Morgan Stanley Institutional Fund Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-03980

Morgan Stanley Institutional Fund Trust
(Exact name of registrant as specified in charter)

522 Fifth Avenue, New York, New York					10036
(Address of principal executive offices)					(Zip code)

John H. Gernon 522 Fifth Avenue, New York, New York 10036
(Name and address of agent for service)

Registrant’s telephone number, including area code:				212-296-0289

Date of fiscal year end:	September 30,

Date of reporting period:		March 31, 2015

Item 1 - Report to Shareholders

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Core Fixed Income Portfolio

Semi-Annual Report

March 31, 2015

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					9
Statement of Operations					11
Statements of Changes in Net Assets					12
Financial Highlights					13
Notes to Financial Statements					16
U.S. Privacy Policy					25
Trustee and Officer Information					28

This report is authorized for distribution only when preceded or accompanied by prospectuses of the Morgan Stanley Institutional Fund Trust. To receive a prospectus and/or statement of additional information (SAI), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations, and describes in detail each of the Portfolio's investment policies to the prospective investor, please call toll free 1 (800) 548-7786. Please read the prospectuses carefully before you invest or send money.

Additionally, you can access portfolio information including performance, characteristics, and investment team commentary through Morgan Stanley Investment Management's website: www.morganstanley.com/im.

There is no assurance that a Portfolio will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that market values of securities owned by the Portfolio will decline and, therefore, the value of the Portfolio's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Portfolio. Please see the prospectus for more complete information on investment risks.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Semi-Annual report, in which you will learn how your investment in Core Fixed Income Portfolio (the "Portfolio") performed during the latest six-month period.

Morgan Stanley Investment Management is a client-centric, investor-led organization. Our global presence, intellectual capital, and breadth of products and services enable us to partner with investors to meet the evolving challenges of today's financial markets. We aim to deliver superior investment service and to empower our clients to make the informed decisions that help them reach their investment goals.

As always, we thank you for selecting Morgan Stanley Investment Management, and look forward to working with you in the months and years ahead.

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2015

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Expense Example (unaudited)

Core Fixed Income Portfolio

As a shareholder of the Portfolio, you may incur two types of costs: (1) transactional costs, including sales charge (loads) on purchase payments; and (2) ongoing costs, including advisory fees, administration fees, distribution and shareholder services fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2015 and held for the entire six-month period.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads, if applicable). Therefore, the information for each class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 10/1/14		Actual Ending Account Value 3/31/15		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Core Fixed Income Portfolio Class I	$	1,000.00	$	1,027.30	$	1,022.49	$	2.48	$	2.47		0.49	%
Core Fixed Income Portfolio Class A		1,000.00		1,025.30		1,020.74		4.24		4.23		0.84
Core Fixed Income Portfolio Class L		1,000.00		1,023.70		1,019.45		5.55		5.54		1.10

* Expenses are calculated using each Portfolio Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period, and multiplied by 182/365 (to reflect the most recent one-half year period).

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments

Core Fixed Income Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (92.0%)
Agency Fixed Rate Mortgages (28.0%)
Federal Home Loan Mortgage Corporation,
Gold Pools:
4.00%, 12/1/41	$	185	$	199
6.00%, 5/1/37 - 11/1/37		64		73
7.50%, 5/1/35		35		43
8.00%, 8/1/32		20		26
8.50%, 8/1/31		31		38
Federal National Mortgage Association,
April TBA:
3.50%, 4/1/45 (a)		850		893
Conventional Pools:
3.50%, 12/1/42		6		6
4.00%, 11/1/41 - 12/1/41		790		847
4.50%, 8/1/40 - 7/1/41		973		1,072
5.50%, 4/1/34 - 2/1/38		476		538
6.00%, 1/1/38		47		53
6.50%, 7/1/29 - 11/1/32		125		146
7.00%, 10/1/31 - 12/1/31		1		1
7.50%, 8/1/37		63		80
8.00%, 4/1/33		44		56
8.50%, 10/1/32		45		57
				4,128
Asset-Backed Securities (2.2%)
Chase Issuance Trust
1.59%, 2/18/20		200		202
CVS Pass-Through Trust
6.04%, 12/10/28		103		122
				324
Collateralized Mortgage Obligations — Agency Collateral Series (3.7%)
Federal National Mortgage Association,
IO
6.22%, 9/25/20 (b)		298		62
IO REMIC
6.43%, 9/25/38 (b)		393		55
REMIC
9.26%, 10/25/41 (b)(c)		53		55
Government National Mortgage Association,
IO
0.83%, 8/20/58 (b)		2,715		79
3.50%, 5/20/43		544		103
5.00%, 2/16/41		102		19
5.93%, 8/16/42 (b)		510		95
5.97%, 6/20/43 (b)		524		83
				551
Corporate Bonds (37.2%)
Finance (18.5%)
Abbey National Treasury Services PLC
3.05%, 8/23/18		120		125
ACE INA Holdings, Inc.
3.35%, 5/15/24 (d)		100		104

	Face Amount (000)		Value (000)
Aegon N.V.
4.63%, 12/1/15	$	75	$	77
American International Group, Inc.
4.88%, 6/1/22		75		85
AvalonBay Communities, Inc.
2.95%, 9/15/22		75		75
Bank of America Corp.,
MTN
4.00%, 1/22/25		80		81
4.20%, 8/26/24		25		26
4.25%, 10/22/26		23		24
5.00%, 1/21/44 (d)		20		23
Bank of New York Mellon Corp. (The)
3.65%, 2/4/24 (d)		100		107
BNP Paribas SA
5.00%, 1/15/21		60		68
Boston Properties LP,
3.80%, 2/1/24		10		11
3.85%, 2/1/23		100		106
Brookfield Asset Management, Inc.
5.80%, 4/25/17		50		54
Capital One Financial Corp.
2.45%, 4/24/19 (d)		25		25
Citigroup, Inc.,
5.50%, 9/13/25		50		57
6.68%, 9/13/43		20		27
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
3.88%, 2/8/22		75		81
Credit Suisse
6.00%, 2/15/18		60		67
Discover Financial Services
3.95%, 11/6/24		25		26
ERP Operating LP
3.00%, 4/15/23		55		55
General Electric Capital Corp.,
MTN
5.88%, 1/14/38		25		32
Series G
6.00%, 8/7/19 (d)		115		135
Goldman Sachs Group, Inc. (The)
6.75%, 10/1/37		55		72
Hartford Financial Services Group, Inc.
5.50%, 3/30/20		85		98
HSBC Finance Corp.
6.68%, 1/15/21		100		119
HSBC USA, Inc.
3.50%, 6/23/24		100		105
JPMorgan Chase & Co.
3.20%, 1/25/23		95		97
Liberty Mutual Group, Inc.
4.85%, 8/1/44 (e)		25		27
Pacific LifeCorp
6.00%, 2/10/20 (e)		50		57

The accompanying notes are an integral part of the financial statements.
4

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Core Fixed Income Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
PNC Financial Services Group, Inc. (The)
3.90%, 4/29/24	$	60	$	63
Principal Financial Group, Inc.
8.88%, 5/15/19		100		126
Realty Income Corp.
4.65%, 8/1/23		50		55
Royal Bank of Scotland Group PLC
2.55%, 9/18/15		120		121
State Street Corp.
3.10%, 5/15/23		60		61
TD Ameritrade Holding Corp.
3.63%, 4/1/25 (d)		25		26
UnitedHealth Group, Inc.
2.88%, 3/15/23		125		128
Wells Fargo & Co.,
Series M
3.45%, 2/13/23		100		102
				2,728
Industrials (16.8%)
21st Century Fox America, Inc.
4.75%, 9/15/44 (d)		50		56
Actavis Funding SCS,
3.80%, 3/15/25		5		5
4.75%, 3/15/45		25		27
Altera Corp.
2.50%, 11/15/18		100		103
Altria Group, Inc.,
2.85%, 8/9/22 (d)		55		55
5.38%, 1/31/44		5		6
Amazon.com, Inc.
1.20%, 11/29/17 (d)		100		100
Amgen, Inc.
5.15%, 11/15/41		25		29
Anadarko Petroleum Corp.
6.45%, 9/15/36		50		62
Apple, Inc.
3.85%, 5/4/43		25		25
Barrick Gold Corp.
4.10%, 5/1/23		50		49
Becton Dickinson and Co.
3.73%, 12/15/24		35		37
BHP Billiton Finance USA Ltd.
5.00%, 9/30/43		25		29
BP Capital Markets PLC,
3.25%, 5/6/22		50		52
3.51%, 3/17/25 (d)		25		26
Caterpillar, Inc.
3.80%, 8/15/42 (d)		25		25
Coca-Cola Co.
3.20%, 11/1/23 (d)		50		52
DirecTV Holdings LLC/DIRECTV Financing Co., Inc.
5.15%, 3/15/42		25		26

	Face Amount (000)		Value (000)
Ensco PLC
5.75%, 10/1/44 (d)	$	25	$	24
Freeport-McMoRan, Inc.
3.88%, 3/15/23		20		19
Gilead Sciences, Inc.
4.80%, 4/1/44		25		29
Goldcorp, Inc.
3.70%, 3/15/23 (d)		37		37
Home Depot, Inc.
5.88%, 12/16/36		50		66
Kinder Morgan, Inc.,
4.30%, 6/1/25 (d)		25		26
5.55%, 6/1/45		25		26
LyondellBasell Industries N.V.
4.63%, 2/26/55		25		25
Merck & Co., Inc.
2.80%, 5/18/23 (d)		50		51
Motorola Solutions, Inc.
4.00%, 9/1/24 (d)		25		26
NBC Universal Media LLC
5.95%, 4/1/41		25		33
Noble Energy, Inc.
5.05%, 11/15/44 (d)		25		26
Omnicom Group, Inc.
3.65%, 11/1/24		15		16
Oracle Corp.
3.40%, 7/8/24		25		26
Penske Truck Leasing Co., LP/PTL Finance Corp.
3.38%, 2/1/22 (d)(e)		25		25
PepsiCo, Inc.
3.60%, 3/1/24 (d)		50		53
Phillips 66 Partners LP
4.68%, 2/15/45		25		25
Quest Diagnostics, Inc.
2.70%, 4/1/19		250		255
Sanofi
4.00%, 3/29/21		60		66
Spectra Energy Capital LLC
3.30%, 3/15/23 (d)		25		24
Telstra Corp., Ltd.
3.13%, 4/7/25		25		25
Tiffany & Co.
4.90%, 10/1/44 (e)		25		26
Time Warner Cable, Inc.
4.50%, 9/15/42 (d)		25		26
Toyota Motor Credit Corp.
2.75%, 5/17/21		50		52
Tyson Foods, Inc.
3.95%, 8/15/24		5		5
United Airlines Pass-Through Trust,
Series A
3.75%, 3/3/28 (d)		25		26
4.00%, 10/11/27 (d)		100		105

The accompanying notes are an integral part of the financial statements.
5

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Core Fixed Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Verizon Communications, Inc.,
4.67%, 3/15/55 (e)	$	65	$	64
5.01%, 8/21/54		55		57
6.55%, 9/15/43		7		9
Volkswagen International Finance N.V.
2.38%, 3/22/17 (e)		115		118
Wesfarmers Ltd.,
1.87%, 3/20/18 (e)		55		55
2.98%, 5/18/16 (e)		85		87
Yum! Brands, Inc.
3.88%, 11/1/20		175		187
				2,484
Utilities (1.9%)
Buckeye Partners LP
4.15%, 7/1/23		75		74
EnLink Midstream Partners LP
2.70%, 4/1/19		50		50
Jersey Central Power & Light Co.
4.70%, 4/1/24 (d)(e)		75		82
PPL WEM Holdings Ltd.
3.90%, 5/1/16 (e)		75		77
				283
				5,495
Sovereign (1.4%)
Credit Mutuel - CIC Home Loan SFH
1.50%, 11/16/17 (e)		200		201
U.S. Treasury Securities (19.5%)
U.S. Treasury Bonds,
2.75%, 11/15/42		425		442
3.00%, 5/15/42		405		442
U.S. Treasury Inflation Indexed Bond
0.25%, 1/15/25		373		376
U.S. Treasury Notes,
0.63%, 8/15/16		600		602
1.50%, 5/31/19		1,000		1,011
				2,873
Total Fixed Income Securities (Cost $12,963)				13,572
	Shares
Short-Term Investments (15.5%)
Securities held as Collateral on Loaned Securities (7.3%)
Investment Company (5.8%)
Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class (See Note G)		852,025		852

	Face Amount (000)		Value (000)
Repurchase Agreements (1.5%)
Barclays Capital, Inc., (0.15%, dated 3/31/15, due 4/1/15; proceeds $64; fully collateralized by a U.S. Government obligation; 4.38% due 5/15/41; valued at $66)	$	64	$	64
Merrill Lynch & Co., Inc., (0.18%, dated 3/31/15, due 4/1/15; proceeds $161; fully collateralized by various Common Stocks and Convertible Preferred Stocks; valued at $174)		161		161
				225
Total Securities held as Collateral on Loaned Securities (Cost $1,077)				1,077
	Shares
Investment Company (2.2%)
Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class (See Note G) (Cost $318)		317,727		318
	Face Amount (000)
U.S. Treasury Securities (6.0%)
U.S. Treasury Bills,
0.02%, 6/18/15 (f)(g)	$	48		48
0.07%, 6/18/15 (f)(g)		96		96
U.S. Treasury Note,
0.25%, 7/31/15		750		750
Total U.S. Treasury Securities (Cost $894)				894
Total Short-Term Investments (Cost $2,289)				2,289
Total Investments (107.5%) (Cost $15,252) Including $1,198 of Securities Loaned (h)				15,861
Liabilities in Excess of Other Assets (-7.5%)				(1,100	)
Net Assets (100.0%)			$	14,761

(a) Security is subject to delayed delivery.

(b) Variable/Floating Rate Security — Interest rate changes on these instruments are based on changes in a designated base rate. The rates shown are those in effect on March 31, 2015.

(c) Inverse Floating Rate Security — Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at March 31, 2015.

(d) All or a portion of this security was on loan at March 31, 2015.

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

(f) Rate shown is the yield to maturity at March 31, 2015.

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

(h) Securities are available for collateral in connection with securities purchased on a forward commitment basis, open futures contracts and swap agreements.

IO Interest Only.

MTN Medium Term Note.

REMIC Real Estate Mortgage Investment Conduit.

TBA To Be Announced.

The accompanying notes are an integral part of the financial statements.
6

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Core Fixed Income Portfolio

Futures Contracts:

The Portfolio had the following futures contracts open at March 31, 2015:

	Number of Contracts		Value (000)			Expiration Date	Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 2 yr. Note		1	$	219		Jun-15	$	1
U.S. Treasury 5 yr. Note		18		2,164		Jun-15		11
U.S. Treasury Ultra Bond		1		170		Jun-15		(—	@)
Short:
U.S. Treasury 10 yr. Note		4		(515	)	Jun-15		(6	)
							$	6

Credit Default Swap Agreements:

The Portfolio had the following credit default swap agreements open at March 31, 2015:

Swap Counterparty and Reference Obligation	Buy/Sell Protection	Notional Amount (000)		Pay/Receive Fixed Rate			Termination Date	Upfront Payment Paid (Received) (000)			Unrealized Depreciation (000)			Value (000)			Credit Rating of Reference Obligation†
Barclays Bank PLC Quest Diagnostics, Inc.	Buy	$	250		1.00	%	3/20/19	$	5		$	(9	)	$	(4	)	BBB+
Barclays Bank PLC Yum! Brands, Inc.	Buy		250		1.00		12/20/18		(5	)		(2	)		(7	)	BBB
		$	500					$	—	@	$	(11	)	$	(11	)

Interest Rate Swap Agreements:

The Portfolio had the following interest rate swap agreements open at March 31, 2015:

Swap Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate			Termination Date	Notional Amount (000)		Unrealized Appreciation (Depreciation) (000)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Receive		1.26	%	3/9/18	$	4,000	$	(22	)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Receive		1.73		3/9/20		1,100		(12	)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Pay		2.29		12/24/24		350		10
									$	(24	)

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

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

@ Value is less than $500.

LIBOR London Interbank Offered Rate.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Core Fixed Income Portfolio

Portfolio Composition**

Classification	Percentage of Total Investments
Agency Fixed Rate Mortgages		27.9	%
U.S. Treasury Securities		19.4
Finance		18.5
Industrials		16.8
Other***		9.2
Short-Term Investments		8.2
Total Investments		100.0	%****

** Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2015.

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

**** Does not include open long/short futures contracts with an underlying face amount of approximately $3,068,000 with net unrealized appreciation of approximately $6,000. Does not include open swap agreements with net unrealized depreciation of approximately $35,000.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Core Fixed Income Portfolio

Statement of Assets and Liabilities	March 31, 2015 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $14,082)	$	14,691
Investment in Security of Affiliated Issuer, at Value (Cost $1,170)		1,170
Total Investments in Securities, at Value (Cost $15,252)		15,861
Cash		36
Receivable for Investments Sold		917
Interest Receivable		89
Due from Adviser		47
Premium Paid on Open Swap Agreements		5
Receivable for Variation Margin on Futures Contracts		3
Receivable from Affiliate		—	@
Other Assets		29
Total Assets		16,987
Liabilities:
Collateral on Securities Loaned, at Value		1,113
Payable for Investments Purchased		917
Payable for Sub Transfer Agency Fees — Class I		54
Payable for Sub Transfer Agency Fees — Class A		1
Payable for Professional Fees		52
Unrealized Depreciation on Swap Agreements		11
Payable for Portfolio Shares Redeemed		11
Payable for Custodian Fees		8
Payable for Trustees' Fees and Expenses		7
Premium Received on Open Swap Agreements		5
Payable for Variation Margin on Swap Agreements		5
Payable for Administration Fees		1
Payable for Transfer Agency Fees — Class I		—	@
Payable for Transfer Agency Fees — Class A		—	@
Payable for Transfer Agency Fees — Class L		—	@
Payable for Shareholder Services Fees — Class A		—	@
Payable for Distribution and Shareholder Services Fees — Class L		—	@
Other Liabilities		41
Total Liabilities		2,226
Net Assets	$	14,761
Net Assets Consist Of:
Paid-in-Capital	$	50,620
Accumulated Undistributed Net Investment Income		270
Accumulated Net Realized Loss		(36,709	)
Unrealized Appreciation (Depreciation) on:
Investments		609
Futures Contracts		6
Swap Agreements		(35	)
Net Assets	$	14,761

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Core Fixed Income Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2015 (000)
CLASS I:
Net Assets	$	14,320
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,393,088
Net Asset Value, Offering and Redemption Price Per Share	$	10.28
CLASS A:
Net Assets	$	390
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		37,636
Net Asset Value, Redemption Price Per Share	$	10.35
Maximum Sales Load		4.25	%
Maximum Sales Charge	$	0.46
Maximum Offering Price Per Share	$	10.81
CLASS L:
Net Assets	$	51
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		4,925
Net Asset Value, Offering and Redemption Price Per Share	$	10.33
⁽¹⁾ Including: Securities on Loan, at Value:	$	1,198

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Core Fixed Income Portfolio

Statement of Operations	Six Months Ended March 31, 2015 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	228
Income from Securities Loaned — Net		1
Dividends from Security of Affiliated Issuer (Note G)		—	@
Total Investment Income		229
Expenses:
Professional Fees		54
Advisory Fees (Note B)		27
Registration Fees		19
Shareholder Reporting Fees		17
Custodian Fees (Note F)		15
Sub Transfer Agency Fees — Class I		11
Sub Transfer Agency Fees — Class A		—	@
Pricing Fees		10
Administration Fees (Note C)		6
Transfer Agency Fees — Class I (Note E)		1
Transfer Agency Fees — Class A (Note E)		1
Transfer Agency Fees — Class L (Note E)		1
Trustees' Fees and Expenses		1
Shareholder Services Fees — Class A (Note D)		—	@
Distribution and Shareholder Services Fees — Class L (Note D)		—	@
Other Expenses		9
Total Expenses		172
Expenses Reimbursed by Adviser (Note B)		(94	)
Waiver of Advisory Fees (Note B)		(27	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(12	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class L (Note B)		(1	)
Rebate from Morgan Stanley Affiliate (Note G)		(1	)
Net Expenses		36
Net Investment Income		193
Realized Gain (Loss):
Investments Sold		85
Futures Contracts		6
Swap Agreements		(49	)
Net Realized Gain		42
Change in Unrealized Appreciation (Depreciation):
Investments		197
Futures Contracts	��	8
Swap Agreements		(48	)
Net Change in Unrealized Appreciation (Depreciation)		157
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		199
Net Increase in Net Assets Resulting from Operations	$	392

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Core Fixed Income Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2015 (unaudited) (000)			Year Ended September 30, 2014 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	193		$	1,046
Net Realized Gain		42			891
Net Change in Unrealized Appreciation (Depreciation)		157			145
Net Increase in Net Assets Resulting from Operations		392			2,082
Distributions from and/or in Excess of:
Class I:
Net Investment Income		(275	)		(1,206	)
Class A:
Net Investment Income		(4	)		(12	)
Class L:
Net Investment Income		(—	@)		(—	@)
Total Distributions		(279	)		(1,218	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		280			11,931
Distributions Reinvested		84			1,125
Redeemed		(503	)		(48,180	)
Class A:
Subscribed		254			100
Distributions Reinvested		3			12
Redeemed		(14	)		(497	)
Class L:
Subscribed		45			33
Distributions Reinvested		—	@		—	@
Redeemed		(4	)		(33	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		145			(35,509	)
Total Increase (Decrease) in Net Assets		258			(34,645	)
Net Assets:
Beginning of Period		14,503			49,148
End of Period (Including Accumulated Undistributed Net Investment Income of $270 and $356)	$	14,761		$	14,503
(1) Capital Share Transactions:
Class I:
Shares Subscribed		27			1,176
Shares Issued on Distributions Reinvested		8			113
Shares Redeemed		(49	)		(4,736	)
Net Decrease in Class I Shares Outstanding		(14	)		(3,447	)
Class A:
Shares Subscribed		25			11
Shares Issued on Distributions Reinvested		—	@@		1
Shares Redeemed		(1	)		(49	)
Net Increase (Decrease) in Class A Shares Outstanding		24			(37	)
Class L:
Shares Subscribed		4			3
Shares Issued on Distributions Reinvested		—	@@		—	@@
Shares Redeemed		(—	@@)		(3	)
Net Increase (Decrease) in Class L Shares Outstanding		4			(—	@@)

@ Amount is less than $500.

@@ Amount is less than 500 shares.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Core Fixed Income Portfolio

	Class I
	Six Months Ended March 31, 2015			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	10.20		$	10.02		$	10.50		$	10.08		$	9.96		$	9.49
Income (Loss) from Investment Operations:
Net Investment Income†		0.22			0.28			0.26			0.29			0.34			0.34
Net Realized and Unrealized Gain (Loss)		0.05			0.21			(0.42	)		0.48			0.08			0.45
Total from Investment Operations		0.27			0.49			(0.16	)		0.77			0.42			0.79
Distributions from and/or in Excess of:
Net Investment Income		(0.19	)		(0.31	)		(0.32	)		(0.35	)		(0.30	)		(0.32	)
Net Asset Value, End of Period	$	10.28		$	10.20		$	10.02		$	10.50		$	10.08		$	9.96
Total Return++		2.73	%#		4.97	%		(1.57	)%		7.83	%		4.34	%		8.57	%
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	14,320		$	14,350		$	48,620		$	57,013		$	63,866		$	75,651
Ratio of Expenses to Average Net Assets ⁽¹⁾		0.49	%+*		0.49	%+		0.49	%+		0.49	%+		0.50	%+		0.50	%+
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		2.66	%+*		2.81	%+		2.57	%+		2.80	%+		3.43	%+		3.58	%+
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.01	%*		0.01	%		0.01	%		0.01	%		0.00	%§		0.00	%§
Portfolio Turnover Rate		30	%#		172	%		187	%		216	%		234	%		261	%
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		2.33	%*		1.47	%		1.16	%		0.97	%		0.99	%		0.67	%+
Net Investment Income to Average Net Assets		0.82	%*		1.83	%		1.90	%		2.32	%		2.94	%		3.41	%+

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value as of the last business day of the period.

+ The Ratios of Expenses and Net Investment Income reflect the rebate of certain Portfolio expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets."

§ Amount is less than 0.005%.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Core Fixed Income Portfolio

	Class A
	Six Months Ended March 31, 2015			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	10.27		$	10.07		$	10.56		$	10.14		$	10.01		$	9.53
Income (Loss) from Investment Operations:
Net Investment Income†		0.18			0.25			0.24			0.23			0.31			0.32
Net Realized and Unrealized Gain (Loss)		0.08			0.21			(0.43	)		0.52			0.09			0.46
Total from Investment Operations		0.26			0.46			(0.19	)		0.75			0.40			0.78
Distributions from and/or in Excess of:
Net Investment Income		(0.18	)		(0.26	)		(0.30	)		(0.33	)		(0.27	)		(0.30	)
Net Asset Value, End of Period	$	10.35		$	10.27		$	10.07		$	10.56		$	10.14		$	10.01
Total Return++		2.53	%#		4.61	%		(1.89	)%		7.55	%		4.11	%		8.47	%
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	390		$	143		$	518		$	330		$	44		$	209
Ratio of Expenses to Average Net Assets ⁽¹⁾		0.84	%+*		0.84	%+		0.75	%+^		0.74	%+		0.75	%+		0.75	%+
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		2.23	%+*		2.46	%+		2.32	%+^		2.25	%+		3.18	%+		3.33	%+
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.01	%*		0.01	%		0.01	%		0.01	%		0.00	%§		0.00	%§
Portfolio Turnover Rate		30	%#		172	%		187	%		216	%		234	%		261	%
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		3.28	%*		2.15	%		1.44	%		1.33	%		1.24	%		0.92	%+
Net Investment Income (Loss) to Average Net Assets		(0.21	)%*		1.15	%		1.63	%		1.66	%		2.69	%		3.16	%+

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value, which does not reflect sales charges, if applicable, as of the last business day of the period.

§ Amount is less than 0.005%.

^ Effective September 16, 2013, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.85% for Class A shares. Prior to September 16, 2013, the maximum ratio was 0.75% for Class A shares.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Core Fixed Income Portfolio

	Class L
	Six Months Ended March 31, 2015			Year Ended September 30,						Period from April 27, 2012^ to
Selected Per Share Data and Ratios	(unaudited)			2014			2013			September 30, 2012
Net Asset Value, Beginning of Period	$	10.24		$	10.07		$	10.55		$	10.29
Income (Loss) from Investment Operations:
Net Investment Income†		0.15			0.22			0.27			0.06
Net Realized and Unrealized Gain (Loss)		0.09			0.21			(0.48	)		0.27
Total from Investment Operations		0.24			0.43			(0.21	)		0.33
Distributions from and/or in Excess of:
Net Investment Income		(0.15	)		(0.26	)		(0.27	)		(0.07	)
Net Asset Value, End of Period	$	10.33		$	10.24		$	10.07		$	10.55
Total Return++		2.37	%#		4.34	%		(2.05	)%		3.23	%#
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	51		$	10		$	10		$	10
Ratio of Expenses to Average Net Assets ⁽¹⁾		1.10	%+*		1.09	%+		1.00	%+^^		0.99	%+*
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		1.88	%+*		2.21	%+		2.41	%+^^		1.45	%+*
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.01	%*		0.01	%		0.01	%		0.01	%*
Portfolio Turnover Rate		30	%#		172	%		187	%		216	%#
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		8.62	%*		14.10	%		2.21	%		1.58	%*
Net Investment Income (Loss) to Average Net Assets		(5.64	)%*		(10.80	)%		1.20	%		0.86	%*

^ Commencement of Operations.

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value as of the last business day of the period.

^^ Effective September 16, 2013, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.10% for Class L shares. Prior to September 16, 2013, the maximum ratio was 1.00% for Class L shares.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited)

Morgan Stanley Institutional Fund Trust ("MSIFT'' or the "Fund'') is registered under the Investment Company Act of 1940, as amended (the "Act''), as an open-end management investment company. The Fund is comprised of eight separate, active portfolios (individually referred to as a "Portfolio", collectively as the "Portfolios"). The Fund applies investment company accounting and reporting guidance. All Portfolios are considered diversified for purposes of the Act.

The accompanying financial statements relate to the Core Fixed Income Portfolio. The Portfolio seeks above-average total return over a market cycle of three to five years. The Portfolio offers three classes of shares — Class I, Class A and Class L.

A. Significant Accounting Policies: The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Fund in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

1. Security Valuation: (1) Certain portfolio securities may be valued by an outside pricing service approved by the Fund's Board of Trustees (the "Trustees"). The pricing service may utilize a matrix system or other model incorporating attributes such as security quality, maturity and coupon as the evaluation model parameters, and/or research evaluations by its staff, including review of broker-dealer market price quotations in determining what it believes is the fair valuation of the portfolios securities valued by such pricing service; (2) futures are valued at the latest price published by the commodities exchange on which they trade; (3) swaps are marked-to-market daily based upon quotations from market makers; (4) when market quotations are not readily available, including circumstances under which Morgan Stanley Investment Management Inc. (the "Adviser") determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities

trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (5) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day; and (6) short-term taxable debt securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, unless the Adviser determines such price does not reflect the securities' market value, in which case these securities will be valued at their fair market value determined by the Adviser. Other taxable short-term debt securities with maturities of more than 60 days will be valued on a mark-to-market basis until such time as they reach a maturity of 60 days, whereupon they will be valued at amortized cost using their value on the 61st day unless the Adviser determines such price does not reflect the securities' fair value, in which case these securities will be valued at their fair market value as determined by the Adviser.

The Trustees have the ultimate responsibility of determining the fair value of the investments. Under procedures approved by the Trustees, the Fund's Adviser has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Fund's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Fund 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

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.

2. Fair Value Measurement: Financial Accounting Standards Board ("FASB") Accounting Standards Codification^TM ("ASC") 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below.

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

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

• Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors

considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances

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

The following is a summary of the inputs used to value the Portfolio's investments as of March 31, 2015.

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Fixed Income Securities
Agency Fixed Rate Mortgages	$	—		$	4,128		$	—	$	4,128
Asset-Backed Securities		—			324			—		324
Collateralized Mortgage Obligations — Agency Collateral Series		—			551			—		551
Corporate Bonds		—			5,495			—		5,495
Sovereign		—			201			—		201
U.S. Treasury Securities		—			2,873			—		2,873
Total Fixed Income Securities		—			13,572			—		13,572
Short-Term Investments
Investment Company		1,170			—			—		1,170
Repurchase Agreements		—			225			—		225
U.S. Treasury Securities		—			894			—		894
Total Short-Term Investments		1,170			1,119			—		2,289
Futures Contracts		12			—			—		12
Interest Rate Swap Agreement		—			10			—		10
Total Assets		1,182			14,701			—		15,883
Liabilities:
Futures Contracts		(6	)		—			—		(6	)
Credit Default Swap Agreements		—			(11	)		—		(11	)
Interest Rate Swap Agreements		—			(34	)		—		(34	)
Total Liabilities		(6	)		(45	)		—		(51	)
Total	$	1,176		$	14,656		$	—	$	15,832

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

3. Repurchase Agreements: The Portfolio may enter into repurchase agreements under which the Portfolio lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank as custodian for the Portfolio takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine that the value of the collateral does not decrease below the repurchase price plus accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Portfolio, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

instrument relates, risks that the transactions may not be liquid and risks arising from margin requirements. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Portfolio's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Portfolio to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet earmarking or segregation requirements, pursuant to applicable Securities and Exchange Commission rules and regulations, or may cause the Portfolio to be more volatile than if the Portfolio had not been leveraged. Although the Adviser seeks to use derivatives to further the Portfolio's investment objectives, there is no assurance that the use of derivatives will achieve this result.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

prices of futures contracts can be highly volatile, using futures contracts can lower total return, and the potential loss from futures contracts can exceed the Portfolio's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time. There is also the risk of loss by the Portfolio of margin deposits in the event of bankruptcy of a broker with which the Portfolio has open positions in the futures contract.

Swaps: The Portfolio may enter into over-the-counter ("OTC") swap contracts or cleared swap transactions. A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indices, reference rates, currencies or other instruments. Typically swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Portfolio's obligations or rights under a swap contract entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each party. Cleared swap transactions may help reduce counterparty credit risk. In a cleared swap, the Portfolio's ultimate counterparty is a clearinghouse rather than a swap dealer, bank or other financial institution. OTC swap agreements are not entered into or traded on exchanges and often there is no central clearing or guaranty function for OTC swaps. These OTC swaps are often subject to credit risk or the risk of default or non-performance by the counterparty. Both OTC and cleared swaps could result in losses if interest rates, foreign currency exchange rates or other factors are not correctly anticipated by the Portfolio or if the reference index, security or investments do not perform as expected. During the period swap agreements are open, payments are received from or made to the clearinghouse or counterparty based upon changes in the value of the contract (variation margin). The Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulatory developments require the clearing and exchange-trading of certain standardized swap transactions. Mandatory exchange-trading and clearing is occurring on a phased-in basis.

The Portfolio's use of swaps during the period included those based on the credit of an underlying security commonly referred to as "credit default swaps." The Portfolio may be either the buyer or seller in a credit default swap. Where the Portfolio is the buyer of a credit default swap contract, it would typically be entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract only in the event of a default or similar event by the issuer of the debt obligation. If no default occurs, the Portfolio would have paid to the counterparty a periodic stream of payments over the term of the contract and received no benefit from the contract. When the Portfolio is the seller of a credit default swap contract, it typically receives the stream of payments but is obligated to pay an amount equal to the par (or other agreed-upon) value of a referenced debt obligation upon the default or similar event by the issuer of the referenced debt obligation. The use of credit default swaps could result in losses to the Portfolio if the Adviser fails to correctly evaluate the creditworthiness of the issuer of the referenced debt obligation.

The current credit rating of each individual issuer is listed in the table following the Portfolio of Investments and serves as an indicator of the current status of the payment/performance risk of the credit derivative. Alternatively, for credit default swaps on an index of credits, the quoted market prices and current values serve as an indicator of the current status of the payment/performance risk of the credit derivative. Generally, lower credit ratings and increasing market values, in absolute terms, represent a deterioration of the credit and a greater likelihood of an adverse credit event of the issuer.

When the Portfolio has an unrealized loss on a swap agreement, the Portfolio has instructed the custodian to pledge cash or liquid securities as collateral with a value approximately equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate. If applicable, cash collateral is included with "Due from (to) Broker" in the Statement of Assets and Liabilities.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Portfolio uses derivative instruments, how these derivative instruments are accounted for and their effects on the Portfolio's financial position and results of operations.

The following tables set forth the fair value of the Portfolio's derivative contracts by primary risk exposure as of March 31, 2015.

Asset Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(a)

Swap Agreement

Variation Margin on
Swap Agreement

Interest Rate Risk

(a)

Total

Liability Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

)(a)

Swap Agreements

Unrealized Depreciation on
Swap Agreements

Credit Risk

(11

)

Swap Agreements

Variation Margin on
Swap Agreements

Interest Rate Risk

(34

)(a)

Total

(51

)

(a) This amount represents the cumulative appreciation (depreciation) as reported in the Portfolio of Investments. The Statement of Assets and Liabilities only reflects the current day's net variation margin.

The following tables set forth by primary risk exposure the Portfolio's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended March 31, 2015 in accordance with ASC 815.

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Interest Rate Risk	Futures Contracts	$	6
Credit Risk	Swap Agreements		(3	)
Interest Rate Risk	Swap Agreements		(46	)
Total		$	(43	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Interest Rate Risk	Futures Contracts	$	8
Credit Risk	Swap Agreements		(5	)
Interest Rate Risk	Swap Agreements		(43	)
Total		$	(40	)

At March 31, 2015, the Portfolio's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Statement of Assets and Liabilities
Derivatives(b)	Assets(c) (000)		Liabilities(c) (000)
Swap Agreements	$	—	$	(11	)

(b) Excludes exchange traded derivatives.

(c) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Portfolio and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Portfolio exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Portfolio's net liability may be delayed or denied.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2015.

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in Statement of Assets and Liabilities (000)		Financial Instrument (000)		Collateral Pledged (000)		Net Amount (not less than $0) (000)
Barclays Bank PLC	$	11	$	—	$	—	$	11

For the six months ended March 31, 2015, the approximate average monthly amount outstanding for each derivative type is as follows:

Futures Contracts:
Average monthly original value	$	7,270,000
Swap Agreements:
Average monthly notional amount	$	6,827,000

5. When-Issued/Delayed Delivery Securities: The Portfolio purchases and sells when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price and yield, and no income accrues to the Portfolio on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. When the Portfolio enters into a purchase transaction on a when-issued or delayed delivery basis, securities are available for collateral in an amount at least equal in value to the Portfolio's commitments to purchase such securities. Purchasing securities on a when-issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price, in which case there could be an unrealized loss at the time of delivery. Purchasing investments on a when-issued or delayed delivery basis may be considered a form of leverage which may increase the impact that gains (losses) may have on the Portfolio.

current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned-Net" in the Portfolio's Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of March 31, 2015.

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amounts Presented in Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	1,198	(d)	$	—	$	(1,198	)(e)(f)	$	0

(d) Represents market value of loaned securities at period end.

(e) The Portfolio received cash collateral of approximately $1,113,000, of which approximately $1,077,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. As of March 31, 2015, there was uninvested cash of approximately $36,000, which is not reflected in the Portfolio of Investments. In addition, the Portfolio received non-cash collateral of approximately $108,000 in the form of U.S. Government obligations, which the Portfolio cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

(f) The actual collateral received is greater than the amount shown here due to overcollateralization.

7. Indemnifications: The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

8. Dividends and Distributions to Shareholders: Dividend income and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid quarterly. Net realized capital gains, if any, are distributed at least annually.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Portfolio with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.375% of the average daily net assets of the Portfolio.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Portfolio so that total annual portfolio operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.50% for Class I shares, 0.85% for Class A shares and 1.10% for Class L shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Portfolio's prospectus or until such time that the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended March 31, 2015, approximately $27,000 of advisory fees were waived and approximately $108,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

C. Administration Fees: The Adviser also serves as Administrator to the Fund and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Portfolio's average daily net assets. Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Fund. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Portfolio.

The Fund has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Portfolio pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.25% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to Class L shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing shareholder support services to investors who purchase Class A and Class L shares.

E. Dividend Disbursing and Transfer Agent: The Fund's dividend disbursing and transfer agent is Boston Financial Data Services, Inc. ("BFDS"). Pursuant to a Transfer Agency Agreement, the Fund pays BFDS a fee based on the number of classes, accounts and transactions relating to the Portfolios of the Fund.

F. Custodian Fees: State Street (the "Custodian") serves as Custodian for the Fund in accordance with a Custodian Agreement. The Custodian holds cash, securities, and other assets of the Fund as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2015, purchases and sales of investment securities for the Portfolio, other than long-term U.S. Government securities and short-term investments, were approximately $1,468,000 and $1,087,000, respectively. For the six months ended March 31, 2015, purchases and sales of long-term U.S. Government securities were approximately $2,508,000 and $3,139,000, respectively.

The Portfolio invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Money Market 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 Portfolio are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Funds. For the six months ended March 31, 2015, advisory fees paid were reduced by approximately $1,000 relating to the Portfolio's investment in the Liquidity Funds.

A summary of the Portfolio's transactions in shares of the Liquidity Funds during the six months ended March 31, 2015 is as follows:

Value September 30, 2014 (000)				Purchases at Cost (000)				Sales (000)				Dividend Income (000)				Value March 31, 2015 (000)
$	1,889			$	3,120			$	3,839			$	—	@		$	1,170

@ Amount is less than $500

The Portfolio has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Trustee to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Trustees. Each eligible Trustee generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the net asset value of the Portfolio.

H. Federal Income Taxes: It is the Portfolio's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for Federal income taxes is required in the financial statements.

The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, Income Taxes — Overall, sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Portfolio files tax returns with the U.S. Internal Revenue Service, New York and various states. Each of the tax years in the four-year period ended September 30, 2014 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2014 and 2013 was as follows:

2014 Distributions Paid From: Ordinary Income (000)				2013 Distributions Paid From: Ordinary Income (000)
$	1,218			$	1,671

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, primarily due to basis adjustments for swap transactions and paydown adjustments, resulted in the following reclassifications among the components of net assets at September 30, 2014:

Accumulated Undistributed Net Investment Income (000)				Accumulated Net Realized Loss (000)				Paid-in- Capital (000)
$	(30	)		$	30			$	—

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

At September 30, 2014, the components of distributable earnings for the Portfolio on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	351			$	—

At March 31, 2015, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $644,000 and the aggregate gross unrealized depreciation is approximately $35,000 resulting in net unrealized appreciation of approximately $609,000.

At September 30, 2014, the Portfolio had available for Federal income tax purposes unused capital losses, which will expire on the indicated dates:

Amount (000)		Expiration
$	33,429	September 30, 2017
	3,319	September 30, 2018

To the extent that capital loss carryforwards are used to offset any future capital gains realized during the carryover period as provided by U.S. Federal income tax regulations, no capital gains tax liability will be incurred by the Portfolio for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended September 30, 2014, the Portfolio utilized capital loss carryforwards for U.S. Federal income tax purposes of approximately $926,000.

I. Other: At March 31, 2015, the Portfolio had otherwise unaffiliated record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Portfolio. The aggregate percentage of such owners was 12.3%, 21.0% and 75.3%, for Class I, Class A and Class L shares, respectively.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited)

AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY

This privacy notice describes the U.S. privacy policy of Morgan Stanley Distribution, Inc., and the Morgan Stanley family of mutual funds ("us", "our", "we").

We are required by federal law to provide you with notice of our U.S. privacy policy ("Policy"). This Policy applies to both our current and former clients unless we state otherwise and is intended for individual clients who purchase products or receive services from us for personal, family or household purposes. This Policy is not applicable to partnerships, corporations, trusts or other non-individual clients or account holders, nor is this Policy applicable to individuals who are either beneficiaries of a trust for which we serve as trustee or participants in an employee benefit plan administered or advised by us. This Policy is, however, applicable to individuals who select us to be a custodian of securities or assets in individual retirement accounts, 401(k) accounts, or accounts subject to the Uniform Gifts to Minors Act.

This notice sets out our business practices to protect your privacy; how we collect and share personal information about you; and how you can limit our sharing or certain uses by others of this information. We may amend this Policy at any time, and will inform you of any changes to our Policy as required by law.

WE RESPECT YOUR PRIVACY

We appreciate that you have provided us with your personal financial information and understand your concerns about your information. We strive to safeguard the information our clients entrust to us. Protecting the confidentiality and security of client information is an important part of how we conduct our business.

This notice describes what personal information we collect about you, how we collect it, when we may share it with others, and how certain others may use it. It discusses the steps you may take to limit our sharing of certain information about you with our affiliated companies, including, but not limited to our affiliated banking businesses, brokerage firms and credit service affiliates. It also discloses how you may limit our affiliates' use of shared information for marketing purposes.

Throughout this Policy, we refer to the nonpublic information that personally identifies you as "personal information." We also use the term "affiliated company" in this notice. An affiliated company is a company in our family of companies and includes companies with the Morgan Stanley name. These affiliated companies are financial institutions such as broker-dealers, banks, investment advisers and credit card issuers. We refer to any company that is not an affiliated company as a nonaffiliated third party. For purposes of Section 5 of this notice, and your ability to limit certain uses of personal information by our affiliates, this notice applies to the use of personal information by our affiliated companies.

1. WHAT PERSONAL INFORMATION DO WE COLLECT FROM YOU?

We may collect the following types of information about you: (i) information provided by you, including information from applications and other forms we receive from you, (ii) information about your transactions with us or our affiliates, (iii) information about your transactions with nonaffiliated third parties, (iv) information from consumer reporting agencies, (v) information obtained from our websites, and (vi) information obtained from other sources. For example:

• We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through applications and other forms you submit to us.

• We may obtain information about account balances, your use of account(s) and the types of products and services you prefer to receive from us through your dealings and transactions with us and other sources.

• We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

• We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?

We may disclose personal information we collect about you in each of the categories listed above to affiliated and nonaffiliated third parties.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited) (cont'd)

a. Information We Disclose to Affiliated Companies.

We may disclose personal information that we collect about you to our affiliated companies to manage your account(s) effectively, to service and process your transactions, and to let you know about products and services offered by us and affiliated companies, to manage our business, and as otherwise required or permitted by law. Offers for products and services from affiliated companies are developed under conditions designed to safeguard your personal information.

b. Information We Disclose to Third Parties.

We may disclose personal information that we collect about you to nonaffiliated third parties to provide marketing services on our behalf or to other financial institutions with whom we have joint marketing agreements. We may also disclose all of the information we collect to other nonaffiliated third parties for our everyday business purposes, such as to process transactions, maintain account(s), respond to court orders and legal investigations, report to credit bureaus, offer our own products and services, protect against fraud, for institutional risk control, to perform services on our behalf, and as otherwise required or permitted by law.

When we share personal information about you with a nonaffiliated third party, they are required to limit their use of personal information about you to the particular purpose for which it was shared and they are not allowed to share personal information about you with others except to fulfill that limited purpose or as may be permitted or required by law.

3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL INFORMATION WE COLLECT ABOUT YOU?

We maintain physical, electronic and procedural security measures that comply with applicable law and regulations to help safeguard the personal information we collect about you. We have internal policies governing the proper handling of client information by employees. Third parties that provide support or marketing services on our behalf may also receive personal information about you, and we require them to adhere to appropriate security standards with respect to such information.

4. HOW CAN YOU LIMIT OUR SHARING CERTAIN PERSONAL INFORMATION ABOUT YOU WITH OUR AFFILIATED COMPANIES FOR ELIGIBILITY DETERMINATION?

By following the opt-out procedures in Section 6 below, you may limit the extent to which we share with our affiliated companies, personal information that was collected to determine your eligibility for products and services such as your credit reports and other information that you have provided to us or that we may obtain from third parties ("eligibility information"). Eligibility information does not include your identification information or personal information pertaining to our transactions or experiences with you. Please note that, even if you direct us not to share eligibility information with our affiliated companies, we may still share your personal information, including eligibility information, with our affiliated companies under circumstances that are permitted under applicable law, such as to process transactions or to service your account.

5. HOW CAN YOU LIMIT THE USE OF CERTAIN PERSONAL INFORMATION ABOUT YOU BY OUR AFFILIATED COMPANIES FOR MARKETING?

By following the opt-out instructions in Section 6 below, you may limit our affiliated companies from marketing their products or services to you based on personal information we disclose to them. This information may include, for example, your income and account history with us. Please note that, even if you choose to limit our affiliated companies from using personal information about you that we may share with them for marketing their products and services to you, our affiliated companies may use your personal information that they obtain from us to market to you in circumstances permitted by law, such as if the affiliated party has its own relationship with you.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited) (cont'd)

6. HOW CAN YOU SEND US AN OPT-OUT INSTRUCTION?

If you wish to limit our sharing of eligibility information about you with our affiliated companies, or our affiliated companies' use of personal information for marketing purposes, as described in this notice, you may do so by:

• Calling us at (800) 548-7786
Monday–Friday between 8a.m. and 6p.m. (EST)

• Writing to us at the following address:

Boston Financial Data Services, Inc.
c/o Privacy Coordinator
P.O. Box 219804
Kansas City, Missouri 64121

If you choose to write to us, your request should include: your name, address, telephone number and account number(s) to which the opt-out applies and whether you are opting out with respect to sharing of eligibility information (Section 4 above), or information used for marketing (Section 5 above), or both. Written opt-out requests should not be sent with any other correspondence. In order to process your request, we require that the request be provided by you directly and not through a third party. Once you have informed us about your privacy preferences, your opt-out preference will remain in effect with respect to this Policy (as it may be amended) until you notify us otherwise. If you are a joint account owner, we will accept instructions from any one of you and apply those instructions to the entire account.

Please understand that if you limit our sharing or our affiliated companies' use of personal information, you and any joint account holder(s) may not receive information about our affiliated companies' products and services, including products or services that could help you manage your financial resources and achieve your investment objectives.

If you have more than one account or relationship with us, please specify the accounts to which you would like us to apply your privacy choices. If you have accounts or relationships with our affiliates, you may receive multiple privacy policies from them, and will need to separately notify those companies of your privacy choices for those accounts or relationships.

7. WHAT IF AN AFFILIATED COMPANY BECOMES A NONAFFILIATED THIRD PARTY?

If, at any time in the future, an affiliated company becomes a nonaffiliated third party, further disclosures of personal information made to the former affiliated company will be limited to those described in Section 2(b) above relating to nonaffiliated third parties. If you elected under Section 6 to limit disclosures we make to affiliated companies, or use of personal information by affiliated companies, your election will not apply to use by any former affiliated company of your personal information in their possession once it becomes a nonaffiliated third party.

SPECIAL NOTICE TO RESIDENTS OF VERMONT

The following section supplements our Policy with respect to our individual clients who have a Vermont address and supersedes anything to the contrary in the above Policy with respect to those clients only.

The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with nonaffiliated third parties, or eligibility information with affiliated companies, other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or eligibility information with affiliated companies, unless you provide us with your written consent to share such information.

SPECIAL NOTICE TO RESIDENTS OF CALIFORNIA

The following section supplements our Policy with respect to our individual clients who have a California address and supersedes anything to the contrary in the above Policy with respect to those clients only.

In response to a California law, if your account has a California home address, your personal information will not be disclosed to nonaffiliated third parties except as permitted by applicable California law, and we will limit sharing such personal information with our affiliates to comply with California privacy laws that apply to us.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Trustee and Officer Information (unaudited)

Trustees

Frank L. Bowman
Michael Bozic
Kathleen A. Dennis
Nancy C. Everett
Jakki L. Haussler
James F. Higgins
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Michael E. Nugent
W. Allen Reed
Fergus Reid

Officers

Michael E. Nugent
Chairperson of the Board and Trustee

John H. Gernon
President and Principal Executive Officer

Stefanie V. Chang Yu
Chief Compliance Officer

Joseph C. Benedetti
Vice President

Mary E. Mullin
Secretary

Francis J. Smith
Treasurer and Principal Financial Officer

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

Boston Financial Data Services, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its semi-annual and annual reports within 60 days of the end of the fund's second and fourth fiscal quarters. The semi-annual and annual reports are filed electronically with the Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the semi-annual and annual reports to fund shareholders and makes these reports available on its public website, www.morganstanley.com/im. Each Morgan Stanley fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters on Form N-Q. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, nor are the reports posted to the Morgan Stanley public website. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. You may also review and copy them at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling the SEC toll free at 1 (800) SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's email address (publicinfo@sec.gov) or by writing the Public Reference Room of the SEC, Washington, DC 20549-0102.

Proxy Voting Policies and Procedures and Proxy Voting Record

You may obtain a copy of the Fund's Proxy Voting Policy and Procedures and information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, without charge, upon request, by calling toll free 1 (800) 548-7786 or by visiting our website at www.morganstanley.com/im. This information is also available on the SEC's website at www.sec.gov.

This report is authorized for distribution only when preceded or accompanied by a prospectus of the Morgan Stanley Institutional Fund Trust, which describes in detail each Portfolio's investment policies, risks, fees and expenses. Please read the prospectus carefully before you invest or send money. For additional information, including information regarding the investments comprising the Portfolio, please visit our website at www.morganstanley.com/im or call toll free 1 (800) 548-7786.

(This Page has been left blank intentionally.)

Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

IFTFXDINCSAN
1182650 EXP 05.31.16

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Semi-Annual Report

March 31, 2015

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					13
Statement of Operations					15
Statements of Changes in Net Assets					16
Financial Highlights					17
Notes to Financial Statements					20
U.S. Privacy Policy					31
Trustee and Officer Information					34

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Semi-Annual report, in which you will learn how your investment in Core Plus Fixed Income Portfolio (the "Portfolio") performed during the latest six-month period.

As always, we thank you for selecting Morgan Stanley Investment Management, and look forward to working with you in the months and years ahead.

