
 
 2,103,065
3,912
Commercial Services & Supplies (0.4%)
Aurora Innovation, Inc. (a)
 
 1,391,510
4,091
Entertainment (5.1%)
ROBLOX Corp., Class A (a)
 
 1,302,266
52,481
Financial Services (10.3%)
Adyen NV (Netherlands) (a)
 
    29,216
50,592
Affirm Holdings, Inc. (a)(b)
 
 2,653,697
40,681
Toast, Inc., Class A (a)
 
   701,546
15,834
 
 
 
107,107
Ground Transportation (1.8%)
Grab Holdings Ltd., Class A (Singapore) (a)
 
 5,301,078
18,183
Health Care Equipment & Supplies (0.3%)
Penumbra, Inc. N (a)
 
     8,975
3,088
Health Care Providers & Services (3.2%)
Agilon health, Inc. (a)
 
 1,903,633
33,009
Health Care Technology (3.7%)
Doximity, Inc., Class A (a)
 
 1,124,649
38,261
Hotels, Restaurants & Leisure (6.1%)
DoorDash, Inc., Class A (a)
 
   832,014
63,583
Information Technology Services (7.3%)
Cloudflare, Inc., Class A (a)
 
 1,162,522
75,994
Leisure Products (1.4%)
Peloton Interactive, Inc., Class A (a)
 
 1,933,030
14,865
Life Sciences Tools & Services (5.4%)
10X Genomics, Inc., Class A (a)
 
   184,389
10,296
Illumina, Inc. (a)
 
   243,451
45,645
 
 
 
55,941
Media (8.4%)
Trade Desk, Inc., Class A (a)
 
 1,121,210
86,580
Pharmaceuticals (4.4%)
Royalty Pharma PLC, Class A (United Kingdom)
 
 1,496,750
46,010
Semiconductors & Semiconductor Equipment (0.2%)
Enphase Energy, Inc. (a)
 
    10,971
1,837
Software (16.0%)
Bill Holdings, Inc. (a)
 
   403,683
47,170
Gitlab, Inc., Class A (a)(b)
 
   548,577
28,038
HubSpot, Inc. (a)
 
    29,945
15,934
MicroStrategy, Inc., Class A (a)(b)
 
    21,755
7,449
Procore Technologies, Inc. (a)
 
   397,295
25,852
Samsara, Inc., Class A (a)
 
 1,481,885
41,063
 
 
 
165,506
 
 
Shares
 
Value
(000)
Specialty Retail (10.1%)
Carvana Co. (a)
 
   622,358
$16,132
Chewy, Inc., Class A (a)
 
 1,209,430
47,736
Floor & Decor Holdings, Inc., Class A (a)
 
   239,045
24,851
Wayfair, Inc., Class A (a)
 
   248,060
16,126
 
 
 
104,845
Total Common Stocks (Cost $1,233,182)
 
979,184
Preferred Stock (2.4%)
 
 
Software (2.4%)
 
 
Databricks, Inc., Series H (a)(c)(d)
(acquisition cost — $31,810;
acquired 8/31/21)
 
   432,882
24,873
Investment Company (1.4%)
 
 
Grayscale Bitcoin Trust (a) (Cost $27,139)
 
   785,961
15,082
 
 
 
No. of
Warrants

 
Warrants (0.0%)‡
 
 
Chemicals (0.0%)‡
 
 
Ginkgo Bioworks Holdings, Inc. expires
12/31/27 (a) (Cost $655)
 
   196,782
52
 
 
 
Shares

 
Short-Term Investments (3.4%)
Investment Company (2.0%)
 
 
Morgan Stanley Institutional Liquidity Funds —
Treasury Securities Portfolio — Institutional
Class (e) (Cost $20,148)
 
20,147,732
20,148
Securities held as Collateral on Loaned Securities (1.4%)
Investment Company (1.3%)
 
 
Morgan Stanley Institutional Liquidity Funds —
Treasury Securities Portfolio — Institutional
Class (e)
 
13,526,304
13,526
 
 
 
Face
Amount
(000)

 
 
Repurchase Agreements (0.1%)
 
 
Citigroup, Inc., (5.00%, dated 6/30/23, due
7/3/23; proceeds $236; fully collateralized
by U.S. Government obligations; 0.00% due
7/27/23 - 8/10/23; valued at $240)
 
       236
236
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Discovery Portfolio
 
 
Face
Amount
(000)
 Value
(000)
Short-Term Investments (cont'd)
HSBC Securities USA, Inc., (5.05%, dated
6/30/23, due 7/3/23; proceeds $501; fully
collateralized by U.S. Government
obligations; 0.00% due 8/15/23 - 11/15/25;
valued at $511)
 
$       501
$501
Merrill Lynch & Co., Inc., (5.05%, dated
6/30/23, due 7/3/23; proceeds $401; fully
collateralized by a U.S. Government
obligation; 1.63% due 10/15/27; valued at
$409)
 
       401
401
 
 
 
1,138
Total Securities held as Collateral on Loaned
Securities (Cost $14,664)
14,664
Total Short-Term Investments (Cost $34,812)
34,812
Total Investments Excluding Purchased
Options (101.8%) (Cost $1,327,598)
1,054,003
Total Purchased Options Outstanding (0.3%)
(Cost $4,694)
2,952
Total Investments (102.1%) (Cost $1,332,292)
Including $16,035 of Securities Loaned (f)(g)(h)(i)
1,056,955
Liabilities in Excess of Other Assets (—2.1%)
(21,564
)
Net Assets (100.0%)
$1,035,391
 
‡
Amount is less than 0.05%.
(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 June 30, 2023, were
approximately $16,035,000 and $16,264,000, respectively. The Fund
received cash collateral of approximately $14,664,000, which was
subsequently invested in Repurchase Agreements and Morgan Stanley
Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional
Class The remaining collateral of approximately $1,600,000 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. All or a portion of this security was on loan.
(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 June 30,
2023 amounts to approximately $24,873,000 and represents 2.4% of
net assets.
(d)
At June 30, 2023, the  Trust held fair valued securities valued at
approximately $24,873,000, representing 2.4% of net assets. These
securities have 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)
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 nine months ended June 30,
2023, advisory fees paid were reduced by approximately $35,000
relating to the Fund's investment in the Liquidity Funds.
(f)
The Trust 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.  June 30, 2023, the Trust did not engage
in any cross-trade transactions.
(g)
Securities are available for collateral in connection with purchased
options.
(h)
The approximate fair value and percentage of net assets,
$50,592,000 and 4.9%, respectively, represent the securities that
have been fair valued under the fair valuation policy for international
investments as described in the Notes to Consolidated Portfolio of
Investments.
(i)
At June 30, 2023, the aggregate cost for federal income tax purposes
approximates the aggregate cost for book purposes. The aggregate
gross unrealized appreciation is approximately $107,705,000 and the
aggregate gross unrealized depreciation is approximately
$383,042,000, resulting in net unrealized
approximatelydepreciation of $275,337,000.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Discovery Portfolio
 
Call Options Purchased:
The Fund had the following call options purchased open at June 30, 2023:
Counterparty
Description
Strike
Price
Expiration
Date
Number of
Contracts
Notional
Amount
(000)

Value
(000)
Premiums
Paid
(000)
Unrealized
Appreciation
(Depreciation)
(000)
JPMorgan Chase Bank NA
USD/CNH
CNH
7.43
Jan–24
202,038,446
$202,038
$1,315
$  951
$   364
JPMorgan Chase Bank NA
USD/CNH
CNH
7.53
Jul–23
279,968,319
279,968
   55
1,391
(1,336)
Standard Chartered Bank
USD/CNH
CNH
7.57
Aug–23
309,556,026
309,556
  218
1,382
(1,164)
Standard Chartered Bank
USD/CNH
CNH
7.57
May–24
226,694,072
226,694
1,363
  959
   404
Goldman Sachs International
USD/CNH
CNH
7.87
Oct–23
2,378,602
2,379
    1
   11
   (10)
 
 
 
 
 
 
 
$2,952
$4,694
$(1,742)
  
CNH
— Chinese Yuan Renminbi Offshore
USD
— United States Dollar.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
 
Portfolio Composition*
Classification
Percentage of
Total Investments
Other**
22.3
%
Software
18.1
Financial Services
10.1
Specialty Retail
9.9
Media
8.2
Broadline Retail
7.9
Information Technology Services
7.2
Hotels, Restaurants & Leisure
6.0
Life Sciences Tools & Services
5.3
Entertainment
5.0
Total Investments
100.0
%
 
*
Percentages indicated are based upon total investments (excluding Securities held
as Collateral on Loaned Securities) as of June 30, 2023.
**
Industries and/or investment types representing less than 5% of total investments.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments 
Dynamic Value Portfolio
 
 
 
Shares
 
Value
(000)
Common Stocks (95.2%)
Aerospace & Defense (0.8%)
Huntington Ingalls Industries, Inc.
 
     2,301
$524
Textron, Inc.
 
     7,602
514
 
 
 
1,038
Automobiles (0.9%)
General Motors Co.
 
    14,655
565
Harley-Davidson, Inc.
 
    15,944
562
 
 
 
1,127
Banks (5.5%)
Citizens Financial Group, Inc.
 
    36,213
944
Comerica, Inc.
 
    23,280
986
KeyCorp
 
    99,648
921
New York Community Bancorp, Inc.
 
    92,034
1,034
Popular, Inc.
 
    16,234
983
Western Alliance Bancorp
 
    26,553
968
Zions Bancorp NA
 
    35,131
944
 
 
 
6,780
Biotechnology (1.5%)
Gilead Sciences, Inc.
 
    12,052
929
United Therapeutics Corp. (a)
 
     4,244
937
 
 
 
1,866
Broadline Retail (0.5%)
Macy's, Inc.
 
    20,167
324
Nordstrom, Inc.
 
    16,727
342
 
 
 
666
Building Products (1.7%)
Builders FirstSource, Inc. (a)
 
     3,950
537
Hayward Holdings, Inc. (a)
 
    44,424
571
Masterbrand, Inc. (a)
 
    43,673
508
Owens Corning
 
     4,042
527
 
 
 
2,143
Capital Markets (3.5%)
Affiliated Managers Group, Inc.
 
     5,012
751
Bank of New York Mellon Corp.
 
    16,585
738
Invesco Ltd.
 
    44,441
747
State Street Corp.
 
    10,037
735
Stifel Financial Corp.
 
    12,382
739
Virtu Financial, Inc., Class A
 
    39,862
681
 
 
 
4,391
Chemicals (2.2%)
Celanese Corp.
 
     4,025
466
CF Industries Holdings, Inc.
 
     6,080
422
LyondellBasell Industries NV, Class A
 
     4,908
451
Mosaic Co.
 
    12,478
437
Olin Corp.
 
     9,011
463
Westlake Corp.
 
     3,918
468
 
 
 
2,707
Construction & Engineering (0.4%)
MDU Resources Group, Inc.
 
    24,752
518
Consumer Finance (3.0%)
Ally Financial, Inc.
 
    26,624
719
Capital One Financial Corp.
 
     6,760
739
Discover Financial Services
 
     6,339
741
 
 
Shares
 
Value
(000)
OneMain Holdings, Inc.
 
    17,172
$750
Synchrony Financial
 
    22,458
762
 
 
 
3,711
Consumer Staples Distribution & Retail (1.7%)
Kroger Co.
 
    15,215
715
Performance Food Group Co. (a)
 
    12,545
756
Walgreens Boots Alliance, Inc.
 
    21,696
618
 
 
 
2,089
Containers & Packaging (1.1%)
Berry Global Group, Inc.
 
     6,960
448
International Paper Co.
 
    13,965
444
WestRock Co.
 
    15,458
449
 
 
 
1,341
Diversified Consumer Services (0.6%)
ADT, Inc.
 
    59,924
361
H&R Block, Inc.
 
    11,004
351
 
 
 
712
Diversified REITs (0.6%)
Starwood Property Trust, Inc. REIT
 
    38,119
740
Diversified Telecommunication Services (1.6%)
AT&T, Inc.
 
   121,557
1,939
Electric Utilities (3.6%)
Edison International
 
    10,646
739
Evergy, Inc.
 
    12,588
736
Hawaiian Electric Industries, Inc.
 
    19,958
723
OGE Energy Corp. (a)
 
    20,307
729
PG&E Corp. (a)
 
    43,063
744
Pinnacle West Capital Corp.
 
     8,925
727
 
 
 
4,398
Electrical Equipment (0.8%)
Acuity Brands, Inc.
 
     3,061
499
Sensata Technologies Holding PLC
 
    11,298
509
 
 
 
1,008
Electronic Equipment, Instruments & Components (1.5%)
Arrow Electronics, Inc. (a)
 
     3,232
463
Avnet, Inc.
 
     9,333
471
Jabil, Inc.
 
     4,231
456
TD SYNNEX Corp.
 
     4,624
435
 
 
 
1,825
Financial Services (2.5%)
Corebridge Financial, Inc.
 
    44,441
785
Equitable Holdings, Inc.
 
    27,837
756
MGIC Investment Corp.
 
    48,003
758
New Residential Investment Corp. REIT
 
    79,400
742
 
 
 
3,041
Food Products (3.6%)
Archer-Daniels-Midland Co.
 
    10,158
768
Bunge Ltd.
 
     8,133
767
Conagra Brands, Inc.
 
    21,866
737
Kraft Heinz Co.
 
    20,681
734
Post Holdings, Inc. (a)
 
     8,789
762
Seaboard Corp.
 
       206
733
 
 
 
4,501
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Dynamic Value Portfolio
 
 
Shares
 
Value
(000)
Gas Utilities (0.6%)
National Fuel Gas Co.
 
    14,421
$741
Ground Transportation (1.2%)
Hertz Global Holdings, Inc. (a)
 
    20,277
373
Ryder System, Inc.
 
     4,395
373
U-Haul Holding Co.
 
    14,293
755
 
 
 
1,501
Health Care (0.4%)
Medical Properties Trust, Inc. REIT
 
    48,467
449
Health Care Equipment & Supplies (1.0%)
Integra LifeSciences Holdings Corp. (a)
 
    15,164
624
QuidelOrtho Corp. (a)
 
     7,168
594
 
 
 
1,218
Health Care Providers & Services (5.1%)
Centene Corp. (a)
 
     9,202
621
Cigna Group
 
     2,232
626
CVS Health Corp.
 
     8,868
613
Elevance Health, Inc.
 
     1,364
606
Enhabit, Inc. (a)
 
    49,849
573
Laboratory Corp. of America Holdings
 
     2,637
636
Molina Healthcare, Inc. (a)
 
     2,187
659
Premier, Inc., Class A
 
    22,431
621
Tenet Healthcare Corp. (a)
 
     7,873
641
Universal Health Services, Inc., Class B
 
     4,128
651
 
 
 
6,247
Hotel & Resort REITs (0.7%)
Host Hotels & Resorts, Inc. REIT
 
    26,101
439
Park Hotels & Resorts, Inc. REIT
 
    34,461
442
 
 
 
881
Hotels, Restaurants & Leisure (1.8%)
Boyd Gaming Corp.
 
     5,394
374
Marriott Vacations Worldwide Corp.
 
     2,905
357
MGM Resorts International (a)
 
     8,548
375
Penn Entertainment, Inc. (a)
 
    15,091
363
Six Flags Entertainment Corp. (a)
 
    13,315
346
Travel & Leisure Co.
 
     9,060
365
 
 
 
2,180
Household Durables (0.9%)
Lennar Corp., Class B
 
     2,098
237
Mohawk Industries, Inc. (a)
 
     2,206
228
Newell Brands, Inc.
 
    27,357
238
Pulte Group, Inc.
 
     2,976
231
Toll Brothers, Inc. (a)
 
     2,949
233
 
 
 
1,167
Household Products (0.6%)
Reynolds Consumer Products, Inc.
 
    27,864
787
Independent Power & Renewable Electricity Producers (0.6%)
Vistra Corp.
 
    29,594
777
Industrial Conglomerates (0.4%)
3M Co.
 
     4,959
496
Information Technology Services (2.0%)
Akamai Technologies, Inc. (a)
 
     3,084
277
Amdocs Ltd.
 
     2,872
284
Cognizant Technology Solutions Corp., Class A
 
     4,306
281
 
 
Shares
 
Value
(000)
DXC Technology Co. (a)
 
    10,093
$270
EPAM Systems, Inc. (a)
 
     1,264
284
GoDaddy, Inc., Class A (a)
 
     3,770
283
International Business Machines Corp.
 
     2,043
273
Kyndryl Holdings, Inc. (a)
 
    20,860
277
Thoughtworks Holding, Inc. (a)
 
    36,766
278
 
 
 
2,507
Insurance (3.3%)
American International Group, Inc.
 
     8,803
507
CNA Financial Corp.
 
    12,959
500
F&G Annuities & Life, Inc.
 
    22,973
569
Fidelity National Financial, Inc.
 
    14,335
516
Hartford Financial Services Group, Inc.
 
     7,013
505
Loews Corp.
 
     8,497
505
Principal Financial Group, Inc.
 
     6,758
513
Unum Group
 
    10,840
517
 
 
 
4,132
Life Sciences Tools & Services (0.8%)
Avantor, Inc. (a)
 
    47,143
968
Machinery (2.5%)
AGCO Corp.
 
     3,753
493
Allison Transmission Holdings, Inc.
 
     9,469
535
Cummins, Inc.
 
     2,156
528
Gates Industrial Corp. PLC (a)
 
    38,258
516
PACCAR, Inc.
 
     6,416
537
Timken Co.
 
     5,788
530
 
 
 
3,139
Media (6.8%)
Altice USA, Inc., Class A (a)
 
   370,289
1,118
Charter Communications, Inc., Class A (a)
 
     2,618
962
Comcast Corp., Class A
 
    21,351
887
DISH Network Corp., Class A (a)
 
   135,226
891
Fox Corp., Class A
 
    26,179
890
Fox Corp., Class B
 
    28,007
893
Liberty Media Corp.-Liberty SiriusXM, Class A
(a)
 
    28,691
942
Liberty Media Corp.-Liberty SiriusXM, Class C
(a)
 
    28,790
942
Nexstar Media Group, Inc., Class A
 
     5,367
894
 
 
 
8,419
Metals & Mining (1.1%)
Cleveland-Cliffs, Inc. (a)
 
    27,221
456
Steel Dynamics, Inc.
 
     4,289
467
United States Steel Corp.
 
    18,818
471
 
 
 
1,394
Office REITs (1.8%)
Boston Properties, Inc. REIT
 
     8,021
462
Cousins Properties, Inc. REIT
 
    20,131
459
Douglas Emmett, Inc. REIT
 
    34,488
434
Highwoods Properties, Inc. REIT
 
    19,405
464
Kilroy Realty Corp. REIT
 
    14,459
435
 
 
 
2,254
Oil, Gas & Consumable Fuels (6.7%)
Antero Resources Corp. (a)
 
    46,296
1,066
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Dynamic Value Portfolio
 
 
Shares
 
Value
(000)
EQT Corp.
 
    25,522
$1,050
HF Sinclair Corp.
 
    22,504
1,004
Marathon Oil Corp.
 
    43,204
994
Marathon Petroleum Corp.
 
     8,900
1,038
Ovintiv, Inc.
 
    26,970
1,027
Phillips 66
 
    10,646
1,015
Valero Energy Corp.
 
     8,907
1,045
 
 
 
8,239
Passenger Airlines (0.6%)
American Airlines Group, Inc. (a)
 
    22,166
398
Delta Air Lines, Inc. (a)
 
     8,419
400
 
 
 
798
Personal Care Products (0.7%)
Olaplex Holdings, Inc. (a)
 
   222,670
828
Pharmaceuticals (6.0%)
Bristol-Myers Squibb Co.
 
    14,317
916
Elanco Animal Health, Inc. (a)
 
    93,213
938
Jazz Pharmaceuticals PLC (a)
 
     7,347
911
Organon & Co.
 
    45,155
940
Perrigo Co. PLC
 
    27,742
942
Pfizer, Inc.
 
    24,086
883
Royalty Pharma PLC, Class A (United Kingdom)
 
    30,200
928
Viatris, Inc.
 
    93,121
929
 
 
 
7,387
Professional Services (1.4%)
Concentrix Corp.
 
     2,902
234
Dun & Bradstreet Holdings, Inc.
 
    21,513
249
Jacobs Solutions, Inc.
 
     2,086
248
Leidos Holdings, Inc.
 
     2,793
247
ManpowerGroup, Inc.
 
     3,092
246
Robert Half International, Inc.
 
     3,334
251
Science Applications International Corp.
 
     2,209
248
 
 
 
1,723
Real Estate Management & Development (0.2%)
Jones Lang LaSalle, Inc. (a)
 
     1,776
277
Residential REITs (0.4%)
Apartment Income Corp. REIT
 
    12,100
437
Retail (0.7%)
Brixmor Property Group, Inc. REIT
 
    20,376
448
Spirit Realty Capital, Inc. REIT
 
    11,066
436
 
 
 
884
Semiconductors & Semiconductor Equipment (2.7%)
Analog Devices, Inc.
 
     2,884
562
Cirrus Logic, Inc. (a)
 
     7,037
570
Microchip Technology, Inc.
 
     6,445
577
MKS Instruments, Inc.
 
     5,188
561
QUALCOMM, Inc.
 
     4,603
548
Skyworks Solutions, Inc.
 
     5,125
567
 
 
 
3,385
Software (1.4%)
AppLovin Corp., Class A (a)
 
    11,670
300
Dropbox, Inc., Class A (a)
 
    10,649
284
Gen Digital, Inc.
 
    14,903
276
NCR Corp. (a)
 
    11,103
280
 
 
Shares
 
Value
(000)
RingCentral, Inc., Class A (a)
 
     8,328
$273
Zoom Video Communications, Inc., Class A (a)
 
     4,054
275
 
 
 
1,688
Specialized REITs (0.4%)
EPR Properties REIT
 
     9,753
456
Specialty Retail (1.6%)
Advance Auto Parts, Inc.
 
     4,504
317
AutoNation, Inc. (a)
 
     2,058
339
Lithia Motors, Inc., Class A
 
     1,118
340
Penske Automotive Group, Inc.
 
     2,001
333
Victoria's Secret & Co. (a)
 
    16,781
292
Williams-Sonoma, Inc. (a)
 
     2,581
323
 
 
 
1,944
Tech Hardware, Storage & Peripherals (1.1%)
Dell Technologies, Inc., Class C
 
     8,890
481
Hewlett Packard Enterprise Co.
 
    26,275
442
HP, Inc.
 
    14,826
455
 
 
 
1,378
Textiles, Apparel & Luxury Goods (0.4%)
Capri Holdings, Ltd. (Virgin Islands, British) (a)
 
     6,126
220
PVH Corp.
 
     2,711
230
 
 
 
450
Trading Companies & Distributors (1.7%)
Air Lease Corp.
 
    12,249
513
Core & Main, Inc., Class A (a)
 
    17,394
545
United Rentals, Inc.
 
     1,218
542
WESCO International, Inc.
 
     2,926
524
 
 
 
2,124
Total Common Stocks (Cost $118,826)
 
117,796
Short-Term Investment (4.6%)
Investment Company (4.6%)
 
 
Morgan Stanley Institutional Liquidity Funds —
Government Portfolio — Institutional
Class (b) (Cost $5,670)
 
 5,669,804
5,670
Total Investments (99.8%) (Cost $124,496)(c)(d)(e)
123,466
Other Assets in Excess of Liabilities (0.2%)
232
Net Assets (100.0%)
$123,698
 
(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 nine
months ended June 30, 2023, advisory fees paid were reduced by
approximately $10,000 relating to the Fund's investment in the
Liquidity Funds.
(c)
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 nine months ended June 30, 2023, the
Fund did not engage in any cross-trade transactions.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Dynamic Value Portfolio
(d)
Securities are available for collateral in connection with purchase of
swap agreements.
(e)
At June 30, 2023, the aggregate cost for federal income tax purposes
approximates the aggregate cost for book purposes. The aggregate
gross unrealized appreciation is approximately $7,027,000 and the
aggregate gross unrealized depreciation is approximately
$8,035,000, resulting in net unrealized depreciation of approximately
$1,008,000.
 
REIT
Real Estate Investment Trust.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Dynamic Value Portfolio
 
Total Return Swap Agreements:
The Fund had the following total return swap agreements open at June 30, 2023:
Swap Counterparty
Index
Pay/
Receive
Total Return
of Reference
Index
Floating Rate
Payment
Frequency
Maturity
Date
Notional
Amount
(000)
Value
(000)
Upfront
Payment
Paid
(Received)
(000)
Unrealized
Appreciation
(Depreciation)
(000)
JPMorgan Chase Bank NA
JPM Russell 1000 Anti-Value
Index††
Pay
SOFR + 0.15%
Quarterly
6/25/24
$
18,282
$(412
)
$—
$(412
)
JPMorgan Chase Bank NA
JPM Russell 1000 Value
Index††
Pay
SOFR + 0.15%
Quarterly
6/25/24
 
24,303
434
—
434
 
 
 
 
 
 
 
$22
$—
$22
 
††
See tables below for details of the equity basket holdings underlying the swaps.
 
 
The following table represents the equity basket holdings underlying the
total return swap with JPM Russell 1000 Anti-Value Index as of June 30,
2023:
Security Description
Shares
Value
(000)
Index Weight
JPM Russell 1000 Anti-Value Index
Align Technology, Inc.
120
$43
0.52
%
Alteryx, Inc. - Class A
917
42
0.51
Amphenol Corp. - Class A
490
42
0.51
Aon PLC - Class A
121
42
0.51
Apple, Inc.
216
42
0.51
Arista Networks, Inc.
263
43
0.52
Azek Co., Inc.
1,449
44
0.53
Burlington Stores, Inc.
267
42
0.51
Coinbase Global, Inc. - Class A
685
49
0.60
Confluent, Inc. - Class A
1,187
42
0.51
Datadog, Inc. - Class A
429
42
0.51
Doordash, Inc. - Class A
545
42
0.51
Doximity, Inc. - Class A
1,261
43
0.52
Draftkings, Inc. - Class A
1,600
42
0.52
Floor & Decor Holdings, Inc. -
Class A
413
43
0.52
Freshpet, Inc.
639
42
0.51
Frontier Communications Parent, Inc.
2,372
44
0.54
Grocery Outlet Holding Corp.
1,424
43
0.53
Intuitive Surgical, Inc.
123
42
0.51
Lattice Semiconductor Corp.
462
44
0.54
Madison Square Garden Sports
Corp.
225
42
0.51
Manhattan Associates, Inc.
209
42
0.51
Martin Marietta Materials
92
42
0.52
Mongodb, Inc.
106
44
0.53
Monolithic Power Systems, Inc.
78
42
0.51
Motorola Solutions, Inc.
142
41
0.50
Mp Materials Corp.
1,819
42
0.51
Nordson Corp.
168
42
0.51
Old Dominion Freight Line
123
45
0.55
Opendoor Technologies, Inc.
13,009
52
0.64
Pinterest, Inc.- Class A
1,594
44
0.53
Plug Power, Inc.
4,039
42
0.51
Rayonier, Inc.
1,341
42
0.51
Rivian Automotive, Inc. - Class A
2,716
45
0.55
Roblox Corp. - Class A
1,039
42
0.51
Ryan Specialty Holdings, Inc.
930
42
0.51
Sherwin-Williams Co.
160
43
0.52
Shift4 Payments, Inc. - Class A
632
43
0.52
Take-Two Interactive Software
283
42
0.51
 
Security Description
Shares
Value
(000)
Index Weight
JPM Russell 1000 Anti-Value Index (cont'd)
Targa Resources Corp.
553
$42
0.51
%
Toast, Inc. - Class A
1,867
42
0.51
Transdigm Group, Inc.
47
42
0.52
Trex Company, Inc.
665
44
0.53
Vornado Realty Trust
2,543
46
0.56
Vulcan Materials Co.
189
42
0.52
Wayfair, Inc. - Class A
719
47
0.57
Williams Cos, Inc.
1,285
42
0.51
Wolfspeed, Inc.
782
43
0.53
Yeti Holdings, Inc.
1,113
43
0.53
Zoominfo Technologies, Inc.
1,648
42
0.51
 
The following table represents the equity basket holdings underlying the
total return swap with JPM Russell 1000 Value Index as of June 30, 2023:
Security Description
Shares
Value
(000)
Index Weight
JPM Russell 1000 Value Index
 
Affiliated Managers Group, Inc.
442
$66
0.67
%
Altice USA, Inc. - Class A
32,859
99
1.00
Antero Resources Corp.
4,183
96
0.97
Archer-Daniels-Midland Co.
896
68
0.68
AT&T, Inc.
11,583
185
1.87
Avantor, Inc.
4,300
88
0.89
Bristol-Myers Squibb Co.
1,295
83
0.84
Bunge Ltd.
716
67
0.68
Charter Communications, Inc. -
Class A
234
86
0.87
Citizens Financial Group, Inc.
3,313
86
0.87
Comcast Corp. - Class A
1,909
79
0.80
Comerica, Inc.
2,122
90
0.91
Corebridge Financial, Inc.
3,913
69
0.70
Dish Network Corp. - Class A
11,966
79
0.80
Elanco Animal Health, Inc.
8,456
85
0.86
EQT Corp.
2,301
95
0.96
Equitable Holdings, Inc.
2,442
66
0.67
Fox Corp. - Class A
2,341
80
0.80
Fox Corp. - Class B
2,506
80
0.81
Gilead Sciences, Inc.
1,092
84
0.85
HF Sinclair Corp.
2,039
91
0.92
Invesco Ltd.
3,914
66
0.66
Jazz Pharmaceuticals PLC
663
82
0.83
KeyCorp
9,081
84
0.85
Liberty Media Corp.-Liberty SiriusXM
- Class A
2,560
84
0.85
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Dynamic Value Portfolio
 
Security Description
Shares
Value
(000)
Index Weight
JPM Russell 1000 Value Index 
(cont'd)
 
Liberty Media Corp.-Liberty SiriusXM
- Class C
2,567
$84
0.85
%
Marathon Oil Corp.
3,931
90
0.91
Marathon Petroleum Corp.
808
94
0.95
MGIC Investment Corp.
4,226
67
0.67
New York Community Bancorp.
8,329
94
0.95
Nexstar Media Group, Inc.
478
80
0.80
Olaplex Holdings, Inc.
19,599
73
0.74
Onemain Holdings Inc
1,509
66
0.67
Organon & Co.
4,122
86
0.87
Ovintiv, Inc.
2,468
94
0.95
Performance Food Group Co.
1,089
66
0.66
Perrigo Co. PLC
2,505
85
0.86
Pfizer, Inc.
2,176
80
0.81
 
Security Description
Shares
Value
(000)
Index Weight
JPM Russell 1000 Value Index 
(cont'd)
 
Phillips 66
969
$92
0.93
%
Popular, Inc.
1,472
89
0.90
Post Holdings, Inc.
773
67
0.68
Reynolds Consumer Products, Inc.
2,463
70
0.70
Royalty Pharma PLC - Class A
2,736
84
0.85
Synchrony Financial
1,965
67
0.67
United Therapeutics Corp.
381
84
0.85
Valero Energy Corp.
810
95
0.96
Viatris, Inc.
8,467
84
0.85
Vistra Corp.
2,590
68
0.69
Western Alliance Bancorp.
2,436
89
0.90
Zions Bancorp NA
3,187
86
0.86
 
SOFR
Secured Overnight Financing Rate.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
 
Portfolio Composition
Classification
Percentage of
Total Investments
Other*
69.9
%
Media
6.8
Oil, Gas & Consumable Fuels
6.7
Pharmaceuticals
6.0
Banks
5.5
Health Care Providers & Services
5.1
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 $22,000.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments 
Global Strategist Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Fixed Income Securities (46.9%)
Agency Fixed Rate Mortgages (3.9%)
United States (3.9%)
 
 
Federal Home Loan Mortgage Corporation,
 
Conventional Pools:
 
 
2.50%, 4/1/52
$
     2,493
$2,045
4.50%, 1/1/49
 
        59
57
Gold Pools:
 
 
3.50%, 1/1/44 - 6/1/45
 
       475
442
4.50%, 1/1/49
 
        16
15
6.50%, 5/1/32
 
        20
21
7.50%, 5/1/35
 
         1
2
Federal National Mortgage Association,
 
6.00%, 7/13/53
 
     2,200
2,220
Conventional Pools:
 
 
2.00%, 3/1/52
 
     1,863
1,521
2.50%, 9/1/52
 
     2,949
2,502
3.00%, 7/1/49 - 6/1/52
 
     5,183
4,576
3.50%, 3/1/47 - 1/1/51
 
     1,021
940
4.00%, 4/1/45 - 9/1/45
 
       499
476
4.50%, 3/1/41 - 11/1/44
 
        82
81
5.00%, 1/1/41 - 3/1/41
 
       210
211
6.00%, 1/1/38
 
         2
2
6.50%, 12/1/29
 
         4
4
7.50%, 8/1/37
 
         3
3
July TBA
 
 
3.00%, 7/1/53 (a)
 
       300
264
4.00%, 7/1/53 (a)
 
       300
282
5.00%, 7/1/53 (a)
 
     2,850
2,793
5.50%, 7/1/53 (a)
 
       575
572
Government National Mortgage Association,
 
Various Pools:
 
 
4.00%, 8/20/41 - 11/20/42
 
       125
120
4.50%, 6/20/49
 
        25
24
5.00%, 2/20/49 - 6/20/49
 
        59
58
5.50%, 8/15/39
 
        15
15
 
19,246
Asset-Backed Securities (0.2%)
 
 
United States (0.2%)
 
 
Harbor Group International LLC,
 
 
1 Month USD LIBOR + 1.00%,
6.16%, 9/17/36 (b)(c)
 
       446
432
Renaissance Home Equity Loan Trust,
 
 
1 Month USD LIBOR + 0.76%,
5.91%, 12/25/32 (c)
 
       490
450
SASCO Mortgage Loan Trust,
 
 
1 Month USD LIBOR + 2.18%,
4.45%, 5/25/34 (c)
 
       107
105
SLM Student Loan Trust,
 
 
3 Month EURIBOR + 0.55%,
3.81%, 7/25/39 (c)
EUR
       298
307
 
 
 
1,294
 
Face
Amount
(000)
 
Value
(000)
Commercial Mortgage-Backed Securities (0.4%)
United Kingdom (0.0%)‡
 
 
Taurus 2018-2 UK DAC,
 
3 Month GBP SONIA + 1.22%,
5.97%, 5/22/28 (c)
GBP
       145
$184
United States (0.4%)
 
 
Ashford Hospitality Trust,
 
1 Month USD LIBOR + 1.85%,
7.17%, 6/15/35 (b)(c)
$
       250
241
Commercial Mortgage Trust,
 
4.89%, 7/15/47 (b)(c)
 
       152
136
Life Mortgage Trust,
 
1 Month Term SOFR +1.30%,
6.44%, 5/15/39 (b)(c)
 
       500
491
Taubman Centers Commercial Mortgage Trust,
 
1 Month Term SOFR + 2.19%,
7.33%, 5/15/37 (b)(c)
 
       500
488
WFRBS Commercial Mortgage Trust,
 
4.15%, 10/15/57 (b)(c)
 
       200
124
5.16%, 9/15/46 (b)(c)
 
       375
333
 
 
 
1,813
 
1,997
Corporate Bonds (9.1%)
 
 
Australia (0.5%)
 
 
Australia & New Zealand Banking Group Ltd.,
 
 
2.57%, 11/25/35 (b)
 
       600
456
Commonwealth Bank of Australia,
 
 
1.94%, 10/3/29
EUR
       400
416
NBN Co. Ltd.,
 
 
2.63%, 5/5/31 (b)
$
       575
483
Transurban Finance Co. Pty Ltd.,
 
 
2.00%, 8/28/25
EUR
       350
365
Westpac Banking Corp.,
 
 
2.67%, 11/15/35
$
       650
499
 
 
 
2,219
Canada (0.6%)
 
 
Province of Ontario Canada,
 
 
2.30%, 6/15/26
 
       970
906
Province of Quebec Canada,
 
 
0.00%, 10/29/30
EUR
     1,390
1,192
Rogers Communications, Inc.,
 
 
3.80%, 3/15/32 (b)
$
     1,025
897
 
 
 
2,995
China (0.1%)
 
 
Alibaba Group Holding Ltd.,
 
 
2.13%, 2/9/31
 
       400
326
France (0.9%)
 
 
AXA SA,
 
 
3.25%, 5/28/49
EUR
       500
489
Banque Federative du Credit Mutuel SA,
 
 
0.75%, 7/17/25
 
       400
406
3.75%, 2/1/33
 
       600
636
BNP Paribas SA,
 
 
1.13%, 6/11/26
 
       485
487
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Face
Amount
(000)
 
