Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (99.3%)
Agency Fixed Rate Mortgages (22.0%)
Federal Home Loan Mortgage Corporation,
Conventional Pools:
3.50%, 8/1/49	$	150	$	137
4.00%, 4/1/49 - 11/1/49		476		455
4.50%, 2/1/49		286		282
Gold Pools:
3.50%, 1/1/44 - 4/1/49		729		684
4.00%, 6/1/44 - 1/1/48		278		269
5.41%, 7/1/37 - 8/1/37		10		9
5.44%, 1/1/37 - 2/1/38		39		36
5.46%, 8/1/37 - 1/1/38		26		26
5.50%, 8/1/37 - 11/1/37		39		37
5.62%, 12/1/36 - 8/1/37		36		36
6.00%, 10/1/36 - 8/1/38		35		37
6.50%, 12/1/25 - 8/1/33		45		46
7.00%, 6/1/28 - 11/1/31		12		12
Federal National Mortgage Association,
Conventional Pools:
3.50%, 8/1/45 - 1/1/50		2,730		2,528
4.00%, 11/1/41 - 9/1/49		2,351		2,263
4.50%, 3/1/41 - 8/1/49		925		912
5.00%, 3/1/41		75		77
5.50%, 6/1/35 - 1/1/37		26		27
5.62%, 12/1/36		17		16
6.50%, 4/1/24 - 1/1/34		332		344
7.00%, 5/1/28 - 12/1/33		50		51
9.50%, 4/1/30		5		6
January TBA
3.50%, 1/1/54 (a)		24,675		22,659
4.00%, 1/1/54 (a)		7,350		6,958
4.50%, 1/1/54 (a)		18,800		18,245
5.00%, 1/1/54 (a)		53,825		53,304
Government National Mortgage Association,
Various Pools:
3.50%, 11/20/40 - 7/20/49		721		682
4.00%, 8/20/41 - 11/20/49		1,896		1,830
4.50%, 4/20/49 - 7/20/49		171		166
5.00%, 12/20/48		19		18
6.50%, 5/15/40		173		181
				112,333
Asset-Backed Securities (13.4%)
510 Asset Backed 2021-NPL1 Trust,
2.24%, 6/25/61 (b)		1,325		1,263
AASET U.S. Ltd.,
4.45%, 11/18/38 (b)		1,420		1,274
ACHV ABS Trust,
Series 2023-3PL Class B
7.17%, 8/19/30 (b)		200		200
Allegro CLO XI Ltd.,
3 Month Term SOFR + 1.65%, 7.05%, 1/19/33 (b)(c)		2,150		2,153
American Homes 4 Rent Trust,
6.07%, 10/17/52 (b)		1,001		1,001
Aqua Finance Trust,
3.47%, 7/16/40 (b)		682		638
BCMSC Trust,
7.51%, 1/15/29 (c)		1,088		1,053
Blackbird Capital Aircraft Lease Securitization Ltd.,
5.68%, 12/16/41 (b)		572		498
Blackbird Capital II Aircraft Lease Ltd.,
2.44%, 7/15/46 (b)		1,202		1,039
Cascade Funding Mortgage Trust,
3.73%, 6/25/36 (b)(c)		3,825		3,646
Cascade MH Asset Trust,
4.00%, 11/25/44 (b)(c)		1,009		971
CFMT LLC,
3.25%, 9/25/37 (b)(c)		1,840		1,507
Cologix Data Centers US Issuer LLC,
3.30%, 12/26/51 (b)		2,125		1,916
Conn's Receivables Funding LLC,
9.52%, 12/15/26 (b)		1,667		1,673
Series 2023-A Class B
10.00%, 1/17/28 (b)		370		375
ContiMortgage Home Equity Loan Trust,
8.10%, 8/15/25		17		14
Dell Equipment Finance Trust,
Series 2023-3 Class A3
5.93%, 4/23/29 (b)		675		688
ELFI Graduate Loan Program LLC,
4.51%, 8/26/47 (b)		1,367		1,315
Falcon Aerospace Ltd.,
3.60%, 9/15/39 (b)		1,334		1,224
FMC GMSR Issuer Trust,
7.90%, 7/25/27 (b)		2,675		2,711
FortiFi,
Series 2023-1A Class A
6.23%, 9/20/59 (b)		2,920		2,870
GAIA Aviation Ltd.,
7.00%, 12/15/44 (b)		1,595		844
GCI Funding I LLC,
2.82%, 10/18/45 (b)		626		568
Golub Capital Partners ABS Funding Ltd.,
2.77%, 4/20/29 (b)		784		738
Class A2
3.21%, 1/22/29 (b)		1,908		1,773
Goodgreen Trust,
5.53%, 4/15/55 (b)		1,609		1,266
5.74%, 10/15/56 (b)		2,317		1,827
Helios Issuer LLC,
Series 2023-GRID1 Class 1A
5.75%, 12/20/50 (b)		492		505
JOL Air Ltd.,
4.95%, 4/15/44 (b)		223		173

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Asset-Backed Securities (cont'd)
LUNAR Aircraft Ltd.,
3.38%, 2/15/45 (b)	$	327	$	290
MACH 1 Cayman Ltd.,
3.47%, 10/15/39 (b)		678		587
MAPS Ltd.,
4.21%, 5/15/43 (b)		266		239
Marlette Funding Trust,
Series 2023-3A Class B
6.71%, 9/15/33 (b)		2,300		2,326
METAL LLC,
4.58%, 10/15/42 (b)		516		320
Mosaic Solar Loan Trust,
2.10%, 4/20/46 (b)		483		423
Newtek Small Business Loan Trust,
Daily U.S. Prime Rate - 0.55%, 7.95%, 2/25/44 (b)(c)		186		184
Class A
Daily U.S. Prime Rate - 0.50%, 8.00%, 7/25/50 (b)(c)		970		968
PMC PLS ESR Issuer LLC,
5.11%, 2/25/27 (b)		1,632		1,577
PMT Issuer Trust - FMSR,
1 Month USD LIBOR + 3.11%, 8.47%, 3/25/26 (b)(c)		3,900		3,857
SOFR30A + 4.19%, 9.53%, 6/25/27 (b)(c)		2,700		2,707
Preston Ridge Partners Mortgage LLC,
1.74%, 9/25/26 (b)(c)		1,702		1,645
2.36%, 10/25/26 (b)		1,870		1,817
PRET 2021-NPL6 LLC,
2.49%, 7/25/51 (b)		881		870
Progress Residential Trust,
2.31%, 5/17/38 (b)		650		592
PRPM LLC,
5.56%, 6/25/27 (b)		2,029		2,002
Raptor Aircraft Finance I LLC,
4.21%, 8/23/44 (b)		1,932		1,557
ReadyCap Lending Small Business Loan Trust,
Daily U.S. Prime Rate - 0.50%,8.00%, 12/27/44 (b)(c)		246		242
Republic Finance Issuance Trust,
3.54%, 11/20/30 (b)		1,385		1,331
Retained Vantage Data Centers Issuer LLC,
Series 2023-1A Class A2A
5.00%, 9/15/48 (b)		2,050		1,930
Stanwich Mortgage Loan Co. LLC,
2.74%, 10/16/26 (b)		1,827		1,732
Start II Ltd.,
4.09%, 3/15/44 (b)		242		220
Start Ltd.,
4.09%, 5/15/43 (b)		2,283		2,059
Sunbird Engine Finance LLC,
3.67%, 2/15/45 (b)		821		701
VOLT XCIV LLC,
2.24%, 2/27/51 (b)		1,711		1,671
Willis Engine Structured Trust VII,
Series 2023-A Class A
8.00%, 10/15/48 (b)		729		727
				68,297
Collateralized Mortgage Obligations - Agency Collateral Series (0.4%)
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
IO
4.33%, 11/25/55 (c)		7,625		1,956
Federal Home Loan Mortgage Corporation,
IO REMIC
5.89% - SOFR30A, 0.55%, 11/15/43 (d)		369		30
Federal National Mortgage Association,
IO PAC REMIC
8.00%, 9/18/27		18		2
IO STRIPS
6.50%, 9/25/29 - 12/25/29		93		9
8.50%, 10/25/25		2		—	@
REMIC
7.00%, 9/25/32		79		83
Government National Mortgage Association,
IO
5.00%, 2/16/41		77		15
				2,095
Commercial Mortgage-Backed Securities (14.2%)
BANK 2019-BNK21,
IO
0.84%, 10/17/52 (c)		13,993		523
BANK 2020-BNK30,
2.92%, 12/15/53 (c)		4,200		2,411
Benchmark Mortgage Trust,
3.76%, 7/15/53 (b)		2,000		1,843
IO
0.88%, 9/15/48 (b)(c)		31,000		642
BF Mortgage Trust,
1 Month Term SOFR + 1.75%, 7.36%, 12/15/35 (b)(c)		2,500		1,985
BPR Trust,
1 Month Term SOFR + 3.00%, 8.36%, 5/15/39 (b)(c)		3,170		3,182
BXP Trust,
1 Month Term SOFR + 3.05%, 8.41%, 11/15/34 (b)(c)		1,150		828
Citigroup Commercial Mortgage Trust,
3.50%, 12/10/41 (b)(c)		1,100		751
IO
0.71%, 11/10/48 (c)		2,282		22
0.87%, 9/10/58 (c)		4,115		44
COMM Mortgage Trust,
3.40%, 8/15/57 (b)(c)		1,400		1,310
IO

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Commercial Mortgage-Backed Securities (cont'd)
0.65%, 10/10/47 (c)	$	2,350	$	5
0.91%, 7/15/47 (c)		2,082		3
CSMC Trust,
1 Month Term SOFR + 4.08%, 9.45%, 4/15/26 (b)(c)		2,590		2,548
CSWF Corp.,
1 Month Term SOFR + 1.68%, 7.04%, 6/15/34 (b)(c)		1,480		1,151
DROP Mortgage Trust,
1 Month Term SOFR + 1.26%, 6.63%, 10/15/43 (b)(c)		3,525		3,269
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates,
IO
0.32%, 11/25/27 (c)		22,981		254
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
IO
2.63%, 1/25/49 (c)		17,200		2,503
2.63%, 1/25/49 (c)		4,091		574
2.65%, 2/25/49 (c)		9,522		1,404
2.73%, 9/25/48 (c)		16,800		2,416
2.74%, 8/25/48 (c)		5,484		758
2.88%, 1/25/49 (c)		7,514		1,284
2.98%, 1/25/32 (c)		5,775		1,035
3.07%, 11/25/36 (c)		4,400		1,144
3.09%, 4/25/39 (c)		3,200		811
3.21%, 5/25/32 (c)		11,220		2,250
3.46%, 10/25/38 (c)		3,500		982
3.56%, 6/25/54 (c)		6,549		1,476
3.80%, 6/25/50 (c)		8,000		1,905
4.15%, 8/25/54 (c)		5,300		1,401
FREMF 2016-KF21 Mortgage Trust,
SOFR30A + 5.36%, 10.70%, 7/25/26 (b)(c)		45		42
FREMF 2017-KF27 Mortgage Trust,
SOFR30A + 4.36%, 9.80%, 12/25/26 (b)(c)		61		59
FS Commercial Mortgage Trust,
Series 2023-4SZN
7.07%, 11/10/39 (b)		1,775		1,851
GS Mortgage Securities Trust,
4.09%, 8/10/46 (b)(c)		51		49
IO
0.68%, 9/10/47 (c)		4,147		9
1.19%, 10/10/48 (c)		4,403		71
Jackson Park Trust,
3.24%, 10/14/39 (b)(c)		1,700		1,310
JP Morgan Chase Commercial Mortgage Securities Trust,
1 Month Term SOFR + 2.56%, 7.93%, 4/15/38 (b)(c)		2,400		2,328
IO
0.51%, 4/15/46 (c)		6,956		19
0.57%, 12/15/49 (c)		3,541		45
0.70%, 7/15/47 (c)		3,563		—	@
JPMBB Commercial Mortgage Securities Trust,
4.67%, 4/15/47 (b)(c)		775		725
IO
0.89%, 8/15/47 (c)		2,721		3
Manhattan West Mortgage Trust,
2.34%, 9/10/39 (b)(c)		1,500		1,274
MF1 2021-W10X,
1 Month Term SOFR + 2.82%, 8.18%, 12/15/34 (b)(c)		4,350		4,066
MFT Mortgage Trust,
3.28%, 8/10/40 (b)(c)		1,000		622
3.48%, 2/10/42 (b)(c)		800		345
MKT 2020-525M Mortgage Trust,
2.94%, 2/12/40 (b)(c)		1,000		320
Natixis Commercial Mortgage Securities Trust,
4.13%, 5/15/39 (b)(c)		2,300		1,897
4.32%, 1/15/43 (b)(c)		800		654
1 Month Term SOFR + 2.28%, 7.64%, 7/15/36 (b)(c)		2,300		1,927
Olympic Tower Mortgage Trust,
3.57%, 5/10/39 (b)		2,900		2,515
ORL Trust,
Series 2023-GLKS
7.71%, 10/19/36 (b)(c)		850		853
SG Commercial Mortgage Securities Trust,
3.73%, 3/15/37 (b)(c)		1,900		1,698
SLG Office Trust,
IO
0.26%, 7/15/41 (b)(c)		34,800		490
Taubman Centers Commercial Mortgage Trust,
1 Month Term SOFR + 2.19%, 7.55%, 5/15/37 (b)(c)		3,950		3,925
TYSN Mortgage Trust,
Series 2023-CRNR
6.80%, 12/10/33 (b)(c)		1,717		1,793
VMC Finance 2021-HT1 LLC,
1 Month Term SOFR + 1.76%, 7.12%, 1/18/37 (b)(c)		2,387		2,344
WFRBS Commercial Mortgage Trust,
4.01%, 5/15/45 (b)(c)		411		379
				72,327
Corporate Bonds (26.6%)
Finance (10.6%)
AIB GROUP PLC,
6.61%, 9/13/29 (b)		1,000		1,055
Aviation Capital Group LLC,
6.38%, 7/15/30 (b)		1,425		1,469
Banco de Credito e Inversiones SA,
2.88%, 10/14/31 (b)		1,660		1,409
Banco Santander SA,
4.18%, 3/24/28		1,400		1,348
Bank Hapoalim BM,
3.26%, 1/21/32		2,075		1,804

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Bank of America Corp.,
2.69%, 4/22/32	$	3,675	$	3,104
4.57%, 4/27/33		3,225		3,076
Bank of Ireland Group PLC,
2.03%, 9/30/27 (b)		1,425		1,301
BNP Paribas SA,
5.34%, 6/12/29 (b)		737		748
BPCE SA,
5.15%, 7/21/24 (b)		2,750		2,727
CaixaBank SA,
6.21%, 1/18/29 (b)		850		868
6.84%, 9/13/34 (b)		275		291
Centene Corp.,
2.50%, 3/1/31		3,050		2,545
Charles Schwab Corp.,
5.85%, 5/19/34		1,370		1,415
Citigroup, Inc.,
3.79%, 3/17/33		1,275		1,147
Credit Agricole SA,
6.32%, 10/3/29 (b)		800		839
Deutsche Bank AG,
7.15%, 7/13/27		1,800		1,869
Extra Space Storage LP,
2.40%, 10/15/31		1,825		1,507
Global Atlantic Fin Co.,
4.70%, 10/15/51 (b)		1,320		1,133
Grupo Aval Ltd.,
4.38%, 2/4/30 (b)		561		477
HAT Holdings I LLC/HAT Holdings II LLC,
3.38%, 6/15/26 (b)		1,470		1,382
JPMorgan Chase & Co.,
2.55%, 11/8/32		2,125		1,774
5.35%, 6/1/34		1,475		1,497
LPL Holdings, Inc.,
6.75%, 11/17/28		625		667
Macquarie Group Ltd.,
2.87%, 1/14/33 (b)		1,350		1,111
Metropolitan Life Global Funding I,
5.15%, 3/28/33 (b)		1,050		1,069
Nationwide Building Society,
4.30%, 3/8/29 (b)		1,550		1,486
Nordea Bank Abp,
5.38%, 9/22/27 (b)		1,200		1,221
Oversea-Chinese Banking Corp. Ltd.,
1.83%, 9/10/30 (b)		970		913
PNC Financial Services Group, Inc.,
6.88%, 10/20/34		550		611
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
3.88%, 3/1/31 (b)		1,475		1,299
Societe Generale SA,
2.63%, 1/22/25 (b)		1,625		1,576
Toronto-Dominion Bank,
8.13%, 10/31/82		1,625		1,695
Truist Financial Corp.,
6.12%, 10/28/33		618		642
7.16%, 10/30/29		1,375		1,486
U.S. Bancorp,
5.84%, 6/12/34		615		635
5.85%, 10/21/33		600		618
UBS Group AG,
6.54%, 8/12/33 (b)		725		774
9.02%, 11/15/33 (b)		725		892
United Overseas Bank Ltd.,
3.86%, 10/7/32 (b)		2,950		2,822
				54,302
Industrials (14.1%)
Aethon United BR LP/Aethon United Finance Corp.,
8.25%, 2/15/26 (b)		1,310		1,318
Ashtead Capital, Inc.,
5.95%, 10/15/33 (b)		1,850		1,886
AT&T, Inc.,
3.55%, 9/15/55		2,100		1,511
3.65%, 6/1/51		135		102
BAT Capital Corp.,
2.26%, 3/25/28		2,000		1,791
Boeing Co.,
5.81%, 5/1/50		1,150		1,192
BP Capital Markets PLC,
4.88%, 3/22/30 (e)		700		667
Celanese U.S. Holdings LLC,
6.17%, 7/15/27		2,150		2,206
Charter Communications Operating LLC/ Charter Communications Operating Capital,
3.50%, 3/1/42		3,050		2,124
Compass Minerals International, Inc.,
6.75%, 12/1/27 (b)		1,380		1,368
Concentrix Corp.,
6.60%, 8/2/28		2,450		2,522
Connect Finco SARL/Connect U.S. Finco LLC,
6.75%, 10/1/26 (b)		1,125		1,119
Duke University,
Series 2020
2.83%, 10/1/55		1,600		1,090
Enterprise Products Operating LLC,
3.30%, 2/15/53		300		223
3.70%, 1/31/51		375		299
5.35%, 1/31/33		1,450		1,518
Ford Motor Co.,
3.25%, 2/12/32		1,875		1,560
Ford Motor Credit Co. LLC,
7.12%, 11/7/33		1,275		1,374
7.35%, 3/6/30		1,474		1,585
Foundry JV Holdco LLC,
5.88%, 1/25/34 (b)		1,525		1,568

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
General Motors Financial Co., Inc.,
5.80%, 1/7/29	$	1,297	$	1,328
Global Partners LP/GLP Finance Corp.,
7.00%, 8/1/27		715		700
Hyundai Capital America,
1.80%, 1/10/28 (b)		2,650		2,325
6.50%, 1/16/29 (b)		1,675		1,770
Imperial Brands Finance PLC,
3.13%, 7/26/24 (b)		1,000		984
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
2.50%, 1/15/27		1,575		1,450
Johns Hopkins University,
Series A
2.81%, 1/1/60		1,170		767
LCPR Senior Secured Financing DAC,
6.75%, 10/15/27 (b)		1,150		1,128
Legacy LifePoint Health LLC,
4.38%, 2/15/27 (b)		53		49
McAfee Corp.,
7.38%, 2/15/30 (b)		1,075		983
McLaren Health Care Corp.,
Series A
4.39%, 5/15/48		1,175		1,021
Medline Borrower LP,
3.88%, 4/1/29 (b)		1,410		1,277
NBN Co. Ltd.,
2.63%, 5/5/31 (b)		2,400		2,065
New Fortress Energy, Inc.,
6.50%, 9/30/26 (b)		93		89
Newcastle Coal Infrastructure Group Pty. Ltd.,
4.40%, 9/29/27 (b)		2,542		2,396
NOVA Chemicals Corp.,
4.25%, 5/15/29 (b)		1,510		1,273
ONEOK, Inc.,
6.05%, 9/1/33		1,450		1,537
Oracle Corp.,
3.60%, 4/1/50		2,300		1,706
Petrobras Global Finance BV,
6.50%, 7/3/33		1,379		1,401
PetSmart, Inc./PetSmart Finance Corp.,
4.75%, 2/15/28 (b)		450		425
Resorts World Las Vegas LLC/RWLV Capital, Inc.,
4.63%, 4/16/29 (b)		1,400		1,222
Rogers Communications, Inc.,
4.55%, 3/15/52		2,550		2,226
S&P Global, Inc.,
5.25%, 9/15/33 (b)		1,800		1,885
Seattle Children's Hospital,
Series 2021
2.72%, 10/1/50		2,750		1,824
Silgan Holdings, Inc.,
1.40%, 4/1/26 (b)		2,150		1,965
Syngenta Finance NV,
4.89%, 4/24/25 (b)		975		962
Tapestry, Inc.,
7.00%, 11/27/26		425		441
7.05%, 11/27/25		275		281
Trivium Packaging Finance BV,
5.50%, 8/15/26 (b)		1,381		1,356
Var Energi ASA,
7.50%, 1/15/28 (b)		1,025		1,088
VICI Properties LP/VICI Note Co., Inc.,
5.75%, 2/1/27 (b)		1,025		1,029
Vontier Corp.,
2.40%, 4/1/28		2,700		2,375
Warnermedia Holdings, Inc.,
5.05%, 3/15/42		925		816
5.14%, 3/15/52		1,500		1,288
Williams Cos., Inc.,
5.30%, 8/15/28		1,425		1,460
				71,915
Utilities (1.9%)
Fells Point Funding Trust,
3.05%, 1/31/27 (b)		2,275		2,145
Jersey Central Power & Light Co.,
2.75%, 3/1/32 (b)		1,400		1,183
Mississippi Power Co.,
3.95%, 3/30/28		2,325		2,262
Northern States Power Co.,
2.90%, 3/1/50		1,400		983
Pacific Gas & Electric Co.,
4.95%, 7/1/50		1,625		1,392
Virginia Electric & Power Co.,
2.95%, 11/15/51		2,275		1,550
				9,515
				135,732
Mortgages - Other (8.7%)
Adjustable Rate Mortgage Trust,
5.70%, 6/25/35 (c)		30		30
Ajax Mortgage Loan Trust,
1.70%, 5/25/59 (b)		1,249		1,141
Banc of America Alternative Loan Trust,
1 Month Term SOFR + 0.76%, 6.00%, 7/25/46 (c)		90		67
6.36%, 10/25/36		389		112
Banc of America Funding Trust,
5.25%, 7/25/37		10		9
BBCMS Mortgage Trust,
IO
0.46%, 12/15/55 (c)		18,398		674
Bear Stearns ARM Trust,
4.50%, 2/25/34 (c)		367		342
BRAVO Residential Funding Trust,
2.00%, 5/25/59 (b)(c)		1,434		1,300

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Mortgages - Other (cont'd)
Brean Asset Backed Securities Trust,
1.40%, 10/25/63 (b)(c)	$	2,087	$	1,813
1.75%, 10/25/61 (b)(c)		2,190		1,978
BX Commercial Mortgage Trust,
Class A
1 Month Term SOFR + 2.28%,
7.64%, 6/15/40 (b)(c)		2,050		2,049
Cascade Funding Mortgage Trust,
4.00%, 10/25/68 (b)(c)		2,077		2,011
CFMT 2022-HB8 LLC,
3.75%, 4/25/25 (b)(c)		2,650		2,499
CFMT LLC,
1.94%, 9/25/50 (b)(c)		1,642		1,574
ChaseFlex Trust,
6.00%, 2/25/37		592		232
COLT 2021-RPL1 Trust,
1.67%, 9/25/61 (b)(c)		1,229		1,090
Countrywide Alternative Loan Trust,
1 Month Term SOFR + 0.47%, 5.83%, 5/25/47 (c)		64		56
E-MAC NL 2004-I BV,
3 Month EURIBOR + 0.18%, 6.22%, 7/25/36 (c)	EUR	263		273
GCAT 2022-NQM3 Trust,
4.35%, 4/25/67 (b)(c)	$	4,288		4,163
Headlands Residential 2021-RPL1 LLC,
2.49%, 9/25/26 (b)(c)		3,213		3,027
IM Pastor 3 FTH,
3 Month EURIBOR + 0.14%, 4.06%, 3/22/43 (c)	EUR	259		252
Imperial Fund Mortgage Trust,
2.49%, 2/25/67 (b)(c)	$	2,310		2,039
JP Morgan Mortgage Trust,
4.30%, 6/25/37 (c)		49		39
Legacy Mortgage Asset Trust,
6.25%, 2/25/60 (b)		1,739		1,748
Lehman Mortgage Trust,
6.50%, 9/25/37		623		205
LHOME Mortgage Trust,
Series 2023-RTL2 Class A1
8.00%, 6/25/28 (b)(c)		425		429
NYMT Loan Trust,
5.94%, 10/25/60 (b)(c)		2,218		2,217
OBX Trust,
3.50%, 2/25/60 (b)(c)		346		306
Seasoned Credit Risk Transfer Trust,
3.00%, 9/25/55		902		795
Seasoned Credit Risk Transfer Trust,
3.00%, 8/25/57 - 3/25/58		1,551		1,353
4.00%, 8/25/56 (b)(c)		1,000		917
4.25%, 8/25/59 - 11/25/60 (b)(c)		6,550		5,827
4.75%, 7/25/56 - 10/25/58 (b)(c),(c)		2,664		2,494
VOLT XCIII LLC,
1.89%, 2/27/51 (b)		1,402		1,342
				44,403
Municipal Bonds (0.9%)
Chicago O'Hare International Airport, IL,
O’Hare International Airport Revenue,
Series 2010B
6.40%, 1/1/40		255		291
City of New York, NY,
Series G-1
5.97%, 3/1/36		270		291
Illinois State Toll Highway Authority, IL,
Highway Revenue, Build America Bonds,
Series A
6.18%, 1/1/34		477		525
Onondaga Civic Development Corp., NY,
3.07%, 12/1/55		2,925		1,987
University of Michigan, MI,
Series A
4.45%, 4/1/2122		1,645		1,480
				4,574
Sovereign (1.0%)
Dominican Republic International Bond,
5.88%, 1/30/60 (b)		700		607
Export-Import Bank of India,
3.25%, 1/15/30 (b)		670		613
3.88%, 2/1/28 (b)		505		486
Mexico Government International Bond,
3.25%, 4/16/30		750		680
3.75%, 4/19/71		850		570
Petroleos Mexicanos,
6.50%, 3/13/27		2,200		2,052
Philippine Government International Bond,
4.20%, 3/29/47		420		377
				5,385
Supranational (0.2%)
Banque Ouest Africaine de Developpement,
4.70%, 10/22/31 (b)		1,240		1,060
U.S. Treasury Securities (11.9%)
U.S. Treasury Note,
0.25%, 10/31/25		5,700,000		5,295
3.50%, 4/30/28		28,175,000		27,731
4.25%, 5/31/25		27,650,000		27,553
				60,579
Total Fixed Income Securities (Cost $531,421)				506,785

	Shares
Short-Term Investments (20.3%)
Investment Company (11.1%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (f) (Cost $56,448)		56,447,908	56,448

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
U.S. Treasury Securities (9.2%)
U.S. Treasury Bill,
5.38%, 2/6/24 (g)	$	23,000	$	22,879
5.40%, 2/27/24 (g)		21,000		20,826
5.53%, 4/18/24 (g)(h)		3,250		3,200
Total U.S. Treasury Securities (Cost $46,903)				46,905
Total Short-Term Investments (Cost $103,351)				103,353
Total Investments (119.6%) (Cost $634,772) Including $3,200 of Securities Loaned (i)(j)				610,138
Liabilities in Excess of Other Assets (–19.6%)				(99,935	)
Net Assets (100.0%)			$	510,203

@	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 December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.
(d)	Inverse Floating Rate Security - Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at December 31, 2023.
(e)	Perpetual - One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of December 31, 2023.
(f)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended December 31, 2023, advisory fees paid were reduced by approximately $21,000 relating to the Fund's investment in the Liquidity Funds.
(g)	Rate shown is the yield to maturity at December 31, 2023.
(h)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at December 31, 2023, were approximately $3,200,000 and $3,262,000 respectively. The Fund received non-cash collateral of approximately $3,262,000 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.
(i)	Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency forward exchange contracts and futures contracts.
(j)	At December 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $13,470,000 and the aggregate gross unrealized depreciation is approximately $32,370,000, resulting in net unrealized depreciation of approximately $18,900,000.
CLO	Collateralized Loan Obligation.
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.
SOFR30A	30-Day Average Secured Overnight Financing Rate.
STRIPS	Separate Trading of Registered Interest and Principal of Securities.
TBA	To Be Announced.
USD	United States Dollar.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

Foreign Currency Forward Exchange Contracts:

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

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Australia & New Zealand Banking Group Ltd.	$	861	CAD	1,178	2/8/24	$	29
Australia & New Zealand Banking Group Ltd.	$	1,194	EUR	1,096	2/8/24		18
Australia & New Zealand Banking Group Ltd.	$	1,047	EUR	968	2/8/24		23
Bank of America NA	GBP	5,841	$	7,190	2/8/24		(258	)
Bank of America NA	$	2,765	INR	230,813	2/8/24		5
Bank of America NA	$	1,802	PEN	6,808	2/8/24		36
Barclays Bank PLC	CAD	1,015	$	738	2/8/24		(28	)
Barclays Bank PLC	$	1,318	AUD	2,047	2/8/24		79
Barclays Bank PLC	$	1,422	EUR	1,303	2/8/24		18
Barclays Bank PLC	$	760	EUR	703	2/8/24		17
BNP Paribas SA	CAD	1,015	$	737	2/8/24		(29	)
BNP Paribas SA	CNH	20,105	$	2,780	2/8/24		(48	)
Citibank NA	AUD	8,244	$	5,366	2/8/24		(258	)
Citibank NA	DOP	32,069	$	550	2/8/24		(—	@)
Goldman Sachs International	INR	230,813	$	2,776	2/8/24		6
Goldman Sachs International	$	559	DOP	32,069	2/8/24		(9	)
HSBC Bank PLC	$	2,786	CNH	20,105	2/8/24		42
HSBC Bank PLC	$	2,832	EUR	2,600	2/8/24		42
JPMorgan Chase Bank NA	CAD	9,837	$	7,207	2/8/24		(221	)
JPMorgan Chase Bank NA	MXN	3,479	$	195	2/8/24		(8	)
JPMorgan Chase Bank NA	$	1,313	AUD	2,047	2/8/24		83
Royal Bank of Canada (UK)	$	2,364	CAD	3,229	2/8/24		74
Royal Bank of Canada (UK)	$	5,459	CAD	7,459	2/8/24		172
Royal Bank of Canada (UK)	$	4,201	GBP	3,381	2/8/24		110
UBS AG	PEN	6,808	$	1,805	2/8/24		(34	)
UBS AG	$	2,704	AUD	4,151	2/8/24		128
UBS AG	$	3,494	GBP	2,789	2/8/24		62
Westpac Banking Corp.	EUR	7,014	$	7,522	2/8/24		(232	)
						$	(181	)

Futures Contracts:

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

	Number of Contracts		Expiration Date	Notional Amount (000)		Value (000)		Unrealized Appreciation (000)
Long:
U.S. Treasury 2 yr. Note (United States)		94	Mar-24	$	18,800	$	19,356	$	199
U.S. Treasury 5 yr. Note (United States)		48	Mar-24		4,800		5,221		32
U.S. Treasury 10 yr. Note (United States)		175	Mar-24		17,500		19,756		612
U.S. Treasury 10 yr. Ultra Note (United States)		55	Mar-24		5,500		6,491		190
U.S. Treasury Long Bond (United States)		73	Mar-24		7,300		9,120		604
U.S. Treasury Ultra Long Bond (United States)		373	Mar-24		37,300		49,831		4,278
								$	5,915

@		Value is less than $500.
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CNH	—	Chinese Yuan Renminbi Offshore
DOP	—	Dominican Peso
EUR	—	Euro
GBP	—	British Pound
INR	—	Indian Rupee
MXN	—	Mexican Peso
PEN	—	Peruvian Nuevo Sol
USD	—	United States Dollar

Portfolio Composition  

Classification	Percentage of Total Investments
Agency Fixed Rate Mortgages		18.4	%
Short-Term Investments		16.9
Commercial Mortgage-Backed Securities		11.9
Industrials		11.8
Asset-Backed Securities		11.2
U.S. Treasury Securities		9.9
Finance		8.9
Mortgages - Other		7.3
Other*		3.7
Total Investments		100.0	%**

*	Industries and/or investment types representing less than 5% of total investments.
**	Does not include open futures contracts with a value of approximately $109,775,000 with total unrealized appreciation of $5,915,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $181,000.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (93.4%)
Commercial Mortgage-Backed Securities (2.0%)
Credit Suisse Mortgage Trust,
1 Month Term SOFR + 3.14%, 8.50%, 9/9/24 (a)(b)	$	1,100	$	1,111
J.P. Morgan Chase Commercial Mortgage Securities Trust,
1 Month Term SOFR + 2.18%, 7.54%, 9/15/39 (a)(b)		1,300		1,307
				2,418
Corporate Bonds (91.1%)
Finance (30.9%)
AIB GROUP PLC,
6.61%, 9/13/29 (a)		600		633
Ally Financial, Inc.,
2.20%, 11/2/28		375		319
American National Group LLC,
6.14%, 6/13/32 (a)		550		529
Apollo Global Management, Inc.,
6.38%, 11/15/33		300		323
Assurant, Inc.,
6.10%, 2/27/26		300		305
Aviation Capital Group LLC,
6.25%, 4/15/28 (a)		785		801
6.38%, 7/15/30 (a)		210		216
Banco de Credito e Inversiones SA,
2.88%, 10/14/31 (a)		200		170
Banco Santander SA,
4.18%, 3/24/28		600		578
6.92%, 8/8/33		400		427
6.94%, 11/7/33		400		444
Bank Hapoalim BM,
3.26%, 1/21/32		725		630
Bank of America Corp.,
4.57%, 4/27/33		3,575		3,409
Bank of Ireland Group PLC,
2.03%, 9/30/27 (a)		450		411
Bank of New York Mellon Corp.,
6.47%, 10/25/34		725		803
Banque Federative du Credit Mutuel SA,
5.79%, 7/13/28 (a)		850		878
BBVA Bancomer SA,
8.45%, 6/29/38 (a)		200		213
BPCE SA,
3.12%, 10/19/32 (a)		375		306
CaixaBank SA,
6.21%, 1/18/29 (a)		645		659
6.84%, 9/13/34 (a)		215		227
Centene Corp.,
2.50%, 3/1/31		1,025		855
Charles Schwab Corp.,
6.14%, 8/24/34		500		527
Citigroup, Inc.,
3.06%, 1/25/33		1,175		1,003
3.79%, 3/17/33		475		427
Corporate Office Properties LP,
2.75%, 4/15/31		425		344
Deutsche Bank AG,
7.15%, 7/13/27		450		467
Discover Financial Services,
3.95%, 11/6/24		775		762
Extra Space Storage LP,
3.90%, 4/1/29		750		710
5.70%, 4/1/28		325		333
First-Citizens Bank & Trust Co.,
2.97%, 9/27/25		775		757
Global Atlantic Fin Co.,
3.13%, 6/15/31 (a)		450		369
Goldman Sachs Group, Inc.,
2.62%, 4/22/32		1,400		1,176
Grupo Aval Ltd.,
4.38%, 2/4/30 (a)		375		319
High Street Funding Trust I,
4.11%, 2/15/28 (a)		850		805
HSBC Holdings PLC,
4.04%, 3/13/28		300		289
6.16%, 3/9/29		575		594
Intact Financial Corp.,
5.46%, 9/22/32 (a)		825		828
Intesa Sanpaolo SpA,
7.00%, 11/21/25 (a)		525		538
7.20%, 11/28/33 (a)		575		613
JPMorgan Chase & Co.,
2.55%, 11/8/32		1,675		1,398
5.35%, 6/1/34		1,225		1,243
KeyBank NA,
4.15%, 8/8/25		700		679
5.85%, 11/15/27		350		350
LPL Holdings, Inc.,
6.75%, 11/17/28		325		347
Macquarie Group Ltd.,
6.26%, 12/7/34 (a)(c)		425		444
National Australia Bank Ltd.,
2.33%, 8/21/30 (a)		375		306
PNC Financial Services Group, Inc.,
6.88%, 10/20/34		250		278
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
3.88%, 3/1/31 (a)		545		480
Shinhan Bank Co. Ltd.,
4.00%, 4/23/29 (a)		875		818
SMBC Aviation Capital Finance DAC,
2.30%, 6/15/28 (a)		350		308
5.70%, 7/25/33 (a)		525		531
Stewart Information Services Corp.,
3.60%, 11/15/31		500		390