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2015

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Expense Example (unaudited)

Core Plus Fixed Income Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2015 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/14		Actual Ending Account Value 3/31/15		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Core Plus Fixed Income Portfolio Class I	$	1,000.00	$	1,028.80	$	1,022.39	$	2.58	$	2.57		0.51	%
Core Plus Fixed Income Portfolio Class A		1,000.00		1,027.90		1,020.64		4.35		4.33		0.86
Core Plus Fixed Income Portfolio Class L		1,000.00		1,026.00		1,019.45		5.56		5.54		1.10

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments

Core Plus Fixed Income Portfolio

	Face Amount (000)			Value (000)
Fixed Income Securities (96.5%)
Agency Adjustable Rate Mortgage (0.5%)
Federal National Mortgage Association, Conventional Pool:
2.33%, 5/1/35	$	1,079		$	1,154
Agency Fixed Rate Mortgages (20.9%)
Federal Home Loan Mortgage Corporation, April TBA:
3.00%, 4/1/45 (a)		2,270			2,316
3.50%, 4/1/45 (a)		3,167			3,319
Gold Pools:
6.00%, 10/1/36 - 8/1/38		555			632
6.50%, 3/1/16 - 8/1/33		262			305
7.00%, 6/1/28 - 11/1/31		63			67
Federal National Mortgage Association, April TBA:
3.00%, 4/1/30 (a)		1,006			1,055
3.50%, 4/1/30 - 4/1/45 (a)		4,277			4,503
4.00%, 4/1/45 (a)		1,077			1,152
4.50%, 4/1/45 (a)		3,461			3,776
Conventional Pools:
3.50%, 12/1/42		22			23
4.00%, 11/1/41 - 7/1/43		5,689			6,109
5.00%, 3/1/41		496			555
5.50%, 6/1/35 - 5/1/41		2,095			2,370
6.50%, 11/1/23 - 1/1/34		2,264			2,618
7.00%, 11/1/17 - 1/1/34		383			415
9.50%, 4/1/30		346			418
12.50%, 9/1/15		—	@		—	@
Government National Mortgage Association, April TBA:
3.50%, 4/20/45 (a)		7,094			7,466
4.00%, 4/20/45 (a)		2,820			3,005
4.50%, 4/20/45 (a)		2,450			2,662
Various Pools:
3.50%, 12/15/43		817			870
4.00%, 8/20/41 - 3/20/43		1,347			1,446
					45,082
Asset-Backed Securities (2.6%)
ContiMortgage Home Equity Loan Trust
8.10%, 8/15/25		31			30
CVS Pass-Through Trust
6.04%, 12/10/28		429			508
Mid-State Trust IV
8.33%, 4/1/30		15			16
Nationstar HECM Loan Trust
7.50%, 11/25/17 (b)		739			743
Silver Bay Realty Trust
3.73%, 9/17/31 (b)(c)		700			699
U-Haul S Fleet LLC
4.90%, 10/25/23 (b)		918			950
VOLT NPL X LLC
4.75%, 10/26/54 (b)		493			485

	Face Amount (000)		Value (000)
VOLT XIX LLC
5.00%, 4/25/55 (b)	$	300	$	294
VOLT XXII LLC
4.25%, 2/25/55 (b)		300		296
VOLT XXX LLC
4.75%, 10/25/57 (b)		400		394
VOLT XXXI LLC
4.50%, 2/25/55 (b)		400		394
VOLT XXXIII LLC
4.25%, 3/25/55 (b)		700		689
				5,498
Collateralized Mortgage Obligations — Agency Collateral Series (2.6%)
Federal Home Loan Mortgage Corporation, IO
0.66%, 1/25/21 (c)		9,488		270
IO REMIC
5.83%, 11/15/43 (c)		2,687		421
5.88%, 4/15/39 (c)		2,488		396
IO STRIPS
7.50%, 12/1/29		55		15
8.00%, 1/1/28		95		23
PAC REMIC
9.50%, 4/15/20		1		1
REMIC
3.50%, 12/15/42		3		3
Federal National Mortgage Association, IO
6.22%, 9/25/20 (c)		4,002		836
IO PAC REMIC
8.00%, 9/18/27		228		36
IO REMIC
6.00%, 7/25/33		181		32
6.43%, 9/25/38 (c)		1,870		260
IO STRIPS
6.50%, 9/25/29 - 12/25/29		931		194
8.00%, 4/25/24		244		41
8.50%, 10/25/25		80		19
9.00%, 11/25/26		73		19
REMIC
7.00%, 9/25/32		413		479
9.26%, 10/25/41 (c)(d)		237		243
63.50%, 9/25/20 (c)(d)		3		4
Government National Mortgage Association, IO
3.50%, 5/20/43		2,257		426
5.00%, 2/16/41		536		99
5.88%, 11/16/40 (c)		3,218		587
5.93%, 7/16/33 (c)		4,654		432
5.97%, 6/20/43 (c)		2,034		324
6.05%, 3/20/43 (c)		1,367		212
6.32%, 5/20/40 (c)		1,635		268
				5,640

The accompanying notes are an integral part of the financial statements.
4

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Commercial Mortgage-Backed Securities (6.9%)
Citigroup Commercial Mortgage Trust
3.12%, 9/15/17 (b)(c)(e)	$	800	$	743
COMM Mortgage Trust,
4.61%, 2/10/47 (b)(c)		575		578
4.91%, 4/10/47 (b)(c)		883		877
5.05%, 8/10/46 (b)(c)		800		822
IO
0.38%, 7/10/45 (c)		16,197		220
1.03%, 10/10/47 (c)		4,727		282
1.30%, 7/15/47 (c)		4,258		329
Commercial Mortgage Trust
5.48%, 3/10/39		450		475
Credit Suisse Mortgage Trust
4.33%, 3/15/17		200		200
GS Mortgage Securities Trust,
4.77%, 8/10/46 (b)(c)		500		505
IO
0.90%, 9/10/47 (c)		5,965		354
HILT Mortgage Trust
3.92%, 7/15/29 (b)(c)		600		596
JP Morgan Chase Commercial Mortgage Securities Trust,
4.57%, 7/15/47 (b)(c)		1,135		1,079
5.46%, 12/12/43		600		620
IO
0.58%, 4/15/46 (c)		6,956		284
1.17%, 7/15/47 (c)		10,703		709
JPMBB Commercial Mortgage Securities Trust,
4.68%, 4/15/47 (b)(c)		775		739
IO
1.13%, 8/15/47 (c)		4,577		355
LB-UBS Commercial Mortgage Trust
6.35%, 9/15/45 (c)		550		590
Wells Fargo Commercial Mortgage Trust
3.94%, 8/15/50 (b)		945		851
WF-RBS Commercial Mortgage Trust,
3.43%, 6/15/45		966		1,031
3.80%, 11/15/47		950		843
3.99%, 5/15/47 (b)		580		530
4.14%, 5/15/45 (b)(c)		425		413
4.98%, 9/15/46 (b)(c)		805		825
				14,850
Corporate Bonds (34.2%)
Finance (13.1%)
Abbey National Treasury Services PLC
3.05%, 8/23/18		490		511
ABN Amro Bank N.V.
4.25%, 2/2/17 (b)		600		632
ACE INA Holdings, Inc.
3.35%, 5/15/24		400		418
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust
3.75%, 5/15/19 (b)(f)		380		383

	Face Amount (000)		Value (000)
Alexandria Real Estate Equities, Inc.
4.60%, 4/1/22	$	275	$	291
Ally Financial, Inc.,
3.25%, 2/13/18		10		10
4.13%, 3/30/20		500		498
American Campus Communities Operating Partnership LP
3.75%, 4/15/23		250		254
American International Group, Inc.,
4.88%, 6/1/22		275		313
6.40%, 12/15/20		146		177
American Realty Capital Properties, Inc.
3.00%, 8/1/18		525		512
Banco de Credito del Peru
6.13%, 4/24/27 (b)(c)(f)		400		437
Bank of America Corp., MTN
4.00%, 1/22/25		830		838
4.20%, 8/26/24		225		233
4.25%, 10/22/26		113		117
5.00%, 1/21/44		180		207
Bank of New York Mellon Corp. (The)
3.65%, 2/4/24		400		429
Barclays Bank PLC
3.75%, 5/15/24 (f)		475		501
BNP Paribas SA,
4.25%, 10/15/24 (f)		200		206
5.00%, 1/15/21		175		199
Boston Properties LP
3.80%, 2/1/24 (f)		175		184
BPCE SA
5.15%, 7/21/24 (b)		600		642
Brookfield Asset Management, Inc.
5.80%, 4/25/17		235		254
Capital One Bank, USA NA
3.38%, 2/15/23		366		371
Capital One Financial Corp.
2.45%, 4/24/19		150		152
Citigroup, Inc.,
4.05%, 7/30/22		165		173
5.50%, 9/13/25		325		369
6.68%, 9/13/43		120		161
8.13%, 7/15/39		175		276
Commonwealth Bank of Australia
5.00%, 3/19/20 (b)		300		340
Cooperatieve Centrale Raiffeisen- Boerenleenbank BA
3.95%, 11/9/22		650		674
Credit Agricole SA,
3.88%, 4/15/24 (b)(f)		500		531
7.88%, 1/23/24 (b)(c)(f)(g)		200		212
Credit Suisse AG
6.50%, 8/8/23 (b)		425		486
DBS Group Holdings Ltd.
2.25%, 7/16/19 (b)(f)		525		532

The accompanying notes are an integral part of the financial statements.
5

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Discover Bank
7.00%, 4/15/20	$	250	$	297
Discover Financial Services
3.95%, 11/6/24		300		309
General Electric Capital Corp., MTN
5.88%, 1/14/38		235		305
Series G
6.00%, 8/7/19		694		812
Genworth Holdings, Inc.
7.20%, 2/15/21		375		391
Goldman Sachs Group, Inc. (The),
6.75%, 10/1/37		490		645
MTN
4.80%, 7/8/44		175		195
Goodman Funding Pty Ltd.
6.38%, 4/15/21 (b)		425		500
Hartford Financial Services Group, Inc.
5.50%, 3/30/20		645		741
HBOS PLC, Series G
6.75%, 5/21/18 (b)		813		912
Healthcare Trust of America Holdings LP
3.70%, 4/15/23		350		351
HSBC Finance Corp.
6.68%, 1/15/21		420		499
HSBC Holdings PLC,
4.25%, 3/14/24 (f)		200		210
6.38%, 9/17/24 (c)(f)(g)		200		205
HSBC USA, Inc.
3.50%, 6/23/24		225		235
ING Bank N.V.
5.80%, 9/25/23 (b)		520		590
Intesa Sanpaolo SpA
5.25%, 1/12/24		410		462
Jefferies Finance LLC/JFIN Co-Issuer Corp.
7.38%, 4/1/20 (b)		380		371
JPMorgan Chase & Co.,
4.13%, 12/15/26 (f)		300		312
4.63%, 5/10/21		380		425
Liberty Mutual Group, Inc.
4.85%, 8/1/44 (b)		150		163
Lloyds Bank PLC
6.50%, 9/14/20 (b)(f)		400		471
Macquarie Bank Ltd.
6.63%, 4/7/21 (b)		490		578
Nationwide Building Society
6.25%, 2/25/20 (b)		645		767
Nationwide Financial Services, Inc.
5.38%, 3/25/21 (b)		450		508
PNC Financial Services Group, Inc. (The)
3.90%, 4/29/24		210		220

	Face Amount (000)		Value (000)
Principal Financial Group, Inc.
1.85%, 11/15/17	$	575	$	580
QBE Capital Funding III Ltd.
7.25%, 5/24/41 (b)(c)		550		613
Realty Income Corp.
3.25%, 10/15/22 (f)		400		402
Standard Chartered PLC
3.95%, 1/11/23 (b)		310		312
Swedbank AB
2.38%, 2/27/19 (b)		340		347
TD Ameritrade Holding Corp.
3.63%, 4/1/25 (f)		500		524
UnitedHealth Group, Inc.
2.88%, 3/15/23		800		820
Wells Fargo & Co.,
4.13%, 8/15/23		170		182
Series M
3.45%, 2/13/23		320		328
				28,105
Industrials (19.2%)
21st Century Fox America, Inc.
4.75%, 9/15/44 (f)		575		647
Actavis Funding SCS,
3.80%, 3/15/25		95		98
4.75%, 3/15/45		215		229
ADT Corp. (The)
3.50%, 7/15/22 (f)		500		456
Albea Beauty Holdings SA
8.38%, 11/1/19 (b)		600		647
Altria Group, Inc.
5.38%, 1/31/44		285		335
Amazon.com, Inc.
3.80%, 12/5/24 (f)		475		500
American Tower Corp.
4.70%, 3/15/22		241		259
Amgen, Inc.
5.15%, 11/15/41		198		229
Anadarko Petroleum Corp.
6.45%, 9/15/36		250		311
Anheuser-Busch InBev Finance, Inc.
3.70%, 2/1/24 (f)		475		503
Apple, Inc.,
3.85%, 5/4/43		125		127
4.45%, 5/6/44 (f)		300		336
AT&T, Inc.,
5.55%, 8/15/41		475		536
6.30%, 1/15/38		100		120
Baidu, Inc.
2.75%, 6/9/19		475		481
Barrick Gold Corp.
4.10%, 5/1/23 (f)		255		252

The accompanying notes are an integral part of the financial statements.
6

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Bayer US Finance LLC
3.38%, 10/8/24 (b)	$	200	$	208
Becton Dickinson and Co.
3.73%, 12/15/24		430		451
BHP Billiton Finance USA Ltd.
5.00%, 9/30/43		150		173
Bombardier, Inc.
6.13%, 1/15/23 (b)(f)		450		428
BP Capital Markets PLC,
3.25%, 5/6/22		600		619
3.51%, 3/17/25		375		383
Cardtronics, Inc.
5.13%, 8/1/22 (b)		375		372
Caterpillar, Inc.
3.80%, 8/15/42		300		306
CBS Corp.
4.60%, 1/15/45		175		179
CEVA Group PLC
7.00%, 3/1/21 (b)		370		361
CNH Industrial Capital LLC
3.25%, 2/1/17		309		309
CNOOC Finance 2013 Ltd.
3.00%, 5/9/23		540		528
Coca-Cola Co.
3.20%, 11/1/23		375		393
Continental Resources, Inc.
4.90%, 6/1/44 (f)		475		420
CSC Holdings LLC
5.25%, 6/1/24 (b)		450		460
DCP Midstream LLC
5.35%, 3/15/20 (b)(f)		225		220
Denbury Resources, Inc.
5.50%, 5/1/22		478		431
Devon Energy Corp.
4.75%, 5/15/42 (f)		125		134
DirecTV Holdings LLC/DIRECTV Financing Co., Inc.
5.15%, 3/15/42		75		79
Eldorado Gold Corp.
6.13%, 12/15/20 (b)		380		371
Ensco PLC
5.75%, 10/1/44 (f)		225		219
Experian Finance PLC
2.38%, 6/15/17 (b)		635		642
Family Tree Escrow LLC
5.75%, 3/1/23 (b)		325		344
FCA US LLC/CG Co-Issuer, Inc.
8.00%, 6/15/19		375		395
FMG Resources August 2006 Pty Ltd.
6.00%, 4/1/17 (b)(f)		395		390
Freeport-McMoRan, Inc.
3.88%, 3/15/23		170		158

	Face Amount (000)		Value (000)
General Motors Financial Co., Inc.,
3.15%, 1/15/20	$	225	$	228
4.38%, 9/25/21		400		425
Gilead Sciences, Inc.
4.80%, 4/1/44		300		347
Glencore Funding LLC
4.13%, 5/30/23 (b)		390		398
Goldcorp, Inc.
3.70%, 3/15/23 (f)		293		291
Harley-Davidson Funding Corp.
6.80%, 6/15/18 (b)		630		730
HCA, Inc.
4.75%, 5/1/23		445		463
Heathrow Funding Ltd.
4.88%, 7/15/21 (b)		525		590
Home Depot, Inc.
5.88%, 12/16/36		400		531
Illumina, Inc.
0.00%, 6/15/19 (b)(f)		328		364
Intel Corp.,
2.70%, 12/15/22 (f)		400		404
3.48%, 12/15/35 (f)		356		444
Kinder Morgan, Inc.,
4.30%, 6/1/25 (f)		650		669
5.55%, 6/1/45		300		318
Liberty Media Corp.
1.38%, 10/15/23 (f)		341		342
Lundin Mining Corp.
7.50%, 11/1/20 (b)		352		366
LyondellBasell Industries N.V.
4.63%, 2/26/55		300		300
MasTec, Inc.
4.88%, 3/15/23 (f)		515		484
MDC Partners, Inc.
6.75%, 4/1/20 (b)		420		444
Medtronic, Inc.
4.63%, 3/15/45 (b)		325		369
Motorola Solutions, Inc.
4.00%, 9/1/24 (f)		300		311
NBC Universal Media LLC,
2.88%, 1/15/23		250		254
5.95%, 4/1/41		150		197
NetApp, Inc.
2.00%, 12/15/17		200		201
Netflix, Inc.
5.50%, 2/15/22 (b)		480		493
Noble Energy, Inc.,
3.90%, 11/15/24 (f)		225		229
5.05%, 11/15/44 (f)		200		211
Noble Holding International Ltd.
6.95%, 4/1/45		150		143
NOVA Chemicals Corp.
5.25%, 8/1/23 (b)		463		486

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Novartis Capital Corp.
4.40%, 5/6/44	$	250	$	289
Nuance Communications, Inc.
2.75%, 11/1/31		286		285
NVIDIA Corp.
1.00%, 12/1/18		550		651
Omnicom Group, Inc.
3.65%, 11/1/24		230		238
ON Semiconductor Corp., Series B
2.63%, 12/15/26		290		372
Ooredoo International Finance Ltd.
3.25%, 2/21/23 (b)		450		451
Penske Truck Leasing Co., LP/PTL Finance Corp.
3.38%, 2/1/22 (b)(f)		350		350
PepsiCo, Inc.
3.60%, 3/1/24		475		507
Philip Morris International, Inc.
2.50%, 8/22/22 (f)		495		492
Phillips 66 Partners LP
4.68%, 2/15/45		150		151
Quest Diagnostics, Inc.
2.70%, 4/1/19		1,000		1,018
QVC, Inc.
4.38%, 3/15/23		400		408
Rowan Cos., Inc.
5.85%, 1/15/44		175		151
RR Donnelley & Sons Co.
7.88%, 3/15/21		345		396
SanDisk Corp.
0.50%, 10/15/20 (f)		575		580
Sinopec Group Overseas Development 2012 Ltd.
3.90%, 5/17/22 (b)		500		526
SK Telecom Co., Ltd.
2.13%, 5/1/18 (b)		200		202
Spectra Energy Capital LLC
3.30%, 3/15/23 (f)		475		448
Target Corp.
4.00%, 7/1/42		150		160
Telstra Corp., Ltd.
3.13%, 4/7/25		240		242
Tiffany & Co.
4.90%, 10/1/44 (b)		100		103
Time Warner Cable, Inc.
4.50%, 9/15/42 (f)		475		489
Transocean, Inc.,
3.80%, 10/15/22 (f)		300		220
6.38%, 12/15/21 (f)		275		232
Tyson Foods, Inc.
3.95%, 8/15/24 (f)		125		132

	Face Amount (000)		Value (000)
United Airlines Pass-Through Trust, Series A
3.75%, 3/3/28	$	325	$	339
4.00%, 10/11/27 (f)		675		712
United Rentals North America, Inc.
5.75%, 11/15/24 (f)		370		384
United Technologies Corp.
4.50%, 6/1/42		165		184
Verizon Communications, Inc.,
4.67%, 3/15/55 (b)		775		762
5.01%, 8/21/54		658		686
6.55%, 9/15/43		81		106
Volkswagen International Finance N.V.
2.38%, 3/22/17 (b)		190		195
Wal-Mart Stores, Inc.
5.25%, 9/1/35		290		360
Wesfarmers Ltd.
2.98%, 5/18/16 (b)		390		399
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.50%, 3/1/25 (b)		430		438
Yahoo!, Inc.
0.00%, 12/1/18		550		596
Yum! Brands, Inc.
3.88%, 11/1/20		700		746
Zimmer Holdings, Inc.
5.75%, 11/30/39		220		264
				41,335
Utilities (1.9%)
CEZ AS
4.25%, 4/3/22 (b)		210		228
DCP Midstream Operating LP
3.88%, 3/15/23		375		339
Delmarva Power & Light Co.
4.00%, 6/1/42		475		502
EnLink Midstream Partners LP
2.70%, 4/1/19		400		400
Exelon Generation Co., LLC
6.25%, 10/1/39		445		540
Jersey Central Power & Light Co.
4.70%, 4/1/24 (b)(f)		700		765
PPL WEM Holdings Ltd.
3.90%, 5/1/16 (b)		375		386
State Grid Overseas Investment 2013 Ltd.
3.13%, 5/22/23 (b)		540		547
Williams Partners LP/ACMP Finance Corp.
4.88%, 5/15/23 (f)		475		479
				4,186
				73,626

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Mortgages — Other (8.3%)
Banc of America Alternative Loan Trust,
0.82%, 7/25/46 (c)	$	420	$	285
5.50%, 10/25/35		1,905		1,778
5.86%, 10/25/36		884		590
5.91%, 10/25/36 (c)		1,542		1,027
6.00%, 4/25/36		387		399
Banc of America Funding Trust
0.54%, 8/25/36 (c)		88		76
Chaseflex Trust
6.00%, 2/25/37		1,269		1,119
Fannie Mae Connecticut Avenue Securities
5.07%, 11/25/24 (c)		698		737
First Horizon Alternative Mortgage Securities Trust
6.25%, 8/25/36		752		614
Freddie Mac Structured Agency Credit Risk Debt Notes,
3.92%, 9/25/24 (c)		352		345
4.17%, 8/25/24 (c)		312		314
4.42%, 11/25/23 (c)		700		720
4.72%, 10/25/24 (c)		948		982
Grifonas Finance PLC
0.39%, 8/28/39 (c)	EUR	516		388
GSMSC Pass-Through Trust
7.50%, 9/25/36 (b)(c)	$	1,094		934
HarborView Mortgage Loan Trust
0.37%, 1/19/38 (c)		324		276
Impac CMB Trust
0.91%, 4/25/35 (c)		343		259
JP Morgan Mortgage Trust,
2.77%, 6/25/37 (c)		307		283
6.00%, 6/25/37		313		303
Lehman Mortgage Trust,
5.50%, 11/25/35 - 2/25/36		1,571		1,531
6.50%, 9/25/37		1,659		1,423
RALI Trust,
0.36%, 12/25/36 (c)		917		714
5.50%, 12/25/34		1,208		1,219
6.00%, 11/25/36		262		206
Springleaf Mortgage Loan Trust
3.56%, 12/25/59 (b)(c)		860		874
Washington Mutual Mortgage Pass-Through Certificates Trust
0.90%, 4/25/47 (c)		702		565
				17,961
Municipal Bonds (1.2%)
City of Chicago, IL, O'Hare International Airport Revenue
6.40%, 1/1/40		255		348
City of New York, NY, Series G-1
5.97%, 3/1/36		270		353

	Face Amount (000)		Value (000)
Illinois State Toll Highway Authority, Highway Revenue, Build America Bonds
6.18%, 1/1/34	$	477	$	634
Municipal Electric Authority of Georgia,
6.64%, 4/1/57		283		371
6.66%, 4/1/57		320		419
New York City, NY, Transitional Finance Authority Future Tax Secured Revenue
5.27%, 5/1/27		320		379
				2,504
Sovereign (6.8%)
Brazil Notas do Tesouro Nacional, Series F
10.00%, 1/1/25	BRL	5,850		1,546
Brazilian Government International Bond,
5.00%, 1/27/45	$	244		227
5.63%, 1/7/41 (f)		132		135
EUROFIMA, MTN
6.25%, 12/28/18	AUD	1,190		1,030
Hellenic Republic Government Bond,
3.00%, 2/24/25 (h)	EUR	250		145
3.38%, 7/17/17 (b)		4		3
Hungary Government Bond,
5.50%, 6/24/25	HUF	160,000		681
6.00%, 11/24/23		180,000		779
Hungary Government International Bond
5.38%, 3/25/24	$	202		227
Italy Buoni Poliennali Del Tesoro
2.35%, 9/15/24 (b)	EUR	1,771		2,329
KazMunayGas National Co., JSC
6.38%, 4/9/21 (b)	$	900		902
Mexico Government International Bond
3.63%, 3/15/22		868		903
Pertamina Persero PT
4.88%, 5/3/22		1,725		1,801
Petroleos de Venezuela SA
6.00%, 11/15/26		550		174
Petroleos Mexicanos
6.38%, 1/23/45		400		448
Portugal Obrigacoes do Tesouro OT
3.88%, 2/15/30 (b)	EUR	1,040		1,376
Spain Government Inflation Linked Bond
1.00%, 11/30/30 (b)		1,315		1,568
Turkey Government Bond
9.00%, 7/24/24	TRY	1,021		411
				14,685
U.S. Agency Securities (1.6%)
Federal Home Loan Mortgage Corporation,
3.75%, 3/27/19	$	2,520		2,766
6.75%, 3/15/31		470		719
				3,485

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
U.S. Treasury Securities (10.9%)
U.S. Treasury Bonds,
2.75%, 11/15/42	$	5,100	$	5,301
3.13%, 2/15/43		2,000		2,234
U.S. Treasury Inflation Indexed Bond
0.25%, 1/15/25		5,364		5,409
U.S. Treasury Note 1.50%, 5/31/19		10,300		10,412
				23,356
Total Fixed Income Securities (Cost $202,124)				207,841
	Shares
Short-Term Investments (19.8%)
Securities held as Collateral on Loaned Securities (5.7%)
Investment Company (4.5%)
Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class (See Note G)		9,688,487		9,688
	Face Amount (000)
Repurchase Agreements (1.2%)
Barclays Capital, Inc., (0.15%, dated 3/31/15, due 4/1/15; proceeds $731; fully collateralized by a U.S. Government obligation; 4.38% due 5/15/41; valued at $746)	$	731		731
Merrill Lynch & Co., Inc., (0.18%, dated 3/31/15, due 4/1/15; proceeds $1,828; fully collateralized by various Common Stocks and Convertible Preferred Stocks; valued at $1,974)		1,828		1,828
				2,559
Total Securities held as Collateral on Loaned Securities (Cost $12,247)				12,247
	Shares
Investment Company (13.4%)
Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class (See Note G) (Cost $28,905)		28,904,541		28,905

	Face Amount (000)		Value (000)
U.S. Treasury Securities (0.7%)
U.S. Treasury Bills,
0.02%, 6/18/15 (i)(j)	$	760	$	760
0.03%, 6/18/15 (i)(j)		65		65
0.07%, 6/18/15 (i)(j)		663		663
Total U.S. Treasury Securities (Cost $1,488)				1,488
Total Short-Term Investments (Cost $42,640)				42,640
Total Investments (116.3%) (Cost $244,764) Including $14,885 of Securities Loaned (k)				250,481
Liabilities in Excess of Other Assets (-16.3%)				(35,030	)
Net Assets (100.0%)			$	215,451

(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) Variable/Floating Rate Security — Interest rate changes on these instruments are based on changes in a designated base rate. The rates shown are those in effect on March 31, 2015.

(d) Inverse Floating Rate Security — Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at March 31, 2015.

(e) When-issued security.

(f) All or a portion of this security was on loan at March 31, 2015.

(g) 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 March 31, 2015.

(h) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of March 31, 2015. Maturity date disclosed is the ultimate maturity date.

(i) Rate shown is the yield to maturity at March 31, 2015.

(j) All or a portion of the security was pledged to cover margin requirements for swap agreements.

(k) Securities are available for collateral in connection with purchase of when-issued securities, securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements.

@ Value is less than $500.

IO Interest Only.

MTN Medium Term Note.

PAC Planned Amortization Class.

REMIC Real Estate Mortgage Investment Conduit.

STRIPS Separate Trading of Registered Interest and Principal of Securities.

TBA To Be Announced.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

Foreign Currency Forward Exchange Contracts:

The Portfolio had the following foreign currency forward exchange contracts open at March 31, 2015:

Counterparty	Currency to Deliver (000)		Value (000)		Settlement Date	In Exchange For (000)		Value (000)		Unrealized Appreciation (Depreciation) (000)
Citibank NA	AUD	1,362	$	1,037	4/7/15	USD	1,060	$	1,060	$	23
Citibank NA	USD	31		31	4/7/15	EUR	28		30		(1	)
HSBC Bank PLC	EUR	1,675		1,802	4/7/15	USD	1,877		1,877		75
HSBC Bank PLC	EUR	1,358		1,460	4/7/15	USD	1,473		1,473		13
HSBC Bank PLC	HUF	79,008		283	4/7/15	USD	286		286		3
HSBC Bank PLC	MXN	74		5	4/7/15	USD	5		5		—	@
HSBC Bank PLC	USD	7		7	4/7/15	NOK	53		7		(—	@)
HSBC Bank PLC	USD	307		307	4/7/15	PLN	1,159		306		(1	)
HSBC Bank PLC	USD	468		468	4/7/15	ZAR	5,676		468		(—	@)
HSBC Bank PLC	ZAR	14,704		1,212	4/7/15	USD	1,268		1,268		56
JPMorgan Chase Bank NA	CAD	6		4	4/7/15	USD	4		4		—	@
JPMorgan Chase Bank NA	EUR	2,178		2,342	4/7/15	USD	2,437		2,437		95
JPMorgan Chase Bank NA	SEK	15		2	4/7/15	USD	2		2		—	@
JPMorgan Chase Bank NA	TRY	1,150		442	4/7/15	USD	454		454		12
JPMorgan Chase Bank NA	USD	44		44	4/7/15	EUR	41		45		1
UBS AG	BRL	5,125		1,604	4/7/15	USD	1,768		1,768		164
UBS AG	EUR	403		434	4/7/15	USD	426		426		(8	)
UBS AG	HUF	340,876		1,219	4/7/15	USD	1,205		1,205		(14	)
UBS AG	PLN	5,297		1,397	4/7/15	USD	1,427		1,427		30
UBS AG	USD	22		22	4/7/15	EUR	21		22		—	@
UBS AG	USD	9		9	4/7/15	JPY	1,109		9		(—	@)
UBS AG	USD	6		6	4/7/15	NZD	9		6		(—	@)
UBS AG	USD	1,074		1,074	4/7/15	PLN	4,124		1,088		14
UBS AG	USD	719		719	4/7/15	ZAR	8,740		720		1
			$	15,930				$	16,393	$	463

Futures Contracts:

The Portfolio had the following futures contracts open at March 31, 2015:

	Number of Contracts		Value (000)			Expiration Date	Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 5 yr. Note		304	$	36,544		Jun-15	$	154
U.S. Treasury Ultra Bond		35		5,946		Jun-15		45
Short:
U.S. Treasury 2 yr. Note		27		(5,917	)	Jun-15		(—	@)
U.S. Treasury 10 yr. Note		156		(20,109	)	Jun-15		(135	)
U.S. Treasury Long Bond		11		(1,803	)	Jun-15		(22	)
							$	42

Credit Default Swap Agreements:

The Portfolio had the following credit default swap agreements open at March 31, 2015:

Swap Counterparty and Reference Obligation	Buy/Sell Protection	Notional Amount (000)		Pay/Receive Fixed Rate			Termination Date	Upfront Payment Paid (Received) (000)			Unrealized Appreciation (Depreciation) (000)			Value (000)			Credit Rating of Reference Obligation†
Barclays Bank PLC Quest Diagnostics, Inc.	Buy	$	995		1.00	%	3/20/19	$	19		$	(38	)	$	(19	)	BBB+
Barclays Bank PLC Yum! Brands, Inc.	Buy		950		1.00		12/20/18		(16	)		(7	)		(23	)	BBB
Morgan Stanley & Co., LLC* CDX.IG.24	Buy		8,425		1.00		6/20/20		(160	)		5			(155	)	NR
		$	10,370					$	(157	)	$	(40	)	$	(197	)

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

Interest Rate Swap Agreements:

The Portfolio had the following interest rate swap agreements open at March 31, 2015:

Swap Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate			Termination Date	Notional Amount (000)		Unrealized Appreciation (Depreciation) (000)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Receive		1.26	%	3/9/18	$	56,000	$	(315	)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Receive		1.73		3/9/20		15,500		(170	)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Pay		2.29		12/24/24		5,000		148
									$	(337	)

@ Value is less than $500.

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

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

LIBOR London Interbank Offered Rate.

NR Not Rated.

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

EUR — Euro

HUF — Hungarian Forint

JPY — Japanese Yen

MXN — Mexican Peso

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLN — Polish Zloty

SEK — Swedish Krona

TRY — Turkish Lira

USD — United States Dollar

ZAR — South African Rand

Portfolio Composition**

Classification	Percentage of Total Investments
Agency Fixed Rate Mortgages		18.9	%
Industrials		17.4
Short-Term Investments		12.8
Finance		11.8
U.S. Treasury Securities		9.8
Other***		9.4
Mortgages — Other		7.5
Commercial Mortgage-Backed Securities		6.2
Sovereign		6.2
Total Investments		100.0	%****

** Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2015.

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

**** Does not include open long/short futures contracts with an underlying face amount of approximately $70,319,000 with net unrealized appreciation of approximately $42,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $463,000 and does not include open swap agreements with net unrealized depreciation of approximately $377,000.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Core Plus Fixed Income Portfolio

Statement of Assets and Liabilities	March 31, 2015 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $206,171)	$	211,888
Investment in Security of Affiliated Issuer, at Value (Cost $38,593)		38,593
Total Investments in Securities, at Value (Cost $244,764)		250,481
Cash		413
Receivable for Investments Sold		16,683
Interest Receivable		1,452
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		487
Receivable for Portfolio Shares Sold		356
Receivable for Variation Margin on Futures Contracts		305
Premium Paid on Open Swap Agreements		19
Receivable from Affiliate		3
Tax Reclaim Receivable		1
Other Assets		67
Total Assets		270,267
Liabilities:
Payable for Investments Purchased		41,292
Collateral on Securities Loaned, at Value		12,660
Payable for Portfolio Shares Redeemed		261
Payable for Trustees' Fees and Expenses		131
Payable for Sub Transfer Agency Fees — Class I		99
Payable for Sub Transfer Agency Fees — Class A		2
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Advisory Fees		86
Payable for Variation Margin on Swap Agreements		71
Payable for Professional Fees		50
Unrealized Depreciation on Swap Agreements		45
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		24
Premium Received on Open Swap Agreements		16
Payable for Administration Fees		14
Payable for Custodian Fees		8
Payable for Transfer Agency Fees — Class I		1
Payable for Transfer Agency Fees — Class A		—	@
Payable for Transfer Agency Fees — Class L		—	@
Payable for Shareholder Services Fees — Class A		1
Payable for Distribution and Shareholder Services Fees — Class L		—	@
Other Liabilities		55
Total Liabilities		54,816
Net Assets	$	215,451
Net Assets Consist Of:
Paid-in-Capital	$	680,666
Accumulated Undistributed Net Investment Income		3,383
Accumulated Net Realized Loss		(474,437	)
Unrealized Appreciation (Depreciation) on:
Investments		5,717
Futures Contracts		42
Swap Agreements		(377	)
Foreign Currency Forward Exchange Contracts		463
Foreign Currency Translations		(6	)
Net Assets	$	215,451

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Core Plus Fixed Income Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2015 (000)
CLASS I:
Net Assets	$	210,787
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		20,066,012
Net Asset Value, Offering and Redemption Price Per Share	$	10.50
CLASS A:
Net Assets	$	4,324
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		411,016
Net Asset Value, Redemption Price Per Share	$	10.52
Maximum Sales Load		4.25	%
Maximum Sales Charge	$	0.47
Maximum Offering Price Per Share	$	10.99
CLASS L:
Net Assets	$	340
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		32,344
Net Asset Value, Offering and Redemption Price Per Share	$	10.51
⁽¹⁾ Including: Securities on Loan, at Value:	$	14,885

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Core Plus Fixed Income Portfolio

Statement of Operations	Six Months Ended March 31, 2015 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	3,710
Dividends from Security of Affiliated Issuer (Note G)		15
Income from Securities Loaned — Net		15
Total Investment Income		3,740
Expenses:
Advisory Fees (Note B)		382
Administration Fees (Note C)		82
Sub Transfer Agency Fees — Class I		80
Sub Transfer Agency Fees — Class A		1
Sub Transfer Agency Fees — Class L		—	@
Professional Fees		56
Custodian Fees (Note F)		35
Pricing Fees		24
Shareholder Reporting Fees		22
Registration Fees		20
Shareholder Services Fees — Class A (Note D)		5
Distribution and Shareholder Services Fees — Class L (Note D)		1
Transfer Agency Fees — Class I (Note E)		3
Transfer Agency Fees — Class A (Note E)		1
Transfer Agency Fees — Class L (Note E)		1
Trustees' Fees and Expenses		3
Other Expenses		12
Total Expenses		728
Waiver of Advisory Fees (Note B)		(102	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(83	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(—	@)
Reimbursement of Class Specific Expenses — Class L (Note B)		(1	)
Rebate from Morgan Stanley Affiliate (Note G)		(17	)
Net Expenses		525
Net Investment Income		3,215
Realized Gain (Loss):
Investments Sold		1,601
Foreign Currency Forward Exchange Contracts		1,644
Foreign Currency Transactions		(13	)
Futures Contracts		98
Swap Agreements		(818	)
Net Realized Gain		2,512
Change in Unrealized Appreciation (Depreciation):
Investments		966
Foreign Currency Forward Exchange Contracts		(75	)
Foreign Currency Translations		(2	)
Futures Contracts		(17	)
Swap Agreements		(640	)
Net Change in Unrealized Appreciation (Depreciation)		232
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		2,744
Net Increase in Net Assets Resulting from Operations	$	5,959

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Core Plus Fixed Income Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2015 (unaudited) (000)			Year Ended September 30, 2014 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	3,215		$	5,768
Net Realized Gain		2,512			4,661
Net Change in Unrealized Appreciation (Depreciation)		232			3,809
Net Increase in Net Assets Resulting from Operations		5,959			14,238
Distributions from and/or in Excess of:
Class I:
Net Investment Income		(2,924	)		(5,745	)
Class A:
Net Investment Income		(42	)		(93	)
Class L:
Net Investment Income		(3	)		(2	)
Total Distributions		(2,969	)		(5,840	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		27,574			23,107
Distributions Reinvested		2,920			5,736
Redeemed		(15,502	)		(31,232	)
Class A:
Subscribed		1,747			1,471
Distributions Reinvested		42			93
Redeemed		(464	)		(1,926	)
Class L:
Subscribed		225			14
Distributions Reinvested		2			2
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		16,544			(2,735	)
Total Increase in Net Assets		19,534			5,663
Net Assets:
Beginning of Period		195,917			190,254
End of Period (Including Accumulated Undistributed Net Investment Income of $3,383 and $3,137)	$	215,451		$	195,917
(1) Capital Share Transactions:
Class I:
Shares Subscribed		2,648			2,271
Shares Issued on Distributions Reinvested		283			574
Shares Redeemed		(1,489	)		(3,088	)
Net Increase (Decrease) in Class I Shares Outstanding		1,442			(243	)
Class A:
Shares Subscribed		168			146
Shares Issued on Distributions Reinvested		4			9
Shares Redeemed		(45	)		(188	)
Net Increase (Decrease) in Class A Shares Outstanding		127			(33	)
Class L:
Shares Subscribed		22			1
Shares Issued on Distributions Reinvested		—	@@		—	@@
Net Increase in Class L Shares Outstanding		22			1

@@ Amount is less than 500 shares.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Core Plus Fixed Income Portfolio

	Class I
	Six Months Ended March 31, 2015			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	10.36		$	9.91		$	10.48		$	9.92		$	9.96		$	9.41
Income (Loss) from Investment Operations:
Net Investment Income†		0.16			0.31			0.32			0.39			0.38			0.34
Net Realized and Unrealized Gain (Loss)		0.14			0.45			(0.36	)		0.63			(0.02	)		0.57
Total from Investment Operations		0.30			0.76			(0.04	)		1.02			0.36			0.91
Distributions from and/or in Excess of:
Net Investment Income		(0.16	)		(0.31	)		(0.53	)		(0.46	)		(0.40	)		(0.36	)
Net Asset Value, End of Period	$	10.50		$	10.36		$	9.91		$	10.48		$	9.92		$	9.96
Total Return++		2.88	%#		7.82	%		(0.42	)%		10.62	%		3.74	%		10.02	%
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	210,787		$	192,868		$	187,014		$	227,331		$	295,226		$	434,657
Ratio of Expenses to Average Net Assets ⁽¹⁾		0.51	%+*^^		0.61	%+		0.71	%+^		0.62	%+		0.66	%+		0.51	%+
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		3.12	%+*^^		3.02	%+		3.14	%+^		3.88	%+		3.88	%+		3.53	%+
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.02	%*		0.01	%		0.01	%		0.01	%		0.00	%§		0.01	%
Portfolio Turnover Rate		169	%#		296	%		226	%		189	%		225	%		270	%
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		0.71	%*		0.81	%		0.73	%		N/A			N/A			N/A
Net Investment Income to Average Net Assets		2.92	%*		2.82	%		3.12	%		N/A			N/A			N/A

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value as of the last business day of the period.

^^ Effective October 6, 2014, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.52% for Class I shares. Prior to October 6, 2014, the maximum ratio was 0.62% for Class I shares.

^ Effective September 16, 2013, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.62% for Class I shares.

§ Amount is less than 0.005%.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Core Plus Fixed Income Portfolio

	Class A
	Six Months Ended March 31, 2015			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	10.37		$	9.93		$	10.50		$	9.94		$	9.97		$	9.40
Income (Loss) from Investment Operations:
Net Investment Income†		0.14			0.27			0.29			0.37			0.36			0.31
Net Realized and Unrealized Gain (Loss)		0.15			0.45			(0.36	)		0.62			(0.02	)		0.57
Total from Investment Operations		0.29			0.72			(0.07	)		0.99			0.34			0.88
Distributions from and/or in Excess of:
Net Investment Income		(0.14	)		(0.28	)		(0.50	)		(0.43	)		(0.37	)		(0.31	)
Net Asset Value, End of Period	$	10.52		$	10.37		$	9.93		$	10.50		$	9.94		$	9.97
Total Return++		2.79	%#		7.35	%		(0.68	)%		10.31	%		3.57	%		9.73	%
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	4,324		$	2,941		$	3,152		$	3,673		$	4,654		$	5,732
Ratio of Expenses to Average Net Assets ⁽¹⁾		0.86	%+*^^		0.96	%+		0.96	%+^		0.87	%+		0.91	%+		0.76	%+
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		2.73	%+*^^		2.67	%+		2.89	%+^		3.63	%+		3.63	%+		3.28	%+
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.02	%*		0.01	%		0.01	%		0.01	%		0.00	%§		0.01	%
Portfolio Turnover Rate		169	%#		296	%		226	%		189	%		225	%		270	%
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		1.00	%*		1.11	%		0.98	%		N/A			N/A			N/A
Net Investment Income to Average Net Assets		2.59	%*		2.52	%		2.87	%		N/A			N/A			N/A

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value, which does not reflect sales charges, if applicable, as of the last business day of the period.

^^ Effective October 6, 2014, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.87% for Class A shares. Prior to October 6, 2014, the maximum ratio was 0.97% for Class A shares.

^ Effective September 16, 2013, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.97% for Class A shares.

§ Amount is less than 0.005%.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Core Plus Fixed Income Portfolio

	Class L
	Six Months Ended March 31,2015			Year Ended September 30,						Period from April 27, 2012†† to
Selected Per Share Data and Ratios	(unaudited)			2014			2013			September 30, 2012
Net Asset Value, Beginning of Period	$	10.37		$	9.92		$	10.49		$	10.14
Income (Loss) from Investment Operations:
Net Investment Income†		0.13			0.25			0.27			0.11
Net Realized and Unrealized Gain (Loss)		0.14			0.45			(0.36	)		0.35
Total from Investment Operations		0.27			0.70			(0.09	)		0.46
Distributions from and/or in Excess of:
Net Investment Income		(0.13	)		(0.25	)		(0.48	)		(0.11	)
Net Asset Value, End of Period	$	10.51		$	10.37		$	9.92		$	10.49
Total Return++		2.60	%#		7.19	%		(0.95	)%		4.59	%#
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	340		$	108		$	88		$	130
Ratio of Expenses to Average Net Assets ⁽¹⁾		1.10	%+*^^		1.21	%+		1.21	%+^		1.16	%+*
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		2.52	%+*^^		2.42	%+		2.64	%+^		2.60	%+*
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.02	%*		0.01	%		0.01	%		0.01	%*
Portfolio Turnover Rate		169	%#		296	%		226	%		189	%#
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		1.67	%*		3.10	%		1.27	%		N/A
Net Investment Income to Average Net Assets		1.95	%*		0.53	%		2.58	%		N/A

†† Commencement of Operations.

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value as of the last business day of the period.

^^ Effective October 6, 2014, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.12% for Class L shares. Prior to October 6, 2014, the maximum ratio was 1.22% for Class L shares.

^ Effective September 16, 2013, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.22% for Class L shares.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited)

Morgan Stanley Institutional Fund Trust ("MSIFT" or the "Fund") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Fund is comprised of eight separate, active portfolios (individually referred to as a "Portfolio", collectively as the "Portfolios"). The Fund applies investment company accounting and reporting guidance. All Portfolios are considered diversified for purposes of the Act.

The accompanying financial statements relate to the Core Plus Fixed Income Portfolio. The Portfolio seeks above-average total return over a market cycle of three to five years. The Portfolio offers three classes of shares — Class I, Class A and Class L.

Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (5) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day; and (7) short-term taxable debt securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, unless the Adviser determines such price does not reflect the securities' market value, in which case these securities will be valued at their fair market value determined by the Adviser. Other taxable short-term debt securities with maturities of more than 60 days will be valued on a mark-to-market basis until such time as they reach a maturity of 60 days, whereupon they will be valued at amortized cost using their value on the 61st day unless the Adviser determines such price does not reflect the securities' fair value, in which case these securities will be valued at their fair market value as determined by the Adviser.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.

• 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 following is a summary of the inputs used to value the Portfolio's investments as of March 31, 2015.

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Fixed Income Securities
Agency Adjustable Rate Mortgage	$	—	$	1,154	$	—	$	1,154
Agency Fixed Rate Mortgages		—		45,082		—		45,082
Asset-Backed Securities		—		5,498		—		5,498
Collateralized Mortgage Obligations — Agency Collateral Series		—		5,640		—		5,640
Commercial Mortgage-Backed Securities		—		14,850		—		14,850
Corporate Bonds		—		73,626		—		73,626
Mortgages — Other		—		17,961		—		17,961
Municipal Bonds		—		2,504		—		2,504
Sovereign		—		14,685		—		14,685
U.S. Agency Securities		—		3,485		—		3,485
U.S. Treasury Securities		—		23,356		—		23,356
Total Fixed Income Securities		—		207,841		—		207,841

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (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)
Short-Term Investments
Investment Company	$	38,593		$	—		$	—	$	38,593
Repurchase Agreements		—			2,559			—		2,559
U.S. Treasury Securities		—			1,488			—		1,488
Total Short-Term Investments		38,593			4,047			—		42,640
Foreign Currency Forward Exchange Contracts		—			487			—		487
Futures Contracts		199			—			—		199
Credit Default Swap Agreement		—			5			—		5
Interest Rate Swap Agreement		—			148			—		148
Total Assets		38,792			212,528			—		251,320
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(24	)		—		(24	)
Futures Contracts		(157	)		—			—		(157	)
Credit Default Swap Agreements		—			(45	)		—		(45	)
Interest Rate Swap Agreements		—			(485	)		—		(485	)
Total Liabilities		(157	)		(554	)		—		(711	)
Total	$	38,635		$	211,974		$	—	$	250,609

the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Portfolio, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

4. Foreign Currency Translation and Foreign Investments: The books and records of the Portfolio are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Portfolio are presented at the foreign exchange rates and market values at the close of the period, the Portfolio does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Portfolio does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. Federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. Federal income tax purposes.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

unrealized currency gains (losses) from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of unrealized appreciation (depreciation) in the Statement of Assets and Liabilities. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments in domestic companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Portfolio values the foreign shares at the closing exchange price of the local shares.

risks arising from margin requirements. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Portfolio's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

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

Futures: A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin). A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return, and the

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

potential loss from futures contracts can exceed the Portfolio's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time. There is also the risk of loss by the Portfolio of margin deposits in the event of bankruptcy of a broker with which the Portfolio has open positions in the futures contract.

The Portfolio's use of swaps during the period included those based on the credit of an underlying security

commonly referred to as "credit default swaps." The Portfolio may be either the buyer or seller in a credit default swap. Where the Portfolio is the buyer of a credit default swap contract, it would typically be entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract only in the event of a default or similar event by the issuer of the debt obligation. If no default occurs, the Portfolio would have paid to the counterparty a periodic stream of payments over the term of the contract and received no benefit from the contract. When the Portfolio is the seller of a credit default swap contract, it typically receives the stream of payments but is obligated to pay an amount equal to the par (or other agreed-upon) value of a referenced debt obligation upon the default or similar event by the issuer of the referenced debt obligation. The use of credit default swaps could result in losses to the Portfolio if the Adviser fails to correctly evaluate the creditworthiness of the issuer of the referenced debt obligation.

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

Foreign Currency Forward Exchange Contracts: In connection with its investments in foreign securities, the Portfolio also entered into contracts with banks, brokers

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

or dealers to purchase or sell securities or foreign currencies at a future date. A foreign currency forward exchange contract ("currency contract") is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Currency contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. In addition, the Portfolio may use cross currency hedging or proxy hedging with respect to currencies in which the Portfolio has or expects to have portfolio or currency exposure. Cross currency hedges involve the sale of one currency against the positive exposure to a different currency and may be used for hedging purposes or to establish an active exposure to the exchange rate between any two currencies. To the extent hedged by the use of currency contracts, the precise matching of the currency contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date on which the contract is entered into and the date it matures. Furthermore, such transactions may reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. There is additional risk to the extent that currency contracts create exposure to currencies in which the Portfolio's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Portfolio than if it had not entered into such contracts. The use of currency contracts involves the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract. A currency contract is marked-to-market daily and the change in market value is recorded by the Portfolio as unrealized gain or loss. The Portfolio records realized gains (losses) when the currency contract is closed equal to the difference between the value of the currency contract at the time it was opened and the value at the time it was closed.

The following tables set forth the fair value of the Portfolio's derivative contracts by primary risk exposure as of March 31, 2015.

Asset Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward Exchange
Contracts

Unrealized Appreciation on
Foreign Currency Forward
Exchange Contracts

Currency Risk

487

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

199

(a)

Swap Agreement

Variation Margin on
Swap Agreement

Credit Risk

(a)

Swap Agreement

Variation Margin on
Swap Agreement

Interest Rate Risk

148

(a)

Total

839

Liability Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward Exchange
Contracts

Unrealized Depreciation on
Foreign Currency Forward
Exchange Contracts

Currency Risk

(24

)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(157

)(a)

Swap Agreements

Unrealized Depreciation on
Swap Agreements

Credit Risk

(45

)

Swap Agreements

Variation Margin on
Swap Agreements

Interest Rate Risk

(485

)(a)

Total

(711

)

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	1,644
Interest Rate Risk	Futures Contracts		98
Credit Risk	Swap Agreements		(45	)
Interest Rate Risk	Swap Agreements		(773	)
Total		$	924

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(75	)
Interest Rate Risk	Futures Contracts		(17	)
Credit Risk	Swap Agreements		(51	)
Interest Rate Risk	Swap Agreements		(589	)
Total		$	(732	)

At March 31, 2015, the Portfolio's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Statement of Assets and Liabilities
Derivatives(b)	Assets(c) (000)		Liabilities(c) (000)
Foreign Currency Forward Exchange Contracts	$	487	$	(24	)
Swap Agreements		—		(45	)
Total	$	487	$	(69	)

(b) Excludes exchange traded derivatives.

(c) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

in certain Master Agreements. In the event the Portfolio exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Portfolio's net liability may be delayed or denied.

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2015.

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in Statement of Assets and Liabilities (000)		Financial Instrument (000)			Collateral Received (000)		Net Amount (not less than $0) (000)
Citibank NA	$	23	$	(1	)	$	—	$	22
HSBC Bank PLC		147		(1	)		—		146
JPMorgan Chase Bank NA		108		—			—		108
UBS AG		209		(22	)		—		187
Total	$	487	$	(24	)	$	—	$	463
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in Statement of Assets and Liabilities (000)		Financial Instrument (000)			Collateral Pledged (000)		Net Amount (not less than $0) (000)
Barclays Bank PLC	$	45	$	—		$	—	$	45
Citibank NA		1		(1	)		—		0
HSBC Bank PLC		1		(1	)		—		0
UBS AG		22		(22	)		—		0
Total	$	69	$	(24	)	$	—	$	45

For the six months ended March 31, 2015, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	23,804,000
Futures Contracts:
Average monthly original value	$	130,401,000
Swap Agreements:
Average monthly notional amount	$	115,499,000

6. Securities Lending: The Portfolio lends securities to qualified financial institutions, such as broker-dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Portfolio. The Portfolio would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Portfolio's Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of March 31, 2015.

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amounts Presented in Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	14,885	(d)		—	$	(14,885	)(e)(f)	$	0

(d) Represents market value of loaned securities at period end.

(e) The Portfolio received cash collateral of approximately $12,660,000, of which approximately $12,247,000 was subsequently invested in a Repurchase Agreement and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. As of March 31, 2015, there was uninvested cash of approximately $413,000, which is not reflected in the Portfolio of Investments. In addition, the Portfolio received non-cash collateral of approximately $2,516,000 in the form of U.S. Government agency securities, which the Portfolio cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

(f) The actual collateral received is greater than the amount shown here due to overcollateralization.

7. When-Issued/Delayed Delivery Securities: The Portfolio purchases and sells when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price and yield, and no income accrues to the Portfolio on such securities prior to delivery date. Payment and delivery for when-issued

and delayed delivery securities can take place a month or more after the date of the transaction. When the Portfolio enters into a purchase transaction on a when-issued or delayed delivery basis, securities are available for collateral in an amount at least equal in value to the Portfolio's commitments to purchase such securities. Purchasing securities on a when-issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price, in which case there could be an unrealized loss at the time of delivery. Purchasing investments on a when-issued or delayed delivery basis may be considered a form of leverage which may increase the impact that gains (losses) may have on the Portfolio.

8. Indemnifications: The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

9. Dividends and Distributions to Shareholders: Dividend income and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid quarterly. Net realized capital gains, if any, are distributed at least annually.

10. Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Portfolio is informed of such dividends) net of applicable withholding taxes. Interest income is recognized on the accrual basis except where collection is in doubt. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Fund can be directly attributed to a particular Portfolio. Expenses which cannot be directly attributed are apportioned among the Portfolios based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution, transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Portfolio with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the average daily net assets as follows:

First $1 billion				Over $1 billion
	0.375	%			0.300	%

For the six months ended March 31, 2015, the advisory fee rate (net of waivers/rebate) was equivalent to an annual effective rate of 0.26% of the Portfolio's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Portfolio so that total annual portfolio operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.62% for Class I shares, 0.97% for Class A shares and 1.22% for Class L shares. Effective October 6, 2014, the Adviser has agreed to reduce its advisory fee and/or reimburse the Portfolio so that total annual portfolio operating expenses will not exceed 0.52% for Class I shares, 0.87% for Class A shares and 1.12% for Class L shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Portfolio's prospectus or until such time that the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended March 31, 2015, approximately $102,000 of advisory fees were waived and approximately $84,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

and paid monthly, at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to Class A shares.

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2015, purchases and sales of investment securities for the Portfolio, other than long-term U.S. Government securities and short-term investments, were approximately $47,612,000 and $31,174,000, respectively. For the six months ended March 31, 2015, purchases and sales of long-term U.S. Government securities were approximately $305,259,000 and $304,436,000, respectively.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

advisory fees paid were reduced by approximately $17,000 relating to the Portfolio's investment in the Liquidity Funds.

A summary of the Portfolio's transactions in shares of the Liquidity Funds during the six months ended March 31, 2015 is as follows:

Value September 30, 2014 (000)				Purchases at Cost (000)				Sales (000)				Dividend Income (000)				Value March 31, 2015 (000)
$	35,341			$	47,393			$	44,141			$	15			$	38,593

FASB ASC 740-10, Income Taxes — Overall, sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Portfolio files tax returns with the U.S. Internal Revenue Service, New York and various states. Each of the tax years in the

four-year period ended September 30, 2014 remains subject to examination by taxing authorities.

2014 Distributions Paid From: Ordinary Income (000)				2013 Distributions Paid From: Ordinary Income (000)
$	5,840			$	11,253		��

Permanent differences, primarily due to differing treatments of gains (losses) related to foreign currency transactions, basis adjustments for swap transactions, paydown adjustments and an expired capital loss carryforward, resulted in the following reclassifications among the components of net assets at September 30, 2014:

Accumulated Undistributed Net Investment Income (000)				Accumulated Net Realized Loss (000)				Paid-in- Capital (000)
$	123			$	2,516			$	(2,639	)

At September 30, 2014, the components of distributable earnings for the Portfolio on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	3,775			$	—

At March 31, 2015, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $9,622,000 and the aggregate gross unrealized depreciation is approximately $3,905,000 resulting in net unrealized appreciation of approximately $5,717,000.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

At September 30, 2014, the Portfolio had available for Federal income tax purposes unused capital losses, which will expire on the indicated dates:

Amount (000)		Expiration
$	15,680	September 30, 2015
	5,336	September 30, 2016
	254,264	September 30, 2017
	201,462	September 30, 2018

Capital loss carryforwards of approximately $2,643,000 expired during the year ended September 30, 2014.

I. Other: At March 31, 2015, the Portfolio had otherwise unaffiliated record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Portfolio. The aggregate percentage of such owners was 57.9%, 42.7% and 60.0%, for Class I, Class A and Class L shares, respectively.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited)

AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY

This privacy notice describes the U.S. privacy policy of Morgan Stanley Distribution, Inc., and the Morgan Stanley family of mutual funds ("us", "our", "we").

WE RESPECT YOUR PRIVACY

1. WHAT PERSONAL INFORMATION DO WE COLLECT FROM YOU?

• We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through applications and other forms you submit to us.

• We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

• We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?

We may disclose personal information we collect about you in each of the categories listed above to affiliated and nonaffiliated third parties.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited) (cont'd)

a. Information We Disclose to Affiliated Companies.

b. Information We Disclose to Third Parties.

3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL INFORMATION WE COLLECT ABOUT YOU?

4. HOW CAN YOU LIMIT OUR SHARING CERTAIN PERSONAL INFORMATION ABOUT YOU WITH OUR AFFILIATED COMPANIES FOR ELIGIBILITY DETERMINATION?

5. HOW CAN YOU LIMIT THE USE OF CERTAIN PERSONAL INFORMATION ABOUT YOU BY OUR AFFILIATED COMPANIES FOR MARKETING?

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited) (cont'd)

6. HOW CAN YOU SEND US AN OPT-OUT INSTRUCTION?

• Calling us at (800) 548-7786
Monday–Friday between 8a.m. and 6p.m. (EST)

• Writing to us at the following address:

Boston Financial Data Services, Inc.
c/o Privacy Coordinator
P.O. Box 219804
Kansas City, Missouri 64121

7. WHAT IF AN AFFILIATED COMPANY BECOMES A NONAFFILIATED THIRD PARTY?

SPECIAL NOTICE TO RESIDENTS OF VERMONT

SPECIAL NOTICE TO RESIDENTS OF CALIFORNIA

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Trustee and Officer Information (unaudited)

Trustees

Officers

Michael E. Nugent
Chairperson of the Board and Trustee

John H. Gernon
President and Principal Executive Officer

Stefanie V. Chang Yu
Chief Compliance Officer

Joseph C. Benedetti
Vice President

Mary E. Mullin
Secretary

Francis J. Smith
Treasurer and Principal Financial Officer

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

Boston Financial Data Services, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

(This Page has been left blank intentionally.)

Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

IFTCPFISAN
1194282 EXP 5.31.16

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Semi-Annual Report

March 31, 2015

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					31
Statement of Operations					33
Statements of Changes in Net Assets					34
Financial Highlights					35
Notes to Financial Statements					38
U.S. Privacy Policy					50
Trustee and Officer Information					53

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Shareholders' Letter (unaudited)

Dear Shareholders,

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

As always, we thank you for selecting Morgan Stanley Investment Management, and look forward to working with you in the months and years ahead.

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2015

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Expense Example (unaudited)

Global Strategist Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2015 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/14		Actual Ending Account Value 3/31/15		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Global Strategist Portfolio Class I	$	1,000.00	$	993.80	$	1,021.29	$	3.63	$	3.68		0.73	%
Global Strategist Portfolio Class A		1,000.00		991.70		1,019.80		5.11		5.19		1.03
Global Strategist Portfolio Class L		1,000.00		989.30		1,017.05		7.84		7.95		1.58

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (27.0%)
Agency Adjustable Rate Mortgage (0.0%)
United States (0.0%)
Federal National Mortgage Association, Conventional Pool: 2.33%, 5/1/35	$	34	$	37
Agency Fixed Rate Mortgages (2.9%)
United States (2.9%)
Federal Home Loan Mortgage Corporation,
April TBA:
3.50%, 4/1/45 (a)		1,680		1,761
Gold Pools:
6.00%, 11/1/37		154		176
6.50%, 5/1/32 - 9/1/32		183		209
7.50%, 5/1/35		9		11
Federal National Mortgage Association,
April TBA:
3.00%, 4/1/30 (a)		469		492
3.50%, 4/1/30 (a)		447		474
4.50%, 4/1/45 (a)		487		531
Conventional Pools:
4.00%, 1/1/42		1,449		1,554
5.00%, 1/1/41 - 3/1/41		1,619		1,816
5.50%, 2/1/38		406		459
6.00%, 1/1/38		17		20
6.50%, 12/1/29		30		34
7.00%, 12/1/17 - 2/1/31		384		422
7.50%, 8/1/37		18		23
Government National Mortgage Association,
April TBA:
3.50%, 4/20/45 (a)		2,095		2,205
4.00%, 4/20/45 (a)		710		757
Various Pools:
3.50%, 12/15/43		540		575
4.00%, 8/20/41 - 11/20/42		887		952
5.50%, 8/15/39		157		179
				12,650
Asset-Backed Security (0.1%)
United States (0.1%)
CVS Pass-Through Trust,
6.04%, 12/10/28		360		426
Collateralized Mortgage Obligations — Agency Collateral Series (0.4%)
United States (0.4%)
Federal Home Loan Mortgage Corporation,
2.40%, 6/25/22		1,625		1,654
2.79%, 1/25/22		75		78
2.97%, 10/25/21		90		95
IO
0.66%, 1/25/21 (b)		1,308		37
IO REMIC
5.88%, 4/15/39 (b)		156		25

	Face Amount (000)		Value (000)
Federal National Mortgage Association,
6.43%, 9/25/38 (b)	$	123	$	17
				1,906
Commercial Mortgage-Backed Securities (0.9%)
United States (0.9%)
COMM Mortgage Trust,
3.28%, 1/10/46		305		316
4.74%, 7/15/47 (b)(c)		152		147
Commercial Mortgage Pass-Through Certificates,
2.82%, 10/15/45		376		386
Extended Stay America Trust,
2.96%, 12/5/31 (c)		325		333
JP Morgan Chase Commercial Mortgage Securities Trust,
4.39%, 7/15/46 (c)		100		112
4.57%, 7/15/47 (b)(c)		745		708
JPMBB Commercial Mortgage Securities Trust,
3.96%, 9/15/47 (b)(c)		205		188
4.56%, 9/15/47 (b)(c)		263		251
4.66%, 8/15/47 (b)		361		351
UBS-Barclays Commercial Mortgage Trust,
3.53%, 5/10/63		255		273
Wells Fargo Commercial Mortgage Trust,
2.92%, 10/15/45		449		464
WF-RBS Commercial Mortgage Trust,
3.99%, 10/15/57 (b)(c)		362		332
				3,861
Corporate Bonds (6.9%)
Australia (0.4%)
Australia & New Zealand Banking Group Ltd.,
5.13%, 9/10/19	EUR	400		511
BHP Billiton Finance USA Ltd.,
3.85%, 9/30/23	$	170		182
Macquarie Bank Ltd.,
6.63%, 4/7/21 (c)		270		318
Origin Energy Finance Ltd.,
3.50%, 10/9/18 (c)		200		205
QBE Insurance Group Ltd.,
2.40%, 5/1/18 (c)		200		202
Telstra Corp., Ltd.,
3.13%, 4/7/25		135		136
Wesfarmers Ltd.,
2.98%, 5/18/16 (c)		245		251
				1,805
Belgium (0.1%)
Anheuser-Busch InBev Finance, Inc.,
3.70%, 2/1/24		300		318
Brazil (0.0%)
Vale Overseas Ltd.,
6.88%, 11/10/39		50		49

The accompanying notes are an integral part of the financial statements.
4

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Canada (0.1%)
Barrick Gold Corp.,
4.10%, 5/1/23	$	100	$	99
Brookfield Asset Management, Inc.,
5.80%, 4/25/17		295		319
Goldcorp, Inc.,
3.70%, 3/15/23		198		196
				614
Chile (0.1%)
ENTEL Chile SA,
4.75%, 8/1/26 (c)		250		258
4.88%, 10/30/24 (c)		200		209
				467
China (0.2%)
Baidu, Inc.,
3.25%, 8/6/18		225		234
Sinopec Group Overseas Development 2012 Ltd.,
2.75%, 5/17/17 (c)(d)		217		221
Want Want China Finance Ltd.,
1.88%, 5/14/18 (c)(d)		200		198
				653
Colombia (0.1%)
Ecopetrol SA,
5.88%, 9/18/23		270		290
France (0.5%)
Banque Federative du Credit Mutuel SA,
2.00%, 9/19/19	EUR	400		457
BNP Paribas SA,
4.25%, 10/15/24	$	250		258
5.00%, 1/15/21		95		108
BPCE SA,
5.15%, 7/21/24 (c)		450		482
Credit Agricole SA,
3.90%, 4/19/21	EUR	300		371
5.88%, 6/11/19		400		518
				2,194
Germany (0.0%)
Vier Gas Transport GmbH,
3.13%, 7/10/23		100		127
Hong Kong (0.0%)
Hutchison Whampoa International 14 Ltd.,
1.63%, 10/31/17 (c)	$	200		199
Ireland (0.1%)
CRH America, Inc.,
6.00%, 9/30/16		415		443
Italy (0.2%)
Intesa Sanpaolo SpA,
4.13%, 4/14/20	EUR	400		496
Telecom Italia Finance SA,
7.75%, 1/24/33		80		129

	Face Amount (000)		Value (000)
UniCredit SpA,
4.25%, 7/29/16	EUR	350	$	398
				1,023
Korea, Republic of (0.1%)
SK Telecom Co., Ltd.,
2.13%, 5/1/18 (c)	$	200		202
Malaysia (0.1%)
Petronas Capital Ltd.,
3.50%, 3/18/25 (c)		375		380
Netherlands (0.4%)
ABN Amro Bank N.V.,
2.50%, 10/30/18 (c)		300		307
3.63%, 10/6/17	EUR	200		233
Cooperatieve Centrale Raiffeisen- Boerenleenbank BA,
3.95%, 11/9/22	$	250		259
Series G
3.75%, 11/9/20	EUR	300		365
ING Bank N.V.,
5.25%, 6/5/18		300		377
5.80%, 9/25/23 (c)	$	240		272
				1,813
Spain (0.2%)
Banco Bilbao Vizcaya Argentaria SA,
3.63%, 1/18/17	EUR	350		401
Telefonica Emisiones SAU,
4.71%, 1/20/20		300		382
				783
Sweden (0.3%)
Nordea Bank AB,
4.00%, 3/29/21		480		608
Skandinaviska Enskilda Banken AB,
1.75%, 3/19/18 (c)	$	200		201
Swedbank AB,
1.75%, 3/12/18 (c)		270		271
				1,080
Switzerland (0.2%)
Credit Suisse,
6.00%, 2/15/18		90		100
Glencore Funding LLC,
4.13%, 5/30/23 (c)		200		204
Novartis Capital Corp.,
4.40%, 5/6/44		150		174
UBS AG,
7.50%, 7/15/25		380		499
				977
Thailand (0.1%)
PTT Exploration & Production PCL,
3.71%, 9/16/18 (c)		240		251
PTT PCL,
3.38%, 10/25/22 (c)		230		230
				481

The accompanying notes are an integral part of the financial statements.
5

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
United Kingdom (1.0%)
Abbey National Treasury Services PLC,
4.00%, 3/13/24	$	120	$	129
Bank of Scotland PLC,
4.63%, 6/8/17	EUR	350		415
Barclays Bank PLC,
6.00%, 1/23/18 - 1/14/21		275		345
BAT International Finance PLC,
9.50%, 11/15/18 (c)	$	155		196
Diageo Capital PLC,
1.50%, 5/11/17		215		217
Experian Finance PLC,
2.38%, 6/15/17 (c)		400		404
GlaxoSmithKline Capital, Inc.,
6.38%, 5/15/38		100		136
Heathrow Funding Ltd.,
4.60%, 2/15/18	EUR	300		361
HSBC Holdings PLC,
6.00%, 6/10/19		450		579
6.38%, 9/17/24 (b)(e)	$	200		205
Imperial Tobacco Finance PLC,
8.38%, 2/17/16	EUR	400		461
Lloyds Bank PLC,
6.50%, 3/24/20		250		335
Nationwide Building Society,
6.25%, 2/25/20 (c)	$	300		357
Royal Bank of Scotland PLC (The),
5.50%, 3/23/20	EUR	150		199
Standard Chartered PLC,
3.85%, 4/27/15 (c)	$	260		261
				4,600
United States (2.7%)
Actavis Funding SCS,
3.80%, 3/15/25		55		57
Altria Group, Inc.,
2.85%, 8/9/22		25		25
5.38%, 1/31/44		155		182
Amgen, Inc.,
5.15%, 11/15/41		99		114
Apple, Inc.,
3.85%, 5/4/43		100		102
4.45%, 5/6/44		175		196
AT&T, Inc.,
6.30%, 1/15/38		150		180
Bank of America Corp.,
4.00%, 4/1/24		250		266
MTN
4.20%, 8/26/24		100		104
4.25%, 10/22/26		45		47
5.00%, 1/21/44		250		288
Bayer US Finance LLC,
3.38%, 10/8/24 (c)		200		208

	Face Amount (000)		Value (000)
Boston Properties LP,
3.85%, 2/1/23	$	25	$	26
Burlington Northern Santa Fe LLC,
4.55%, 9/1/44		195		215
Capital One Bank, USA NA,
3.38%, 2/15/23		546		554
Citigroup, Inc.,
5.50%, 9/13/25		250		284
6.13%, 5/15/18		107		120
6.68%, 9/13/43		20		27
8.13%, 7/15/39		175		276
Coca-Cola Co.,
3.20%, 11/1/23		250		262
DirecTV Holdings LLC/DIRECTV Financing Co., Inc.,
5.15%, 3/15/42		25		26
Discover Bank,
2.00%, 2/21/18		345		346
Enterprise Products Operating LLC,
3.35%, 3/15/23		275		278
Five Corners Funding Trust,
4.42%, 11/15/23 (c)		350		376
Ford Motor Credit Co., LLC,
4.21%, 4/15/16		305		314
Freeport-McMoRan, Inc.,
3.88%, 3/15/23		45		42
General Electric Capital Corp.,
5.30%, 2/11/21		275		318
Genworth Holdings, Inc.,
7.20%, 2/15/21		305		318
Gilead Sciences, Inc.,
4.80%, 4/1/44		150		173
Goldman Sachs Group, Inc. (The),
4.80%, 7/8/44		275		307
Hartford Financial Services Group, Inc.,
5.50%, 3/30/20		25		29
Home Depot, Inc.,
5.88%, 12/16/36		100		133
HSBC USA, Inc.,
3.50%, 6/23/24		100		105
International Business Machines Corp.,
1.95%, 2/12/19		300		305
JPMorgan Chase & Co.,
3.20%, 1/25/23		615		626
3.88%, 2/1/24		200		212
Kinder Morgan Energy Partners LP,
4.15%, 2/1/24		125		128
Kinder Morgan, Inc.,
4.30%, 6/1/25		150		154
Liberty Mutual Group, Inc.,
4.85%, 8/1/44 (c)		100		109
Medtronic, Inc.,
3.63%, 3/15/24		250		266
4.63%, 3/15/45 (c)		50		57

The accompanying notes are an integral part of the financial statements.
6

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
United States (cont'd)
Merck & Co., Inc.,
2.80%, 5/18/23	$	250	$	256
Monongahela Power Co.,
5.40%, 12/15/43 (c)		100		123
Nationwide Financial Services, Inc.,
5.38%, 3/25/21 (c)		25		28
NBC Universal Media LLC,
4.38%, 4/1/21		175		195
Omnicom Group, Inc.,
3.63%, 5/1/22		60		63
3.65%, 11/1/24		84		87
Oracle Corp.,
3.40%, 7/8/24		175		184
Pacific LifeCorp,
6.00%, 2/10/20 (c)		25		29
PepsiCo, Inc.,
3.60%, 3/1/24		250		267
Plains All American Pipeline LP/PAA Finance Corp.,
6.70%, 5/15/36		190		240
8.75%, 5/1/19		220		274
Prudential Financial, Inc.,
6.63%, 12/1/37		150		200
Rowan Cos., Inc.,
5.85%, 1/15/44		150		130
Target Corp.,
3.50%, 7/1/24		200		213
Time Warner Cable, Inc.,
4.50%, 9/15/42		175		180
Tyson Foods, Inc.,
3.95%, 8/15/24		60		63
UnitedHealth Group, Inc.,
4.25%, 3/15/43		150		163
Verizon Communications, Inc.,
4.67%, 3/15/55 (c)		231		227
5.01%, 8/21/54		195		203
6.55%, 9/15/43		24		31
Wells Fargo & Co.,
3.45%, 2/13/23		395		405
Zimmer Holdings, Inc.,
5.75%, 11/30/39		150		180
				11,896
				30,394
Mortgages — Other (0.3%)
United Kingdom (0.2%)
Holmes Master Issuer PLC,
2.11%, 10/15/54 (b)(c)	GBP	616		938
United States (0.1%)
Banc of America Alternative Loan Trust,
5.86%, 10/25/36	$	49		33
5.91%, 10/25/36 (b)		94		63
6.00%, 4/25/36		32		33

	Face Amount (000)		Value (000)
Chaseflex Trust,
6.00%, 2/25/37	$	43	$	38
First Horizon Alternative Mortgage Securities Trust,
6.25%, 8/25/36		24		19
GSR Mortgage Loan Trust,
5.75%, 1/25/37		40		39
Lehman Mortgage Trust,
5.50%, 11/25/35		15		14
6.50%, 9/25/37		47		40
RALI Trust,
0.67%, 3/25/35 (b)		52		39
				318
				1,256
Sovereign (11.7%)
Australia (0.6%)
Australia Government Bond,
2.75%, 4/21/24	AUD	1,320		1,045
3.25%, 4/21/25		1,750		1,444
				2,489
Bermuda (0.1%)
Bermuda Government International Bond,
4.85%, 2/6/24 (c)	$	390		412
Brazil (0.3%)
Brazil Notas do Tesouro Nacional, Series F,
10.00%, 1/1/25	BRL	5,140		1,386
Canada (1.0%)
Canadian Government Bond,
3.25%, 6/1/21	CAD	5,000		4,515
Germany (0.8%)
Bundesrepublik Deutschland,
4.25%, 7/4/39	EUR	1,450		2,866
4.75%, 7/4/34		450		863
				3,729
Greece (0.2%)
Hellenic Republic Government Bond,
3.00%, 2/24/23 - 2/24/42 (f)		1,700		911
Hungary (0.3%)
Hungary Government International Bond,
5.38%, 3/25/24	$	250		281
5.75%, 11/22/23		800		924
				1,205
Indonesia (0.2%)
Indonesia Government International Bond,
5.88%, 1/15/24 (c)		800		927
Ireland (0.4%)
Ireland Government Bond,
5.40%, 3/13/25	EUR	980		1,522

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Italy (1.3%)
Italy Buoni Poliennali Del Tesoro,
2.35%, 9/15/24 (c)	EUR	1,481	$	1,947
3.25%, 9/1/46 (c)		220		300
4.00%, 9/1/20		375		475
4.50%, 2/1/18 - 3/1/19		1,625		1,973
5.00%, 3/1/22		270		370
5.50%, 11/1/22		350		499
				5,564
Japan (1.4%)
Japan Finance Organization for Municipalities,
1.90%, 6/22/18	JPY	70,000		618
Japan Government Ten Year Bond,
1.10%, 6/20/21		75,000		662
Japan Government Thirty Year Bond,
1.70%, 6/20/33		395,000		3,675
2.00%, 9/20/40		118,000		1,135
				6,090
Kazakhstan (0.1%)
KazMunayGas National Co., JSC,
6.38%, 4/9/21	$	600		601
Korea, Republic of (0.3%)
Korea Development Bank (The),
3.88%, 5/4/17		400		420
4.63%, 11/16/21		630		712
				1,132
Mexico (0.1%)
Petroleos Mexicanos,
6.38%, 1/23/45		435		487
New Zealand (0.5%)
New Zealand Government Bond,
3.00%, 4/15/20	NZD	2,920		2,168
Poland (0.6%)
Poland Government Bond,
4.00%, 10/25/23	PLN	4,402		1,326
5.75%, 10/25/21		4,100		1,327
				2,653
South Africa (0.1%)
South Africa Government Bond,
7.25%, 1/15/20	ZAR	1,000		83
7.75%, 2/28/23		2,500		208
				291
Spain (1.1%)
Spain Government Bond,
0.50%, 10/31/17 (c)	EUR	775		840
4.20%, 1/31/37		950		1,446
4.40%, 10/31/23 (c)		580		793
5.85%, 1/31/22		680		973
Spain Government Inflation Linked Bond,
1.00%, 11/30/30 (c)		765		913
				4,965

	Face Amount (000)			Value (000)
Supernational (0.4%)
European Investment Bank,
2.15%, 1/18/27	JPY	157,000		$	1,572
European Union,
2.75%, 4/4/22	EUR	300			384
					1,956
United Kingdom (1.9%)
United Kingdom Gilt,
1.75%, 9/7/22	GBP	400			607
2.75%, 9/7/24		2,100			3,432
4.25%, 6/7/32 - 9/7/39		2,130			4,267
					8,306
					51,309
U.S. Treasury Securities (3.9%)
United States (3.9%)
U.S. Treasury Bond,
3.50%, 2/15/39	$	4,300			5,093
U.S. Treasury Inflation Indexed Bond,
0.25%, 1/15/25		3,214			3,241
U.S. Treasury Notes,
0.63%, 9/30/17		2,000			1,995
0.88%, 2/28/17		6,230			6,270
1.75%, 5/15/23		500			497
					17,096
Total Fixed Income Securities (Cost $119,272)					118,935
	Shares
Common Stocks (65.1%)
Australia (1.7%)
AGL Energy Ltd.		4,451			51
Alumina Ltd.		28,733			35
Amcor Ltd.		11,036			118
AMP Ltd.		31,080	��		152
Arrium Ltd.		14,100			2
Asciano Ltd.		7,805			38
ASX Ltd.		1,539			48
Australia & New Zealand Banking Group Ltd.		28,707			800
BHP Billiton Ltd.		28,547			665
BlueScope Steel Ltd.		3,657			12
Brambles Ltd.		13,059			114
Coca-Cola Amatil Ltd.		4,624			38
Cochlear Ltd.		499			34
Commonwealth Bank of Australia		12,195			865
Computershare Ltd.		4,195			41
Crown Resorts Ltd.		5,745			58
CSL Ltd.		4,783			335
Dexus Property Group REIT		7,020			40
DuluxGroup Ltd.		5,515			27
Echo Entertainment Group Ltd.		7,295			25
Fairfax Media Ltd.		32,187			23
Fortescue Metals Group Ltd.		10,837			16
Goodman Group REIT		11,051			53

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Australia (cont'd)
GPT Group REIT		17,370	$	60
Incitec Pivot Ltd.		14,271		44
Insurance Australia Group Ltd.		19,798		92
Leighton Holdings Ltd.		1,366		22
Lend Lease Group REIT		5,862		74
Macquarie Group Ltd.		2,760		160
Mirvac Group REIT		25,584		39
National Australia Bank Ltd.		24,224		709
Newcrest Mining Ltd. (g)		4,209		43
Orica Ltd.		3,553		54
Origin Energy Ltd.		9,394		81
Orora Ltd.		11,036		19
QBE Insurance Group Ltd.		13,529		134
Recall Holdings Ltd.		2,611		15
Rio Tinto Ltd.		3,744		162
Santos Ltd.		8,716		47
Scentre Group REIT		41,036		117
Shopping Centres Australasia Property Group REIT		2,331		4
Sonic Healthcare Ltd.		3,160		49
Stockland REIT		24,815		85
Suncorp Group Ltd.		11,119		114
Sydney Airport		2,861		11
TABCORP Holdings Ltd.		7,097		26
Telstra Corp., Ltd.		41,748		200
Toll Holdings Ltd.		6,015		41
Transurban Group		12,301		89
Treasury Wine Estates Ltd.		7,395		29
Wesfarmers Ltd.		10,023		335
Westfield Corp. REIT		18,583		135
Westpac Banking Corp.		23,864		714
Woodside Petroleum Ltd.		5,210		136
Woolworths Ltd.		10,835		243
WorleyParsons Ltd.		1,584		12
				7,685
Austria (0.0%)
BUWOG AG (g)		183		4
Erste Group Bank AG		5,852		144
Immofinanz AG (g)		3,664		11
Voestalpine AG		1,329		48
				207
Belgium (0.5%)
Ageas		3,376		121
Anheuser-Busch InBev N.V.		7,694		941
Belgacom SA		353		12
Colruyt SA		1,437		63
Delhaize Group SA		3,501		315
Groupe Bruxelles Lambert SA		1,803		149
KBC Groep N.V. (g)		9,691		600
Solvay SA		240		35
Telenet Group Holding N.V. (g)		148		8

	Shares		Value (000)
UCB SA		259	$	19
Umicore SA		1,949		81
Viohalco SA (g)		653		2
				2,346
Canada (2.1%)
Agnico-Eagle Mines Ltd.		1,600		44
Agrium, Inc.		1,500		156
Bank of Montreal		5,100		306
Bank of Nova Scotia		8,800		441
Barrick Gold Corp.		9,400		103
BCE, Inc.		5,300		224
Blackberry Ltd. (g)		4,200		37
Bombardier, Inc.		12,800		25
Brookfield Asset Management, Inc., Class A		5,500		294
Cameco Corp.		4,100		57
Canadian Imperial Bank of Commerce		3,700		268
Canadian National Railway Co.		8,600		576
Canadian Natural Resources Ltd.		10,300		316
Canadian Oil Sands Ltd.		2,700		21
Canadian Pacific Railway Ltd.		1,600		293
Cenovus Energy, Inc.		7,100		120
Crescent Point Energy Corp.		2,100		47
Eldorado Gold Corp.		5,400		25
Enbridge, Inc.		8,200		395
Encana Corp.		7,600		85
Fairfax Financial Holdings Ltd.		300		168
First Quantum Minerals Ltd.		5,100		62
Fortis, Inc.		1,300		40
Goldcorp, Inc.		7,100		128
Great-West Lifeco, Inc.		4,100		119
Husky Energy, Inc.		2,600		53
IGM Financial, Inc.		1,800		64
Imperial Oil Ltd.		2,600		104
Intact Financial Corp.		1,500		113
Kinross Gold Corp. (g)		10,100		23
Lightstream Resources Ltd.		1,136		1
Loblaw Cos. Ltd.		673		33
Lululemon Athletica, Inc. (g)		2,340		150
Magna International, Inc.		5,200		278
Manulife Financial Corp.		18,100		307
National Bank of Canada		3,000		110
Pembina Pipeline Corp.		400		13
Penn West Petroleum Ltd.		3,700		6
Potash Corp. of Saskatchewan, Inc.		8,200		264
Power Corp. of Canada		4,100		109
Power Financial Corp.		3,400		101
Rogers Communications, Inc., Class B		3,800		127
Royal Bank of Canada	��	12,300		740
Shaw Communications, Inc., Class B		3,700		83
Silver Wheaton Corp.		3,500		67
SNC-Lavalin Group, Inc.		1,800		56
Sun Life Financial, Inc.		5,900		182
Suncor Energy, Inc.		14,100		412

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Canada (cont'd)
Talisman Energy, Inc.		10,200	$	78
Teck Resources Ltd., Class B		4,700		65
Thomson Reuters Corp.		3,700		150
Toronto-Dominion Bank (The)		16,200		693
Touchstone Exploration, Inc. (g)		650		—	@
TransAlta Corp.		2,300		21
TransCanada Corp.		6,300		269
Valeant Pharmaceuticals International, Inc. (g)		300		59
Yamana Gold, Inc.		7,200		26
				9,107
Chile (0.0%)
Antofagasta PLC		3,920		42
Denmark (0.5%)
AP Moeller - Maersk A/S		45		91
AP Moeller - Maersk A/S Series B		70		146
Carlsberg A/S Series B		227		19
Coloplast A/S		120		9
Danske Bank A/S		6,553		173
DSV A/S		4,074		127
Novo Nordisk A/S		20,963		1,121
Novozymes A/S Series B		3,015		138
Pandora A/S		163		15
TDC A/S		537		4
Vestas Wind Systems A/S		3,665		152
				1,995
Finland (0.3%)
Elisa Oyj		442		11
Fortum Oyj		6,945		146
Kesko Oyj, Class B		76		3
Kone Oyj, Class B		5,640		250
Metso Oyj		282		8
Nokia Oyj		36,536		279
Nokian Renkaat Oyj		1,401		42
Orion Oyj, Class B		292		8
Sampo Oyj, Class A		4,143		210
UPM-Kymmene Oyj		11,663		227
Wartsila Oyj		336		15
				1,199
France (2.8%)
Accor SA		1,422		74
Aeroports de Paris (ADP)		630		75
Air Liquide SA		3,570		459
Airbus Group N.V.		580		38
Alcatel-Lucent (g)		39,117		148
Alstom SA (g)		4,118		127
Arkema SA		150		12
AtoS		210		14
AXA SA		19,384		489
BNP Paribas SA		11,022		670
Bouygues SA		3,259		128
Bureau Veritas SA		2,324		50

	Shares		Value (000)
Cap Gemini SA		2,188	$	180
Carrefour SA		7,198		240
Casino Guichard Perrachon SA		277		25
CGG SA (g)		2,024		11
Christian Dior SE		860		162
Cie de Saint-Gobain		2,701		119
Cie Generale des Etablissements Michelin Series B		1,985		198
Credit Agricole SA		47,695		701
Danone SA		7,355		495
Edenred		1,823		45
Electricite de France SA		4,946		119
Essilor International SA		1,528		175
Eutelsat Communications SA		799		26
GDF Suez		14,387		285
Groupe Eurotunnel SE		8,543		122
Hermes International		230		81
ICADE REIT		86		8
Iliad SA		40		9
Imerys SA		270		20
JCDecaux SA		651		22
Kering		1,487		291
L'Oreal SA		2,690		495
Lafarge SA		4,874		316
Legrand SA		290		16
LVMH Moet Hennessy Louis Vuitton SE		2,677		472
Natixis SA		1,960		15
Numericable-SFR SAS (g)		230		13
Orange SA		21,339		343
Pernod Ricard SA		2,105		248
Peugeot SA (g)		1,221		20
Publicis Groupe SA		1,177		91
Remy Cointreau SA		30		2
Renault SA		2,068		188
Rexel SA		480		9
Safran SA		230		16
Sanofi		12,469		1,227
Schneider Electric SE		560		44
SES SA		2,416		86
Societe Generale SA		7,586		367
Societe Television Francaise 1		1,176		21
Sodexo SA		1,223		119
Suez Environnement Co.		4,843		83
Technip SA		933		57
Thales SA		1,262		70
Total SA		20,957		1,043
Unibail-Rodamco SE REIT		1,696		458
Vallourec SA		2,417		59
Veolia Environnement SA		5,613		106
Vinci SA		5,456		312
Vivendi SA (g)		17,776		442
Zodiac Aerospace		290		10
				12,366

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Germany (2.5%)
Adidas AG		1,948	$	154
Allianz SE (Registered)		4,409		766
Axel Springer SE		168		10
BASF SE		11,137		1,108
Bayer AG (Registered)		7,384		1,110
Bayerische Motoren Werke AG		3,179		398
Beiersdorf AG		970		84
Brenntag AG		170		10
Commerzbank AG (g)		22,822		315
Continental AG		663		157
Daimler AG (Registered)		6,859		661
Deutsche Annington Immobilien SE		250		8
Deutsche Bank AG (Registered)		13,011		453
Deutsche Boerse AG		1,204		98
Deutsche Lufthansa AG (Registered)		3,253		46
Deutsche Post AG (Registered)		5,339		167
Deutsche Telekom AG (Registered)		29,547		541
E.ON SE		17,975		268
Esprit Holdings Ltd. (d)		12,560		13
Fraport AG Frankfurt Airport Services Worldwide		458		27
Fresenius Medical Care AG & Co., KGaA		1,557		130
Fresenius SE & Co., KGaA		3,431		205
Fuchs Petrolub SE (Preference)		210		8
HeidelbergCement AG		310		25
Henkel AG & Co., KGaA		1,575		163
Henkel AG & Co., KGaA (Preference)		2,044		241
Hugo Boss AG		80		10
Infineon Technologies AG		10,693		128
K&S AG (Registered)		1,686		55
Lanxess AG		977		52
Linde AG		1,529		312
Merck KGaA		1,048		118
Metro AG		1,561		53
Muenchener Rueckversicherungs AG (Registered)		1,889		408
Osram Licht AG		765		38
Porsche Automobil Holding SE (Preference)		779		76
ProSiebenSat.1 Media AG (Registered)		535		26
QIAGEN N.V. (g)		2,514		63
RWE AG		4,072		104
SAP SE		9,969		724
Siemens AG (Registered)		8,550		926
Suedzucker AG		507		6
Symrise AG		230		15
Telefonica Deutschland Holding AG (g)		3,260		19
ThyssenKrupp AG		5,230		137
TUI AG		7,778		136
Volkswagen AG		480		124
Volkswagen AG (Preference)		1,580		420
				11,116

	Shares		Value (000)
Greece (0.1%)
Aegean Airlines SA (g)		711	$	6
Alpha Bank AE (g)		45,588		13
Athens Water Supply & Sewage Co., SA (The)		485		3
Attica Bank SA (g)		30,305		2
Ellaktor SA (g)		2,264		4
Eurobank Ergasias SA (g)		110,993		12
FF Group (g)		670		20
Fourlis Holdings SA (g)		952		3
Frigoglass SAIC (g)		326		1
GEK Terna Holding Real Estate Construction SA (g)		1,829		3
Grivalia Properties REIC REIT		647		5
Hellenic Exchanges - Athens Stock Exchange SA Holding (g)		2,748		14
Hellenic Petroleum SA (g)		1,449		6
Hellenic Telecommunications Organization SA (g)		3,346		30
Intralot SA-Integrated Lottery Systems & Services (g)		832		1
JUMBO SA		2,162		22
Lamda Development SA (g)		225		1
Marfin Investment Group Holdings SA (g)		13,085		2
Metka SA		449		4
Motor Oil Hellas Corinth Refineries SA		945		7
Mytilineos Holdings SA (g)		2,242		13
National Bank of Greece SA (g)		21,851		26
OPAP SA		2,890		27
Piraeus Bank SA (g)		25,114		10
Piraeus Port Authority SA		80		1
Public Power Corp. SA (g)		4,763		29
Sarantis SA (g)		115		1
Terna Energy SA (g)		600		1
Thrace Plastics Co., SA (g)		525		1
Titan Cement Co., SA		464		11
				279
Hong Kong (0.7%)
AIA Group Ltd.		67,200		421
Bank of East Asia Ltd. (The)		17,838		71
BOC Hong Kong Holdings Ltd.		36,500		130
CK Hutchison Holdings Ltd.		14,000		286
CLP Holdings Ltd.		19,000		166
Global Brands Group Holding Ltd. (g)		40,000		8
Hang Lung Group Ltd.		8,000		37
Hang Lung Properties Ltd.		22,000		62
Hang Seng Bank Ltd.		11,500		208
Henderson Land Development Co., Ltd.		14,495		102
Hong Kong & China Gas Co., Ltd.		52,707		122
Hong Kong Exchanges and Clearing Ltd.		10,822		265
Hutchison Whampoa Ltd.		21,000		291
Kerry Logistics Network Ltd.		3,500		5
Kerry Properties Ltd.		7,000		24
Link REIT (The)		21,033		129

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Hong Kong (cont'd)
MTR Corp., Ltd.		15,718	$	75
New World Development Co., Ltd.		40,995		47
Power Assets Holdings Ltd.		14,500		148
Sands China Ltd.		28,400		117
Sino Land Co., Ltd.		23,121		38
Sun Hung Kai Properties Ltd.		15,504		239
Swire Pacific Ltd., Class A		6,500		88
Swire Properties Ltd.		4,550		15
Wharf Holdings Ltd.		13,200		92
Wheelock & Co., Ltd.		10,000		51
				3,237
Ireland (0.1%)
Bank of Ireland (g)		524,761		199
CRH PLC		710		18
Kerry Group PLC, Class A		176		12
				229
Italy (0.9%)
Assicurazioni Generali SpA		12,666		249
Atlantia SpA		3,952		104
Banca Monte dei Paschi di Siena SpA (g)		77,333		51
Banco Popolare SC (g)		7,208		113
Enel Green Power SpA		22,504		42
Enel SpA		66,822		301
Eni SpA		22,322		386
Finmeccanica SpA (g)		1,205		14
Intesa Sanpaolo SpA		346,172		1,175
Luxottica Group SpA		1,473		93
Prysmian SpA		1,210		25
Saipem SpA (g)		2,154		22
Snam SpA		25,618		124
Telecom Italia SpA (g)		103,857		122
Telecom Italia SpA		73,623		69
Terna Rete Elettrica Nazionale SpA		9,469		42
UniCredit SpA		128,226		870
Unione di Banche Italiane SCPA		19,424		152
				3,954
Japan (5.5%)
Advantest Corp.		1,600		20
Aeon Co., Ltd.		9,500		104
Aisin Seiki Co., Ltd.		2,800		102
Ajinomoto Co., Inc.		12,000		263
Asahi Glass Co., Ltd.		12,000		79
Asahi Group Holdings Ltd.		4,500		143
Asahi Kasei Corp.		19,000		182
Astellas Pharma, Inc.		19,000		311
Bank of Yokohama Ltd. (The)		15,000		88
Bridgestone Corp.		6,600		265
Calbee, Inc.		100		4
Canon, Inc.		10,400		368
Central Japan Railway Co.		1,700		308
Chiba Bank Ltd. (The)		10,000		73

	Shares		Value (000)
Chubu Electric Power Co., Inc.		5,800	$	69
Chugai Pharmaceutical Co., Ltd.		3,400		107
Chugoku Electric Power Co., Inc. (The)		2,600		34
Coca-Cola West Co., Ltd.		100		2
Dai Nippon Printing Co., Ltd.		8,000		78
Dai-ichi Life Insurance Co., Ltd. (The)		1,000		15
Daiichi Sankyo Co., Ltd.		6,800		108
Daikin Industries Ltd.		2,800		188
Daito Trust Construction Co., Ltd.		1,000		112
Daiwa House Industry Co., Ltd.		8,000		158
Daiwa Securities Group, Inc.		21,000		166
Denso Corp.		6,100		278
Dentsu, Inc.		2,200		94
East Japan Railway Co.		3,600		289
Eisai Co., Ltd.		2,800		199
Electric Power Development Co., Ltd.		1,900		64
FamilyMart Co., Ltd.		100		4
FANUC Corp.		1,800		393
Fast Retailing Co., Ltd.		500		194
FUJIFILM Holdings Corp.		5,700		203
Fujitsu Ltd.		19,000		130
Hankyu Hanshin Holdings, Inc.		24,000		149
Hitachi Ltd.		47,000		321
Hokkaido Electric Power Co., Inc. (g)		2,900		23
Hokuriku Electric Power Co.		2,700		36
Honda Motor Co., Ltd.		1,100		36
Honda Motor Co., Ltd. ADR		13,695		449
Hoya Corp.		4,200		168
Ibiden Co., Ltd.		1,400		24
Inpex Corp.		4,200		46
Isetan Mitsukoshi Holdings Ltd.		3,700		61
Isuzu Motors Ltd.		500		7
ITOCHU Corp.		15,500		168
Japan Real Estate Investment Corp. REIT		12		56
Japan Steel Works Ltd. (The)		3,000		13
Japan Tobacco, Inc.		13,600		430
JFE Holdings, Inc.		4,600		102
JGC Corp.		2,000		40
JSR Corp.		2,100		36
JX Holdings, Inc.		2,800		11
Kansai Electric Power Co., Inc. (The) (g)		4,900		47
Kao Corp.		6,900		344
Kawasaki Heavy Industries Ltd.		26,000		131
KDDI Corp.		22,500		510
Keikyu Corp.		7,000		56
Keio Corp.		7,000		55
Keyence Corp.		500		273
Kintetsu Corp.		29,000		107
Kirin Holdings Co., Ltd.		11,900		156
Kobe Steel Ltd.		49,000		91
Komatsu Ltd.		9,800		193
Konica Minolta, Inc.		3,500		36
Kubota Corp.		13,000		206

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Japan (cont'd)
Kuraray Co., Ltd.		3,500	$	47
Kyocera Corp.		3,200		176
Kyushu Electric Power Co., Inc.		2,700		26
Lawson, Inc.		100		7
LIXIL Group Corp.		3,900		93
Makita Corp.		1,100		57
Marubeni Corp.		21,000		121
Mazda Motor Corp.		3,400		69
MEIJI Holdings Co., Ltd.		100		12
Mitsubishi Chemical Holdings Corp.		15,500		90
Mitsubishi Corp.		12,800		258
Mitsubishi Electric Corp.		19,000		226
Mitsubishi Estate Co., Ltd.		12,000		279
Mitsubishi Heavy Industries Ltd.		37,000		204
Mitsubishi Motors Corp.		6,400		58
Mitsui & Co., Ltd.		19,300		259
Mitsui Fudosan Co., Ltd.		9,000		265
Mitsui OSK Lines Ltd.		12,000		41
Mizuho Financial Group, Inc.		144,700		255
MS&AD Insurance Group Holdings, Inc.		4,000		112
Murata Manufacturing Co., Ltd.		2,200		303
NGK Insulators Ltd.		3,000		64
Nidec Corp.		2,200		146
Nikon Corp.		3,500		47
Nintendo Co., Ltd.		1,000		147
Nippon Building Fund, Inc. REIT		12		59
Nippon Electric Glass Co., Ltd.		4,000		20
Nippon Express Co., Ltd.		15,000		84
Nippon Steel Sumitomo Metal Corp.		80,000		202
Nippon Telegraph & Telephone Corp.		5,600		345
Nippon Yusen KK		24,000		69
Nissan Motor Co., Ltd.		23,900		244
Nisshin Seifun Group, Inc.		400		5
Nissin Foods Holdings Co., Ltd.		100		5
Nitto Denko Corp.		1,700		114
Nomura Holdings, Inc.		36,100		212
NSK Ltd.		7,000		102
NTT Data Corp.		2,100		92
NTT DoCoMo, Inc.		14,700		255
Odakyu Electric Railway Co., Ltd.		12,000		122
Oji Holdings Corp.		9,000		37
Olympus Corp. (g)		2,400		89
Omron Corp.		1,900		86
Ono Pharmaceutical Co., Ltd.		1,000		113
Oriental Land Co., Ltd.		400		30
ORIX Corp.		10,500		148
Osaka Gas Co., Ltd.		29,000		121
Otsuka Holdings Co., Ltd.		400		13
Panasonic Corp.		18,700		246
Rakuten, Inc.		10,000		176
Resona Holdings, Inc.		7,300		36
Ricoh Co., Ltd.		8,000		87

	Shares		Value (000)
Rohm Co., Ltd.		800	$	55
Secom Co., Ltd.		2,100		140
Sekisui House Ltd.		8,000		116
Seven & I Holdings Co., Ltd.		9,800		412
Sharp Corp.		10,000		20
Shikoku Electric Power Co., Inc. (g)		3,800		47
Shin-Etsu Chemical Co., Ltd.		3,300		216
Shionogi & Co., Ltd.		4,400		147
Shiseido Co., Ltd.		5,200		92
Shizuoka Bank Ltd. (The)		10,000		100
SMC Corp.		600		179
Softbank Corp.		7,400		430
Sompo Japan Nipponkoa Holdings, Inc.		400		12
Sony Corp. (g)		900		24
Sony Corp. ADR (g)		9,035		242
Sumitomo Chemical Co., Ltd.		15,000		77
Sumitomo Corp.		11,700		125
Sumitomo Electric Industries Ltd.		16,600		218
Sumitomo Metal Mining Co., Ltd.		6,000		88
Sumitomo Mitsui Financial Group, Inc.		13,000		498
Sumitomo Mitsui Trust Holdings, Inc.		30,000		124
Sumitomo Realty & Development Co., Ltd.		6,000		216
Suntory Beverage & Food Ltd.		200		9
Suzuki Motor Corp.		4,200		126
T&D Holdings, Inc.		5,800		80
Takeda Pharmaceutical Co., Ltd.		7,400		370
TDK Corp.		1,000		71
Terumo Corp.		4,600		121
Tobu Railway Co., Ltd.		23,000		109
Tohoku Electric Power Co., Inc.		4,600		52
Tokio Marine Holdings, Inc.		4,900		185
Tokyo Electric Power Co., Inc. (g)		9,500		36
Tokyo Electron Ltd.		1,500		105
Tokyo Gas Co., Ltd.		26,000		164
Tokyu Corp.		12,000		74
Toppan Printing Co., Ltd.		8,000		62
Toray Industries, Inc.		19,000		159
Toshiba Corp.		42,000		176
Toyota Industries Corp.		2,500		143
Toyota Motor Corp.		27,300		1,905
Trend Micro, Inc.		1,200		40
Unicharm Corp.		6,000		157
West Japan Railway Co.		2,300		121
Yahoo! Japan Corp.		19,100		79
Yakult Honsha Co., Ltd.		200		14
Yamada Denki Co., Ltd.		9,500		39
Yamato Holdings Co., Ltd.		6,600		152
				24,177
Kazakhstan (0.0%)
KAZ Minerals PLC (g)		2,888		9
Luxembourg (0.0%)
Altice SA (g)		123		13

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Mexico (0.0%)
Fresnillo PLC		716	$	7
Netherlands (0.8%)
Akzo Nobel N.V.		4,556		345
ArcelorMittal		13,197		124
ASML Holding N.V.		2,630		268
Boskalis Westminster N.V.		210		10
CNH Industrial N.V.		7,849		64
Fiat Chrysler Automobiles N.V. (g)		10,746		175
Fugro N.V. CVA		657		18
Heineken Holding N.V.		120		8
Heineken N.V.		3,790		289
ING Groep N.V. CVA (g)		48,328		709
Koninklijke Ahold N.V.		12,430		245
Koninklijke DSM N.V.		3,416		191
Koninklijke KPN N.V.		8,867		30
Koninklijke Philips N.V.		12,512		356
Koninklijke Vopak N.V.		1,006		56
OCI N.V. (g)		290		9
PostNL N.V. (g)		4,654		20
Randstad Holding N.V.		1,207		73
TNT Express N.V.		4,151		26
Unilever N.V. CVA		16,310		682
				3,698
Norway (0.3%)
Akastor ASA		1,833		4
Aker Solutions ASA (g)		1,833		10
DnB ASA		13,318		214
Gjensidige Forsikring ASA		968		17
Kvaerner ASA		1,677		1
Norsk Hydro ASA		15,613		82
Orkla ASA		11,153		84
REC Silicon ASA (g)		6,482		2
Seadrill Ltd.		328		3
Statoil ASA		13,168		233
Subsea 7 SA		3,127		27
Telenor ASA		18,557		375
Yara International ASA		2,438		124
				1,176
Poland (0.0%)
Jeronimo Martins SGPS SA		3,371		42
Portugal (0.0%)
Banco Comercial Portugues SA (g)		776,382		80
Banco Espirito Santo SA (Registered) (g)(h)		192,146		1
EDP - Energias de Portugal SA		5,590		21
Galp Energia SGPS SA		2,866		31
Portugal Telecom SGPS SA (Registered)		11,841		7
				140
Russia (0.4%)
Gazprom OAO ADR		71,262		336
Lukoil OAO ADR		7,889		364
Magnit OJSC GDR		3,524		180

	Shares		Value (000)
MegaFon OAO GDR		1,493	$	24
MMC Norilsk Nickel OJSC ADR		9,033		160
Mobile Telesystems OJSC ADR		9,100		92
NovaTek OAO (Registered GDR)		934		69
Rosneft OAO (Registered GDR)		30,176		129
Sberbank of Russia ADR		41,505		182
Severstal PAO GDR		1,815		20
Sistema JSFC GDR		1,727		13
Surgutneftegas OAO ADR		6,033		37
Tatneft OAO ADR		1,792		53
Uralkali PJSC (Registered GDR)		2,656		35
VTB Bank OJSC (Registered GDR)		12,730		26
				1,720
South Africa (0.1%)
Mota-Engil Africa N.V. (g)		182		2
SABMiller PLC		11,933		624
				626
Spain (2.2%)
Abertis Infraestructuras SA		12,968		234
ACS Actividades de Construccion y Servicios SA		3,911		139
Amadeus IT Holding SA, Class A		5,670		243
Banco Bilbao Vizcaya Argentaria SA		135,589		1,368
Banco de Sabadell SA		114,756		280
Banco Popular Espanol SA		44,385		217
Banco Santander SA		250,371		1,883
Bankia SA (g)		197,257		275
Bankinter SA		15,255		116
CaixaBank SA		131,761		624
Distribuidora Internacional de Alimentacion SA		19,214		150
Enagas SA		5,190		149
Ferrovial SA		7,418		158
Gas Natural SDG SA		7,328		165
Grifols SA		2,531		109
Grifols SA, Class B		126		4
Iberdrola SA		106,967		689
Inditex SA		29,090		933
International Consolidated Airlines Group SA (g)		13,928		125
Red Electrica Corp., SA		3,217		261
Repsol SA		16,546		308
Telefonica SA		74,582		1,061
				9,491
Sweden (1.0%)
Alfa Laval AB		710		14
Assa Abloy AB, Class B		3,279		195
Atlas Copco AB, Class A		10,736		348
Atlas Copco AB, Class B		7,734		229
Electrolux AB, Class B		2,950		84
Hennes & Mauritz AB, Class B		11,152		452
Husqvarna AB, Class B		5,449		39
ICA Gruppen AB		210		7
Investor AB, Class B		11,790		470

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Sweden (cont'd)
Millicom International Cellular SA SDR		1,496	$	108
Modern Times Group AB, Class B		443		14
Nordea Bank AB		28,680		350
Sandvik AB		16,736		187
Skandinaviska Enskilda Banken AB		15,662		183
Skanska AB, Class B		4,321		97
SKF AB, Class B		6,928		179
Svenska Cellulosa AB SCA, Class B		9,267		214
Svenska Handelsbanken AB, Class A		5,809		262
Swedbank AB, Class A		5,358		128
Swedish Match AB		4,441		131
Tele2 AB, Class B		880		10
Telefonaktiebolaget LM Ericsson, Class B		25,830		324
TeliaSonera AB		37,266		237
Volvo AB, Class B		10,172		123
				4,385
Switzerland (3.1%)
ABB Ltd. (Registered) (g)		39,604		840
Actelion Ltd. (Registered) (g)		1,056		122
Adecco SA (Registered) (g)		1,374		115
Aryzta AG (g)		102		6
Barry Callebaut AG (Registered) (g)		2		2
Chocoladefabriken Lindt & Sprungli AG		1		5
Cie Financiere Richemont SA (Registered)		5,771		465
Coca-Cola HBC AG (g)		895		16
Credit Suisse Group AG (Registered) (g)		17,581		473
EMS-Chemie Holding AG (Registered)		20		8
Geberit AG (Registered)		894		336
Givaudan SA (Registered) (g)		119		215
Holcim Ltd. (Registered) (g)		767		57
Julius Baer Group Ltd. (g)		2,479		124
Kuehne & Nagel International AG (Registered)		882		131
Lonza Group AG (Registered) (g)		523		65
Nestle SA (Registered)		41,900		3,164
Novartis AG (Registered)		25,342		2,506
Roche Holding AG (Genusschein)		6,915		1,907
SGS SA (Registered)		60		115
Sonova Holding AG (Registered)		957		133
Swatch Group AG (The)		643		188
Swiss Re AG		1,526		148
Swisscom AG (Registered)		765		444
Syngenta AG (Registered)		1,044		355
Transocean Ltd.		3,245		47
UBS Group AG (g)		33,323		625
Zurich Insurance Group AG (g)		2,658		900
				13,512
United Arab Emirates (0.0%)
Orascom Construction Ltd. (g)		70		1
United Kingdom (6.4%)
3i Group PLC		17,668		126
Aberdeen Asset Management PLC		1,630		11
Admiral Group PLC		4,238		96

	Shares		Value (000)
Aggreko PLC		2,911	$	66
Amec Foster Wheeler PLC		3,969		53
Anglo American PLC		13,543		202
ARM Holdings PLC		15,810		259
Ashtead Group PLC		810		13
Associated British Foods PLC		2,278		95
AstraZeneca PLC		17,441		1,196
Aviva PLC		35,448		284
Babcock International Group PLC		5,040		73
BAE Systems PLC		52,579		408
Barclays PLC		176,838		634
BG Group PLC		32,584		400
BHP Billiton PLC		22,517		489
BP PLC		189,666		1,225
British American Tobacco PLC		21,825		1,128
British Land Co., PLC REIT		12,968		160
BT Group PLC		110,149		714
Bunzl PLC		810		22
Burberry Group PLC		4,826		124
Cairn Energy PLC (g)		6,451		15
Capita PLC		7,046		116
Centrica PLC		58,319		219
Compass Group PLC		20,715		360
Croda International PLC		420		17
Diageo PLC		27,686		763
Direct Line Insurance Group PLC		1,860		9
Dixons Carphone PLC		1,270		8
Experian PLC		12,259		203
Friends Life Group Ltd.		1,900		12
G4S PLC		17,038		75
GKN PLC		2,110		11
GlaxoSmithKline PLC		62,771		1,437
Glencore PLC (g)		74,750		315
Hargreaves Lansdown PLC		880		15
HSBC Holdings PLC		175,763		1,496
Imperial Tobacco Group PLC		11,465		503
Indivior PLC (g)		7,675		22
Inmarsat PLC		5,006		69
Intertek Group PLC		2,057		76
Investec PLC		9,538		79
ITV PLC		36,104		135
J Sainsbury PLC		4,351		17
Johnson Matthey PLC		2,815		141
Kingfisher PLC		1,540		9
Land Securities Group PLC REIT		13,267		246
Legal & General Group PLC		72,255		298
Lloyds Banking Group PLC (g)		432,756		502
London Stock Exchange Group PLC		650		24
Lonmin PLC (g)		1,989		3
Man Group PLC		15,236		46
Marks & Spencer Group PLC		11,602		92
Melrose Industries PLC		3,068		13
National Grid PLC		39,277		502
Next PLC		2,152		224

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United Kingdom (cont'd)
Old Mutual PLC		83,540	$	275
Pearson PLC		13,402		288
Petrofac Ltd.		3,181		45
Prudential PLC		34,410		852
Randgold Resources Ltd.		1,054		73
Reckitt Benckiser Group PLC		7,675		658
Reed Elsevier PLC		4,927		85
Rio Tinto PLC		14,649		598
Rolls-Royce Holdings PLC (g)		35,603		503
Royal Bank of Scotland Group PLC (g)		24,001		121
Royal Dutch Shell PLC, Class A		35,881		1,066
Royal Dutch Shell PLC, Class B		27,048		840
RSA Insurance Group PLC		17,687		110
Schroders PLC		440		21
Serco Group PLC		5,878		12
Severn Trent PLC		1,060		32
Shire PLC		5,884		468
Signet Jewelers Ltd.		1,240		172
Sky PLC		9,952		146
Smith & Nephew PLC		10,250		174
Smiths Group PLC		7,539		125
Sports Direct International PLC (g)		730		7
SSE PLC		18,723		416
Standard Chartered PLC		23,821		386
Standard Life PLC		17,861		126
Tate & Lyle PLC		544		5
Tesco PLC		94,632		339
Travis Perkins PLC		750		22
Tullow Oil PLC		8,851		37
Unilever PLC		14,806		618
United Utilities Group PLC		1,690		23
Vedanta Resources PLC		1,623		12
Verizon Communications, Inc.		17,224		838
Verizon Communications, Inc.		15,926		774
Vodafone Group PLC		352,344		1,151
Weir Group PLC (The)		420		11
WM Morrison Supermarkets PLC		27,759		79
Wolseley PLC		3,786		224
WPP PLC		30,083		682
				28,264
United States (33.0%)
3M Co.		2,391		394
Abbott Laboratories		7,312		339
AbbVie, Inc.		7,312		428
Abercrombie & Fitch Co., Class A		249		5
Accenture PLC, Class A		4,625		433
ACCO Brands Corp. (g)		104		1
Actavis PLC (g)		1,189		354
Adobe Systems, Inc. (g)		4,763		352
ADT Corp. (The)		504		21
Advance Auto Parts, Inc.		249		37
Advanced Micro Devices, Inc. (g)		3,480		9

	Shares		Value (000)
AES Corp.		993	$	13
Aetna, Inc.		3,346		356
Aflac, Inc.		301		19
Agilent Technologies, Inc.		2,579		107
Air Products & Chemicals, Inc.		277		42
Airgas, Inc.		294		31
Akamai Technologies, Inc. (g)		1,512		107
Alcoa, Inc.		4,780		62
Alexion Pharmaceuticals, Inc. (g)		1,601		277
Allegheny Technologies, Inc.		635		19
Allegion PLC		342		21
Allstate Corp. (The)		743		53
Alpha Natural Resources, Inc. (g)		984		1
Altera Corp.		5,441		233
Altria Group, Inc.		13,961		698
Amazon.com, Inc. (g)		1,870		696
AMC Networks, Inc., Class A (g)		21		2
Ameren Corp.		2,892		122
American Electric Power Co., Inc.		5,294		298
American Express Co.		4,491		351
American Tower Corp. REIT		4,460		420
Ameriprise Financial, Inc.		2,879		377
AmerisourceBergen Corp.		4,371		497
AMETEK, Inc.		1,116		59
Amgen, Inc.		7,117		1,138
Amphenol Corp., Class A		412		24
Anadarko Petroleum Corp.		3,741		310
Analog Devices, Inc.		4,757		300
Annaly Capital Management, Inc. REIT		2,758		29
Anthem, Inc.		2,087		322
Aon PLC		200		19
Apache Corp.		3,374		204
Apollo Education Group, Inc., Class A (g)		736		14
Apple, Inc.		65,763		8,183
Applied Materials, Inc.		9,149		206
Arch Coal, Inc. (g)		978		1
Archer-Daniels-Midland Co.		4,632		220
AT&T, Inc.		36,851		1,203
Automatic Data Processing, Inc.		2,070		177
AutoZone, Inc. (g)		257		175
Avago Technologies Ltd.		1,865		237
AvalonBay Communities, Inc. REIT		1,767		308
Avery Dennison Corp.		1,848		98
Avon Products, Inc.		5,924		47
Baker Hughes, Inc.		4,595		292
Ball Corp.		999		71
Bank of America Corp.		108,410		1,668
Bank of New York Mellon Corp. (The)		13,284		535
Baxter International, Inc.		5,220		358
BB&T Corp.		7,560		295
Becton Dickinson and Co.		2,422		348
Bed Bath & Beyond, Inc. (g)		4,670		359
Berkshire Hathaway, Inc., Class B (g)		854		123

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Best Buy Co., Inc.		7,106	$	269
Biogen, Inc. (g)		1,824		770
Blackhawk Network Holdings, Inc. (g)		95		3
BlackRock, Inc.		1,187		434
Bloomin' Brands, Inc.		1,930		47
Boeing Co. (The)		4,219		633
Boston Properties, Inc. REIT		1,616		227
Boston Scientific Corp. (g)		13,697		243
Bristol-Myers Squibb Co.		10,239		660
Broadcom Corp., Class A		6,952		301
Brookfield Property Partners LP		2,480		60
Brown-Forman Corp., Class B		161		15
Bunge Ltd.		901		74
C.H. Robinson Worldwide, Inc.		1,527		112
CA, Inc.		2,375		77
Cablevision Systems Corp.		3,512		64
California Resources Corp.		3,526		27
Cameron International Corp. (g)		2,123		96
Campbell Soup Co.		437		20
Capital One Financial Corp.		4,477		353
Cardinal Health, Inc.		3,921		354
CarMax, Inc. (g)		977		67
Carnival Corp.		2,609		125
Carter's, Inc.		830		77
Catamaran Corp. (g)		200		12
Caterpillar, Inc.		5,587		447
CBRE Group, Inc., Class A (g)		7,089		274
CBS Corp., Class B		7,301		443
CDK Global, Inc.		690		32
Celanese Corp. Series A		320		18
Celgene Corp. (g)		6,622		763
CenterPoint Energy, Inc.		5,676		116
CenturyLink, Inc.		4,610		159
Cerner Corp. (g)		2,612		191
CF Industries Holdings, Inc.		756		214
Charles Schwab Corp. (The)		8,133		248
Chesapeake Energy Corp.		5,334		75
Chevron Corp.		11,865		1,246
Chipotle Mexican Grill, Inc. (g)		223		145
Chubb Corp. (The)		284		29
Church & Dwight Co., Inc.		143		12
Cigna Corp.		2,666		345
Cintas Corp.		1,494		122
Cisco Systems, Inc.		52,742		1,452
CIT Group, Inc.		2,055		93
Citigroup, Inc.		18,652		961
Citrix Systems, Inc. (g)		2,079		133
Cliffs Natural Resources, Inc.		977		5
Clorox Co. (The)		1,695		187
CME Group, Inc.		211		20
Coach, Inc.		1,753		73
Coca-Cola Co.		40,123		1,627
Coca-Cola Enterprises, Inc.		2,278		101

	Shares		Value (000)
Cognizant Technology Solutions Corp., Class A (g)		6,618	$	413
Colgate-Palmolive Co.		11,656		808
Comcast Corp., Class A		15,474		874
Comcast Corp. Special Class A		4,375		245
Comerica, Inc.		222		10
ConAgra Foods, Inc.		4,101		150
Concho Resources, Inc. (g)		780		90
ConocoPhillips		8,765		546
CONSOL Energy, Inc.		2,069		58
Consolidated Edison, Inc.		2,586		158
Constellation Brands, Inc., Class A (g)		505		59
Corning, Inc.		5,584		127
Costco Wholesale Corp.		7,506		1,137
CR Bard, Inc.		751		126
Crimson Wine Group Ltd. (g)		181		2
Crown Castle International Corp.		3,396		280
Crown Holdings, Inc. (g)		700		38
CST Brands, Inc.		319		14
CSX Corp.		7,808		259
Cummins, Inc.		2,121		294
CVS Health Corp.		3,057		315
Danaher Corp.		4,389		373
Darden Restaurants, Inc.		2,924		203
DaVita HealthCare Partners, Inc. (g)		1,492		121
Deere & Co.		3,418		300
Denbury Resources, Inc.		934		7
Devon Energy Corp.		2,622		158
DeVry Education Group, Inc.		21		1
Diamond Offshore Drilling, Inc.		43		1
DIRECTV, Class A (g)		9,292		791
Discover Financial Services		4,169		235
Discovery Communications, Inc., Class A (g)		1,842		57
Discovery Communications, Inc., Class C (g)		4,848		143
Dollar General Corp. (g)		5,136		387
Dollar Tree, Inc. (g)		4,080		331
Dominion Resources, Inc.		6,923		491
Dover Corp.		226		16
Dow Chemical Co. (The)		2,480		119
Dr. Pepper Snapple Group, Inc.		1,324		104
DTE Energy Co.		1,790		144
Duke Energy Corp.		5,562		427
Dun & Bradstreet Corp. (The)		826		106
Eastman Chemical Co.		282		19
Eaton Corp., PLC		2,648		180
eBay, Inc. (g)		9,267		534
Ecolab, Inc.		1,768		202
Edison International		4,627		289
Edwards Lifesciences Corp. (g)		321		46
EI du Pont de Nemours & Co.		1,872		134
Eli Lilly & Co.		5,633		409
EMC Corp.		20,497		524
Emerson Electric Co.		5,765		326
Energizer Holdings, Inc.		65		9
Engility Holdings, Inc.		18		1

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Entergy Corp.		1,590	$	123
EOG Resources, Inc.		5,152		472
EQT Corp.		1,059		88
Equifax, Inc.		1,761		164
Equity Residential REIT		3,433		267
Estee Lauder Cos., Inc. (The), Class A		3,809		317
Exelis, Inc.		227		6
Exelon Corp.		8,830		297
Expedia, Inc.		332		31
Expeditors International of Washington, Inc.		756		36
Express Scripts Holding Co. (g)		7,826		679
Exxon Mobil Corp.		28,986		2,464
Family Dollar Stores, Inc.		2,227		176
Fastenal Co.		2,071		86
FedEx Corp.		1,914		317
Fidelity National Information Services, Inc.		111		8
Fifth Third Bancorp		10,571		199
First Solar, Inc. (g)		295		18
FirstEnergy Corp.		3,956		139
Fiserv, Inc. (g)		1,736		138
Flowserve Corp.		1,100		62
Fluor Corp.		826		47
FMC Corp.		1,082		62
FMC Technologies, Inc. (g)		2,871		106
Ford Motor Co.		11,829		191
Franklin Resources, Inc.		4,208		216
Freeport-McMoRan, Inc.		3,360		64
Frontier Communications Corp.		11,447		81
G-III Apparel Group Ltd. (g)		410		46
GameStop Corp., Class A		636		24
Gannett Co., Inc.		233		9
Gap, Inc. (The)		8,396		364
General Dynamics Corp.		1,541		209
General Electric Co.		25,978		644
General Growth Properties, Inc. REIT		1,446		43
General Mills, Inc.		6,649		376
Genuine Parts Co.		111		10
Gilead Sciences, Inc. (g)		10,980		1,077
Goldman Sachs Group, Inc. (The)		5,452		1,025
Google, Inc., Class A (g)		2,083		1,155
Google, Inc., Class C (g)		2,083		1,141
H&R Block, Inc.		8,637		277
Halliburton Co.		8,238		361
Halyard Health, Inc. (g)		605		30
Hanesbrands, Inc.		6,600		221
Harman International Industries, Inc.		43		6
Hartford Financial Services Group, Inc.		328		14
Hasbro, Inc.		176		11
HCP, Inc. REIT		1,986		86
Health Care REIT, Inc.		817		63
Helmerich & Payne, Inc.		1,080		73
Henry Schein, Inc. (g)		780		109
Herbalife Ltd.		92		4

	Shares		Value (000)
Hershey Co. (The)		912	$	92
Hess Corp.		1,639		111
Hewlett-Packard Co.		13,606		424
Hologic, Inc. (g)		1,696		56
Home Depot, Inc.		22,161		2,518
Honeywell International, Inc.		6,030		629
Hormel Foods Corp.		152		9
Hospira, Inc. (g)		1,794		158
Host Hotels & Resorts, Inc. REIT		10,071		203
Hudson City Bancorp, Inc.		222		2
Humana, Inc.		804		143
Huntington Bancshares, Inc.		1,000		11
Huntington Ingalls Industries, Inc.		59		8
IHS, Inc., Class A (g)		772		88
Illinois Tool Works, Inc.		2,874		279
Illumina, Inc. (g)		742		138
IMI PLC		440		8
Ingersoll-Rand PLC		1,227		84
Intel Corp.		22,676		709
Intercontinental Exchange, Inc.		778		181
International Business Machines Corp.		9,271		1,488
International Flavors & Fragrances, Inc.		253		30
International Game Technology		3,403		59
International Paper Co.		930		52
Interpublic Group of Cos., Inc. (The)		6,001		133
Intuit, Inc.		3,722		361
Intuitive Surgical, Inc. (g)		735		371
Invesco Ltd.		4,481		178
Iron Mountain, Inc. REIT		3,078		112
ITT Corp.		219		9
Jabil Circuit, Inc.		222		5
Jacobs Engineering Group, Inc. (g)		1,051		47
Janus Capital Group, Inc.		111		2
JB Hunt Transport Services, Inc.		228		19
JC Penney Co., Inc. (g)		222		2
JM Smucker Co. (The)		993		115
Johnson & Johnson		17,448		1,755
Johnson Controls, Inc.		2,548		128
Joy Global, Inc.		241		9
JPMorgan Chase & Co.		47,777		2,894
Juniper Networks, Inc.		6,931		156
KBR, Inc.		1,302		19
Kellogg Co.		2,711		179
Keurig Green Mountain, Inc.		144		16
KeyCorp		13,315		189
Keysight Technologies, Inc. (g)		1,289		48
Kimberly-Clark Corp.		4,844		519
Kimco Realty Corp. REIT		2,819		76
KLA-Tencor Corp.		1,089		63
Knowles Corp. (g)		113		2
Kohl's Corp.		5,209		408
Kraft Foods Group, Inc.		4,082		356
Kroger Co. (The)		8,391		643

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
L Brands, Inc.		7,071	$	667
L-3 Communications Holdings, Inc.		111		14
Laboratory Corp. of America Holdings (g)		749		94
Lam Research Corp.		842		59
Las Vegas Sands Corp.		2,435		134
Legg Mason, Inc.		2,064		114
Leucadia National Corp.		2,612		58
Lexmark International, Inc., Class A		111		5
Li & Fung Ltd. (d)		40,000		39
Liberty Global PLC, Class A (g)		2,541		131
Liberty Global PLC Series C (g)		7,009		349
Liberty Property Trust REIT		629		22
Linear Technology Corp.		1,999		94
Lockheed Martin Corp.		1,083		220
Loews Corp.		686		28
Lorillard, Inc.		3,718		243
Lowe's Cos., Inc.		22,563		1,678
LyondellBasell Industries N.V., Class A		1,054		93
M&T Bank Corp.		1,232		156
Macerich Co. (The) REIT		287		24
Macy's, Inc.		5,533		359
Mallinckrodt PLC (g)		224		28
Manpowergroup, Inc.		1,629		140
Marathon Oil Corp.		4,605		120
Marathon Petroleum Corp.		2,403		246
Marriott International, Inc., Class A		6,565		527
Marriott Vacations Worldwide Corp.		194		16
Marsh & McLennan Cos., Inc.		786		44
Marvell Technology Group Ltd.		3,549		52
Mastercard, Inc., Class A		11,690		1,010
Mattel, Inc.		1,865		43
Maxim Integrated Products, Inc.		1,870		65
McCormick & Co., Inc.		126		10
McDonald's Corp.		6,382		622
McGraw Hill Financial, Inc.		3,915		405
McKesson Corp.		2,141		484
Mead Johnson Nutrition Co.		2,047		206
MeadWestvaco Corp.		232		12
Medtronic PLC		11,142		869
Men's Wearhouse, Inc. (The)		550		29
Merck & Co., Inc.		18,239		1,048
MetLife, Inc.		1,070		54
MGM Resorts International (g)		2,834		60
Microchip Technology, Inc.		1,003		49
Micron Technology, Inc. (g)		6,596		179
Microsoft Corp.		47,120		1,916
Molson Coors Brewing Co., Class B		1,745		130
Mondelez International, Inc., Class A		11,819		427
Monsanto Co.		3,386		381
Monster Beverage Corp. (g)		149		21
Moody's Corp.		1,455		151
Mosaic Co. (The)		1,808		83
Motorola Solutions, Inc.		1,599		107

	Shares		Value (000)
Murphy Oil Corp.		1,114	$	52
Murphy USA, Inc. (g)		228		16
Mylan N.V. (g)		2,001		119
NASDAQ OMX Group, Inc. (The)		3,392		173
National Oilwell Varco, Inc.		4,789		239
Navient Corp.		6,330		129
NetApp, Inc.		4,216		149
Netflix, Inc. (g)		325		135
New York Community Bancorp, Inc.		5,371		90
Newfield Exploration Co. (g)		936		33
Newmont Mining Corp.		3,381		73
News Corp., Class A (g)		4,591		73
News Corp., Class B (g)		925		15
NextEra Energy, Inc.		3,687		384
NII Holdings, Inc. (g)		1,686		—	@
NIKE, Inc., Class B		3,726		374
NiSource, Inc.		64		3
Noble Corp. PLC		1,071		15
Noble Energy, Inc.		3,500		171
Nordstrom, Inc.		3,200		257
Norfolk Southern Corp.		4,630		476
Northern Trust Corp.		33		2
Northrop Grumman Corp.		1,039		167
NOW, Inc. (g)		1,047		23
Nucor Corp.		1,066		51
NVIDIA Corp.		4,256		89
O'Reilly Automotive, Inc. (g)		1,233		267
Occidental Petroleum Corp.		8,817		644
Omnicom Group, Inc.		2,361		184
ONE Gas, Inc.		742		32
ONEOK, Inc.		3,370		163
Oracle Corp.		29,311		1,265
Owens-Illinois, Inc. (g)		262		6
PACCAR, Inc.		3,326		210
Pall Corp.		735		74
Paragon Offshore PLC		323		—	@
Patterson Cos., Inc.		176		9
Paychex, Inc.		2,153		107
Peabody Energy Corp.		3,023		15
Pentair PLC		189		12
People's United Financial, Inc.		667		10
Pepco Holdings, Inc.		94		2
PepsiCo, Inc.		10,446		999
Perrigo Co., PLC		321		53
Pfizer, Inc.		36,829		1,281
PG&E Corp.		4,237		225
Philip Morris International, Inc.		11,813		890
Phillips 66		4,593		361
Pioneer Natural Resources Co.		1,222		200
Pitney Bowes, Inc.		3,281		76
Plum Creek Timber Co., Inc. REIT		958		42
PNC Financial Services Group, Inc. (The)		5,169		482
PPG Industries, Inc.		322		73
PPL Corp.		5,262		177

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Praxair, Inc.		1,829	$	221
Precision Castparts Corp.		1,193		250
Priceline Group, Inc. (g)		258		300
Procter & Gamble Co. (The)		27,883		2,285
Progressive Corp. (The)		259		7
ProLogis, Inc. REIT		4,809		209
Prudential Financial, Inc.		200		16
Public Service Enterprise Group, Inc.		5,294		222
Public Storage REIT		3,366		664
QEP Resources, Inc.		1,463		30
QUALCOMM, Inc.		15,526		1,077
Quest Diagnostics, Inc.		1,170		90
Ralph Lauren Corp.		47		6
Range Resources Corp.		1,597		83
Rayonier Advanced Materials, Inc.		175		3
Rayonier, Inc. REIT		625		17
Raytheon Co.		1,174		128
Regency Centers Corp. REIT		251		17
Regions Financial Corp.		17,979		170
Republic Services, Inc.		3,658		148
Reynolds American, Inc.		3,762		259
Robert Half International, Inc.		2,060		125
Rockwell Automation, Inc.		1,762		204
Rockwell Collins, Inc.		1,032		100
Roper Industries, Inc.		256		44
Ross Stores, Inc.		5,050		532
Rouse Properties, Inc. REIT		71		1
Royal Caribbean Cruises Ltd.		1,878		154
RR Donnelley & Sons Co.		3,504		67
Salesforce.com, Inc. (g)		5,396		360
SanDisk Corp.		3,518		224
Schlumberger Ltd.		13,225		1,103
Scripps Networks Interactive, Inc., Class A		881		60
Sealed Air Corp.		287		13
Sempra Energy		2,603		284
Seventy Seven Energy, Inc. (g)		295		1
Sherwin-Williams Co. (The)		61		17
Sigma-Aldrich Corp.		266		37
Simon Property Group, Inc. REIT		5,728		1,121
SLM Corp. (g)		6,330		59
Southern Co. (The)		8,130		360
Southwest Airlines Co.		678		30
Southwestern Energy Co. (g)		4,262		99
Spectra Energy Corp.		5,522		200
Sprint Corp. (g)		28,434		135
St. Jude Medical, Inc.		3,726		244
Stanley Black & Decker, Inc.		258		25
Staples, Inc.		6,938		113
Starbucks Corp.		5,752		545
Starwood Hotels & Resorts Worldwide, Inc.		884		74
State Street Corp.		3,568		262
Stericycle, Inc. (g)		817		115
Steven Madden Ltd. (g)		1,100		42
Stryker Corp.		3,347		309

	Shares		Value (000)
SunTrust Banks, Inc.		6,117	$	251
Symantec Corp.		7,862		184
Sysco Corp.		9,035		341
T-Mobile US, Inc. (g)		116		4
T. Rowe Price Group, Inc.		3,731		302
Target Corp.		12,928		1,061
TE Connectivity Ltd.		3,400		243
Tenaris SA		4,172		58
Tenet Healthcare Corp. (g)		131		6
Texas Instruments, Inc.		13,705		784
Textron, Inc.		2,122		94
Thermo Fisher Scientific, Inc.		3,404		457
Tiffany & Co.		261		23
Time Warner Cable, Inc.		3,749		562
Time Warner, Inc.		7,809		659
Time, Inc.		851		19
TJX Cos., Inc. (The)		15,970		1,119
Travelers Cos., Inc. (The)		728		79
TripAdvisor, Inc. (g)		332		28
TRW Automotive Holdings Corp. (g)		1,744		183
Twenty-First Century Fox, Inc., Class A		18,165		615
Twenty-First Century Fox, Inc., Class B		3,902		128
Tyco International PLC		1,509		65
Tyson Foods, Inc., Class A		3,153		121
Ultra Petroleum Corp. (g)		1,410		22
Union Pacific Corp.		5,170		560
United Parcel Service, Inc., Class B		4,420		428
United States Steel Corp.		641		16
United Technologies Corp.		3,373		395
UnitedHealth Group, Inc.		6,012		711
Urban Edge Properties REIT		154		4
Urban Outfitters, Inc. (g)		2,246		102
US Bancorp		17,773		776
Valero Energy Corp.		4,571		291
Varian Medical Systems, Inc. (g)		1,027		97
Vectrus, Inc. (g)		12		—	@
Ventas, Inc. REIT		747		55
Verisk Analytics, Inc., Class A (g)		1,988		142
Veritiv Corp. (g)		15		1
Vertex Pharmaceuticals, Inc. (g)		742		88
VF Corp.		2,912		219
Viacom, Inc., Class B		4,563		312
Visa, Inc., Class A		14,928		976
Vornado Realty Trust REIT		309		35
Wal-Mart Stores, Inc.		27,287		2,244
Walgreens Boots Alliance, Inc.		13,401		1,135
Walt Disney Co. (The)		12,474		1,308
Waste Management, Inc.		4,629		251
Waters Corp. (g)		321		40
Weatherford International PLC (g)		5,576		69
Wells Fargo & Co.		49,327		2,683
Western Union Co. (The)		7,169		149
Weyerhaeuser Co. REIT		2,579		85
Whole Foods Market, Inc.		5,624		293

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Williams Cos., Inc. (The)		9,331	$	472
Williams-Sonoma, Inc.		1,510		120
Wisconsin Energy Corp.		3,670		182
WP GLIMCHER, Inc. REIT		2,864		48
WPX Energy, Inc. (g)		4,405		48
WW Grainger, Inc.		788		186
Wyndham Worldwide Corp.		308		28
Wynn Resorts Ltd.		840		106
Xcel Energy, Inc.		5,216		182
Xerox Corp.		6,956		89
Xilinx, Inc.		2,008		85
Xylem, Inc.		2,138		75
Yahoo!, Inc. (g)		7,799		347
Yum! Brands, Inc.		4,189		330
Zimmer Holdings, Inc.		2,137		251
Zions Bancorporation		222		6
Zoetis, Inc.		11,564		535
				145,372
Total Common Stocks (Cost $235,175)				286,395
Investment Companies (0.1%)
United States (0.1%)
iShares MSCI Emerging Markets Index Fund		8,000		321
Morgan Stanley Institutional Fund, Inc. — Emerging Markets Portfolio (See Note G)		4,908		112
Total Investment Companies (Cost $499)				433
	No. of Rights
Rights (0.0%)
Spain (0.0%)
Banco Bilbao Vizcaya Argentaria SA (g)		135,589		20
Banco de Sabadell SA (g)		114,756		29
Telefonica SA (g)		74,582		12
				61
United Kingdom (0.0%)
Serco Group PLC (g)		5,878		3
United States (0.0%)
Safeway Casa Ley CVR (g)		577		1
Safeway PDC, LLC CVR (g)		577		—	@
				1
Total Rights (Cost $30)				65
	No. of Warrants
Warrant (0.0%)
France (0.0%)
Peugeot SA, expires 4/29/17 (France) (g) (Cost $2)		1,221		4
	Shares
Short-Term Investments (6.7%)
Investment Company (5.4%)
Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class (See Note G) (Cost $23,723)		23,722,970		23,723

	Face Amount (000)		Value (000)
U.S. Treasury Securities (1.3%)
U.S. Treasury Bills,
0.01%, 6/18/15 (i)(j)	$	625	$	625
0.02%, 6/18/15 (i)(j)		1,540		1,540
0.04%, 6/18/15 (i)(j)		110		110
0.06%, 6/18/15 (i)(j)		310		310
0.07%, 6/18/15 (i)(j)		2,770		2,770
0.03%, 6/18/15 (i)(j)		332		332
Total U.S. Treasury Securities (Cost $5,687)				5,687
Total Short-Term Investments (Cost $29,410)				29,410
Total Investments (98.9%) (Cost $384,388) (k)(l)				435,242
Other Assets in Excess of Liabilities (1.1%)				4,906
Net Assets (100.0%)			$	440,148

(a) Security is subject to delayed delivery.

(b) Variable/Floating Rate Security — Interest rate changes on these instruments are based on changes in a designated base rate. The rates shown are those in effect on March 31, 2015.

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

(d) Security trades on the Hong Kong exchange.

(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 March 31, 2015.

(f) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of March 31, 2015. Maturity date disclosed is the ultimate maturity date.

(g) Non-income producing security.

(h) Security has been deemed illiquid at March 31, 2015.

(i) Rate shown is the yield to maturity at March 31, 2015.

(j) All or a portion of the security was pledged to cover margin requirements for swap agreements.

(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 approximate fair value and percentage of net assets, $130,226,000 and 29.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements.

@ Value is less than $500.

ADR American Depositary Receipt.

CVA Certificaten Van Aandelen.

GDR Global Depositary Receipt.

IO Interest Only.

MTN Medium Term Note.

OJSC Open Joint Stock Company.

PJSC Public Joint Stock Company.

REIT Real Estate Investment Trust.

REMIC Real Estate Mortgage Investment Conduit.

SDR Swedish Depositary Receipt.

TBA To Be Announced.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts:

The Portfolio had the following foreign currency forward exchange contracts open at March 31, 2015:

Counterparty	Currency to Deliver (000)		Value (000)		Settlement Date	In Exchange For (000)		Value (000)		Unrealized Appreciation (Depreciation) (000)
Citibank NA	USD	636	$	636	4/7/15	AUD	817	$	622	$	(14	)
Commonwealth Bank of Australia	USD	252		252	4/7/15	NZD	340		255		3
Deutsche Bank AG	NOK	3,850		478	4/7/15	USD	459		459		(19	)
Deutsche Bank AG	USD	324		324	4/7/15	SEK	2,700		313		(11	)
HSBC Bank PLC	EUR	361		388	4/7/15	USD	383		383		(5	)
HSBC Bank PLC	GBP	415		615	4/7/15	USD	611		611		(4	)
HSBC Bank PLC	USD	828		828	4/7/15	EUR	763		821		(7	)
HSBC Bank PLC	USD	8,876		8,876	4/7/15	EUR	7,922		8,519		(357	)
HSBC Bank PLC	USD	85		85	4/7/15	MXN	1,278		84		(1	)
HSBC Bank PLC	USD	729		729	4/7/15	ZAR	8,854		729		(—	@)
HSBC Bank PLC	ZAR	24,914		2,053	4/7/15	USD	2,148		2,148		95
JPMorgan Chase Bank NA	AUD	857		653	4/7/15	USD	653		653		—	@
JPMorgan Chase Bank NA	CAD	2,440		1,926	4/7/15	USD	1,948		1,948		22
JPMorgan Chase Bank NA	EUR	1,162		1,250	4/7/15	USD	1,300		1,300		50
JPMorgan Chase Bank NA	GBP	415		616	4/7/15	EUR	574		618		2
JPMorgan Chase Bank NA	GBP	401		596	4/7/15	USD	618		618		22
JPMorgan Chase Bank NA	SEK	56		7	4/7/15	USD	7		7		—	@
JPMorgan Chase Bank NA	USD	2,089		2,089	4/7/15	NZD	2,847		2,127		38
State Street Bank and Trust Co.	USD	1,495		1,495	4/7/15	EUR	1,360		1,462		(33	)
State Street Bank and Trust Co.	USD	377		377	4/7/15	JPY	45,000		375		(2	)
UBS AG	AUD	908		692	4/7/15	USD	707		707		15
UBS AG	AUD	964		734	4/7/15	USD	728		728		(6	)
UBS AG	EUR	675		726	4/7/15	CHF	720		741		15
UBS AG	EUR	625		672	4/7/15	PLN	2,600		686		14
UBS AG	EUR	366		394	4/7/15	USD	408		408		14
UBS AG	EUR	361		388	4/7/15	USD	401		401		13
UBS AG	EUR	790		850	4/7/15	USD	849		849		(1	)
UBS AG	EUR	263		283	4/7/15	USD	278		278		(5	)
UBS AG	NZD	997		745	4/7/15	USD	725		725		(20	)
UBS AG	NZD	5,744		4,292	4/7/15	USD	4,309		4,309		17
UBS AG	PLN	12,208		3,220	4/7/15	USD	3,289		3,289		69
UBS AG	USD	225		225	4/7/15	CHF	214		221		(4	)
UBS AG	USD	89		89	4/7/15	GBP	59		87		(2	)
UBS AG	USD	10,291		10,291	4/7/15	JPY	1,229,068		10,249		(42	)
UBS AG	USD	10		10	4/7/15	JPY	1,180		10		—	@
UBS AG	USD	1,321		1,321	4/7/15	KRW	1,458,797		1,315		(6	)
UBS AG	USD	416		416	4/7/15	MXN	6,270		411		(5	)
UBS AG	USD	272		272	4/7/15	SEK	2,258		262		(10	)
UBS AG	USD	322		322	4/7/15	THB	10,500		323		1
UBS AG	USD	1,341		1,341	4/7/15	ZAR	16,311		1,344		3
Bank of America NA	BRL	1,592		497	4/16/15	USD	507		507		10
Bank of America NA	PLN	916		241	4/16/15	USD	234		234		(7	)
Bank of America NA	USD	2,661		2,661	4/16/15	EUR	2,508		2,698		37
Bank of Montreal	CAD	3,043		2,402	4/16/15	USD	2,382		2,382		(20	)
Bank of Montreal	HUF	170,795		611	4/16/15	USD	595		595		(16	)
Bank of Montreal	HUF	153,943		551	4/16/15	USD	537		537		(14	)
Bank of Montreal	HUF	118,964		426	4/16/15	USD	408		408		(18	)
Bank of Montreal	NZD	2,544		1,899	4/16/15	USD	1,855		1,855		(44	)
Bank of Montreal	TRY	1,102		422	4/16/15	USD	417		417		(5	)
Bank of Montreal	TRY	8,917		3,418	4/16/15	USD	3,389		3,389		(29	)
Bank of Montreal	TRY	1,060		406	4/16/15	USD	406		406		(—	@)
Bank of Montreal	USD	893		893	4/16/15	HUF	245,337		878		(15	)
Bank of Montreal	USD	882		882	4/16/15	HUF	245,337		877		(5	)
Bank of Montreal	USD	1,030		1,030	4/16/15	TRY	2,713		1,040		10
Bank of Montreal	USD	491		491	4/16/15	TRY	1,292		495		4
Bank of Montreal	USD	954		954	4/16/15	TRY	2,473		948		(6	)
Bank of Montreal	USD	890		890	4/16/15	TRY	2,285		876		(14	)

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts: (cont'd)

Counterparty	Currency to Deliver (000)		Value (000)		Settlement Date	In Exchange For (000)		Value (000)		Unrealized Appreciation (Depreciation) (000)
Bank of Montreal	USD	891	$	891	4/16/15	TRY	2,285	$	876	$	(15	)
Bank of New York Mellon	USD	1,986		1,986	4/16/15	EUR	1,872		2,013		27
Bank of New York Mellon	USD	819		819	4/16/15	JPY	99,329		828		9
Barclays Bank PLC	BRL	1,208		377	4/16/15	USD	366		366		(11	)
Barclays Bank PLC	CLP	612,748		980	4/16/15	USD	964		964		(16	)
Barclays Bank PLC	EUR	1,042		1,121	4/16/15	USD	1,093		1,093		(28	)
Barclays Bank PLC	SGD	511		373	4/16/15	USD	368		368		(5	)
Barclays Bank PLC	SGD	549		400	4/16/15	USD	394		394		(6	)
Barclays Bank PLC	USD	1,558		1,558	4/16/15	BRL	4,957		1,548		(10	)
Barclays Bank PLC	USD	796		796	4/16/15	CLP	496,960		795		(1	)
Barclays Bank PLC	USD	2,123		2,123	4/16/15	EUR	2,001		2,152		29
Barclays Bank PLC	USD	53		53	4/16/15	EUR	49		53		(—	@)
Barclays Bank PLC	USD	1,270		1,270	4/16/15	GBP	855		1,269		(1	)
Barclays Bank PLC	USD	785		785	4/16/15	SGD	1,074		783		(2	)
Citibank NA	EUR	435		468	4/16/15	USD	460		460		(8	)
Citibank NA	IDR	5,545,363		422	4/16/15	USD	418		418		(4	)
Citibank NA	IDR	15,493,137		1,181	4/16/15	USD	1,170		1,170		(11	)
Citibank NA	IDR	5,325,687		404	4/16/15	USD	398		398		(6	)
Citibank NA	KRW	194,667		176	4/16/15	USD	174		174		(2	)
Citibank NA	USD	111		111	4/16/15	EUR	104		112		1
Citibank NA	USD	859		859	4/16/15	IDR	11,164,896		851		(8	)
Citibank NA	USD	857		857	4/16/15	IDR	11,164,896		851		(6	)
Citibank NA	USD	4,549		4,549	4/16/15	JPY	551,443		4,599		50
Citibank NA	USD	606		606	4/16/15	KRW	670,688		605		(1	)
Citibank NA	USD	606		606	4/16/15	KRW	670,688		604		(2	)
Citibank NA	USD	467		467	4/16/15	THB	15,182		466		(1	)
Citibank NA	USD	624		624	4/16/15	TWD	19,515		624		(—	@)
Commonwealth Bank of Australia	AUD	2,005		1,526	4/16/15	USD	1,524		1,524		(2	)
Credit Suisse International	CHF	2,071		2,132	4/16/15	USD	2,064		2,064		(68	)
Credit Suisse International	ILS	873		219	4/16/15	USD	218		218		(1	)
Credit Suisse International	ILS	1,425		358	4/16/15	USD	355		355		(3	)
Credit Suisse International	ILS	1,501		377	4/16/15	USD	372		372		(5	)
Credit Suisse International	JPY	151,105		1,260	4/16/15	USD	1,260		1,260		(—	@)
Credit Suisse International	USD	1,150		1,150	4/16/15	EUR	1,084		1,166		16
Credit Suisse International	USD	790		790	4/16/15	ILS	3,095		778		(12	)
Credit Suisse International	USD	777		777	4/16/15	ILS	3,095		778		1
Credit Suisse International	USD	82		82	4/16/15	JPY	10,000		83		1
Deutsche Bank AG	CHF	3,198		3,293	4/16/15	USD	3,188		3,188		(105	)
Deutsche Bank AG	GBP	2,659		3,945	4/16/15	USD	3,921		3,921		(24	)
Deutsche Bank AG	HUF	56,029		200	4/16/15	USD	195		195		(5	)
Deutsche Bank AG	INR	26,242		418	4/16/15	USD	414		414		(4	)
Deutsche Bank AG	INR	16,830		268	4/16/15	USD	268		268		(—	@)
Deutsche Bank AG	JPY	79,531		664	4/16/15	USD	656		656		(8	)
Deutsche Bank AG	MYR	1,246		336	4/16/15	USD	335		335		(1	)
Deutsche Bank AG	NOK	4,186		519	4/16/15	USD	504		504		(15	)
Deutsche Bank AG	PLN	2,357		621	4/16/15	USD	603		603		(18	)
Deutsche Bank AG	PLN	2,179		575	4/16/15	USD	557		557		(18	)
Deutsche Bank AG	USD	430		430	4/16/15	CHF	418		430		(—	@)
Deutsche Bank AG	USD	654		654	4/16/15	INR	40,861		651		(3	)
Deutsche Bank AG	USD	340		340	4/16/15	JPY	41,166		344		4
Deutsche Bank AG	USD	866		866	4/16/15	MYR	3,170		855		(11	)
Deutsche Bank AG	USD	707		707	4/16/15	PLN	2,662		702		(5	)
Deutsche Bank AG	USD	707		707	4/16/15	PLN	2,662		702		(5	)
Goldman Sachs International	GBP	329		487	4/16/15	USD	484		484		(3	)
Goldman Sachs International	USD	885		885	4/16/15	AUD	1,164		886		1
Goldman Sachs International	USD	276		276	4/16/15	HKD	2,146		276		—	@
JPMorgan Chase Bank NA	KRW	196,782		177	4/16/15	USD	175		175		(2	)
JPMorgan Chase Bank NA	RUB	36,486		623	4/16/15	USD	622		622		(1	)

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts: (cont'd)

Counterparty	Currency to Deliver (000)		Value (000)		Settlement Date	In Exchange For (000)		Value (000)		Unrealized Appreciation (Depreciation) (000)
JPMorgan Chase Bank NA	TWD	11,701	$	374	4/16/15	USD	371	$	371	$	(3	)
JPMorgan Chase Bank NA	TWD	22,828		729	4/16/15	USD	723		723		(6	)
JPMorgan Chase Bank NA	USD	4,872		4,872	4/16/15	EUR	4,593		4,939		67
JPMorgan Chase Bank NA	USD	2,871		2,871	4/16/15	NZD	3,937		2,939		68
JPMorgan Chase Bank NA	USD	1,619		1,619	4/16/15	RUB	99,623		1,701		82
JPMorgan Chase Bank NA	USD	623		623	4/16/15	TWD	19,515		623		—	@
JPMorgan Chase Bank NA	ZAR	2,380		196	4/16/15	USD	191		191		(5	)
Northern Trust Company	SGD	315		230	4/16/15	USD	227		227		(3	)
Northern Trust Company	USD	251		251	4/16/15	SGD	344		250		(1	)
Northern Trust Company	USD	534		534	4/16/15	SGD	730		532		(2	)
Royal Bank of Scotland PLC	CLP	236,983		379	4/16/15	USD	369		369		(10	)
Royal Bank of Scotland PLC	CLP	222,643		356	4/16/15	USD	347		347		(9	)
Royal Bank of Scotland PLC	MXN	5,220		342	4/16/15	USD	337		337		(5	)
Royal Bank of Scotland PLC	MXN	5,390		353	4/16/15	USD	348		348		(5	)
Royal Bank of Scotland PLC	USD	793		793	4/16/15	CLP	496,960		795		2
Royal Bank of Scotland PLC	USD	107		107	4/16/15	ILS	430		108		1
Royal Bank of Scotland PLC	USD	848		848	4/16/15	MXN	12,683		831		(17	)
Royal Bank of Scotland PLC	USD	2,575		2,575	4/16/15	MXN	39,798		2,607		32
Royal Bank of Scotland PLC	USD	846		846	4/16/15	MXN	12,683		831		(15	)
State Street Bank and Trust Co.	SEK	4,618		537	4/16/15	USD	533		533		(4	)
State Street Bank and Trust Co.	SEK	3,291		383	4/16/15	USD	382		382		(1	)
State Street Bank and Trust Co.	THB	36,214		1,112	4/16/15	USD	1,094		1,094		(18	)
State Street Bank and Trust Co.	THB	11,249		346	4/16/15	USD	340		340		(6	)
State Street Bank and Trust Co.	THB	15,666		481	4/16/15	USD	473		473		(8	)
State Street Bank and Trust Co.	USD	404		404	4/16/15	DKK	2,839		409		5
State Street Bank and Trust Co.	USD	996		996	4/16/15	EUR	939		1,010		14
State Street Bank and Trust Co.	USD	408		408	4/16/15	JPY	49,481		412		4
State Street Bank and Trust Co.	USD	730		730	4/16/15	MXN	11,277		739		9
State Street Bank and Trust Co.	USD	398		398	4/16/15	THB	12,933		397		(1	)
State Street Bank and Trust Co.	USD	865		865	4/16/15	THB	28,115		864		(1	)
UBS AG	CAD	1,288		1,017	4/16/15	USD	1,008		1,008		(9	)
UBS AG	CHF	2,450		2,522	4/16/15	USD	2,442		2,442		(80	)
UBS AG	EUR	34		37	4/16/15	USD	36		36		(1	)
UBS AG	EUR	6,207		6,676	4/16/15	USD	6,667		6,667		(9	)
UBS AG	GBP	1,884		2,795	4/16/15	USD	2,778		2,778		(17	)
UBS AG	INR	37,094		592	4/16/15	USD	591		591		(1	)
UBS AG	JPY	145,169		1,210	4/16/15	USD	1,197		1,197		(13	)
UBS AG	JPY	33,495		279	4/16/15	USD	276		276		(3	)
UBS AG	MYR	3,696		997	4/16/15	USD	1,001		1,001		4
UBS AG	MYR	1,682		453	4/16/15	USD	453		453		(—	@)
UBS AG	SEK	1,912		222	4/16/15	USD	220		220		(2	)
UBS AG	USD	265		265	4/16/15	EUR	249		268		3
UBS AG	USD	83		83	4/16/15	EUR	76		82		(1	)
UBS AG	USD	48		48	4/16/15	EUR	44		47		(1	)
UBS AG	USD	653		653	4/16/15	INR	40,861		651		(2	)
UBS AG	USD	865		865	4/16/15	MYR	3,170		855		(10	)
UBS AG	USD	1,753		1,753	4/16/15	RUB	107,810		1,840		87
UBS AG	USD	1,115		1,115	4/16/15	SGD	1,550		1,129		14
UBS AG	USD	320		320	4/16/15	ZAR	3,834		315		(5	)
UBS AG	USD	779		779	4/16/15	ZAR	9,351		769		(10	)
UBS AG	USD	464		464	4/16/15	ZAR	5,517		453		(11	)
UBS AG	ZAR	8,521		701	4/16/15	USD	684		684		(17	)
UBS AG	ZAR	6,830		562	4/16/15	USD	552		552		(10	)
			$	170,720				$	170,173	$	(547	)

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

Futures Contracts:

The Portfolio had the following futures contracts open at March 31, 2015:

	Number of Contracts		Value (000)			Expiration Date	Unrealized Appreciation (Depreciation) (000)
Long:
Amsterdam Index (Netherlands)		3	$	315		Apr-15	$	(2	)
CAC 40 Index (France)		7		379		Apr-15		(1	)
Corn Futures (United States)		94		1,884		Dec-15		(150	)
Euro Stoxx 50 Index (Germany)		883		34,474		Jun-15		456
MSCI Emerging Market E Mini (United States)		215		10,453		Jun-15		390
MSCI Singapore Free Index (Singapore)		36		1,994		Apr-15		6
NIKKEI 225 Index (Japan)		116		9,295		Jun-15		152
OMXS 30 (Sweden)		19		366		Apr-15		(5	)
U.S. Dollar Index (United States)		75		7,400		Jun-15		(115	)
U.S. Treasury 2 yr. Note (United States)		121		26,518		Jun-15		100
U.S. Treasury 5 yr. Note (United States)		103		12,382		Jun-15		92
U.S. Treasury Ultra Bond (United States)		98		16,648		Jun-15		547
Short:
China H-Shares Index (Hong Kong)		71		(5,674	)	Apr-15		(199	)
FTSE 100 Index (United Kingdom)		80		(7,983	)	Jun-15		35
German Euro Bund (Germany)		3		(512	)	Jun-15		(7	)
Hang Seng Index (Hong Kong)		1		(161	)	Apr-15		(3	)
IBEX 35 Index (Spain)		40		(4,942	)	Apr-15		(187	)
S&P 500 E MINI Index (United States)		208		(21,432	)	Jun-15		148
Soybean Futures (United States)		30		(1,433	)	Nov-15		85
SPI 200 Index (Australia)		7		(784	)	Jun-15		(5	)
U.S. Treasury 10 yr. Note (United States)		287		(36,996	)	Jun-15		(210	)
U.S. Treasury Long Bond (United States)		2		(328	)	Jun-15		(5	)
U.S. Treasury Ultra Long Bond (United States)		17		(2,888	)	Jun-15		(33	)
UK Long Gilt Bond (United Kingdom)		15		(2,687	)	Jun-15		(38	)
Wheat Futures (United States)		15		(403	)	Dec-15		85
							$	1,136

Credit Default Swap Agreements:

The Portfolio had the following credit default swap agreements open at March 31, 2015:

Swap Counterparty and Reference Obligation	Buy/Sell Protection	Notional Amount (000)		Pay/Receive Fixed Rate			Termination Date	Upfront Payment Paid (Received) (000)			Unrealized Appreciation (Depreciation) (000)			Value (000)			Credit Rating of Reference Obligation†
Bank of America NA Russian Federation	Sell	$	575		1.00	%	6/20/20	$	(98	)	$	19		$	(79	)	BBB-
Barclays Bank PLC Russian Federation	Sell		986		1.00		6/20/20		(174	)		38			(136	)	BBB-
Barclays Bank PLC Russian Federation	Sell		2,318		1.00		6/20/20		(391	)		70			(321	)	BBB-
Deutsche Bank AG Russian Federation	Sell		276		1.00		6/20/20		(47	)		8			(39	)	BBB-
Goldman Sachs International Australian Government	Buy		179		1.00		6/20/20		(6	)		(—	@)		(6	)	AAA
Goldman Sachs International People's Republic of China	Buy		1,347		1.00		6/20/20		(2	)		(4	)		(6	)	AA-
JPMorgan Chase Bank NA Russian Federation	Sell		329		1.00		6/20/20		(57	)		12			(45	)	BBB-
JPMorgan Chase Bank NA Australian Government	Buy		1,883		1.00		6/20/20		(62	)		(4	)		(66	)	AAA
JPMorgan Chase Bank NA People's Republic of China	Buy		2,109		1.00		6/20/20		(—	@)		(9	)		(9	)	AA-

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

Credit Default Swap Agreements: (cont'd)

Swap Counterparty and Reference Obligation	Buy/Sell Protection	Notional Amount (000)		Pay/Receive Fixed Rate			Termination Date	Upfront Payment Paid (Received) (000)			Unrealized Appreciation (Depreciation) (000)			Value (000)			Credit Rating of Reference Obligation†
JPMorgan Chase Bank NA People's Republic of China	Buy	$	159		1.00	%	6/20/20	$	(—	@)	$	(1	)	$	(1	)	AA-
JPMorgan Chase Bank NA People's Republic of China	Buy		2,039		1.00		6/20/20		(2	)		(7	)		(9	)	AA-
JPMorgan Chase Bank NA People's Republic of China	Buy		702		1.00		6/20/20		(1	)		(2	)		(3	)	AA-
JPMorgan Chase Bank NA People's Republic of China	Buy		241		1.00		6/20/20		(—	@)		(1	)		(1	)	AA-
JPMorgan Chase Bank NA Russian Federation	Sell		292		1.00		6/20/20		(49	)		9			(40	)	BBB-
JPMorgan Chase Bank NA Australian Government	Buy		4,089		1.00		6/20/20		(136	)		(7	)		(143	)	AAA
JPMorgan Chase Bank NA People's Republic of China	Buy		262		1.00		6/20/20		(1	)		(1	)		(2	)	AA-
JPMorgan Chase Bank NA Russian Federation	Sell		2,086		1.00		6/20/20		(327	)		38			(289	)	BBB-
		$	19,872					$	(1,353	)	$	158		$	(1,195	)

Interest Rate Swap Agreements:

The Portfolio had the following interest rate swap agreements open at March 31, 2015:

Swap Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate			Termination Date	Notional Amount (000)		Unrealized Appreciation (Depreciation) (000)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Receive		0.90	%	12/24/16	$	12,700	$	(70	)
Morgan Stanley & Co., LLC*	6 Month LIBOR	Receive		0.86		1/27/17	GBP	22,579		(26	)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Pay		0.74		1/29/17	$	32,400		22
Morgan Stanley & Co., LLC*	6 Month LIBOR	Receive		0.95		2/12/17	GBP	11,101		(38	)
Morgan Stanley & Co., LLC*	6 Month LIBOR	Receive		0.96		2/12/17		11,102		(42	)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Pay		0.91		2/17/17	$	16,915		60
Morgan Stanley & Co., LLC*	3 Month LIBOR	Pay		0.91		2/17/17		16,915		60
Morgan Stanley & Co., LLC*	6 Month LIBOR	Receive		1.03		3/4/17	GBP	11,239		(60	)
Morgan Stanley & Co., LLC*	6 Month LIBOR	Receive		1.04		3/4/17		11,240		(62	)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Pay		0.92		3/6/17	$	34,310		105
Morgan Stanley & Co., LLC*	3 Month LIBOR	Receive		1.28		3/19/18		26,900		(153	)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Receive		1.71		3/19/20		8,900		(83	)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Pay		2.29		12/24/24		2,700		83
									$	(204	)

Total Return Swap Agreements:

The Portfolio had the following total return swap agreements open at March 31, 2015:

Swap Counterparty

Index

Notional
Amount
(000)

Floating
Rate

Pay/Receive
Total Return
of Referenced
Index

Maturity
Date

Unrealized
Appreciation
(Depreciation)
(000)

Bank of America NA

MSCI Daily Total Return
Europe Net Food Beverage &
Tobacco Index

637

3 Month USD LIBOR minus
0.24%

Pay

2/23/16

Bank of America NA

MSCI Daily Total Return
Europe Net Food Beverage &
Tobacco Index

2,862

3 Month USD LIBOR minus
0.24%

Pay

2/23/16

Bank of America NA

MSCI Daily Total Return
Europe Net Household &
Personal Products Index

3 Month USD LIBOR minus
0.25%

Pay

2/23/16

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

Total Return Swap Agreements: (cont'd)

Swap Counterparty

Index

Notional
Amount
(000)

Floating
Rate

Pay/Receive
Total Return
of Referenced
Index

Maturity
Date

Unrealized
Appreciation
(Depreciation)
(000)

Bank of America NA

MSCI Daily Total Return
Europe Net Household &
Personal Products Index

317

3 Month USD LIBOR minus
0.25%

Pay

2/23/16

)

Bank of America NA

MSCI Daily Total Return
Europe Net Food Beverage &
Tobacco Index

1,270

3 Month USD LIBOR minus
0.24%

Pay

2/24/16

Bank of America NA

MSCI Daily Total Return
Europe Net Food Beverage &
Tobacco Index

1,267

3 Month USD LIBOR minus
0.24%

Pay

2/24/16

Bank of America NA

MSCI Daily Total Return
Europe Net Household &
Personal Products Index

118

3 Month USD LIBOR minus
0.25%

Pay

2/24/16

—

Bank of America NA

MSCI Daily Total Return
Europe Net Household &
Personal Products Index

119

3 Month USD LIBOR minus
0.25%

Pay

2/24/16

Bank of America NA

European Luxury^††

5,613

3 Month USD LIBOR minus
0.12%

Pay

3/31/16

Barclays Bank PLC

Barclays EM Consumer
Staples^††

3,010

3 Month USD LIBOR minus
0.65%

Pay

10/23/15

(120

)

Barclays Bank PLC

MSCI Emerging Market
Index

25,652

3 Month USD LIBOR plus
0.30%

Receive

3/3/16

(376

)

Barclays Bank PLC

Global Elevators^††

541

3 Month USD LIBOR minus
0.20%

Pay

4/5/16

Deutsche Bank AG

DB Global Machinery
Index^††

3,276

3 Month USD LIBOR minus
0.35%

Pay

11/10/15

(88

)

Goldman Sachs
International

GS U.S. Aircraft Leasing
Index^††

1,127

3 Month USD LIBOR minus
0.29%

Pay

9/25/15

Goldman Sachs
International

GS Global Machinery Index^††

3,310

3 Month USD LIBOR minus
0.45%

Pay

11/11/15

(111

)

Goldman Sachs
International

GS Auto Components Index^††

2,221

3 Month USD LIBOR minus
0.25%

Pay

12/17/15

(31

)

JPMorgan Chase
Bank NA

JPM MSCI China Index^††

HKD

13,304

3 Month HKD HIBOR minus
0.22%

Pay

8/26/15

(31

)

JPMorgan Chase
Bank NA

JPM Aerospace Index^††

2,308

3 Month USD LIBOR minus
0.26%

Pay

9/8/15

JPMorgan Chase
Bank NA

JPM Aerospace Index^††

2,320

3 Month USD LIBOR minus
0.26%

Pay

9/8/15

JPMorgan Chase
Bank NA

JPM Aerospace Index^††

6,037

3 Month USD LIBOR minus
0.26%

Pay

9/8/15

109

JPMorgan Chase
Bank NA

JPM U.S. Machinery Index^††

6,848

3 Month USD LIBOR minus
0.245%

Pay

11/9/15

JPMorgan Chase
Bank NA

China Internet^††

2,668

3 Month USD LIBOR minus
0.36%

Pay

3/17/16

(161

)

JPMorgan Chase
Bank NA

China Internet^††

2,638

3 Month USD LIBOR minus
0.36%

Pay

3/17/16

(111

)

(551

)

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with European Luxury as of March 31, 2015.

Security Description	Index Weight
European Luxury
Adidas AG		8.87	%
Burberry Group PLC		6.59
Christian Dior SE		3.60
Cie Financiere Richemont SA		13.65
Coach, Inc.		6.50
Hermes International		3.32
Hugo Boss AG		5.93
Kering		9.26
LVMH Moet Hennessy Louis Vuitton SE		24.70
Moncler SpA		3.46
Salvatore Ferragamo SpA		3.90
Swatch Group AG (The)		10.22
		100.00	%

The following table represents the equity basket holdings underlying the total return swap with Barclays EM Consumer Staples as of March 31, 2015.

Security Description	Index Weight
Barclays EM Consumer Staples
Ambev SA		20.47	%
BRF SA		4.55
Fomento Economico Mexicano SAB de CV		20.30
Hengan International Group Co., Ltd.		10.52
Magnit PJSC		13.83
Uni-President Enterprises Corp.		8.58
Wal-Mart de Mexico SAB de CV		14.41
Want Want China Holdings Ltd.		7.34
		100.00	%

The following table represents the equity basket holdings underlying the total return swap with Global Elevators as of March 31, 2015.

Security Description	Index Weight
Global Elevators
Fujitec Co., Ltd.		1.47	%
Kone Oyj		23.94
Schindler Holding AG		33.32
United Technologies Corp.		41.27
		100.00	%

The following table represents the equity basket holdings underlying the total return swap with DB Global Machinery Index as of March 31, 2015.

Security Description	Index Weight
DB Global Machinery Index
Alfa Laval AB		2.66	%
Atlas Copco AB		8.53
Atlas Copco AB		4.52
CNH Industrial N.V.		3.23
Daewoo Shipbuilding & Marine Engineering		0.92
Doosan Infracore Co., Ltd.		0.64
GEA Group AG		3.35
Hino Motors Ltd.		1.44
Hitachi Construction Machinery Co., Ltd.		0.73
Hiwin Technologies Corp.		0.69

Security Description	Index Weight
DB Global Machinery Index (cont'd)
Hyundai Heavy Industries Co., Ltd.		2.61	%
Hyundai Mipo Dockyard Co., Ltd.		0.48
IMI PLC		2.32
JTEKT Corp.		1.29
Kawasaki Heavy Industries Ltd.		2.73
Komatsu Ltd.		7.00
Kone Oyj		5.22
Kubota Corp.		6.45
MAN SE		1.50
Melrose Industries PLC		1.90
Metso Oyj		1.54
NGK Insulators Ltd.		2.61
Samsung Heavy Industries Co., Ltd.		1.10
Sandvik AB		5.29
Schindler Holding AG		3.11
Schindler Holding AG		1.46
Sembcorp Marine Ltd.		0.76
SMC Corp.		6.04
Sulzer AG		1.20
Sumitomo Heavy Industries Ltd.		1.33
United Tractors Tbk PT		1.35
Vallourec SA		1.23
Volvo AB		7.53
Wartsila Oyj Abp		2.76
Weichai Power Co., Ltd.		0.78
Weir Group PLC (The)		2.51
Yangzijiang Shipbuilding Holdings Ltd.		0.72
Zoomlion Heavy Industry Science and Tech		0.47
		100.00	%

The following table represents the equity basket holdings underlying the total return swap with GS U.S. Aircraft Leasing Index as of March 31, 2015.

Security Description	Index Weight
GS U.S. Aircraft Leasing Index
AerCap Holdings N.V.		63.46	%
Air Lease Corp.		24.76
Aircastle Ltd.		9.57
Fly Leasing Ltd.		2.21
		100.00	%

The following table represents the equity basket holdings underlying the total return swap with GS Global Machinery Index as of March 31, 2015.

Security Description	Index Weight
GS Global Machinery Index
Alfa Laval AB		2.67	%
Atlas Copco AB		8.56
Atlas Copco AB		4.55
CNH Industrial N.V.		3.31
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		0.89
Doosan Infracore Co., Ltd.		0.67
GEA Group AG		3.37
Hino Motors Ltd.		1.46
Hitachi Construction Machinery Co., Ltd.		0.74
Hiwin Technologies Corp.		0.72
Hyundai Heavy Industries Co., Ltd.		2.63
Hyundai Mipo Dockyard Co., Ltd.		0.49

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Index Weight
GS Global Machinery Index (cont'd)
IMI PLC		2.33	%
JTEKT Corp.		1.32
Kawasaki Heavy Industries Ltd.		2.76
Komatsu Ltd.		7.09
Kone Oyj		5.33
Kubota Corp.		6.54
MAN SE		1.50
Melrose Industries PLC		1.80
Metso Oyj		1.56
NGK Insulators Ltd.		2.64
Samsung Heavy Industries Co., Ltd.		0.22
Sandvik AB		5.34
Schindler Holding AG		3.10
Schindler Holding AG		1.46
Sembcorp Marine Ltd.		0.75
SMC Corp.		6.13
Sulzer AG		1.21
Sumitomo Heavy Industries Ltd.		1.35
United Tractors Tbk PT		1.35
Vallourec SA		1.24
Volvo AB		7.60
Wartsila Oyj Abp		2.81
Weichai Power Co., Ltd.		0.78
Weir Group PLC (The)		2.54
Yangzijiang Shipbuilding Holdings Ltd.		0.72
Zoomlion Heavy Industry Science and Technology Co., Ltd.		0.47
		100.00	%

The following table represents the equity basket holdings underlying the total return swap with GS Auto Components Index as of March 31, 2015.

Security Description	Index Weight
GS Auto Components Index
Aisin Seiki Co., Ltd.		2.24	%
Autoliv, Inc.		3.52
BorgWarner, Inc.		4.45
Bridgestone Corp.		8.41
Cheng Shin Rubber Industry Co., Ltd.		1.20
Cie Generale des Etablissements Michelin		5.97
Continental AG		8.37
Delphi Automotive PLC		7.70
Denso Corp.		7.16
GKN PLC		2.81
Halla Visteon Climate Control Corp.		0.42
Hankook Tire Co., Ltd.		0.98
Hyundai Mobis Co., Ltd.		4.88
Hyundai Wia Corp.		0.67
Johnson Controls, Inc.		10.82
Koito Manufacturing Co., Ltd.		0.94
Magna International, Inc.		7.30
NGK Spark Plug Co., Ltd.		1.55
NHK Spring Co., Ltd.		0.53
NOK Corp.		0.93
Nokian Renkaat Oyj		1.09
Pirelli & C. SpA		1.27
Stanley Electric Co., Ltd.		1.04
Sumitomo Electric Industries Ltd.		3.19
Sumitomo Rubber Industries Ltd		1.02

Security Description	Index Weight
GS Auto Components Index (cont'd)
Toyoda Gosei Co., Ltd.		0.47	%
Toyota Industries Corp.		3.01
TRW Automotive Holdings Corp.		3.76
Valeo SA		3.62
Yokohama Rubber Co., Ltd. (The)		0.68
		100.00	%

The following table represents the equity basket holdings underlying the total return swap with JPM MSCI China Index as of March 31, 2015.

Security Description	Index Weight
JPM MSCI China Index
AAC Technologies Holdings, Inc.		0.65	%
Agricultural Bank of China Ltd.		1.59
Bank of China Ltd.		6.87
Bank of Communications Co., Ltd.		1.12
Beijing Enterprises Holdings Ltd.		0.58
Brilliance China Automotive Holdings Ltd.		0.85
Byd Co., Ltd.		0.48
China CITIC Bank Corp., Ltd.		0.92
China Communications Construction Co., Ltd.		0.93
China Construction Bank Corp.		8.92
China Everbright International Ltd.		0.60
China Gas Holdings Ltd.		0.49
China Life Insurance Co., Ltd.		4.87
China Longyuan Power Group Corp., Ltd.		0.49
China Mengniu Dairy Co., Ltd.		1.11
China Merchants Bank Co., Ltd.		1.69
China Merchants Holdings International C		0.66
China Minsheng Banking Corp., Ltd.		1.17
China Mobile Ltd.		10.96
China Oilfield Services Ltd.		0.45
China Overseas Land & Investment Ltd.		1.92
China Pacific Insurance Group Co., Ltd.		1.85
China Petroleum & Chemical Corp.		3.02
China Resources Enterprise Ltd.		0.35
China Resources Land Ltd.		0.83
China Resources Power Holdings Co., Ltd.		0.69
China Shenhua Energy Co., Ltd.		1.30
China Telecom Corp., Ltd.		1.27
China Unicom Hong Kong Ltd.		1.07
CITIC Ltd.		0.41
CNOOC Ltd.		3.63
Dongfeng Motor Group Co., Ltd.		0.63
ENN Energy Holdings Ltd.		0.68
Great Wall Motor Co., Ltd.		1.12
Hengan International Group Co., Ltd.		1.33
Huaneng Power International, Inc.		0.55
ICBC		8.15
Kunlun Energy Co., Ltd.		0.47
Lenovo Group Ltd.		1.31
PetroChina Co., Ltd.		3.45
PICC Property & Casualty Co., Ltd.		1.03
Ping An Insurance Group Company of China Ltd.		3.67
Tencent Holdings Ltd.		14.29
Tingyi Cayman Islands Holding Corp.		0.64
Want Want China Holdings Ltd.		0.94
		100.00	%

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with JPM Aerospace Index as of March 31, 2015.

Security Description	Index Weight
JPM Aerospace Index
Airbus Group N.V.		13.45	%
B/E Aerospace, Inc.		1.94
Boeing Co. (The)		33.90
Bombardier, Inc.		1.02
KLX, Inc.		0.59
Precision Castparts Corp.		9.99
Rolls-Royce Holdings PLC		7.22
Safran SA		7.78
Textron, Inc.		5.10
Thales SA		2.02
TransDigm Group, Inc.		3.39
United Technologies Corp.		11.04
Zodiac Aerospace		2.56
		100.00	%

The following table represents the equity basket holdings underlying the total return swap with JPM U.S. Machinery Index as of March 31, 2015.

Security Description	Index Weight
JPM U.S. Machinery Index
AGCO Corp.		1.70	%
Caterpillar, Inc.		20.80
Cummins, Inc.		9.90
Deere & Co.		11.69
Dover Corp.		4.68
Flowserve Corp.		3.06
Illinois Tool Works, Inc.		14.88
Ingersoll-Rand PLC		7.45
Joy Global, Inc.		1.65
PACCAR, Inc.		8.95
Parker-Hannifin Corp.		6.71
Pentair PLC		4.80
SPX Corp.		1.28
Xylem, Inc.		2.45
		100.00	%

The following table represents the equity basket holdings underlying the total return swap with China Internet as of March 31, 2015.

Security Description	Index Weight
China Internet
Alibaba Group Holding Ltd.		36.36	%
Baidu, Inc.		12.94
Cheetah Mobile, Inc.		0.43
Ctrip.com International Ltd.		1.40
E-Commerce China Dangdang, Inc.		0.13
JD.com, Inc.		7.18
Kingsoft Corp., Ltd.		0.62
Leju Holdings Ltd.		0.19
NetEase, Inc.		2.44
Phoenix New Media Ltd.		0.08
Qihoo 360 Technology Co., Ltd.		1.14
SINA Corp.		0.38
Sohu.com, Inc.		0.36
SouFun Holdings Ltd.		0.44

Security Description	Index Weight
China Internet (cont'd)
Tencent Holdings Ltd.		31.51	%
Vipshop Holdings Ltd.		3.34
Xunlei Ltd.		0.08
Youku Tudou, Inc.		0.43
YY, Inc.		0.55
		100.00	%

@ Value is less than $500.

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

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

HIBOR Hong Kong Interbank Offered Rate.

LIBOR London Interbank Offered Rate.

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

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

PLN — Polish Zloty

RUB — Russian Ruble

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
Common Stocks		65.8	%
Fixed Income Securities		27.3
Short-Term Investments		6.8
Other**		0.1
Total Investments		100.0	%***

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

*** Does not include open long/short futures contracts with an underlying face amount of approximately $208,331,000 with net unrealized appreciation of approximately $1,136,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $547,000 and does not include open swap agreements with net unrealized depreciation of approximately $597,000.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Global Strategist Portfolio

Statement of Assets and Liabilities	March 31, 2015 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $360,534)	$	411,407
Investment in Security of Affiliated Issuer, at Value (Cost $23,854)		23,835
Total Investments in Securities, at Value (Cost $384,388)		435,242
Foreign Currency, at Value (Cost $846)		810
Cash		1
Receivable for Investments Sold		8,214
Receivable for Variation Margin on Futures Contracts		6,949
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		985
Interest Receivable		870
Unrealized Appreciation on Swap Agreements		675
Dividends Receivable		659
Tax Reclaim Receivable		142
Receivable for Portfolio Shares Sold		62
Receivable from Affiliate		4
Receivable for Swap Agreements Termination		1
Other Assets		74
Total Assets		454,688
Liabilities:
Payable for Investments Purchased		8,776
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		1,532
Premium Received on Open Swap Agreements		1,353
Unrealized Depreciation on Swap Agreements		1,068
Payable for Portfolio Shares Redeemed		509
Payable for Advisory Fees		485
Payable for Sub Transfer Agency Fees — Class I		8
Payable for Sub Transfer Agency Fees — Class A		298
Payable for Sub Transfer Agency Fees — Class L		33
Payable for Shareholder Services Fees — Class A		72
Payable for Distribution and Shareholder Services Fees — Class L		18
Payable for Trustees' Fees and Expenses		80
Payable for Professional Fees		46
Payable for Custodian Fees		35
Payable for Administration Fees		30
Payable for Variation Margin on Swap Agreements		11
Payable for Transfer Agency Fees — Class I		1
Payable for Transfer Agency Fees — Class A		7
Payable for Transfer Agency Fees — Class L		2
Other Liabilities		176
Total Liabilities		14,540
Net Assets	$	440,148
Net Assets Consist Of:
Paid-in-Capital	$	401,778
Distributions in Excess of Net Investment Income		(1,208	)
Accumulated Net Realized Loss		(11,179	)
Unrealized Appreciation (Depreciation) on:
Investments		50,873
Investments in Affiliates		(19	)
Futures Contracts		1,136
Swap Agreements		(597	)
Foreign Currency Forward Exchange Contracts		(547	)
Foreign Currency Translations		(89	)
Net Assets	$	440,148

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Global Strategist Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2015 (000)
CLASS I:
Net Assets	$	77,559
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		4,878,722
Net Asset Value, Offering and Redemption Price Per Share	$	15.90
CLASS A:
Net Assets	$	334,940
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		21,158,476
Net Asset Value, Redemption Price Per Share	$	15.83
Maximum Sales Load		5.25	%
Maximum Sales Charge	$	0.88
Maximum Offering Price Per Share	$	16.71
CLASS L:
Net Assets	$	27,649
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,752,392
Net Asset Value, Offering and Redemption Price Per Share	$	15.78

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Global Strategist Portfolio

Statement of Operations	Six Months Ended March 31, 2015 (000)
Investment Income:
Dividends from Securities of Unaffiliated Issuers (Net of $123 of Foreign Taxes Withheld)	$	3,261
Interest from Securities of Unaffiliated Issuers (Net of $—@ of Foreign Taxes Withheld)		1,841
Dividends from Securities of Affiliated Issuer (Note G)		30
Total Investment Income		5,132
Expenses:
Advisory Fees (Note B)		1,017
Shareholder Services Fees — Class A (Note D)		439
Distribution and Shareholder Services Fees — Class L (Note D)		104
Custodian Fees (Note F)		200
Administration Fees (Note C)		181
Sub Transfer Agency Fees — Class I		9
Sub Transfer Agency Fees — Class A		119
Sub Transfer Agency Fees — Class L		11
Pricing Fees		66
Professional Fees		65
Shareholder Reporting Fees		48
Transfer Agency Fees — Class I (Note E)		4
Transfer Agency Fees — Class A (Note E)		20
Transfer Agency Fees — Class L (Note E)		6
Registration Fees		22
Trustees' Fees and Expenses		10
Other Expenses		11
Total Expenses		2,332
Rebate from Morgan Stanley Affiliate (Note G)		(34	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(4	)
Reimbursement of Class Specific Expenses — Class L (Note B)		(—	@)
Net Expenses		2,294
Net Investment Income		2,838
Realized Gain (Loss):
Investments Sold		(6,203	)
Foreign Currency Forward Exchange Contracts		3,673
Foreign Currency Transactions		(635	)
Futures Contracts		27
Swap Agreements		(2,729	)
Net Realized Loss		(5,867	)
Change in Unrealized Appreciation (Depreciation):
Investments		3,438
Investments in Affiliates		(9	)
Foreign Currency Forward Exchange Contracts		(2,201	)
Foreign Currency Translations		4
Futures Contracts		518
Swap Agreements		(2,347	)
Net Change in Unrealized Appreciation (Depreciation)		(597	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(6,464	)
Net Decrease in Net Assets Resulting from Operations	$	(3,626	)

@ Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
33

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Global Strategist Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2015 (unaudited) (000)			Year Ended September 30, 2014 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	2,838		$	7,745
Net Realized Gain (Loss)		(5,867	)		13,188
Net Change in Unrealized Appreciation (Depreciation)		(597	)		19,230
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,626	)		40,163
Distributions from and/or in Excess of:
Class I:
Net Investment Income		(1,528	)		(714	)
Net Realized Gain		(2,679	)		(3,844	)
Class A:
Net Investment Income		(6,120	)		(4,088	)
Net Realized Gain		(13,028	)		(26,774	)
Class L:
Net Investment Income		(334	)		(173	)
Net Realized Gain		(1,018	)		(2,073	)
Total Distributions		(24,707	)		(37,666	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		28,836			25,332
Distributions Reinvested		4,189			4,536
Redeemed		(23,774	)		(9,847	)
Class A:
Subscribed		11,906			23,787
Distributions Reinvested		18,802			30,252
Redeemed		(39,360	)		(63,566	)
Class L:
Subscribed		2,450			1,835
Distributions Reinvested		1,327			2,203
Redeemed		(2,521	)		(5,157	)
Net Increase in Net Assets Resulting from Capital Share Transactions		1,855			9,375
Total Increase (Decrease) in Net Assets		(26,478	)		11,872
Net Assets:
Beginning of Period		466,626			454,754
End of Period (Including Distributions in Excess of Net Investment Income and Accumulated Undistributed Net Investment Income of $(1,208) and $3,936, respectively)	$	440,148		$	466,626
(1) Capital Share Transactions:
Class I:
Shares Subscribed		1,790			1,511
Shares Issued on Distributions Reinvested		269			284
Shares Redeemed		(1,474	)		(578	)
Net Increase in Class I Shares Outstanding		585			1,217
Class A:
Shares Subscribed		735			1,412
Shares Issued on Distributions Reinvested		1,211			1,903
Shares Redeemed		(2,443	)		(3,794	)
Net Decrease in Class A Shares Outstanding		(497	)		(479	)
Class L:
Shares Subscribed		154			110
Shares Issued on Distributions Reinvested		86			139
Shares Redeemed		(157	)		(309	)
Net Increase (Decrease) in Class L Shares Outstanding		83			(60	)

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Global Strategist Portfolio

	Class I
	Six Months Ended March 31, 2015			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	16.99		$	16.96		$	15.22		$	12.50		$	12.55		$	11.66
Income (Loss) from Investment Operations:
Net Investment Income†		0.12			0.34			0.35			0.14			0.18			0.21
Net Realized and Unrealized Gain (Loss)		(0.25	)		1.15			1.44			2.79			(0.02	)		0.91
Total from Investment Operations		(0.13	)		1.49			1.79			2.93			0.16			1.12
Distributions from and/or in Excess of:
Net Investment Income		(0.35	)		(0.23	)		(0.05	)		(0.21	)		(0.21	)		(0.23	)
Net Realized Gain		(0.61	)		(1.23	)		—			—			—			—
Total Distributions		(0.96	)		(1.46	)		(0.05	)		(0.21	)		(0.21	)		(0.23	)
Net Asset Value, End of Period	$	15.90		$	16.99		$	16.96		$	15.22		$	12.50		$	12.55
Total Return++		(0.62	)%#		9.37	%		11.79	%		23.66	%		1.07	%		9.77	%
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	77,559		$	72,952		$	52,170		$	23,756		$	25,192		$	22,706
Ratio of Expenses to Average Net Assets ⁽¹⁾		0.73	%+*		0.72	%+		0.69	%+		1.37	%+		1.30	%+		0.89	%+
Ratio of Expenses to Average Net Assets Excluding Non Operating Expenses		N/A			N/A			0.76	%+		N/A			N/A			N/A
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		1.51	%+*		1.99	%+		2.18	%+		1.01	%+		1.35	%+		1.73	%+
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.01	%*		0.02	%		0.01	%		0.02	%		0.01	%		0.01	%
Portfolio Turnover Rate		42	%#		62	%		107	%		168	%		164	%		176	%
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		0.75	%*		0.83	%		0.82	%		N/A			N/A			N/A
Net Investment Income to Average Net Assets		1.49	%*		1.88	%		2.05	%		N/A			N/A			N/A

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value as of the last business day of the period.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Global Strategist Portfolio

	Class A
	Six Months Ended March 31, 2015			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	16.88		$	16.88		$	15.18		$	12.47		$	12.52		$	11.63
Income (Loss) from Investment Operations:
Net Investment Income†		0.10			0.27			0.42			0.10			0.15			0.18
Net Realized and Unrealized Gain (Loss)		(0.25	)		1.15			1.32			2.79			(0.03	)		0.91
Total from Investment Operations		(0.15	)		1.42			1.74			2.89			0.12			1.09
Distributions from and/or in Excess of:
Net Investment Income		(0.29	)		(0.19	)		(0.04	)		(0.18	)		(0.17	)		(0.20	)
Net Realized Gain		(0.61	)		(1.23	)		—			—			—			—
Total Distributions		(0.90	)		(1.42	)		(0.04	)		(0.18	)		(0.17	)		(0.20	)
Net Asset Value, End of Period	$	15.83		$	16.88		$	16.88		$	15.18		$	12.47		$	12.52
Total Return++		(0.83	)%#		9.02	%		11.49	%		23.33	%		0.83	%		9.52	%
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	334,940		$	365,642		$	373,559		$	20,487		$	16,857		$	17,169
Ratio of Expenses to Average Net Assets ⁽¹⁾		1.03	%+*		1.07	%+		0.47	%+^		1.64	%+		1.55	%+		1.14	%+
Ratio of Expenses to Average Net Assets Excluding Non Operating Expenses		N/A			N/A			1.03	%+^		N/A			N/A			N/A
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		1.18	%+*		1.64	%+		2.60	%+^		0.69	%+		1.10	%+		1.48	%+
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.01	%*		0.02	%		0.01	%		0.02	%		0.01	%		0.01	%
Portfolio Turnover Rate		42	%#		62	%		107	%		168	%		164	%		176	%
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		1.05	%*		1.14	%		1.11	%		N/A			N/A			N/A
Net Investment Income to Average Net Assets		1.16	%*		1.57	%		1.96	%		N/A			N/A			N/A

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

^ Effective September 16, 2013, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.09% for Class A shares. Prior to September 16, 2013, the maximum ratio was 0.99% for Class A shares.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Global Strategist Portfolio

	Class L
	Six Months Ended March 31, 2015			Year Ended September 30,						Period from April 27, 2012^ to
Selected Per Share Data and Ratios	(unaudited)			2014			2013			September 30, 2012
Net Asset Value, Beginning of Period	$	16.79		$	16.78		$	15.15		$	14.42
Income (Loss) from Investment Operations:
Net Investment Income (Loss)†		0.05			0.19			0.23			(0.02	)
Net Realized and Unrealized Gain (Loss)		(0.25	)		1.15			1.42			0.78
Total from Investment Operations		(0.20	)		1.34			1.65			0.76
Distributions from and/or in Excess of:
Net Investment Income		(0.20	)		(0.10	)		(0.02	)		(0.03	)
Net Realized Gain		(0.61	)		(1.23	)		—			—
Total Distributions		(0.81	)		(1.33	)		(0.02	)		(0.03	)
Net Asset Value, End of Period	$	15.78		$	16.79		$	16.78		$	15.15
Total Return++		(1.07	)%#		8.49	%		10.91	%		5.30	%#
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	27,649		$	28,032		$	29,025		$	11
Ratio of Expenses to Average Net Assets ⁽¹⁾		1.58	%+*		1.57	%+		1.42	%+^^		2.39	%+*
Ratio of Expenses to Average Net Assets Excluding Non Operating Expenses		N/A			N/A			1.49	%+^^		N/A
Ratio of Net Investment Income (Loss) to Average Net Assets ⁽¹⁾		0.64	%+*		1.14	%+		1.44	%+^^		(0.29	)%+*
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.01	%*		0.02	%		0.01	%		0.03	%*
Portfolio Turnover Rate		42	%#		62	%		107	%		168	%#
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		1.59	%*		1.70	%		1.54	%		N/A
Net Investment Income to Average Net Assets		0.63	%*		1.01	%		1.32	%		N/A

^ Commencement of Operations.

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value as of the last business day of the period.

+ The Ratios of Expenses and Net Investment Income (Loss) reflect the rebate of certain Portfolio expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets."

^^ Effective September 16, 2013, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.59% for Class L shares. Prior to September 16, 2013, the maximum ratio was 1.49% for Class L shares.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited)

The accompanying financial statements relate to the Global Strategist Portfolio. The Portfolio seeks above-average total return over a market cycle of three to five years. The Portfolio offers three classes of shares — Class I, Class A and Class L.

1. Security Valuation: (1) Certain portfolio securities may be valued by an outside pricing service approved by the Fund's Board of Trustees (the "Trustees"). The pricing service may utilize a matrix system or other model incorporating attributes such as security quality, maturity and coupon as the evaluation model parameters, and/or research evaluations by its staff, including review of broker-dealer market price quotations in determining what it believes is the fair valuation of the portfolios securities valued by such pricing service; (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), if there were no sales on a given day, the security is valued at the mean between the last reported bid and asked prices; (3) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at its latest reported sales price. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (4) futures are valued at the latest price published by the commodities exchange on which they trade; (5) swaps are marked-to-market daily based upon quotations from market makers; (6) when market quotations are not readily available, including circumstances under which Morgan

Stanley Investment Management Inc. (the "Adviser") determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (7) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; (8) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day; and (9) short-term taxable debt securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, unless the Adviser determines such price does not reflect the securities' market value, in which case these securities will be valued at their fair market value determined by the Adviser. Other taxable short-term debt securities with maturities of more than 60 days will be valued on a mark-to-market basis until such time as they reach a maturity of 60 days, whereupon they will be valued at amortized cost using their value on the 61st day unless the Adviser determines such price does not reflect the securities' fair value, in which case these securities will be valued at their fair market value as determined by the Adviser.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

least annually by the Trustees. These procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

The Fund has procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available. Under these procedures, the Valuation Committee convenes on a regular and ad hoc basis to review such securities and considers a number of factors, including valuation methodologies and significant unobservable valuation inputs, when arriving at fair value. The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.

information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below.

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

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

The following is a summary of the inputs used to value the Portfolio's investments as of March 31, 2015.

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Fixed Income Securities
Agency Adjustable Rate Mortgages	$	—	$	37	$	—	$	37
Agency Fixed Rate Mortgages		—		12,650		—		12,650
Asset-Backed Security		—		426		—		426
Collateralized Mortgage Obligations — Agency Collateral Series		—		1,906		—		1,906
Commercial Mortgage-Backed Securities		—		3,861		—		3,861

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (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)
Fixed Income Securities (cont'd)
Corporate Bonds	$	—	$	30,394	$	—	$	30,394
Mortgages — Other		—		1,256		—		1,256
Sovereign		—		51,309		—		51,309
U.S. Treasury Securities		—		17,096		—		17,096
Total Fixed Income Securities		—		118,935		—		118,935
Common Stocks
Aerospace & Defense		2,879		1,059		—		3,938
Air Freight & Logistics		893		411		—		1,304
Airlines		30		177		—		207
Auto Components		589		1,414		—		2,003
Automobiles		640		4,507		—		5,147
Banks		13,402		20,316		—		33,718
Beverages		3,058		3,287		—		6,345
Biotechnology		4,113		570		—		4,683
Building Products		21		1,010		—		1,031
Capital Markets		3,759		2,511		—		6,270
Chemicals		2,199		4,762		—		6,961
Commercial Services & Supplies		866		680		—		1,546
Communications Equipment		2,792		751		—		3,543
Construction & Engineering		170		915		—		1,085
Construction Materials		—		447		—		447
Consumer Finance		1,127		—		—		1,127
Containers & Packaging		238		137		—		375
Distributors		10		—		—		10
Diversified Consumer Services		292		—		—		292
Diversified Financial Services		1,111		1,218		—		2,329
Diversified Telecommunication Services		2,505		5,416		—		7,921
Electric Utilities		2,718		2,708		—		5,426
Electrical Equipment		769		1,614		—		2,383
Electronic Equipment, Instruments & Components		449		1,442		—		1,891
Energy Equipment & Services		2,356		368		—		2,724
Food & Staples Retailing		6,141		2,863		—		9,004
Food Products		2,371		5,477		—		7,848
Gas Utilities		32		845		—		877
Health Care Equipment & Supplies		3,687		735		—		4,422
Health Care Providers & Services		4,332		384		—		4,716
Health Care Technology		191		—		—		191
Hotels, Restaurants & Leisure		3,175		973		—		4,148
Household Durables		248		576		—		824
Household Products		3,820		1,433		—		5,253
Independent Power Producers & Energy Traders		34		107		—		141
Industrial Conglomerates		1,455		1,874		—		3,329
Information Technology Services		4,991		700		—		5,691
Insurance		1,461		6,687		—		8,148
Internet & Catalog Retail		1,190		176		—		1,366

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Common Stocks (cont'd)
Internet Software & Services	$	3,284	$	79	$	—	$	3,363
Leisure Products		54		—		—		54
Life Sciences Tools & Services		742		128		—		870
Machinery		1,896		3,055		—		4,951
Marine		—		478		—		478
Media		7,409		2,225		—		9,634
Metals & Mining		833		3,754		—		4,587
Multi-Utilities		1,947		1,618		—		3,565
Multi-line Retail		2,981		377		—		3,358
Oil, Gas & Consumable Fuels		11,085		6,962		—		18,047
Paper & Forest Products		52		264		—		316
Personal Products		368		1,016		—		1,384
Pharmaceuticals		6,887		12,507		—		19,394
Professional Services		765		748		—		1,513
Real Estate Investment Trusts (REITs)		4,458		1,654		—		6,112
Real Estate Management & Development		628		2,209		—		2,837
Road & Rail		2,183		1,714		—		3,897
Semiconductors & Semiconductor Equipment		3,532		837		—		4,369
Software		4,680		911		—		5,591
Specialty Retail		8,670		1,700		—		10,370
Tech Hardware, Storage & Peripherals		9,546		694		—		10,240
Textiles, Apparel & Luxury Goods		1,208		2,102		—		3,310
Thrifts & Mortgage Finance		102		—		—		102
Tobacco		2,090		2,192		—		4,282
Trading Companies & Distributors		296		1,231		—		1,527
Transportation Infrastructure		—		663		—		663
Water Utilities		—		58		—		58
Wireless Telecommunication Services		358		2,501		—		2,859
Total Common Stocks		156,168		130,227		—		286,395
Investment Companies		433		—		—		433
Rights		64		1		—		65
Warrant		4		—		—		4
Short-Term Investments
Investment Company		23,723		—		—		23,723
U.S. Treasury Securities		—		5,687		—		5,687
Total Short-Term Investments		23,723		5,687		—		29,410
Foreign Currency Forward Exchange Contracts		—		985		—		985
Futures Contracts		2,096		—		—		2,096
Credit Default Swap Agreements		—		194		—		194
Interest Rate Swap Agreements		—		330		—		330
Total Return Swap Agreements		—		481		—		481
Total Assets		182,488		256,840		—		439,328

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (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	$	—		$	(1,532	)	$	—	$	(1,532	)
Futures Contracts		(960	)		—			—		(960	)
Credit Default Swap Agreements		—			(36	)		—		(36	)
Interest Rate Swap Agreements		—			(534	)		—		(534	)
Total Return Swap Agreements		—			(1,032	)		—		(1,032	)
Total Liabilities		(960	)		(3,134	)		—		(4,094	)
Total	$	181,528		$	253,706		$	—	$	435,234

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes. The Portfolio recognizes transfers between the levels as of the end of the period. As of March 31, 2015, securities with a total value of approximately $127,377,000 transferred from Level 1 to Level 2. At March 31, 2015, the fair value of certain securities were adjusted due to developments which occurred between the time of the close of the foreign markets on which they trade and the close of business on the NYSE which resulted in their Level 2 classification.

3. Foreign Currency Translation and Foreign Investments: The books and records of the Portfolio are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. Federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. Federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Portfolio's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of unrealized appreciation (depreciation) in the Statement of Assets and Liabilities. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

4. Derivatives: The Portfolio may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid and risks arising from margin requirements. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Portfolio's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

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

Futures: A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an

underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin). A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return, and the potential loss from futures contracts can exceed the Portfolio's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time. There is also the risk of loss by the Portfolio of margin deposits in the event of bankruptcy of a broker with which the Portfolio has open positions in the futures contract.

Swaps: The Portfolio may enter into OTC swap contracts or cleared swap transactions. A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indices, reference rates, currencies or other instruments. Typically swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Portfolio's obligations or rights under a swap contract entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each party. Cleared swap transactions may help reduce counterparty credit risk. In a cleared swap, the Portfolio's ultimate counterparty is a clearinghouse rather than a swap dealer, bank or other financial institution. OTC swap agreements are not entered into or traded on exchanges and often there is no central

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

clearing or guaranty function for OTC swaps. These OTC swaps are often subject to credit risk or the risk of default or non-performance by the counterparty. Both OTC and cleared swaps could result in losses if interest rates, foreign currency exchange rates or other factors are not correctly anticipated by the Portfolio or if the reference index, security or investments do not perform as expected. During the period swap agreements are open, payments are received from or made to the clearinghouse or counterparty based upon changes in the value of the contract (variation margin). The Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulatory developments require the clearing and exchange-trading of certain standardized swap transactions. Mandatory exchange-trading and clearing is occurring on a phased-in basis.

credit ratings and increasing market values, in absolute terms, represent a deterioration of the credit and a greater likelihood of an adverse credit event of the issuer.

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

Foreign Currency Forward Exchange Contracts: In connection with its investments in foreign securities, the Portfolio also entered into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date. A foreign currency forward exchange contract ("currency contract") is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Currency contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. In addition, the Portfolio may use cross currency hedging or proxy hedging with respect to currencies in which the Portfolio has or expects to have portfolio or currency exposure. Cross currency hedges involve the sale of one currency against the positive exposure to a different currency and may be used for hedging purposes or to establish an active exposure to the exchange rate between any two currencies. To the extent hedged by the use of currency contracts, the precise matching of the currency contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date on which the contract is entered into and the date it matures. Furthermore, such transactions may reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

position taken. There is additional risk to the extent that currency contracts create exposure to currencies in which the Portfolio's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Portfolio than if it had not entered into such contracts. The use of currency contracts involves the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract. A currency contract is marked-to-market daily and the change in market value is recorded by the Portfolio as unrealized gain or loss. The Portfolio records realized gains (losses) when the currency contract is closed equal to the difference between the value of the currency contract at the time it was opened and the value at the time it was closed.

The following tables set forth the fair value of the Portfolio's derivative contracts by primary risk exposure as of March 31, 2015.

Asset Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward Exchange
Contracts

Unrealized Appreciation on
Foreign Currency Forward
Exchange Contracts

Currency Risk

985

Futures Contracts

Variation Margin on
Futures Contracts

Commodity Risk

170

(a)

Futures Contracts

Variation Margin on
Futures Contracts

Equity Risk

1,187

(a)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

739

(a)

Swap Agreements

Unrealized Appreciation on
Swap Agreements

Credit Risk

194

Swap Agreements

Unrealized Appreciation on
Swap Agreements

Equity Risk

481

Swap Agreements

Variation Margin on
Swap Agreements

Interest Rate Risk

330

(a)

Total

4,086

Liability Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward Exchange
Contracts

Unrealized Depreciation on
Foreign Currency Forward
Exchange Contracts

Currency Risk

(1,532

)

Futures Contract

Variation Margin on
Futures Contract

Commodity Risk

(150

)(a)

Futures Contract

Variation Margin on
Futures Contract

Currency Risk

(115

)(a)

Futures Contracts

Variation Margin on
Futures Contracts

Equity Risk

(402

)(a)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(293

)(a)

Swap Agreements

Unrealized Depreciation on
Swap Agreements

Credit Risk

(36

)

Swap Agreements

Unrealized Depreciation on
Swap Agreements

Equity Risk

(1,032

)

Swap Agreements

Variation Margin on
Swap Agreements

Interest Rate Risk

(534

)(a)

Total

(4,094

)

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	3,673
Commodity Risk	Futures Contracts		688
Currency Risk	Futures Contracts		1,132
Equity Risk	Futures Contracts		(2,209	)
Interest Rate Risk	Futures Contracts		416
Credit Risk	Swap Agreements		(568	)
Equity Risk	Swap Agreements		(857	)
Interest Rate Risk	Swap Agreements		(1,304	)
Total		$	971
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(2,201	)
Commodity Risk	Futures Contracts		(407	)
Currency Risk	Futures Contracts		(236	)
Equity Risk	Futures Contracts		1,041
Interest Rate Risk	Futures Contracts		120
Credit Risk	Swap Agreements		147
Equity Risk	Swap Agreements		(2,048	)
Interest Rate Risk	Swap Agreements		(446	)
Total		$	(4,030	)

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

At March 31, 2015, the Portfolio's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Statement of Assets and Liabilities
Derivatives(b)	Assets(c) (000)		Liabilities(c) (000)
Foreign Currency Forward Exchange Contracts	$	985	$	(1,532	)
Swap Agreements		675		(1,068	)
Total	$	1,660	$	(2,600	)

(b) Excludes exchange traded derivatives.

(c) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2015.

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in Statement of Assets and Liabilities (000)		Financial Instrument (000)			Collateral Received (000)			Net Amount (not less than $0) (000)
Bank of America NA	$	265	$	(10	)	$	—		$	255
Bank of Montreal		14		(14	)		—			0
Bank of New York Mellon		36		—			—			36
Barclays Bank PLC		139		(139	)		—			0
Citibank NA		51		(51	)		—			0
Commonwealth Bank of Australia		3		(2	)		—			1
Credit Suisse International		18		(18	)		—			0
Deutsche Bank AG		12		(12	)		—			0
Goldman Sachs International		26		(26	)		—			0
HSBC Bank PLC		95		(95	)		—			0
JPMorgan Chase Bank NA		665		(331	)		—			334
Royal Bank of Scotland PLC		35		(35	)		—			0
State Street Bank and Trust Co.		32		(32	)		—			0
UBS AG		269		(269	)		—			0
Total	$	1,660	$	(1,034	)	$	—		$	626
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in Statement of Assets and Liabilities (000)		Financial Instrument (000)			Collateral Pledged(d) (000)			Net Amount (not less than $0) (000)
Bank of America NA	$	10	$	(10	)	$	—		$	0
Bank of Montreal		201		(14	)		—			187
Barclays Bank PLC		576		(139	)		(437	)		0
Citibank NA		63		(51	)		—			12
Commonwealth Bank of Australia		2		(2	)		—			0
Credit Suisse International		89		(18	)		—			71
Deutsche Bank AG		340		(12	)		(20	)		308
Goldman Sachs International		149		(26	)		(123	)		0
HSBC Bank PLC		374		(95	)		—			279
JPMorgan Chase Bank NA		352		(331	)		(21	)		0
Northern Trust Company		6		—			—			6
Royal Bank of Scotland PLC		61		(35	)		—			26
State Street Bank and Trust Co.		74		(32	)		—			42
UBS AG		303		(269	)		—			34
Total	$	2,600	$	(1,034	)	$	(601	)	$	965

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

For the six months ended March 31, 2015, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	216,583,000
Futures Contracts:
Average monthly original value	$	262,800,000
Swap Agreements:
Average monthly notional amount	$	320,232,000

6. Indemnifications: The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

7. Dividends and Distributions to Shareholders: Dividend income and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

8. Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains

and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Portfolio is informed of such dividends) net of applicable withholding taxes. Interest income is recognized on the accrual basis except where collection is in doubt. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Fund can be directly attributed to a particular Portfolio. Expenses which cannot be directly attributed are apportioned among the Portfolios based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution, transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

The Portfolio owns shares of real estate investment trusts ("REITs") which report information on the source of their distributions annually in the following calendar year. A portion of distributions received from REITs during the year is estimated to be a return of capital and is recorded as a reduction of their cost.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Portfolio with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.45% of the average daily net assets of the Portfolio.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Portfolio so that total annual portfolio operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.74% for Class I shares, 1.09% for Class A shares and 1.59% for Class L shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Portfolio's prospectus or until such time that the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended March 31, 2015, approximately $4,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

average daily net assets. Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Fund. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Portfolio.

The Fund has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Portfolio pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.50% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to Class L shares.

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2015, purchases and sales of investment securities for the Portfolio, other than long-term U.S. Government securities and short-term investments, were approximately $111,623,000 and $106,566,000, respectively. For the six months ended March 31, 2015, purchases and sales of long-term U.S. Government securities were approximately $64,908,000 and $60,116,000, respectively.

The Portfolio invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Portfolio are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Funds. For the six months ended March 31, 2015, advisory fees paid were reduced by approximately $33,000 relating to the Portfolio's investment in the Liquidity Funds.

A summary of the Portfolio's transactions in shares of the Liquidity Funds during the six months ended March 31, 2015 is as follows:

Value September 30, 2014 (000)				Purchases at Cost (000)				Sales (000)				Dividend Income (000)				Value March 31, 2015 (000)
$	73,049			$	89,559			$	138,885			$	24			$	23,723

The Portfolio invests in Morgan Stanley Institutional Fund, Inc. — Emerging Markets Portfolio ("Emerging Markets Portfolio"), an open-end management investment company advised by an affiliate of the Adviser. Advisory fees paid by the Portfolio are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Emerging Markets Portfolio. For the six months ended March 31, 2015, advisory fees paid were reduced by approximately $1,000 relating to the Portfolio's investment in the Emerging Markets Portfolio. The Emerging Markets Portfolio has a cost basis of approximately $131,000 at March 31, 2015.

A summary of the Portfolio's transactions in shares of the Emerging Markets Portfolio during the six months ended March 31, 2015 is as follows:

Value September 30, 2014 (000)				Purchases at Cost (000)				Sales (000)				Dividend Income (000)				Value March 31, 2015 (000)
$	116			$	6			$	—			$	6			$	112

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term capital gains being treated as

ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2014 and 2013 was as follows:

2014 Distributions Paid From:				2013 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	18,470	$	19,196	$	675	$	—

Permanent differences, primarily due to differing treatments of gains (losses) related to foreign currency transactions, basis adjustments for swap transactions, paydown adjustments, distribution redesignations and tax adjustments on passive foreign investment companies sold by the Portfolio, resulted in the following reclassifications among the components of net assets at September 30, 2014:

Accumulated Undistributed Net Investment Income (000)				Accumulated Undistributed Net Realized Gain (000)				Paid-in- Capital (000)
$	(2,885	)		$	2,885			$	—

At September 30, 2014, the components of distributable earnings for the Portfolio on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	18,006			$	6,707

At March 31, 2015, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $68,127,000 and the aggregate gross unrealized depreciation is approximately $17,273,000 resulting in net unrealized appreciation of approximately $50,854,000.

To the extent that capital loss carryforwards are used to offset any future capital gains realized during the carryover period as

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

provided by U.S. Federal income tax regulations, no capital gains tax liability will be incurred by the Portfolio for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended September 30, 2014, the Portfolio utilized capital loss carryforwards for U.S. Federal income tax purposes of approximately $607,000.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited)

AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY

This privacy notice describes the U.S. privacy policy of Morgan Stanley Distribution, Inc., and the Morgan Stanley family of mutual funds ("us", "our", "we").

WE RESPECT YOUR PRIVACY

1. WHAT PERSONAL INFORMATION DO WE COLLECT FROM YOU?

• We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through applications and other forms you submit to us.

• We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

• We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?

We may disclose personal information we collect about you in each of the categories listed above to affiliated and nonaffiliated third parties.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited) (cont'd)

a. Information We Disclose to Affiliated Companies.

b. Information We Disclose to Third Parties.

3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL INFORMATION WE COLLECT ABOUT YOU?

4. HOW CAN YOU LIMIT OUR SHARING CERTAIN PERSONAL INFORMATION ABOUT YOU WITH OUR AFFILIATED COMPANIES FOR ELIGIBILITY DETERMINATION?

5. HOW CAN YOU LIMIT THE USE OF CERTAIN PERSONAL INFORMATION ABOUT YOU BY OUR AFFILIATED COMPANIES FOR MARKETING?

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited) (cont'd)

6. HOW CAN YOU SEND US AN OPT-OUT INSTRUCTION?

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SPECIAL NOTICE TO RESIDENTS OF VERMONT

SPECIAL NOTICE TO RESIDENTS OF CALIFORNIA

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Trustee and Officer Information (unaudited)

Trustees

Officers

Michael E. Nugent
Chairperson of the Board and Trustee

John H. Gernon
President and Principal Executive Officer

Stefanie V. Chang Yu
Chief Compliance Officer

Joseph C. Benedetti
Vice President

Mary E. Mullin
Secretary

Francis J. Smith
Treasurer and Principal Financial Officer

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

Boston Financial Data Services, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
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Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley Investment Management Inc.
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IFTGSSAN
1194295 EXP 5.31.16

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Semi-Annual Report

March 31, 2015

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					9
Statement of Operations					10
Statements of Changes in Net Assets					11
Financial Highlights					13
Notes to Financial Statements					17
U.S. Privacy Policy					22
Trustee and Officer Information					25

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Semi-Annual report, in which you will learn how your investment in High Yield Portfolio (the "Portfolio") performed during the latest six-month period.

As always, we thank you for selecting Morgan Stanley Investment Management, and look forward to working with you in the months and years ahead.

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2015

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Expense Example (unaudited)

High Yield Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2015 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/14		Actual Ending Account Value 3/31/15		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
High Yield Portfolio Class I	$	1,000.00	$	994.90	$	1,021.24	$	3.68	$	3.73		0.74	%
High Yield Portfolio Class A		1,000.00		993.60		1,019.45		5.47		5.54		1.10
High Yield Portfolio Class L		1,000.00		991.80		1,018.20		6.70		6.79		1.35
High Yield Portfolio Class IS		1,000.00		995.00		1,021.34		3.58		3.63		0.72

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments

High Yield Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (96.8%)
Corporate Bonds (94.4%)
Basic Materials (4.4%)
American Gilsonite Co.
11.50%, 9/1/17 (a)	$	500	$	464
Chemtura Corp.
5.75%, 7/15/21		150		153
Eco Services Operations LLC/Eco Finance Corp.
8.50%, 11/1/22 (a)		200		203
FMG Resources August 2006 Pty Ltd.
6.00%, 4/1/17 (a)		220		217
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC
8.88%, 2/1/18		550		487
Lundin Mining Corp.
7.50%, 11/1/20 (a)		200		208
Permian Holdings, Inc.
10.50%, 1/15/18 (a)		210		117
Prince Mineral Holding Corp.
11.50%, 12/15/19 (a)		150		146
Signode Industrial Group Lux SA/Signode Industrial Group US, Inc.
6.38%, 5/1/22 (a)		550		549
				2,544
Communications (8.9%)
Altice Financing SA
6.63%, 2/15/23 (a)		500		517
Altice Finco SA
8.13%, 1/15/24 (a)		250		266
Bankrate, Inc.
6.13%, 8/15/18 (a)		350		347
Cablevision Systems Corp.
7.75%, 4/15/18		150		167
CCO Holdings LLC/CCO Holdings Capital Corp.
5.75%, 1/15/24		100		104
Columbus International, Inc.
7.38%, 3/30/21 (a)		450		475
CommScope, Inc.
5.50%, 6/15/24 (a)		100		101
Crown Castle International Corp.
5.25%, 1/15/23		250		264
GCI, Inc.
6.88%, 4/15/25 (a)(b)		400		405
inVentiv Health, Inc.
9.00%, 1/15/18 (a)		100		106
Lamar Media Corp.
5.38%, 1/15/24		250		262
MDC Partners, Inc.
6.75%, 4/1/20 (a)		450		476
Midcontinent Communications & Midcontinent Finance Corp.
6.25%, 8/1/21 (a)		450		470

	Face Amount (000)		Value (000)
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.63%, 2/15/24	$	100	$	105
Pacnet Ltd.
9.00%, 12/12/18 (a)		450		506
SBA Telecommunications, Inc.
5.75%, 7/15/20		250		264
T-Mobile USA, Inc.
6.84%, 4/28/23		250		264
				5,099
Consumer, Cyclical (21.1%)
Accuride Corp.
9.50%, 8/1/18		250		261
Air Canada
7.75%, 4/15/21 (a)		450		483
Algeco Scotsman Global Finance PLC,
8.50%, 10/15/18 (a)		200		199
10.75%, 10/15/19 (a)		200		165
Allied Specialty Vehicles, Inc.
8.50%, 11/1/19 (a)		350		370
American Airlines Group, Inc.
5.50%, 10/1/19 (a)		250		258
American Builders & Contractors Supply Co., Inc.
5.63%, 4/15/21 (a)		350		355
AV Homes, Inc.
8.50%, 7/1/19 (a)		150		143
CCM Merger, Inc.
9.13%, 5/1/19 (a)		100		110
Century Communities, Inc.
6.88%, 5/15/22		350		348
Chassix Holdings, Inc.
10.00%, 12/15/18 (a)(c)(d)		369		19
Chassix, Inc.
9.25%, 8/1/18 (a)(d)		50		38
Chester Downs & Marina LLC/Chester Downs Finance Corp.
9.25%, 2/1/20 (a)		450		347
Cleopatra Finance Ltd.
5.63%, 2/15/20 (a)		250		245
Downstream Development Authority of the Quapaw Tribe of Oklahoma
10.50%, 7/1/19 (a)		200		178
Empire Today LLC/Empire Today Finance Corp.
11.38%, 2/1/17 (a)		175		142
Exide Technologies
8.63%, 2/1/18 (d)(e)		100		1
Family Tree Escrow LLC
5.75%, 3/1/23 (a)		500		529
Gibson Brands, Inc.
8.88%, 8/1/18 (a)		350		352
Global Partners LP/GLP Finance Corp.
6.25%, 7/15/22 (a)		475		470

The accompanying notes are an integral part of the financial statements.
4

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Consumer, Cyclical (cont'd)
Golden Nugget Escrow, Inc.
8.50%, 12/1/21 (a)	$	250	$	257
Graton Economic Development Authority
9.63%, 9/1/19 (a)		300		330
Greektown Holdings LLC/Greektown Mothership Corp.
8.88%, 3/15/19 (a)		350		371
Guitar Center, Inc.
6.50%, 4/15/19 (a)		350		307
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
5.63%, 10/15/21		250		264
IDQ Holdings, Inc.
11.50%, 4/1/17 (a)		250		264
JC Penney Corp., Inc.
8.13%, 10/1/19		400		394
Logan's Roadhouse, Inc.
10.75%, 10/15/17		300		232
Meritor, Inc.
6.25%, 2/15/24		100		101
Neiman Marcus Group Ltd., Inc.
8.75%, 10/15/21 (a)(c)		350		373
Oshkosh Corp.
5.38%, 3/1/22		350		365
PC Nextco Holdings LLC/PC Nextco Finance, Inc.
8.75%, 8/15/19		260		266
Pittsburgh Glass Works LLC
8.00%, 11/15/18 (a)		405		430
Playa Resorts Holding BV
8.00%, 8/15/20 (a)		500		512
Rite Aid Corp.,
6.13%, 4/1/23 (a)(b)		250		258
6.75%, 6/15/21		500		534
RSI Home Products, Inc.
6.50%, 3/15/23 (a)		350		358
Seminole Hard Rock Entertainment, Inc./ Seminole Hard Rock International LLC
5.88%, 5/15/21 (a)		250		252
Sonic Automotive, Inc.
5.00%, 5/15/23		175		174
Speedway Motorsports, Inc.
5.13%, 2/1/23 (a)		250		255
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.75%, 3/1/25		250		256
Sugarhouse HSP Gaming Prop Mezz LP/ Sugarhouse HSP Gaming Finance Corp.
6.38%, 6/1/21 (a)		125		120
United Continental Holdings, Inc.
6.38%, 6/1/18		400		425
				12,111

	Face Amount (000)		Value (000)
Consumer, Non-Cyclical (15.3%)
Acadia Healthcare Co., Inc.,
5.13%, 7/1/22	$	50	$	50
6.13%, 3/15/21		400		417
Ahern Rentals, Inc.
9.50%, 6/15/18 (a)		400		426
Albea Beauty Holdings SA
8.38%, 11/1/19 (a)		100		108
American Achievement Corp.
10.88%, 4/15/16 (a)		400		393
Amsurg Corp.
5.63%, 7/15/22		50		51
Aramark Services, Inc.
5.75%, 3/15/20		250		262
Armored Autogroup, Inc.
9.25%, 11/1/18		150		154
Beverages & More, Inc.
10.00%, 11/15/18 (a)		400		382
BioScrip, Inc.
8.88%, 2/15/21 (a)		100		90
Brand Energy & Infrastructure Services, Inc.
8.50%, 12/1/21 (a)		100		94
Bumble Bee Holdco SCA
9.63%, 3/15/18 (a)(c)		465		481
Central Garden and Pet Co.
8.25%, 3/1/18		178		183
Cenveo Corp.
6.00%, 8/1/19 (a)		250		236
DJO Finance LLC/DJO Finance Corp.
8.75%, 3/15/18		250		263
DS Services of America, Inc.
10.00%, 9/1/21 (a)		304		359
DynCorp International, Inc.
10.38%, 7/1/17		400		352
Global A&T Electronics Ltd.
10.00%, 2/1/19 (a)		400		394
Harland Clarke Holdings Corp.
9.75%, 8/1/18 (a)		250		266
Hologic, Inc.
6.25%, 8/1/20		306		319
JLL/Delta Dutch Newco BV
7.50%, 2/1/22 (a)		100		104
KeHE Distributors LLC/KeHE Finance Corp.
7.63%, 8/15/21 (a)		370		394
Lantheus Medical Imaging, Inc.
9.75%, 5/15/17		350		344
Monitronics International, Inc.
9.13%, 4/1/20		550		541
Mustang Merger Corp.
8.50%, 8/15/21 (a)		270		275
Pinnacle Operating Corp.
9.00%, 11/15/20 (a)		400		405

The accompanying notes are an integral part of the financial statements.
5

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Consumer, Non-Cyclical (cont'd)
RR Donnelley & Sons Co.
7.88%, 3/15/21	$	50	$	57
Safway Group Holding LLC/Safway Finance Corp.
7.00%, 5/15/18 (a)		375		373
Service Corp. International/US
5.38%, 1/15/22		100		105
TMS International Corp.
7.63%, 10/15/21 (a)		100		101
United Rentals North America, Inc.
5.75%, 11/15/24		250		259
US Foods, Inc.
8.50%, 6/30/19		170		179
VRX Escrow Corp.
5.88%, 5/15/23 (a)		250		257
Wells Enterprises, Inc.
6.75%, 2/1/20 (a)		100		102
				8,776
Diversified (0.5%)
Argos Merger Sub, Inc.
7.13%, 3/15/23 (a)		250		260
Energy (8.3%)
Approach Resources, Inc.
7.00%, 6/15/21		50		45
Blue Racer Midstream LLC/Blue Racer Finance Corp.
6.13%, 11/15/22 (a)		100		103
Bonanza Creek Energy, Inc.
6.75%, 4/15/21		100		98
Crestwood Midstream Partners LP/ Crestwood Midstream Finance Corp.,
6.13%, 3/1/22		130		132
6.25%, 4/1/23 (a)		250		253
CrownRock LP/CrownRock Finance, Inc.
7.75%, 2/15/23 (a)		200		203
EXCO Resources, Inc.,
7.50%, 9/15/18		100		60
8.50%, 4/15/22		250		142
Laredo Petroleum, Inc.
6.25%, 3/15/23		200		200
Lightstream Resources Ltd.
8.63%, 2/1/20 (a)		500		362
Lonestar Resources America, Inc.
8.75%, 4/15/19 (a)		350		271
Memorial Resource Development Corp.
5.88%, 7/1/22 (a)		50		47
Newfield Exploration Co.
5.38%, 1/1/26		200		202
Northern Oil and Gas, Inc.
8.00%, 6/1/20		300		268
Northern Tier Energy LLC/Northern Tier Finance Corp.
7.13%, 11/15/20		100		103

	Face Amount (000)		Value (000)
Pacific Drilling V Ltd.
7.25%, 12/1/17 (a)	$	250	$	226
PetroQuest Energy, Inc.
10.00%, 9/1/17		250		213
Rice Energy, Inc.
6.25%, 5/1/22		500		490
Rosetta Resources, Inc.
5.88%, 6/1/24		100		93
Seven Generations Energy Ltd.
8.25%, 5/15/20 (a)		350		359
Sunoco LP/Sunoco Finance Corp.
6.38%, 4/1/23 (a)(b)		250		258
Tesoro Logistics LP/Tesoro Logistics Finance Corp.
5.50%, 10/15/19 (a)		250		259
Triangle USA Petroleum Corp.
6.75%, 7/15/22 (a)		450		366
				4,753
Finance (9.4%)
Ally Financial, Inc.
4.13%, 3/30/20		250		249
Ardagh Finance Holdings SA
8.63%, 6/15/19 (a)(c)		470		492
Aston Escrow Corp.
9.50%, 8/15/21 (a)		100		71
Baytex Energy Corp.
5.63%, 6/1/24 (a)		350		322
Compiler Finance Sub, Inc.
7.00%, 5/1/21 (a)		500		386
CTR Partnership LP/CareTrust Capital Corp.
5.88%, 6/1/21		250		256
Forestar USA Real Estate Group, Inc.
8.50%, 6/1/22 (a)		350		339
HUB International Ltd.
7.88%, 10/1/21 (a)		300		308
Infinity Acquisition LLC/Infinity Acquisition Finance Corp.
7.25%, 8/1/22 (a)		250		235
Jefferies Finance LLC/JFIN Co-Issuer Corp.
6.88%, 4/15/22 (a)		450		421
KCG Holdings, Inc.,
6.88%, 3/15/20 (a)		400		391
8.25%, 6/15/18 (a)		450		476
Kennedy-Wilson, Inc.
5.88%, 4/1/24		250		251
Oxford Finance LLC/Oxford Finance Co-Issuer, Inc.
7.25%, 1/15/18 (a)		350		362
Provident Funding Associates LP/PFG Finance Corp.
6.75%, 6/15/21 (a)		100		96
Radian Group, Inc.
5.50%, 6/1/19		100		105

The accompanying notes are an integral part of the financial statements.
6

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp.
9.50%, 6/15/19 (a)	$	222	$	235
Sabra Health Care LP/Sabra Capital Corp.
5.50%, 2/1/21		350		374
				5,369
Industrials (21.3%)
Abengoa Greenfield SA
6.50%, 10/1/19 (a)		200		185
Aguila 3 SA
7.88%, 1/31/18 (a)		250		251
Apex Tool Group LLC
7.00%, 2/1/21 (a)		500		472
Artesyn Embedded Technologies, Inc.
9.75%, 10/15/20 (a)		250		242
Associated Asphalt Partners LLC/Road Holdings III LLC/Associated Asphalt Finance
8.50%, 2/15/18 (a)		267		256
Associated Materials LLC/AMH New Finance, Inc.
9.13%, 11/1/17		200		175
Belden, Inc.
5.25%, 7/15/24 (a)		50		51
BlueLine Rental Finance Corp.
7.00%, 2/1/19 (a)		450		465
Cequel Communications Holdings I LLC/Cequel Capital Corp.
6.38%, 9/15/20 (a)		450		476
CEVA Group PLC,
4.00%, 5/1/18 (a)		400		365
9.00%, 9/1/21 (a)		100		96
Cleaver-Brooks, Inc.
8.75%, 12/15/19 (a)		150		154
Consolidated Container Co., LLC/Consolidated Container Capital, Inc.
10.13%, 7/15/20 (a)		100		88
Coveris Holdings SA
7.88%, 11/1/19 (a)		200		206
CPG Merger Sub LLC
8.00%, 10/1/21 (a)		350		356
CTP Transportation Products LLC/CTP Finance, Inc.
8.25%, 12/15/19 (a)		250		259
DH Services Luxembourg Sarl
7.75%, 12/15/20 (a)		50		53
Emeco Pty Ltd.
9.88%, 3/15/19 (a)		200		149
EnPro Industries, Inc.
5.88%, 9/15/22 (a)		102		107
Euramax International, Inc.
9.50%, 4/1/16		200		189
Florida East Coast Holdings Corp.
6.75%, 5/1/19 (a)		250		252

	Face Amount (000)		Value (000)
Gibraltar Industries, Inc.
6.25%, 2/1/21	$	50	$	51
Interline Brands, Inc.
10.00%, 11/15/18 (c)		312		328
Iracore International Holdings, Inc.
9.50%, 6/1/18 (a)		400		236
Jac Holding Corp.
11.50%, 10/1/19 (a)		300		310
JB Poindexter & Co., Inc.
9.00%, 4/1/22 (a)		250		272
Kemet Corp.
10.50%, 5/1/18		450		461
Kenan Advantage Group, Inc. (The)
8.38%, 12/15/18 (a)		100		105
Kratos Defense & Security Solutions, Inc.
7.00%, 5/15/19		350		307
LMI Aerospace, Inc.
7.38%, 7/15/19 (a)		300		304
Marquette Transportation Co., LLC/Marquette Transportation Finance Corp.
10.88%, 1/15/17		342		354
Martin Midstream Partners LP/Martin Midstream Finance Corp.
7.25%, 2/15/21		250		241
Michael Baker Holdings LLC/Michael Baker Finance Corp.
8.88%, 4/15/19 (a)(c)		350		329
Michael Baker International LLC/CDL Acquisition Co., Inc.
8.25%, 10/15/18 (a)		200		198
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc.
8.13%, 2/15/19		550		478
Nuverra Environmental Solutions, Inc.
9.88%, 4/15/18		200		137
Oshkosh Corp.
5.38%, 3/1/25 (a)		100		103
Plastipak Holdings, Inc.
6.50%, 10/1/21 (a)		300		307
Quality Distribution LLC/QD Capital Corp.
9.88%, 11/1/18		349		367
SAExploration Holdings, Inc.
10.00%, 7/15/19 (a)		350		179
Summit Materials LLC/Summit Materials Finance Corp.
10.50%, 1/31/20		190		212
Syncreon Group BV/Syncreon Global Finance US, Inc.
8.63%, 11/1/21 (a)		450		387
Tekni-Plex, Inc.
9.75%, 6/1/19 (a)		62		67
Transfield Services Ltd.
8.38%, 5/15/20 (a)		50		54

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Vander Intermediate Holding II Corp.
9.75%, 2/1/19 (a)(c)	$	100	$	`	101
Viasystems, Inc.
7.88%, 5/1/19 (a)		300		317
Wise Metals Intermediate Holdings LLC/Wise Holdings Finance Corp.
9.75%, 6/15/19 (a)		450		488
XPO Logistics, Inc.
7.88%, 9/1/19 (a)		500		531
Zachry Holdings, Inc.
7.50%, 2/1/20 (a)		150		143
				12,214
Technology (3.8%)
Advanced Micro Devices, Inc.,
6.75%, 3/1/19		50		49
7.00%, 7/1/24		350		304
BCP Singapore VI Cayman Financing Co., Ltd.
8.00%, 4/15/21 (a)		450		444
Boxer Parent Co., Inc.
9.00%, 10/15/19 (a)(c)		450		373
First Data Corp.
11.75%, 8/15/21		315		366
Infor US, Inc.,
9.38%, 4/1/19		500		537
11.50%, 7/15/18		92		100
				2,173
Utilities (1.4%)
DPL, Inc.
6.75%, 10/1/19 (a)		200		212
GenOn Americas Generation LLC
8.50%, 10/1/21		450		429
LBC Tank Terminals Holding Netherlands BV
6.88%, 5/15/23 (a)		100		103
Sabine Pass LNG LP
6.50%, 11/1/20		50		52
				796
				54,095
Sovereign (1.2%)
Government (1.2%)
Select Medical Corp.
6.38%, 6/1/21		350		348
Waterjet Holdings, Inc.
7.63%, 2/1/20 (a)		350		370
				718
Variable Rate Senior Loan Interests (1.2%)
Consumer, Cyclical (0.1%)
Diamond Resorts Corp., Term Loan
5.50%, 6/30/15		70		70

	Face Amount (000)		Value (000)
Energy (0.4%)
Drillships Ocean Ventures, Inc., Term B
5.50%, 4/27/15	$	274	$	229
Industrials (0.5%)
Atkore international, Inc., 2nd Lien Term
7.75%, 6/30/15		300		291
Technology (0.2%)
Aspect Software, Inc., Term B
7.25%, 5/11/15		95		94
				684
Total Fixed Income Securities (Cost $57,671)				55,497
	Shares
Short-Term Investment (2.4%)
Investment Company (2.4%)
Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class (See Note G) (Cost $1,364)		1,364,203		1,364
Total Investments (99.2%) (Cost $59,035) (f)				56,861
Other Assets in Excess of Liabilities (0.8%)				453
Net Assets (100.0%)			$	57,314

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

(b) When-issued security.

(d) Non-income producing security; bond in default.

(e) Issuer in bankruptcy.

(f) Securities are available for collateral in connection with purchase of when-issued securities.

Portfolio Composition

Classification	Percentage of Total Investments
Industrials		22.0	%
Consumer, Cyclical		21.4
Consumer, Non-Cyclical		15.4
Other*		14.0
Finance		9.4
Communications		9.0
Energy		8.8
Total Investments		100.0	%

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

High Yield Portfolio

Statement of Assets and Liabilities	March 31, 2015 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $57,671)	$	55,497
Investment in Security of Affiliated Issuer, at Value (Cost $1,364)		1,364
Total Investments in Securities, at Value (Cost $59,035)		56,861
Cash		—	@
Interest Receivable		1,228
Receivable for Investments Sold		473
Receivable for Portfolio Shares Sold		114
Receivable from Affiliate		—	@
Other Assets		45
Total Assets		58,721
Liabilities:
Payable for Investments Purchased		1,305
Payable for Professional Fees		59
Payable for Advisory Fees		14
Payable for Shareholder Services Fees — Class A		9
Payable for Distribution and Shareholder Services Fees — Class L		—	@
Payable for Administration Fees		4
Payable for Custodian Fees		3
Payable for Transfer Agency Fees — Class I		—	@
Payable for Transfer Agency Fees — Class L		—	@
Payable for Sub Transfer Agency Fees — Class I		—	@
Payable for Sub Transfer Agency Fees — Class L		—	@
Other Liabilities		13
Total Liabilities		1,407
Net Assets	$	57,314
Net Assets Consist Of:
Paid-in-Capital	$	59,424
Accumulated Undistributed Net Investment Income		397
Accumulated Net Realized Loss		(333	)
Unrealized Appreciation (Depreciation) on:
Investments		(2,174	)
Net Assets	$	57,314
CLASS I:
Net Assets	$	11,519
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,121,126
Net Asset Value, Offering and Redemption Price Per Share	$	10.27
CLASS A:
Net Assets	$	44,621
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		4,350,158
Net Asset Value, Redemption Price Per Share	$	10.26
Maximum Sales Load		4.25	%
Maximum Sales Charge	$	0.46
Maximum Offering Price Per Share	$	10.72
CLASS L:
Net Assets	$	1,165
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		113,581
Net Asset Value, Offering and Redemption Price Per Share	$	10.26
CLASS IS:
Net Assets	$	9
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		917
Net Asset Value, Offering and Redemption Price Per Share	$	10.28

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

High Yield Portfolio

Statement of Operations	Six Months Ended March 31, 2015 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	2,099
Dividends from Security of Affiliated Issuer (Note G)		—	@
Total Investment Income		2,099
Expenses:
Advisory Fees (Note B)		163
Professional Fees		81
Shareholder Services Fees — Class A (Note D)		51
Distribution and Shareholder Services Fees — Class L (Note D)		3
Registration Fees		28
Sub Transfer Agency Fees — Class I		—	@
Sub Transfer Agency Fees — Class A		26
Sub Transfer Agency Fees — Class L		—	@
Administration Fees (Note C)		22
Shareholder Reporting Fees		14
Pricing Fees		13
Custodian Fees (Note F)		8
Transfer Agency Fees — Class I (Note E)		1
Transfer Agency Fees — Class A (Note E)		1
Transfer Agency Fees — Class L (Note E)		1
Transfer Agency Fees — Class IS (Note E)		1
Trustees' Fees and Expenses		—	@
Other Expenses		3
Total Expenses		416
Waiver of Advisory Fees (Note B)		(137	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(—	@)
Reimbursement of Class Specific Expenses — Class L (Note B)		(—	@)
Reimbursement of Class Specific Expenses — Class IS (Note B)		(1	)
Rebate from Morgan Stanley Affiliate (Note G)		(—	@)
Net Expenses		278
Net Investment Income		1,821
Realized Loss:
Investments Sold		(322	)
Change in Unrealized Appreciation (Depreciation):
Investments		(1,813	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(2,135	)
Net Decrease in Net Assets Resulting from Operations	$	(314	)

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

High Yield Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2015 (unaudited) (000)			Year Ended September 30, 2014 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	1,821		$	1,476
Net Realized Gain (Loss)		(322	)		321
Net Change in Unrealized Appreciation (Depreciation)		(1,813	)		(643	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(314	)		1,154
Distributions from and/or in Excess of:
Class I:
Net Investment Income		(405	)		(910	)
Net Realized Gain		(65	)		(550	)
Class A:
Net Investment Income		(1,285	)		(339	)
Net Realized Gain		(216	)		(81	)
Class L:
Net Investment Income		(37	)		(60	)
Net Realized Gain		(6	)		(21	)
Class IS:
Net Investment Income		(—	@)		(—	@)
Net Realized Gain		(—	@)		—
Total Distributions		(2,014	)		(1,961	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		1,962			2,503
Distributions Reinvested		91			231
Redeemed		(3,281	)		(1,800	)
Class A:
Subscribed		7,693			42,604
Distributions Reinvested		1,494			395
Redeemed		(3,020	)		(3,475	)
Class L:
Subscribed		353			1,661
Distributions Reinvested		39			69
Redeemed		(679	)		(501	)
Class IS:
Subscribed		1,228			10	*
Redeemed		(1,224	)		—
Net Increase in Net Assets Resulting from Capital Share Transactions		4,656			41,697
Total Increase in Net Assets		2,328			40,890
Net Assets:
Beginning of Period		54,986			14,096
End of Period (Including Accumulated Undistributed Net Investment Income of $397 and $303)	$	57,314		$	54,986
(1) Capital Share Transactions:
Class I:
Shares Subscribed		192			230
Shares Issued on Distributions Reinvested		9			21
Shares Redeemed		(319	)		(164	)
Net Increase (Decrease) in Class I Shares Outstanding		(118	)		87
Class A:
Shares Subscribed		749			3,929
Shares Issued on Distributions Reinvested		147			37
Shares Redeemed		(293	)		(319	)
Net Increase in Class A Shares Outstanding		603			3,647

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

High Yield Portfolio

Statements of Changes in Net Assets (cont'd)	Six Months Ended March 31, 2015 (unaudited) (000)			Year Ended September 30, 2014 (000)
Class L:
Shares Subscribed		35			152
Shares Issued on Distributions Reinvested		4			6
Shares Redeemed		(67	)		(46	)
Net Increase (Decrease) in Class L Shares Outstanding		(28	)		112
Class IS:
Shares Subscribed		122			1	*
Shares Redeemed		(122	)		—
Net Increase in Class IS Shares Outstanding		—	@@		1	*

@ Amount is less than $500.

@@ Amount is less than 500 shares.

* For the period March 31, 2014 through September 30, 2014.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

High Yield Portfolio

	Class I
	Six Months Ended March 31, 2015			Year Ended September 30,						Period from February 7, 2012^ to
Selected Per Share Data and Ratios	(unaudited)			2014			2013			September 30, 2012
Net Asset Value, Beginning of Period	$	10.73		$	11.00		$	10.71		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income†		0.36			0.75			0.81			0.50
Net Realized and Unrealized Gain (Loss)		(0.42	)		0.25			0.55			0.59
Total from Investment Operations		(0.06	)		1.00			1.36			1.09
Distributions from and/or in Excess of:
Net Investment Income		(0.34	)		(0.77	)		(0.81	)		(0.38	)
Net Realized Gain		(0.06	)		(0.50	)		(0.26	)		—
Total Distributions		(0.40	)		(1.27	)		(1.07	)		(0.38	)
Net Asset Value, End of Period	$	10.27		$	10.73		$	11.00		$	10.71
Total Return++		(0.51	)%#		9.48	%		13.38	%		11.07	%#
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	11,519		$	13,300		$	12,678		$	10,975
Ratio of Expenses to Average Net Assets ⁽¹⁾		0.74	%+*		0.75	%+		0.75	%+		0.74	%+*
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		7.00	%+*		6.89	%+		7.42	%+		7.53	%+*
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.00	%§*		0.00	%§		0.00	%§		0.01	%*
Portfolio Turnover Rate		27	%#		96	%		227	%		192	%#
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		1.25	%*		1.85	%		3.16	%		3.17	%*
Net Investment Income to Average Net Assets		6.49	%*		5.79	%		5.01	%		5.10	%*

^ Commencement of Operations.

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value as of the last business day of the period.

§ Amount is less than 0.005%.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

High Yield Portfolio

	Class A
	Six Months Ended March 31, 2015			Year Ended September 30,						Period from February 7, 2012^ to
Selected Per Share Data and Ratios	(unaudited)			2014			2013			September 30, 2012
Net Asset Value, Beginning of Period	$	10.72		$	10.99		$	10.71		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income†		0.34			0.65			0.77			0.48
Net Realized and Unrealized Gain (Loss)		(0.41	)		0.31			0.55			0.59
Total from Investment Operations		(0.07	)		0.96			1.32			1.07
Distributions from and/or in Excess of:
Net Investment Income		(0.33	)		(0.73	)		(0.78	)		(0.36	)
Net Realized Gain		(0.06	)		(0.50	)		(0.26	)		—
Total Distributions		(0.39	)		(1.23	)		(1.04	)		(0.36	)
Net Asset Value, End of Period	$	10.26		$	10.72		$	10.99		$	10.71
Total Return++		(0.64	)%#		9.15	%		13.01	%		10.92	%#
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	44,621		$	40,157		$	1,092		$	107
Ratio of Expenses to Average Net Assets ⁽¹⁾		1.10	%+*		1.02	%+		1.01	%+^^		0.99	%+*
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		6.64	%+*		5.99	%+		7.04	%+^^		7.28	%+*
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.00	%§*		0.01	%		0.00	%§		0.01	%*
Portfolio Turnover Rate		27	%#		96	%		227	%		192	%#
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		1.61	%*		2.06	%		4.22	%		3.42	%*
Net Investment Income to Average Net Assets		6.13	%*		4.95	%		3.83	%		4.85	%*

^ Commencement of Operations.

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value, which does not reflect sales charges, if applicable, as of the last business day of the period.

^^ Effective September 16, 2013, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.10% for Class A shares. Prior to September 16, 2013, the maximum ratio was 1.00% for Class A shares.

§ Amount is less than 0.005%.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

High Yield Portfolio

	Class L
	Six Months Ended March 31, 2015			Year Ended September 30,						Period from February 7, 2012^ to
Selected Per Share Data and Ratios	(unaudited)			2014			2013			September 30, 2012
Net Asset Value, Beginning of Period	$	10.72		$	10.99		$	10.70		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income†		0.33			0.67			0.75			0.46
Net Realized and Unrealized Gain (Loss)		(0.42	)		0.27			0.56			0.59
Total from Investment Operations		(0.09	)		0.94			1.31			1.05
Distributions from and/or in Excess of:
Net Investment Income		(0.31	)		(0.71	)		(0.76	)		(0.35	)
Net Realized Gain		(0.06	)		(0.50	)		(0.26	)		—
Total Distributions		(0.37	)		(1.21	)		(1.02	)		(0.35	)
Net Asset Value, End of Period	$	10.26		$	10.72		$	10.99		$	10.70
Total Return++		(0.82	)%#		8.88	%		12.82	%		10.66	%#
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,165		$	1,519		$	326		$	107
Ratio of Expenses to Average Net Assets ⁽¹⁾		1.35	%+*		1.35	%+		1.26	%+^^		1.24	%+*
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		6.37	%+*		6.14	%+		6.90	%+^^		7.03	%+*
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.00	%§*		0.00	%§		0.00	%§		0.01	%*
Portfolio Turnover Rate		27	%#		96	%		227	%		192	%#
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		1.92	%*		2.52	%		4.11	%		3.67	%*
Net Investment Income to Average Net Assets		5.80	%*		4.97	%		4.05	%		4.60	%*

^ Commencement of Operations.

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value as of the last business day of the period.

^^ Effective September 16, 2013, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.35% for Class L shares. Prior to September 16, 2013, the maximum ratio was 1.25% for Class L shares.

§ Amount is less than 0.005%.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

High Yield Portfolio

	Class IS
Selected Per Share Data and Ratios	Six Months Ended March 31, 2015 (unaudited)			Period from March 28, 2014^ to September 30, 2014
Net Asset Value, Beginning of Period	$	10.74		$	10.98
Income (Loss) from Investment Operations:
Net Investment Income†		0.35			0.37
Net Realized and Unrealized Loss		(0.41	)		(0.27	)
Total from Investment Operations		(0.06	)		0.10
Distributions from and/or in Excess of:
Net Investment Income		(0.34	)		(0.34	)
Net Realized Gain		(0.06	)		—
Total Distributions		(0.40	)		(0.34	)
Net Asset Value, End of Period	$	10.28		$	10.74
Total Return++		(0.50	)%#		0.89	%#
Ratios and Supplemental Data:
Net Assets, End of Period, in (Thousands)	$	9		$	10
Ratio of Expenses to Average Net Assets ⁽¹⁾		0.72	%+*		0.72	%+*
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		6.90	%+*		6.66	%+*
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.00	%§*		0.00	%§*
Portfolio Turnover Rate		27	%#		96	%#
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation
Expenses to Average Net Assets		5.41	%*		15.70	%*
Net Investment Income (Loss) to Average Net Assets		2.21	%*		(8.32	)%*

^ Commencement of Operations.

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value as of the last business day of the period.

§ Amount is less than 0.005%.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited)

The accompanying financial statements relate to the High Yield Portfolio. The Portfolio seeks total return. The Portfolio offers four classes of shares — Class I, Class A, Class L and Class IS.

On March 31, 2014, the Portfolio commenced offering Class IS shares.

1. Security Valuation: (1) Certain portfolio securities may be valued by an outside pricing service approved by the Fund's Board of Trustees (the "Trustees"). The pricing service may utilize a matrix system or other model incorporating attributes such as security quality, maturity and coupon as the evaluation model parameters, and/or research evaluations by its staff, including review of broker-dealer market price quotations in determining what it believes is the fair valuation of the portfolios securities valued by such pricing service; (2) certain senior collateralized loans ("Senior Loans") are valued based on quotations received from an independent pricing service; (3) when market quotations are not readily available, including circumstances under which Morgan Stanley Investment Management Inc. (the "Adviser") determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established 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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated

with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value the Portfolio's investments as of March 31, 2015.

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Fixed Income Securities
Corporate Bonds	$	—	$	54,095	$	—	$	54,095
Sovereign		—		718		—		718
Variable Rate Senior Loan Interests		—		684		—		684
Total Fixed Income Securities		—		55,497		—		55,497
Short-Term Investment
Investment Company		1,364		—		—		1,364
Total Assets	$	1,364	$	55,497	$	—	$	56,861

3. Senior Loans: Senior Loans are typically structured by a syndicate of lenders ("Lenders"), one or more of which administers the Senior Loan on behalf of the Lenders ("Agent"). Lenders may sell interests in Senior Loans to third parties ("Participations") or may assign all or a portion of their interest in a Senior Loan to third parties ("Assignments"). Senior Loans are exempt from registration under the Securities Act of 1933. Presently, Senior Loans are not readily marketable and are often subject to restrictions on resale.

4. When-Issued/Delayed Delivery Securities: The Portfolio purchases and sells when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price and yield, and no income accrues to the Portfolio on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. When the Portfolio enters into a purchase transaction on a when-issued or delayed delivery basis, securities are available for collateral in

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

an amount at least equal in value to the Portfolio's commitments to purchase such securities. Purchasing securities on a when-issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price, in which case there could be an unrealized loss at the time of delivery. Purchasing investments on a when-issued or delayed delivery basis may be considered a form of leverage which may increase the impact that gains (losses) may have on the Portfolio.

5. Indemnifications: The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

6. Dividends and Distributions to Shareholders: Dividend income and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid monthly. Net realized capital gains, if any, are distributed at least annually.

7. Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. When the Portfolio buys an interest in a Senior Loan, it may receive a commitment fee which is paid to lenders on an ongoing basis based upon the undrawn portion committed by the lenders of the underlying Senior Loan. The Portfolio accrues the commitment fee over the expected term of the loan. When the Portfolio sells interest in a Senior Loan, it may be required to pay fees or commissions to the purchaser of the interest. Fees received in connection with loan amendments are accrued as earned. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Portfolio is informed of such dividends) net of applicable withholding taxes. Interest income is recognized on the accrual basis except where collection is in doubt. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Fund can be directly attributed to a particular Portfolio. Expenses which cannot be directly attributed are apportioned among the Portfolios based upon

relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution, transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Portfolio with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.60% of the average daily net assets of the Portfolio.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Portfolio so that total annual portfolio operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.75% for Class I shares, 1.10% for Class A shares, 1.35% for Class L shares and 0.72% for Class IS shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Portfolio's prospectus or until such time that the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended March 31, 2015, approximately $137,000 of advisory fees were waived and approximately $1,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

C. Administration Fees: The Adviser also serves as Administrator to the Fund and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Portfolio's average daily net assets. Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Fund. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Portfolio.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2015, purchases and sales of investment securities for the Portfolio, other than long-term U.S. Government securities and short-term investments, were approximately $17,334,000 and $14,314,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended March 31, 2015.

The Portfolio invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Portfolio are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Funds. For the six months ended March 31, 2015, advisory fees paid were reduced by less than $500 relating to the Portfolio's investment in the Liquidity Funds.

A summary of the Portfolio's transactions in shares of the Liquidity Funds during the six months ended March 31, 2015 is as follows:

Value September 30, 2014 (000)				Purchases at Cost (000)				Sales (000)				Dividend Income (000)				Value March 31, 2015 (000)
$	—			$	8,760			$	7,396			$	—	@		$	1,364

@ Amount is less than $500.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

September 30, 2014, remains subject to examination by taxing authorities.

2014 Distributions Paid From:				2013 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)
$	1,880	$	81	$	1,206

Permanent differences, primarily due to paydown adjustments, resulted in the following reclassifications among the components of net assets at September 30, 2014:

Accumulated Undistributed Net Investment Income (000)				Accumulated Undistributed Net Realized Gain (000)				Paid-in- Capital (000)
$	—	@		$	(—	@)		$	—

@ Amount is less than 500

At September 30, 2014, the components of distributable earnings for the Portfolio on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	512			$	82

At March 31, 2015, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $837,000 and the aggregate gross unrealized depreciation is approximately $3,011,000 resulting in net unrealized depreciation of approximately $2,174,000.

I. Other: At March 31, 2015, the Portfolio had otherwise unaffiliated record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the

Portfolio. The aggregate percentage of such owners was 92.8% and 11.8%, for Class A and Class L shares, respectively.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited)

AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY

This privacy notice describes the U.S. privacy policy of Morgan Stanley Distribution, Inc., and the Morgan Stanley family of mutual funds ("us", "our", "we").

WE RESPECT YOUR PRIVACY

1. WHAT PERSONAL INFORMATION DO WE COLLECT FROM YOU?

• We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through applications and other forms you submit to us.

• We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

• We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?

We may disclose personal information we collect about you in each of the categories listed above to affiliated and nonaffiliated third parties.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited) (cont'd)

a. Information We Disclose to Affiliated Companies.

b. Information We Disclose to Third Parties.

3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL INFORMATION WE COLLECT ABOUT YOU?

4. HOW CAN YOU LIMIT OUR SHARING CERTAIN PERSONAL INFORMATION ABOUT YOU WITH OUR AFFILIATED COMPANIES FOR ELIGIBILITY DETERMINATION?

5. HOW CAN YOU LIMIT THE USE OF CERTAIN PERSONAL INFORMATION ABOUT YOU BY OUR AFFILIATED COMPANIES FOR MARKETING?

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited) (cont'd)

6. HOW CAN YOU SEND US AN OPT-OUT INSTRUCTION?

• Calling us at (800) 548-7786
Monday–Friday between 8a.m. and 6p.m. (EST)

• Writing to us at the following address:

Boston Financial Data Services, Inc.
c/o Privacy Coordinator
P.O. Box 219804
Kansas City, Missouri 64121

7. WHAT IF AN AFFILIATED COMPANY BECOMES A NONAFFILIATED THIRD PARTY?

SPECIAL NOTICE TO RESIDENTS OF VERMONT

SPECIAL NOTICE TO RESIDENTS OF CALIFORNIA

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Trustee and Officer Information (unaudited)

Trustees

Officers

Michael E. Nugent
Chairperson of the Board and Trustee

John H. Gernon
President and Principal Executive Officer

Stefanie V. Chang Yu
Chief Compliance Officer

Joseph C. Benedetti
Vice President

Mary E. Mullin
Secretary

Francis J. Smith
Treasurer and Principal Financial Officer

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

Boston Financial Data Services, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its semi-annual and annual reports within 60 days of the end of the fund's second and fourth fiscal quarters. The semi-annual and the annual reports are filed electronically with the Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the semi-annual and annual reports to fund shareholders and makes these reports available on its public website, www.morganstanley.com/im. Each Morgan Stanley fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters on Form N-Q. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, nor are the reports posted to the Morgan Stanley public website. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. You may also review and copy them at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling the SEC toll free at 1 (800) SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's email address (publicinfo@sec.gov) or by writing the Public Reference Room of the SEC, Washington, DC 20549-0102.

Proxy Voting Policies and Procedures and Proxy Voting Record

Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

IFTHYSAN
1182569 EXP 05.31.16

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Semi-Annual Report

March 31, 2015

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					11
Statement of Operations					13
Statements of Changes in Net Assets					14
Financial Highlights					15
Notes to Financial Statements					18
U.S. Privacy Policy					27
Trustee and Officer Information					30

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Shareholders' Letter (unaudited)

Dear Shareholders,

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

As always, we thank you for selecting Morgan Stanley Investment Management, and look forward to working with you in the months and years ahead.

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2015

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Expense Example (unaudited)

Corporate Bond Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2015 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/14		Actual Ending Account Value 3/31/15		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Corporate Bond Portfolio Class I	$	1,000.00	$	1,037.30	$	1,021.44	$	3.56	$	3.53		0.70	%
Corporate Bond Portfolio Class A		1,000.00		1,035.50		1,019.70		5.33		5.29		1.05
Corporate Bond Portfolio Class L		1,000.00		1,034.10		1,018.50		6.54		6.49		1.29

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (94.8%)
Asset-Backed Securities (0.8%)
CVS Pass-Through Trust,
6.04%, 12/10/28	$	115	$	136
8.35%, 7/10/31 (a)		133		182
				318
Collateralized Mortgage Obligation — Agency Collateral Series (0.0%)
Federal Home Loan Mortgage Corporation,
IO STRIPS
8.00%, 1/1/28		18		4
Corporate Bonds (93.6%)
Finance (34.2%)
Abbey National Treasury Services PLC,
3.05%, 8/23/18		120		125
4.00%, 3/13/24		50		54
ACE INA Holdings, Inc.
3.35%, 5/15/24		125		131
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust
3.75%, 5/15/19 (a)		150		151
Alexandria Real Estate Equities, Inc.
3.90%, 6/15/23		50		52
Ally Financial, Inc.
4.13%, 3/30/20		100		100
American Campus Communities Operating Partnership LP
3.75%, 4/15/23		100		102
American Express Co.
3.63%, 12/5/24		75		77
American International Group, Inc.,
4.88%, 6/1/22		100		114
6.40%, 12/15/20		134		163
Bank of America Corp.,
4.00%, 4/1/24 (b)		170		181
MTN
4.00%, 1/22/25		180		182
4.20%, 8/26/24		100		104
4.25%, 10/22/26		91		94
5.00%, 1/21/44		125		144
Bank of New York Mellon Corp. (The)
3.65%, 2/4/24 (b)		60		64
BBVA Bancomer SA
6.50%, 3/10/21 (a)		150		167
Bear Stearns Cos., LLC (The)
5.55%, 1/22/17		450		482
BNP Paribas SA,
4.25%, 10/15/24 (b)		200		206
5.00%, 1/15/21		95		108
Boston Properties LP
3.80%, 2/1/24 (b)		25		26
BPCE SA
5.15%, 7/21/24 (a)		200		214

	Face Amount (000)		Value (000)
Capital One Bank, USA NA
3.38%, 2/15/23	$	342	$	347
Capital One Financial Corp.
2.45%, 4/24/19		50		51
Caterpillar Financial Services Corp.,
MTN
3.25%, 12/1/24 (b)		100		104
Citigroup, Inc.,
5.50%, 9/13/25		175		199
6.68%, 9/13/43		50		67
8.13%, 7/15/39		100		158
CNA Financial Corp.
5.75%, 8/15/21		75		87
Cooperatieve Centrale Raiffeisen- Boerenleenbank BA
3.95%, 11/9/22		250		259
Credit Agricole SA
3.88%, 4/15/24 (a)(b)		250		265
Credit Suisse,
3.63%, 9/9/24		250		259
6.00%, 2/15/18		61		68
DBS Group Holdings Ltd.
2.25%, 7/16/19 (a)(b)		225		228
Discover Bank
2.00%, 2/21/18		250		250
Discover Financial Services
3.95%, 11/6/24		75		77
Five Corners Funding Trust
4.42%, 11/15/23 (a)		200		215
General Electric Capital Corp.,
5.30%, 2/11/21		120		139
MTN
5.88%, 1/14/38		230		298
Series G
6.00%, 8/7/19		341		399
Goldman Sachs Group, Inc. (The),
MTN
4.80%, 7/8/44		125		139
6.25%, 2/1/41		75		98
6.75%, 10/1/37		205		270
Goodman Funding Pty Ltd.
6.38%, 4/15/21 (a)		250		294
Hartford Financial Services Group, Inc.
5.50%, 3/30/20		275		316
HBOS PLC,
Series G
6.75%, 5/21/18 (a)		357		400
Healthcare Trust of America Holdings LP
3.70%, 4/15/23		100		100
HSBC Finance Corp.
6.68%, 1/15/21		135		160
HSBC Holdings PLC
6.50%, 5/2/36		100		127

The accompanying notes are an integral part of the financial statements.
4

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
HSBC USA, Inc.
3.50%, 6/23/24	$	100	$	105
Industrial & Commercial Bank of China Ltd.,
MTN
3.23%, 11/13/19		250		257
ING Bank N.V.
5.80%, 9/25/23 (a)		100		113
Intesa Sanpaolo SpA
5.25%, 1/12/24 (b)		200		225
JPMorgan Chase & Co.,
4.13%, 12/15/26 (b)		175		182
5.50%, 10/15/40		150		184
Liberty Mutual Group, Inc.
4.85%, 8/1/44 (a)		50		54
Lincoln National Corp.
7.00%, 6/15/40		75		104
Lloyds Bank PLC
6.50%, 9/14/20 (a)		320		376
Nationwide Building Society
6.25%, 2/25/20 (a)		260		309
Nationwide Financial Services, Inc.
5.38%, 3/25/21 (a)		275		311
Pacific LifeCorp
6.00%, 2/10/20 (a)		150		172
PNC Financial Services Group, Inc. (The)
3.90%, 4/29/24		80		84
Principal Financial Group, Inc.
1.85%, 11/15/17		250		252
Prudential Financial, Inc.
5.63%, 6/15/43 (b)(c)		95		101
Realty Income Corp.
3.25%, 10/15/22 (b)		150		151
SpareBank 1 Boligkreditt
2.30%, 6/30/17 (a)		275		282
Standard Chartered PLC
3.95%, 1/11/23 (a)		200		201
TD Ameritrade Holding Corp.
3.63%, 4/1/25 (b)		100		105
UBS AG
7.50%, 7/15/25		100		131
UnitedHealth Group, Inc.,
1.40%, 10/15/17 (b)		10		10
2.75%, 2/15/23		55		56
2.88%, 3/15/23		255		261
Voya Financial, Inc.
5.65%, 5/15/53 (b)(c)		100		105
Weingarten Realty Investors
3.38%, 10/15/22		150		150
Wells Fargo & Co.,
2.15%, 1/15/19		60		61
Series M
3.45%, 2/13/23		125		128

	Face Amount (000)		Value (000)
MTN
4.10%, 6/3/26	$	250	$	264
4.13%, 8/15/23		130		139
				13,288
Industrials (50.3%)
21st Century Fox America, Inc.
4.75%, 9/15/44 (b)		150		169
ABB Treasury Center USA, Inc.
4.00%, 6/15/21 (a)		50		55
AbbVie, Inc.
4.40%, 11/6/42		25		26
Actavis Funding SCS,
3.80%, 3/15/25		10		10
4.75%, 3/15/45		130		139
4.85%, 6/15/44		50		53
ADT Corp. (The)
3.50%, 7/15/22 (b)		125		114
Alfa SAB de CV
5.25%, 3/25/24 (a)(b)		200		213
Alibaba Group Holding Ltd.
2.50%, 11/28/19 (a)		200		200
Altria Group, Inc.,
2.85%, 8/9/22		115		115
5.38%, 1/31/44		80		94
Amazon.com, Inc.,
3.80%, 12/5/24 (b)		75		79
4.95%, 12/5/44		50		55
American Airlines Pass-Through Trust,
4.00%, 1/15/27		185		192
4.95%, 7/15/24		183		201
American Tower Corp.
4.70%, 3/15/22		101		108
Amgen, Inc.
5.15%, 11/15/41		198		229
Anadarko Petroleum Corp.
6.45%, 9/15/36		100		124
Anheuser-Busch InBev Finance, Inc.
3.70%, 2/1/24 (b)		200		212
Apple, Inc.,
3.85%, 5/4/43		50		51
4.45%, 5/6/44 (b)		125		140
APT Pipelines Ltd.
4.20%, 3/23/25 (a)		200		203
Aramark Services, Inc.
5.75%, 3/15/20		95		99
Ashland, Inc.
6.88%, 5/15/43		50		54
AstraZeneca PLC
6.45%, 9/15/37 (b)		125		173
AT&T, Inc.,
5.55%, 8/15/41		100		113
6.30%, 1/15/38		225		270

The accompanying notes are an integral part of the financial statements.
5

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
BAE Systems Holdings, Inc.
3.80%, 10/7/24 (a)	$	100	$	105
Baidu, Inc.
3.25%, 8/6/18		200		207
Barrick Gold Corp.
4.10%, 5/1/23 (b)		100		99
Bayer US Finance LLC
3.38%, 10/8/24 (a)		200		208
Becton Dickinson and Co.
3.73%, 12/15/24		135		142
BHP Billiton Finance USA Ltd.,
3.85%, 9/30/23 (b)		50		54
5.00%, 9/30/43		75		86
Bombardier, Inc.
6.13%, 1/15/23 (a)(b)		116		110
BP Capital Markets PLC
3.51%, 3/17/25		125		128
British Airways PLC
4.63%, 6/20/24 (a)		169		182
Burlington Northern Santa Fe LLC,
4.40%, 3/15/42		75		80
4.55%, 9/1/44		50		55
5.65%, 5/1/17		130		142
Caterpillar Financial Services Corp.,
Series G
2.45%, 9/6/18 (b)		200		206
Caterpillar, Inc.
3.80%, 8/15/42		50		51
CBS Corp.,
4.60%, 1/15/45		25		26
4.90%, 8/15/44		50		53
CEVA Group PLC
7.00%, 3/1/21 (a)(b)		75		73
Cimarex Energy Co.
5.88%, 5/1/22 (b)		150		160
Coca-Cola Co.
3.20%, 11/1/23		125		131
Continental Resources, Inc.
3.80%, 6/1/24 (b)		250		231
Daimler Finance North America LLC
8.50%, 1/18/31		161		256
DCP Midstream LLC
5.35%, 3/15/20 (a)(b)		50		49
Deere & Co.
3.90%, 6/9/42		60		63
Denbury Resources, Inc.
5.50%, 5/1/22		90		81
Devon Energy Corp.
4.75%, 5/15/42		100		107
DirecTV Holdings LLC/DIRECTV Financing Co., Inc.
5.15%, 3/15/42		75		79

	Face Amount (000)		Value (000)
Ecopetrol SA
5.88%, 9/18/23 (b)	$	130	$	140
Eldorado Gold Corp.
6.13%, 12/15/20 (a)(b)		105		103
EMD Finance LLC
3.25%, 3/19/25 (a)		212		215
Energy Transfer Partners LP
6.50%, 2/1/42		125		145
Ensco PLC
5.75%, 10/1/44 (b)		50		49
ENTEL Chile SA
4.88%, 10/30/24 (a)		200		209
Enterprise Products Operating LLC
4.45%, 2/15/43		175		178
Family Tree Escrow LLC
5.75%, 3/1/23 (a)		100		106
FedEx Corp.
4.10%, 2/1/45		50		50
FMG Resources August 2006 Pty Ltd.
6.00%, 4/1/17 (a)(b)		75		74
Ford Motor Credit Co., LLC,
4.21%, 4/15/16		100		103
5.88%, 8/2/21		200		236
Freeport-McMoRan, Inc.
3.88%, 3/15/23		120		111
General Electric Co.
4.50%, 3/11/44		50		56
General Motors Financial Co., Inc.,
3.15%, 1/15/20		75		76
4.38%, 9/25/21		125		133
Gilead Sciences, Inc.,
4.50%, 2/1/45		25		28
4.80%, 4/1/44		100		116
GlaxoSmithKline Capital, Inc.
6.38%, 5/15/38		75		102
Glencore Funding LLC
4.13%, 5/30/23 (a)		170		173
Goldcorp, Inc.,
3.70%, 3/15/23 (b)		110		109
5.45%, 6/9/44		50		52
Guitar Center, Inc.
6.50%, 4/15/19 (a)		75		66
Harley-Davidson Funding Corp.
6.80%, 6/15/18 (a)		245		284
HCA, Inc.
4.75%, 5/1/23		130		135
Heathrow Funding Ltd.
4.88%, 7/15/21 (a)		190		213
Home Depot, Inc.
5.88%, 12/16/36		109		145
Hutchison Whampoa International 14 Ltd.
1.63%, 10/31/17 (a)		200		199

The accompanying notes are an integral part of the financial statements.
6

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Intel Corp.
2.70%, 12/15/22 (b)	$	200	$	202
International Business Machines Corp.
1.95%, 2/12/19 (b)		150		152
Kinder Morgan, Inc.,
4.30%, 6/1/25 (b)		50		51
5.55%, 6/1/45		200		212
Koninklijke Philips N.V.
3.75%, 3/15/22		300		314
Kroger Co. (The)
6.90%, 4/15/38		80		110
Lubrizol Corp.
8.88%, 2/1/19		165		206
Lundin Mining Corp.
7.50%, 11/1/20 (a)		72		75
LyondellBasell Industries N.V.
4.63%, 2/26/55		75		75
MasTec, Inc.
4.88%, 3/15/23		140		132
MDC Partners, Inc.
6.75%, 4/1/20 (a)		100		106
Medtronic, Inc.
4.63%, 3/15/45 (a)		225		256
Merck & Co., Inc.
2.80%, 5/18/23		250		256
Motorola Solutions, Inc.
4.00%, 9/1/24 (b)		200		207
MPLX LP
4.00%, 2/15/25		100		101
NBC Universal Media LLC
5.95%, 4/1/41		325		427
NetApp, Inc.
2.00%, 12/15/17		100		100
Netflix, Inc.
5.50%, 2/15/22 (a)		95		98
Nexen Energy ULC
6.40%, 5/15/37		100		127
Noble Energy, Inc.,
3.90%, 11/15/24 (b)		50		51
5.05%, 11/15/44		50		53
Noble Holding International Ltd.
6.95%, 4/1/45		25		24
NOVA Chemicals Corp.
5.25%, 8/1/23 (a)		120		126
Novartis Capital Corp.
4.40%, 5/6/44		75		87
Omnicom Group, Inc.,
3.63%, 5/1/22		95		100
3.65%, 11/1/24		23		24

	Face Amount (000)		Value (000)
Ooredoo International Finance Ltd.
3.25%, 2/21/23 (a)	$	225	$	225
Oracle Corp.
4.50%, 7/8/44		150		168
Penske Truck Leasing Co., LP/PTL Finance Corp.
3.38%, 2/1/22 (a)(b)		100		100
PepsiCo, Inc.
3.60%, 3/1/24		200		214
Philip Morris International, Inc.
4.50%, 3/20/42		150		163
Phillips 66
5.88%, 5/1/42		25		30
Phillips 66 Partners LP
4.68%, 2/15/45		25		25
Praxair, Inc.
1.25%, 11/7/18		175		174
Quest Diagnostics, Inc.
2.70%, 4/1/19		200		204
QVC, Inc.
4.38%, 3/15/23		150		153
Rowan Cos., Inc.
5.85%, 1/15/44		75		65
RR Donnelley & Sons Co.
7.88%, 3/15/21		120		138
Ryder System, Inc.,
MTN
2.65%, 3/2/20		50		51
Silgan Holdings, Inc.
5.50%, 2/1/22		22		23
Sinopec Group Overseas Development 2012 Ltd.
2.75%, 5/17/17 (a)		200		204
SM Energy Co.
6.13%, 11/15/22 (a)		100		100
Target Corp.
4.00%, 7/1/42		75		80
Telefonica Europe BV
8.25%, 9/15/30		184		269
Telstra Corp., Ltd.
3.13%, 4/7/25		65		65
Teva Pharmaceutical Finance IV BV
3.65%, 11/10/21		27		28
Tiffany & Co.
4.90%, 10/1/44 (a)		50		52
Time Warner Cable, Inc.,
4.50%, 9/15/42 (b)		100		103
6.75%, 6/15/39		80		103
Time Warner, Inc.,
4.65%, 6/1/44 (b)		25		27
7.70%, 5/1/32		141		201
Toyota Motor Credit Corp.
2.75%, 5/17/21		125		129

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Transocean, Inc.,
3.80%, 10/15/22 (b)	$	75	$	55
6.38%, 12/15/21 (b)		100		84
Trinity Industries, Inc.
4.55%, 10/1/24		200		201
Tyson Foods, Inc.
3.95%, 8/15/24 (b)		30		32
Union Pacific Railroad Co.
3.23%, 5/14/26		200		203
United Airlines Pass-Through Trust,
Class A
3.75%, 3/3/28		25		26
4.30%, 2/15/27		220		235
United Rentals North America, Inc.
5.75%, 11/15/24 (b)		80		83
US Airways Pass-Through Trust
3.95%, 11/15/25		73		76
Vale Overseas Ltd.
4.38%, 1/11/22 (b)		175		169
Verizon Communications, Inc.,
4.27%, 1/15/36 (a)		115		114
4.67%, 3/15/55 (a)		278		273
5.01%, 8/21/54		335		349
6.55%, 9/15/43		29		38
Walgreens Boots Alliance, Inc.
3.80%, 11/18/24		25		26
WM Wrigley Jr Co.
2.90%, 10/21/19 (a)		230		237
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.38%, 3/15/22 (b)		115		120
Yum! Brands, Inc.
3.88%, 11/1/20		125		133
Zimmer Holdings, Inc.
5.75%, 11/30/39		50		60
				19,541
Utilities (9.2%)
Appalachian Power Co.
7.00%, 4/1/38 (b)		150		215
Boston Gas Co.
4.49%, 2/15/42 (a)		125		142
Buckeye Partners LP
4.15%, 7/1/23		175		173
CEZ AS
4.25%, 4/3/22 (a)		200		217
DCP Midstream Operating LP
3.88%, 3/15/23		150		135
DTE Energy Co.,
Series C
3.50%, 6/1/24		200		208

	Face Amount (000)		Value (000)
Enel Finance International N.V.
5.13%, 10/7/19 (a)	$	200	$	224
EnLink Midstream Partners LP
2.70%, 4/1/19		175		175
Exelon Generation Co., LLC
6.25%, 10/1/39		145		176
Jersey Central Power & Light Co.
4.70%, 4/1/24 (a)(b)		200		219
Kinder Morgan Energy Partners LP
4.15%, 2/1/24 (b)		150		154
Nevada Power Co.,
Series N
6.65%, 4/1/36		150		213
Oncor Electric Delivery Co., LLC
2.95%, 4/1/25 (a)		75		76
Plains All American Pipeline LP/PAA Finance Corp.
6.70%, 5/15/36		61		77
Sempra Energy
6.00%, 10/15/39		125		161
South Carolina Electric & Gas Co.
4.50%, 6/1/64		75		81
Spectra Energy Capital LLC
7.50%, 9/15/38		100		122
TransAlta Corp.
4.50%, 11/15/22		235		232
TransCanada PipeLines Ltd.
7.63%, 1/15/39		75		108
Virginia Electric and Power Co.
2.95%, 1/15/22		325		336
Williams Partners LP/ACMP Finance Corp.
4.88%, 5/15/23 (b)		125		126
				3,570
				36,399
Variable Rate Senior Loan Interests (0.4%)
Industrials (0.4%)
Aspect Software, Inc.,
Term B
7.25%, 5/11/15		95		94
Diamond Resorts Corp.,
Term Loan
5.50%, 6/30/15		70		70
				164
Total Fixed Income Securities (Cost $35,121)				36,885
	Shares
Short-Term Investments (17.7%)
Securities held as Collateral on Loaned Securities (12.9%)
Investment Company (10.2%)
Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class (See Note G)		3,966,374		3,966

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (2.7%)
Barclays Capital, Inc., (0.15%, dated 3/31/15, due 4/1/15; proceeds $300; fully collateralized by a U.S. Government obligation; 4.38% due 5/15/41; valued at $305)	$	300	$	300
Merrill Lynch & Co., Inc., (0.18%, dated 3/31/15, due 4/1/15; proceeds $748; fully collateralized by various Common Stocks and Convertible Preferred Stocks; valued at $808)		748		748
				1,048
Total Securities held as Collateral on Loaned Securities (Cost $5,014)				5,014
	Shares
Investment Company (3.8%)
Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class (See Note G) (Cost $1,473)		1,472,536		1,473

	Face Amount (000)		Value (000)
U.S. Treasury Securities (0.9%)
U.S. Treasury Bills,
0.05%, 6/18/15 (d)(e)	$	10	$	10
0.07%, 6/18/15 (d)(e)		350		350
Total U.S. Treasury Securities (Cost $360)				360
Total Short-Term Investments (Cost $6,847)				6,847
Total Investments (112.5%) (Cost $41,968) Including $6,088 of Securities Loaned (f)				43,732
Liabilities in Excess of Other Assets (-12.5%)				(4,852	)
Net Assets (100.0%)			$	38,880

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

(b) All or a portion of this security was on loan at March 31, 2015.

(c) Variable/Floating Rate Security — Interest rate changes on these instruments are based on changes in a designated base rate. The rates shown are those in effect on March 31, 2015.

(d) Rate shown is the yield to maturity at March 31, 2015.

(e) All or a portion of the security was pledged to cover margin requirements for futures contracts and swap agreements.

(f) Securities are available for collateral in connection with purchase of open futures contracts and swap agreements.

IO Interest Only.

MTN Medium Term Note.

STRIPS Separate Trading of Registered Interest and Principal of Securities.

Futures Contracts:

The Portfolio had the following futures contracts open at March 31, 2015:

	Number of Contracts		Value (000)			Expiration Date	Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 2 yr. Note		93	$	20,382		Jun-15	$	61
U.S. Treasury 5 yr. Note		39		4,688		Jun-15		30
U.S. Treasury Long Bond		8		1,311		Jun-15		22
Short:
U.S. Treasury 10 yr. Note		50		(6,445	)	Jun-15		(46	)
U.S. Treasury Ultra Long Bond		3		(510	)	Jun-15		(2	)
							$	65

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

Credit Default Swap Agreements:

The Portfolio had the following credit default swap agreements open at March 31, 2015:

Swap Counterparty and Reference Obligation	Buy/Sell Protection	Notional Amount (000)		Pay/Receive Fixed Rate			Termination Date	Upfront Payment Paid (Received) (000)			Unrealized Appreciation (Depreciation) (000)			Value (000)			Credit Rating of Reference Obligation†
Barclays Bank PLC Quest Diagnostics, Inc.	Buy	$	200		1.00	%	3/20/19	$	4		$	(8	)	$	(4	)	BBB+
Barclays Bank PLC Yum! Brands, Inc.	Buy		200		1.00		12/20/18		(3	)		(1	)		(4	)	BBB
Morgan Stanley & Co., LLC* CDX.HY.23	Buy		172		5.00		12/20/19		(14	)		(1	)		(15	)	NR
Morgan Stanley & Co., LLC* CDX.IG.24	Buy		1,875		1.00		6/20/20		(36	)		1			(35	)	NR
		$	2,447					$	(49	)	$	(9	)	$	(58	)

Interest Rate Swap Agreements:

The Portfolio had the following interest rate swap agreements open at March 31, 2015:

Swap Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate			Termination Date	Notional Amount (000)		Unrealized Depreciation (000)
Goldman Sachs International	3 Month LIBOR	Receive		2.42	%	3/22/22	$	642	$	(27	)
JPMorgan Chase Bank NA	3 Month LIBOR	Receive		2.43		3/22/22		311		(14	)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Receive		1.14		7/23/17		2,017		(14	)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Receive		1.06		8/21/17		9,200		(37	)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Receive		1.18		9/4/17		4,000		(26	)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Receive		1.19		9/10/17		1,100		(7	)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Receive		1.71		8/21/19		3,051		(42	)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Receive		1.81		9/4/19		1,200		(21	)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Receive		1.85		9/10/19		319		(6	)
									$	(194	)

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

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

LIBOR London Interbank Offered Rate.

NR Not Rated.

Portfolio Composition**

Classification	Percentage of Total Investments
Industrials		50.9	%
Finance		34.3
Utilities		9.2
Other***		5.6
Total Investments		100.0	%****

** Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2015.

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

**** Does not include open long/short futures contracts with an underlying face amount of approximately $33,336,000 with net unrealized appreciation of approximately $65,000. Does not include open swap agreements with net unrealized depreciation of approximately $203,000.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Corporate Bond Portfolio

Statement of Assets and Liabilities	March 31, 2015 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $36,529)	$	38,293
Investment in Security of Affiliated Issuer, at Value (Cost $5,439)		5,439
Total Investments in Securities, at Value (Cost $41,968)		43,732
Cash		168
Receivable for Investments Sold		592
Interest Receivable		383
Receivable for Portfolio Shares Sold		33
Receivable for Variation Margin on Futures Contracts		6
Premium Paid on Open Swap Agreements		4
Due from Adviser		2
Receivable from Affiliate		—	@
Other Assets		28
Total Assets		44,948
Liabilities:
Collateral on Securities Loaned, at Value		5,183
Payable for Investments Purchased		530
Payable for Portfolio Shares Redeemed		156
Unrealized Depreciation on Swap Agreements		50
Payable for Professional Fees		46
Payable for Sub Transfer Agency Fees — Class I		23
Payable for Sub Transfer Agency Fees — Class A		2
Payable for Sub Transfer Agency Fees — Class L		1
Payable for Trustees' Fees and Expenses		22
Payable for Variation Margin on Swap Agreements		19
Payable for Custodian Fees		4
Premium Received on Open Swap Agreements		3
Payable for Administration Fees		3
Payable for Transfer Agency Fees — Class I		1
Payable for Transfer Agency Fees — Class A		—	@
Payable for Transfer Agency Fees — Class L		—	@
Payable for Shareholder Services Fees — Class A		—	@
Payable for Distribution and Shareholder Services Fees — Class L		1
Other Liabilities		24
Total Liabilities		6,068
Net Assets	$	38,880
Net Assets Consist Of:
Paid-in-Capital	$	93,188
Accumulated Undistributed Net Investment Income		553
Accumulated Net Realized Loss		(56,487	)
Unrealized Appreciation (Depreciation) on:
Investments		1,764
Futures Contracts		65
Swap Agreements		(203	)
Net Assets	$	38,880

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Corporate Bond Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2015 (000)
CLASS I:
Net Assets	$	35,934
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		3,160,617
Net Asset Value, Offering and Redemption Price Per Share	$	11.37
CLASS A:
Net Assets	$	592
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		52,063
Net Asset Value, Redemption Price Per Share	$	11.38
Maximum Sales Load		4.25	%
Maximum Sales Charge	$	0.51
Maximum Offering Price Per Share	$	11.89
CLASS L:
Net Assets	$	2,354
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		207,212
Net Asset Value, Offering and Redemption Price Per Share	$	11.36
⁽¹⁾ Including: Securities on Loan, at Value:	$	6,088

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Corporate Bond Portfolio

Statement of Operations	Six Months Ended March 31, 2015 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	779
Income from Securities Loaned — Net		7
Dividends from Security of Affiliated Issuer (Note G)		—	@
Total Investment Income		786
Expenses:
Advisory Fees (Note B)		73
Professional Fees		49
Registration Fees		18
Administration Fees (Note C)		16
Pricing Fees		16
Custodian Fees (Note F)		15
Sub Transfer Agency Fees — Class I		10
Sub Transfer Agency Fees — Class A		1
Sub Transfer Agency Fees — Class L		—	@
Shareholder Reporting Fees		11
Shareholder Services Fees — Class A (Note D)		1
Distribution and Shareholder Services Fees — Class L (Note D)		6
Transfer Agency Fees — Class I (Note E)		3
Transfer Agency Fees — Class A (Note E)		1
Transfer Agency Fees — Class L (Note E)		1
Trustees' Fees and Expenses		2
Other Expenses		7
Total Expenses		230
Waiver of Advisory Fees (Note B)		(70	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(13	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(1	)
Rebate from Morgan Stanley Affiliate (Note G)		(1	)
Waiver of Shareholder Servicing Fees — Class A (Note D)		(—	@)
Net Expenses		145
Net Investment Income		641
Realized Gain (Loss):
Investments Sold		592
Futures Contracts		127
Swap Agreements		(133	)
Net Realized Gain		586
Change in Unrealized Appreciation (Depreciation):
Investments		464
Futures Contracts		19
Swap Agreements		(287	)
Net Change in Unrealized Appreciation (Depreciation)		196
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		782
Net Increase in Net Assets Resulting from Operations	$	1,423

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Corporate Bond Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2015 (unaudited) (000)			Year Ended September 30, 2014 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	641		$	1,366
Net Realized Gain		586			1,225
Net Change in Unrealized Appreciation (Depreciation)		196			751
Net Increase in Net Assets Resulting from Operations		1,423			3,342
Distributions from and/or in Excess of:
Class I:
Net Investment Income		(521	)		(1,066	)
Class A:
Net Investment Income		(6	)		(33	)
Class L:
Net Investment Income		(27	)		(59	)
Total Distributions		(554	)		(1,158	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		1,524			3,095
Distributions Reinvested		521			1,066
Redeemed		(3,512	)		(5,724	)
Class A:
Subscribed		275			700
Distributions Reinvested		5			31
Redeemed		(105	)		(1,596	)
Class L:
Subscribed		47			23
Distributions Reinvested		27			59
Redeemed		(179	)		(459	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(1,397	)		(2,805	)
Total Decrease in Net Assets		(528	)		(621	)
Net Assets:
Beginning of Period		39,408			40,029
End of Period (Including Accumulated Undistributed Net Investment Income of $553 and $466)	$	38,880		$	39,408
(1) Capital Share Transactions:
Class I:
Shares Subscribed		136			282
Shares Issued on Distributions Reinvested		47			100
Shares Redeemed		(314	)		(527	)
Net Decrease in Class I Shares Outstanding		(131	)		(145	)
Class A:
Shares Subscribed		25			64
Shares Issued on Distributions Reinvested		—	@@		3
Shares Redeemed		(9	)		(144	)
Net Increase (Decrease) in Class A Shares Outstanding		16			(77	)
Class L:
Shares Subscribed		4			2
Shares Issued on Distributions Reinvested		3			6
Shares Redeemed		(16	)		(43	)
Net Decrease in Class L Shares Outstanding		(9	)		(35	)

@@ Amount is less than 500 shares.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Corporate Bond Portfolio

	Class I
	Six Months Ended March 31, 2015			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2014			2013				2012			2011			2010
Net Asset Value, Beginning of Period	$	11.12		$	10.53		$	10.93			$	10.27		$	10.17		$	9.75
Income (Loss) from Investment Operations:
Net Investment Income†		0.19			0.38			0.32				0.36			0.33			0.33
Net Realized and Unrealized Gain (Loss)		0.22			0.53			(0.40	)			0.73			0.07			0.49
Total from Investment Operations		0.41			0.91			(0.08	)			1.09			0.40			0.82
Distributions from and/or in Excess of:
Net Investment Income		(0.16	)		(0.32	)		(0.32	)			(0.43	)		(0.30	)		(0.40	)
Net Asset Value, End of Period	$	11.37		$	11.12		$	10.53			$	10.93		$	10.27		$	10.17
Total Return++		3.73	%#		8.79	%		(0.77	)%			10.94	%		4.05	%		8.65	%
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	35,934		$	36,598		$	36,186			$	44,779		$	62,410		$	79,337
Ratio of Expenses to Average Net Assets ⁽¹⁾		0.70	%+*		0.70	%+		1.18	%+^			1.00	%+		0.80	%+		0.76	%+
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		3.33	%+*		3.47	%+		2.91	%+^			3.41	%+		3.27	%+		3.36	%+
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.00	%§*		0.00	%§		0.00	%§			0.00	%§		0.00	%§		0.00	%§
Portfolio Turnover Rate		25	%#		50	%		63	%	��		129	%		224	%		277	%
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		1.13	%*		1.13	%		1.21	%			N/A			N/A			N/A
Net Investment Income to Average Net Assets		2.90	%*		3.04	%		2.88	%			N/A			N/A			N/A

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value as of the last business day of the period.

§ Amount is less than 0.005%.

^ Effective September 16, 2013, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.70% for Class I shares.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Corporate Bond Portfolio

	Class A
	Six Months Ended March 31, 2015			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.12		$	10.53		$	10.92		$	10.27		$	10.16		$	9.74
Income (Loss) from Investment Operations:
Net Investment Income†		0.17			0.34			0.30			0.34			0.31			0.31
Net Realized and Unrealized Gain (Loss)		0.22			0.53			(0.39	)		0.73			0.08			0.49
Total from Investment Operations		0.39			0.87			(0.09	)		1.07			0.39			0.80
Distributions from and/or in Excess of:
Net Investment Income		(0.13	)		(0.28	)		(0.30	)		(0.42	)		(0.28	)		(0.38	)
Net Asset Value, End of Period	$	11.38		$	11.12		$	10.53		$	10.92		$	10.27		$	10.16
Total Return++		3.55	%#		8.43	%		(0.83	)%		10.69	%		3.99	%		8.50	%
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	592		$	405		$	1,194		$	961		$	408		$	590
Ratio of Expenses to Average Net Assets ⁽¹⁾		1.05	%+*		1.05	%+		1.34	%+^		1.15	%+		0.95	%+		0.91	%+
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		2.98	%+*		3.12	%+		2.76	%+^		3.26	%+		3.12	%+		3.21	%+
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.00	%§*		0.00	%§		0.00	%§		0.00	%§		0.00	%§		0.00	%§
Portfolio Turnover Rate		25	%#		50	%		63	%		129	%		224	%		277	%
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		1.84	%*		1.60	%		1.47	%		1.25	%		1.05	%		1.01	%+
Net Investment Income to Average Net Assets		2.19	%*		2.57	%		2.63	%		3.16	%		3.02	%		3.11	%+

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

^ Effective September 16, 2013, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.05% for Class A shares.

§ Amount is less than 0.005%.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Corporate Bond Portfolio

	Class L
	Six Months Ended March 31, 2015			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.11		$	10.52		$	10.92		$	10.26		$	10.15		$	9.74
Income (Loss) from Investment Operations:
Net Investment Income†		0.15			0.31			0.26			0.30			0.28			0.28
Net Realized and Unrealized Gain (Loss)		0.23			0.54			(0.40	)		0.74			0.08			0.48
Total from Investment Operations		0.38			0.85			(0.14	)		1.04			0.36			0.76
Distributions from and/or in Excess of:
Net Investment Income		(0.13	)		(0.26	)		(0.26	)		(0.38	)		(0.25	)		(0.35	)
Net Asset Value, End of Period	$	11.36		$	11.11		$	10.52		$	10.92		$	10.26		$	10.15
Total Return++		3.41	%#		8.15	%		(1.28	)%		10.38	%		3.51	%		8.15	%
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	2,354		$	2,405		$	2,649		$	3,149		$	4,080		$	5,508
Ratio of Expenses to Average Net Assets ⁽¹⁾		1.29	%+*		1.30	%+		1.69	%+^		1.50	%+		1.30	%+		1.26	%+
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		2.73	%+*		2.87	%+		2.40	%+^		2.91	%+		2.77	%+		2.86	%+
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.00	%§*		0.00	%§		0.00	%§		0.00	%§		0.00	%§		0.00	%§
Portfolio Turnover Rate		25	%#		50	%		63	%		129	%		224	%		277	%
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		1.66	%*		1.66	%		1.70	%		N/A			N/A			N/A
Net Investment Income to Average Net Assets		2.36	%*		2.51	%		2.39	%		N/A			N/A			N/A

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value as of the last business day of the period.

^ Effective September 16, 2013, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.52% for Class L shares.

§ Amount is less than 0.005%.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited)

The accompanying financial statements relate to the Corporate Bond Portfolio. The Portfolio seeks above-average total return over a market cycle of three to five years. The Portfolio offers three classes of shares — Class I, Class A and Class L.

1. Security Valuation: (1) Certain portfolio securities may be valued by an outside pricing service approved by the Fund's Board of Trustees (the "Trustees"). The pricing service may utilize a matrix system or other model incorporating attributes such as security quality, maturity and coupon as the evaluation model parameters, and/or research evaluations by its staff, including review of broker-dealer market price quotations in determining what it believes is the fair valuation of the portfolios securities valued by such pricing service; (2) certain senior collateralized loans ("Senior Loans") are valued based on quotations received from an independent pricing service; (3) futures are valued at the latest price published by the commodities exchange on which they trade; (4) swaps are marked-to-market daily based upon quotations from market makers; (5) when market quotations are not readily available, including circumstances under which Morgan Stanley Investment Management Inc. (the "Adviser") determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities

are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day; and (7) short-term taxable debt securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, unless the Adviser determines such price does not reflect the securities' market value, in which case these securities will be valued at their fair market value determined by the Adviser. Other taxable short-term debt securities with maturities of more than 60 days will be valued on a mark-to-market basis until such time as they reach a maturity of 60 days, whereupon they will be valued at amortized cost using their value on the 61st day unless the Adviser determines such price does not reflect the securities' fair value, in which case these securities will be valued at their fair market value as determined by the Adviser.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.

• 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 following is a summary of the inputs used to value the Portfolio's investments as of March 31, 2015.

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Fixed Income Securities
Asset-Backed Securities	$	—		$	318		$	—	$	318
Collateralized Mortgage Obligation — Agency Collateral Series		—			4			—		4
Corporate Bonds		—			36,399			—		36,399
Variable Rate Senior Loan Interests		—			164			—		164
Total Fixed Income Securities		—			36,885			—		36,885
Short-Term Investments
Investment Company		5,439			—			—		5,439
Repurchase Agreements		—			1,048			—		1,048
U.S. Treasury Securities		—			360			—		360
Total Short-Term Investments		5,439			1,408			—		6,847
Futures Contracts		113			—			—		113
Credit Default Swap Agreement		—			1			—		1
Total Assets		5,552			38,294			—		43,846
Liabilities:
Futures Contracts		(48	)		—			—		(48	)
Credit Default Swap Agreements		—			(10	)		—		(10	)
Interest Rate Swap Agreements		—			(194	)		—		(194	)
Total Liabilities		(48	)		(204	)		—		(252	)
Total	$	5,504		$	38,090		$	—	$	43,594

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

liquid and risks arising from margin requirements. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Portfolio's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

futures contracts can lower total return, and the potential loss from futures contracts can exceed the Portfolio's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time. There is also the risk of loss by the Portfolio of margin deposits in the event of bankruptcy of a broker with which the Portfolio has open positions in the futures contract.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

The following tables set forth the fair value of the Portfolio's derivative contracts by primary risk exposure as of March 31, 2015.

Asset Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

113

(a)

Swap Agreement

Variation Margin on
Swap Agreement

Credit Risk

(a)

Total

114

Liability Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(48

)(a)

Swap Agreements

Unrealized Depreciation on
Swap Agreements

Credit Risk

)

Swap Agreement

Variation Margin on
Swap Agreement

Credit Risk

)(a)

Swap Agreements

Unrealized Depreciation on
Swap Agreements

Interest Rate Risk

(41

)

Swap Agreements

Variation Margin on
Swap Agreements

Interest Rate Risk

(153

)(a)

Total

(252

)

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Interest Rate Risk	Futures Contracts	$	127
Credit Risk	Swap Agreements		(16	)
Interest Rate Risk	Swap Agreements		(117	)
Total		$	(6	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Interest Rate Risk	Futures Contracts	$	19
Credit Risk	Swap Agreements		(10	)
Interest Rate Risk	Swap Agreements		(277	)
Total		$	(268	)

At March 31, 2015, the Portfolio's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Statement of Assets and Liabilities
Derivatives(b)	Assets(c) (000)		Liabilities(c) (000)
Swap Agreements	$	—	$	(50	)

(b) Excludes exchange traded derivatives.

(c) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2015.

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in Statement of Assets and Liabilities (000)		Financial Instrument (000)		Collateral Pledged (000)		Net Amount (not less than $0) (000)
Barclays Bank PLC	$	9	$	—	$	—	$	9
Goldman Sachs International		27		—		—		27
JP Morgan Chase Bank NA		14		—		—		14
Total	$	50	$	—	$	—	$	50

For the six months ended March 31, 2015, the approximate average monthly amount outstanding for each derivative type is as follows:

Futures Contracts:
Average monthly original value	$	41,476,000
Swap Agreements:
Average monthly notional amount	$	24,339,000

5. Senior Loans: Senior Loans are typically structured by a syndicate of lenders ("Lenders"), one or more of which administers the Senior Loan on behalf of the Lenders ("Agent"). Lenders may sell interests in Senior Loans to third parties ("Participations") or may assign all or a portion of their interest in a Senior Loan to third parties ("Assignments"). Senior Loans are exempt from registration under the Securities Act of 1933. Presently, Senior Loans are not readily marketable and are often subject to restrictions on resale.

earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Portfolio's Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of March 31, 2015.

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amounts Presented in Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	6,088	(d)	$	—	$	(6,088	)(e)(f)	$	0

(d) Represents market value of loaned securities at period end.

(e) The Portfolio received cash collateral of approximately $5,183,000, of which approximately $5,014,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. As of March 31, 2015, there was uninvested cash of approximately $169,000, which is not reflected in the Portfolio of Investments. In addition, the Portfolio received non-cash collateral of approximately $1,017,000 in the form of U.S. Government obligations, which the Portfolio cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

(f) The actual collateral received is greater than the amount shown here due to overcollateralization.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

9. Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. When the Portfolio buys an interest in a Senior Loan, it may receive a commitment fee which is paid to lenders on an ongoing basis based upon the undrawn portion committed by the lenders of the underlying Senior Loan. The Portfolio accrues the commitment fee over the expected term of the loan. When the Portfolio sells interest in a Senior Loan, it may be required to pay fees or commissions to the purchaser of the interest. Fees received in connection with loan amendments are accrued as earned. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Portfolio is informed of such dividends) net of applicable withholding taxes. Interest income is recognized on the accrual basis except where collection is in doubt. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Fund can be directly attributed to a particular Portfolio. Expenses which cannot be directly attributed are apportioned among the Portfolios based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution, transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

approximately $14,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

D. Distribution and Shareholder Services Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser, and an indirect subsidiary of Morgan Stanley, serves as the Fund's Distributor of Portfolio shares pursuant to a Distribution Agreement. The Fund has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Portfolio pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to Class A shares. The Distributor has agreed to waive for at least one year the 12b-1 fees on Class A shares of the Portfolio to the extent it exceeds 0.15% of the average daily net assets of such shares on an annualized basis. This waiver will continue for at least one year or until such time that the Trustees act to discontinue all or a portion of such waiver when it deems such action is appropriate. For the six months ended March 31, 2015, this waiver amounted to less than $500.

E. Dividend Disbursing and Transfer Agent: The Fund's dividend disbursing and transfer agent is Boston Financial Data Services, Inc. ("BFDS"). Pursuant to a Transfer

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

Agency Agreement, the Fund pays BFDS a fee based on the number of classes, accounts and transactions relating to the Portfolios of the Fund.

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2015, purchases and sales of investment securities for the Portfolio, other than long-term U.S. Government securities and short-term investments, were approximately $9,448,000 and $11,545,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended March 31, 2015.

A summary of the Portfolio's transactions in shares of the Liquidity Funds during the six months ended March 31, 2015 is as follows:

Value September 30, 2014 (000)				Purchases at Cost (000)				Sales (000)				Dividend Income (000)				Value March 31, 2015 (000)
$	5,054			$	10,473			$	10,088			$	—	@		$	5,439

@ Amount is less than $500.

and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the net asset value of the Portfolio.

2014 Distributions Paid From: Ordinary Income (000)				2013 Distributions Paid From: Ordinary Income (000)
$	1,158			$	1,339

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

(losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Accumulated Undistributed Net Investment Income (000)				Accumulated Net Realized Loss (000)				Paid-in- Capital (000)
$	(173	)		$	173			$	—

At September 30, 2014, the components of distributable earnings for the Portfolio on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	473			$	—

At March 31, 2015, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,966,000 and the aggregate gross unrealized depreciation is approximately $202,000 resulting in net unrealized appreciation of approximately $1,764,000.

At September 30, 2014, the Portfolio had available for Federal income tax purposes unused capital losses, which will expire on the indicated dates:

Amount (000)		Expiration
$	48,923	September 30, 2017
	8,130	September 30, 2018

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited)

AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY

This privacy notice describes the U.S. privacy policy of Morgan Stanley Distribution, Inc., and the Morgan Stanley family of mutual funds ("us", "our", "we").

WE RESPECT YOUR PRIVACY

1. WHAT PERSONAL INFORMATION DO WE COLLECT FROM YOU?

• We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through applications and other forms you submit to us.

• We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

• We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?

We may disclose personal information we collect about you in each of the categories listed above to affiliated and nonaffiliated third parties.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited) (cont'd)

a. Information We Disclose to Affiliated Companies.

b. Information We Disclose to Third Parties.

3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL INFORMATION WE COLLECT ABOUT YOU?

4. HOW CAN YOU LIMIT OUR SHARING CERTAIN PERSONAL INFORMATION ABOUT YOU WITH OUR AFFILIATED COMPANIES FOR ELIGIBILITY DETERMINATION?

5. HOW CAN YOU LIMIT THE USE OF CERTAIN PERSONAL INFORMATION ABOUT YOU BY OUR AFFILIATED COMPANIES FOR MARKETING?

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited) (cont'd)

6. HOW CAN YOU SEND US AN OPT-OUT INSTRUCTION?

• Calling us at (800) 548-7786
Monday–Friday between 8a.m. and 6p.m. (EST)

• Writing to us at the following address:

Boston Financial Data Services, Inc.
c/o Privacy Coordinator
P.O. Box 219804
Kansas City, Missouri 64121

7. WHAT IF AN AFFILIATED COMPANY BECOMES A NONAFFILIATED THIRD PARTY?

SPECIAL NOTICE TO RESIDENTS OF VERMONT

SPECIAL NOTICE TO RESIDENTS OF CALIFORNIA

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Trustee and Officer Information (unaudited)

Trustees

Officers

Michael E. Nugent
Chairperson of the Board and Trustee

John H. Gernon
President and Principal Executive Officer

Stefanie V. Chang Yu
Chief Compliance Officer

Joseph C. Benedetti
Vice President

Mary E. Mullin
Secretary

Francis J. Smith
Treasurer and Principal Financial Officer

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

Boston Financial Data Services, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

(This Page has been left blank intentionally.)

Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

IFTCBSAN
1194275 EXP 5.31.16

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Limited Duration Portfolio

Semi-Annual Report

March 31, 2015

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					10
Statement of Operations					12
Statements of Changes in Net Assets					13
Financial Highlights					14
Notes to Financial Statements					17
U.S. Privacy Policy					26
Trustee and Officer Information					29

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Semi-Annual report, in which you will learn how your investment in Limited Duration Portfolio (the "Portfolio") performed during the latest six-month period.

As always, we thank you for selecting Morgan Stanley Investment Management, and look forward to working with you in the months and years ahead.

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2015

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Expense Example (unaudited)

Limited Duration Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2015 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/14		Actual Ending Account Value 3/31/15		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Limited Duration Portfolio Class I	$	1,000.00	$	1,002.90	$	1,022.29	$	2.65	$	2.67		0.53	%
Limited Duration Portfolio Class A		1,000.00		1,001.20		1,020.54		4.39		4.43		0.88
Limited Duration Portfolio Class L		1,000.00		1,000.20		1,018.80		6.13		6.19		1.23

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments

Limited Duration Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (98.2%)
Agency Adjustable Rate Mortgages (3.9%)
Federal Home Loan Mortgage Corporation,
Conventional Pools:
2.30%, 7/1/36 - 7/1/38	$	816	$	867
2.33%, 6/1/36		459		491
2.40%, 9/1/35		589		629
2.43%, 7/1/38		935		1,002
2.66%, 1/1/38		112		120
Federal National Mortgage Association,
Conventional Pools:
2.31%, 5/1/39		480		511
2.33%, 5/1/35		470		502
Government National Mortgage Association,
Various Pool:
2.00%, 2/20/40		151		158
				4,280
Agency Fixed Rate Mortgages (0.5%)
Federal Home Loan Mortgage Corporation,
Gold Pools:
6.50%, 9/1/19 - 4/1/24		4		5
7.50%, 11/1/19		1		1
Federal National Mortgage Association,
Conventional Pools:
6.50%, 2/1/28 - 10/1/32		358		419
7.00%, 7/1/29 - 12/1/33		59		61
Government National Mortgage Association,
Various Pools:
9.00%, 11/15/16 - 12/15/16		15		15
				501
Asset-Backed Securities (16.9%)
Ally Auto Receivables Trust
0.62%, 3/15/17		284		284
American Homes 4 Rent
1.25%, 6/17/31 (a)(b)		270		268
American Residential Properties Trust
1.28%, 9/17/31 (a)(b)		401		398
AWAS Aviation Capital Ltd.
7.00%, 10/17/16 (b)		308		316
Chase Issuance Trust,
0.54%, 10/16/17		1,125		1,125
0.59%, 8/15/17		1,608		1,609
Citibank Credit Card Issuance Trust
2.88%, 1/23/23		450		469
Colony American Homes
1.33%, 5/17/31 (a)(b)		419		417
Colony American Homes Single-Family Rental Pass-Through Certificates
1.13%, 7/17/31 (a)(b)		338		333
Discover Card Execution Note Trust,
0.60%, 7/15/21 (a)		670		672
1.22%, 10/15/19		465		467

	Face Amount (000)		Value (000)
Enterprise Fleet Financing LLC
1.05%, 3/20/20 (b)	$	836	$	836
Ford Credit Auto Owner Trust
2.26%, 11/15/25 (b)		1,165		1,188
GE Dealer Floorplan Master Note Trust
0.67%, 6/20/17 (a)		750		750
GE Equipment Transportation LLC
0.62%, 7/25/16		99		99
GM Financial Automobile Leasing Trust
0.73%, 2/20/17 (b)		552		552
Hertz Fleet Lease Funding LP
0.73%, 12/10/27 (a)(b)		491		492
Hyundai Auto Receivables Trust,
0.90%, 12/17/18		941		942
1.01%, 2/15/18		427		428
Invitation Homes Trust,
1.18%, 6/17/31 (a)(b)		429		425
1.40%, 12/17/30 (a)(b)		604		603
1.53%, 6/17/32 (a)(b)		400		400
John Deere Owner Trust
0.60%, 3/15/17		878		879
Nationstar Agency Advance Funding Trust
1.89%, 2/18/48 (b)		100		98
North Carolina State Education Assistance Authority
1.06%, 7/25/25 (a)		625		627
Panhandle-Plains Higher Education Authority, Inc.
1.22%, 7/1/24 (a)		221		223
PFS Tax Lien Trust
1.44%, 4/15/16 (b)		405		406
Sunset Mortgage Loan Co., LLC
3.72%, 11/16/44 (b)		310		308
Volkswagen Credit Auto Master Trust
1.40%, 7/22/19 (b)		398		400
VOLT NPL X LLC
4.75%, 10/26/54 (b)		282		277
VOLT XIX LLC
5.00%, 4/25/55 (b)		200		196
VOLT XXII LLC
4.25%, 2/25/55 (b)		200		197
VOLT XXX LLC
4.75%, 10/25/57 (b)		200		197
VOLT XXXI LLC
4.50%, 2/25/55 (b)		200		197
VOLT XXXIII LLC
4.25%, 3/25/55 (b)		350		345
Volvo Financial Equipment LLC
0.74%, 3/15/17 (b)		520		520
Wheels SPV LLC
0.84%, 3/20/23 (b)		199		199
World Omni Automobile Lease Securitization Trust
1.10%, 12/15/16		321		322
				18,464

The accompanying notes are an integral part of the financial statements.
4

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Limited Duration Portfolio

	Face Amount (000)		Value (000)
Collateralized Mortgage Obligations — Agency Collateral Series (3.5%)
Federal Home Loan Mortgage Corporation,
1.43%, 8/25/17	$	688	$	695
1.56%, 10/25/18		196		198
REMIC
7.50%, 9/15/29		977		1,143
Federal National Mortgage Association,
0.59%, 8/25/15		220		220
0.95%, 11/25/15		157		157
1.08%, 2/25/16		373		374
2.17%, 9/25/19 (a)		783		802
Government National Mortgage Association,
IO
6.05%, 3/20/43 (a)		729		113
6.32%, 5/20/40 (a)		870		143
				3,845
Commercial Mortgage-Backed Securities (2.0%)
BLCP Hotel Trust
1.13%, 8/15/29 (a)(b)		605		604
CDGJ Commercial Mortgage Trust
1.57%, 12/15/27 (a)(b)		575		577
Citigroup Commercial Mortgage Trust
2.11%, 1/12/30 (b)		171		173
Hilton USA Trust
1.17%, 11/5/30 (a)(b)		168		168
JP Morgan Chase Commercial Mortgage Securities Trust,
1.15%, 7/15/31 (a)(b)		285		284
5.46%, 12/12/43		400		413
				2,219
Corporate Bonds (66.0%)
Finance (27.7%)
Abbey National Treasury Services PLC
3.05%, 8/23/18		370		386
ABN Amro Bank N.V.
2.50%, 10/30/18 (b)		630		644
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust
3.75%, 5/15/19 (b)		345		347
Ally Financial, Inc.
3.25%, 2/13/18		265		263
American Express Credit Corp.
2.25%, 8/15/19		675		685
Anthem, Inc.
1.88%, 1/15/18		705		709
Bank of America Corp.
2.60%, 1/15/19		900		916
Bayer US Finance LLC
2.38%, 10/8/19 (b)		600		611
BB&T Corp.
2.25%, 2/1/19		580		589
BioMed Realty LP
2.63%, 5/1/19		310		313

	Face Amount (000)		Value (000)
BNP Paribas SA,
MTN
2.70%, 8/20/18	$	610	$	629
BNZ International Funding Ltd.
2.35%, 3/4/19 (b)		650		657
BPCE SA,
MTN
2.25%, 1/27/20		600		604
Canadian Imperial Bank of Commerce
1.55%, 1/23/18		310		311
Capital One Financial Corp.
2.45%, 4/24/19		1,005		1,018
CIT Group, Inc.
3.88%, 2/19/19		550		546
Citigroup, Inc.
8.50%, 5/22/19		950		1,184
Commonwealth Bank of Australia
2.50%, 9/20/18		600		618
Cooperatieve Centrale Raiffeisen- Boerenleenbank BA
3.38%, 1/19/17		330		344
Credit Agricole SA
2.13%, 4/17/18 (b)		775		785
Credit Suisse
2.30%, 5/28/19		650		657
DBS Group Holdings Ltd.
2.25%, 7/16/19 (b)		650		659
Discover Bank
2.00%, 2/21/18		665		666
DNB Bank ASA
3.20%, 4/3/17 (b)		610		632
ERP Operating LP
2.38%, 7/1/19		550		558
Goldman Sachs Group, Inc. (The)
2.38%, 1/22/18		880		898
HSBC USA, Inc.
2.25%, 6/23/19		659		665
Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
Series WI
4.88%, 3/15/19		375		383
ING Bank N.V.
3.75%, 3/7/17 (b)		600		628
Intesa Sanpaolo SpA
3.88%, 1/16/18		355		373
JPMorgan Chase & Co.
2.20%, 10/22/19		325		326
Lloyds Bank PLC
2.30%, 11/27/18		400		407
Macquarie Bank Ltd.
2.60%, 6/24/19 (b)		605		614
Manufacturers & Traders Trust Co.
2.10%, 2/6/20		560		561

The accompanying notes are an integral part of the financial statements.
5

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Limited Duration Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Metropolitan Life Global Funding I
1.50%, 1/10/18 (b)	$	775	$	779
Mizuho Corporate Bank Ltd.
1.85%, 3/21/18 (b)		645		647
National Australia Bank Ltd.
1.25%, 3/17/17 (b)		400		402
Nordea Bank AB
0.88%, 5/13/16 (b)		695		696
Principal Financial Group, Inc.
1.85%, 11/15/17		725		732
QBE Insurance Group Ltd.
2.40%, 5/1/18 (b)		200		202
Royal Bank of Scotland Group PLC
2.55%, 9/18/15		495		499
Santander Bank NA
2.00%, 1/12/18		525		528
Skandinaviska Enskilda Banken AB
1.75%, 3/19/18 (b)		380		382
Standard Chartered PLC
1.50%, 9/8/17 (b)		900		900
Sumitomo Mitsui Banking Corp.
2.45%, 1/10/19		630		641
Swedbank AB
1.75%, 3/12/18 (b)		305		306
Synchrony Financial
3.00%, 8/15/19		800		818
Toronto-Dominion Bank (The),
MTN
2.63%, 9/10/18		650		672
UBS AG
2.38%, 8/14/19		925		933
WEA Finance LLC/Westfield UK & Europe Finance PLC
2.70%, 9/17/19 (b)		600		608
Wells Fargo & Co.
2.15%, 1/15/19		360		366
				30,297
Industrials (33.2%)
ABB Treasury Center USA, Inc.
2.50%, 6/15/16 (b)		745		760
AbbVie, Inc.
1.75%, 11/6/17		715		718
Actavis Funding SCS
3.00%, 3/12/20		835		855
Air Canada
6.75%, 10/1/19 (b)		250		268
Altera Corp.
2.50%, 11/15/18		300		308
Altice Financing SA
7.88%, 12/15/19 (b)		250		266
Altria Group, Inc.
4.13%, 9/11/15		250		254

	Face Amount (000)		Value (000)
Amazon.com, Inc.
2.60%, 12/5/19	$	525	$	538
American Honda Finance Corp.
1.60%, 2/16/18 (b)		545		550
Amgen, Inc.
2.50%, 11/15/16		425		435
Anadarko Petroleum Corp.
5.95%, 9/15/16		575		614
Applied Materials, Inc.
2.65%, 6/15/16		455		465
ArcelorMittal
5.25%, 2/25/17		375		391
AT&T, Inc.
1.70%, 6/1/17		1,075		1,079
Baidu, Inc.
3.25%, 8/6/18		225		233
BAT International Finance PLC
1.40%, 6/5/15 (b)		600		601
Becton Dickinson and Co.
2.68%, 12/15/19		300		307
Bombardier, Inc.
4.75%, 4/15/19 (b)		300		296
BW Group Ltd.
6.63%, 6/28/17 (b)		325		340
CBS Corp.
2.30%, 8/15/19		625		626
Chesapeake Energy Corp.
6.50%, 8/15/17		350		370
CNH Capital LLC
6.25%, 11/1/16		355		375
Comcast Corp.
5.70%, 5/15/18		520		587
Compass Bank
1.85%, 9/29/17		600		605
Covidien International Finance SA
1.35%, 5/29/15		265		265
Daimler Finance North America LLC
2.38%, 8/1/18 (b)		750		769
DISH DBS Corp.
4.63%, 7/15/17		375		386
Eaton Corp.
1.50%, 11/2/17		630		633
Ecolab, Inc.
3.00%, 12/8/16		320		330
EMD Finance LLC
2.40%, 3/19/20 (b)		575		582
Enterprise Products Operating LLC
2.55%, 10/15/19		325		330
Experian Finance PLC
2.38%, 6/15/17 (b)		600		607
Ford Motor Credit Co., LLC
5.00%, 5/15/18		825		900

The accompanying notes are an integral part of the financial statements.
6

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Limited Duration Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
General Motors Financial Co., Inc.
3.15%, 1/15/20	$	600	$	608
Gilead Sciences, Inc.
2.35%, 2/1/20		175		180
Glencore Funding LLC
1.70%, 5/27/16 (b)		650		653
Goldcorp, Inc.
2.13%, 3/15/18		520		524
Harley-Davidson Financial Services, Inc.,
1.55%, 11/17/17 (b)		258		260
2.15%, 2/26/20 (b)		350		352
Heathrow Funding Ltd.
2.50%, 6/25/15 (b)		400		401
Hutchison Whampoa International 14 Ltd.
1.63%, 10/31/17 (b)		240		239
Hyundai Capital America
2.60%, 3/19/20 (b)		325		329
Ingersoll-Rand Global Holding Co., Ltd.
2.88%, 1/15/19		335		344
JM Smucker Co. (The)
2.50%, 3/15/20 (b)		225		228
Kinder Morgan, Inc.
3.05%, 12/1/19		650		657
L-3 Communications Corp.
1.50%, 5/28/17		275		273
LVMH Moet Hennessy Louis Vuitton SE
1.63%, 6/29/17 (b)		525		531
Marathon Petroleum Corp.
3.50%, 3/1/16		595		608
McKesson Corp.
3.25%, 3/1/16		1,070		1,092
Medtronic, Inc.
2.50%, 3/15/20 (b)		550		563
Nissan Motor Acceptance Corp.
2.65%, 9/26/18 (b)		720		742
Orange SA
2.75%, 2/6/19		625		648
Origin Energy Finance Ltd.
3.50%, 10/9/18 (b)		200		205
Quest Diagnostics, Inc.
2.70%, 4/1/19		675		687
Rio Tinto Finance USA PLC
1.38%, 6/17/16		325		327
RR Donnelley & Sons Co.
6.13%, 1/15/17		300		318
Ryder System, Inc.,
MTN
2.65%, 3/2/20		125		127
Scripps Networks Interactive, Inc.
2.75%, 11/15/19		575		581
Southwest Airlines Co.
2.75%, 11/6/19		600		614

	Face Amount (000)		Value (000)
STATS ChipPAC Ltd.
5.38%, 3/31/16 (b)	$	300	$	303
T-Mobile USA, Inc.
5.25%, 9/1/18		500		518
Thomson Reuters Corp.,
1.30%, 2/23/17		325		326
1.65%, 9/29/17		150		150
Time Warner Cable, Inc.
6.75%, 7/1/18		400		460
Transocean, Inc.
2.50%, 10/15/17		350		322
TSMC Global Ltd.
1.63%, 4/3/18 (b)		800		794
Tyson Foods, Inc.
2.65%, 8/15/19		600		615
Verizon Communications, Inc.
2.55%, 6/17/19		1,250		1,281
Viacom, Inc.
2.50%, 9/1/18		625		636
Waste Management, Inc.
2.60%, 9/1/16		725		739
Wesfarmers Ltd.
2.98%, 5/18/16 (b)		395		404
Wm. Wrigley Jr. Co.
1.40%, 10/21/16 (b)		600		602
Yum! Brands, Inc.
3.88%, 11/1/20		450		480
				36,364
Utilities (5.1%)
AES Corp.
8.00%, 10/15/17		40		46
DCP Midstream Operating LP
2.70%, 4/1/19		650		594
Dominion Gas Holdings LLC
2.50%, 12/15/19		825		842
Enbridge, Inc.
0.71%, 6/2/17 (a)		175		173
EnLink Midstream Partners LP
2.70%, 4/1/19		525		525
Eversource Energy
1.45%, 5/1/18		525		522
GDF Suez
1.63%, 10/10/17 (b)		650		654
NRG Energy, Inc.
7.63%, 1/15/18		275		304
PSEG Power LLC
5.50%, 12/1/15		570		587
Sempra Energy
2.40%, 3/15/20		600		607
Southern Co. (The)
2.15%, 9/1/19		725		730
				5,584
				72,245

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Limited Duration Portfolio

	Face Amount (000)		Value (000)
Mortgages — Other (3.8%)
Alternative Loan Trust,
5.50%, 10/25/35 - 11/25/35	$	969	$	932
CHL Mortgage Pass-Through Trust
5.50%, 5/25/34		394		406
FDIC Guaranteed Notes Trust
0.72%, 2/25/48 (a)(b)		147		147
Freddie Mac Structured Agency Credit Risk Debt Notes
1.17%, 2/25/24 (a)		227		227
HarborView Mortgage Loan Trust
0.37%, 1/19/38 (a)		416		355
JP Morgan Alternative Loan Trust
6.00%, 12/25/35		131		123
Lehman Mortgage Trust
6.50%, 9/25/37		51		44
Opteum Mortgage Acceptance Corp. Trust
0.47%, 4/25/36 (a)		470		406
RALI Trust,
0.36%, 12/25/36 (a)		571		444
6.00%, 11/25/36		165		129
Sequoia Mortgage Trust
0.80%, 8/20/34 (a)		555		529
Washington Mutual Mortgage Pass-Through Certificates Trust,
1.09%, 8/25/46 (a)		506		357
1.12%, 6/25/46 (a)		64		46
				4,145
Sovereign (1.6%)
EUROFIMA,
MTN
6.25%, 12/28/18	AUD	630		545
Korea Development Bank (The)
1.50%, 1/22/18	$	690		687
Spain Government International Bond
4.00%, 3/6/18 (b)		500		536
				1,768
Total Fixed Income Securities (Cost $106,071)				107,467

	Shares		Value (000)
Short-Term Investments (2.0%)
Investment Company (1.2%)
Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class (See Note G) (Cost $1,304)		1,303,736	$	1,304
	Face Amount (000)
U.S. Treasury Security (0.8%)
U.S. Treasury Bill
0.07%, 6/18/15 (c)(d) (Cost $864)	$	864		864
Total Short-Term Investments (Cost $2,168)				2,168
Total Investments (100.2%) (Cost $108,239) (e)				109,635
Liabilities in Excess of Other Assets (-0.2%)				(205	)
Net Assets (100.0%)			$	109,430

(a) Variable/Floating Rate Security — Interest rate changes on these instruments are based on changes in a designated base rate. The rates shown are those in effect on March 31, 2015.

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

(d) All or a portion of the security was pledged to cover margin requirements for futures contracts and swap agreements.

(e) Securities are available for collateral in connection with an open foreign currency forward exchange contract, futures contracts and swap agreements.

FDIC Federal Deposit Insurance Corporation.

IO Interest Only.

MTN Medium Term Note.

REMIC Real Estate Mortgage Investment Conduit.

Foreign Currency Forward Exchange Contract:

The Portfolio had the following foreign currency forward exchange contract open at March 31, 2015:

Counterparty				Currency to Deliver (000)				Value (000)				Settlement Date				In Exchange For (000)				Value (000)				Unrealized Appreciation (000)
UBS AG				AUD	720			$	548			4/7/15				USD	562			$	562			$	14

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Limited Duration Portfolio

Futures Contracts:

The Portfolio had the following futures contracts open at March 31, 2015:

	Number of Contracts		Value (000)			Expiration Date	Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 2 yr. Note		168	$	36,818		Jun-15	$	79
U.S. Treasury 10 yr. Note		23		2,965		Jun-15		19
U.S. Treasury Long Bond		1		164		Jun-15		2
Short:
U.S. Treasury 5 yr. Note		171		(20,556	)	Jun-15		(138	)
							$	(38	)

Credit Default Swap Agreements:

The Portfolio had the following credit default swap agreements open at March 31, 2015:

Swap Counterparty and Reference Obligation	Buy/Sell Protection	Notional Amount (000)		Pay/Receive Fixed Rate			Termination Date	Upfront Payment Paid (Received) (000)			Unrealized Appreciation (Depreciation) (000)			Value (000)			Credit Rating of Reference Obligation†
Barclays Bank PLC Quest Diagnostics, Inc.	Buy	$	645		1.00	%	3/20/19	$	13		$	(25	)	$	(12	)	BBB+
Barclays Bank PLC Yum! Brands, Inc.	Buy		625		1.00		12/20/18		(11	)		(5	)		(16	)	BBB
Morgan Stanley & Co., LLC* CDX.IG.24	Buy		1,200		1.00		6/20/20		(23	)		1			(22	)	NR
		$	2,470					$	(21	)	$	(29	)	$	(50	)

Interest Rate Swap Agreements:

The Portfolio had the following interest rate swap agreements open at March 31, 2015:

Swap Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Fixed Rate			Termination Date	Notional Amount (000)		Unrealized Depreciation (000)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Receive		1.17	%	3/24/18	$	22,500	$	(45	)
Morgan Stanley & Co., LLC*	3 Month LIBOR	Receive		1.58		3/24/20		8,300		(22	)
									$	(67	)

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

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

LIBOR London Interbank Offered Rate.

NR Not Rated.

AUD — Australian Dollar

USD — United States Dollar

Portfolio Composition

Classification	Percentage of Total Investments
Industrials		33.2	%
Finance		27.6
Other**		17.3
Asset-Backed Securities		16.8
Utilities		5.1
Total Investments		100.0	%***

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

*** Does not include open long/short futures contracts with an underlying face amount of approximately $60,503,000 with net unrealized depreciation of approximately $38,000. Does not include an open foreign currency forward exchange contract with unrealized appreciation of approximately $14,000 and does not include open swap agreements with net unrealized depreciation of approximately $96,000.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Limited Duration Portfolio

Statement of Assets and Liabilities	March 31, 2015 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $106,935)	$	108,331
Investment in Security of Affiliated Issuer, at Value (Cost $1,304)		1,304
Total Investments in Securities, at Value (Cost $108,239)		109,635
Cash		6
Interest Receivable		592
Receivable for Portfolio Shares Sold		68
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		14
Premium Paid on Open Swap Agreements		13
Receivable from Affiliate		—	@
Other Assets		34
Total Assets		110,362
Liabilities:
Payable for Investments Purchased		400
Payable for Portfolio Shares Redeemed		161
Payable for Sub Transfer Agency Fees — Class I		126
Payable for Sub Transfer Agency Fees — Class A		1
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Advisory Fees		46
Payable for Professional Fees		46
Payable for Variation Margin on Swap Agreements		36
Unrealized Depreciation on Swap Agreements		30
Premium Received on Open Swap Agreements		11
Payable for Administration Fees		7
Payable for Trustees' Fees and Expenses		7
Payable for Variation Margin on Futures Contracts		6
Payable for Custodian Fees		2
Payable for Transfer Agency Fees — Class I		1
Payable for Transfer Agency Fees — Class A		—	@
Payable for Transfer Agency Fees — Class L		1
Payable for Shareholder Services Fees — Class A		—	@
Payable for Distribution and Shareholder Services Fees — Class L		—	@
Other Liabilities		51
Total Liabilities		932
Net Assets	$	109,430
Net Assets Consist Of:
Paid-in-Capital	$	350,274
Accumulated Undistributed Net Investment Income		427
Accumulated Net Realized Loss		(242,547	)
Unrealized Appreciation (Depreciation) on:
Investments		1,396
Futures Contracts		(38	)
Swap Agreements		(96	)
Foreign Currency Forward Exchange Contracts		14
Foreign Currency Translations		(—	@)
Net Assets	$	109,430

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Limited Duration Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2015 (000)
CLASS I:
Net Assets	$	107,584
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		13,823,179
Net Asset Value, Offering and Redemption Price Per Share	$	7.78
CLASS A:
Net Assets	$	1,528
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		195,957
Net Asset Value, Redemption Price Per Share	$	7.80
Maximum Sales Load		4.25	%
Maximum Sales Charge	$	0.35
Maximum Offering Price Per Share	$	8.15
CLASS L:
Net Assets	$	318
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		40,896
Net Asset Value, Offering and Redemption Price Per Share	$	7.78

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Limited Duration Portfolio

Statement of Operations	Six Months Ended March 31, 2015 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	1,222
Dividends from Security of Affiliated Issuer (Note G)		1
Total Investment Income		1,223
Expenses:
Advisory Fees (Note B)		169
Professional Fees		50
Administration Fees (Note C)		45
Shareholder Reporting Fees		26
Sub Transfer Agency Fees — Class I		23
Sub Transfer Agency Fees — Class A		—	@
Sub Transfer Agency Fees — Class L		—	@
Registration Fees		21
Custodian Fees (Note F)		15
Pricing Fees		14
Transfer Agency Fees — Class I (Note E)		2
Transfer Agency Fees — Class A (Note E)		1
Transfer Agency Fees — Class L (Note E)		1
Shareholder Services Fees — Class A (Note D)		2
Distribution and Shareholder Services Fees — Class L (Note D)		—	@
Trustees' Fees and Expenses		2
Other Expenses		8
Total Expenses		379
Waiver of Advisory Fees (Note B)		(52	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(26	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class L (Note B)		(1	)
Rebate from Morgan Stanley Affiliate (Note G)		(1	)
Net Expenses		298
Net Investment Income		925
Realized Gain (Loss):
Investments Sold		198
Foreign Currency Forward Exchange Contracts		(1	)
Foreign Currency Transactions		(4	)
Futures Contracts		(415	)
Swap Agreements		(547	)
Net Realized Loss		(769	)
Change in Unrealized Appreciation (Depreciation):
Investments		496
Foreign Currency Forward Exchange Contracts		14
Foreign Currency Translations		(—	@)
Futures Contracts		(152	)
Swap Agreements		(179	)
Net Change in Unrealized Appreciation (Depreciation)		179
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(590	)
Net Increase in Net Assets Resulting from Operations	$	335

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Limited Duration Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2015 (unaudited) (000)			Year Ended September 30, 2014 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	925		$	1,825
Net Realized Gain (Loss)		(769	)		1,041
Net Change in Unrealized Appreciation (Depreciation)		179			(282	)
Net Increase in Net Assets Resulting from Operations		335			2,584
Distributions from and/or in Excess of:
Class I:
Net Investment Income		(759	)		(1,684	)
Class A:
Net Investment Income		(6	)		(18	)
Class L:
Net Investment Income		(1	)		(1	)
Total Distributions		(766	)		(1,703	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		1,821			14,035
Distributions Reinvested		759			1,682
Redeemed		(13,627	)		(20,486	)
Class A:
Subscribed		1,382			2,964
Distributions Reinvested		6			18
Redeemed		(797	)		(2,802	)
Class L:
Subscribed		242			110
Distributions Reinvested		—	@		1
Redeemed		(124	)		(6	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(10,338	)		(4,484	)
Total Decrease in Net Assets		(10,769	)		(3,603	)
Net Assets:
Beginning of Period		120,199			123,802
End of Period (Including Accumulated Undistributed Net Investment Income of $427 and $268)	$	109,430		$	120,199
(1) Capital Share Transactions:
Class I:
Shares Subscribed		234			1,797
Shares Issued on Distributions Reinvested		98			216
Shares Redeemed		(1,751	)		(2,624	)
Net Decrease in Class I Shares Outstanding		(1,419	)		(611	)
Class A:
Shares Subscribed		177			379
Shares Issued on Distributions Reinvested		1			2
Shares Redeemed		(102	)		(357	)
Net Increase in Class A Shares Outstanding		76			24
Class L:
Shares Subscribed		31			14
Shares Issued on Distributions Reinvested		—	@@		—	@@
Shares Redeemed		(16	)		(1	)
Net Increase in Class L Shares Outstanding		15			13

@ Amount is less than $500.

@@ Amount is less than 500 shares.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Limited Duration Portfolio

	Class I
	Six Months Ended March 31, 2015			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	7.81		$	7.76		$	7.80		$	7.71		$	7.79		$	7.68
Income (Loss) from Investment Operations:
Net Investment Income†		0.06			0.12			0.11			0.15			0.16			0.18
Net Realized and Unrealized Gain (Loss)		(0.04	)		0.04			(0.03	)		0.11			(0.10	)		0.10
Total from Investment Operations		0.02			0.16			0.08			0.26			0.06			0.28
Distributions from and/or in Excess of:
Net Investment Income		(0.05	)		(0.11	)		(0.12	)		(0.17	)		(0.14	)		(0.16	)
Paid-in-Capital		—			—			—			—			—			(0.01	)
Total Distributions		(0.05	)		(0.11	)		(0.12	)		(0.17	)		(0.14	)		(0.17	)
Net Asset Value, End of Period	$	7.78		$	7.81		$	7.76		$	7.80		$	7.71		$	7.79
Total Return++		0.29	%#		2.06	%		1.09	%		3.35	%		0.71	%		3.74	%
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	107,584		$	119,059		$	122,958		$	145,387		$	167,811		$	208,608
Ratio of Expenses to Average Net Assets ⁽¹⁾		0.53	%+*		0.53	%+		0.71	%+^		0.63	%+		0.59	%+		0.55	%+
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		1.64	%+*		1.49	%+		1.45	%+^		1.92	%+		2.12	%+		2.39	%+
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.00	%§*		0.00	%§		0.00	%§		0.00	%§		0.00	%§		0.00	%§
Portfolio Turnover Rate		19	%#		60	%		66	%		51	%		35	%		95	%
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		0.67	%*		0.78	%		0.72	%		N/A			N/A			N/A
Net Investment Income to Average Net Assets		1.50	%*		1.24	%		1.44	%		N/A			N/A			N/A

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value as of the last business day of the period.

§ Amount is less than 0.005%.

# Not Annualized.

* Annualized.

^ Effective September 16, 2013, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.53% for Class I shares.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Limited Duration Portfolio

	Class A
	Six Months Ended March 31, 2015			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	7.83		$	7.77		$	7.80		$	7.71		$	7.79		$	7.68
Income (Loss) from Investment Operations:
Net Investment Income†		0.05			0.09			0.09			0.13			0.15			0.17
Net Realized and Unrealized Gain (Loss)		(0.04	)		0.05			(0.01	)		0.11			(0.12	)		0.09
Total from Investment Operations		0.01			0.14			0.08			0.24			0.03			0.26
Distributions from and/or in Excess of:
Net Investment Income		(0.04	)		(0.08	)		(0.11	)		(0.15	)		(0.11	)		(0.15	)
Paid-in-Capital		—			—			—			—			—			(0.00	)‡
Total Distributions		(0.04	)		(0.08	)		(0.11	)		(0.15	)		(0.11	)		(0.15	)
Net Asset Value, End of Period	$	7.80		$	7.83		$	7.77		$	7.80		$	7.71		$	7.79
Total Return++		0.12	%#		1.78	%		0.84	%		3.22	%		0.45	%		3.48	%
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,528		$	940		$	749		$	145		$	194		$	52
Ratio of Expenses to Average Net Assets ⁽¹⁾		0.88	%+*		0.88	%+		0.97	%+^		0.88	%+		0.84	%+		0.80	%+
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		1.30	%+*		1.14	%+		1.15	%+^		1.70	%+		1.87	%+		2.14	%+
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.00	%§*		0.00	%§		0.00	%§		0.00	%§		0.00	%§		0.00	%§
Portfolio Turnover Rate		19	%#		60	%		66	%		51	%		35	%		95	%
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		1.07	%*		1.10	%		1.00	%		N/A			N/A			N/A
Net Investment Income to Average Net Assets		1.11	%*		0.92	%		1.12	%		N/A			N/A			N/A

† Per share amount is based on average shares outstanding.

‡ Amount is less than $0.005 per share.

++ Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

# Not Annualized.

^ Effective September 16, 2013, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.88% for Class A shares.

* Annualized.

§ Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Limited Duration Portfolio

	Class L
	Six Months Ended March 31, 2015			Year Ended September 30,						Period from April 27, 2012^ to
Selected Per Share Data and Ratios	(unaudited)			2014			2013			September 30, 2012
Net Asset Value, Beginning of Period	$	7.80		$	7.75		$	7.80		$	7.76
Income (Loss) from Investment Operations:
Net Investment Income†		0.04			0.06			0.07			0.04
Net Realized and Unrealized Gain (Loss)		(0.04	)		0.05			(0.03	)		0.04
Total from Investment Operations		—			0.11			0.04			0.08
Distributions from and/or in Excess of:
Net Investment Income		(0.02	)		(0.06	)		(0.09	)		(0.04	)
Net Asset Value, End of Period	$	7.78		$	7.80		$	7.75		$	7.80
Total Return++		0.02	%#		1.38	%		0.48	%		1.06	%#
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	318		$	200		$	95		$	10
Ratio of Expenses to Average Net Assets ⁽¹⁾		1.23	%+*		1.23	%+		1.24	%+^^		1.21	%+*
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		0.93	%+*		0.79	%+		0.85	%+^^		1.14	%+*
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.00	%§*		0.00	%§		0.00	%§		0.00	%*§
Portfolio Turnover Rate		19	%#		60	%		66	%		51	%#
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		2.67	%*		3.48	%		1.34	%		N/A
Net Investment Income (Loss) to Average Net Assets		(0.51	)%*		(1.46	)%		0.75	%		N/A

^ Commencement of Operations.

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value as of the last business day of the period.

# Not Annualized.

* Annualized.

^^ Effective September 16, 2013, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.23% for Class L shares.

§ Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited)

The accompanying financial statements relate to the Limited Duration Portfolio. The Portfolio seeks above-average total return over a market cycle of three to five years. The Portfolio offers three classes of shares — Class I, Class A and Class L.

Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (5) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day; and (6) short-term taxable debt securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, unless the Adviser determines such price does not reflect the securities' market value, in which case these securities will be valued at their fair market value determined by the Adviser. Other taxable short-term debt securities with maturities of more than 60 days will be valued on a mark-to-market basis until such time as they reach a maturity of 60 days, whereupon they will be valued at amortized cost using their value on the 61st day unless the Adviser determines such price does not reflect the securities' fair value, in which case these securities will be valued at their fair market value as determined by the Adviser.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.

• 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 following is a summary of the inputs used to value the Portfolio's investments as of March 31, 2015.

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Fixed Income Securities
Agency Adjustable Rate Mortgages	$	—	$	4,280	$	—	$	4,280
Agency Fixed Rate Mortgages		—		501		—		501
Asset-Backed Securities		—		18,464		—		18,464
Collateralized Mortgage Obligations — Agency Collateral Series		—		3,845		—		3,845
Commercial Mortgage- Backed Securities		—		2,219		—		2,219
Corporate Bonds		—		72,245		—		72,245
Mortgages — Other		—		4,145		—		4,145
Sovereign		—		1,768		—		1,768
Total Fixed Income Securities		—		107,467		—		107,467
Short-Term Investments
Investment Company		1,304		—		—		1,304
U.S. Treasury Security		—		864		—		864
Total Short-Term Investments		1,304		864		—		2,168
Futures Contracts		100		—		—		100
Credit Default Swap Agreement		—		1		—		1
Foreign Currency Forward Exchange Contract		—		14		—		14
Total Assets		1,404		108,346		—		109,750

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (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:
Futures Contract	$	(138	)	$	—		$	—	$	(138	)
Credit Default Swap Agreements		—			(30	)		—		(30	)
Interest Rate Swap Agreements		—			(67	)		—		(67	)
Total Liabilities		(138	)		(97	)		—		(235	)
Total	$	1,266		$	108,249		$	—	$	109,515

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Portfolio's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of unrealized appreciation (depreciation) in the Statement of Assets and Liabilities. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid and risks arising from margin requirements. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Portfolio's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

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

of the contract. Currency contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. To the extent hedged by the use of currency contracts, the precise matching of the currency contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date on which the contract is entered into and the date it matures. Furthermore, such transactions may reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. There is additional risk to the extent that currency contracts create exposure to currencies in which the Portfolio's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Portfolio than if it had not entered into such contracts. The use of currency contracts involves the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract. A currency contract is marked-to-market daily and the change in market value is recorded by the Portfolio as unrealized gain or loss. The Portfolio records realized gains (losses) when the currency contract is closed equal to the difference between the value of the currency contract at the time it was opened and the value at the time it was closed.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return, and the potential loss from futures contracts can exceed the Portfolio's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time. There is also the risk of loss by the Portfolio of margin deposits in the event of bankruptcy of a broker with which the Portfolio has open positions in the futures contract.

require the clearing and exchange-trading of certain standardized swap transactions. Mandatory exchange-trading and clearing is occurring on a phased-in basis.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

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

The following tables set forth the fair value of the Portfolio's derivative contracts by primary risk exposure as of March 31, 2015.

Asset Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward Exchange
Contract

Unrealized Appreciation on
Foreign Currency Forward
Exchange Contract

Currency Risk

$14

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

100(a)

Swap Agreement

Variation Margin on
Swap Agreement

Credit Risk

1(a)

Total

$115

Liability Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Futures Contract

Variation Margin on
Futures Contract

Interest Rate Risk

$(138)(a)

Swap Agreements

Unrealized Depreciation on
Swap Agreements

Credit Risk

(30)

Swap Agreements

Variation Margin on
Swap Agreements

Interest Rate Risk

(67)(a)

Total

$(235)

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(1	)
Interest Rate Risk	Futures Contracts		(415	)
Credit Risk	Swap Agreements		(11	)
Interest Rate Risk	Swap Agreements		(536	)
Total		$	(963	)

Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	14
Interest Rate Risk	Futures Contracts		(152	)
Credit Risk	Swap Agreements		(19	)
Interest Rate Risk	Swap Agreements		(160	)
Total		$	(317	)

At March 31, 2015, the Portfolio's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Statement of Assets and Liabilities
Derivatives(b)	Assets(c) (000)		Liabilities(c) (000)
Foreign Currency Forward Exchange Contract	$	14	$	—
Swap Agreements		—		(30	)
Total	$	14	$	(30	)

(b) Excludes exchange traded derivatives.

(c) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2015.

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in Statement of Assets and Liabilities (000)		Financial Instrument (000)		Collateral Received (000)		Net Amount (not less than $0) (000)
UBS AG	$	14	$	—	$	—	$	14
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in Statement of Assets and Liabilities (000)		Financial Instrument (000)		Collateral Pledged (000)		Net Amount (not less than $0) (000)
Barclays Bank PLC	$	30	$	—	$	—	$	30

For the six months ended March 31, 2015, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	375,000
Futures Contracts:
Average monthly original value	$	123,678,000
Swap Agreements:
Average monthly notional amount	$	42,840,000

7. Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Portfolio with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.30% of the average daily net assets of the Portfolio.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Portfolio so that total annual portfolio operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.53% for Class I shares, 0.88% for Class A shares and 1.23% for Class L shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Portfolio's prospectus or until such time that the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended March 31, 2015, approximately $52,000 of advisory fees were waived and approximately $28,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

C. Administration Fees: The Adviser also serves as Administrator to the Fund and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Portfolio's average daily net assets. Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Fund. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Portfolio.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2015, purchases and sales of investment securities for the Portfolio, other than long-term U.S. Government securities and short-term investments, were approximately $21,130,000 and $27,543,000, respectively. For the six months ended March 31, 2015, there were no purchases of long-term U.S. Government securities

and sales of long-term U.S. Government securities were approximately $4,707,000.

The Portfolio invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Portfolio are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Funds. For the six months ended March 31, 2015, advisory fees paid were reduced by approximately $1,000 relating to the Portfolio's investment in the Liquidity Funds.

A summary of the Portfolio's transactions in shares of the Liquidity Funds during the six months ended March 31, 2015 is as follows:

Value September 30, 2014 (000)				Purchases at Cost (000)				Sales (000)				Dividend Income (000)				Value March 31, 2015 (000)
$	936			$	18,677			$	18,309			$	1			$	1,304

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

2014 Distributions Paid From: Ordinary Income (000)				2013 Distributions Paid From: Ordinary Income (000)
$	1,703			$	2,138

Permanent differences, primarily due to basis adjustments for swap transactions, paydown adjustments and an expired capital loss carryforward, resulted in the following reclassifications among the components of net assets at September 30, 2014:

Accumulated Undistributed Net Investment Income (000)				Accumulated Net Realized Loss (000)				Paid-in- Capital (000)
$	(116	)		$	6,966			$	(6,850	)

At September 30, 2014, the components of distributable earnings for the Portfolio on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	261			$	—

At March 31, 2015, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,571,000 and the aggregate gross unrealized depreciation is approximately $175,000 resulting in net unrealized appreciation of approximately $1,396,000.

At September 30, 2014, the Portfolio had available for Federal income tax purposes unused capital losses, which will expire on the indicated dates:

Amount (000)		Expiration
$	7,068	September 30, 2015
	265	September 30, 2016
	200,864	September 30, 2017
	33,504	September 30, 2018

Capital loss carryforwards of approximately $6,850,000 expired during the year ended September 30, 2014.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited)

AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY

This privacy notice describes the U.S. privacy policy of Morgan Stanley Distribution, Inc., and the Morgan Stanley family of mutual funds ("us", "our", "we").

WE RESPECT YOUR PRIVACY

1. WHAT PERSONAL INFORMATION DO WE COLLECT FROM YOU?

• We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through applications and other forms you submit to us.

• We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

• We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?

We may disclose personal information we collect about you in each of the categories listed above to affiliated and nonaffiliated third parties.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited) (cont'd)

a. Information We Disclose to Affiliated Companies.

b. Information We Disclose to Third Parties.

3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL INFORMATION WE COLLECT ABOUT YOU?

4. HOW CAN YOU LIMIT OUR SHARING CERTAIN PERSONAL INFORMATION ABOUT YOU WITH OUR AFFILIATED COMPANIES FOR ELIGIBILITY DETERMINATION?

5. HOW CAN YOU LIMIT THE USE OF CERTAIN PERSONAL INFORMATION ABOUT YOU BY OUR AFFILIATED COMPANIES FOR MARKETING?

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited) (cont'd)

6. HOW CAN YOU SEND US AN OPT-OUT INSTRUCTION?

• Calling us at (800) 548-7786
Monday–Friday between 8a.m. and 6p.m. (EST)

• Writing to us at the following address:

Boston Financial Data Services, Inc.
c/o Privacy Coordinator
P.O. Box 219804
Kansas City, Missouri 64121

7. WHAT IF AN AFFILIATED COMPANY BECOMES A NONAFFILIATED THIRD PARTY?

SPECIAL NOTICE TO RESIDENTS OF VERMONT

SPECIAL NOTICE TO RESIDENTS OF CALIFORNIA

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Trustee and Officer Information (unaudited)

Trustees

Officers

Michael E. Nugent
Chairperson of the Board and Trustee

John H. Gernon
President and Principal Executive Officer

Stefanie V. Chang Yu
Chief Compliance Officer

Joseph C. Benedetti
Vice President

Mary E. Mullin
Secretary

Francis J. Smith
Treasurer and Principal Financial Officer

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

Boston Financial Data Services, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its semi-annual and annual reports within 60 days of the end of the fund's second and fourth fiscal quarters. The semi-annual reports and the annual reports are filed electronically with the Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the semi-annual and annual reports to fund shareholders and makes these reports available on its public website, www.morganstanley.com/im. Each Morgan Stanley fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters on Form N-Q. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, nor are the reports posted to the Morgan Stanley public website. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. You may also review and copy them at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling the SEC toll free at 1 (800) SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's email address (publicinfo@sec.gov) or by writing the Public Reference Room of the SEC, Washington, DC 20549-0102.

Proxy Voting Policies and Procedures and Proxy Voting Record

Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
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IFTLDSAN
1182626 EXP 05.31.16

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Mid Cap Growth Portfolio

Semi-Annual Report

March 31, 2015

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					7
Statement of Operations					9
Statements of Changes in Net Assets					10
Financial Highlights					12
Notes to Financial Statements					16
U.S. Privacy Policy					26
Trustee and Officer Information					29

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Semi-Annual report, in which you will learn how your investment in Mid Cap Growth Portfolio (the "Portfolio") performed during the latest six-month period.

As always, we thank you for selecting Morgan Stanley Investment Management, and look forward to working with you in the months and years ahead.

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2015

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Expense Example (unaudited)

Mid Cap Growth Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2015 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/14		Actual Ending Account Value 3/31/15		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Mid Cap Growth Portfolio Class I	$	1,000.00	$	1,056.90	$	1,021.29	$	3.74	$	3.68		0.73	%
Mid Cap Growth Portfolio Class A		1,000.00		1,055.80		1,019.90		5.18		5.09		1.01
Mid Cap Growth Portfolio Class L		1,000.00		1,052.60		1,017.25		7.88		7.75		1.54
Mid Cap Growth Portfolio Class IS		1,000.00		1,057.70		1,021.94		3.08		3.02		0.60

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments

Mid Cap Growth Portfolio

	Shares		Value (000)
Common Stocks (94.8%)
Aerospace & Defense (1.0%)
TransDigm Group, Inc.		307,537	$	67,264
Automobiles (3.0%)
Tesla Motors, Inc. (a)(b)		1,060,044		200,104
Beverages (1.2%)
Monster Beverage Corp. (a)		566,598		78,414
Biotechnology (2.4%)
Alnylam Pharmaceuticals, Inc. (a)		353,321		36,894
Intercept Pharmaceuticals, Inc. (a)		43,470		12,259
Ironwood Pharmaceuticals, Inc. (a)		3,035,468		48,568
Pharmacyclics, Inc. (a)		159,616		40,854
Seattle Genetics, Inc. (a)		445,528		15,749
				154,324
Commercial Services & Supplies (1.1%)
Stericycle, Inc. (a)		501,361		70,406
Communications Equipment (1.2%)
Palo Alto Networks, Inc. (a)		532,497		77,787
Diversified Financial Services (6.0%)
McGraw Hill Financial, Inc.		1,910,286		197,524
MSCI, Inc.		3,225,987		197,785
				395,309
Electrical Equipment (0.5%)
SolarCity Corp. (a)(b)		601,906		30,866
Food Products (5.8%)
Keurig Green Mountain, Inc.		1,327,632		148,336
Mead Johnson Nutrition Co.		2,303,971		231,618
				379,954
Health Care Equipment & Supplies (4.5%)
Intuitive Surgical, Inc. (a)		583,760		294,816
Health Care Technology (2.8%)
athenahealth, Inc. (a)		1,521,769		181,684
Hotels, Restaurants & Leisure (4.8%)
Chipotle Mexican Grill, Inc. (a)		45,868		29,839
Dunkin' Brands Group, Inc.		3,230,297		153,633
Panera Bread Co., Class A (a)		836,663		133,862
				317,334
Information Technology Services (4.7%)
FleetCor Technologies, Inc. (a)		1,021,193		154,119
Gartner, Inc. (a)		1,802,222		151,116
				305,235
Internet & Catalog Retail (3.8%)
Groupon, Inc. (a)		5,184,507		37,380
TripAdvisor, Inc. (a)		856,894		71,268
Vipshop Holdings Ltd. ADR (China) (a)		2,656,050		78,194
Zalando SE (Germany) (a)		1,369,647		34,256
zulily, Inc., Class A (a)(b)		2,321,009		30,150
				251,248

	Shares		Value (000)
Internet Software & Services (16.9%)
Autohome, Inc. ADR (China) (a)(b)		1,464,687	$	64,402
Dropbox, Inc. (a)(c)(d)(e) (acquisition cost — $33,909; acquired 5/1/12)		3,747,173		71,271
LendingClub Corp. (a)(b)		1,008,512		19,817
LinkedIn Corp., Class A (a)		1,239,240		309,637
MercadoLibre, Inc. (Brazil)		359,733		44,075
Pandora Media, Inc. (a)		3,105,941		50,347
Twitter, Inc. (a)		6,346,408		317,828
Yelp, Inc. (a)(b)		766,646		36,301
Youku Tudou, Inc. ADR (China) (a)		3,027,743		37,847
Zillow Group, Inc., Class A (a)(b)		1,587,331		159,209
				1,110,734
Life Sciences Tools & Services (5.3%)
Illumina, Inc. (a)		1,868,077		346,790
Machinery (1.0%)
Colfax Corp. (a)		1,352,515		64,556
Media (1.2%)
Legend Pictures LLC Ltd. (a)(c)(d)(e) (acquisition cost — $38,812; acquired 3/8/12)		36,302		75,941
Pharmaceuticals (5.8%)
Endo International PLC (a)		2,395,287		214,857
Zoetis, Inc.		3,645,619		168,756
				383,613
Professional Services (4.5%)
IHS, Inc., Class A (a)		1,167,475		132,812
Verisk Analytics, Inc., Class A (a)		2,309,337		164,887
				297,699
Software (12.7%)
FireEye, Inc. (a)		3,417,312		134,130
NetSuite, Inc. (a)		582,784		54,059
ServiceNow, Inc. (a)		2,212,082		174,268
Splunk, Inc. (a)		3,221,302		190,701
Tableau Software, Inc., Class A (a)		679,401		62,858
Workday, Inc., Class A (a)		2,276,684		192,175
Zynga, Inc., Class A (a)		8,070,988		23,002
				831,193
Tech Hardware, Storage & Peripherals (0.6%)
3D Systems Corp. (a)(b)		891,915		24,457
Stratasys Ltd. (a)(b)		310,066		16,365
				40,822
Textiles, Apparel & Luxury Goods (4.0%)
Lululemon Athletica, Inc. (Canada) (a)		1,366,803		87,503
Michael Kors Holdings Ltd. (a)		2,115,078		139,066
Under Armour, Inc., Class A (a)		475,894		38,429
				264,998
Total Common Stocks (Cost $4,829,569)				6,221,091

The accompanying notes are an integral part of the financial statements.
4

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Mid Cap Growth Portfolio

	Shares		Value (000)
Convertible Preferred Stocks (0.1%)
Internet & Catalog Retail (0.0%)
Peixe Urbano, Inc. (Brazil) (a)(c)(d)(e) (acquisition cost — $18,817; acquired 12/2/11)		571,575	$	245
Internet Software & Services (0.1%)
Dropbox, Inc. Series A (a)(c)(d)(e) (acquisition cost — $3,365; acquired 5/25/12)		371,814		7,072
Total Convertible Preferred Stocks (Cost $22,182)				7,317
Preferred Stocks (3.2%)
Internet & Catalog Retail (2.0%)
Airbnb, Inc. Series D (a)(c)(d)(e) (acquisition cost — $47,799; acquired 4/16/14)		1,174,038		59,183
Flipkart Online Services Pvt Ltd. Series D (a)(c)(d)(e) (acquisition cost — $13,007; acquired 10/4/13)		566,827		74,255
				133,438
Internet Software & Services (0.4%)
Survey Monkey, Inc. (a)(c)(e)		1,760,030		28,653
Software (0.8%)
Palantir Technologies, Inc. Series G (a)(c)(d)(e) (acquisition cost — $11,738; acquired 7/19/12)		3,835,908		34,101
Palantir Technologies, Inc. Series H (a)(c)(d)(e) (acquisition cost — $3,519; acquired 10/25/13)		1,002,564		8,913
Palantir Technologies, Inc. Series H1 (a)(c)(d)(e) (acquisition cost — $3,519; acquired 10/25/13)		1,002,564		8,913
				51,927
Total Preferred Stocks (Cost $108,534)				214,018
	Notional Amount
Call Options Purchased (0.1%)
Foreign Currency Options (0.1%)
USD/CNY June 2015 @ CNY 6.62		1,374,242,186		539
USD/CNY November 2015 @ CNY 6.65		1,137,270,245		3,474
Total Call Options Purchased (Cost $7,555)				4,013
	Shares
Short-Term Investments (6.1%)
Securities held as Collateral on Loaned Securities (3.9%)
Investment Company (3.4%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note G)		222,908,788		222,909

	Face Amount (000)		Value (000)
Repurchase Agreements (0.5%)
BNP Paribas Securities Corp., (0.10%, dated 3/31/15, due 4/1/15; proceeds $10,434; fully collateralized by various U.S. Government obligations; 2.13% - 2.75% due 7/31/21 - 11/15/42; valued at $10,643)	$	10,434	$	10,434
Merrill Lynch & Co., Inc., (0.18%, dated 3/31/15, due 4/1/15; proceeds $22,360; fully collateralized by various Common Stocks, a Exchange Traded Fund and various Corporate Bonds; 5.80% - 7.63% due 2/1/23 - 9/25/23; valued at $24,159)		22,360		22,360
				32,794
Total Securities held as Collateral on Loaned Securities (Cost $255,703)				255,703
	Shares
Investment Company (2.2%)
Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class (See Note G) (Cost $143,431)		143,430,862		143,431
Total Short-Term Investments (Cost $399,134)				399,134
Total Investments (104.3%) (Cost $5,366,974) Including $259,811 of Securities Loaned (f)				6,845,573
Liabilities in Excess of Other Assets (-4.3%)				(283,384	)
Net Assets (100.0%)			$	6,562,189

(a) Non-income producing security.

(b) All or a portion of this security was on loan at March 31, 2015.

(c) At March 31, 2015, the Portfolio held fair valued securities valued at approximately $368,547,000, representing 5.6% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Fund's Trustees.

(d) 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 Portfolio 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 March 31, 2015 amounts to approximately $339,894,000 and represents 5.2% of net assets.

(e) Security has been deemed illiquid at March 31, 2015.

(f) The approximate fair value and percentage of net assets, $34,256,000 and 0.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements.

ADR American Depositary Receipt.

CNY — Chinese Yuan Renminbi

USD — United States Dollar

The accompanying notes are an integral part of the financial statements.
5

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Mid Cap Growth Portfolio

Portfolio Composition*

Classification	Percentage of Total Investments
Other**		40.5	%
Internet Software & Services		17.4
Software		13.4
Diversified Financial Services		6.0
Internet & Catalog Retail		5.8
Pharmaceuticals		5.8
Food Products		5.8
Life Sciences Tools & Services		5.3
Total Investments		100.0	%

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2015.

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

The accompanying notes are an integral part of the financial statements.
6

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Mid Cap Growth Portfolio

Statement of Assets and Liabilities	March 31, 2015 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $5,000,634)	$	6,479,233
Investment in Security of Affiliated Issuer, at Value (Cost $366,340)		366,340
Total Investments in Securities, at Value (Cost $5,366,974)		6,845,573
Cash		1,092
Receivable for Portfolio Shares Sold		3,312
Dividends Receivable		1,369
Receivable from Affiliate		19
Other Assets		447
Total Assets		6,851,812
Liabilities:
Collateral on Securities Loaned, at Value		256,795
Payable for Portfolio Shares Redeemed		14,683
Payable for Advisory Fees		8,288
Due to Broker		5,180
Payable for Sub Transfer Agency Fees — Class I		2,217
Payable for Sub Transfer Agency Fees — Class A		997
Payable for Sub Transfer Agency Fees — Class L		28
Payable for Administration Fees		458
Payable for Shareholder Services Fees — Class A		337
Payable for Distribution and Shareholder Services Fees — Class L		10
Payable for Trustees' Fees and Expenses		47
Payable for Professional Fees		38
Payable for Custodian Fees		23
Payable for Transfer Agency Fees — Class I		7
Payable for Transfer Agency Fees — Class A		10
Payable for Transfer Agency Fees — Class L		1
Payable for Transfer Agency Fees — Class IS		—	@
Other Liabilities		504
Total Liabilities		289,623
Net Assets	$	6,562,189
Net Assets Consist Of:
Paid-in-Capital	$	4,894,449
Distributions in Excess of Net Investment Income		(15,023	)
Accumulated Undistributed Net Realized Gain		204,164
Unrealized Appreciation (Depreciation) on:
Investments		1,478,599
Foreign Currency Translations		(—	@)
Net Assets	$	6,562,189

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Mid Cap Growth Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2015 (000)
CLASS I:
Net Assets	$	4,276,360
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		105,566,829
Net Asset Value, Offering and Redemption Price Per Share	$	40.51
CLASS A:
Net Assets	$	1,547,545
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		40,284,275
Net Asset Value, Redemption Price Per Share	$	38.42
Maximum Sales Load		5.25	%
Maximum Sales Charge	$	2.13
Maximum Offering Price Per Share	$	40.55
CLASS L:
Net Assets	$	15,769
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		417,505
Net Asset Value, Offering and Redemption Price Per Share	$	37.77
CLASS IS:
Net Assets	$	722,515
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		17,816,930
Net Asset Value, Offering and Redemption Price Per Share	$	40.55
⁽¹⁾ Including: Securities on Loan, at Value:	$	259,811

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Mid Cap Growth Portfolio

Statement of Operations	Six Months Ended March 31, 2015 (000)
Investment Income:
Dividends from Securities of Unaffiliated Issuers	$	9,046
Income from Securities Loaned — Net		3,510
Dividends from Security of Affiliated Issuer (Note G)		82
Total Investment Income		12,638
Expenses:
Advisory Fees (Note B)		17,348
Sub Transfer Agency Fees — Class I		2,943
Sub Transfer Agency Fees — Class A		1,266
Sub Transfer Agency Fees — Class L		13
Administration Fees (Note C)		2,776
Shareholder Services Fees — Class A (Note D)		2,123
Distribution and Shareholder Services Fees — Class L (Note D)		61
Shareholder Reporting Fees		413
Custodian Fees (Note F)		153
Registration Fees		134
Trustees' Fees and Expenses		89
Professional Fees		62
Transfer Agency Fees — Class I (Note E)		22
Transfer Agency Fees — Class A (Note E)		35
Transfer Agency Fees — Class L (Note E)		3
Transfer Agency Fees — Class IS (Note E)		1
Pricing Fees		3
Other Expenses		27
Total Expenses		27,472
Rebate from Morgan Stanley Affiliate (Note G)		(96	)
Net Expenses		27,376
Net Investment Loss		(14,738	)
Realized Gain:
Investments Sold		293,472
Foreign Currency Transactions		64
Net Realized Gain		293,536
Change in Unrealized Appreciation (Depreciation):
Investments		106,199
Foreign Currency Translations		51
Net Change in Unrealized Appreciation (Depreciation)		106,250
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		399,786
Net Increase in Net Assets Resulting from Operations	$	385,048

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Mid Cap Growth Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2015 (unaudited) (000)			Year Ended September 30, 2014 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income (Loss)	$	(14,738	)	$	9,697
Net Realized Gain		293,536			884,947
Net Change in Unrealized Appreciation (Depreciation)		106,250			(387,167	)
Net Increase in Net Assets Resulting from Operations		385,048			507,477
Distributions from and/or in Excess of:
Class I:
Net Investment Income		(9,202	)		—
Net Realized Gain		(622,473	)		(310,448	)
Class A:
Net Realized Gain		(246,534	)		(128,582	)
Class L:
Net Realized Gain		(2,378	)		(1,046	)
Class IS:
Net Investment Income		(2,208	)		—
Net Realized Gain		(89,011	)		(1	)
Total Distributions		(971,806	)		(440,077	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		265,183			916,673
Distributions Reinvested		591,126			297,048
Redeemed		(912,476	)		(1,755,132	)
Class A:
Subscribed		60,968			295,233
Distributions Reinvested		243,008			126,784
Redeemed		(459,382	)		(745,859	)
Class L:
Subscribed		263			1,469
Distributions Reinvested		2,327			1,024
Redeemed		(2,086	)		(2,856	)
Class IS:
Subscribed		82,075			725,627
Distributions Reinvested		90,604			—
Redeemed		(60,066	)		(43,141	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(98,456	)		(183,130	)
Total Decrease in Net Assets		(685,214	)		(115,730	)
Net Assets:
Beginning of Period		7,247,403			7,363,133
End of Period (Including Distributions in Excess of Net Investment Income and Accumulated Undistributed Net Investment Income of $(15,023) and $11,125, respectively)	$	6,562,189		$	7,247,403

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Mid Cap Growth Portfolio

Statements of Changes in Net Assets (cont'd)	Six Months Ended March 31, 2015 (unaudited) (000)			Year Ended September 30, 2014 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		6,298			20,224
Shares Issued on Distributions Reinvested		15,709			6,827
Shares Redeemed		(21,726	)		(38,728	)
Net Increase (Decrease) in Class I Shares Outstanding		281			(11,677	)
Class A:
Shares Subscribed		1,532			6,761
Shares Issued on Distributions Reinvested		6,803			3,046
Shares Redeemed		(11,586	)		(17,415	)
Net Decrease in Class A Shares Outstanding		(3,251	)		(7,608	)
Class L:
Shares Subscribed		7			34
Shares Issued on Distributions Reinvested		66			24
Shares Redeemed		(54	)		(67	)
Net Increase (Decrease) in Class L Shares Outstanding		19			(9	)
Class IS:
Shares Subscribed		2,044			15,763
Shares Issued on Distributions Reinvested		2,406			—
Shares Redeemed		(1,422	)		(975	)
Net Increase in Class IS Shares Outstanding		3,028			14,788

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Mid Cap Growth Portfolio

	Class I
	Six Months Ended March 31, 2015			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	44.73		$	44.24		$	35.34		$	33.65		$	33.58		$	26.96
Income (Loss) from Investment Operations:
Net Investment Income (Loss)†		(0.08	)		0.09			0.10			0.17			0.03			0.11
Net Realized and Unrealized Gain		2.14			3.04			10.10			3.35			0.14			6.52
Total from Investment Operations		2.06			3.13			10.20			3.52			0.17			6.63
Distributions from and/or in Excess of:
Net Investment Income		(0.09	)		—			(0.12	)		—			(0.10	)		(0.01	)
Net Realized Gain		(6.19	)		(2.64	)		(1.18	)		(1.83	)		—			—
Total Distributions		(6.28	)		(2.64	)		(1.30	)		(1.83	)		(0.10	)		(0.01	)
Net Asset Value, End of Period	$	40.51		$	44.73		$	44.24		$	35.34		$	33.65		$	33.58
Total Return++		5.69	%#		7.25	%		29.92	%		10.91	%		0.47	%		24.58	%
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	4,276,360		$	4,708,900		$	5,174,440		$	4,219,528		$	3,797,139		$	3,012,006
Ratio of Expenses to Average Net Assets		0.73	%+*		0.75	%+		0.70	%+^		0.71	%+		0.69	%+		0.68	%+
Ratio of Expenses to Average Net Assets Excluding Non Operating Expenses		N/A			N/A			0.71	%+^		N/A			N/A			N/A
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.37	)%+*		0.19	%+		0.27	%+^		0.48	%+		0.07	%+		0.38	%+
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.00	%§*		0.00	%§		0.00	%§		0.00	%§		0.01	%		0.01	%
Portfolio Turnover Rate		15	%#		45	%		52	%		26	%		35	%		23	%

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value as of the last business day of the period.

§ Amount is less than 0.005%.

^ Effective September 16, 2013, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.80% for Class I shares.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Mid Cap Growth Portfolio

	Class A
	Six Months Ended March 31, 2015			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	42.70		$	42.46		$	34.03		$	32.55		$	32.51		$	26.15
Income (Loss) from Investment Operations:
Net Investment Income (Loss)†		(0.13	)		(0.03	)		0.01			0.06			(0.07	)		0.04
Net Realized and Unrealized Gain		2.04			2.91			9.70			3.25			0.15			6.32
Total from Investment Operations		1.91			2.88			9.71			3.31			0.08			6.36
Distributions from and/or in Excess of:
Net Investment Income		—			—			(0.10	)		—			(0.04	)		—
Net Realized Gain		(6.19	)		(2.64	)		(1.18	)		(1.83	)		—			—
Total Distributions		(6.19	)		(2.64	)		(1.28	)		(1.83	)		(0.04	)		—
Net Asset Value, End of Period	$	38.42		$	42.70		$	42.46		$	34.03		$	32.55		$	32.51
Total Return++		5.58	%#		6.95	%		29.60	%		10.62	%		0.22	%		24.32	%
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,547,545		$	1,859,126		$	2,171,493		$	1,832,003		$	2,595,397		$	2,465,552
Ratio of Expenses to Average Net Assets		1.01	%+*		1.00	%+		0.95	%+^		0.96	%+		0.94	%+		0.93	%+
Ratio of Expenses to Average Net Assets Excluding Non Operating Expenses		N/A			N/A			0.96	%+^		N/A			N/A			N/A
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.64	)%+*		(0.07	)%+		0.02	%+^		0.17	%+		(0.18	)%+		0.13	%+
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.00	%§*		0.00	%§		0.00	%§		0.00	%§		0.01	%		0.01	%
Portfolio Turnover Rate		15	%#		45	%		52	%		26	%		35	%		23	%

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

^ Effective September 16, 2013, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.15% for Class A shares.

§ Amount is less than 0.005%.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Mid Cap Growth Portfolio

	Class L
	Six Months Ended March 31, 2015			Year Ended September 30,						Period from June 14, 2012^ to
Selected Per Share Data and Ratios	(unaudited)			2014			2013			September 30, 2012
Net Asset Value, Beginning of Period	$	42.20		$	42.20		$	33.97		$	32.87
Income (Loss) from Investment Operations:
Net Investment Income (Loss)†		(0.23	)		(0.26	)		(0.15	)		0.05
Net Realized and Unrealized Gain		1.99			2.90			9.63			1.05
Total from Investment Operations		1.76			2.64			9.48			1.10
Distributions from and/or in Excess of:
Net Investment Income		—			—			(0.07	)		—
Net Realized Gain		(6.19	)		(2.64	)		(1.18	)		—
Total Distributions		(6.19	)		(2.64	)		(1.25	)		—
Net Asset Value, End of Period	$	37.77		$	42.20		$	42.20		$	33.97
Total Return++		5.26	%#		6.40	%		28.92	%		3.35	%#
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	15,769		$	16,817		$	17,190		$	10
Ratio of Expenses to Average Net Assets		1.54	%+*		1.55	%+		1.46	%+^^		1.50	%+*
Ratio of Expenses to Average Net Assets Excluding Non Operating Expenses		N/A			N/A			1.46	%+^^		N/A
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.18	)%+*		(0.60	)%+		(0.41	)%+^^		0.46	%+*
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.00	%§*		0.00	%§		0.00	%§		0.00	%§*
Portfolio Turnover Rate		15	%#		45	%		52	%		26	%#

^ Commencement of Operations.

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value as of the last business day of the period.

^^ Effective September 16, 2013, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.65% for Class L shares.

§ Amount is less than 0.005%.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Mid Cap Growth Portfolio

	Class IS
Selected Per Share Data and Ratios	Six Months Ended March 31, 2015 (unaudited)			Year Ended September 30, 2014			Period from September 13, 2013^ to September 30,2013
Net Asset Value, Beginning of Period	$	44.80		$	44.25		$	43.74
Income (Loss) from Investment Operations:
Net Investment Income Gain (Loss)†		(0.05	)		0.18			(0.00	)‡
Net Realized and Unrealized Gain		2.14			3.01			0.51
Total from Investment Operations		2.09			3.19			0.51
Distributions from and/or in Excess of:
Net Investment Income		(0.15	)		—			—
Net Realized Gain		(6.19	)		(2.64	)		—
Total Distributions		(6.34	)		(2.64	)		—
Net Asset Value, End of Period	$	40.55		$	44.80		$	44.25
Total Return++		5.77	%#		7.39	%		1.17	%#
Ratios and Supplemental Data:
Net Assets, End of Period, in (Thousands)	$	722,515		$	662,560		$	10
Ratio of Expenses to Average Net Assets		0.60	%+*		0.61	%+		0.49	%+^^*
Ratio of Expenses to Average Net Assets Excluding Non Operating Expenses		N/A			N/A			0.58	%+^^*
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.24	)%+*		0.41	%+		(0.22	)%+^^*
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.00	%§*		0.00	%§		0.01	%*
Portfolio Turnover Rate		15	%#		45	%		52	%#

^ Commencement of Operations.

† Per share amount is based on average shares outstanding.

‡ Amount is less than $0.005 per share.

++ Calculated based on the net asset value as of the last business day of the period.

^^ Effective September 16, 2013, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.73% for Class IS shares.

§ Amount is less than 0.005%.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited)

The accompanying financial statements relate to the Mid Cap Growth Portfolio. The Portfolio seeks long-term capital growth. The Portfolio offers four classes of shares — Class I, Class A, Class L and Class IS.

1. Security Valuation: (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), if there were no sales on a given day, the security is valued at the mean between the last reported bid and asked prices; (2) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at its latest reported sales price. 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) 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 their latest bid and asked price. Unlisted options are valued by an outside pricing service approved by the Fund's Board of Trustees (the "Trustees") or quotes from a broker or dealer; (4) when market quotations are not readily available, including circumstances under which Morgan Stanley Investment Management Inc. (the "Adviser") determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their

fair value as determined in good faith under procedures established by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (5) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day; and (7) short-term debt securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, unless the Adviser determines such valuation does not reflect the securities' market value, in which case these securities will be valued at their fair market value determined by the Adviser.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.

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

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

The following is a summary of the inputs used to value the Portfolio's investments as of March 31, 2015.

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)			Total (000)
Assets:
Common Stocks
Aerospace & Defense	$	67,264	$	—	$	—		$	67,264
Automobiles		200,104		—		—			200,104
Beverages		78,414		—		—			78,414
Biotechnology		154,324		—		—			154,324
Commercial Services & Supplies		70,406		—		—			70,406
Communications Equipment		77,787		—		—			77,787
Diversified Financial Services		395,309		—		—			395,309
Electrical Equipment		30,866		—		—			30,866
Food Products		379,954		—		—			379,954
Health Care Equipment & Supplies		294,816		—		—			294,816
Health Care Technology		181,684		—		—			181,684
Hotels, Restaurants & Leisure		317,334		—		—	��		317,334
Information Technology Services		305,235		—		—			305,235
Internet & Catalog Retail		216,992		34,256		—			251,248
Internet Software & Services		1,039,463		—		71,271			1,110,734

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Common Stocks (cont'd)
Life Sciences Tools & Services	$	346,790	$	—	$	—	$	346,790
Machinery		64,556		—		—		64,556
Media		—		—		75,941		75,941
Pharmaceuticals		383,613		—		—		383,613
Professional Services		297,699		—		—		297,699
Software		831,193		—		—		831,193
Tech Hardware, Storage & Peripherals		40,822		—		—		40,822
Textiles, Apparel & Luxury Goods		264,998		—		—		264,998
Total Common Stocks		6,039,623		34,256		147,212		6,221,091
Convertible Preferred Stocks		—		—		7,317		7,317
Preferred Stocks		—		—		214,018		214,018
Call Options Purchased		—		4,013		—		4,013
Short-Term Investments
Investment Company		366,340		—		—		366,340
Repurchase Agreements		—		32,794		—		32,794
Total Short-Term Investments		366,340		32,794		—		399,134
Total Assets	$	6,405,963	$	71,063	$	368,547	$	6,845,573

period. As of March 31, 2015, securities with a total value of approximately $34,256,000 transferred from Level 1 to Level 2. At March 31, 2015, the fair value of certain securities were adjusted due to developments which occurred between the time of the close of the foreign markets on which they trade and the close of business on the NYSE which resulted in their Level 2 classification.

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

	Common Stocks (000)		Convertible Preferred Stocks (000)			Preferred Stocks (000)
Beginning Balance	$	132,566	$	8,195		$	123,480
Purchases		—		—			28,952
Sales		—		—			—
Amortization of discount		—		—			—
Transfers in		—		—			—
Transfers out		—		—			—
Corporate actions		—		—			—
Change in unrealized appreciation (depreciation)		14,646		(878	)		61,586
Realized gains (losses)		—		—			—
Ending Balance	$	147,212	$	7,317		$	214,018
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2015	$	14,646	$	(878	)	$	61,586

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 March 31, 2015. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance.

	Fair Value at March 31, 2015 (000)		Valuation Technique	Unobservable Input	Range				Selected Value/ Weighted Average		Impact to Valuation from an Increase in Input
Internet & Catalog Retail
Convertible Preferred Stock	$	245	Market Transaction Method	Escrow Cash Receivable from Liquidation	$	0.43	$	0.43	$	0.43	Increase
Preferred Stocks	$	59,183	Market Transaction Method	Tender Offer Valuation	$	50.41	$	50.41	$	50.41	Increase
	$	74,255	Market Transaction Method	Issuance Price of Financing	$	119.76	$	119.76	$	119.76	Increase
				Issuance Price of Pending Financing	$	142.24	$	142.24	$	142.24	Increase

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

	Fair Value at March 31, 2015 (000)		Valuation Technique	Unobservable Input	Range						Selected Value/ Weighted Average			Impact to Valuation from an Increase in Input
Internet Software & Services
Common Stock	$	71,271	Market Transaction Method	Third Party Tender Offer/Series C Preferred	$	19.10		$	19.10		$	19.10		Increase
Convertible Preferred Stock	$	7,072	Discounted Cash Flow	Weighted Average Cost of Capital		16.0	%		18.0	%		17.0	%	Decrease
				Perpetual Growth Rate		2.5	%		3.5	%		3.0	%	Increase
			Market Comparable Companies	Enterprise Value/ Revenue		8.9	x		18.6	x		13.2	x	Increase
				Discount for Lack of Marketability		15.0	%		15.0	%		15.0	%	Decrease
Preferred Stock	$	28,653	Market Transaction Method	Precedent Transaction	$	16.45		$	16.45		$	16.45		Increase
			Discounted Cash Flow	Weighted Average Cost of Capital		16.0	%		18.0	%		17.0	%	Decrease
				Perpetual Growth Rate		3.0	%		4.0	%		3.5	%	Increase
			Market Comparable Companies	Enterprise Value/ Revenue		5.2	x		11.2	x		11.2	x	Increase
				Discount for Lack of Marketability		15.0	%		15.0	%		15.0	%	Decrease
Media
Common Stock	$	75,941	Market Transaction Method	Precedent Transaction	$	2,119.29		$	2,119.29		$	2,119.29		Increase
			Discounted Cash Flow	Weighted Average Cost of Capital		14.0	%		16.0	%		15.0	%	Decrease
				Perpetual Growth Rate		3.0	%		5.0	%		4.0	%	Increase
			Market Comparable Companies	Enterprise Value/ Revenue		3.4	x		8.3	x		5.8	x	Increase
				Discount for Lack of Marketability		15.0	%		15.0	%		15.0	%	Decrease
Software
Preferred Stocks	$	51,927	Market Transaction Method	Issuance Price at Closing of Financing		$8.89		$	8.89		$	8.89		Increase

accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Portfolio, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

4. Foreign Currency Translation and Foreign Investments: The books and records of the Portfolio are

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Foreign security and currency transactions may involve certain considerations and risks not typically associated

with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

5. Derivatives: The Portfolio may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid and risks arising from margin requirements. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Portfolio's holdings, including derivative instruments, are marked-to-market

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

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

Options: In respect to options, the Portfolio is subject to equity risk, interest rate risk and foreign currency exchange risk in the normal course of pursuing its investment objectives. If the Portfolio buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or futures contract on the underlying instrument, at an agreed-upon price typically in exchange for a premium paid by the Portfolio. The Portfolio may purchase and/or sell put and call options. Purchasing call options tends to increase the Portfolio's exposure to the underlying (or similar) instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying (or similar) instrument. When entering into purchased option contracts, the Portfolio bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Portfolio may not achieve the anticipated benefits of the purchased option contracts; however the risk of loss is limited to the premium paid. Purchased options are reported as part of "Total Investments in Securities" in the Statement of Assets and Liabilities. Premium paid for purchasing options which expired are treated as realized losses. If the Portfolio sells an option, it sells to another party the right to buy from or sell to the Portfolio a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed-upon price typically in exchange

for a premium received by the Portfolio. When options are purchased OTC, the Portfolio bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and the Portfolio may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

The following table sets forth the fair value of the Portfolio's derivative contracts by primary risk exposure as of March 31, 2015.

Asset Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Call Options Purchased

Investments, at Value
(Call Options Purchased)

Currency Risk

4,013

(a)

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

The following table sets forth by primary risk exposure the Portfolio's change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended March 31, 2015 in accordance with ASC 815.

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Investments (Call Options Purchased)	$	(7,364	)(b)

(b) Amounts are included in Investments in the Statement of Operations.

Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Investments (Call Options Purchased)	$	6,159	(c)

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

At March 31, 2015, the Portfolio's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Statement of Assets and Liabilities
Derivatives	Assets(d) (000)			Liabilities(d) (000)
Call Options Purchased	$	4,013	(a)	$	—

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

(d) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2015.

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in Statement of Assets and Liabilities (000)		Financial Instrument (000)		Collateral Received(e) (000)			Net Amount (not less than $0) (000)
Royal Bank of Scotland	$	4,013	$	—	$	(4,013	)	$	—

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

For the six months ended March 31, 2015, the approximate average monthly amount outstanding for each derivative type is as follows:

Call Options Purchased:
Average monthly notional amount					3,101,921,000

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of March 31, 2015.

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amounts Presented in Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	259,811	(f)	$	—	$	(259,811	)(g)(h)	$	0

(f) Represents market value of loaned securities at period end.

(g) The Portfolio received cash collateral of approximately $256,795,000, of which approximately $255,703,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. As of March 31, 2015, there was uninvested cash of approximately $1,092,000, which is not reflected in the Portfolio of Investments. In addition, the Portfolio received non-cash collateral of approximately $10,435,000 in the form of U.S. Government agency securities and U.S. Government obligations, which the Portfolio cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

(h) The actual collateral received is greater than the amount shown here due to overcollateralization.

7. Restricted Securities: The Portfolio invests in unregistered or otherwise restricted securities. The term "restricted securities" refers to securities that are unregistered or are held by control persons of the issuer and securities that are subject to contractual restrictions on their resale. As a result, restricted securities may be more difficult to value and the Portfolio may have difficulty disposing of such assets either in a timely manner or for a reasonable price. In order to dispose of an unregistered security, the Portfolio, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered so that the Portfolio could sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and acquirer of the securities. The Portfolio would, in either case, bear market risks during that period. Restricted securities are identified in the Portfolio of Investments.

9. Dividends and Distributions to Shareholders: Dividend income and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

10. Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Portfolio is informed of such dividends) net of applicable withholding taxes. Interest income is recognized on the accrual basis except where collection is in doubt. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Fund can be directly attributed to a particular Portfolio. Expenses which cannot be directly attributed are apportioned among the Portfolios based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses �� distribution, transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Portfolio with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.50% of the average daily net assets of the Portfolio.

C. Administration Fees: The Adviser also serves as Administrator to the Fund and provides administrative services pursuant to an Administration Agreement for an annual fee,

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

accrued daily and paid monthly, of 0.08% of the Portfolio's average daily net assets. Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Fund. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Portfolio.

The Fund has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Portfolio pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.50% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to Class L shares.

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2015, purchases and sales of investment securities for the Portfolio, other than long-term U.S. Government securities and short-term investments, were approximately $1,042,534,000 and $1,958,231,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended March 31, 2015.

The Portfolio invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds (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 Portfolio are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Funds. For the six months ended March 31, 2015, advisory fees paid were reduced by approximately $96,000 relating to the Portfolio's investment in the Liquidity Funds.

A summary of the Portfolio's transactions in shares of the Liquidity Funds during the six months ended March 31, 2015 is as follows:

Value September 30, 2014 (000)				Purchases at Cost (000)				Sales (000)				Dividend Income (000)				Value March 31, 2015 (000)
$	337,526			$	1,430,094			$	1,401,280			$	82			$	366,340

During the six months ended March 31, 2015, the Portfolio incurred approximately $2,000 in brokerage commissions with Morgan Stanley & Co., LLC, an affiliate of the Adviser/Administrator and Distributor, for portfolio transactions executed on behalf of the Portfolio.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

2014 Distributions Paid From:				2013 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	70,823	$	369,254	$	19,000	$	202,005

Permanent differences, primarily due to differing treatments of gains (losses) related to foreign currency transactions, nondeductible expenses, basis adjustments for return of capital sold and tax adjustments on partnership investments held and sold by the Portfolio, resulted in the following reclassifications among the components of net assets at September 30, 2014:

Accumulated Undistributed Net Investment Income (000)				Accumulated Undistributed Net Realized Gain (000)				Paid-in- Capital (000)
$	3,456			$	(1,579	)		$	(1,877	)

At September 30, 2014, the components of distributable earnings for the Portfolio on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	91,008			$	791,619

At March 31, 2015, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,920,830,000 and the aggregate gross unrealized depreciation is approximately $442,231,000 resulting in net unrealized appreciation of approximately $1,478,599,000.

I. Other: At March 31, 2015, the Portfolio had otherwise unaffiliated record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Portfolio. The aggregate percentage of such owners was 62.0%, 48.1%, 10.6% and 48.3%, for Class I, Class A, Class L and Class IS shares, respectively.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited)

AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY

This privacy notice describes the U.S. privacy policy of Morgan Stanley Distribution, Inc., and the Morgan Stanley family of mutual funds ("us", "our", "we").

WE RESPECT YOUR PRIVACY

1. WHAT PERSONAL INFORMATION DO WE COLLECT FROM YOU?

• We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through applications and other forms you submit to us.

• We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

• We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?

We may disclose personal information we collect about you in each of the categories listed above to affiliated and nonaffiliated third parties.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited) (cont'd)

a. Information We Disclose to Affiliated Companies.

b. Information We Disclose to Third Parties.

3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL INFORMATION WE COLLECT ABOUT YOU?

4. HOW CAN YOU LIMIT OUR SHARING CERTAIN PERSONAL INFORMATION ABOUT YOU WITH OUR AFFILIATED COMPANIES FOR ELIGIBILITY DETERMINATION?

5. HOW CAN YOU LIMIT THE USE OF CERTAIN PERSONAL INFORMATION ABOUT YOU BY OUR AFFILIATED COMPANIES FOR MARKETING?

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited) (cont'd)

6. HOW CAN YOU SEND US AN OPT-OUT INSTRUCTION?

• Calling us at (800) 548-7786
Monday–Friday between 8a.m. and 6p.m. (EST)

• Writing to us at the following address:

Boston Financial Data Services, Inc.
c/o Privacy Coordinator
P.O. Box 219804
Kansas City, Missouri 64121

7. WHAT IF AN AFFILIATED COMPANY BECOMES A NONAFFILIATED THIRD PARTY?

SPECIAL NOTICE TO RESIDENTS OF VERMONT

SPECIAL NOTICE TO RESIDENTS OF CALIFORNIA

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Trustee and Officer Information (unaudited)

Trustees

Officers

Michael E. Nugent
Chairperson of the Board and Trustee

John H. Gernon
President and Principal Executive Officer

Stefanie V. Chang Yu
Chief Compliance Officer

Joseph C. Benedetti
Vice President

Mary E. Mullin
Secretary

Francis J. Smith
Treasurer and Principal Financial Officer

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

Boston Financial Data Services, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its semi-annual and the annual reports within 60 days of the end of the fund's second and fourth fiscal quarters. The semi-annual and annual reports are filed electronically with the Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the semi-annual and annual reports to fund shareholders and makes these reports available on its public website, www.morganstanley.com/im. Each Morgan Stanley fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters on Form N-Q. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, nor are the reports posted to the Morgan Stanley public website. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. You may also review and copy them at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling the SEC toll free at 1 (800) SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's email address (publicinfo@sec.gov) or by writing the Public Reference Room of the SEC, Washington, DC 20549-0102.

Proxy Voting Policies and Procedures and Proxy Voting Record

Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

IFTMCGSAN
1182538 EXP 05.31.16

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Strategic Income Portfolio

Semi-Annual Report

March 31, 2015

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Table of Contents

Shareholders' Letter					2
Expense Example					3
Investment Advisory Agreement Approval					4
Portfolio of Investments					6
Statement of Assets and Liabilities					10
Statement of Operations					12
Statements of Changes in Net Assets					13
Financial Highlights					14
Notes to Financial Statements					17
U.S. Privacy Policy					25
Trustee and Officer Information					28

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Semi-Annual report, in which you will learn how your investment in Strategic Income Portfolio (the "Portfolio") performed during the period ended March 31, 2015.

As always, we thank you for selecting Morgan Stanley Investment Management, and look forward to working with you in the months and years ahead.

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2015

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Expense Example (unaudited)

Strategic Income Portfolio

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period 12/30/14 - 3/31/15 (unless otherwise noted).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 12/30/14		Actual Ending Account Value 3/31/15		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Strategic Income Portfolio Class I^	$	1,000.00	$	1,010.00	$	1,010.07	$	2.41	$	2.41		0.96	%
Strategic Income Portfolio Class A^		1,000.00		1,009.00		1,009.20		3.28		3.28		1.31
Strategic Income Portfolio Class IS^		1,000.00		1,010.00		1,010.20		2.28		2.28		0.91

* Expenses are calculated using each Portfolio Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period, and multiplied by 91/365 (to reflect the most recent one-half year period).

** Annualized.

^ Commencement of operations 12/30/14.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

The Board reviewed and considered the nature and extent of the investment advisory services to be provided by the Adviser (as defined herein) under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board reviewed similar information and factors regarding the Sub-Adviser (as defined herein), to the extent applicable. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services to be provided by the Adviser under the administration agreement, including accounting, clerical, bookkeeping, compliance, business management and planning, and the provision of supplies, office space and utilities at the Adviser's expense. (The Adviser and Sub-Adviser together are referred as the "Adviser" and the advisory, sub-advisory and administration agreements together are referred to as the "Management Agreement.")

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

Performance, Fees and Expenses of the Portfolio

The Board considered that the Adviser plans to arrange for a public offering of shares of the Portfolio to raise assets for investment and that the offering had not yet begun and concluded that, since the Portfolio currently had no assets to invest (other than seed capital required under the Investment Company Act) and had no track record of performance, this was not a factor it needed to address at the present time.

The Board reviewed the advisory and administrative fee rates (the "management fee rates") proposed to be paid by the Portfolio under the Management Agreement relative to comparable funds advised by the Adviser, when applicable, and compared to their peers as determined by the Adviser, and reviewed the anticipated total expense ratio of the Portfolio. The Board considered that the Portfolio requires the Adviser to develop processes, invest in additional resources and incur additional risks to successfully manage the Portfolio and concluded that the proposed management fee rate would be competitive with its peer group average and the anticipated total expense ratio would be acceptable.

Economies of Scale

The Board considered the growth prospects of the Portfolio and the structure of the proposed management fee schedule, which includes breakpoints for the Portfolio. The Board considered that the Portfolio's potential growth was uncertain and concluded that it would be premature to consider economies of scale as a factor in approving the Management Agreement at the present time.

Profitability of the Adviser and Affiliates

Since the Portfolio had not begun operations and had not paid any fees to the Adviser, the Board concluded that this was not a factor that needed to be considered at the present time.

Other Benefits of the Relationship

The Board considered other benefits to the Adviser and its affiliates derived from their relationship with the Fund and other funds advised by the Adviser. These benefits may include, among other things, research received by the Adviser generated from commission dollars spent on funds' portfolio trading, and fees for trading, distribution and/or shareholder servicing. Since the Portfolio had not begun operations and had not paid any fees to the Adviser, the Board concluded that these benefits were not a factor that needed to be considered at the present time.

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

The Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under the Management Agreement. The Board also reviewed and considered the organizational structure of the Adviser, the policies and procedures formulated and adopted by the Adviser for managing the Portfolio's operations and the Board's confidence in the competence and integrity of the senior managers and key personnel of the Adviser. The Board concluded that the Adviser has the

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

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

financial resources necessary to fulfill its obligations under the Management Agreement and that it is beneficial for the Portfolio to enter into this relationship with the Adviser.

Other Factors and Current Trends

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

General Conclusion

After considering and weighing all of the above factors, the Board concluded that it would be in the best interest of the Portfolio and its future shareholders to approve the Management Agreement, which will remain in effect for two years and thereafter must be approved annually by the Board of the Portfolio if it is to continue in effect. In reaching this conclusion the Board did not give particular weight to any single factor referenced above. It is possible that individual Board members may have weighed these factors differently in reaching their individual decisions to approve the Management Agreement.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments

Strategic Income Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (80.0%)
Asset-Backed Securities (14.2%)
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
2.05%, 4/25/34 (a)	$	45	$	42
Bear Stearns Asset-Backed Securities Trust,
0.49%, 3/25/37 (a)		92		51
0.52%, 5/25/37 (a)		97		61
BNC Mortgage Loan Trust
0.33%, 3/25/37 (a)		100		73
Carrington Mortgage Loan Trust
0.39%, 1/25/37 (a)		100		62
Countrywide Asset-Backed Certificates,
0.54%, 4/25/36 (a)		100		81
0.62%, 3/25/47 (a)(b)		80		57
5.10%, 7/25/36		127		101
CWABS Asset-Backed Certificates Trust
5.23%, 10/25/46 (a)		92		69
Ellington Loan Acquisition Trust
1.27%, 5/25/37 (a)(b)		100		77
GSAMP Trust
0.49%, 3/25/46 (a)		100		82
Home Equity Asset Trust
0.36%, 7/25/37 (a)		37		35
Home Equity Mortgage Loan Asset-Backed Trust
0.29%, 4/25/37 (a)		87		58
Nationstar Home Equity Loan Trust
0.42%, 4/25/37 (a)		100		84
RAMP Trust,
0.46%, 2/25/36 (a)		100		87
0.49%, 11/25/35 (a)		77		63
RASC Trust
0.33%, 11/25/36 (a)		88		76
Truman Capital Mortgage Loan Trust,
1.87%, 1/25/34 (a)(b)		98		96
2.95%, 11/25/31 (a)(b)		82		78
VOLT XXXIII LLC
4.25%, 3/25/55 (b)		100		99
				1,432
Commercial Mortgage-Backed Securities (4.5%)
COMM Mortgage Trust,
2.87%, 2/10/48 (b)		100		82
3.68%, 6/11/27 (a)(b)		100		100
GA Mortgage Securities Trust
4.33%, 2/10/48		100		90
HILT Mortgage Trust
3.92%, 7/15/29 (a)(b)		100		99
JPMBB Commercial Mortgage Securities Trust
3.85%, 2/15/48 (a)(b)		100		89
				460

	Face Amount (000)		Value (000)
Corporate Bonds (35.2%)
Finance (15.8%)
ABN AMRO Bank N.V.,
6.38%, 4/27/21	EUR	100	$	137
Assicurazioni Generali SpA,
7.75%, 12/12/42 (a)		100		140
Bank of America Corp.,
4.25%, 10/22/26	$	50		52
BNP Paribas SA,
4.25%, 10/15/24		200		206
BPCE SA,
5.15%, 7/21/24 (b)		200		214
Citigroup, Inc.,
3.75%, 6/16/24		100		105
Cooperatieve Centrale Raiffeisen- Boerenleenbank BA,
2.50%, 5/26/26 (a)	EUR	100		112
Ctrip.com International Ltd.,
1.25%, 10/15/18	$	50		52
Discover Financial Services,
3.95%, 11/6/24		25		26
Goldman Sachs Group, Inc. (The),
0.81%, 10/29/19 (a)	EUR	100		108
JPMorgan Chase & Co.,
3.88%, 2/1/24	$	50		53
Kennedy-Wilson, Inc.,
5.88%, 4/1/24		25		25
Lloyds Bank PLC,
6.50%, 3/24/20	EUR	50		67
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen,
6.00%, 5/26/41 (a)		100		134
Nationwide Building Society,
4.13%, 3/20/23 (a)		100		116
Voya Financial, Inc.,
5.65%, 5/15/53 (a)	$	50		52
				1,599
Industrials (18.4%)
Actavis Funding SCS,
3.80%, 3/15/25		15		16
Advanced Micro Devices, Inc.,
6.75%, 3/1/19		25		24
Air Canada,
6.75%, 10/1/19 (b)		50		53
Akamai Technologies, Inc.,
Zero Coupon, 2/15/19		50		54
Aramark Services, Inc.,
5.75%, 3/15/20		25		26
ArcelorMittal,
10.60%, 6/1/19		25		31
Ball Corp.,
4.00%, 11/15/23		25		25

The accompanying notes are an integral part of the financial statements.
6

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Strategic Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Baytex Energy Corp.,
5.63%, 6/1/24 (b)	$	25	$	23
Bombardier, Inc.,
6.13%, 1/15/23 (b)		25		24
Building Materials Corp. of America,
5.38%, 11/15/24 (b)		50		51
Chesapeake Energy Corp.,
5.75%, 3/15/23		25		25
Citrix Systems, Inc.,
0.50%, 4/15/19 (b)		50		53
Cobalt International Energy, Inc.,
2.63%, 12/1/19		50		36
Continental Airlines Pass-Thru Certificates,
6.13%, 4/29/18		25		26
CSC Holdings LLC,
5.25%, 6/1/24 (b)		25		26
Denbury Resources, Inc.,
4.63%, 7/15/23		25		22
Deutsche Annington Finance BV,
4.00%, 12/17/21 (a)(c)	EUR	100		114
DISH DBS Corp.,
5.00%, 3/15/23	$	25		24
Family Tree Escrow LLC,
5.75%, 3/1/23 (b)		25		26
FMG Resources August 2006 Pty Ltd.,
6.00%, 4/1/17 (b)		25		25
Harland Clarke Holdings Corp.,
9.75%, 8/1/18 (b)		25		27
HCA, Inc.,
4.75%, 5/1/23		25		26
HomeAway, Inc.,
0.13%, 4/1/19 (b)		50		48
Kenan Advantage Group, Inc. (The),
8.38%, 12/15/18 (b)		10		10
Lear Corp.,
5.25%, 1/15/25		50		51
Marquette Transportation Co., LLC/ Marquette Transportation Finance Corp.,
10.88%, 1/15/17		25		26
MDC Partners, Inc.,
6.75%, 4/1/20 (b)		25		26
Memorial Production Partners LP/ Memorial Production Finance Corp.,
6.88%, 8/1/22 (b)		25		22
MGM Resorts International,
6.00%, 3/15/23		25		26
Midcontinent Communications & Midcontinent Finance Corp.,
6.25%, 8/1/21 (b)		25		26
ON Semiconductor Corp.,
2.63%, 12/15/26		50		64

	Face Amount (000)		Value (000)
Outfront Media Capital LLC/Outfront Media Capital Corp.,
5.25%, 2/15/22	$	25	$	26
Pittsburgh Glass Works LLC,
8.00%, 11/15/18 (b)		50		53
RR Donnelley & Sons Co.,
7.88%, 3/15/21		25		29
RSI Home Products, Inc.,
6.50%, 3/15/23 (b)		25		26
Seminole Hard Rock Entertainment, Inc./ Seminole Hard Rock International LLC,
5.88%, 5/15/21 (b)		50		50
Starwood Property Trust, Inc.,
4.55%, 3/1/18		50		55
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
5.75%, 3/1/25		25		26
Telefonica Europe BV,
5.88%, 3/31/24 (a)(c)	EUR	100		124
Tesla Motors, Inc.,
0.25%, 3/1/19	$	50		44
Toll Brothers Finance Corp.,
0.50%, 9/15/32		50		53
Transocean, Inc.,
3.80%, 10/15/22		50		37
Vale Overseas Ltd.,
4.38%, 1/11/22		50		48
Viasystems, Inc.,
7.88%, 5/1/19 (b)		50		53
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
5.38%, 3/15/22		25		26
XPO Logistics, Inc.,
7.88%, 9/1/19 (b)		50		53
Yahoo!, Inc.,
Zero Coupon, 12/1/18		50		54
Yandex N.V.,
1.13%, 12/15/18		50		41
				1,854
Utilities (1.0%)
AES Corp.,
4.88%, 5/15/23		75		74
Williams Partners LP/ACMP Finance Corp.,
4.88%, 5/15/23		25		25
				99
				3,552
Mortgages — Other (9.8%)
Alternative Loan Trust,
0.62%, 10/25/36 (a)		83		59
Banc of America Alternative Loan Trust,
5.71%, 10/25/36 (a)		91		60

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Strategic Income Portfolio

	Face Amount (000)		Value (000)
Mortgages — Other (cont'd)
Bear Stearns ALT-A Trust,
2.35%, 2/25/36 (a)	$	70	$	59
2.70%, 3/25/36 (a)		126		97
2.71%, 4/25/35 (a)		66		52
Bear Stearns Structured Products, Inc. Trust,
2.51%, 1/26/36 (a)		47		37
Citigroup Mortgage Loan Trust,
2.47%, 6/25/36 (a)		50		40
First Horizon Mortgage Pass-Through Trust,
6.25%, 11/25/36		30		31
Grifonas Finance PLC,
0.39%, 8/28/39 (a)	EUR	57		43
GSMSC Pass-Through Trust,
7.50%, 9/25/36 (a)(b)	$	41		35
HarborView Mortgage Loan Trust,
0.37%, 1/19/38 (a)		38		33
IndyMac INDX Mortgage Loan Trust,
2.52%, 12/25/34 (a)		65		59
JP Morgan Mortgage Trust,
2.52%, 6/25/37 (a)		52		47
5.06%, 6/25/36 (a)		102		92
Lehman Mortgage Trust,
6.00%, 7/25/36 - 6/25/37		172		133
Luminent Mortgage Trust,
0.40%, 5/25/37 (a)		75		54
MASTR Alternative Loan Trust,
6.25%, 7/25/36		62		55
				986
Sovereign (16.3%)
Colombia Government International Bond,
6.13%, 1/18/41		100		119
Hungary Government International Bond,
5.38%, 3/25/24		182		204
Indonesia Government International Bond,
5.88%, 1/15/24 (b)		200		232
New Zealand Government Bond,
5.50%, 4/15/23	NZD	260		226

	Face Amount (000)		Value (000)
Poland Government Bond,
4.00%, 10/25/23	PLN	641	$	193
Portugal Obrigacoes do Tesouro OT,
4.10%, 2/15/45 (b)	EUR	115		167
4.45%, 6/15/18 (b)		75		91
Select Medical Corp.,
6.38%, 6/1/21	$	50		50
Spain Government Bond,
3.75%, 10/31/18 (b)	EUR	150		181
4.20%, 1/31/37		78		119
Spain Government Inflation Linked Bond,
1.00%, 11/30/30 (b)		59		70
				1,652
Total Fixed Income Securities (Cost $8,107)				8,082
	Shares
Short-Term Investment (13.5%)
Investment Company (13.5%)
Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio — Institutional Class (See Note G) (Cost $1,364)		1,364,415		1,364
Total Investments (93.5%) (Cost $9,471) (d)				9,446
Other Assets in Excess of Liabilities (6.5%)				655
Net Assets (100.0%)			$	10,101

(a) Variable/Floating Rate Security — Interest rate changes on these instruments are based on changes in a designated base rate. The rates shown are those in effect on March 31, 2015.

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

(c) Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of March 31, 2015.

(d) Securities are available for collateral in connection with open foreign currency forward exchange contracts and futures contracts.

Foreign Currency Forward Exchange Contracts:

The Portfolio had the following foreign currency forward exchange contracts open at March 31, 2015:

Counterparty	Currency to Deliver (000)		Value (000)		Settlement Date	In Exchange For (000)		Value (000)		Unrealized Appreciation (Depreciation) (000)
JPMorgan Chase Bank NA	EUR	1,528	$	1,644	4/7/15	USD	1,712	$	1,712	$	68
UBS AG	EUR	49		52	4/7/15	USD	53		53		1
UBS AG	NZD	305		228	4/7/15	USD	229		229		1
UBS AG	PLN	738		195	4/7/15	USD	199		199		4
JPMorgan Chase Bank NA	TRY	3		1	4/7/15	USD	1		1		—	@
HSBC Bank PLC	ZAR	3,949		325	4/7/15	USD	340		340		15
UBS AG	USD	2		2	4/7/15	ZAR	21		2		(—	@)
UBS AG	USD	113		113	4/7/15	ZAR	1,368		113		—	@
UBS AG	USD	208		208	4/7/15	ZAR	2,529		208		—	@
			$	2,768				$	2,857	$	89

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Portfolio of Investments (cont'd)

Strategic Income Portfolio

Futures Contracts:

The Portfolio had the following futures contracts open at March 31, 2015:

	Number of Contracts		Value (000)			Expiration Date	Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury Long Bond (United States)		1	$	164		Jun-15	$	2
Short:
German Euro BOBL (Germany)		1		(139	)	Jun-15		(—	@)
German Euro Bund (Germany)		5		(854	)	Jun-15		(12	)
U.S. Treasury 2 yr. Note (United States)		7		(1,534	)	Jun-15		(4	)
U.S. Treasury 5 yr. Note (United States)		2		(240	)	Jun-15		(1	)
U.S. Treasury 10 yr. Note (United States)		16		(2,062	)	Jun-15		(14	)
U.S. Treasury Ultra Long Bond (United States)		1		(170	)	Jun-15		(1	)
							$	(30	)

@ Value is less than $500.

EUR — Euro

NZD — New Zealand Dollar

PLN — Polish Zloty

TRY — Turkish Lira

USD — United States Dollar

ZAR — South African Rand

Portfolio Composition

Classification	Percentage of Total Investments
Industrials		19.6	%
Sovereign		17.5
Finance		16.9
Asset-Backed Securities		15.2
Short-Term Investments		14.5
Mortgages — Other		10.4
Other*		5.9
Total Investments		100.0	%**

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

** Does not include open long/short futures contracts with an underlying face amount of approximately $5,163,000 with net unrealized depreciation of approximately $30,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $89,000.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Strategic Income Portfolio

Statement of Assets and Liabilities	March 31, 2015 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $8,107)	$	8,082
Investment in Security of Affiliated Issuer, at Value (Cost $1,364)		1,364
Total Investments in Securities, at Value (Cost $9,471)		9,446
Foreign Currency, at Value (Cost $—@)		—	@
Receivable for Investments Sold		321
Prepaid Offering Costs		109
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		89
Interest Receivable		75
Due from Adviser		59
Receivable for Variation Margin on Futures Contracts		43
Tax Reclaim Receivable		2
Receivable from Affiliate		—	@
Other Assets		7
Total Assets		10,151
Liabilities:
Payable for Professional Fees		31
Payable for Custodian Fees		3
Payable for Offering Costs		3
Payable for Transfer Agency Fees — Class I		—	@
Payable for Transfer Agency Fees — Class A		—	@
Payable for Transfer Agency Fees — Class IS		—	@
Payable for Investments Purchased		1
Payable for Administration Fees		1
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		—	@
Other Liabilities		11
Total Liabilities		50
Net Assets	$	10,101
Net Assets Consist Of:
Paid-in-Capital	$	10,000
Accumulated Net Investment Income		30
Accumulated Net Realized Gain		40
Unrealized Appreciation (Depreciation) on:
Investments		(25	)
Futures Contracts		(30	)
Foreign Currency Forward Exchange Contracts		89
Foreign Currency Translations		(3	)
Net Assets	$	10,101

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Strategic Income Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2015 (000)
CLASS I:
Net Assets	$	10
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,000
Net Asset Value, Offering and Redemption Price Per Share	$	10.10
CLASS A:
Net Assets	$	10
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,000
Net Asset Value, Redemption Price Per Share	$	10.09
Maximum Sales Load		4.25	%
Maximum Sales Charge	$	0.45
Maximum Offering Price Per Share	$	10.54
CLASS IS:
Net Assets	$	10,081
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		998,000
Net Asset Value, Offering and Redemption Price Per Share	$	10.10

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015 (unaudited)

Strategic Income Portfolio

Statement of Operations	Period From December 30, 2014^ to March 31, 2015 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	51
Dividends from Security of Affiliated Issuer (Note G)		2
Total Investment Income		53
Expenses:
Professional Fees		34
Offering Costs		31
Advisory Fees (Note B)		10
Pricing Fees		6
Shareholder Reporting Fees		5
Custodian Fees (Note F)		4
Administration Fees (Note C)		2
Transfer Agency Fees — Class I (Note E)		—	@
Transfer Agency Fees — Class A (Note E)		—	@
Transfer Agency Fees — Class IS (Note E)		—	@
Shareholder Services Fees — Class A (Note D)		—	@
Other Expenses		—	@
Total Expenses		92
Expenses Reimbursed by Adviser (Note B)		(58	)
Waiver of Advisory Fees (Note B)		(10	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(—	@)
Reimbursement of Class Specific Expenses — Class A (Note B)		(—	@)
Reimbursement of Class Specific Expenses — Class IS (Note B)		(—	@)
Rebate from Morgan Stanley Affiliate (Note G)		(1	)
Net Expenses		23
Net Investment Income		30
Realized Gain (Loss):
Investments Sold		(22	)
Foreign Currency Forward Exchange Contracts		83
Foreign Currency Transactions		1
Futures Contracts		(22	)
Net Realized Gain		40
Change in Unrealized Appreciation (Depreciation):
Investments		(25	)
Foreign Currency Forward Exchange Contracts		89
Foreign Currency Translations		(3	)
Futures Contracts		(30	)
Net Change in Unrealized Appreciation (Depreciation)		31
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		71
Net Increase in Net Assets Resulting from Operations	$	101

^ Commencement of Operations.

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Strategic Income Portfolio

Statements of Changes in Net Assets	Period From December 30, 2014^ to March 31, 2015 (unaudited) (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	30
Net Realized Gain		40
Net Change in Unrealized Appreciation (Depreciation)		31
Net Increase in Net Assets Resulting from Operations		101
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		10
Class A:
Subscribed		10
Class IS:
Subscribed		9,980
Net Increase in Net Assets Resulting from Capital Share Transactions		10,000
Total Increase in Net Assets		10,101
Net Assets:
Beginning of Period		—
End of Period (Including Accumulated Net Investment Income of $30)	$	10,101
(1) Capital Share Transactions:
Class I:
Shares Subscribed		1
Class A:
Shares Subscribed		1
Class IS:
Shares Subscribed		998

^ Commencement of Operations.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Strategic Income Portfolio

	Class I
Selected Per Share Data and Ratios	Period from December 30,2014^ to March 31, 2015 (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net Investment Income†		0.03
Net Realized and Unrealized Gain		0.07
Total from Investment Operations		0.10
Net Asset Value, End of Period	$	10.10
Total Return++		1.00	%#
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	10
Ratio of Expenses to Average Net Assets ⁽¹⁾		0.96	%+*
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		1.16	%+*
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.04	%*
Portfolio Turnover Rate		9	%#
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		17.38	%*
Net Investment Loss to Average Net Assets		(15.26	)%*

^ Commencement of Operations.

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value as of the last business day of the period.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Strategic Income Portfolio

	Class A
Selected Per Share Data and Ratios	Period from December 30,2014^ to March 31, 2015 (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net Investment Income†		0.02
Net Realized and Unrealized Gain		0.07
Total from Investment Operations		0.09
Net Asset Value, End of Period	$	10.09
Total Return++		0.90	%#
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	10
Ratio of Expenses to Average Net Assets ⁽¹⁾		1.31	%+*
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		0.80	%+*
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.04	%*
Portfolio Turnover Rate		9	%#
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		17.64	%*
Net Investment Loss to Average Net Assets		(15.53	)%*

^ Commencement of Operations.

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Financial Highlights

Strategic Income Portfolio

	Class IS
Selected Per Share Data and Ratios	Period from December 30,2014^ to March 31, 2015 (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income (Loss) from Investment Operations:
Net Investment Income†		0.03
Net Realized and Unrealized Gain		0.07
Total from Investment Operations		0.10
Net Asset Value, End of Period	$	10.10
Total Return++		1.00	%#
Ratios and Supplemental Data:
Net Assets, End of Period, in (Thousands)	$	10,081
Ratio of Expenses to Average Net Assets ⁽¹⁾		0.91	%+*
Ratio of Net Investment Income to Average Net Assets ⁽¹⁾		1.20	%+*
Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets		0.04	%*
Portfolio Turnover Rate		9	%#
⁽¹⁾ Supplemental Information on the Ratios to Average Net Assets:
Ratios Before Expense Limitation:
Expenses to Average Net Assets		3.69	%*
Net Investment Loss to Average Net Assets		(1.58	)%*

^ Commencement of Operations.

† Per share amount is based on average shares outstanding.

++ Calculated based on the net asset value as of the last business day of the period.

# Not Annualized.

* Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited)

The accompanying financial statements relate to the Strategic Income Portfolio. The Portfolio's adviser, Morgan Stanley Investment Management Inc. (the "Adviser") and sub-adviser, Morgan Stanley Investment Management Limited ("MSIM Limited") (the "Sub-Adviser"), seek a total return comprised of income and capital appreciation. The Portfolio commenced operations on December 30, 2014 and offers three classes of shares — Class I, Class A and Class IS.

1. Security Valuation: (1) Certain portfolio securities may be valued by an outside pricing service approved by the Fund's Board of Trustees (the "Trustees"). The pricing service may utilize a matrix system or other model incorporating attributes such as security quality, maturity and coupon as the evaluation model parameters, and/or research evaluations by its staff, including review of broker-dealer market price quotations in determining what it believes is the fair valuation of the portfolios securities valued by such pricing service; (2) futures are valued at the latest price published by the commodities exchange on which they trade; (3) when market quotations are not readily available, including circumstances under which the Adviser or 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 established by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade)

and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (4) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day; and (5) short-term taxable debt securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, unless the Adviser determines such price does not reflect the securities' market value, in which case these securities will be valued at their fair market value determined by the Adviser. Other taxable short-term debt securities with maturities of more than 60 days will be valued on a mark-to-market basis until such time as they reach a maturity of 60 days, whereupon they will be valued at amortized cost using their value on the 61st day unless the Adviser determines such price does not reflect the securities' fair value, in which case these securities will be valued at their fair market value as determined by the Adviser.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

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

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

• 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 following is a summary of the inputs used to value the Portfolio's investments as of March 31, 2015.

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Fixed Income Securities
Asset-Backed Securities	$	—		$	1,432		$	—	$	1,432
Commercial Mortgage- Backed Securities		—			460			—		460
Corporate Bonds		—			3,552			—		3,552
Mortgages — Other		—			986			—		986
Sovereign		—			1,652			—		1,652
Total Fixed Income Securities		—			8,082			—		8,082
Short-Term Investment
Investment Company		1,364			—			—		1,364
Foreign Currency Forward Exchange Contracts		—			89			—		89
Futures Contracts		2			—			—		2
Total Assets		1,366			8,171			—		9,537
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(—	@)		—		(—	@)
Futures Contracts		(32	)		—			—		(32	)
Total Liabilities		(32	)		(—	@)		—		(32	)
Total	$	1,334		$	8,171		$	—	$	9,505

@ Value is less than $500

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

– investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

– investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Portfolio to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet earmarking or segregation requirements, pursuant to applicable Securities and Exchange Commission rules and regulations, or may cause the Portfolio to be more volatile than if the Portfolio had not been leveraged. Although the Adviser and/or Sub-Adviser seek to use derivatives to further the Portfolio's investment objectives, there is no assurance that the use of derivatives will achieve this result.

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

Foreign Currency Forward Exchange Contracts: In connection with its investments in foreign securities, the Portfolio also entered into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date. A foreign currency forward exchange contract ("currency contract") is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Currency contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. To the extent hedged by the use of currency contracts, the precise matching of the currency contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date on which the contract is entered into and the date it matures. Furthermore, such transactions may reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. There is additional risk to the extent that currency contracts create exposure to currencies in which the Portfolio's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Portfolio than if it had not entered into such contracts. The use of currency contracts involves the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract. A currency contract is marked-to-market daily and the change in market value is recorded by the Portfolio as unrealized gain or loss. The Portfolio records realized gains (losses) when the currency contract is closed equal to the difference between the value of the currency contract at the time it was opened and the value at the time it was closed.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

The following tables set forth the fair value of the Portfolio's derivative contracts by primary risk exposure as of March 31, 2015.

Asset Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward Exchange
Contracts

Unrealized Appreciation on
Foreign Currency Forward
Exchange Contracts

Currency Risk

Futures Contract

Variation Margin on
Futures Contract

Interest Rate Risk

(a)

Total

Liability Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward Exchange
Contract

Unrealized Appreciation on
Foreign Currency Forward
Exchange Contract

Currency Risk

(—

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(32

)(a)

Total

(32

)

The following tables set forth by primary risk exposure the Portfolio's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the period ended March 31, 2015 in accordance with ASC 815.

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	83
Interest Rate Risk	Futures Contracts		(22	)
Total		$	61
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	89
Interest Rate Risk	Futures Contracts		(30	)
Total		$	59

At March 31, 2015, the Portfolio's derivative assets and liabilities are as follows:

Statement of Assets and Liabilities	Gross Amounts of Assets and Liabilities Presented in the
Derivatives(b)	Assets(c) (000)		Liabilities(c) (000)
Foreign Currency Forward Exchange Contracts	$	89	$	(—	@)

(b) Excludes exchange-traded derivatives.

(c) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2015.

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in Statement of Assets and Liabilities (000)		Financial Instrument (000)			Collateral Received (000)		Net Amount (not less than $0) (000)
HSBC Bank PLC	$	15	$	—		$	—	$	15
JPMorgan Chase Bank NA		68		—			—		68
UBS AG		6		(—	@)		—		6
Total	$	89	$	(—	@)	$	—	$	89

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Pledged (000)		Net Amount (not less than $0) (000)
UBS AG	$	—	@	$	(—	@)	$	—	$	0

@ Value is less than $500.

For the period ended March 31, 2015, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	5,052,000
Futures Contracts:
Average monthly original value	$	5,663,000

6. Dividends and Distributions to Shareholders: Dividend income and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid quarterly. Net realized capital gains, if any, are distributed at least annually.

7. Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Portfolio is informed of such dividends) net of applicable withholding taxes. Interest income is recognized on the accrual basis except where collection is in doubt. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Fund can be directly attributed to a particular Portfolio. Expenses which cannot be directly attributed are apportioned among the Portfolios based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution, transfer agency and sub transfer agency fees) and

realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

B. Advisory/Sub-Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Portfolio with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the average daily net asset as follows:

First $500 million				Over $500 million
	0.40	%			0.35	%

For the six months ended March 31, 2015, the advisory fee rate (net of waivers/rebate) was equivalent to an annual effective rate of 0.0% of the Portfolio's daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Portfolio so that total annual portfolio operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.00% for Class I shares, 1.35% for Class A shares and 0.95% for Class IS shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Portfolio's prospectus or until such time that the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the period ended March 31, 2015, approximately $10,000 of advisory fees were waived and approximately $58,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Portfolio with advisory services subject to the overall supervision of the Adviser and the Fund's Officers and Trustees. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Portfolio.

D. Distribution and Shareholder Services Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"),

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

a wholly-owned subsidiary of the Adviser, and an indirect subsidiary of Morgan Stanley, serves as the Fund's Distributor of Portfolio shares pursuant to a Distribution Agreement. The Fund has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Portfolio pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Portfolio's average daily net assets attributable to Class A shares.

G. Security Transactions and Transactions with Affiliates: For the period ended March 31, 2015, purchases and sales of investment securities for the Portfolio, other than long-term U.S. Government securities and short-term investments, were approximately $8,654,000 and $498,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the period ended March 31, 2015.

The Portfolio invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Money Market Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Portfolio are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Funds. For the period ended March 31, 2015, advisory fees paid were reduced by approximately $1,000 relating to the Portfolio's investment in the Liquidity Funds.

A summary of the Portfolio's transactions in shares of the Liquidity Funds during the period ended March 31, 2015 is as follows:

Value December 30, 2014 (000)				Purchases at Cost (000)				Sales (000)				Dividend Income (000)				Value March 31, 2015 (000)
$	—			$	10,038			$	8,674			$	2			$	1,364

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Notes to Financial Statements (unaudited) (cont'd)

in Net Assets due to short-term capital gains being treated as ordinary income for tax purposes.

At March 31, 2015, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $97,000 and the aggregate gross unrealized depreciation is approximately $122,000 resulting in net unrealized depreciation of approximately $25,000.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited)

AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY

This privacy notice describes the U.S. privacy policy of Morgan Stanley Distribution, Inc., and the Morgan Stanley family of mutual funds ("us", "our", "we").

WE RESPECT YOUR PRIVACY

1. WHAT PERSONAL INFORMATION DO WE COLLECT FROM YOU?

• We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through applications and other forms you submit to us.

• We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

• We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?

We may disclose personal information we collect about you in each of the categories listed above to affiliated and nonaffiliated third parties.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited) (cont'd)

a. Information We Disclose to Affiliated Companies.

b. Information We Disclose to Third Parties.

3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL INFORMATION WE COLLECT ABOUT YOU?

4. HOW CAN YOU LIMIT OUR SHARING CERTAIN PERSONAL INFORMATION ABOUT YOU WITH OUR AFFILIATED COMPANIES FOR ELIGIBILITY DETERMINATION?

5. HOW CAN YOU LIMIT THE USE OF CERTAIN PERSONAL INFORMATION ABOUT YOU BY OUR AFFILIATED COMPANIES FOR MARKETING?

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

U.S. Privacy Policy (unaudited) (cont'd)

6. HOW CAN YOU SEND US AN OPT-OUT INSTRUCTION?

• Calling us at (800) 548-7786
Monday–Friday between 8a.m. and 6p.m. (EST)

• Writing to us at the following address:

Boston Financial Data Services, Inc.
c/o Privacy Coordinator
P.O. Box 219804
Kansas City, Missouri 64121

7. WHAT IF AN AFFILIATED COMPANY BECOMES A NONAFFILIATED THIRD PARTY?

SPECIAL NOTICE TO RESIDENTS OF VERMONT

SPECIAL NOTICE TO RESIDENTS OF CALIFORNIA

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2015

Trustee and Officer Information (unaudited)

Trustees

Officers

Michael E. Nugent
Chairperson of the Board and Trustee

John H. Gernon
President and Principal Executive Officer

Stefanie V. Chang Yu
Chief Compliance Officer

Joseph C. Benedetti
Vice President

Mary E. Mullin
Secretary

Francis J. Smith
Treasurer and Principal Financial Officer

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Sub-Adviser

Morgan Stanley Investment Management Limited
25 Cabot Square, Canary Wharf
London, E14 4QA, England

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

Boston Financial Data Services, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

(This Page has been left blank intentionally.)

Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

IFTSIPSAN
1183018 EXP 05.31.16

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semiannual reports.

Item 6.

(a) Refer to Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable for semiannual reports.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Applicable only to annual reports filed by closed-end funds.

Item 9. Closed-End Fund Repurchases

Applicable to reports filed by closed-end funds.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures

(a) The Fund’s principal executive officer and principal financial officer have concluded that the Fund’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Fund in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

(b) There were no changes in the registrant’s internal control over financial reporting that

occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a) Code of Ethics — Not applicable for semiannual reports.

(b) A separate certification for each principal executive officer and principal financial officer of the registrant are attached hereto as part of EX-99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Morgan Stanley Institutional Fund Trust

/s/ John H. Gernon
John H. Gernon
Principal Executive Officer
May 20, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ John H. Gernon
John H. Gernon
Principal Executive Officer
May 20, 2015

/s/ Francis Smith
Francis Smith
Principal Financial Officer
May 20, 2015

Morgan Stanley Institutional Fund Trust N-CSRSCertified semi-annual shareholder report (management investment company)