Value
(000)
France (cont'd)
 
 
1.25%, 7/13/31
GBP
       200
$175
4.38%, 1/13/29
EUR
       400
435
BPCE SA,
 
 
4.00%, 11/29/32
 
       200
215
5.15%, 7/21/24 (b)
$
       925
909
Credit Agricole SA,
 
 
3.88%, 11/28/34
EUR
       300
325
Orange SA,
 
 
5.00%, 10/1/26 (d)
 
       250
272
 
 
 
4,349
Germany (0.4%)
 
 
Deutsche Bank AG,
 
 
2.22%, 9/18/24
$
       250
247
Series E
 
 
0.96%, 11/8/23
 
       375
367
Kreditanstalt fuer Wiederaufbau,
 
 
1.13%, 9/15/32
EUR
       920
860
Volkswagen International Finance NV,
 
 
Series 10Y
 
 
1.88%, 3/30/27
 
       500
501
 
 
 
1,975
Ireland (0.1%)
 
 
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust,
 
 
2.45%, 10/29/26
$
       425
380
Italy (0.1%)
 
 
Assicurazioni Generali SpA,
 
 
5.50%, 10/27/47
EUR
       400
440
Japan (0.1%)
 
 
NTT Finance Corp.,
 
 
1.59%, 4/3/28 (b)
$
       800
686
Korea, Republic of (0.4%)
 
 
Korea Electric Power Corp.,
 
 
2.50%, 6/24/24 (b)
 
       810
785
Korea Hydro & Nuclear Power Co. Ltd.,
 
 
3.75%, 7/25/23 (b)
 
       510
510
Korea Southern Power Co. Ltd.,
 
 
0.75%, 1/27/26 (b)
 
       730
646
 
 
 
1,941
Luxembourg (0.1%)
 
 
Blackstone Property Partners Europe Holdings
Sarl,
 
 
1.25%, 4/26/27
EUR
       400
349
Logicor Financing Sarl,
 
 
1.50%, 7/13/26
 
       300
283
 
 
 
632
Netherlands (0.1%)
 
 
ASR Nederland NV,
 
 
5.00%, 9/30/24 (d)
 
       425
457
 
Face
Amount
(000)
 
Value
(000)
Spain (0.2%)
 
 
Banco Santander SA,
 
 
3.13%, 1/19/27
EUR
       400
$417
5.18%, 11/19/25
$
       800
777
 
 
 
1,194
Sweden (0.1%)
 
 
Akelius Residential Property Financing BV,
 
 
1.13%, 1/11/29
EUR
       400
337
United Arab Emirates (0.1%)
 
 
Galaxy Pipeline Assets Bidco Ltd.,
 
 
2.63%, 3/31/36 (b)
$
       650
526
United Kingdom (0.7%)
 
 
BAT Capital Corp.,
 
 
3.56%, 8/15/27
 
       675
621
HSBC Holdings PLC,
 
 
2.26%, 11/13/26
GBP
       300
340
2.63%, 11/7/25
$
       525
499
6.16%, 3/9/29
 
       525
530
Lloyds Banking Group PLC,
 
 
1.75%, 9/7/28
EUR
       330
357
2.25%, 10/16/24
GBP
       400
481
National Grid Electricity Distribution West
Midlands PLC,
 
 
5.75%, 4/16/32
 
       200
248
Nationwide Building Society,
 
 
4.36%, 8/1/24 (b)
$
       200
200
NGG Finance PLC,
 
 
5.63%, 6/18/73
GBP
       350
423
 
 
 
3,699
United States (4.6%)
 
 
Amazon.com, Inc.,
 
 
3.10%, 5/12/51
$
       250
187
AT&T, Inc.,
 
 
1.80%, 9/5/26
EUR
       400
408
2.90%, 12/4/26
GBP
       350
396
Bank of America Corp.,
 
 
2.69%, 4/22/32
$
       325
269
3.85%, 3/8/37
 
       100
86
4.38%, 4/27/28
 
       575
552
4.57%, 4/27/33
 
       625
588
CDW LLC/CDW Finance Corp.,
 
 
2.67%, 12/1/26
 
       100
90
Celanese U.S. Holdings LLC,
 
 
6.17%, 7/15/27
 
       750
747
Centene Corp.,
 
 
2.50%, 3/1/31
 
     1,050
838
Charles Schwab Corp.,
 
 
5.85%, 5/19/34
 
       485
493
Charter Communications
Operating LLC/Charter Communications
Operating Capital,
 
 
2.80%, 4/1/31
 
       275
221
3.50%, 3/1/42
 
       125
84
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Face
Amount
(000)
 
Value
(000)
United States (cont'd)
 
 
5.13%, 7/1/49
$
       250
$197
6.38%, 10/23/35
 
       150
146
Chubb INA Holdings, Inc.,
 
 
0.88%, 6/15/27
EUR
       400
386
Citigroup, Inc.,
 
 
3.06%, 1/25/33
$
       300
251
3.79%, 3/17/33
 
       975
862
Comcast Corp.,
 
 
1.95%, 1/15/31
 
       675
553
Deere & Co.,
 
 
3.10%, 4/15/30
 
       450
412
Dick's Sporting Goods, Inc.,
 
 
4.10%, 1/15/52
 
       360
250
Enterprise Products Operating LLC,
 
 
3.95%, 1/31/60
 
       275
212
5.35%, 1/31/33
 
       200
203
Estee Lauder Cos., Inc.,
 
 
4.65%, 5/15/33
 
       475
467
Fidelity National Information Services, Inc.,
 
 
1.65%, 3/1/28
 
       700
591
Foundry JV Holdco LLC,
 
 
5.88%, 1/25/34 (b)
 
       275
274
Georgia-Pacific LLC,
 
 
2.30%, 4/30/30 (b)
 
       950
809
Goldman Sachs Group, Inc.,
 
 
2.62%, 4/22/32
 
       775
636
HCA, Inc.,
 
 
4.63%, 3/15/52 (b)
 
       400
329
Intel Corp.,
 
 
5.70%, 2/10/53
 
       375
382
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
413
JPMorgan Chase & Co.,
 
 
2.55%, 11/8/32
 
     1,150
943
Level 3 Financing, Inc.,
 
 
3.40%, 3/1/27 (b)
 
       550
467
Lowe's Cos., Inc.,
 
 
1.30%, 4/15/28
 
       425
359
1.70%, 10/15/30
 
       475
381
Marriott International, Inc.,
 
 
4.90%, 4/15/29
 
       200
195
Medtronic Global Holdings SCA,
 
 
1.00%, 7/2/31
EUR
       250
222
Metropolitan Life Global Funding I,
 
 
2.95%, 4/9/30 (b)
$
       575
497
5.15%, 3/28/33 (b)
 
       300
297
Micron Technology, Inc.,
 
 
5.88%, 9/15/33
 
       675
669
NextEra Energy Capital Holdings, Inc.,
 
 
2.75%, 11/1/29
 
     1,225
1,063
 
Face
Amount
(000)
 
Value
(000)
 
 
 
ONEOK, Inc.,
 
 
6.10%, 11/15/32
$
       475
$483
Prologis Euro Finance LLC,
 
 
1.88%, 1/5/29
EUR
       300
286
Republic Services, Inc.,
 
 
5.00%, 4/1/34
$
       275
275
Thermo Fisher Scientific Finance I BV,
 
 
2.00%, 10/18/51
EUR
       100
72
Thermo Fisher Scientific, Inc.,
 
 
0.88%, 10/1/31
 
       650
569
1.88%, 10/1/49
 
       100
71
Truist Financial Corp.,
 
 
SOFR + 2.36%,
5.87%, 6/8/34
$
       575
576
U.S. Bancorp,
 
 
5.84%, 6/12/34
 
       400
403
Upjohn Finance BV,
 
 
1.91%, 6/23/32
EUR
       550
463
Verizon Communications, Inc.,
 
 
1.13%, 11/3/28
GBP
       300
296
3.40%, 3/22/41
$
       375
290
Vontier Corp.,
 
 
2.40%, 4/1/28
 
       250
209
Walt Disney Co.,
 
 
2.65%, 1/13/31
 
       300
261
Warnermedia Holdings, Inc.,
 
 
4.28%, 3/15/32
 
       775
688
5.05%, 3/15/42
 
       125
105
Wells Fargo & Co.,
 
 
MTN
 
 
2.88%, 10/30/30
 
       375
324
 
 
 
23,103
 
 
 
45,259
Mortgages - Other (1.3%)
 
 
Germany (0.0%)‡
 
 
Berg Finance DAC,
 
 
3 Month EURIBOR + 1.05%,
4.26%, 4/22/33 (c)
EUR
        78
79
Ireland (0.1%)
 
 
Glenbeigh 2 Issuer 2021-2 DAC,
 
 
3 Month EURIBOR + 0.75%,
4.35%, 6/24/50 (b)(c)
 
       339
368
Netherlands (0.0%)‡
 
 
E-MAC NL 2006-II BV,
 
 
3 Month EURIBOR + 0.13%,
4.48%, 1/25/39 (c)
 
       129
129
United Kingdom (0.1%)
 
 
Great Hall Mortgages No. 1 PLC,
 
 
3 Month EURIBOR + 0.25%,
3.80%, 6/18/38 (c)
 
       200
208
Landmark Mortgage Securities No. 3 PLC,
 
 
3 Month GBP SONIA + 2.22%,
6.69%, 4/17/44 (c)
GBP
       173
202
 
 
 
410
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Face
Amount
(000)
 
Value
(000)
United States (1.1%)
 
 
Banc of America Alternative Loan Trust,
 
 
6.36%, 10/25/36
$
        22
$7
Bayview MSR Opportunity Master Fund Trust,
 
 
3.00%, 1/25/52 (b)(c)
 
       645
542
BX Commercial Mortgage Trust,
 
 
1 Month Term SOFR + 2.28%,
7.43%, 6/15/40 (b)(c)
 
       400
399
ChaseFlex Trust,
 
 
6.00%, 2/25/37
 
        20
8
Federal Home Loan Mortgage Corp. Whole
Loan Securities Trust,
 
 
3.00%, 9/25/45
 
        49
43
3.00%, 7/25/46
 
        17
15
3.00%, 12/25/46
 
        61
53
3.00%, 5/25/47
 
       111
96
3.50%, 5/25/45
 
        18
16
3.50%, 9/25/45
 
        40
36
3.50%, 7/25/46
 
        24
22
4.00%, 5/25/45
 
         5
4
GS Mortgage-Backed Securities Trust,
 
 
2.50%, 1/25/52 (b)(c)
 
       514
415
GSR Mortgage Loan Trust,
 
 
5.75%, 1/25/37
 
         7
4
Hundred Acre Wood Trust,
 
 
2.50%, 12/25/51 (b)(c)
 
       448
358
JP Morgan Mortgage Trust,
 
 
3.00%, 4/25/52 (b)(c)
 
       496
417
3.00%, 9/25/52 (b)(c)
 
       539
453
3.25%, 7/25/52 (b)(c)
 
       631
536
Lehman Mortgage Trust,
 
 
6.50%, 9/25/37
 
        17
6
Mello Mortgage Capital Acceptance,
 
 
2.50%, 8/25/51 (b)(c)
 
       517
414
Onslow Bay Financial LLC, Class A1
 
 
3.00%, 1/25/52 (b)(c)
 
       498
414
PRKCM 2023-AFC1 Trust, Class A1
 
 
6.60%, 2/25/58 (b)
 
       372
375
PRMI Securitization Trust,
 
 
2.50%, 4/25/51 (b)(c)
 
       597
477
Seasoned Credit Risk Transfer Trust,
 
 
3.00%, 7/25/58
 
       230
201
3.00%, 10/25/58
 
        26
23
4.00%, 10/25/58
 
        26
24
 
 
 
5,358
 
 
 
6,344
Municipal Bond (0.0%)‡%)
 
 
United States (0.0%)‡%)
 
 
University of Michigan, MI,
 
 
Series A
 
 
4.45%, 4/1/2122(Cost $300)
 
       300
261
 
Face
Amount
(000)
 
Value
(000)
Sovereign (25.7%)
 
 
Australia (0.4%)
 
 
Australia Government Bond,
 
 
1.25%, 5/21/32
AUD
     4,030
$2,134
Austria (0.1%)
 
 
Republic of Austria Government Bond,
 
 
0.00%, 2/20/30 (b)
EUR
       360
324
Belgium (0.3%)
 
 
Kingdom of Belgium Government Bond,
 
 
0.90%, 6/22/29 (b)
 
       170
166
1.70%, 6/22/50 (b)
 
       480
372
Series 99
 
 
3.45%, 6/22/43 (b)
 
       650
717
 
 
 
1,255
Brazil (2.1%)
 
 
Brazil Notas do Tesouro Nacional,
 
 
10.00%, 1/1/27
BRL
    49,889
10,361
Canada (1.2%)
 
 
Canadian Government Bond,
 
 
1.25%, 6/1/30
CAD
     1,410
925
2.00%, 12/1/51
 
       100
60
2.25%, 6/1/29
 
     5,220
3,700
2.50%, 12/1/32
 
     1,890
1,337
 
 
 
6,022
China (6.5%)
 
 
Agricultural Development Bank of China,
 
 
2.25%, 4/22/25
CNY
     3,600
495
3.79%, 10/26/30
 
     3,430
503
China Development Bank,
 
 
3.07%, 3/10/30
 
     7,380
1,034
3.34%, 7/14/25
 
     3,430
481
China Government Bond,
 
 
2.37%, 1/20/27
 
    16,900
2,325
2.76%, 5/15/32
 
   133,930
18,475
2.80%, 11/15/32
 
     8,400
1,164
3.12%, 10/25/52
 
       720
100
3.13%, 11/21/29
 
    20,150
2,857
3.27%, 11/19/30
 
    17,160
2,476
3.52%, 4/25/46
 
     1,430
211
3.53%, 10/18/51
 
     1,300
194
3.81%, 9/14/50
 
     4,070
634
3.86%, 7/22/49
 
     6,000
939
Export-Import Bank of China,
 
 
2.93%, 3/2/25
 
     3,470
482
 
 
 
32,370
Czech Republic (0.0%)‡
 
 
Czech Republic Government Bond,
 
 
1.20%, 3/13/31
CZK
     6,000
219
Denmark (0.1%)
 
 
Denmark Government Bond,
 
 
0.50%, 11/15/27
DKK
     3,000
398
Finland (0.1%)
 
 
Finland Government Bond,
 
 
1.13%, 4/15/34 (b)
EUR
       370
335
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Face
Amount
(000)
 
Value
(000)
France (1.7%)
 
 
Agence Francaise de Developpement EPIC,
 
 
1.50%, 10/31/34
EUR
       500
$455
Banque Federative du Credit Mutuel SA,
 
 
1.25%, 12/5/25
GBP
       400
446
French Republic Government Bond OAT,
 
 
0.00%, 11/25/29
EUR
     7,130
6,508
2.00%, 5/25/48 (b)
 
       930
802
SNCF Reseau,
 
 
1.88%, 3/30/34
 
       400
378
 
 
 
8,589
Germany (1.5%)
 
 
Bundesrepublik Deutschland Bundesanleihe,
 
 
0.00%, 8/15/31 - 5/15/36
 
     3,280
2,951
0.25%, 2/15/29
 
     1,630
1,573
4.25%, 7/4/39
 
     1,230
1,649
State of North Rhine-Westphalia Germany,
 
 
1.65%, 2/22/38
 
     1,500
1,349
 
 
 
7,522
Greece (2.6%)
 
 
Hellenic Republic Government Bonds,
 
 
4.25%, 6/15/33 (b)
 
    11,431
13,072
Hong Kong (0.0%)‡%)
 
 
Hong Kong Government International Bond,
 
 
2.50%, 5/28/24 (b)
$
       250
244
Hungary (0.1%)
 
 
Hungary Government Bond,
 
 
Series 30/A
 
 
3.00%, 8/21/30
HUF
    51,360
118
Series 32/A
 
 
4.75%, 11/24/32
 
   109,610
273
Series 32/G
 
 
4.50%, 5/27/32
 
    63,030
155
 
 
 
546
Indonesia (0.4%)
 
 
Indonesia Treasury Bond,
 
 
6.50%, 2/15/31
IDR
 4,104,000
276
8.25%, 5/15/29
 
 1,408,000
104
8.38%, 3/15/34
 
14,072,000
1,081
Series FR65
 
 
6.63%, 5/15/33
 
 7,500,000
509
 
 
 
1,970
Ireland (0.1%)
 
 
Ireland Government Bond,
 
 
0.20%, 10/18/30
EUR
       410
372
Italy (0.6%)
 
 
Italy Buoni Poliennali Del Tesoro,
 
 
0.45%, 2/15/29
 
       160
146
2.50%, 12/1/32
 
     1,070
1,038
4.45%, 9/1/43 (b)
 
     1,052
1,167
Republic of Italy Government International
Bond,
 
 
0.88%, 5/6/24
$
       745
713
 
 
 
3,064
 
Face
Amount
(000)
 
Value
(000)
Japan (4.1%)
 
 
Japan Government Five Year Bond,
 
 
0.10%, 6/20/24
JPY
   605,000
$4,202
Japan Government Ten Year Bond,
 
 
0.10%, 6/20/26 - 6/20/31
 
   744,000
5,122
Japan Government Thirty Year Bond,
 
 
0.30%, 6/20/46
 
   224,000
1,307
0.40%, 9/20/49
 
   131,000
746
0.60%, 6/20/50
 
   165,300
982
1.70%, 6/20/33
 
   627,800
4,892
Japan Government Twenty Year Bond,
 
 
0.40%, 6/20/41
 
   466,000
2,952
 
 
 
20,203
Korea, Republic of (0.3%)
 
 
Export-Import Bank of Korea,
 
 
0.63%, 2/9/26
$
       640
566
2.38%, 6/25/24
 
       510
495
Korea Development Bank,
 
 
0.80%, 7/19/26
 
       590
513
 
 
 
1,574
Malaysia (0.3%)
 
 
Malaysia Government Bond,
 
 
Series 0219
 
 
3.89%, 8/15/29
MYR
     2,330
502
Series 0122
 
 
3.58%, 7/15/32
 
     1,200
252
Petronas Capital Ltd.,
 
 
3.50%, 3/18/25 (b)
$
       875
845
 
 
 
1,599
Mexico (0.3%)
 
 
Mexican Bonos,
 
 
Series M
 
 
7.50%, 6/3/27
MXN
     6,000
334
7.75%, 5/29/31
 
    18,000
995
8.50%, 5/31/29
 
     5,900
341
 
 
 
1,670
Netherlands (0.3%)
 
 
Nederlandse Waterschapsbank NV,
 
 
1.00%, 5/28/30 (b)
$
       376
303
Netherlands Government Bond,
 
 
0.00%, 7/15/30 (b)
EUR
       970
879
2.75%, 1/15/47 (b)
 
        90
100
 
 
 
1,282
New Zealand (0.3%)
 
 
New Zealand Government Bond,
 
 
Series 0530
 
 
4.50%, 5/15/30
NZD
     1,300
794
Series 0534
 
 
4.25%, 5/15/34
 
       900
533
 
 
 
1,327
Nigeria (0.0%)‡
 
 
Africa Finance Corp.,
 
 
4.38%, 4/17/26 (b)
$
       200
186
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Face
Amount
(000)
 
Value
(000)
Norway (0.0%)‡
 
 
Norway Government Bond,
 
 
2.13%, 5/18/32 (b)
NOK
       790
$65
Saudi Arabia (0.2%)
 
 
KSA Sukuk Ltd.,
 
 
4.51%, 5/22/33 (b)
$
       814
801
Singapore (0.1%)
 
 
Singapore Government Bond,
 
 
2.63%, 8/1/32
SGD
       430
307
Spain (0.9%)
 
 
Spain Government Bond,
 
 
0.00%, 5/31/25 - 1/31/28 (b)
EUR
     2,460
2,471
0.70%, 4/30/32 (b)
 
       108
95
1.25%, 10/31/30 (b)
 
       955
907
2.70%, 10/31/48 (b)
 
       410
369
3.45%, 7/30/66 (b)
 
       120
119
3.55%, 10/31/33 (b)
 
       635
699
 
 
 
4,660
Thailand (0.1%)
 
 
Thailand Government Bond,
 
 
2.00%, 12/17/31
THB
    27,000
736
United Kingdom (1.0%)
 
 
United Kingdom Gilt,
 
 
0.38%, 10/22/30
GBP
     1,030
981
0.63%, 10/22/50
 
       930
480
0.88%, 7/31/33
 
     1,030
937
1.25%, 10/22/41
 
     1,150
877
1.63%, 10/22/28
 
       650
709
3.50%, 1/22/45
 
       840
918
 
 
 
4,902
 
 
 
128,109
Supranational (0.9%)
 
 
Asian Development Bank,
 
 
2.13%,5/19/31
NZD
       300
150
Banque Ouest Africaine de Developpement,
 
 
4.70%,10/22/31
$
       240
195
European Investment Bank,
 
 
0.00%,1/14/31
EUR
     1,135
988
0.20%,7/15/24
 
       970
1,022
International Bank for Reconstruction &
Development,
 
 
2.20%,2/27/24
AUD
     3,040
1,993
 
 
 
4,348
U.S. Treasury Securities (5.4%)
 
 
United States (5.4%)
 
 
U.S. Treasury Bonds,
 
 
1.13%, 5/15/40
 
     5,330
3,460
1.25%, 5/15/50
 
       180
101
1.75%, 8/15/41
 
       600
422
2.50%, 2/15/45
 
     2,160
1,673
2.75%, 8/15/47
 
     2,940
2,367
U.S. Treasury Inflation-Indexed Bonds,
1.13%, 1/15/33
 
     6,354
6,092
 
Face
Amount
(000)
 
Value
(000)
 
 
 
U.S. Treasury Notes,
 
 
0.50%, 4/30/27
$
       530
$459
1.13%, 10/31/26
 
     2,210
1,988
1.38%, 11/15/31
 
     5,250
4,330
1.88%, 6/30/26
 
     1,950
1,810
2.13%, 5/15/25
 
     1,390
1,320
2.50%, 5/15/24
 
     2,480
2,418
4.13%, 9/30/27
 
       760
756
 
 
 
27,196
Total Fixed Income Securities (Cost $257,740)
234,054
 
 
Shares

 
Common Stocks (35.6%)
Australia (1.1%)
Ampol Ltd.
 
     1,127
23
ANZ Group Holdings Ltd.
 
    14,231
225
APA Group (Units)
 
     5,675
37
Aristocrat Leisure Ltd.
 
     2,842
74
ASX Ltd.
 
       907
38
Aurizon Holdings Ltd.
 
     8,989
24
BHP Group Ltd.
 
    24,695
742
BlueScope Steel Ltd.
 
     2,214
30
Brambles Ltd.
 
     6,597
63
Cochlear Ltd.
 
       307
47
Coles Group Ltd.
 
     6,336
78
Commonwealth Bank of Australia
 
     8,103
542
Computershare Ltd.
 
     2,604
41
CSL Ltd.
 
     2,295
425
Dexus REIT
 
     5,115
27
Endeavour Group Ltd. (Australia)
 
     6,761
28
Fortescue Metals Group Ltd.
 
     8,130
121
Goodman Group REIT
 
     7,990
107
GPT Group REIT
 
     9,197
25
IDP Education Ltd.
 
       994
15
IGO Ltd.
 
     3,280
33
Insurance Australia Group Ltd.
 
    11,607
44
James Hardie Industries PLC CDI (e)
 
     2,103
56
Lendlease Corp. Ltd. REIT (Units)
 
     3,280
17
Lottery Corp. Ltd.
 
    10,572
36
Macquarie Group Ltd.
 
     1,726
205
Medibank Pvt Ltd.
 
    12,900
30
Mineral Resources Ltd.
 
       831
40
Mirvac Group REIT
 
    18,380
28
National Australia Bank Ltd.
 
    14,946
263
Newcrest Mining Ltd.
 
     4,131
74
Northern Star Resources Ltd.
 
     5,340
43
Orica Ltd.
 
     2,166
21
Origin Energy Ltd.
 
     8,224
46
Pilbara Minerals Ltd.
 
    12,512
41
Qantas Airways Ltd. (e)
 
     4,387
18
QBE Insurance Group Ltd.
 
     7,153
75
Ramsay Health Care Ltd.
 
       861
32
REA Group Ltd.
 
       249
24
Reece Ltd.
 
     1,112
14
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Shares
 Value
(000)
Australia (cont'd)
Rio Tinto Ltd.
 
     1,786
$137
Santos Ltd.
 
    14,775
74
Scentre Group REIT
 
    24,571
43
SEEK Ltd.
 
     1,637
24
Sonic Healthcare Ltd.
 
     2,131
51
South32 Ltd.
 
    21,770
55
Stockland REIT
 
    11,190
30
Suncorp Group Ltd.
 
     6,067
55
Telstra Group Ltd.
 
    19,146
55
Transurban Group (Units)
 
    14,569
139
Treasury Wine Estates Ltd.
 
     3,361
25
Vicinity Ltd. REIT
 
    18,387
23
Washington H Soul Pattinson & Co. Ltd.
 
     1,028
22
Wesfarmers Ltd.
 
     5,375
177
Westpac Banking Corp.
 
    16,762
239
WiseTech Global Ltd.
 
       689
37
Woodside Energy Group Ltd.
 
     9,006
208
Woolworths Group Ltd.
 
     5,764
153
Xero Ltd. (e)
 
       632
51
 
 
 
5,450
Austria (0.1%)
Erste Group Bank AG
 
     6,098
214
OMV AG
 
       776
33
Verbund AG
 
       357
29
Voestalpine AG
 
       620
22
 
 
 
298
Belgium (0.2%)
Ageas SA
 
       823
33
Anheuser-Busch InBev SA
 
     4,448
252
Argenx SE (e)
 
       274
107
D'ieteren Group
 
       130
23
Elia Group SA
 
       168
21
Groupe Bruxelles Lambert NV
 
       513
41
KBC Group NV
 
     4,442
310
Sofina SA
 
        79
16
Solvay SA
 
       385
43
UCB SA
 
       634
56
Umicore SA
 
     1,091
31
Warehouses De Pauw CVA REIT
 
       844
23
 
 
 
956
Canada (1.7%)
Agnico Eagle Mines Ltd.
 
     2,247
112
Air Canada (e)
 
       894
17
Algonquin Power & Utilities Corp.
 
     3,044
25
Alimentation Couche-Tard, Inc.
 
     3,746
192
AltaGas Ltd.
 
     1,404
25
ARC Resources Ltd.
 
     2,870
38
Bank of Montreal
 
     3,121
282
Bank of Nova Scotia
 
     5,451
273
Barrick Gold Corp. (LSE)
 
     6,066
103
Barrick Gold Corp. (NYSE)
 
     1,893
32
BCE, Inc.
 
       364
17
Brookfield Asset Management Ltd., Class A
 
     1,677
55
 
Shares
 Value
(000)
 
Brookfield Corp.
 
     6,532
$220
Brookfield Renewable Corp., Class A
 
       645
20
BRP, Inc.
 
       183
15
CAE, Inc. (e)
 
     1,581
35
Cameco Corp.
 
     1,962
61
Canadian Apartment Properties REIT
 
       420
16
Canadian Imperial Bank of Commerce
 
     4,150
177
Canadian National Railway Co.
 
     2,663
322
Canadian Natural Resources Ltd.
 
     5,068
285
Canadian Pacific Kansas City Ltd.
 
     4,242
343
Canadian Tire Corp. Ltd., Class A
 
       277
38
Canadian Utilities Ltd., Class A
 
       638
17
CCL Industries, Inc., Class B
 
       748
37
Cenovus Energy, Inc.
 
     6,714
114
CGI, Inc. (e)
 
     1,053
111
Constellation Software, Inc.
 
       100
207
Descartes Systems Group, Inc. (e)
 
       426
34
Dollarama, Inc.
 
     1,353
92
Element Fleet Management Corp.
 
     1,897
29
Emera, Inc.
 
     1,228
51
Empire Co. Ltd., Class A
 
       802
23
Enbridge, Inc.
 
     9,181
341
Fairfax Financial Holdings Ltd.
 
       114
85
First Quantum Minerals Ltd.
 
     2,773
66
FirstService Corp.
 
       201
31
Fortis, Inc.
 
     2,174
94
Franco-Nevada Corp.
 
       970
138
George Weston Ltd.
 
       355
42
GFL Environmental, Inc.
 
       910
35
Gildan Activewear, Inc.
 
       914
29
Great-West Lifeco, Inc.
 
     1,307
38
Hydro One Ltd.
 
     1,526
44
IA Financial Corp., Inc.
 
       530
36
IGM Financial, Inc.
 
       411
13
Imperial Oil Ltd.
 
     1,071
55
Intact Financial Corp.
 
       874
135
Ivanhoe Mines Ltd., Class A (e)
 
     2,792
25
Keyera Corp.
 
     1,107
26
Kinross Gold Corp.
 
     5,862
28
Loblaw Cos. Ltd.
 
       809
74
Lundin Mining Corp.
 
     2,960
23
Magna International, Inc.
 
     1,388
78
Manulife Financial Corp.
 
     8,665
164
Metro, Inc.
 
     1,169
66
National Bank of Canada
 
     1,691
126
Northland Power, Inc.
 
     1,221
25
Nutrien Ltd.
 
     2,351
139
Nuvei Corp. (e)
 
       332
10
Onex Corp.
 
       359
20
Open Text Corp.
 
     1,254
52
Pan American Silver Corp.
 
     1,605
23
Parkland Corp.
 
       709
18
Pembina Pipeline Corp.
 
     2,555
80
Power Corp. of Canada
 
     2,464
66
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Shares
 Value
(000)
Canada (cont'd)
Quebecor, Inc., Class B
 
       781
$19
RB Global, Inc.
 
       909
55
Restaurant Brands International, Inc.
 
     1,462
113
RioCan Real Estate Investment Trust REIT
 
       746
11
Rogers Communications, Inc., Class B
 
     1,671
76
Royal Bank of Canada
 
     6,350
606
Saputo, Inc.
 
     1,257
28
Shopify, Inc., Class A (e)
 
     5,583
361
Sun Life Financial, Inc.
 
     2,753
144
Suncor Energy, Inc.
 
     6,213
182
TC Energy Corp.
 
     4,532
183
Teck Resources Ltd., Class B
 
     2,144
90
TELUS Corp.
 
     2,138
42
TFI International, Inc.
 
       393
45
Thomson Reuters Corp.
 
       807
109
TMX Group Ltd.
 
     1,280
29
Toromont Industries Ltd.
 
       423
35
Toronto-Dominion Bank
 
     8,601
533
Tourmaline Oil Corp.
 
     1,611
76
West Fraser Timber Co. Ltd.
 
       294
25
Wheaton Precious Metals Corp.
 
     2,077
90
WSP Global, Inc.
 
       634
84
 
 
 
8,579
China (0.0%)
China Common Rich Renewable Energy
Investments Ltd. (e)
 
    42,000
—
Denmark (0.4%)
AP Moller - Maersk AS Series B
 
        40
70
Carlsberg AS Series B
 
       462
74
Chr Hansen Holding AS
 
       514
36
Coloplast AS Series B
 
       553
69
Danske Bank AS (e)
 
     3,314
81
Demant AS (e)
 
       440
19
DSV AS
 
       910
191
Genmab AS (e)
 
       309
117
Novo Nordisk AS Series B
 
     7,930
1,281
Novozymes AS Series B
 
       996
46
Orsted AS
 
       894
85
Pandora AS
 
       437
39
ROCKWOOL AS, Class B
 
        46
12
Tryg AS
 
     1,713
37
Vestas Wind Systems AS (e)
 
     4,870
129
 
 
 
2,286
Finland (0.1%)
Elisa Oyj
 
       702
37
Fortum Oyj
 
     2,198
29
Kesko Oyj, Class B
 
     1,355
26
Kone Oyj, Class B
 
     1,703
89
Metso Oyj
 
     3,285
40
Neste Oyj
 
     2,084
80
Nokia Oyj
 
    26,376
110
Orion Oyj, Class B
 
       529
22
Sampo Oyj, Class A
 
     2,331
105
 
Shares
 Value
(000)
 
Stora Enso Oyj, Class R
 
     2,728
$32
UPM-Kymmene Oyj
 
     2,610
78
Wartsila Oyj Abp
 
     2,349
26
 
 
 
674
France (2.2%)
Accor SA
 
       854
32
Aeroports de Paris
 
       146
21
Air Liquide SA
 
     2,602
467
Airbus SE
 
     2,925
423
Alstom SA
 
     1,607
48
Amundi SA
 
       308
18
ArcelorMittal SA
 
     2,639
72
Arkema SA
 
       304
29
AXA SA
 
     9,345
276
BioMerieux
 
       209
22
BNP Paribas SA
 
    19,488
1,230
Bollore SE
 
     4,398
27
Bouygues SA
 
     1,120
38
Bureau Veritas SA
 
     1,472
40
Capgemini SE
 
       817
155
Carrefour SA
 
     2,976
56
Cie de Saint-Gobain
 
     2,528
154
Cie Generale des Etablissements Michelin SCA
 
     3,429
101
Covivio SA REIT
 
       241
11
Credit Agricole SA
 
    21,238
252
Danone SA
 
     3,148
193
Dassault Aviation SA
 
       124
25
Dassault Systemes SE
 
     3,306
146
Edenred
 
     1,218
82
Eiffage SA
 
       410
43
Engie SA
 
     9,008
150
EssilorLuxottica SA
 
     1,411
266
Eurazeo SE
 
       219
15
Eurofins Scientific SE
 
       662
42
Euronext NV
 
       427
29
Gecina SA REIT
 
       231
25
Getlink SE
 
     2,181
37
Hermes International
 
       156
339
Ipsen SA
 
       186
22
Kering SA
 
       386
213
Klepierre SA REIT
 
     1,096
27
L'Oreal SA
 
     1,201
560
La Francaise des Jeux SAEM
 
       518
20
Legrand SA
 
     1,369
136
LVMH Moet Hennessy Louis Vuitton SE
 
     1,368
1,290
Orange SA
 
     9,745
114
Pernod Ricard SA
 
     1,024
226
Publicis Groupe SA
 
     1,141
92
Remy Cointreau SA
 
       116
19
Renault SA
 
       989
42
Safran SA
 
     1,688
265
Sanofi
 
     5,622
605
Sartorius Stedim Biotech
 
       135
34
Schneider Electric SE
 
     2,765
502
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Shares
 Value
(000)
France (cont'd)
SEB SA
 
       126
$13
Societe Generale SA
 
    14,016
365
Sodexo SA
 
       396
44
STMicroelectronics NV
 
     3,493
174
Teleperformance
 
       299
50
Thales SA
 
       525
79
TotalEnergies SE
 
    12,290
705
Unibail-Rodamco-Westfield REIT (e)
 
       596
31
Valeo SA
 
     1,061
23
Veolia Environnement SA
 
     3,333
106
Vinci SA
 
     2,626
305
Vivendi SE
 
     3,596
33
Wendel SE
 
       135
14
Worldline SA (e)
 
     1,201
44
 
 
 
11,017
Germany (1.4%)
Adidas AG
 
       803
156
Allianz SE (Registered)
 
     1,997
465
Aroundtown SA (e)
 
     5,304
6
BASF SE
 
     4,604
224
Bayer AG (Registered)
 
     4,831
267
Bayerische Motoren Werke AG
 
     1,664
205
Bayerische Motoren Werke AG (Preference)
 
       296
34
Bechtle AG
 
       413
16
Beiersdorf AG
 
       496
66
Brenntag SE
 
       776
61
Carl Zeiss Meditec AG
 
       201
22
Commerzbank AG
 
    18,809
209
Continental AG
 
       567
43
Covestro AG (e)
 
       987
51
Daimler Truck Holding AG
 
     2,322
84
Delivery Hero SE (e)
 
       878
39
Deutsche Bank AG (Registered)
 
    10,209
107
Deutsche Boerse AG
 
       935
173
Deutsche Lufthansa AG (Registered) (e)
 
     2,971
30
Deutsche Post AG (Registered)
 
     4,958
242
Deutsche Telekom AG (Registered)
 
    15,780
344
Dr Ing hc F Porsche AG (Preference) (e)
 
       566
70
E.ON SE
 
    11,019
141
Evonik Industries AG
 
     1,057
20
Fresenius Medical Care AG & Co. KGaA
 
     1,013
48
Fresenius SE & Co. KGaA
 
     2,081
58
GEA Group AG
 
       755
32
Hannover Rueck SE
 
       297
63
Heidelberg Materials AG
 
       731
60
HelloFresh SE (e)
 
       839
21
Henkel AG & Co. KGaA
 
       514
36
Henkel AG & Co. KGaA (Preference)
 
       883
71
Infineon Technologies AG
 
     6,588
271
Knorr-Bremse AG
 
       371
28
LEG Immobilien SE (e)
 
       378
22
Mercedes-Benz Group AG (Registered)
 
     4,042
325
Merck KGaA
 
       636
105
 
Shares
 Value
(000)
 
MTU Aero Engines AG
 
       264
$69
Muenchener Rueckversicherungs-Gesellschaft AG
in Muenchen (Registered)
 
       689
259
Nemetschek SE
 
       287
21
Porsche Automobil Holding SE (Preference) (e)
 
       768
46
Puma SE
 
       528
32
QIAGEN NV (e)
 
     1,130
51
Rational AG
 
        25
18
Rheinmetall AG
 
       225
62
RWE AG
 
     3,163
138
SAP SE
 
     5,137
702
Sartorius AG (Preference)
 
       119
41
Scout24 SE
 
       404
26
Siemens AG (Registered)
 
     3,852
642
Siemens Energy AG (e)
 
     2,602
46
Siemens Healthineers AG
 
     1,384
78
Symrise AG
 
       660
69
Telefonica Deutschland Holding AG
 
     5,131
14
United Internet AG (Registered)
 
       437
6
Volkswagen AG
 
       146
24
Volkswagen AG (Preference)
 
       931
125
Vonovia SE
 
     3,660
72
Zalando SE (e)
 
     1,132
33
 
 
 
6,789
Hong Kong (0.4%)
AIA Group Ltd.
 