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Synchrony Financial,
4.50%, 7/23/25	$	600	$	587
Synovus Financial Corp.,
5.20%, 8/11/25		475		468
Toronto-Dominion Bank,
8.13%, 10/31/82		550		574
Truist Financial Corp.,
6.12%, 10/28/33		325		338
7.16%, 10/30/29		625		676
U.S. Bancorp,
5.84%, 6/12/34		514		530
UBS Group AG,
6.54%, 8/12/33 (a)		350		374
9.02%, 11/15/33 (a)		550		677
UnitedHealth Group, Inc.,
4.50%, 4/15/33		225		224
4.75%, 5/15/52		250		241
5.20%, 4/15/63		525		537
Wells Fargo & Co.,
6.30%, 10/23/29		50		53
				36,848
Industrials (51.6%)
AbbVie, Inc.,
4.50%, 5/14/35		300		294
Adventist Health System,
5.43%, 3/1/32		325		331
Alaska Airlines 2020-1 Class A Pass-Through Trust,
4.80%, 2/15/29 (a)		382		372
Alibaba Group Holding Ltd.,
2.70%, 2/9/41		440		301
Amazon.com, Inc.,
3.10%, 5/12/51		900		670
Amgen, Inc.,
5.25%, 3/2/33		450		462
5.75%, 3/2/63		350		368
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.,
4.90%, 2/1/46		775		760
AP Moller - Maersk AS,
5.88%, 9/14/33 (a)(c)		225		235
Apple, Inc.,
2.95%, 9/11/49		1,050		772
Arches Buyer, Inc.,
4.25%, 6/1/28 (a)		325		295
AT&T, Inc.,
3.55%, 9/15/55		875		630
3.65%, 6/1/51		250		188
4.50%, 5/15/35		725		687
BAT Capital Corp.,
2.26%, 3/25/28		575		515
3.73%, 9/25/40		250		184
6.42%, 8/2/33		325		340
Berry Global, Inc.,
5.50%, 4/15/28 (a)		250		253
Boeing Co.,
5.81%, 5/1/50		550		570
BP Capital Markets America, Inc.,
4.81%, 2/13/33		325		328
BP Capital Markets PLC,
4.88%, 3/22/30 (d)		550		524
Broadcom, Inc.,
3.19%, 11/15/36 (a)		425		345
Burlington Northern Santa Fe LLC,
5.20%, 4/15/54		225		234
Carrier Global Corp.,
6.20%, 3/15/54 (a)		200		231
CBRE Services, Inc.,
5.95%, 8/15/34		275		289
Cedars-Sinai Health System,
Series 2021
2.29%, 8/15/31		620		516
Celanese US Holdings LLC,
6.35%, 11/15/28		575		604
6.70%, 11/15/33		366		397
Charter Communications Operating LLC/Charter Communications Operating Capital,
3.50%, 3/1/42		225		157
4.80%, 3/1/50		135		105
5.13%, 7/1/49		365		297
6.38%, 10/23/35		175		178
Chevron USA, Inc.,
0.69%, 8/12/25		1,200		1,129
Columbia Pipelines Holding Co. LLC,
6.04%, 8/15/28 (a)		250		258
6.06%, 8/15/26 (a)		50		51
Comcast Corp.,
2.89%, 11/1/51		325		220
3.75%, 4/1/40		575		495
CommonSpirit Health,
6.07%, 11/1/27		575		592
Concentrix Corp.,
6.65%, 8/2/26		850		872
Continental Resources, Inc.,
2.88%, 4/1/32 (a)		1,100		893
CVS Health Corp.,
1.88%, 2/28/31		550		453
5.05%, 3/25/48		575		538
Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.75%, 10/20/28 (a)		875		861
Diamondback Energy, Inc.,
6.25%, 3/15/33		450		481
Electricite de France SA,
6.25%, 5/23/33 (a)		350		379

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Enbridge, Inc.,
2.50%, 8/1/33	$	100	$	82
5.70%, 3/8/33		725		754
Energy Transfer LP,
4.95%, 5/15/28		675		672
6.40%, 12/1/30		350		375
Enterprise Products Operating LLC,
3.30%, 2/15/53		450		334
3.70%, 1/31/51		100		80
5.35%, 1/31/33		175		183
EQT Corp.,
5.70%, 4/1/28		575		584
Ferrellgas LP/Ferrellgas Finance Corp.,
5.88%, 4/1/29 (a)		325		307
Ford Motor Credit Co. LLC,
7.12%, 11/7/33		350		377
7.35%, 3/6/30		425		457
GMTN
4.39%, 1/8/26		315		306
Fortune Brands Innovations, Inc.,
5.88%, 6/1/33		300		314
Foundry JV Holdco LLC,
5.88%, 1/25/34 (a)		425		437
General Mills, Inc.,
5.24%, 11/18/25		575		574
General Motors Financial Co., Inc.,
5.80%, 1/7/29		500		512
Gilead Sciences, Inc.,
5.55%, 10/15/53		125		136
Glencore Funding LLC,
2.50%, 9/1/30 (a)(c)		600		515
Global Payments, Inc.,
2.90%, 5/15/30		650		572
HCA, Inc.,
3.50%, 7/15/51		350		247
Home Depot, Inc.,
4.95%, 9/30/26		1,125		1,141
Hudbay Minerals, Inc.,
4.50%, 4/1/26 (a)		300		291
Hyundai Capital America,
3.00%, 2/10/27 (a)		1,350		1,262
Imperial Brands Finance PLC,
6.13%, 7/27/27 (a)		825		848
Intel Corp.,
3.25%, 11/15/49		300		223
5.70%, 2/10/53 (c)		250		271
International Business Machines Corp.,
2.85%, 5/15/40		275		206
IRB Holding Corp.,
7.00%, 6/15/25 (a)		300		300
J M Smucker Co.,
6.50%, 11/15/43 - 11/15/53		250		283
Jabil, Inc.,
3.00%, 1/15/31		300		260
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
2.50%, 1/15/27		550		506
JDE Peet's NV,
1.38%, 1/15/27 (a)		875		787
JetBlue Pass-Through Trust,
Series AA
2.75%, 11/15/33		409		346
Kyndryl Holdings, Inc.,
2.70%, 10/15/28		400		353
3.15%, 10/15/31		575		481
Lithia Motors, Inc.,
3.88%, 6/1/29 (a)		325		294
Lowe's Cos., Inc.,
5.85%, 4/1/63		600		629
Meta Platforms, Inc.,
5.75%, 5/15/63		375		411
Newcastle Coal Infrastructure Group Pty. Ltd.,
4.40%, 9/29/27 (a)		598		564
Newell Brands, Inc.,
5.20%, 4/1/26		700		691
Newmont Corp.,
2.25%, 10/1/30		600		518
Nissan Motor Acceptance Co. LLC,
1.85%, 9/16/26 (a)		650		585
6.95%, 9/15/26 (a)(c)		650		672
NOVA Chemicals Corp.,
4.88%, 6/1/24 (a)		141		140
NXP BV/NXP Funding LLC/NXP USA, Inc.,
2.65%, 2/15/32		975		822
Occidental Petroleum Corp.,
7.50%, 5/1/31		600		674
ONEOK, Inc.,
3.10%, 3/15/30		650		584
3.40%, 9/1/29		275		254
Oracle Corp.,
3.60%, 4/1/50		1,150		853
3.85%, 7/15/36		450		392
Peloton Interactive, Inc.,
0.00%, 2/15/26		208		162
Penske Truck Leasing Co. LP/PTL Finance Corp.,
6.20%, 6/15/30 (a)		525		551
PepsiCo, Inc.,
4.20%, 7/18/52		500		463
Permian Resources Operating LLC,
5.88%, 7/1/29 (a)		300		293
Perrigo Finance Unlimited Co.,
4.65%, 6/15/30		525		478
Pfizer Investment Enterprises Pte. Ltd.,
5.34%, 5/19/63		550		556

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Philip Morris International, Inc.,
5.13%, 11/17/27	$	600	$	611
QUALCOMM, Inc.,
1.65%, 5/20/32		625		510
Resorts World Las Vegas LLC/RWLV Capital, Inc.,
4.63%, 4/16/29 (a)		300		262
Ritchie Bros Holdings, Inc.,
7.75%, 3/15/31 (a)		300		320
Rogers Communications, Inc.,
4.55%, 3/15/52		175		153
RTX Corp.,
6.40%, 3/15/54		400		463
S&P Global, Inc.,
5.25%, 9/15/33 (a)		1,025		1,073
Sabine Pass Liquefaction LLC,
4.50%, 5/15/30		575		562
Sigma Alimentos SA de CV,
4.13%, 5/2/26		450		439
Silgan Holdings, Inc.,
1.40%, 4/1/26 (a)		500		457
Smithfield Foods, Inc.,
3.00%, 10/15/30 (a)		850		698
Sodexo, Inc.,
2.72%, 4/16/31 (a)		675		574
Syngenta Finance NV,
4.89%, 4/24/25 (a)		300		296
Tapestry, Inc.,
7.00%, 11/27/26		175		181
7.05%, 11/27/25		125		128
T-Mobile USA, Inc.,
2.25%, 11/15/31		400		333
Tencent Holdings Ltd.,
2.39%, 6/3/30 (a)		200		171
3.60%, 1/19/28 (a)		500		476
3.98%, 4/11/29 (a)		300		286
Thermo Fisher Scientific, Inc.,
5.20%, 1/31/34		775		812
Transportadora de Gas Internacional SA ESP,
5.55%, 11/1/28 (a)		200		197
United Airlines Pass-Through Trust,
Series 2020-1
5.88%, 4/15/29		550		557
Series 2023-1
5.80%, 7/15/37		600		611
Var Energi ASA,
7.50%, 1/15/28 (a)		600		637
Verizon Communications, Inc.,
1.75%, 1/20/31		1,025		844
2.36%, 3/15/32		625		520
3.40%, 3/22/41		300		239
VICI Properties LP/VICI Note Co., Inc.,
3.88%, 2/15/29 (a)		1,100		1,011
Warnermedia Holdings, Inc.,
5.14%, 3/15/52		725		623
Williams Cos., Inc.,
5.30%, 8/15/28		475		487
5.65%, 3/15/33		525		549
Zimmer Biomet Holdings, Inc.,
5.35%, 12/1/28		675		696
				61,392
Utilities (8.6%)
AEP Transmission Co. LLC,
5.40%, 3/15/53		475		494
Atmos Energy Corp.,
6.20%, 11/15/53		250		294
Berkshire Hathaway Energy Co.,
2.85%, 5/15/51		300		203
Calpine Corp.,
5.13%, 3/15/28 (a)		300		288
Cleveland Electric Illuminating Co.,
4.55%, 11/15/30 (a)		250		237
Consolidated Edison Co. of New York, Inc.,
5.90%, 11/15/53		425		468
Constellation Energy Generation LLC,
6.50%, 10/1/53		275		311
Dominion Energy, Inc.,
5.38%, 11/15/32		400		411
DTE Electric Co.,
3.95%, 3/1/49		450		379
Duke Energy Florida LLC,
6.20%, 11/15/53		300		344
Duke Energy Indiana LLC,
2.75%, 4/1/50		330		214
Duke Energy Ohio, Inc.,
3.65%, 2/1/29		650		626
EDP Finance BV,
6.30%, 10/11/27 (a)		1,125		1,181
Entergy Texas, Inc.,
3.55%, 9/30/49		200		152
Georgia Power Co.,
4.95%, 5/17/33		550		555
Series A
3.25%, 3/15/51		325		235
Interstate Power & Light Co.,
2.30%, 6/1/30		300		257
Metropolitan Edison Co.,
5.20%, 4/1/28 (a)		325		328
New England Power Co.,
5.94%, 11/25/52 (a)		200		210
NextEra Energy Capital Holdings, Inc.,
2.25%, 6/1/30		575		492
2.94%, 3/21/24		550		546
Northern States Power Co.,
2.90%, 3/1/50		350		246

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Utilities (cont'd)
Pacific Gas & Electric Co.,
3.30%, 8/1/40	$	375	$	275
4.95%, 7/1/50		350		300
PacifiCorp,
4.15%, 2/15/50		225		183
Pennsylvania Electric Co.,
5.15%, 3/30/26 (a)		300		300
Public Service Co. of Colorado,
5.25%, 4/1/53		100		100
Southern California Edison Co.,
5.88%, 12/1/53		275		296
Virginia Electric & Power Co.,
2.45%, 12/15/50		275		169
2.95%, 11/15/51		150		102
				10,196
				108,436
Sovereign (0.3%)
Petroleos Mexicanos,
6.50%, 3/13/27		302		281
Total Fixed Income Securities (Cost $109,955)				111,135

	Shares
Short-Term Investments (6.8%)
Investment Company (4.6%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (e) (Cost $5,485)		5,484,504	5,485
Securities held as Collateral on Loaned Securities (0.7%)
Investment Company (0.7%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (e) (Cost $776)		776,063	776

	Face Amount (000)
U.S. Treasury Security (1.5%)
U.S. Treasury Bill,
5.53%, 4/18/24 (c)(f)(g) (Cost $1,835)	$	1,865		1,836
Total Short-Term Investments (Cost $8,096)				8,097
Total Investments (100.2%) (Cost $118,051) Including $3,448 of Securities Loaned (h)(i)				119,232
Liabilities in Excess of Other Assets (–0.2%)				(198	)
Net Assets (100.0%)			$	119,034

(a)	144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(b)	Floating or variable rate securities: The rates disclosed are as of December 31, 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 December 31, 2023, were approximately $3,448,000 and $3,517,000 respectively. The Fund received cash collateral of approximately $776,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $2,741,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(d)	Perpetual - One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of December 31, 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 three months ended December 31, 2023, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.
(f)	Rate shown is the yield to maturity at December 31, 2023.
(g)	All or a portion of the security was pledged to cover margin requirements for futures contracts.
(h)	Securities are available for collateral in connection with, purchase of open foreign currency forward exchange contracts and open futures contracts.
(i)	At December 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $4,957,000 and the aggregate gross unrealized depreciation is approximately $3,162,000, resulting in net unrealized appreciation of approximately $1,795,000.
DAC	Designated Activity Company.
GMTN	Global Medium Term Note.
SOFR	Secured Overnight Financing Rate.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 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 December 31, 2023:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Bank of America NA	$	39	GBP	31	2/8/24	$	1
Westpac Banking Corp.	EUR	158	$	169	2/8/24	(5		)
						$	(4	)

Futures Contracts:

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

	Number of Contracts	Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 2 yr. Note (United States)	45	Mar-24	$	9,000		$	9,266		$	80
U.S. Treasury Long Bond (United States)	104	Mar-24		10,400			12,993			903
U.S. Treasury Ultra Long Bond (United States)	23	Mar-24		2,300			3,073			217
Short:
German Euro-Bobl Index (Germany)	1	Mar-24	EUR	(100	)		(132	)		(1	)
U.S. Treasury 5 yr. Note (United States)	7	Mar-24	$	(700	)		(761	)		(13	)
U.S. Treasury 10 yr. Note (United States)	61	Mar-24		(6,100	)		(6,886	)		(216	)
U.S. Treasury 10 yr. Ultra Note (United States)	71	Mar-24		(7,100	)		(8,379	)		(352	)
									$	618

EUR	—	Euro
GBP	—	British Pound
USD	—	United States Dollar

Portfolio Composition*

Classification	Percentage of Total Investments
Industrials		51.8	%
Finance		31.1
Utilities		8.6
Other**		8.5
Total Investments		100.0	%***

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2023.
**	Industries and/or investment types representing less than 5% of total investments.
***	Does not include open futures contracts with a value of approximately $41,490,000 and net unrealized appreciation of $618,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $4,000.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments

Discovery Portfolio

	Shares		Value (000)
Common Stocks (92.8%)
Biotechnology (1.7%)
Alnylam Pharmaceuticals, Inc. (a)		4,973	$	952
Intellia Therapeutics, Inc. (a)		109,666		3,343
ProKidney Corp. (a)(b)		520,070		926
Roivant Sciences Ltd. (a)		1,100,012		12,353
				17,574
Broadline Retail (6.7%)
Etsy, Inc. (a)		62,128		5,036
Global-e Online Ltd. (Israel) (a)		1,589,960		63,010
				68,046
Chemicals (0.4%)
Ginkgo Bioworks Holdings, Inc. (a)(b)		2,103,065		3,554
Entertainment (6.3%)
ROBLOX Corp., Class A (a)		1,393,554		63,713
Financial Services (12.5%)
Adyen NV (Netherlands) (a)		30,309		39,127
Affirm Holdings, Inc. (a)		1,777,613		87,352
				126,479
Ground Transportation (0.9%)
Grab Holdings Ltd., Class A (Singapore) (a)		2,718,648		9,162
Health Care Equipment & Supplies (0.6%)
Dexcom, Inc. (a)		27,117		3,365
Penumbra, Inc. N (a)		10,100		2,540
				5,905
Health Care Providers & Services (3.6%)
Agilon Health, Inc. (a)		2,917,042		36,609
Health Care Technology (1.6%)
Doximity, Inc., Class A (a)		576,773		16,173
Hotels, Restaurants & Leisure (6.9%)
DoorDash, Inc., Class A (a)		712,943		70,503
Information Technology Services (13.1%)
Cloudflare, Inc., Class A (a)		1,162,522		96,792
MongoDB, Inc. (a)		88,490		36,179
				132,971
Leisure Products (1.7%)
Peloton Interactive, Inc., Class A (a)		2,754,447		16,775
Life Sciences Tools & Services (1.6%)
10X Genomics, Inc., Class A (a)		283,550		15,867
Media (5.5%)
Trade Desk, Inc., Class A (a)		776,602		55,884
Pharmaceuticals (4.1%)
Royalty Pharma PLC, Class A		1,499,259		42,114
Software (20.1%)
Aurora Innovation, Inc. (a)		5,001,268		21,855
Bill Holdings, Inc. (a)		468,433		38,219
Gitlab, Inc., Class A (a)		459,108		28,905
HubSpot, Inc. (a)		9,067		5,264
Klaviyo, Inc., Class A (a)		142,569		3,961
MicroStrategy, Inc., Class A (a)		27,478		17,356
Procore Technologies, Inc. (a)		223,174		15,448
Samsara, Inc., Class A (a)		1,430,459		47,749
Zscaler, Inc. (a)		115,607		25,614
				204,371
Specialty Retail (5.5%)
Carvana Co. (a)		1,053,545		55,775
Total Common Stocks (Cost $936,867)				941,475
Preferred Stock (3.0%)
Software (3.0%)
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $31,810; acquired 8/31/21)		432,882		30,899
Investment Company (2.6%)
Grayscale Bitcoin Trust (a) (Cost $26,029)		764,000		26,450

	No. of Warrants
Warrants (0.0%)‡
Chemicals (0.0%)‡
Ginkgo Bioworks Holdings, Inc., expires 8/1/26 (a) (Cost $655)		196,782	21

	Shares
Short-Term Investments (1.9%)
Investment Company (1.8%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (e) (Cost $17,907)		17,906,694	17,907
Securities held as Collateral on Loaned Securities (0.1%)
Investment Company (0.1%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (e)		1,008,645	1,009

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (0.0)‡
Citigroup, Inc., (5.33%, dated 12/29/23, due 1/2/24; proceeds $74; fully collateralized by U.S. Government obligations; 0.25% - 3.00% due 5/15/24 - 11/15/49; valued at $76)	$	74	$	74
HSBC Securities USA, Inc., (5.33%, dated 12/29/23, due 1/2/24; proceeds $74; fully collateralized by a U.S. Government obligation; 0.00% due 8/15/27; valued at $76)		74		74
Merrill Lynch & Co., Inc., (5.31%, dated 12/29/23, due 1/2/24; proceeds $74; fully collateralized by a U.S. Government obligation; 4.75% due 11/15/53; valued at $76)		74		74
				222
Total Securities held as Collateral on Loaned Securities (Cost $1,231)				1,231
Total Short-Term Investments (Cost $19,138)				19,138
Total Investments Excluding Purchased Options (100.3%) (Cost $1,014,499)				1,017,983
Total Purchased Options Outstanding (0.0%) ‡ (Cost $2,908)				502
Total Investments (100.3%) (Cost $1,017,407) Including $1,087 of Securities Loaned (f)(g)(h)				1,018,485
Liabilities in Excess of Other Assets (–0.3%)				(3,453	)
Net Assets (100.0%)			$	1,015,032

‡	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 December 31, 2023, were approximately $1,087,000 and $1,231,000 respectively. The Fund received cash collateral of approximately $1,231,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at December 31, 2023 amounts to approximately $30,899,000 and represents 3.0% of net assets.
(d)	At December 31, 2023, the Fund held a fair valued security valued at approximately $30,899,000, representing 3.0% of net assets. This security has been fair valued using significant unobservable inputs 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 three months ended December 31, 2023, advisory fees paid were reduced by approximately $6,000 relating to the Fund's investment in the Liquidity Funds.
(f)	Securities are available for collateral in connection with purchased options.
(g)	The approximate fair value and percentage of net assets, $39,127,000 and 3.9%, 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.
(h)	At December 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $207,688,000 and the aggregate gross unrealized depreciation is approximately $206,610,000, resulting in net unrealized appreciation of approximately $1,078,000.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

Call Options Purchased:

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

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.43	Jan–24		202,038,446	$	202,038	$	18	$	951	$	(933	)
Standard Chartered Bank	USD/CNH	CNH	7.57	May–24		226,694,072		226,694		238		959		(721	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug–24		240,890,554		240,891		246		998		(752	)
									$	502	$	2,908	$	(2,406	)

CNH	—	Chinese Yuan Renminbi Offshore
USD	—	United States Dollar

Portfolio Composition* 

Classification	Percentage of Total Investments
Software		23.1	%
Other**		20.5
Information Technology Services		13.1
Financial Services		12.4
Hotels, Restaurants & Leisure		6.9
Broadline Retail		6.7
Entertainment		6.3
Media		5.5
Specialty Retail		5.5
Total Investments		100.0	%

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2023.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments

Dynamic Value Portfolio

	Shares		Value (000)
Common Stocks (94.9%)
Aerospace & Defense (0.9%)
Huntington Ingalls Industries, Inc.		2,418	$	628
Textron, Inc.		7,591		610
				1,238
Automobile Components (0.3%)
Phinia, Inc.		14,886		451
Automobiles (0.7%)
Ford Motor Co.		37,913		462
General Motors Co.		12,267		441
				903
Banks (5.6%)
Bank OZK		21,286		1,061
Citizens Financial Group, Inc.		33,693		1,117
Comerica, Inc.		19,521		1,089
Huntington Bancshares, Inc.		81,945		1,042
M&T Bank Corp.		7,183		985
New York Community Bancorp, Inc.		98,200		1,005
Western Alliance Bancorp		17,503		1,151
				7,450
Biotechnology (1.1%)
Gilead Sciences, Inc.		9,311		754
United Therapeutics Corp. (a)		3,040		669
				1,423
Broadline Retail (0.7%)
Kohl's Corp.		11,453		328
Macy's, Inc.		16,754		338
Nordstrom, Inc.		17,933		331
				997
Building Products (1.5%)
Builders FirstSource, Inc. (a)		4,286		716
Johnson Controls International PLC		10,810		623
Owens Corning		4,258		631
				1,970
Capital Markets (3.7%)
Affiliated Managers Group, Inc.		5,258		796
Bank of New York Mellon Corp.		14,882		774
Franklin Resources, Inc.		28,222		841
Invesco Ltd.		48,201		860
State Street Corp.		9,777		757
Virtu Financial, Inc., Class A		39,567		802
				4,830
Chemicals (2.7%)
Albemarle Corp.		4,544		656
Celanese Corp.		3,855		599
CF Industries Holdings, Inc.		7,380		587
LyondellBasell Industries NV, Class A		5,793		551
Mosaic Co.		15,095		539
Olin Corp.		10,861		586
				3,518
Commercial Services & Supplies (0.3%)
Vestis Corp.		17,347		367
Construction & Engineering (0.4%)
MDU Resources Group, Inc.		30,345		601
Consumer Finance (3.1%)
Ally Financial, Inc.		23,537		822
Capital One Financial Corp.		6,303		826
Discover Financial Services		7,647		860
OneMain Holdings, Inc.		16,700		822
Synchrony Financial		21,326		814
				4,144
Consumer Staples Distribution & Retail (1.6%)
Kroger Co.		14,405		659
US Foods Holding Corp. (a)		14,555		661
Walgreens Boots Alliance, Inc.		30,951		808
				2,128
Containers & Packaging (1.7%)
Berry Global Group, Inc.		8,211		553
Graphic Packaging Holding Co.		23,516		580
Silgan Holdings, Inc.		12,571		569
Sonoco Products Co.		9,712		542
				2,244
Distributors (0.2%)
LKQ Corp.		6,407		306
Diversified Consumer Services (0.3%)
ADT, Inc.		54,547		372
Diversified REITs (0.9%)
Starwood Property Trust, Inc. REIT		34,881		733
WP Carey, Inc. REIT		7,582		492
				1,225
Diversified Telecommunication Services (1.3%)
AT&T, Inc.		103,149		1,731
Electric Utilities (1.6%)
Hawaiian Electric Industries, Inc.		51,269		727
OGE Energy Corp.		19,352		676
Pinnacle West Capital Corp.		9,169		659
				2,062
Electrical Equipment (1.0%)
Regal Rexnord Corp.		4,626		685
Sensata Technologies Holding PLC		17,604		661
				1,346
Electronic Equipment, Instruments & Components (1.6%)
Arrow Electronics, Inc. (a)		4,224		516
Avnet, Inc.		10,607		535
Jabil, Inc.		4,378		558
TD Synnex Corp.		5,120		551
				2,160
Entertainment (0.3%)
Playtika Holding Corp. (a)		53,831		469
Financial Services (1.7%)
Corebridge Financial, Inc.		35,237		763
MGIC Investment Corp.		40,406		779
Rithm Capital Corp. REIT		68,866		736
				2,278
Food Products (3.6%)
Archer-Daniels-Midland Co.		9,064		655
Bunge Global SA		6,278		634
Conagra Brands, Inc.		23,356		669

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Dynamic Value Portfolio 

	Shares		Value (000)
Food Products (3.6%) (cont'd)
Darling Ingredients, Inc. (a)		14,879	$	742
Kraft Heinz Co.		18,884		698
Post Holdings, Inc. (a)		7,739		681
Seaboard Corp.		190		678
				4,757
Gas Utilities (0.5%)
National Fuel Gas Co.		13,383		671
Ground Transportation (1.4%)
Hertz Global Holdings, Inc. (a)		57,185		594
Ryder System, Inc.		4,792		552
U-Haul Holding Co.		9,246		651
				1,797
Health Care Equipment & Supplies (2.0%)
Baxter International, Inc.		16,920		654
Envista Holdings Corp. (a)		25,867		623
Integra LifeSciences Holdings Corp. (a)		15,458		673
QuidelOrtho Corp. (a)		9,081		669
				2,619
Health Care Providers & Services (4.0%)
Centene Corp. (a)		8,432		626
Cigna Group		2,374		711
CVS Health Corp.		9,115		720
DaVita, Inc. (a)		5,856		613
Henry Schein, Inc. (a)		9,005		682
Premier, Inc., Class A		29,526		660
Tenet Healthcare Corp. (a)		8,632		652
Universal Health Services, Inc., Class B		4,466		681
				5,345
Health Care REITs (0.3%)
Medical Properties Trust, Inc. REIT		91,931		451
Hotel & Resort REITs (0.8%)
Host Hotels & Resorts, Inc. REIT		27,188		529
Park Hotels & Resorts, Inc. REIT		32,485		497
				1,026
Hotels, Restaurants & Leisure (1.9%)
Aramark		12,040		338
Boyd Gaming Corp.		5,620		352
Caesars Entertainment, Inc. (a)		7,337		344
Marriott Vacations Worldwide Corp.		4,400		373
MGM Resorts International (a)		8,408		376
Penn Entertainment, Inc. (a)		13,626		355
Travel & Leisure Co.		9,070		354
				2,492
Household Durables (1.3%)
Lennar Corp., Class B		3,047		408
Mohawk Industries, Inc. (a)		3,977		412
PulteGroup, Inc.		4,015		414
Toll Brothers, Inc.		4,191		431
				1,665
Household Products (0.8%)
Reynolds Consumer Products, Inc.		39,269		1,054
Independent Power & Renewable Electricity Producers (2.2%)
AES Corp.		38,296		737
Clearway Energy, Inc., Class A		28,846		738
Clearway Energy, Inc., Class C		27,302		749
Vistra Corp.		18,549		715
				2,939
Industrial Conglomerates (0.5%)
3M Co.		5,671		620
Information Technology Services (2.5%)
Accenture PLC, Class A		1,037		364
Akamai Technologies, Inc. (a)		3,009		356
Amdocs Ltd.		4,086		359
Cognizant Technology Solutions Corp., Class A		4,901		370
DXC Technology Co. (a)		14,616		334
EPAM Systems, Inc. (a)		1,334		397
GoDaddy, Inc., Class A (a)		3,380		359
International Business Machines Corp.		2,165		354
Kyndryl Holdings, Inc. (a)		18,521		385
				3,278
Insurance (3.7%)
American International Group, Inc.		9,078		615
Assured Guaranty Ltd.		8,734		653
Axis Capital Holdings Ltd.		10,581		586
CNA Financial Corp.		14,034		594
Hartford Financial Services Group, Inc.		7,620		612
Loews Corp.		8,472		590
Old Republic International Corp.		20,241		595
Unum Group		13,836		626
				4,871
Leisure Products (0.3%)
Polaris, Inc.		4,223		400
Life Sciences Tools & Services (1.3%)
Fortrea Holdings, Inc. (a)		23,054		805
Maravai LifeSciences Holdings, Inc., Class A (a)		135,583		888
				1,693
Machinery (4.3%)
Agco Corp.		5,007		608
Allison Transmission Holdings, Inc.		10,644		619
CNH Industrial NV		53,470		651
Cummins, Inc.		2,538		608
Gates Industrial Corp. PLC (a)		46,738		627
Middleby Corp. (a)		4,397		647
Oshkosh Corp.		5,872		637
PACCAR, Inc.		6,259		611
Timken Co.		7,811		626
				5,634
Media (2.8%)
Charter Communications, Inc., Class A (a)		1,126		438
Comcast Corp., Class A		10,434		458
Fox Corp., Class B		15,956		441
Interpublic Group of Cos., Inc.		14,269		466
Liberty Media Corp.-Liberty SiriusXM, Class A (a)		17,130		492
Liberty Media Corp.-Liberty SiriusXM, Class C (a)		17,032		490
Nexstar Media Group, Inc., Class A		3,019		473
Omnicom Group, Inc.		5,456		472
				3,730

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Dynamic Value Portfolio 

	Shares		Value (000)
Metals & Mining (0.5%)
Cleveland-Cliffs, Inc. (a)		29,738	$	607
Mortgage Real Estate Investment (0.6%)
AGNC Investment Corp. REIT		79,788		783
Office REITs (1.2%)
Highwoods Properties, Inc. REIT		23,533		540
Kilroy Realty Corp. REIT		13,665		545
NET Lease Office Properties		25,968		480
				1,565
Oil, Gas & Consumable Fuels (6.0%)
Antero Resources Corp. (a)		49,013		1,111
EQT Corp.		28,965		1,120
HF Sinclair Corp.		20,760		1,154
Marathon Oil Corp.		45,042		1,088
Marathon Petroleum Corp.		7,456		1,106
Ovintiv, Inc.		25,835		1,135
Valero Energy Corp.		8,926		1,160
				7,874
Passenger Airlines (1.3%)
Alaska Air Group, Inc. (a)		15,270		596
Delta Air Lines, Inc.		13,637		549
United Airlines Holdings, Inc. (a)		12,843		530
				1,675
Personal Care Products (0.8%)
Olaplex Holdings, Inc. (a)		402,210		1,022
Pharmaceuticals (4.7%)
Bristol-Myers Squibb Co.		14,595		749
Elanco Animal Health, Inc. (a)		56,854		847
Jazz Pharmaceuticals PLC (a)		6,006		739
Organon & Co.		61,660		889
Perrigo Co. PLC		23,261		749
Pfizer, Inc.		24,913		717
Royalty Pharma PLC, Class A		25,757		723
Viatris, Inc.		75,355		816
				6,229
Professional Services (1.6%)
Clarivate PLC (a)		40,619		376
Concentrix Corp.		3,323		326
Dun & Bradstreet Holdings, Inc.		30,079		352
Genpact Ltd.		9,380		326
ManpowerGroup, Inc.		4,216		335
SS&C Technologies Holdings, Inc.		5,705		349
				2,064
Real Estate Management & Development (0.4%)
Jones Lang LaSalle, Inc. (a)		2,772		524
Residential REITs (0.4%)
Apartment Income Corp. REIT		15,137		526
Retail REITs (0.4%)
NNN REIT, Inc. REIT		11,661		503
Semiconductors & Semiconductor Equipment (3.5%)
Cirrus Logic, Inc. (a)		9,071		754
GLOBALFOUNDRIES, Inc. (a)		13,317		807
Microchip Technology, Inc.		8,269		746
ON Semiconductor Corp. (a)		9,557		798
QUALCOMM, Inc.		5,377		778
Skyworks Solutions, Inc.		7,061		794
				4,677
Software (1.6%)
AppLovin Corp., Class A (a)		9,332		372
Dropbox, Inc., Class A (a)		12,319		363
Gen Digital, Inc.		15,514		354
RingCentral, Inc., Class A (a)		10,881		370
Teradata Corp. (a)		7,290		317
Zoom Video Communications, Inc., Class A (a)		5,116		368
				2,144
Specialized REITs (1.2%)
EPR Properties REIT		10,687		518
Gaming and Leisure Properties, Inc. REIT		10,292		508
VICI Properties, Inc. REIT		16,100		513
				1,539
Specialty Retail (1.0%)
Advance Auto Parts, Inc.		5,264		321
AutoNation, Inc. (a)		2,105		316
Lithia Motors, Inc., Class A		1,034		341
Victoria's Secret & Co. (a)		10,778		286
				1,264
Tech Hardware, Storage & Peripherals (0.8%)
Hewlett Packard Enterprise Co.		30,537		519
HP, Inc.		17,393		523
				1,042
Textiles, Apparel & Luxury Goods (0.6%)
PVH Corp.		3,505		428
Tapestry, Inc.		11,068		407
				835
Trading Companies & Distributors (0.9%)
Air Lease Corp.		14,887		624
WESCO International, Inc.		3,606		627
				1,251
Total Common Stocks (Cost $116,239)				125,379

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Dynamic Value Portfolio 

	Shares		Value (000)
Short-Term Investment (5.1%)
Investment Company (5.1%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (b) (Cost $6,683)		6,683,445	$	6,683
Total Investments (100.0%) (Cost $122,922) (c)(d)(e)				132,062
Other Assets in Excess of Liabilities (0.0%)				50
Net Assets (100.0%)			$	132,112

(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended December 31, 2023, advisory fees paid were reduced by approximately $2,000 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 three months ended December 31, 2023, the Fund did not engage in any cross-trade transactions.
(d)	Securities are available for collateral in connection with purchase of swap agreements.
(e)	At December 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $15,890,000 and the aggregate gross unrealized depreciation is approximately $6,264,000, resulting in net unrealized appreciation of approximately $9,626,000.
REIT	Real Estate Investment Trust.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 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 December 31, 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 (000)		Unrealized Appreciation (Depreciation) (000)
JPMorgan Chase Bank NA	JPM Russell 1000 Anti-Value Index††	Pay	SOFR + 0.15%	Quarterly	12/9/24	$	37,148		$	2,408	$	—	$	(2,408	)
JPMorgan Chase Bank NA	JPM Russell 1000 Value Index††	Receive	SOFR + 0.15%	Quarterly	12/9/24		(43,440	)		2,894		—		2,894
									$	486	$	—	$	486

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

The following table represents the equity basket top 50 individual holdings underlying the total return swap with JPM Russell 1000 Anti-Value Index as of December 31, 2023:

Security Description	Shares		Value (000)		Percentage of Net Assets
JPM Russell 1000 Anti-Value Index
10X Genomics, Inc.		908	$	51		0.04	%
Advanced Micro Devices, Inc.		349		51		0.04
Affirm Holdings, Inc.		1,077		53		0.04
Agilon Health, Inc.		3,719		47		0.04
Alcoa Corp.		1,619		55		0.04
Alnylam Pharmaceuticals, Inc.		241		46		0.03
Atlassian Corp.		215		51		0.04
Axon Enterprise, Inc.		178		46		0.03
Blackstone, Inc.		356		47		0.04
Block, Inc.		637		49		0.04
Boeing Co.		175		46		0.03
Coinbase Global, Inc.		285		50		0.04
Doximity, Inc.		1,717		48		0.04
Exact Sciences Corp.		636		47		0.04
Floor & Decor Holdings, Inc.		420		47		0.04
Freshpet, Inc.		568		49		0.04
Gamestop Corp.		2,689		47		0.04
Ginkgo Bioworks Holdings, Inc.		31,089		52		0.04
Hubspot, Inc.		82		47		0.04
Inspire Medical Systems, Inc.		275		56		0.04
Insulet Corp.		216		47		0.04
Karuna Therapeutics, Inc.		202		64		0.05
Lattice Semiconductor Corp.		679		47		0.04
Live Nation Entertainment, Inc.		501		47		0.04
Lululemon Athletica, Inc.		90		46		0.03
Lyft, Inc.		3,317		50		0.04
Marketaxess Holdings, Inc.		163		48		0.04
Monolithic Power Systems, Inc.		74		47		0.04
MP Materials Corp.		2,560		51		0.04
Novocure Ltd.		3,211		48		0.04
Penumbra, Inc.		187		47		0.04
Pnc Financial Services Group, Inc.		295		46		0.03
Procore Technologies, Inc.		673		47		0.04
Prologis, Inc.		346		46		0.03
Repligen Corp.		267		48		0.04
Rivian Automotive, Inc.		2,336		55		0.04
Roivant Sciences Ltd.		4,153		47		0.04
Siteone Landscape Supply, Inc.		286		46		0.04
Sofi Technologies, Inc.		5,170		51		0.04
Southern Copper Corp.		572		49		0.04
Spirit Aerosystems Holdings, Inc.		1,468		47		0.04
Tandem Diabetes Care, Inc.		1,939		57		0.04
TFS Financial Corp.		3,137		46		0.03
Toast, Inc.		2,761		50		0.04
Trex Co., Inc.		569		47		0.04
Ultragenyx Pharmaceutical, Inc.		978		47		0.04
Western Digital Corp.		876		46		0.03
Wolfspeed, Inc.		1,065		46		0.04
Yeti Holdings, Inc.		922		48		0.04
Zscaler, Inc.		208		46		0.03

The following table represents the equity basket top 50 individual holdings underlying the total return swap with JPM Russell 1000 Value Index as of December 31, 2023:

Security Description	Shares		Value (000)		Percentage of Net Assets
JPM Russell 1000 Value Index
Affiliated Managers Group, Inc.		496	$	75		0.06	%
Agnc Investment Corp.		7,514		74		0.06
Ally Financial, Inc.		2,205		77		0.06
Antero Resources Corp.		5,202		118		0.09
AT&T, Inc.		11,179		188		0.14
Bank of New York Mellon Corp.		1,395		73		0.05
Bank OZK		2,192		109		0.08
Bristol-Myers Squibb Co.		1,360		70		0.05
Capital One Financial Corp.		589		77		0.06
Cirrus Logic, Inc.		832		69		0.05
Citizens Financial Group, Inc.		3,370		112		0.08
Clearway Energy, Inc.		2,513		69		0.05
Comerica, Inc.		2,040		114		0.09
Corebridge Financial, Inc.		3,346		72		0.05
Discover Financial Services		689		77		0.06
Elanco Animal Health, Inc.		5,310		79		0.06
EQT Corp.		3,070		119		0.09
Fortrea Holdings, Inc.		2,199		77		0.06
Franklin Resources, Inc.		2,667		79		0.06
Gilead Sciences, Inc.		866		70		0.05
Globalfoundries, Inc.		1,250		76		0.06
HF Sinclair Corp.		2,171		121		0.09
Huntington Bancshares, Inc.		8,384		107		0.08
Invesco Ltd.		4,529		81		0.06
Jazz Pharmaceuticals PLC		561		69		0.05
M&T Bank Corp.		739		101		0.08
Marathon Oil Corp.		4,809		116		0.09
Marathon Petroleum Corp.		785		116		0.09
Maravai Lifesciences Holdings, Inc.		13,033		85		0.06

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets
JPM Russell 1000 Value Index (cont'd)
MGIC Investment Corp.		3,830	$	74		0.06	%
Microchip Technology, Inc.		772		70		0.05
New York Community Bancorp, Inc.		10,110		103		0.08
Olaplex Holdings, Inc.		43,529		111		0.08
ON Semiconductor Corp.		892		75		0.06
Onemain Holdings, Inc.		1,563		77		0.06
Organon & Co.		6,051		87		0.07
Ovintiv, Inc.		2,770		122		0.09
Perrigo Co. PLC		2,201		71		0.05
Qualcomm, Inc.		494		71		0.05
Reynolds Consumer Products, Inc.		4,082		110		0.08
Rithm Capital Corp.		6,469		69		0.05
Skyworks Solutions, Inc.		652		73		0.06
Starwood Property Trust, Inc.		3,303		69		0.05
State Street Corp.		922		71		0.05
Synchrony Financial		1,991		76		0.06
Valero Energy Corp.		933		121		0.09
Viatris, Inc.		7,110		77		0.06
Virtu Financial, Inc.		3,683		75		0.06
Walgreens Boots Alliance, Inc.		2,801		73		0.06
Western Alliance Bancorp		1,822		120		0.09

SOFR Secured Overnight Financing Rate.

