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 (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 (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.