    54,233
551
BOC Hong Kong Holdings Ltd.
 
    17,217
53
Budweiser Brewing Co. APAC Ltd.
 
     7,840
20
CK Asset Holdings Ltd.
 
     8,831
49
CK Hutchison Holdings Ltd.
 
    12,120
74
CK Infrastructure Holdings Ltd.
 
     3,127
17
CLP Holdings Ltd.
 
     8,084
63
ESR Group Ltd.
 
     9,036
16
Futu Holdings Ltd. ADR (e)
 
       303
12
Galaxy Entertainment Group Ltd. (e)
 
    10,678
68
Hang Lung Properties Ltd.
 
    10,028
16
Hang Seng Bank Ltd.
 
     3,588
51
Henderson Land Development Co. Ltd.
 
     7,180
21
HKT Trust & HKT Ltd. (Units)
 
    16,735
20
Hong Kong & China Gas Co. Ltd.
 
    51,453
45
Hong Kong Exchanges & Clearing Ltd.
 
     5,639
214
Hongkong Land Holdings Ltd.
 
     5,140
20
Jardine Matheson Holdings Ltd.
 
       790
40
Link REIT
 
    11,563
64
MTR Corp. Ltd.
 
     7,630
35
New World Development Co. Ltd.
 
     7,479
18
Power Assets Holdings Ltd.
 
     6,877
36
Sands China Ltd. (e)
 
    11,205
38
Sino Land Co. Ltd.
 
    17,499
22
SITC International Holdings Co. Ltd.
 
     6,556
12
Sun Hung Kai Properties Ltd.
 
     7,137
90
Swire Pacific Ltd., Class A
 
     2,354
18
Swire Properties Ltd.
 
     5,372
13
Techtronic Industries Co. Ltd.
 
     6,883
75
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Shares
 Value
(000)
Hong Kong (cont'd)
WH Group Ltd.
 
    37,700
$20
Wharf Real Estate Investment Co. Ltd.
 
     8,388
42
Xinyi Glass Holdings Ltd.
 
     9,483
15
 
 
 
1,848
Ireland (0.1%)
AIB Group PLC
 
     5,428
23
Bank of Ireland Group Plc
 
     5,347
51
CRH PLC
 
     3,875
214
Flutter Entertainment PLC (e)
 
       834
168
Kerry Group PLC, Class A
 
       799
78
Kingspan Group PLC
 
       811
54
Smurfit Kappa Group PLC
 
     1,249
41
 
 
 
629
Israel (0.1%)
Azrieli Group Ltd.
 
       204
12
Bank Hapoalim BM
 
     6,120
50
Bank Leumi Le-Israel BM
 
     7,439
56
Bezeq The Israeli Telecommunication Corp. Ltd.
 
     9,994
12
Check Point Software Technologies Ltd. (e)
 
       482
61
CyberArk Software Ltd. (e)
 
       195
30
Elbit Systems Ltd.
 
       128
27
First International Bank Of Israel Ltd.
 
       266
10
ICL Group Ltd.
 
     3,416
19
Israel Discount Bank Ltd., Class A
 
     5,961
30
Mizrahi Tefahot Bank Ltd.
 
       743
25
Nice Ltd. (e)
 
       306
63
Teva Pharmaceutical Industries Ltd. ADR (e)
 
     5,331
40
Tower Semiconductor Ltd. (e)
 
       527
19
Wix.com Ltd. (e)
 
       275
22
 
 
 
476
Italy (0.7%)
Amplifon SpA
 
       611
22
Assicurazioni Generali SpA
 
     5,463
111
CNH Industrial NV
 
     5,131
74
Davide Campari-Milano NV
 
     2,550
35
DiaSorin SpA
 
       124
13
Enel SpA
 
    39,704
268
Eni SpA
 
    12,269
177
EXOR NV
 
     1,053
94
Ferrari NV
 
       612
200
FinecoBank Banca Fineco SpA
 
    10,576
142
Infrastrutture Wireless Italiane SpA
 
     1,657
22
Intesa Sanpaolo SpA
 
   287,187
753
Mediobanca Banca di Credito Finanziario SpA
 
    10,548
126
Moncler SpA
 
     1,005
69
Nexi SpA (e)
 
     2,933
23
Poste Italiane SpA
 
     2,582
28
Prysmian SpA
 
     1,297
54
Recordati Industria Chimica e Farmaceutica SpA
 
       519
25
Snam SpA
 
     9,696
51
Stellantis NV
 
    11,219
197
Telecom Italia SpA (Milano) (e)
 
    48,813
14
Tenaris SA
 
     2,330
35
 
Shares
 Value
(000)
 
Terna - Rete Elettrica Nazionale
 
     6,804
$58
UniCredit SpA
 
    35,632
829
 
 
 
3,420
Netherlands (0.9%)
ABN AMRO Bank NV CVA
 
     7,345
114
Adyen NV (e)
 
       109
189
Aegon NV
 
     8,952
45
AerCap Holdings NV (e)
 
       828
52
Akzo Nobel NV
 
       915
75
ASM International NV
 
       237
101
ASML Holding NV
 
     2,052
1,488
Coca-Cola Europacific Partners PLC
 
     1,026
66
Heineken Holding NV
 
       570
50
Heineken NV
 
     1,283
132
IMCD NV
 
       290
42
ING Groep NV
 
    67,405
909
JDE Peet's NV
 
       502
15
Just Eat Takeaway.com NV (e)
 
       942
14
Koninklijke Ahold Delhaize NV
 
     5,238
178
Koninklijke DSM NV
 
       890
91
Koninklijke KPN NV
 
    16,431
59
Koninklijke Philips NV (e)
 
     4,634
100
NN Group NV
 
     1,394
52
OCI NV (e)
 
       528
13
Prosus NV (e)
 
     3,992
292
Randstad NV
 
       602
32
Universal Music Group NV
 
     3,653
81
Wolters Kluwer NV
 
     1,267
161
 
 
 
4,351
New Zealand (0.0%)‡
Auckland International Airport Ltd. (e)
 
     5,536
29
EBOS Group Ltd.
 
       712
16
Fisher & Paykel Healthcare Corp. Ltd.
 
     2,530
38
Mercury NZ Ltd.
 
     3,025
12
Meridian Energy Ltd.
 
     5,469
19
Spark New Zealand Ltd.
 
     8,225
26
 
 
 
140
Norway (0.1%)
Adevinta ASA (e)
 
     1,442
10
Aker BP ASA
 
     1,546
36
DNB Bank ASA
 
     4,490
84
Equinor ASA
 
     4,607
134
Gjensidige Forsikring ASA
 
       964
16
Kongsberg Gruppen ASA
 
       425
19
Mowi ASA
 
     2,008
32
Norsk Hydro ASA
 
     6,587
39
Orkla ASA
 
     3,534
25
Salmar ASA
 
       321
13
Telenor ASA
 
     3,361
34
Yara International ASA
 
       800
28
 
 
 
470
Portugal (0.0%)‡
EDP - Energias de Portugal SA
 
    12,507
61
EDP Renovaveis SA
 
     1,091
22
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Shares
 Value
(000)
Portugal (cont'd)
Galp Energia SGPS SA
 
     2,152
$25
Jeronimo Martins SGPS SA
 
     1,254
35
 
 
 
143
Singapore (0.2%)
CapitaLand Ascendas REIT
 
    15,459
31
CapitaLand Ascott Trust REIT (Units)
 
       718
1
CapitaLand Integrated Commercial Trust REIT
 
    24,365
35
Capitaland Investment Ltd.
 
    12,000
29
City Developments Ltd.
 
     1,900
9
DBS Group Holdings Ltd.
 
     8,367
195
Genting Singapore Ltd.
 
    28,160
20
Grab Holdings Ltd., Class A (e)
 
     5,939
20
Jardine Cycle & Carriage Ltd.
 
       482
12
Keppel Corp. Ltd.
 
     6,627
33
Mapletree Logistics Trust REIT
 
    15,380
19
Mapletree Pan Asia Commercial Trust REIT
 
    10,956
13
Oversea-Chinese Banking Corp. Ltd.
 
    15,491
141
Sea Ltd. ADR (e)
 
     1,666
97
Seatrium Ltd. (e)
 
   212,177
20
Singapore Airlines Ltd.
 
     6,172
33
Singapore Exchange Ltd.
 
     3,960
28
Singapore Technologies Engineering Ltd.
 
     7,232
20
Singapore Telecommunications Ltd.
 
    38,144
71
United Overseas Bank Ltd.
 
     5,413
112
UOL Group Ltd.
 
     2,171
10
Venture Corp. Ltd.
 
     1,244
14
Wilmar International Ltd.
 
     8,969
25
 
 
 
988
Spain (0.7%)
Acciona SA
 
       119
20
ACS Actividades de Construccion y Servicios SA
 
     1,070
38
Aena SME SA
 
       367
59
Amadeus IT Group SA (e)
 
     2,246
171
Banco Bilbao Vizcaya Argentaria SA
 
   113,696
874
Banco Santander SA
 
   302,005
1,118
CaixaBank SA
 
    79,213
328
Cellnex Telecom SA (e)
 
     2,749
111
Corp. ACCIONA Energias Renovables SA
 
       329
11
Enagas SA
 
     1,223
24
Endesa SA
 
     1,569
34
Ferrovial SE
 
     2,402
76
Grifols SA (e)
 
     1,490
19
Iberdrola SA
 
    29,935
391
Industria de Diseno Textil SA
 
     5,351
208
Naturgy Energy Group SA
 
       715
21
Redeia Corp. SA
 
     1,997
34
Repsol SA
 
     6,832
99
Siemens Gamesa Renewable Energy SA (e)
 
     1,133
22
Telefonica SA
 
    25,647
104
Telepizza Group SA (e)
 
       156
1
 
 
 
3,763
Sweden (0.5%)
Alfa Laval AB
 
     1,365
50
 
Shares
 Value
(000)
 
Assa Abloy AB, Class B
 
     4,846
$116
Atlas Copco AB, Class A
 
    19,966
273
Boliden AB
 
     1,298
38
Electrolux AB, Class B
 
     1,028
14
Embracer Group AB (e)
 
     3,218
8
Epiroc AB, Class A
 
     4,924
89
EQT AB
 
     1,686
32
Essity AB, Class B
 
     2,805
75
Evolution AB
 
       857
109
Fastighets AB Balder, Class B (e)
 
     3,201
12
Getinge AB, Class B
 
     1,047
18
H & M Hennes & Mauritz AB, Class B
 
     3,370
58
Hexagon AB, Class B
 
     9,249
114
Holmen AB, Class B
 
       441
16
Husqvarna AB, Class B
 
     2,014
18
Industrivarden AB, Class A
 
     1,321
37
Indutrade AB
 
     1,309
29
Investment AB Latour, Class B
 
       704
14
Investor AB, Class A
 
    10,785
215
Kinnevik AB, Class B (e)
 
     1,145
16
L E Lundbergforetagen AB, Class B
 
       353
15
Lifco AB, Class B
 
     1,100
24
Nibe Industrier AB, Class B
 
     7,016
67
Nordea Bank Abp
 
    15,331
167
Sagax AB, Class B
 
       910
18
Sandvik AB
 
     5,066
99
Skandinaviska Enskilda Banken AB, Class A
 
     8,041
89
Skanska AB, Class B
 
     1,609
22
SKF AB, Class B
 
     1,830
32
Svenska Cellulosa AB SCA, Class B
 
     2,841
36
Svenska Handelsbanken AB, Class A
 
     6,831
57
Swedbank AB, Class A
 
     4,193
71
Swedish Orphan Biovitrum AB (e)
 
       774
15
Tele2 AB, Class B
 
     2,626
22
Telefonaktiebolaget LM Ericsson, Class B
 
    13,412
73
Telia Co. AB
 
    12,397
27
Volvo AB, Class A
 
     8,686
181
Volvo Car AB, Class B (e)
 
     3,025
12
 
 
 
2,378
Switzerland (1.5%)
ABB Ltd. (Registered)
 
     7,559
297
Adecco Group AG (Registered)
 
       769
25
Alcon, Inc.
 
     2,403
199
Bachem Holding AG
 
       155
14
Baloise Holding AG (Registered)
 
       216
32
Banque Cantonale Vaudoise (Registered)
 
       139
15
Barry Callebaut AG (Registered)
 
        18
35
BKW AG
 
        97
17
Chocoladefabriken Lindt & Spruengli AG
(Registered)
 
         1
124
Chocoladefabriken Lindt & Sprungli AG
 
         5
63
Cie Financiere Richemont SA (Registered)
 
     2,466
419
Clariant AG (Registered) (e)
 
     1,034
15
EMS-Chemie Holding AG (Registered)
 
        33
25
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Shares
 Value
(000)
Switzerland (cont'd)
Geberit AG (Registered)
 
       173
$91
Givaudan SA (Registered)
 
        44
146
Holcim AG (e)
 
     2,690
181
Julius Baer Group Ltd.
 
     1,021
64
Kuehne & Nagel International AG (Registered)
 
       261
77
Logitech International SA (Registered)
 
       829
50
Lonza Group AG (Registered)
 
       351
210
Nestle SA (Registered)
 
    12,854
1,546
Novartis AG (Registered)
 
    10,108
1,019
Partners Group Holding AG
 
       107
101
Roche Holding AG
 
       125
41
Roche Holding AG (Genusschein)
 
     3,266
998
Schindler Holding AG
 
       200
47
Schindler Holding AG (Registered)
 
       116
26
SGS SA (Registered)
 
       744
70
SIG Group AG (e)
 
     1,426
39
Sika AG (Registered)
 
       712
204
Sonova Holding AG (Registered)
 
       245
65
Straumann Holding AG (Registered)
 
       528
86
Swatch Group AG
 
       137
40
Swatch Group AG (Registered)
 
       246
14
Swiss Life Holding AG (Registered)
 
       146
86
Swiss Prime Site AG (Registered)
 
       365
32
Swiss Re AG
 
     1,435
145
Swisscom AG (Registered)
 
       123
77
Temenos AG (Registered)
 
       304
24
UBS Group AG (Registered)
 
    16,523
335
VAT Group AG
 
       129
53
Zurich Insurance Group AG
 
       703
334
 
 
 
7,481
United Kingdom (2.3%)
3i Group PLC
 
     4,773
118
abrdn PLC
 
    10,049
28
Admiral Group PLC
 
       868
23
Anglo American PLC
 
     6,292
179
Antofagasta PLC
 
     1,959
36
Ashtead Group PLC
 
     2,206
153
Associated British Foods PLC
 
     1,732
44
AstraZeneca PLC
 
     7,450
1,068
Atlassian Corp. Ltd., Class A (e)
 
       400
67
Auto Trader Group PLC
 
     4,658
36
Aviva PLC
 
    13,741
69
BAE Systems PLC
 
    15,001
177
Barclays PLC
 
    76,261
149
Barratt Developments PLC
 
     4,959
26
Berkeley Group Holdings PLC
 
       534
27
BP PLC
 
    87,858
512
British American Tobacco PLC
 
    10,430
347
British Land Co. PLC REIT
 
     4,357
17
BT Group PLC
 
    33,843
53
Bunzl PLC
 
     1,649
63
Burberry Group PLC
 
     1,881
51
Coca-Cola HBC AG (e)
 
       983
29
 
Shares
 Value
(000)
 
Compass Group PLC
 
     8,431
$236
Croda International PLC
 
       686
49
DCC PLC
 
       488
27
Diageo PLC
 
    11,032
474
Dowlais Group PLC (e)
 
     6,827
11
Entain PLC
 
     2,863
46
Evraz PLC (e)
 
     2,495
—
Experian PLC
 
     4,516
173
G4S PLC (e)
 
     6,437
20
Glencore PLC
 
    50,945
289
GSK PLC
 
    19,665
349
Haleon PLC
 
    24,325
100
Halma PLC
 
     1,892
55
Hargreaves Lansdown PLC
 
     1,765
18
Hikma Pharmaceuticals PLC
 
       803
19
HSBC Holdings PLC
 
    97,306
770
Imperial Brands PLC
 
     4,392
97
Informa PLC
 
     7,045
65
InterContinental Hotels Group PLC
 
       860
59
Intertek Group PLC
 
       795
43
J Sainsbury PLC
 
     8,592
29
JD Sports Fashion PLC
 
    12,783
24
Johnson Matthey PLC
 
       912
20
Kingfisher PLC
 
     9,802
29
Land Securities Group PLC REIT
 
     3,477
25
Legal & General Group PLC
 
    29,463
85
Lloyds Banking Group PLC
 
   326,385
181
London Stock Exchange Group PLC
 
     1,843
196
M&G PLC
 
    10,923
27
Melrose Industries PLC
 
     6,706
43
Mondi PLC
 
     2,395
37
National Grid PLC
 
    17,653
234
NatWest Group PLC
 
    26,053
80
Next PLC
 
       641
56
Ocado Group PLC (e)
 
     2,859
21
Paragon Offshore PLC (e)(f)
 
       303
—
Pearson PLC
 
     3,177
33
Persimmon PLC
 
     1,580
21
Phoenix Group Holdings PLC
 
     3,683
25
Prudential PLC
 
    13,487
191
Reckitt Benckiser Group PLC
 
     3,483
262
RELX PLC
 
     9,328
311
Rentokil Initial PLC
 
    12,346
97
Rio Tinto PLC
 
     5,566
354
Rolls-Royce Holdings PLC (e)
 
    40,810
78
Royalty Pharma PLC, Class A
 
       855
26
Sage Group PLC
 
     5,028
59
Schroders PLC
 
     4,369
24
Segro PLC REIT
 
     6,057
55
Severn Trent PLC
 
     1,206
39
Shell PLC
 
    34,463
1,028
Smith & Nephew PLC
 
     4,256
69
Smiths Group PLC
 
     1,737
36
Spirax-Sarco Engineering PLC
 
       370
49
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Shares
 Value
(000)
United Kingdom (cont'd)
SSE PLC
 
     5,233
$123
St. James's Place PLC
 
     2,715
38
Standard Chartered PLC
 
    11,996
104
Taylor Wimpey PLC
 
    17,474
23
Tesco PLC
 
    36,449
115
Unilever PLC CVA
 
    12,368
644
United Utilities Group PLC
 
     3,240
40
Vodafone Group PLC
 
   128,117
121
Whitbread PLC
 
       983
42
WPP PLC
 
     5,339
56
 
 
 
11,322
United States (20.9%)
3M Co.
 
     1,329
133
A O Smith Corp.
 
       352
26
Abbott Laboratories
 
     3,999
436
AbbVie, Inc.
 
     4,065
548
Accenture PLC, Class A
 
     1,607
496
Activision Blizzard, Inc. (e)
 
     1,945
164
Adobe, Inc. (e)
 
     1,243
608
Advance Auto Parts, Inc.
 
       167
12
Advanced Micro Devices, Inc. (e)
 
     3,885
443
AECOM
 
       300
25
AES Corp.
 
     1,614
33
Aflac, Inc.
 
     1,416
99
Agilent Technologies, Inc.
 
       805
97
Air Products & Chemicals, Inc.
 
       610
183
Airbnb, Inc., Class A (e)
 
     1,009
129
Akamai Technologies, Inc. (e)
 
       434
39
Albemarle Corp.
 
       321
72
Alcoa Corp.
 
       480
16
Alexandria Real Estate Equities, Inc. REIT
 
       423
48
Align Technology, Inc. (e)
 
       201
71
Allegion PLC
 
       240
29
Alliant Energy Corp.
 
       590
31
Allstate Corp.
 
       724
79
Ally Financial, Inc.
 
       744
20
Alnylam Pharmaceuticals, Inc. (e)
 
       324
62
Alphabet, Inc., Class A (e)
 
    27,118
3,262
Altria Group, Inc.
 
     4,163
189
Amazon.com, Inc. (e)
 
    22,187
2,892
Amcor PLC
 
     3,490
35
Ameren Corp.
 
       610
50
American Electric Power Co., Inc.
 
     1,214
102
American Express Co.
 
     1,439
251
American Financial Group, Inc.
 
       195
23
American Homes 4 Rent, Class A REIT
 
       858
30
American International Group, Inc.
 
     1,741
100
American Tower Corp. REIT
 
     1,176
228
American Water Works Co., Inc.
 
       500
71
Ameriprise Financial, Inc.
 
       294
98
AmerisourceBergen Corp.
 
       424
82
AMETEK, Inc.
 
       626
101
Amgen, Inc.
 
     1,371
304
 
Shares
 Value
(000)
 
Amphenol Corp., Class A
 
     1,527
$130
Analog Devices, Inc.
 
     1,312
256
Annaly Capital Management, Inc. REIT
 
     1,178
24
ANSYS, Inc. (e)
 
       237
78
Aon PLC, Class A
 
       576
199
APA Corp.
 
       797
27
Apollo Global Management, Inc.
 
     1,090
84
Apple, Inc.
 
    37,789
7,330
Applied Materials, Inc.
 
     2,061
298
Aptiv PLC (e)
 
       738
75
Aramark
 
       639
28
Arch Capital Group Ltd. (e)
 
       989
74
Archer-Daniels-Midland Co.
 
     1,430
108
Ares Management Corp., Class A
 
       421
41
Arista Networks, Inc. (e)
 
       670
109
Arrow Electronics, Inc. (e)
 
       175
25
Arthur J Gallagher & Co.
 
       570
125
Aspen Technology, Inc. (e)
 
        78
13
Assurant, Inc.
 
       147
18
AT&T, Inc.
 
    16,621
265
Atmos Energy Corp.
 
       385
45
Autodesk, Inc. (e)
 
       594
122
Automatic Data Processing, Inc.
 
     1,047
230
AutoZone, Inc. (e)
 
        53
132
AvalonBay Communities, Inc. REIT
 
       386
73
Avantor, Inc. (e)
 
     1,641
34
Avery Dennison Corp.
 
       221
38
Axon Enterprise, Inc. (e)
 
       200
39
Baker Hughes Co.
 
     2,421
77
Ball Corp.
 
       855
50
Bank of America Corp.
 
    17,274
496
Bank of New York Mellon Corp.
 
     1,794
80
Bath & Body Works, Inc.
 
       629
24
Baxter International, Inc.
 
     1,277
58
Becton Dickinson & Co.
 
       676
178
Bentley Systems, Inc., Class B
 
       531
29
Berkshire Hathaway, Inc., Class B (e)
 
     3,151
1,074
Best Buy Co., Inc.
 
       560
46
Bill Holdings, Inc. (e)
 
       253
30
Biogen, Inc. (e)
 
       393
112
BioMarin Pharmaceutical, Inc. (e)
 
       509
44
Bio-Rad Laboratories, Inc., Class A (e)
 
        61
23
Bio-Techne Corp.
 
       430
35
Black Knight, Inc. (e)
 
       430
26
BlackRock, Inc.
 
       414
286
Blackstone, Inc.
 
     1,613
150
Block, Inc., Class A (e)
 
     1,418
94
Boeing Co. (e)
 
     1,528
323
Booking Holdings, Inc. (e)
 
       108
292
Booz Allen Hamilton Holding Corp.
 
       361
40
BorgWarner, Inc.
 
       647
32
Boston Properties, Inc. REIT
 
       403
23
Boston Scientific Corp. (e)
 
     3,315
179
Bristol-Myers Squibb Co.
 
     5,000
320
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Shares
 Value
(000)
United States (cont'd)
Broadcom, Inc.
 
     1,121
$972
Broadridge Financial Solutions, Inc.
 
       321
53
Brown & Brown, Inc.
 
       653
45
Brown-Forman Corp., Class B
 
       753
50
Bunge Ltd.
 
       416
39
Burlington Stores, Inc. (e)
 
       179
28
Cadence Design Systems, Inc. (e)
 
       745
175
Caesars Entertainment, Inc. (e)
 
       587
30
Camden Property Trust REIT
 
       278
30
Campbell Soup Co.
 
       486
22
Capital One Financial Corp.
 
     1,045
114
Cardinal Health, Inc.
 
       640
61
Carlisle Cos., Inc.
 
       141
36
Carlyle Group, Inc.
 
       544
17
CarMax, Inc. (e)
 
       441
37
Carnival Corp. (e)
 
     2,417
46
Carrier Global Corp.
 
     1,912
95
Catalent, Inc. (e)
 
       466
20
Caterpillar, Inc.
 
     1,336
329
Cboe Global Markets, Inc.
 
       292
40
CBRE Group, Inc., Class A (e)
 
       778
63
CDW Corp.
 
       371
68
Celanese Corp.
 
       299
35
Centene Corp. (e)
 
     1,270
86
CenterPoint Energy, Inc.
 
     1,429
42
Ceridian HCM Holding, Inc. (e)
 
       377
25
CF Industries Holdings, Inc.
 
       543
38
CH Robinson Worldwide, Inc.
 
       345
33
Charles River Laboratories International, Inc. (e)
 
       140
29
Charles Schwab Corp.
 
     3,514
199
Charter Communications, Inc., Class A (e)
 
       307
113
Cheniere Energy, Inc.
 
       618
94
Chesapeake Energy Corp.
 
       282
24
Chevron Corp.
 
     4,332
682
Chewy, Inc., Class A (e)
 
       254
10
Chipotle Mexican Grill, Inc. (e)
 
        75
160
Chubb Ltd.
 
     1,030
198
Church & Dwight Co., Inc.
 
       670
67
Cigna Group
 
       737
207
Cincinnati Financial Corp.
 
       410
40
Cintas Corp.
 
       251
125
Cisco Systems, Inc.
 
     9,571
495
Citigroup, Inc.
 
     4,591
211
Citizens Financial Group, Inc.
 
     1,258
33
Clarivate PLC (e)
 
       825
8
Cleveland-Cliffs, Inc. (e)
 
     1,309
22
Clorox Co.
 
       345
55
Cloudflare, Inc., Class A (e)
 
       683
45
CME Group, Inc.
 
       891
165
CMS Energy Corp.
 
       695
41
Coca-Cola Co.
 
     9,454
569
Cognex Corp.
 
       474
27
Cognizant Technology Solutions Corp., Class A
 
     1,309
85
 
Shares
 Value
(000)
 
Coinbase Global, Inc., Class A (e)
 
       337
$24
Colgate-Palmolive Co.
 
     1,887
145
Comcast Corp., Class A
 
    10,120
420
Conagra Brands, Inc.
 
     1,216
41
ConocoPhillips
 
     3,023
313
Consolidated Edison, Inc.
 
       877
79
Constellation Brands, Inc., Class A
 
       439
108
Constellation Energy Corp.
 
       797
73
Contra Abiomed, Inc. (e)
 
        90
—@
Cooper Cos., Inc.
 
       134
51
Copart, Inc. (e)
 
     1,078
98
Corning, Inc.
 
     1,806
63
Corteva, Inc.
 
     1,746
100
CoStar Group, Inc. (e)
 
     1,090
97
Costco Wholesale Corp.
 
     1,115
600
Coterra Energy, Inc.
 
     1,785
45
Crowdstrike Holdings, Inc., Class A (e)
 
       549
81
Crown Castle, Inc. REIT
 
     1,081
123
Crown Holdings, Inc.
 
       330
29
CSX Corp.
 
     4,974
170
Cummins, Inc.
 
       386
95
CVS Health Corp.
 
     3,108
215
Danaher Corp.
 
     1,713
411
Darden Restaurants, Inc.
 
       333
56
Darling Ingredients, Inc. (e)
 
       433
28
Datadog, Inc., Class A (e)
 
       671
66
DaVita, Inc. (e)
 
       152
15
Deere & Co.
 
       793
321
Dell Technologies, Inc., Class C
 
       631
34
Delta Air Lines, Inc. (e)
 
       438
21
Dentsply Sirona, Inc.
 
       585
23
Devon Energy Corp.
 
     1,610
78
Dexcom, Inc. (e)
 
       956
123
Diamondback Energy, Inc.
 
       461
61
Digital Realty Trust, Inc. REIT
 
       783
89
Discover Financial Services
 
       739
86
DISH Network Corp., Class A (e)
 
       678
4
DocuSign, Inc. (e)
 
       549
28
Dollar General Corp.
 
       623
106
Dollar Tree, Inc. (e)
 
       614
88
Dominion Energy, Inc.
 
     1,884
98
Domino's Pizza, Inc.
 
        99
33
DoorDash, Inc., Class A (e)
 
       632
48
Dover Corp.
 
       392
58
Dow, Inc.
 
     1,661
88
DR Horton, Inc.
 
       805
98
Dropbox, Inc., Class A (e)
 
       749
20
DTE Energy Co.
 
       532
59
Duke Energy Corp.
 
     1,718
154
DuPont de Nemours, Inc.
 
     1,262
90
Dynatrace, Inc. (e)
 
       543
28
Eastman Chemical Co.
 
       338
28
Eaton Corp. PLC
 
     1,090
219
eBay, Inc.
 
     1,320
59
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Shares
 Value
(000)
United States (cont'd)
Ecolab, Inc.
 
       703
$131
Edison International
 
       953
66
Edwards Lifesciences Corp. (e)
 
     1,586
150
Elanco Animal Health, Inc. (e)
 
     1,155
12
Electronic Arts, Inc.
 
       660
86
Elevance Health, Inc.
 
       559
248
Eli Lilly & Co.
 
     1,905
893
Emerson Electric Co.
 
     1,409
127
Enphase Energy, Inc. (e)
 
       370
62
Entegris, Inc.
 
       407
45
Entergy Corp.
 
       560
55
EOG Resources, Inc.
 
     1,495
171
EPAM Systems, Inc. (e)
 
       155
35
EQT Corp.
 
       824
34
Equifax, Inc.
 
       339
80
Equinix, Inc. REIT
 
       251
197
Equitable Holdings, Inc.
 
     1,029
28
Equity Lifestyle Properties, Inc. REIT
 
       483
32
Equity Residential REIT
 
       889
59
Erie Indemnity Co., Class A
 
        69
14
Essential Utilities, Inc.
 
       580
23
Essex Property Trust, Inc. REIT
 
       179
42
Estee Lauder Cos., Inc., Class A
 
       638
125
Etsy, Inc. (e)
 
       347
29
Everest Re Group Ltd.
 
       107
37
Evergy, Inc.
 
       530
31
Eversource Energy
 
       853
60
Exact Sciences Corp. (e)
 
       468
44
Exelon Corp.
 
     2,306
94
Expedia Group, Inc. (e)
 
       418
46
Expeditors International of Washington, Inc.
 
       454
55
Extra Space Storage, Inc. REIT
 
       367
55
Exxon Mobil Corp.
 
     9,666
1,037
F5, Inc. (e)
 
       162
24
Factset Research Systems, Inc.
 
       107
43
Fair Isaac Corp. (e)
 
        68
55
Fastenal Co.
 
     1,381
81
FedEx Corp.
 
       586
145
Ferguson PLC
 
       579
91
Fidelity National Financial, Inc.
 
       617
22
Fidelity National Information Services, Inc.
 
     1,555
85
Fifth Third Bancorp
 
     1,679
44
First Citizens BancShares, Inc., Class A
 
        33
42
First Horizon Corp.
 
     1,367
15
First Republic Bank
 
       501
—@
First Solar, Inc. (e)
 
       261
50
FirstEnergy Corp.
 
     1,384
54
Fiserv, Inc. (e)
 
     1,547
195
FleetCor Technologies, Inc. (e)
 
       194
49
FMC Corp.
 
       344
36
Ford Motor Co.
 
     9,552
145
Fortinet, Inc. (e)
 
     1,621
123
Fortive Corp.
 
       826
62
 
Shares
 Value
(000)
 
Fortune Brands Innovations, Inc.
 
       353
$25
Fox Corp., Class A
 
     1,133
38
Franklin Resources, Inc.
 
       815
22
Freeport-McMoRan, Inc.
 
     3,367
135
Gaming and Leisure Properties, Inc. REIT
 
       700
34
Garmin Ltd.
 
       425
44
Gartner, Inc. (e)
 
       220
77
GE HealthCare, Inc.
 
       978
79
Gen Digital, Inc.
 
     1,351
25
Generac Holdings, Inc. (e)
 
       177
26
General Dynamics Corp.
 
     5,597
1,204
General Electric Co.
 
     2,636
290
General Mills, Inc.
 
     1,409
108
General Motors Co.
 
     3,522
136
Genuine Parts Co.
 
       387
65
Gilead Sciences, Inc.
 
     2,919
225
Global Payments, Inc.
 
       652
64
Globe Life, Inc.
 
       254
28
GoDaddy, Inc., Class A (e)
 
       424
32
Goldman Sachs Group, Inc.
 
       835
269
Graco, Inc.
 
       400
35
Halliburton Co.
 
     2,235
74
Hartford Financial Services Group, Inc.
 
       772
56
Hasbro, Inc.
 
       366
24
HCA Healthcare, Inc.
 
       529
161
Healthcare Realty Trust, Inc. REIT
 
       949
18
Healthpeak Properties, Inc. REIT
 
     1,384
28
HEICO Corp.
 
       313
48
Henry Schein, Inc. (e)
 
       374
30
Hershey Co.
 
       405
101
Hess Corp.
 
       756
103
Hewlett Packard Enterprise Co.
 
     3,142
53
HF Sinclair Corp.
 
       341
15
Hilton Worldwide Holdings, Inc.
 
       659
96
Hologic, Inc. (e)
 
       580
47
Home Depot, Inc.
 
     2,424
753
Honeywell International, Inc.
 
     1,529
317
Horizon Therapeutics PLC (e)
 
       599
62
Hormel Foods Corp.
 
       732
29
Host Hotels & Resorts, Inc. REIT
 
     1,747
29
Howmet Aerospace, Inc.
 
       910
45
HP, Inc.
 
     2,347
72
Hubbell, Inc.
 
       147
49
HubSpot, Inc. (e)
 
       124
66
Humana, Inc.
 
       347
155
Huntington Bancshares, Inc.
 
     3,425
37
Huntington Ingalls Industries, Inc.
 
       849
193
IDEX Corp.
 
       206
44
IDEXX Laboratories, Inc. (e)
 
       226
114
Illinois Tool Works, Inc.
 
       846
212
Illumina, Inc. (e)
 
       428
80
Incyte Corp. (e)
 
       518
32
Ingersoll Rand, Inc.
 
     1,091
71
Insulet Corp. (e)
 
       187
54
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Shares
 Value
(000)
United States (cont'd)
Intel Corp.
 
     9,851
$329
Intercontinental Exchange, Inc.
 
     1,323
150
International Business Machines Corp.
 
     2,052
275
International Flavors & Fragrances, Inc.
 
       697
55
International Paper Co.
 
       846
27
Interpublic Group of Cos., Inc.
 
     1,068
41
Intuit, Inc.
 
       724
332
Intuitive Surgical, Inc. (e)
 
       877
300
Invesco Ltd.
 
       936
16
Invitation Homes, Inc. REIT
 
     1,572
54
IQVIA Holdings, Inc. (e)
 
       507
114
Iron Mountain, Inc. REIT
 
       699
40
J M Smucker Co.
 
       294
43
Jack Henry & Associates, Inc.
 
       199
33
Jacobs Solutions, Inc.
 