Portfolio Composition

Classification	Percentage of Total Investments
Other		83.3	%
Oil, Gas & Consumable Fuels		6.0
Banks		5.6
Investment Company		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 $486,000.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (44.8%)
Agency Fixed Rate Mortgages (3.9%)
United States (3.9%)
Federal Home Loan Mortgage Corporation,
Conventional Pools:
2.50%, 4/1/52	$	2,466	$	2,047
4.50%, 1/1/49		58		57
Gold Pools:
3.50%, 1/1/44 - 6/1/45		453		423
4.50%, 1/1/49		15		15
6.50%, 5/1/32		19		20
7.50%, 5/1/35		1		1
Federal National Mortgage Association,
Conventional Pools:
2.00%, 3/1/52		1,814		1,484
2.50%, 9/1/52		2,867		2,444
3.00%, 7/1/49 - 6/1/52		5,036		4,483
3.50%, 3/1/47 - 1/1/51		971		902
4.00%, 4/1/45 - 9/1/45		486		467
4.50%, 3/1/41 - 11/1/44		75		74
5.00%, 1/1/41 - 3/1/41		204		208
6.00%, 1/1/38		2		2
6.50%, 12/1/29		4		4
7.50%, 8/1/37		3		3
January TBA
3.00%, 1/1/54 (a)		300		266
3.50%, 1/1/54 (a)		960		882
4.00%, 1/1/54 (a)		1,000		947
4.50%, 1/1/54 (a)		1,120		1,087
5.00%, 1/1/54 (a)		2,850		2,822
5.50%, 1/1/54 (a)		575		578
6.00%, 1/1/54 (a)		2,030		2,063
Government National Mortgage Association,
Various Pools:
4.00%, 8/20/41 - 11/20/42		119		116
4.50%, 6/20/49		25		24
5.00%, 2/20/49 - 6/20/49		58		58
5.50%, 8/15/39		14		15
				21,492
Asset-Backed Securities (0.5%)
United States (0.5%)
ACM Auto Trust, Class A
7.97%, 6/20/30 (b)		710		712
HGI CRE CLO Ltd.,
1 Month Term SOFR + 1.11%, 6.47%, 9/17/36 (b)(c)		274		271
Renaissance Home Equity Loan Trust,
1 Month Term SOFR + 0.87%, 6.23%, 12/25/32 (c)		490		453
SASCO Mortgage Loan Trust,
1 Month Term SOFR + 2.29%, 4.94%, 5/25/34 (c)		79		78
SLM Student Loan Trust,
3 Month EURIBOR + 0.55%, 4.51%, 7/25/39 (c)	EUR	278		289
VINE Trust, Class A
4.75%, 12/17/40 (b)	$	1,000		958
				2,761
Commercial Mortgage-Backed Securities (0.5%)
United States (0.5%)
Ashford Hospitality Trust,
1 Month Term SOFR + 2.02%, 7.38%, 6/15/35 (b)(c)		250		242
BPR Trust,
1 Month Term SOFR + 3.00%, 8.36%, 5/15/39 (b)(c)		400		401
Commercial Mortgage Trust,
4.73%, 7/15/47 (b)(c)		152		136
Credit Suisse Mortgage Trust,
1 Month Term SOFR + 3.14%, 8.50%, 9/9/24 (b)(c)		500		505
Life Mortgage Trust,
1 Month Term SOFR + 1.30%, 6.66%, 5/15/39 (b)(c)		500		491
Taubman Centers Commercial Mortgage Trust,
1 Month Term SOFR + 2.19%, 7.55%, 5/15/37 (b)(c)		500		497
WFRBS Commercial Mortgage Trust,
4.00%, 10/15/57 (b)(c)		200		130
4.65%, 9/15/46 (b)(c)		273		250
				2,652
Corporate Bonds (9.1%)
Australia (0.4%)
Australia & New Zealand Banking Group Ltd.,
2.57%, 11/25/35 (b)		600		484
Commonwealth Bank of Australia,
1.94%, 10/3/29	EUR	400		431
NBN Co. Ltd.,
2.63%, 5/5/31 (b)	$	575		495
Transurban Finance Co. Pty. Ltd.,
2.00%, 8/28/25	EUR	350		378
Westpac Banking Corp.,
2.67%, 11/15/35	$	650		529
				2,317
Brazil (0.1%)
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
2.50%, 1/15/27		350		322
Canada (0.5%)
Enbridge, Inc.,
6.70%, 11/15/53		400		466
Province of Ontario Canada,
2.30%, 6/15/26		970		925
Province of Quebec Canada,
0.00%, 10/29/30	EUR	1,390		1,278

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio 

	Face
	Amount		Value
	(000)			(000)
Canada (cont'd)
Rogers Communications, Inc.,
3.80%, 3/15/32	$	475	$	437
				3,106
China (0.1%)
Alibaba Group Holding Ltd.,
2.13%, 2/9/31		400		332
France (1.0%)
AXA SA,
3.25%, 5/28/49	EUR	500		531
Banque Federative du Credit Mutuel SA,
0.75%, 7/17/25		400		424
1.25%, 12/5/25	GBP	400		478
3.75%, 2/1/33	EUR	600		678
BNP Paribas SA,
1.13%, 6/11/26		485		510
1.25%, 7/13/31	GBP	200		199
4.38%, 1/13/29	EUR	400		458
BPCE SA,
4.00%, 11/29/32		400		462
5.15%, 7/21/24 (b)	$	925		917
Credit Agricole SA,
3.88%, 4/20/31	EUR	700		800
Orange SA,
5.00%, 10/1/26 (d)		250		282
				5,739
Germany (0.6%)
Kreditanstalt fuer Wiederaufbau,
0.38%, 4/23/30		2,290		2,227
Volkswagen International Finance NV,
Series 10Y
1.88%, 3/30/27		1,100		1,162
				3,389
Ireland (0.1%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
6.45%, 4/15/27 (b)	$	350		363
Italy (0.1%)
Assicurazioni Generali SpA,
5.50%, 10/27/47	EUR	400		460
Japan (0.1%)
NTT Finance Corp.,
1.59%, 4/3/28 (b)	$	800		707
Korea, Republic of (0.3%)
Korea Electric Power Corp.,
2.50%, 6/24/24 (b)		810		800
Korea Southern Power Co. Ltd.,
0.75%, 1/27/26 (b)		730		670
				1,470
Luxembourg (0.1%)
Blackstone Property Partners Europe Holdings SARL,
1.25%, 4/26/27	EUR	400		388
Logicor Financing SARL,
1.50%, 7/13/26	EUR	300		311
				699
Netherlands (0.1%)
ASR Nederland NV,
5.00%, 9/30/24 (d)		425		470
Spain (0.2%)
Banco Santander SA,
3.13%, 1/19/27		400		438
5.18%, 11/19/25	$	800		794
				1,232
Sweden (0.1%)
Akelius Residential Property Financing BV,
1.13%, 1/11/29	EUR	400		366
United Arab Emirates (0.1%)
Galaxy Pipeline Assets Bidco Ltd.,
2.63%, 3/31/36 (b)	$	650		539
United Kingdom (0.6%)
BAT Capital Corp.,
3.56%, 8/15/27		903		862
HSBC Holdings PLC,
2.26%, 11/13/26	GBP	300		363
2.63%, 11/7/25	$	525		512
6.16%, 3/9/29		525		542
Lloyds Banking Group PLC,
2.25%, 10/16/24	GBP	400		497
National Grid Electricity Distribution West Midlands PLC,
5.75%, 4/16/32		200		272
NGG Finance PLC,
5.63%, 6/18/73		350		441
				3,489
United States (4.6%)
Amazon.com, Inc.,
3.10%, 5/12/51	$	250		186
3.88%, 8/22/37		325		302
AT&T, Inc.,
1.80%, 9/5/26	EUR	400		427
2.90%, 12/4/26	GBP	350		426
3.65%, 6/1/51	$	625		471
Bank of America Corp.,
2.69%, 4/22/32		325		275
4.38%, 4/27/28		575		562
4.57%, 4/27/33		1,825		1,740
CDW LLC/CDW Finance Corp.,
2.67%, 12/1/26		100		94
Celanese U.S. Holdings LLC,
6.17%, 7/15/27		950		975
Centene Corp.,
2.50%, 3/1/31		1,050		876
Charles Schwab Corp.,
5.85%, 5/19/34		710		733

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio 

	Face
	Amount		Value
	(000)			(000)
United States (cont'd)
Charter Communications Operating LLC/Charter Communications Operating Capital,
6.38%, 10/23/35	$	525	$	534
Chubb INA Holdings, Inc.,
0.88%, 6/15/27	EUR	400		414
Citigroup, Inc.,
3.06%, 1/25/33	$	300		256
3.79%, 3/17/33		975		877
Comcast Corp.,
1.95%, 1/15/31		675		570
Enterprise Products Operating LLC,
3.95%, 1/31/60		275		223
5.35%, 1/31/33		200		209
Foundry JV Holdco LLC,
5.88%, 1/25/34 (b)		275		283
Georgia-Pacific LLC,
2.30%, 4/30/30 (b)		950		823
Global Payments, Inc.,
4.45%, 6/1/28		625		609
Goldman Sachs Group, Inc.,
2.62%, 4/22/32		775		651
Jersey Central Power & Light Co.,
2.75%, 3/1/32 (b)		975		824
JPMorgan Chase & Co.,
2.55%, 11/8/32		825		689
5.35%, 6/1/34		900		913
Lowe's Cos., Inc.,
1.30%, 4/15/28		425		374
1.70%, 10/15/30		750		623
Marriott International, Inc.,
4.90%, 4/15/29		200		201
Medtronic Global Holdings SCA,
1.00%, 7/2/31	EUR	250		239
Metropolitan Life Global Funding I,
2.95%, 4/9/30 (b)	$	575		511
5.15%, 3/28/33 (b)		300		305
Microsoft Corp.,
1.35%, 9/15/30 (b)		1,225		1,021
NextEra Energy Capital Holdings, Inc.,
2.75%, 11/1/29		1,225		1,099
ONEOK, Inc.,
6.10%, 11/15/32		475		505
PNC Financial Services Group, Inc.,
6.88%, 10/20/34		425		472
Prologis Euro Finance LLC,
1.88%, 1/5/29	EUR	300		308
Republic Services, Inc.,
5.00%, 4/1/34	$	275		282
Thermo Fisher Scientific Finance I BV,
2.00%, 10/18/51	EUR	100		79
Thermo Fisher Scientific, Inc.,
0.88%, 10/1/31	EUR	650		614
1.88%, 10/1/49		100		79
Truist Financial Corp.,
5.87%, 6/8/34	$	575		587
U.S. Bancorp,
5.84%, 6/12/34		462		477
Upjohn Finance BV,
1.91%, 6/23/32	EUR	550		512
Verizon Communications, Inc.,
1.13%, 11/3/28	GBP	300		331
2.36%, 3/15/32	$	575		478
3.40%, 3/22/41		375		299
Vontier Corp.,
2.40%, 4/1/28		250		220
Warnermedia Holdings, Inc.,
4.28%, 3/15/32		775		710
5.05%, 3/15/42		125		110
Wells Fargo & Co.,
MTN
2.88%, 10/30/30		375		334
				25,712
				50,712
Mortgages - Other (1.1%)
Germany (0.0%)‡
Berg Finance DAC,
3 Month EURIBOR + 1.05%, 5.05%, 4/22/33 (c)	EUR	77		81
Ireland (0.1%)
Glenbeigh 2 Issuer 2021-2 DAC,
3 Month EURIBOR + 0.75%, 4.67%, 6/24/50 (b)(c)		288		318
Netherlands (0.0%)‡
E-MAC NL 2006-II BV,
3 Month EURIBOR + 0.13%, 5.18%, 1/25/39 (c)		122		123
United Kingdom (0.1%)
Great Hall Mortgages No. 1 PLC,
3 Month EURIBOR + 0.25%,4.18%, 6/18/38 (c)		200		215
Landmark Mortgage Securities No. 3 PLC,
3 Month GBP SONIA + 2.22%, 7.44%, 4/17/44 (c)	GBP	167		203
				418
United States (0.9%)
Banc of America Alternative Loan Trust,
6.36%, 10/25/36	$	22		6
Bayview Opportunity Master Fund VIA Trust,
3.00%, 1/25/52 (b)(c)		625		535
BX Commercial Mortgage Trust,
1 Month Term SOFR + 2.28%, 7.64%, 6/15/40 (b)(c)		400		400
ChaseFlex Trust,
6.00%, 2/25/37		20		8

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio 

	Face
	Amount		Value
	(000)			(000)
United States (cont'd)
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust,
3.00%, 9/25/45	$	45	$	39
3.00%, 7/25/46		16		14
3.00%, 12/25/46		59		49
3.00%, 5/25/47		109		92
3.50%, 5/25/45		18		16
3.50%, 9/25/45		39		34
3.50%, 7/25/46		24		21
4.00%, 5/25/45		5		4
GS Mortgage-Backed Securities Trust,
2.50%, 1/25/52 (b)(c)		503		414
GSR Mortgage Loan Trust,
5.75%, 1/25/37		7		4
Hundred Acre Wood Trust,
2.50%, 12/25/51 (b)(c)		434		357
JP Morgan Mortgage Trust,
3.00%, 4/25/52 (b)(c)		477		408
3.00%, 9/25/52 (b)(c)		518		444
3.25%, 7/25/52 (b)(c)		603		511
Lehman Mortgage Trust,
6.50%, 9/25/37		17		6
Mello Mortgage Capital Acceptance,
2.50%, 8/25/51 (b)(c)		504		414
Onslow Bay Financial LLC, Class A1
3.00%, 1/25/52 (b)(c)		485		414
PRKCM 2023-AFC1 Trust, Class A1
6.60%, 2/25/58 (b)		335		343
PRMI Securitization Trust,
2.50%, 4/25/51 (b)(c)		581		476
Seasoned Credit Risk Transfer Trust,
3.00%, 7/25/58		221		194
3.00%, 10/25/58		25		22
4.00%, 10/25/58		24		23
				5,248
				6,188
Municipal Bond (0.1%)
Michigan (0.1%)
University of Michigan, MI,
Series A
4.45%, 4/1/2122(Cost $300)		300		270
Sovereign (22.5%)
Australia (0.4%)
Australia Government Bond,
1.25%, 5/21/32	AUD	4,050		2,241
Austria (0.1%)
Republic of Austria Government Bond,
0.00%, 2/20/30	EUR	360		344
Belgium (0.2%)
Kingdom of Belgium Government Bond,
0.90%, 6/22/29		170		175
1.70%, 6/22/50		480		395
Series 99
3.45%, 6/22/43	EUR	650		758
				1,328
Brazil (2.0%)
Brazil Notas do Tesouro Nacional,
Series F
10.00%, 1/1/27	BRL	55,213		11,413
Canada (0.0%)‡
Canadian Government Bond,
2.00%, 12/1/51	CAD	100		61
China (7.1%)
Agricultural Development Bank of China,
2.25%, 4/22/25	CNY	3,600		508
3.79%, 10/26/30		3,430		516
China Development Bank,
3.07%, 3/10/30		7,380		1,066
3.34%, 7/14/25		3,430		491
China Government Bond,
2.37%, 1/20/27		16,900		2,385
2.76%, 5/15/32		157,550		22,505
2.80%, 11/15/32		19,800		2,840
3.12%, 10/25/52		720		106
3.13%, 11/21/29		20,150		2,944
3.27%, 11/19/30		23,460		3,472
3.52%, 4/25/46		1,430		222
3.53%, 10/18/51		1,300		205
3.81%, 9/14/50		4,070		671
3.86%, 7/22/49		6,000		991
Export-Import Bank of China,
2.93%, 3/2/25		3,470		493
				39,415
Colombia (0.1%)
Colombian TES,
Series B
7.00%, 3/26/31	COP	1,634,000		364
Czech Republic (0.0%)‡
Czech Republic Government Bond,
1.20%, 3/13/31	CZK	6,000		226
Denmark (0.1%)
Denmark Government Bond,
0.50%, 11/15/27	DKK	3,000		419
Finland (0.1%)
Finland Government Bond,
1.13%, 4/15/34	EUR	370		355
France (1.6%)
Agence Francaise de Developpement EPIC,
1.50%, 10/31/34		700		676
French Republic Government Bond OAT,
0.00%, 11/25/29		7,130		6,908
2.00%, 5/25/48		930		851
SNCF Reseau,
1.88%, 3/30/34		400		400
				8,835

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio 

	Face
	Amount		Value
	(000)			(000)
Germany (2.0%)
Bundesrepublik Deutschland Bundesanleihe,
0.00%, 8/15/31 - 5/15/36	EUR	4,240	$	4,041
0.25%, 2/15/29		2,460		2,503
1.70%, 8/15/32		1,280		1,384
4.25%, 7/4/39		1,330		1,849
State of North Rhine-Westphalia Germany,
1.65%, 2/22/38		1,500		1,427
				11,204
Greece (1.8%)
Hellenic Republic Government Bonds,
4.25%, 6/15/33		8,099		9,815
Hong Kong (0.0%)‡
Hong Kong Government International Bond,
2.50%, 5/28/24 (b)	$	250		247
Hungary (0.1%)
Hungary Government Bond,
Series 30/A
3.00%, 8/21/30	HUF	51,360		127
Series 32/A
4.75%, 11/24/32		109,610		292
Series 32/G
4.50%, 5/27/32		63,030		166
				585
Indonesia (0.4%)
Indonesia Treasury Bond,
6.50%, 2/15/31	IDR	4,104,000		265
8.25%, 5/15/29		1,408,000		99
8.38%, 3/15/34		12,997,000		944
Series FR96
7.00%, 2/15/33		12,500,000		842
				2,150
Ireland (0.1%)
Ireland Government Bond,
0.20%, 10/18/30	EUR	410		395
Italy (0.6%)
Italy Buoni Poliennali Del Tesoro,
0.45%, 2/15/29		160		155
2.50%, 12/1/32		1,070		1,091
4.45%, 9/1/43		1,052		1,198
Republic of Italy Government International Bond,
0.88%, 5/6/24	$	745		733
				3,177
Japan (2.3%)
Japan Government Ten Year Bond,
0.10%, 6/20/29 - 6/20/31	JPY	583,000		4,052
Japan Government Thirty Year Bond,
0.30%, 6/20/46		224,000		1,229
0.40%, 9/20/49		166,000		883
0.60%, 6/20/50		165,300		919
1.70%, 6/20/33		277,800		2,171
Japan Government Twenty Year Bond,
0.40%, 6/20/41	JPY	551,000		3,378
				12,632
Korea, Republic of (0.3%)
Export-Import Bank of Korea,
0.63%, 2/9/26	$	640		589
2.38%, 6/25/24		510		503
Korea Development Bank,
0.80%, 7/19/26		590		534
				1,626
Malaysia (0.2%)
Malaysia Government Bond,
Series 0219
3.89%, 8/15/29	MYR	2,330		511
Series 0122
3.58%, 7/15/32		1,870		400
				911
Mexico (0.2%)
Mexican Bonos,
Series M
7.50%, 6/3/27	MXN	6,000		335
7.75%, 5/29/31		5,000		275
8.50%, 5/31/29		5,900		340
				950
Netherlands (0.2%)
Nederlandse Waterschapsbank NV,
1.00%, 5/28/30 (b)	$	376		310
Netherlands Government Bond,
0.00%, 7/15/30	EUR	970		932
2.75%, 1/15/47		90		104
				1,346
Nigeria (0.0%)‡
Africa Finance Corp.,
4.38%, 4/17/26 (b)	$	200		193
Norway (0.0%)‡
Norway Government Bond,
2.13%, 5/18/32	NOK	790		71
Poland (0.0%)‡
Republic of Poland Government Bond,
Series 0432
1.75%, 4/25/32	PLN	1,300		257
Singapore (0.0%)‡
Singapore Government Bond,
2.63%, 8/1/32	SGD	430		324
Slovenia (0.1%)
Slovenia Government International Bond,
5.00%, 9/19/33 (b)	$	700		714
Spain (1.2%)
Spain Government Bond,
0.00%, 5/31/25 - 1/31/28	EUR	2,460		2,574
2.70%, 10/31/48		410		390
3.45%, 7/30/66		120		124
3.55%, 10/31/33		2,985		3,455
				6,543

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio 

	Face
	Amount		Value
	(000)			(000)
Sweden (0.1%)
Sweden Government Bond,
Series 1065
1.75%, 11/11/33	SEK	5,100	$	494
Thailand (0.1%)
Thailand Government Bond,
2.00%, 12/17/31	THB	27,000		756
United Kingdom (1.1%)
United Kingdom Gilt,
0.38%, 10/22/30	GBP	820		857
0.63%, 10/22/50		2,170		1,221
0.88%, 7/31/33		1,470		1,467
1.25%, 10/22/41		500		414
1.63%, 10/22/28		550		649
3.50%, 10/22/25 - 1/22/45		1,360		1,660
				6,268
				125,659
Supranational (0.7%)
Asian Development Bank,
2.13%, 5/19/31	NZD	300		161
Banque Ouest Africaine de Developpement,
4.70%, 10/22/31	$	240		205
European Financial Stability Facility,
3.00%, 9/4/34	EUR	750		849
European Investment Bank,
0.00%, 1/14/31		1,200		1,114
International Bank for Reconstruction & Development,
4.25%, 9/18/30	CAD	2,080		1,636
				3,965
U.S. Treasury Securities (6.4%)
United States (6.4%)
U.S. Treasury Bonds,
1.13%, 5/15/40		5,850		3,773
1.75%, 8/15/41		1,770		1,232
2.50%, 2/15/45		410		311
2.75%, 8/15/47		920		717
2.88%, 5/15/49		44		35
U.S. Treasury Notes,
0.38%, 12/31/25		8,300		7,693
0.50%, 4/30/27		530		473
1.13%, 10/31/26		2,210		2,040
1.38%, 10/31/28—11/15/31		8,280		7,239
1.50%, 2/15/30		840		732
1.88%, 6/30/26—2/15/32		4,520		4,059
2.13%, 5/15/25		1,390		1,346
3.38%, 5/15/33		5,690		5,462
4.13%, 9/30/27		760		765
				35,877
Total Fixed Income Securities (Cost $258,381)				249,576

	Shares
Common Stocks (36.6%)
Australia (1.2%)
Ampol Ltd.		1,166	29
ANZ Group Holdings Ltd.		19,324	341
APA Group		7,105	41
Aristocrat Leisure Ltd.		2,877	80
ASX Ltd.		950	41
Aurizon Holdings Ltd.		8,932	23
BHP Group Ltd.		25,107	858
BlueScope Steel Ltd.		2,230	36
Brambles Ltd.		6,919	64
CAR Group Ltd.		1,771	38
Cochlear Ltd.		327	67
Coles Group Ltd.		6,859	75
Commonwealth Bank of Australia		10,339	788
Computershare Ltd.		2,642	44
CSL Ltd.		2,434	474
Dexus REIT		5,262	27
Endeavour Group Ltd.		7,518	27
Fortescue Ltd.		8,291	163
Goodman Group REIT		8,467	146
GPT Group REIT		9,448	30
IDP Education Ltd.		1,333	18
IGO Ltd.		3,428	21
Insurance Australia Group Ltd.		12,060	47
James Hardie Industries PLC (e)		2,185	84
Lottery Corp. Ltd.		10,955	36
Macquarie Group Ltd.		1,814	227
Medibank Pvt Ltd.		13,545	33
Mineral Resources Ltd.		876	42
Mirvac Group REIT		19,650	28
National Australia Bank Ltd.		19,906	416
Northern Star Resources Ltd.		5,788	54
Orica Ltd.		2,237	24
Origin Energy Ltd.		9,553	55
Pilbara Minerals Ltd.		14,533	39
Qantas Airways Ltd. (e)		4,221	15
QBE Insurance Group Ltd.		7,384	75
Ramsay Health Care Ltd.		913	33
REA Group Ltd.		258	32
Reece Ltd.		1,109	17
Rio Tinto Ltd.		1,831	170
Santos Ltd.		15,932	83
Scentre Group REIT		25,511	52
SEEK Ltd.		1,775	32
Sonic Healthcare Ltd.		2,268	50
South32 Ltd.		22,661	51
Stockland REIT		11,747	36
Suncorp Group Ltd.		6,270	59
Telstra Group Ltd.		24,496	66
Transurban Group (Units)		15,173	142
Treasury Wine Estates Ltd.		4,081	30
Vicinity Ltd. REIT		19,037	26
Washington H Soul Pattinson & Co. Ltd.		1,139	25

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio 

	Shares		Value (000)
Australia (cont'd)
Wesfarmers Ltd.		5,534	$	215
Westpac Banking Corp.		21,708		339
WiseTech Global Ltd.		813		42
Woodside Energy Group Ltd.		9,226		195
Woolworths Group Ltd.		6,241		158
Xero Ltd. (e)		714		54
				6,513
Austria (0.1%)
Erste Group Bank AG		7,048		286
OMV AG		808		35
Verbund AG		414		38
Voestalpine AG		630		20
				379
Belgium (0.2%)
Ageas SA		782		34
Anheuser-Busch InBev SA		4,407		284
Argenx SE (e)		289		110
D'ieteren Group		105		21
Elia Group SA		161		20
Groupe Bruxelles Lambert NV		431		34
KBC Group NV		4,977		323
Lotus Bakeries NV		2		18
Sofina SA		74		18
Syensqo SA (e)		381		40
UCB SA		627		55
Umicore SA		1,028		28
Warehouses De Pauw CVA REIT		862		27
				1,012
Canada (1.8%)
Agnico Eagle Mines Ltd.		2,462		135
Air Canada (e)		861		12
Algonquin Power & Utilities Corp.		3,647		23
Alimentation Couche-Tard, Inc.		3,816		225
AltaGas Ltd.		1,568		33
ARC Resources Ltd.		3,116		46
Bank of Montreal		4,451		440
Bank of Nova Scotia		7,450		363
Barrick Gold Corp. (LSE)		6,866		124
Barrick Gold Corp. (NYSE)		1,893		34
BCE, Inc.		442		17
Brookfield Asset Management Ltd., Class A		1,720		69
Brookfield Corp.		6,890		276
Brookfield Renewable Corp., Class A		755		22
BRP, Inc.		173		12
CAE, Inc. (e)		1,564		34
Cameco Corp.		2,120		91
Canadian Apartment Properties REIT		404		15
Canadian Imperial Bank of Commerce		5,665		273
Canadian National Railway Co.		2,752		346
Canadian Natural Resources Ltd.		5,492		360
Canadian Pacific Kansas City Ltd.		4,539		359
Canadian Tire Corp. Ltd., Class A		259		28
Canadian Utilities Ltd., Class A		728		18
CCL Industries, Inc., Class B		733		33
Cenovus Energy, Inc.		7,211		120
CGI, Inc. (e)		1,017		109
Constellation Software, Inc.		99		245
Descartes Systems Group, Inc. (e)		410		34
Dollarama, Inc.		1,399		101
Element Fleet Management Corp.		1,948		32
Emera, Inc.		1,533		58
Empire Co. Ltd., Class A		737		19
Enbridge, Inc.		10,562		380
Fairfax Financial Holdings Ltd.		104		96
First Quantum Minerals Ltd.		2,940		24
FirstService Corp.		198		32
Fortis, Inc.		2,729		112
Franco-Nevada Corp.		979		108
George Weston Ltd.		320		40
GFL Environmental, Inc.		1,117		39
Gildan Activewear, Inc.		838		28
Great-West Lifeco, Inc.		1,366		45
Hydro One Ltd.		1,846		55
IA Financial Corp., Inc.		499		34
IGM Financial, Inc.		410		11
Imperial Oil Ltd.		996		57
Intact Financial Corp.		881		136
Ivanhoe Mines Ltd., Class A (e)		3,000		29
Keyera Corp.		1,139		28
Kinross Gold Corp.		6,109		37
Loblaw Cos. Ltd.		808		78
Lundin Mining Corp.		3,260		27
Magna International, Inc.		1,349		80
Manulife Financial Corp.		8,793		194
MEG Energy Corp. (e)		1,429		26
Metro, Inc.		1,180		61
National Bank of Canada		2,098		160
Northland Power, Inc.		1,459		27
Nutrien Ltd.		2,481		140
Onex Corp.		336		23
Open Text Corp.		1,323		56
Pan American Silver Corp.		1,830		30
Parkland Corp.		704		23
Pembina Pipeline Corp.		2,715		93
Power Corp. of Canada		2,817		81
Quebecor, Inc., Class B		931		22
RB Global, Inc.		892		60
Restaurant Brands International, Inc.		1,393		109
RioCan Real Estate Investment Trust REIT		728		10
Rogers Communications, Inc., Class B		2,149		101
Royal Bank of Canada		8,606		870
Saputo, Inc.		1,298		26
Shopify, Inc., Class A (e)		5,968		465
Stantec, Inc.		546		44
Sun Life Financial, Inc.		2,881		149
Suncor Energy, Inc.		6,535		209

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio 

	Shares		Value (000)
Canada (cont'd)
TC Energy Corp.		5,104	$	199
Teck Resources Ltd., Class B		2,257		95
TELUS Corp.		2,906		52
TFI International, Inc.		408		56
Thomson Reuters Corp.		776		113
TMX Group Ltd.		1,358		33
Toromont Industries Ltd.		405		35
Toronto-Dominion Bank		11,365		734
Tourmaline Oil Corp.		1,656		74
West Fraser Timber Co. Ltd.		283		24
Wheaton Precious Metals Corp.		2,262		112
WSP Global, Inc.		611		86
				10,174
China (0.0%)
China Common Rich Renewable Energy Investments Ltd. (e)		42,000		—
Denmark (0.5%)
AP Moller - Maersk AS Series B		39		70
Carlsberg AS Series B		503		63
Chr Hansen Holding AS		516		43
Coloplast AS Series B		677		77
Danske Bank AS		3,405		91
Demant AS (e)		511		23
DSV AS		913		161
Genmab AS (e)		347		111
Novo Nordisk AS, Class B		16,620		1,722
Novozymes AS Series B		1,001		55
Orsted AS		1,024		57
Pandora AS		413		57
Rockwool AS, Class B		47		14
Tryg AS		1,710		37
Vestas Wind Systems AS (e)		5,003		158
				2,739
Finland (0.2%)
Elisa OYJ		837		39
Fortum OYJ		2,457		36
Kesko OYJ, Class B		1,388		28
Kone OYJ, Class B		1,627		81
Metso OYJ		3,198		32
Neste OYJ		2,030		72
Nokia OYJ		25,644		87
Nordea Bank Abp		59,304		736
Orion OYJ, Class B		534		23
Sampo OYJ, Class A		2,177		95
Stora Enso OYJ, Class R		2,865		40
UPM-Kymmene OYJ		2,642		100
Wartsila OYJ Abp		2,311		34
				1,403
France (2.0%)
Accor SA		971		37
Aeroports de Paris SA		171		22
Air Liquide SA		2,578		502
Airbus SE		2,952		456
Alstom SA		1,439		19
Amundi SA		305		21
ArcelorMittal SA		2,494		71
Arkema SA		294		33
AXA SA		8,937		292
BioMerieux		210		23
BNP Paribas SA		19,583		1,360
Bollore SE		3,667		23
Bouygues SA		945		36
Bureau Veritas SA		1,450		37
Capgemini SE		769		161
Carrefour SA		2,977		54
Cie de Saint-Gobain SA		2,223		164
Cie Generale des Etablissements Michelin SCA		3,354		120
Covivio SA REIT		251		13
Credit Agricole SA		21,460		305
Danone SA		3,311		215
Dassault Aviation SA		103		20
Dassault Systemes SE		3,287		161
Edenred SE		1,237		74
Eiffage SA		362		39
Engie SA		10,110		178
EssilorLuxottica SA		1,487		299
Eurazeo SE		214		17
Eurofins Scientific SE		686		45
Euronext NV		421		37
Gecina SA REIT		229		28
Getlink SE		1,769		32
Hermes International		156		332
Ipsen SA		192		23
Kering SA		365		162
Klepierre SA REIT		1,066		29
L'Oreal SA		1,237		617
La Francaise des Jeux SAEM		518		19
Legrand SA		1,312		137
LVMH Moet Hennessy Louis Vuitton SE		1,369		1,112
Orange SA		11,216		128
Pernod Ricard SA		1,056		187
Publicis Groupe SA		1,125		105
Remy Cointreau SA		120		15
Renault SA		948		39
Safran SA		1,690		298
Sanofi SA		5,744		571
Sartorius Stedim Biotech		141		37
Schneider Electric SE		2,685		540
SEB SA		123		15
Societe Generale SA		14,703		391
Sodexo SA		435		48
STMicroelectronics NV		3,374		169
Teleperformance SE		290		42
Thales SA		524		78
TotalEnergies SE		11,250		765
Unibail-Rodamco-Westfield REIT (e)		583		43

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio 

	Shares		Value (000)
France (cont'd)
Veolia Environnement SA		3,736	$	118
Vinci SA		2,519		317
Vivendi SE		3,333		36
Worldline SA (e)		1,193		21
				11,288
Germany (1.3%)
adidas AG		801		163
Allianz SE (Registered)		2,001		535
BASF SE		4,381		236
Bayer AG (Registered)		5,014		186
Bayerische Motoren Werke AG		1,571		175
Bayerische Motoren Werke AG (Preference)		290		29
Bechtle AG		406		20
Beiersdorf AG		514		77
Brenntag SE		690		63
Carl Zeiss Meditec AG		189		21
Commerzbank AG		21,039		250
Continental AG		547		46
Covestro AG (e)		961		56
Daimler Truck Holding AG		2,617		98
Delivery Hero SE (e)		899		25
Deutsche Bank AG (Registered)		9,578		131
Deutsche Boerse AG		940		194
Deutsche Lufthansa AG (Registered) (e)		2,971		26
Deutsche Post AG (Registered)		4,875		241
Deutsche Telekom AG (Registered)		19,588		471
Dr Ing hc F Porsche AG (Preference)		564		50
E.ON SE		12,361		166
Evonik Industries AG		1,145		23
Fresenius Medical Care AG & Co. KGaA		1,034		43
Fresenius SE & Co. KGaA		2,118		66
GEA Group AG		812		34
Hannover Rueck SE (Registered)		295		71
Heidelberg Materials AG		684		61
HelloFresh SE (e)		809		13
Henkel AG & Co. KGaA		531		38
Henkel AG & Co. KGaA (Preference)		864		69
Infineon Technologies AG		6,428		268
Knorr-Bremse AG		362		23
LEG Immobilien SE (e)		367		32
Mercedes-Benz Group AG (Registered)		3,952		273
Merck KGaA		669		106
MTU Aero Engines AG		273		59
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		674		280
Nemetschek SE		282		24
Porsche Automobil Holding SE (Preference)		756		39
Puma SE		523		30
QIAGEN NV (e)		1,162		51
Rational AG		25		19
Rheinmetall AG		216		68
RWE AG		3,478		158
SAP SE		5,175		797
Sartorius AG (Preference)		133		49
Scout24 SE		366		26
Siemens AG (Registered)		3,761		706
Siemens Energy AG (e)		2,617		35
Siemens Healthineers AG		1,423		83
Symrise AG		656		72
Talanx AG		315		22
Telefonica Deutschland Holding AG		992		3
Volkswagen AG		145		19
Volkswagen AG (Preference)		1,015		125
Vonovia SE		3,612		113
Wacker Chemie AG		91		11
Zalando SE (e)		1,116		26
				7,194
Hong Kong (0.3%)
AIA Group Ltd.		56,743		494
BOC Hong Kong Holdings Ltd.		23,000		62
Budweiser Brewing Co. APAC Ltd.		8,933		17
CK Asset Holdings Ltd.		9,596		48
CK Hutchison Holdings Ltd.		13,442		72
CK Infrastructure Holdings Ltd.		3,469		19
CLP Holdings Ltd.		9,099		75
ESR Group Ltd.		11,040		15
Futu Holdings Ltd. ADR (e)		267		15
Galaxy Entertainment Group Ltd.		10,955		61
Hang Lung Properties Ltd.		8,754		12
Hang Seng Bank Ltd.		3,760		44
Henderson Land Development Co. Ltd.		7,030		22
HKT Trust & HKT Ltd.		23,101		27
Hong Kong & China Gas Co. Ltd.		61,464		47
Hong Kong Exchanges & Clearing Ltd.		6,003		206
Hongkong Land Holdings Ltd.		5,468		19
Jardine Matheson Holdings Ltd.		793		33
Link REIT		12,941		73
MTR Corp. Ltd.		7,606		29
New World Development Co. Ltd.		7,389		11
Power Assets Holdings Ltd.		7,566		44
Sands China Ltd. (e)		11,890		35
Sino Land Co. Ltd.		18,462		20
SITC International Holdings Co. Ltd.		6,732		12
Sun Hung Kai Properties Ltd.		7,101		77
Swire Pacific Ltd., Class A		2,079		18
Swire Properties Ltd.		5,779		12
Techtronic Industries Co. Ltd.		6,680		80
WH Group Ltd.		43,516		28
Wharf Holdings Ltd.		5,390		17
Wharf Real Estate Investment Co. Ltd.		8,282		28
Xinyi Glass Holdings Ltd.		8,261		9
				1,781
Ireland (0.2%)
AIB Group PLC		28,891		124
Bank of Ireland Group PLC		19,409		176
CRH PLC		3,519		242

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio 

	Shares		Value (000)
Ireland (cont'd)
Flutter Entertainment PLC (e)		825	$	146
Kerry Group PLC, Class A		742		64
Kingspan Group PLC		722		62
Smurfit Kappa Group PLC		1,225		49
				863
Israel (0.1%)
Azrieli Group Ltd.		218		14
Bank Hapoalim BM		8,117		73
Bank Leumi Le-Israel BM		9,752		78
Check Point Software Technologies Ltd. (e)		481		74
CyberArk Software Ltd. (e)		215		47
Elbit Systems Ltd.		137		29
Global-e Online Ltd. (e)		464		18
ICL Group Ltd.		3,970		20
Israel Discount Bank Ltd., Class A		6,347		32
Mizrahi Tefahot Bank Ltd.		987		38
Monday.com Ltd. (e)		137		26
Nice Ltd. (e)		325		65
Teva Pharmaceutical Industries Ltd. ADR (e)		5,899		62
Wix.com Ltd. (e)		279		34
				610
Italy (0.7%)
Amplifon SpA		614		21
Assicurazioni Generali SpA		4,962		105
Banco BPM SpA		22,377		118
Davide Campari-Milano NV		2,675		30
DiaSorin SpA		113		12
Enel SpA		44,367		330
Eni SpA		11,591		197
EXOR NV		974		98
Ferrari NV		616		208
FinecoBank Banca Fineco SpA		12,225		184
Infrastrutture Wireless Italiane SpA		2,033		26
Intesa Sanpaolo SpA		308,340		902
Leonardo SpA		1,985		33
Mediobanca Banca di Credito Finanziario SpA		10,981		136
Moncler SpA		1,005		62
Nexi SpA (e)		2,881		24
Poste Italiane SpA		2,553		29
Prysmian SpA		1,286		59
Recordati Industria Chimica e Farmaceutica SpA		517		28
Snam SpA		11,039		57
Stellantis NV		10,779		252
Telecom Italia SpA (Milano) (e)		60,216		19
Tenaris SA		2,314		40
Terna - Rete Elettrica Nazionale		7,635		64
UniCredit SpA		32,119		874
				3,908
Japan (0.1%)
Aeon Co. Ltd.		141		3
Ajinomoto Co., Inc.		97		4
Asahi Group Holdings Ltd.		103		4
Asahi Intecc Co. Ltd.		26		—	@
Astellas Pharma, Inc.		216		3
Chiba Bank Ltd.		667		5
Chubu Electric Power Co., Inc.		379		5
Chugai Pharmaceutical Co. Ltd.		80		3
Concordia Financial Group Ltd.		1,334		6
Daiichi Sankyo Co. Ltd.		221		6
Eisai Co. Ltd.		30		1
Japan Post Bank Co. Ltd.		1,822		19
Kansai Electric Power Co., Inc.		414		5
Kao Corp.		100		4
KDDI Corp.		1,666		53
Kikkoman Corp.		29		2
Kirin Holdings Co. Ltd.		167		2
Kobayashi Pharmaceutical Co. Ltd.		11		—	@
Kobe Bussan Co. Ltd.		32		1
Kose Corp.		7		—	@
Kyowa Kirin Co. Ltd.		32		1
M3, Inc.		53		1
MatsukiyoCocokara & Co.		74		1
MEIJI Holdings Co. Ltd.		50		1
Mizuho Financial Group, Inc.		3,037		52
Nippon Telegraph & Telephone Corp.		33,254		41
Nissin Foods Holdings Co. Ltd.		39		1
Olympus Corp.		151		2
Ono Pharmaceutical Co. Ltd.		46		1
Osaka Gas Co. Ltd.		221		5
Otsuka Holdings Co. Ltd.		47		2
Resona Holdings, Inc.		2,694		14
Seven & i Holdings Co. Ltd.		162		6
Shionogi & Co. Ltd.		31		1
Shiseido Co. Ltd.		86		3
Shizuoka Financial Group, Inc.		589		5
SoftBank Corp.		3,198		40
SoftBank Group Corp.		1,145		51
Sumitomo Mitsui Financial Group, Inc.		1,599		78
Sumitomo Mitsui Trust Holdings, Inc.		824		16
Suntory Beverage & Food Ltd.		30		1
Sysmex Corp.		20		1
Takeda Pharmaceutical Co. Ltd.		189		5
Terumo Corp.		80		3
Tokyo Electric Power Co. Holdings, Inc. (e)		898		5
Tokyo Gas Co. Ltd.		230		5
Unicharm Corp.		87		3
Welcia Holdings Co. Ltd.		20		—	@
Yakult Honsha Co. Ltd.		55		1
				472
Netherlands (0.8%)
ABN AMRO Bank NV CVA		9,415		142
Adyen NV (e)		109		141
Aegon Ltd.		8,090		47
AerCap Holdings NV (e)		1,001		74
Akzo Nobel NV		849		70
ASM International NV		233		121

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio 

	Shares		Value (000)
Netherlands (cont'd)
ASML Holding NV		1,995	$	1,506
ASR Nederland NV		800		38
BE Semiconductor Industries NV		381		58
Coca-Cola Europacific Partners PLC		1,077		72
DSM BV		890		92
DSM-Firmenich AG		922		94
Heineken Holding NV		643		54
Heineken NV		1,422		145
IMCD NV		284		49
ING Groep NV		72,299		1,084
JDE Peet's NV		508		14
Koninklijke Ahold Delhaize NV		4,986		143
Koninklijke KPN NV		20,264		70
Koninklijke Philips NV		3,996		94
NN Group NV		1,349		53
OCI NV		523		15
Prosus NV (e)		7,306		217
Randstad NV		549		34
Universal Music Group NV		4,048		116
Wolters Kluwer NV		1,221		174
				4,717
New Zealand (0.0%)‡
Auckland International Airport Ltd.		6,820		38
EBOS Group Ltd.		805		18
Fisher & Paykel Healthcare Corp. Ltd.		3,061		46
Mercury NZ Ltd.		4,007		17
Meridian Energy Ltd.		7,275		25
Spark New Zealand Ltd.		11,510		38
				182
Norway (0.1%)
Adevinta ASA (e)		1,664		18
Aker BP ASA		1,514		44
DNB Bank ASA		4,384		93
Equinor ASA		4,294		136
Gjensidige Forsikring ASA		946		18
Kongsberg Gruppen ASA		415		19
Mowi ASA		2,276		41
Norsk Hydro ASA		6,167		41
Orkla ASA		3,457		27
Salmar ASA		358		20
Telenor ASA		3,813		44
Yara International ASA		792		28
				529
Portugal (0.0%)‡
EDP - Energias de Portugal SA		16,587		83
EDP Renovaveis SA		1,642		34
Galp Energia SGPS SA		2,130		31
Jeronimo Martins SGPS SA		1,395		36
				184
Singapore (0.2%)
CapitaLand Ascendas REIT		17,065		39
CapitaLand Integrated Commercial Trust REIT		24,415		38
CapitaLand Investment Ltd.		12,267		29
City Developments Ltd.		2,328		12
DBS Group Holdings Ltd.		10,575		267
Genting Singapore Ltd.		27,818		21
Grab Holdings Ltd., Class A (e)		8,737		29
Jardine Cycle & Carriage Ltd.		481		11
Keppel Corp. Ltd.		6,667		36
Mapletree Logistics Trust REIT		15,933		21
Mapletree Pan Asia Commercial Trust REIT		10,788		13
Oversea-Chinese Banking Corp. Ltd.		19,838		195
Sea Ltd. ADR (e)		1,767		72
Seatrium Ltd. (e)		204,528		18
Sembcorp Industries Ltd.		4,671		19
Singapore Airlines Ltd.		6,748		34
Singapore Exchange Ltd.		3,966		29
Singapore Technologies Engineering Ltd.		7,171		21
Singapore Telecommunications Ltd.		46,917		88
United Overseas Bank Ltd.		7,421		160
UOL Group Ltd.		2,176		10
Wilmar International Ltd.		9,496		26
				1,188
Spain (0.8%)
Acciona SA		137		20
ACS Actividades de Construccion y Servicios SA		1,010		45
Aena SME SA		368		67
Amadeus IT Group SA		2,216		159
Banco Bilbao Vizcaya Argentaria SA		118,594		1,081
Banco Santander SA		321,308		1,344
CaixaBank SA		82,064		338
Cellnex Telecom SA (e)		3,412		134
Corp. ACCIONA Energias Renovables SA		366		11
Enagas SA		1,361		23
Endesa SA		1,741		35
Ferrovial SE		2,510		92
Food Delivery Brands Group SA (e)		156		—
Grifols SA (e)		1,498		26
Iberdrola SA		33,150		435
Industria de Diseno Textil SA		5,344		233
Naturgy Energy Group SA		690		21
Redeia Corp. SA		2,224		37
Repsol SA		6,299		93
Telefonica SA		31,022		121
				4,315
Sweden (0.5%)
Alfa Laval AB		1,406		56
Assa Abloy AB, Class B		4,888		141
Atlas Copco AB, Class A		20,786		340
Beijer Ref AB		1,889		25
Boliden AB (e)		1,343		42
Epiroc AB, Class A		5,079		97
EQT AB		1,783		50
Essity AB, Class B		3,087		77
Evolution AB		896		107
Fastighets AB Balder, Class B (e)		3,223		23

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Sweden (cont'd)
Getinge AB, Class B		1,149	$	26
H & M Hennes & Mauritz AB, Class B		3,165		56
Hexagon AB, Class B		10,142		122
Holmen AB, Class B		393		17
Husqvarna AB, Class B		1,713		14
Industrivarden AB, Class A		1,349		44
Indutrade AB		1,345		35
Investment AB Latour, Class B		732		19
Investor AB, Class B		8,428		195
L E Lundbergforetagen AB, Class B		374		20
Lifco AB, Class B		1,146		28
Nibe Industrier AB, Class B		7,503		53
Saab AB, Class B		378		23
Sagax AB, Class B		975		27
Sandvik AB		5,237		114
Securitas AB, Class B		2,413		24
Skandinaviska Enskilda Banken AB, Class A		9,671		133
Skanska AB, Class B		1,668		30
SKF AB, Class B		1,657		33
Svenska Cellulosa AB SCA, Class B		3,048		46
Svenska Handelsbanken AB, Class A		7,074		77
Swedbank AB, Class A		4,125		83
Swedish Orphan Biovitrum AB (e)		969		26
Tele2 AB, Class B		3,194		27
Telefonaktiebolaget LM Ericsson, Class B		14,058		88
Telia Co. AB		14,149		36
Volvo AB, Class A		8,325		217
Volvo Car AB, Class B (e)		2,932		10
				2,581
Switzerland (1.5%)
ABB Ltd. (Registered)		7,848		348
Adecco Group AG (Registered)		783		38
Alcon, Inc.		2,483		194
Avolta AG (Registered) (e)		470		18
Bachem Holding AG		170		13
Baloise Holding AG (Registered)		223		35
Banque Cantonale Vaudoise (Registered)		186		24
Barry Callebaut AG (Registered)		19		32
BKW AG		113		20
Chocoladefabriken Lindt & Spruengli AG		5		60
Chocoladefabriken Lindt & Spruengli AG (Registered)		1		121
Cie Financiere Richemont SA, Class A (Registered)		2,557		353
Clariant AG (Registered) (e)		1,051		16
EMS-Chemie Holding AG (Registered)		34		28
Geberit AG (Registered)		163		105
Givaudan SA (Registered)		46		191
Helvetia Holding AG (Registered)		182		25
Holcim AG (e)		2,533		199
Julius Baer Group Ltd.		1,018		57
Kuehne & Nagel International AG (Registered)		259		89
Logitech International SA (Registered)		798		76
Lonza Group AG (Registered)		369		156
Nestle SA (Registered)		13,597		1,576
Novartis AG (Registered)		10,257		1,036
Partners Group Holding AG		111		160
Roche Holding AG		160		50
Roche Holding AG (Genusschein)		3,501		1,018
Sandoz Group AG (e)		2,041		66
Schindler Holding AG		198		50
Schindler Holding AG (Registered)		114		27
SGS SA (Registered)		733		63
SIG Group AG (e)		1,503		35
Sika AG (Registered)		742		242
Sonova Holding AG (Registered)		253		83
Straumann Holding AG (Registered)		550		89
Swatch Group AG		142		39
Swatch Group AG (Registered)		259		14
Swiss Life Holding AG (Registered)		144		100
Swiss Prime Site AG (Registered)		375		40
Swiss Re AG		1,477		166
Swisscom AG (Registered)		154		93
Temenos AG (Registered)		312		29
UBS Group AG (Registered) (e)		16,144		501
VAT Group AG		131		66
Zurich Insurance Group AG		714		373
				8,114
United Kingdom (2.1%)
3i Group PLC		4,844		149
abrdn PLC		9,850		22
Admiral Group PLC		1,334		46
Anglo American PLC		6,440		161
Antofagasta PLC		1,940		41
Ashtead Group PLC		2,190		152
Associated British Foods PLC		1,789		54
AstraZeneca PLC		7,803		1,053
Auto Trader Group PLC		4,556		42
Aviva PLC		13,677		76
BAE Systems PLC		15,063		213
Barclays PLC		94,943		186
Barratt Developments PLC		4,834		35
Berkeley Group Holdings PLC		528		32
BP PLC		85,068		504
British American Tobacco PLC		10,609		310
BT Group PLC		40,445		64
Bunzl PLC		1,674		68
Burberry Group PLC		1,807		33
Centrica PLC		30,373		54
Coca-Cola HBC AG (e)		1,097		32
Compass Group PLC		8,421		230
Croda International PLC		697		45
DCC PLC		489		36
Diageo PLC		11,644		423
Endeavour Mining PLC		922		21
Entain PLC		3,172		40
Evraz PLC (e)		2,495		—

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United Kingdom (cont'd)
Experian PLC		4,560	$	186
G4S Ltd. (e)		6,437		20
Glencore PLC		52,002		313
GSK PLC		20,765		383
Haleon PLC		28,760		118
Halma PLC		1,889		55
Hargreaves Lansdown PLC		1,922		18
Hikma Pharmaceuticals PLC		844		19
HSBC Holdings PLC		96,989		785
Imperial Brands PLC		4,287		99
Informa PLC		6,852		68
InterContinental Hotels Group PLC		814		73
Intertek Group PLC		802		43
J Sainsbury PLC		8,568		33
JD Sports Fashion PLC		12,850		27
Kingfisher PLC		9,482		29
Land Securities Group PLC REIT		3,506		31
Legal & General Group PLC		29,485		94
Lloyds Banking Group PLC		400,250		243
London Stock Exchange Group PLC		2,071		245
M&G PLC		11,171		32
Melrose Industries PLC		6,756		49
Mondi PLC		2,438		48
National Grid PLC		20,388		275
NatWest Group PLC		36,272		101
Next PLC		597		62
Ocado Group PLC (e)		2,952		29
Paragon Offshore PLC (e)(f)		303		—
Pearson PLC		3,179		39
Persimmon PLC		1,596		28
Phoenix Group Holdings PLC		3,732		25
Prudential PLC		13,974		158
Reckitt Benckiser Group PLC		3,700		255
RELX PLC (LSE)		9,345		371
Rentokil Initial PLC		12,664		71
Rio Tinto PLC		5,503		409
Rolls-Royce Holdings PLC (e)		41,732		159
Sage Group PLC		5,104		76
Schroders PLC		4,055		22
Segro PLC REIT		5,849		66
Severn Trent PLC		1,506		50
Shell PLC		32,923		1,078
Smith & Nephew PLC		4,411		61
Smiths Group PLC		1,721		39
Spirax-Sarco Engineering PLC		369		49
SSE PLC		6,058		143
St. James's Place PLC		2,793		24
Standard Chartered PLC		14,497		123
Taylor Wimpey PLC		17,540		33
Tesco PLC		36,932		137
Unilever PLC CVA		12,460		603
United Utilities Group PLC		3,823		52
Vodafone Group PLC		116,811		102
Whitbread PLC		956		44
Wise PLC Class A (e)		3,089		34
WPP PLC		5,350		51
				11,902
United States (21.9%)
3M Co.		1,566		171
A O Smith Corp.		345		28
Abbott Laboratories		5,083		560
AbbVie, Inc.		5,139		796
Accenture PLC, Class A		1,773		622
Adobe, Inc. (e)		1,279		763
Advanced Micro Devices, Inc. (e)		4,422		652
AECOM		368		34
AES Corp.		2,290		44
Aflac, Inc.		1,574		130
Agilent Technologies, Inc.		862		120
Air Products & Chemicals, Inc.		625		171
Airbnb, Inc., Class A (e)		1,227		167
Akamai Technologies, Inc. (e)		426		50
Albemarle Corp.		328		47
Albertsons Cos., Inc., Class A		1,056		24
Alexandria Real Estate Equities, Inc. REIT		476		60
Align Technology, Inc. (e)		217		59
Allegion PLC		248		31
Alliant Energy Corp.		864		44
Allstate Corp.		732		102
Ally Financial, Inc.		758		26
Alnylam Pharmaceuticals, Inc. (e)		364		70
Alphabet, Inc., Class A (e)		31,705		4,447
Altria Group, Inc.		5,004		202
Amazon.com, Inc. (e)		26,094		3,965
Amcor PLC		4,136		40
Ameren Corp.		902		65
American Electric Power Co., Inc.		1,763		143
American Express Co.		1,750		328
American Financial Group, Inc.		202		24
American Homes 4 Rent, Class A REIT		915		33
American International Group, Inc.		1,975		134
American Tower Corp. REIT		1,324		286
American Water Works Co., Inc.		664		88
Ameriprise Financial, Inc.		288		109
AMETEK, Inc.		641		106
Amgen, Inc.		1,563		450
Amphenol Corp., Class A		1,683		167
Analog Devices, Inc.		1,405		279
Annaly Capital Management, Inc. REIT		1,380		27
ANSYS, Inc. (e)		242		88
Aon PLC, Class A		570		166
APA Corp.		883		32
Apollo Global Management, Inc.		1,108		103
Apple, Inc.		44,091		8,489
Applied Materials, Inc.		2,321		376
Aptiv PLC (e)		806		72

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Arch Capital Group Ltd. (e)		1,041	$	77
Archer-Daniels-Midland Co.		1,642		119
Ares Management Corp., Class A		453		54
Arista Networks, Inc. (e)		730		172
Arthur J Gallagher & Co.		604		136
Aspen Technology, Inc. (e)		82		18
Assurant, Inc.		149		25
AT&T, Inc.		28,281		475
Atlassian Corp., Class A (e)		439		104
Atmos Energy Corp.		504		58
Autodesk, Inc. (e)		599		146
Automatic Data Processing, Inc.		1,156		269
AutoZone, Inc. (e)		50		129
AvalonBay Communities, Inc. REIT		399		75
Avantor, Inc. (e)		1,987		45
Avery Dennison Corp.		230		47
Axon Enterprise, Inc. (e)		198		51
Baker Hughes Co.		2,899		99
Ball Corp.		895		52
Bank of America Corp.		29,286		986
Bank of New York Mellon Corp.		2,176		113
Bath & Body Works, Inc.		602		26
Baxter International, Inc.		1,484		57
Becton Dickinson & Co.		850		207
Bentley Systems, Inc., Class B		601		31
Berkshire Hathaway, Inc., Class B (e)		3,665		1,307
Best Buy Co., Inc.		557		44
Bill Holdings, Inc. (e)		274		22
Biogen, Inc. (e)		423		109
BioMarin Pharmaceutical, Inc. (e)		547		53
Bio-Rad Laboratories, Inc., Class A (e)		65		21
Bio-Techne Corp.		462		36
BlackRock, Inc.		419		340
Blackstone, Inc.		2,002		262
Block, Inc., Class A (e)		1,542		119
Boeing Co. (e)		1,604		418
Booking Holdings, Inc. (e)		100		355
Booz Allen Hamilton Holding Corp.		369		47
BorgWarner, Inc.		664		24
Boston Properties, Inc. REIT		430		30
Boston Scientific Corp. (e)		4,276		247
Bristol-Myers Squibb Co.		6,201		318
Broadcom, Inc.		1,211		1,352
Broadridge Financial Solutions, Inc.		329		68
Brown & Brown, Inc.		677		48
Brown-Forman Corp., Class B		946		54
Builders FirstSource, Inc. (e)		350		58
Bunge Global SA		459		46
Burlington Stores, Inc. (e)		182		35
Cadence Design Systems, Inc. (e)		757		206
Caesars Entertainment, Inc. (e)		619		29
Camden Property Trust REIT		301		30
Campbell Soup Co.		582		25
Capital One Financial Corp.		1,057		139
Cardinal Health, Inc.		722		73
Carlisle Cos., Inc.		142		44
Carlyle Group, Inc.		609		25
CarMax, Inc. (e)		454		35
Carnival Corp. (e)		2,825		52
Carrier Global Corp.		2,360		136
Catalent, Inc. (e)		523		24
Caterpillar, Inc.		1,445		427
Cboe Global Markets, Inc.		295		53
CBRE Group, Inc., Class A (e)		879		82
CDW Corp.		374		85
Celanese Corp.		294		46
Celsius Holdings, Inc. (e)		434		24
Cencora, Inc.		500		103
Centene Corp. (e)		1,526		113
CenterPoint Energy, Inc.		2,157		62
Ceridian HCM Holding, Inc. (e)		423		28
CF Industries Holdings, Inc.		555		44
CH Robinson Worldwide, Inc.		331		29
Charles River Laboratories International, Inc. (e)		150		35
Charles Schwab Corp.		4,241		292
Charter Communications, Inc., Class A (e)		278		108
Cheniere Energy, Inc.		685		117
Chesapeake Energy Corp.		322		25
Chevron Corp.		5,178		772
Chipotle Mexican Grill, Inc. (e)		78		178
Chubb Ltd.		1,143		258
Church & Dwight Co., Inc.		742		70
Cigna Group		873		261
Cincinnati Financial Corp.		439		45
Cintas Corp.		258		156
Cisco Systems, Inc.		11,437		578
Citigroup, Inc.		7,898		406
Citizens Financial Group, Inc.		1,953		65
Cleveland-Cliffs, Inc. (e)		1,448		30
Clorox Co.		372		53
Cloudflare, Inc., Class A (e)		781		65
CME Group, Inc.		1,014		214
CMS Energy Corp.		998		58
CNH Industrial NV		2,867		35
Coca-Cola Co.		12,471		735
Cognizant Technology Solutions Corp., Class A		1,419		107
Coinbase Global, Inc., Class A (e)		476		83
Colgate-Palmolive Co.		2,375		189
Comcast Corp., Class A		11,602		509
Conagra Brands, Inc.		1,449		42
Confluent, Inc., Class A (e)		519		12
ConocoPhillips		3,416		397
Consolidated Edison, Inc.		1,179		107
Constellation Brands, Inc., Class A		467		113
Constellation Energy Corp.		1,107		129

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Cooper Cos., Inc.		145	$	55
Copart, Inc. (e)		2,437		119
Corning, Inc.		2,293		70
Corteva, Inc.		2,033		97
CoStar Group, Inc. (e)		1,155		101
Costco Wholesale Corp.		1,339		884
Coterra Energy, Inc.		2,170		55
Crowdstrike Holdings, Inc., Class A (e)		632		161
Crown Castle, Inc. REIT		1,233		142
Crown Holdings, Inc.		344		32
CSX Corp.		5,662		196
Cummins, Inc.		402		96
CVS Health Corp.		3,765		297
Danaher Corp.		2,076		480
Darden Restaurants, Inc.		341		56
Darling Ingredients, Inc. (e)		492		25
Datadog, Inc., Class A (e)		717		87
DaVita, Inc. (e)		160		17
Deckers Outdoor Corp. (e)		74		49
Deere & Co.		779		312
Dell Technologies, Inc., Class C		719		55
Delta Air Lines, Inc.		445		18
Dentsply Sirona, Inc.		25		1
Devon Energy Corp.		1,851		84
Dexcom, Inc. (e)		1,133		141
Diamondback Energy, Inc.		485		75
Dick's Sporting Goods, Inc.		174		26
Digital Realty Trust, Inc. REIT		858		115
Discover Financial Services		701		79
DocuSign, Inc. (e)		553		33
Dollar General Corp.		676		92
Dollar Tree, Inc. (e)		633		90
Dominion Energy, Inc.		2,875		135
Domino's Pizza, Inc.		99		41
DoorDash, Inc., Class A (e)		723		72
Dover Corp.		394		61
Dow, Inc.		2,002		110
DR Horton, Inc.		855		130
DraftKings, Inc., Class A (e)		1,181		42
Dropbox, Inc., Class A (e)		723		21
DTE Energy Co.		705		78
Duke Energy Corp.		2,633		256
DuPont de Nemours, Inc.		1,299		100
Dynatrace, Inc. (e)		698		38
Eastman Chemical Co.		336		30
Eaton Corp. PLC		1,115		269
eBay, Inc.		1,523		66
Ecolab, Inc.		722		143
Edison International		1,315		94
Edwards Lifesciences Corp. (e)		1,769		135
Electronic Arts, Inc.		718		98
Elevance Health, Inc.		682		322
Eli Lilly & Co.		2,389		1,393
Emerson Electric Co.		1,608		157
Enphase Energy, Inc. (e)		410		54
Entegris, Inc.		423		51
Entergy Corp.		724		73
EOG Resources, Inc.		1,664		201
EPAM Systems, Inc. (e)		164		49
EQT Corp.		1,120		43
Equifax, Inc.		343		85
Equinix, Inc. REIT		262		211
Equitable Holdings, Inc.		969		32
Equity Lifestyle Properties, Inc. REIT		498		35
Equity Residential REIT		1,016		62
Erie Indemnity Co., Class A		71		24
Essential Utilities, Inc.		863		32
Essex Property Trust, Inc. REIT		181		45
Estee Lauder Cos., Inc., Class A		704		103
Etsy, Inc. (e)		343		28
Everest Group Ltd.		120		42
Evergy, Inc.		785		41
Eversource Energy		1,201		74
Exact Sciences Corp. (e)		532		39
Exelon Corp.		3,396		122
Expedia Group, Inc. (e)		397		60
Expeditors International of Washington, Inc.		417		53
Extra Space Storage, Inc. REIT		598		96
Exxon Mobil Corp.		11,480		1,148
F5, Inc. (e)		165		30
FactSet Research Systems, Inc.		108		52
Fair Isaac Corp. (e)		70		82
Fastenal Co.		1,607		104
FedEx Corp.		664		168
Ferguson PLC		576		111
Fidelity National Financial, Inc.		726		37
Fidelity National Information Services, Inc.		1,695		102
Fifth Third Bancorp		2,786		96
First Citizens BancShares, Inc., Class A		45		64
First Horizon Corp.		671		10
First Republic Bank		501		—	@
First Solar, Inc. (e)		303		52
FirstEnergy Corp.		1,868		69
Fiserv, Inc. (e)		1,719		228
FleetCor Technologies, Inc. (e)		198		56
FMC Corp.		358		23
Ford Motor Co.		10,980		134
Fortinet, Inc. (e)		1,820		107
Fortive Corp.		988		73
Fortune Brands Innovations, Inc.		353		27
Fox Corp., Class A		1,116		32
Franklin Resources, Inc.		816		24
Freeport-McMoRan, Inc.		4,082		174
Gaming and Leisure Properties, Inc. REIT		733		36
Garmin Ltd.		431		55
Gartner, Inc. (e)		220		99

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
GE HealthCare Technologies, Inc.		1,197	$	93
Gen Digital, Inc.		1,611		37
General Dynamics Corp.		652		169
General Electric Co.		3,033		387
General Mills, Inc.		1,762		115
General Motors Co.		3,846		138
Genuine Parts Co.		399		55
Gilead Sciences, Inc.		3,624		294
Global Payments, Inc.		731		93
Globe Life, Inc.		265		32
GoDaddy, Inc., Class A (e)		390		41
Goldman Sachs Group, Inc.		926		357
Graco, Inc.		476		41
Halliburton Co.		2,581		93
Hartford Financial Services Group, Inc.		852		69
Hasbro, Inc.		381		19
HCA Healthcare, Inc.		599		162
Healthpeak Properties, Inc. REIT		1,581		31
HEICO Corp.		332		52
Henry Schein, Inc. (e)		379		29
Hershey Co.		459		86
Hess Corp.		783		113
Hewlett Packard Enterprise Co.		3,666		62
HF Sinclair Corp.		459		26
Hilton Worldwide Holdings, Inc.		734		134
Hologic, Inc. (e)		717		51
Home Depot, Inc.		2,801		971
Honeywell International, Inc.		1,864		391
Hormel Foods Corp.		918		29
Host Hotels & Resorts, Inc. REIT		1,969		38
Howmet Aerospace, Inc.		1,096		59
HP, Inc.		2,512		76
Hubbell, Inc.		149		49
HubSpot, Inc. (e)		130		75
Humana, Inc.		363		166
Huntington Bancshares, Inc.		5,924		75
Huntington Ingalls Industries, Inc.		111		29
Hyatt Hotels Corp., Class A		130		17
IDEX Corp.		213		46
IDEXX Laboratories, Inc. (e)		241		134
Illinois Tool Works, Inc.		847		222
Illumina, Inc. (e)		468		65
Incyte Corp. (e)		517		32
Ingersoll Rand, Inc.		1,132		88
Insulet Corp. (e)		204		44
Intel Corp.		11,976		602
Intercontinental Exchange, Inc.		1,594		205
International Business Machines Corp.		2,533		414
International Flavors & Fragrances, Inc.		727		59
International Paper Co.		948		34
Interpublic Group of Cos., Inc.		1,089		36
Intuit, Inc.		786		491
Intuitive Surgical, Inc. (e)		1,025		346
Invitation Homes, Inc. REIT		1,723		59
IQVIA Holdings, Inc. (e)		538		125
Iron Mountain, Inc. REIT		816		57
J M Smucker Co.		315		40
Jabil, Inc.		373		48
Jack Henry & Associates, Inc.		205		34
Jacobs Solutions, Inc.		355		46
Jazz Pharmaceuticals PLC (e)		169		21
JB Hunt Transport Services, Inc.		232		46
Johnson & Johnson		7,094		1,112
Johnson Controls International PLC		2,066		119
JPMorgan Chase & Co.		11,827		2,012
Juniper Networks, Inc.		902		27
Kellanova		834		47
Kenvue, Inc.		5,168		111
Keurig Dr Pepper, Inc.		3,163		105
KeyCorp		3,856		56
Keysight Technologies, Inc. (e)		498		79
Kimberly-Clark Corp.		1,022		124
Kimco Realty Corp. REIT		1,761		38
Kinder Morgan, Inc.		5,769		102
KKR & Co., Inc.		1,609		133
KLA Corp.		382		222
Knight-Swift Transportation Holdings, Inc.		452		26
Kraft Heinz Co.		2,582		96
Kroger Co.		2,105		96
L3Harris Technologies, Inc.		537		113
Laboratory Corp. of America Holdings		258		59
Lam Research Corp.		375		294
Lamb Weston Holdings, Inc.		438		47
Las Vegas Sands Corp.		1,068		53
Lattice Semiconductor Corp. (e)		382		26
Lear Corp.		167		24
Leidos Holdings, Inc.		368		40
Lennar Corp., Class A		702		105
Lennox International, Inc.		90		40
Liberty Broadband Corp., Class C (e)		342		28
Liberty Global Ltd., Class C (e)		931		17
Liberty Media Corp.-Liberty Formula One, Class C (e)		554		35
Liberty Media Corp.-Liberty SiriusXM, Class C (e)		459		13
Linde PLC		1,328		545
Live Nation Entertainment, Inc. (e)		449		42
LKQ Corp.		761		36
Lockheed Martin Corp.		630		286
Loews Corp.		537		37
Lowe's Cos., Inc.		1,619		360
LPL Financial Holdings, Inc.		210		48
Lucid Group, Inc. (e)		2,845		12
Lululemon Athletica, Inc. (e)		328		168
LyondellBasell Industries NV, Class A		739		70
M&T Bank Corp.		681		93
Manhattan Associates, Inc. (e)		174		37

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Marathon Oil Corp.		1,757	$	42
Marathon Petroleum Corp.		1,138		169
Markel Group, Inc. (e)		36		51
MarketAxess Holdings, Inc.		106		31
Marriott International, Inc., Class A		717		162
Marsh & McLennan Cos., Inc.		1,381		262
Martin Marietta Materials, Inc.		172		86
Marvell Technology, Inc.		2,462		149
Masco Corp.		630		42
Mastercard, Inc., Class A		2,361		1,007
Match Group, Inc. (e)		790		29
McCormick & Co., Inc.		766		52
McDonald's Corp.		2,051		608
McKesson Corp.		395		183
Medtronic PLC		3,902		321
MercadoLibre, Inc. (e)		129		203
Merck & Co., Inc.		7,465		814
Meta Platforms, Inc., Class A (e)		6,196		2,193
MetLife, Inc.		1,793		119
Mettler-Toledo International, Inc. (e)		65		79
MGM Resorts International (e)		797		36
Microchip Technology, Inc.		1,535		138
Micron Technology, Inc.		3,108		265
Microsoft Corp.		19,867		7,471
Mid-America Apartment Communities, Inc. REIT		328		44
Moderna, Inc. (e)		996		99
Molina Healthcare, Inc. (e)		167		60
Molson Coors Beverage Co., Class B		532		33
Mondelez International, Inc., Class A		4,130		299
MongoDB, Inc. (e)		201		82
Monolithic Power Systems, Inc.		127		80
Monster Beverage Corp. (e)		2,382		137
Moody's Corp.		464		181
Mosaic Co.		959		34
Motorola Solutions, Inc.		469		147
MSCI, Inc.		224		127
Nasdaq, Inc.		972		57
NetApp, Inc.		596		53
Netflix, Inc. (e)		1,243		605
Neurocrine Biosciences, Inc. (e)		280		37
Newmont Corp. (TSX)		3,314		137
News Corp., Class A		1,078		26
NextEra Energy, Inc.		7,067		429
NIKE, Inc., Class B		3,442		374
NiSource, Inc.		1,413		38
Nordson Corp.		144		38
Norfolk Southern Corp.		639		151
Northern Trust Corp.		584		49
Northrop Grumman Corp.		405		190
NRG Energy, Inc.		774		40
Nucor Corp.		708		123
NVIDIA Corp.		6,905		3,420
NVR, Inc. (e)		9		63
NXP Semiconductors NV		727		167
Occidental Petroleum Corp.		1,923		115
Okta, Inc. (e)		425		38
Old Dominion Freight Line, Inc.		276		112
Omnicom Group, Inc.		555		48
ON Semiconductor Corp. (e)		1,239		104
ONEOK, Inc.		1,679		118
Oracle Corp.		5,239		552
O'Reilly Automotive, Inc. (e)		170		162
Otis Worldwide Corp.		1,155		103
Ovintiv, Inc.		751		33
Owens Corning		253		38
PACCAR, Inc.		1,476		144
Packaging Corp. of America		258		42
Palantir Technologies, Inc., Class A (e)		5,298		91
Palo Alto Networks, Inc. (e)		854		252
Paramount Global, Class B		1,444		21
Parker-Hannifin Corp.		360		166
Paychex, Inc.		914		109
Paycom Software, Inc.		153		32
Paylocity Holding Corp. (e)		128		21
PayPal Holdings, Inc. (e)		2,976		183
Pentair PLC		461		34
PepsiCo, Inc.		4,171		708
Pfizer, Inc.		16,618		478
PG&E Corp.		6,813		123
Philip Morris International, Inc.		4,412		415
Phillips 66		1,272		169
Pinterest, Inc., Class A (e)		1,600		59
Pioneer Natural Resources Co.		667		150
PNC Financial Services Group, Inc.		1,625		252
Pool Corp.		112		45
PPG Industries, Inc.		663		99
PPL Corp.		2,525		68
Principal Financial Group, Inc.		679		53
Procter & Gamble Co.		7,160		1,049
Progressive Corp.		1,643		262
Prologis, Inc. REIT		2,613		348
Prudential Financial, Inc.		1,014		105
PTC, Inc. (e)		335		59
Public Service Enterprise Group, Inc.		1,708		104
Public Storage REIT		454		138
PulteGroup, Inc.		619		64
Qorvo, Inc. (e)		276		31
QUALCOMM, Inc.		3,146		455
Quanta Services, Inc.		403		87
Quest Diagnostics, Inc.		321		44
Raymond James Financial, Inc.		556		62
Realty Income Corp. REIT		2,000		115
Regency Centers Corp. REIT		470		32
Regeneron Pharmaceuticals, Inc. (e)		311		273
Regions Financial Corp.		3,860		75
Reliance Steel & Aluminum Co.		167		47