       348
41
Jazz Pharmaceuticals PLC (e)
 
       172
21
JB Hunt Transport Services, Inc.
 
       233
42
Johnson & Johnson
 
     5,991
992
Johnson Controls International PLC
 
     1,786
122
JPMorgan Chase & Co.
 
     6,967
1,013
Juniper Networks, Inc.
 
       783
25
Kellogg Co.
 
       609
41
Keurig Dr Pepper, Inc.
 
     1,738
54
KeyCorp
 
     2,353
22
Keysight Technologies, Inc. (e)
 
       490
82
Kimberly-Clark Corp.
 
       836
115
Kimco Realty Corp. REIT
 
     1,501
30
Kinder Morgan, Inc.
 
     4,777
82
KKR & Co., Inc.
 
     1,531
86
KLA Corp.
 
       386
187
Knight-Swift Transportation Holdings, Inc.
 
       428
24
Kraft Heinz Co.
 
     1,640
58
Kroger Co.
 
     1,561
73
L3Harris Technologies, Inc.
 
     4,480
877
Laboratory Corp. of America Holdings
 
       247
60
Lam Research Corp.
 
       377
242
Lamb Weston Holdings, Inc.
 
       393
45
Las Vegas Sands Corp. (e)
 
       941
55
Lear Corp.
 
       161
23
Leidos Holdings, Inc.
 
       354
31
Lennar Corp., Class A
 
       705
88
Lennox International, Inc.
 
        87
28
Liberty Broadband Corp., Class C (e)
 
       345
28
Liberty Global PLC Series C (e)
 
     1,129
20
Liberty Media Corp.-Liberty Formula One,
Class C (e)
 
       537
40
Liberty Media Corp.-Liberty SiriusXM, Class A (e)
 
       652
22
Linde PLC
 
     1,263
481
Live Nation Entertainment, Inc. (e)
 
       470
43
LKQ Corp.
 
       714
42
Lockheed Martin Corp.
 
     4,504
2,074
Loews Corp.
 
       549
33
Lowe's Cos., Inc.
 
     1,416
320
 
Shares
 Value
(000)
 
LPL Financial Holdings, Inc.
 
       217
$47
Lucid Group, Inc. (e)
 
     1,110
8
Lululemon Athletica, Inc. (e)
 
       325
123
LyondellBasell Industries NV, Class A
 
       712
65
M&T Bank Corp.
 
       480
59
Marathon Oil Corp.
 
     1,444
33
Marathon Petroleum Corp.
 
     1,143
133
Markel Group, Inc. (e)
 
        36
50
MarketAxess Holdings, Inc.
 
       105
27
Marriott International, Inc., Class A
 
       659
121
Marsh & McLennan Cos., Inc.
 
     1,249
235
Martin Marietta Materials, Inc.
 
       172
79
Marvell Technology, Inc.
 
     2,082
124
Masco Corp.
 
       625
36
Masimo Corp. (e)
 
       131
22
Mastercard, Inc., Class A
 
     2,054
808
Match Group, Inc. (e)
 
       770
32
McCormick & Co., Inc.
 
       590
51
McDonald's Corp.
 
     1,713
511
McKesson Corp.
 
       391
167
Medical Properties Trust, Inc. REIT
 
     1,439
13
Medtronic PLC
 
     3,163
279
MercadoLibre, Inc. (e)
 
       124
147
Merck & Co., Inc.
 
     5,811
671
Meta Platforms, Inc., Class A (e)
 
     5,361
1,538
MetLife, Inc.
 
     1,640
93
Mettler-Toledo International, Inc. (e)
 
        61
80
MGM Resorts International
 
       756
33
Microchip Technology, Inc.
 
     1,313
118
Micron Technology, Inc.
 
     2,583
163
Microsoft Corp.
 
    16,809
5,724
Mid-America Apartment Communities, Inc. REIT
 
       318
48
Moderna, Inc. (e)
 
       862
105
Mohawk Industries, Inc. (e)
 
       141
15
Molina Healthcare, Inc. (e)
 
       160
48
Molson Coors Beverage Co., Class B
 
       530
35
Mondelez International, Inc., Class A
 
     3,146
229
MongoDB, Inc. (e)
 
       179
74
Monolithic Power Systems, Inc.
 
       121
65
Monster Beverage Corp. (e)
 
     1,754
101
Moody's Corp.
 
       453
158
Mosaic Co.
 
       836
29
Motorola Solutions, Inc.
 
       457
134
MSCI, Inc.
 
       221
104
Nasdaq, Inc.
 
       848
42
NetApp, Inc.
 
       599
46
Netflix, Inc. (e)
 
     1,218
537
Neurocrine Biosciences, Inc. (e)
 
       259
24
Newell Brands, Inc.
 
       992
9
Newmont Corp.
 
     1,876
80
News Corp., Class A
 
       958
19
NextEra Energy, Inc.
 
     4,575
339
NIKE, Inc., Class B
 
     3,087
341
NiSource, Inc.
 
     1,013
28
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Shares
 Value
(000)
United States (cont'd)
Nordson Corp.
 
       141
$35
Norfolk Southern Corp.
 
       552
125
Northern Trust Corp.
 
       540
40
Northrop Grumman Corp.
 
     3,146
1,434
Novocure Ltd. (e)
 
       253
10
NRG Energy, Inc.
 
       546
20
Nucor Corp.
 
       702
115
NVIDIA Corp.
 
     5,993
2,535
NVR, Inc. (e)
 
         8
51
NXP Semiconductors NV
 
       720
147
Occidental Petroleum Corp.
 
     1,752
103
Okta, Inc. (e)
 
       405
28
Old Dominion Freight Line, Inc.
 
       267
99
Omnicom Group, Inc.
 
       561
53
ON Semiconductor Corp. (e)
 
     1,184
112
ONEOK, Inc.
 
     1,128
70
Oracle Corp.
 
     3,858
459
O'Reilly Automotive, Inc. (e)
 
       171
163
Otis Worldwide Corp.
 
     1,051
94
Ovintiv, Inc.
 
       600
23
Owens Corning
 
       267
35
PACCAR, Inc.
 
     1,426
119
Packaging Corp. of America
 
       259
34
Palantir Technologies, Inc., Class A (e)
 
     4,152
64
Palo Alto Networks, Inc. (e)
 
       825
211
Paramount Global, Class B
 
     1,577
25
Parker Hannifin Corp.
 
       348
136
Paychex, Inc.
 
       795
89
Paycom Software, Inc.
 
       139
45
Paylocity Holding Corp. (e)
 
       113
21
PayPal Holdings, Inc. (e)
 
     2,597
173
Pentair PLC
 
       453
29
PepsiCo, Inc.
 
     3,184
590
Pfizer, Inc.
 
    12,966
476
PG&E Corp. (e)
 
     3,461
60
Philip Morris International, Inc.
 
     3,642
356
Phillips 66
 
     1,200
114
Pinterest, Inc., Class A (e)
 
     1,384
38
Pioneer Natural Resources Co.
 
       620
128
Plug Power, Inc. (e)
 
     1,418
15
PNC Financial Services Group, Inc.
 
     1,009
127
Pool Corp.
 
       110
41
PPG Industries, Inc.
 
       652
97
PPL Corp.
 
     1,712
45
Principal Financial Group, Inc.
 
       678
51
Procter & Gamble Co.
 
     5,459
828
Progressive Corp.
 
     1,390
184
Prologis, Inc. REIT
 
     2,214
271
Prudential Financial, Inc.
 
       910
80
PTC, Inc. (e)
 
       305
43
Public Service Enterprise Group, Inc.
 
     1,270
80
Public Storage REIT
 
       431
126
Pulte Group, Inc.
 
       639
50
 
Shares
 Value
(000)
 
Qorvo, Inc. (e)
 
       286
$29
QUALCOMM, Inc.
 
     2,689
320
Quanta Services, Inc.
 
       386
76
Quest Diagnostics, Inc.
 
       321
45
Raymond James Financial, Inc.
 
       528
55
Raytheon Technologies Corp.
 
    25,263
2,475
Realty Income Corp. REIT
 
     1,497
90
Regency Centers Corp. REIT
 
       424
26
Regeneron Pharmaceuticals, Inc. (e)
 
       289
208
Regions Financial Corp.
 
     2,241
40
Reliance Steel & Aluminum Co.
 
       200
54
Repligen Corp. (e)
 
       144
20
Republic Services, Inc.
 
       606
93
ResMed, Inc.
 
       401
88
Revvity, Inc.
 
       346
41
Rivian Automotive, Inc., Class A (e)
 
       891
15
Robert Half International, Inc.
 
       305
23
ROBLOX Corp., Class A (e)
 
       952
38
Rockwell Automation, Inc.
 
       313
103
Roku, Inc. (e)
 
       341
22
Rollins, Inc.
 
       505
22
Roper Technologies, Inc.
 
       291
140
Ross Stores, Inc.
 
       859
96
Royal Caribbean Cruises Ltd. (e)
 
       633
66
RPM International, Inc.
 
       354
32
S&P Global, Inc.
 
       838
336
Salesforce, Inc. (e)
 
     2,432
514
SBA Communications Corp. REIT
 
       293
68
Schlumberger NV
 
     3,370
166
Seagate Technology Holdings PLC
 
       546
34
Seagen, Inc. (e)
 
       372
72
Sealed Air Corp.
 
       401
16
SEI Investments Co.
 
       317
19
Sempra Energy
 
       767
112
Sensata Technologies Holding PLC
 
       426
19
ServiceNow, Inc. (e)
 
       551
310
Sherwin-Williams Co.
 
       677
180
Simon Property Group, Inc. REIT
 
       897
104
Sirius XM Holdings, Inc.
 
     1,745
8
Skyworks Solutions, Inc.
 
       446
49
Snap, Inc., Class A (e)
 
     2,722
32
Snap-on, Inc.
 
       146
42
Snowflake, Inc., Class A (e)
 
       597
105
SolarEdge Technologies, Inc. (e)
 
       151
41
Southern Co.
 
     2,552
179
Southwest Airlines Co.
 
       406
15
Splunk, Inc. (e)
 
       438
46
SS&C Technologies Holdings, Inc.
 
       623
38
Stanley Black & Decker, Inc.
 
       406
38
Starbucks Corp.
 
     2,758
273
State Street Corp.
 
       902
66
Steel Dynamics, Inc.
 
       487
53
Steris PLC
 
       272
61
Stryker Corp.
 
       836
255
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Shares
 Value
(000)
United States (cont'd)
Sun Communities, Inc. REIT
 
       340
$44
Synchrony Financial
 
     1,112
38
Synopsys, Inc. (e)
 
       417
182
Sysco Corp.
 
     1,283
95
T Rowe Price Group, Inc.
 
       620
69
Take-Two Interactive Software, Inc. (e)
 
       456
67
Targa Resources Corp.
 
       587
45
Target Corp.
 
     1,175
155
TE Connectivity Ltd.
 
       782
110
Teledyne Technologies, Inc. (e)
 
       128
53
Teleflex, Inc.
 
       129
31
Teradyne, Inc.
 
       428
48
Tesla, Inc. (e)
 
     6,505
1,703
Texas Instruments, Inc.
 
     2,112
380
Texas Pacific Land Corp.
 
        17
22
Textron, Inc.
 
       577
39
Thermo Fisher Scientific, Inc.
 
       982
512
TJX Cos., Inc.
 
     2,784
236
T-Mobile US, Inc. (e)
 
     1,530
213
Toast, Inc., Class A (e)
 
       670
15
Toro Co.
 
       300
30
Tractor Supply Co.
 
       307
68
Trade Desk, Inc., Class A (e)
 
     1,159
89
Tradeweb Markets, Inc., Class A
 
       297
20
Trane Technologies PLC
 
       637
122
TransDigm Group, Inc.
 
       140
125
TransUnion
 
       533
42
Travelers Cos., Inc.
 
       643
112
Trimble, Inc. (e)
 
       684
36
Truist Financial Corp.
 
     3,209
97
Twilio, Inc., Class A (e)
 
       467
30
Tyler Technologies, Inc. (e)
 
       114
47
Tyson Foods, Inc., Class A
 
       784
40
Uber Technologies, Inc. (e)
 
     3,601
155
UDR, Inc. REIT
 
       799
34
UGI Corp.
 
       579
16
U-Haul Holding Co.
 
       232
12
Ulta Beauty, Inc. (e)
 
       140
66
Union Pacific Corp.
 
     1,628
333
United Parcel Service, Inc., Class B
 
     1,752
314
United Rentals, Inc.
 
       192
86
United Therapeutics Corp. (e)
 
       100
22
UnitedHealth Group, Inc.
 
     2,171
1,043
Unity Software, Inc. (e)
 
       683
30
Universal Health Services, Inc., Class B
 
       179
28
US Bancorp
 
     3,363
111
Vail Resorts, Inc.
 
       111
28
Valero Energy Corp.
 
       964
113
Veeva Systems, Inc., Class A (e)
 
       390
77
Ventas, Inc. REIT
 
     1,091
52
VeriSign, Inc. (e)
 
       263
59
Verisk Analytics, Inc.
 
       432
98
Verizon Communications, Inc.
 
     9,748
363
 
Shares
 Value
(000)
 
Vertex Pharmaceuticals, Inc. (e)
 
       600
$211
VF Corp.
 
       832
16
Viatris, Inc.
 
     2,838
28
VICI Properties, Inc. REIT
 
     2,243
70
Visa, Inc., Class A
 
     3,771
896
Vistra Corp.
 
       925
24
VMware, Inc., Class A (e)
 
       580
83
Vulcan Materials Co.
 
       363
82
W R Berkley Corp.
 
       572
34
Walgreens Boots Alliance, Inc.
 
     1,795
51
Walmart, Inc.
 
     3,496
549
Walt Disney Co. (e)
 
     4,252
380
Warner Bros Discovery, Inc. (e)
 
     5,526
69
Waste Connections, Inc.
 
       706
101
Waste Management, Inc.
 
     1,035
179
Waters Corp. (e)
 
       162
43
Webster Financial Corp.
 
       478
18
WEC Energy Group, Inc.
 
       764
67
Wells Fargo & Co.
 
     9,028
385
Welltower, Inc. REIT
 
     1,177
95
West Pharmaceutical Services, Inc.
 
       203
78
Western Digital Corp. (e)
 
       845
32
Westinghouse Air Brake Technologies Corp.
 
       474
52
Westlake Corp.
 
       106
13
WestRock Co.
 
       699
20
Weyerhaeuser Co. REIT
 
     1,821
61
Whirlpool Corp.
 
       152
23
Williams Cos., Inc.
 
     2,939
96
Willis Towers Watson PLC
 
       299
70
Wolfspeed, Inc. (e)
 
       337
19
Workday, Inc., Class A (e)
 
       543
123
WP Carey, Inc. REIT
 
       533
36
WW Grainger, Inc.
 
       125
99
Wynn Resorts Ltd.
 
       297
31
Xcel Energy, Inc.
 
     1,398
87
Xylem, Inc.
 
       493
56
Yum! Brands, Inc.
 
       683
95
Zebra Technologies Corp., Class A (e)
 
       140
41
Zillow Group, Inc., Class C (e)
 
       441
22
Zimmer Biomet Holdings, Inc.
 
       577
84
Zoetis, Inc.
 
     1,094
188
Zoom Video Communications, Inc., Class A (e)
 
       620
42
ZoomInfo Technologies, Inc., Class A (e)
 
       697
18
Zscaler, Inc. (e)
 
       231
34
 
 
 
104,064
 
 
No. of
Rights

 
Rights (0.0%)‡
Sweden (0.0%)‡
Securitas AB, expires 11/17/23 (Cost $24)
 
     2,282
19
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
 
Shares

 Value
(000)
Short-Term Investments (14.4%)
Investment Company (13.8%)
Morgan Stanley Institutional Liquidity Funds —
Government Portfolio — Institutional Class
(g) (Cost $68,723)
 
68,723,461
$68,723
 
 
Face
Amount
(000)

 
 
U.S. Treasury Securities (0.6%)
U.S. Treasury Bill,
 
 
5.01%, 11/30/23 (h)
$
     2,291
2,241
5.33%, 11/30/23 (h)
 
       550
538
5.38%, 11/30/23 (h)
 
       150
147
5.43%, 11/30/23 (h)
 
       150
147
Total U.S. Treasury
Securities (Cost $3,076)
 
 
3,073
Total Short-Term Investments (Cost $71,799)
71,796
Total Investments (96.9%) (Cost $444,336) (i)(j)(k)(l)
483,391
Other Assets in Excess of Liabilities 3.1%
15,264
Net Assets (100.0%)
 
$498,655
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. 
@
Value is less than $500.
‡
Amount is less than 0.05%.
(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
June 30, 2023. For securities based on a published reference rate and
spread, the reference rate and spread are indicated in the description
in the Consolidated Portfolio of Investments. Certain variable rate
securities may not be based on a published reference rate and spread
but are determined by the issuer or agent and are based on current
market conditions. These securities do not indicate a reference rate
and spread in their description in the Consolidated Portfolio of
Investments.
(d)
Perpetual - One or more securities do not have a predetermined
maturity date. Rates for these securities are fixed for a period of time
after which they revert to a floating rate. Interest rates in effect are as
of June 30, 2023.
(e)
Non-income producing security.
(f)
At June 30, 2023, the Fund held a fair valued security valued at $0,
representing 0.0% of net assets. This security has been fair valued as
determined in good faith under procedures established by and under
the general supervision of the Trust’s (as defined herein) Trustees.
(g)
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 nine
months ended June 30, 2023, advisory fees paid were reduced by
approximately $87,000 relating to the Fund's investment in the
Liquidity Funds.
(h)
Rate shown is the yield to maturity at June 30, 2023.
(i)
The approximate fair value and percentage of net assets,
$64,216,000 and 12.9%, respectively, represent the securities that
have been fair valued under the fair valuation policy for international
investments as described in Note A-1 within the Notes to the
Consolidated Portfolio of Investments.
(j)
Securities are available for collateral in connection with securities
purchased on a forward commitment basis, open foreign currency
forward exchange contracts, futures contracts and swap agreements.
(k)
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 nine months ended June 30, 2023, the
Fund did not engage in any cross-trade transactions.
(l)
At June 30, 2023, the aggregate cost for federal income tax purposes
approximates the aggregate cost for book purposes. The aggregate
gross unrealized appreciation is approximately $78,405,000 and the
aggregate gross unrealized depreciation is approximately
$36,438,000, resulting in net unrealized appreciation of approximately
$41,967,000.
 
ADR
American Depositary Receipt.
CDI
CHESS Depositary Interest.
CLO
Collateralized Loan Obligation.
CVA
Certificaten Van Aandelen.
DAC
Designated Activity Company.
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
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at June 30, 2023:
Counterparty
Contracts
to Deliver
(000)
In
Exchange
For
(000)
Delivery
Date
Unrealized
Appreciation
(Depreciation)
(000)
Bank of America NA
CNH
3,538
$
498
9/14/23
$8
Bank of America NA
GBP
238
$
301
8/10/23
(1
)
Bank of America NA
PLN
252
$
60
9/14/23
(1
)
Bank of America NA
$
140
ILS
496
9/14/23
(6
)
Bank of America NA
$
954
JPY
131,445
9/14/23
(33
)
Bank of America NA
$
57
SEK
607
9/14/23
(—@
)
Barclays Bank PLC
EUR
1,383
$
1,501
9/14/23
(13
)
Barclays Bank PLC
HKD
4
$
1
9/14/23
—@
Barclays Bank PLC
JPY
147,156
$
1,067
8/10/23
42
Barclays Bank PLC
NZD
818
$
514
8/10/23
12
Barclays Bank PLC
THB
14,195
$
413
8/10/23
11
Barclays Bank PLC
THB
10,785
$
311
8/10/23
6
Barclays Bank PLC
$
554
EUR
513
8/10/23
7
Barclays Bank PLC
$
2,367
JPY
326,287
9/14/23
(81
)
Barclays Bank PLC
$
68
MXN
1,186
8/10/23
1
Barclays Bank PLC
$
332
MXN
5,830
9/14/23
4
Barclays Bank PLC
$
1,799
SEK
19,174
9/14/23
(16
)
BNP Paribas SA
CAD
487
$
367
9/14/23
(1
)
BNP Paribas SA
CNH
1,336
$
188
9/14/23
3
BNP Paribas SA
EUR
1,132
$
1,229
9/14/23
(11
)
BNP Paribas SA
EUR
1,753
$
1,925
8/10/23
9
BNP Paribas SA
EUR
168
$
184
8/10/23
—@
BNP Paribas SA
GBP
48
$
61
9/14/23
(—
@)
BNP Paribas SA
HKD
299
$
38
9/14/23
—@
BNP Paribas SA
IDR
8,489,705
$
567
8/10/23
—@
BNP Paribas SA
INR
6,880
$
83
9/14/23
(1
)
BNP Paribas SA
JPY
191,447
$
1,348
9/14/23
6
BNP Paribas SA
JPY
56,846
$
395
8/10/23
(1
)
BNP Paribas SA
NZD
886
$
547
8/10/23
3
BNP Paribas SA
$
170
AUD
254
9/14/23
—@
BNP Paribas SA
$
4,168
CNY
28,661
8/10/23
(207
)
BNP Paribas SA
$
57
COP
242,881
9/14/23
—@
BNP Paribas SA
$
211
COP
892,795
8/10/23
1
BNP Paribas SA
$
184
EUR
168
7/5/23
(—
@)
BNP Paribas SA
$
33
GBP
26
8/10/23
(—
@)
BNP Paribas SA
$
562
JPY
80,274
9/14/23
1
BNP Paribas SA
$
2,858
MXN
50,138
9/14/23
32
Citibank NA
$
1,016
CHF
900
8/10/23
(7
)
Citibank NA
$
293
CNY
2,070
8/10/23
(7
)
Citibank NA
$
10
CZK
229
9/14/23
—@
Citibank NA
$
64
ILS
228
9/14/23
(3
)
Credit Agricole CIB
$
430
SGD
569
8/10/23
(9
)
Goldman Sachs International
BRL
103,646
$
20,784
9/14/23
(588
)
Goldman Sachs International
BRL
1,955
$
401
9/14/23
(2
)
Goldman Sachs International
DKK
62
$
9
9/14/23
(—
@)
Goldman Sachs International
HKD
—@
$
—@
9/14/23
(—
@)
Goldman Sachs International
NOK
583
$
55
9/14/23
1
Goldman Sachs International
NZD
253
$
156
9/14/23
1
Goldman Sachs International
SGD
83
$
62
9/14/23
1
Goldman Sachs International
$
187
AUD
274
9/14/23
(4
)
Goldman Sachs International
$
13,663
BRL
66,930
9/14/23
138
Goldman Sachs International
$
1,490
CHF
1,336
9/14/23
14
Goldman Sachs International
$
93
CLP
74,031
9/14/23
(1
)
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Foreign Currency Forward Exchange Contracts: (cont'd)
 
Counterparty
Contracts
to Deliver
(000)
In
Exchange
For
(000)
Delivery
Date
Unrealized
Appreciation
(Depreciation)
(000)
Goldman Sachs International
$
13
CZK
278
9/14/23
—@
Goldman Sachs International
$
301
JPY
41,623
8/10/23
$(11
)
Goldman Sachs International
$
3,891
JPY
536,423
9/14/23
(133
)
Goldman Sachs International
$
641
MXN
11,239
9/14/23
7
Goldman Sachs International
$
89
NOK
943
8/10/23
(1
)
Goldman Sachs International
$
2
NOK
17
8/10/23
(—
@)
Goldman Sachs International
$
110
PEN
411
8/10/23
3
Goldman Sachs International
$
358
PLN
1,497
8/10/23
10
Goldman Sachs International
$
482
SEK
5,139
9/14/23
(4
)
JPMorgan Chase Bank NA
CAD
127
$
96
9/14/23
(—
@)
JPMorgan Chase Bank NA
CHF
136
$
153
9/14/23
—@
JPMorgan Chase Bank NA
EUR
2,058
$
2,249
9/14/23
(4
)
JPMorgan Chase Bank NA
EUR
2,590
$
2,831
9/14/23
(6
)
JPMorgan Chase Bank NA
EUR
2,860
$
3,125
9/14/23
(7
)
JPMorgan Chase Bank NA
EUR
1,064
$
1,165
9/14/23
—@
JPMorgan Chase Bank NA
GBP
463
$
585
9/14/23
(4
)
JPMorgan Chase Bank NA
GBP
167
$
212
8/10/23
—@
JPMorgan Chase Bank NA
GBP
79
$
101
8/10/23
—@
JPMorgan Chase Bank NA
GBP
246
$
312
9/14/23
—@
JPMorgan Chase Bank NA
JPY
14,697
$
107
8/10/23
4
JPMorgan Chase Bank NA
NOK
449
$
42
9/14/23
—@
JPMorgan Chase Bank NA
NZD
4,028
$
2,479
9/14/23
8
JPMorgan Chase Bank NA
NZD
401
$
246
9/14/23
(—
@)
JPMorgan Chase Bank NA
SGD
131
$
98
9/14/23
1
JPMorgan Chase Bank NA
$
1,838
AUD
2,700
9/14/23
(36
)
JPMorgan Chase Bank NA
$
1,001
CHF
898
9/14/23
9
JPMorgan Chase Bank NA
$
208
EUR
189
9/14/23
(1
)
JPMorgan Chase Bank NA
$
101
GBP
79
7/5/23
(—
@)
JPMorgan Chase Bank NA
$
2,979
JPY
395,784
8/10/23
(221
)
JPMorgan Chase Bank NA
$
2,281
JPY
314,483
9/14/23
(78
)
JPMorgan Chase Bank NA
$
47
JPY
6,584
8/10/23
(1
)
JPMorgan Chase Bank NA
$
681
MXN
11,948
9/14/23
8
JPMorgan Chase Bank NA
$
163
SEK
1,739
9/14/23
(1
)
Standard Chartered Bank
NZD
320
$
197
9/14/23
1
State Street Bank and Trust Co.
EUR
234
$
254
9/14/23
(2
)
UBS AG
AUD
2,116
$
1,424
8/10/23
13
UBS AG
CAD
870
$
647
8/10/23
(10
)
UBS AG
CAD
192
$
144
9/14/23
(—
@)
UBS AG
CNY
112,923
$
15,988
9/14/23
321
UBS AG
DKK
493
$
73
8/10/23
1
UBS AG
DKK
370
$
54
9/14/23
(—@
)
UBS AG
EUR
422
$
454
8/10/23
(8
)
UBS AG
EUR
401
$
433
8/10/23
(5
)
UBS AG
EUR
2,377
$
2,580
9/14/23
(23
)
UBS AG
HKD
4
$
1
9/14/23
—@
UBS AG
HUF
37,953
$
108
8/10/23
(2
)
UBS AG
HUF
58,917
$
168
8/10/23
(3
)
UBS AG
HUF
11
$
—@
8/10/23
(—
@)
UBS AG
HUF
36,924
$
106
8/10/23
(1
)
UBS AG
HUF
10,170
$
29
8/10/23
(—
@)
UBS AG
HUF
14,234
$
41
8/10/23
(—
@)
UBS AG
HUF
28,218
$
81
8/10/23
(1
)
UBS AG
IDR
8,548,434
$
579
8/10/23
9
UBS AG
IDR
419,892
$
28
9/14/23
—@
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Foreign Currency Forward Exchange Contracts: (cont'd)
 
Counterparty
Contracts
to Deliver
(000)
In
Exchange
For
(000)
Delivery
Date
Unrealized
Appreciation
(Depreciation)
(000)
UBS AG
KRW
38,468
$
30
9/14/23
1
UBS AG
MXN
18,781
$
1,037
8/10/23
$(52
)
UBS AG
NZD
13,134
$
8,083
9/14/23
25
UBS AG
SGD
423
$
316
8/10/23
3
UBS AG
THB
549
$
16
9/14/23
—@
UBS AG
TRY
458
$
18
9/14/23
1
UBS AG
$
17
AUD
25
8/10/23
—@
UBS AG
$
215
AUD
316
9/14/23
(4
)
UBS AG
$
68
CAD
92
8/10/23
2
UBS AG
$
138
HUF
47,799
8/10/23
1
UBS AG
$
14
HUF
4,751
9/14/23
—@
UBS AG
$
1,906
KRW
2,515,849
8/10/23
7
UBS AG
$
1,373
MXN
24,090
9/14/23
15
UBS AG
$
20
NZD
32
8/10/23
—@
UBS AG
$
141
RON
632
8/10/23
(2
)
UBS AG
$
688
SEK
6,999
8/10/23
(38
)
UBS AG
$
186
SEK
1,985
9/14/23
(2
)
UBS AG
$
617
THB
20,723
8/10/23
(30
)
UBS AG
$
55
TWD
1,669
9/14/23
(1
)
UBS AG
ZAR
1,082
$
58
9/14/23
1
Westpac Banking Corp.
$
4,393
EUR
3,964
8/10/23
(59
)
 
 
 
 
 
 
$(992
)
 
Futures Contracts:
The Fund had the following futures contracts open at June 30, 2023:
 
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
Long:
 
 
 
 
German Euro-BTP Index (Germany)
19
Sep-23
EUR
1,900
$2,407
$41
German Euro-Bobl Index (Germany)
19
Sep-23
 
1,900
2,399
(21
)
German Euro-Schatz Index (Germany)
136
Sep-23
 
13,600
15,560
(111
)
ICE Brent Crude Oil Index (United States)
60
Oct-23
$
60
4,495
(286
)
KFE 10 yr. Treasury Bond (Korea,
Republic of)
24
Sep-23
KRW
2,400,000
2,021
(6
)
Long Gilt Index (United Kingdom)
2
Sep-23
GBP
200
242
(1
)
MSCI Emerging Market Index
(United States)
42
Sep-23
$
2
2,096
(23
)
Montreal Exchange 10 yr. Canadian Bond
(Canada)
7
Sep-23
CAD
700
647
10
Nikkei 225 Index (United States)
15
Sep-23
JPY
8
1,738
72
SFE 10 yr. Australian Bond (Australia)
152
Sep-23
AUD
15,200
11,763
(100
)
SGX MSCI Singapore Index (Singapore)
2
Jul-23
SGD
—@
43
—@
TSE TOPIX Index (Japan)
25
Sep-23
JPY
250
3,964
119
U.S. Treasury 5 yr. Note (United States)
71
Sep-23
$
7,100
7,604
(161
)
U.S. Treasury 10 yr. Note (United States)
43
Sep-23
 
4,300
4,827
(20
)
U.S. Treasury Long Bond (United States)
15
Sep-23
 
1,500
1,904
(7
)
Short:
 
 
 
 
Euro Stoxx 50 Index (Germany)
48
Sep-23
EUR
(—@)
(2,319
)
(7
)
FTSE 100 Index (United Kingdom)
5
Sep-23
GBP
(—@)
(479
)
2
German Euro-BTP Index (Germany)
105
Sep-23
EUR
(10,500)
(13,304
)
(68
)
German Euro-Bund Index (Germany)
55
Sep-23
 
(5,500)
(8,027
)
20
German Short Euro-BTP Index (Germany)
36
Sep-23
 
(3,600)
(4,111
)
26
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Futures Contracts: (cont'd)
 
 
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
S&P 500 E Mini Index (United States)
64
Sep-23
$
(3)
$(14,362
)
$(409
)
TSE Japanese 10 yr. Bond index (Japan)
53
Sep-23
JPY
(5,300,000)
(54,563
)
(217
)
U.S. Treasury 5 yr. Note (United States)
181
Sep-23
$
(18,100)
(19,384
)
390
U.S. Treasury 10 yr. Ultra Note
(United States)
60
Sep-23
 
(6,000)
(7,106
)
53
 
 
 
 
 
$(704
)
 
Interest Rate Swap Agreements:
The Fund had the following interest rate swap agreements open at June 30, 2023:
Swap
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Fixed Rate
Payment
Frequency
Paid/
Received
Maturity
Date
Notional
Amount
(000)
Value
(000)
Upfront
Payment
Paid
(Received)
(000)
Unrealized
Appreciation
(Depreciation)
(000)
Morgan Stanley & Co. LLC*
1 Week CNY
Pay
2.56
%
Quarterly/
Quarterly
5/16/28
CNY
70,937
$80
$—
$80
Morgan Stanley & Co. LLC*
1 Week CNY
Pay
2.56
Quarterly/
Quarterly
5/16/28
 
70,937
79
—
79
Morgan Stanley & Co. LLC*
1 Month TIIE
Pay
6.68
Monthly/
Monthly
6/29/26
MXN
32,653
(121
)
—
(121
)
Morgan Stanley & Co. LLC*
1 Month TIIE
Pay
6.68
Monthly/
Monthly
6/29/26
 
32,653
(119
)
—
(119
)
Morgan Stanley & Co. LLC*
1 Month TIIE
Pay
7.36
Monthly/
Monthly
12/22/26
 
57,378
(144
)
—
(144
)
Morgan Stanley & Co. LLC*
1 Month TIIE
Pay
7.38
Monthly/
Monthly
12/22/26
 
57,378
(143
)
—
(143
)
Morgan Stanley & Co. LLC*
1 Month TIIE
Pay
9.96
Monthly/
Monthly
2/26/26
 
108,941
113
—
113
Morgan Stanley & Co. LLC*
1 Month TIIE
Pay
9.96
Monthly/
Monthly
2/26/26
 
108,941
112
—
112
Morgan Stanley & Co. LLC*
1 Month TIIE
Pay
10.02
Monthly/
Monthly
2/26/26
 
107,315
121
—
121
 
 
 
 
 
 
$(22
)
$—
$(22
)
 
Total Return Swap Agreements:
The Fund had the following total return swap agreements open at June 30, 2023:
Swap Counterparty
Index
Pay/
Receive
Total Return
of Reference
Index
Floating Rate
Payment
Frequency
Maturity
Date
Notional
Amount
(000)
Value
(000)
Upfront
Payment
Paid
(Received)
(000)
Unrealized
Appreciation
(Depreciation)
(000)
Barclays Bank PLC
E&P Index
Pay
SOFR + 0.20%
Quarterly
4/10/24
$
(929
)
$10
$—
$10
Barclays Bank PLC
E&P Index
Pay
SOFR + 0.20%
Quarterly
4/10/24
 
(2,132
)
28
—
28
Barclays Bank PLC
MSCI Daily Total Return
World Gross Consumer
Staples Index
Receive
SOFR + 0.10%
Quarterly
5/20/24
 
5,247
141
—
141
Barclays Bank PLC
MSCI World Tobacco Index
Pay
SOFR + 0.25%
Quarterly
5/20/24
 
(5,283
)
(20
)
—
(20
)
BNP Paribas SA
BNP EU Luxury Index††
Receive
SOFR + 0.24%
Quarterly
5/30/24
 
2,749
(113
)
—
(113
)
BNP Paribas SA
BNP EU Luxury Index††
Receive
SOFR + 0.24%
Quarterly
5/30/24
 
4,955
(311
)
—
(311
)
BNP Paribas SA
EMU IMI Anti-Value Index††
Receive
SOFR + 0.04%
Quarterly
9/28/23
EUR
3,563
(92
)
—
(92
)
BNP Paribas SA
EMU IMI Anti-Value Index††
Receive
SOFR + 0.04%
Quarterly
9/28/23
 
3,550
(91
)
—
(91
)
BNP Paribas SA
EMU IMI Anti-Value Index††
Receive
SOFR + 0.04%
Quarterly
9/28/23
 
3,562
(92
)
—
(92
)
BNP Paribas SA
EMU IMI Anti-Value Index††
Receive
SOFR + 0.04%
Quarterly
9/28/23
 
3,559
(92
)
—
(92
)
BNP Paribas SA
EMU IMI Anti-Value Index††
Receive
SOFR + 0.04%
Quarterly
9/28/23
 
3,672
(95
)
—
(95
)
BNP Paribas SA
EMU IMI Value Index††
Pay
SOFR + 0.42%
Quarterly
9/28/23
 
(3,618
)
59
—
59
BNP Paribas SA
EMU IMI Value Index††
Pay
SOFR + 0.42%
Quarterly
9/28/23
 
(3,583
)
58
—
58
BNP Paribas SA
EMU IMI Value Index††
Pay
SOFR + 0.42%
Quarterly
9/28/23
 
(3,560
)
58
—
58
BNP Paribas SA
EMU IMI Value Index††
Pay
SOFR + 0.42%
Quarterly
9/28/23
 
(3,532
)
58
—
58
BNP Paribas SA
EMU IMI Value Index††
Pay
SOFR + 0.42%
Quarterly
9/28/23
 
(3,514
)
57
—
57
BNP Paribas SA
MSCI Japan Net Total
Return Index
Pay
SOFR + 0.01%
Quarterly
2/12/24
$
(15,422
)
563
—
563
BNP Paribas SA
MSCI USA Index
Pay
SOFR + 0.35%
Quarterly
7/14/23
 
(42,075
)
3,447
—
3,447
Goldman Sachs
International
MSCI Emerging Markets
Net Total Return Index
Pay
SOFR + 0.21%
Quarterly
1/26/24
 
(30,058
)
355
—
355
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
Total Return Swap Agreements: (cont'd)
 
Swap Counterparty
Index
Pay/
Receive
Total Return
of Reference
Index
Floating Rate
Payment
Frequency
Maturity
Date
Notional
Amount
(000)
Value
(000)
Upfront
Payment
Paid
(Received)
(000)
Unrealized
Appreciation
(Depreciation)
(000)
Goldman Sachs
International
MSCI USA Index
Pay
SOFR + 0.30%
Quarterly
9/22/23
$
(43,172
)
$695
$—
$695
JPMorgan Chase Bank NA
Japan Growth Index††
Receive
SOFR + 0.19%
Quarterly
6/26/24
 
7,805
235
—
235
JPMorgan Chase Bank NA
Japan Value Index††
Pay
SOFR + 0.00%
Quarterly
6/26/24
 
(7,844
)
(183
)
—
(183
)
JPMorgan Chase Bank NA
JPM SPX 1500 Growth
Index††
Receive
SOFR + 0.05%
Quarterly
6/12/24
 
3,559
(72
)
—
(72
)
JPMorgan Chase Bank NA
JPM SPX 1500 Growth
Index††
Receive
SOFR + 0.05%
Quarterly
6/12/24
 
5,409
(86
)
—
(86
)
JPMorgan Chase Bank NA
JPM SPX 1500 Value
Index††
Pay
SOFR + 0.05%
Quarterly
6/12/24
 
(3,547
)
59
—
59
JPMorgan Chase Bank NA
JPM SPX 1500 Value
Index††
Pay
SOFR + 0.05%
Quarterly
6/12/24
 
(5,418
)
66
—
66
JPMorgan Chase Bank NA
JPM SPX Broad Growth
Index††
Receive
SOFR + 0.05%
Quarterly
6/12/24
 
3,318
(73
)
—
(73
)
JPMorgan Chase Bank NA
JPM SPX Broad Growth
Index††
Receive
SOFR + 0.05%
Quarterly
6/12/24
 
5,053
(80
)
—
(80
)
JPMorgan Chase Bank NA
JPM SPX Broad Value
Index††
Pay
SOFR + 0.05%
Quarterly
6/12/24
 
(3,309
)
52
—
52
JPMorgan Chase Bank NA
JPM SPX Broad Value
Index††
Pay
SOFR + 0.05%
Quarterly
6/12/24
 
(5,047
)
60
—
60
JPMorgan Chase Bank NA
Korea Growth Index
Receive
SOFR + 0.30%
Quarterly
6/25/24
 
1,940
93
—
93
JPMorgan Chase Bank NA
Korea Value Index
Pay
SOFR + 0.16%
Quarterly
6/25/24
 
(1,946
)
(64
)
—
(64
)
 
 
 
 
 
 
 
$4,630
$—
$4,630
 
††
See tables below for details of the equity basket holdings underlying the swaps.
 