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Repligen Corp. (e)		153	$	28
Republic Services, Inc.		619		102
ResMed, Inc.		426		73
Revvity, Inc.		368		40
Rivian Automotive, Inc., Class A (e)		1,957		46
Robert Half, Inc.		303		27
Robinhood Markets, Inc., Class A (e)		1,212		15
ROBLOX Corp., Class A (e)		1,165		53
Rockwell Automation, Inc.		319		99
Roku, Inc. (e)		357		33
Rollins, Inc.		818		36
Roper Technologies, Inc.		299		163
Ross Stores, Inc.		956		132
Royal Caribbean Cruises Ltd. (e)		689		89
Royalty Pharma PLC, Class A		1,125		32
RPM International, Inc.		364		41
RTX Corp.		4,142		349
S&P Global, Inc.		916		404
Salesforce, Inc. (e)		2,705		712
SBA Communications Corp. REIT		311		79
Schlumberger NV		4,039		210
Seagate Technology Holdings PLC		557		48
SEI Investments Co.		317		20
Sempra		2,135		160
ServiceNow, Inc. (e)		571		403
Sherwin-Williams Co.		684		213
Simon Property Group, Inc. REIT		926		132
Sirius XM Holdings, Inc.		2,141		12
Skyworks Solutions, Inc.		450		51
Snap, Inc., Class A (e)		2,852		48
Snap-on, Inc.		150		43
Snowflake, Inc., Class A (e)		790		157
Southern Co.		3,751		263
Southwest Airlines Co.		410		12
Splunk, Inc. (e)		452		69
SS&C Technologies Holdings, Inc.		626		38
Stanley Black & Decker, Inc.		435		43
Starbucks Corp.		3,241		311
State Street Corp.		890		69
Steel Dynamics, Inc.		451		53
Steris PLC		291		64
Stryker Corp.		1,008		302
Sun Communities, Inc. REIT		352		47
Super Micro Computer, Inc. (e)		133		38
Synchrony Financial		1,163		44
Synopsys, Inc. (e)		422		217
Sysco Corp.		1,535		112
T Rowe Price Group, Inc.		629		68
Take-Two Interactive Software, Inc. (e)		468		75
Targa Resources Corp.		613		53
Target Corp.		1,407		200
TE Connectivity Ltd.		889		125
Teledyne Technologies, Inc. (e)		133		59
Teleflex, Inc.		138		34
Teradyne, Inc.		435		47
Tesla, Inc. (e)		8,219		2,042
Texas Instruments, Inc.		2,591		442
Texas Pacific Land Corp.		18		28
Textron, Inc.		558		45
Thermo Fisher Scientific, Inc.		1,134		602
TJX Cos., Inc.		3,220		302
T-Mobile U.S., Inc.		2,079		333
Toast, Inc., Class A (e)		946		17
Toro Co.		296		28
Tractor Supply Co.		308		66
Trade Desk, Inc., Class A (e)		1,267		91
Tradeweb Markets, Inc., Class A		306		28
Trane Technologies PLC		644		157
TransDigm Group, Inc.		155		157
TransUnion		541		37
Travelers Cos., Inc.		640		122
Trimble, Inc. (e)		697		37
Truist Financial Corp.		5,469		202
Twilio, Inc., Class A (e)		483		37
Tyler Technologies, Inc. (e)		119		50
Tyson Foods, Inc., Class A		878		47
Uber Technologies, Inc. (e)		5,157		318
UDR, Inc. REIT		875		34
U-Haul Holding Co.		278		20
UiPath, Inc., Class A (e)		1,085		27
Ulta Beauty, Inc. (e)		137		67
Union Pacific Corp.		1,706		419
United Parcel Service, Inc., Class B		2,042		321
United Rentals, Inc.		190		109
United Therapeutics Corp. (e)		137		30
UnitedHealth Group, Inc.		2,716		1,430
Unity Software, Inc. (e)		690		28
Universal Health Services, Inc., Class B		183		28
US Bancorp		6,287		272
Vail Resorts, Inc.		109		23
Valero Energy Corp.		1,018		132
Veeva Systems, Inc., Class A (e)		448		86
Ventas, Inc. REIT		1,145		57
Veralto Corp.		666		55
VeriSign, Inc. (e)		258		53
Verisk Analytics, Inc.		408		97
Verizon Communications, Inc.		16,633		627
Vertex Pharmaceuticals, Inc. (e)		760		309
Vertiv Holdings Co., Class A		931		45
VF Corp.		957		18
Viatris, Inc.		3,528		38
VICI Properties, Inc. REIT		2,855		91
Visa, Inc., Class A		4,501		1,172
Vistra Corp.		1,117		43
Vulcan Materials Co.		372		84
W R Berkley Corp.		574		41

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Walgreens Boots Alliance, Inc.		2,222	$	58
Walmart, Inc.		4,501		710
Walt Disney Co.		5,193		469
Warner Bros Discovery, Inc. (e)		6,618		75
Waste Connections, Inc.		716		107
Waste Management, Inc.		1,130		202
Waters Corp. (e)		173		57
Watsco, Inc.		95		41
Webster Financial Corp.		221		11
WEC Energy Group, Inc.		1,087		92
Wells Fargo & Co.		14,785		728
Welltower, Inc. REIT		1,456		131
West Pharmaceutical Services, Inc.		216		76
Western Digital Corp. (e)		907		48
Westinghouse Air Brake Technologies Corp.		505		64
Westlake Corp.		110		15
Westrock Co.		728		30
Weyerhaeuser Co. REIT		2,095		73
Williams Cos., Inc.		3,491		122
Willis Towers Watson PLC		295		71
Workday, Inc., Class A (e)		583		161
WP Carey, Inc. REIT		607		39
WW Grainger, Inc.		127		105
Wynn Resorts Ltd.		289		26
Xcel Energy, Inc.		1,881		116
Xylem, Inc.		676		77
Yum! Brands, Inc.		785		103
Zebra Technologies Corp., Class A (e)		145		40
Zillow Group, Inc., Class C (e)		421		24
Zimmer Biomet Holdings, Inc.		618		75
Zoetis, Inc.		1,348		266
Zoom Video Communications, Inc., Class A (e)		679		49
Zscaler, Inc. (e)		244		54
				122,063
Total Common Stocks (Cost $127,657)				204,111

	No. of Rights
Right (0.0%)‡
United States (0.0%)‡
Contra Abiomed, Inc expires 12/22/28 (e) (Cost $—@)		90	—	@

	No. of Warrants
Warrants (0.0%)‡
Canada (0.0%)‡
Constellation Software, Inc. expires 3/31/40 (e) (Cost $—)		95	1

	Face Amount (000)
Short-Term Investments (18.9%)
Commercial Paper (g) (1.1%)
ANZ New Zealand International Ltd.
5.86%, 4/8/24 (b)	$	1,050	1,034
BPCE SA
5.87%, 4/5/24 (b)		1,050	1,034
Skandinaviska Enskilda Banken AB
5.86%, 4/11/24 (b)		2,080	2,048
Suncorp-Metway Ltd.
5.96%, 4/2/24 (b)		2,080	2,049
Total Commercial Paper (Cost $6,165)			6,165
U.S. Treasury Securities (2.8%)
U.S. Treasury Bill,
5.33%, 4/18/24 (h)(i)	$	2,180	2,146
5.39%, 2/15/24 (h)(i)		8,400	8,362
5.53%, 4/18/24 (h)(i)		5,271	5,190
Total U.S. Treasury Securities (Cost $15,695)			15,698

	Shares
Investment Company (15.0%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (j) (Cost $83,391)		83,390,541		83,391
Total Short-Term Investments (Cost $105,251)				105,254
Total Investments (100.3%) (Cost $491,289) (k)(l)(m)(n)				558,942
Liabilities in Excess of Other Assets (–0.3%)				(1,418	)
Net Assets (100.0%)			$	557,524

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 December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments.
(d)	Perpetual - One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of December 31, 2023.
(e)	Non-income producing security.
(f)	At December 31, 2023, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Trust's (as defined herein) Trustees.
(g)	The rates shown are the effective yields at the date of purchase.
(h)	Rate shown is the yield to maturity at December 31, 2023.
(i)	All or a portion of the security was pledged to cover margin requirements for swap agreements.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

(j)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended December 31, 2023, advisory fees paid were reduced by approximately $22,000 relating to the Fund's investment in the Liquidity Funds.
(k)	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.
(l)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2023, the Fund did not engage in any cross-trade transactions.
(m)	The approximate fair value and percentage of net assets, $71,168,000 and 12.8%, 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.
(n)	At December 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $102,188,000 and the aggregate gross unrealized depreciation is approximately $26,209,000, resulting in net unrealized appreciation of approximately $75,979,000.

ADR	American Depositary Receipt.
CLO	Collateralized Loan Obligation.
CVA	Certificaten Van Aandelen.
DAC	Designated Activity Company.
EURIBOR	Euro Interbank Offered Rate.
LSE	London Stock Exchange.
MTN	Medium Term Note.
NYSE	New York Stock Exchange.
OAT	Obligations Assimilables du Trésor (French Treasury Obligation).
REIT	Real Estate Investment Trust.
SOFR	Secured Overnight Financing Rate.
SONIA	Sterling Overnight Index Average.
TBA	To Be Announced.
TSX	Toronto Stock Exchange.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts:

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

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date		Unrealized Appreciation (Depreciation) (000)
Australia & New Zealand Banking Group Ltd.	CNY	136,770,962	$	19,326,668	3/14/24	$	(93	)
Australia & New Zealand Banking Group Ltd.	$	1,954,860	AUD	3,032,685	2/8/24		114
Australia & New Zealand Banking Group Ltd.	$	839,039	JPY	120,468,775	2/8/24		20
Bank of America NA	CNH	3,537,979	$	494,459	3/14/24		(4	)
Bank of America NA	GBP	5,109,283	$	6,288,465	2/8/24		(225	)
Bank of America NA	PLN	251,986	$	62,563	3/14/24		(1	)
Bank of America NA	$	111,504	ILS	412,788	3/14/24		3
Bank of America NA	$	180,586	JPY	25,919,805	3/14/24		5
Bank of New York Mellon	$	13,053	DKK	89,813	3/14/24		—	@
Barclays Bank PLC	EUR	485,536	$	529,680	2/8/24		(7	)
Barclays Bank PLC	EUR	2,393,909	$	2,591,107	3/14/24		(59	)
Barclays Bank PLC	HKD	4,413	$	566	3/14/24		—	@
Barclays Bank PLC	NZD	2,450,008	$	1,463,723	2/8/24		(85	)
Barclays Bank PLC	$	228,988	AUD	334,279	3/14/24		(1	)
Barclays Bank PLC	$	241,976	JPY	35,455,000	2/8/24		11
Barclays Bank PLC	$	5,558,772	JPY	808,035,350	2/8/24		203
Barclays Bank PLC	$	386,298	JPY	55,445,724	3/14/24		11
Barclays Bank PLC	$	331,738	MXN	5,830,466	3/14/24		8
Barclays Bank PLC	$	87,050	NOK	960,145	2/8/24		8
Barclays Bank PLC	$	8,573	SEK	89,250	2/8/24		—	@
BNP Paribas SA	AUD	1,347,769	$	886,630	3/14/24		(34	)
BNP Paribas SA	CAD	118,332	$	87,108	3/14/24		(2	)
BNP Paribas SA	CHF	71,200	$	82,038	3/14/24		(3	)
BNP Paribas SA	CNH	1,335,590	$	186,650	3/14/24		(2	)
BNP Paribas SA	EUR	11,202	$	12,035	2/8/24		(—	@)
BNP Paribas SA	EUR	2,361,808	$	2,556,327	3/14/24		(58	)
BNP Paribas SA	GBP	382,735	$	479,031	2/8/24		(9	)
BNP Paribas SA	GBP	114,169	$	144,977	2/8/24		(1	)
BNP Paribas SA	HKD	298,632	$	38,285	3/14/24		(—	@)
BNP Paribas SA	IDR	5,351,535,740	$	345,550	2/7/24		(2	)
BNP Paribas SA	IDR	3,263,168,448	$	210,256	2/7/24		(2	)
BNP Paribas SA	IDR	7,377,563,094	$	475,788	2/7/24		(3	)
BNP Paribas SA	IDR	2,709,581,273	$	175,264	2/7/24		(1	)
BNP Paribas SA	INR	6,879,651	$	82,307	3/14/24		(—	@)
BNP Paribas SA	SEK	581,167	$	55,792	3/14/24		(2	)
BNP Paribas SA	$	708,051	AUD	1,032,072	3/14/24		(3	)
BNP Paribas SA	$	84,405	CLP	74,030,514	3/14/24		(1	)
BNP Paribas SA	$	59,489	COP	242,881,489	3/14/24		2
BNP Paribas SA	$	271,857	EUR	245,120	3/14/24		(—	@)
BNP Paribas SA	$	190,490	JPY	26,616,682	3/14/24		—	@
BNP Paribas SA	$	2,852,902	MXN	50,138,331	3/14/24		66
BNP Paribas SA	$	123,047	PLN	512,541	2/8/24		7
BNP Paribas SA	$	53,802	TWD	1,669,157	3/14/24		1
Citibank NA	$	171,100	CAD	225,762	3/14/24		(1	)
Citibank NA	$	1,012,357	CHF	900,097	2/8/24		62
Citibank NA	$	379,478	CNY	2,685,000	2/8/24		—	@
Citibank NA	$	10,045	CZK	228,953	3/14/24		—	@
Citibank NA	$	277,041	GBP	217,444	3/14/24		—	@
Citibank NA	$	51,403	ILS	190,250	3/14/24		1
Goldman Sachs International	AUD	368,973	$	242,730	3/14/24		(9	)

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts: (cont'd)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date		Unrealized Appreciation (Depreciation) (000)
Goldman Sachs International	BRL	40,492,457	$	8,168,248	3/14/24	$	(111	)
Goldman Sachs International	BRL	1,762,115	$	359,783	3/14/24		(—	@)
Goldman Sachs International	COP	602,165,000	$	147,989	2/8/24		(6	)
Goldman Sachs International	HKD	168	$	21	3/14/24		—	@
Goldman Sachs International	HUF	137,087,268	$	382,008	2/8/24		(11	)
Goldman Sachs International	NOK	583,174	$	53,242	3/14/24		(4	)
Goldman Sachs International	NZD	20,403	$	12,506	3/14/24		(—	@)
Goldman Sachs International	SGD	83,242	$	62,249	3/14/24		(1	)
Goldman Sachs International	$	3,358,138	CNY	24,081,204	2/8/24		49
Goldman Sachs International	$	12,192	CZK	277,842	3/14/24		—	@
Goldman Sachs International	$	14,864	HUF	5,206,475	2/8/24		—	@
Goldman Sachs International	$	612,574	JPY	87,923,605	3/14/24		18
Goldman Sachs International	$	27,256	JPY	3,848,680	2/8/24		—	@
Goldman Sachs International	$	2,334,123	KRW	3,014,239,394	2/8/24		11
Goldman Sachs International	$	38,645	MXN	676,939	2/8/24		1
Goldman Sachs International	$	1,444,591	MXN	25,388,215	3/14/24		33
Goldman Sachs International	$	207,750	MXN	3,557,795	3/14/24		(1	)
Goldman Sachs International	$	2,592,095	TRY	101,428,691	12/23/24		(72	)
HSBC Bank PLC	$	229,189	CAD	302,000	2/8/24		(1	)
JPMorgan Chase Bank NA	CAD	411,684	$	301,600	2/8/24		(9	)
JPMorgan Chase Bank NA	CAD	1,169,903	$	861,207	3/14/24		(23	)
JPMorgan Chase Bank NA	CAD	2,257,981	$	1,699,744	3/14/24		(6	)
JPMorgan Chase Bank NA	DKK	493,419	$	71,374	2/8/24		(2	)
JPMorgan Chase Bank NA	EUR	4,118,500	$	4,457,740	3/14/24		(102	)
JPMorgan Chase Bank NA	EUR	1,453,749	$	1,597,395	3/14/24		(12	)
JPMorgan Chase Bank NA	GBP	650,766	$	818,156	3/14/24		(12	)
JPMorgan Chase Bank NA	GBP	1,339,067	$	1,698,188	3/14/24		(9	)
JPMorgan Chase Bank NA	HKD	280,695	$	35,984	3/14/24		(—	@)
JPMorgan Chase Bank NA	NOK	577,223	$	52,701	3/14/24		(4	)
JPMorgan Chase Bank NA	NZD	257,051	$	157,565	3/14/24		(5	)
JPMorgan Chase Bank NA	SGD	331,295	$	247,749	3/14/24		(4	)
JPMorgan Chase Bank NA	THB	4,257,197	$	120,460	2/8/24		(5	)
JPMorgan Chase Bank NA	$	270,212	JPY	38,784,088	3/14/24		8
JPMorgan Chase Bank NA	$	1,287,494	MXN	22,628,857	3/14/24		30
Royal Bank of Canada	MXN	5,559,483	$	312,360	2/8/24		(13	)
Royal Bank of Canada	$	108,552	SGD	146,026	2/8/24		2
Standard Chartered Bank	NZD	13,200	$	8,091	3/14/24		(—	@)
State Street Bank and Trust Co.	EUR	219,800	$	237,910	3/14/24		(5	)
State Street Bank and Trust Co.	$	108,417	CLP	96,240,000	2/8/24		1
State Street Bank and Trust Co.	$	158,010	SEK	1,571,903	3/14/24		(2	)
UBS AG	AUD	1,521,791	$	991,247	2/8/24		(47	)
UBS AG	AUD	250,240	$	165,702	2/8/24		(5	)
UBS AG	CAD	191,730	$	141,141	3/14/24		(4	)
UBS AG	EUR	170,017	$	187,096	2/8/24		(1	)
UBS AG	EUR	2,432,721	$	2,633,161	3/14/24		(60	)
UBS AG	EUR	1,661,327	$	1,811,569	2/8/24		(25	)
UBS AG	EUR	1,088,780	$	1,191,495	3/14/24		(14	)
UBS AG	EUR	386,000	$	427,052	2/8/24		—	@
UBS AG	HKD	508,683	$	65,215	3/14/24		(—	@)
UBS AG	IDR	419,891,537	$	27,067	3/14/24		(—	@)
UBS AG	JPY	101,252,382	$	724,011	3/14/24		(2	)
UBS AG	KRW	5,233,775	$	3,999	3/14/24		(—	@)
UBS AG	THB	548,547	$	15,439	3/14/24		(1	)
UBS AG	TRY	457,638	$	14,521	3/14/24		(—	@)

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts: (cont'd)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date		Unrealized Appreciation (Depreciation) (000)
UBS AG	$	15,335	AUD	23,313	2/8/24	$	1
UBS AG	$	6,803,023	AUD	9,998,895	3/14/24		25
UBS AG	$	3,230,983	CAD	4,449,929	2/8/24		129
UBS AG	$	14,631	CAD	19,875	2/8/24		—	@
UBS AG	$	1,076,720	CAD	1,435,285	2/8/24		7
UBS AG	$	2,192	DKK	15,000	2/8/24		—	@
UBS AG	$	631,253	EUR	568,419	3/14/24		(2	)
UBS AG	$	4,885,516	GBP	3,980,686	2/8/24		189
UBS AG	$	1,465,528	GBP	1,194,999	2/8/24		58
UBS AG	$	13,267	HUF	4,751,041	3/14/24		—	@
UBS AG	$	42,567	IDR	660,550,855	2/7/24		—	@
UBS AG	$	4,392,802	JPY	648,563,014	2/8/24		232
UBS AG	$	1,370,670	MXN	24,089,517	3/14/24		32
UBS AG	$	1,826,793	NZD	2,967,476	2/8/24		49
UBS AG	$	109,064	PEN	411,443	2/8/24		2
UBS AG	$	136,149	RON	631,531	2/8/24		4
UBS AG	$	210,938	SEK	2,290,509	2/8/24		17
UBS AG	ZAR	1,081,726	$	56,301	3/14/24		(2	)
Westpac Banking Corp.	$	1,527,043	EUR	1,423,847	2/8/24		47
						$	276

Futures Contracts:

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

	Number of Contracts		Expiration Date		Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
German Euro-Bobl Index (Germany)		32		Mar-24	EUR	3,200		$	4,214		$	70
German Euro-BTP Index (Germany)		13		Mar-24		1,300			1,710			59
German Euro-Schatz Index (Germany)		45		Mar-24		4,500			5,293			36
KFE 10 yr. Treasury Bond Index (Korea, Republic of)		46		Mar-24	KRW	4,600,000			4,125			56
Long Gilt Index (United Kingdom)		9		Mar-24	GBP	900			1,178			13
MSCI Emerging Market Index (United States)		78		Mar-24	$	4			4,031			163
Nikkei 225 Index (United States)		6		Mar-24	JPY	3			708			6
SGX MSCI Singapore Index (Singapore)		2		Jan-24	SGD	—	@		44			2
U.S. Treasury 5 yr. Note (United States)		82		Mar-24	$	8,200			8,919			204
U.S. Treasury 10 yr. Note (United States)		7		Mar-24		700			790			1
U.S. Treasury 10 yr. Ultra Note (United States)		89		Mar-24		8,900			10,503			456
U.S. Treasury Long Bond (United States)		18		Mar-24		1,800			2,249			166
U.S. Treasury Ultra Long Bond (United States)		39		Mar-24		3,900			5,210			492
Short:
Euro Stoxx 50 Index (Germany)		94		Mar-24	EUR	(1	)		(4,714	)		34
FTSE 100 Index (United Kingdom)		1		Mar-24	GBP	(—	@)		(99	)		(2	)
German Euro-BTP Index (Germany)		77		Mar-24	EUR	(7,700	)		(10,128	)		(229	)
German Euro-Bund Index (Germany)		56		Mar-24		(5,600	)		(8,483	)		(242	)
KOSPI 200 Index (Korea, Republic of)		1		Mar-24	KRW	(250	)		(70	)		(6	)
S&P 500 E Mini Index (United States)		6		Mar-24	$	(—	@)		(1,446	)		(1	)
TSE Japanese 10 yr. Bond index (Japan)		46		Mar-24	JPY	(4,600,000	)		(47,863	)		(600	)
U.S. Treasury 2 yr. Note (United States)		1		Mar-24	$	(200	)		(206	)		(2	)

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Futures Contracts: (cont'd)

	Number of Contracts		Expiration Date		Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
U.S. Treasury 5 yr. Note (United States)		55		Mar-24	$	(5,500	)	$	(5,982	)	$	(145	)
U.S. Treasury 10 yr. Note (United States)		3		Mar-24		(300	)		(339	)		(8	)
U.S. Treasury 10 yr. Ultra Note (United States)		40		Mar-24		(4,000	)		(4,721	)		(205	)
											$	318

Centrally Cleared Interest Rate Swap Agreements:

The Fund had the following centrally cleared interest rate swap agreements open at December 31, 2023:

Swap Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Fixed Rate			Payment Frequency Paid/ Received	Maturity Date	Notional Amount (000)		Value (000)		Upfront Payment Paid (000)		Unrealized Appreciation (000)
Morgan Stanley & Co. LLC	1 Month CNRR	Pay		2.38	%	Quarterly/Quarterly	11/3/28	CNY	54,609	$	43	$	—	$	43
Morgan Stanley & Co. LLC	1 Month CNRR	Pay		2.38		Quarterly/Quarterly	11/3/28		54,609		43		—		43
Morgan Stanley & Co. LLC	1 Week CNY	Pay		2.56		Quarterly/Quarterly	5/16/28		70,937		142		—		142
Morgan Stanley & Co. LLC	1 Week CNY	Pay		2.56		Quarterly/Quarterly	5/16/28		70,937		141		—		141
										$	369	$	—	$	369

Total Return Swap Agreements:

The Fund had the following total return swap agreements open at December 31, 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 (000)		Unrealized Appreciation (Depreciation) (000)
Bank of America NA	MSCI USA Index	Receive		SOFR + 0.45%	Quarterly	7/16/24	$	20,981	$	1,916		$	—	$	1,916
Barclays Bank PLC	MSCI Daily Total Return World Gross Consumer Staples	Pay		SOFR + 0.10%	Quarterly	5/20/24		4,865		(182	)		—		(182	)
Barclays Bank PLC	MSCI Daily Total Return World Gross Consumer Staples	Pay		SOFR + 0.10%	Quarterly	5/20/24		709		(27	)		—		(27	)
Barclays Bank PLC	MSCI USA Index	Receive		SOFR + 0.47%	Quarterly	10/4/24		12,704		1,374			—		1,374
Barclays Bank PLC	MSCI World Tobacco Index	Receive		SOFR + 0.25%	Quarterly	5/20/24		5,016		(13	)		—		(13	)
Barclays Bank PLC	MSCI World Tobacco Index	Receive		SOFR + 0.25%	Quarterly	5/20/24		399		(1	)		—		(1	)
BNP Paribas SA	EMU IMI Anti-Value Index††	Pay		ESTR - 0.02%	Quarterly	9/18/24	EUR	4,103		(141	)		—		(141	)
BNP Paribas SA	EMU IMI Anti-Value Index††	Pay		ESTR - 0.02%	Quarterly	9/18/24		4,191		(45	)		—		(45	)
BNP Paribas SA	EMU IMI Anti-Value Index††	Pay		ESTR - 0.02%	Quarterly	9/18/24		4,104		(35	)		—		(35	)
BNP Paribas SA	EMU IMI Anti-Value Index††	Pay		ESTR - 0.02%	Quarterly	9/18/24		4,090		(52	)		—		(52	)
BNP Paribas SA	EMU IMI Anti-Value Index††	Pay		ESTR - 0.02%	Quarterly	9/18/24		3,737		(19	)		—		(19	)
BNP Paribas SA	EMU IMI Value Index††	Receive		ESTR - 0.35%	Quarterly	9/18/24		4,088		151			—		151
BNP Paribas SA	EMU IMI Value Index††	Receive		ESTR - 0.35%	Quarterly	9/18/24		4,205		42			—		42
BNP Paribas SA	EMU IMI Value Index††	Receive		ESTR - 0.35%	Quarterly	9/18/24		4,118		14			—		14
BNP Paribas SA	EMU IMI Value Index††	Receive		ESTR - 0.35%	Quarterly	9/18/24		4,080		43			—		43
BNP Paribas SA	EMU IMI Value Index††	Receive		ESTR - 0.35%	Quarterly	9/18/24		3,732		21			—		21
BNP Paribas SA	MSCI EMU Index	Receive		ESTR - 0.19%	Quarterly	12/24/24		5,237		(27	)		—		(27	)
BNP Paribas SA	MSCI EMU Index	Receive		ESTR - 0.17%	Quarterly	12/24/24		5,203		8			—		8
BNP Paribas SA	MSCI Japan Net Total Return $ Index	Receive		SOFR - 0.01%	Quarterly	2/12/24	$	15,621		1,397			—		1,397
BNP Paribas SA	Short Global Luxury Index††	Pay		SOFR + 0.24%	Quarterly	6/5/24		1,646		(65	)		—		(65	)
BNP Paribas SA	Short Global Luxury Index††	Pay		SOFR + 0.24%	Quarterly	6/5/24		809		(32	)		—		(32	)
BNP Paribas SA	Short Global Luxury Index††	Pay		SOFR + 0.24%	Quarterly	6/5/24		2,730		(108	)		—		(108	)

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Total Return Swap Agreements: (cont'd)

Swap Counterparty	Index	Pay/ Receive Total Return of Reference Index	Floating Rate		Payment Frequency	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (000)		Unrealized Appreciation (Depreciation) (000)
BNP Paribas SA	Short Global Luxury Index††	Pay		SOFR + 0.24%	Quarterly	6/5/24	$	2,225		(88	)	$	—	$	(88	)
Goldman Sachs International	MSCI Emerging Markets Net Total Return Index	Receive		SOFR + 0.21%	Quarterly	1/26/24		28,803		3,045			—		3,045
JPMorgan Chase Bank NA	Japan Growth Index††	Pay		SOFR - 0.19%	Quarterly	12/11/24		8,349		(472	)		—		(472	)
JPMorgan Chase Bank NA	Japan Value Index††	Receive		SOFR + 0.00%	Quarterly	12/11/24		8,335		132			—		132
JPMorgan Chase Bank NA	Korea Growth Index	Pay		SOFR - 0.30%	Quarterly	10/23/24		1,894		(324	)		—		(324	)
JPMorgan Chase Bank NA	Korea Value Index	Receive		SOFR + 0.16%	Quarterly	12/11/24		2,065		202			—		202
JPMorgan Chase Bank NA	MSCI AU Banks	Pay		BBSW + 0.03%	Quarterly	10/21/24	AUD	6,032		(288	)		—		(288	)
JPMorgan Chase Bank NA	MSCI AU Banks	Pay		BBSW + 0.03%	Quarterly	10/21/24		3,948		(225	)		—		(225	)
JPMorgan Chase Bank NA	MSCI Japan Gross Total Return	Pay		TONAR - 0.08%	Quarterly	12/24/24	JPY	833,006		(33	)		—		(33	)
JPMorgan Chase Bank NA	MSCI Japan Gross Total Return	Pay		TONAR - 0.06%	Quarterly	12/24/24		820,855		(78	)		—		(78	)
JPMorgan Chase Bank NA	MSCI Japan Net Total Return $ Index	Receive		SOFR + 0.18%	Quarterly	10/8/24	$	1,247		145			—		145
JPMorgan Chase Bank NA	SPX 1500 Growth Index††	Pay		SOFR + 0.05%	Quarterly	12/9/24		2,872		(199	)		—		(199	)
JPMorgan Chase Bank NA	SPX 1500 Growth Index††	Pay		SOFR + 0.05%	Quarterly	12/9/24		3,413		(225	)		—		(225	)
JPMorgan Chase Bank NA	SPX 1500 Growth Index††	Pay		SOFR + 0.05%	Quarterly	12/9/24		3,421		(230	)		—		(230	)
JPMorgan Chase Bank NA	SPX 1500 Value Index††	Receive		SOFR + 0.05%	Quarterly	12/9/24		2,861		250			—		250
JPMorgan Chase Bank NA	SPX 1500 Value Index††	Receive		SOFR + 0.05%	Quarterly	12/9/24		3,434		284			—		284
JPMorgan Chase Bank NA	SPX 1500 Value Index††	Receive		SOFR + 0.05%	Quarterly	12/9/24		3,443		274			—		274
JPMorgan Chase Bank NA	U.S. Broad Growth Index††	Pay		SOFR + 0.40%	Quarterly	12/9/24		8,023		(594	)		—		(594	)
JPMorgan Chase Bank NA	U.S. Broad Growth Index††	Pay		SOFR + 0.40%	Quarterly	12/9/24		9,538		(681	)		—		(681	)
JPMorgan Chase Bank NA	U.S. Broad Growth Index††	Pay		SOFR + 0.40%	Quarterly	12/9/24		9,592		(713	)		—		(713	)
JPMorgan Chase Bank NA	U.S. Broad Value Index††	Receive		SOFR + 0.40%	Quarterly	12/9/24		7,996		687			—		687
JPMorgan Chase Bank NA	U.S. Broad Value Index††	Receive		SOFR + 0.40%	Quarterly	12/9/24		9,591		782			—		782
JPMorgan Chase Bank NA	U.S. Broad Value Index††	Receive		SOFR + 0.40%	Quarterly	12/9/24		9,619		759			—		759
UBS AG	MSCI USA Index	Receive		SOFR + 0.46%	Quarterly	9/24/24		53,769		734			—		734
									$	7,363		$	—	$	7,363

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

The following table represents the equity basket top 50 individual holdings underlying the total return swap with EMU IMI Anti-Value Index as of December 31, 2023:

Security Description	Shares		Value (000)		Percentage of Net Assets‡
EMU IMI Anti-Value Index
Adyen NV		10	$	12		0.00	%
Air Liquide SA		56		10		0.00
Akzo Nobel NV		138		10		0.00
Alfen NV		183		11		0.00
Amadeus IT Group SA		153		10		0.00
Arcadis NV		202		10		0.00
ASML Holding NV		14		9		0.00
BE Semiconductor Industries		67		9		0.00
Brembo SpA		854		9		0.00
Bureau Veritas SA		437		10		0.00
CA Immobilien Anlagen AG		508		16		0.00
Carl Zeiss Meditec AG		129		13		0.00
CTS Eventim Ag & Co KGaA		189		12		0.00
Dassault Systemes SE		253		11		0.00
Deutsche Boerse AG		69		13		0.00

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets‡
EMU IMI Anti-Value Index (cont'd)
DSM-Firmenich AG		115	$	11		0.00	%
Edenred		235		13		0.00
Edp Renovaveis SA		589		11		0.00
Encavis AG		728		11		0.00
ERG SpA		368		11		0.00
Ferrovial SE		275		9		0.00
Fuchs SE - Pref		228		9		0.00
Gecina SA		112		12		0.00
IMCD NV		59		9		0.00
Inmobiliaria Colonial Socimi SA		1,930		13		0.00
Kingspan Group PLC		119		9		0.00
Kone OYJ - Class B		219		10		0.00
Mandatum OYJ		2,459		10		0.00
Mtu Aero Engines AG		48		9		0.00
Nemetschek SE		142		11		0.00
Neoen SA		304		9		0.00
Nokian Renkaat OYJ		1,153		10		0.00
Nordex SE		940		10		0.00
OCI NV		511		13		0.00
Prosus NV		530		14		0.00
QT Group OYJ		170		11		0.00
Rational AG		13		9		0.00
Sampo OYJ - A Shares		230		9		0.00
SAP SE		77		11		0.00
Sartorius Stedim Biotech		38		9		0.00
Schneider Electric SE		50		9		0.00
Scout24 SE		181		12		0.00
SES-Imagotag		79		11		0.00
Siemens Healthineers AG		229		12		0.00
Solaria Energía y Medio Ambiente SA		581		11		0.00
Symrise AG		94		9		0.00
Universal Music Group NV		467		12		0.00
Upm-Kymmene OYJ		304		10		0.00
Warehouses De Pauw SCA		440		13		0.00
Wolters Kluwer		72		9		0.00

The following table represents the equity basket top 50 individual holdings underlying the total return swap with EMU IMI Value Index as of December 31, 2023:

Security Description	Shares		Value (000)		Percentage of Net Assets‡
EMU IMI Value Index
Acerinox SA		1,154	$	12		0.00	%
Air France-KLM		994		14		0.00
Aperam		375		12		0.00
Arcelormittal		483		12		0.00
Aroundtown SA		7,160		18		0.00
Atos SE		1,869		13		0.00
Bayer AG - Reg		399		13		0.00
Bollore SE		1,985		11		0.00
Bouygues SA		337		12		0.00
Buzzi SpA		425		12		0.00
CGG SA		15,661		9		0.00
Compagnie De Saint Gobain		192		13		0.00
Covivio		346		17		0.00
Daimler Truck Holding AG		371		13		0.00
Deutsche Bank AG-Registered		718		9		0.00
Deutsche Lufthansa - Reg		1,523		12		0.00
Deutsche Pfandbriefbank AG		1,467		9		0.00
D'Ieteren Group		82		15		0.00

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets‡
EMU IMI Value Index (cont'd)
Eiffage		125	$	12		0.00	%
Elis SA		617		12		0.00
Fresenius Medical Care AG		302		11		0.00
Fresenius SE & Co. KGaA		406		11		0.00
Heidelberg Materials AG		145		12		0.00
Indra Sistemas SA		835		12		0.00
Ipsen		123		13		0.00
Iveco Group NV		1,537		13		0.00
JDE Peet's NV		580		14		0.00
Kion Group AG		352		14		0.00
Klepierre		659		16		0.00
Koninklijke Bam Groep NV		4,287		10		0.00
Leonardo SpA		876		13		0.00
Mercedes-Benz Group AG		166		10		0.00
Nn Group NV		250		9		0.00
Nokia OYJ		4,461		14		0.00
Outokumpu OYJ		2,692		12		0.00
OVS SpA		4,023		9		0.00
Prosiebensat.1 Media SE		2,241		12		0.00
Rexel SA		492		12		0.00
Sanofi SA		142		13		0.00
Siltronic AG		128		11		0.00
Sopra Steria Group		58		11		0.00
Stellantis NV		497		11		0.00
Stmicroelectronics NV		244		11		0.00
Teleperformance		135		18		0.00
Tenaris SA		565		9		0.00
Tietoevry OYJ		580		13		0.00
Unipol Gruppo SpA		3,028		16		0.00
Vallourec SA		691		10		0.00
Volkswagen AG		84		10		0.00
Volkswagen AG - Pref		91		10		0.00

The following table represents the equity basket holdings underlying the total return swap with Short Global Luxury Index as of December 31, 2023:

Security Description	Shares		Value (000)		Percentage of Net Assets
Short Global Luxury Index
Brunello Cucinelli SpA		199	$	20		0.00	%‡
Burberry Group PLC		1,109		20		0.00	‡
Cie Financiere Richemo - Class A Reg		1,319		182		0.03
Hermes International		93		198		0.04
Hugo Boss AG		210		16		0.00	‡
Kering		342		151		0.03
LVMH Moet Hennessy Louis Vuitton		239		194		0.03
Moncler SpA		813		50		0.01
Salvatore Ferragamo SpA		530		7		0.00	‡
Swatch Group AG		150		41		0.01
Tapestry, Inc.		693		26		0.00	‡
Tod's SpA		104		4		0.00	‡

The following table represents the equity basket holdings underlying the total return swap with Japan Growth Index as of December 31, 2023:

Security Description	Shares		Value (000)		Percentage of Net Assets
Japan Growth Index
Advantest Corp.		7,517	$	256		0.05	%
Asahi Intecc Co. Ltd.		11,696		238		0.04
Baycurrent Consulting, Inc.		6,968		245		0.04
Capcom Co. Ltd.		6,775		219		0.04
Daifuku Co. Ltd.		12,281		249		0.04

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets
Japan Growth Index (cont'd)
Daiichi Sankyo Co. Ltd.		7,917	$	218		0.04	%
Daikin Industries Ltd.		1,521		248		0.04
Disco Corp.		1,087		270		0.05
Fanuc Corp.		8,081		238		0.04
Fast Retailing Co. Ltd.		894		222		0.04
GLP J-REIT		241		240		0.04
Hoshizaki Corp.		6,985		256		0.05
Hoya Corp.		2,004		251		0.04
Japan Exchange Group, Inc.		11,274		239		0.04
JSR Corp.		8,358		239		0.04
Keisei Electric Railway Co.		5,395		255		0.05
Keyence Corp.		534		236		0.04
Kikkoman Corp.		3,603		221		0.04
Kobe Bussan Co. Ltd.		8,215		243		0.04
Lasertec Corp.		942		249		0.04
Makita Corp.		8,539		236		0.04
Mcdonald's Holdings Co.		5,332		231		0.04
Monotaro Co. Ltd.		22,701		248		0.04
Nexon Co. Ltd.		10,316		188		0.03
Nippon Building Fund, Inc.		54		233		0.04
Nippon Paint Holdings Co. Ltd.		29,994		243		0.04
Nippon Prologis REIT, Inc.		124		238		0.04
Nissan Chemical Corp.		6,337		248		0.04
Obic Co Ltd.		1,392		240		0.04
Oriental Land Co. Ltd.		6,446		240		0.04
Osaka Gas Co. Ltd.		11,570		242		0.04
Rakuten Group, Inc.		56,998		254		0.05
Recruit Holdings Co. Ltd.		6,176		262		0.05
SMC Corp.		451		243		0.04
Sompo Holdings, Inc.		4,829		236		0.04
T&D Holdings, Inc.		14,510		231		0.04
Toho Co. Ltd.		6,175		209		0.04
Tokio Marine Holdings, Inc.		8,901		223		0.04
Tokyo Electron Ltd.		1,428		256		0.05
Trend Micro, Inc.		3,956		212		0.04
Unicharm Corp.		6,896		250		0.04
Yaskawa Electric Corp.		6,176		258		0.05
Zensho Holdings Co. Ltd.		4,512		237		0.04
Zozo, Inc.		10,651		240		0.04

The following table represents the equity basket holdings underlying the total return swap with Japan Value Index as of December 31, 2023:

Security Description	Shares		Value (000)		Percentage of Net Assets
Japan Value Index
AGC, Inc.		6,659	$	248		0.04	%
Ana Holdings, Inc.		11,625		253		0.05
Asahi Group Holdings Ltd.		6,345		237		0.04
Brother Industries Ltd.		13,949		223		0.04
Canon, Inc.		9,202		237		0.04
Daiwa House Industry Co. Ltd.		8,073		245		0.04
Dentsu Group, Inc.		9,141		235		0.04
Hitachi Construction Machine		9,355		248		0.04
Honda Motor Co. Ltd.		23,260		242		0.04
Isuzu Motors Ltd.		18,251		235		0.04
Japan Post Insurance Co. Ltd.		13,390		238		0.04
JFE Holdings, Inc.		16,604		258		0.05
Kansai Electric Power Co., Inc.		17,505		233		0.04
Kddi Corp.		7,620		243		0.04
Kirin Holdings Co. Ltd.		16,708		245		0.04

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets
Japan Value Index (cont'd)
Komatsu Ltd.		9,512	$	249		0.04	%
Marubeni Corp.		15,136		240		0.04
Mazda Motor Corp.		22,492		243		0.04
Mitsubishi Corp		15,267		244		0.04
Mitsui & Co. Ltd.		6,678		251		0.05
Mitsui Osk Lines Ltd.		8,540		274		0.05
Mizuho Financial Group, Inc.		14,474		248		0.04
NEC Corp.		4,319		256		0.05
Nippon Steel Corp.		10,209		234		0.04
Nippon Telegraph & Telephone		204,985		251		0.04
Nippon Yusen Kabushiki Kaisha		8,750		272		0.05
Nissan Motor Co. Ltd.		61,074		240		0.04
Nomura Real Estate Holdings		9,503		250		0.04
NTT Data Group Corp.		20,010		284		0.05
Oji Holdings Corp.		66,573		257		0.05
Ono Pharmaceutical Co. Ltd.		13,178		235		0.04
Orix Corp.		12,912		244		0.04
Otsuka Holdings Co. Ltd.		6,172		232		0.04
Panasonic Holdings Corp.		24,193		240		0.04
Ricoh Co. Ltd.		29,770		229		0.04
SBI Holdings, Inc.		11,109		250		0.04
Seiko Epson Corp.		16,442		246		0.04
Seven & I Holdings Co. Ltd.		6,039		240		0.04
Shionogi & Co. Ltd.		5,008		242		0.04
Subaru Corp.		13,067		240		0.04
Sumco Corp.		17,026		256		0.05
Sumitomo Corp.		11,234		245		0.04
Sumitomo Realty & Development Co. Ltd.		8,136		242		0.04
Toyota Tsusho Corp.		4,155		245		0.04

The following table represents the equity basket top 50 individual holdings underlying the total return swap with SPX 1500 Growth Index as of December 31, 2023:

Security Description	Shares		Value (000)		Percentage of Net Assets
SPX 1500 Growth Index
Aaon, Inc.		770	$	57		0.01	%
Arrowhead Pharmaceuticals, Inc.		1,991		61		0.01
Balchem Corp.		390		58		0.01
Bank of Hawaii Corp.		782		57		0.01
Blackstone, Inc.		426		56		0.01
Burlington Stores, Inc.		280		54		0.01
Capitol Federal Financial, Inc.		8,600		55		0.01
Century Aluminum Company		6,082		74		0.01
Corcept Therapeutics, Inc.		1,858		60		0.01
Corvel Corp.		226		56		0.01
Cytokinetics, Inc.		1,460		122		0.02
Elf Beauty, Inc.		389		56		0.01
Exp World Holdings, Inc.		3,771		59		0.01
Floor & Decor Holdings, Inc. - Class A		499		56		0.01
Gentherm, Inc.		1,059		55		0.01
Glacier Bancorp, Inc.		1,350		56		0.01
Glaukos Corp.		777		62		0.01
Hilltop Holdings, Inc.		1,565		55		0.01
Illumina, Inc.		435		61		0.01
Installed Building Products		318		58		0.01
Insulet Corp.		257		56		0.01
Lattice Semiconductor Corp.		807		56		0.01
Lululemon Athletica, Inc.		107		55		0.01
Marketaxess Holdings, Inc.		196		58		0.01

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets
SPX 1500 Growth Index (cont'd)
Meta Platforms, Inc. - Class A		153	$	54		0.01	%
Mister Car Wash, Inc.		6,383		55		0.01
Monolithic Power Systems, Inc.		88		55		0.01
Mp Materials Corp.		3,011		60		0.01
News Corp. - Class A		2,268		56		0.01
Novanta, Inc.		337		57		0.01
Park National Corp.		414		55		0.01
Pebblebrook Hotel Trust		3,714		59		0.01
Penumbra, Inc.		220		55		0.01
Pra Group, Inc.		2,412		63		0.01
Quanta Services, Inc.		260		56		0.01
Repligen Corp.		318		57		0.01
Seacoast Banking Corp.		1,977		56		0.01
Servisfirst Bancshares, Inc.		884		59		0.01
Shake Shack, Inc. - Class A		798		59		0.01
Sherwin-Williams Co.		174		54		0.01
Sitime Corp.		462		56		0.01
Sl Green Realty Corp.		1,203		54		0.01
Techtarget		1,586		55		0.01
Tempur Sealy International, Inc.		1,123		57		0.01
Trex Company, Inc.		674		56		0.01
Triumph Financial, Inc.		700		56		0.01
Vicor Corp.		1,296		58		0.01
Wolfspeed, Inc.		1,256		55		0.01
Xpel. Inc.		1,019		55		0.01
Yeti Holdings, Inc.		1,093		57		0.01

The following table represents the equity basket top 50 individual holdings underlying the total return swap with SPX 1500 Value Index as of December 31, 2023:

Security Description	Shares		Value (000)		Percentage of Net Assets
SPX 1500 Value Index
Adeia, Inc.		5,163	$	64		0.01	%
Adtran Holdings, Inc.		8,089		59		0.01
Albemarle Corp.		423		61		0.01
Alpha & Omega Semiconductor		2,250		59		0.01
Amkor Technology, Inc.		1,728		57		0.01
Associated Banc-Corp.		2,618		56		0.01
Bloomin' Brands, Inc.		2,022		57		0.01
Bread Financial Holdings, Inc.		1,683		55		0.01
Cerence, Inc.		2,853		56		0.01
Citizens Financial Group		1,722		57		0.01
Coca-Cola Consolidated, Inc.		66		61		0.01
Consensus Cloud Solution, Inc.		2,179		57		0.01
Cushman & Wakefield PLC		5,680		61		0.01
Customers Bancorp, Inc.		999		58		0.01
Deluxe Corp.		2,596		56		0.01
Digital Turbine, Inc.		8,076		55		0.01
Dime Community Bancshares, Inc.		2,187		59		0.01
Diodes, Inc.		715		58		0.01
Eagle Bancorp, Inc.		1,914		58		0.01
Encore Wire Corp.		260		56		0.01
G-Iii Apparel Group Ltd.		1,680		57		0.01
Greenbrier Companies, Inc.		1,263		56		0.01
Hertz Global Holdings, Inc.		5,502		57		0.01
Hope Bancorp, Inc.		4,766		58		0.01
Hub Group, Inc. - Class A		619		57		0.01
Invesco Ltd.		3,321		59		0.01
M/I Homes, Inc.		444		61		0.01

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets
SPX 1500 Value Index (cont'd)
Macy's, Inc.		2,917	$	59		0.01	%
Marinemax, Inc.		1,501		58		0.01
Mativ Holdings, Inc.		3,683		56		0.01
Meritage Homes Corp.		331		58		0.01
Nu Skin Enterprises, Inc. - Class A		2,850		55		0.01
ODP Corp.		1,058		60		0.01
Organon & Co.		4,255		61		0.01
Photronics, Inc.		2,374		74		0.01
Preferred Bank		762		56		0.01
PVH Corp.		470		57		0.01
Revvity, Inc.		542		59		0.01
Sally Beauty Holdings, Inc.		4,830		64		0.01
Sensata Technologies Holding		1,480		56		0.01
Skyworks Solutions, Inc.		499		56		0.01
Stonex Group, Inc.		757		56		0.01
Taylor Morrison Home Corp.		1,050		56		0.01
The Cigna Group		189		57		0.01
Tri Pointe Homes, Inc.		1,602		57		0.01
Viatris, Inc.		5,117		55		0.01
Virtus Investment Partners		241		58		0.01
Walgreens Boots Alliance, Inc.		2,376		62		0.01
Wk Kellogg Co.		4,255		56		0.01
Xerox Holdings Corp.		3,525		65		0.01

The following table represents the equity basket top 50 individual holdings underlying the total return swap with U.S. Broad Growth Index as of December 31, 2023:

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. Broad Growth Index
10X Genomics, Inc. - Class A		923	$	52		0.01	%
Aaon, Inc.		655		48		0.01
Affirm Holdings, Inc.		1,145		56		0.01
Agilon Health, Inc.		3,783		47		0.01
Atlassian Corp. - Class A		220		52		0.01
Balchem Corp.		333		50		0.01
Bank Of Hawaii Corp.		665		48		0.01
Biolife Solutions, Inc.		3,066		50		0.01
Blackstone, Inc.		362		47		0.01
Century Aluminum Company		5,185		63		0.01
Coinbase Global, Inc. - Class A		289		50		0.01
Corcept Therapeutics, Inc.		1,593		52		0.01
Corvel Corp.		193		48		0.01
Credit Acceptance Corp.		95		51		0.01
Cytokinetics, Inc.		1,237		103		0.02
ELF Beauty, Inc.		335		48		0.01
Freshpet, Inc.		576		50		0.01
Ginkgo Bioworks Holdings, Inc.		30,320		51		0.01
Glacier Bancorp, Inc.		1,150		48		0.01
Glaukos Corp.		667		53		0.01
Hubspot, Inc.		84		49		0.01
Inspire Medical Systems, Inc.		277		56		0.01
Installed Building Products		272		50		0.01
Insulet Corp.		218		47		0.01
Jetblue Airways Corp.		8,726		48		0.01
Keysight Technologies, In.		303		48		0.01
Lattice Semiconductor Corp.		687		47		0.01
Marketaxess Holdings, Inc.		167		49		0.01
Mp Materials Corp.		2,556		51		0.01
News Corp. - Class A		1,934		47		0.01

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. Broad Growth Index (cont'd)
Novanta, Inc.		286	$	48		0.01	%
Pebblebrook Hotel Trust		3,137		50		0.01
Pra Group, Inc.		2,057		54		0.01
Procore Technologies, Inc.		690		48		0.01
Quanta Services, Inc.		222		48		0.01
Repligen Corp.		271		49		0.01
Roivant Sciences Ltd.		4,300		48		0.01
Seacoast Banking Corp.		1,678		48		0.01
Servisfirst Bancshares, Inc.		755		50		0.01
Shake Shack, Inc. - Class A		682		51		0.01
Siteone Landscape Supply, Inc.		291		47		0.01
Sitime Corp.		395		48		0.01
Sofi Technologies, Inc.		5,320		53		0.01
Southern Copper Corp.		579		50		0.01
Tempur Sealy International, Inc.		957		49		0.01
Toast, Inc. - Class A		2,819		51		0.01
Trex Company, Inc.		576		48		0.01
Triumph Financial, Inc.		598		48		0.01
Ultragenyx Pharmaceutical, Inc.		1,027		49		0.01
Vicor Corp.		1,101		49		0.01

The following table represents the equity basket top 50 individual holdings underlying the total return swap with U.S. Broad Value Index as of December 31, 2023:

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. Broad Value Index
Adeia, Inc.		4,418	$	55		0.01	%
Adtran Holdings, Inc.		6,927		51		0.01
Alpha & Omega Semiconductor		1,920		50		0.01
Amkor Technology, Inc.		1,485		49		0.01
Associated Banc-Corp		2,235		48		0.01
Bloomin' Brands, Inc.		1,730		49		0.01
Bread Financial Holdings, Inc.		1,443		48		0.01
Catalyst Pharmaceuticals, Inc.		2,841		48		0.01
Cerence, Inc.		2,454		48		0.01
Citizens Financial Group		1,470		49		0.01
Coca-Cola Consolidated, Inc.		56		52		0.01
Comerica, Inc.		864		48		0.01
Consensus Cloud Solution, Inc.		1,848		48		0.01
Cushman & Wakefield PLC		4,877		53		0.01
Customers Bancorp, Inc.		857		49		0.01
Dime Community Bancshares, Inc.		1,867		50		0.01
Diodes, Inc.		612		49		0.01
Eagle Bancorp, Inc.		1,641		49		0.01
Envestnet, Inc.		1,034		51		0.01
G-Iii Apparel Group Ltd.		1,448		49		0.01
Hertz Global Holdings, Inc.		4,685		49		0.01
Hope Bancorp, Inc.		4,074		49		0.01
Hub Group, Inc. - Class A		528		49		0.01
Incyte Corp.		764		48		0.01
Ingevity Corp.		1,071		51		0.01
Invesco Ltd.		2,841		51		0.01
Jones Lang Lasalle, Inc.		262		49		0.01
M/I Homes, Inc.		381		52		0.01
Macy's, Inc.		2,492		50		0.01
Maravai LifeSciences Holdings, Inc. - Class A		7,970		52		0.01
Marinemax, Inc.		1,282		50		0.01
Mativ Holdings, Inc.		3,129		48		0.01
Meritage Homes Corp.		284		49		0.01

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. Broad Value Index (cont'd)
Odp Corp.		909	$	51		0.01	%
Organon & Co.		3,616		52		0.01
Photronics, Inc.		2,032		64		0.01
PVH Corp.		403		49		0.01
Sally Beauty Holdings, Inc.		4,122		55		0.01
Sensata Technologies Holding		1,264		48		0.01
Skyworks Solutions, Inc.		428		48		0.01
Stonex Group, Inc.		648		48		0.01
Taylor Morrison Home Corp.		899		48		0.01
The Cigna Group		161		48		0.01
Tri Pointe Homes, Inc.		1,370		49		0.01
U-Haul Holding Co. - Non Voting		753		53		0.01
Ultra Clean Holdings, Inc.		1,500		51		0.01
Virtus Investment Partners		206		50		0.01
Walgreens Boots Alliance, Inc.		2,030		53		0.01
Western Alliance Bancorp		781		51		0.01
Xerox Holdings Corp.		3,023		55		0.01

@	Value/Notional amount is less than $500.
‡	Amount is less than 0.05%.
AGC	Assured Guaranty Corporation.
BBSW	Bank Bill Swap Rate.
CNRR	China Reverse Repo Rate.
ESTR	Euro Short-Term Rate.
FTSE	Financial Times Stock Exchange.
KFE	Korean Futures Exchange.
MSCI	Morgan Stanley Capital International.
REIT	Real Estate Investment Trust.
SGX	Singapore Exchange Ltd.
TONAR	Tokyo Overnight Average Rate.
TSE	Toronto Stock Exchange.
AUD —	Australian Dollar
BRL —	Brazilian Real
CAD —	Canadian Dollar
CHF —	Swiss Franc
CLP —	Chilean Peso
CNH —	Chinese Yuan Renminbi Offshore
CNY —	Chinese Yuan Renminbi
COP —	Colombian Peso
CZK —	Czech Koruna
DKK —	Danish Krone
EUR —	Euro
GBP —	British Pound
HKD —	Hong Kong Dollar
HUF —	Hungarian Forint
IDR —	Indonesian Rupiah
ILS —	Israeli Shekel
INR —	Indian Rupee
JPY —	Japanese Yen
KRW —	South Korean Won
MXN —	Mexican Peso
MYR —	Malaysian Ringgit
NOK —	Norwegian Krone
NZD —	New Zealand Dollar
PEN —	Peruvian Nuevo Sol
PLN —	Polish Zloty
RON —	Romanian New Leu
SEK —	Swedish Krona
SGD —	Singapore Dollar
THB —	Thai Baht
TRY —	Turkish Lira
TWD —	Taiwan Dollar
USD —	United States Dollar
ZAR —	South African Rand

Portfolio Composition

Classification	Percentage of Total Investments
Fixed Income Securities	44.7	%
Common Stocks	36.5
Short-Term Investments	18.8
Total Investments	100.0	%*

* Does not include open futures contracts with a value of approximately $133,025,000 and net unrealized appreciation of approximately $318,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $276,000. Also does not include open swap agreements with net unrealized appreciation of approximately $7,732,000.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments

High Yield Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (97.5%)
Corporate Bonds (95.7%)
Basic Materials (4.4%)
ASP Unifrax Holdings, Inc.
5.25%, 9/30/28 (a)	$	735	$	532
Eldorado Gold Corp.
6.25%, 9/1/29 (a)		500		472
HB Fuller Co.
4.25%, 10/15/28		515		482
Herens Holdco SARL
4.75%, 5/15/28 (a)		600		493
Hudbay Minerals, Inc.
4.50%, 4/1/26 (a)		359		348
IAMGOLD Corp.
5.75%, 10/15/28 (a)		574		494
International Flavors & Fragrances, Inc.
1.23%, 10/1/25 (a)		350		324
Iris Holding, Inc.
10.00%, 12/15/28 (a)		300		263
Kaiser Aluminum Corp.
4.50%, 6/1/31 (a)		250		216
4.63%, 3/1/28 (a)		175		162
Novelis Corp.
4.75%, 1/30/30 (a)		375		353
Nufarm Australia Ltd./Nufarm Americas, Inc.
5.00%, 1/27/30 (a)		500		464
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.
5.13%, 4/1/29 (a)		525		215
5.38%, 9/1/25 (a)		80		70
				4,888
Communications (9.9%)
Altice France SA
5.13%, 7/15/29 (a)		325		253
Arches Buyer, Inc.
6.13%, 12/1/28 (a)		785		680
Audacy Capital Corp.
6.50%, 5/1/27 (a)(b)(c)		900		17
Block Communications, Inc.
4.88%, 3/1/28 (a)		693		610
C&W Senior Financing DAC
6.88%, 9/15/27 (a)		250		233
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00%, 2/1/28 (a)		450		431
Ciena Corp.
4.00%, 1/31/30 (a)		785		716
Clear Channel Outdoor Holdings, Inc.
7.75%, 4/15/28 (a)		735		634
CSC Holdings LLC
5.38%, 2/1/28 (a)		400		354
5.50%, 4/15/27 (a)		400		370
11.25%, 5/15/28 (a)		680		701
EquipmentShare.com, Inc.
9.00%, 5/15/28 (a)		725		747
GCI LLC
4.75%, 10/15/28 (a)		300		276
Iliad Holding SASU
7.00%, 10/15/28 (a)		200		199
Lamar Media Corp.
4.00%, 2/15/30		200		183
LCPR Senior Secured Financing DAC
6.75%, 10/15/27 (a)		520		510
Midcontinent Communications/Midcontinent Finance Corp.
5.38%, 8/15/27 (a)		876		855
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.63%, 3/15/30 (a)		350		312
Radiate Holdco LLC/Radiate Finance, Inc.
6.50%, 9/15/28 (a)		525		258
Sable International Finance Ltd.
5.75%, 9/7/27 (a)		249		235
Spotify USA, Inc.
0.00%, 3/15/26		500		441
TEGNA, Inc.
5.00%, 9/15/29		300		275
Townsquare Media, Inc.
6.88%, 2/1/26 (a)		100		98
Univision Communications, Inc.
8.00%, 8/15/28 (a)		325		336
Viavi Solutions, Inc.
3.75%, 10/1/29 (a)		700		614
Virgin Media Finance PLC
5.00%, 7/15/30 (a)		400		353
Ziggo BV
4.88%, 1/15/30 (a)		350		313
				11,004
Consumer, Cyclical (23.2%)
Acushnet Co.
7.38%, 10/15/28 (a)		180		188
Air Canada
3.88%, 8/15/26 (a)		300		287
Allwyn Entertainment Financing UK PLC
7.88%, 4/30/29 (a)		245		251
American Airlines, Inc.
7.25%, 2/15/28 (a)		117		118
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.50%, 4/20/26 (a)		165		164
5.75%, 4/20/29 (a)		403		394
Arko Corp.
5.13%, 11/15/29 (a)		675		585
Ashton Woods USA LLC/Ashton Woods Finance Co.
4.63%, 4/1/30 (a)		500		449

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Consumer, Cyclical (cont'd)
At Home Group, Inc.
4.88%, 7/15/28 (a)	$	255	$	95
BCPE Empire Holdings, Inc.
7.63%, 5/1/27 (a)		280		270
Boyne USA, Inc.
4.75%, 5/15/29 (a)		490		461
Carrols Restaurant Group, Inc.
5.88%, 7/1/29 (a)		1,035		915
Cars.com, Inc.
6.38%, 11/1/28 (a)		695		671
CCM Merger, Inc.
6.38%, 5/1/26 (a)		275		269
CD&R Smokey Buyer, Inc.
6.75%, 7/15/25 (a)		885		877
Dealer Tire LLC/DT Issuer LLC
8.00%, 2/1/28 (a)		950		942
DraftKings Holdings, Inc.
0.00%, 3/15/28		465		377
Dream Finders Homes, Inc.
8.25%, 8/15/28 (a)		500		529
Evergreen Acqco 1 LP/TVI, Inc.
9.75%, 4/26/28 (a)		370		394
Everi Holdings, Inc.
5.00%, 7/15/29 (a)		470		427
Ferrellgas LP/Ferrellgas Finance Corp.
5.88%, 4/1/29 (a)		1,175		1,111
Ford Motor Co.
0.00%, 3/15/26		275		275
3.25%, 2/12/32		400		333
GYP Holdings III Corp.
4.63%, 5/1/29 (a)		260		239
Hanesbrands, Inc.
4.88%, 5/15/26 (a)		570		550
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.
5.75%, 1/20/26 (a)		250		235
Hilton Domestic Operating Co., Inc.
3.63%, 2/15/32 (a)		250		219
Jacobs Entertainment, Inc.
6.75%, 2/15/29 (a)		620		586
JB Poindexter & Co., Inc.
8.75%, 12/15/31 (a)		540		552
Ken Garff Automotive LLC
4.88%, 9/15/28 (a)		315		299
LCM Investments Holdings II LLC
4.88%, 5/1/29 (a)		186		173
LGI Homes, Inc.
4.00%, 7/15/29 (a)		330		285
Lindblad Expeditions Holdings, Inc.
9.00%, 5/15/28 (a)		199		207
Lindblad Expeditions LLC
6.75%, 2/15/27 (a)		395		393
Lithia Motors, Inc.
3.88%, 6/1/29 (a)		400		362
4.38%, 1/15/31 (a)		300		273
Michaels Cos., Inc.
7.88%, 5/1/29 (a)		520		328
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.
4.88%, 5/1/29 (a)		400		372
New Home Co., Inc.
8.25%, 10/15/27 (a)		1,058		988
Newell Brands, Inc.
5.20%, 4/1/26		440		434
Patrick Industries, Inc.
4.75%, 5/1/29 (a)		150		137
Peloton Interactive, Inc.
0.00%, 2/15/26		595		463
PetSmart, Inc./PetSmart Finance Corp.
4.75%, 2/15/28 (a)		275		260
7.75%, 2/15/29 (a)		325		316
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.88%, 9/1/31 (a)		520		406
Real Hero Merger Sub 2, Inc.
6.25%, 2/1/29 (a)		745		643
Resorts World Las Vegas LLC/RWLV Capital, Inc.
4.63%, 4/16/29		600		524
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC
6 Month USD LIBOR + 5.63%, 11.49%, 10/15/26 (a)(d)		730		731
Speedway Motorsports LLC/Speedway Funding II, Inc.
4.88%, 11/1/27 (a)		900		848
Station Casinos LLC
4.50%, 2/15/28 (a)		200		189
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.
5.88%, 5/15/25 (a)		660		656
Tapestry, Inc.
7.70%, 11/27/30		370		390
Titan International, Inc.
7.00%, 4/30/28		285		285
United Airlines, Inc.
4.63%, 4/15/29 (a)		475		445
Viking Cruises Ltd.
5.88%, 9/15/27 (a)		630		609
6.25%, 5/15/25 (a)		275		274
VistaJet Malta Finance PLC/Vista Management Holding, Inc.
9.50%, 6/1/28 (a)		165		140
Wheel Pros, Inc.
6.50%, 5/15/29 (a)		600		184

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Consumer, Cyclical (cont'd)
White Cap Buyer LLC
6.88%, 10/15/28 (a)	$	400	$	388
Wolverine World Wide, Inc.
4.00%, 8/15/29 (a)		700		550
ZF North America Capital, Inc.
6.88%, 4/14/28 (a)		385		399
				25,714
Consumer, Non-Cyclical (15.5%)
AHP Health Partners, Inc.
5.75%, 7/15/29 (a)		1,035		906
Alta Equipment Group, Inc.
5.63%, 4/15/26 (a)		610		589
AMN Healthcare, Inc.
4.00%, 4/15/29 (a)		450		406
APi Group DE, Inc.
4.13%, 7/15/29 (a)		350		321
Bausch & Lomb Escrow Corp.
8.38%, 10/1/28 (a)		270		285
Block, Inc.
0.25%, 11/1/27		275		227
Carriage Services, Inc.
4.25%, 5/15/29 (a)		425		378
Chobani LLC/Chobani Finance Corp., Inc.
4.63%, 11/15/28 (a)		425		398
CoreLogic, Inc.
4.50%, 5/1/28 (a)		250		219
CPI CG, Inc.
8.63%, 3/15/26 (a)		448		435
Darling Ingredients, Inc.
5.25%, 4/15/27 (a)		100		99
6.00%, 6/15/30 (a)		200		200
Edgewell Personal Care Co.
5.50%, 6/1/28 (a)		250		246
Esc Cb National Cineme
5.75%, 8/15/26 (b)(c)		600		—
Fortrea Holdings, Inc.
7.50%, 7/1/30 (a)		525		540
Garda World Security Corp.
9.50%, 11/1/27 (a)		550		555
Grifols SA
4.75%, 10/15/28 (a)		875		795
GXO Logistics, Inc.
1.65%, 7/15/26		325		293
HealthEquity, Inc.
4.50%, 10/1/29 (a)		304		283
Heartland Dental LLC/Heartland Dental Finance Corp.
8.50%, 5/1/26 (a)		491		486
10.50%, 4/30/28 (a)		460		478
H-Food Holdings LLC/Hearthside Finance Co., Inc.
8.50%, 6/1/26 (a)		400		40
Ingles Markets, Inc.
4.00%, 6/15/31 (a)		675		596
Legacy LifePoint Health LLC
4.38%, 2/15/27 (a)		250		231
LifePoint Health, Inc.
5.38%, 1/15/29 (a)		550		407
9.88%, 8/15/30 (a)		285		288
Medline Borrower LP
3.88%, 4/1/29 (a)		500		453
Metis Merger Sub LLC
6.50%, 5/15/29 (a)		400		362
ModivCare Escrow Issuer, Inc.
5.00%, 10/1/29 (a)		700		573
ModivCare, Inc.
5.88%, 11/15/25 (a)		250		247
Nathan's Famous, Inc.
6.63%, 11/1/25 (a)		269		269
Option Care Health, Inc.
4.38%, 10/31/29 (a)		380		344
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		275
PROG Holdings, Inc.
6.00%, 11/15/29 (a)		325		300
Signal Parent, Inc.
6.13%, 4/1/29 (a)		1,070		766
Sotheby's
7.38%, 10/15/27 (a)		450		435
TriNet Group, Inc.
3.50%, 3/1/29 (a)		500		448
U.S. Acute Care Solutions LLC
6.38%, 3/1/26 (a)		825		690
VT Topco, Inc.
8.50%, 8/15/30 (a)		255		266
WASH Multifamily Acquisition, Inc.
5.75%, 4/15/26 (a)		500		482
ZipRecruiter, Inc.
5.00%, 1/15/30 (a)		835		730
				17,224
Energy (10.2%)
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 4/1/28 (a)		200		197
6.88%, 4/1/27 (a)		336		337
Baytex Energy Corp.
8.50%, 4/30/30 (a)		105		109
8.75%, 4/1/27 (a)		556		575
CITGO Petroleum Corp.
6.38%, 6/15/26 (a)		820		818
CNX Midstream Partners LP
4.75%, 4/15/30 (a)		450		405
Continental Resources, Inc.
2.88%, 4/1/32 (a)		825		670

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Energy (cont'd)
CQP Holdco LP/BIP-V Chinook Holdco LLC
5.50%, 6/15/31 (a)	$	575	$	546
Global Partners LP/GLP Finance Corp.
7.00%, 8/1/27		690		675
ITT Holdings LLC
6.50%, 8/1/29 (a)		295		261
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.
6.00%, 8/1/26 (a)		550		537
Martin Midstream Partners LP/Martin Midstream Finance Corp.
11.50%, 2/15/28 (a)		545		560
Matador Resources Co.
5.88%, 9/15/26		274		272
6.88%, 4/15/28 (a)		390		396
NextEra Energy Partners LP
2.50%, 6/15/26 (a)		915		824
Oceaneering International, Inc.
6.00%, 2/1/28 (a)		925		898
Permian Resources Operating LLC
8.00%, 4/15/27 (a)		260		270
Rockies Express Pipeline LLC
3.60%, 5/15/25 (a)		300		291
Sitio Royalties Operating Partnership LP/Sitio Finance Corp.
7.88%, 11/1/28 (a)		470		487
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 1/15/28 (a)		350		331
6.00%, 12/31/30 (a)		500		466
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.00%, 1/15/32		600		549
Vermilion Energy, Inc.
5.63%, 3/15/25 (a)		575		568
6.88%, 5/1/30 (a)		275		264
				11,306
Finance (9.6%)
AG TTMT Escrow Issuer LLC
8.63%, 9/30/27 (a)		200		210
AmWINS Group, Inc.
4.88%, 6/30/29 (a)		350		320
BroadStreet Partners, Inc.
5.88%, 4/15/29 (a)		525		490
Castlelake Aviation Finance DAC
5.00%, 4/15/27 (a)		370		348
Compass Group Diversified Holdings LLC
5.25%, 4/15/29 (a)		685		648
CTR Partnership LP/CareTrust Capital Corp.
3.88%, 6/30/28 (a)		900		822
Global Net Lease, Inc./Global Net Lease Operating Partnership LP
3.75%, 12/15/27 (a)		300		251
Greystar Real Estate Partners LLC
7.75%, 9/1/30 (a)		425		446
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 5/15/26		475		454
6.38%, 12/15/25		60		59
Iron Mountain, Inc.
4.88%, 9/15/29 (a)		300		284
5.25%, 7/15/30 (a)		460		438
Jane Street Group/JSG Finance, Inc.
4.50%, 11/15/29 (a)		775		724
Jefferies Finance LLC/JFIN Co.-Issuer Corp.
5.00%, 8/15/28 (a)		700		627
Jefferson Capital Holdings LLC
6.00%, 8/15/26 (a)		606		581
LPL Holdings, Inc.
4.00%, 3/15/29 (a)		655		607
Macquarie Airfinance Holdings Ltd.
8.38%, 5/1/28 (a)		320		335
MGIC Investment Corp.
5.25%, 8/15/28		275		268
National Health Investors, Inc.
3.00%, 2/1/31		920		737
Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc.
6.38%, 2/1/27 (a)		497		470
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27		250		242
RLJ Lodging Trust LP
3.75%, 7/1/26 (a)		250		237
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.
2.88%, 10/15/26 (a)		370		342
VistaJet Malta Finance PLC/Vista Management Holding, Inc.
6.38%, 2/1/30 (a)		1,075		752
				10,692
Industrials (17.2%)
ACProducts Holdings, Inc.
6.38%, 5/15/29 (a)		625		463
AmeriTex HoldCo Intermediate LLC
10.25%, 10/15/28 (a)		345		354
Ball Corp.
3.13%, 9/15/31		400		345
6.88%, 3/15/28		100		104
Bombardier, Inc.
6.00%, 2/15/28 (a)		625		610
8.75%, 11/15/30 (a)		290		309
Brundage-Bone Concrete Pumping Holdings, Inc.
6.00%, 2/1/26 (a)		300		300
Cargo Aircraft Management, Inc.
4.75%, 2/1/28 (a)		500		458

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Carriage Purchaser, Inc.
7.88%, 10/15/29 (a)	$	735	$	602
Coherent Corp.
5.00%, 12/15/29 (a)		500		475
Covanta Holding Corp.
4.88%, 12/1/29 (a)		485		424
5.00%, 9/1/30		130		111
CP Atlas Buyer, Inc.
7.00%, 12/1/28 (a)		399		348
CryoPort, Inc.
0.75%, 12/1/26 (a)		680		542
Dycom Industries, Inc.
4.50%, 4/15/29 (a)		960		892
Emerald Debt Merger Sub LLC
6.63%, 12/15/30 (a)		375		384
EnerSys
4.38%, 12/15/27 (a)		455		433
Enpro, Inc.
5.75%, 10/15/26		500		495
Enviri Corp.
5.75%, 7/31/27 (a)		1,067		996
Fly Leasing Ltd.
7.00%, 10/15/24 (a)		1,645		1,589
Great Lakes Dredge & Dock Corp.
5.25%, 6/1/29 (a)		980		834
Hillenbrand, Inc.
3.75%, 3/1/31		250		217
Madison IAQ LLC
5.88%, 6/30/29 (a)		750		662
Moog, Inc.
4.25%, 12/15/27 (a)		500		473
Mueller Water Products, Inc.
4.00%, 6/15/29 (a)		450		410
New Enterprise Stone & Lime Co., Inc.
5.25%, 7/15/28 (a)		450		430
OI European Group BV
4.75%, 2/15/30 (a)		250		234
Owens-Brockway Glass Container, Inc.
7.25%, 5/15/31 (a)		220		223
PGT Innovations, Inc.
4.38%, 10/1/29 (a)		635		633
RXO, Inc.
7.50%, 11/15/27 (a)		200		207
Seaspan Corp.
5.50%, 8/1/29 (a)		650		544
TK Elevator U.S. Newco, Inc.
5.25%, 7/15/27 (a)		325		320
TopBuild Corp.
3.63%, 3/15/29 (a)		250		227
Trident TPI Holdings, Inc.
12.75%, 12/31/28 (a)		350		375
TriMas Corp.
4.13%, 4/15/29 (a)		400		360
Trivium Packaging Finance BV
8.50%, 8/15/27 (a)		300		295
TTM Technologies, Inc.
4.00%, 3/1/29 (a)		450		409
VM Consolidated, Inc.
5.50%, 4/15/29 (a)		545		515
Vontier Corp.
2.95%, 4/1/31		675		569
Waste Pro USA, Inc.
5.50%, 2/15/26 (a)		475		458
Watco Cos. LLC/Watco Finance Corp.
6.50%, 6/15/27 (a)		425		426
				19,055
Technology (3.8%)
AthenaHealth Group, Inc.
6.50%, 2/15/30 (a)		650		590
Clarivate Science Holdings Corp.
4.88%, 7/1/29 (a)		450		423
Concentrix Corp.
6.60%, 8/2/28		350		360
Crowdstrike Holdings, Inc.
3.00%, 2/15/29		495		448
KBR, Inc.
4.75%, 9/30/28 (a)		430		400
Kyndryl Holdings, Inc.
2.70%, 10/15/28		590		521
Rackspace Technology Global, Inc.
5.38%, 12/1/28 (a)		625		225
ROBLOX Corp.
3.88%, 5/1/30 (a)		600		536
Rocket Software, Inc.
6.50%, 2/15/29 (a)		745		649
				4,152
Utilities (1.9%)
Leeward Renewable Energy Operations LLC
4.25%, 7/1/29 (a)		910		794
Pike Corp.
5.50%, 9/1/28 (a)		545		520
8.63%, 1/31/31 (a)		205		215
TransAlta Corp.
7.75%, 11/15/29		525		558
				2,087
				106,122
Variable Rate Senior Loan Interests (1.8%)
Consumer, Cyclical (0.4%)
Peloton Interactive, Inc.
Term Loan
6 Month USD SOFR + 7.00%, 12.48%, 5/25/27 (d)		394		398
Consumer, Non-Cyclical (0.8%)
AlixPartners LLP
2021 USD Term Loan B
1 Month USD SOFR + 2.75%, 8.22%, 2/4/28 (d)		192		193

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Consumer, Non-Cyclical (cont'd)
Bausch & Lomb Corp. Term Loan
3 Month USD SOFR + 3.25%, 8.70%, 5/10/27 (d)	$	277	$	275
Pluto Acquisition I, Inc.
2021 1st Lien Term Loan
3 Month USD SOFR + 4.00%, 9.65%, 6/22/26 (d)		597		466
Industrials (0.6%)
Grinding Media, Inc.
2021 Term Loan B
3 Month USD SOFR + 4.00%,9.68%, 10/12/28 (d)		695		691
				2,023
Total Fixed Income Securities (Cost $112,061)				108,145

	Shares
Common Stocks (0.1%)
Automobile Components (0.0%)
Exide Technologies (e)		592		—
Diversified REITs (0.0%)‡
American Gilsonite Co. (e)		500		3
Machinery (0.1%)
Iracore Investment Holdings, Inc., Class A (e)(f)		470		75
Semiconductors & Semiconductor Equipment (0.0%)‡
UC Holdings, Inc. (e)		2,826		13
Total Common Stocks (Cost $150)				91
Short-Term Investment (1.1%)
Investment Company (1.1%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (g) (Cost $1,262)		1,261,977		1,262
Total Investments (98.7%) (Cost $113,473) (h)				109,498
Other Assets in Excess of Liabilities (1.3%)				1,392
Net Assets (100.0%)			$	110,890

‡	Amount is less than 0.05%.
(a)	144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(b)	Issuer in bankruptcy.
(c)	Non-income producing security; bond in default.
(d)	Floating or variable rate securities: The rates disclosed are as of December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.
(e)	Non-income producing security.
(f)	At December 31, 2023, the Fund held a fair valued security valued at approximately $75,000, representing 0.1% of net assets. This security has been fair valued using significant unobservable inputs 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 three months ended December 31, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(h)	At December 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,105,000 and the aggregate gross unrealized depreciation is approximately $6,080,000, resulting in net unrealized depreciation of approximately $3,975,000.
DAC	Designated Activity Company.
LIBOR	London Interbank Offered Rate.
SOFR	Secured Overnight Financing Rate.
USD	United States Dollar.

Portfolio Composition

Classification	Percentage of Total Investments
Consumer, Cyclical		23.9	%
Industrials		18.0
Consumer, Non-Cyclical		16.6
Other*		11.4
Energy		10.3
Communications		10.0
Finance		9.8
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (94.8%)
Agency Adjustable Rate Mortgages (0.1%)
Federal Home Loan Mortgage Corporation,
Conventional Pools:
1 Year CMT + 2.18%, 5.12%, 6/1/38 (a)	$	48	$	48
1 Year CMT + 2.31%, 5.81%, 3/1/37 (a)		133		134
1 Year CMT + 2.33%, 5.56%, 1/1/36 (a)		108		109
1 Year CMT + 2.34%, 5.73%, 7/1/38 (a)		111		113
				404
Agency Fixed Rate Mortgages (0.1%)
Federal Home Loan Mortgage Corporation,
Gold Pools:
4.50%, 12/1/24		13		13
7.50%, 5/1/35		8		9
8.00%, 8/1/32		4		4
8.50%, 8/1/31		5		6
Federal National Mortgage Association,
Conventional Pools:
4.50%, 6/1/24 - 7/1/24		14		14
5.00%, 12/1/24		12		12
6.00%, 9/1/37		24		25
6.50%, 2/1/28 - 10/1/32		77		79
7.00%, 7/1/29 - 3/1/37		83		86
7.50%, 8/1/37		10		11
8.00%, 4/1/33		18		19
8.50%, 10/1/32		9		10
Government National Mortgage Association,
Various Pools:
6.00%, 11/15/38		44		46
8.50%, 7/15/30		1		1
				335
Asset-Backed Securities (14.9%)
Affirm Asset Securitization Trust,
4.55%, 6/15/27 (b)		351		347
AMSR Trust,
2.11%, 9/17/37 (b)		975		910
Amur Equipment Finance Receivables XII LLC,
Series 2023-1A Class A2
6.09%, 12/20/29 (b)		568		573
Aqua Finance Trust,
1.54%, 7/17/46 (b)		433		387
Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd.,
1 Month Term SOFR + 1.18%, 6.55%, 8/15/34 (a)(b)		1,200		1,190
Auxilior Term Funding LLC,
Series 2023-1A Class A2
6.18%, 12/15/28 (b)		979		983
BHG Securitization Trust,
Series 2023-A Class A
5.55%, 4/17/36 (b)		1,264		1,259
Blackbird Capital II Aircraft Lease Ltd.,
2.44%, 7/15/46 (b)		636		549
Cartiga Asset Finance Trust LLC,
Series 2023-1 Class A
7.00%, 3/15/35 (b)		672		670
Cascade MH Asset Trust,
4.25%, 8/25/54 (b)		1,495		1,359
Cologix Data Centers US Issuer LLC,
3.30%, 12/26/51 (b)		1,225		1,105
Commonbond Student Loan Trust,
1.20%, 3/25/52 (b)		891		726
Dext ABS LLC,
Series 2023-2 Class A2
6.56%, 5/15/34 (b)		1,500		1,508
ECMC Group Student Loan Trust,
Class A1B
SOFR30A + 1.11%, 6.45%, 1/27/70 (a)(b)		560		557
ELFI Graduate Loan Program 2021-A LLC,
1.53%, 12/26/46 (b)		1,280		1,113
Falcon Aerospace Ltd.,
3.60%, 9/15/39 (b)		207		190
FCI Funding LLC,
1.13%, 4/15/33 (b)		78		77
FHF Trust,
1.27%, 3/15/27 (b)		126		122
FMC GMSR Issuer Trust,
7.90%, 7/25/27 (b)		1,600		1,621
GAIA Aviation Ltd.,
3.97%, 12/15/44 (b)		416		378
GCI Funding I LLC,
2.82%, 10/18/45 (b)		877		795
Golub Capital Partners ABS Funding Ltd.,
2.77%, 4/20/29 (b)		1,546		1,454
Class A2
3.21%, 1/22/29 (b)		789		733
Loanpal Solar Loan Ltd.,
2.22%, 3/20/48 (b)		1,227		916
2.29%, 1/20/48 (b)		937		732
Lunar 2021-1 Structured Aircraft Portfolio Notes,
2.64%, 10/15/46 (b)		1,519		1,313
MACH 1 Cayman Ltd.,
3.47%, 10/15/39 (b)		311		269
MAPS Trust,
2.52%, 6/15/46 (b)		436		387
Marlette Funding Trust,
Series 2023-1A Class A
6.07%, 4/15/33 (b)		1,020		1,019
MFA 2021-NPL1 LLC,
2.36%, 3/25/60 (b)		577		570
Monroe Capital ABS Funding 2021-1 Ltd.,
2.82%, 4/22/31 (b)		1,555		1,458
Mosaic Solar Loan Trust,
2.05%, 12/20/46 (b)		832		649
2.10%, 4/20/46 (b)		176		154

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)			Value (000)
Asset-Backed Securities (cont'd)
Navient Private Education Refi Loan Trust,
0.94%, 7/15/69 (b)	$	849		$	740
Nelnet Student Loan Trust,
1.32%, 4/20/62 (b)		742			666
Newday Funding Master Issuer PLC,
SOFR + 0.95%, 6.31%, 7/15/29 (a)(b)		1,175			1,172
SOFR + 1.10%, 6.46%, 3/15/29 (a)(b)		1,760			1,760
Newtek Small Business Loan Trust,
Class A
Daily U.S. Prime Rate - 0.50%, 8.00%, 7/25/50 (a)(b)		677			675
NRZ Excess Spread-Collateralized Notes,
Class A
2.98%, 3/25/26 (b)		723			675
3.10%, 7/25/26 (b)		461			429
3.23%, 5/25/26 (b)		922			857
3.47%, 11/25/26 (b)		501			465
NRZ FHT Excess LLC,
Class A
4.21%, 11/25/25 (b)		207			198
Octane Receivables Trust,
1.21%, 9/20/28 (b)		152			148
Series 2023-1A Class A
5.87%, 5/21/29 (b)		588			589
Option One Mortgage Loan Trust Asset-Backed Certificates,
1 Month Term SOFR + 0.61%, 5.97%, 8/20/30 (a)		26			26
Oscar U.S. Funding XV LLC,
Series 2023-1A Class A3
5.81%, 12/10/27 (b)		1,875			1,882
Oxford Finance Funding LLC,
3.10%, 2/15/28 (b)		70			68
PFS Financing Corp.,
0.77%, 8/15/26 (b)		1,310			1,270
0.97%, 2/15/26 (b)		960			954
4.27%, 8/15/27 (b)		2,225			2,187
Preston Ridge Partners Mortgage LLC,
1.74%, 9/25/26 (a)(b)		887			857
2.36%, 10/25/26 (b)		1,122			1,091
PRET 2021-NPL6 LLC,
2.49%, 7/25/51 (b)		512			506
Pretium Mortgage Credit Partners I LLC,
2.24%, 9/27/60 (b)		424			412
ReadyCap Lending Small Business Loan Trust,
Daily U.S. Prime Rate - 0.50%, 8.00%, 12/27/44 (a)(b)		74			73
Republic Finance Issuance Trust,
2.47%, 11/20/30 (b)		376			369
SMB Private Education Loan Trust,
1.34%, 3/17/53 (b)		492			443
1.68%, 2/15/51 (b)		553			501
SPS Servicer Advance Receivables Trust,
1.83%, 11/15/55 (b)		2,100			1,946
Stanwich Mortgage Loan Co. LLC,
2.74%, 10/16/26 (b)		1,172			1,111
Start II Ltd.,
4.09%, 3/15/44 (b)		571			519
Start Ltd.,
4.09%, 5/15/43 (b)		1,096			988
Theorem Funding Trust,
7.60%, 4/15/29 (b)		231			232
Series 2023-1A Class A
7.58%, 4/15/29 (b)		267			270
Towd Point HE Trust,
0.92%, 2/25/63 (a)(b)		620			589
VCP RRL ABS I Ltd.,
Class A
2.15%, 10/20/31 (b)		329			304
VOLT XCIV LLC,
2.24%, 2/27/51 (b)		713			696
VOLT XCIX LLC,
2.12%, 4/25/51 (b)		970			940
VOLT XCVI LLC,
2.12%, 3/27/51 (b)		632			616
					53,297
Collateralized Mortgage Obligations - Agency Collateral Series (0.2%)
Federal Home Loan Mortgage Corporation,
REMIC
7.50%, 9/15/29		110			113
Government National Mortgage Association,
1 Month Term SOFR + 0.56%, 5.50%, 5/20/62 (a)		—	@		—	@
1 Month Term SOFR + 0.71%, 6.04%, 1/20/64 (a)		34			33
Series 2015-H13
1 Month USD LIBOR + 0.39%, 5.72%, 5/20/63 (a)		3			3
REMIC
1 Month Term SOFR + 0.61%, 5.94%, 3/20/61 (a)		50			50
1 Month Term SOFR + 0.67%, 6.00%, 9/20/62 (a)		86			85
Seasoned Credit Risk Transfer Trust,
3.00%, 2/25/59		517			455
					739
Commercial Mortgage-Backed Securities (5.9%)
ALEN Mortgage Trust,
1 Month Term SOFR + 1.26%, 6.63%, 4/15/34 (a)(b)		1,200			1,081
Angel Oak SB Commercial Mortgage Trust,
2.07%, 5/25/50 (a)(b)		589			522
BX Commercial Mortgage Trust,
Class A
1 Month Term SOFR + 0.81%, 6.18%, 4/15/34 (a)(b)		2,100			2,022

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Commercial Mortgage-Backed Securities (cont'd)
BX Trust,
1 Month Term SOFR + 1.58%, 6.94%, 1/15/39 (a)(b)	$	820	$	799
CSMC 2022-MARK,
1 Month Term SOFR + 2.70%, 8.06%, 6/15/39 (a)(b)		1,570		1,572
CSMC Trust,
3.53%, 8/15/37 (b)		575		521
CSWF Corp.,
1 Month Term SOFR + 1.08%, 6.44%, 6/15/34 (a)(b)		1,177		1,089
DROP Mortgage Trust,
1 Month Term SOFR + 1.26%, 6.63%, 10/15/43 (a)(b)		1,700		1,576
FS Commercial Mortgage Trust,
Series 2023-4SZN 7.07%, 11/10/39 (b)		1,220		1,273
HPLY Trust,
1 Month Term SOFR + 2.46%, 7.83%, 11/15/36 (a)(b)		383		372
J.P. Morgan Chase Commercial Mortgage Securities Trust,
4.13%, 7/5/31 (b)		1,100		990
Class A
1 Month Term SOFR + 1.23%, 6.59%, 11/15/38 (a)(b)		2,450		2,415
Natixis Commercial Mortgage Securities Trust,
1 Month Term SOFR + 1.06%, 6.43%, 8/15/38 (a)(b)		2,080		1,966
1 Month Term SOFR + 2.28%, 7.64%, 7/15/36 (a)(b)		850		712
ORL Trust,
Series 2023-GLKS 7.71%, 10/19/36 (a)(b)		560		562
Silver Hill Trust,
3.10%, 11/25/49 (a)(b)		292		286
TTAN 2021-MHC,
Class A
1 Month Term SOFR + 0.96%, 6.33%, 3/15/38 (a)(b)		729		723
TYSN Mortgage Trust,
Series 2023-CRNR 6.80%, 12/10/33 (a)(b)		1,225		1,280
VMC Finance 2021-HT1 LLC,
1 Month Term SOFR + 1.76%, 7.12%, 1/18/37 (a)(b)		1,380		1,355
				21,116
Corporate Bonds (62.9%)
Finance (31.0%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
1.65%, 10/29/24		2,000		1,931
6.45%, 4/15/27 (b)		725		751
Air Lease Corp.,
0.80%, 8/18/24		2,895		2,807
Assurant, Inc.,
6.10%, 2/27/26		925		940
Athene Global Funding,
2.75%, 6/25/24 (b)		2,280		2,244
Australia & New Zealand Banking Group Ltd.,
4.40%, 5/19/26 (b)		2,500		2,440
Banco Santander Chile,
2.70%, 1/10/25 (b)		800		779
Banco Santander SA,
6.61%, 11/7/28		1,200		1,279
Bank of America Corp.,
3.38%, 4/2/26		2,310		2,248
Bank of Nova Scotia,
1.05%, 3/2/26		5,050		4,656
Banque Federative du Credit Mutuel SA,
2.38%, 11/21/24 (b)		3,480		3,392
4.52%, 7/13/25 (b)		3,210		3,182
Barclays PLC,
5.30%, 8/9/26		2,000		1,993
BNP Paribas SA,
2.22%, 6/9/26 (b)		3,150		3,009
BPCE SA,
2.38%, 1/14/25 (b)		2,635		2,549
Capital One Financial Corp.,
4.17%, 5/9/25		1,150		1,142
Charles Schwab Corp.,
5.88%, 8/24/26		1,675		1,719
Citigroup, Inc.,
3.11%, 4/8/26		2,000		1,945
3.35%, 4/24/25		3,770		3,742
Corebridge Financial, Inc.,
3.50%, 4/4/25		2,280		2,224
Elevance Health, Inc.,
1.50%, 3/15/26		2,830		2,641
Equitable Financial Life Global Funding,
1.40%, 7/7/25 (b)		3,300		3,113
GA Global Funding Trust,
1.63%, 1/15/26 (b)		4,070		3,749
Goldman Sachs Group, Inc.,
3.50%, 1/23/25 - 4/1/25		3,750		3,673
Guardian Life Global Funding,
0.88%, 12/10/25 (b)		2,450		2,268
HSBC Holdings PLC,
2.63%, 11/7/25		1,850		1,804
3.80%, 3/11/25		3,350		3,337
JPMorgan Chase & Co.,
2.01%, 3/13/26		2,000		1,922
2.08%, 4/22/26		4,500		4,312
5.55%, 12/15/25		2,120		2,122
LeasePlan Corp. NV,
2.88%, 10/24/24 (b)		1,275		1,247
Macquarie Group Ltd.,
1.34%, 1/12/27 (b)		3,060		2,813

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Nordea Bank Abp,
1.50%, 9/30/26 (b)	$	5,075	$	4,629
Royal Bank of Canada,
1.20%, 4/27/26		4,370		4,039
SMBC Aviation Capital Finance DAC,
5.45%, 5/3/28 (b)		1,775		1,786
Societe Generale SA,
2.63%, 1/22/25 (b)		1,175		1,139
Standard Chartered PLC,
0.99%, 1/12/25 (b)		4,795		4,789
Sumitomo Mitsui Financial Group, Inc.,
2.35%, 1/15/25		6,480		6,293
Suncorp-Metway Ltd.,
3.30%, 4/15/24 (b)		1,980		1,968
Swedbank AB,
6.14%, 9/12/26 (b)		1,330		1,357
Synchrony Bank,
5.40%, 8/22/25		1,480		1,459
Truist Financial Corp.,
6.05%, 6/8/27		985		1,003
Wells Fargo & Co.,
3.91%, 4/25/26		1,975		1,937
Woori Bank,
4.88%, 1/26/28 (b)		2,165		2,175
				110,547
Industrials (28.1%)
Altria Group, Inc.,
2.35%, 5/6/25		1,500		1,448
American Tower Corp.,
1.60%, 4/15/26		450		416
AT&T, Inc.,
1.65%, 2/1/28		2,210		1,969
Bayer US Finance LLC,
3.38%, 10/8/24 (b)		1,740		1,706
Boeing Co.,
5.04%, 5/1/27		1,475		1,489
Carrier Global Corp.,
5.80%, 11/30/25 (b)		1,810		1,835
CDW LLC/CDW Finance Corp.,
2.67%, 12/1/26		250		234
Celanese U.S. Holdings LLC,
6.17%, 7/15/27		1,110		1,139
Charter Communications Operating LLC/Charter Communications Operating Capital,
4.91%, 7/23/25		850		842
Cigna Group,
4.50%, 2/25/26		3,025		3,004
Columbia Pipelines Holding Co. LLC,
6.04%, 8/15/28 (b)		800		826
6.06%, 8/15/26 (b)		195		200
Concentrix Corp.,
6.65%, 8/2/26		1,200		1,231
Continental Resources, Inc.,
2.27%, 11/15/26 (b)		1,000		920
Daimler Truck Finance North America LLC,
2.00%, 12/14/26 (b)		2,025		1,864
DuPont de Nemours, Inc.,
4.49%, 11/15/25		875		869
Energy Transfer LP,
2.90%, 5/15/25		4,130		4,005
4.75%, 1/15/26		325		323
Enterprise Products Operating LLC,
3.90%, 2/15/24		1,200		1,197
Ford Motor Credit Co. LLC,
5.13%, 6/16/25		930		919
Fox Corp.,
4.03%, 1/25/24		1,200		1,199
General Motors Financial Co., Inc.,
1.50%, 6/10/26		2,890		2,649
3.95%, 4/13/24		1,250		1,243
Genuine Parts Co.,
6.50%, 11/1/28		500		531
Georgia-Pacific LLC,
1.75%, 9/30/25 (b)		4,080		3,862
Global Payments, Inc.,
4.95%, 8/15/27		1,250		1,253
Haleon U.S. Capital LLC,
3.02%, 3/24/24		750		745
HCA, Inc.,
5.00%, 3/15/24		1,600		1,597
Hyatt Hotels Corp.,
5.75%, 1/30/27		1,275		1,304
Hyundai Capital America,
1.30%, 1/8/26 (b)		2,780		2,568
5.50%, 3/30/26 (b)		675		679
Hyundai Capital Services, Inc.,
2.13%, 4/24/25 (b)		1,000		960
Imperial Brands Finance PLC,
3.13%, 7/26/24 (b)		2,015		1,982
J M Smucker Co.,
5.90%, 11/15/28		1,810		1,905
JDE Peet's NV,
0.80%, 9/24/24 (b)		3,025		2,910
Marriott International, Inc.,
5.45%, 9/15/26		710		723
Mitsubishi Corp.,
1.13%, 7/15/26 (b)		2,610		2,380
Mondelez International Holdings Netherlands BV,
1.25%, 9/24/26 (b)		2,910		2,651
2.25%, 9/19/24 (b)		550		537
National Fuel Gas Co.,
5.50%, 10/1/26		1,565		1,569
NBN Co. Ltd.,
1.45%, 5/5/26 (b)		2,770		2,556

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
NTT Finance Corp.,
1.16%, 4/3/26 (b)	$	6,790	$	6,264
Nucor Corp.,
2.00%, 6/1/25		975		937
NXP BV/NXP Funding LLC/NXP USA, Inc.,
2.70%, 5/1/25		1,540		1,485
ONEOK, Inc.,
5.55%, 11/1/26		630		641
O'Reilly Automotive, Inc.,
5.75%, 11/20/26		790		809
Penske Truck Leasing Co. LP/PTL Finance Corp.,
5.75%, 5/24/26 (b)		1,825		1,841
Pfizer Investment Enterprises Pte. Ltd.,
4.45%, 5/19/26		1,705		1,701
Pioneer Natural Resources Co.,
1.13%, 1/15/26		4,490		4,170
Revvity, Inc.,
0.85%, 9/15/24		3,440		3,322
Royalty Pharma PLC,
1.20%, 9/2/25		1,475		1,377
Silgan Holdings, Inc.,
1.40%, 4/1/26 (b)		1,875		1,713
Sonoco Products Co.,
1.80%, 2/1/25		1,460		1,405
Tapestry, Inc.,
7.05%, 11/27/25		520		532
TD SYNNEX Corp.,
1.25%, 8/9/24		5,815		5,669
VICI Properties LP,
4.38%, 5/15/25		1,880		1,849
Vontier Corp.,
1.80%, 4/1/26		2,375		2,186
Zimmer Biomet Holdings, Inc.,
1.45%, 11/22/24		2,400		2,315
				100,455
Utilities (3.8%)
Ameren Corp.,
2.50%, 9/15/24		2,510		2,455
American Electric Power Co., Inc.,
Series N
1.00%, 11/1/25		1,500		1,393
Dominion Energy, Inc.,
Series A
1.45%, 4/15/26		2,355		2,184
Eversource Energy,
4.75%, 5/15/26		1,410		1,403
ITC Holdings Corp.,
4.95%, 9/22/27 (b)		1,970		1,982
NextEra Energy Capital Holdings, Inc.,
1.88%, 1/15/27		2,825		2,600
6.05%, 3/1/25		360		363
Southern Co.,
4.48%, 8/1/24 (c)		1,175		1,166
				13,546
				224,548
Mortgages - Other (9.8%)
Ajax Mortgage Loan Trust,
1.07%, 9/25/65 (a)(b)		640		558
1.70%, 5/25/59 (b)		476		435
BRAVO Residential Funding Trust,
2.00%, 5/25/59 (a)(b)		599		543
Brean Asset Backed Securities Trust,
1.40%, 10/25/63 (a)(b)		1,728		1,501
1.75%, 10/25/61 (a)(b)		1,803		1,628
Series 2023-RM6 Class A1
5.25%, 1/25/63 (b)		1,812		1,723
Bunker Hill Loan Depositary Trust,
1.72%, 2/25/55 (a)(b)		162		154
BX Commercial Mortgage Trust,
Class A
1 Month Term SOFR + 2.28%, 7.64%, 6/15/40 (a)(b)		1,450		1,449
Cascade Funding Mortgage Trust,
0.90%, 6/25/36 (a)(b)		821		787
2.80%, 6/25/69 (a)(b)		121		118
Class A
4.00%, 10/25/68 (a)(b)		201		202
CFMT LLC,
1.94%, 9/25/50 (a)(b)		655		628
Series 2023-HB12 Class M1
4.25%, 4/25/33 (a)(b)		2,025		1,855
CHL Mortgage Pass-Through Trust,
5.50%, 5/25/34		33		32
CIM Trust,
2.57%, 7/25/59 (b)		729		719
CSMC Trust,
0.94%, 5/25/66 (a)(b)		803		646
1.18%, 2/25/66 (a)(b)		713		607
Series 2022-RPL4 Class A1
3.90%, 4/25/62 (a)(b)		1,426		1,344
FMC GMSR Issuer Trust,
3.85%, 10/25/26 (a)(b)		1,700		1,475
4.45%, 1/25/26 (a)(b)		1,500		1,353
Class A
3.62%, 7/25/26 (a)(b)		1,550		1,340
Headlands Residential 2021-RPL1 LLC,
2.49%, 9/25/26 (a)(b)		1,878		1,769
Imperial Fund Mortgage Trust,
1.38%, 10/25/55 (a)(b)		372		332
1.60%, 11/25/56 (a)(b)		813		675
2.49%, 2/25/67 (a)(b)		1,211		1,069
J.P. Morgan Mortgage Trust,
Series 2023-4 Class 1A4
6.00%, 11/25/53 (a)(b)		1,710		1,718

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)			Value (000)
Mortgages - Other (cont'd)
Legacy Mortgage Asset Trust,
6.25%, 2/25/60 (b)	$	739		$	743
LHOME Mortgage Trust,
3.09%, 2/25/26 (a)(b)		26			26
New Residential Mortgage Loan Trust,
3.75%, 5/28/52 - 8/25/55 (a)(b)		99			94
3.86%, 9/25/57 (a)(b)		187			175
NewRez Warehouse Securitization Trust,
1 Month Term SOFR + 0.86%, 6.22%, 5/25/55 (a)(b)		1,105			1,110
NYMT Loan Trust,
5.94%, 10/25/60 (a)(b)		1,386			1,386
Oceanview Mortgage Loan Trust,
1.73%, 5/28/50 (a)(b)		224			204
Pepper Residential Securities Trust,
SOFR + 1.11%, 6.49%, 6/20/60 (a)(b)		—	@		—	@
Preston Ridge Partners Mortgage LLC,
2.12%, 1/25/26 - 3/25/26 (a)(b)		944			938
Residential Mortgage Loan Trust,
1.65%, 5/25/60 (a)(b)		130			128
RESIMAC Bastille Trust,
1 Month Term SOFR + 1.04%, 6.39%, 9/5/57 (a)(b)		26			26
RMF Buyout Issuance Trust,
1.72%, 10/25/50 (a)(b)		920			875
RMF Proprietary Issuance Trust,
2.13%, 9/25/61 (a)(b)		1,464			1,192
4.00%, 8/25/62 (a)(b)		2,225			1,946
Sequoia Mortgage Trust,
1 Month Term SOFR + 0.73%, 6.09%, 8/20/34 (a)		70			65
Towd Point Mortgage Trust,
1.75%, 10/25/60 (b)		481			424
1 Month Term SOFR + 0.71%, 5.76%, 2/25/57 (a)(b)		42			42
Verus Securitization Trust,
1.03%, 2/25/66 (a)(b)		548			466
VOLT XCIII LLC,
1.89%, 2/27/51 (b)		616			590
					35,090
Sovereign (0.9%)
Corp. Andina de Fomento,
1.63%, 9/23/25		1,750			1,647
Korea National Oil Corp.,
0.88%, 10/5/25 (b)		1,680			1,565
					3,212
Total Fixed Income Securities (Cost $352,531)					338,741

	Shares
Short-Term Investments (4.7%)
Investment Company (4.3%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (d) (Cost $15,166)		15,166,469	15,166

	Face Amount (000)
U.S. Treasury Security (0.4%)
U.S. Treasury Bill, 5.53%, 4/18/24 (e)(f) (Cost $1,506)	$	1,530		1,507
Total Short-Term Investments (Cost $16,672)				16,673
Total Investments (99.5%) (Cost $369,203) (g)(h)				355,414
Other Assets in Excess of Liabilities (0.5%)				1,715
Net Assets (100.0%)			$	357,129

@	Value is less than $500.
(a)	Floating or variable rate securities: The rates disclosed are as of December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.
(b)	144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(c)	Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of December 31, 2023. Maturity date disclosed is the ultimate maturity date.
(d)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended December 31, 2023, advisory fees paid were reduced by approximately $7,000 relating to the Fund's investment in the Liquidity Funds.
(e)	Rate shown is the yield to maturity at December 31, 2023.
(f)	All or a portion of the security was pledged to cover margin requirements for futures contracts.
(g)	Securities are available for collateral in connection with open futures contracts.
(h)	At December 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,274,000 and the aggregate gross unrealized depreciation is approximately $15,652,000, resulting in net unrealized depreciation of approximately $13,378,000.
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.
SOFR30A	30-Day Average Secured Overnight Financing Rate.
USD	United States Dollar.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

Futures Contracts:

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

	Number of Contracts	Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 2 yr. Note (United States)	557	Mar-24	$	111,400		$	114,694		$	1,210
Short:
U.S. Treasury 5 yr. Note (United States)	204	Mar-24		(20,400	)		(22,190	)		(523	)
U.S. Treasury 10 yr. Note (United States)	73	Mar-24		(7,300	)		(8,241	)		(276	)
									$	411

Portfolio Composition  

Classification	Percentage of Total Investments
Finance		31.1	%
Industrials		28.3
Asset-Backed Securities		15.0
Mortgages - Other		9.9
Other*		9.8
Commercial Mortgage-Backed Securities		5.9
Total Investments		100.0	%**

*	Industries and/or investment types representing less than 5% of total investments.
**	Does not include open futures contracts with a value of approximately $145,125 and net unrealized appreciation of approximately $411.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments

Short Duration Municipal Income Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (99.0%)
Municipal Bonds (99.0%)
Alabama (1.8%)
Black Belt Energy Gas District, Gas Project Revenue Refunding Bonds 2023,
Series D-1
5.50%, 6/1/49 (a)	$	2,450	$	2,623
Arizona (1.4%)
Industrial Development Authority of The City of Chandler, Industrial Development Revenue Bonds,
Series 2007 (AMT)
4.10%, 12/1/37 (a)		2,000		2,036
California (2.0%)
California Community Choice Financing Authority Clean Energy Project Revenue Bonds,
Series F
5.50%, 10/1/54 (a)		1,000		1,110
State Public Works Board of The State of California Lease Revenue Refunding Bonds 2023,
Series C
5.00%, 9/1/27		1,600		1,750
				2,860
Colorado (6.1%)
Board of Governors of The Colorado State University System System Enterprise Revenue Bonds,
Series A-2
4.38%, 3/1/48 (a)		1,000		1,061
Colorado Health Facilities Authority Hospital Revenue Bonds,
Series 2023A-1
5.00%, 11/15/58 (a)		2,000		2,181
Colorado Health Facilities Authority Revenue Bonds (Commonspirit Health),
Series B-2
5.00%, 8/1/49 (a)		1,500		1,551
E-470 Public Highway Authority, Co,
Series B
0.00%, 9/1/25		2,000		1,897
State of Colorado Building Excellent Schools Today Certificates of Participation Tax-Exempt,
Series 2013I
5.00%, 3/15/36		2,000		2,008
				8,698
Connecticut (3.8%)
City of New Haven, Connecticut General Obligation Bonds,
Series A
5.00%, 8/1/24		1,000		1,010
State of Connecticut Health And Educational Facilities Authority Revenue Bonds, Quinnipiac University Issue,
Series L
5.00%, 7/1/24		1,900		1,918
State of Connecticut Special Tax Obligation Bonds Transportation Infrastructure Purposes,
Series A
5.00%, 7/1/25		2,400		2,479
				5,407
Florida (3.2%)
Broward County, Airport System Revenue Bonds,
Series 2015A
5.00%, 10/1/29		2,000		2,046
School District of Miami-Dade County, Tax Anticipation Notes,
Series 2023
5.00%, 6/18/24		2,500		2,519
				4,565
Georgia (2.9%)
Main Street Natural Gas, Inc., Gas Supply Revenue Bonds,
Series 2021A
4.00%, 7/1/52 (a)		2,500		2,516
Series 2023D
5.00%, 5/1/54 (a)		1,500		1,596
				4,112
Illinois (12.2%)
Board of Education of The City of Chicago Unlimited Tax General Obligation Refunding Bonds,
Series D
5.00%, 12/1/25		1,200		1,222
City of Chicago Chicago Midway Airport Senior Lien Airport Revenue Refunding Bonds,
Series B
5.00%, 1/1/26		1,000		1,045
City of Chicago General Obligation Bonds Refunding,
Series A
5.00%, 1/1/27		2,000		2,095
Illinois Finance Authority Water Facilities Refunding Revenue Bonds,
Series 2020
3.88%, 5/1/40 (a)		1,500		1,521
Illinois Finance Authority Revenue Bonds,
Series 2020B-2
5.00%, 5/15/50 (a)		2,500		2,602
Metropolitan Pier And Exposition Authority (Illinois) Mccormick Place Expansion Project Refunding Bonds,
Series A
5.00%, 12/15/28		1,000		1,072

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Municipal Income Portfolio

	Face Amount (000)		Value (000)
Illinois (cont'd)
Railsplitter Tobacco Settlement Authority Tobacco Settlement Revenue Bonds,
ETM
5.00%, 6/1/24	$	1,000	$	1,008
Sales Tax Securitization Corporation Second Lien Sales Tax Securitization Bonds,
Series 2020A
5.00%, 1/1/27		2,290		2,441
State of Illinois,
Series A
Build Illinois Bonds (Sales Tax Revenue Bonds),
4.00%, 6/15/25		1,750		1,766
Series D
General Obligation Bonds,
5.00%, 11/1/28		2,500		2,685
				17,457
Indiana (2.5%)
City of Whiting, Environmental Facilities Refunding Revenue Bonds,
Series 2019A
5.00%, 12/1/44 (a)		2,500		2,544
Indiana Housing And Community Development Authority Multifamily Housing Revenue Bonds,
Series 2023
4.10%, 9/1/28 (a)		1,000		1,009
				3,553
Kentucky (6.7%)
Kentucky Economic Development Finance Authority Solid Waste Refunding Revenue Bonds,
Series B
3.75%, 4/1/31 (a)		2,000		2,001
Kentucky Economic Development Finance Authority, Catholic Health Initiatives,
Series C
4.60%, 5/1/34 (a)		6,000		6,000
University of Kentucky, General Receipts Refunding Bonds,
Series D
3.00%, 10/1/25		1,600		1,596
				9,597
Louisiana (3.5%)
Parish of St. James, State of Louisiana Revenue Bonds, Nucor Steel Louisiana LLC Project, Gulf Opportunity Zone Bonds,
Series B1
4.20%, 11/1/40 (a)		5,000		5,000
Michigan (4.5%)
Board of Control of Saginaw Valley, State University General Revenue And Refunding Bonds,
Series 2016A
5.00%, 7/1/30		1,750		1,824
Michigan Finance Authority, Hospital Revenue Bonds Trinity Health Credit Group,
4.72%, 12/1/39 (a)		2,000		2,003
Wayne County Airport Authority Airport Revenue Bonds,
Series 2015F
5.00%, 12/1/31		2,500		2,542
				6,369
Minnesota (1.8%)
Minnesota Rural Water Finance Authority Public Projects Construction Notes,
Series 2023
4.38%, 4/1/25		1,500		1,507
Rochester, Health Care Facilities Mayo Clinic,
Series 2008 B
3.80%, 11/15/38 (a)		1,000		1,000
				2,507
Missouri (2.7%)
Health And Educational Facilities Authority of The State of Missouri Health Facilities Revenue Bonds,
Series 2016
5.00%, 11/15/28		1,300		1,356
Series 2021A
4.00%, 7/1/26		1,100		1,132
Missouri Joint Municipal Electric Utility Commission,
Series 2023
5.00%, 1/1/26		1,345		1,401
				3,889
New Jersey (2.1%)
New Jersey Economic Development Authority Water Facilities Refunding Revenue Bonds,
Series 2020D
1.10%, 11/1/29 (a)		2,000		1,773
New Jersey Educational Facilities Authority Revenue Refunding Bonds,
Series B
3.70%, 7/1/31 (a)		1,200		1,200
				2,973
New Mexico (1.7%)
New Mexico Mortgage Finance Authority Multifamily Housing Revenue Bonds,
Series 2023
5.00%, 2/1/42 (a)		325		328

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Municipal Income Portfolio

	Face Amount (000)		Value (000)
New Mexico (cont'd)
State of New Mexico, Capital Projects General Obligation Bonds,
Series 2021
5.00%, 3/1/25	$	2,000	$	2,052
				2,380
New York (8.6%)
Long Island Power Authority, Electric System General Revenue Bonds,
Series 2022B
5.00%, 9/1/52 (a)		2,000		2,126
Metropolitan Transportation Authority,
Series 2016A
5.00%, 11/15/24		1,360		1,384
New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds,
Series C
5.00%, 5/1/25		500		515
New York Dorm Authority Personal Income Tax Revenue Bonds,
Series 2014A
5.00%, 2/15/29		2,500		2,505
Port Authority of New York And New Jersey Consolidated Bonds,
Series 242
5.00%, 12/1/26 - 12/1/27		3,000		3,181
Series 185
5.00%, 9/1/28		1,000		1,006
Tsasc, Inc., Tobacco Settlement Bonds, Fiscal 2017,
Series A
5.00%, 6/1/24		1,475		1,484
				12,201
North Carolina (0.4%)
North Carolina Muni Power Agency Number 1 Catawba Electric Revenue Bonds,
Series A
5.00%, 1/1/27		530		552
Ohio (0.5%)
County of Franklin, Ohio Revenue Bonds, Che Trinity Health Credit Group,
Series OH
4.30%, 12/1/46 (a)		750		750
Pennsylvania (8.2%)
Commonwealth of Pennsylvania, General Obligation Bonds,
Series 2016
5.00%, 9/15/24		1,775		1,802
Pennsylvania Economic Development Financing Authority Revenue Bonds,
Series A
5.00%, 2/1/25		750		758
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds,
4.88%, 8/1/45 (a)		2,000		2,001
Pennsylvania St Higher Educational Facilities Authority Revenue Bonds,
Series AQ
5.00%, 6/15/24		1,205		1,215
ETM
Series AQ
5.00%, 6/15/24		235		237
Pennsylvania Turnpike Commission Registration Fee Revenue Refunding Bonds,
Series 2023
3.87%, 7/15/41 (a)		2,000		1,998
Philadelphia Redevelopment Authority City Service Agreement Revenue Refunding Bonds,
Series 2015A
5.00%, 4/15/27		2,000		2,050
The School District of Philadelphia, Pennsylvania Tax Revenue Anticipation Notes,
Series A
5.00%, 6/28/24		1,670		1,681
				11,742
Puerto Rico (1.6%)
Commonwealth of Puerto Rico,
Series 2022 A-1
5.63%, 7/1/27		2,198		2,327
South Carolina (1.4%)
Building Equity Sooner For Tomorrow (Best) (The School District of Greenville County, South Carolina Project) Installment Purchase Revenue Refunding Bonds,
5.00%, 12/1/24		2,000		2,037
Texas (11.1%)
Cities of Dallas And Fort Worth, Texas Dallas Fort Worth International Airport,
Series 2023B
5.00%, 11/1/25		1,250		1,300
Series 2023C
5.00%, 11/1/27		1,250		1,334
City of San Antonio,
General Improvement Bonds
Series 2023
5.00%, 2/1/25		1,335		1,366
Tax Notes,
Series 2023
5.64%, 2/1/26		1,500		1,519

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Municipal Income Portfolio

	Face Amount (000)		Value (000)
Texas (cont'd)
Water System Junior Lien Revenue And Refunding Bonds,
Series 2023A
5.00%, 5/15/24	$	1,000	$	1,007
Cypress-Fairbanks Independent School District, Texas Unlimited Tax Refunding Bonds,
Series A
5.00%, 2/15/26		1,000		1,049
Harris County Cultural Education Facilities Finance Corporation Hospital Revenue Bonds,
Series A
5.00%, 7/1/29		880		976
Harris County Cultural Education Facilities Finance Corporation Hospital Revenue Bonds (Texas Children's Hospital),
5.00%, 10/1/28		2,610		2,704
Hays Consolidated Independent School District,
Series 2023
5.00%, 2/15/24		1,000		1,002
Leander Independent School District, Unlimited Tax School Building Bonds,
Series 2023
5.00%, 2/15/24		1,455		1,458
North Texas Tollway Authority System Revenue Refunding Bonds,
Series A
5.00%, 1/1/27		1,000		1,072
Texas Water Development Board State Water Implementation Revenue Fund For Texas Revenue Bonds,
Series 2023A
5.00%, 10/15/25		1,000		1,042
				15,829
Virginia (2.1%)
City of Bristol, Virginia General Obligation Bond Anticipation Notes,
5.00%, 9/1/27		1,000		1,032
Virginia Housing Development Authority Rental Housing Bonds,
Series E
4.10%, 10/1/27		2,000		2,016
				3,048
Washington (3.7%)
Port of Seattle, Intermediate Lien Revenue Bonds,
Series 2015C
5.00%, 4/1/31		2,000		2,015
State of Washington, Various Purpose General Obligation Refunding Bonds,
Series R-2018D
5.00%, 8/1/25		2,070		2,145
Washington State Housing Finance Commission Multifamily Housing, Revenue Bonds (Ardea At Totem Lake Apartments Project),
5.00%, 12/1/43 (a)		1,000		1,039
				5,199
Wisconsin (2.5%)
Wisconsin Health And Educational Facilities Authority Revenue Bonds,
Series 2018B-3
5.00%, 8/15/54 (a)		3,000		3,003
Wisconsin Housing And Economic Development Authority Housing Revenue Bonds,
Series E
3.88%, 11/1/54 (a)		500		503
				3,506
Total Municipal Bonds (Cost $139,467)				141,217
Total Investments (99.0%) (Cost $139,467) (b)(c)				141,217
Other Assets in Excess of Liabilities (1.0%)				1,459
Net Assets (100.0%)			$	142,676

(a)	Floating or variable rate securities: The rates disclosed are as of December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended December 31, 2023, advisory fees paid were reduced by $1,000 relating to the Fund's investment in the Liquidity Funds.
(c)	At December 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,789,000 and the aggregate gross unrealized depreciation is approximately $39,000, resulting in net unrealized appreciation of approximately $1,750,000.

AMT	Alternative Minimum Tax.
ETM	Escrowed to Maturity.

Portfolio Composition  

Classification	Percentage of Total Investments
Fixed Income Securities	100.0	%

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
Certificates of Deposit (13.0%)
Domestic Banks (2.9%)
Bank of America NA,
5.75%, 11/19/24	$	50,000	$	50,242
5.80%, 5/28/24		100,000		100,052
6.00%, 9/23/24		75,000		75,371
Citibank NA
5.79%, 7/8/24		97,000		97,141
				322,806
International Banks (10.1%)
Banco Santander SA,
5.90%, 3/14/24 - 4/1/24		125,000		125,109
6.05%, 9/11/24		100,000		100,445
Canadian Imperial Bank of Commerce
5.77%, 6/12/24		150,000		150,165
National Bank of Kuwait (New York)
5.75%, 1/19/24		130,000		130,000
Natixis (New York Branch)
5.94%, 6/14/24		25,000		25,042
Natixis SA
6.02%, 10/2/24		25,000		25,115
Qatar National Bank
6.20%, 9/23/24		125,000		119,632
Skandinaviska Enskilda Banken AB
6.01%, 8/9/24		102,000		102,326
Svenska Handelsbanken AB (New York)
5.89%, 7/24/24		100,000		100,285
Swedbank AB (New York)
6.01%, 8/9/24		75,000		75,268
Toronto-Dominion Bank,
5.80%, 5/16/24 - 7/15/24		86,000		86,076
5.88%, 6/14/24		75,000		75,136
6.00%, 9/20/24		25,000		25,116
Westpac Banking Corp.
5.58%, 3/8/24		4,310		4,310
				1,144,025
Total Certificates of Deposit (Cost $1,463,952)				1,466,831
Commercial Paper (a) (32.2%)
Asset-Backed Diversified Financial Services (2.6%)
Bay Square Funding LLC
6.05%, 9/18/24		50,000		48,117
Chariot Funding LLC
5.40%, 1/22/24		150,000		149,464
Collateralized Commercial Paper V Co. LLC
6.03%, 6/28/24		10,000		10,021
Starbird Funding Corp.
5.93%, 7/12/24 (b)		35,000		34,004
Versailles Commercial Paper LLC
5.69%, 3/15/24		50,000		49,414
				291,020
Automobile (2.7%)
American Honda Finance Corp.,
5.76%, 3/13/24		10,000		9,882
5.77%, 3/18/24 - 3/19/24		65,000		64,175
General Motors Financial Co., Inc.,
6.01%, 6/11/24		49,000		47,747
6.02%, 6/17/24		50,000		48,678
Toyota Motor Credit Corp.
5.91%, 6/28/24		35,000		34,083
VW Credit, Inc.
6.05%, 6/24/24		106,000		103,098
				307,663
Chemicals (1.3%)
Air Liquide US LLC
5.49%, 3/5/24		50,000		49,503
Nutrien Ltd.,
5.69%, 2/9/24		15,000		14,901
5.86%, 3/19/24		88,000		86,893
				151,297
Communications (0.2%)
AT&T, Inc.
5.80%, 2/23/24		21,625		21,438
Computer Technology (0.9%)
Apple, Inc.
5.32%, 1/4/24		107,000		106,906
Consumer, Non-Cyclical (2.3%)
LVMH Moet Hennessy Louis Vuitton,
5.51%, 12/9/24 (b)		12,000		11,405
5.77%, 10/28/24		15,000		14,381
5.78%, 6/6/24 - 6/7/24		85,000		83,031
5.79%, 11/26/24		20,500		19,583
5.81%, 11/6/24		50,000		47,882
5.83%, 6/13/24 (b)		22,000		21,472
5.93%, 10/11/24		42,500		40,834
5.94%, 10/16/24		16,000		15,363
				253,951
Diversified Financial Services (0.2%)
Siemens Capital Co. LLC
5.81%, 10/2/24		20,000		19,244
Domestic Banks (4.3%)
HSBC USA, Inc.,
5.99%, 12/6/24		27,000		25,612
6.11%, 12/9/24 (b)		65,000		61,632
6.27%, 11/22/24		125,000		118,815
6.28%, 11/21/24		114,000		108,375
6.29%, 11/27/24		35,000		33,244
6.39%, 7/12/24		25,000		24,258
6.47%, 8/22/24		14,250		13,740
6.48%, 8/20/24 (b)		48,000		46,298
6.51%, 7/26/24		50,000		48,417
				480,391
Finance (1.5%)
Barclays Capital, Inc.,
5.98%, 11/5/24		50,000		47,805
6.14%, 10/4/24		50,000		48,015
6.15%, 7/24/24		30,000		29,089
6.18%, 9/13/24		47,250		45,502
				170,411
Health Care Services (0.2%)
Catholic Health Initiatives
5.92%, 6/4/24		28,864		28,086

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
Commercial Paper (cont'd)
Insurance (0.8%)
Pricoa Short Term Funding LLC,
5.92%, 6/17/24	$	75,000	$	73,125
5.94%, 7/17/24		23,000		22,331
				95,456
International Banks (15.2%)
Australia & New Zealand Banking Group Ltd.
5.85%, 4/22/24		4,000		3,932
Bank Montreal
5.40%, 1/9/24		400,000		399,352
Barclays Bank PLC
5.98%, 7/9/24 (b)		10,000		9,719
BPCE SA
5.32%, 12/13/24		75,000		71,368
DNB Bank ASA
5.90%, 7/16/24		25,000		24,287
Federation des Caisses Desjardins
5.41%, 1/17/24		358,000		356,993
Lloyds Bank PLC,
5.94%, 10/11/24		19,000		18,228
5.95%, 6/28/24		4,000		3,894
Macquarie Bank Ltd.,
0.00%, 12/13/24		3,000		2,855
5.99%, 5/10/24		20,000		19,599
6.07%, 9/20/24		75,000		72,152
National Australia Bank Ltd.
5.94%, 9/12/24		75,000		72,321
Oversea-Chinese Banking Corp.
5.63%, 3/26/24 - 3/27/24		110,000		108,544
Societe Generale SA,
5.62%, 2/26/24 (b)		15,000		14,878
5.71%, 12/2/24 (b)		268,750		255,245
6.38%, 7/1/24 (b)		80,000		77,859
Suncorp-Metway Ltd.,
5.86%, 5/6/24		50,000		48,993
5.89%, 4/22/24 (b)		10,000		9,820
Toronto-Dominion Bank
6.00%, 8/23/24		52,500		50,731
UBS AG London,
5.85%, 11/19/24		10,000		9,551
6.13%, 7/31/24		13,000		12,593
Westpac Banking Corp.
5.93%, 9/6/24		70,000		67,531
				1,710,445
Total Commercial Paper (Cost $3,631,789)				3,636,308
Corporate Bonds (3.3%)
Automobile (0.3%)
Hyundai Capital America,
3.40%, 6/20/24 (b)		20,525		20,284
5.82%, 9/17/24 (b)		7,000		6,779
				27,063
Communications (0.1%)
AT&T, Inc.
0.90%, 3/25/24		12,766		12,627
Finance (1.3%)
American Express Co.
3.00%, 10/30/24		145,130		142,708
Insurance (0.0%)‡
Equitable Financial Life Global Funding
1.10%, 11/12/24 (b)		2,857		2,751
International Banks (1.6%)
Banco Santander SA
2.71%, 6/27/24		4,915		4,851
Bank of Montreal
4.25%, 9/14/24		107,269		106,315
Bank of Nova Scotia
0.70%, 4/15/24		7,000		6,906
Federation des Caisses Desjardins du Quebec
0.70%, 5/21/24 (b)		3,583		3,516
Royal Bank of Canada, MTN
5.66%, 10/25/24		37,641		37,748
Sumitomo Mitsui Trust Bank Ltd.
0.85%, 3/25/24 (b)		11,353		11,238
UBS AG London
1.38%, 1/13/25 (b)		12,000		11,539
				182,113
Total Corporate Bonds (Cost $365,630)				367,262
Floating Rate Notes (c) (35.9%)
Automobile (2.4%)
American Honda Finance Corp.,
MTN
SOFR + 0.70%, 6.10%, 11/22/24		123,620		123,833
General Motors Financial Co., Inc.,
SOFR + 0.62%, 6.08%, 10/15/24		2,506		2,502
Toyota Motor Credit Corp.,
MTN
SOFR + 0.50%, 5.89%, 12/9/24		150,000		150,136
				276,471
Diversified Financial Services (4.0%)
Caterpillar Financial Services,
MTN
SOFR + 0.45%, 5.86%, 1/6/25		300,000		300,150
Mizuho Markets Cayman LP,
MTN
SOFR + 0.55%, 5.95%, 9/23/24		75,000		75,026
SOFR + 0.60%, 6.01%, 3/20/24 (b)		75,000		75,071
				450,247
Domestic Banks (3.6%)
Citibank NA,
SOFR + 0.60%, 5.99%, 10/29/24		90,000		90,135
SOFR + 0.68%, 6.07%, 6/12/24		55,000		55,104
Wells Fargo Bank NA,
SOFR + 0.60%, 5.99%, 11/1/24		150,000		150,227
SOFR + 0.65%, 6.05%, 7/3/24		114,500		114,724
				410,190

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
Floating Rate Notes (c) (cont'd)
Finance (1.9%)
American Express Co.,
SOFR + 0.72%, 6.17%, 5/3/24	$	11,961	$	11,969
Citigroup, Inc.,
SOFR + 0.69%, 6.14%, 10/30/24		127,414		127,501
J.P Morgan Securities LLC,
SOFR + 0.65%, 6.04%, 6/7/24 (b)		70,000		70,112
				209,582
International Banks (24.0%)
Banco Santander SA,
SOFR + 1.24%, 6.67%, 5/24/24		9,441		9,471
Bank of Montreal,
MTN
SOFR + 0.32%, 5.78%, 7/9/24		5,370		5,366
SOFR + 0.71%, 6.12%, 3/8/24		35,380		35,402
Bank of Nova Scotia,
MTN
SOFR + 0.96%, 6.37%, 3/11/24		15,361		15,374
Canadian Imperial Bank of Commerce,
SOFR + 0.66%, 5.99%, 6/7/24		140,000		140,296
SOFR + 0.70%, 6.03%, 4/5/24		165,000		165,291
Deutsche Bank AG NY,
SOFR + 0.57%, 5.96%, 9/16/24		250,000		250,248
Federation des Caisses Desjardins du Quebec,
SOFR + 0.43%, 5.86%, 5/21/24 (b)		5,000		4,998
Goldman Sachs Group, Inc.,
SOFR + 0.51%, 5.91%, 9/10/24		55,317		55,235
SOFR + 0.49%, 5.94%, 10/21/24		285,270		284,950
SOFR + 0.49%, 5.94%, 10/21/24		8,314		8,303
MTN
SOFR + 1.56%, 6.94%, 11/23/24		23,000		22,994
Macquarie Bank Ltd.,
SOFR + 0.52%, 5.91%, 8/2/24 (b)		85,000		85,100
SOFR + 0.53%, 5.92%, 7/25/24 (b)		200,000		200,251
Mizuho Bank Ltd.,
SOFR + 0.56%, 5.95%, 3/14/24		100,000		100,088
SOFR + 0.60%, 5.99%, 2/26/24		175,000		175,135
Natixis SA,
SOFR + 0.50%, 5.90%, 7/1/24		250,000		250,325
Nordea Bank AB,
SOFR + 0.50%, 5.90%, 3/18/24 (b)		40,000		40,032
Nordea Bank ABP (New York Branch),
SOFR + 0.50%, 5.90%, 3/12/24 - 3/18/24		125,000		125,097
SOFR + 0.51%, 5.91%, 3/15/24		50,000		50,040
Royal Bank of Canada,
MTN
SOFR + 0.30%, 5.75%, 1/19/24		1,045		1,045
Skandinaviska Enskilda Banken AB,
SOFR + 0.65%, 6.04%, 6/12/24 (b)		131,000		131,232
Societe Generale SA,
SOFR + 0.68%, 6.08%, 6/27/24 (b)		35,000		35,080
Sumitomo Mitsui Banking Corp.,
SOFR + 0.58%, 5.98%, 2/23/24		18,000		18,012
SOFR + 0.70%, 6.10%, 6/6/24		100,000		100,194
Svenska Handelsbanken AB,
SOFR + 0.67%, 6.06%, 4/5/24		183,000		183,278
Toronto-Dominion Bank,
SOFR + 0.35%, 5.76%, 9/10/24		2,309		2,310
SOFR + 0.91%, 6.32%, 3/8/24		25,189		25,219
MTN
SOFR + 0.36%, 5.77%, 3/4/24		41,413		41,403
UBS AG London,
5.77%, 6/5/24 (b)		150,000		150,039
				2,711,808
Total Floating Rate Notes (Cost $4,053,382)				4,058,298
Repurchase Agreements (15.2%)
Bank of America Securities, Inc., (5.82% (c), dated 10/27/23, due 3/28/24; proceeds $230,565; fully collateralized by various Common Stocks and Prederred Stocks; valued at $236,250) (Demand 1/2/24) (d)		225,000		225,000
BMO Capital Markets Corp., (5.42%, dated 12/29/23, due 1/2/24; proceeds $1,001; fully collateralized by a Corporate Bond, 2.50% due 1/9/25; valued at $1,050)		1,000		1,000
BNP Paribas SA, (5.53% (c), dated 6/29/22, due 1/5/24; proceeds $249,608; fully collateralized by various Corporate Bonds, 3.15% - 10.88% due 2/1/25 - 12/31/79; valued at $243,954) (Demand 1/2/24) (d)		230,000		230,000
Citigroup Global Markets, Inc., (6.03% (c), dated 11/14/22, due 4/2/24; proceeds $216,918; fully collateralized by various Corporate Bonds, 2.65% - 13.38% due 4/1/24 - 7/15/48; valued at $212,002) (Demand 1/2/24) (d)		200,000		200,000
ING Financial Markets LLC, (5.40%, dated 12/29/23, due 1/2/24; proceeds $5,003; fully collateralized by various Corporate Bonds, 3.30% - 6.00% due 11/15/24 - 12/31/79; valued at $5,250)		5,000		5,000
JP Morgan Securities LLC, (5.57% (c), dated 11/17/21, due 1/5/24; proceeds $78,437; fully collateralized by various Convertable Bonds 0.00% - 3.88% due 1/15/24 - 3/15/26; Common Stocks and Preferred Stocks; valued at $75,494) (Demand 1/2/24) (d)		70,000		70,000
JP Morgan Securities LLC, (5.77% (c), dated 1/5/23, due 3/28/24; proceeds $310,823; fully collateralized by various Corporate Bonds, 2.40% - 11.75% due 1/27/25 - 6/4/81; valued at $308,977) (Demand 1/2/24) (d)		290,000		290,000
JP Morgan Securities LLC, (5.74% (c), dated 12/18/23, due 3/28/24; proceeds $101,610; fully collateralized by various Corporate Bonds, 3.38% - 10.50% due 4/30/25 - 11/15/31; valued at $106,254) (Demand 1/2/24)		100,000		100,000

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
Mizuho Securities USA LLC, (5.70%, dated 12/15/23, due 3/14/24; proceeds $50,713; fully collateralized by a Corporate Bond, 11% due 9/15/26; valued at $53,000)	$	50,000	$	50,000
MUFG Securities Americas, Inc., (5.38%, dated 12/29/23, due 1/2/24; proceeds $284,170; fully collateralized by various Common Stocks; valued at $298,378) (d)		284,000		284,000
MUFG Securities Americas, Inc., (5.37%, dated 12/29/23, due 1/2/24; proceeds $83,050; fully collateralized by various Corporate Bonds, 1.45% - 8.94% due 3/28/24 - 12/31/79; valued at $87,202)		83,000		83,000
Pershing LLC, (5.64%, dated 12/29/23, due 1/2/24; proceeds $25,016; fully collateralized by various Corporate Bonds, 3.00% - 11.50% due 2/1/24 - 12/31/79; valued at $26,406) (d)		25,000		25,000
Societe Generale SA, (5.47%, dated 12/29/23, due 1/2/24; proceeds $150,091; fully collateralized by various Corporate Bonds, 3.38% - 12.25% due 12/1/24 - 6/4/81; valued at $159,097) (d)		150,000		150,000
Total Repurchase Agreements (Cost $1,713,000)				1,713,000
Total Investments (99.6%) (Cost $11,227,753) (e)				11,241,699
Other Assets in Excess of Liabilities (0.4%)				49,093
Net Assets (100.0%)			$	11,290,792

‡	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 December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.
(d)	Perpetual - One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of December 31, 2023.
(e)	At December 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $14,793,000 and the aggregate gross unrealized depreciation is approximately $847,000, resulting in net unrealized appreciation of approximately $13,946,000.
MTN	Medium Term Note.
SOFR	Secured Overnight Financing Rate.

Portfolio Composition

Classification	Percentage of Total Investments
Floating Rate Notes	36.1	%
Commercial Paper	32.3
Repurchase Agreements	15.2
Certificates of Deposit	13.1
Other*	3.3
Total Investments	100.0	%

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

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 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 reputable brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from reputable brokers/dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-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 reputable 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 reputable 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 ("NAV") as of the close of each business day.

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

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2023 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

First Quarter Report — December 31, 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 December 31, 2023:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Core Plus Fixed Income
Assets:
Fixed Income Securities
Agency Fixed Rate Mortgages	$	—	$	112,333		$	—	$	112,333
Asset-Backed Securities		—		68,297			—		68,297
Collateralized Mortgage Obligations - Agency Collateral Series		—		2,095			—		2,095
Commercial Mortgage-Backed Securities		—		72,327			—		72,327
Corporate Bonds		—		135,732			—		135,732
Mortgages - Other		—		44,403			—		44,403
Municipal Bonds		—		4,574			—		4,574
Sovereign		—		5,385			—		5,385
Supranational		—		1,060			—		1,060
U.S. Treasury Securities		—		60,579			—		60,579
Total Fixed Income Securities		—		506,785			—		506,785
Short-Term Investments
Investment Company		56,448		—			—		56,448
U.S. Treasury Securities		—		46,905			—		46,905
Total Short-Term Investments		56,448		46,905			—		103,353
Foreign Currency Forward Exchange Contracts		—		944			—		944
Futures Contracts		5,915		—			—		5,915
Total Assets	$	62,363	$	554,634		$	—	$	616,997
Liabilities:
Foreign Currency Forward Exchange Contracts		—		(1,125	)		—		(1,125	)
Total	$	62,363	$	553,509		$	—	$	615,872

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 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 December 31, 2023:

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Corporate Bond
Assets:
Fixed Income Securities
Commercial Mortgage-Backed Securities	$	—		$	2,418		$	—	$	2,418
Corporate Bonds		—			108,436			—		108,436
Sovereign		—			281			—		281
Total Fixed Income Securities		—			111,135			—		111,135
Short-Term Investments
Investment Company		6,261			—			—		6,261
U.S. Treasury Security		—			1,836			—		1,836
Total Short-Term Investments		6,261			1,836			—		8,097
Foreign Currency Forward Exchange Contract		—			1			—		1
Futures Contracts		1,200			—			—		1,200
Total Assets	$	7,461		$	112,972		$	—	$	120,433
Liabilities:
Foreign Currency Forward Exchange Contract		—			(5	)		—		(5	)
Futures Contracts		(582	)		—			—		(582	)
Total Liabilities		(582	)		(5	)		—		(587	)
Total	$	6,879		$	112,967		$	—	$	119,846

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 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 December 31, 2023:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Discovery
Assets:
Common Stocks
Biotechnology	$	17,574	$	—	$	—	$	17,574
Broadline Retail		68,046		—		—		68,046
Chemicals		3,554		—		—		3,554
Entertainment		63,713		—		—		63,713
Financial Services		87,352		39,127		—		126,479
Ground Transportation		9,162		—		—		9,162
Health Care Equipment & Supplies		5,905		—		—		5,905
Health Care Providers & Services		36,609		—		—		36,609
Health Care Technology		16,173		—		—		16,173
Hotels, Restaurants & Leisure		70,503		—		—		70,503
Information Technology Services		132,971		—		—		132,971
Leisure Products		16,775		—		—		16,775
Life Sciences Tools & Services		15,867		—		—		15,867
Media		55,884		—		—		55,884
Pharmaceuticals		42,114		—		—		42,114
Software		204,371		—		—		204,371
Specialty Retail		55,775		—		—		55,775
Total Common Stocks		902,348		39,127		—		941,475
Preferred Stock
Software		—		—		30,899		30,899
Investment Company		26,450		—		—		26,450
Warrants		21		—		—		21
Call Options Purchased		—		502		—		502
Short-Term Investments
Investment Company		18,916		—		—		18,916
Repurchase Agreements		—		222		—		222
Total Short-Term Investments		18,916		222		—		19,138
Total Assets	$	947,735	$	39,851	$	30,899	$	1,018,485

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 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:

Discovery	Preferred Stock (000)
Beginning Balance	$	31,817
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		(918	)
Realized gains (losses)		—
Ending Balance	$	30,899
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2023	$	(918	)

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

Discovery	Fair Value at December 31, 2023 (000)		Valuation Technique	Unobservable Input	Amount		Impact to Valuation from an Increase in Input*
Preferred Stock	$	30,899	Market Transaction Method	Transaction Price		$71.38	Increase

* 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

First Quarter Report — December 31, 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 December 31, 2023:

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Dynamic Value
Assets:
Common Stocks	$	125,379	(1)	$	—		$	—	$	125,379
Short-Term Investment
Investment Company		6,683			—			—		6,683
Total Return Swap Agreement		—			2,894			—		2,894
Total Assets	$	132,062		$	2,894		$	—	$	134,956
Liabilities:
Total Return Swap Agreement		—			(2,408	)		—		(2,408	)
Total	$	132,062		$	486		$	—	$	132,548

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

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 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 December 31, 2023:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)			Total (000)
Global Strategist
Assets:
Fixed Income Securities
Agency Fixed Rate Mortgages	$	—	$	21,492		$	—		$	21,492
Asset-Backed Securities		—		2,761			—			2,761
Commercial Mortgage-Backed Securities		—		2,652			—			2,652
Corporate Bonds		—		50,712			—			50,712
Mortgages - Other		—		6,188			—			6,188
Municipal Bond		—		270			—			270
Sovereign		—		125,659			—			125,659
Supranational		—		3,965			—			3,965
U.S. Treasury Securities		—		35,877			—			35,877
Total Fixed Income Securities		—		249,576			—			249,576
Common Stocks
Aerospace & Defense		2,387		1,090			—			3,477
Air Freight & Logistics		812		161			—			973
Automobile Components		200		166			—			366
Automobiles		2,372		1,219			—			3,591
Banks		8,910		14,454			—			23,364
Beverages		2,376		892			—			3,268
Biotechnology		2,591		747			—			3,338
Broadline Retail		4,409		494			—			4,903
Building Products		720		548			—			1,268
Capital Markets		4,757		1,279			—			6,036
Chemicals		2,067		1,924			—			3,991
Commercial Services & Supplies		908		179			—			1,087
Communications Equipment		954		175			—			1,129
Construction & Engineering		251		559			—			810
Construction Materials		170		586			—			756
Consumer Finance		616		—			—			616
Consumer Staples Distribution & Retail		2,689		744			—			3,433
Containers & Packaging		310		84			—			394
Distributors		136		21			—			157
Diversified Consumer Services		—		57			—			57
Diversified REITs		39		138			—			177
Diversified Telecommunication Services		1,210		1,508			—			2,718
Electric Utilities		2,309		1,543			—			3,852
Electrical Equipment		862		1,140			—			2,002
Electronic Equipment, Instruments & Components		887		—			—			887
Energy Equipment & Services		402		40			—	†		442	†
Entertainment		1,673		23			—			1,696
Financial Services		4,480		777			—			5,257
Food Products		1,195		2,251			—			3,446
Gas Utilities		91		199			—			290
Ground Transportation		2,078		52			—			2,130
Health Care Equipment & Supplies		3,193		1,010			—			4,203
Health Care Providers & Services		3,347		231			—			3,578
Health Care REITs		219		—			—			219
Health Care Technology		86		1			—			87
Hotel & Resort REITs		38		—			—			38
Hotels, Restaurants & Leisure		2,910		974	†		—			3,884	†
Household Durables		417		143			—			560
Household Products		1,740		187			—			1,927
Independent Power & Renewable Electricity Producers		136		228			—			364

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 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)
Industrial Conglomerates	$	949	$	980		$	—		$	1,929
Industrial REITs		348		299			—			647
Information Technology Services		2,422		181			—			2,603
Insurance		4,282		2,387			—			6,669
Interactive Media & Services		6,776		188			—			6,964
Investment Company		—		—	†		—			—	†
Leisure Products		31		—			—			31
Life Sciences Tools & Services		1,860		300			—			2,160
Machinery		2,536		1,141			—			3,677
Marine Transportation		—		171			—			171
Media		924		260			—			1,184
Metals & Mining		1,488		2,384	†		—			3,872	†
Multi-Utilities		940		810			—			1,750
Office REITs		90		55			—			145
Oil, Gas & Consumable Fuels		7,609		1,680			—			9,289
Paper & Forest Products		24		251			—			275
Passenger Airlines		42		75			—			117
Personal Care Products		834		802			—			1,636
Pharmaceuticals		8,408		2,512			—			10,920
Professional Services		1,614		475			—			2,089
Real Estate Management & Development		239		599			—			838
Residential REITs		479		—			—			479
Retail REITs		327		274			—			601
Semiconductors & Semiconductor Equipment		9,577		1,854			—			11,431
Software		14,196		451			—			14,647
Specialized REITs		1,324		—			—			1,324
Specialty Retail		2,355		389			—			2,744
Tech Hardware, Storage & Peripherals		8,869		76			—			8,945
Textiles, Apparel & Luxury Goods		1,974		1,020			—			2,994
Tobacco		927		99			—			1,026
Trading Companies & Distributors		579		374			—			953
Transportation Infrastructure		—		301			—			301
Water Utilities		120		102			—			222
Wireless Telecommunication Services		434		273			—			707
Total Common Stocks		147,524		56,587	†		—	†		204,111	†
Right		—		—	@		—			—	@
Warrants		—		1			—			1
Short-Term Investments
Commercial Paper		—		6,165			—			6,165
Investment Company		83,391		—			—			83,391
U.S. Treasury Securities		—		15,698			—			15,698
Total Short-Term Investments		83,391		21,863			—			105,254
Foreign Currency Forward Exchange Contracts		—		1,467			—			1,467
Futures Contracts		1,758		—			—			1,758
Interest Rate Swap Agreements		—		369			—			369
Total Return Swap Agreements		—		12,260			—			12,260
Total Assets	$	232,673	$	342,123	†	$	—	†	$	574,796	†

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 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	$	—		$	(1,191	)	$	—		$	(1,191	)
Futures Contracts		(1,440	)		—			—			(1,440	)
Total Return Swap Agreements		—			(4,897	)		—			(4,897	)
Total Liabilities		(1,440	)		(6,088	)		—			(7,528	)
Total	$	231,233		$	336,035	†	$	—	†	$	567,268	†

† Includes one or more securities valued at zero.

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

Global Strategist	Common Stock (000)
Beginning Balance	$	—	†
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		—
Realized gains (losses)		—
Ending Balance	$	—	†
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2023	$	—

† Includes a security valued at zero.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 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 December 31, 2023:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
High Yield
Assets:
Fixed Income Securities
Corporate Bonds	$	—	$	106,122		$	—	$	106,122
Variable Rate Senior Loan Interests		—		2,023			—		2,023
Total Fixed Income Securities		—		108,145			—		108,145
Common Stocks
Automobile Components		—		—	†		—		—	†
Diversified REITs		—		3			—		3
Machinery		—		—			75		75
Semiconductors & Semiconductor Equipment		—		13			—		13
Total Common Stocks		—		16	†		75		91	†
Short-Term Investment
Investment Company		1,262		—			—		1,262
Total Assets	$	1,262	$	108,161	†	$	75	$	109,498	†

† Includes a security valued at zero.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 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:

High Yield	Common Stock (000)
Beginning Balance	$	72
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		3
Realized gains (losses)		—
Ending Balance	$	75
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2023	$	3

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

High Yield	Fair Value at December 31, 2023 (000)		Valuation Technique	Unobservable Input	Amount*		Impact to Valuation from an Increase in Input**
Common Stock	$	75	Market Comparable Companies	Enterprise Value/EBITDA		2.7x	Increase
				Enterprise Value/Revenue		0.32x	Increase
				Discount for Lack of Marketability		30.0%	Decrease

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

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 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 December 31, 2023:

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Short Duration Income
Assets:
Fixed Income Securities
Agency Adjustable Rate Mortgages	$	—		$	404	$	—	$	404
Agency Fixed Rate Mortgages		—			335		—		335
Asset-Backed Securities		—			53,297		—		53,297
Collateralized Mortgage Obligations - Agency Collateral Series		—			739		—		739
Commercial Mortgage-Backed Securities		—			21,116		—		21,116
Corporate Bonds		—			224,548		—		224,548
Mortgages - Other		—			35,090		—		35,090
Sovereign		—			3,212		—		3,212
Total Fixed Income Securities		—			338,741		—		338,741
Short-Term Investments
Investment Company		15,166			—		—		15,166
U.S. Treasury Security		—			1,507		—		1,507
Total Short-Term Investments		15,166			1,507		—		16,673
Future Contract		1,210			—		—		1,210
Total Assets	$	16,376		$	340,248	$	—	$	356,624
Liabilities:
Futures Contracts		(799	)		—		—		(799	)
Total	$	15,577		$	340,248	$	—	$	355,825

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

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Short Duration Municipal Income
Assets:
Municipal Bonds	$	—	$	141,217	$	—	$	141,217
Total Assets	$	—	$	141,217	$	—	$	141,217

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 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 December 31, 2023:

Investment Type	Level 1 Unadjusted Quoted Prices (000)		Level 2 Other Significant Observable Inputs (000)		Level 3 Significant Unobservable Inputs (000)		Total (000)
Ultra-Short Income
Assets:
Certificates of Deposit	$	—	$	1,466,831	$	—	$	1,466,831
Commercial Paper		—		3,636,308		—		3,636,308
Corporate Bonds		—		367,262		—		367,262
Floating Rate Notes		—		4,058,298		—		4,058,298
Repurchase Agreements		—		1,713,000		—		1,713,000
Total Assets	$	—	$	11,241,699	$	—	$	11,241,699

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