 
The following table represents the equity basket holdings underlying the
total return swap with BNP EU Luxury Index as of June 30, 2023:
Security Description
Shares
Value
(000)
Index Weight
BNP EU Luxury Index
Brunello Cucinelli SpA
199
$18
1.73
%
Burberry Group PLC
1,109
31
2.96
Cie Financiere Richemo - Class A Reg
1,319
218
21.14
Hermes International
93
194
18.86
Hugo Boss AG
210
16
1.55
Kering SA
342
192
18.65
LVMH Moet Hennessy Louis
Vuitton SE
239
220
21.30
Moncler SpA
813
57
5.49
Salvatore Ferragamo SpA
530
9
0.84
Swatch Group AG
150
43
4.18
Tapestry, Inc.
693
30
2.89
Tod's SpA
104
4
0.42
 
The following table represents the equity basket holdings underlying the
total return swap with EMU IMI Anti-Value Index as of June 30, 2023:
Security Description
Shares
Value
(000)
Index Weight
EMU IMI Anti-Value Index
 
Adidas AG
46
$8
0.86
%
Adyen NV
7
10
1.07
AIB Group PLC
2,274
9
0.93
Air Liquide SA
51
8
0.85
Airbus SE
61
8
0.81
Akzo Nobel NV
111
8
0.82
Allfunds Group PLC
1,483
9
0.89
Amplifon SpA
234
8
0.81
ASM International NV
23
9
0.90
ASML Holding NV
14
9
0.92
 
Security Description
Shares
Value
(000)
Index Weight
EMU IMI Anti-Value Index (cont'd)
 
Auto1 Group SE
1,089
$8
0.87
%
Banca Generali SpA
307
9
0.97
Barco NV
339
8
0.81
Bawag Group AG
194
8
0.87
CA Immobilien Anlagen AG
349
9
0.92
Credit Agricole SA
782
8
0.86
CTS Eventim AG & Co. KGaA
140
8
0.82
Dassault Systemes SE
257
10
1.06
Davide Campari-Milano NV
650
8
0.82
Delivery Hero SE
236
8
0.87
Deutsche Boerse AG
49
8
0.85
Edenred
171
10
1.06
Evotec SE
383
8
0.81
Ferrari NV
29
8
0.85
Flutter Entertainment PLC
44
8
0.82
Galapagos NV
211
8
0.81
Gecina SA
90
9
0.89
Getlink SE
498
8
0.81
Groupe Bruxelles Lambert NV
114
8
0.85
Hannover Rueck SE
43
8
0.84
Industrie De Nora SpA
452
9
0.91
ING Groep NV
723
9
0.90
Inmobiliaria Colonial Socimi SA
1,487
8
0.85
Inpost SA
826
8
0.83
Interparfums SA
109
8
0.81
MARR SpA
551
8
0.81
Nemetschek SE
148
10
1.06
Redcare Pharmacy NV
84
8
0.81
Safran SA
56
8
0.81
Salcef Group SpA
364
8
0.87
Schneider Electric SE
52
8
0.85
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Security Description
Shares
Value
(000)
Index Weight
EMU IMI Anti-Value Index (cont'd)
 
Scout24 SE
146
$9
0.88
%
SES Imagotag
84
14
1.45
Siemens AG - Reg
53
9
0.88
Siemens Energy AG
362
8
0.87
Tomtom NV
1,281
9
0.91
Verbio Vereinigte Bioenergie AG
201
8
0.80
Voltalia SA - Reg
528
8
0.83
Vonovia SE
468
8
0.85
Warehouses De Pauw SA
311
8
0.80
 
The following table represents the equity basket holdings underlying the
total return swap with EMU IMI Value Index as of June 30, 2023:
Security Description
Shares
Value
(000)
Index Weight
EMU IMI Value Index
 
Acerinox SA
892
$9
0.92
%
Air France-KLM
5,105
9
0.95
Aperam
261
8
0.86
Applus Services SA
1,080
10
1.02
Atos SE
830
11
1.14
Banca Monte dei Paschi di Siena SpA
3,640
8
0.88
Bayerische Motoren Werke AG
73
8
0.83
Bekaert NV
204
8
0.87
Beneteau
587
9
0.92
Bouygues SA
305
9
0.94
Bper Banca
3,112
9
0.89
Cancom SE
312
9
0.93
Casino Guichard Perrachon SA
1,176
9
0.98
Clariane SE
1,241
8
0.88
Compagnie De Saint Gobain
190
10
1.07
Construcciones y Auxiliar de
Ferrocarriles
364
11
1.17
Daimler Truck Holding AG
322
10
1.03
Dalata Hotel Group PLC
1,736
8
0.84
Dermapharm Holding SE
207
9
0.96
Deutz AG
1,654
9
0.89
Eiffage
94
9
0.94
Fresenius Medical Care AG
215
9
0.97
Fresenius Se & Co KGaA
346
9
0.90
Fugro NV
761
11
1.12
Glanbia PLC
729
10
1.03
Grifols SA
900
11
1.10
Indra Sistemas SA
740
8
0.87
Ipsen
81
9
0.90
Iveco Group NV
1,214
10
1.03
Koninklijke Bam Groep NV
4,565
8
0.88
Leonardo SpA
825
9
0.91
Melia Hotels International
1,272
8
0.84
Nexi SpA
1,260
9
0.93
Outokumpu Oyj
1,662
9
0.91
Ovs SpA
3,497
9
0.89
Rexel SA
489
11
1.11
Sanofi
85
8
0.86
Signify NV
339
9
0.89
Siltronic AG
125
9
0.93
Sopra Steria Group
48
9
0.90
STMicroelectronics NV
186
8
0.85
Suedzucker AG
634
11
1.09
Tag Immobilien AG
1,291
11
1.11
 
Security Description
Shares
Value
(000)
Index Weight
EMU IMI Value Index (cont'd)
 
Telenet Group Holding NV
412
$9
0.89
%
Thyssenkrupp AG
1,184
8
0.84
Tietoevry Oyj
315
8
0.82
Unibail-Rodamco-Westfield
188
9
0.90
Unicredit SpA
397
8
0.84
Voestalpine AG
265
9
0.89
Xior Student Housing NV
320
9
0.95
 
The following table represents the equity basket holdings underlying the
total return swap with Japan Growth Index as of June 30, 2023:
Security Description
Shares
Value
(000)
Index Weight
Japan Growth Index
 
Advantest Corp.
1,522
$197
1.99
%
Asahi Intecc Co. Ltd.
10,810
212
2.14
Bandai Namco Holdings, Inc.
8,850
211
2.13
Baycurrent Consulting, Inc.
5,221
211
2.13
Capcom Co. Ltd.
5,453
212
2.13
Chubu Electric Power Co., Inc.
17,970
215
2.16
Daifuku Co. Ltd.
9,865
208
2.09
Daiichi Sankyo Co. Ltd.
6,437
209
2.11
Daikin Industries Ltd.
1,038
213
2.14
Daiwa House Reit Investment
109
213
2.14
Disco Corp.
1,294
202
2.04
Fanuc Corp.
5,795
209
2.11
Fast Retailing Co. Ltd.
822
212
2.14
GLP J-REIT
208
212
2.14
Gmo Payment Gateway, Inc.
2,598
209
2.11
Hoshizaki Corp.
5,756
214
2.16
Japan Exchange Group, Inc.
11,970
218
2.20
JSR Corp.
9,241
212
2.14
Keio Corp.
6,452
214
2.15
Keisei Electric Railway Co.
5,140
213
2.14
Keyence Corp.
443
213
2.15
Kobe Bussan Co. Ltd.
8,186
214
2.16
Koei Tecmo Holdings Co. Ltd.
12,420
212
2.14
Kose Corp.
2,086
206
2.08
Lasertec Corp.
1,395
202
2.04
M3, Inc.
9,326
208
2.10
Mcdonald's Holdings Co. Japan
5,221
211
2.13
Monotaro Co. Ltd.
15,931
209
2.11
Nidec Corp.
3,778
207
2.09
Nippon Paint Holdings Co. Ltd.
25,417
213
2.15
Nippon Prologis REIT, Inc.
104
211
2.13
Nissan Chemical Corp.
4,882
212
2.14
Obic Co. Ltd.
1,301
214
2.15
Oracle Corp. Japan
2,581
215
2.17
Oriental Land Co. Ltd.
5,718
212
2.14
Rakuten Group, Inc.
61,125
213
2.15
Recruit Holdings Co. Ltd.
6,490
209
2.11
Shiseido Co. Ltd.
4,326
204
2.06
SMC Corp.
369
207
2.09
Sompo Holdings, Inc.
4,810
221
2.23
T&D Holdings, Inc.
14,362
212
2.14
Toho Co. Ltd.
5,512
211
2.12
Tokio Marine Holdings, Inc.
9,185
216
2.18
Trend Micro, Inc.
4,207
211
2.12
Unicharm Corp.
5,666
216
2.17
Yaskawa Electric Corp.
4,511
209
2.10
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Security Description
Shares
Value
(000)
Index Weight
Japan Growth Index (cont'd)
 
Zozo, Inc.
10,120
$216
2.17
%
 
The following table represents the equity basket holdings underlying the
total return swap with Japan Value Index as of June 30, 2023:
Security Description
Shares
Value
(000)
Index Weight
Japan Value Index
 
Agc, Inc.
6,399
$235
2.13
%
Asahi Group Holdings Ltd.
5,896
233
2.12
Brother Industries Ltd.
15,041
233
2.11
Canon, Inc.
8,669
234
2.13
Daiwa House Industry Co. Ltd.
8,781
236
2.14
Dentsu Group, Inc.
7,145
239
2.16
Hitachi Construction Machinery Co.
Ltd.
8,395
236
2.14
Honda Motor Co. Ltd.
7,550
233
2.12
Iida Group Holdings Co. Ltd.
13,955
238
2.16
Isuzu Motors Ltd.
18,952
232
2.10
Japan Post Holdings Co. Ltd.
32,564
233
2.12
Japan Post Insurance Co. Ltd.
15,524
233
2.11
JFE Holdings, Inc.
16,533
234
2.12
Kajima Corp.
16,096
239
2.17
Kawasaki Kisen Kaisha Ltd.
10,350
237
2.15
Kirin Holdings Co. Ltd.
15,377
234
2.13
Mazda Motor Corp.
24,189
233
2.11
Meiji Holdings Co. Ltd.
10,320
233
2.12
Mitsubishi Chemical Group Co.
40,306
234
2.12
Mitsubishi Corp.
4,627
237
2.15
Mitsui & Co. Ltd.
5,807
236
2.14
Mitsui Osk Lines Ltd.
10,151
236
2.14
Mizuho Financial Group, Inc.
15,786
238
2.16
NEC Corp.
4,831
233
2.11
NGK Insulators Ltd.
18,658
232
2.11
Nippon Express Holdings, Inc.
4,015
237
2.16
Nippon Telegraph & Telephone Corp.
8,103
234
2.13
Nippon Yusen Kabushiki Kaisha
10,988
235
2.13
Nissan Motor Co. Ltd.
62,173
234
2.12
Nomura Real Estate Holdings, Inc.
9,525
238
2.16
Oji Holdings Corp.
59,754
235
2.14
Ono Pharmaceutical Co. Ltd.
12,059
234
2.12
Orix Corp.
13,246
241
2.18
Otsuka Holdings Co. Ltd.
6,007
233
2.12
Ricoh Co. Ltd.
27,630
234
2.13
SBI Holdings, Inc.
12,002
234
2.12
Seiko Epson Corp.
14,848
234
2.12
Seven & I Holdings Co. Ltd.
5,443
228
2.07
Shionogi & Co. Ltd.
5,390
234
2.12
Softbank Corp.
21,833
232
2.11
Subaru Corp.
12,436
233
2.11
Sumco Corp.
16,138
227
2.06
Sumitomo Corp.
10,775
238
2.16
Sumitomo Realty & Development Co.
Ltd.
8,992
234
2.12
TDK Corp.
5,985
228
2.07
Tokyo Gas Co. Ltd.
10,586
236
2.14
Toyota Tsusho Corp.
4,681
235
2.13
 
The following table represents the equity basket holdings underlying the
total return swap with JPM SPX 1500 Growth Index as of June 30, 2023:
Security Description
Shares
Value
(000)
Index Weight
JPM SPX 1500 Growth Index
 
Amazon.com, Inc.
391
$51
0.51
%
Aon PLC - Class A
155
52
0.52
Apple, Inc.
269
50
0.51
Arthur J Gallagher & Co.
237
50
0.51
Celsius Holdings, Inc.
344
51
0.51
Cogent Communications Holdings,
Inc.
773
50
0.50
Copart, Inc.
560
50
0.50
Dexcom, Inc.
401
51
0.51
Elf Beauty, Inc.
457
52
0.52
Fastenal Co.
891
51
0.51
Five Below
258
51
0.51
Hawaiian Holdings, Inc.
5,382
53
0.53
HCI Group, Inc.
828
50
0.51
Installed Building Products
409
53
0.53
Insulet Corp.
173
50
0.51
Intuitive Surgical, Inc.
156
51
0.52
Jack Henry & Associates, Inc.
311
50
0.51
Lattice Semiconductor Corp.
598
53
0.53
Linde PLC
134
50
0.50
Marsh & Mclennan Cos
275
50
0.51
Mccormick & Co.-Non Voting Shares
539
50
0.51
Mercury General Corp.
1,582
50
0.51
Meta Platforms, Inc. - Class A
183
52
0.53
Monolithic Power Systems, Inc.
98
50
0.50
Monster Beverage Corp.
844
50
0.51
Msa Safety, Inc.
328
54
0.54
Nike, Inc. - Class B
457
50
0.51
Novanta, Inc.
288
51
0.51
Nvidia Corp.
126
54
0.55
Old Dominion Freight Line
153
51
0.51
Payoneer Global, Inc.
10,860
52
0.52
Penumbra, Inc.
154
52
0.53
Quanta Services, Inc.
265
50
0.50
R1 RCM, Inc.
2,895
50
0.51
Rockwell Automation, Inc.
160
50
0.51
Ross Stores, Inc.
470
51
0.51
Saia, Inc.
159
50
0.50
Shake Shack, Inc. - Class A
703
53
0.53
Sitime Corp.
443
53
0.54
SPS Commerce, Inc.
285
52
0.53
Take-Two Interactive Software
365
51
0.52
TJX Companies, Inc.
624
51
0.51
Transdigm Group, Inc.
60
51
0.52
Vericel Corp.
1,434
51
0.52
Verisk Analytics, Inc.
221
50
0.51
Watsco, Inc.
139
50
0.51
World Acceptance Corp.
385
51
0.51
Xpel, Inc.
636
52
0.52
Xylem, Inc.
445
50
0.50
Zoetis, Inc.
295
50
0.51
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
The following table represents the equity basket holdings underlying the
total return swap with JPM SPX 1500 Value Index as of June 30, 2023:
Security Description
Shares
Value
(000)
Index Weight
JPM SPX 1500 Value Index
 
Agco Corp.
395
$53
0.54
%
Alpha & Omega Semiconductor
1,645
51
0.52
American Airlines Group, Inc.
3,173
52
0.53
American Axle & Manufacturing, Inc.
6,371
51
0.51
American Woodmark Corp.
708
51
0.51
Andersons, Inc.
1,106
50
0.50
Arrow Electronics, Inc.
362
50
0.50
B&G Foods, Inc.
3,609
51
0.52
Baxter International, Inc.
1,174
53
0.54
Benchmark Electronics, Inc.
1,965
50
0.50
Boise Cascade Co.
618
50
0.51
Bunge Ltd.
532
50
0.50
Caleres, Inc.
2,093
52
0.53
Catalyst Pharmaceuticals, Inc.
4,093
54
0.55
CF Industries Holdings, Inc.
721
51
0.52
Clearfield, Inc.
1,088
51
0.52
Designer Brands, Inc. - Class A
5,612
53
0.53
Dynavax Technologies Corp.
4,110
53
0.54
Eagle Pharmaceuticals, Inc.
2,574
51
0.52
Ebix, Inc.
2,202
50
0.51
Enovis Corp.
844
51
0.52
Genesco, Inc.
2,246
55
0.56
Greenbrier Companies, Inc.
1,581
51
0.52
Hewlett Packard Enterprise
3,072
52
0.52
Ichor Holdings Ltd.
1,403
51
0.51
Interface, Inc.
6,076
51
0.52
Iqvia Holdings, Inc.
235
50
0.51
KB Home
1,007
52
0.53
Lithia Motors, Inc.
188
53
0.54
M/I Homes, Inc.
644
53
0.54
Manpowergroup, Inc.
634
50
0.50
Masterbrand, Inc.
4,486
51
0.52
Medifast, Inc.
592
52
0.53
Organon & Co.
2,426
51
0.51
Par Pacific Holdings, Inc.
2,040
51
0.51
Photronics, Inc.
2,107
51
0.51
Preferred Bank
920
50
0.50
Principal Financial Group
685
50
0.50
Revvity, Inc.
436
50
0.51
Suncoke Energy, Inc.
6,362
51
0.52
TD Synnex Corp.
518
50
0.50
Terex Corp.
872
50
0.50
The Cigna Group
184
51
0.51
Timken Co.
579
50
0.51
Titan International, Inc.
4,369
51
0.52
United States Steel Corp.
2,136
50
0.51
Veritiv Corp.
415
51
0.52
Viatris, Inc.
5,099
51
0.52
Wabash National Corp.
1,823
50
0.51
Warrior Met Coal, Inc.
1,360
51
0.52
 
The following table represents the equity basket holdings underlying the
total return swap with JPM SPX Broad Growth Index as of June 30, 2023:
Security Description
Shares
Value
(000)
Index Weight
JPM SPX Broad Growth Index
 
Alnylam Pharmaceuticals, Inc.
215
$43
0.43
%
 
Security Description
Shares
Value
(000)
Index Weight
JPM SPX Broad Growth Index 
(cont'd)
 
Amazon.com, Inc.
330
$43
0.43
%
Arthur J Gallagher & Co.
200
43
0.43
Burlington Stores, Inc.
278
43
0.43
Celsius Holdings, Inc.
291
43
0.43
Coinbase Global, Inc. - Class A
747
43
0.43
Costar Group, Inc.
506
44
0.44
Dexcom, Inc.
338
43
0.43
Doordash, Inc. - Class A
586
43
0.43
Elf Beauty, Inc.
386
44
0.44
Fastenal Co.
752
43
0.43
Five Below
217
43
0.43
Guardant Health, Inc.
1,258
47
0.47
Hawaiian Holdings, Inc.
4,544
45
0.45
HCI Group, Inc.
699
42
0.43
Heico Corp.
249
43
0.43
Installed Building Products
345
45
0.45
Insulet Corp.
146
42
0.43
Intuitive Surgical, Inc.
132
43
0.43
Lattice Semiconductor Corp.
505
45
0.45
Lululemon Athletica, Inc.
115
44
0.44
Marsh & Mclennan Cos
232
42
0.43
Mccormick & Co.-Non Voting Shares
455
43
0.43
Mongodb, Inc.
109
42
0.43
Msa Safety, Inc.
277
46
0.46
Nike, Inc. - Class B
386
43
0.43
Novanta, Inc.
244
43
0.43
Nvidia Corp.
106
46
0.46
Old Dominion Freight Line
129
43
0.43
Opendoor Technologies, Inc.
16,459
52
0.52
Penumbra, Inc.
130
44
0.44
Pinterest, Inc. - Class A
1,712
45
0.45
Pure Storage, Inc. - Class A
1,186
43
0.44
R1 RCM, Inc.
2,444
42
0.43
Rockwell Automation, Inc.
135
43
0.43
Ross Stores, Inc.
397
43
0.43
Shake Shack, Inc. - Class A
594
45
0.45
Siteone Landscape Supply, Inc.
273
43
0.44
Sitime Corp.
374
45
0.45
Sofi Technologies, Inc.
5,047
43
0.43
Southwest Airlines Co.
1,340
46
0.46
Tesla, Inc.
175
46
0.46
TJX Companies, Inc.
527
43
0.43
Transdigm Group, Inc.
51
43
0.43
Uber Technologies, Inc.
1,018
44
0.44
Verisk Analytics, Inc.
186
42
0.43
Wayfair, Inc. - Class A
774
44
0.44
World Acceptance Corp.
325
43
0.43
Xpel, Inc.
537
44
0.44
Zoetis, Inc.
249
42
0.43
 
The following table represents the equity basket holdings underlying the
total return swap with JPM SPX Broad Value Index as of June 30, 2023:
Security Description
Shares
Value
(000)
Index Weight
JPM SPX Broad Value Index
 
Agco Corp.
334
$45
0.45
%
Alpha & Omega Semiconductor
1,389
43
0.44
American Airlines Group, Inc.
2,679
44
0.44
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Consolidated Portfolio of Investments (cont'd)
Global Strategist Portfolio
 
Security Description
Shares
Value
(000)
Index Weight
JPM SPX Broad Value Index 
(cont'd)
 
American Axle & Manufacturing
Holdings, Inc.
5,378
$43
0.43
%
Andersons, Inc.
934
42
0.43
Applovin Corp. - Class A
1,822
43
0.44
Arrow Electronics, Inc.
306
42
0.43
B&G Foods, Inc.
3,047
43
0.44
Baxter International, Inc.
991
45
0.46
Boise Cascade Co.
522
42
0.43
Caleres, Inc.
1,767
44
0.45
Catalyst Pharmaceuticals, Inc.
3,456
45
0.46
CF Industries Holdings, Inc.
608
43
0.44
Clearfield, Inc.
919
43
0.44
Delta Air Lines, Inc.
1,048
45
0.46
Designer Brands, Inc. - Class A
4,738
44
0.45
Dropbox, Inc. - Class A
1,734
46
0.47
Dynavax Technologies Corp.
3,470
45
0.46
Eagle Pharmaceuticals, Inc.
2,173
43
0.44
Ebix, Inc.
1,859
43
0.43
Elanco Animal Health, Inc.
4,383
44
0.44
Enovis Corp.
713
43
0.44
Genesco, Inc.
1,897
46
0.47
Greenbrier Companies, Inc.
1,335
43
0.44
Hewlett Packard Enterprise
2,594
44
0.44
Ichor Holdings Ltd.
1,184
43
0.43
Interface, Inc.
5,129
43
0.44
KB Home
850
44
0.45
Kyndryl Holdings, Inc.
3,321
44
0.45
Lithia Motors, Inc.
158
45
0.45
M/I Homes, Inc.
544
45
0.45
Masterbrand, Inc.
3,788
43
0.44
Maxlinear, Inc.
1,430
43
0.43
Medifast, Inc.
500
44
0.45
Organon & Co.
2,048
43
0.43
Par Pacific Holdings, Inc.
1,722
43
0.43
Photronics, Inc.
1,779
43
0.43
Playtika Holding Corp.
3,781
43
0.43
Revvity, Inc.
368
42
0.43
Rithm Capital Corp.
4,595
42
0.43
Sanmina Corp.
741
43
0.44
Suncoke Energy, Inc.
5,371
43
0.44
TD Synnex Corp.
438
42
0.43
The Cigna Group
155
43
0.43
Titan International, Inc.
3,689
43
0.44
Universal Health Services - Class B
297
45
0.45
Veritiv Corp.
350
43
0.44
Viatris, Inc.
4,305
43
0.44
Wabash National Corp.
1,539
42
0.43
Warrior Met Coal, Inc.
1,148
43
0.44
 
@
Value is less than $500.
*
Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.
 
AGC
Assured Guaranty Corporation.
FTSE
Financial Times Stock Exchange.
ICE
Intercontinental Exchange.
KFE
Korean Futures Exchange.
MSCI
Morgan Stanley Capital International.
REIT
Real Estate Investment Trust.
SFE
Sydney Futures Exchange.
SGX
Singapore Exchange Ltd.
TIIE
Interbank Equilibrium Interest Rate.
TSE
Toronto Stock Exchange.
 
AUD —
Australian Dollar
BRL —
Brazilian Real
CAD —
Canadian Dollar
CHF —
Swiss Franc
CLP —
Chilean Peso
CNH —
Chinese Yuan Renminbi Offshore
CNY —
Chinese Yuan Renminbi
COP —
Colombian Peso
CZK —
Czech Koruna
DKK —
Danish Krone
EUR —
Euro
GBP —
British Pound
HKD —
Hong Kong Dollar
HUF —
Hungarian Forint
IDR —
Indonesian Rupiah
ILS —
Israeli Shekel
INR —
Indian Rupee
JPY —
Japanese Yen
KRW —
South Korean Won
MXN —
Mexican Peso
MYR —
Malaysian Ringgit
NOK —
Norwegian Krone
NZD —
New Zealand Dollar
PEN —
Peruvian Nuevo Sol
PLN —
Polish Zloty
RON —
Romanian New Leu
SEK —
Swedish Krona
SGD —
Singapore Dollar
THB —
Thai Baht
TRY —
Turkish Lira
TWD —
Taiwan Dollar
USD —
United States Dollar
ZAR —
South African Rand
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
 
Portfolio Composition
Classification
Percentage of
Total Investments
Fixed Income Securities
48.4
%
Common Stocks
36.7
Short-Term Investments
14.9
Total Investments
100.0
%**
 
**
Does not include open long/short futures contracts with a value of approximately
$185,365,000 and net unrealized depreciation of approximately $704,000. Does
not include open foreign currency forward exchange contracts with net unrealized
depreciation of approximately $992,000. Also does not include open swap
agreements with net unrealized appreciation of approximately $4,608,000.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments 
High Yield Portfolio
 
 
 
Face
Amount
(000)
 
Value
(000)
Fixed Income Securities (98.2%)
 
 
Corporate Bonds (96.8%)
Basic Materials (6.0%)
 
 
ASP Unifrax Holdings, Inc.
 
 
5.25%, 9/30/28 (a)
$
       651
$471
Eldorado Gold Corp.
 
 
6.25%, 9/1/29 (a)
 
       500
448
HB Fuller Co.
 
 
4.25%, 10/15/28
 
       675
602
Herens Holdco Sarl
 
 
4.75%, 5/15/28 (a)
 
       600
466
Hudbay Minerals, Inc.
 
 
4.50%, 4/1/26 (a)
 
       359
335
IAMGOLD Corp.
 
 
5.75%, 10/15/28 (a)
 
       574
430
Iris Holding, Inc.
 
 
10.00%, 12/15/28 (a)
 
       600
441
Kaiser Aluminum Corp.
 
 
4.50%, 6/1/31 (a)
 
       250
200
4.63%, 3/1/28 (a)
 
       300
263
Minerals Technologies, Inc.
 
 
5.00%, 7/1/28 (a)
 
       500
455
NOVA Chemicals Corp.
 
 
4.25%, 5/15/29 (a)
 
       300
245
Novelis Corp.
 
 
4.75%, 1/30/30 (a)
 
       375
334
Nufarm Australia Ltd./Nufarm Americas, Inc.
 
 
5.00%, 1/27/30 (a)
 
       500
443
Tacora Resources, Inc.
 
 
8.25%, 5/15/26 (a)
 
       500
378
TMS International Corp.
 
 
6.25%, 4/15/29 (a)
 
       925
778
Trinseo Materials Operating SCA/Trinseo
Materials Finance, Inc.
 
 
5.13%, 4/1/29 (a)
 
       525
243
5.38%, 9/1/25 (a)
 
       350
293
 
 
 
6,825
Communications (9.3%)
 
 
Altice France SA
 
 
5.13%, 7/15/29 (a)
 
       600
427
Arches Buyer, Inc.
 
 
4.25%, 6/1/28 (a)
 
       175
152
6.13%, 12/1/28 (a)
 
       310
267
Audacy Capital Corp.
 
 
6.50%, 5/1/27 (a)
 
       900
18
Banijay Entertainment SASU
 
 
5.38%, 3/1/25 (a)
 
       425
417
Block Communications, Inc.
 
 
4.88%, 3/1/28 (a)
 
       693
574
C&W Senior Financing DAC
 
 
6.88%, 9/15/27 (a)
 
       250
218
CCO Holdings LLC/CCO Holdings Capital
Corp.
 
 
5.00%, 2/1/28 (a)
 
       450
410
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
Ciena Corp.
 
 
4.00%, 1/31/30 (a)
$
       785
$685
Clear Channel Outdoor Holdings, Inc.
 
 
7.75%, 4/15/28 (a)
 
       785
617
CSC Holdings LLC
 
 
5.75%, 1/15/30 (a)
 
       300
142
7.50%, 4/1/28 (a)
 
       500
286
11.25%, 5/15/28 (a)
 
       680
660
EquipmentShare.com, Inc.
 
 
9.00%, 5/15/28 (a)
 
       540
525
GCI LLC
 
 
4.75%, 10/15/28 (a)
 
       300
256
Gray Escrow II, Inc.
 
 
5.38%, 11/15/31 (a)
 
       500
332
Gray Television, Inc.
 
 
4.75%, 10/15/30 (a)
 
        50
34
iHeartCommunications, Inc.
 
 
5.25%, 8/15/27 (a)
 
        80
61
Iliad Holding SASU
 
 
7.00%, 10/15/28 (a)
 
       200
185
Lamar Media Corp.
 
 
4.00%, 2/15/30
 
       300
263
LCPR Senior Secured Financing DAC
 
 
6.75%, 10/15/27 (a)
 
       520
488
Midcontinent Communications/Midcontinent
Finance Corp.
 
 
5.38%, 8/15/27 (a)
 
       376
353
National CineMedia LLC
 
 
5.75%, 8/15/26
 
       600
25
Outfront Media Capital LLC/Outfront Media
Capital Corp.
 
 
4.63%, 3/15/30 (a)
 
       350
292
Radiate Holdco LLC/Radiate Finance, Inc.
 
 
6.50%, 9/15/28 (a)
 
       525
307
Sable International Finance Ltd.
 
 
5.75%, 9/7/27 (a)
 
       249
234
Sirius XM Radio, Inc.
 
 
4.00%, 7/15/28 (a)
 
       325
283
Spotify USA, Inc.
 
 
0.00%, 3/15/26
 
       500
427
TEGNA, Inc.
 
 
5.00%, 9/15/29
 
       300
259
Townsquare Media, Inc.
 
 
6.88%, 2/1/26 (a)
 
       100
96
Urban One, Inc.
 
 
7.38%, 2/1/28 (a)
 
       300
262
Viavi Solutions, Inc.
 
 
3.75%, 10/1/29 (a)
 
       600
510
Virgin Media Finance PLC
 
 
5.00%, 7/15/30 (a)
 
       400
319
Ziggo BV
 
 
4.88%, 1/15/30 (a)
 
       350
291
 
 
 
10,675
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
High Yield Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Consumer, Cyclical (25.6%)
 
 
Air Canada
 
 
3.88%, 8/15/26 (a)
$
       300
$278
Allwyn Entertainment Financing UK PLC
 
 
7.88%, 4/30/29 (a)
 
       245
249
American Airlines, Inc.
 
 
7.25%, 2/15/28 (a)
 
       117
116
American Airlines, Inc./AAdvantage Loyalty IP
Ltd.
 
 
5.75%, 4/20/29 (a)
 
       575
559
Arko Corp.
 
 
5.13%, 11/15/29 (a)
 
       675
549
Ashton Woods USA LLC/Ashton Woods
Finance Co.
 
 
4.63%, 4/1/30 (a)
 
       500
427
At Home Group, Inc.
 
 
4.88%, 7/15/28 (a)
 
       255
135
Boyne USA, Inc.
 
 
4.75%, 5/15/29 (a)
 
       750
677
Brinker International, Inc.
 
 
8.25%, 7/15/30 (a)
 
       510
503
Caesars Entertainment, Inc.
 
 
4.63%, 10/15/29 (a)
 
       300
262
Carrols Restaurant Group, Inc.
 
 
5.88%, 7/1/29 (a)
 
     1,075
886
Cars.com, Inc.
 
 
6.38%, 11/1/28 (a)
 
       570
526
CCM Merger, Inc.
 
 
6.38%, 5/1/26 (a)
 
       750
728
CD&R Smokey Buyer, Inc.
 
 
6.75%, 7/15/25 (a)
 
       885
824
CDI Escrow Issuer, Inc.
 
 
5.75%, 4/1/30 (a)
 
       425
396
Cushman & Wakefield U.S. Borrower LLC
 
 
6.75%, 5/15/28 (a)
 
       250
226
Dana, Inc.
 
 
4.25%, 9/1/30
 
       300
250
Dealer Tire LLC/DT Issuer LLC
 
 
8.00%, 2/1/28 (a)
 
       750
684
DraftKings Holdings, Inc.
 
 
0.00%, 3/15/28
 
       465
351
Evergreen Acqco 1 LP/TVI, Inc.
 
 
9.75%, 4/26/28 (a)
 
       441
456
Everi Holdings, Inc.
 
 
5.00%, 7/15/29 (a)
 
       300
263
Ferrellgas LP/Ferrellgas Finance Corp.
 
 
5.88%, 4/1/29 (a)
 
     1,075
902
Fertitta Entertainment LLC/Fertitta
Entertainment Finance Co., Inc.
 
 
6.75%, 1/15/30 (a)
 
       200
170
Ford Motor Co.
 
 
3.25%, 2/12/32
 
     1,470
1,158
GYP Holdings III Corp.
 
 
4.63%, 5/1/29 (a)
 
       260
229
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
Hanesbrands, Inc.
 
 
4.88%, 5/15/26 (a)
$
       320
$299
9.00%, 2/15/31 (a)
 
       165
166
Hilton Domestic Operating Co., Inc.
 
 
3.63%, 2/15/32 (a)
 
       250
209
Jacobs Entertainment, Inc.
 
 
6.75%, 2/15/29 (a)
 
       620
556
JB Poindexter & Co., Inc.
 
 
7.13%, 4/15/26 (a)
 
       750
734
Ken Garff Automotive LLC
 
 
4.88%, 9/15/28 (a)
 
       275
242
Kohl's Corp.
 
 
4.63%, 5/1/31
 
       600
418
LCM Investments Holdings II LLC
 
 
4.88%, 5/1/29 (a)
 
       275
236
LGI Homes, Inc.
 
 
4.00%, 7/15/29 (a)
 
       500
417
Lindblad Expeditions Holdings, Inc.
 
 
9.00%, 5/15/28 (a)
 
       199
202
Lindblad Expeditions LLC
 
 
6.75%, 2/15/27 (a)
 
       395
377
Lithia Motors, Inc.
 
 
3.88%, 6/1/29 (a)
 
       400
348
Macy's Retail Holdings LLC
 
 
5.88%, 3/15/30 (a)
 
       500
446
Marriott Ownership Resorts, Inc.
 
 
4.50%, 6/15/29 (a)
 
       400
346
Mattamy Group Corp.
 
 
5.25%, 12/15/27 (a)
 
       250
233
Mclaren Finance PLC
 
 
7.50%, 8/1/26 (a)
 
       450
386
Michaels Cos., Inc.
 
 
7.88%, 5/1/29 (a)
 
       520
351
Midwest Gaming Borrower LLC/Midwest
Gaming Finance Corp.
 
 
4.88%, 5/1/29 (a)
 
       500
442
New Home Co., Inc.
 
 
7.25%, 10/15/25 (a)
 
       755
701
Newell Brands, Inc.
 
 
4.70%, 4/1/26
 
       320
301
Patrick Industries, Inc.
 
 
4.75%, 5/1/29 (a)
 
       150
129
Peloton Interactive, Inc.
 
 
0.00%, 2/15/26
 
       595
454
Penn Entertainment, Inc.
 
 
4.13%, 7/1/29 (a)
 
       300
246
PetSmart, Inc./PetSmart Finance Corp.
 
 
4.75%, 2/15/28 (a)
 
       275
254
7.75%, 2/15/29 (a)
 
       250
249
Premier Entertainment Sub LLC/Premier
Entertainment Finance Corp.
 
 
5.88%, 9/1/31 (a)
 
       850
628
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
High Yield Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Consumer, Cyclical (cont'd)
 
 
Raptor Acquisition
Corp./Raptor Co.-Issuer LLC
 
 
4.88%, 11/1/26 (a)
$
       395
$373
Real Hero Merger Sub 2, Inc.
 
 
6.25%, 2/1/29 (a)
 
       745
612
Resorts World Las Vegas LLC/RWLV Capital,
Inc.
 
 
4.63%, 4/16/29
 
       600
496
Rite Aid Corp.
 
 
7.50%, 7/1/25 (a)
 
       576
343
8.00%, 11/15/26 (a)
 
       380
187
Rivian Holdings LLC/Rivian LLC/Rivian
Automotive LLC
 
 
6 Month USD LIBOR + 5.63%, 10.93%,
10/15/26 (a)(b)
 
       730
711
Speedway Motorsports LLC/Speedway
Funding II, Inc.
 
 
4.88%, 11/1/27 (a)
 
       900
834
Station Casinos LLC
 
 
4.50%, 2/15/28 (a)
 
       300
270
Sugarhouse HSP Gaming Prop
Mezz LP/Sugarhouse
HSP Gaming Finance Corp.
 
 
5.88%, 5/15/25 (a)
 
       660
638
Superior Plus LP/Superior General Partner,
Inc.
 
 
4.50%, 3/15/29 (a)
 
       400
351
Tempur Sealy International, Inc.
 
 
3.88%, 10/15/31 (a)
 
       250
204
4.00%, 4/15/29 (a)
 
       200
173
Thor Industries, Inc.
 
 
4.00%, 10/15/29 (a)
 
       275
234
Titan International, Inc.
 
 
7.00%, 4/30/28
 
       475
445
United Airlines, Inc.
 
 
4.63%, 4/15/29 (a)
 
       475
433
Viking Cruises Ltd.
 
 
5.88%, 9/15/27 (a)
 
       630
580
VistaJet Malta Finance PLC/Vista Management
Holding, Inc.
 
 
9.50%, 6/1/28 (a)
 
       165
152
Wheel Pros, Inc.
 
 
6.50%, 5/15/29 (a)
 
       600
182
White Cap Buyer LLC
 
 
6.88%, 10/15/28 (a)
 
       400
363
ZF North America Capital, Inc.
 
 
6.88%, 4/14/28 (a)
 
       535
542
 
 
 
29,297
Consumer, Non-Cyclical (14.5%)
 
 
AHP Health Partners, Inc.
 
 
5.75%, 7/15/29 (a)
 
       985
850
Air Methods Corp.
 
 
8.00%, 5/15/25 (a)
 
       800
7
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
Alta Equipment Group, Inc.
 
 
5.63%, 4/15/26 (a)
$
       610
$567
AMN Healthcare, Inc.
 
 
4.00%, 4/15/29 (a)
 
       450
393
APi Group DE, Inc.
 
 
4.13%, 7/15/29 (a)
 
       350
303
4.75%, 10/15/29 (a)
 
       200
180
Cano Health LLC
 
 
6.25%, 10/1/28 (a)
 
       970
608
Carriage Services, Inc.
 
 
4.25%, 5/15/29 (a)
 
       250
215
Catalent Pharma Solutions, Inc.
 
 
3.13%, 2/15/29 (a)
 
       228
186
Chobani LLC/Chobani Finance Corp., Inc.
 
 
4.63%, 11/15/28 (a)
 
       425
387
7.50%, 4/15/25 (a)
 
       275
274
CoreLogic, Inc.
 
 
4.50%, 5/1/28 (a)
 
       250
202
CPI CG, Inc.
 
 
8.63%, 3/15/26 (a)
 
       448
432
Darling Ingredients, Inc.
 
 
6.00%, 6/15/30 (a)
 
       200
196
Edgewell Personal Care Co.
 
 
5.50%, 6/1/28 (a)
 
       250
237
Fortrea Holdings, Inc.
 
 
7.50%, 7/1/30 (a)
 
       225
231
Garda World Security Corp.
 
 
9.50%, 11/1/27 (a)
 
       450
435
Grifols Escrow Issuer SA
 
 
4.75%, 10/15/28 (a)
 
       625
543
GXO Logistics, Inc.
 
 
1.65%, 7/15/26
 
       325
283
Heartland Dental LLC/Heartland Dental
Finance Corp.
 
 
8.50%, 5/1/26 (a)
 
       491
440
10.50%, 4/30/28 (a)
 
       460
458
H-Food Holdings LLC/Hearthside Finance Co.,
Inc.
 
 
8.50%, 6/1/26 (a)
 
       400
159
Ingles Markets, Inc.
 
 
4.00%, 6/15/31 (a)
 
       500
420
Medline Borrower LP
 
 
5.25%, 10/1/29 (a)
 
     1,050
912
Metis Merger Sub LLC
 
 
6.50%, 5/15/29 (a)
 
       400
345
ModivCare Escrow Issuer, Inc.
 
 
5.00%, 10/1/29 (a)
 
       600
445
ModivCare, Inc.
 
 
5.88%, 11/15/25 (a)
 
       250
232
Nathan's Famous, Inc.
 
 
6.63%, 11/1/25 (a)
 
       909
908
Option Care Health, Inc.
 
 
4.38%, 10/31/29 (a)
 
       380
335
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
High Yield Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Consumer, Non-Cyclical (cont'd)
 
 
P&L Development LLC/PLD Finance Corp.
 
 
7.75%, 11/15/25 (a)
$
     1,085
$883
Performance Food Group, Inc.
 
 
4.25%, 8/1/29 (a)
 
       300
267
Perrigo Finance Unlimited Co.
 
 
4.90%, 12/15/44
 
       214
166
PROG Holdings, Inc.
 
 
6.00%, 11/15/29 (a)
 
       325
286
RegionalCare Hospital Partners Holdings,
Inc./LifePoint Health, Inc.
 
 
9.75%, 12/1/26 (a)
 
       550
462
Signal Parent, Inc.
 
 
6.13%, 4/1/29 (a)
 
       670
374
Sotheby's
 
 
7.38%, 10/15/27 (a)
 
       450
405
Surgery Center Holdings, Inc.
 
 
6.75%, 7/1/25 (a)
 
       150
150
10.00%, 4/15/27 (a)
 
       455
466
Tenet Healthcare Corp.
 
 
6.13%, 10/1/28
 
       275
265
U.S. Acute Care Solutions LLC
 
 
6.38%, 3/1/26 (a)
 
       825
707
WASH Multifamily Acquisition, Inc.
 
 
5.75%, 4/15/26 (a)
 
       500
467
ZipRecruiter, Inc.
 
 
5.00%, 1/15/30 (a)
 
       685
584
 
 
 
16,665
Energy (10.7%)
 
 
Archrock Partners LP/Archrock Partners
Finance Corp.
 
 
6.25%, 4/1/28 (a)
 
       200
188
6.88%, 4/1/27 (a)
 
       300
288
Baytex Energy Corp.
 
 
8.50%, 4/30/30 (a)
 
       105
103
8.75%, 4/1/27 (a)
 
       556
564
Blue Racer Midstream LLC/Blue Racer Finance
Corp.
 
 
6.63%, 7/15/26 (a)
 
       512
507
CITGO Petroleum Corp.
 
 
6.38%, 6/15/26 (a)
 
       610
588
CNX Midstream Partners LP
 
 
4.75%, 4/15/30 (a)
 
       450
382
Continental Resources, Inc.
 
 
2.88%, 4/1/32 (a)
 
       825
634
CQP Holdco LP/BIP-V Chinook Holdco LLC
 
 
5.50%, 6/15/31 (a)
 
       250
223
CrownRock LP/CrownRock Finance, Inc.
 
 
5.00%, 5/1/29 (a)
 
       450
422
Diamondback Energy, Inc.
 
 
4.25%, 3/15/52
 
       300
230
Earthstone Energy Holdings LLC
 
 
9.88%, 7/15/31 (a)
 
       600
594
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
Global Partners LP/GLP Finance Corp.
 
 
7.00%, 8/1/27
$
       690
$671
ITT Holdings LLC
 
 
6.50%, 8/1/29 (a)
 
       670
565
Kinetik Holdings LP
 
 
5.88%, 6/15/30 (a)
 
       549
522
Magnolia Oil & Gas Operating LLC/Magnolia
Oil & Gas Finance Corp.
 
 
6.00%, 8/1/26 (a)
 
       550
533
Martin Midstream Partners LP/Martin
Midstream Finance Corp.
 
 
11.50%, 2/15/28 (a)
 
       545
526
Matador Resources Co.
 
 
5.88%, 9/15/26
 
       274
266
6.88%, 4/15/28 (a)
 
       390
386
Oceaneering International, Inc.
 
 
4.65%, 11/15/24
 
       325
318
6.00%, 2/1/28
 
       875
830
Permian Resources Operating LLC
 
 
5.88%, 7/1/29 (a)
 
       450
424
Plains All American Pipeline LP
 
 
Series B
 
 
3 Month USD LIBOR + 4.11%, 9.43%,
7/31/23 (b)(c)
 
       499
447
Rockies Express Pipeline LLC
 
 
3.60%, 5/15/25 (a)
 
       300
284
Southwestern Energy Co.
 
 
4.75%, 2/1/32
 
       300
265
Tallgrass Energy Partners LP/Tallgrass Energy
Finance Corp.
 
 
6.00%, 12/31/30 (a)
 
       500
441
Targa Resources Partners LP/Targa Resources
Partners Finance Corp.
 
 
4.00%, 1/15/32
 
       600
520
Vermilion Energy, Inc.
 
 
5.63%, 3/15/25 (a)
 
       575
563
 
 
 
12,284
Finance (7.3%)
 
 
AG TTMT Escrow Issuer LLC
 
 
8.63%, 9/30/27 (a)
 
       200
205
BroadStreet Partners, Inc.
 
 
5.88%, 4/15/29 (a)
 
       275
239
Coinbase Global, Inc.
 
 
3.38%, 10/1/28 (a)
 
       425
285
Compass Group Diversified Holdings LLC
 
 
5.25%, 4/15/29 (a)
 
       685
601
CTR Partnership LP/CareTrust Capital Corp.
 
 
3.88%, 6/30/28 (a)
 
       900
775
Global Net Lease, Inc./Global Net
Lease Operating Partnership LP
 
 
3.75%, 12/15/27 (a)
 
       300
220
Howard Hughes Corp.
 
 
4.13%, 2/1/29 (a)
 
       200
166
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
High Yield Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Finance (cont'd)
 
 
Icahn Enterprises LP/Icahn Enterprises
Finance Corp.
 
 
4.75%, 9/15/24
$
       245
$234
6.25%, 5/15/26
 
       475
433
6.38%, 12/15/25
 
        60
56
Iron Mountain, Inc.
 
 
5.25%, 7/15/30 (a)
 
       300
270
Jane Street Group/JSG Finance, Inc.
 
 
4.50%, 11/15/29 (a)
 
       700
603
Jefferies Finance LLC/JFIN Co.-Issuer Corp.
 
 
5.00%, 8/15/28 (a)
 
       500
410
Jefferson Capital Holdings LLC
 
 
6.00%, 8/15/26 (a)
 
       731
595
LPL Holdings, Inc.
 
 
4.00%, 3/15/29 (a)
 
       430
378
Macquarie Airfinance Holdings Ltd.
 
 
8.38%, 5/1/28 (a)
 
       450
457
MGIC Investment Corp.
 
 
5.25%, 8/15/28
 
       275
260
Oxford Finance LLC/Oxford Finance Co-Issuer
II Inc.
 
 
6.38%, 2/1/27 (a)
 
       750
699
RHP Hotel Properties LP/RHP Finance Corp.
 
 
4.75%, 10/15/27
 
       250
233
RLJ Lodging Trust LP
 
 
3.75%, 7/1/26 (a)
 
       250
230
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer, Inc.
 
 
3.88%, 3/1/31 (a)
 
        85
69
StoneX Group, Inc.
 
 
8.63%, 6/15/25 (a)
 
       122
123
VistaJet Malta Finance PLC/Vista Management
Holding, Inc.
 
 
6.38%, 2/1/30 (a)
 
     1,075
866
 
 
 
8,407
Industrials (18.1%)
 
 
Ball Corp.
 
 
3.13%, 9/15/31
 
       190
156
Bombardier, Inc.
 
 
6.00%, 2/15/28 (a)
 
       525
497
Brundage-Bone Concrete Pumping Holdings,
Inc.
 
 
6.00%, 2/1/26 (a)
 
       400
379
Builders FirstSource, Inc.
 
 
5.00%, 3/1/30 (a)
 
       250
234
Cargo Aircraft Management, Inc.
 
 
4.75%, 2/1/28 (a)
 
       500
438
Carriage Purchaser, Inc.
 
 
7.88%, 10/15/29 (a)
 
     1,330
1,004
Clean Harbors, Inc.
 
 
4.88%, 7/15/27 (a)
 
       300
288
Coherent Corp.
 
 
5.00%, 12/15/29 (a)
 
       450
407
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
Covanta Holding Corp.
 
 
4.88%, 12/1/29 (a)
$
       450
$390
CP Atlas Buyer, Inc.
 
 
7.00%, 12/1/28 (a)
 
       425
334
CryoPort, Inc.
 
 
0.75%, 12/1/26 (a)
 
       680
544
Dycom Industries, Inc.
 
 
4.50%, 4/15/29 (a)
 
       760
691
EnerSys
 
 
4.38%, 12/15/27 (a)
 
       350
323
EnPro Industries, Inc.
 
 
5.75%, 10/15/26
 
       500
485
Enviri Corp.
 
 
5.75%, 7/31/27 (a)
 
       975
850
Fly Leasing Ltd.
 
 
7.00%, 10/15/24 (a)
 
     1,645
1,479
GFL Environmental, Inc.
 
 
4.75%, 6/15/29 (a)
 
       300
274
Great Lakes Dredge & Dock Corp.
 
 
5.25%, 6/1/29 (a)
 
       880
736
Hillenbrand, Inc.
 
 
3.75%, 3/1/31
 
       250
210
Intelligent Packaging Ltd. Finco, Inc./Intelligent
Packaging Ltd. Co.-Issuer LLC
 
 
6.00%, 9/15/28 (a)
 
       500
426
JPW Industries Holding Corp.
 
 
9.00%, 10/1/24 (a)
 
       950
864
Madison IAQ LLC
 
 
5.88%, 6/30/29 (a)
 
       750
608
Manitowoc Co., Inc.
 
 
9.00%, 4/1/26 (a)
 
       750
747
MIWD Holdco II LLC/MIWD Finance Corp.
 
 
5.50%, 2/1/30 (a)
 
       600
496
Moog, Inc.
 
 
4.25%, 12/15/27 (a)
 
       500
463
Mueller Water Products, Inc.
 
 
4.00%, 6/15/29 (a)
 
       450
400
New Enterprise Stone & Lime Co., Inc.
 
 
5.25%, 7/15/28 (a)
 
       450
410
9.75%, 7/15/28 (a)
 
       400
387
OI European Group BV
 
 
4.75%, 2/15/30 (a)
 
       250
226
PGT Innovations, Inc.
 
 
4.38%, 10/1/29 (a)
 
       635
593
Roller Bearing Co. of America, Inc.
 
 
4.38%, 10/15/29 (a)
 
       250
224
Seaspan Corp.
 
 
5.50%, 8/1/29 (a)
 
       650
510
Smyrna Ready Mix Concrete LLC
 
 
6.00%, 11/1/28 (a)
 
       400
378
TK Elevator U.S. Newco, Inc.
 
 
5.25%, 7/15/27 (a)
 
       325
301
TopBuild Corp.
 
 
3.63%, 3/15/29 (a)
 
       250
218
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
High Yield Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Industrials (cont'd)
 
 
TransDigm, Inc.
 
 
5.50%, 11/15/27
$
       300
$283
Trident TPI Holdings, Inc.
 
 
12.75%, 12/31/28 (a)
 
       270
280
TriMas Corp.
 
 
4.13%, 4/15/29 (a)
 
       400
357
Trivium Packaging Finance BV
 
 
8.50%, 8/15/27 (a)
 
       300
289
TTM Technologies, Inc.
 
 
4.00%, 3/1/29 (a)
 
       250
213
Victors Merger Corp.
 
 
6.38%, 5/15/29 (a)
 
       625
426
VM Consolidated, Inc.
 
 
5.50%, 4/15/29 (a)
 
       325
300
Vontier Corp.
 
 
2.95%, 4/1/31
 
       675
541
Waste Pro USA, Inc.
 
 
5.50%, 2/15/26 (a)
 
       475
441
Watco Cos. LLC/Watco Finance Corp.
 
 
6.50%, 6/15/27 (a)
 
       425
404
XPO Escrow Sub LLC
 
 
7.50%, 11/15/27 (a)
 
       200
205
 
 
 
20,709
Technology (3.9%)
 
 
AthenaHealth Group, Inc.
 
 
6.50%, 2/15/30 (a)
 
       400
337
Booz Allen Hamilton, Inc.
 
 
4.00%, 7/1/29 (a)
 
       250
224
Clarivate Science Holdings Corp.
 
 
4.88%, 7/1/29 (a)
 
       450
400
Cloud Software Group, Inc.
 
 
9.00%, 9/30/29 (a)
 
       238
208
Crowdstrike Holdings, Inc.
 
 
3.00%, 2/15/29
 
       495
427
KBR, Inc.
 
 
4.75%, 9/30/28 (a)
 
       330
301
Kyndryl Holdings, Inc.
 
 
2.70%, 10/15/28
 
       250
204
McAfee Corp.
 
 
7.38%, 2/15/30 (a)
 
       330
287
NCR Corp.
 
 
5.13%, 4/15/29 (a)
 
       100
89
ON Semiconductor Corp.
 
 
3.88%, 9/1/28 (a)
 
       400
364
Playtika Holding Corp.
 
 
4.25%, 3/15/29 (a)
 
       640
569
Rackspace Technology Global, Inc.
 
 
5.38%, 12/1/28 (a)
 
       625
195
Rocket Software, Inc.
 
 
6.50%, 2/15/29 (a)
 
       745
628
Unisys Corp.
 
 
6.88%, 11/1/27 (a)
 
       375
270
 
 
 
4,503
 
 
Face
Amount
(000)
 
Value
(000)
Utilities (1.4%)
 
 
Leeward Renewable Energy Operations LLC
 
 
4.25%, 7/1/29 (a)
$
       685
$611
Pike Corp.
 
 
5.50%, 9/1/28 (a)
 
       545
490
TransAlta Corp.
 
 
7.75%, 11/15/29
 
       525
541
 
 
 
1,642
 
 
111,007
Variable Rate Senior Loan Interests (1.4%)
Consumer, Cyclical (0.3%)
 
 
Peloton Interactive, Inc.
 
 
Term Loan
 
 
6 Month USD SOFR + 6.50%,
12.26%, 5/25/27 (b)
 
       396
396
Consumer, Non-Cyclical (0.5%)
 
 
Surgery Center Holdings, Inc.
 
 
2021 Term Loan
 
 
3 Month USD LIBOR + 3.75%,
8.90%, 8/31/26 (b)
 
       550
550
Industrials (0.6%)
 
 
Grinding Media, Inc.
 
 
2021 Term Loan B
 
 
1 Month USD SOFR + 4.00%,
9.22%, 10/12/28 (b)
 
       698
682
 
 
1,628
Total Fixed Income
Securities (Cost $124,822)
 
112,635
 
 
 
Shares

 
Common Stocks (0.1%)
Automobile Components (0.0%)
Exide Technologies (d)
 
       592
—
Diversified REITs (0.0%)‡
American Gilsonite Co. (d)
 
       500
3
Machinery (0.1%)
Iracore Investment Holdings, Inc., Class A (d)
 
       470
40
Semiconductors & Semiconductor Equipment (0.0%)‡
UC Holdings, Inc. (d)
 
     2,826
14
Total Common Stocks (Cost $151)
 
57
Short-Term Investment (0.1%)
Investment Company (0.1%)
 
 
Morgan Stanley Institutional Liquidity Funds —
Government Portfolio — Institutional
Class (e) (Cost $78)
 
    78,163
78
Total Investments (98.4%) (Cost $125,050)(f)(g)
112,770
Other Assets in Excess of Liabilities (1.6%)
1,874
Net Assets (100.0%)
$114,644
 
‡
Amount is less than 0.05%.
(a)
144A security − Certain conditions for public sale may exist. Unless
otherwise noted, these securities are deemed to be liquid.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
High Yield Portfolio
(b)
Floating or variable rate securities: The rates disclosed are as of
June 30, 2023. For securities based on a published reference rate and
spread, the reference rate and spread are indicated in the description
in the Portfolio of Investments. Certain variable rate securities may not
be based on a published reference rate and spread but are determined
by the issuer or agent and are based on current market conditions.
These securities do not indicate a reference rate and spread in their
description in the Portfolio of Investments.
(c)
Perpetual - One or more securities do not have a predetermined
maturity date. Rates for these securities are fixed for a period of time
after which they revert to a floating rate. Interest rates in effect are as
of June 30, 2023.
(d)
Non-income producing security.
(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 nine
months ended June 30, 2023, advisory fees paid were reduced by
approximately $1,000 relating to the Fund's investment in the Liquidity
Funds.
(f)
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 nine months ended June 30, 2023, the
Fund did not engage in any cross-trade transactions.
(g)
At June 30, 2023, the aggregate cost for federal income tax purposes
approximates the aggregate cost for book purposes. The aggregate
gross unrealized appreciation is approximately $666,000 and the
aggregate gross unrealized depreciation is approximately
$12,946,000, resulting in net unrealized approximatelydepreciation of
$12,280,000.
 
CDI
CHESS Depositary Interest.
DAC
Designated Activity Company.
LIBOR
London Interbank Offered Rate.
SOFR
Secured Overnight Financing Rate.
USD
United States Dollar.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
 
Portfolio Composition
 
Classification
Percentage of
Total Investments
Consumer, Cyclical
26.4
%
Industrials
19.0
Consumer, Non-Cyclical
15.3
Energy
10.9
Communications
9.5
Finance
7.4
Basic Materials
6.0
Other*
5.5
Total Investments
100.0
%
 
*
Industries and/or investment types representing less than 5% of total investments.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments 
Short Duration Income Portfolio
 
 
 
Face
Amount
(000)
 
Value
(000)
Fixed Income Securities (98.0%)
 
 
Agency Adjustable Rate Mortgages (0.1%)
Federal Home Loan Mortgage Corporation,
 
 
Conventional Pools:
 
 
1 Year CMT + 2.18%, 4.80%, 6/1/38 (a)
$
        54
$55
1 Year CMT + 2.31%, 4.46%, 3/1/37 (a)
 
       144
146
1 Year CMT + 2.33%, 4.59%, 7/1/38 (a)
 
       120
122
1 Year CMT + 2.33%, 4.75%, 1/1/36 (a)
 
       124
127
 
 
450
Agency Fixed Rate Mortgages (0.1%)
Federal Home Loan Mortgage Corporation,
 
 
Gold Pools:
 
 
4.50%, 12/1/24
 
        22
21
7.50%, 5/1/35
 
         9
9
8.00%, 8/1/32
 
         5
5
8.50%, 8/1/31
 
         6
6
Federal National Mortgage Association,
 
 
Conventional Pools:
 
 

4.50%, 6/1/24 - 7/1/24
 
        35
35
5.00%, 12/1/24
 
        21
21
6.00%, 9/1/37
 
        24
25

6.50%, 2/1/28 - 10/1/32
 
        82
85

7.00%, 7/1/29 - 3/1/37
 
        94
99
7.50%, 8/1/37
 
        12
12
8.00%, 4/1/33
 
        21
22
8.50%, 10/1/32
 
        11
11
Government National Mortgage Association,
 
 
Various Pools:
 
 
6.00%, 11/15/38
 
        44
46
8.50%, 7/15/30
 
         3
3
 
 
400
Asset-Backed Securities (18.5%)
 
 
Affirm Asset Securitization Trust,
 
 
4.55%, 6/15/27 (b)
 
       609
601
AIMCO CLO,
 
 
Series 2018-B
 
 
3 Month USD LIBOR + 1.10%,
6.36%, 1/15/32 (a)(b)
 
     1,725
1,710
AMSR Trust,
 
 
2.11%, 9/17/37 (b)
 
       975
881
Amur Equipment Finance Receivables XII LLC,
 
 
Series 2023-1A Class A2
 
 
6.09%, 12/20/29 (b)
 
       570
569
Aqua Finance Trust,
 
 
1.54%, 7/17/46 (b)
 
       504
445
Arbor Realty Commercial Real Estate Notes
2021-FL3 Ltd.,
 
 
1 Month USD LIBOR + 1.07%,
6.26%, 8/15/34 (a)(b)
 
     1,200
1,174
BHG Securitization Trust,
 
 
Series 2023-A Class A
 
 
5.55%, 4/17/36 (b)
 
     1,464
1,443
Blackbird Capital Aircraft,
 
 
2.44%, 7/15/46 (b)
 
       663
572
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
Carlyle U.S. CLO Ltd.,
 
 
3 Month USD LIBOR + 1.05%,
6.30%, 7/20/31 (a)(b)
$
     2,225
$2,210
Cartiga Asset Finance Trust LLC,
 
 
Series 2023-1 Class A
 
 
7.00%, 3/15/35 (b)
 
     1,105
1,096
Cascade MH Asset Trust,
 
 
4.25%, 8/25/54 (b)
 
     1,534
1,351
Cologix Data Centers US Issuer LLC,
 
 
3.30%, 12/26/51 (b)
 
     1,225
1,087
Commonbond Student Loan Trust,
 
 
1.20%, 3/25/52 (b)
 
       965
791
Dryden 58 CLO Ltd.,
 
 
3 Month USD LIBOR + 1.00%,
6.26%, 7/17/31 (a)(b)
 
       750
741
ECMC Group Student Loan Trust,
 
 
Class A1B
 
 
1 Month USD LIBOR + 1.00%,
6.15%, 1/27/70 (a)(b)
 
       615
602
ELFI Graduate Loan Program 2021-A LLC,
 
 
1.53%, 12/26/46 (b)
 
     1,379
1,173
Elmwood CLO IV Ltd.,
 
 
3 Month USD LIBOR + 1.24%,
6.50%, 4/15/33 (a)(b)
 
     2,200
2,188
Falcon Aerospace Ltd.,
 
 
3.60%, 9/15/39 (b)
 
       248
213
FCI Funding LLC,
 
 
1.13%, 4/15/33 (b)
 
       131
125
FHF Trust,
 
 
1.27%, 3/15/27 (b)
 
       184
177
Finance of America HECM Buyout,
 
 
4.00%, 8/1/32 (a)(b)
 
     2,238
2,162
GAIA Aviation Ltd.,
 
 
3.97%, 12/15/44 (b)
 
       436
382
GCI Funding I LLC,
 
 
2.82%, 10/18/45 (b)
 
       954
837
Golub Capital Partners ABS Funding Ltd.,
 
 
2.77%, 4/20/29 (b)
 
     1,725
1,591
Class A2
 
 
3.21%, 1/22/29 (b)
 
     1,360
1,276
Kubota Credit Owner Trust,
 
 
0.59%, 10/15/24 (b)
 
       188
185
LCM 38 Ltd.,
 
 
3 Month Term SOFR + 2.10%,
7.09%, 7/15/34 (a)(b)
 
     2,000
1,997
Loanpal Solar Loan Ltd.,
 
 
2.22%, 3/20/48 (b)
 
     1,278
930
2.29%, 1/20/48 (b)
 
       984
736
Lunar 2021-1 Structured Aircraft Portfolio
Notes,
 
 
2.64%, 10/15/46 (b)
 
     1,580
1,376
MACH 1 Cayman Ltd.,
 
 
3.47%, 10/15/39 (b)
 
       365
312
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Short Duration Income Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Asset-Backed Securities (cont'd)
 
 
Madison Park Funding XXIV Ltd.,
 
 
3 Month Term SOFR + 1.42%,
6.47%, 10/20/29 (a)(b)
$
     2,184
$2,167
MAPS Trust,
 
 
2.52%, 6/15/46 (b)
 
       700
609
Marlette Funding Trust,
 
 
Series 2023-1A Class A
 
 
6.07%, 4/15/33 (b)
 
     1,823
1,817
Mercedes-Benz Auto Receivables Trust,
 
 
0.55%, 2/18/25
 
        46
45
MFA 2021-NPL1 LLC,
 
 
2.36%, 3/25/60 (b)
 
       695
663
Monroe Capital ABS Funding 2021-1 Ltd.,
 
 
2.82%, 4/22/31 (b)
 
     1,625
1,538
Mosaic Solar Loan Trust,
 
 
2.05%, 12/20/46 (b)
 
       886
694
2.10%, 4/20/46 (b)
 
       190
163
Navient Private Education Refi Loan Trust,
 
 
0.94%, 7/15/69 (b)
 
       937
810
Nelnet Student Loan Trust,
 
 
1.32%, 4/20/62 (b)
 
       835
742
Neuberger Berman Loan Advisers CLO
31 Ltd.,
 
 
3 Month USD LIBOR + 1.04%,
6.29%, 4/20/31 (a)(b)
 
     2,475
2,447
New Residential Advance Receivables Trust
Advance Receivables Backed,
 
 
1.43%, 8/15/53 (b)
 
     1,170
1,161
Newday Funding Master Issuer PLC,
 
 
SOFR + 0.95%,
6.02%, 7/15/29 (a)(b)
 
     1,175
1,167
SOFR + 1.10%,
6.17%, 3/15/29 (a)(b)
 
     1,760
1,753
Newtek Small Business Loan Trust,
 
 
SOFR30A + 3.00%,
7.75%, 7/25/50 (b)
 
       732
728
NRZ Advance Receivables Trust,
 
 
1.48%, 9/15/53 (b)
 
     1,380
1,362
NRZ Excess Spread-Collateralized Notes,
 
 
Class A
 
 
2.98%, 3/25/26 (b)
 
       958
865
3.10%, 7/25/26 (b)
 
       711
634
3.23%, 5/25/26 (b)
 
     1,206
1,087
3.47%, 11/25/26 (b)
 
     1,094
986
NRZ FHT Excess LLC,
 
 
Class A
 
 
4.21%, 11/25/25 (b)
 
       318
295
Octane Receivables Trust,
 
 
1.21%, 9/20/28 (b)
 
       226
218
Series 2023-1A Class A
 
 
5.87%, 5/21/29 (b)
 
       776
772
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
Option One Mortgage Loan Trust Asset-Backed
Certificates,
 
 
1 Month USD LIBOR + 0.50%,
5.66%, 8/20/30 (a)
$
        34
$34
Oxford Finance Funding LLC,
 
 
3.10%, 2/15/28 (b)
 
       126
125
Palmer Square CLO Ltd.,
 
 
3 Month USD LIBOR + 1.10%,
6.36%, 7/16/31 (a)(b)
 
     1,225
1,217
PFS Financing Corp.,
 
 
0.77%, 8/15/26 (b)
 
     1,310
1,234
0.97%, 2/15/26 (b)
 
       960
929
4.27%, 8/15/27 (b)
 
     2,225
2,157
PNMAC GMSR Issuer Trust,
 
 
1 Month USD LIBOR + 3.35%,
8.50%, 4/25/25 (a)(b)
 
     1,000
993
PRET 2021-NPL6 LLC,
 
 
2.49%, 7/25/51 (b)
 
       671
622
Pretium Mortgage Credit Partners I LLC,
 
 
2.24%, 9/27/60 (b)
 
       479
453
ReadyCap Lending Small Business Loan Trust,
 
 
Daily U.S. Prime Rate - 0.50%,
7.75%, 12/27/44 (a)(b)
 
        87
83
Republic Finance Issuance Trust,
 
 
2.47%, 11/20/30 (b)
 
       500
480
SMB Private Education Loan Trust,
 
 
1.34%, 3/17/53 (b)
 
       563
497
1.68%, 2/15/51 (b)
 
       649
579
Southwick Park CLO LLC,
 
 
3 Month USD LIBOR + 1.06%,
6.31%, 7/20/32 (a)(b)
 
     2,000
1,975
SPS Servicer Advance Receivables Trust,
 
 
1.83%, 11/15/55 (b)
 
     2,100
1,884
Start II Ltd.,
 
 
4.09%, 3/15/44 (b)
 
       602
531
Start Ltd.,
 
 
4.09%, 5/15/43 (b)
 
     1,161
1,008
Theorem Funding Trust,
 
 
7.60%, 4/15/29 (b)
 
       339
341
Series 2023-1A Class A
 
 
7.58%, 4/15/29 (b)
 
       409
410
Towd Point HE Trust,
 
 
0.92%, 2/25/63 (a)(b)
 
       795
743
VCP RRL ABS I Ltd.,
 
 
Class A
 
 
2.15%, 10/20/31 (b)
 
       372
337
VOLT XCIX LLC,
 
 
2.12%, 4/25/51 (b)
 
     1,150
1,049
VOLT XCVI LLC,
 
 
2.12%, 3/27/51 (b)
 
       786
739
 
 
 
72,076
Collateralized Mortgage Obligations - Agency Collateral Series (0.2%)
Federal Home Loan Mortgage Corporation,
 
 
REMIC
 
 
7.50%, 9/15/29
 
       131
133
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Short Duration Income Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Collateralized Mortgage Obligations - Agency Collateral Series (cont'd)
Government National Mortgage Association,
 
 
1 Month USD LIBOR + 0.28%, 4.91%,
5/20/63 (a)
$
         3
$3
1 Month USD LIBOR + 0.45%, 5.50%,
5/20/62 (a)
 
        —@
—@
1 Month USD LIBOR + 0.60%, 5.69%,
1/20/64 (a)
 
        45
45
REMIC
 
 
1 Month USD LIBOR + 0.50%, 5.59%,
3/20/61 (a)
 
        61
61
1 Month USD LIBOR + 0.56%, 5.65%,
9/20/62 (a)
 
       131
131
Seasoned Credit Risk Transfer Trust,
 
 
3.00%, 2/25/59
 
       541
475
 
 
848
Commercial Mortgage-Backed Securities (5.6%)
Alen Mortgage Trust,
 
 
1 Month USD LIBOR + 1.15%, 6.34%,
4/15/34 (a)(b)
 
     1,200
1,111
Angel Oak SB Commercial Mortgage Trust,
 
 
2.07%, 5/25/50 (a)(b)
 
       641
567
BX Commercial Mortgage Trust,
 
 
Class A
 
 
1 Month Term SOFR + 0.81%, 5.96%,
4/15/34 (a)(b)
 
     2,100
1,981
BX Trust,
 
 
1 Month Term SOFR + 1.58%, 6.73%,
1/15/39 (a)(b)
 
       820
796
Credit Suisse Mortgage Trust,
 
 
Class A
 
 
1 Month USD LIBOR + 3.50%, 8.69%,
12/15/35 (a)(b)
 
     2,125
2,123
CSMC 2022-MARK,
 
 
1 Month Term SOFR + 2.70%, 7.84%,
6/15/39 (a)(b)
 
     1,570
1,568
CSMC Trust,
 
 
3.53%, 8/15/37 (b)
 
       575
502
CSWF Corp.,
 
 
1 Month USD LIBOR + 0.97%, 6.16%,
6/15/34 (a)(b)
 
     1,787
1,619
DROP Mortgage Trust,
 
 
1 Month USD LIBOR + 1.15%, 6.34%,
10/15/43 (a)(b)
 
     1,700
1,554
HPLY Trust,
 
 
1 Month USD LIBOR + 2.35%, 7.54%,
11/15/36 (a)(b)
 
       383
370
J.P. Morgan Chase Commercial Mortgage
Securities Trust,
 
 
4.13%, 7/5/31 (b)
 
     1,100
997
JP Morgan Chase Commercial Mortgage
Securities Trust,
 
 
Class A
 
 
1 Month USD LIBOR + 1.12%, 6.31%,
11/15/38 (a)(b)
 
     2,450
2,400
 
 
Face
Amount
(000)
 
Value
(000)
 
Natixis Commercial Mortgage Securities Trust,
 
 
1 Month Term SOFR + 2.28%, 7.43%,
7/15/36 (a)(b)
$
       850
$727
1 Month USD LIBOR + 0.95%, 6.14%,
8/15/38 (a)(b)
 
     2,080
1,974
Silver Hill Trust,
 
 
3.10%, 11/25/49 (a)(b)
 
       346
334
TPGI Trust,
 
 
Class A
 
 
1 Month USD LIBOR + 0.70%, 5.89%,
6/15/26 (a)(b)
 
     1,084
1,057
TTAN 2021-MHC,
 
 
Class A
 
 
1 Month USD LIBOR + 0.85%, 6.04%,
3/15/38 (a)(b)
 
       743
729
VMC Finance 2021-HT1 LLC,
 
 
1 Month USD LIBOR + 1.65%, 6.81%,
1/18/37 (a)(b)
 
     1,380
1,339
 
 
21,748
Corporate Bonds (61.3%)
 
 
Finance (31.2%)
 
 
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust,
 
 

1.65%, 10/29/24
 
     2,000
1,880

2.45%, 10/29/26
 
       850
760
Air Lease Corp.,
 
 

0.80%, 8/18/24
 
     2,895
2,728
Assurant, Inc.,
 
 

6.10%, 2/27/26
 
       925
929
Athene Global Funding,
 
 

2.75%, 6/25/24 (b)
 
     2,280
2,194
Australia & New Zealand Banking Group Ltd.,
 
 

4.40%, 5/19/26 (b)
 
     2,500
2,374
Banco Bilbao Vizcaya Argentaria SA,
 
 

0.88%, 9/18/23
 
     1,600
1,584
Banco Santander Chile,
 
 

2.70%, 1/10/25 (b)
 
       800
766
Bank of America Corp.,
 
 

3.38%, 4/2/26
 
     2,310
2,215

5.08%, 1/20/27
 
     2,000
1,970
Bank of Nova Scotia,
 
 

1.05%, 3/2/26
 
     5,050
4,498
Banque Federative du Credit Mutuel SA,
 
 

2.38%, 11/21/24 (b)
 
     3,480
3,305

4.52%, 7/13/25 (b)
 
     3,210
3,122
Barclays PLC,
 
 

5.30%, 8/9/26
 
     2,000
1,952
BNP Paribas SA,
 
 

2.22%, 6/9/26 (b)
 
     3,150
2,915
BPCE SA,
 
 

2.38%, 1/14/25 (b)
 
     2,635
2,472
Canadian Imperial Bank of Commerce,
 
 

2.25%, 1/28/25
 
     1,130
1,072

3.30%, 4/7/25
 
     2,270
2,180
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Short Duration Income Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Finance (cont'd)
 
 
Citigroup, Inc.,
 
 

3.11%, 4/8/26
$
     2,000
$1,911

3.35%, 4/24/25
 
     3,770
3,687
Corebridge Financial, Inc.,
 
 

3.50%, 4/4/25
 
     2,280
2,174
Deutsche Bank AG,
 
 
Series E
 
 

0.96%, 11/8/23
 
     3,950
3,871
Elevance Health, Inc.,
 
 

1.50%, 3/15/26
 
     2,830
2,560
Equitable Financial Life Global Funding,
 
 

1.40%, 7/7/25 (b)
 
     3,300
3,004
F&G Annuities & Life, Inc.,
 
 

7.40%, 1/13/28 (b)
 
     1,650
1,650
GA Global Funding Trust,
 
 

1.63%, 1/15/26 (b)
 
     4,070
3,614
Goldman Sachs Group, Inc.,
 
 

3.50%, 1/23/25
 
     1,750
1,689
Guardian Life Global Funding,
 
 

0.88%, 12/10/25 (b)
 
     2,450
2,183
HSBC Holdings Plc,
 
 

3.80%, 3/11/25
 
     3,350
3,285
HSBC Holdings PLC,
 
 

2.63%, 11/7/25
 
     1,850
1,758
JPMorgan Chase & Co.,
 
 

2.01%, 3/13/26
 
     2,000
1,879

2.08%, 4/22/26
 
     4,500
4,216

5.55%, 12/15/25
 
     2,120
2,112
LeasePlan Corp. NV,
 
 

2.88%, 10/24/24 (b)
 
     1,275
1,215
Macquarie Bank Ltd.,
 
 

2.30%, 1/22/25 (b)
 
     3,475
3,299
Macquarie Group Ltd.,
 
 

1.34%, 1/12/27 (b)
 
     3,060
2,725
Nordea Bank Abp,
 
 

1.50%, 9/30/26 (b)
 
     5,075
4,440
Royal Bank of Canada,
 
 

1.20%, 4/27/26
 
     4,370
3,898
Safina Ltd.,
 
 

2.00%, 12/30/23
 
        46
45
Santander UK Group Holdings PLC,
 
 

4.80%, 11/15/24
 
     5,510
5,469
SMBC Aviation Capital Finance DAC,
 
 

5.45%, 5/3/28 (b)
 
     1,775
1,753
Societe Generale SA,
 
 

2.63%, 1/22/25 (b)
 
     1,175
1,105
Standard Chartered PLC,
 
 

0.99%, 1/12/25 (b)
 
     4,795
4,651
Sumitomo Mitsui Financial Group, Inc.,
 
 

2.35%, 1/15/25
 
     6,480
6,147
Suncorp-Metway Ltd.,
 
 

3.30%, 4/15/24 (b)
 
     1,980
1,939
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
Synchrony Bank,
 
 

5.40%, 8/22/25
$
     1,480
$1,417
Truist Financial Corp.,
 
 

SOFR + 2.05%, 6.05%, 6/8/27
 
       985
986
Wells Fargo & Co.,
 
 

3.91%, 4/25/26
 
     1,975
1,910
Woori Bank,
 
 

4.88%, 1/26/28 (b)
 
     2,165
2,145
 
 
 
121,653
Industrials (26.7%)
 
 
Altria Group, Inc.,
 
 

2.35%, 5/6/25
 
     1,500
1,412
American Tower Corp.,
 
 

1.60%, 4/15/26
 
       450
404
Bayer US Finance LLC,
 
 

3.38%, 10/8/24 (b)
 
     1,740
1,685
Boeing Co.,
 
 

5.04%, 5/1/27
 
     1,475
1,458
CDW LLC/CDW Finance Corp.,
 
 

2.67%, 12/1/26
 
       250
225
Celanese U.S. Holdings LLC,
 
 

6.17%, 7/15/27
 
     1,110
1,105
Charter Communications
Operating LLC/Charter Communications
Operating Capital,
 
 

4.91%, 7/23/25
 
       850
834
Cigna Group,
 
 

4.50%, 2/25/26
 
     3,025
2,960
Continental Resources, Inc.,
 
 

2.27%, 11/15/26 (b)
 
     1,000
891
Daimler Truck Finance North America LLC,
 
 

1.13%, 12/14/23 (b)
 
       575
563

2.00%, 12/14/26 (b)
 
     2,025
1,809
DuPont de Nemours, Inc.,
 
 

4.49%, 11/15/25
 
       875
857
Eastern Energy Gas Holdings LLC,
 
 

3.55%, 11/1/23
 
     2,050
2,028
Energy Transfer LP,
 
 

2.90%, 5/15/25
 
     4,130
3,915

4.75%, 1/15/26
 
       325
318
Enterprise Products Operating LLC,
 
 

3.90%, 2/15/24
 
     1,200
1,187
Fox Corp.,
 
 

4.03%, 1/25/24
 
     1,200
1,188
General Motors Financial Co., Inc.,
 
 

1.50%, 6/10/26
 
     2,890
2,555

3.95%, 4/13/24
 
     1,250
1,231
Genuine Parts Co.,
 
 

1.75%, 2/1/25
 
       740
694
Georgia-Pacific LLC,
 
 

1.75%, 9/30/25 (b)
 
     4,080
3,747
Glencore Funding LLC,
 
 

4.13%, 3/12/24 (b)
 
     2,050
2,026
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Short Duration Income Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Industrials (cont'd)
 
 
Global Payments, Inc.,
 
 

4.95%, 8/15/27
$
     1,250
$1,219
Haleon U.S. Capital LLC,
 
 

3.02%, 3/24/24
 
       750
734
HCA, Inc.,
 
 

5.00%, 3/15/24
 
     1,600
1,590
Hewlett Packard Enterprise Co.,
 
 

4.90%, 10/15/25
 
     2,000
1,976
Hyatt Hotels Corp.,
 
 

5.75%, 1/30/27 (c)
 
     1,275
1,272
Hyundai Capital America,
 
 

1.30%, 1/8/26 (b)
 
     2,780
2,489

5.50%, 3/30/26 (b)
 
       675
669
Hyundai Capital Services, Inc.,
 
 

2.13%, 4/24/25 (b)
 
     1,000
937
Imperial Brands Finance PLC,
 
 

3.13%, 7/26/24 (b)
 
     2,015
1,948
JDE Peet's NV,
 
 

0.80%, 9/24/24 (b)
 
     3,025
2,838
Kinder Morgan, Inc.,
 
 

1.75%, 11/15/26
 
     2,640
2,339
Mitsubishi Corp.,
 
 

1.13%, 7/15/26 (b)
 
     2,610
2,305
Mondelez International Holdings Netherlands
BV,
 
 

1.25%, 9/24/26 (b)
 
     2,910
2,559

2.25%, 9/19/24 (b)
 
       950
909
National Fuel Gas Co.,
 
 

5.50%, 10/1/26
 
     1,565
1,527
NBN Co. Ltd.,
 
 

1.45%, 5/5/26 (b)
 
     2,770
2,492
Nissan Motor Co. Ltd.,
 
 

3.04%, 9/15/23 (b)
 
     2,640
2,622
NongHyup Bank,
 
 

1.25%, 7/20/25 (b)
 
       690
631
NTT Finance Corp.,
 
 

1.16%, 4/3/26 (b)
 
     6,790
6,079
Nucor Corp.,
 
 

2.00%, 6/1/25
 
       975
912
NXP BV/NXP Funding LLC/NXP USA, Inc.,
 
 

2.70%, 5/1/25
 
     1,540
1,460
Penske Truck Leasing Co. LP/PTL Finance
Corp.,
 
 

5.75%, 5/24/26 (b)
 
     1,825
1,809
Pfizer Investment Enterprises Pte. Ltd.,
 
 

4.45%, 5/19/26
 
     1,705
1,685
Pioneer Natural Resources Co.,
 
 

1.13%, 1/15/26
 
     4,490
4,045
Revvity, Inc.,
 
 

0.85%, 9/15/24
 
     3,440
3,235
Royalty Pharma PLC,
 
 

1.20%, 9/2/25
 
     1,475
1,331
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
Siemens Financieringsmaatschappij NV,
 
 

3.25%, 5/27/25 (b)
$
     1,000
$966
Silgan Holdings, Inc.,
 
 

1.40%, 4/1/26 (b)
 
     1,875
1,658
Sonoco Products Co.,
 
 

1.80%, 2/1/25
 
     1,460
1,364
TD SYNNEX Corp.,
 
 

1.25%, 8/9/24
 
     5,815
5,502
VICI Properties LP,
 
 

4.38%, 5/15/25
 
     1,880
1,819
Vontier Corp.,
 
 

1.80%, 4/1/26
 
     2,375
2,113
Warnermedia Holdings, Inc.,
 
 

3.43%, 3/15/24
 
     2,110
2,072
Williams Cos., Inc.,
 
 

4.30%, 3/4/24
 
     1,330
1,315
Zimmer Biomet Holdings, Inc.,
 
 

1.45%, 11/22/24
 
     2,400
2,261
 
 
 
103,774
Utilities (3.4%)
 
 
Ameren Corp.,
 
 

2.50%, 9/15/24
 
     2,510
2,406
American Electric Power Co., Inc.,
 
 
Series N
 
 

1.00%, 11/1/25
 
     1,500
1,355
Dominion Energy, Inc.,
 
 
Series A
 
 

1.45%, 4/15/26
 
     2,355
2,116
Eversource Energy,
 
 

4.75%, 5/15/26
 
     1,410
1,383
ITC Holdings Corp.,
 
 

4.95%, 9/22/27 (b)
 
     1,970
1,941
NextEra Energy Capital Holdings, Inc.,
 
 

1.88%, 1/15/27
 
     2,825
2,520

6.05%, 3/1/25
 
       360
361
Southern Co.,
 
 

4.48%, 8/1/24 (d)
 
     1,175
1,154
 
 
 
13,236
 
 
238,663
Mortgages - Other (11.4%)
 
 
Ajax Mortgage Loan Trust,
 
 

1.07%, 9/25/65 (a)(b)
 
       690
589

1.70%, 5/25/59 (b)
 
       509
445
BRAVO Residential Funding Trust,
 
 

2.00%, 5/25/59 (a)(b)
 
       643
571
Brean Asset Backed Securities Trust,
 
 

1.40%, 10/25/63 (a)(b)
 
     1,745
1,492

1.75%, 10/25/61 (a)(b)
 
     1,801
1,575
Brean Asset-Backed Securities Trust,
 
 
Series 2023-RM6 Class A1
 
 

5.25%, 1/25/63 (b)
 
     1,849
1,723
Bunker Hill Loan Depositary Trust,
 
 

1.72%, 2/25/55 (a)(b)
 
       196
182
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Short Duration Income Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Mortgages - Other (cont'd)
 
 
BX Commercial Mortgage Trust,
 
 
Class A
 
 
1 Month Term SOFR + 2.28%,
7.43%, 6/15/40 (b)
$
     1,450
$1,448
Cascade Funding Mortgage Trust,
 
 

0.90%, 6/25/36 (a)(b)
 
     1,081
1,025

1.94%, 9/25/50 (a)(b)
 
     1,036
944

2.80%, 6/25/69 (a)(b)
 
       187
181

4.00%, 10/25/68 (a)(b)
 
       232
225
CFMT LLC,
 
 

1.37%, 2/25/31 (a)(b)
 
     1,600
1,501
Series 2023-HB12 Class M1
 
 

4.25%, 4/25/33 (a)(b)
 
     2,025
1,811
CHL Mortgage Pass-Through Trust,
 
 

5.50%, 5/25/34
 
        36
35
CIM Trust,
 
 

2.57%, 7/25/59 (b)
 
       850
816
CSMC Trust,
 
 

0.94%, 5/25/66 (a)(b)
 
       865
668

1.18%, 2/25/66 (a)(b)
 
       761
633
Series 2022-RPL4 Class A1
 
 

3.90%, 4/25/62 (b)
 
     1,499
1,382
FMC GMSR Issuer Trust,
 
 

3.85%, 10/25/26 (a)(b)
 
     1,700
1,391

4.45%, 1/25/26 (a)(b)
 
     1,500
1,290

7.90%, 7/25/27 (b)
 
     1,600
1,576
Class A
 
 

3.62%, 7/25/26 (a)(b)
 
     1,550
1,263
Headlands Residential 2021-RPL1 LLC,
 
 

2.49%, 9/25/26 (a)(b)
 
     1,940
1,804
Homeward Opportunities Fund Trust,
 
 

3.23%, 8/25/25 (b)
 
       219
212
Imperial Fund Mortgage Trust,
 
 

1.38%, 10/25/55 (a)(b)
 
       409
361

1.60%, 11/25/56 (a)(b)
 
       877
720

2.49%, 2/25/67 (a)(b)
 
     1,301
1,134
J.P. Morgan Mortgage Trust,
 
 
Series 2023-4 Class 1A4
 
 

6.00%, 11/25/53 (b)
 
     1,880
1,856
Legacy Mortgage Asset Trust,
 
 

6.25%, 2/25/60 (b)
 
       810
797
LHOME Mortgage Trust,
 
 

2.09%, 2/25/26 (a)(b)
 
       377
366
New Residential Mortgage Loan Trust,
 
 

3.75%, 5/28/52 - 8/25/55 (a)(b)
 
       110
101

3.91%, 9/25/57 (a)(b)
 
       205
188
NewRez Warehouse Securitization Trust,
 
 
1 Month USD LIBOR + 0.75%,
5.90%, 5/25/55 (a)(b)
 
     1,105
1,101
NYMT Loan Trust,
 
 

2.94%, 10/25/60 (a)(b)
 
     1,451
1,418
Oceanview Mortgage Loan Trust,
 
 

1.73%, 5/28/50 (a)(b)
 
       254
226
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
Pepper Residential Securities Trust,
 
 
1 Month USD LIBOR + 0.95%,
6.11%, 8/18/60 (a)(b)
$
        30
$30
1 Month USD LIBOR + 0.93%,
6.15%, 3/12/61 (a)(b)
 
        60
60
1 Month USD LIBOR + 1.00%,
6.16%, 6/20/60 (a)(b)
 
        21
21
Preston Ridge Partners Mortgage LLC,
 
 

1.74%, 9/25/26 (a)(b)
 
       961
865

2.12%, 1/25/26 - 3/25/26 (a)(b)
 
     1,059
1,004

2.36%, 10/25/26 (b)
 
     1,218
1,134
Residential Mortgage Loan Trust,
 
 

1.65%, 5/25/60 (a)(b)
 
       170
167
RESIMAC Bastille Trust,
 
 
1 Month USD LIBOR + 0.93%,
6.09%, 9/5/57 (a)(b)
 
        51
51
RESIMAC Premier,
 
 
1 Month USD LIBOR + 0.95%,
6.17%, 2/10/51 (a)(b)
 
        19
19
RMF Buyout Issuance Trust,
 
 

1.72%, 10/25/50 (a)(b)
 
     1,237
1,146
RMF Proprietary Issuance Trust,
 
 

2.13%, 9/25/61 (a)(b)
 
     1,567
1,102

4.00%, 8/25/62 (a)(b)
 
     2,225
1,740
Sequoia Mortgage Trust,
 
 
1 Month USD LIBOR + 0.62%,
5.78%, 8/20/34 (a)
 
        77
71
Stanwich Mortgage Loan Co. LLC,
 
 

2.74%, 10/16/26 (b)
 
     1,292
1,174
Towd Point Mortgage Trust,
 
 

1.75%, 10/25/60 (b)
 
       519
450

2.75%, 4/25/57 (a)(b)
 
         7
6
1 Month USD LIBOR + 0.60%,
4.60%, 2/25/57 (a)(b)
 
        55
55
TVC Mortgage Trust,
 
 

3.47%, 9/25/24 (b)
 
         2
3
Verus Securitization Trust,
 
 

1.03%, 2/25/66 (a)(b)
 
       597
498
VOLT XCIII LLC,
 
 

1.89%, 2/27/51 (b)
 
       752
695
VOLT XCIV LLC,
 
 

2.24%, 2/27/51 (b)
 
       877
810
 
 
 
44,151
Sovereign (0.8%)
 
 
Corp. Andina de Fomento,
 
 

1.63%, 9/23/25
 
     1,750
1,608
Korea National Oil Corp.,
 
 

0.88%, 10/5/25 (b)
 
     1,680
1,513
 
 
 
3,121
Total Fixed Income
Securities (Cost $405,811)
 
381,457
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Short Duration Income Portfolio
 
 
 
Shares

 Value
(000)
Short-Term Investments (1.8%)
 
 
Investment Company (1.4%)
 
 
Morgan Stanley Institutional Liquidity Funds —
Government Portfolio — Institutional
Class (e) (Cost $5,465)
 
 5,465,460
$5,465
 
 
 
Face
Amount
(000)

 
 
 
 
U.S. Treasury Security (0.4%)
 
 
U.S. Treasury Bill,
5.01%, 11/30/23 (f)(g)
(Cost $1,499)
$
     1,530
1,497
Total Short-Term Investments (Cost $6,965)
6,962
Total Investments (99.8%) (Cost $412,775)(h)(i)(j)
388,419
Other Assets in Excess of Liabilities (0.2%)
749
Net Assets (100.0%)
$389,168
 
(a)
Floating or variable rate securities: The rates disclosed are as of
June 30, 2023. For securities based on a published reference rate and
spread, the reference rate and spread are indicated in the description
in the Portfolio of Investments. Certain variable rate securities may not
be based on a published reference rate and spread but are determined
by the issuer or agent and are based on current market conditions.
These securities do not indicate a reference rate and spread in their
description in the Portfolio of Investments.
(b)
144A security − Certain conditions for public sale may exist. Unless
otherwise noted, these securities are deemed to be liquid.
(c)
When-issued security.
(d)
Multi-step — Coupon rate changes in predetermined increments to
maturity. Rate disclosed is as of June 30, 2023. 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 nine
months ended June 30, 2023, advisory fees paid were reduced by
approximately $6,000 relating to the Fund's investment in the Liquidity
Funds.
(f)
Rate shown is the yield to maturity at June 30, 2023.
(g)
All or a portion of the security was pledged to cover margin
requirements for 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 nine months ended June 30, 2023, the
Fund did not engage in any cross-trade transactions.
(i)
Securities are available for collateral in connection with purchase of
when-issued security and open futures contracts.
(j)
At June 30, 2023, the aggregate cost for federal income tax purposes
approximates the aggregate cost for book purposes. The aggregate
gross unrealized appreciation is approximately $998,000 and the
aggregate gross unrealized depreciation is approximately
$26,304,000, resulting in net unrealized depreciation of approximately
$25,306,000.
 
CLO
Collateralized Loan Obligation.
CMT
Constant Maturity Treasury Note Rate.
DAC
Designated Activity Company.
LIBOR
London Interbank Offered Rate.
REMIC
Real Estate Mortgage Investment Conduit.
SOFR
Secured Overnight Financing Rate.
USD
United States Dollar.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Short Duration Income Portfolio
 
Futures Contracts:
The Fund had the following futures contracts open at June 30, 2023:
 
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
Long:
 
 
 
 
U.S. Treasury 2 yr. Note (United States)
587
Sep-23
$
117,400
$119,363
$(1,735
)
Short:
 
 
 
 
U.S. Treasury 5 yr. Note (United States)
254
Sep-23
 
(25,400)
(27,202
)
612
U.S. Treasury 10 yr. Note (United States)
76
Sep-23
 
(7,600)
(8,532
)
173
 
 
 
 
 
$(950
)
 
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
 
Portfolio Composition
Classification
Percentage of
Total Investments
Finance
31.3
%
Industrials
26.7
Asset-Backed Securities
18.6
Mortgages - Other
11.4
Other*
6.4
Commercial Mortgage-Backed Securities
5.6
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
$155,097,000 and net unrealized appreciation of approximately $950,000. 
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments 
Ultra-Short Income Portfolio
 
 
 
Face
Amount
(000)
 
Value
(000)
Certificates of Deposit(10.2%)
 
 
Domestic Banks (1.9%)
 
Bank of America NA
5.80%, 5/28/24
$
   100,000
$99,833
Citibank NA
5.79%, 7/8/24
 
   112,000
111,719
 
 
 
211,552
International Banks (8.3%)
 
Bank of Nova Scotia
5.55%, 5/17/24
 
   131,000
130,414
Canadian Imperial Bank of Commerce
5.77%, 6/12/24
 
   150,000
149,664
National Bank of Kuwait SAKP,
 
 
5.75%, 1/19/24
 
   150,000
149,825
5.95%, 12/14/23
 
   200,000
199,982
Natixis SA
5.29%, 12/13/23
 
    10,000
9,977
Oversea-Chinese Banking Corp. Ltd.
5.50%, 9/25/23
 
    75,000
75,007
Toronto-Dominion Bank,
 
 
5.48%, 4/19/24
 
   116,500
116,010
5.80%, 5/16/24 - 7/15/24
 
    86,000
85,828
Westpac Banking Corp.
5.58%, 3/8/24
 
     4,310
4,300
 
 
 
921,007
Total Certificates of Deposit (Cost $1,134,828)
1,132,559
Commercial Paper (a)(41.8%)
 
 
Asset-Backed Diversified Financial Services
(6.7%)
 
Atlantic Asset Securitization LLC
5.42%, 12/5/23
 
    50,000
48,779
Cabot Trail Funding LLC
5.52%, 2/9/24
 
    15,000
14,472
Collateralized Commercial Paper FLEX Co. LLC
5.25%, 10/23/23 (b)
 
    60,000
59,929
Equitable Short Term Funding LLC
5.53%, 9/21/23 (b)
 
   100,000
98,770
LMA Americas LLC,
 
 
5.00%, 9/21/23
 
    50,000
49,369
5.09%, 7/7/23
 
    25,000
24,975
5.60%, 7/21/23
 
    15,663
15,615
5.71%, 9/18/23
 
    85,000
83,968
Old Line Funding LLC,
 
 
5.50%, 9/26/23
 
    90,000
88,799
5.73%, 1/8/24 (b)
 
    40,000
38,807
Pacific Life Short Term Funding LLC
5.38%, 5/6/24 (b)
 
    10,000
9,505
Podium Funding Corp.,
 
 
5.42%, 12/1/23
 
    34,000
33,178
5.52%, 9/20/23
 
    40,000
39,507
Thunder Bay Funding LLC,
 
 
5.71%, 1/10/24
 
    60,000
58,189
5.72%, 12/7/23
 
    50,000
48,765
5.73%, 1/8/24
 
    40,000
38,805
 
 
 
751,432
Automobile (5.0%)
 
American Honda Finance Corp.,
 
 
4.05%, 9/21/23
 
    23,000
22,704
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
 
 
5.68%, 9/18/23
$
    29,000
$28,641
5.74%, 9/21/23
 
    51,000
50,344
5.76%, 9/18/23
 
    10,000
9,876
BMW US Capital LLC,
 
 
5.13%, 7/5/23
 
    60,000
59,958
5.20%, 7/5/23
 
   103,000
102,928
Mercedes Benz Finance North America,
 
 
5.14%, 7/6/23
 
    46,500
46,462
5.22%, 7/27/23
 
    72,590
72,308
Toyota Credit de Puerto Rico Corp.
5.41%, 10/5/23
 
    22,000
21,680
Volvo Treasury NA LP
 
 
5.27%, 7/13/23 - 7/17/23
 
   148,000
147,690
 
 
 
562,591
Chemicals (2.5%)
 
BASF SE,
 
 
5.57%, 11/20/23
 
   147,000
143,740
5.58%, 11/21/23
 
    40,000
39,106
5.77%, 12/6/23
 
    25,000
24,378
EIDP, Inc.,
 
 
5.77%, 10/13/23 - 10/17/23
 
    57,000
56,086
5.84%, 12/7/23
 
     5,000
4,876
5.93%, 12/4/23
 
    15,000
14,634
 
 
 
282,820
Communications (1.6%)
 
AT&T, Inc.,
 
 
5.68%, 12/19/23
 
    82,000
79,757
5.80%, 2/23/24
 
    21,625
20,793
5.93%, 3/19/24
 
    15,000
14,359
Walt Disney Co.
5.71%, 3/26/24
 
    65,000
62,268
 
 
 
177,177
Consumer, Non-Cyclical (3.9%)
 
LVMH Moet Hennessy Louis Vuitton,
 
 
5.58%, 5/22/24 - 5/23/24 (b)
 
   105,000
99,721
5.77%, 6/6/24
 
    80,000
75,805
5.78%, 6/6/24 - 6/7/24
 
    85,000
80,533
5.80%, 5/29/24 - 6/10/24
 
   165,000
156,429
5.83%, 6/13/24 (b)
 
    22,000
20,823
 
 
 
433,311
Diversified Financial Services (1.1%)
 
PSP Capital, Inc.,
 
 
4.01%, 8/16/23
 
    25,000
24,830
4.04%, 8/17/23
 
    96,000
95,335
 
 
 
120,165
Domestic Banks (4.7%)
 
HSBC USA, Inc.,
 
 
4.17%, 8/4/23
 
    35,000
34,822
5.72%, 5/7/24
 
    22,000
20,841
5.85%, 1/12/24
 
    50,000
48,403
5.93%, 5/17/24
 
    35,000
33,093
5.98%, 12/15/23
 
    75,000
72,977
6.01%, 12/8/23
 
    74,000
72,100
6.02%, 11/14/23
 
    25,000
24,464
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Ultra-Short Income Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Commercial Paper (cont'd)
 
 
Domestic Banks (cont'd)
 
6.07%, 3/1/24
$
    14,500
$13,910
6.25%, 6/3/24 - 6/6/24 (b)
 
    73,000
68,776
6.26%, 6/7/24
 
    25,000
23,545
6.35%, 6/10/24
 
    42,000
39,532
6.46%, 6/28/24
 
    75,000
70,356
 
 
 
522,819
Finance (3.2%)
 
Barclays Capital, Inc.,
 
 
5.68%, 12/19/23
 
   100,000
97,324
5.73%, 12/28/23
 
   100,000
97,178
5.75%, 12/18/23
 
    32,000
31,149
5.87%, 11/22/23
 
    75,000
73,323
CDP Financial, Inc.
4.07%, 8/21/23
 
    50,000
49,624
Citigroup Global Markets, Inc.
5.47%, 12/14/23
 
     9,350
9,107
 
 
 
357,705
Health Care Services (1.0%)
 
Catholic Health Initiatives,
 
 
5.68%, 12/7/23
 
    14,154
13,769
5.73%, 9/13/23
 
    35,000
34,569
5.78%, 9/21/23
 
    15,000
14,795
CommonSpirit Health,
 
 
5.45%, 7/6/23
 
    25,000
24,978
5.71%, 9/18/23
 
    20,000
19,737
 
 
 
107,848
Industrials (0.0%)‡
 
Parker Hannifin Corp.
5.50%, 8/15/23 (b)
 
     2,000
1,986
Insurance (0.9%)
 
Marsh & McLennan Cos., Inc.
5.50%, 9/5/23
 
    79,000
78,179
Pricoa Short Term Funding LLC
5.38%, 5/1/24
 
    15,000
14,273
Prudential Financial, Inc.
5.10%, 7/3/23
 
     9,000
8,996
 
 
 
101,448
International Banks (11.2%)
 
Australia & New Zealand Banking Group Ltd.
5.85%, 4/22/24
 
     4,000
3,817
Barclays Bank PLC,
 
 
5.56%, 9/22/23 (b)
 
    75,000
74,053
5.77%, 8/10/23 (b)
 
     7,250
7,206
BPCE SA
5.45%, 9/8/23
 
    45,000
44,531
Landesbank Baden-Wuerttemberg,
 
 
5.06%, 7/3/23
 
   200,000
199,916
5.08%, 7/5/23
 
   110,000
109,922
Lloyds Bank PLC
5.95%, 6/28/24
 
     4,000
3,768
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
 
 
Macquarie Bank Ltd.,
 
 
5.41%, 10/4/23 (b)
$
    85,000
$83,769
5.49%, 11/24/23
 
    75,000
73,287
Nationwide Building Society
5.08%, 7/7/23
 
   203,000
202,799
Societe Generale SA,
 
 
5.62%, 2/26/24 (b)
 
    15,000
14,473
5.82%, 11/10/23 (b)
 
   110,000
107,819
6.38%, 7/1/24 (b)
 
    80,000
75,155
Sumitomo Mitsui Banking Corp.
5.52%, 1/5/24
 
    16,000
15,548
Suncorp Group Ltd.
 
 
5.52%, 11/6/23 - 11/7/23
 
    88,000
86,167
UBS AG London
5.79%, 1/3/24
 
    71,000
68,920
United Overseas Bank Ltd.
5.48%, 9/26/23
 
    75,000
73,990
 
 
 
1,245,140
Total Commercial Paper (Cost $4,669,478)
4,664,442
Corporate Bonds(0.4%)
 
 
Consumer, Non-Cyclical (0.1%)
 
GlaxoSmithKline Capital PLC
0.53%, 10/1/23
 
     5,000
4,942
International Banks (0.3%)
 
Bank of Nova Scotia
0.55%, 9/15/23
 
     9,000
8,905
Banque Federative du Credit Mutuel SA
3.75%, 7/20/23 (b)
 
     3,000
2,997
Sumitomo Mitsui Trust Bank Ltd.
0.80%, 9/12/23 (b)
 
    18,725
18,555
Toronto-Dominion Bank
0.45%, 9/11/23
 
     4,112
4,072
 
 
 
34,529
Total Corporate Bonds (Cost $39,455)
39,471
Floating Rate Notes (c)(35.1%)
 
 
Asset-Backed Diversified Financial Services
(0.5%)
 
Barclays Bank PLC,
 
 
SOFR + 0.75%, 5.81%, 10/4/23 (b)
 
    25,000
25,026
Thunder Bay Funding LLC,
 
 
SOFR + 0.42%, 5.48%, 9/27/23 (b)
 
    27,000
27,006
 
 
 
52,032
Diversified Financial Services (0.4%)
 
Mizuho Markets Cayman LP,
 
 
MTN
 
 
SOFR + 0.52%, 5.64%, 12/22/23 (b)
 
    50,000
50,044
Domestic Banks (4.5%)
 
Bank of America NA,
 
 
5.81%, 8/4/23
 
    95,000
95,055
Bank of America Securities, Inc.,
 
 
5.88%, 10/20/23
 
   125,000
125,200
Barton Capital Corp.,
 
 
SOFR + 0.47%, 5.53%, 12/1/23
 
   100,000
100,033
Citibank NA,
 
 
SOFR + 0.68%, 5.74%, 6/12/24
 
    65,000
65,021
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Ultra-Short Income Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Floating Rate Notes (c) (cont'd)
 
 
Domestic Banks (cont'd)
 
Wells Fargo Bank NA,
 
 
5.88%, 7/3/24 (d)
$
   114,500
$114,500
 
 
 
499,809
Finance (1.0%)
 
American Express Co.,
 
 
SOFR + 0.23%, 5.34%, 11/3/23
 
    15,999
15,987
J.P Morgan Securities LLC,
 
 
SOFR + 0.65%, 5.71%, 6/7/24 (b)
 
   100,000
99,971
 
 
 
115,958
International Banks (28.7%)
 
Australia & New Zealand Banking Group Ltd.,
 
 
SOFR + 0.50%, 5.56%, 3/22/24 (b)
 
    90,000
89,997
Bank of Montreal,
 
 
SOFR + 0.27%, 5.34%, 9/15/23
 
    48,548
48,542
SOFR + 0.75%, 5.81%, 12/1/23
 
   200,000
200,338
SOFR + 0.80%, 5.86%, 11/7/23
 
    75,500
75,626
MTN
 
 
SOFR + 0.35%, 5.43%, 12/8/23
 
    52,177
52,163
SOFR + 0.71%, 5.79%, 3/8/24
 
    23,600
23,612
Bank of Nova Scotia,
 
 
SOFR + 0.75%, 5.81%, 12/4/23
 
    94,000
94,170
MTN
 
 
SOFR + 0.96%, 6.04%, 3/11/24
 
    15,882
15,932
Barclays Bank PLC,
 
 
SOFR + 0.75%, 5.81%, 10/5/23 (b)
 
    50,000
50,053
Canadian Imperial Bank of Commerce,
 
 
SOFR + 0.40%, 5.46%, 12/14/23
 
    26,061
26,037
SOFR + 0.66%, 5.72%, 6/7/24
 
   150,000
150,062
SOFR + 0.70%, 5.76%, 4/5/24
 
   175,000
175,212
Macquarie Bank Ltd.,
 
 
SOFR + 0.77%, 5.83%, 8/2/23 (b)
 
   148,000
148,085
SOFR + 0.78%, 5.84%, 8/4/23 (b)
 
    95,000
95,059
Mizuho Bank Ltd.,
 
 
SOFR + 0.56%, 5.62%, 3/14/24
 
   100,000
100,016
SOFR + 0.60%, 5.66%, 2/26/24
 
   175,000
175,112
Nordea Bank AB,
 
 
SOFR + 0.50%, 5.56%, 3/18/24 (b)
 
    40,000
40,008
Nordea Bank Abp,
 
 
SOFR + 0.50%, 5.56%, 3/18/24
 
    50,000
50,010
Nordea Bank ABP (New York Branch),
 
 
SOFR + 0.50%, 5.56%, 3/12/24
 
    90,000
90,032
SOFR + 0.51%, 5.57%, 3/15/24
 
    50,000
50,017
Royal Bank of Canada,
 
 
SOFR + 0.30%, 5.42%, 1/19/24
 
     1,045
1,044
MTN
 
 
SOFR + 0.75%, 5.81%, 11/29/23 (b)
 
   100,000
100,173
Skandinaviska Enskilda Banken AB,
 
 
SOFR + 0.65%, 5.71%, 6/12/24 (b)
 
   131,000
131,035
Societe Generale SA,
 
 
SOFR + 0.68%, 5.74%, 6/27/24 (b)
 
    35,000
34,997
SOFR + 0.82%, 5.88%, 12/11/23 (b)
 
    22,000
22,045
SOFR + 0.90%, 5.96%, 11/20/23 (b)
 
    90,000
90,213
 
 
Face
Amount
(000)
 
Value
(000)
 
 
 
 
 
Sumitomo Mitsui Banking Corp.,
 
 
SOFR + 0.58%, 5.64%, 2/23/24
$
    18,000
$18,008
SOFR + 0.60%, 5.66%, 12/5/23
 
   125,000
125,096
SOFR + 0.70%, 5.76%, 6/6/24
 
   100,000
100,021
SOFR + 0.92%, 5.98%, 11/30/23
 
   150,000
150,318
SOFR + 0.95%, 6.01%, 10/25/23
 
   101,000
101,190
Svenska Handelsbanken AB,
 
 
SOFR + 0.67%, 5.73%, 4/5/24
 
   183,000
183,190
SOFR + 0.72%, 5.78%, 12/5/23
 
   180,000
180,274
Toronto-Dominion Bank,
 
 
SOFR + 0.36%, 5.44%, 3/4/24
 
    29,500
29,478
MTN
 
 
SOFR + 0.91%, 5.99%, 3/8/24
 
     2,750
2,757
UBS AG,
 
 
SOFR + 0.82%, 5.95%, 10/17/23 (b)
 
    96,000
96,014
Westpac Banking Corp.,
 
 
SOFR + 0.50%, 5.56%, 3/14/24 (b)
 
    85,000
85,028
 
 
 
3,200,964
Total Floating Rate Notes (Cost $3,915,532)
3,918,807
Repurchase Agreements(10.7%)
 
 
Bank of America Securities, Inc., (5.52% (c),
dated 1/27/23, due 9/28/23; proceeds
$228,231; fully collateralized by various
Common Stocks and Preferred Stocks; valued
at $231,000) (Demand 7/3/23) (e)
 
   220,000
220,000
BMO Capital Markets Corp., (5.17%, dated
6/30/23, due 7/3/23; proceeds $1,000; fully
collateralized by various Corporate Bonds,
3.10% - 5.10% due 1/17/25 - 3/15/42;
valued at $1,050)
 
     1,000
1,000
BNP Paribas SA, (5.28% (c), dated 6/29/22, due
7/7/23; proceeds $242,583; fully
collateralized by various Corporate Bonds,
0.63% - 12.75% due 7/1/23 - 12/31/79;
valued at $243,760) (Demand 7/3/23) (e)
 
   230,000
230,000
Citigroup Global Markets, Inc., (5.69% (c), dated
11/14/22, due 10/3/23; proceeds
$210,210; fully collateralized by various
Corporate Bonds, 3.38% - 13.38% due
9/15/24 - 7/15/48; valued at $212,001)
(Demand 7/3/23) (e)
 
   200,000
200,000
ING Financial Markets LLC, (5.15%, dated
6/30/23, due 7/3/23; proceeds $5,002; fully
collateralized by various Corporate Bonds,
0.25% - 5.55% due 9/15/23 - 12/31/79;
valued at $5,251)
 
     5,000
5,000
JP Morgan Securities LLC, (5.32% (c), dated
11/17/21, due 7/7/23; proceeds $76,176;
fully collateralized by various Common Stocks
and Preferred Stocks; valued at $73,847)
(Demand 7/3/23) (e)
 
    70,000
70,000
JP Morgan Securities LLC, (5.52% (c), dated
1/5/23, due 9/28/23; proceeds $301,828;
fully collateralized by various Corporate
Bonds, 2.05% - 11.50% due
9/16/23 - 1/6/47; valued at $308,892)
(Demand 7/3/23) (e)
 
   290,000
290,000
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Ultra-Short Income Portfolio
 
 
Face
Amount
(000)
 
Value
(000)
Repurchase Agreements (cont'd)
 
 
Pershing LLC, (5.39%, dated 6/30/23, due
7/3/23; proceeds $25,011; fully
collateralized by various Corporate Bonds,
0.95% - 9.29% due 7/21/23 - 1/22/78;
valued at $26,406) (e)
$
    25,000
$25,000
Societe Generale SA, (5.22%, dated 6/30/23,
due 7/3/23; proceeds $55,024; fully
collateralized by various Corporate Bonds,
3.13% - 13.00% due 4/1/24 - 6/15/76;
valued at $58,181)
 
    55,000
55,000
Wells Fargo Securities LLC, (5.59%, dated
6/7/23, due 9/1/23; proceeds $101,335;
fully collateralized by various Common Stocks
and Preferred Stocks; valued at $105,000) (e)
 
   100,000
100,000
Total Repurchase Agreements (Cost $1,196,000)
1,196,000
Time Deposits(1.9%)
 
 
International Banks (1.9%)
 
Credit Agricole Corporate and Investment Bank
5.05%, 7/3/23
 
     5,000
5,000
DNB Bank ASA (New York Branch)
5.04%, 7/3/23
 
   202,000
202,000
Total Time Deposits (Cost $207,000)
207,000
Total Investments (100.1%) (Cost $11,162,293) (f)(g)(h)
11,158,279
Liabilities in Excess of Other Assets (-0.1%)
(9,652
)
Net Assets (100.0%)
$11,148,627
 
‡
Amount is less than 0.05%.
(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)
Floating or variable rate securities: The rates disclosed are as of
June 30, 2023. For securities based on a published reference rate and
spread, the reference rate and spread are indicated in the description
in the Portfolio of Investments. Certain variable rate securities may not
be based on a published reference rate and spread but are determined
by the issuer or agent and are based on current market conditions.
These securities do not indicate a reference rate and spread in their
description in the Portfolio of Investments.
(d)
Security is subject to delayed delivery.
(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 June 30, 2023.
(f)
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 nine months ended June 30, 2023, the
Fund did not engage in any cross-trade transactions.
(g)
Securities are available for collateral in connection with purchase of
securities on a forward commitment basis.
(h)
At June 30, 2023, the aggregate cost for federal income tax purposes
approximates the aggregate cost for book purposes. The aggregate
gross unrealized appreciation is approximately $3,389,000 and the
aggregate gross unrealized depreciation is approximately
$7,403,000, resulting in net unrealized depreciation of approximately
$4,014,000.
 
MTN
Medium Term Note.
SOFR
Secured Overnight Financing Rate.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
 
Portfolio Composition
Classification
Percentage of
Total Investments
Commercial Paper
41.8
%
Floating Rate Notes
35.1
Repurchase Agreements
10.7
Certificates of Deposit
10.1
Other*
2.3
Total Investments
100.0
%
 
*
Industries and/or investment types representing less than 5% of total investments.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments 
Ultra-Short Municipal Income Portfolio
 
 

Face
Amount
(000)

 Value
(000)
Weekly Variable Rate Bonds (a) (61.1%)
Broward County, FL,
Industrial Development Revenue,
Florida Power & Light Company Ser 2018 B
 
 
4.35%, 12/1/48
$
    10,500
$10,500
City of Colorado Springs, CO,
Colorado Variable Rate Demand Utilities
System Subordinate Lien Improvement
Revenue Bonds, Ser 2005A
 
 
3.94%, 11/1/35
 
     8,000
8,000
County of Clark, NV,
Nevada Industrial Development Revenue Bonds
 
 
Ser 2003A
4.20%, 3/1/38
 
    10,000
10,000
County of Hamilton, OH,
Ohio Hospital Facilities Revenue Refunding And
Improvement Bonds (Trihealth, Inc. Obligated
Group Project)
 
 
Ser 2021B
4.28%, 8/15/51
 
     9,625
9,625
County of Liberty, FL,
Industrial Development Revenue Bonds
Georgia Pacific Corp. Ser 2004
 
 
4.06%, 10/1/28  (b)
 
     4,500
4,500
County of Perry, MS,
Mississippi Pollution Control Refunding
Revenue Bonds Leaf River Cellulose, LLC
Project Ser 2021
 
 
4.11%, 10/1/41  (b)
 
     4,000
4,000
Daviess County, KY,
Solid Waste Disposal Facilities Revenue
Ser 1993-A (AMT)
 
 
3.90%, 12/1/23
 
     5,000
5,000
Gibson Country, IN,
Industrial Pollution Control Revenue Adjustable
Rate Bonds, Toyota Motor Manufacturing Ser
1999A
 
 
3.73%, 1/1/29
 
     3,000
3,000
Hospital Authority of Cobb County, GA
Revenue Anticipation Certificates Equipment
Pool Project Ser 2004
 
 
4.12%, 4/1/34
 
     5,800
5,800
Iowa State Finance Authority, LA,
 
 
Midwestern Disaster Area Revenue Bonds
Archer-Daniels-Midland Company Project
Ser 2012
 
 
4.15%, 12/1/45
 
     4,115
4,115
Solid Waste Facilities Revenue Bonds Mid
America Energy Company Project
 
 
Ser 2017 (AMT)
4.18%, 12/1/47
 
     3,000
3,000
Ser 2016B (AMT)
4.23%, 12/1/46
 
     3,500
3,500
Kentucky Economic Development Finance
Authority, KY,
Catholic Health Initiatives Ser 2004C
 
 
4.15%, 5/1/34
 
     7,200
7,200
 
Face
Amount
(000)
 Value
(000)
 
Metropolitan Washington Airports Authority, DC,
Airport System Subser 2011A-1
 
 
3.98%, 10/1/39
$
    10,000
$10,000
Parish of St. James, LA,
State of Louisiana Revenue Bonds, Nucor
Steel Louisiana LLC Project, Gulf Opportunity
Zone Bonds Ser 2010B-1
 
 
4.40%, 11/1/40
 
     5,000
5,000
Pennsylvania Turnpike Commission Variable Rate
Turnpike Revenue Bonds Second Series of
2019
 
 
Ser 2
3.95%, 12/1/38
 
    10,000
10,000
RBC Municipal Products Inc Trust, MO,
Health And Educational Facilities Authority of
The State of Missouri SSM Health Ser 2019 A
Floater Certificates Ser 2019-C17
 
 
4.05%, 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
 
 
4.04%, 5/16/24  (b)
 
     4,000
4,000
RBC Municipal Products Inc Trust, TX,
Various States Certificates
 
 
E-150
4.04%, 10/15/23  (b)
 
     4,000
4,000
E-154
4.11%, 7/12/23  (b)
 
     7,800
7,800
Tender Option Bond Trust, Various States
Certificates 2023-BAML Ser 6005
 
 
4.16%, 12/1/37  (b)
 
     8,200
8,200
Utah Water Finance Agency, UT,
Ser 2008 B
 
 
4.00%, 10/1/37
 
     5,840
5,840
Washington County, NE,
Nebraska Industrial Development Revenue
Bonds
Ser 2010 B
 
 
4.04%, 12/1/40
 
     1,500
1,500
Total Weekly Variable Rate Bonds (Cost $137,580)
137,580
Commercial Paper (c) (12.0%)
Atlanta GA,
Airport Third Lien General Revenue
3/A2 Ser O2 (AMT)
 
 
3.65%, 9/7/23
 
     3,936
3,936
Mercer Country, ND,
Pollution Control Revenue
Ser 1
 
 
3.50%, 7/12/23
 
     5,000
4,999
Oregon State Department of Transportation, OR,
Highway User Tax Revenue
Ser A1
 
 
3.33%, 9/13/23
 
     8,000
7,998
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Portfolio of Investments (cont'd)
Ultra-Short Municipal Income Portfolio
 
Face
Amount
(000)
 Value
(000)
Commercial Paper (cont'd)
San Antonio, TX,
Electricity & Gas Revenue
3/A2 Ser A
 
 
3.60%, 10/26/23
$
    10,000
$10,000
Total Commercial Paper (Cost $26,936)
26,933
Daily Variable Rate Bonds (a) (10.4%)
Columbia, AL,
Industrial Development Board Pollution Control
Revenue Refunding Bonds (Alabama Power
Company Project)
 
 
Ser 2014B
3.95%, 12/1/37
 
     5,700
5,700
Ser 1998 (AMT)
3.95%, 6/1/28
 
     4,300
4,300
County of Meade, KY,
Industrial Building Revenue Bonds (Nucor Steel
Brandenburg Project) (Green Bonds)
Ser 2021B-1
 
 
4.65%, 8/1/61
 
     5,500
5,500
Louisville and Jefferson County, KY,
Regional Airport UPS Worldwide Forwarding
Ser 1999-C (AMT)
 
 
3.90%, 1/1/29
 
     8,000
8,000
Total Daily Variable Rate Bonds (Cost $23,500)
23,500
Closed-End Investment Companies (a) (8.9%)
Nuveen AMT-Free Municipal Credit Income Fund,
OT,
MFP Share Ser B
 
 
4.46%, 3/1/29
 
     5,000
5,000
Nuveen AMT-Free Municipal Income Fund, OT,
MFP NEA 1
 
 
Ser 4-4895
4.06%, 9/11/26  (b)
 
    10,000
10,000
Nuveen New York AMT-Free Quality Municipal
Income Fund,
MFP 800 Ser E (AMT)
 
 
4.46%, 5/1/47  (b)
 
     5,000
5,000
Total Closed-End Investment
Companies (Cost $20,000)
20,000
Quarterly Variable Rate Bonds (6.0%)
Indiana Finance Authority, IN,
Economic Development Refunding Revenue
Bonds
Ser 2010A (AMT)
 
 
4.05%, 5/1/34
 
     3,000
3,000
New York State Environmental Facilities Corp.,
NY,
Solid Waste Disposal Refunding Revenue
Bonds
Waste Management Inc. Project 2012 (AMT)
 
 
3.88%, 5/1/30
 
     6,000
6,000
 
Face
Amount
(000)
 Value
(000)
 
Pennsylvania Economic Development Financing
Authority, PA,
Solid Waste Disposal Refunding Revenue
Bonds
Ser 2019A (AMT)
 
 
3.70%, 4/1/34
$
     1,500
$1,500
The Industrial Development Authority of The City
of Phoenix, AZ,
Solid Waste Disposal Revenue Refunding
Bonds Ser 2013D
 
 
3.88%, 12/1/35
 
     3,000
3,000
Total Quarterly Variable Rate Bonds (Cost $13,500)
13,500
Municipal Bonds & Notes (1.1%)
County of Clark, NV,
Airport System Junior Subordinate Lien
Revenue Notes Ser 2021B
 
 
5.00%, 7/1/23 (Cost $2,400)
 
     2,400
2,400
Floating Rate Note (a) (0.9%)
Michigan Finance Authority, MI,
Hospital Revenue Bonds Trinity Health Credit
Group, Ser 2015
 
 
4.86%, 12/1/39 (Cost $2,003)
 
     2,000
2,002
Total Investments (100.4%) (Cost $225,919) (d)(e)
225,915
Liabilities in Excess of Other Assets -0.4%
(983
)
Net Assets (100.0%)
 
$224,932
 
(a)
Floating or variable rate securities: The rates disclosed are as of
June 30, 2023. For securities based on a published reference rate and
spread, the reference rate and spread are indicated in the description
in the Portfolio of Investments. Certain variable rate securities may not
be based on a published reference rate and spread but are determined
by the issuer or agent and are based on current market conditions.
These securities do not indicate a reference rate and spread in their
description in the Portfolio of Investments.
(b)
144A security − Certain conditions for public sale may exist. Unless
otherwise noted, these securities are deemed to be liquid.
(c)
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 nine months ended June 30, 2023, the
Fund did not engage in any cross-trade transactions.
(e)
At June 30, 2023, the aggregate cost for federal income tax purposes
approximates the aggregate cost for book purposes. The aggregate
gross unrealized appreciation is approximately $1,000 and the
aggregate gross unrealized depreciation is approximately $5,000,
resulting in net unrealized depreciation of approximately $4,000.
 
AMT
Alternative Minimum Tax.
MFP
Municipal Fund Preferred.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
 
Portfolio Composition
Classification
Percentage of
Total Investments
Weekly Variable Rate Bonds
60.9
%
Commercial Paper
11.9
Daily Variable Rate Bonds
10.4
Closed-End Investment Companies
8.8
Quarterly Variable Rate Bonds
6.0
Other*
2.0
Total Investments
100.0
%
 
*
Industries and/or investment types representing less than 5% of total investments.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Notes to the Portfolio of Investments 
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, 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
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Notes to the Portfolio of Investments (cont'd)
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: Financial Accounting Standards Board (“FASB”) ASC 820, "Fair Value Measurement" (“ASC 820”), defines fair value as the price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:
•
Level 1 – unadjusted quoted prices in active markets for identical investments
•
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 – significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2023: 
Investment Type
Level 1
Unadjusted
Quoted
Prices
(000)
Level 2
Other
Significant
Observable
Inputs
(000)
Level 3
Significant
Unobservable
Inputs
(000)
Total
(000)
Core Plus Fixed Income
Assets:
Fixed Income Securities
Agency Fixed Rate Mortgages
$—
$133,173
$—
$133,173
Asset-Backed Securities
—
70,134
—
70,134
Collateralized Mortgage Obligations - Agency Collateral Series
—
2,252
—
2,252
Commercial Mortgage-Backed Securities
—
82,177
—
82,177
Corporate Bonds
—
147,112
—
147,112
Mortgages - Other
—
87,949
—
87,949
Municipal Bonds
—
4,536
—
4,536
Sovereign
—
24,175
—
24,175
Supranational
—
1,224
—
1,224
Total Fixed Income Securities
—
552,732
—
552,732
Short-Term Investments
Investment Company
65,791
—
—
65,791
U.S. Treasury Securities
—
45,170
—
45,170
Total Short-Term Investments
65,791
45,170
—
110,961
Foreign Currency Forward Exchange Contracts
—
244
—
244
Futures Contracts
317
—
—
317
Total Assets
66,108
598,146
—
664,254
Liabilities:
Foreign Currency Forward Exchange Contracts
—
(393
)
—
(393
)
Futures Contracts
(1,360
)
—
—
(1,360
)
Credit Default Swap Agreement
—
(374
)
—
(374
)
Total Liabilities
(1,360
)
(767
)
—
(2,127
)
Total
$64,748
$597,379
$—
$662,127
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2023: 
Investment Type
Level 1
Unadjusted
Quoted
Prices
(000)
Level 2
Other
Significant
Observable
Inputs
(000)
Level 3
Significant
Unobservable
Inputs
(000)
Total
(000)
Corporate Bond
Assets:
Fixed Income Securities
Commercial Mortgage-Backed Securities
$—
$3,144
$—
$3,144
Corporate Bonds
—
103,054
—
103,054
Sovereign
—
273
—
273
Total Fixed Income Securities
—
106,471
—
106,471
Short-Term Investments
Investment Company
2,252
—
—
2,252
U.S. Treasury Security
—
1,825
—
1,825
Total Short-Term Investments
2,252
1,825
—
4,077
Foreign Currency Forward Exchange Contract
—
8
—
8
Futures Contracts
295
—
—
295
Total Assets
2,547
108,304
—
110,851
Liabilities:
Foreign Currency Forward Exchange Contract
—
(3
)
—
(3
)
Futures Contracts
(147
)
—
—
(147
)
Total Liabilities
(147
)
(3
)
—
(150
)
Total
$2,400
$108,301
$—
$110,701
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2023: 
Investment Type
Level 1
Unadjusted
Quoted
Prices
(000)
Level 2
Other
Significant
Observable
Inputs
(000)
Level 3
Significant
Unobservable
Inputs
(000)
Total
(000)
Discovery
Assets:
Common Stocks
Biotechnology
$20,187
$—
$—
$20,187
Broadline Retail
83,704
—
—
83,704
Chemicals
3,912
—
—
3,912
Commercial Services & Supplies
4,091
—
—
4,091
Entertainment
52,481
—
—
52,481
Financial Services
56,515
50,592
—
107,107
Ground Transportation
18,183
—
—
18,183
Health Care Equipment & Supplies
3,088
—
—
3,088
Health Care Providers & Services
33,009
—
—
33,009
Health Care Technology
38,261
—
—
38,261
Hotels, Restaurants & Leisure
63,583
—
—
63,583
Information Technology Services
75,994
—
—
75,994
Leisure Products
14,865
—
—
14,865
Life Sciences Tools & Services
55,941
—
—
55,941
Media
86,580
—
—
86,580
Pharmaceuticals
46,010
—
—
46,010
Semiconductors & Semiconductor Equipment
1,837
—
—
1,837
Software
165,506
—
—
165,506
Specialty Retail
104,845
—
—
104,845
Total Common Stocks
928,592
50,592
—
979,184
Preferred Stock
Software
—
—
24,873
24,873
Investment Company
15,082
—
—
15,082
Warrants
Chemicals
52
—
—
52
Call Options Purchased
—
2,952
—
2,952
Short-Term Investments
Investment Company
33,674
—
—
33,674
Repurchase Agreements
—
1,138
—
1,138
Total Short-Term Investments
33,674
1,138
—
34,812
Total
$977,400
$54,682
$24,873
$1,056,955
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
—
Amortization of discount
—
Transfers in
—
Transfers out
—
Corporate actions
—
Change in unrealized appreciation (depreciation)
(909
)
Realized gains (losses)
—
Ending Balance
$24,873
Net change in unrealized appreciation
(depreciation) from investments still held as of June 30, 2023
$(909
)
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Notes to the Portfolio of Investments (cont'd)
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 June 30, 2023. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance: 
Discovery
Fair Value at
June 30, 2023
(000)
Valuation
Technique
Unobservable
Input
Amount*
Impact to
Valuation from an
Increase in Input**
Preferred Stock
$24,873
Market Transaction
Method
Precedent
Transaction
$60.00
Increase
 
Discounted Cash
Flow
Weighted Average
Cost of Capital
14.5%
Decrease
 
 
Perpetual Growth
Rate
3.5%
Increase
 
Market Comparable
Companies
Enterprise
Value/Revenue
15.8x
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.
 
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2023: 
Investment Type
Level 1
Unadjusted
Quoted
Prices
(000)
Level 2
Other
Significant
Observable
Inputs
(000)
Level 3
Significant
Unobservable
Inputs
(000)
Total
(000)
Dynamic Value
Assets:
Common Stocks
Aerospace & Defense
$1,038
$—
$—
$1,038
Automobiles
1,127
—
—
1,127
Banks
6,780
—
—
6,780
Biotechnology
1,866
—
—
1,866
Broadline Retail
666
—
—
666
Building Products
2,143
—
—
2,143
Capital Markets
4,391
—
—
4,391
Chemicals
2,707
—
—
2,707
Construction & Engineering
518
—
—
518
Consumer Finance
3,711
—
—
3,711
Consumer Staples Distribution & Retail
2,089
—
—
2,089
Containers & Packaging
1,341
—
—
1,341
Diversified Consumer Services
712
—
—
712
Diversified REITs
740
—
—
740
Diversified Telecommunication Services
1,939
—
—
1,939
Electric Utilities
4,398
—
—
4,398
Electrical Equipment
1,008
—
—
1,008
Electronic Equipment, Instruments & Components
1,825
—
—
1,825
Financial Services
3,041
—
—
3,041
Food Products
4,501
—
—
4,501
Gas Utilities
741
—
—
741
Ground Transportation
1,501
—
—
1,501
Health Care
449
—
—
449
Health Care Equipment & Supplies
1,218
—
—
1,218
Health Care Providers & Services
6,247
—
—
6,247
Hotel & Resort REITs
881
—
—
881
Hotels, Restaurants & Leisure
2,180
—
—
2,180
Household Durables
1,167
—
—
1,167
Household Products
787
—
—
787
Independent Power & Renewable Electricity Producers
777
—
—
777
Industrial Conglomerates
496
—
—
496
Information Technology Services
2,507
—
—
2,507
Insurance
4,132
—
—
4,132
Life Sciences Tools & Services
968
—
—
968
Machinery
3,139
—
—
3,139
Media
8,419
—
—
8,419
Metals & Mining
1,394
—
—
1,394
Office REITs
2,254
—
—
2,254
Oil, Gas & Consumable Fuels
8,239
—
—
8,239
Passenger Airlines
798
—
—
798
Personal Care Products
828
—
—
828
Pharmaceuticals
7,387
—
—
7,387
Professional Services
1,723
—
—
1,723
Real Estate Management & Development
277
—
—
277
Residential REITs
437
—
—
437
Retail
884
—
—
884
Semiconductors & Semiconductor Equipment
3,385
—
—
3,385
Software
1,688
—
—
1,688
Specialized REITs
456
—
—
456
Specialty Retail
1,944
—
—
1,944
Tech Hardware, Storage & Peripherals
1,378
—
—
1,378
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Notes to the Portfolio of Investments (cont'd)
Investment Type
Level 1
Unadjusted
Quoted
Prices
(000)
Level 2
Other
Significant
Observable
Inputs
(000)
Level 3
Significant
Unobservable
Inputs
(000)
Total
(000)
Assets: (cont’d)
Textiles, Apparel & Luxury Goods
$450
$—
$—
$450
Trading Companies & Distributors
2,124
—
—
2,124
Total Common Stocks
117,796
—
—
117,796
Short-Term Investment
Investment Company
5,670
—
—
5,670
Total Return Swap Agreement
—
434
—
434
Total Assets
123,466
434
—
123,900
Liabilities:
Total Return Swap Agreement
—
(412
)
—
(412
)
Total
$123,466
$22
$—
$123,488
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2023: 
Investment Type
Level 1
Unadjusted
Quoted
Prices
(000)
Level 2
Other
Significant
Observable
Inputs
(000)
Level 3
Significant
Unobservable
Inputs
(000)
Total
(000)
Global Strategist
Assets:
Fixed Income Securities
Agency Fixed Rate Mortgages
$—
$19,246
$—
$19,246
Asset-Backed Securities
—
1,294
—
1,294
Commercial Mortgage-Backed Securities
—
1,997
—
1,997
Corporate Bonds
—
45,259
—
45,259
Mortgages - Other
—
6,344
—
6,344
Municipal Bond
—
261
—
261
Sovereign
—
128,109
—
128,109
Supranational
—
4,348
—
4,348
U.S. Treasury Securities
—
27,196
—
27,196
Total Fixed Income Securities
—
234,054
—
234,054
Common Stocks
Aerospace & Defense
8,911
1,287
—
10,198
Air Freight & Logistics
547
433
—
980
Automobile Components
219
167
—
386
Automobiles
2,007
1,280
—
3,287
Banks
4,747
11,687
—
16,434
Beverages
1,573
1,336
—
2,909
Biotechnology
2,075
683
—
2,758
Broadline Retail
3,257
525
—
3,782
Building Products
554
509
—
1,063
Capital Markets
3,018
1,766
—
4,784
Chemicals
1,892
1,722
—
3,614
Commercial Services & Supplies
708
180
—
888
Communications Equipment
787
183
—
970
Construction & Engineering
261
446
—
707
Construction Materials
161
511
—
672
Consumer Finance
509
—
—
509
Consumer Staples Distribution & Retail
2,114
740
—
2,854
Containers & Packaging
286
80
—
366
Distributors
148
23
—
171
Diversified Consumer Services
—
48
—
48
Diversified REITs
36
125
—
161
Diversified Telecommunication Services
707
1,200
—
1,907
Electric Utilities
1,639
1,344
—
2,983
Electrical Equipment
659
1,186
—
1,845
Electronic Equipment, Instruments & Components
635
183
—
818
Energy Equipment & Services
317
35
—
†
352†
Entertainment
1,543
116
—
1,659
Financial Services
3,661
850
—
4,511
Food Products
1,011
2,213
—
3,224
Gas Utilities
86
178
—
264
Ground Transportation
1,690
59
—
1,749
Health Care
206
—
—
206
Health Care Equipment & Supplies
2,693
1,111
†
—
3,804
†
Health Care Providers & Services
2,651
227
—
2,878
Health Care Technology
77
—
—
77
Hotel & Resort REITs
29
1
—
30
Hotels, Restaurants & Leisure
2,290
1,217
—
3,507
Household Durables
378
124
—
502
Household Products
1,210
444
—
1,654
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Notes to the Portfolio of Investments (cont'd)
Investment Type
Level 1
Unadjusted
Quoted
Prices
(000)
Level 2
Other
Significant
Observable
Inputs
(000)
Level 3
Significant
Unobservable
Inputs
(000)
Total
(000)
Assets: (cont’d)
Independent Power & Renewable Electricity Producers
$102
$179
$—
$281
Independent Power Producers & Energy Traders
—
11
—
11
Industrial Conglomerates
740
902
—
1,642
Industrial REITs
271
235
—
506
Information Technology Services
1,874
171
—
2,045
Insurance
2,767
3,235
—
6,002
Interactive Media & Services
4,920
120
—
5,040
Investment Company
—
—
†
—
—
†
Leisure Products
39
—
—
39
Life Sciences Tools & Services
1,597
392
—
1,989
Machinery
1,858
1,480
—
3,338
Marine Transportation
—
159
—
159
Media
879
246
—
1,125
Metals & Mining
1,173
2,377
†
—
3,550
†
Multi-Utilities
698
631
—
1,329
Office REITs
71
63
—
134
Oil, Gas & Consumable Fuels
5,105
3,134
—
8,239
Paper & Forest Products
25
199
—
224
Passenger Airlines
53
81
—
134
Personal Care Products
125
1,370
—
1,495
Pharmaceuticals
3,687
5,877
—
9,564
Professional Services
1,049
946
—
1,995
Real Estate Management & Development
116
564
—
680
Residential REITs
462
—
—
462
Retail
261
236
—
497
Semiconductors & Semiconductor Equipment
7,034
2,053
—
9,087
Software
10,429
1,103
—
11,532
Specialized REITs
981
—
—
981
Specialty Retail
2,101
352
—
2,453
Tech Hardware, Storage & Peripherals
7,601
50
—
7,651
Textiles, Apparel & Luxury Goods
509
2,662
—
3,171
Tobacco
545
444
—
989
Trading Companies & Distributors
444
333
—
777
Transportation Infrastructure
—
285
—
285
Water Utilities
94
79
—
173
Wireless Telecommunication Services
289
143
—
432
Total Common Stocks
113,191
64,331
†
—
†
177,522†
Rights
—
19
—
19
Short-Term Investments
Investment Company
68,723
—
—
68,723
U.S. Treasury Securities
—
3,073
—
3,073
Total Short-Term Investments
68,723
3,073
—
71,796
Foreign Currency Forward Exchange Contracts
—
752
—
752
Futures Contracts
733
—
—
733
Interest Rate Swap Agreements
—
505
—
505
Total Return Swap Agreements
—
6,094
—
6,094
Total Assets
182,647
308,828
†
—
†
491,475†
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Notes to the Portfolio of Investments (cont'd)
Investment Type
Level 1
Unadjusted
Quoted
Prices
(000)
Level 2
Other
Significant
Observable
Inputs
(000)
Level 3
Significant
Unobservable
Inputs
(000)
Total
(000)
Liabilities:
Foreign Currency Forward Exchange Contracts
$—
$(1,744
)
$—
$(1,744
)
Futures Contracts
(1,437
)
—
—
(1,437
)
Interest Rate Swap Agreements
—
(527
)
—
(527
)
Total Return Swap Agreements
—
(1,464
)
—
(1,464
)
Total Liabilities
(1,437
)
(3,735
)
—
(5,172
)
Total
$181,210
$305,093
†
$—
†
$486,303
†
 
†
Includes one or more securities valued at zero.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Notes to the Portfolio of Investments (cont'd)
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 June 30, 2023
$—
$—
 
†
Includes a security valued at zero.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2023: 
Investment Type
Level 1
Unadjusted
Quoted
Prices
(000)
Level 2
Other
Significant
Observable
Inputs
(000)
Level 3
Significant
Unobservable
Inputs
(000)
Total
(000)
High Yield
Assets:
Fixed Income Securities
Corporate Bonds
$—
$111,007
$—
$111,007
Variable Rate Senior Loan Interests
—
1,628
—
1,628
Total Fixed Income Securities
—
112,635
—
112,635
Common Stocks
Automobile Components
—
—
—
†
—
†
Diversified REITs
—
3
—
3
Machinery
—
40
—
40
Semiconductors & Semiconductor Equipment
—
14
—
14
Total Common Stocks
—
57
—
†
57
†
Short-Term Investment
Investment Company
78
—
—
78
Total Assets
$78
$112,692
$—
†
$112,770
†
 
†
Includes a security valued at zero.
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2023: 
Investment Type
Level 1
Unadjusted
Quoted
Prices
(000)
Level 2
Other
Significant
Observable
Inputs
(000)
Level 3
Significant
Unobservable
Inputs
(000)
Total
(000)
Short Duration Income
Assets:
Fixed Income Securities
Agency Adjustable Rate Mortgages
$—
$450
$—
$450
Agency Fixed Rate Mortgages
—
400
—
400
Asset-Backed Securities
—
72,076
—
72,076
Collateralized Mortgage Obligations - Agency Collateral Series
—
848
—
848
Commercial Mortgage-Backed Securities
—
21,748
—
21,748
Corporate Bonds
—
238,663
—
238,663
Mortgages - Other
—
44,151
—
44,151
Sovereign
—
3,121
—
3,121
Total Fixed Income Securities
—
381,457
—
381,457
Short-Term Investments
Investment Company
5,465
—
—
5,465
U.S. Treasury Security
—
1,497
—
1,497
Total Short-Term Investments
5,465
1,497
—
6,962
Futures Contracts
785
—
—
785
Total Assets
6,250
382,954
—
389,204
Liabilities:
Future Contract
(1,735
)
—
—
(1,735
)
Total
$4,515
$382,954
$—
$387,469
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2023: 
Investment Type
Level 1
Unadjusted
Quoted
Prices
(000)
Level 2
Other
Significant
Observable
Inputs
(000)
Level 3
Significant
Unobservable
Inputs
(000)
Total
(000)
Ultra-Short Income
Assets:
Short-Term Investments
Certificates of Deposit
$—
$1,132,559
$—
$1,132,559
Commercial Paper
—
4,664,442
—
4,664,442
Corporate Bonds
—
39,471
—
39,471
Floating Rate Notes
—
3,918,807
—
3,918,807
Repurchase Agreements
—
1,196,000
—
1,196,000
Time Deposits
—
207,000
—
207,000
Total Short-Term Investments
—
11,158,279
—
11,158,279
Total Assets
$—
$11,158,279
$—
$11,158,279
Morgan Stanley Institutional Fund Trust
Third Quarter Report — June 30, 2023 (unaudited)
Notes to the Portfolio of Investments (cont'd)
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2023: 
Investment Type
Level 1
Unadjusted
Quoted
Prices
(000)
Level 2
Other
Significant
Observable
Inputs
(000)
Level 3
Significant
Unobservable
Inputs
(000)
Total
(000)
Ultra-Short Municipal Income
Assets:
Short-Term Investments
Weekly Variable Rate Bonds
$—
$137,580
$—
$137,580
Commercial Paper
—
26,933
—
26,933
Daily Variable Rate Bonds
—
23,500
—
23,500
Closed-End Investment Companies
—
20,000
—
20,000
Quarterly Variable Rate Bonds
—
13,500
—
13,500
Municipal Bonds & Notes
—
2,400
—
2,400
Floating Rate Note
—
2,002
—
2,002
Total Short-Term Investments
—
225,915
—
225,915
Total Assets
$—
$225,915
$—
$225,915
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes.