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, 2019

Item 1 - Report to Shareholders

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Semi-Annual Report

March 31, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission ("SEC"), paper copies of the Fund's Annual and Semi-Annual Reports to Shareholders ("Shareholder Reports") will no longer be sent by mail, unless you specifically request paper copies of the Shareholder Reports from the Fund or from your financial intermediary, such as a broker-dealer or a bank. Instead, the Shareholder Reports will be made available on the Fund's website, https://www.morganstanley.com/im/shareholderreports and you will be notified by mail each time a Shareholder Report is posted and provided with a website link to access the Shareholder Report. If you already elected to receive Shareholder Reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive Shareholder Reports and other communications from the Fund electronically anytime by contacting your financial intermediary or, if you are a direct investor, please follow the instructions on the envelope.

Beginning on January 1, 2019, you may elect to receive all future Shareholder Reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your Shareholder Reports. If you invest directly with the Fund, please follow the instructions on the envelope to let the Fund know you wish to continue receiving paper copies of your Shareholder Reports. Your election to receive Shareholder Reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with a fund.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					15
Statement of Operations					17
Statements of Changes in Net Assets					18
Financial Highlights					19
Notes to Financial Statements					24
Privacy Notice					35
Trustee and Officer Information					37

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund 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 Fund'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 fund information including performance, characteristics and investment team commentary through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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 "Fund") 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 2019

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Expense Example (unaudited)

Core Plus Fixed Income Portfolio

As a shareholder of the Fund, you may incur two types of costs: (1) transactional costs, including sales charge (loads) on purchase payments; and (2) ongoing costs, which may include advisory fees, administration fees, distribution and shareholder services fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund 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, 2019 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund'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 Fund 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 10/1/18		Actual Ending Account Value 3/31/19		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	$	1,045.00	$	1,022.92	$	2.04	$	2.02		0.40	%
Core Plus Fixed Income Portfolio Class A		1,000.00		1,043.30		1,021.34		3.67		3.63		0.72
Core Plus Fixed Income Portfolio Class L		1,000.00		1,041.70		1,019.95		5.09		5.04		1.00
Core Plus Fixed Income Portfolio Class C		1,000.00		1,039.60		1,017.65		7.42		7.34		1.46
Core Plus Fixed Income Portfolio Class IS		1,000.00		1,044.30		1,023.19		1.78		1.77		0.35

* Expenses are calculated using each Fund 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, 2019 (unaudited)

Portfolio of Investments

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (98.9%)
Agency Adjustable Rate Mortgage (0.0%)
Federal Home Loan Mortgage Corporation, Conventional Pool: 12 Month USD LIBOR + 1.62%, 2.48%, 7/1/45	$	149	$	150
Agency Fixed Rate Mortgages (17.1%)
Federal Home Loan Mortgage Corporation,
3.50%, 4/1/49		550		552
Gold Pools:
3.00%, 3/1/47		2,444		2,437
3.50%, 1/1/44 - 2/1/45		1,824		1,864
4.00%, 6/1/44 - 10/1/44		756		783
5.41%, 7/1/37 - 8/1/37		22		22
5.44%, 1/1/37 - 6/1/38		62		66
5.46%, 5/1/37 - 1/1/38		90		96
5.48%, 8/1/37 - 10/1/37		49		52
5.50%, 8/1/37 - 4/1/38		75		81
5.52%, 9/1/37 - 10/1/37		17		19
5.62%, 12/1/36 - 12/1/37		85		91
6.00%, 10/1/36 - 8/1/38		125		139
6.50%, 12/1/25 - 8/1/33		92		101
7.00%, 6/1/28 - 11/1/31		42		43
Federal National Mortgage Association,
3.50%, 4/1/49		500		502
April TBA:
3.00%, 4/1/34 (a)		2,260		2,281
3.50%, 4/1/49 (a)		21,959		22,258
4.00%, 4/1/49 (a)		3,420		3,518
4.50%, 4/1/49 (a)		2,870		2,991
Conventional Pools:
3.00%, 6/1/40 - 11/1/46		4,633		4,626
3.50%, 8/1/45 - 3/1/49		6,734		6,852
4.00%, 11/1/41 - 4/1/49		8,649		8,950
4.50%, 3/1/41 - 11/1/44		1,601		1,700
5.00%, 3/1/41		256		276
5.50%, 6/1/35 - 1/1/37		64		70
5.62%, 12/1/36		32		34
6.50%, 4/1/24 - 1/1/34		871		965
7.00%, 11/1/22 - 12/1/33		142		150
9.50%, 4/1/30		84		94
Government National Mortgage Association,
4.50%, 4/20/49		1,200		1,237
April TBA:
3.50%, 4/20/49 (a)		680		695
Various Pools:
3.50%, 11/20/40 - 7/20/46		2,395		2,448
4.00%, 8/20/41 - 3/20/43		565		589
5.00%, 2/20/49		799		836
6.50%, 5/15/40		571		656
				68,074

	Face Amount (000)		Value (000)
Asset-Backed Securities (13.6%)
Accredited Mortgage Loan Trust,
1 Month USD LIBOR + 0.60%, 3.09%, 4/25/34 (b)	$	877	$	865
American Homes 4 Rent Trust,
6.07%, 10/17/52 (c)		601		663
Avant Loans Funding Trust,
5.00%, 11/17/25 (c)		300		304
Avant Loans Funding Trust,
4.65%, 4/15/26 (c)		850		855
Bayview Koitere Fund Trust,
3.62%, 3/28/33 (c)		252		253
Bayview Opportunity Master Fund Trust,
3.82%, 4/28/33 (c)		238		239
Blackbird Capital Aircraft Lease Securitization Ltd.,
5.68%, 12/16/41 (c)		648		672
CAM Mortgage Trust,
3.96%, 12/1/65 (c)		335		335
Consumer Loan Underlying Bond Credit Trust,
5.21%, 7/15/25 (c)		1,136		1,152
ContiMortgage Home Equity Loan Trust,
8.10%, 8/15/25		23		14
Fairstone Financial Issuance Trust,
3.95%, 3/21/33 (c)	CAD	600		453
FCI Funding 2019-1 LLC,
3.63%, 2/18/31 (c)(d)	$	950		950
Foundation Finance Trust,
3.86%, 11/15/34 (c)		1,040		1,041
FREED ABS TRUST,
4.61%, 10/20/25 (c)		969		988
GCAT LLC,
3.84%, 6/25/48 (c)		784		784
4.09%, 6/26/23 (c)		854		860
Invitation Homes Trust,
1 Month USD LIBOR + 2.00%, 4.48%, 6/17/37 (b)(c)		1,250		1,251
1 Month USD LIBOR + 2.25%, 4.73%, 12/17/36 - 7/17/37 (b)(c)		2,025		2,019
Labrador Aviation Finance Ltd.,
5.68%, 1/15/42 (c)		501		513
MAPS Ltd.,
4.21%, 5/15/43 (c)		651		657
METAL LLC,
4.58%, 10/15/42 (c)		960		959
MFA LLC,
3.88%, 5/25/48 (c)		1,123		1,116
4.16%, 7/25/48 (c)		1,047		1,054
MFA Trust,
3.35%, 11/25/47 (c)		945		946
Nationstar HECM Loan Trust,
3.97%, 9/25/27 (b)(c)		1,000		998
5.43%, 11/25/28 (b)(c)		1,200		1,203

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Asset-Backed Securities (cont'd)
New Residential Mortgage LLC,
4.69%, 5/25/23 (c)	$	473	$	476
NewDay Funding PLC,
1 Month GBP LIBOR + 2.10%, 2.83%, 8/15/26 (b)(c)	GBP	500		643
NRZ Excess Spread-Collateralized Notes,
4.37%, 1/25/23 (c)	$	513		512
4.59%, 2/25/23 (c)		906		908
Oak Hill Advisors Residential Loan Trust,
3.00%, 7/25/57 (c)		665		658
Ocwen Master Advance Receivables Trust,
4.53%, 8/15/50 (c)		500		503
Oxford Finance Funding 2019-1 LLC,
5.44%, 2/15/27 (c)		550		556
PNMAC FMSR Issuer Trust,
1 Month USD LIBOR + 2.35%, 4.84%, 4/25/23 (b)(c)		750		753
PNMAC GMSR Issuer Trust,
5.34%, 2/25/23		500		502
Pretium Mortgage Credit Partners I LLC,
3.70%, 3/27/33 (c)		805		804
Pretium Mortgage Credit Partners LLC,
4.83%, 9/25/58 (c)		1,112		1,124
Pretium Mortgage Credit Partners LLC,
4.13%, 8/25/33 (c)		916		923
Progress Residential Trust,
1 Month USD LIBOR + 4.22%, 6.70%, 1/17/34 (b)(c)		1,100		1,104
Prosper Marketplace Issuance Trust,
3.36%, 11/15/23 (c)		900		900
4.87%, 6/17/24		450		456
5.50%, 10/15/24 (c)		1,296		1,297
PRPM LLC,
4.00%, 8/25/23 (b)(c)		575		577
RCO V Mortgage LLC,
4.00%, 5/25/23 (c)		894		900
4.46%, 10/25/23 (c)		1,122		1,136
RMF Buyout Issuance Trust,
5.43%, 11/25/28		1,200		1,212
S-Jets Ltd.,
7.02%, 8/15/42 (c)		1,203		1,225
Sofi Consumer Loan Program Trust,
3.79%, 4/26/27 (c)		600		609
4.02%, 8/25/27 (c)		200		204
Sprite 2017-1 Ltd.,
4.25%, 12/15/37 (c)		722		726
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes,
4.50%, 10/17/50 (c)		612		613
Stanwich Mortgage Loan Trust,
4.02%, 5/16/23 (c)		989		993
4.50%, 10/18/23 (c)		1,068		1,077

	Face Amount (000)		Value (000)
Start Ltd.,
4.09%, 5/15/43 (c)	$	951	$	955
Tricon American Homes Trust,
5.10%, 1/17/36 (c)		1,000		1,009
5.15%, 9/17/34 (c)		800		806
5.77%, 11/17/33 (c)		900		918
Upgrade Receivables Trust,
5.17%, 11/15/24 (c)		1,500		1,517
Upstart Securitization Trust,
5.00%, 8/20/25		750		753
Vantage Data Centers Issuer LLC,
4.07%, 2/16/43 (c)		396		402
VOLT LXIV LLC,
3.38%, 10/25/47 (c)		709		709
VOLT LXIX LLC,
4.70%, 8/25/48 (c)		550		555
VOLT LXV LLC,
3.75%, 4/25/48 (c)		839		839
VOLT LXVI,
4.34%, 5/25/48 (c)		850		854
VOLT LXXII LLC,
4.21%, 10/26/48 (c)		1,039		1,048
VOLT LXXIII LLC,
4.46%, 10/25/48 (c)		688		695
VOLT LXXV LLC,
4.34%, 1/25/49 (c)		783		791
				54,386
Collateralized Mortgage Obligations — Agency Collateral Series (0.6%)
Federal Home Loan Mortgage Corporation,
1 Month USD LIBOR + 4.35%, 6.84%, 12/25/26 (b)(c)		198		207
1 Month USD LIBOR + 5.05%, 7.54%, 7/25/23 (b)		99		102
1 Month USD LIBOR + 5.25%, 7.74%, 7/25/26 (b)(c)		126		133
IO
0.33%, 11/25/27 (b)		23,896		620
0.44%, 8/25/27 (b)		14,871		477
IO REMIC
1 Month USD LIBOR + 6.00%, 3.52%, 11/15/43 (b)		1,043		147
1 Month USD LIBOR + 6.05%, 3.57%, 4/15/39 (b)		740		43
IO STRIPS
7.50%, 12/15/29		27		8
Federal National Mortgage Association,
IO
1 Month USD LIBOR + 6.39%, 3.90%, 9/25/20 (b)		2,862		84
IO PAC REMIC
8.00%, 9/18/27		94		21
IO REMIC
6.00%, 7/25/33		68		16

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Collateralized Mortgage Obligations — Agency Collateral Series (cont'd)
IO STRIPS
6.50%, 9/25/29 - 12/25/29	$	386	$	68
8.00%, 4/25/24		70		7
8.50%, 10/25/25		33		6
9.00%, 11/25/26		31		5
REMIC
7.00%, 9/25/32		205		235
Government National Mortgage Association,
IO
3.62%, 7/16/33		705		14
5.00%, 2/16/41		229		52
IO PAC
1 Month USD LIBOR + 6.15%, 3.66%, 10/20/41 (b)		1,323		80
				2,325
Commercial Mortgage-Backed Securities (3.5%)
BAMLL Commercial Mortgage Securities Trust,
1 Month USD LIBOR + 4.00%, 4.33%, 12/15/31 (b)(c)		1,000		991
BBCMS Trust,
4.29%, 9/10/28 (b)(c)		1,037		1,016
BXP Trust,
1 Month USD LIBOR + 3.00%, 5.48%, 11/15/34 (b)(c)		1,150		1,152
Citigroup Commercial Mortgage Trust,
IO
0.87%, 11/10/48 (b)		2,772		108
0.94%, 9/10/58 (b)		4,750		218
CLNS Trust 2017-IKPR,
1 Month USD LIBOR + 3.50%, 5.99%, 6/11/32 (b)(c)		800		805
COMM Mortgage Trust,
5.27%, 8/10/46 (b)(c)		800		785
IO
0.12%, 7/10/45 (b)		13,432		49
0.89%, 10/10/47 (b)		4,362		117
1.14%, 7/15/47 (b)		3,501		131
Commercial Mortgage Pass-Through Certificates,
4.64%, 2/10/47 (b)(c)		575		554
GS Mortgage Securities Trust,
4.75%, 8/10/46 (b)(c)		500		502
IO
0.80%, 9/10/47 (b)		5,688		176
1.33%, 10/10/48 (b)		5,294		340
HMH Trust,
6.29%, 7/5/31 (c)		450		442
InTown Hotel Portfolio Trust,
1 Month USD LIBOR + 2.05%, 4.53%, 1/15/33 (b)(c)		579		576
JP Morgan Chase Commercial Mortgage Securities Trust,
IO
0.51%, 4/15/46 (b)		6,956		142

	Face Amount (000)		Value (000)
0.75%, 12/15/49 (b)	$	4,441	$	160
1.06%, 7/15/47 (b)		8,951		275
JPMBB Commercial Mortgage Securities Trust,
4.68%, 4/15/47 (b)(c)		775		740
IO
1.01%, 8/15/47 (b)		4,260		180
Natixis Commercial Mortgage Securities Trust,
4.56%, 2/15/39 (b)(c)		1,941		1,960
SG Commercial Mortgage Securities Trust,
4.51%, 2/15/41 (b)(c)		1,250		1,132
WFRBS Commercial Mortgage Trust,
3.50%, 8/15/47 (c)		1,400		1,136
4.13%, 5/15/45 (b)(c)		425		423
				14,110
Corporate Bonds (33.6%)
Communications (0.2%)
Bharti Airtel International Netherlands BV,
5.35%, 5/20/24 (c)(e)		725		753
Energy (0.5%)
BP Capital Markets America, Inc.,
3.12%, 5/4/26		825		824
3.25%, 5/6/22		625		635
Midwest Connector Capital Co. LLC,
3.63%, 4/1/22 (c)		400		406
				1,865
Finance (14.7%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
4.13%, 7/3/23 (e)		1,150		1,166
Alexandria Real Estate Equities, Inc.,
3.95%, 1/15/27		175		177
American Express Co.,
4.20%, 11/6/25		450		476
American International Group, Inc.,
4.50%, 7/16/44		550		527
4.88%, 6/1/22		375		397
AvalonBay Communities, Inc.,
Series G
2.95%, 5/11/26		375		368
Banco Santander SA,
5.18%, 11/19/25		600		634
Bank of America Corp.,
3.97%, 3/5/29		1,225		1,248
4.24%, 4/24/38		225		230
6.11%, 1/29/37		250		297
MTN
4.00%, 1/22/25		1,055		1,076
4.25%, 10/22/26		1,088		1,119
Bank of Montreal,
3.80%, 12/15/32		800		774
Bank of New York Mellon Corp. (The),
MTN
3.65%, 2/4/24		525		543

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Banque Federative du Credit Mutuel SA,
3.75%, 7/20/23 (c)	$	1,530	$	1,568
BNP Paribas SA,
4.40%, 8/14/28 (c)		1,050		1,081
5.00%, 1/15/21		175		182
Boston Properties LP,
3.80%, 2/1/24		700		719
BPCE SA,
5.15%, 7/21/24 (c)		1,075		1,122
Brighthouse Financial, Inc.,
Series WI
3.70%, 6/22/27		1,175		1,067
Brookfield Finance, Inc.,
4.00%, 4/1/24		775		786
Capital One Bank USA NA,
3.38%, 2/15/23		1,625		1,625
Capital One Financial Corp.,
3.30%, 10/30/24		750		743
Cigna Corp.,
3.75%, 7/15/23 (c)		725		744
Cigna Holding Co.,
3.88%, 10/15/47		500		445
Citigroup, Inc.,
3.89%, 1/10/28		1,025		1,042
6.68%, 9/13/43		120		153
8.13%, 7/15/39		350		527
Citizens Bank NA,
MTN
2.55%, 5/13/21		250		248
Compass Bank,
3.50%, 6/11/21		800		806
Cooperatieve Rabobank UA,
3.95%, 11/9/22		650		662
Credit Agricole SA,
3.75%, 4/24/23 (c)		1,175		1,189
3.88%, 4/15/24 (c)		500		517
Credit Suisse Group AG,
3.57%, 1/9/23 (c)		250		251
Danske Bank A/S,
5.00%, 1/12/22 (c)		350		359
Deutsche Bank AG,
2.70%, 7/13/20		625		619
3.95%, 2/27/23		850		840
Discover Bank,
7.00%, 4/15/20		250		260
Discover Financial Services,
3.95%, 11/6/24		750		764
Five Corners Funding Trust,
4.42%, 11/15/23 (c)		500		528
GE Capital International Funding Co., Unlimited Co.,
4.42%, 11/15/35		1,315		1,218

	Face Amount (000)		Value (000)
Goldman Sachs Group, Inc. (The),
4.22%, 5/1/29	$	1,250	$	1,279
6.75%, 10/1/37		615		751
MTN
4.80%, 7/8/44		625		662
Guardian Life Insurance Co. of America (The),
4.85%, 1/24/77 (c)		475		500
Harborwalk Funding Trust,
5.08%, 2/15/69 (c)		950		1,000
Hartford Financial Services Group, Inc. (The),
5.50%, 3/30/20		295		303
HSBC Holdings PLC,
4.25%, 3/14/24		1,900		1,944
HSBC USA, Inc.,
3.50%, 6/23/24		225		228
Humana, Inc.,
3.95%, 3/15/27		350		354
ING Bank N.V.,
5.80%, 9/25/23 (c)		770		831
Intesa Sanpaolo SpA,
5.25%, 1/12/24		610		628
iStar, Inc.,
5.25%, 9/15/22		300		295
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
7.38%, 4/1/20 (c)		380		381
JPMorgan Chase & Co.,
3.90%, 1/23/49		925		897
4.13%, 12/15/26		1,600		1,653
Liberty Mutual Group, Inc.,
4.85%, 8/1/44 (c)		150		154
Lloyds Banking Group PLC,
3.57%, 11/7/28		250		240
3.75%, 1/11/27		450		443
4.55%, 8/16/28		1,100		1,140
Macquarie Bank Ltd.,
6.63%, 4/7/21 (c)		490		522
Marsh & McLennan Cos., Inc.,
3.88%, 3/15/24		800		830
MassMutual Global Funding II,
3.40%, 3/8/26 (c)		1,040		1,058
MetLife, Inc.,
5.70%, 6/15/35		175		211
Mizuho Financial Group, Inc.,
2.63%, 4/12/21 (c)		600		597
MPT Operating Partnership LP/ MPT Finance Corp.,
5.00%, 10/15/27		300		306
Nationwide Building Society,
4.30%, 3/8/29 (c)(e)		600		609
4.36%, 8/1/24 (c)		500		508
New York Life Global Funding,
1.70%, 9/14/21 (c)		600		586

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Prologis LP,
3.88%, 9/15/28	$	600	$	634
Realty Income Corp.,
3.25%, 10/15/22		400		407
3.65%, 1/15/28		650		661
REC Ltd.,
5.25%, 11/13/23 (c)		875		922
Royal Bank of Scotland Group PLC,
3.88%, 9/12/23		875		879
Santander UK Group Holdings PLC,
3.57%, 1/10/23		1,125		1,123
Skandinaviska Enskilda Banken AB,
2.63%, 11/17/20 (c)		500		499
Standard Chartered PLC,
3.05%, 1/15/21 (c)		325		324
Synchrony Financial,
3.95%, 12/1/27		400		377
Syngenta Finance N.V.,
4.89%, 4/24/25 (c)		975		994
TD Ameritrade Holding Corp.,
3.63%, 4/1/25		500		514
Travelers Cos., Inc. (The),
3.75%, 5/15/46		275		270
UBS Group Funding Switzerland AG,
2.95%, 9/24/20 (c)		525		525
UniCredit SpA,
6.57%, 1/14/22 (c)(e)		575		602
UnitedHealth Group, Inc.,
2.88%, 3/15/23		1,025		1,031
3.75%, 7/15/25		475		496
WEA Finance LLC/Westfield UK & Europe Finance PLC,
3.25%, 10/5/20 (c)		450		453
				58,718
Industrials (16.2%)
Air Liquide Finance SA,
1.75%, 9/27/21 (c)		450		439
Akamai Technologies, Inc.,
0.13%, 5/1/25 (c)		562		562
Altria Group, Inc.,
5.95%, 2/14/49		725		779
Amazon.com, Inc.,
2.80%, 8/22/24		1,625		1,629
Andeavor Logistics LP/Tesoro Logistics Finance Corp.,
5.20%, 12/1/47		475		477
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.,
4.90%, 2/1/46 (c)		925		930
Apple, Inc.,
2.45%, 8/4/26		400		387
3.85%, 8/4/46		50		51
4.45%, 5/6/44		750		827

	Face Amount (000)		Value (000)
AT&T, Inc.,
4.25%, 3/1/27	$	1,250	$	1,286
4.50%, 3/9/48		625		587
4.90%, 8/15/37		300		304
5.15%, 2/15/50		400		409
Baidu, Inc.,
2.75%, 6/9/19		650		650
Becton Dickinson and Co.,
2.89%, 6/6/22		600		597
Booking Holdings, Inc.,
0.90%, 9/15/21 (e)		275		304
Charter Communications Operating LLC/ Charter Communications Operating Capital,
4.20%, 3/15/28		750		745
4.91%, 7/23/25		300		317
6.48%, 10/23/45		725		814
CNH Industrial Capital LLC,
4.38%, 11/6/20 (e)		625		638
CNOOC Finance 2013 Ltd.,
3.00%, 5/9/23		540		535
Coca-Cola Co. (The),
3.20%, 11/1/23		375		385
Columbia Pipeline Group, Inc.,
4.50%, 6/1/25		875		914
Comcast Corp.,
4.05%, 11/1/52		325		317
4.15%, 10/15/28		1,050		1,106
Conagra Brands, Inc.,
4.85%, 11/1/28 (e)		825		867
5.40%, 11/1/48		600		604
Concho Resources, Inc.,
4.85%, 8/15/48		575		603
Constellation Brands, Inc.,
3.50%, 5/9/27		425		415
4.40%, 11/15/25		850		893
CVS Health Corp.,
4.30%, 3/25/28		900		913
Daimler Finance North America LLC,
2.25%, 7/31/19 (c)		700		699
Dell International LLC/EMC Corp.,
6.02%, 6/15/26 (c)		975		1,050
Delta Air Lines, Inc.,
2.88%, 3/13/20		475		474
Series AA
3.20%, 10/25/25		600		610
Dollar Tree, Inc.,
3.70%, 5/15/23		450		457
4.20%, 5/15/28		350		349
Dow Chemical Co. (The),
5.55%, 11/30/48 (c)		700		782
Eldorado Gold Corp.,
6.13%, 12/15/20 (c)		305		299

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Energy Transfer Operating L.P.,
5.15%, 3/15/45	$	450	$	433
5.30%, 4/15/47		250		247
Express Scripts Holding Co.,
4.50%, 2/25/26		500		524
Exxon Mobil Corp.,
4.11%, 3/1/46		775		840
Ferguson Finance PLC,
4.50%, 10/24/28 (c)		1,000		1,007
Fiserv, Inc.,
4.20%, 10/1/28		575		593
Ford Motor Credit Co., LLC,
3.20%, 1/15/21		400		394
Fortune Brands Home & Security, Inc.,
4.00%, 9/21/23		675		694
Fox Corp.,
5.58%, 1/25/49 (c)		700		789
General Motors Co.,
6.60%, 4/1/36		200		209
Glencore Funding LLC,
4.13%, 3/12/24 (c)		1,050		1,061
Goldcorp, Inc.,
3.70%, 3/15/23		293		298
Heathrow Funding Ltd.,
4.88%, 7/15/23 (c)		525		543
Hilcorp Energy I LP/Hilcorp Finance Co.,
6.25%, 11/1/28 (c)		650		655
International Paper Co.,
4.35%, 8/15/48		450		420
J Sainsbury PLC,
Series SBRY
1.25%, 11/21/19	GBP	300		393
Lowe's Cos., Inc.,
2.50%, 4/15/26	$	775		732
Macy's Retail Holdings, Inc.,
2.88%, 2/15/23 (e)		610		591
Medtronic, Inc.,
4.63%, 3/15/45		57		65
Microsoft Corp.,
3.13%, 11/3/25		325		333
4.45%, 11/3/45		750		851
MPLX LP,
4.88%, 6/1/25		150		160
Newcastle Coal Infrastructure Group Pty Ltd.,
4.40%, 9/29/27 (c)		825		768
Newell Brands, Inc.,
4.20%, 4/1/26		1,095		1,046
NOVA Chemicals Corp.,
5.25%, 8/1/23 (c)		463		467
Novartis Capital Corp.,
4.40%, 5/6/44		375		414

	Face Amount (000)		Value (000)
Nuance Communications, Inc.,
1.00%, 12/15/35	$	425	$	399
Nucor Corp.,
3.95%, 5/1/28		550		571
Nvent Finance Sarl,
3.95%, 4/15/23		775		773
NXP Semiconductors N.V.,
1.00%, 12/1/19		475		488
Oracle Corp.,
2.95%, 5/15/25		1,906		1,905
Palo Alto Networks, Inc.,
0.75%, 7/1/23 (c)		515		573
PepsiCo, Inc.,
3.60%, 3/1/24		625		653
Rockies Express Pipeline LLC,
6.88%, 4/15/40 (c)		600		647
Shell International Finance BV,
3.25%, 5/11/25		400		408
Siemens Financieringsmaatschappij N.V.,
2.35%, 10/15/26 (c)		800		757
Sika AG,
0.15%, 6/5/25	CHF	540		567
Southern Copper Corp.,
5.25%, 11/8/42	$	600		626
Splunk, Inc.,
0.50%, 9/15/23 (c)		495		536
Sprint Spectrum Co., LLC/Sprint Spectrum Co., II LLC/Sprint Spectrum Co., III LLC,
3.36%, 3/20/23 (c)		2,117		2,122
Starbucks Corp.,
3.80%, 8/15/25		825		851
STMicroelectronics N.V.,
Series B
0.25%, 7/3/24		600		621
Takeda Pharmaceutical Co. Ltd.,
5.00%, 11/26/28 (c)		1,100		1,193
Telefonica Emisiones SA,
4.10%, 3/8/27		850		863
Teva Pharmaceutical Finance Netherlands III BV,
2.80%, 7/21/23		75		67
6.75%, 3/1/28		425		429
Total Capital International SA,
2.88%, 2/17/22		500		504
Transurban Finance Co., Pty Ltd.,
3.38%, 3/22/27 (c)		550		526
Trimble, Inc.,
4.15%, 6/15/23		1,150		1,171
United Airlines Pass-Through Trust,
Series A
4.00%, 10/11/27		544		555
Verint Systems, Inc.,
1.50%, 6/1/21		325		360

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Verizon Communications, Inc.,
3.88%, 2/8/29	$	375	$	384
4.67%, 3/15/55		375		383
Vodafone Group PLC,
4.38%, 5/30/28		750		763
Volkswagen Group of America Finance LLC,
2.40%, 5/22/20 (c)		800		794
4.75%, 11/13/28 (c)		1,025		1,032
Walmart, Inc.,
3.63%, 12/15/47		200		198
3.70%, 6/26/28		250		264
Warner Media LLC,
3.80%, 2/15/27		400		399
Weibo Corp.,
1.25%, 11/15/22 (c)		585		543
Woodside Finance Ltd.,
3.70%, 9/15/26 (c)		1,650		1,621
Zillow Group, Inc.,
2.00%, 12/1/21		425		436
				64,513
Utilities (2.0%)
Calpine Corp.,
5.25%, 6/1/26 (c)		375		375
Duke Energy Carolinas LLC,
3.75%, 6/1/45		650		645
Electricite de France SA,
4.50%, 9/21/28 (c)		500		517
Enel Finance International N.V.,
3.63%, 5/25/27 (c)		350		335
4.25%, 9/14/23 (c)		575		588
Entergy Louisiana LLC,
3.05%, 6/1/31		525		502
ITC Holdings Corp.,
3.35%, 11/15/27		775		767
Korea Hydro & Nuclear Power Co., Ltd.,
3.75%, 7/25/23 (c)		1,380		1,425
Mississippi Power Co.,
3.95%, 3/30/28		825		835
Oglethorpe Power Corp.,
5.05%, 10/1/48 (c)		775		855
Southern Power Co.,
Series D
1.95%, 12/15/19		550		546
Trans-Allegheny Interstate Line Co.,
3.85%, 6/1/25 (c)		775		793
				8,183
				134,032
Mortgages — Other (12.4%)
Adjustable Rate Mortgage Trust,
4.64%, 6/25/35 (b)		330		328

	Face Amount (000)		Value (000)
Alternative Loan Trust,
1 Month USD LIBOR + 0.18%, 2.67%, 5/25/47 (b)	$	137	$	134
Banc of America Alternative Loan Trust,
1 Month USD LIBOR + 0.65%, 3.14%, 7/25/46 (b)		203		151
5.86%, 10/25/36		560		312
6.00%, 4/25/36		42		42
Banc of America Funding Trust,
5.25%, 7/25/37		218		208
Cascade Funding Mortgage Trust,
4.00%, 10/25/68		708		652
ChaseFlex Trust,
6.00%, 2/25/37		782		548
E-MAC NL BV,
3 Month EURIBOR + 0.18%, 1.95%, 7/25/36 (b)	EUR	596		632
Eurosail BV,
3 Month EURIBOR + 1.80%, 1.49%, 10/17/40 (b)		700		765
Eurosail PLC,
3 Month GBP LIBOR + 0.95%, 1.79%, 6/13/45 (b)	GBP	777		986
Eurosail PLC,
3 Month GBP LIBOR + 0.95%, 1.79%, 6/13/45 (b)		576		744
Farringdon Mortgages No. 2 PLC,
3 Month GBP LIBOR + 1.50%, 2.43%, 7/15/47 (b)		225		292
Federal Home Loan Mortgage Corporation,
3.00%, 7/25/46 - 5/25/47	$	3,594		3,529
3.50%, 5/25/45 - 5/25/47		2,661		2,677
3.88%, 5/25/45 (b)(c)		152		148
4.00%, 5/25/45		96		98
1 Month USD LIBOR + 2.35%, 4.84%, 4/25/30 (b)		1,300		1,320
1 Month USD LIBOR + 3.30%, 5.79%, 10/25/27 (b)		400		439
1 Month USD LIBOR + 5.15%, 7.64%, 10/25/29 (b)		300		340
Grifonas Finance PLC,
6 Month EURIBOR + 0.28%, 0.05%, 8/28/39 (b)	EUR	402		413
HarborView Mortgage Loan Trust,
1 Month USD LIBOR + 0.19%, 2.67%, 1/19/38 (b)	$	513		492
IM Pastor 3 FTH,
3 Month EURIBOR + 0.14%, 0.00%, 3/22/43 (b)	EUR	405		406
JP Morgan Mortgage Trust,
4.31%, 6/25/37 (b)	$	148		137
6.00%, 6/25/37		132		135
Landmark Mortgage Securities No. 1 PLC,
3 Month EURIBOR + 0.60%, 0.29%, 6/17/38 (b)	EUR	781		819

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Mortgages — Other (cont'd)
Lehman Mortgage Trust,
5.50%, 11/25/35	$	132	$	124
6.50%, 9/25/37		762		451
LHOME Mortgage Trust,
4.58%, 10/25/23 (c)		1,000		1,003
New Residential Mortgage Loan Trust 2019-1,
4.00%, 9/25/57 (b)(c)		990		1,004
NRPL Trust,
4.25%, 7/25/67 (b)(c)		1,172		1,175
Paragon Mortgages No. 13 PLC,
3 Month GBP LIBOR + 0.40%, 1.33%, 1/15/39 (b)	GBP	300		359
Paragon Mortgages No. 15 PLC,
3 Month EURIBOR + 0.54%, 0.23%,
12/15/39 (b)	EUR	800		781
Preston Ridge Partners Mortgage,
4.50%, 1/25/24 (c)	$	1,226		1,238
RALI Trust,
5.50%, 12/25/34		532		531
6.00%, 11/25/36		217		195
RMAC PLC,
3 Month GBP LIBOR + 1.30%, 2.15%, 6/12/46 (b)	GBP	500		630
Rochester Financing No 2 PLC,
3 Month GBP LIBOR + 2.75%, 3.60%, 6/18/45 (b)		750		986
Seasoned Credit Risk Transfer Trust,
3.00%, 7/25/56 - 3/25/58	$	7,168		7,040
3.50%, 6/25/57 - 3/25/58		4,948		4,972
4.00%, 7/25/56 (b)		450		455
4.00%, 8/25/56 (b)(c)		600		561
4.50%, 6/25/57		2,743		2,844
4.75%, 7/25/56 - 6/25/57 (b)(c)		1,408		1,381
Seasoned Credit Risk Transfer Trust Series,
3.00%, 7/25/58		1,892		1,826
3.50%, 7/25/58		1,890		1,877
Structured Asset Securities Corp. Reverse Mortgage Loan Trust,
1 Month USD LIBOR + 1.85%, 4.34%, 5/25/47 (b)(c)		1,393		1,210
TDA 27 FTA,
3 Month EURIBOR + 0.19%, 0.00%, 12/28/50 (b)	EUR	1,000		958
VCAT Asset Securitization, LLC,
4.36%, 2/25/49	$	1,141		1,147
				49,495
Municipal Bonds (0.6%)
Chicago O'Hare International Airport, IL, O'Hare International Airport Revenue
6.40%, 1/1/40		255		339
City of New York, NY,
Series G-1
5.97%, 3/1/36		270		342

	Face Amount (000)		Value (000)
Illinois State Toll Highway Authority, IL, Highway Revenue, Build America Bonds
6.18%, 1/1/34	$	477	$	612
Municipal Electric Authority of Georgia, GA,
6.64%, 4/1/57		281		306
6.66%, 4/1/57		317		372
New York City Transitional Finance Authority Future Tax Secured Revenue, NY,
Transitional Finance Authority Future Tax Secured Revenue
5.27%, 5/1/27		320		362
				2,333
Sovereign (6.3%)
Australia Government Bond,
2.75%, 11/21/27 - 11/21/28	AUD	3,063		2,359
Cyprus Government International Bond,
2.75%, 6/27/24	EUR	150		186
3.75%, 7/26/23		150		192
Eskom Holdings SOC Ltd.,
7.13%, 2/11/25	$	700		694
Export-Import Bank of India,
3.88%, 2/1/28 (c)		1,786		1,769
Hellenic Republic Government Bond,
3.38%, 2/15/25 (c)	EUR	2,075		2,377
3.45%, 4/2/24 (c)		1,245		1,453
Hungary Government Bond,
3.00%, 10/27/27	HUF	199,700		729
5.50%, 6/24/25		74,200		312
Indonesia Treasury Bond,
6.13%, 5/15/28	IDR	12,919,000		824
8.25%, 5/15/29		13,520,000		994
KazMunayGas National Co., JSC,
6.38%, 10/24/48 (c)	$	750		822
Mexican Bonos,
8.50%, 5/31/29	MXN	26,000		1,378
Series M
7.50%, 6/3/27		31,000		1,548
Mexico Government International Bond,
3.60%, 1/30/25	$	704		705
Nigeria Government International Bond,
9.25%, 1/21/49 (c)		245		272
Pertamina Persero PT,
6.50%, 11/7/48 (c)		900		1,050
Perusahaan Listrik Negara PT,
6.15%, 5/21/48 (c)		460		513
Petroleos Mexicanos,
6.38%, 1/23/45		590		523
6.50%, 1/23/29		525		521
Qatar Government International Bond,
5.10%, 4/23/48 (c)		730		801
Republic of Poland Government Bond,
2.50%, 7/25/27	PLN	8,900		2,291

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Sovereign (cont'd)
Saudi Government International Bond,
5.25%, 1/16/50 (c)	$	675	$	721
Spain Government Bond,
2.90%, 10/31/46 (c)	EUR	774		1,000
Ukraine Government International Bond,
7.75%, 9/1/26	$	515		485
9.75%, 11/1/28 (c)		765		790
				25,309
U.S. Agency Security (0.6%)
Federal Home Loan Bank,
3.25%, 11/16/28		2,055		2,165
U.S. Treasury Securities (10.6%)
U.S. Treasury Bond,
3.13%, 8/15/44		10,800		11,450
3.63%, 2/15/44		15,000		17,259
U.S. Treasury Notes,
1.75%, 9/30/19		4,100		4,086
2.75%, 8/31/23		9,500		9,705
				42,500
Total Fixed Income Securities (Cost $390,219)				394,879
	Shares
Short-Term Investments (10.6%)
Securities held as Collateral on Loaned Securities (0.7%)
Investment Company (0.7%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $2,786)		2,786,375		2,786
Investment Company (9.5%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $37,853)		37,853,100		37,853
	Face Amount (000)
U.S. Treasury Security (0.4%)
U.S. Treasury Bill
2.49%, 8/22/19 (f) (Cost $1,657)	$	1,673		1,657
Total Short-Term Investments (Cost $42,296)				42,296
Total Investments (109.5%) (Cost $432,515) Including $2,886 of Securities Loaned (g)(h)				437,175
Liabilities in Excess of Other Assets (–9.5%)				(37,790	)
Net Assets (100.0%)			$	399,385

(a) Security is subject to delayed delivery.

(b) Floating or Variable rate securities: The rates disclosed are as of March 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

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

(d) When-issued security.

(e) All or a portion of this security was on loan at March 31, 2019.

(f) Rate shown is the yield to maturity at March 31, 2019.

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

(h) At March 31, 2019, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $9,982,000 and the aggregate gross unrealized depreciation is approximately $4,947,000, resulting in net unrealized appreciation of approximately $5,035,000.

EURIBOR Euro Interbank Offered Rate.

IO Interest Only.

LIBOR London Interbank Offered Rate.

MTN Medium Term Note.

PAC Planned Amortization Class.

REMIC Real Estate Mortgage Investment Conduit.

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.
12

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at March 31, 2019:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Barclays Bank PLC	EUR	7	$	7	4/2/19	$	—	@
Barclays Bank PLC	$	7	EUR	7	6/28/19		(—	@)
Bank of America NA	EUR	6,584	$	7,505	6/28/19		64
Bank of America NA	HUF	298,276	$	1,072	6/28/19		24
Bank of America NA	PLN	5,352	$	1,416	6/28/19		18
Bank of America NA	SEK	53	$	6	6/28/19		—	@
Bank of America NA	$	14	CAD	19	6/28/19		—	@
Bank of America NA	$	18	NOK	155	6/28/19		(—	@)
BNP Paribas SA	$	908	BRL	3,553	6/28/19		(6	)
BNP Paribas SA	$	906	ZAR	13,098	6/28/19		(8	)
Citibank NA	MXN	56,049	$	2,899	6/28/19		51
Goldman Sachs International	AUD	3,336	$	2,375	6/28/19		2
Goldman Sachs International	CAD	1,169	MXN	16,885	6/28/19		10
Goldman Sachs International	CHF	556	$	565	6/28/19		2
Goldman Sachs International	GBP	3,895	$	5,163	6/28/19		67
Goldman Sachs International	$	887	MXN	16,885	6/28/19		(29	)
JPMorgan Chase Bank NA	CAD	1,953	$	1,458	6/28/19		(7	)
JPMorgan Chase Bank NA	EUR	900	$	1,025	6/28/19		8
JPMorgan Chase Bank NA	EUR	2,122	$	2,406	6/28/19		8
JPMorgan Chase Bank NA	IDR	12,888,887	$	894	6/28/19		(1	)
						$	203

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2019:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
Australian 10 yr. Bond		21	Jun-19	$	2,100		$	2,066		$	47
U.S. Treasury 2 yr. Note		207	Jun-19		41,400			44,110			175
U.S. Treasury 30 yr. Bond		5	Jun-19		500			748			(—	@)
U.S. Treasury 5 yr. Note		91	Jun-19		9,100			10,540			69
U.S. Treasury Ultra Bond		9	Jun-19		900			1,512			5
Short:
German Euro OAT		12	Jun-19		(1,200	)		(2,190	)		(8	)
U.S. Treasury 10 yr. Ultra Long Bond		53	Jun-19		(5,300	)		(7,037	)		(70	)
U.S. Treasury 10 yr. Note		18	Jun-19		(1,800	)		(2,236	)		(2	)
UK Long Gilt Bond		13	Jun-19		(1,300	)		(2,190	)		(44	)
										$	172

@ — Value is less than $500.

OAT — Obligations Assimilables du Trésor (French Treasury Obligation).

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

EUR — Euro

GBP — British Pound

HUF — Hungarian Forint

IDR — Indonesian Rupiah

MXN — Mexican Peso

NOK — Norwegian Krone

PLN — Polish Zloty

SEK — Swedish Krona

USD — United States Dollar

ZAR — South African Rand

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

Portfolio Composition*

Classification	Percentage of Total Investments
Agency Fixed Rate Mortgages		15.7	%
Industrials		14.9
Finance		13.5
Asset-Backed Securities		12.5
Mortgages — Other		11.4
U.S. Treasury Securities		9.8
Short-Term Investments		9.1
Other**		7.3
Sovereign		5.8
Total Investments		100.0	%***

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2019.

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

*** Does not include open long/short futures contracts with a value of approximately $72,629,000 and net unrealized appreciation of approximately $172,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $203,000.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Core Plus Fixed Income Portfolio

Statement of Assets and Liabilities	March 31, 2019 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $391,876)	$	396,536
Investment in Security of Affiliated Issuer, at Value (Cost $40,639)		40,639
Total Investments in Securities, at Value (Cost $432,515)		437,175
Foreign Currency, at Value (Cost —@)		—	@
Cash		39
Receivable for Investments Sold		3,502
Interest Receivable		2,373
Receivable for Fund Shares Sold		1,136
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		254
Receivable for Variation Margin on Futures Contracts		205
Receivable from Affiliate		73
Receivable from Securities Lending Income		7
Other Assets		130
Total Assets		444,894
Liabilities:
Payable for Investments Purchased		41,863
Collateral on Securities Loaned, at Value		2,786
Due to Broker		270
Payable for Fund Shares Redeemed		155
Payable for Advisory Fees		118
Payable for Professional Fees		64
Deferred Capital Gain Country Tax		54
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		51
Payable for Sub Transfer Agency Fees — Class I		27
Payable for Sub Transfer Agency Fees — Class A		—	@
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Sub Transfer Agency Fees — Class C		1
Payable for Administration Fees		26
Payable for Shareholder Services Fees — Class A		16
Payable for Distribution and Shareholder Services Fees — Class L		—	@
Payable for Distribution and Shareholder Services Fees — Class C		7
Payable for Custodian Fees		19
Payable for Transfer Agency Fees — Class I		2
Payable for Transfer Agency Fees — Class A		1
Payable for Transfer Agency Fees — Class L		1
Payable for Transfer Agency Fees — Class C		1
Payable for Transfer Agency Fees — Class IS		—	@
Payable for Trustees' Fees and Expenses		—	@
Other Liabilities		47
Total Liabilities		45,509
Net Assets	$	399,385
Net Assets Consist Of:
Paid-in-Capital	$	392,985
Total Distributable Earnings		6,400
Net Assets	$	399,385

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Core Plus Fixed Income Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2019 (000)
CLASS I:
Net Assets	$	312,396
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		28,020,864
Net Asset Value, Offering and Redemption Price Per Share	$	11.15
CLASS A:
Net Assets	$	77,925
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		6,982,192
Net Asset Value, Redemption Price Per Share	$	11.16
Maximum Sales Load		4.25	%
Maximum Sales Charge	$	0.50
Maximum Offering Price Per Share	$	11.66
CLASS L:
Net Assets	$	689
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		61,709
Net Asset Value, Offering and Redemption Price Per Share	$	11.17
CLASS C:
Net Assets	$	8,365
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		755,156
Net Asset Value, Offering and Redemption Price Per Share	$	11.08
CLASS IS:
Net Assets	$	10
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		922
Net Asset Value, Offering and Redemption Price Per Share	$	11.14
⁽¹⁾ Including: Securities on Loan, at Value:	$	2,886

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Core Plus Fixed Income Portfolio

Statement of Operations	Six Months Ended March 31, 2019 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $10 of Foreign Taxes Withheld)	$	6,429
Dividends from Security of Affiliated Issuer (Note G)		382
Income from Securities Loaned — Net		15
Total Investment Income		6,826
Expenses:
Advisory Fees (Note B)		671
Sub Transfer Agency Fees — Class I		129
Sub Transfer Agency Fees — Class A		37
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		2
Administration Fees (Note C)		143
Shareholder Services Fees — Class A (Note D)		84
Distribution and Shareholder Services Fees — Class L (Note D)		1
Distribution and Shareholder Services Fees — Class C (Note D)		37
Professional Fees		70
Registration Fees		38
Pricing Fees		34
Custodian Fees (Note F)		32
Shareholder Reporting Fees		21
Transfer Agency Fees — Class I (Note E)		3
Transfer Agency Fees — Class A (Note E)		2
Transfer Agency Fees — Class L (Note E)		1
Transfer Agency Fees — Class C (Note E)		2
Transfer Agency Fees — Class IS (Note E)		1
Trustees' Fees and Expenses		6
Other Expenses		19
Total Expenses		1,333
Waiver of Advisory Fees (Note B)		(370	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(61	)
Reimbursement of Class Specific Expenses — Class L (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class IS (Note B)		(1	)
Rebate from Morgan Stanley Affiliate (Note G)		(28	)
Net Expenses		872
Net Investment Income		5,954
Realized Gain (Loss):
Investments Sold		(1,089	)
Foreign Currency Forward Exchange Contracts		611
Foreign Currency Translation		(36	)
Futures Contracts		(479	)
Swap Agreements		(544	)
Net Realized Loss		(1,537	)
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Increase in Deferred Capital Gain Country Tax of $51)		11,724
Foreign Currency Forward Exchange Contracts		(335	)
Foreign Currency Translation		(2	)
Futures Contracts		778
Swap Agreements		(308	)
Net Change in Unrealized Appreciation (Depreciation)		11,857
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		10,320
Net Increase in Net Assets Resulting from Operations	$	16,274

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Core Plus Fixed Income Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2019 (unaudited) (000)			Year Ended September 30, 2018 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	5,954		$	10,055
Net Realized Loss		(1,537	)		(1,393	)
Net Change in Unrealized Appreciation (Depreciation)		11,857			(9,909	)
Net Increase (Decrease) in Net Assets Resulting from Operations		16,274			(1,247	)
Dividends and Distributions to Shareholders:
Class I		(4,268	)		(7,059	)
Class A		(939	)		(1,283	)
Class L		(6	)		(16	)
Class C		(73	)		(98	)
Class IS		(—	@)		(—	@)
Total Dividends and Distributions to Shareholders		(5,286	)		(8,456	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		87,405			120,839
Distributions Reinvested		4,165			6,889
Redeemed		(45,528	)		(128,252	)
Class A:
Subscribed		28,123			48,894
Distributions Reinvested		939			1,283
Redeemed		(18,770	)		(43,739	)
Class L:
Exchanged		253			99
Distributions Reinvested		5			16
Redeemed		(54	)		(762	)
Class C:
Subscribed		2,445			3,834
Distributions Reinvested		71			95
Redeemed		(1,256	)		(1,764	)
Class IS:
Subscribed		—			10	(a)
Net Increase in Net Assets Resulting from Capital Share Transactions		57,798			7,442
Total Increase (Decrease) in Net Assets		68,786			(2,261	)
Net Assets:
Beginning of Period		330,599			332,860
End of Period	$	399,385		$	330,599
(1) Capital Share Transactions:
Class I:
Shares Subscribed		8,091			11,043
Shares Issued on Distributions Reinvested		389			628
Shares Redeemed		(4,220	)		(11,727	)
Net Increase (Decrease) in Class I Shares Outstanding		4,260			(56	)
Class A:
Shares Subscribed		2,586			4,469
Shares Issued on Distributions Reinvested		88			117
Shares Redeemed		(1,740	)		(3,982	)
Net Increase in Class A Shares Outstanding		934			604
Class L:
Shares Exchanged		24			10
Shares Issued on Distributions Reinvested		—	@@		1
Shares Redeemed		(5	)		(70	)
Net Increase (Decrease) in Class L Shares Outstanding		19			(59	)
Class C:
Shares Subscribed		227			351
Shares Issued on Distributions Reinvested		7			9
Shares Redeemed		(117	)		(162	)
Net Increase in Class C Shares Outstanding		117			198
Class IS:
Shares Subscribed		—			1	(a)

(a) For the period June 15, 2018 through September 30, 2018.

@ Amount is less than $500.

@@ Amount is less than 500 shares.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Core Plus Fixed Income Portfolio

	Class I
	Six Months Ended March 31, 2019			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			2015			2014
Net Asset Value, Beginning of Period	$	10.84		$	11.17		$	11.22		$	10.18		$	10.36		$	9.91
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.18			0.34			0.32			0.34			0.33			0.31
Net Realized and Unrealized Gain (Loss)		0.30			(0.38	)		(0.02	)		1.11			(0.20	)		0.45
Total from Investment Operations		0.48			(0.04	)		0.30			1.45			0.13			0.76
Distributions from and/or in Excess of:
Net Investment Income		(0.17	)		(0.29	)		(0.35	)		(0.41	)		(0.31	)		(0.31	)
Net Asset Value, End of Period	$	11.15		$	10.84		$	11.17		$	11.22		$	10.18		$	10.36
Total Return⁽³⁾		4.50	%⁽⁹⁾		(0.36	)%		2.79	%⁽⁴⁾		14.80	%⁽⁵⁾		1.15	%		7.82	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	312,396		$	257,605		$	265,958		$	193,976		$	197,057		$	192,868
Ratio of Expenses Before Expense Limitation		0.67	%⁽¹⁰⁾		0.70	%		0.73	%		0.74	%		0.73	%		0.81	%
Ratio of Expenses After Expense Limitation		0.40	%^(6)(10)		0.40	%⁽⁶⁾		0.40	%⁽⁶⁾		0.43	%⁽⁶⁾⁽⁷⁾		0.51	%⁽⁶⁾⁽⁸⁾		0.61	%⁽⁶⁾
Ratio of Net Investment Income		3.42	%^(6)(10)		3.09	%⁽⁶⁾		2.94	%⁽⁶⁾		3.31	%⁽⁶⁾⁽⁷⁾		3.24	%⁽⁶⁾⁽⁸⁾		3.02	%⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽¹⁰⁾		0.02	%		0.02	%		0.01	%		0.01	%		0.01	%
Portfolio Turnover Rate		125	%⁽⁹⁾		248	%		350	%		262	%		348	%		296	%

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class I shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Performance was positively impacted by approximately 0.46% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class I shares would have been approximately 2.33%.

(5) Performance was positively impacted by approximately 7.72% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class I shares would have been approximately 7.08%.

(6) The Ratios of Expenses and Net Investment Income reflect the rebate of certain Fund 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."

(7) Effective January 4, 2016, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.42% for Class I shares. Prior to January 4, 2016, the maximum ratio was 0.52% for Class I shares.

(8) 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.

(9) Not annualized.

(10) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Core Plus Fixed Income Portfolio

	Class A
	Six Months Ended March 31, 2019			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			2015			2014
Net Asset Value, Beginning of Period	$	10.85		$	11.18		$	11.23		$	10.19		$	10.37		$	9.93
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.17			0.30			0.28			0.30			0.30			0.27
Net Realized and Unrealized Gain (Loss)		0.29			(0.38	)		(0.02	)		1.12			(0.21	)		0.45
Total from Investment Operations		0.46			(0.08	)		0.26			1.42			0.09			0.72
Distributions from and/or in Excess of:
Net Investment Income		(0.15	)		(0.25	)		(0.31	)		(0.38	)		(0.27	)		(0.28	)
Net Asset Value, End of Period	$	11.16		$	10.85		$	11.18		$	11.23		$	10.19		$	10.37
Total Return⁽³⁾		4.33	%⁽⁹⁾		(0.70	)%		2.43	%⁽⁴⁾		14.31	%⁽⁵⁾		0.90	%		7.35	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	77,925		$	65,647		$	60,874		$	24,071		$	3,553		$	2,941
Ratio of Expenses Before Expense Limitation		0.94	%⁽¹⁰⁾		1.00	%		1.02	%		1.15	%		1.07	%		1.11	%
Ratio of Expenses After Expense Limitation		0.72	%^(6)(10)		0.75	%⁽⁶⁾		0.75	%⁽⁶⁾		0.76	%⁽⁶⁾⁽⁷⁾		0.86	%⁽⁶⁾⁽⁸⁾		0.96	%⁽⁶⁾
Ratio of Net Investment Income		3.09	%^(6)(10)		2.73	%⁽⁶⁾		2.58	%⁽⁶⁾		2.82	%⁽⁶⁾⁽⁷⁾		2.87	%⁽⁶⁾⁽⁸⁾		2.67	%⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽¹⁰⁾		0.02	%		0.02	%		0.02	%		0.01	%		0.01	%
Portfolio Turnover Rate		125	%⁽⁹⁾		248	%		350	%		262	%		348	%		296	%

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class A shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Per share amount is based on average shares outstanding.

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

(5) Performance was positively impacted by approximately 7.76% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class A shares would have been approximately 6.55%.

(7) Effective January 4, 2016, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.77% for Class A shares. Prior to January 4, 2016, the maximum ratio was 0.87% for Class A shares.

(8) 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.

(9) Not annualized.

(10) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Core Plus Fixed Income Portfolio

	Class L
	Six Months Ended March 31, 2019			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			2015			2014
Net Asset Value, Beginning of Period	$	10.86		$	11.17		$	11.23		$	10.18		$	10.37		$	9.92
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.15			0.27			0.26			0.28			0.27			0.25
Net Realized and Unrealized Gain (Loss)		0.30			(0.37	)		(0.03	)		1.12			(0.21	)		0.45
Total from Investment Operations		0.45			(0.10	)		0.23			1.40			0.06			0.70
Distributions from and/or in Excess of:
Net Investment Income		(0.14	)		(0.21	)		(0.29	)		(0.35	)		(0.25	)		(0.25	)
Net Asset Value, End of Period	$	11.17		$	10.86		$	11.17		$	11.23		$	10.18		$	10.37
Total Return⁽³⁾		4.17	%⁽⁹⁾		(0.95	)%		2.16	%⁽⁴⁾		14.10	%⁽⁵⁾		0.59	%		7.19	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	689		$	464		$	1,138		$	841		$	333		$	108
Ratio of Expenses Before Expense Limitation		1.47	%⁽¹⁰⁾		1.41	%		1.35	%		1.82	%		1.76	%		3.10	%
Ratio of Expenses After Expense Limitation		1.00	%^(6)(10)		1.00	%⁽⁶⁾		1.00	%⁽⁶⁾		1.03	%⁽⁶⁾⁽⁷⁾		1.11	%⁽⁶⁾⁽⁸⁾		1.21	%⁽⁶⁾
Ratio of Net Investment Income		2.82	%^(6)(10)		2.46	%⁽⁶⁾		2.37	%⁽⁶⁾		2.65	%⁽⁶⁾⁽⁷⁾		2.65	%⁽⁶⁾⁽⁸⁾		2.42	%⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽¹⁰⁾		0.02	%		0.02	%		0.01	%		0.02	%		0.01	%
Portfolio Turnover Rate		125	%⁽⁹⁾		248	%		350	%		262	%		348	%		296	%

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class L shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(7) Effective January 4, 2016, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.02% for Class L shares. Prior to January 4, 2016, the maximum ratio was 1.12% for Class L shares.

(8) 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.

(9) Not annualized.

(10) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Core Plus Fixed Income Portfolio

	Class C
	Six Months Ended March 31, 2019			Year Ended September 30,									Period from April 30, 2015⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			September 30, 2015
Net Asset Value, Beginning of Period	$	10.77		$	11.10		$	11.17		$	10.16		$	10.44
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.13			0.22			0.20			0.22			0.10
Net Realized and Unrealized Gain (Loss)		0.29			(0.37	)		(0.03	)		1.12			(0.31	)
Total from Investment Operations		0.42			(0.15	)		0.17			1.34			(0.21	)
Distributions from and/or in Excess of:
Net Investment Income		(0.11	)		(0.18	)		(0.24	)		(0.33	)		(0.07	)
Net Asset Value, End of Period	$	11.08		$	10.77		$	11.10		$	11.17		$	10.16
Total Return⁽⁴⁾		3.96	%⁽⁹⁾		(1.39	)%		1.57	%⁽⁵⁾		13.52	%⁽⁶⁾		(2.02	)%⁽⁹⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	8,365		$	6,873		$	4,890		$	3,528		$	49
Ratio of Expenses Before Expense Limitation		1.68	%⁽¹⁰⁾		1.73	%		1.74	%		2.00	%		14.06	%⁽¹⁰⁾
Ratio of Expenses After Expense Limitation		1.46	%^(7)(10)		1.50	%⁽⁷⁾		1.50	%⁽⁷⁾		1.51	%⁽⁷⁾⁽⁸⁾		1.61	%^(7)(10)
Ratio of Net Investment Income		2.37	%^(7)(10)		2.01	%⁽⁷⁾		1.86	%⁽⁷⁾		2.04	%⁽⁷⁾⁽⁸⁾		2.23	%^(7)(10)
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽¹⁰⁾		0.02	%		0.02	%		0.02	%		0.01	%⁽¹⁰⁾
Portfolio Turnover Rate		125	%⁽⁹⁾		248	%		350	%		262	%		348	%⁽⁹⁾

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class C shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Commencement of Offering.

(3) Per share amount is based on average shares outstanding.

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

(5) Performance was positively impacted by approximately 0.46% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class C shares would have been approximately 1.11%.

(6) Performance was positively impacted by approximately 7.75% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class C shares would have been approximately 5.77%.

(7) The Ratios of Expenses and Net Investment Income reflect the rebate of certain Fund 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."

(8) Effective January 4, 2016, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.52% for Class C shares. Prior to January 4, 2016, the maximum ratio was 1.62% for Class C shares.

(9) Not annualized.

(10) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Core Plus Fixed Income Portfolio

	Class IS
Selected Per Share Data and Ratios	Six Months Ended March 31, 2019 (unaudited)			Period from June 15, 2018⁽¹⁾ to September 30, 2018
Net Asset Value, Beginning of Period	$	10.84		$	10.85
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.19			0.10
Net Realized and Unrealized Gain (Loss)		0.28			(0.04	)
Total from Investment Operations		0.47			0.06
Distributions from and/or in Excess of:
Net Investment Income		(0.17	)		(0.07	)
Net Asset Value, End of Period	$	11.14		$	10.84
Total Return⁽³⁾		4.43	%⁽⁵⁾		0.56	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	10		$	10
Ratio of Expenses Before Expense Limitation		16.36	%⁽⁶⁾		18.71	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		0.35	%⁽⁴⁾⁽⁶⁾		0.35	%⁽⁴⁾⁽⁶⁾
Ratio of Net Investment Income		3.46	%⁽⁴⁾⁽⁶⁾		3.17	%⁽⁴⁾⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽⁶⁾		0.02	%⁽⁶⁾
Portfolio Turnover Rate		125	%⁽⁵⁾		248	%⁽⁵⁾

(1) Commencement of Offering.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) The Ratios of Expenses and Net Investment Income reflect the rebate of certain Fund 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."

(5) Not annualized.

(6) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Notes to Financial Statements (unaudited)

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

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

The Fund has suspended offering Class L shares for sale to all investors. Class L shareholders of the Fund do not have the option of purchasing additional Class L shares. However, existing Class L shareholders may invest in additional Class L shares through reinvestment of dividends and distributions.

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 Trust 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.

In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-13, Fair Value Measurement (Topic 820) — Disclosures Framework — Changes to Disclosure Requirements of Fair Value Measurement ("ASU 2018-13") which introduces new fair value disclosure requirements as well as eliminates and modifies certain existing fair value disclosure requirements. ASU 2018-13 would be effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years; however, management has elected to early adopt ASU 2018-13 as permitted by the standard. The impact of the Fund's adoption was limited to changes in the Fund's financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, when applicable.

1. Security Valuation: (1) Certain portfolio securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing

service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available in the relevant exchanges; (2) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (3) over-the-counter ("OTC") swaps may be valued by an outside pricing service approved by the Trustees or quotes from a broker or dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (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; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

The Trustees have responsibility for determining in good faith the fair value of the investments, and the Trustees may appoint others, such as the Trust's Adviser or a valuation committee, to assist the Trustees in determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust's Adviser has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

2. Fair Value Measurement: 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 Fund's investments as of March 31, 2019:

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	$	—		$	150		$	—	$	150
Agency Fixed Rate Mortgages		—			68,074			—		68,074
Asset-Backed Securities		—			54,386			—		54,386
Collateralized Mortgage Obligations — Agency Collateral Series		—			2,325			—		2,325
Commercial Mortgage- Backed Securities		—			14,110			—		14,110
Corporate Bonds		—			134,032			—		134,032
Mortgages — Other		—			49,495			—		49,495
Municipal Bonds		—			2,333			—		2,333
Sovereign		—			25,309			—		25,309
U.S. Agency Security		—			2,165			—		2,165
U.S. Treasury Securities		—			42,500			—		42,500
Total Fixed Income Securities		—			394,879			—		394,879
Short-Term Investments
Investment Company		40,639			—			—		40,639
U.S. Treasury Security		—			1,657			—		1,657
Total Short-Term Investments		40,639			1,657			—		42,296
Foreign Currency Forward Exchange Contracts		—			254			—		254
Futures Contracts		296			—			—		296
Total Assets		40,935			396,790			—		437,725
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(51	)		—		(51	)
Futures Contracts		(124	)		—			—		(124	)
Total Liabilities		(124	)		(51	)				(175	)
Total	$	40,811		$	396,739		$	—	$	437,550

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

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

3. Foreign Currency Translation and Foreign Investments: The books and records of the Fund 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 Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund 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 Fund 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.

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 Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency transactions 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 Fund values the foreign shares at the closing exchange price of the local shares.

4. Derivatives: The Fund 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 Fund's holdings, including derivative instruments, are marked-to-market each day

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

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 Fund 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 ("SEC") rules and regulations, or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund'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 Fund 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 Fund'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 Fund of margin deposits in the event of bankruptcy of a broker with which the Fund has open positions in the futures contract.

Swaps: The Fund 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 Fund'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 Fund'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 Fund 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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

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 Fund 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 Fund if the Adviser fails to correctly evaluate the creditworthiness of the issuer of the referenced debt obligation.

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap agreement and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap agreement and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The Fund's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the swap agreement.

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 Fund has an unrealized loss on a swap agreement, the Fund 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 paid or received by the Fund 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, 2019

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

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 Fund's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Fund 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 Fund as unrealized gain or loss. The Fund 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.

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 Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of March 31, 2019:

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

254

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

296

(a)

Total

550

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

(51

)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(124

)(a)

Total

(175

)

(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 Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended March 31, 2019 in accordance with ASC 815:

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	611
Interest Rate Risk	Futures Contracts		(479	)
Interest Rate Risk	Swap Agreements		(544	)
Total		$	(412	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(335	)
Interest Rate Risk	Futures Contracts		778
Interest Rate Risk	Swap Agreements		(308	)
Total		$	135

At March 31, 2019, the Fund'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	$	254	$	(51	)

(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, 2019

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

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 Fund 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 Fund 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 Fund's net liability may be delayed or denied.

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2019:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Received (000)(d)			Net Amount (not less than $0) (000)
Bank of America NA	$	106		$	(—	@)	$	—		$	106
Barclays Bank PLC		—	@		(—	@)		—			0
Citibank NA		51			—			—			51
Goldman Sachs International		81			(29	)		—			52
JPMorgan Chase Bank NA		16			(8	)		(8	)		0
Total	$	254		$	(37	)	$	(8	)	$	209

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

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Pledged (000)		Net Amount (not less than $0) (000)
Bank of America NA	$	—	@	$	(—	@)	$	—	$	0
Barclays Bank PLC		—	@		(—	@)		—		0
BNP Paribas SA		14			—			—		14
Goldman Sachs International		29			(29	)		—		0
JPMorgan Chase Bank NA		8			(8	)		—		0
Total	$	51		$	(37	)	$	—	$	14

@ Value is less than $500.

For the six months ended March 31, 2019, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	27,887,000
Futures Contracts:
Average monthly notional value	$	114,766,000
Swap Agreements:
Average monthly notional amount	$	11,208,000

5. Securities Lending: The Fund 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 Fund. The Fund 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 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 Fund'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 Fund has the right under the lending agreement to recover the securities from the borrower on demand.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

The following table presents financial instruments that are subject to enforceable netting arrangements as of March 31, 2019:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amounts Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	2,886	(e)	$	—	$	(2,886	)(f)(g)	$	0

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

(f) The Fund received cash collateral of approximately $2,786,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $157,000 in the form of U.S. Government agency securities and U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

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

FASB ASC 860, "Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures", is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowing.

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining contractual maturity of those transactions as of March 31, 2019:

Remaining Contractual Maturity of the Agreements
	Overnight and Continuous (000)		<30 days (000)		Between 30 & 90 days (000)		>90 days (000)		Total (000)
Securities Lending Transactions
Corporate Bonds	$	2,786	$	—	$	—	$	—	$	2,786
Total Borrowings	$	2,786	$	—	$	—	$	—	$	2,786
Gross amount of recognized liabilities for securities lending transactions									$	2,786

6. When-Issued/Delayed Delivery Securities: The Fund 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 Fund 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 Fund 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 Fund'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 Fund.

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

8. Dividends and Distributions to Shareholders: Dividends 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.

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. 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 Fund 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 Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, 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, 2019

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

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund 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, 2019, the advisory fee rate (net of waivers/rebate) was equivalent to an annual effective rate of 0.15% of the Fund's average daily net assets.

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

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 Trust's Distributor of Fund shares pursuant to a Distribution Agreement. The Trust 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 Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Trust 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 Fund 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 Fund's average daily net assets attributable to Class L shares.

The Trust has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C 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, Class L and Class C shares.

E. Dividend Disbursing and Transfer Agent: The Trust's dividend disbursing and transfer agent is DST Asset Manager Solutions, Inc. ("DST"). Pursuant to a Transfer Agency Agreement, the Trust pays DST a fee based on the number of classes, accounts and transactions relating to the Funds of the Trust.

F. Custodian Fees: State Street (the "Custodian") also serves as Custodian for the Trust in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Trust as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases 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, 2019, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments, were approximately $91,920,000 and $66,832,000, respectively. For the six months ended March 31, 2019, purchases and sales of long-term U.S. Government securities were approximately $419,763,000 and $379,904,000, respectively.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the six months ended March 31, 2019, advisory fees paid were reduced by approximately $28,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended March 31, 2019 is as follows:

Affiliated Investment Company				Value September 30, 2018 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	39,349			$	107,401			$	106,111			$	382

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value March 31, 2019 (000)
Liquidity Funds				$	—			$	—			$	40,639

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the six months ended March 31, 2019, the Fund did not engage in any cross-trade transactions.

The Fund 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 NAV of the Fund.

H. Federal Income Taxes: It is the Fund'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 Fund 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 Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund 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, 2018 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2018 and 2017 was as follows:

2018 Distributions Paid From: Ordinary Income (000)				2017 Distributions Paid From: Ordinary Income (000)
$	8,456			$	8,104

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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

following reclassifications among the components of net assets at September 30, 2018:

Total Distributable Earnings (Los) (000)				Paid-in- Capital (000)
$	201,462			$	(201,462	)

At September 30, 2018, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	4,706			$	—

At September 30, 2018, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $2,086,000 and $431,000, respectively, that do not have an expiration date.

During the year ended September 30, 2018, capital loss carryforwards of approximately $201,462,000 expired for federal income tax purposes.

I. Credit Facility: The Trust and other Morgan Stanley funds participated in a $150,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate on borrowings is based on the federal funds rate or 1 month LIBOR rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility. During the six months ended March 31, 2019, the Fund did not have any borrowings under the Facility.

J. Other: At March 31, 2019, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 65.6%.

purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

Privacy Notice (unaudited)

FACTS				WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?
Why?				Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?				The types of personal information we collect and share depend on the product or service you have with us. This information can include: n Social Security number and income n investment experience and risk tolerance n checking account number and wire transfer instructions
How?				All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MSIM share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don't share
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

Questions? Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Privacy Notice (unaudited) (cont'd)

Who we are
Who is providing this notice?				Morgan Stanley Investment Management, Inc. and its affiliated registered investment advisers, registered broker-dealers, and registered and unregistered funds ("MSIM")
What we do
How does MSIM protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?				We collect your personal information, for example, when you n open an account or make deposits or withdrawals from your account n buy securities from us or make a wire transfer n give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?				Federal law gives you the right to limit only n sharing for affiliates' everyday business purposes — information about your creditworthiness n affiliates from using your information to market to you n sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Affiliates				Companies related by common ownership or control. They can be financial and nonfinancial companies. n Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates				Companies not related by common ownership or control. They can be financial and nonfinancial companies. n MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between nonaffiliated financial companies that together market financial products or services to you. n MSIM doesn't jointly market
Other Important Information

Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Non-affiliates unless you provide us with your written consent to share such information.

California: Except as permitted by law, we will not share personal information we collect about California residents with Non-affiliates 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, 2019

Trustee and Officer Information (unaudited)

Trustees

Frank L. Bowman
Kathleen A. Dennis
Nancy C. Everett
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia Maleski
Michael E. Nugent, Chair of the Board
W. Allen Reed

Officers

John H. Gernon
President and Principal Executive Officer

Timothy J. Knierim
Chief Compliance Officer

Mary E. Mullin
Secretary

Francis J. Smith
Treasurer and Principal Financial Officer

Michael J. Key
Vice President

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

DST Asset Manager Solutions, 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

Perkins Coie LLP
30 Rockefeller Plaza
New York, New York 10112

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/shareholderreports. Each Morgan Stanley fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters as an attachment to Form N-PORT. 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-PORT filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. 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).

Proxy Voting Policies and Procedures and Proxy Voting Record

You may obtain a copy of the Trust's Proxy Voting Policy and Procedures and information regarding how the Trust 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/shareholderreports. 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 or summary prospectus of the applicable fund of Morgan Stanley Institutional Fund Trust, which describes in detail the fund'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 Fund, please visit our website at www.morganstanley.com/im/shareholderreports or call toll free 1 (800) 548-7786.

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
2514293 EXP 05.31.20

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Semi-Annual Report

March 31, 2019

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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					18
Privacy Notice					27
Trustee and Officer Information					29

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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 "Fund") 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 2019

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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, 2019 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/18		Actual Ending Account Value 3/31/19		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	$	1,043.30	$	1,021.44	$	3.57	$	3.53		0.70	%
Corporate Bond Portfolio Class A		1,000.00		1,041.60		1,019.80		5.24		5.19		1.03
Corporate Bond Portfolio Class L		1,000.00		1,039.40		1,018.05		7.02		6.94		1.38
Corporate Bond Portfolio Class C		1,000.00		1,036.60		1,015.96		9.14		9.05		1.80

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Portfolio of Investments

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (97.5%)
Corporate Bonds (97.5%)
Communications (0.3%)
Bharti Airtel International Netherlands BV 5.35%, 5/20/24 (a)	$	300	$	311
Energy (0.6%)
Midwest Connector Capital Co. LLC
3.63%, 4/1/22 (a)		375		381
ONEOK, Inc.
4.35%, 3/15/29		325		331
				712
Finance (34.3%)
Air Lease Corp.
2.63%, 7/1/22		600		586
Alexandria Real Estate Equities, Inc.,
3.80%, 4/15/26		350		355
3.95%, 1/15/27		450		454
American Express Co.
4.20%, 11/6/25		550		582
American International Group, Inc.,
4.25%, 3/15/29		300		305
4.50%, 7/16/44		500		480
Bank of America Corp.,
4.24%, 4/24/38		800		819
MTN
4.25%, 10/22/26		475		488
7.75%, 5/14/38		550		765
BNP Paribas SA
4.40%, 8/14/28 (a)		850		875
BPCE SA
5.15%, 7/21/24 (a)		1,025		1,070
Brighthouse Financial, Inc.,
Series WI
3.70%, 6/22/27		725		658
Brookfield Finance, Inc.,
4.00%, 4/1/24		300		304
4.85%, 3/29/29		425		437
Capital One Financial Corp.,
3.30%, 10/30/24		1,100		1,090
3.75%, 3/9/27		125		123
Cigna Corp.
4.38%, 10/15/28 (a)		510		530
Cigna Holding Co.
3.88%, 10/15/47		300		267
Citigroup, Inc.,
3.89%, 1/10/28		1,800		1,829
4.45%, 9/29/27		1,025		1,054
Commerzbank AG
8.13%, 9/19/23 (a)		550		627
Compass Bank
3.50%, 6/11/21		975		983
Credit Agricole SA
4.13%, 1/10/27 (a)		250		256

	Face Amount (000)		Value (000)
Danske Bank A/S
5.00%, 1/12/22 (a)	$	200	$	205
Deutsche Bank AG,
3.15%, 1/22/21		625		616
3.95%, 2/27/23		100		99
Discover Bank
7.00%, 4/15/20		320		333
Discover Financial Services
3.95%, 11/6/24		1,150		1,172
Federal Realty Investment Trust
3.63%, 8/1/46		225		206
GE Capital International Funding Co., Unlimited Co.
4.42%, 11/15/35		936		867
Goldman Sachs Group, Inc. (The),
MTN
4.80%, 7/8/44		575		609
6.75%, 10/1/37		950		1,160
Great-West Lifeco, Inc.
4.58%, 5/17/48 (a)		225		241
Guardian Life Insurance Co. of America (The)
4.85%, 1/24/77 (a)		275		289
High Street Funding Trust I
4.11%, 2/15/28 (a)		850		864
HSBC Holdings PLC,
3.80%, 3/11/25		675		685
4.38%, 11/23/26		1,375		1,410
Humana, Inc.,
3.95%, 3/15/27		475		480
4.80%, 3/15/47		100		106
ING Groep N.V.
4.63%, 1/6/26 (a)		350		368
JPMorgan Chase & Co.
3.78%, 2/1/28		2,700		2,753
JPMorgan Chase Bank NA
0.00%, 12/30/20		200		221
Liberty Mutual Group, Inc.
4.85%, 8/1/44 (a)		175		179
Lincoln National Corp.
7.00%, 6/15/40		500		663
Lloyds Banking Group PLC,
3.57%, 11/7/28		900		865
4.38%, 3/22/28		200		205
Marsh & McLennan Cos., Inc.
3.88%, 3/15/24		500		519
Massachusetts Mutual Life Insurance Co.
4.50%, 4/15/65 (a)		250		247
MassMutual Global Funding II
3.40%, 3/8/26 (a)		300		305
MDC GMTN B.V.
4.50%, 11/7/28 (a)		200		214
Nationwide Building Society,
4.30%, 3/8/29 (a)(b)		475		482
4.36%, 8/1/24 (a)		500		508

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Power Finance Corp. Ltd.
6.15%, 12/6/28 (a)	$	520	$	579
Prologis LP
3.88%, 9/15/28		350		370
Realty Income Corp.
3.65%, 1/15/28		350		356
RenaissanceRe Holdings Ltd.
3.60%, 4/15/29		700		689
Royal Bank of Scotland Group PLC
3.88%, 9/12/23		1,075		1,080
Santander UK Group Holdings PLC
4.80%, 11/15/24		575		592
Santander UK PLC
5.00%, 11/7/23 (a)		1,050		1,078
SCOR SE,
5.25%, 3/13/29 (c)		400		343
Synchrony Financial
3.95%, 12/1/27		325		307
Syngenta Finance N.V.
4.89%, 4/24/25 (a)		950		968
TD Ameritrade Holding Corp.
3.30%, 4/1/27		325		327
Trust F/1401
5.25%, 12/15/24 (a)		575		592
UniCredit SpA
6.57%, 1/14/22 (a)(b)		500		523
Wells Fargo & Co.,
3.00%, 10/23/26		850		830
3.07%, 1/24/23		600		601
				41,043
Industrials (52.5%)
Akamai Technologies, Inc.
0.13%, 5/1/25 (a)		303		303
Alfa SAB de CV
5.25%, 3/25/24 (a)		400		420
Alimentation Couche-Tard, Inc.
3.55%, 7/26/27 (a)		375		366
Altria Group, Inc.
5.95%, 2/14/49		475		511
Amazon.com, Inc.,
2.80%, 8/22/24		375		376
4.25%, 8/22/57		425		458
American Airlines Pass-Through Trust,
3.20%, 12/15/29		225		220
4.00%, 1/15/27		376		383
Andeavor Logistics LP/Tesoro Logistics Finance Corp.
5.20%, 12/1/47		100		101
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.
4.90%, 2/1/46 (a)		1,125		1,132

	Face Amount (000)		Value (000)
Apple, Inc.,
3.85%, 5/4/43 - 8/4/46	$	1,050	$	1,064
APT Pipelines Ltd.
4.20%, 3/23/25 (a)		300		307
Ashtead Capital, Inc.,
4.13%, 8/15/25 (a)		525		518
5.25%, 8/1/26 (a)		200		206
AT&T, Inc.,
4.25%, 3/1/27		750		772
4.50%, 3/9/48		250		235
4.90%, 8/15/37		1,525		1,544
Aviation Capital Group LLC
4.38%, 1/30/24 (a)		475		484
Bayer US Finance II LLC
4.38%, 12/15/28 (a)		325		323
BG Energy Capital PLC
5.13%, 10/15/41 (a)		320		360
Booking Holdings, Inc.
0.90%, 9/15/21 (b)		225		249
Burlington Northern Santa Fe LLC,
4.40%, 3/15/42		75		81
4.55%, 9/1/44		435		478
Carlisle Cos., Inc.
3.50%, 12/1/24		400		400
Caterpillar Financial Services Corp.,
2.10%, 1/10/20		1,175		1,170
3.65%, 12/7/23		575		600
Charter Communications Operating LLC/Charter Communications Operating Capital,
4.20%, 3/15/28		300		298
6.48%, 10/23/45		800		898
Chevron Corp.
2.10%, 5/16/21		1,175		1,167
Cimarex Energy Co.
3.90%, 5/15/27		475		474
Columbia Pipeline Group, Inc.
4.50%, 6/1/25		1,025		1,071
Comcast Corp.,
3.55%, 5/1/28		1,150		1,161
4.05%, 11/1/52		525		512
4.15%, 10/15/28		325		342
Conagra Brands, Inc.,
4.85%, 11/1/28 (b)		300		315
5.40%, 11/1/48		350		353
Concho Resources, Inc.,
3.75%, 10/1/27		275		273
4.85%, 8/15/48		250		262
ConocoPhillips Co.
4.95%, 3/15/26 (b)		200		223
Constellation Brands, Inc.,
3.50%, 5/9/27		175		171
4.40%, 11/15/25		400		420

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
CVS Health Corp.,
4.30%, 3/25/28	$	1,475	$	1,496
4.78%, 3/25/38		400		397
Dell International LLC/EMC Corp.
4.90%, 10/1/26 (a)		750		762
Delta Air Lines, Inc.,
Series AA
3.20%, 10/25/25		450		457
3.63%, 3/15/22		475		478
Dollar Tree, Inc.,
4.00%, 5/15/25		850		860
4.20%, 5/15/28		20		20
Dow Chemical Co. (The)
5.55%, 11/30/48 (a)		525		586
DP World PLC
5.63%, 9/25/48 (a)		300		313
Eldorado Gold Corp.
6.13%, 12/15/20 (a)		480		471
Embraer Netherlands Finance BV
5.40%, 2/1/27		330		357
EMD Finance LLC
3.25%, 3/19/25 (a)		300		295
Energy Transfer Operating LP
6.50%, 2/1/42		525		584
Enterprise Products Operating LLC
5.95%, 2/1/41		275		329
Express Scripts Holding Co.
4.80%, 7/15/46		125		127
Exxon Mobil Corp.
4.11%, 3/1/46		275		298
Ferguson Finance PLC
4.50%, 10/24/28 (a)		425		428
Finisar Corp.
0.50%, 12/15/36		241		237
Fiserv, Inc.
4.20%, 10/1/28		275		284
Fortune Brands Home & Security, Inc.
4.00%, 9/21/23		475		488
Fox Corp.
5.58%, 1/25/49 (a)		400		451
General Motors Co.,
6.60%, 4/1/36		325		341
6.75%, 4/1/46		150		157
Glencore Funding LLC,
3.88%, 10/27/27 (a)		300		288
4.13%, 3/12/24 (a)		325		329
Goldcorp, Inc.
5.45%, 6/9/44		225		247
Grupo Bimbo SAB de CV
3.88%, 6/27/24 (a)		400		409

	Face Amount (000)		Value (000)
Halliburton Co.
5.00%, 11/15/45	$	150	$	160
Harris Corp.
4.85%, 4/27/35		275		296
HCA, Inc.
4.50%, 2/15/27		340		350
Hilcorp Energy I LP/Hilcorp Finance Co.
6.25%, 11/1/28 (a)		225		227
Home Depot, Inc. (The),
4.50%, 12/6/48		125		139
4.88%, 2/15/44		75		86
5.88%, 12/16/36		159		200
Intel Corp.
3.30%, 10/1/21		1,125		1,147
International Paper Co.
4.35%, 8/15/48		300		280
John Deere Capital Corp.
3.45%, 3/7/29		550		566
Kinder Morgan Energy Partners LP
5.00%, 3/1/43		325		326
Lennar Corp.
4.75%, 11/29/27		300		301
Lowe's Cos., Inc.
2.50%, 4/15/26		575		543
Macy's Retail Holdings, Inc.
2.88%, 2/15/23 (b)		245		237
Marathon Petroleum Corp.
4.75%, 12/15/23 (a)		1,125		1,185
Mars, Inc.
3.20%, 4/1/30 (a)		300		300
Medtronic, Inc.
4.63%, 3/15/45		22		25
MGM Resorts International
5.50%, 4/15/27 (d)		100		101
Microsoft Corp.,
1.55%, 8/8/21		675		659
3.30%, 2/6/27		1,125		1,156
4.45%, 11/3/45		450		511
Newcastle Coal Infrastructure Group Pty Ltd.
4.40%, 9/29/27 (a)		1,125		1,047
Newell Brands, Inc.,
3.85%, 4/1/23		75		74
4.20%, 4/1/26		625		597
NOVA Chemicals Corp.
5.25%, 8/1/23 (a)		615		620
Nuance Communications, Inc.
1.00%, 12/15/35		251		235
Nucor Corp.
3.95%, 5/1/28		350		363
Nvent Finance Sarl
3.95%, 4/15/23		1,075		1,073

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
NXP Semiconductors N.V.
1.00%, 12/1/19	$	250	$	257
Oracle Corp.,
3.80%, 11/15/37		825		827
4.50%, 7/8/44		150		162
Patterson-UTI Energy, Inc.
3.95%, 2/1/28		450		425
POSCO
4.00%, 8/1/23 (a)		225		232
Rockies Express Pipeline LLC
6.88%, 4/15/40 (a)		525		566
Sabine Pass Liquefaction LLC
4.20%, 3/15/28		525		529
Sands China Ltd.
5.40%, 8/8/28		800		840
Santos Finance Ltd.
4.13%, 9/14/27		950		898
Sigma Finance Netherlands BV
4.88%, 3/27/28 (a)		200		200
Smithfield Foods, Inc.
5.20%, 4/1/29 (a)(d)		550		553
Southern Copper Corp.
7.50%, 7/27/35		358		452
Sprint Capital Corp.
6.88%, 11/15/28 (b)		225		217
Sprint Spectrum Co., LLC/ Sprint Spectrum Co., II LLC/ Sprint Spectrum Co., III LLC
4.74%, 9/20/29 (a)		400		406
STMicroelectronics N.V.,
Series B
0.25%, 7/3/24		200		207
Takeda Pharmaceutical Co. Ltd.
5.00%, 11/26/28 (a)		875		949
Target Corp.
3.38%, 4/15/29		375		380
Telefonica Europe BV
8.25%, 9/15/30		209		276
Tencent Holdings Ltd.
3.60%, 1/19/28 (a)		675		667
Teva Pharmaceutical Finance Netherlands III BV
6.75%, 3/1/28		275		278
Transportadora de Gas Internacional SA ESP
5.55%, 11/1/28 (a)(b)		200		217
Transurban Finance Co., Pty Ltd.
4.13%, 2/2/26 (a)		510		516
Trimble, Inc.
4.90%, 6/15/28		625		639
United Airlines Pass-Through Trust,
Class A
4.30%, 2/15/27		544		565
Verint Systems, Inc.
1.50%, 6/1/21		225		249

	Face Amount (000)		Value (000)
Verizon Communications, Inc.,
3.88%, 2/8/29	$	375	$	384
4.27%, 1/15/36		1,200		1,216
Volkswagen Group of America Finance LLC
4.75%, 11/13/28 (a)		375		378
Wabtec Corp.
4.95%, 9/15/28		625		635
Walmart, Inc.
3.70%, 6/26/28		625		659
Walt Disney Co. (The),
4.95%, 10/15/45 (a)		125		149
6.40%, 12/15/35 (a)		370		491
Westlake Chemical Corp.
4.38%, 11/15/47		250		222
Woodside Finance Ltd.,
3.70%, 9/15/26 (a)		850		835
4.50%, 3/4/29 (a)		350		359
WPP Finance 2010
3.75%, 9/19/24		350		345
Zillow Group, Inc.
2.00%, 12/1/21		325		333
				62,807
Utilities (9.8%)
Abu Dhabi National Energy Co., PJSC
4.38%, 6/22/26 (a)		625		643
Alabama Power Co.
3.75%, 3/1/45		425		412
Appalachian Power Co.
7.00%, 4/1/38		325		425
Black Hills Corp.,
3.15%, 1/15/27		375		358
4.35%, 5/1/33		75		77
Boston Gas Co.
4.49%, 2/15/42 (a)		125		131
Cleveland Electric Illuminating Co. (The)
4.55%, 11/15/30 (a)		250		263
DTE Electric Co.
3.95%, 3/1/49		450		461
Duke Energy Carolinas LLC
3.75%, 6/1/45		150		149
Duke Energy Corp.
2.65%, 9/1/26		600		572
Duke Energy Progress LLC
3.45%, 3/15/29		550		564
EDP Finance BV
3.63%, 7/15/24 (a)		975		969
Electricite de France SA
4.50%, 9/21/28 (a)		475		491
Emera US Finance LP
3.55%, 6/15/26		650		644
Enel Finance International N.V.,
4.88%, 6/14/29 (a)		575		600
6.00%, 10/7/39 (a)		200		221

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Utilities (cont'd)
Entergy Arkansas LLC
3.50%, 4/1/26	$	458	$	467
Entergy Louisiana LLC
3.05%, 6/1/31		75		72
ITC Holdings Corp.
3.35%, 11/15/27		525		520
Mid-Atlantic Interstate Transmission LLC
4.10%, 5/15/28 (a)		275		282
Mississippi Power Co.
3.95%, 3/30/28		575		582
Nevada Power Co.,
Series N
6.65%, 4/1/36		150		195
NextEra Energy Capital Holdings, Inc.
3.55%, 5/1/27		550		553
Oglethorpe Power Corp.
5.05%, 10/1/48 (a)		325		359
Southern California Edison Co.
4.00%, 4/1/47		250		233
Trans-Allegheny Interstate Line Co.
3.85%, 6/1/25 (a)		400		409
TransAlta Corp.
4.50%, 11/15/22		986		997
				11,649
Total Fixed Income Securities (Cost $113,933)				116,522
	Shares
Short-Term Investments (3.9%)
Securities held as Collateral on Loaned Securities (1.1%)
Investment Company (1.1%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $1,372)		1,372,453		1,372

	Shares		Value (000)
Investment Company (1.3%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $1,511)		1,511,041	$	1,511
	Face Amount (000)
U.S. Treasury Security (1.5%)
U.S. Treasury Bill
2.49%, 8/22/19 (e)(f) (Cost $1,847)	$	1,865		1,847
Total Short-Term Investments (Cost $4,730)				4,730
Total Investments (101.4%) (Cost $118,663) Including $2,182 of Securities Loaned (g)(h)				121,252
Liabilities in Excess of Other Assets (–1.4%)				(1,705	)
Net Assets (100.0%)			$	119,547

(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, 2019.

(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, 2019.

(d) When-issued security.

(e) Rate shown is the yield to maturity at March 31, 2019.

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

(g) Securities are available for collateral in connection with open futures contracts and swap agreement.

(h) At March 31, 2019, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,693,000 and the aggregate gross unrealized depreciation is approximately $873,000, resulting in net unrealized appreciation of approximately $2,820,000.

MTN Medium Term Note.

PJSC Public Joint Stock Company.

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2019:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 2 yr. Note		109	Jun-19		21,800		$	23,227		$	90
U.S. Treasury 30 yr. Bond		18	Jun-19		1,800			2,694			87
U.S. Treasury 5 yr. Note		7	Jun-19		700			811			(—	@)
U.S. Treasury Ultra Bond		33	Jun-19		3,300			5,544			221
Short:
U.S. Treasury 10 yr. Note		96	Jun-19		(9,600	)		(11,925	)		(105	)
U.S. Treasury 10 yr. Ultra Long Bond		61	Jun-19		(6,100	)		(8,100	)		(87	)
										$	206

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

Interest Rate Swap Agreement:

The Fund had the following interest rate swap agreement open at March 31, 2019:

Swap Counterparty				Floating Rate Index				Pay/Receive Floating Rate				Fixed Rate				Payment Frequency Paid/ Received				Maturity Date				Notional Amount (000)				Value (000)				Upfront Payment Paid (000)				Unrealized Appreciation (000)
Morgan Stanley & Co., LLC*					3 Month LIBOR			Pay					2.39	%		Semi-Annual/ Quarterly				3/27/29				$	6,710			$	25			$	—			$	25

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

@ — Value is less than $500

LIBOR — London Interbank Offered Rate.

Portfolio Composition**

Classification	Percentage of Total Investments
Industrials		52.4	%
Finance		34.2
Utilities		9.7
Short-Term Investments		2.8
Other***		0.9
Total Investments		100.0	%****

** Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2019.

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

**** Does not include open long/short futures contracts with a value of approximately $52,301,000 and net unrealized appreciation of approximately $206,000. Does not include an open swap agreement with total unrealized appreciation of approximately $25,000.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Corporate Bond Portfolio

Statement of Assets and Liabilities	March 31, 2019 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $115,780)	$	118,369
Investment in Security of Affiliated Issuer, at Value (Cost $2,883)		2,883
Total Investments in Securities, at Value (Cost $118,663)		121,252
Interest Receivable		1,183
Receivable for Fund Shares Sold		29
Receivable for Variation Margin on Swap Agreement		18
Receivable from Affiliate		4
Receivable from Securities Lending Income		1
Other Assets		184
Total Assets		122,671
Liabilities:
Collateral on Securities Loaned, at Value		1,372
Payable for Investments Purchased		1,337
Payable for Fund Shares Redeemed		129
Payable for Professional Fees		63
Payable for Transfer Agency Fees — Class I		48
Payable for Transfer Agency Fees — Class A		1
Payable for Transfer Agency Fees — Class L		1
Payable for Transfer Agency Fees — Class C		1
Payable for Trustees' Fees and Expenses		44
Payable for Sub Transfer Agency Fees — Class I		21
Payable for Sub Transfer Agency Fees — Class A		2
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Advisory Fees		21
Deferred Capital Gain Country Tax		19
Payable for Custodian Fees		12
Payable for Administration Fees		8
Payable for Shareholder Services Fees — Class A		1
Payable for Distribution and Shareholder Services Fees — Class L		1
Payable for Distribution and Shareholder Services Fees — Class C		3
Payable for Variation Margin on Futures Contracts		3
Other Liabilities		37
Total Liabilities		3,124
Net Assets	$	119,547
Net Assets Consist of:
Paid-in-Capital	$	119,264
Total Distributable Earnings		283
Net Assets	$	119,547

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Corporate Bond Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2019 (000)
CLASS I:
Net Assets	$	109,383
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		9,042,320
Net Asset Value, Offering and Redemption Price Per Share	$	12.10
CLASS A:
Net Assets	$	5,179
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		427,796
Net Asset Value, Redemption Price Per Share	$	12.11
Maximum Sales Load		4.25	%
Maximum Sales Charge	$	0.54
Maximum Offering Price Per Share	$	12.65
CLASS L:
Net Assets	$	1,616
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		133,676
Net Asset Value, Offering and Redemption Price Per Share	$	12.09
CLASS C:
Net Assets	$	3,369
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		280,629
Net Asset Value, Offering and Redemption Price Per Share	$	12.00
⁽¹⁾ Including: Securities on Loan, at Value:	$	2,182

@ 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, 2019 (unaudited)

Corporate Bond Portfolio

Statement of Operations	Six Months Ended March 31, 2019 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $2 of Foreign Taxes Withheld)	$	2,397
Dividends from Security of Affiliated Issuer (Note G)		23
Income from Securities Loaned — Net		8
Total Investment Income		2,428
Expenses:
Advisory Fees (Note B)		215
Transfer Agency Fees — Class I (Note E)		99
Transfer Agency Fees — Class A (Note E)		1
Transfer Agency Fees — Class L (Note E)		1
Transfer Agency Fees — Class C (Note E)		1
Professional Fees		75
Sub Transfer Agency Fees — Class I		43
Sub Transfer Agency Fees — Class A		3
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		1
Administration Fees (Note C)		46
Shareholder Services Fees — Class A (Note D)		6
Distribution and Shareholder Services Fees — Class L (Note D)		4
Distribution and Shareholder Services Fees — Class C (Note D)		14
Pricing Fees		20
Registration Fees		20
Custodian Fees (Note F)		17
Shareholder Reporting Fees		17
Trustees' Fees and Expenses		3
Other Expenses		23
Total Expenses		609
Reimbursement of Class Specific Expenses — Class I (Note B)		(142	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(1	)
Waiver of Advisory Fees (Note B)		(32	)
Rebate from Morgan Stanley Affiliate (Note G)		(2	)
Waiver of Shareholder Servicing Fees — Class A (Note D)		(2	)
Net Expenses		430
Net Investment Income		1,998
Realized Loss:
Investments Sold		(796	)
Futures Contracts		(358	)
Swap Agreements		(341	)
Net Realized Loss		(1,495	)
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Increase in Deferred Capital Gain Country Tax of $18)		4,332
Futures Contracts		173
Swap Agreements		(133	)
Net Change in Unrealized Appreciation (Depreciation)		4,372
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		2,877
Net Increase in Net Assets Resulting from Operations	$	4,875

@ 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, 2019

Corporate Bond Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2019 (unaudited) (000)			Year Ended September 30, 2018 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	1,998		$	2,492
Net Realized Loss		(1,495	)		(2,076	)
Net Change in Unrealized Appreciation (Depreciation)		4,372			(593	)
Net Increase (Decrease) in Net Assets Resulting from Operations		4,875			(177	)
Dividends and Distributions to Shareholders:
Class I		(1,840	)		(1,527	)
Class A		(69	)		(172	)
Class L		(20	)		(34	)
Class C		(31	)		(22	)
Total Dividends and Distributions to Shareholders		(1,960	)		(1,755	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		7,633			13,881
Issued Due to a Tax-Free Reorganization		—			166,639
Distributions Reinvested		1,635			1,418
Redeemed		(11,343	)		(109,651	)
Class A:
Subscribed		1,088			2,854
Distributions Reinvested		68			172
Redeemed		(596	)		(6,103	)
Class L:
Exchanged		83			—
Distributions Reinvested		20			35
Redeemed		(27	)		(212	)
Class C:
Subscribed		1,461			1,304
Distributions Reinvested		30			21
Redeemed		(298	)		(285	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(246	)		70,073
Total Increase in Net Assets		2,669			68,141
Net Assets:
Beginning of Period		116,878			48,737
End of Period	$	119,547		$	116,878
(1) Capital Share Transactions:
Class I:
Shares Subscribed		658			1,163
Shares Issued Due to a Tax-Free Reorganization		—			14,158
Shares Issued on Distributions Reinvested		143			119
Shares Redeemed		(978	)		(9,305	)
Net Increase (Decrease) in Class I Shares Outstanding		(177	)		6,135
Class A:
Shares Subscribed		93			238
Shares Issued on Distributions Reinvested		5			14
Shares Redeemed		(51	)		(513	)
Net Increase (Decrease) in Class A Shares Outstanding		47			(261	)
Class L:
Shares Exchanged		7			—
Shares Issued on Distributions Reinvested	��	2			3
Shares Redeemed		(2	)		(18	)
Net Increase (Decrease) in Class L Shares Outstanding		7			(15	)
Class C:
Shares Subscribed		127			110
Shares Issued on Distributions Reinvested		3			2
Shares Redeemed		(26	)		(24	)
Net Increase in Class C Shares Outstanding		104			88

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Corporate Bond Portfolio

	Class I
	Six Months Ended March 31, 2019			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			2015			2014
Net Asset Value, Beginning of Period	$	11.80		$	12.32		$	12.33		$	10.80		$	11.12		$	10.53
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.20			0.39			0.34			0.37			0.37			0.38
Net Realized and Unrealized Gain (Loss)		0.30			(0.58	)		0.01			1.51			(0.37	)		0.53
Total from Investment Operations		0.50			(0.19	)		0.35			1.88			—			0.91
Distributions from and/or in Excess of:
Net Investment Income		(0.20	)		(0.33	)		(0.36	)		(0.35	)		(0.32	)		(0.32	)
Net Asset Value, End of Period	$	12.10		$	11.80		$	12.32		$	12.33		$	10.80		$	11.12
Total Return⁽³⁾		4.33	%⁽⁸⁾		(1.60	)%		2.95	%⁽⁴⁾		17.79	%⁽⁵⁾		(0.04	)%		8.79	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	109,383		$	108,809		$	37,993		$	31,873		$	31,427		$	36,598
Ratio of Expenses Before Expense Limitation		1.03	%⁽⁹⁾		0.97	%		1.26	%		1.28	%		1.15	%		1.13	%
Ratio of Expenses After Expense Limitation		0.70	%⁽⁶⁾⁽⁹⁾		0.70	%⁽⁶⁾		0.70	%⁽⁶⁾		0.69	%⁽⁶⁾		0.70	%⁽⁶⁾		0.70	%⁽⁶⁾
Ratio of Net Investment Income		3.54	%⁽⁶⁾⁽⁹⁾		3.29	%⁽⁶⁾		2.85	%⁽⁶⁾		3.28	%⁽⁶⁾		3.33	%⁽⁶⁾		3.47	%⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁷⁾⁽⁹⁾		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾		0.01	%		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾
Portfolio Turnover Rate		36	%⁽⁸⁾		37	%		33	%		41	%		45	%		50	%

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Performance was positively impacted by approximately 0.85% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class I shares would have been approximately 2.10%.

(5) Performance was positively impacted by approximately 9.01% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class I shares would have been approximately 8.78%.

(7) Amount is less than 0.005%.

(8) Not annualized.

(9) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Corporate Bond Portfolio

	Class A
	Six Months Ended March 31, 2019			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			2015			2014
Net Asset Value, Beginning of Period	$	11.81		$	12.32		$	12.34		$	10.81		$	11.12		$	10.53
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.19			0.33			0.30			0.32			0.33			0.34
Net Realized and Unrealized Gain (Loss)		0.29			(0.56	)		(0.00	)⁽³⁾		1.53			(0.37	)		0.53
Total from Investment Operations		0.48			(0.23	)		0.30			1.85			(0.04	)		0.87
Distributions from and/or in Excess of:
Net Investment Income		(0.18	)		(0.28	)		(0.32	)		(0.32	)		(0.27	)		(0.28	)
Net Asset Value, End of Period	$	12.11		$	11.81		$	12.32		$	12.34		$	10.81		$	11.12
Total Return⁽⁴⁾		4.16	%⁽⁹⁾		(1.87	)%		2.54	%⁽⁵⁾		17.41	%⁽⁶⁾		(0.37	)%		8.43	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	5,179		$	4,496		$	7,911		$	6,916		$	544		$	405
Ratio of Expenses Before Expense Limitation		1.19	%⁽¹⁰⁾		1.29	%		1.62	%		1.51	%		1.88	%		1.60	%
Ratio of Expenses After Expense Limitation		1.03	%^(7)(10)		1.01	%⁽⁷⁾		1.05	%⁽⁷⁾		0.99	%⁽⁷⁾		1.05	%⁽⁷⁾		1.05	%⁽⁷⁾
Ratio of Net Investment Income		3.20	%^(7)(10)		2.78	%⁽⁷⁾		2.50	%⁽⁷⁾		2.78	%⁽⁷⁾		2.98	%⁽⁷⁾		3.12	%⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%^(8)(10)		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.01	%		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾
Portfolio Turnover Rate		36	%⁽⁹⁾		37	%		33	%		41	%		45	%		50	%

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class A shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

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

(5) Performance was positively impacted by approximately 0.85% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class A shares would have been approximately 1.69%.

(6) Performance was positively impacted by approximately 8.97% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class A shares would have been approximately 8.44%.

(8) Amount is less than 0.005%.

(9) Not annualized.

(10) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Corporate Bond Portfolio

	Class L
	Six Months Ended March 31, 2019			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			2015			2014
Net Asset Value, Beginning of Period	$	11.79		$	12.30		$	12.32		$	10.79		$	11.11		$	10.52
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.17			0.29			0.26			0.30			0.30			0.31
Net Realized and Unrealized Gain (Loss)		0.29			(0.56	)		(0.00	)⁽³⁾		1.51			(0.37	)		0.54
Total from Investment Operations		0.46			(0.27	)		0.26			1.81			(0.07	)		0.85
Distributions from and/or in Excess of:
Net Investment Income		(0.16	)		(0.24	)		(0.28	)		(0.28	)		(0.25	)		(0.26	)
Net Asset Value, End of Period	$	12.09		$	11.79		$	12.30		$	12.32		$	10.79		$	11.11
Total Return⁽⁴⁾		3.94	%⁽⁹⁾		(2.19	)%		2.20	%⁽⁵⁾		17.06	%⁽⁶⁾		(0.65	)%		8.15	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,616		$	1,499		$	1,749		$	2,151		$	2,163		$	2,405
Ratio of Expenses Before Expense Limitation		1.44	%⁽¹⁰⁾		1.56	%		1.80	%		1.75	%		1.73	%		1.66	%
Ratio of Expenses After Expense Limitation		1.38	%^(7)(10)		1.38	%⁽⁷⁾		1.34	%⁽⁷⁾		1.33	%⁽⁷⁾		1.31	%⁽⁷⁾		1.30	%⁽⁷⁾
Ratio of Net Investment Income		2.85	%^(7)(10)		2.45	%⁽⁷⁾		2.20	%⁽⁷⁾		2.64	%⁽⁷⁾		2.72	%⁽⁷⁾		2.87	%⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%^(8)(10)		0.00	%⁽⁸⁾		0.01	%		0.01	%		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾
Portfolio Turnover Rate		36	%⁽⁹⁾		37	%		33	%		41	%		45	%		50	%

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class L shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Performance was positively impacted by approximately 0.84% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class L shares would have been approximately 1.36%.

(6) Performance was positively impacted by approximately 9.05% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class L shares would have been approximately 8.01%.

(8) Amount is less than 0.005%.

(9) Not annualized.

(10) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Corporate Bond Portfolio

	Class C
	Six Months Ended March 31, 2019			Year Ended September 30,									Period from April 30, 2015⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			September 30, 2015
Net Asset Value, Beginning of Period	$	11.72		$	12.25		$	12.27		$	10.77		$	11.21
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.14			0.25			0.21			0.22			0.10
Net Realized and Unrealized Gain (Loss)		0.28			(0.57	)		0.00	⁽⁴⁾		1.53			(0.48	)
Total from Investment Operations		0.42			(0.32	)		0.21			1.75			(0.38	)
Distributions from and/or in Excess of:
Net Investment Income		(0.14	)		(0.21	)		(0.23	)		(0.25	)		(0.06	)
Net Asset Value, End of Period	$	12.00		$	11.72		$	12.25		$	12.27		$	10.77
Total Return⁽⁵⁾		3.66	%⁽¹⁰⁾		(2.64	)%		1.81	%⁽⁶⁾		16.47	%⁽⁷⁾		(3.40	)%⁽¹⁰⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	3,369		$	2,074		$	1,084		$	126		$	10
Ratio of Expenses Before Expense Limitation		1.91	%⁽¹¹⁾		2.15	%		2.82	%		4.45	%		38.20	%⁽¹¹⁾
Ratio of Expenses After Expense Limitation		1.80	%^(8)(11)		1.80	%⁽⁸⁾		1.80	%⁽⁸⁾		1.79	%⁽⁸⁾		1.80	%^(8)(11)
Ratio of Net Investment Income		2.44	%^(8)(11)		2.10	%⁽⁸⁾		1.71	%⁽⁸⁾		1.90	%⁽⁸⁾		2.25	%^(8)(11)
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%^(9)(11)		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.01	%		0.00	%^(9)(11)
Portfolio Turnover Rate		36	%⁽¹⁰⁾		37	%		33	%		41	%		45	%⁽¹⁰⁾

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class C shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Commencement of Offering.

(3) Per share amount is based on average shares outstanding.

(4) Amount is less than $0.005 per share.

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

(6) Performance was positively impacted by approximately 0.85% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class C shares would have been approximately 0.96%.

(7) Performance was positively impacted by approximately 8.85% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class C shares would have been approximately 7.62%.

(8) The Ratios of Expenses and Net Investment Income reflect the rebate of certain Fund 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."

(9) Amount is less than 0.005%.

(10) Not annualized.

(11) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Notes to Financial Statements (unaudited)

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

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

The Fund has suspended offering Class L shares for sale to all investors. Class L shareholders of the Fund do not have the option to purchasing additional Class L shares. However, existing Class L shareholders may invest in additional Class L shares through reinvestment of dividends and distributions.

On June 4, 2018, the Fund acquired the net assets of Morgan Stanley Income Securities Inc. ("Income Securities Inc."), a closed-end investment company, based on the respective valuations as of the close of business on June 1, 2018, pursuant to a Plan of Reorganization approved by the shareholders of Income Securities Inc. on April 20, 2018 ("Reorganization"). The purpose of the transaction was to combine two funds managed by Morgan Stanley Investment Management Inc., (the "Adviser") with comparable investment objectives and strategies. The acquisition was accomplished by a tax-free exchange of 14,157,983 Class I shares of the Fund at a net asset value of $11.77 for 8,963,335 Common shares of Income Securities Inc. The net assets of Income Securities Inc. before the Reorganization were approximately $166,639,000, including unrealized depreciation of approximately $2,206,000 at June 1, 2018. The investment portfolio of Income Securities Inc., with a fair value of approximately $163,395,000 and identified cost of approximately $165,601,000 on June 1, 2018, was the principal asset acquired by the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Income Securities Inc. was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Immediately prior to the Reorganization, the net assets of the Fund were approximately $43,663,000. Immediately after the Reorganization, the net assets of the Fund were approximately $210,323,000.

Upon closing of the Reorganization, shareholders of Income Securities Inc. received shares of the Fund as follows:

Morgan Stanley Income Securities Inc.				MSIFT Corporate Bond Portfolio
Common Shares				Class I

Assuming the acquisition had been completed on October 1, 2017, the beginning of the annual reporting period of the Fund, the Fund's pro forma results of operations for the period ended September 30, 2018, are as follows:

Net investment income⁽¹⁾	$	8,337,000
Net realized and unrealized loss⁽²⁾	$	(1,720,000	)
Net increase in net assets resulting from operations	$	6,617,000

(1) Approximately $2,492,000 as reported, plus approximately $4,618,000 Income Securities Inc. prior to the Reorganization, plus approximately $1,227,000 of estimated pro-forma eliminated expenses.

(2) Approximately $(2,669,000) as reported, plus approximately $949,000 Income Securities Inc. prior to the Reorganization.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Morgan Stanley Income Securities Inc. that have been included in the Portfolio's Statement of Operations since June 4, 2018.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

develop significant unobservable inputs for Level 3 fair value measurements, when applicable.

1. Security Valuation: (1) Certain portfolio securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available in the relevant exchanges; (2) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (3) over-the-counter ("OTC") swaps may be valued by an outside pricing service approved by the Trustees or quotes from a broker or dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (4) when market quotations are not readily available, including circumstances under which 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; and (5) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are val-

ued at the net asset value ("NAV") as of the close of each business day.

2. Fair Value Measurement: 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.)

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

• 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 Fund's investments as of March 31, 2019:

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	$	—		$	116,522	$	—	$	116,522
Short-Term Investments
Investment Company		2,883			—		—		2,883
U.S. Treasury Security		—			1,847		—		1,847
Total Short-Term Investments		2,883			1,847		—		4,730
Futures Contracts		398			—		—		398
Interest Rate Swap Agreement		—			25		—		25
Total Assets		3,281			118,394		—		121,675
Liabilities:
Futures Contracts		(192	)		—		—		(192	)
Total	$	3,089		$	118,394	$	—	$	121,483

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

3. Derivatives: The Fund 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 Fund'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 Fund used during the period and their associated risks:

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

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 Fund'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 Fund of margin deposits in the event of bankruptcy of a broker with which the Fund has open positions in the futures contract.

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 Fund'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 Fund may be either the buyer or seller in a credit default swap. Where the Fund 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 Fund 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 Fund 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 Fund if the Adviser fails to correctly evaluate the creditworthiness of the issuer of the referenced debt obligation.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The Fund's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the swap agreement.

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.

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

these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of March 31, 2019:

Asset Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Futures Contracts

Variation Margin on

Futures Contracts

Interest Rate Risk

398

(a)

Swap Agreement

Variation Margin on

Swap Agreement

Interest Rate Risk

(a)

Total

423

Liability Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Futures Contracts

Variation Margin on

Futures Contracts

Interest Rate Risk

(192

)(a)

Total

(192

)

Realized Loss
Primary Risk Exposure	Derivative Type	Value (000)
Interest Rate Risk	Futures Contracts		(358	)
Interest Rate Risk	Swap Agreements		(341	)
Total		$	(699	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Interest Rate Risk	Futures Contracts		173
Interest Rate Risk	Swap Agreements		(133	)
Total		$	40

For the six months ended March 31, 2019, the approximate average monthly amount outstanding for each derivative type is as follows:

Futures Contracts:
Average monthly notional value	$	56,558,000
Swap Agreements:
Average monthly notional amount	$	8,123,000

4. Securities Lending: The Fund 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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund 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 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.

The Fund has the right under the securities 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, 2019:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amounts Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	2,182	(b)	$	—	$	(2,182	)(c)(d)	$	0

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

(c) The Fund received cash collateral of approximately $1,372,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $855,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

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

FASB ASC 860, "Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures", is intended to provide increased transparency about

the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowing.

Remaining Contractual Maturity of the Agreements
	Overnight and Continuous (000)		<30 days (000)		Between 30 & 90 days (000)		>90 days (000)		Total (000)
Securities Lending Transactions
Corporate Bonds	$	1,372	$	—	$	—	$	—	$	1,372
Total Borrowings	$	1,372	$	—	$	—	$	—	$	1,372
Gross amount of recognized liabilities for securities lending transactions									$	1,372

5. Indemnifications: The Trust enters into contracts that contain a variety of indemnifications. The Trust's maximum exposure under these arrangements is unknown. However, the Trust 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: Dividends 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 Fund 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 Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

and shareholder services, 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 Fund 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 Fund.

assets of such shares on an annualized basis. For the six months ended March 31, 2019, this waiver amounted to approximately $2,000.

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2019, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments, were approximately $42,081,000 and $39,444,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended March 31, 2019.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the six months ended March 31, 2019, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended March 31, 2019 is as follows:

Affiliated Investment Company				Value September 30, 2018 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	6,373			$	20,808			$	24,298			$	23

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value March 31, 2019 (000)
Liquidity Funds				$	—			$	—			$	2,883

H. Federal Income Taxes: It is the Fund'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.

2018 Distributions Paid From: Ordinary Income (000)				2017 Distributions Paid From: Ordinary Income (000)
$	1,755			$	1,237

Permanent differences, primarily due to differing treatments of gains (losses) related to foreign currency transactions, basis adjustments for swap transactions, an expired capital loss carryforward and tax adjustments related to the Reorganization,

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

resulted in the following reclassifications among the components of net assets at September 30, 2018:

Total Distributable Earnings (Loss) (000)				Paid-in- Capital (000)
$	7,992			$	(7,992	)

At September 30, 2018, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	1,110			$	—

During the year ended September 30, 2018, capital loss carryforwards of approximately $8,051,000 expired for federal income tax purposes. In addition, the Fund utilized capital loss carryforwards of approximately $79,000.

Qualified late year losses are capital losses and specified ordinary losses, including currency losses, incurred after October 31 but within taxable year that, if elected, are deemed to arise on the first day of the Fund's next taxable year. For the year ended September 30, 2018, the Fund deferred to October 1, 2018 for U.S. federal income tax purposes the following losses:

Qualified Late Year Ordinary Losses (000)				Post-October Capital Losses (000)
$	—			$	2,120

K. Accounting Pronouncement: In March 2017, FASB issued an Accounting Standard Update, ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the "ASU") which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be accreted to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

Privacy Notice (unaudited)

FACTS				WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?
Why?				Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?				The types of personal information we collect and share depend on the product or service you have with us. This information can include: n Social Security number and income n investment experience and risk tolerance n checking account number and wire transfer instructions
How?				All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MSIM share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don't share
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

Questions? Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Privacy Notice (unaudited) (cont'd)

Who we are
Who is providing this notice?				Morgan Stanley Investment Management, Inc. and its affiliated registered investment advisers, registered broker-dealers, and registered and unregistered funds ("MSIM")
What we do
How does MSIM protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?				We collect your personal information, for example, when you n open an account or make deposits or withdrawals from your account n buy securities from us or make a wire transfer n give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?				Federal law gives you the right to limit only n sharing for affiliates' everyday business purposes — information about your creditworthiness n affiliates from using your information to market to you n sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Affiliates				Companies related by common ownership or control. They can be financial and nonfinancial companies. n Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates				Companies not related by common ownership or control. They can be financial and nonfinancial companies. n MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between nonaffiliated financial companies that together market financial products or services to you. n MSIM doesn't jointly market
Other Important Information

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Trustee and Officer Information (unaudited)

Trustees

Frank L. Bowman
Kathleen A. Dennis
Nancy C. Everett
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia Maleski
Michael E. Nugent, Chair of the Board
W. Allen Reed

Officers

John H. Gernon
President and Principal Executive Officer

Timothy J. Knierim
Chief Compliance Officer

Mary E. Mullin
Secretary

Francis J. Smith
Treasurer and Principal Financial Officer

Michael J. Key
Vice President

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

DST Asset Manager Solutions, 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

Perkins Coie LLP
30 Rockefeller Plaza
New York, New York 10112

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

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
2514294 EXP 05.31.20

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Semi-Annual Report

March 31, 2019

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					12
Statement of Operations					14
Statements of Changes in Net Assets					15
Financial Highlights					17
Notes to Financial Statements					22
Privacy Notice					29
Trustee and Officer Information					31

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Semi-Annual report, in which you will learn how your investment in Short Duration Income Portfolio (the "Fund") 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 2019

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Expense Example (unaudited)

Short Duration Income Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2019 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/18		Actual Ending Account Value 3/31/19		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Short Duration Income Portfolio Class I	$	1,000.00	$	1,018.90	$	1,023.49	$	1.46	$	1.46		0.29	%
Short Duration Income Portfolio Class A		1,000.00		1,017.50		1,022.24		2.72		2.72		0.54
Short Duration Income Portfolio Class L		1,000.00		1,016.30		1,020.99		3.97		3.98		0.79
Short Duration Income Portfolio Class C		1,000.00		1,013.80		1,018.50		6.48		6.49		1.29
Short Duration Income Portfolio Class IS		1,000.00		1,017.80		1,023.73		1.21		1.21		0.24

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (83.1%)
Agency Adjustable Rate Mortgages (0.6%)
Federal Home Loan Mortgage Corporation,
Conventional Pools:
1 Year CMT + 2.18%, 4.22%, 6/1/38	$	241	$	254
1 Year CMT + 2.32%, 4.55%, 1/1/36		315		332
1 Year CMT + 2.31%, 4.65%, 3/1/37 - 7/1/38		756		798
				1,384
Agency Bond — Consumer Discretionary (U.S. Government Guaranteed) (0.2%)
Safina Ltd.
2.00%, 12/30/23		417		410
Agency Fixed Rate Mortgages (0.8%)
Federal Home Loan Mortgage Corporation,
Gold Pools:
4.50%, 12/1/24		297		306
6.50%, 9/1/19 - 4/1/24		1		1
7.50%, 11/1/19 - 5/1/35		24		28
8.00%, 8/1/32		15		17
8.50%, 8/1/31		14		17
Federal National Mortgage Association,
Conventional Pools:
4.50%, 6/1/24 - 7/1/24		473		487
5.00%, 12/1/23 - 12/1/24		226		232
6.00%, 9/1/37		68		75
6.50%, 2/1/28 - 10/1/32		184		205
7.00%, 7/1/29 - 3/1/37		216		250
7.50%, 8/1/37		32		38
8.00%, 4/1/33		58		68
8.50%, 10/1/32		28		33
Government National Mortgage Association,
Various Pools:
6.00%, 11/15/38		106		117
8.50%, 7/15/30		50		55
				1,929
Asset-Backed Securities (16.7%)
Ally Auto Receivables Trust
1.75%, 12/15/21		730		726
Avant Loans Funding Trust,
3.95%, 12/15/22 (a)		400		402
4.11%, 7/15/22 (a)		450		454
Bayview Koitere Fund Trust
3.62%, 3/28/33 (a)		157		158
Bayview Opportunity Master Fund Trust,
3.50%, 1/28/55 (a)(b)		267		268
3.82%, 4/28/33 (a)		173		174
BMW Vehicle Lease Trust,
1.98%, 5/20/20		490		489
2.07%, 10/20/20		210		209
CarMax Auto Owner Trust
1.98%, 11/15/21		700		696

	Face Amount (000)		Value (000)
CLUB Credit Trust,
2.42%, 9/15/23 (a)	$	20	$	20
3.67%, 5/15/24 (a)		276		276
Consumer Loan Underlying Bond Credit Trust,
3.50%, 1/16/24 (a)		107		107
4.07%, 7/15/25 (a)		283		285
Credit Suisse ABS Trust
4.28%, 7/25/24 (a)		378		380
FCI Funding 2019-1 LLC
3.63%, 2/18/31 (a)(c)		600		600
Ford Credit Auto Owner Trust
2.26%, 11/15/25 (a)		1,165		1,164
Foundation Finance Trust
3.30%, 7/15/33 (a)		393		393
Foundation Finance Trust
3.86%, 11/15/34 (a)		650		651
FREED ABS Trust
4.61%, 10/20/25 (a)		560		571
GCAT LLC
3.84%, 6/25/48 (a)		463		463
GM Financial Automobile Leasing Trust
3.06%, 6/21/21		280		281
GM Financial Consumer Automobile Receivables Trust
2.81%, 12/16/22		1,330		1,336
Gracechurch Card Funding PLC
1 Month USD LIBOR + 0.40%, 2.88%, 7/15/22 (a)(b)		627		627
Hyundai Auto Receivables Trust
1.77%, 1/18/22		700		695
Mariner Finance Issuance Trust
3.62%, 2/20/29 (a)		483		484
Marlette Funding Trust
2.83%, 3/15/24 (a)		7		7
MFA LLC,
3.88%, 5/25/48 (a)		655		651
4.16%, 7/25/48 (a)		567		571
MFA Trust
3.35%, 11/25/47 (a)		551		552
Nationstar HECM Loan Trust,
2.82%, 9/25/27 (a)(b)		250		248
4.17%, 7/25/28		650		660
4.35%, 11/25/28 (a)(b)		700		706
Nissan Auto Lease Trust
1.91%, 4/15/20		589		588
Nissan Auto Receivables Owner Trust
1.75%, 10/15/21		780		774
North Carolina State Education Assistance Authority
3 Month USD LIBOR + 0.80%, 3.57%, 7/25/25 (b)		189		189
NRZ Excess Spread-Collateralized Notes,
4.37%, 1/25/23 (a)		366		366
4.59%, 2/25/23 (a)		529		529

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Asset-Backed Securities (cont'd)
Oak Hill Advisors Residential Loan Trust,
3.00%, 6/25/57 - 7/25/57 (a)	$	722	$	716
Ocwen Master Advance Receivables Trust,
2.72%, 8/16/49 (a)		600		599
4.19%, 8/15/50 (a)		250		251
Option One Mortgage Loan Trust Asset-Backed Certificates
1 Month USD LIBOR + 0.50%, 2.99%, 8/20/30 (b)		113		112
OSCAR US Funding Trust VII LLC
1 Month USD LIBOR + 0.65%, 3.14%, 11/10/20 (a)(b)		69		70
OSCAR US Funding Trust VIII LLC
2.91%, 4/12/21 (a)		144		144
Oscar US Funding X LLC
3.18%, 5/10/23 (a)		830		839
Panhandle-Plains Higher Education Authority, Inc.
3 Month USD LIBOR + 0.95%, 3.75%, 7/1/24 (b)		18		18
PFS Financing Corp.,
2.57%, 7/15/22 (a)		460		455
2.74%, 10/17/22 (a)		440		436
2.89%, 2/15/23 (a)		275		275
3.19%, 4/17/23 (a)		300		302
3.52%, 10/16/23 (a)		162		165
Pretium Mortgage Credit Partners I LLC
3.70%, 3/27/33 (a)		512		512
Pretium Mortgage Credit Partners LLC
4.83%, 9/25/58 (a)		649		656
Prosper Marketplace Issuance Trust,
3.36%, 11/15/23 (a)		525		525
3.90%, 6/17/24		700		703
3.96%, 10/15/24 (a)		538		542
PRPM LLC,
3.75%, 4/25/23 (a)(b)		421		421
4.00%, 8/25/23 (a)(b)		304		305
RCO V Mortgage LLC,
4.00%, 5/25/23 (a)		569		573
4.46%, 10/25/23 (a)		608		615
RMAT LP
4.09%, 5/25/48 (a)		483		485
RMF Buyout Issuance Trust
4.45%, 11/25/28		700		708
SBA Small Business Investment Cos.
2.25%, 9/10/22		385		384
Sofi Consumer Loan Program Trust,
3.14%, 2/25/27 (a)		400		401
3.35%, 4/26/27 (a)		325		326
3.67%, 8/25/27 (a)		700		707
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes
4.16%, 10/17/50 (a)		200		200

	Face Amount (000)		Value (000)
Stanwich Mortgage Loan Trust,
4.02%, 5/16/23 (a)	$	577	$	579
4.50%, 10/18/23 (a)		579		584
TLF National Tax Lien Trust
3.09%, 12/15/29 (a)		294		292
Towd Point Mortgage Trust,
2.75%, 4/25/57 (a)(b)		129		128
1 Month USD LIBOR + 0.60%, 3.09%, 2/25/57 (a)(b)		441		439
Upgrade Receivables Trust
4.53%, 11/15/24 (a)		650		652
Upgrade Receivables Trust
4.09%, 3/15/25 (a)		300		302
Upstart Securitization Trust,
3.89%, 8/20/25		590		591
4.45%, 12/22/25 (a)		350		352
Verizon Owner Trust,
1.68%, 5/20/21 (a)		374		373
2.06%, 9/20/21 (a)		375		374
1 Month USD LIBOR + 0.27%, 2.76%, 4/20/22 (a)(b)		190		190
Verizon Owner Trust
2.93%, 9/20/23		600		605
VOLT LXII LLC
3.13%, 9/25/47 (a)		316		315
VOLT LXIV LLC
3.38%, 10/25/47 (a)		413		414
VOLT LXIX LLC
4.21%, 8/25/48 (a)		482		485
VOLT LXV LLC
3.75%, 4/25/48 (a)		507		507
VOLT LXVI
4.34%, 5/25/48 (a)		496		498
VOLT LXXI LLC
3.97%, 9/25/48 (a)		437		440
VOLT LXXII LLC
4.21%, 10/26/48 (a)		614		619
VOLT LXXIII LLC
4.46%, 10/25/48 (a)		787		794
VOLT LXXIV LLC
4.58%, 11/25/48 (a)		666		673
VOLT LXXV LLC
4.34%, 1/25/49 (a)		489		494
World Omni Auto Receivables Trust
1.49%, 12/15/20		89		89
				40,984
Collateralized Mortgage Obligations — Agency Collateral Series (0.6%)
Federal Home Loan Mortgage Corporation,
1.78%, 10/25/20		156		155
1.88%, 5/25/19		353		352
2.26%, 10/25/20		36		36
3.03%, 10/25/20 (b)		477		479

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Collateralized Mortgage Obligations — Agency Collateral Series (cont'd)
REMIC
7.50%, 9/15/29	$	455	$	517
				1,539
Commercial Mortgage-Backed Securities (0.4%)
COMM Mortgage Trust
1 Month USD LIBOR + 2.25%, 4.75%, 2/13/32 (a)(b)		650		651
Hudsons Bay Simon JV Trust
1 Month USD LIBOR + 1.58%, 4.31%, 8/5/34 (a)(b)		185		186
Velocity Commercial Capital Loan Trust
1 Month USD LIBOR + 1.80%, 4.29%, 10/25/46 (b)		144		145
				982
Corporate Bonds (55.5%)
Energy (0.2%)
Midwest Connector Capital Co. LLC
3.63%, 4/1/22 (a)		475		482
Finance (29.6%)
ABN AMRO Bank NV
3.40%, 8/27/21 (a)		650		658
American Express Co.,
3.00%, 2/22/21		700		704
3.38%, 5/17/21		1,050		1,064
3.70%, 11/5/21		665		680
American Honda Finance Corp.
3.15%, 1/8/21		360		363
ANZ New Zealand Int'l Ltd.
2.20%, 7/17/20 (a)		680		675
Bank of America Corp.,
MTN
2.15%, 11/9/20		1,200		1,189
2.63%, 10/19/20		780		778
Bank of America NA
3 Month USD LIBOR + 0.25%, 2.88%, 8/28/20 (b)		925		925
Bank of Montreal,
2.90%, 3/26/22		1,030		1,031
Series D
3.10%, 4/13/21		990		999
Bank of New York Mellon Corp. (The),
MTN
2.45%, 11/27/20		525		523
Bank of Nova Scotia (The),
2.15%, 7/14/20		430		428
3.13%, 4/20/21		680		685
BB&T Corp.
3.20%, 9/3/21		610		617
BPCE SA,
MTN
2.25%, 1/27/20		600		598

	Face Amount (000)		Value (000)
Branch Banking & Trust Co.
2.10%, 1/15/20	$	1,000	$	996
Canadian Imperial Bank of Commerce,
Series BKTN
2.10%, 10/5/20		840		833
Capital One Financial Corp.,
2.40%, 10/30/20		940		935
2.50%, 5/12/20		1,210		1,207
Caterpillar Financial Services Corp.
3.35%, 12/7/20		1,000		1,013
Cigna Corp.
3.40%, 9/17/21 (a)		1,100		1,112
Citibank NA,
2.10%, 6/12/20		830		824
3.17%, 2/19/22		1,070		1,075
Citigroup, Inc.
2.45%, 1/10/20		475		474
Citizens Bank NA/Providence
3.25%, 2/14/22		575		581
Commonwealth Bank of Australia
2.25%, 3/10/20 (a)		1,350		1,344
Compass Bank
3.50%, 6/11/21		925		933
Cooperatieve Rabobank UA
3.13%, 4/26/21		640		643
Credit Suisse AG
3.00%, 10/29/21		1,140		1,145
Danske Bank A/S
1.65%, 9/6/19 (a)		1,700		1,689
DBS Group Holdings Ltd.
2.25%, 7/16/19 (a)		650		649
Deutsche Bank AG,
2.70%, 7/13/20		750		742
4.25%, 2/4/21		650		653
DNB Bank ASA
2.13%, 10/2/20 (a)		700		694
ERP Operating LP
2.38%, 7/1/19		550		550
Fifth Third Bank
2.20%, 10/30/20		850		843
Goldman Sachs Group, Inc. (The),
2.35%, 11/15/21		900		887
2.60%, 12/27/20		1,220		1,214
5.75%, 1/24/22		1,150		1,234
HSBC Holdings PLC
3.40%, 3/8/21		2,250		2,271
HSBC USA, Inc.
2.25%, 6/23/19		659		658
Jackson National Life Global Funding
2.20%, 1/30/20 (a)		2,450		2,439
John Deere Capital Corp.
3.20%, 1/10/22		530		539

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
JPMorgan Chase & Co.,
2.20%, 10/22/19	$	325	$	324
2.40%, 6/7/21		850		844
JPMorgan Chase Bank NA
3.09%, 4/26/21		990		992
KeyBank NA
1.60%, 8/22/19		300		299
Lloyds Bank PLC
3.30%, 5/7/21		1,350		1,361
Macquarie Bank Ltd.
2.60%, 6/24/19 (a)		605		605
Manufacturers & Traders Trust Co.
2.10%, 2/6/20		560		557
Marsh & McLennan Cos., Inc.
3.50%, 12/29/20		380		385
MassMutual Global Funding II,
1.55%, 10/11/19 (a)		1,140		1,133
1.95%, 9/22/20 (a)		560		555
Metropolitan Life Global Funding I
2.00%, 4/14/20 (a)		550		546
National Bank of Canada
2.15%, 6/12/20		1,230		1,222
New York Life Global Funding,
3 Month USD LIBOR + 0.16%, 2.75%, 10/1/20 (a)(b)		850		850
2.95%, 1/28/21 (a)		350		352
Nordea Bank Abp
1.63%, 9/30/19 (a)		900		895
PNC Bank NA,
2.45%, 11/5/20		1,100		1,096
2.50%, 1/22/21		960		959
Principal Life Global Funding II
2.15%, 1/10/20 (a)		1,425		1,418
Protective Life Global Funding,
1.72%, 4/15/19 (a)		700		700
2.70%, 11/25/20 (a)		525		524
Royal Bank of Canada,
2.15%, 10/26/20		900		894
3.20%, 4/30/21		670		678
Santander UK Group Holdings PLC
2.88%, 10/16/20		200		200
Santander UK PLC
3.40%, 6/1/21		1,370		1,381
Skandinaviska Enskilda Banken AB,
2.30%, 3/11/20		530		528
3.05%, 3/25/22 (a)		1,230		1,236
Sumitomo Mitsui Trust Bank Ltd.
1.95%, 9/19/19 (a)		275		274
Suncorp-Metway Ltd.,
2.10%, 5/3/19 (a)		275		275
2.38%, 11/9/20 (a)		670		665

	Face Amount (000)		Value (000)
Svenska Handelsbanken AB,
1.95%, 9/8/20	$	990	$	979
3.35%, 5/24/21		660		668
Synchrony Bank
3.65%, 5/24/21		650		656
Toronto-Dominion Bank (The)
3.25%, 6/11/21		610		617
UBS AG
2.45%, 12/1/20 (a)		600		597
UniCredit SpA
6.57%, 1/14/22 (a)		350		366
United Overseas Bank Ltd.
3.20%, 4/23/21 (a)		340		343
UnitedHealth Group, Inc.
2.70%, 7/15/20		500		501
US Bank NA,
2.00%, 1/24/20		500		498
3.00%, 2/4/21		835		841
WEA Finance LLC/Westfield UK & Europe Finance PLC
2.70%, 9/17/19 (a)		600		600
Wells Fargo Bank NA
3.63%, 10/22/21		1,900		1,937
Westpac Banking Corp.,
2.65%, 1/25/21		1,025		1,024
2.80%, 1/11/22		1,050		1,052
				72,521
Industrials (24.7%)
AbbVie, Inc.
2.50%, 5/14/20		575		573
Alimentation Couche-Tard, Inc.
2.35%, 12/13/19		660		657
Allergan Funding SCS
3.00%, 3/12/20		835		835
Altria Group, Inc.
3.49%, 2/14/22		375		381
Amazon.com, Inc.
1.90%, 8/21/20		900		893
American Honda Finance Corp.,
1.95%, 7/20/20		250		248
MTN
1.20%, 7/12/19		530		528
2.45%, 9/24/20		550		548
Amgen, Inc.
2.20%, 5/22/19		790		790
Analog Devices, Inc.,
2.85%, 3/12/20		230		230
2.95%, 1/12/21		1,175		1,179
AT&T, Inc.,
2.45%, 6/30/20		1,225		1,221
2.80%, 2/17/21		800		800
4.60%, 2/15/21		475		489

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
AutoZone, Inc.
1.63%, 4/21/19	$	740	$	739
BAT International Finance PLC
2.75%, 6/15/20 (a)		450		448
Baxalta, Inc.
2.88%, 6/23/20		164		164
Bayer US Finance II LLC
3.50%, 6/25/21 (a)		330		331
Bayer US Finance LLC
2.38%, 10/8/19 (a)		600		598
Becton Dickinson and Co.
2.68%, 12/15/19		300		299
Biogen, Inc.
2.90%, 9/15/20		525		525
BMW US Capital LLC,
1.50%, 4/11/19 (a)		700		700
2.15%, 4/6/20 (a)		400		398
BP Capital Markets PLC
2.32%, 2/13/20		400		399
Cardinal Health, Inc.
1.95%, 6/14/19		725		724
Caterpillar Financial Services Corp.,
2.95%, 2/26/22		825		833
3.15%, 9/7/21		790		799
Celgene Corp.,
2.25%, 8/15/21		1,225		1,206
2.88%, 8/15/20		525		525
Cigna Corp.
3.20%, 9/17/20 (a)		800		805
Crown Castle International Corp.
3.40%, 2/15/21		1,000		1,009
CVS Health Corp.,
3.13%, 3/9/20		960		963
3.35%, 3/9/21		1,130		1,139
Daimler Finance North America LLC,
1.50%, 7/5/19 (a)		200		199
2.30%, 1/6/20 (a)		325		324
2.85%, 1/6/22 (a)		1,110		1,105
3.75%, 11/5/21 (a)		295		300
Danone SA
1.69%, 10/30/19 (a)		875		869
Delta Air Lines, Inc.
2.88%, 3/13/20		575		574
Deutsche Telekom International Finance BV
6.00%, 7/8/19		650		655
Discovery Communications LLC,
2.20%, 9/20/19		975		971
2.75%, 11/15/19 (a)		575		574
Dominion Energy Gas Holdings LLC
2.50%, 12/15/19		825		823

	Face Amount (000)		Value (000)
DR Horton, Inc.
2.55%, 12/1/20	$	480	$	477
Eastman Chemical Co.
3.50%, 12/1/21		600		609
EI du Pont de Nemours & Co.
2.20%, 5/1/20		700		698
EMD Finance LLC
2.40%, 3/19/20 (a)		575		573
Enterprise Products Operating LLC,
2.55%, 10/15/19		325		324
2.80%, 2/15/21		780		781
Ford Motor Credit Co., LLC
2.68%, 1/9/20		725		722
Fox Corp.
3.67%, 1/25/22 (a)		330		337
General Dynamics Corp.
2.88%, 5/11/20		410		411
General Electric Co.
5.50%, 1/8/20		1,200		1,226
General Motors Co.
3 Month USD LIBOR + 0.80%, 3.54%, 8/7/20 (b)		950		949
General Motors Financial Co., Inc.
3.15%, 1/15/20		600		601
Gilead Sciences, Inc.,
1.85%, 9/20/19		445		443
2.55%, 9/1/20		500		500
Hewlett Packard Enterprise Co.
2.10%, 10/4/19 (a)		800		797
Hyundai Capital America,
2.55%, 4/3/20 (a)		175		174
2.60%, 3/19/20 (a)		325		323
JM Smucker Co. (The)
2.50%, 3/15/20		225		224
Keurig Dr Pepper, Inc.
3.55%, 5/25/21 (a)		930		940
Kinder Morgan, Inc.,
3.05%, 12/1/19		650		651
5.00%, 2/15/21 (a)		1,170		1,210
Lockheed Martin Corp.
2.50%, 11/23/20		225		224
Marriott International, Inc.
3 Month USD LIBOR + 0.65%, 3.24%, 3/8/21 (b)		520		521
McDonald's Corp.,
MTN
2.20%, 5/26/20		550		547
Mead Johnson Nutrition Co.
3.00%, 11/15/20		175		176
Molson Coors Brewing Co.
1.45%, 7/15/19		775		772
Nissan Motor Acceptance Corp.
3.15%, 3/15/21 (a)		590		587

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Northrop Grumman Corp.,
2.08%, 10/15/20	$	580	$	575
5.05%, 8/1/19		1,225		1,234
Novartis Capital Corp.
1.80%, 2/14/20		475		472
Rockwell Collins, Inc.
1.95%, 7/15/19		800		798
Ryder System, Inc.,
MTN
2.65%, 3/2/20		125		125
Schlumberger Finance Canada Ltd.
2.20%, 11/20/20 (a)		410		407
Seven & i Holdings Co., Ltd.
3.35%, 9/17/21 (a)		1,750		1,772
Shell International Finance BV
1.38%, 9/12/19		700		696
Sherwin-Williams Co. (The)
2.25%, 5/15/20		925		920
Siemens Financieringsmaatschappij N.V.,
1.30%, 9/13/19 (a)		900		894
2.15%, 5/27/20 (a)		550		547
Southwest Airlines Co.
2.75%, 11/6/19		600		600
Takeda Pharmaceutical Co. Ltd.
4.00%, 11/26/21 (a)		2,125		2,180
Toyota Motor Credit Corp.
2.95%, 4/13/21		920		927
Tyco Electronics Group SA
3 Month USD LIBOR + 0.45%, 3.05%, 6/5/20 (b)		700		700
Tyson Foods, Inc.
2.65%, 8/15/19		600		599
Union Pacific Corp.
2.25%, 6/19/20		550		548
United Technologies Corp.
1.90%, 5/4/20		800		794
Verizon Communications, Inc.
2.63%, 2/21/20		250		250
Volkswagen Group of America Finance LLC,
2.40%, 5/22/20 (a)		550		546
3.88%, 11/13/20 (a)		755		765
				60,516
Utilities (1.0%)
Berkshire Hathaway Energy Co.
2.38%, 1/15/21		375		373
Dominion Energy, Inc.,
Series B
1.60%, 8/15/19		225		224
DTE Energy Co.
1.50%, 10/1/19		425		422
Public Service Enterprise Group, Inc.
1.60%, 11/15/19		250		248

	Face Amount (000)		Value (000)
Sempra Energy
2.40%, 3/15/20	$	600	$	597
Southern Power Co.,
Series D
1.95%, 12/15/19		675		671
				2,535
				136,054
Mortgages — Other (5.0%)
Cascade Funding Mortgage Trust
4.00%, 10/25/68		677		687
CHL Mortgage Pass-Through Trust
5.50%, 5/25/34		139		143
CIM Trust
3.00%, 4/25/57 (a)(b)		568		566
Federal Home Loan Mortgage Corporation,
1 Month USD LIBOR + 0.55%, 3.04%, 4/25/30 (b)		141		141
1 Month USD LIBOR + 1.20%, 3.69%, 10/25/29 (b)		248		249
Federal National Mortgage Association,
1 Month USD LIBOR + 1.30%, 3.79%, 4/25/29 - 7/25/29 (b)		548		550
1 Month USD LIBOR + 1.45%, 3.94%, 1/25/29 (b)		90		91
Galton Funding Mortgage Trust
3.50%, 11/25/57 (a)(b)		515		517
Galton Funding Mortgage Trust
4.00%, 2/25/59		479		483
Gosforth Funding PLC
3 Month USD LIBOR + 0.45%, 3.10%, 8/25/60 (a)(b)		347		346
Lanark Master Issuer PLC,
3 Month USD LIBOR + 0.42%, 3.08%, 12/22/69 (a)(b)		792		791
3.47%, 12/22/69		512		514
New Residential Mortgage Loan Trust,
3.75%, 5/28/52 - 8/25/55 (a)(b)		341		345
4.00%, 9/25/57 (a)(b)		567		575
NRPL Trust
4.25%, 7/25/67 (a)(b)		684		685
OBX Trust
4.00%, 11/25/48 (a)(b)		596		603
Pepper Residential Securities Trust,
1 Month USD LIBOR + 0.88%, 3.36%, 1/16/60 (a)(b)		738		738
3.64%, 6/20/60		914		914
1 Month USD LIBOR + 0.95%, 3.50%, 8/18/60 (a)(b)		825		826
Preston Ridge Partners Mortgage
4.50%, 1/25/24 (a)		735		743
RESIMAC Bastille Trust
1 Month USD LIBOR + 0.85%, 3.33%, 12/16/59 (a)(b)		683		682

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Mortgages — Other (cont'd)
Sequoia Mortgage Trust
1 Month USD LIBOR + 0.62%, 3.11%, 8/20/34 (b)	$	258	$	255
VCAT Asset Securitization, LLC
4.36%, 2/25/49		694		698
				12,142
Sovereign (0.3%)
Korea Development Bank (The),
3.00%, 3/19/22		410		413
3 Month USD LIBOR + 0.45%, 3.09%, 2/27/20 (b)		320		320
				733
U.S. Agency Security (0.9%)
Private Export Funding Corp.
1.45%, 8/15/19		2,300		2,291
U.S. Treasury Security (2.1%)
U.S. Treasury Note
2.54%, 1/31/21 (b)		5,100		5,096
Total Fixed Income Securities (Cost $203,010)				203,544
	Shares
Short-Term Investments (16.8%)
Investment Company (1.3%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $3,232)		3,232,464		3,232
	Face Amount (000)
U.S. Treasury Security (0.6%)
U.S. Treasury Bill
2.49%, 8/22/19 (d)(e) (Cost $1,337)	$	1,350		1,337
Commercial Paper (14.9%)
Aerospace/Defense (0.9%)
Boeing Co. (The)
2.68%, 4/10/19 (f)		2,160		2,159
Automobiles (1.7%)
American Honda Finance Corp.
2.57%, 6/18/19 (f)		1,230		1,223
Hyundai Capital America
2.75%, 4/17/19 (f)		1,110		1,108
Nissan Motor Co., Ltd.
2.94%, 6/19/19 (f)		1,800		1,790
				4,121
Chemicals (0.7%)
EI du Pont de Nemours & Co.
2.78%, 5/9/19 (f)		1,800		1,795

	Face Amount (000)		Value (000)
Computer Technology (0.9%)
Apple, Inc.
2.62%, 7/16/19 (f)	$	2,225	$	2,208
Energy (3.4%)
CenterPoint Energy, Inc.
2.90%, 5/10/19 (f)		1,720		1,715
Enbridge, Inc.
3.05%, 6/10/19 (f)		2,200		2,187
Entergy Corp.
3.12%, 4/12/19 (f)		1,060		1,059
Enterprise Products Operating LLC
2.75%, 4/2/19 (f)		1,200		1,200
NextEra Energy Capital Holdings, Inc.
2.85%, 4/26/19 (f)		2,140		2,136
				8,297
Food & Beverage (2.2%)
Anheuser-Busch InBev Worldwide, Inc.,
2.86%, 6/27/19 (f)		1,200		1,192
2.87%, 6/14/19 (f)		1,110		1,104
Keurig Dr Pepper, Inc.
2.85%, 5/20/19 (f)		1,000		996
Mondelez International, Inc.,
2.78%, 4/9/19 (f)		1,060		1,059
2.82%, 6/6/19 (f)		1,200		1,194
				5,545
Health Care Services (2.3%)
AstraZeneca PLC,
2.71%, 5/6/19 (f)		1,425		1,421
3.00%, 5/20/19 (f)		1,050		1,046
Catholic Health Initiatives
3.22%, 5/29/19 (f)		1,090		1,085
Walgreens Boots Alliance, Inc.,
3.14%, 9/9/19 (f)		1,000		986
3.29%, 5/31/19 (f)		1,057		1,052
				5,590
Industrials (0.5%)
Fortive Corp.
2.70%, 4/11/19 (f)		1,225		1,224
International Banks (1.3%)
Glencore Funding LLC
3.27%, 4/8/19 (f)		1,075		1,074
Reckitt Benckiser Treasury Services PLC
2.81%, 5/24/19 (f)		1,170		1,165
Standard Chartered Bank
2.94%, 9/26/19 (f)		1,000		987
				3,226

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Utilities (1.0%)
Dominion Resources, Inc.
2.72%, 4/9/19 (f)	$	1,270	$	1,269
Southern Co. (The)
2.77%, 4/4/19 (f)		1,110		1,110
				2,379
Total Commercial Paper (Cost $36,542)				36,544
Total Short-Term Investments (Cost $41,111)				41,113
Total Investments (99.9%) (Cost $244,121) (g)(h)				244,657
Other Assets in Excess of Liabilities (0.1%)				304
Net Assets (100.0%)			$	244,961

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

(d) Rate shown is the yield to maturity at March 31, 2019.

(e) All or a portion of the security was pledged to cover margin requirements for futures contracts.

(f) The rates shown are the effective yields at the date of purchase.

(g) Securities are available for collateral in connection with open futures

(h) At March 31, 2019, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $899,000 and the aggregate gross unrealized depreciation is approximately $404,000, resulting in net unrealized appreciation of approximately $495,000.

CMT Constant Maturity Treasury Note Rate.

LIBOR London Interbank Offered Rate.

MTN Medium Term Note.

REMIC Real Estate Mortgage Investment Conduit.

USD United States Dollar.

Futures Contract:

The Fund had the following futures contract open at March 31, 2019:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Depreciation (000)
Short:
U.S. Treasury 2 yr. Note		61	Jun-19		(12,200	)	$	(12,999	)	$	(41	)

Portfolio Composition

Classification	Percentage of Total Investments
Finance		29.6	%
Industrials		24.7
Short-Term Investments		16.8
Asset-Backed Securities		16.8
Other*		7.1
Mortgages — Other		5.0
Total Investments		100.0	%**

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

** Does not include an open short futures contract with a value of approximately $12,999,000 and total unrealized depreciation of approximately $41,000.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Short Duration Income Portfolio

Statement of Assets and Liabilities	March 31, 2019 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $240,889)	$	241,425
Investment in Security of Affiliated Issuer, at Value (Cost $3,232)		3,232
Total Investments in Securities, at Value (Cost $244,121)		244,657
Interest and Paydown Receivable		1,042
Receivable for Fund Shares Sold		68
Receivable for Investments Sold		21
Receivable from Affiliate		13
Receivable for Variation Margin on Futures Contract		11
Other Assets		90
Total Assets		245,902
Liabilities:
Payable for Investments Purchased		600
Payable for Fund Shares Redeemed		132
Payable for Professional Fees		69
Payable for Trustees' Fees and Expenses		45
Payable for Administration Fees		16
Payable for Shareholder Services Fees — Class A		15
Payable for Distribution and Shareholder Services Fees — Class L		—	@
Payable for Distribution and Shareholder Services Fees — Class C		—	@
Payable for Sub Transfer Agency Fees — Class I		3
Payable for Sub Transfer Agency Fees — Class A		8
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Sub Transfer Agency Fees — Class C		—	@
Payable for Advisory Fees		8
Payable for Custodian Fees		5
Payable for Transfer Agency Fees — Class A		2
Payable for Transfer Agency Fees — Class L		1
Payable for Transfer Agency Fees — Class C		1
Payable for Transfer Agency Fees — Class IS		—	@
Other Liabilities		36
Total Liabilities		941
Net Assets	$	244,961
Net Assets Consist of:
Paid-in-Capital	$	247,283
Total Accumulated Loss		(2,322	)
Net Assets	$	244,961

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Short Duration Income Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2019 (000)
CLASS I:
Net Assets	$	171,565
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		20,981,894
Net Asset Value, Offering and Redemption Price Per Share	$	8.18
CLASS A:
Net Assets	$	72,453
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		8,837,802
Net Asset Value, Offering and Redemption Price Per Share	$	8.20
CLASS L:
Net Assets	$	881
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		107,866
Net Asset Value, Offering and Redemption Price Per Share	$	8.17
CLASS C:
Net Assets	$	47
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		5,719
Net Asset Value, Offering and Redemption Price Per Share	$	8.15
CLASS IS:
Net Assets	$	15
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,788
Net Asset Value, Offering and Redemption Price Per Share	$	8.17

@ 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, 2019 (unaudited)

Short Duration Income Portfolio

Statement of Operations	Six Months Ended March 31, 2019 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $3 of Foreign Taxes Withheld)	$	2,857
Dividends from Security of Affiliated Issuer (Note G)		80
Total Investment Income		2,937
Expenses:
Advisory Fees (Note B)		209
Shareholder Services Fees — Class A (Note D)		88
Distribution and Shareholder Services Fees — Class L (Note D)		2
Distribution and Shareholder Services Fees — Class C (Note D)		—	@
Administration Fees (Note C)		84
Professional Fees		67
Sub Transfer Agency Fees — Class I		30
Sub Transfer Agency Fees — Class A		27
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		—	@
Registration Fees		25
Shareholder Reporting Fees		20
Pricing Fees		18
Custodian Fees (Note F)		10
Transfer Agency Fees — Class I (Note E)		1
Transfer Agency Fees — Class A (Note E)		3
Transfer Agency Fees — Class L (Note E)		1
Transfer Agency Fees — Class C (Note E)		1
Transfer Agency Fees — Class IS (Note E)		1
Trustees' Fees and Expenses		5
Other Expenses		8
Total Expenses		600
Waiver of Advisory Fees (Note B)		(185	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(12	)
Reimbursement of Class Specific Expenses — Class L (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class IS (Note B)		(1	)
Rebate from Morgan Stanley Affiliate (Note G)		(5	)
Net Expenses		395
Net Investment Income		2,542
Realized Loss:
Investments Sold		(46	)
Futures Contracts		(72	)
Net Realized Loss		(118	)
Change in Unrealized Appreciation (Depreciation):
Investments		1,641
Foreign Currency Translation		(—	@)
Futures Contracts		(101	)
Net Change in Unrealized Appreciation (Depreciation)		1,540
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		1,422
Net Increase in Net Assets Resulting from Operations	$	3,964

@ 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, 2019

Short Duration Income Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2019 (unaudited) (000)			Year Ended September 30, 2018 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	2,542		$	3,888
Net Realized Gain (Loss)		(118	)		1,005
Net Change in Unrealized Appreciation (Depreciation)		1,540			(1,810	)
Net Increase in Net Assets Resulting from Operations		3,964			3,083
Dividends and Distributions to Shareholders:
Class I		(1,654	)		(2,211	)
Class A		(787	)		(1,446	)
Class L		(5	)		(6	)
Class C		(—	@)		(1	)
Class IS		(—	@)		(—	@)
Total Dividends and Distributions to Shareholders		(2,446	)		(3,664	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		80,950			42,948
Distributions Reinvested		1,653			2,208
Redeemed		(30,903	)		(29,207	)
Class A:
Subscribed		15,296			38,088
Distributions Reinvested		780			1,432
Redeemed		(12,595	)		(52,848	)
Class L:
Exchanged		577			44
Distributions Reinvested		5			5
Redeemed		(90	)		(77	)
Class C:
Distributions Reinvested		—	@		—	@
Redeemed		(6	)		(1	)
Class IS:
Subscribed		4			—
Distributions Reinvested		—	@		—
Net Increase in Net Assets Resulting from Capital Share Transactions		55,671			2,592
Total Increase in Net Assets		57,189			2,011
Net Assets:
Beginning of Period		187,772			185,761
End of Period	$	244,961		$	187,772

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Short Duration Income Portfolio

Statements of Changes in Net Assets (cont'd)	Six Months Ended March 31, 2019 (unaudited) (000)			Year Ended September 30, 2018 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		9,958			5,294
Shares Issued on Distributions Reinvested		204			272
Shares Redeemed		(3,800	)		(3,598	)
Net Increase in Class I Shares Outstanding		6,362			1,968
Class A:
Shares Subscribed		1,878			4,678
Shares Issued on Distributions Reinvested		96			176
Shares Redeemed		(1,546	)		(6,499	)
Net Increase (Decrease) in Class A Shares Outstanding		428			(1,645	)
Class L:
Shares Exchanged		71			5
Shares Issued on Distributions Reinvested		1			1
Shares Redeemed		(11	)		(9	)
Net Increase (Decrease) in Class L Shares Outstanding		61			(3	)
Class C:
Shares Issued on Distributions Reinvested		—	@@		—	@@
Shares Redeemed		(1	)		(—	@@)
Net Increase (Decrease) in Class C Shares Outstanding		(1	)		—	@@
Class IS:
Shares Subscribed		—	@@		—
Shares Issued on Distributions Reinvested		—	@@		—
Net Increase in Class IS Shares Outstanding		—	@@		—

@ Amount is less than $500.

@@ 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, 2019

Financial Highlights

Short Duration Income Portfolio

	Class I
	Six Months Ended March 31, 2019			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			2015			2014
Net Asset Value, Beginning of Period	$	8.13		$	8.15		$	8.12		$	7.71		$	7.81		$	7.76
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.10			0.17			0.16			0.15			0.13			0.12
Net Realized and Unrealized Gain (Loss)		0.05			(0.03	)		0.02			0.41			(0.12	)		0.04
Total from Investment Operations		0.15			0.14			0.18			0.56			0.01			0.16
Distributions from and/or in Excess of:
Net Investment Income		(0.10	)		(0.16	)		(0.15	)		(0.15	)		(0.11	)		(0.11	)
Net Asset Value, End of Period	$	8.18		$	8.13		$	8.15		$	8.12		$	7.71		$	7.81
Total Return⁽³⁾		1.89	%⁽¹⁰⁾		1.79	%⁽⁴⁾		2.29	%⁽⁵⁾		7.43	%⁽⁶⁾		0.06	%		2.06	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	171,565		$	118,810		$	103,131		$	98,603		$	102,808		$	119,059
Ratio of Expenses Before Expense Limitation		0.47	%⁽¹¹⁾		0.50	%		0.53	%		0.65	%		0.63	%		0.78	%
Ratio of Expenses After Expense Limitation		0.29	%^(7)(11)		0.28	%⁽⁷⁾		0.30	%⁽⁷⁾		0.36	%⁽⁷⁾⁽⁸⁾		0.53	%⁽⁷⁾		0.53	%⁽⁷⁾
Ratio of Net Investment Income		2.52	%^(7)(11)		2.13	%⁽⁷⁾		1.92	%⁽⁷⁾		1.97	%⁽⁷⁾⁽⁸⁾		1.72	%⁽⁷⁾		1.49	%⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽¹¹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾
Portfolio Turnover Rate		23	%⁽¹⁰⁾		40	%		43	%		66	%		41	%		60	%

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Performance was positively impacted by approximately 0.25% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class I shares would have been approximately 1.54%.

(5) Performance was positively impacted by approximately 0.51% due to the receipt of proceeds from the settlement of a class action suit involving the Fund's past holdings. This was a one-time settlement, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had this settlement not occurred, the total return for Class I shares would have been approximately 1.78%.

(6) Performance was positively impacted by approximately 5.97% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class I shares would have been approximately 1.46%.

(8) Effective January 11, 2016, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.30% for Class I shares. Prior to January 11, 2016, the maximum ratio was 0.53% for Class I shares.

(9) Amount is less than 0.005%.

(10) Not annualized.

(11) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Short Duration Income Portfolio

	Class A
	Six Months Ended March 31, 2019			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			2015			2014
Net Asset Value, Beginning of Period	$	8.15		$	8.17		$	8.13		$	7.72		$	7.83		$	7.77
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.09			0.15			0.14			0.14			0.11			0.09
Net Realized and Unrealized Gain (Loss)		0.05			(0.03	)		0.03			0.40			(0.14	)		0.05
Total from Investment Operations		0.14			0.12			0.17			0.54			(0.03	)		0.14
Distributions from and/or in Excess of:
Net Investment Income		(0.09	)		(0.14	)		(0.13	)		(0.13	)		(0.08	)		(0.08	)
Net Asset Value, End of Period	$	8.20		$	8.15		$	8.17		$	8.13		$	7.72		$	7.83
Total Return⁽³⁾		1.75	%⁽¹⁰⁾		1.51	%⁽⁴⁾		2.15	%⁽⁵⁾		7.15	%⁽⁶⁾		(0.41	)%		1.78	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	72,453		$	68,517		$	82,157		$	66,821		$	1,761		$	940
Ratio of Expenses Before Expense Limitation		0.76	%⁽¹¹⁾		0.80	%		0.80	%		0.80	%		1.22	%		1.10	%
Ratio of Expenses After Expense Limitation		0.54	%^(7)(11)		0.55	%⁽⁷⁾		0.55	%⁽⁷⁾		0.52	%⁽⁷⁾⁽⁸⁾		0.88	%⁽⁷⁾		0.88	%⁽⁷⁾
Ratio of Net Investment Income		2.26	%^(7)(11)		1.85	%⁽⁷⁾		1.66	%⁽⁷⁾		1.83	%⁽⁷⁾⁽⁸⁾		1.40	%⁽⁷⁾		1.14	%⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽¹¹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾
Portfolio Turnover Rate		23	%⁽¹⁰⁾		40	%		43	%		66	%		41	%		60	%

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class A shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(5) Performance was positively impacted by approximately 0.50% due to the receipt of proceeds from the settlement of a class action suit involving the Fund's past holdings. This was a one-time settlement, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had this settlement not occurred, the total return for Class A shares would have been approximately 1.65%.

(6) Performance was positively impacted by approximately 5.94% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class A shares would have been approximately 1.21%.

(8) Effective January 11, 2016, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.55% for Class A shares. Prior to January 11, 2016, the maximum ratio was 0.88% for Class A shares.

(9) Amount is less than 0.005%.

(10) Not annualized.

(11) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Short Duration Income Portfolio

	Class L
	Six Months Ended March 31, 2019			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			2015			2014
Net Asset Value, Beginning of Period	$	8.12		$	8.15		$	8.11		$	7.70		$	7.80		$	7.75
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.08			0.13			0.11			0.11			0.08			0.06
Net Realized and Unrealized Gain (Loss)		0.05			(0.04	)		0.04			0.41			(0.13	)		0.05
Total from Investment Operations		0.13			0.09			0.15			0.52			(0.05	)		0.11
Distributions from and/or in Excess of:
Net Investment Income		(0.08	)		(0.12	)		(0.11	)		(0.11	)		(0.05	)		(0.06	)
Net Asset Value, End of Period	$	8.17		$	8.12		$	8.15		$	8.11		$	7.70		$	7.80
Total Return⁽³⁾		1.63	%⁽¹⁰⁾		1.14	%⁽⁴⁾		1.90	%⁽⁵⁾		6.79	%⁽⁶⁾		(0.68	)%		1.38	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	881		$	382		$	410		$	403		$	439		$	200
Ratio of Expenses Before Expense Limitation		1.27	%⁽¹¹⁾		1.52	%		1.70	%		1.83	%		1.80	%		3.48	%
Ratio of Expenses After Expense Limitation		0.79	%^(7)(11)		0.80	%⁽⁷⁾		0.80	%⁽⁷⁾		0.92	%⁽⁷⁾⁽⁸⁾		1.23	%⁽⁷⁾		1.23	%⁽⁷⁾
Ratio of Net Investment Income		2.04	%^(7)(11)		1.61	%⁽⁷⁾		1.41	%⁽⁷⁾		1.42	%⁽⁷⁾⁽⁸⁾		1.05	%⁽⁷⁾		0.79	%⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽¹¹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾
Portfolio Turnover Rate		23	%⁽¹⁰⁾		40	%		43	%		66	%		41	%		60	%

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class L shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Loss would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment loss.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(6) Performance was positively impacted by approximately 5.92% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class L shares would have been approximately 0.87%.

(8) Effective January 11, 2016, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.80% for Class L shares. Prior to January 11, 2016, the maximum ratio was 1.23% for Class L shares.

(9) Amount is less than 0.005%.

(10) Not annualized.

(11) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Short Duration Income Portfolio

	Class C
	Six Months Ended March 31, 2019			Year Ended September 30,									Period from April 30, 2015⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			September 30, 2015
Net Asset Value, Beginning of Period	$	8.10		$	8.13		$	8.09		$	7.69		$	7.78
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.06			0.09			0.07			0.07			0.02
Net Realized and Unrealized Gain (Loss)		0.05			(0.04	)		0.04			0.41			(0.09	)
Total from Investment Operations		0.11			0.05			0.11			0.48			(0.07	)
Distributions from and/or in Excess of:
Net Investment Income		(0.06	)		(0.08	)		(0.07	)		(0.08	)		(0.02	)
Net Asset Value, End of Period	$	8.15		$	8.10		$	8.13		$	8.09		$	7.69
Total Return⁽⁴⁾		1.38	%⁽¹¹⁾		0.64	%⁽⁵⁾		1.34	%⁽⁶⁾		6.24	%⁽⁷⁾		(0.92	)%⁽¹¹⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	47		$	52		$	52		$	95		$	71
Ratio of Expenses Before Expense Limitation		5.64	%⁽¹²⁾		5.69	%		4.92	%		3.95	%		6.73	%⁽¹²⁾
Ratio of Expenses After Expense Limitation		1.29	%^(8)(12)		1.30	%⁽⁸⁾		1.30	%⁽⁸⁾		1.39	%⁽⁸⁾⁽⁹⁾		1.63	%^(8)(12)
Ratio of Net Investment Income		1.51	%^(8)(12)		1.11	%⁽⁸⁾		0.85	%⁽⁸⁾		0.93	%⁽⁸⁾⁽⁹⁾		0.73	%^(8)(12)
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽¹²⁾		0.00	%⁽¹⁰⁾		0.00	%⁽¹⁰⁾		0.00	%⁽¹⁰⁾		0.00	%^(10)(12)
Portfolio Turnover Rate		23	%⁽¹¹⁾		40	%		43	%		66	%		41	%⁽¹¹⁾

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class C shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Commencement of Offering.

(3) Per share amount is based on average shares outstanding.

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

(5) Performance was positively impacted by approximately 0.25% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class C shares would have been approximate 0.39%.

(6) Performance was positively impacted by approximately 0.50% due to the receipt of proceeds from the settlement of a class action suit involving the Fund's past holdings. This was a one-time settlement, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had this settlement not occurred, the total return for Class C shares would have been approximately 0.84%.

(7) Performance was positively impacted by approximately 5.77% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class C shares would have been approximately 0.47%.

(9) Effective January 11, 2016, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.30% for Class C shares. Prior to January 11, 2016, the maximum ratio was 1.63% for Class C shares.

(10) Amount is less than 0.005%.

(11) Not annualized.

(12) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Short Duration Income Portfolio

	Class IS
	Six Months Ended March 31, 2019			Year Ended September 30,						Period from January 11, 2016⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2018			2017			September 30, 2016⁽¹⁾
Net Asset Value, Beginning of Period	$	8.13		$	8.15		$	8.11		$	7.65
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.10			0.18			0.16			0.17
Net Realized and Unrealized Gain (Loss)		0.04			(0.03	)		0.04			0.39
Total from Investment Operations		0.14			0.15			0.20			0.56
Distributions from and/or in Excess of:
Net Investment Income		(0.10	)		(0.17	)		(0.16	)		(0.10	)
Net Asset Value, End of Period	$	8.17		$	8.13		$	8.15		$	8.11
Total Return⁽⁴⁾		1.78	%⁽¹⁰⁾		1.83	%⁽⁵⁾		2.46	%⁽⁶⁾		7.42	%^(7)(10)
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	15		$	11		$	11		$	11

Ratio of Expenses Before Expense Limitation

15.90

%⁽¹¹⁾

18.54

16.24

17.12

%⁽¹¹⁾

Ratio of Expenses After Expense Limitation	0.24	%^(8)(11)	0.25	%⁽⁸⁾	0.25	%⁽⁸⁾	0.25	%^(8)(11)
Ratio of Net Investment Income	2.57	%^(8)(11)	2.16	%⁽⁸⁾	1.96	%⁽⁸⁾	2.20	%^(8)(11)
Ratio of Rebate from Morgan Stanley Affiliates	0.01	%⁽¹¹⁾	0.00	%⁽⁹⁾	0.00	%⁽⁹⁾	0.00	%^(9)(11)
Portfolio Turnover Rate	23	%⁽¹⁰⁾	40	%	43	%	66	%⁽¹⁰⁾

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class IS shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Commencement of Offering.

(3) Per share amount is based on average shares outstanding.

(4) Calculated based on the net asset value as of the last business day of the period.

(6) Performance was positively impacted by approximately 0.51% due to the receipt of proceeds from the settlement of a class action suit involving the Fund's past holdings. This was a one-time settlement, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had this settlement not occurred, the total return for Class IS shares would have been approximately 1.95%.

(7) Performance was positively impacted by approximately 5.96% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class IS shares would have been approximately 1.46%.

(9) Amount is less than 0.005%.

(10) Not annualized.

(11) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Notes to Financial Statements (unaudited)

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

The Fund has suspended offering Class L and Class C shares to all investors. Class L and Class C shareholders of the Fund do not have the option of purchasing additional Class L and Class C shares, respectively. However, existing Class L and Class C shareholders may invest in additional Class L and Class C shares through reinvestment of dividends and distributions.

1. Security Valuation: (1) Certain portfolio securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available in the relevant exchanges; (2) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (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 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) 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; and (5) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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 Fund's investments as of March 31, 2019:

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	$	—		$	1,384	$	—	$	1,384
Agency Bond — Consumer Discretionary (U.S. Government Guaranteed)		—			410		—		410
Agency Fixed Rate Mortgages		—			1,929		—		1,929
Asset-Backed Securities		—			40,984		—		40,984
Collateralized Mortgage Obligations — Agency Collateral Series		—			1,539		—		1,539
Commercial Mortgage-Backed Securities		—			982		—		982
Corporate Bonds		—			136,054		—		136,054
Mortgages — Other		—			12,142		—		12,142
Sovereign		—			733		—		733
U.S. Agency Security		—			2,291		—		2,291
U.S. Treasury Security		—			5,096		—		5,096
Total Fixed Income Securities		—			203,544		—		203,544
Short-Term Investments
Commercial Paper		—			36,544		—		36,544
Investment Company		3,232			—		—		3,232
U.S. Treasury Security		—			1,337		—		1,337
Total Short-Term Investments		3,232			37,881		—		41,113
Total Assets		3,232			241,425		—		244,657
Liabilities:
Futures Contract		(41	)		—		—		(41	)
Total	$	3,191		$	241,425	$	—	$	244,616

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

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

3. Foreign Currency Translation and Foreign Investments: The books and records of the Fund 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.

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 Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency transactions 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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

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

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 Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of March 31, 2019:

Liability Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Futures Contract

Variation Margin on
Futures Contract

Interest Rate Risk

(41

)(a)

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Interest Rate Risk	Futures Contracts	$	(72	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Interest Rate Risk	Futures Contracts	$	(101	)

For the six months ended March 31, 2019, the approximate average monthly amount outstanding for each derivative type is as follows:

Futures Contracts:
Average monthly notional value				$	15,806,000

5. When-Issued/Delayed Delivery Securities: The Fund 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 Fund 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 Fund 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 Fund'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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

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 Fund.

6. Indemnifications: The Trust enters into contracts that contain a variety of indemnifications. The Trust's maximum exposure under these arrangements is unknown. However, the Trust 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: Dividends 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.

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 Fund 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 Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, 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 Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.20% of the average daily net assets of the Fund.

C. Administration Fees: The Adviser also serves as Administrator to the Trust and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund'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 Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

The Trust has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

E. Dividend Disbursing and Transfer/Co-Transfer Agent: The Trust's dividend disbursing and transfer agent is DST Asset Manager Solutions, Inc. ("DST"). Pursuant to a Transfer Agency Agreement, the Trust pays DST a fee based on the number of classes, accounts and transactions relating to Funds the Funds of the Trust.

Morgan Stanley Services Company Inc. serves as Co-Transfer Agent and provides certain transfer agency services to the Fund with respect to certain direct transactions with the Fund.

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2019, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments, were approximately $64,253,000 and $34,781,000, respectively. For the six months ended March 31, 2019, purchases and sales of long-term U.S. Government securities were approximately $7,993,000 and $5,357,000, respectively.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the six months ended March 31, 2019, advisory fees paid were

reduced by approximately $5,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended March 31, 2019 is as follows:

Affiliated Investment Company				Value September 30, 2018 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	1,591			$	92,753			$	91,112			$	80

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value March 31, 2019 (000)
Liquidity Funds				$	—			$	—			$	3,232

H. Federal Income Taxes: It is the Fund'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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

and are accrued based on the value of investments denominated in such currency.

2018 Distributions Paid From: Ordinary Income (000)				2017 Distributions Paid From: Ordinary Income (000)
$	3,664			$	2,981

Permanent differences, primarily due to paydown adjustments and an expired capital loss carryforward, resulted in the following reclassifications among the components of net assets at September 30, 2018:

Total Distributable Earnings (Loss) (000)				Paid-in- Capital (000)
$	34,040			$	(34,040	)

At September 30, 2018, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	828			$	—

At September 30, 2018, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $939,000 and $2,557,000, respectively, that do not have an expiration date.

During the year ended September 30, 2018, capital loss carryforwards of approximately $34,040,000 expired for federal income tax purposes.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund 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, 2018, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $949,000.

Privacy Notice (unaudited)

FACTS				WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?
Why?				Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?				The types of personal information we collect and share depend on the product or service you have with us. This information can include: n Social Security number and income n investment experience and risk tolerance n checking account number and wire transfer instructions
How?				All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MSIM share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don't share
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

Questions? Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Privacy Notice (unaudited) (cont'd)

Who we are
Who is providing this notice?				Morgan Stanley Investment Management, Inc. and its affiliated registered investment advisers, registered broker-dealers, and registered and unregistered funds ("MSIM")
What we do
How does MSIM protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?				We collect your personal information, for example, when you n open an account or make deposits or withdrawals from your account n buy securities from us or make a wire transfer n give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?				Federal law gives you the right to limit only n sharing for affiliates' everyday business purposes — information about your creditworthiness n affiliates from using your information to market to you n sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Affiliates				Companies related by common ownership or control. They can be financial and nonfinancial companies. n Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates				Companies not related by common ownership or control. They can be financial and nonfinancial companies. n MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between nonaffiliated financial companies that together market financial products or services to you. n MSIM doesn't jointly market
Other Important Information

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Trustee and Officer Information (unaudited)

Trustees

Frank L. Bowman
Kathleen A. Dennis
Nancy C. Everett
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia Maleski
Michael E. Nugent, Chair of the Board
W. Allen Reed

Officers

John H. Gernon
President and Principal Executive Officer

Timothy J. Knierim
Chief Compliance Officer

Mary E. Mullin
Secretary

Francis J. Smith
Treasurer and Principal Financial Officer

Michael J. Key
Vice President

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

DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Co-Transfer Agent

Morgan Stanley Services Company, Inc.
522 Fifth Avenue
New York, New York 10036

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

Perkins Coie LLP
30 Rockefeller Plaza
New York, New York 10112

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

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

IFTLDSAN
2516246 EXP 05.31.20

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Semi-Annual Report

March 31, 2019

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Table of Contents

Shareholders' Letter					2
Consolidated Expense Example					3
Consolidated Portfolio of Investments					4
Consolidated Statement of Assets and Liabilities					29
Consolidated Statement of Operations					31
Consolidated Statements of Changes in Net Assets					32
Consolidated Financial Highlights					34
Notes to Consolidated Financial Statements					39
Privacy Notice					52
Trustee and Officer Information					54

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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 "Fund") 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 2019

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Consolidated 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, 2019 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/18		Actual Ending Account Value 3/31/19		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	$	1,008.50	$	1,021.29	$	3.66	$	3.68		0.73	%
Global Strategist Portfolio Class A		1,000.00		1,006.80		1,019.75		5.20		5.24		1.04
Global Strategist Portfolio Class L		1,000.00		1,004.30		1,017.20		7.75		7.80		1.55
Global Strategist Portfolio Class C		1,000.00		1,003.00		1,015.81		9.14		9.20		1.83
Global Strategist Portfolio Class IS		1,000.00		1,008.90		1,021.44		3.51		3.53		0.70

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (44.7%)
Agency Adjustable Rate Mortgage (0.1%)
United States (0.1%)
Federal Home Loan Mortgage Corporation, Conventional Pool:
1 Month USD LIBOR + 1.62%, 2.48%, 7/1/45	$	189	$	191
Agency Fixed Rate Mortgages (3.3%)
United States (3.3%)
Federal Home Loan Mortgage Corporation,
4.50%, 1/1/49		200		206
Gold Pools:
3.50%, 1/1/44 - 6/1/45		1,191		1,217
6.50%, 5/1/32 - 7/1/32		41		45
7.50%, 5/1/35		4		5
Federal National Mortgage Association,
April TBA:
3.00%, 4/1/34 (a)		250		252
3.50%, 4/1/49 (a)		1,654		1,677
4.00%, 4/1/49 (a)		1,134		1,167
4.50%, 4/1/49		500		521
Conventional Pools:
3.50%, 3/1/47 - 3/1/49		478		485
4.00%, 4/1/45 - 4/1/49		1,427		1,480
4.50%, 3/1/41 - 11/1/44		242		254
5.00%, 1/1/41 - 3/1/41		685		740
6.00%, 1/1/38		5		5
6.50%, 12/1/29		13		14
7.00%, 2/1/31		68		69
7.50%, 8/1/37		8		10
Government National Mortgage Association,
Various Pools:
4.00%, 8/20/41 - 11/20/42		357		372
5.00%, 2/20/49 - 3/20/49		650		676
5.50%, 8/15/39		41		44
				9,239
Asset-Backed Securities (0.3%)
United States (0.3%)
New Century Home Equity Loan Trust,
1 Month USD LIBOR + 1.35%, 3.84%, 3/25/33 (b)		206		207
NovaStar Mortgage Funding Trust,
1 Month USD LIBOR + 1.58%, 4.06%, 12/25/34 (b)		200		201
Renaissance Home Equity Loan Trust,
1 Month USD LIBOR + 0.76%, 3.25%, 12/25/32 (b)		235		234
United Auto Credit Securitization Trust,
4.26%, 5/10/23 (c)		250		252
				894
Collateralized Mortgage Obligations — Agency Collateral Series (0.1%)
United States (0.1%)
Federal Home Loan Mortgage Corporation,
2.79%, 1/25/22		75		75
2.97%, 10/25/21		89		89

	Face Amount (000)		Value (000)
IO REMIC
6.05% - 1 Month USD LIBOR, 3.57%, 4/15/39 (b)	$	46	$	3
				167
Commercial Mortgage-Backed Securities (0.8%)
Ireland (0.1%)
Taurus 2018-2 UK DAC,
3 Month GBP LIBOR + 1.10%, 1.99%, 5/22/28 (b)	GBP	250		323
United States (0.7%)
COMM Mortgage Trust,
3.28%, 1/10/46	$	305		308
4.73%, 7/15/47 (b)(c)		152		145
JP Morgan Chase Commercial Mortgage Securities Trust,
4.39%, 7/15/46 (c)		98		100
UBS-Barclays Commercial Mortgage Trust,
3.53%, 5/10/63		255		261
WFCG Commercial Mortgage Trust,
1 Month USD LIBOR + 3.14%, 5.62%, 11/15/29 (b)(c)		321		321
WFRBS Commercial Mortgage Trust,
3.99%, 10/15/57 (b)(c)		362		331
5.03%, 9/15/46 (b)(c)		375		359
				1,825
				2,148
Corporate Bonds (13.6%)
Australia (0.7%)
Australia & New Zealand Banking Group Ltd.,
5.13%, 9/10/19	EUR	400		459
Commonwealth Bank of Australia,
1.75%, 11/7/19 (c)	$	350		348
Macquarie Bank Ltd.,
6.63%, 4/7/21 (c)		270		288
Macquarie Group Ltd.,
6 Month USD LIBOR + 1.33%, 4.15%, 3/27/24 (c)		125		127
Transurban Finance Co., Pty Ltd.,
4.13%, 2/2/26		170		172
Woolworths Group Ltd.,
4.00%, 9/22/20 (c)		400		404
				1,798
Canada (0.8%)
Goldcorp, Inc.,
3.70%, 3/15/23		198		201
Province of Alberta Canada,
1.75%, 8/26/20		700		693
Province of British Columbia Canada,
2.00%, 10/23/22		700		689
Royal Bank of Canada,
2.75%, 2/1/22		625		627
				2,210

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Chile (0.1%)
Banco del Estado de Chile,
2.67%, 1/8/21 (c)	$	300	$	297
China (0.1%)
Baidu, Inc.,
2.88%, 7/6/22		200		198
Syngenta Finance N.V.,
4.44%, 4/24/23 (c)		200		204
				402
Colombia (0.2%)
Ecopetrol SA,
5.88%, 9/18/23		630		690
Denmark (0.1%)
Danske Bank A/S,
5.00%, 1/12/22		200		205
France (1.1%)
Air Liquide Finance SA,
1.75%, 9/27/21 (c)		200		195
Banque Federative du Credit Mutuel SA,
2.00%, 9/19/19	EUR	500		567
BNP Paribas SA,
3.80%, 1/10/24 (c)	$	525		529
5.00%, 1/15/21		95		99
BPCE SA,
5.15%, 7/21/24		450		470
Danone SA,
1.69%, 10/30/19 (c)		475		472
Electricite de France SA,
5.00%, 0/0/0 (d)	EUR	300		356
TOTAL SA,
2.71%, 12/29/49 (d)		100		118
3.88%, 12/29/49 (d)		100		122
				2,928
Germany (1.1%)
Bayer US Finance II LLC,
3.88%, 12/15/23 (c)	$	250		252
BMW US Capital LLC,
2.15%, 4/6/20 (c)		525		522
Daimler Finance North America LLC,
1.50%, 7/5/19 (c)		300		299
Deutsche Bank AG,
2.70%, 7/13/20		625		619
Deutsche Telekom International Finance BV,
3.60%, 1/19/27 (c)		150		148
Kreditanstalt fuer Wiederaufbau,
1.13%, 9/15/32	EUR	480		575
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen,
6.00%, 5/26/41		400		502
Siemens Financieringsmaatschappij N.V.,
1.30%, 9/13/19 (c)	$	250		248
				3,165

	Face Amount (000)		Value (000)
Hong Kong (0.1%)
CK Hutchison International 16 Ltd.,
1.88%, 10/3/21 (c)	$	200	$	195
India (0.1%)
ONGC Videsh Vankorneft Pte Ltd.,
3.75%, 7/27/26		200		196
Israel (0.1%)
Teva Pharmaceutical Finance Netherlands III BV,
2.20%, 7/21/21		315		300
Italy (0.1%)
FCA Bank SpA,
1.38%, 4/17/20	EUR	250		284
Telecom Italia Finance SA,
7.75%, 1/24/33		80		116
				400
Korea, Republic of (0.2%)
Korea Hydro & Nuclear Power Co., Ltd.,
3.75%, 7/25/23 (c)	$	510		527
Malaysia (0.2%)
Petronas Capital Ltd.,
3.50%, 3/18/25 (c)		675		688
Netherlands (0.4%)
ABN AMRO Bank N.V.,
2.88%, 6/30/25	EUR	250		289
Cooperatieve Rabobank UA,
3.95%, 11/9/22	$	250		255
Series G
3.75%, 11/9/20	EUR	300		356
ING Bank N.V.,
5.80%, 9/25/23 (c)	$	240		259
				1,159
Spain (0.4%)
Banco Santander SA,
5.18%, 11/19/25		600		634
Telefonica Emisiones SA,
4.71%, 1/20/20	EUR	300		350
				984
Sweden (0.2%)
Skandinaviska Enskilda Banken AB,
2.30%, 3/11/20	$	525		523
Switzerland (0.3%)
Credit Suisse Group AG,
3.57%, 1/9/23 (c)		325		326
UBS Group Funding Switzerland AG,
3.49%, 5/23/23 (c)		500		503
				829
United Arab Emirates (0.1%)
ADCB Finance Cayman Ltd.,
4.00%, 3/29/23 (c)		200		204

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
United Kingdom (1.3%)
BP Capital Markets PLC,
2.50%, 11/6/22	$	275	$	273
HSBC Holdings PLC,
3.95%, 5/18/24		550		561
Lloyds Bank PLC,
6.50%, 3/24/20	EUR	450		535
Lloyds Banking Group PLC,
4.55%, 8/16/28	$	375		389
Nationwide Building Society,
6 Month USD LIBOR + 1.06%, 3.77%, 3/8/24 (c)		300		299
6 Month USD LIBOR + 1.39%, 4.36%, 8/1/24		200		203
NGG Finance PLC,
5.63%, 6/18/73	GBP	200		280
Royal Bank of Scotland Group PLC,
3.88%, 9/12/23	$	550		552
Standard Chartered PLC,
2.10%, 8/19/19 (c)		300		299
Vodafone Group PLC,
4.38%, 5/30/28		275		280
				3,671
United States (5.9%)
Abbott Laboratories,
3.40%, 11/30/23		87		89
Air Lease Corp.,
2.13%, 1/15/20		400		398
Altria Group, Inc.,
3.80%, 2/14/24		325		331
Amazon.com, Inc.,
2.80%, 8/22/24		375		376
American Express Credit Corp.,
MTN
2.20%, 3/3/20		375		373
Apple, Inc.,
2.50%, 2/9/22		500		500
AT&T, Inc.,
1.80%, 9/5/26	EUR	150		176
4.25%, 3/1/27	$	150		154
4.50%, 3/9/48		91		85
5.15%, 2/15/50		100		102
Bank of America Corp.,
MTN
4.00%, 1/22/25		375		383
Burlington Northern Santa Fe LLC,
4.55%, 9/1/44		195		214
Capital One Financial Corp.,
2.50%, 5/12/20		250		249
3.30%, 10/30/24		325		322
Capital One NA,
1.85%, 9/13/19		400		398

	Face Amount (000)		Value (000)
Charter Communications Operating LLC/Charter Communications Operating Capital,
4.91%, 7/23/25	$	100	$	106
6.48%, 10/23/45		150		168
Cigna Corp.,
3.75%, 7/15/23 (c)		250		256
Citigroup, Inc.,
5.50%, 9/13/25		250		274
Coca-Cola Co. (The),
3.20%, 11/1/23		250		257
Constellation Brands, Inc.,
4.40%, 11/15/25		200		210
CVS Health Corp.,
3.70%, 3/9/23		525		534
Discover Bank,
3.10%, 6/4/20		525		526
Dollar Tree, Inc.,
3.70%, 5/15/23		175		178
Dow Chemical Co. (The),
4.55%, 11/30/25 (c)		325		343
Duke Energy Corp.,
1.80%, 9/1/21		275		269
Five Corners Funding Trust,
4.42%, 11/15/23 (c)		350		370
Ford Motor Credit Co., LLC,
2.68%, 1/9/20		300		299
Fox Corp.,
4.71%, 1/25/29 (c)		175		188
GE Capital International Funding Co., Unlimited Co.,
4.42%, 11/15/35		250		231
General Motors Financial Co., Inc.,
2.35%, 10/4/19		200		199
Goldman Sachs Group, Inc. (The),
2.88%, 10/31/22		350		347
HSBC USA, Inc.,
3.50%, 6/23/24		100		101
JPMorgan Chase & Co.,
2.25%, 1/23/20		900		897
Liberty Mutual Group, Inc.,
4.85%, 8/1/44		100		102
McDonald's Corp., MTN
3.38%, 5/26/25		275		280
Medtronic, Inc.,
3.63%, 3/15/24		250		260
Metropolitan Life Global Funding I,
2.40%, 1/8/21 (c)		525		522
Microsoft Corp.,
1.55%, 8/8/21		525		513
NBC Universal Media LLC,
4.38%, 4/1/21		175		181

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
United States (cont'd)
NextEra Energy Capital Holdings, Inc.,
3.55%, 5/1/27	$	350	$	352
Oracle Corp.,
3.40%, 7/8/24		175		179
PepsiCo, Inc.,
2.63%, 4/28/26	EUR	200		258
Prologis Euro Finance LLC,
1.88%, 1/5/29		100		118
Rockwell Collins, Inc.,
1.95%, 7/15/19	$	525		524
salesforce.com, Inc.,
3.25%, 4/11/23		300		308
Starbucks Corp.,
3.80%, 8/15/25		250		258
Stryker Corp.,
2.63%, 11/30/30	EUR	100		126
Synchrony Bank,
3.65%, 5/24/21	$	250		252
Thermo Fisher Scientific, Inc.,
Series . 1.40%, 1/23/26	EUR	250		292
Union Pacific Corp.,
3.95%, 9/10/28	$	115		121
UnitedHealth Group, Inc.,
2.88%, 3/15/23		250		252
4.25%, 3/15/43		150		158
Verizon Communications, Inc.,
4.67%, 3/15/55		231		236
Visa, Inc.,
3.15%, 12/14/25		200		203
Walmart, Inc.,
2.55%, 4/11/23		200		200
Wells Fargo & Co.,
3.00%, 10/23/26		850		830
				16,428
				37,799
Mortgages — Other (1.1%)
United Kingdom (0.1%)
Moorgate Funding Ltd.,
1 Month GBP LIBOR + 1.10%, 1.83%, 10/15/50 (b)	GBP	150		196
United States (1.0%)
Banc of America Alternative Loan Trust,
5.86%, 10/25/36	$	31		17
6.00%, 4/25/36		3		3
ChaseFlex Trust,
6.00%, 2/25/37		27		19
Federal Home Loan Mortgage Corporation,
3.00%, 9/25/45 - 5/25/47		1,080		1,063
3.50%, 5/25/45 - 7/25/46		581		584
4.00%, 5/25/45		58		59

	Face Amount (000)		Value (000)
GSR Mortgage Loan Trust,
5.75%, 1/25/37	$	16	$	15
Lehman Mortgage Trust,
5.50%, 11/25/35		6		6
6.50%, 9/25/37		21		12
Seasoned Credit Risk Transfer Trust,
3.00%, 8/25/56		269		266
Seasoned Credit Risk Transfer Trust,
3.00%, 7/25/58		398		384
3.50%, 7/25/58		398		395
				2,823
				3,019
Sovereign (22.8%)
Argentina (2.6%)
Argentine Republic Government International Bond,
5.88%, 1/11/28		2,519		1,940
6.25%, 4/22/19		5,202		5,202
				7,142
Australia (0.7%)
Australia Government Bond,
2.75%, 11/21/27 - 11/21/28	AUD	2,460		1,894
Austria (0.3%)
Republic of Austria Government Bond,
4.15%, 3/15/37 (c)	EUR	410		728
Belgium (0.6%)
Kingdom of Belgium Government Bond,
0.80%, 6/22/28 (c)		750		880
1.90%, 6/22/38 (c)		670		859
				1,739
Canada (1.1%)
Canadian Government Bond,
1.00%, 6/1/27	CAD	1,400		998
1.50%, 6/1/26		—		—
2.00%, 6/1/28		2,530		1,953
				2,951
China (0.3%)
Sinopec Group Overseas Development 2013 Ltd.,
2.63%, 10/17/20	EUR	300		350
Sinopec Group Overseas Development 2015 Ltd.,
2.50%, 4/28/20 (c)	$	575		572
				922
Cyprus (0.1%)
Cyprus Government International Bond,
2.75%, 6/27/24	EUR	130		161
3.75%, 7/26/23		130		166
				327
Denmark (0.1%)
Denmark Government Bond,
0.50%, 11/15/27	DKK	1,820		290

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
France (0.8%)
French Republic Government Bond OAT,
1.75%, 5/25/23	EUR	920	$	1,124
2.00%, 5/25/48 (c)		420		552
3.25%, 5/25/45		350		575
				2,251
Germany (0.4%)
Bundesrepublik Deutschland Bundesanleihe,
4.25%, 7/4/39		580		1,145
Greece (2.2%)
Hellenic Republic Government Bond,
3.75%, 1/30/28		5,408		6,136
Hungary (0.4%)
Hungary Government Bond,
3.00%, 10/27/27	HUF	59,700		218
5.50%, 6/24/25		121,100		508
Hungary Government International Bond,
5.75%, 11/22/23	$	360		399
				1,125
Indonesia (0.3%)
Indonesia Government International Bond,
1.75%, 4/24/25	EUR	340		390
Indonesia Treasury Bond,
6.13%, 5/15/28	IDR	3,175,000		202
8.25%, 5/15/29		3,325,000		244
				836
Italy (1.2%)
Italy Buoni Poliennali Del Tesoro,
1.45%, 9/15/22	EUR	950		1,078
3.75%, 9/1/24		1,180		1,458
3.85%, 9/1/49 (c)		630		743
				3,279
Japan (6.5%)
Japan Government Ten Year Bond,
0.10%, 6/20/26	JPY	305,000		2,815
0.50%, 9/20/24		330,000		3,094
1.10%, 6/20/21		578,000		5,364
Japan Government Thirty Year Bond,
0.30%, 6/20/46		173,000		1,493
1.70%, 6/20/33		253,000		2,796
2.00%, 9/20/40		194,000		2,337
				17,899
Malaysia (0.1%)
Malaysia Government Bond,
3.96%, 9/15/25	MYR	1,600		398
Mexico (0.8%)
Mexican Bonos,
8.50%, 5/31/29	MXN	16,000		848
Series M
7.50%, 6/3/27		19,000		949

	Face Amount (000)		Value (000)
Petroleos Mexicanos,
4.88%, 1/18/24	$	330	$	326
				2,123
Netherlands (0.2%)
Netherlands Government Bond,
3.75%, 1/15/42 (c)	EUR	300		569
New Zealand (0.0%)
New Zealand Government Bond,
3.00%, 4/20/29	NZD	100		76
Norway (0.1%)
Norway Government Bond,
2.00%, 5/24/23 (c)	NOK	2,000		238
Poland (0.3%)
Republic of Poland Government Bond,
2.50%, 7/25/27	PLN	1,750		451
2.75%, 4/25/28		1,500		391
				842
Portugal (0.3%)
Portugal Obrigacoes do Tesouro OT,
3.88%, 2/15/30 (c)	EUR	620		873
Russia (0.1%)
Russian Federal Bond — OFZ,
7.00%, 8/16/23	RUB	13,000		192
Spain (1.5%)
Spain Government Bond,
0.35%, 7/30/23	EUR	1,400		1,591
0.40%, 4/30/22		890		1,017
1.95%, 7/30/30 (c)		470		567
2.70%, 10/31/48 (c)		180		222
4.40%, 10/31/23 (c)		560		751
				4,148
Supernational (0.7%)
European Financial Stability Facility,
1.25%, 5/24/33		290		348
European Investment Bank,
0.20%, 7/15/24		500		571
International Bank for Reconstruction & Development,
2.20%, 2/27/24	AUD	1,590		1,144
				2,063
Sweden (0.1%)
Sweden Government Bond,
1.00%, 11/12/26	SEK	1,270		146
United Kingdom (1.0%)
United Kingdom Gilt,
3.50%, 1/22/45	GBP	1,100		2,018
4.25%, 9/7/39		420		812
				2,830
				63,162

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
U.S. Treasury Securities (2.6%)
United States (2.6%)
U.S. Treasury Bonds,
2.50%, 2/15/45	$	940	$	887
3.13%, 5/15/48		1,890		2,004
4.25%, 11/15/40		2,230		2,794
U.S. Treasury Notes,
2.25%, 2/15/27		1,510		1,499
				7,184
Total Fixed Income Securities (Cost $122,176)				123,803
	Shares
Common Stocks (39.6%)
Australia (1.3%)
AGL Energy Ltd.		2,939		45
Alumina Ltd.		9,016		16
Amcor Ltd.		4,304		47
AMP Ltd.		10,856		16
APA Group		4,813		34
Aristocrat Leisure Ltd.		1,978		35
ASX Ltd.		710		35
Aurizon Holdings Ltd.		7,590		25
AusNet Services		7,243		9
Australia & New Zealand Banking Group Ltd.		12,236		227
Bank of Queensland Ltd.		1,688		11
Bendigo & Adelaide Bank Ltd.		2,148		15
BHP Group Ltd.		11,548		316
Boral Ltd.		4,314		14
Brambles Ltd.		5,900		49
Caltex Australia Ltd.		989		18
Challenger Ltd.		2,255		13
CIMIC Group Ltd.		385		13
Coca-Cola Amatil Ltd.		2,264		14
Cochlear Ltd.		210		26
Coles Group Ltd. (e)		4,411		37
Commonwealth Bank of Australia		6,498		327
Computershare Ltd.		1,727		21
Crown Resorts Ltd.		1,419		12
CSL Ltd.		1,740		242
Dexus REIT		3,582		32
Domino's Pizza Enterprises Ltd.		243		7
Flight Centre Travel Group Ltd.		229		7
Fortescue Metals Group Ltd.		5,589		28
Goodman Group REIT		6,672		63
GPT Group (The) REIT		6,651		29
Harvey Norman Holdings Ltd.		2,165		6
Healthscope Ltd.		6,664		12
Incitec Pivot Ltd.		6,214		14
Insurance Australia Group Ltd.		8,725		48
James Hardie Industries PLC CDI		1,654		21
Lend Lease Group REIT		2,037		18
Macquarie Group Ltd.		1,132		104
Medibank Pvt Ltd.		10,155		20

	Shares		Value (000)
Mirvac Group REIT		13,760	$	27
National Australia Bank Ltd.		11,381		205
Newcrest Mining Ltd.		2,765		50
Oil Search Ltd.		5,018		28
OneMarket Ltd. (e)		390		—	@
Orica Ltd.		1,381		17
Origin Energy Ltd.		6,452		33
Qantas Airways Ltd.		1,903		8
QBE Insurance Group Ltd.		5,464		48
Ramsay Health Care Ltd.		513		23
REA Group Ltd.		208		11
Rio Tinto Ltd.		1,539		107
Santos Ltd.		6,641		32
Scentre Group REIT		19,731		58
Seek Ltd.		1,232		15
Shopping Centres Australasia Property Group REIT		57		—	@
Sonic Healthcare Ltd.		1,551		27
South32 Ltd.		19,209		51
Stockland REIT		9,747		27
Suncorp Group Ltd.		4,739		46
Sydney Airport		4,061		21
Tabcorp Holdings Ltd.		7,322		24
Telstra Corp., Ltd.		18,848		45
TPG Telecom Ltd.		1,345		7
Transurban Group		7,516		71
Treasury Wine Estates Ltd.		2,703		29
Vicinity Centres REIT		12,291		23
Vocus Group Ltd. (e)		2,100		6
Wesfarmers Ltd.		4,138		102
Westpac Banking Corp.		12,757		235
Woodside Petroleum Ltd.		2,818		70
Woolworths Group Ltd.		5,210		113
				3,585
Austria (0.1%)
Erste Group Bank AG		2,151		79
IMMOFINANZ AG (e)		344		9
Raiffeisen Bank International AG		1,061		24
voestalpine AG		1,248		38
				150
Belgium (0.4%)
Ageas		778		38
Anheuser-Busch InBev SA N.V.		3,367		283
bpost SA		16,646		180
Cie d'Entreprises CFE		215		20
Colruyt SA		247		18
D'ieteren SA		578		23
Econocom Group SA		9,327		38
Groupe Bruxelles Lambert SA		331		32
KBC Group N.V.		2,816		197
Proximus SADP		744		21
Solvay SA		307		33

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Belgium (cont'd)
Telenet Group Holding N.V.		220	$	11
UCB SA		517		44
Umicore SA		773		34
				972
Canada (2.4%)
Agnico Eagle Mines Ltd.		900		39
Alimentation Couche-Tard, Inc., Class B		1,731		102
AltaGas Ltd.		800		11
ARC Resources Ltd.		1,245		9
Atco Ltd., Class I		400		14
Bank of Montreal		2,898		217
Bank of Nova Scotia (The)		5,211		277
Barrick Gold Corp.		2,332		32
Barrick Gold Corp.		3,971		55
Bausch Health Cos., Inc. (e)		1,100		27
BCE, Inc.		900		40
Blackberry Ltd. (e)		1,920		19
Bombardier, Inc., Class B (e)		7,198		14
Brookfield Asset Management, Inc., Class A		3,013		140
CAE, Inc.		900		20
Cameco Corp.		1,534		18
Canadian Imperial Bank of Commerce		1,638		129
Canadian National Railway Co.		2,676		240
Canadian Natural Resources Ltd.		4,129		113
Canadian Pacific Railway Ltd.		800		165
Canadian Tire Corp., Ltd., Class A		400		43
Canadian Utilities Ltd., Class A		700		19
CCL Industries, Inc., Class B		900		36
Cenovus Energy, Inc.		3,069		27
CGI, Inc. (e)		1,000		69
CI Financial Corp.		1,000		14
Constellation Software, Inc.		100		85
Crescent Point Energy Corp.		2,113		7
Dollarama, Inc.		1,600		43
Eldorado Gold Corp. (e)		538		3
Element Fleet Management Corp.		1,438		9
Emera, Inc.		300		11
Empire Co., Ltd., Class A		800		17
Enbridge, Inc.		14,947		541
Encana Corp.		3,647		26
Encana Corp.		542		4
Fairfax Financial Holdings Ltd.		100		46
Finning International, Inc.		800		14
First Capital Realty, Inc.		700		11
First Quantum Minerals Ltd.		2,594		29
Fortis, Inc.		1,634		60
Franco-Nevada Corp.		800		60
George Weston Ltd.		431		31
Gibson Energy, Inc.		1,500		26
Gildan Activewear, Inc.		900		32
Goldcorp, Inc.		2,973		34

	Shares		Value (000)
Great-West Lifeco, Inc.		1,000	$	24
H&R Real Estate Investment Trust REIT		800		14
Husky Energy, Inc.		1,298		13
Hydro One Ltd.		1,000		16
IA Financial Corp., Inc. (e)		600		22
IGM Financial, Inc.		500		13
Imperial Oil Ltd.		956		26
Intact Financial Corp.		700		59
Inter Pipeline Ltd.		5,345		88
Keyera Corp.		3,000		71
Kinder Morgan Canada Ltd.		400		5
Kinross Gold Corp. (e)		4,414		15
Linamar Corp.		300		11
Loblaw Cos., Ltd.		973		48
Magna International, Inc.		1,438		70
Manulife Financial Corp.		7,083		120
Methanex Corp.		500		28
Metro, Inc.		900		33
National Bank of Canada		1,400		63
Nutrien Ltd.		2,569		136
Onex Corp.		500		28
Open Text Corp.		900		35
Pembina Pipeline Corp.		7,258		267
Peyto Exploration & Development Corp.		800		4
Power Corp. of Canada		1,342		31
Power Financial Corp.		1,000		23
PrairieSky Royalty Ltd.		777		10
Restaurant Brands International, Inc.		1,000		65
RioCan Real Estate Investment Trust REIT		800		16
Rogers Communications, Inc., Class B		1,442		78
Royal Bank of Canada		6,267		473
Saputo, Inc.		1,100		38
Seven Generations Energy Ltd., Class A (e)		1,100		8
Shaw Communications, Inc., Class B		1,534		32
SmartCentres Real Estate Investment Trust REIT		400		11
SNC-Lavalin Group, Inc.		800		20
Sun Life Financial, Inc.		2,305		89
Suncor Energy, Inc.		5,988		194
Teck Resources Ltd., Class B		2,209		51
TELUS Corp.		1,000		37
Thomson Reuters Corp.		1,089		64
Tidewater Midstream and Infrastructure Ltd.		1,600		2
Toronto-Dominion Bank (The)		7,709		418
Tourmaline Oil Corp.		900		14
TransCanada Corp.		12,362		555
Trisura Group Ltd. (e)		27		1
Turquoise Hill Resources Ltd. (e)		3,840		6
Vermilion Energy, Inc.		600		15
West Fraser Timber Co., Ltd.		400		19
Wheaton Precious Metals Corp.		1,631		39
Yamana Gold, Inc.		3,262		9
				6,505

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
China (0.0%)
Yum China Holdings, Inc.		736	$	33
Denmark (0.3%)
AP Moller - Maersk A/S Series A		13		16
AP Moller - Maersk A/S Series B		25		32
Carlsberg A/S Series B		76		9
Coloplast A/S Series B		59		6
Danske Bank A/S		3,374		59
DSV A/S		1,614		133
Novo Nordisk A/S Series B		9,390		492
Novozymes A/S Series B		1,296		60
Orsted A/S		113		9
Vestas Wind Systems A/S		1,630		137
				953
Finland (0.2%)
Elisa Oyj		727		33
Fortum Oyj		2,168		44
Kone Oyj, Class B		1,466		74
Metso Oyj		490		17
Neste Oyj		568		60
Nokia Oyj		25,458		145
Nokian Renkaat Oyj		860		29
Orion Oyj, Class B		455		17
Sampo Oyj, Class A		1,940		88
Stora Enso Oyj, Class R		2,428		30
UPM-Kymmene Oyj		2,325		68
Wartsila Oyj Abp		1,947		31
				636
France (4.0%)
Accor SA		805		33
Aeroports de Paris (ADP)		1,876		363
Air Liquide SA		1,822		232
Airbus SE		2,498		331
Akka Technologies		587		40
ALD SA		2,806		39
Alstom SA		653		28
Alten SA		1,512		162
Altran Technologies SA		12,017		132
Amundi SA		254		16
ArcelorMittal		2,814		57
Arkema SA		289		28
Atos SE		407		39
AXA SA		8,252		208
BioMerieux		178		15
BNP Paribas SA		12,799		613
Bollore SA		3,690		17
Bouygues SA		907		32
Bureau Veritas SA		1,127		27
Capgemini SE		683		83
Carrefour SA		2,565		48
Casino Guichard Perrachon SA		234		10
Cie de Saint-Gobain		2,169		79

	Shares		Value (000)
Cie Generale des Etablissements Michelin SCA		1,248	$	148
CNP Assurances		719		16
Covivio REIT		142		15
Credit Agricole SA		13,140		159
Danone SA		2,726		210
Dassault Aviation SA		11		16
Dassault Systemes SE		556		83
Derichebourg SA		13,495		55
Edenred		948		43
Eiffage SA		3,716		357
Electricite de France SA		2,800		38
Elior Group SA		9,782		131
Engie SA		8,965		134
EssilorLuxottica SA		881		96
Eurazeo SE		192		15
Eurofins Scientific		48		20
Eutelsat Communications SA		748		13
Faurecia SA		550		23
Fnac Darty SA (e)		1,606		120
Gecina SA REIT		202		30
Getlink SE		1,972		30
Hermes International		135		89
ICADE REIT		142		12
Iliad SA		132		13
Imerys SA		153		8
Ingenico Group SA		252		18
Ipsen SA		161		22
Jacquet Metal Service SA		947		16
JCDecaux SA		315		10
Kaufman & Broad SA		926		38
Kering SA		324		186
Klepierre SA REIT		934		33
L'Oreal SA		1,139		307
Lagardere SCA		507		13
Legrand SA		1,126		76
LVMH Moet Hennessy Louis Vuitton SE		1,195		441
Natixis SA		4,019		22
Orange SA		9,977		162
Pernod Ricard SA		969		174
Peugeot SA		30,537		747
Publicis Groupe SA		884		47
Remy Cointreau SA		98		13
Renault SA		1,401		93
Rexel SA		1,272		14
Safran SA		1,417		195
Sanofi		4,924		435
Schneider Electric SE		2,415		190
SCOR SE		731		31
SEB SA		97		16
SES SA		1,554		24
Societe BIC SA		121		11
Societe Generale SA		8,746		254

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
France (cont'd)
Sodexo SA		391	$	43
STMicroelectronics N.V.		2,874		43
Suez		2,097		28
Teleperformance		248		45
Thales SA		455		55
TOTAL SA		10,018		556
Ubisoft Entertainment SA (e)		269		24
Unibail-Rodamco-Westfield REIT		423		69
Unibail-Rodamco-Westfield REIT CDI		3,080		25
Valeo SA		1,749		51
Veolia Environnement SA		2,433		54
Vinci SA		17,299		1,684
Vivendi SA		4,390		127
Wendel SA		119		15
Worldline SA (e)		4,327		257
				11,170
Germany (2.7%)
1&1 Drillisch AG		229		8
Adidas AG		796		193
Allianz SE (Registered)		1,905		424
Amadeus Fire AG		166		19
Aumann AG		1,495		47
Axel Springer SE		209		11
BASF SE		3,917		288
Bayer AG (Registered)		3,680		238
Bayerische Motoren Werke AG		2,419		187
Bayerische Motoren Werke AG (Preference)		404		27
Bechtle AG		1,978		183
Befesa SA		890		39
Beiersdorf AG		455		47
Bilfinger SE		3,882		135
Brenntag AG		662		34
CANCOM SE		2,728		123
Commerzbank AG (e)		11,864		92
Continental AG		801		121
Covestro AG		686		38
Daimler AG (Registered)		6,848		401
Deutsche Bank AG (Registered)		8,716		71
Deutsche Boerse AG		799		102
Deutsche Lufthansa AG (Registered)		1,009		22
Deutsche Post AG (Registered)		4,123		134
Deutsche Telekom AG (Registered)		16,701		277
Deutsche Wohnen SE		1,505		73
E.ON SE		10,920		121
Evonik Industries AG		692		19
Fraport AG Frankfurt Airport Services Worldwide		3,421		262
Fresenius Medical Care AG & Co., KGaA		955		77
Fresenius SE & Co., KGaA		1,838		102
Fuchs Petrolub SE (Preference)		297		12
GEA Group AG		747		20
Hamburger Hafen und Logistik AG		1,583		36

	Shares		Value (000)
Hannover Rueck SE (Registered)		254	$	36
HeidelbergCement AG		645		46
Henkel AG & Co., KGaA		468		45
Henkel AG & Co., KGaA (Preference)		808		82
Hochtief AG		82		12
Hornbach Holding AG & Co. KGaA		367		18
Hugo Boss AG		273		19
Indus Holding AG		615		30
Infineon Technologies AG		4,979		99
Innogy SE		694		32
Jungheinrich AG (Preference)		2,195		72
K+S AG (Registered)		808		15
KION Group AG		304		16
LANXESS AG		390		21
Linde PLC		553		97
Linde PLC (e)		1,230		215
Merck KGaA		571		65
METRO AG		762		13
MTU Aero Engines AG		221		50
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Registered)		659		156
OSRAM Licht AG		422		15
Porsche Automobil Holding SE (Preference)		1,121		70
ProSiebenSat.1 Media SE (Registered)		1,002		14
Puma SE		27		16
QIAGEN N.V. (e)		928		38
RTL Group SA		165		9
RWE AG		2,582		69
Salzgitter AG		4,989		144
SAP SE		4,174		482
Schaeffler AG (Preference)		1,000		8
Siemens AG (Registered)		3,283		353
Sixt SE		1,226		128
Symrise AG		530		48
Telefonica Deutschland Holding AG		3,188		10
thyssenKrupp AG		1,850		25
Uniper SE		981		30
United Internet AG (Registered)		614		22
Volkswagen AG		237		39
Volkswagen AG (Preference)		1,363		215
Vonovia SE		2,087		108
Wacker Neuson SE		2,068		49
Washtec AG		200		15
Wirecard AG		514		64
Zalando SE (e)		9,583		374
				7,467
Greece (0.1%)
Mytilineos Holdings SA		4,208		43
National Bank of Greece SA (e)		9		—	@
OPAP SA		9,202		95
				138

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Hong Kong (0.8%)
AIA Group Ltd.		48,000	$	478
ASM Pacific Technology Ltd.		900		10
Bank of East Asia Ltd. (The)		7,007		23
BOC Hong Kong Holdings Ltd.		18,500		77
Cathay Pacific Airways Ltd.		4,000		7
CK Asset Holdings Ltd.		10,364		92
CK Hutchison Holdings Ltd.		10,364		109
CK Infrastructure Holdings Ltd.		3,000		25
CLP Holdings Ltd.		7,000		81
First Pacific Co., Ltd.		8,000		3
Galaxy Entertainment Group Ltd.		9,000		61
Hanergy Thin Film Power Group Ltd. (e)(f)(g)		42,000		2
Hang Lung Group Ltd.		4,000		13
Hang Lung Properties Ltd.		9,000		22
Hang Seng Bank Ltd.		3,700		91
Henderson Land Development Co., Ltd.		5,040		32
HK Electric Investments & HK Electric Investments Ltd.		10,500		11
HKT Trust & HKT Ltd.		11,000		18
Hong Kong & China Gas Co., Ltd.		42,746		102
Hong Kong Exchanges & Clearing Ltd.		4,804		167
Hongkong Land Holdings Ltd.		4,600		33
Hysan Development Co., Ltd.		3,000		16
I-CABLE Communications Ltd. (e)		7,559		—	@
Jardine Matheson Holdings Ltd.		900		56
Kerry Properties Ltd.		2,500		11
Li & Fung Ltd.		24,000		4
Link REIT		9,033		106
Melco Resorts & Entertainment Ltd. ADR		700		16
MGM China Holdings Ltd.		3,600		8
MTR Corp., Ltd.		5,995		37
New World Development Co., Ltd.		25,367		42
NWS Holdings Ltd.		6,000		13
PCCW Ltd.		17,000		11
Power Assets Holdings Ltd.		6,000		42
Sands China Ltd.		9,600		48
Shangri-La Asia Ltd.		6,000		8
Sino Land Co., Ltd.		12,660		24
SJM Holdings Ltd.		8,000		9
Sun Hung Kai Properties Ltd.		6,004		103
Swire Pacific Ltd., Class A		2,000		26
Swire Properties Ltd.		4,550		20
Techtronic Industries Co., Ltd.		5,500		37
WH Group Ltd.		32,000		34
Wharf Holdings Ltd. (The)		5,200		16
Wharf Real Estate Investment Co., Ltd.		5,200		39
Wheelock & Co., Ltd.		4,000		29
Wynn Macau Ltd.		6,400		15
Yue Yuen Industrial Holdings Ltd.		3,000		10
				2,237

	Shares		Value (000)
Ireland (0.1%)
AIB Group PLC		9,578	$	43
Bank of Ireland Group PLC		11,104		66
CRH PLC		3,553		110
Kerry Group PLC, Class A		707		79
Paddy Power Betfair PLC		339		26
				324
Israel (0.0%)
Bank Hapoalim BM		1,042		7
Bank Leumi Le-Israel BM		1,490		10
Mizrahi Tefahot Bank Ltd.		94		2
Teva Pharmaceutical Industries Ltd. ADR (e)		200		3
				22
Italy (1.0%)
Assicurazioni Generali SpA		5,238		97
Atlantia SpA		21,629		561
CIR-Compagnie Industriali Riunite SpA		11,646		14
CNH Industrial N.V.		4,426		45
Davide Campari-Milano SpA		2,512		25
Enav SpA		15,299		84
Enel SpA		39,813		255
Eni SpA		10,807		191
EXOR N.V.		460		30
Ferrari N.V.		903		121
Fiat Chrysler Automobiles N.V. (e)		7,894		118
Fiera Milano SpA (e)		4,565		25
Geox SpA		16,837		31
Intesa Sanpaolo SpA		176,134		429
Leonardo SpA		1,745		20
Mediobanca Banca di Credito Finanziario SpA		6,962		72
Pirelli & C SpA (e)		1,222		8
Poste Italiane SpA		2,227		22
Prysmian SpA		882		17
Recordati SpA		449		18
Snam SpA		9,785		50
Societa Iniziative Autostradali e Servizi SpA		5,706		99
Telecom Italia SpA (e)		57,303		36
Telecom Italia SpA		30,205		17
Tenaris SA		2,020		29
Terna Rete Elettrica Nazionale SpA		6,936		44
UniCredit SpA		23,012		295
UnipolSai Assicurazioni SpA		4,206		11
				2,764
Japan (0.1%)
Aeon Co., Ltd.		100		2
Aozora Bank Ltd.		100		2
Astellas Pharma, Inc.		100		2
Chiba Bank Ltd. (The)		700		4
Chubu Electric Power Co., Inc.		500		8
Chugoku Electric Power Co., Inc. (The)		100		1
Concordia Financial Group Ltd.		1,300		5

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Japan (cont'd)
Fukuoka Financial Group, Inc.		100	$	2
Japan Post Bank Co., Ltd.		400		4
Japan Tobacco, Inc.		100		3
Kansai Electric Power Co., Inc. (The)		500		7
Kao Corp.		200		16
KDDI Corp.		1,500		32
Kirin Holdings Co., Ltd.		100		2
Kyushu Electric Power Co., Inc.		100		1
Mebuki Financial Group, Inc.		1,300		3
Mizuho Financial Group, Inc.		48,200		75
Nippon Telegraph & Telephone Corp.		600		26
NTT DOCOMO, Inc.		1,100		24
Osaka Gas Co., Ltd.		200		4
Resona Holdings, Inc.		2,400		10
Seven & i Holdings Co., Ltd.		100		4
Seven Bank Ltd.		900		3
Shinsei Bank Ltd.		100		1
Shizuoka Bank Ltd. (The)		400		3
Softbank Corp.		1,200		14
SoftBank Group Corp.		600		59
Sumitomo Mitsui Financial Group, Inc.		1,000		35
Sumitomo Mitsui Trust Holdings, Inc.		300		11
Takeda Pharmaceutical Co., Ltd.		100		4
Takeda Pharmaceutical Co., Ltd. ADR (e)		1,182		24
Tohoku Electric Power Co., Inc.		100		1
Tokyo Electric Power Co., Holdings, Inc. (e)		800		5
Tokyo Gas Co., Ltd.		100		3
Yamaguchi Financial Group, Inc.		100		1
				401
Netherlands (1.2%)
ABN AMRO Group N.V. CVA		4,853		110
Accell Group		660		18
Aegon N.V.		7,530		36
AerCap Holdings N.V. (e)		600		28
Akzo Nobel N.V.		956		85
ALTICE EUROPE N.V. (e)		2,318		6
ASML Holding N.V.		1,687		317
Basic-Fit (e)		1,508		51
Boskalis Westminster		386		10
Coca-Cola European Partners PLC (e)		1,551		80
Heineken Holding N.V.		521		52
Heineken N.V.		1,170		124
ING Groep N.V.		44,863		544
InterXion Holding (e)		2,900		194
Koninklijke Ahold Delhaize N.V.		5,913		157
Koninklijke DSM N.V.		772		84
Koninklijke KPN N.V.		17,181		54
Koninklijke Philips N.V.		4,156		170
Koninklijke Vopak N.V.		298		14
NN Group N.V.		1,295		54
NXP Semiconductors N.V.		1,500		133
PostNL N.V.		44,224		113

	Shares		Value (000)
Randstad N.V.		502	$	25
Takeaway.com (e)		2,150		163
TomTom (e)		13,128		110
Unilever N.V. CVA		7,331		426
Wolters Kluwer N.V.		1,286		88
				3,246
New Zealand (0.0%)
Auckland International Airport Ltd.		4,487		25
Contact Energy Ltd.		3,355		16
Fletcher Building Ltd.		3,166		11
Mercury NZ Ltd.		3,250		8
Meridian Energy Ltd.		6,024		17
Ryman Healthcare Ltd.		1,773		15
Spark New Zealand Ltd.		9,793		25
				117
Norway (0.4%)
Akastor ASA (e)		1,833		3
Aker Solutions ASA (e)		1,833		9
DNB ASA		12,588		232
Equinor ASA		13,168		289
Kvaerner ASA		1,677		2
Marine Harvest ASA (e)		101		2
Norsk Hydro ASA		13,781		56
Orkla ASA		10,248		79
REC Silicon ASA (e)		6,482		1
Seadrill Ltd. (e)		1		—	@
Subsea 7 SA		3,127		39
Telenor ASA		16,829		337
Yara International ASA		2,039		83
				1,132
Poland (0.0%)
Jeronimo Martins SGPS SA		2,885		43
Portugal (0.1%)
CTT-Correios de Portugal SA		8,845		26
EDP - Energias de Portugal SA		1,568		6
Galp Energia SGPS SA		2,692		43
Navigator Co. SA (The)		18,611		85
Pharol SGPS SA (Registered) (e)		11,120		3
Semapa-Sociedade de Investimento e Gestao		987		16
				179
Singapore (0.0%)
DBS Group Holdings Ltd.		1,300		24
Oversea-Chinese Banking Corp., Ltd.		3,000		24
Singapore Telecommunications Ltd.		6,200		14
United Overseas Bank Ltd.		1,000		19
				81
South Africa (0.0%)
Nedbank Group Ltd.		655		11
Old Mutual Ltd.		20,416		30
				41

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Spain (1.4%)
ACS Actividades de Construccion y Servicios SA		1,086	$	48
Aena SME SA		4,100		738
Amadeus IT Group SA		1,871		150
Banco Bilbao Vizcaya Argentaria SA		77,866		445
Banco de Sabadell SA		72,975		73
Banco Santander SA		191,173		890
Bankia SA		13,859		36
Bankinter SA		7,825		60
CaixaBank SA		42,969		134
Cia de Distribucion Integral Logista Holdings SA		3,499		82
Enagas SA		972		28
Ence Energia y Celulosa SA		17,241		96
Endesa SA		1,549		40
Ferrovial SA		2,106		49
Grifols SA		1,272		36
Iberdrola SA		28,348		249
Industria de Diseno Textil SA		4,624		136
International Consolidated Airlines Group SA		2,656		18
Mapfre SA		4,603		13
Naturgy Energy Group SA		1,720		48
NH Hotel Group SA		3,160		18
Red Electrica Corp., SA		2,121		45
Repsol SA		5,468		94
Siemens Gamesa Renewable Energy SA (e)		1,036		16
Telefonica SA		22,870		192
Telepizza Group SA		6,664		46
				3,780
Sweden (0.5%)
Alfa Laval AB		1,087		25
Assa Abloy AB, Class B		3,705		80
Atlas Copco AB, Class A		2,459		66
Atlas Copco AB, Class B		1,432		35
Boliden AB		992		28
Electrolux AB, Class B		879		23
Epiroc AB, Class A (e)		2,459		25
Epiroc AB, Class B (e)		1,522		15
Essity AB, Class B		2,406		69
Getinge AB, Class B		881		10
Hennes & Mauritz AB, Class B		3,416		57
Hexagon AB, Class B		946		49
Husqvarna AB, Class B		1,629		13
ICA Gruppen AB		310		12
Industrivarden AB, Class C		662		14
Investor AB, Class B		1,708		77
Kinnevik AB, Class B		880		23
L E Lundbergforetagen AB, Class B		302		10
Lundin Petroleum AB		685		23
Millicom International Cellular SA SDR (e)		312		19
Modern Times Group MTG AB, Class B		44		1
Nordea Bank Abp		13,864		106

	Shares		Value (000)
Nordic Entertainment Group AB, Class B (e)		44	$	1
Sandvik AB		4,079		66
Securitas AB, Class B		1,146		19
Skandinaviska Enskilda Banken AB, Class A		7,003		61
Skanska AB, Class B		1,245		23
SKF AB, Class B		1,395		23
Svenska Handelsbanken AB, Class A		6,816		72
Swedbank AB, Class A		4,018		57
Swedish Match AB		663		34
Tele2 AB, Class B		1,686		22
Telefonaktiebolaget LM Ericsson, Class B		11,592		106
Telia Co., AB		11,593		52
Volvo AB, Class B		5,705		88
				1,404
Switzerland (1.7%)
ABB Ltd. (Registered)		13,627		256
Adecco Group AG (Registered)		552		30
Cie Financiere Richemont SA (Registered)		1,937		141
Credit Suisse Group AG (Registered) (e)		6,428		75
Geberit AG (Registered)		327		134
Givaudan SA (Registered)		39		100
Idorsia Ltd. (e)		423		8
Julius Baer Group Ltd. (e)		926		38
Kuehne & Nagel International AG (Registered)		294		40
LafargeHolcim Ltd. (Registered) (e)		137		7
LafargeHolcim Ltd. (Registered) (e)		1,664		82
Lonza Group AG (Registered) (e)		217		67
Nestle SA (Registered)		14,589		1,392
Novartis AG (Registered)		8,912		858
Roche Holding AG (Genusschein)		2,444		674
SGS SA (Registered)		23		57
Sonova Holding AG (Registered)		376		75
Swatch Group AG (The)		141		40
Swiss Re AG		536		52
Swisscom AG (Registered)		292		143
Transocean Ltd. (e)		1,302		12
UBS Group AG (Registered) (e)		11,071		134
Zurich Insurance Group AG		920		305
				4,720
United Kingdom (3.4%)
3i Group PLC		3,555		46
Admiral Group PLC		770		22
Anglo American PLC		4,614		124
Antofagasta PLC		1,529		19
Ashtead Group PLC		1,843		44
Associated British Foods PLC		1,391		44
AstraZeneca PLC		4,589		366
Auto Trader Group PLC		3,813		26
Aviva PLC		14,991		81
Babcock International Group PLC		960		6
BAE Systems PLC		11,652		73
Barclays PLC		86,951		176

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United Kingdom (cont'd)
Barratt Developments PLC		3,680	$	29
Berkeley Group Holdings PLC		475		23
BHP Group PLC		7,615		184
BP PLC		67,632		494
British American Tobacco PLC		8,342		348
British American Tobacco PLC ADR		1,102		46
British Land Co., PLC (The) REIT		3,602		28
BT Group PLC		37,643		109
Bunzl PLC		1,241		41
Burberry Group PLC		1,616		41
Capita PLC (e)		2,541		4
Carnival PLC		724		36
Centrica PLC		23,658		35
Cobham PLC (e)		9,252		13
Coca-Cola HBC AG (e)		706		24
Compass Group PLC		5,431		128
ConvaTec Group PLC		5,327		10
Croda International PLC		487		32
DCC PLC		332		29
Diageo PLC		9,200		376
Direct Line Insurance Group PLC		5,100		23
Dixons Carphone PLC		3,703		7
easyJet PLC		606		9
Experian PLC		3,481		94
Ferguson PLC		905		58
Fresnillo PLC		859		10
G4S PLC		5,997		14
GlaxoSmithKline PLC		17,773		369
Glencore PLC (e)		42,418		176
Hammerson PLC REIT		3,042		13
Hargreaves Lansdown PLC		1,000		24
Hikma Pharmaceuticals PLC		546		13
HSBC Holdings PLC		87,897		716
IMI PLC		1,056		13
Imperial Brands PLC		3,433		118
Inmarsat PLC		1,762		13
InterContinental Hotels Group PLC		640		39
International Game Technology PLC		210		3
Intertek Group PLC		601		38
Intu Properties PLC REIT		3,380		5
Investec PLC		2,566		15
ITV PLC		13,640		23
J Sainsbury PLC		6,306		19
Johnson Matthey PLC		705		29
Kingfisher PLC		8,129		25
Land Securities Group PLC REIT		2,743		33
Legal & General Group PLC		22,028		79
Lloyds Banking Group PLC		474,673		385
London Stock Exchange Group PLC		1,152		71
Marks & Spencer Group PLC		6,229		23
Mediclinic International PLC		1,417		6
Meggitt PLC		3,014		20

	Shares		Value (000)
Melrose Industries PLC		13,747	$	33
Merlin Entertainments PLC		2,769		12
Micro Focus International PLC		1,621		42
Micro Focus International PLC ADR		610		16
Mondi PLC		1,358		30
National Grid PLC		13,790		153
Next PLC		531		39
Paragon Offshore PLC (e)(g)		303		—
Pearson PLC		3,081		34
Persimmon PLC		1,128		32
Provident Financial PLC (e)		585		4
Prudential PLC		8,918		179
Quilter PLC		6,358		12
Reckitt Benckiser Group PLC		2,485		207
RELX PLC		3,959		85
RELX PLC (e)		3,799		81
Rio Tinto PLC		4,244		247
Rolls-Royce Holdings PLC (e)		6,178		73
Royal Bank of Scotland Group PLC		19,298		62
Royal Dutch Shell PLC, Class A		15,472		486
Royal Dutch Shell PLC, Class B		12,959		410
Royal Mail PLC		3,431		11
RSA Insurance Group PLC		3,791		25
Sage Group PLC (The)		4,014		37
Schroders PLC		480		17
Segro PLC REIT		3,674		32
Severn Trent PLC		1,046		27
Shire PLC		3,491		225
Smith & Nephew PLC		3,383		67
Smiths Group PLC		1,465		27
SSE PLC		4,336		67
St. James's Place PLC		1,957		26
Standard Chartered PLC		14,859		115
Standard Life Aberdeen PLC		8,675		30
Tate & Lyle PLC		1,780		17
Taylor Wimpey PLC		12,008		27
Tesco PLC		33,701		102
Travis Perkins PLC		967		17
TUI AG		1,702		16
Unilever PLC		4,658		267
United Utilities Group PLC		2,914		31
Vodafone Group PLC		112,367		205
Weir Group PLC (The)		851		17
Whitbread PLC		704		47
Wm Morrison Supermarkets PLC		8,034		24
WPP PLC		4,730		50
				9,303
United States (17.4%)
3M Co.		572		119
Abbott Laboratories		2,212		177
AbbVie, Inc.		1,635		132
Abercrombie & Fitch Co., Class A		272		7

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Accenture PLC, Class A		1,171	$	206
ACCO Brands Corp.		268		2
Adient PLC		251		3
Adobe, Inc. (e)		1,095		292
Adtalem Global Education, Inc. (e)		25		1
Advance Auto Parts, Inc.		233		40
Advanced Micro Devices, Inc. (e)		926		24
AdvanSix, Inc. (e)		259		7
AES Corp.		770		14
Aflac, Inc.		547		27
Agilent Technologies, Inc.		787		63
Air Products & Chemicals, Inc.		255		49
Akamai Technologies, Inc. (e)		565		40
Alcoa Corp. (e)		217		6
Alexion Pharmaceuticals, Inc. (e)		556		75
Allegheny Technologies, Inc. (e)		374		10
Allegion PLC		234		21
Allergan PLC		233		34
Alliant Energy Corp.		200		9
Allstate Corp. (The)		208		20
Alphabet, Inc., Class A (e)		490		577
Alphabet, Inc., Class C (e)		594		697
Altice USA, Inc., Class A		964		21
Altria Group, Inc.		2,979		171
Amazon.com, Inc. (e)		588		1,047
AMC Networks, Inc., Class A (e)		25		1
Ameren Corp.		973		72
American Electric Power Co., Inc.		1,287		108
American Express Co.		1,028		112
American Tower Corp. REIT		1,202		237
American Water Works Co., Inc.		100		10
Ameriprise Financial, Inc.		778		100
AmerisourceBergen Corp.		902		72
AMETEK, Inc.		370		31
Amgen, Inc.		1,321		251
Amphenol Corp., Class A		184		17
Anadarko Petroleum Corp.		788		36
Analog Devices, Inc.		1,014		107
Annaly Capital Management, Inc. REIT		751		7
Anthem, Inc.		594		170
Aon PLC		208		35
Apache Corp.		850		29
Apergy Corp. (e)		164		7
Apple, Inc.		13,395		2,544
Applied Materials, Inc.		1,887		75
Archer-Daniels-Midland Co.		991		43
Arconic, Inc.		549		10
AT&T, Inc.		19,135		600
Automatic Data Processing, Inc.		588		94
AutoZone, Inc. (e)		238		244
AvalonBay Communities, Inc. REIT		503		101
Avanos Medical, Inc. (e)		253		11

	Shares		Value (000)
Avery Dennison Corp.		569	$	64
Avon Products, Inc. (e)		1,949		6
Baker Hughes a GE Co.		1,130		31
Ball Corp.		546		32
Bank of America Corp.		26,545		732
Bank of New York Mellon Corp. (The)		2,567		129
Baxter International, Inc.		1,135		92
BB&T Corp.		2,247		105
Becton Dickinson & Co.		827		207
Bed Bath & Beyond, Inc.		515		9
Berkshire Hathaway, Inc., Class B (e)		218		44
Best Buy Co., Inc.		485		34
Biogen, Inc. (e)		550		130
BlackRock, Inc.		229		98
Boeing Co. (The)		958		365
Booking Holdings, Inc. (e)		266		464
Boston Properties, Inc. REIT		568		76
Boston Scientific Corp. (e)		2,952		113
Brighthouse Financial, Inc. (e)		25		1
Bristol-Myers Squibb Co.		2,126		101
Broadcom, Inc.		587		176
Brookfield Property Partners LP (e)		181		4
Brown-Forman Corp., Class B		68		4
Bunge Ltd.		212		11
California Resources Corp. (e)		261		7
Campbell Soup Co.		228		9
Capital One Financial Corp.		5,233		427
Cardinal Health, Inc.		853		41
CarMax, Inc. (e)		354		25
Carnival Corp.		687		35
Cars.com, Inc. (e)		235		5
Caterpillar, Inc.		957		130
CBRE Group, Inc., Class A (e)		1,397		69
CBS Corp., Class B		1,622		77
CDK Global, Inc.		364		21
Celanese Corp.		224		22
Celgene Corp. (e)		1,550		146
CenterPoint Energy, Inc.		1,245		38
CenturyLink, Inc.		1,719		21
Cerner Corp. (e)		714		41
CF Industries Holdings, Inc.		720		29
CH Robinson Worldwide, Inc.		261		23
Charles Schwab Corp. (The)		1,591		68
Charter Communications, Inc., Class A (e)		495		172
Chemours Co. (The)		248		9
Cheniere Energy, Inc. (e)		2,700		185
Chesapeake Energy Corp. (e)		1,064		3
Chevron Corp.		2,421		298
Chipotle Mexican Grill, Inc. (e)		228		162
Chubb Ltd.		272		38
Cigna Corp. (e)		1,197		192
Cintas Corp.		558		113
Cisco Systems, Inc.		10,779		582

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
CIT Group, Inc.		676	$	32
Citigroup, Inc.		5,943		370
Citizens Financial Group, Inc.		300		10
Citrix Systems, Inc.		487		49
Cleveland-Cliffs, Inc.		256		3
Clorox Co. (The)		386		62
CME Group, Inc.		321		53
CMS Energy Corp.		100		6
CNX Resources Corp. (e)		765		8
Coca-Cola Co. (The)		8,384		393
Cognizant Technology Solutions Corp., Class A		1,346		97
Colgate-Palmolive Co.		2,279		156
Comcast Corp., Class A		8,251		330
Comerica, Inc.		325		24
Conagra Brands, Inc.		1,016		28
Concho Resources, Inc.		240		27
Conduent, Inc. (e)		215		3
ConocoPhillips		1,826		122
CONSOL Energy, Inc. (e)		72		2
Consolidated Edison, Inc.		991		84
Constellation Brands, Inc., Class A		234		41
Corning, Inc.		1,053		35
Costco Wholesale Corp.		1,492		361
Covetrus, Inc. (e)		346		11
Crimson Wine Group Ltd. (e)		258		2
Crown Castle International Corp. REIT		768		98
Crown Holdings, Inc. (e)		272		15
CSX Corp.		1,722		129
Cummins, Inc.		530		84
CVS Health Corp.		1,173		63
Danaher Corp.		190		25
Darden Restaurants, Inc.		194		24
DaVita, Inc. (e)		556		30
Deere & Co.		886		142
Dell Technologies, Inc., Class C (e)		402		24
Denbury Resources, Inc. (e)		260		1
Devon Energy Corp.		698		22
Diamond Offshore Drilling, Inc. (e)		51		1
Discover Financial Services		6,607		470
Discovery, Inc., Class A (e)		566		15
Discovery, Inc., Class C (e)		1,175		30
Dollar General Corp.		197		23
Dollar Tree, Inc. (e)		218		23
Dominion Energy, Inc.		1,827		140
Donnelley Financial Solutions, Inc. (e)		263		4
Dover Corp.		229		21
DowDuPont, Inc.		1,460		78
DR Horton, Inc.		4,317		179
DTE Energy Co.		622		78
Duke Energy Corp.		1,877		169
DXC Technology Co.		197		13

	Shares		Value (000)
Eagle Materials, Inc.		608	$	51
East West Bancorp, Inc.		100		5
Eastman Chemical Co.		358		27
Eaton Corp., PLC		745		60
eBay, Inc.		1,920		71
Ecolab, Inc.		505		89
Edison International		1,175		73
Edwards Lifesciences Corp. (e)		224		43
Eli Lilly & Co.		1,292		168
Emerson Electric Co.		1,378		94
Entergy Corp.		855		82
EOG Resources, Inc.		1,160		110
EQT Corp.		207		4
Equifax, Inc.		598		71
Equitrans Midstream Corp. (e)		165		4
Equity Residential REIT		897		68
ESC Seventy Seven (e)(f)(g)		275		—
Estee Lauder Cos., Inc. (The), Class A		902		149
Evergy, Inc.		100		6
Eversource Energy		100		7
Exelon Corp.		2,479		124
Expedia Group, Inc.		234		28
Expeditors International of Washington, Inc.		220		17
Exxon Mobil Corp.		5,815		470
Fastenal Co.		589		38
FedEx Corp.		524		95
Fidelity National Financial, Inc.		3,330		122
Fidelity National Information Services, Inc.		234		26
Fifth Third Bancorp		2,543		64
First American Financial Corp.		1,305		67
First Republic Bank		100		10
First Solar, Inc. (e)		226		12
FirstEnergy Corp.		982		41
Fiserv, Inc. (e)		954		84
Flowserve Corp.		257		12
Fluor Corp.		195		7
FMC Corp.		224		17
Ford Motor Co.		2,474		22
Fortive Corp.		207		17
Four Corners Property Trust, Inc. REIT		225		7
Fox Corp., Class A (e)		1,495		55
Fox Corp., Class B (e)		279		10
Franklin Resources, Inc.		958		32
Freeport-McMoRan, Inc.		739		9
Frontier Communications Corp. (e)		270		1
GameStop Corp., Class A		374		4
Gannett Co., Inc.		181		2
Gap, Inc. (The)		526		14
Garrett Motion, Inc. (e)		137		2
General Dynamics Corp.		373		63
General Electric Co.		5,364		54
General Mills, Inc.		1,319		68
Genuine Parts Co.		234		26

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Gilead Sciences, Inc.		2,343	$	152
Goldman Sachs Group, Inc. (The)		1,227		236
H&R Block, Inc.		875		21
Halliburton Co.		1,596		47
Harris Corp.		19		3
Hartford Financial Services Group, Inc. (The)		233		12
Hasbro, Inc.		188		16
HCP, Inc. REIT		501		16
Helmerich & Payne, Inc.		223		12
Henry Schein, Inc. (e)		765		46
Hershey Co. (The)		213		24
Hess Corp.		679		41
Hewlett Packard Enterprise Co.		2,761		43
Hologic, Inc. (e)		625		30
Home Depot, Inc. (The)		364		70
Honeywell International, Inc.		1,183		188
Host Hotels & Resorts, Inc. REIT		2,053		39
HP, Inc.		2,761		54
Humana, Inc.		177		47
Huntington Bancshares, Inc.		1,172		15
Huntington Ingalls Industries, Inc.		50		10
IHS Markit Ltd. (e)		875		48
Illinois Tool Works, Inc.		758		109
Illumina, Inc. (e)		208		65
Ingersoll-Rand PLC		182		20
Ingevity Corp. (e)		36		4
Intel Corp.		4,566		245
Intercontinental Exchange, Inc.		976		74
International Business Machines Corp.		1,923		271
International Flavors & Fragrances, Inc.		234		30
International Paper Co.		199		9
Interpublic Group of Cos., Inc. (The)		1,382		29
Intuit, Inc.		873		228
Intuitive Surgical, Inc. (e)		708		404
Invesco Ltd.		1,018		20
Iron Mountain, Inc. REIT		751		27
ITT, Inc.		260		15
Jabil, Inc.		263		7
Jacobs Engineering Group, Inc.		199		15
Janus Henderson Group PLC		52		1
JB Hunt Transport Services, Inc.		233		24
JBG SMITH Properties REIT		229		9
JC Penney Co., Inc. (e)		120		—	@
Jefferies Financial Group, Inc.		814		15
JM Smucker Co. (The)		239		28
Johnson & Johnson		3,977		556
Johnson Controls International PLC		783		29
JPMorgan Chase & Co.		12,080		1,223
Juniper Networks, Inc.		1,333		35
KB Home		1,012		24
KBR, Inc.		211		4
Kellogg Co.		530		30

	Shares		Value (000)
Keurig Dr Pepper, Inc.		249	$	7
KeyCorp		3,586		56
Keysight Technologies, Inc. (e)		270		24
Kimberly-Clark Corp.		1,091		135
Kimco Realty Corp. REIT		820		15
Kinder Morgan, Inc.		20,000		400
KLA-Tencor Corp.		520		62
Knowles Corp. (e)		277		5
Kohl's Corp.		552		38
Kraft Heinz Co. (The)		1,002		33
Kroger Co. (The)		3,201		79
L Brands, Inc.		747		21
L3 Technologies, Inc.		234		48
Laboratory Corp. of America Holdings (e)		214		33
Lam Research Corp.		208		37
Lamb Weston Holdings, Inc.		373		28
Las Vegas Sands Corp.		525		32
Legg Mason, Inc.		758		21
Lennar Corp., Class A		3,482		171
Liberty Global PLC, Class A (e)		839		21
Liberty Global PLC Series C (e)		1,327		32
Liberty Latin America Ltd., Class A (e)		197		4
Liberty Latin America Ltd., Class C (e)		248		5
Liberty Property Trust REIT		198		10
Livent Corp. (e)		209		3
Lockheed Martin Corp.		225		68
Loews Corp.		245		12
LogMeIn, Inc.		268		21
Louisiana-Pacific Corp.		1,677		41
Lowe's Cos., Inc.		1,700		186
LSC Communications, Inc.		263		2
LyondellBasell Industries N.V., Class A		202		17
M&T Bank Corp.		284		45
M/I Homes, Inc. (e)		250		7
Macerich Co. (The) REIT		264		11
Macquarie Infrastructure Corp.		800		33
Macy's, Inc.		187		4
Mallinckrodt PLC (e)		228		5
ManpowerGroup, Inc.		480		40
Marathon Oil Corp.		915		15
Marathon Petroleum Corp.		1,023		61
Marriott International, Inc., Class A		818		102
Marriott Vacations Worldwide Corp.		553		52
Marsh & McLennan Cos., Inc.		245		23
Martin Marietta Materials, Inc.		702		141
Marvell Technology Group Ltd.		895		18
Masco Corp.		3,661		144
Mastercard, Inc., Class A		2,442		575
Mattel, Inc. (e)		501		6
Maxim Integrated Products, Inc.		588		31
McDonald's Corp.		1,344		255
McKesson Corp.		547		64
MDC Holdings, Inc.		599		17

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Medtronic PLC		2,312	$	211
Merck & Co., Inc.		4,449		370
Meritage Homes Corp. (e)		315		14
MetLife, Inc.		214		9
MGIC Investment Corp. (e)		4,414		58
MGM Resorts International		732		19
Microchip Technology, Inc.		177		15
Micron Technology, Inc. (e)		1,327		55
Microsoft Corp.		9,443		1,114
Mohawk Industries, Inc. (e)		730		92
Molson Coors Brewing Co., Class B		552		33
Mondelez International, Inc., Class A		2,526		126
Moody's Corp.		285		52
Mosaic Co. (The)		635		17
Motorola Solutions, Inc.		553		78
Murphy Oil Corp.		368		11
Murphy USA, Inc. (e)		270		23
Mylan N.V. (e)		657		19
Nasdaq, Inc.		765		67
National Oilwell Varco, Inc.		1,117		30
Navient Corp.		1,381		16
NetApp, Inc.		857		59
Netflix, Inc. (e)		593		211
NetScout Systems, Inc. (e)		1,828		51
New York Community Bancorp, Inc.		1,168		13
Newmont Mining Corp.		855		31
News Corp., Class A		929		12
News Corp., Class B		260		3
NextEra Energy, Inc.		944		182
NIKE, Inc., Class B		1,641		138
NiSource, Inc.		152		4
Noble Corp., PLC (e)		248		1
Noble Energy, Inc.		710		18
Nordstrom, Inc.		217		10
Norfolk Southern Corp.		976		182
Northern Trust Corp.		27		2
Northrop Grumman Corp.		198		53
NOW, Inc. (e)		263		4
NRG Energy, Inc.		200		8
Nucor Corp.		212		12
nVent Electric PLC		199		5
NVIDIA Corp.		990		178
NVR, Inc. (e)		35		97
O'Reilly Automotive, Inc. (e)		185		72
Occidental Petroleum Corp.		1,869		124
OGE Energy Corp.		100		4
Omnicom Group, Inc.		673		49
ONE Gas, Inc.		380		34
ONEOK, Inc.		4,946		345
Oracle Corp.		5,827		313
Owens Corning		1,251		59

	Shares		Value (000)
Owens-Illinois, Inc.		186	$	4
PACCAR, Inc.		792		54
Patterson Cos., Inc.		188		4
Paychex, Inc.		573		46
PayPal Holdings, Inc. (e)		1,920		199
Pentair PLC		199		9
People's United Financial, Inc.		529		9
PepsiCo, Inc.		2,203		270
Perrigo Co., PLC		224		11
Perspecta, Inc.		147		3
Pfizer, Inc.		8,155		346
PG&E Corp. (e)		751		13
Philip Morris International, Inc.		2,552		226
Phillips 66		1,129		107
Pioneer Natural Resources Co.		175		27
Pitney Bowes, Inc.		699		5
PNC Financial Services Group, Inc. (The)		1,474		181
PPG Industries, Inc.		209		24
PPL Corp.		1,669		53
Procter & Gamble Co. (The)		5,530		575
Progressive Corp. (The)		240		17
ProLogis, Inc. REIT		1,125		81
Prudential Financial, Inc.		208		19
Public Service Enterprise Group, Inc.		1,488		88
Public Storage REIT		742		162
Pulte Group, Inc.		3,134		88
QEP Resources, Inc. (e)		358		3
QUALCOMM, Inc.		3,010		172
Quest Diagnostics, Inc.		214		19
Ralph Lauren Corp.		38		5
Range Resources Corp.		552		6
Rayonier Advanced Materials, Inc.		251		3
Rayonier, Inc. REIT		260		8
Raytheon Co.		218		40
Regency Centers Corp. REIT		234		16
Regions Financial Corp.		4,674		66
Republic Services, Inc.		702		56
Resideo Technologies, Inc. (e)		215		4
Robert Half International, Inc.		579		38
Rockwell Automation, Inc.		582		102
Roper Technologies, Inc.		238		81
Ross Stores, Inc.		761		71
Royal Caribbean Cruises Ltd.		594		68
RR Donnelley & Sons Co.		253		1
S&P Global, Inc.		767		161
Sabra Health Care, Inc. REIT		258		5
salesforce.com, Inc. (e)		1,189		188
Schlumberger Ltd.		3,022		132
Science Applications International Corp.		9		1
Scotts Miracle-Gro Co. (The), Class A		487		38
Sealed Air Corp.		362		17

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
SemGroup Corp., Class A		800	$	12
Sempra Energy		906		114
Sherwin-Williams Co. (The)		50		22
Simon Property Group, Inc. REIT		1,190		217
Skyline Champion Corp.		262		5
SLM Corp.		1,218		12
Southern Co. (The)		2,187		113
Southwest Airlines Co.		238		12
Southwestern Energy Co. (e)		822		4
Sprint Corp. (e)		6,323		36
Stanley Black & Decker, Inc.		239		33
Starbucks Corp.		2,146		160
State Street Corp.		809		53
Stericycle, Inc. (e)		188		10
Stewart Information Services Corp.		235		10
Stryker Corp.		709		140
SunTrust Banks, Inc.		1,590		94
Symantec Corp.		1,641		38
Synchrony Financial		11,860		378
Sysco Corp.		1,899		127
T Rowe Price Group, Inc.		878		88
T-Mobile US, Inc. (e)		339		23
Tapestry, Inc.		573		19
Targa Resources Corp.		2,100		87
Target Corp.		688		55
TE Connectivity Ltd.		870		70
TechnipFMC PLC		673		16
TEGNA, Inc.		275		4
Tellurian, Inc. (e)		500		6
Tenet Healthcare Corp. (e)		199		6
Texas Instruments, Inc.		2,759		293
Textron, Inc.		531		27
Thermo Fisher Scientific, Inc.		973		266
Tiffany & Co.		241		25
TJX Cos., Inc. (The)		2,108		112
Toll Brothers, Inc.		1,708		62
Travelers Cos., Inc. (The)		198		27
TripAdvisor, Inc. (e)		234		12
Tyson Foods, Inc., Class A		745		52
UGI Corp.		100		6
Union Pacific Corp.		1,176		197
United Parcel Service, Inc., Class B		1,042		116
United States Steel Corp.		380		7
United Technologies Corp.		922		119
UnitedHealth Group, Inc.		1,493		369
Universal Forest Products, Inc.		724		22
Urban Edge Properties REIT		226		4
Urban Outfitters, Inc. (e)		263		8
US Bancorp		4,686		226
Valero Energy Corp.		915		78

	Shares		Value (000)
Varex Imaging Corp. (e)		184	$	6
Varian Medical Systems, Inc. (e)		188		27
Vectrus, Inc. (e)		15		—	@
Ventas, Inc. REIT		213		14
Verisk Analytics, Inc.		647		86
Veritiv Corp. (e)		17		—	@
Verizon Communications, Inc.		22,500		1,330
Versum Materials, Inc.		196		10
Vertex Pharmaceuticals, Inc. (e)		208		38
VF Corp.		888		77
Viacom, Inc., Class B		906		25
Visa, Inc., Class A		3,161		494
Vistra Energy Corp.		100		3
Vornado Realty Trust REIT		214		14
Vulcan Materials Co.		1,562		185
Wabtec Corp.		30		2
Walgreens Boots Alliance, Inc.		2,671		169
Walmart, Inc.		5,955		581
Walt Disney Co. (The)		2,492		277
Washington Prime Group, Inc. REIT		791		4
Waste Management, Inc.		1,076		112
Waters Corp. (e)		224		56
Watsco, Inc.		415		59
Weatherford International PLC (e)		1,047		1
WEC Energy Group, Inc.		812		64
Wells Fargo & Co.		13,279		642
Welltower, Inc. REIT		188		15
Western Digital Corp.		255		12
Western Union Co. (The)		1,381		25
WestRock Co.		192		7
Weyerhaeuser Co. REIT		893		23
Williams Cos., Inc. (The)		14,471		416
Worldpay, Inc., Class A (e)		590		66
WPX Energy, Inc. (e)		898		12
WW Grainger, Inc.		363		109
Wyndham Destinations, Inc.		214		9
Wyndham Hotels & Resorts, Inc.		214		11
Wynn Resorts Ltd.		208		25
Xcel Energy, Inc.		1,632		92
Xerox Corp.		485		15
Xilinx, Inc.		519		66
Xylem, Inc.		544		43
Yum! Brands, Inc.		802		80
Zayo Group Holdings, Inc. (e)		100		3
Zimmer Biomet Holdings, Inc.		542		69
Zions Bancorp NA		325		15
Zoetis, Inc.		2,095		211
				48,296
Total Common Stocks (Cost $86,073)				109,699

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	No. of Rights		Value (000)
Right (0.0%)
Austria (0.0%)
BUWOG AG (e)(g) (Cost $—)		172	$	—
	No. of Warrants
Warrant (0.0%)
France (0.0%)
CGG SA, expires 2/21/22 (e) (Cost $—)		59		—	@
	Shares
Short-Term Investments (16.1%)
Investment Company (14.7%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $40,793)		40,793,399		40,793
	Face Amount (000)
U.S. Treasury Security (1.4%)
U.S. Treasury Bill,
2.49%, 8/22/19 (h) (Cost $3,888)	$	3,926		3,889
Total Short-Term Investments (Cost $44,681)				44,682
Total Investments (100.4%) (Cost $252,930) (i)(j)(k)				278,184
Liabilities in Excess of Other Assets (–0.4%)				(1,223	)
Net Assets (100.0%)			$	276,961

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

(a) Security is subject to delayed delivery.

(b) Floating or Variable rate securities: The rates disclosed are as of March 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments.

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

(d) Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of March 31, 2019.

(e) Non-income producing security.

(f) Security has been deemed illiquid at March 31, 2019.

(g) At March 31, 2019, the Fund held fair valued securities valued at approximately $2,000, representing less than 0.05% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Trust's Trustees.

(h) Rate shown is the yield to maturity at March 31, 2019.

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

(j) The approximate fair value and percentage of net assets, $53,978,000 and 19.5%, 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 Consolidated Financial Statements.

(k) At March 31, 2019, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $35,678,000 and the aggregate gross unrealized depreciation is approximately $8,642,000, resulting in net unrealized appreciation of approximately $27,036,000.

@ Value is less than $500.

ADR American Depositary Receipt.

CDI CHESS Depositary Interest.

CVA Certificaten Van Aandelen.

IO Interest Only.

LIBOR London Interbank Offered Rate.

MTN Medium Term Note.

OAT Obligations Assimilables du Trésor (French Treasury Obligation).

OFZ Obilgatsyi Federal'novo Zaima (Russian Federal Loan Obligation).

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 consolidated financial statements.
22

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at March 31, 2019:

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Delivery Date	Unrealized Appreciation (Depreciation) (000)
JPMorgan Chase Bank NA	$	558		EUR	496		4/1/19	$	(1	)
JPMorgan Chase Bank NA	$	178		EUR	158		4/2/19		(—	@)
Barclays Bank PLC	$	143		EUR	127		4/3/19		(—	@)
Citibank NA	$	116		GBP	89		4/3/19		—	@
Goldman Sachs International	$	22		CAD	30		4/3/19		—	@
JPMorgan Chase Bank NA	$	43		JPY	4,788		4/3/19		(—	@)
Goldman Sachs International	BRL	1,318		$	331		5/16/19		(5	)
Goldman Sachs International	BRL	45,584		$	11,807		5/16/19		200
Goldman Sachs International	BRL	16,437		$	4,245		5/16/19		59
Goldman Sachs International	BRL	18,177		$	4,701		5/16/19		73
Goldman Sachs International	BRL	2,054		$	535		5/16/19		12
Goldman Sachs International	$	426		BRL	1,644		5/16/19		(7	)
Goldman Sachs International	$	4,126		BRL	15,729		5/16/19		(120	)
Goldman Sachs International	$	275		BRL	1,160		5/16/19		21
Goldman Sachs International	$	3,720		BRL	15,842		5/16/19		314
Goldman Sachs International	$	2,908		BRL	12,272		5/16/19		217
Goldman Sachs International	$	4,676		BRL	17,942		5/16/19		(107	)
Goldman Sachs International	$	493		BRL	1,845		5/16/19		(23	)
Goldman Sachs International	$	3,690		BRL	13,882		5/16/19		(156	)
Goldman Sachs International	$	697		BRL	2,713		5/16/19		(6	)
Bank of America NA	CNH	912		$	136		6/13/19		—	@
Bank of America NA	EUR	764		$	868		6/13/19		6
Bank of America NA	$	203		PLN	772		6/13/19		(2	)
Bank of Montreal	AUD	—	@	$	—	@	6/13/19		(—	@)
Bank of Montreal	$	263		HUF	73,058		6/13/19		(7	)
Barclays Bank PLC	AUD	6		$	4		6/13/19		(—	@)
Barclays Bank PLC	EUR	3,702		$	4,206		6/13/19		28
Barclays Bank PLC	JPY	18,067		$	163		6/13/19		(1	)
Barclays Bank PLC	$	1,366		GBP	1,038		6/13/19		(9	)
Barclays Bank PLC	$	1,802		SGD	2,440		6/13/19		—	@
BNP Paribas SA	CAD	778		$	583		6/13/19		(1	)
BNP Paribas SA	EUR	2,122		$	2,411		6/13/19		16
BNP Paribas SA	JPY	111,391		$	1,007		6/13/19		(3	)
BNP Paribas SA	PHP	5,580		$	105		6/13/19		(—	@)
BNP Paribas SA	PHP	353,918		$	6,722		6/13/19		25
BNP Paribas SA	$	753		GBP	572		6/13/19		(5	)
BNP Paribas SA	$	164		TWD	5,042		6/13/19		1
BNP Paribas SA	$	827		TWD	25,481		6/13/19		3
Citibank NA	AUD	374		$	265		6/13/19		(1	)
Citibank NA	CLP	327,933		$	493		6/13/19		11
Citibank NA	EUR	3,287		$	3,734		6/13/19		25
Citibank NA	EUR	3,812		$	4,336		6/13/19		34
Citibank NA	HUF	122,149		$	433		6/13/19		4
Citibank NA	HUF	1,099,337		$	3,875		6/13/19		16
Citibank NA	$	341		CLP	231,269		6/13/19		(1	)
Citibank NA	$	328		CZK	7,449		6/13/19		(4	)
Citibank NA	$	434		EUR	383		6/13/19		(2	)
Citibank NA	$	3,894		EUR	3,447		6/13/19		(4	)
Citibank NA	$	98		HUF	28,069		6/13/19		—	@
Citibank NA	$	4,353		HUF	1,208,212		6/13/19		(111	)
Citibank NA	$	4,336		HUF	1,204,610		6/13/19		(107	)
Citibank NA	$	133		ILS	479		6/13/19		(1	)
Citibank NA	$	102		KRW	116,340		6/13/19		—	@
Citibank NA	$	1,284		KRW	1,449,201		6/13/19		(5	)
Citibank NA	$	444		MXN	8,684		6/13/19		(1	)
Citibank NA	$	747		THB	23,619		6/13/19		(1	)
Citibank NA	$	550		TRY	3,156		6/13/19		(20	)
Commonwealth Bank of Australia	EUR	1,367		$	1,553		6/13/19		10

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts: (cont'd)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Commonwealth Bank of Australia	NZD	41	$	28	6/13/19	$	—	@
Commonwealth Bank of Australia	$	12	GBP	9	6/13/19		(—	@)
Credit Suisse International	EUR	949	$	1,078	6/13/19		7
Credit Suisse International	JPY	61,155	$	553	6/13/19		(2	)
Goldman Sachs International	EUR	6,281	$	7,135	6/13/19		47
Goldman Sachs International	HKD	2,590	$	331	6/13/19		—	@
Goldman Sachs International	IDR	2,830,823	$	196	6/13/19		(1	)
Goldman Sachs International	JPY	61,156	$	553	6/13/19		(2	)
Goldman Sachs International	$	671	BRL	2,614	6/13/19		(7	)
Goldman Sachs International	$	1,161	EUR	1,016	6/13/19		(14	)
Goldman Sachs International	$	29	HKD	230	6/13/19		(—	@)
Goldman Sachs International	$	123	HUF	34,145	6/13/19		(3	)
Goldman Sachs International	$	411	IDR	5,911,570	6/13/19		1
Goldman Sachs International	ZAR	630	$	44	6/13/19		—	@
JPMorgan Chase Bank NA	ARS	12,839	$	270	6/13/19		—	@
JPMorgan Chase Bank NA	AUD	7	$	5	6/13/19		(—	@)
JPMorgan Chase Bank NA	CAD	55	$	41	6/13/19		(—	@)
JPMorgan Chase Bank NA	CHF	11	$	11	6/13/19		(—	@)
JPMorgan Chase Bank NA	EUR	632	$	718	6/13/19		5
JPMorgan Chase Bank NA	JPY	13,929	$	126	6/13/19		(—	@)
JPMorgan Chase Bank NA	NOK	7,267	$	844	6/13/19		(1	)
JPMorgan Chase Bank NA	$	557	ARS	25,835	6/13/19		(14	)
JPMorgan Chase Bank NA	$	436	INR	30,974	6/13/19		7
JPMorgan Chase Bank NA	$	1,023	MXN	20,033	6/13/19		(3	)
JPMorgan Chase Bank NA	$	849	RUB	56,867	6/13/19		9
JPMorgan Chase Bank NA	ZAR	526	$	36	6/13/19		—	@
State Street Bank and Trust Co.	AUD	13	$	9	6/13/19		(—	@)
State Street Bank and Trust Co.	DKK	165	$	25	6/13/19		—	@
State Street Bank and Trust Co.	JPY	40,853	$	369	6/13/19		(1	)
UBS AG	AUD	575	$	408	6/13/19		(—	@)
UBS AG	CAD	804	$	602	6/13/19		(1	)
UBS AG	CAD	374	$	280	6/13/19		(—	@)
UBS AG	CHF	205	$	208	6/13/19		(—	@)
UBS AG	CHF	58	$	58	6/13/19		(1	)
UBS AG	DKK	1,061	$	162	6/13/19		1
UBS AG	EUR	8,392	$	9,533	6/13/19		62
UBS AG	GBP	328	$	428	6/13/19		(1	)
UBS AG	JPY	180,912	$	1,636	6/13/19		(6	)
UBS AG	NOK	223	$	26	6/13/19		(—	@)
UBS AG	SEK	1,426	$	153	6/13/19		(1	)
UBS AG	TRY	13,327	$	2,318	6/13/19		82
UBS AG	$	80	CAD	107	6/13/19		(—	@)
UBS AG	$	3,382	EUR	2,995	6/13/19		(2	)
UBS AG	$	322	GBP	245	6/13/19		(2	)
UBS AG	$	2,551	JPY	281,043	6/13/19		(1	)
UBS AG	$	424	TRY	2,517	6/13/19		(2	)
UBS AG	$	4,275	TRY	24,568	6/13/19		(152	)
UBS AG	$	88	ZAR	1,282	6/13/19		—	@
JPMorgan Chase Bank NA	CNH	1,251	$	186	6/20/19		—	@
JPMorgan Chase Bank NA	CNH	2,803	$	409	6/20/19		(7	)
JPMorgan Chase Bank NA	CNH	78,826	$	11,815	6/20/19		93
JPMorgan Chase Bank NA	$	11,833	CNH	82,879	6/20/19		492
Bank of America NA	HUF	210,323	$	756	6/28/19		17
Bank of America NA	NOK	931	$	109	6/28/19		1
Bank of America NA	PLN	117	$	31	6/28/19		—	@
Bank of America NA	$	5	CAD	7	6/28/19		—	@
Bank of America NA	$	6,092	EUR	5,345	6/28/19		(52	)
Bank of America NA	$	405	SEK	3,707	6/28/19		(4	)
Barclays Bank PLC	DKK	680	$	103	6/28/19		—	@

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts: (cont'd)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Barclays Bank PLC	EUR	127	$	144	6/28/19	$	—	@
BNP Paribas SA	$	252	SGD	340	6/28/19		(1	)
BNP Paribas SA	$	396	THB	12,474	6/28/19		(2	)
Citibank NA	GBP	89	$	117	6/28/19		(—	@)
Citibank NA	MXN	29,539	$	1,528	6/28/19		27
Citibank NA	$	104	DKK	680	6/28/19		(1	)
Goldman Sachs International	AUD	2,116	$	1,507	6/28/19		2
Goldman Sachs International	CAD	432	MXN	6,235	6/28/19		4
Goldman Sachs International	CAD	30	$	22	6/28/19		(—	@)
Goldman Sachs International	JPY	25,502	$	231	6/28/19		(—	@)
Goldman Sachs International	$	764	CHF	752	6/28/19		(3	)
Goldman Sachs International	$	2,145	GBP	1,618	6/28/19		(28	)
Goldman Sachs International	$	1,132	JPY	123,620	6/28/19		(9	)
Goldman Sachs International	$	327	MXN	6,235	6/28/19		(11	)
Goldman Sachs International	$	76	NZD	110	6/28/19		(1	)
JPMorgan Chase Bank NA	CAD	148	$	111	6/28/19		(1	)
JPMorgan Chase Bank NA	EUR	496	$	563	6/28/19		2
JPMorgan Chase Bank NA	EUR	158	$	179	6/28/19		—	@
JPMorgan Chase Bank NA	JPY	4,788	$	44	6/28/19		—	@
JPMorgan Chase Bank NA	$	167	IDR	2,405,860	6/28/19		—	@
JPMorgan Chase Bank NA	$	1,690	KRW	1,911,008	6/28/19		(2	)
State Street Bank and Trust Co.	MYR	21	$	5	6/28/19		—	@
BNP Paribas SA	$	166	ARS	8,190	7/18/19		(1	)
Goldman Sachs International	ARS	7,928	$	179	7/18/19		20
Goldman Sachs International	ARS	16,492	$	359	7/18/19		28
Goldman Sachs International	$	2,393	ARS	109,772	7/18/19		(192	)
Goldman Sachs International	$	760	ARS	35,472	7/18/19		(48	)
JPMorgan Chase Bank NA	CNH	118,251	$	16,851	10/17/19		(720	)
JPMorgan Chase Bank NA	CNH	82,879	$	11,795	10/17/19		(520	)
JPMorgan Chase Bank NA	$	2,442	CNH	16,810	10/17/19		56
JPMorgan Chase Bank NA	$	20,200	CNH	137,282	10/17/19		198
JPMorgan Chase Bank NA	$	1,048	CNH	7,393	10/17/19		51
JPMorgan Chase Bank NA	$	5,993	CNH	40,225	10/17/19		(16	)
						$	(260	)

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2019:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)		Unrealized Appreciation (Depreciation) (000)
Long:
100 oz Gold Future (United States)		33	Jun-19	$	3		$	4,285	$	(101	)
Australian 3 yr. Bond (Australia)		299	Jun-19		29,900			24,127		127
FTSE China A50 Index (China)		192	Apr-19		—	@		2,520		121
German Euro Bund (Germany)		11	Jun-19		1,100			2,052		45
MSCI Singapore Free Index (Singapore)		28	Apr-19		3			743		2
S&P 500 E Mini Index (United States)		213	Jun-19		11			30,223		707
U.S. Treasury 10 yr. Note (United States)		21	Jun-19		2,100			2,609		34
U.S. Treasury 10 yr. Ultra Long Bond (United States)		42	Jun-19		4,200			5,577		106
U.S. Treasury 2 yr. Note (United States)		38	Jun-19		7,600			8,097		35
U.S. Treasury 30 yr. Bond (United States)		3	Jun-19		300			449		14

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Futures Contracts: (cont'd)

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Short:
Euro Stoxx 50 (Germany)		71	Jun-19	$	(1	)	$	(2,606	)	$	(32	)
German Euro BONO (Germany)		3	Jun-19		(300	)		(507	)		(8	)
German Euro BTP (Germany)		24	Jun-19		(2,400	)		(3,486	)		(68	)
German Euro Bund (Germany)		31	Jun-19		(3,100	)		(5,784	)		(105	)
German Euro OAT (Germany)		7	Jun-19		(700	)		(1,277	)		(36	)
Hang Seng China Enterprises Index (Hong Kong)		21	Apr-19		(1	)		(1,521	)		(20	)
MSCI Emerging Market E Mini (United States)		2	Jun-19		—	@		(106	)		(1	)
NIKKEI 225 Index (Japan)		7	Jun-19		(3	)		(672	)		5
U.S. Treasury 10 yr. Note (United States)		14	Jun-19		(1,400	)		(1,739	)		1
U.S. Treasury 5 yr. Note (United States)		40	Jun-19		(4,000	)		(4,633	)		(43	)
										$	783

Interest Rate Swap Agreement:

The Fund had the following interest rate swap agreement open at March 31, 2019:

Swap Counterparty

Floating Rate
Index

Pay/
Receive
Floating
Rate

Fixed
Rate

Payment
Frequency
Paid/
Received

Maturity
Date

Notional
Amount
(000)

Value
(000)

Upfront
Payment
Paid
(000)

Unrealized
Appreciation
(000)

JPMorgan Chase
Bank NA

3 Month KORIBOR

Pay

1.83

Quarterly/Quarterly

6/14/27

KRW

1,400,000

—

Total Return Swap Agreements:

The Fund had the following total return swap agreements open at March 31, 2019:

Swap Counterparty

Index

Pay/
Receive
Total
Return of
Referenced
Index

Floating
Rate

Payment
Frequency

Maturity
Date

Notional
Amount
(000)

Value
(000)

Upfront
Payment
Paid
(000)

Unrealized
Appreciation
(000)

Barclays Bank PLC

Barclays Custom
Short Elevators
Index^††

Pay

3 Month USD LIBOR
plus 0.20%

Quarterly

3/6/20

1,608

—

BNP Paribas SA

Alerian MLP
Total Return Index

Receive

3 Month USD LIBOR
plus 0.40%

Quarterly

5/30/19

600

—

BNP Paribas SA

Alerian MLP
Total Return Index

Receive

3 Month USD LIBOR
plus 0.47%

Quarterly

5/30/19

432

—

BNP Paribas SA

MSCI Emerging
Market Index

Receive

3 Month USD LIBOR
plus 0.24%

Quarterly/

1/24/20

19,872

884

—

884

BNP Paribas SA

MSCI AU Banks

Pay

3 Month AUD BBSW
plus 0.13%

Quarterly

2/10/20

AUD

1,033

—

BNP Paribas SA

MSCI AU Banks

Pay

3 Month AUD BBSW
plus 0.13%

Quarterly

2/10/20

2,087

—

BNP Paribas SA

MSCI AU Banks

Pay

3 Month AUD BBSW
plus 0.13%

Quarterly

2/10/20

4,081

—

BNP Paribas SA

MSCI U.S. Banks Gross
Total Return Index

Pay

3 Month USD LIBOR
plus 0.14%

Quarterly

6/14/19

359

—

BNP Paribas SA

MSCI U.S. Banks Gross
Total Return Index

Pay

3 Month USD LIBOR
plus 0.14%

Quarterly

6/14/19

394

—

BNP Paribas SA

MSCI U.S. Banks Gross
Total Return Index

Pay

3 Month USD LIBOR
plus 0.14%

Quarterly

6/14/19

372

—

JPMorgan Chase
Bank NA

MSCI Japan Net
Total Return Index

Receive

3 Month USD LIBOR
plus 0.16%

Quarterly

2/10/20

14,419

—

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Total Return Swap Agreements: (cont'd)

Swap Counterparty	Index	Pay/ Receive Total Return of Referenced Index	Floating Rate	Payment Frequency	Maturity Date	Notional Amount (000)		Value (000)		Upfront Payment Paid (000)		Unrealized Appreciation (000)
JPMorgan Chase Bank NA	JPM Short Canadian Banks^††	Pay	3 Month CAD CDOR plus 0.05%	Quarterly	3/30/20	CAD	1,872	$	16	$	—	$	16
JPMorgan Chase Bank NA	Alerian MLP Total Return Index	Receive	3 Month USD LIBOR plus 0.48%	Quarterly	5/30/19	$	1,397		12		—		12
								$	1,239	$	—	$	1,239

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

The following table represents the equity basket holdings underlying the total return swap with Barclays Custom Short Elevators Index as of March 31, 2019:

Security Description	Shares		Value (000)		Index Weight
Barclays Custom Short Elevators Index
Fujitec Co., Ltd.		27,700	$	306		2.04	%
Kone Oyj		157,078		7,925		52.76
Schindler Holding AG		31,545		6,539		43.53
Yungtay Engineering Co., Ltd.		121,000		251		1.67
Total			$	15,021		100.00	%

The following table represents the equity basket holdings underlying the total return swap with JPM Short Canadian Banks Index as of March 31, 2019:

Security Description	Shares		Value (000)		Index Weight
JPM Short Canadian Banks Index
Bank of Montreal		503	$	38		13.03	%
Bank of Nova Scotia (The)		930		49		17.14
Canadian Imperial Bank of Commerce		338		27		9.25
National Bank of Canada		264		12		4.12
Royal Bank of Canada		1,130		85		29.53
Toronto-Dominion Bank (The)		1,433		78		26.93
Total			$	289		100.00	%

@ Value is less than $500.

BBSW Australia's Bank Bill Swap.

CDOR Canadian Dealer Offered Rate.

KORIBOR Korea Interbank Offered Rate.

LIBOR London Interbank Offered Rate.

ARS — Argentine Peso

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

CNH — Chinese Yuan Renminbi Offshore

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli Shekel

INR — Indian Rupee

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PHP — Philippine Peso

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Portfolio Composition

Classification	Percentage of Total Investments
Fixed Income Securities		44.5	%
Common Stocks		39.4
Short-Term Investments		16.1
Total Investments		100.0	%*

* Does not include open long/short futures contracts with a value of approximately $103,013,000 and net unrealized appreciation of approximately $783,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $260,000 and does not include open swap agreements with net unrealized appreciation of approximately $1,259,000.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Global Strategist Portfolio

Consolidated Statement of Assets and Liabilities	March 31, 2019 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $212,137)	$	237,391
Investment in Security of Affiliated Issuer, at Value (Cost $40,793)		40,793
Total Investments in Securities, at Value (Cost $252,930)		278,184
Foreign Currency, at Value (Cost $785)		750
Cash		3
Receivable for Variation Margin on Futures Contracts		2,705
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		2,287
Unrealized Appreciation on Swap Agreements		1,259
Interest Receivable		972
Receivable for Investments Sold		767
Tax Reclaim Receivable		252
Dividends Receivable		226
Receivable from Affiliate		75
Due from Broker		34
Receivable for Fund Shares Sold		22
Other Assets		103
Total Assets		287,639
Liabilities:
Payable for Investments Purchased		5,870
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		2,547
Due to Broker		1,340
Payable for Advisory Fees		249
Payable for Fund Shares Redeemed		209
Payable for Professional Fees		114
Payable for Trustees' Fees and Expenses		113
Payable for Shareholder Services Fees — Class A		43
Payable for Distribution and Shareholder Services Fees — Class L		9
Payable for Distribution and Shareholder Services Fees — Class C		2
Payable for Sub Transfer Agency Fees		—	@
Payable for Sub Transfer Agency Fees — Class I		8
Payable for Sub Transfer Agency Fees — Class A		32
Payable for Sub Transfer Agency Fees — Class L		3
Payable for Sub Transfer Agency Fees — Class C		—	@
Payable for Custodian Fees		34
Payable for Transfer Agency Fees — Class I		3
Payable for Transfer Agency Fees — Class A		13
Payable for Transfer Agency Fees — Class L		2
Payable for Transfer Agency Fees — Class C		1
Payable for Transfer Agency Fees — Class IS		1
Payable for Administration Fees		19
Deferred Capital Gain Country Tax		3
Other Liabilities		63
Total Liabilities		10,678
Net Assets	$	276,961
Net Assets Consist of:
Paid-in-Capital	$	254,773
Total Distributable Earnings		22,188
Net Assets	$	276,961

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Global Strategist Portfolio

Consolidated Statement of Assets and Liabilities (cont'd)	March 31, 2019 (000)
CLASS I:
Net Assets	$	58,736
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		3,910,383
Net Asset Value, Offering and Redemption Price Per Share	$	15.02
CLASS A:
Net Assets	$	202,348
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		13,581,063
Net Asset Value, Redemption Price Per Share	$	14.90
Maximum Sales Load		5.25	%
Maximum Sales Charge	$	0.83
Maximum Offering Price Per Share	$	15.73
CLASS L:
Net Assets	$	13,861
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		937,179
Net Asset Value, Offering and Redemption Price Per Share	$	14.79
CLASS C:
Net Assets	$	1,912
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		130,167
Net Asset Value, Offering and Redemption Price Per Share	$	14.69
CLASS IS:
Net Assets	$	104
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		6,905
Net Asset Value, Offering and Redemption Price Per Share	$	15.03

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Global Strategist Portfolio

Consolidated Statement of Operations	Six Months Ended March 31, 2019 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $2 of Foreign Taxes Withheld)	$	1,694
Dividends from Securities of Unaffiliated Issuers (Net of $58 of Foreign Taxes Withheld)		1,247
Dividends from Security of Affiliated Issuer (Note G)		234
Total Investment Income		3,175
Expenses:
Advisory Fees (Note B)		628
Shareholder Services Fees — Class A (Note D)		254
Distribution and Shareholder Services Fees — Class L (Note D)		57
Distribution and Shareholder Services Fees — Class C (Note D)		9
Administration Fees (Note C)		112
Sub Transfer Agency Fees — Class I		25
Sub Transfer Agency Fees — Class A		78
Sub Transfer Agency Fees — Class L		6
Sub Transfer Agency Fees — Class C		1
Custodian Fees (Note F)		99
Professional Fees		93
Pricing Fees		58
Transfer Agency Fees — Class I (Note E)		5
Transfer Agency Fees — Class A (Note E)		18
Transfer Agency Fees — Class L (Note E)		2
Transfer Agency Fees — Class C (Note E)		1
Transfer Agency Fees — Class IS (Note E)		1
Shareholder Reporting Fees		27
Registration Fees		21
Trustees' Fees and Expenses		7
Other Expenses		8
Total Expenses		1,510
Waiver of Advisory Fees (Note B)		(61	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(21	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class IS (Note B)		(1	)
Rebate from Morgan Stanley Affiliate (Note G)		(17	)
Net Expenses		1,409
Net Investment Income		1,766
Realized Gain (Loss):
Investments Sold (Net of $72 of Capital Gain Country Tax)		(226	)
Foreign Currency Forward Exchange Contracts		385
Foreign Currency Translation		107
Futures Contracts		(2,202	)
Swap Agreements		13
Net Realized Loss		(1,923	)
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Increase in Deferred Capital Gain Country Tax of $1)		114
Foreign Currency Forward Exchange Contracts		(1,082	)
Foreign Currency Translation		(20	)
Futures Contracts		531
Swap Agreements		1,145
Net Change in Unrealized Appreciation (Depreciation)		688
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(1,235	)
Net Increase in Net Assets Resulting from Operations	$	531

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Global Strategist Portfolio

Consolidated Statements of Changes in Net Assets	Six Months Ended March 31, 2019 (unaudited) (000)			Year Ended September 30, 2018 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	1,766		$	5,477
Net Realized Gain (Loss)		(1,923	)		30,497
Net Change in Unrealized Appreciation (Depreciation)		688			(23,819	)
Net Increase in Net Assets Resulting from Operations		531			12,155
Dividends and Distributions to Shareholders:
Class I		(7,553	)		(4,282	)
Class A		(25,417	)		(14,484	)
Class L		(1,941	)		(1,087	)
Class C		(218	)		(72	)
Class IS		(20	)		(10	)
Total Dividends and Distributions to Shareholders		(35,149	)		(19,935	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		3,508			5,799
Distributions Reinvested		7,518			4,265
Redeemed		(7,984	)		(14,485	)
Class A:
Subscribed		7,328			4,800
Distributions Reinvested		24,946			14,203
Redeemed		(26,683	)		(39,079	)
Class L:
Exchanged		367			226
Distributions Reinvested		1,901			1,063
Redeemed		(3,953	)		(3,783	)
Class C:
Subscribed		311			685
Distributions Reinvested		217			72
Redeemed		(278	)		(226	)
Class IS:
Subscribed		—	@		24
Distributions Reinvested		19			9
Redeemed		(59	)		—
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		7,158			(26,427	)
Total Decrease in Net Assets		(27,460	)		(34,207	)
Net Assets:
Beginning of Period		304,421			338,628
End of Period	$	276,961		$	304,421

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Global Strategist Portfolio

Consolidated Statements of Changes in Net Assets (cont'd)	Six Months Ended March 31, 2019 (unaudited) (000)			Year Ended September 30, 2018 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		229			338
Shares Issued on Distributions Reinvested		535			253
Shares Redeemed		(548	)		(845	)
Net Increase (Decrease) in Class I Shares Outstanding		216			(254	)
Class A:
Shares Subscribed		460			282
Shares Issued on Distributions Reinvested		1,788			849
Shares Redeemed		(1,788	)		(2,295	)
Net Increase (Decrease) in Class A Shares Outstanding		460			(1,164	)
Class L:
Shares Exchanged		26			13
Shares Issued on Distributions Reinvested		137			64
Shares Redeemed		(282	)		(223	)
Net Decrease in Class L Shares Outstanding		(119	)		(146	)
Class C:
Shares Subscribed		21			42
Shares Issued on Distributions Reinvested		16			4
Shares Redeemed		(20	)		(14	)
Net Increase in Class C Shares Outstanding		17			32
Class IS:
Shares Subscribed		—	@@		1
Shares Issued on Distributions Reinvested		1			1
Shares Redeemed		(4	)		—
Net Increase (Decrease) in Class IS Shares Outstanding		(3	)		2

@ Amount is less than $500.

@@ Amount is less than 500 shares.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Consolidated Financial Highlights

Global Strategist Portfolio

	Class I
	Six Months Ended March 31, 2019			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾⁽²⁾			2015⁽²⁾			2014⁽²⁾
Net Asset Value, Beginning of Period	$	17.05		$	17.48		$	15.79		$	14.58		$	16.99		$	16.96
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.12			0.33			0.30			0.28			0.28			0.34
Net Realized and Unrealized Gain (Loss)		(0.11	)		0.35			1.57			0.95			(1.73	)		1.15
Total from Investment Operations		0.01			0.68			1.87			1.23			(1.45	)		1.49
Distributions from and/or in Excess of:
Net Investment Income		(0.58	)		(0.21	)		(0.18	)		—			(0.35	)		(0.23	)
Net Realized Gain		(1.46	)		(0.90	)		—			(0.02	)		(0.61	)		(1.23	)
Total Distributions		(2.04	)		(1.11	)		(0.18	)		(0.02	)		(0.96	)		(1.46	)
Net Asset Value, End of Period	$	15.02		$	17.05		$	17.48		$	15.79		$	14.58		$	16.99
Total Return⁽⁴⁾		0.85	%⁽⁷⁾		3.94	%		11.98	%		8.42	%⁽⁵⁾		(8.87	)%		9.37	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	58,736		$	62,998		$	69,017		$	74,158		$	83,930		$	72,952
Ratio of Expenses Before Expense Limitation		0.86	%⁽⁸⁾		0.85	%		0.85	%		0.81	%		0.83	%		0.83	%
Ratio of Expenses After Expense Limitation		0.73	%⁽⁶⁾⁽⁸⁾		0.73	%⁽⁶⁾		0.72	%⁽⁶⁾		0.68	%⁽⁶⁾		0.73	%⁽⁶⁾		0.72	%⁽⁶⁾
Ratio of Net Investment Income		1.55	%⁽⁶⁾⁽⁸⁾		1.95	%⁽⁶⁾		1.87	%⁽⁶⁾		1.84	%⁽⁶⁾		1.78	%⁽⁶⁾		1.99	%⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁸⁾		0.01	%		0.02	%		0.01	%		0.01	%		0.02	%
Portfolio Turnover Rate		54	%⁽⁷⁾		132	%		176	%		103	%		98	%		62	%

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class I shares. The Ratio of Expenses After Expense Limitation would have been 0.05% higher and the Ratio of Net Investment Income would have been 0.05% lower had the custodian not reimbursed the Fund.

(2) Not consolidated.

(3) Per share amount is based on average shares outstanding.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Performance was positively impacted by approximately 0.21% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class I shares would have been approximately 8.21%.

(7) Not annualized.

(8) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Consolidated Financial Highlights

Global Strategist Portfolio

	Class A
	Six Months Ended March 31, 2019			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾⁽²⁾			2015⁽²⁾			2014⁽²⁾
Net Asset Value, Beginning of Period	$	16.90		$	17.32		$	15.64		$	14.50		$	16.88		$	16.88
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.09			0.28			0.25			0.23			0.23			0.27
Net Realized and Unrealized Gain (Loss)		(0.11	)		0.35			1.56			0.93			(1.71	)		1.15
Total from Investment Operations		(0.02	)		0.63			1.81			1.16			(1.48	)		1.42
Distributions from and/or in Excess of:
Net Investment Income		(0.52	)		(0.15	)		(0.13	)		—			(0.29	)		(0.19	)
Net Realized Gain		(1.46	)		(0.90	)		—			(0.02	)		(0.61	)		(1.23	)
Total Distributions		(1.98	)		(1.05	)		(0.13	)		(0.02	)		(0.90	)		(1.42	)
Net Asset Value, End of Period	$	14.90		$	16.90		$	17.32		$	15.64		$	14.50		$	16.88
Total Return⁽⁴⁾		0.68	%⁽⁷⁾		3.68	%		11.64	%		7.98	%⁽⁵⁾		(9.16	)%		9.02	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	202,348		$	221,707		$	247,483		$	259,999		$	287,438		$	365,642
Ratio of Expenses Before Expense Limitation		1.10	%⁽⁸⁾		1.09	%		1.12	%		1.11	%		1.11	%		1.14	%
Ratio of Expenses After Expense Limitation		1.04	%⁽⁶⁾⁽⁸⁾		1.03	%⁽⁶⁾		1.05	%⁽⁶⁾		0.99	%⁽⁶⁾		1.05	%⁽⁶⁾		1.07	%⁽⁶⁾
Ratio of Net Investment Income		1.24	%⁽⁶⁾⁽⁸⁾		1.66	%⁽⁶⁾		1.52	%⁽⁶⁾		1.56	%⁽⁶⁾		1.44	%⁽⁶⁾		1.64	%⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁸⁾		0.01	%		0.02	%		0.01	%		0.01	%		0.02	%
Portfolio Turnover Rate		54	%⁽⁷⁾		132	%		176	%		103	%		98	%		62	%

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class A shares. The Ratio of Expenses After Expense Limitation would have been 0.07% higher and the Ratio of Net Investment Income would have been 0.07% lower had the custodian not reimbursed the Fund.

(2) Not consolidated.

(3) Per share amount is based on average shares outstanding.

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

(5) Performance was positively impacted by approximately 0.27% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class A shares would have been approximately 7.71%.

(7) Not annualized.

(8) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Consolidated Financial Highlights

Global Strategist Portfolio

	Class L
	Six Months Ended March 31, 2019			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾⁽²⁾			2015⁽²⁾			2014⁽²⁾
Net Asset Value, Beginning of Period	$	16.73		$	17.15		$	15.47		$	14.41		$	16.79		$	16.78
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.05			0.19			0.16			0.15			0.15			0.19
Net Realized and Unrealized Gain (Loss)		(0.10	)		0.34			1.55			0.93			(1.72	)		1.15
Total from Investment Operations		(0.05	)		0.53			1.71			1.08			(1.57	)		1.34
Distributions from and/or in Excess of:
Net Investment Income		(0.43	)		(0.05	)		(0.03	)		—			(0.20	)		(0.10	)
Net Realized Gain		(1.46	)		(0.90	)		—			(0.02	)		(0.61	)		(1.23	)
Total Distributions		(1.89	)		(0.95	)		(0.03	)		(0.02	)		(0.81	)		(1.33	)
Net Asset Value, End of Period	$	14.79		$	16.73		$	17.15		$	15.47		$	14.41		$	16.79
Total Return⁽⁴⁾		0.43	%⁽⁷⁾		3.13	%		11.07	%		7.47	%⁽⁵⁾		(9.66	)%		8.49	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	13,861		$	17,665		$	20,605		$	23,051		$	24,544		$	28,032
Ratio of Expenses Before Expense Limitation		1.61	%⁽⁸⁾		1.58	%		1.66	%		1.64	%		1.69	%		1.70	%
Ratio of Expenses After Expense Limitation		1.55	%⁽⁶⁾⁽⁸⁾		1.52	%⁽⁶⁾		1.57	%⁽⁶⁾		1.52	%⁽⁶⁾		1.58	%⁽⁶⁾		1.57	%⁽⁶⁾
Ratio of Net Investment Income		0.71	%⁽⁶⁾⁽⁸⁾		1.12	%⁽⁶⁾		1.00	%⁽⁶⁾		1.03	%⁽⁶⁾		0.93	%⁽⁶⁾		1.14	%⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁸⁾		0.01	%		0.02	%		0.01	%		0.01	%		0.02	%
Portfolio Turnover Rate		54	%⁽⁷⁾		132	%		176	%		103	%		98	%		62	%

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class L shares. The Ratio of Expenses After Expense Limitation would have been 0.06% higher and the Ratio of Net Investment Income would have been 0.06% lower had the custodian not reimbursed the Fund.

(2) Not consolidated.

(3) Per share amount is based on average shares outstanding.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Performance was positively impacted by approximately 0.20% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class L shares would have been approximately 7.27%.

(7) Not annualized.

(8) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Consolidated Financial Highlights

Global Strategist Portfolio

	Class C
	Six Months Ended March 31, 2019			Year Ended September 30,									Period from April 30, 2015⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾⁽³⁾			September 30, 2015⁽³⁾
Net Asset Value, Beginning of Period	$	16.65		$	17.08		$	15.42		$	14.41		$	16.03
Income (Loss) from Investment Operations:
Net Investment Income⁽⁴⁾		0.03			0.21			0.11			0.10			0.03
Net Realized and Unrealized Gain (Loss)		(0.10	)		0.27			1.55			0.93			(1.65	)
Total from Investment Operations		(0.07	)		0.48			1.66			1.03			(1.62	)
Distributions from and/or in Excess of:
Net Investment Income		(0.43	)		(0.01	)		—			—			—
Net Realized Gain		(1.46	)		(0.90	)		—			(0.02	)		—
Total Distributions		(1.89	)		(0.91	)		—			(0.02	)		—
Net Asset Value, End of Period	$	14.69		$	16.65		$	17.08		$	15.42		$	14.41
Total Return⁽⁵⁾		0.30	%⁽⁸⁾		2.83	%		10.77	%		7.13	%⁽⁶⁾		(10.11	)%⁽⁸⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,912		$	1,885		$	1,386		$	1,613		$	1,363
Ratio of Expenses Before Expense Limitation		1.95	%⁽⁹⁾		1.99	%		2.02	%		1.94	%		2.28	%⁽⁹⁾
Ratio of Expenses After Expense Limitation		1.83	%⁽⁷⁾⁽⁹⁾		1.83	%⁽⁷⁾		1.82	%⁽⁷⁾		1.81	%⁽⁷⁾		1.83	%⁽⁷⁾⁽⁹⁾
Ratio of Net Investment Income		0.46	%⁽⁷⁾⁽⁹⁾		1.28	%⁽⁷⁾		0.72	%⁽⁷⁾		0.71	%⁽⁷⁾		0.54	%⁽⁷⁾⁽⁹⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁹⁾		0.01	%		0.02	%		0.01	%		0.01	%⁽⁹⁾
Portfolio Turnover Rate		54	%⁽⁸⁾		132	%		176	%		103	%		98	%⁽⁸⁾

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class C shares. The Ratio of Expenses After Expense Limitation would have been 0.02% higher and the Ratio of Net Investment Income would have been 0.02% lower had the custodian not reimbursed the Fund.

(2) Commencement of Offering.

(3) Not consolidated.

(4) Per share amount is based on average shares outstanding.

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

(6) Performance was positively impacted by approximately 0.21% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class C shares would have been approximately 6.92%.

(8) Not annualized.

(9) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Consolidated Financial Highlights

Global Strategist Portfolio

	Class IS
	Six Months Ended March 31, 2019			Year Ended September 30,									Period from May 29, 2015⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾⁽³⁾			September 30, 2015⁽³⁾
Net Asset Value, Beginning of Period	$	17.06		$	17.49		$	15.79		$	14.59		$	15.97
Income (Loss) from Investment Operations:
Net Investment Income⁽⁴⁾		0.12			0.37			0.31			0.26			0.09
Net Realized and Unrealized Gain (Loss)		(0.11	)		0.31			1.57			0.96			(1.47	)
Total from Investment Operations		0.01			0.68			1.88			1.22			(1.38	)
Distributions from and/or in Excess of:
Net Investment Income		(0.58	)		(0.21	)		(0.18	)		—			—
Net Realized Gain		(1.46	)		(0.90	)		—			(0.02	)		—
Total Distributions		(2.04	)		(1.11	)		(0.18	)		(0.02	)		—
Net Asset Value, End of Period	$	15.03		$	17.06		$	17.49		$	15.79		$	14.59
Total Return⁽⁵⁾		0.89	%⁽⁹⁾		3.98	%		12.08	%		8.42	%⁽⁶⁾		(8.70	)%⁽⁹⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	104		$	166		$	137		$	143		$	9
Ratio of Expenses Before Expense Limitation		2.03	%⁽¹⁰⁾		1.95	%		2.17	%		5.44	%		16.27	%⁽¹⁰⁾
Ratio of Expenses After Expense Limitation		0.70	%^(7)(10)		0.70	%⁽⁷⁾		0.69	%⁽⁷⁾		0.70	%⁽⁷⁾		0.71	%^(7)(10)
Ratio of Net Investment Income		1.56	%^(7)(10)		2.13	%⁽⁷⁾		1.88	%⁽⁷⁾		1.68	%⁽⁷⁾		1.66	%^(7)(10)
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽¹⁰⁾		0.01	%		0.02	%		0.01	%		0.00	%^(8)(10)
Portfolio Turnover Rate		54	%⁽⁹⁾		132	%		176	%		103	%		98	%⁽⁹⁾

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class IS shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Commencement of Offering.

(3) Not consolidated.

(4) Per share amount is based on average shares outstanding.

(5) Calculated based on the net asset value as of the last business day of the period.

(6) Performance was positively impacted by approximately 0.35% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class IS shares would have been approximately 8.07%.

(8) Amount is less than 0.005%.

(9) Not annualized.

(10) Annualized.

The accompanying notes are an integral part of the consolidated financial statements.
38

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Notes to Consolidated Financial Statements (unaudited)

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

The Fund has suspended offering Class L shares for sales to all investors. Class L shareholders of the Fund do not have the option to purchasing additional Class L shares. However, existing Class L shareholders may invest in additional Class L shares through reinvestment of dividends and distributions.

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 Trust in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may, consistent with its principal investment strategies, invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, Global Strategist Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest, directly or indirectly through the use of derivatives, in securities, commodities, commodity-related instruments and other investments, primarily futures, swaps and notes. The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation. As of March 31, 2019, the Subsidiary represented approximately $23,103,000 or approximately 8.34% of the total assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to the commodity markets within the limitations of Subchapter M of the Code and recent Internal Revenue

Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-13, Fair Value Measurement (Topic 820) — Disclosures Framework — Changes to Disclosure Requirements of Fair Value Measurement ("ASU 2018-13") which introduces new fair value disclosure requirements as well as eliminates and modifies certain existing fair value disclosure requirements. ASU 2018-13 would be effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years; however, management has elected to early adopt ASU 2018-13 as permitted by the standard. The impact of the Fund's adoption was limited to changes in the Fund's consolidated financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, when applicable.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) OTC swaps may be valued by an outside pricing service approved by the Trustees or quotes from a broker or dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (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; and (8) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

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.)

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2019:

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	$	—	$	191	$	—	$	191
Agency Fixed Rate Mortgages		—		9,239		—		9,239
Asset-Backed Securities		—		894		—		894
Collateralized Mortgage Obligations — Agency Collateral Series		—		167		—		167
Commercial Mortgage- Backed Securities		—		2,148		—		2,148

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	$	—	$	37,799	$	—		$	37,799
Mortgages — Other		—		3,019		—			3,019
Sovereign		—		63,162		—			63,162
U.S. Treasury Securities		—		7,184		—			7,184
Total Fixed Income Securities		—		123,803		—			123,803
Common Stocks
Aerospace & Defense		840		846		—			1,686
Air Freight & Logistics		251		563		—			814
Airlines		12		64		—			76
Auto Components		86		388		—			474
Automobiles		22		2,018		—			2,040
Banks		5,501		8,123		—			13,624
Beverages		830		1,125		—			1,955
Biotechnology		924		511		—			1,435
Building Products		279		293		—			572
Capital Markets		1,426		975		—			2,401
Chemicals		746		1,487		—			2,233
Commercial Services & Supplies		301		396		—			697
Communications Equipment		746		251		—			997
Construction & Engineering		46		2,248		—			2,294
Construction Materials		377		299		—			676
Consumer Finance		1,415		4		—			1,419
Containers & Packaging		184		47		—			231
Distributors		26		23		—			49
Diversified Consumer Services		22		—		—			22
Diversified Financial Services		96		278		—			374
Diversified Telecommunication Services		2,032		1,624		—			3,656
Electric Utilities		1,163		1,012		—			2,175
Electrical Equipment		292		740		—			1,032
Electronic Equipment, Instruments & Components		158		67		—			225
Energy Equipment & Services		278		94		—	†		372	†
Entertainment		488		24		—			512
Equity Real Estate Investment Trusts (REITs)		1,394		591		—			1,985
Food & Staples Retailing		1,548		602		—			2,150
Food Products		518		1,857		—			2,375
Gas Utilities		51		191		—			242
Health Care Equipment & Supplies		1,555		379		—			1,934
Health Care Providers & Services		1,167		262		—			1,429
Health Care Technology		41		—		—			41
Hotels, Restaurants & Leisure		1,151		955		—			2,106
Household Durables		756		348		—			1,104
Household Products		928		403		—			1,331

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Notes to Consolidated 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)
Independent Power & Renewable Electricity Producers	$	25		$	47	$	—		$	72
Industrial Conglomerates		442			631		—			1,073
Information Technology Services		2,400			1,318		—			3,718
Insurance		854			2,666		—			3,520
Interactive Media & Services		1,423			59		—			1,482
Internet & Direct Marketing Retail		1,539			537		—			2,076
Leisure Products		22			18		—			40
Life Sciences Tools & Services		450			125		—			575
Machinery		691			787		—			1,478
Marine		—			88		—			88
Media		930			393		—			1,323
Metals & Mining		450			1,719		—			2,169
Multi-Line Retail		239			170		—			409
Multi-Utilities		721			671		—			1,392
Oil, Gas & Consumable Fuels		5,144			2,919		—			8,063
Paper & Forest Products		60			325		—			385
Personal Products		155			1,063		—			1,218
Pharmaceuticals		1,875			3,617		—			5,492
Professional Services		347			648		—			995
Real Estate Management & Development		84			726		—			810
Road & Rail		937			362		—			1,299
Semiconductors & Semiconductor Equipment		1,709			470		2			2,181
Software		2,398			644		—			3,042
Specialty Retail		965			363		—			1,328
Tech Hardware, Storage & Peripherals		2,751			—		—			2,751
Textiles, Apparel & Luxury Goods		287			1,291		—			1,578
Thrifts & Mortgage Finance		71			—		—			71
Tobacco		443			503		—			946
Trading Companies & Distributors		252			224		—			476
Transportation Infrastructure		33			2,290		—			2,323
Water Utilities		10			58		—			68
Wireless Telecommunication Services		137			383		—			520
Total Common Stocks		55,494			54,203		2	†		109,699	†
Right		—			—		—	†		—	†
Warrant		—	@		—		—			—	@
Short-Term Investments
Investment Company		40,793			—		—			40,793
U.S. Treasury Security		—			3,889		—			3,889
Total Short-Term Investments		40,793			3,889		—			44,682

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)			Total (000)
Foreign Currency Forward Exchange Contracts	$	—		$	2,287		$	—		$	2,287
Futures Contracts		1,197			—			—			1,197
Interest Rate Swap Agreement		—			20			—			20
Total Return Swap Agreements		—			1,239			—			1,239
Total Assets		97,484			185,441			2	†		282,927	†
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(2,547	)		—			(2,547	)
Futures Contracts		(414	)		—			—			(414	)
Total Liabilities		(414	)		(2,547	)		—			(2,961	)
Total	$	97,070		$	182,894		$	2	†	$	279,966	†

@ Value is less than $500.

† Includes one or more securities which are valued at zero.

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

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

	Common Stocks (000)			Right (000)
Beginning Balance	$	—	@†	$	—
Purchases		—			—	†
Sales		—			—
Amortization of discount		—			—
Transfers in		—			—
Transfers out		—			—
Corporate actions		—			—
Change in unrealized appreciation (depreciation)		2			—
Realized gains (losses)		—			—
Ending Balance	$	2	†	$	—	†
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2019	$	2		$	—

@ Value is less than $500.

† Includes one or more securities which are valued at zero.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2019:

Fair Value at
March 31, 2019
(000)

Valuation
Technique

Unobservable
Input

Amount*

Impact to
Valuation from an
Increase in Input**

Common Stock

Book Value

0.05

Increase

* Amount is indicative of the weighted average.

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

3. Foreign Currency Translation and Foreign Investments: The books and records of the Fund 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.

equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency transactions for the period is reflected in the Consolidated Statement of Operations.

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 Consolidated 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 Fund values the foreign shares at the closing exchange price of the local shares.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

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 Fund'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 Fund used during the period and their associated risks:

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 Fund'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 Fund of margin deposits in the event of bankruptcy of a broker with which the Fund has open positions in the futures contract.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

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.

agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The Fund's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the swap agreement.

The current credit rating of each individual issuer is listed in the table following the Consolidated 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.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

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 Fund may use cross currency hedging or proxy hedging with respect to currencies in which the Fund 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 Fund's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Fund 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 Fund as unrealized gain or loss. The Fund 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 Fund's derivative contracts by primary risk exposure as of March 31, 2019:

Asset Derivatives
Consolidated
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

2,287

Futures Contracts

Variation Margin on
Futures Contracts

Equity Risk

835

(a)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

362

(a)

Swap Agreements

Unrealized Appreciation on
Swap Agreements

Equity Risk

1,239

Swap Agreements

Unrealized Appreciation on
Swap Agreements

Interest Rate Risk

Total

4,743

Liability Derivatives
Consolidated
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

(2,547

)

Futures Contract

Variation Margin on
Futures Contracts

Commodity Risk

(101

)(a)

Futures Contracts

Variation Margin on
Futures Contracts

Equity Risk

(53

)(a)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(260

)(a)

Total

(2,961

)

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

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	385
Commodity Risk	Futures Contracts		270
Equity Risk	Futures Contracts		(2,323	)
Interest Rate Risk	Futures Contracts		(149	)
Equity Risk	Swap Agreements		55
Interest Rate Risk	Swap Agreements		(42	)
Total		$	1,804

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(1,082	)
Commodity Risk	Futures Contracts		(63	)
Equity Risk	Futures Contracts		481
Interest Rate Risk	Futures Contracts		113
Equity Risk	Swap Agreements		1,390
Interest Rate Risk	Swap Agreements		(245	)
Total		$	594

At March 31, 2019, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Consolidated Statement of Assets and Liabilities
Derivatives(b)	Assets(c) (000)		Liabilities(c) (000)
Foreign Currency Forward Exchange Contracts	$	2,287	$	(2,547	)
Swap Agreements		1,259		—
Total	$	3,546	$	(2,547	)

(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 Fund 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 Fund 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 Fund 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 Fund 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 Fund'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, 2019:

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Consolidated Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Received(d) (000)			Net Amount (not less than $0) (000)
Bank of America NA	$	24		$	(24	)	$	—		$	0
Barclays Bank PLC		92			(10	)		—			82
BNP Paribas SA		1,136			(13	)		(910	)		213
Citibank NA		117			(117	)		—			0
Commonwealth Bank of Australia		10			(—	@)		—			10
Credit Suisse International		7			(2	)		—			5
Goldman Sachs International		998			(743	)		(249	)		6
JPMorgan Chase Bank NA		1,017			(913	)		(104	)		0
State Street Bank and Trust Co.		—	@		(—	@)		—			0
UBS AG		145			(145	)		—			0
Total	$	3,546		$	(1,967	)	$	(1,263	)	$	316
Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in the Consolidated Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Pledged(d) (000)			Net Amount (not less than $0) (000)
Bank of America NA	$	58		$	(24	)	$	—		$	34
Bank of Montreal		7			—			—			7
Barclays Bank PLC		10			(10	)		—			0
BNP Paribas SA		13			(13	)		—			0
Citibank NA		259			(117	)		—			142
Commonwealth Bank of Australia		—	@		(—	@)		—			0
Credit Suisse International		2			(2	)		—			0
Goldman Sachs International		743			(743	)		—			0
JPMorgan Chase Bank NA		1,285			(913	)		(366	)		6
State Street Bank and Trust Co.		1			(—	@)		—			1
UBS AG		169			(145	)		—			24
Total	$	2,547		$	(1,967	)	$	(366	)	$	214

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

@ Value is less than $500.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

For the six months ended March 31, 2019, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	261,459,000
Futures Contracts:
Average monthly notional value	$	121,858,000
Swap Agreements:
Average monthly notional amount	$	24,497,000

7. Dividends and Distributions to Shareholders: Dividends 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.

income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund 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 Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, 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 Fund 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 Fund 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 Fund.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

C. Administration Fees: The Adviser also serves as Administrator to the Trust and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund'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 Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

The Trust 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 Fund 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 Fund'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, Class L and Class C shares.

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2019, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments, were approximately $49,454,000 and $69,660,000, respectively. For the six months ended March 31, 2019, purchases and sales of long-term U.S. Government securities were approximately $52,691,000 and $73,328,000, respectively.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the six months ended March 31, 2019, advisory fees paid were reduced by approximately $17,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in share of affiliated investments companies during the six months ended March 31, 2019 are as follows:

Affiliated Investment Company				Value September 30, 2018 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	20,097			$	99,651			$	78,955			$	234

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value March 31, 2019 (000)
Liquidity Funds				$	—			$	—			$	40,793

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated 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 consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund 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, 2018 remains subject to examination by taxing authorities.

2018 Distributions Paid From:				2017 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	3,262	$	16,673	$	2,854	$	—

Permanent differences, primarily due to differing treatments of gains (losses) related to foreign currency transactions, basis adjustments for swap transactions, tax adjustments on passive foreign investment companies sold by the Fund, foreign capital gain tax and tax adjustments related to the Subsidiary, resulted in the following reclassifications among the components of net assets at September 30, 2018:

Total Distributable Earnings (Loss) (000)				Paid-in- Capital (000)
$	8			$	(8	)

At September 30, 2018, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	9,380			$	28,489

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

March 31, 2019, the Fund did not have any borrowings under the Facility.

K. Accounting Pronouncement: In March 2017, FASB issued an Accounting Standard Update, ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the "ASU") which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the consolidated financial statements.

Privacy Notice (unaudited)

FACTS				WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?
Why?				Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?				The types of personal information we collect and share depend on the product or service you have with us. This information can include: n Social Security number and income n investment experience and risk tolerance n checking account number and wire transfer instructions
How?				All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MSIM share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don't share
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

Questions? Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Privacy Notice (unaudited) (cont'd)

Who we are
Who is providing this notice?				Morgan Stanley Investment Management, Inc. and its affiliated registered investment advisers, registered broker-dealers, and registered and unregistered funds ("MSIM")
What we do
How does MSIM protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?				We collect your personal information, for example, when you n open an account or make deposits or withdrawals from your account n buy securities from us or make a wire transfer n give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?				Federal law gives you the right to limit only n sharing for affiliates' everyday business purposes — information about your creditworthiness n affiliates from using your information to market to you n sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Affiliates				Companies related by common ownership or control. They can be financial and nonfinancial companies. n Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates				Companies not related by common ownership or control. They can be financial and nonfinancial companies. n MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between nonaffiliated financial companies that together market financial products or services to you. n MSIM doesn't jointly market
Other Important Information

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Trustee and Officer Information (unaudited)

Trustees

Frank L. Bowman
Kathleen A. Dennis
Nancy C. Everett
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia Maleski
Michael E. Nugent, Chair of the Board
W. Allen Reed

Officers

John H. Gernon
President and Principal Executive Officer

Timothy J. Knierim
Chief Compliance Officer

Mary E. Mullin
Secretary

Francis J. Smith
Treasurer and Principal Financial Officer

Michael J. Key
Vice President

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

DST Asset Manager Solutions, 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

Perkins Coie LLP
30 Rockefeller Plaza
New York, New York 10112

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

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

IFTGSSAN
2516248 EXP 05.31.20

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Discovery Portfolio

(formerly Mid Cap Growth Portfolio)

Semi-Annual Report

March 31, 2019

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					6
Statement of Operations					8
Statements of Changes in Net Assets					9
Financial Highlights					11
Notes to Financial Statements					16
Privacy Notice					26
Trustee and Officer Information					28

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Semi-Annual report, in which you will learn how your investment in Discovery Portfolio (the "Fund") (formerly Mid Cap Growth 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 2019

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Expense Example (unaudited)

Discovery Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2019 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/18		Actual Ending Account Value 3/31/19		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Discovery Portfolio Class I	$	1,000.00	$	1,024.50	$	1,021.39	$	3.58	$	3.58		0.71	%
Discovery Portfolio Class A		1,000.00		1,023.30		1,019.90		5.09		5.09		1.01
Discovery Portfolio Class L		1,000.00		1,020.70		1,017.35		7.66		7.64		1.52
Discovery Portfolio Class C		1,000.00		1,018.30		1,015.51		9.51		9.50		1.89
Discovery Portfolio Class IS		1,000.00		1,025.30		1,021.74		3.23		3.23		0.64

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments

Discovery Portfolio

	Shares		Value (000)
Common Stocks (95.8%)
Biotechnology (2.8%)
Alnylam Pharmaceuticals, Inc. (a)		42,844	$	4,004
Bluebird Bio, Inc. (a)		7,855		1,236
Editas Medicine, Inc. (a)		45,946		1,123
Exact Sciences Corp. (a)		133,110		11,530
Intellia Therapeutics, Inc. (a)		61,122		1,044
Intrexon Corp. (a)(b)		93,337		491
Moderna, Inc. (a)(b)		113,850		2,317
				21,745
Capital Markets (1.0%)
MarketAxess Holdings, Inc.		31,409		7,729
Entertainment (5.0%)
Spotify Technology SA (a)		274,491		38,099
Health Care Equipment & Supplies (6.4%)
DexCom, Inc. (a)		245,458		29,234
LivaNova PLC (a)		82,202		7,994
Penumbra, Inc. (a)		77,066		11,330
				48,558
Health Care Providers & Services (8.5%)
Covetrus, Inc. (a)		411,228		13,098
Guardant Health, Inc. (a)		151,750		11,639
HealthEquity, Inc. (a)		540,140		39,959
				64,696
Health Care Technology (7.3%)
Agilon Health Topco, Inc. (acquisition cost — $2,693; acquired 11/7/18) (a)(c)(d)(e)		7,122		2,693
Veeva Systems, Inc., Class A (a)		419,819		53,259
				55,952
Information Technology Services (24.2%)
Adyen N.V. (Netherlands) (a)		16,525		12,962
MongoDB, Inc. (a)(b)		375,410		55,193
Okta, Inc. (a)		330,181		27,316
Shopify, Inc., Class A (Canada) (a)		152,742		31,560
Square, Inc., Class A (a)		359,003		26,896
Twilio, Inc., Class A (a)		237,649		30,699
				184,626
Interactive Media & Services (9.0%)
Angi Homeservices, Inc., Class A (a)		694,849		10,728
Match Group, Inc.		140,027		7,927
Twitter, Inc. (a)		1,022,842		33,631
Zillow Group, Inc., Class C (a)		480,282		16,685
				68,971
Internet & Direct Marketing Retail (9.3%)
Farfetch Ltd., Class A (a)		601,821		16,195
GrubHub, Inc. (a)		150,776		10,474
MercadoLibre, Inc. (a)		37,379		18,979
Overstock.com, Inc. (a)(b)		383,018		6,366
Wayfair, Inc., Class A (a)		126,076		18,716
				70,730

	Shares		Value (000)
Pharmaceuticals (0.1%)
Nektar Therapeutics (a)		14,940	$	502
Software (19.8%)
Atlassian Corp., PLC, Class A (United Kingdom) (a)		107,493		12,081
Constellation Software, Inc. (Canada)		14,366		12,175
Coupa Software, Inc. (a)		413,017		37,576
Elastic N.V. (a)(b)		145,098		11,589
Guidewire Software, Inc. (a)		123,490		11,998
Smartsheet, Inc., Class A (a)		662,797		27,036
Trade Desk, Inc. (The), Class A (a)		61,767		12,227
Ultimate Software Group, Inc. (The) (a)		38,704		12,777
Zendesk, Inc. (a)		159,063		13,520
				150,979
Specialty Retail (2.4%)
Carvana Co. (a)(b)		318,476		18,491
Total Common Stocks (Cost $569,462)				731,078
Short-Term Investments (9.3%)
Securities held as Collateral on Loaned Securities (4.9%)
Investment Company (3.8%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note G)		29,380,477		29,380
	Face Amount (000)
Repurchase Agreements (1.1%)
Barclays Capital, Inc., (2.50%, dated 3/29/19, due 4/1/19; proceeds $1,902; fully collateralized by a U.S. Government obligation; 1.37% due 1/15/20; valued at $1,939)	$	1,902		1,902
HSBC Securities USA, Inc., (2.58%, dated 3/29/19, due 4/1/19; proceeds $4,535; fully collateralized by U.S. Government obligations; 0.00% - 1.38% due 8/31/20 - 11/15/22; valued at $4,625)		4,534		4,534
Merrill Lynch & Co., Inc., (2.55%, dated 3/29/19, due 4/1/19; proceeds $1,633; fully collateralized by a U.S. Government obligation; 2.51% due 1/31/21; valued at $1,665)		1,632		1,632
				8,068
Total Securities held as Collateral on Loaned Securities (Cost $37,448)				37,448

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Discovery Portfolio

	Shares		Value (000)
Investment Company (4.4%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note G) (Cost $33,840)		33,839,604	$	33,840
Total Short-Term Investments (Cost $71,288)				71,288
Total Investments Excluding Purchased Options (105.1%) (Cost $640,750)				802,366
Total Purchased Options Outstanding (0.0%) (Cost $1,869)				250
Total Investments (105.2%) (Cost $642,619) Including $39,195 of Securities Loaned (f)				802,616
Liabilities in Excess of Other Assets (–5.2%)				(39,473	)
Net Assets (100.0%)			$	763,143

(a) Non-income producing security.

(b) All or a portion of this security was on loan at March 31, 2019.

(d) At March 31, 2019, the Fund held a fair valued security valued at approximately $2,693,000, representing 0.4% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Trust's Trustees.

(e) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2019 amounts to approximately $2,693,000 and represents 0.4% of net assets

(f) At March 31, 2019, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $183,709,000 and the aggregate gross unrealized depreciation is approximately $23,712,000, resulting in net unrealized appreciation of approximately $159,997,000.

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2019:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
Royal Bank of Scotland	USD/CNH	CNH	1.00	Jan-20		115,175,179		115,175	$	202	$	589	$	(387	)
Royal Bank of Scotland	USD/CNH	CNH	7.78	Jul-19		129,503,174		129,503		8		631		(623	)
Royal Bank of Scotland	USD/CNH	CNH	8.00	Oct-19		110,365,893		110,366		40		649		(609	)
									$	250	$	1,869	$	(1,619	)

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

Portfolio Composition*

Classification	Percentage of Total Investments
Information Technology Services		24.1	%
Software		19.7
Other**		10.8
Internet & Direct Marketing Retail		9.2
Interactive Media & Services		9.0
Health Care Providers & Services		8.5
Health Care Technology		7.3
Health Care Equipment & Supplies		6.4
Entertainment		5.0
Total Investments		100.0	%

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2019.

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Discovery Portfolio

Statement of Assets and Liabilities		March 31, 2019 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $579,399)		$	739,396
Investment in Security of Affiliated Issuer, at Value (Cost $63,220)			63,220
Total Investments in Securities, at Value (Cost $642,619)			802,616
Foreign Currency, at Value (Cost $1)			1
Cash			610
Receivable for Investments Sold			1,080
Receivable for Fund Shares Sold	��		544
Dividends Receivable			239
Receivable from Securities Lending Income			133
Receivable from Affiliate			86
Other Assets			188
Total Assets			805,497
Liabilities:
Collateral on Securities Loaned, at Value			38,058
Payable for Investments Purchased			1,319
Payable for Fund Shares Redeemed			1,243
Payable for Advisory Fees			821
Due to Broker			490
Payable for Professional Fees			80
Payable for Shareholder Services Fees — Class A			64
Payable for Distribution and Shareholder Services Fees — Class L			6
Payable for Distribution and Shareholder Services Fees — Class C			2
Payable for Administration Fees			52
Payable for Sub Transfer Agency Fees — Class I			7
Payable for Sub Transfer Agency Fees — Class A			38
Payable for Sub Transfer Agency Fees — Class L			1
Payable for Trustees' Fees and Expenses			45
Payable for Transfer Agency Fees — Class I			8
Payable for Transfer Agency Fees — Class A			21
Payable for Transfer Agency Fees — Class L			2
Payable for Transfer Agency Fees — Class C			1
Payable for Transfer Agency Fees — Class IS			2
Payable for Custodian Fees			5
Other Liabilities			89
Total Liabilities			42,354
Net Assets		$	763,143
Net Assets Consist of:
Paid-in-Capital		$	602,745
Total Distributable Earnings			160,398
Net Assets		$	763,143

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Discovery Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2019 (000)
CLASS I:
Net Assets	$	335,530
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		17,212,763
Net Asset Value, Offering and Redemption Price Per Share	$	19.49
CLASS A:
Net Assets	$	304,130
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		19,261,050
Net Asset Value, Offering and Redemption Price Per Share	$	15.79
Maximum Sales Load		5.25	%
Maximum Sales Charge	$	0.87
Maximum Offering Price Per Share	$	16.66
CLASS L:
Net Assets	$	8,595
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		615,870
Net Asset Value, Offering and Redemption Price Per Share	$	13.96
CLASS C:
Net Assets	$	2,431
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		157,705
Net Asset Value, Offering and Redemption Price Per Share	$	15.41
CLASS IS:
Net Assets	$	112,457
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		5,706,762
Net Asset Value, Offering and Redemption Price Per Share	$	19.71
⁽¹⁾ Including: Securities on Loan, at Value:	$	39,195

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Discovery Portfolio

Statement of Operations	Six Months Ended March 31, 2019 (000)
Investment Income:
Dividends from Securities of Unaffiliated Issuers (Net of $44 of Foreign Taxes Withheld)	$	840
Income from Securities Loaned — Net		359
Dividends from Security of Affiliated Issuer (Note G)		326
Total Investment Income		1,525
Expenses:
Advisory Fees (Note B)		1,611
Shareholder Services Fees — Class A (Note D)		331
Distribution and Shareholder Services Fees — Class L (Note D)		30
Distribution and Shareholder Services Fees — Class C (Note D)		5
Administration Fees (Note C)		258
Sub Transfer Agency Fees — Class I		101
Sub Transfer Agency Fees — Class A		136
Sub Transfer Agency Fees — Class L		3
Sub Transfer Agency Fees — Class C		1
Shareholder Reporting Fees		62
Professional Fees		56
Transfer Agency Fees — Class I (Note E)		11
Transfer Agency Fees — Class A (Note E)		26
Transfer Agency Fees — Class L (Note E)		2
Transfer Agency Fees — Class C (Note E)		1
Transfer Agency Fees — Class IS (Note E)		3
Registration Fees		42
Custodian Fees (Note F)		11
Trustees' Fees and Expenses		11
Pricing Fees		2
Other Expenses		17
Expenses Before Non Operating Expenses		2,720
Bank Overdraft Expense		1
Total Expenses		2,721
Rebate from Morgan Stanley Affiliate (Note G)		(30	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(—	@)
Net Expenses		2,691
Net Investment Loss		(1,166	)
Realized Gain:
Investments Sold		22,702
Foreign Currency Translation		3
Net Realized Gain		22,705
Change in Unrealized Appreciation (Depreciation):
Investments		(8,192	)
Foreign Currency Translation		(—	@)
Net Change in Unrealized Appreciation (Depreciation)		(8,192	)
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		14,513
Net Increase in Net Assets Resulting from Operations	$	13,347

@ 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, 2019

Discovery Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2019 (unaudited) (000)			Year Ended September 30, 2018 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Loss	$	(1,166	)	$	(3,018	)
Net Realized Gain		22,705			163,296
Net Change in Unrealized Appreciation (Depreciation)		(8,192	)		79,072
Net Increase in Net Assets Resulting from Operations		13,347			239,350
Dividends and Distributions to Shareholders:
Class I		(47,434	)		(76,997	)
Class A		(56,202	)		(91,767	)
Class L		(1,904	)		(2,865	)
Class C		(138	)		(4	)
Class IS		(15,697	)		(20,114	)
Total Dividends and Distributions to Shareholders		(121,375	)		(191,747	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		76,589			117,653
Distributions Reinvested		47,059			76,164
Redeemed		(52,167	)		(155,559	)
Class A:
Subscribed		68,107			41,320
Distributions Reinvested		55,847			91,096
Redeemed		(70,273	)		(131,766	)
Class L:
Subscribed		28			—
Distributions Reinvested		1,883			2,826
Redeemed		(997	)		(1,750	)
Class C:
Subscribed		2,162			485
Distributions Reinvested		136			—
Redeemed		(459	)		—
Class IS:
Subscribed		20,204			26,185
Distributions Reinvested		15,694			20,109
Redeemed		(4,855	)		(24,742	)
Net Increase in Net Assets Resulting from Capital Share Transactions		158,958			62,021
Total Increase in Net Assets		50,930			109,624
Net Assets:
Beginning of Period		712,213			602,589
End of Period	$	763,143		$	712,213

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Discovery Portfolio

Statements of Changes in Net Assets (cont'd)	Six Months Ended March 31, 2019 (unaudited) (000)			Year Ended September 30, 2018 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		4,181			5,817
Shares Issued on Distributions Reinvested		2,875			4,569
Shares Redeemed		(2,896	)		(8,191	)
Net Increase in Class I Shares Outstanding		4,160			2,195
Class A:
Shares Subscribed		4,387			2,381
Shares Issued on Distributions Reinvested		4,208			6,442
Shares Redeemed		(4,801	)		(7,872	)
Net Increase in Class A Shares Outstanding		3,794			951
Class L:
Shares Subscribed		2			—
Shares Issued on Distributions Reinvested		161			219
Shares Redeemed		(80	)		(116	)
Net Increase in Class L Shares Outstanding		83			103
Class C:
Shares Subscribed		153			27
Shares Issued on Distributions Reinvested		10			—
Shares Redeemed		(33	)		—
Net Increase in Class C Shares Outstanding		130			27
Class IS:
Shares Subscribed		1,067			1,244
Shares Issued on Distributions Reinvested		949			1,196
Shares Redeemed		(266	)		(1,302	)
Net Increase in Class IS Shares Outstanding		1,750			1,138

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Discovery Portfolio

	Class I
	Six Months Ended March 31, 2019			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			2015			2014
Net Asset Value, Beginning of Period	$	23.30		$	22.30		$	31.85		$	35.96		$	44.73		$	44.24
Income (Loss) from Investment Operations:
Net Investment Income (Loss)⁽²⁾		(0.02	)		(0.07	)		0.05			0.03			(0.16	)		0.09
Net Realized and Unrealized Gain (Loss)		(0.11	)		7.99			1.99			0.18			(2.33	)		3.04
Total from Investment Operations		(0.13	)		7.92			2.04			0.21			(2.49	)		3.13
Distributions from and/or in Excess of:
Net Investment Income		—			—			—			—			(0.09	)		—
Net Realized Gain		(3.68	)		(6.92	)		(11.59	)		(4.32	)		(6.19	)		(2.64	)
Total Distributions		(3.68	)		(6.92	)		(11.59	)		(4.32	)		(6.28	)		(2.64	)
Net Asset Value, End of Period	$	19.49		$	23.30		$	22.30		$	31.85		$	35.96		$	44.73
Total Return⁽³⁾		2.45	%⁽⁶⁾		47.85	%		16.16	%		0.19	%		(6.18	)%		7.25	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	335,530		$	304,179		$	242,140		$	563,397		$	2,164,565		$	4,708,900
Ratio of Expenses Before Expense Limitation		0.72	%⁽⁷⁾		0.72	%		0.72	%		0.74	%		N/A			N/A
Ratio of Expenses After Expense Limitation		0.71	%⁽⁴⁾⁽⁷⁾		0.71	%⁽⁴⁾		0.72	%⁽⁴⁾		0.73	%⁽⁴⁾		0.74	%⁽⁴⁾		0.75	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Non Operating Expenses		0.71	%⁽⁴⁾⁽⁷⁾		0.71	%⁽⁴⁾		0.71	%⁽⁴⁾		N/A			N/A			N/A
Ratio of Net Investment Income (Loss)		(0.24	)%⁽⁴⁾⁽⁷⁾		(0.35	)%⁽⁴⁾		0.21	%⁽⁴⁾		0.09	%⁽⁴⁾		(0.39	)%⁽⁴⁾		0.19	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁷⁾		0.01	%		0.01	%		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾
Portfolio Turnover Rate		57	%⁽⁶⁾		86	%		59	%		23	%		27	%		45	%

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class I shares. The Ratio of Expenses After Expense Limitation would have been less than 0.005% higher and the Ratio of Net Investment Income would have been less than 0.005% lower had the custodian not reimbursed the Fund.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) The Ratios of Expenses and Net Investment Income (Loss) reflect the rebate of certain Fund 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."

(5) Amount is less than 0.005%.

(6) Not annualized.

(7) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Discovery Portfolio

	Class A
	Six Months Ended March 31, 2019			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			2015			2014
Net Asset Value, Beginning of Period	$	19.71		$	19.92		$	29.86		$	34.06		$	42.70		$	42.46
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.04	)		(0.11	)		(0.03	)		(0.05	)		(0.26	)		(0.03	)
Net Realized and Unrealized Gain (Loss)		(0.20	)		6.82			1.68			0.17			(2.19	)		2.91
Total from Investment Operations		(0.24	)		6.71			1.65			0.12			(2.45	)		2.88
Distributions from and/or in Excess of:
Net Realized Gain		(3.68	)		(6.92	)		(11.59	)		(4.32	)		(6.19	)		(2.64	)
Net Asset Value, End of Period	$	15.79		$	19.71		$	19.92		$	29.86		$	34.06		$	42.70
Total Return⁽³⁾		2.33	%⁽⁶⁾		47.36	%		15.85	%		(0.12	)%		(6.40	)%		6.95	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	304,130		$	304,921		$	289,123		$	480,488		$	996,553		$	1,859,126
Ratio of Expenses Before Expense Limitation		1.02	%⁽⁷⁾		1.02	%		1.01	%		1.00	%		N/A			N/A
Ratio of Expenses After Expense Limitation		1.01	%⁽⁴⁾⁽⁷⁾		1.01	%⁽⁴⁾		1.01	%⁽⁴⁾		0.99	%⁽⁴⁾		1.00	%⁽⁴⁾		1.00	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Non Operating Expenses		1.01	%⁽⁴⁾⁽⁷⁾		1.01	%⁽⁴⁾		1.00	%⁽⁴⁾		N/A			N/A			N/A
Ratio of Net Investment Loss		(0.53	)%⁽⁴⁾⁽⁷⁾		(0.65	)%⁽⁴⁾		(0.17	)%⁽⁴⁾		(0.17	)%⁽⁴⁾		(0.65	)%⁽⁴⁾		(0.07	)%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁷⁾		0.01	%		0.01	%		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾
Portfolio Turnover Rate		57	%⁽⁶⁾		86	%		59	%		23	%		27	%		45	%

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class A shares. The Ratio of Expenses After Expense Limitation would have been less than 0.005% higher and the Ratio of Net Investment Loss would have been less than 0.005% lower had the custodian not reimbursed the Fund.

(2) Per share amount is based on average shares outstanding.

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

(4) The Ratios of Expenses and Net Investment Loss reflect the rebate of certain Fund 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."

(5) Amount is less than 0.005%.

(6) Not annualized.

(7) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Discovery Portfolio

	Class L
	Six Months Ended March 31, 2019			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			2015			2014
Net Asset Value, Beginning of Period	$	17.96		$	18.79		$	29.01		$	33.39		$	42.20		$	42.20
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.07	)		(0.18	)		(0.16	)		(0.22	)		(0.46	)		(0.26	)
Net Realized and Unrealized Gain (Loss)		(0.25	)		6.27			1.53			0.16			(2.16	)		2.90
Total from Investment Operations		(0.32	)		6.09			1.37			(0.06	)		(2.62	)		2.64
Distributions from and/or in Excess of:
Net Realized Gain		(3.68	)		(6.92	)		(11.59	)		(4.32	)		(6.19	)		(2.64	)
Net Asset Value, End of Period	$	13.96		$	17.96		$	18.79		$	29.01		$	33.39		$	42.20
Total Return⁽³⁾		2.07	%⁽⁶⁾		46.73	%		15.07	%		(0.73	)%		(6.94	)%		6.40	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	8,595		$	9,572		$	8,091		$	9,874		$	12,600		$	16,817
Ratio of Expenses Before Expense Limitation		1.53	%⁽⁷⁾		1.51	%		1.64	%		1.61	%		N/A			N/A
Ratio of Expenses After Expense Limitation		1.52	%⁽⁴⁾⁽⁷⁾		1.50	%⁽⁴⁾		1.63	%⁽⁴⁾		1.60	%⁽⁴⁾		1.55	%⁽⁴⁾		1.55	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Non Operating Expenses		1.52	%⁽⁴⁾⁽⁷⁾		1.50	%⁽⁴⁾		1.63	%⁽⁴⁾		N/A			N/A			N/A
Ratio of Net Investment Loss		(1.05	)%⁽⁴⁾⁽⁷⁾		(1.15	)%⁽⁴⁾		(0.85	)%⁽⁴⁾		(0.76	)%⁽⁴⁾		(1.20	)%⁽⁴⁾		(0.60	)%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁷⁾		0.01	%		0.01	%		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾
Portfolio Turnover Rate		57	%⁽⁶⁾		86	%		59	%		23	%		27	%		45	%

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class L shares. The Ratio of Expenses After Expense Limitation would have been less than 0.005% higher and the Ratio of Net Investment Loss would have been less than 0.005% lower had the custodian not reimbursed the Fund.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(5) Amount is less than 0.005%.

(6) Not annualized.

(7) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Discovery Portfolio

	Class C
Selected Per Share Data and Ratios	Six Months Ended March 31, 2019 (unaudited)			Year Ended September 30, 2018			Period from May 31, 2017⁽¹⁾ to September 30, 2017
Net Asset Value, Beginning of Period	$	19.42		$	19.85		$	19.34
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.11	)		(0.29	)		(0.09	)
Net Realized and Unrealized Gain (Loss)		(0.22	)		6.78			0.60
Total from Investment Operations		(0.33	)		6.49			0.51
Distributions from and/or in Excess of:
Net Realized Gain		(3.68	)		(6.92	)		—
Net Asset Value, End of Period	$	15.41		$	19.42		$	19.85
Total Return⁽³⁾		1.83	%⁽⁶⁾		46.08	%		2.64	%⁽⁶⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	2,431		$	536		$	10
Ratio of Expenses Before Expense Limitation		1.90	%⁽⁷⁾		3.69	%		15.31	%⁽⁷⁾
Ratio of Expenses After Expense Limitation		1.89	%⁽⁴⁾⁽⁷⁾		1.89	%⁽⁴⁾		1.90	%⁽⁴⁾⁽⁷⁾
Ratio of Expenses After Expense Limitation Excluding Non Operating Expenses		1.89	%⁽⁴⁾⁽⁷⁾		1.89	%⁽⁴⁾		1.90	%⁽⁴⁾⁽⁷⁾
Ratio of Net Investment Loss		(1.43	)%⁽⁴⁾⁽⁷⁾		(1.58	)%⁽⁴⁾		(1.34	)%⁽⁴⁾⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁷⁾		0.01	%		0.00	%⁽⁵⁾⁽⁷⁾
Portfolio Turnover Rate		57	%⁽⁶⁾		86	%		59	%⁽⁶⁾

(1) Commencement of Offering.

(2) Per share amount is based on average shares outstanding.

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

(5) Amount is less than 0.005%.

(6) Not annualized.

(7) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Discovery Portfolio

	Class IS
	Six Months Ended March 31, 2019			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			2015			2014
Net Asset Value, Beginning of Period	$	23.50		$	22.43		$	31.94		$	36.03		$	44.80		$	44.25
Income (Loss) from Investment Operations:
Net Investment Income (Loss)⁽²⁾		(0.02	)		(0.06	)		0.04			0.07			(0.10	)		0.18
Net Realized and Unrealized Gain (Loss)		(0.09	)		8.05			2.04			0.16			(2.33	)		3.01
Total from Investment Operations		(0.11	)		7.99			2.08			0.23			(2.43	)		3.19
Distributions from and/or in Excess of:
Net Investment Income		—			—			—			—			(0.15	)		—
Net Realized Gain		(3.68	)		(6.92	)		(11.59	)		(4.32	)		(6.19	)		(2.64	)
Total Distributions		(3.68	)		(6.92	)		(11.59	)		(4.32	)		(6.34	)		(2.64	)
Net Asset Value, End of Period	$	19.71		$	23.50		$	22.43		$	31.94		$	36.03		$	44.80
Total Return⁽³⁾		2.53	%⁽⁶⁾		47.89	%		16.24	%		0.25	%		(6.02	)%		7.39	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	112,457		$	93,005		$	63,225		$	219,255		$	1,087,612		$	662,560
Ratio of Expenses Before Expense Limitation		0.65	%⁽⁷⁾		0.66	%		0.65	%		0.62	%		N/A			N/A
Ratio of Expenses After Expense Limitation		0.64	%⁽⁴⁾⁽⁷⁾		0.65	%⁽⁴⁾		0.65	%⁽⁴⁾		0.61	%⁽⁴⁾		0.61	%⁽⁴⁾		0.61	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Non Operating Expenses		0.64	%⁽⁴⁾⁽⁷⁾		0.65	%⁽⁴⁾		0.65	%⁽⁴⁾		N/A			N/A			N/A
Ratio of Net Investment Income (Loss)		(0.17	)%⁽⁴⁾⁽⁷⁾		(0.30	)%⁽⁴⁾		0.18	%⁽⁴⁾		0.22	%⁽⁴⁾		(0.25	)%⁽⁴⁾		0.41	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁷⁾		0.01	%		0.01	%		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾
Portfolio Turnover Rate		57	%⁽⁶⁾		86	%		59	%		23	%		27	%		45	%

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class IS shares. The Ratio of Expenses After Expense Limitation would have been less than 0.005% higher and the Ratio of Net Investment Income would have been less than 0.005% lower had the custodian not reimbursed the Fund.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(5) Amount is less than 0.005%.

(6) Not annualized.

(7) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Notes to Financial Statements (unaudited)

The accompanying financial statements relate to the Discovery Portfolio (name changed on February 11, 2019, formerly Mid Cap Growth Portfolio). The Fund seeks long-term capital growth. The Fund offers five classes of shares — Class I, Class A, Class L, Class C and Class IS.

The Fund has suspended offering of Class L shares for sale to all investors. Class L shareholders of the Fund do not have the option of purchasing additional Class L shares. However, existing Class L shareholders may invest in additional Class L shares through reinvestment of dividends and distributions.

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), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (2) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers; (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 its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a broker/dealer or valued by a pricing service/vendor; (4) certain portfolio securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are no sales on a given

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available in the relevant exchanges; (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) 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; and (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

• 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.)

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2019:

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
Biotechnology	$	21,745	$	—	$	—	$	21,745
Capital Markets		7,729		—		—		7,729
Entertainment		38,099		—		—		38,099
Health Care Equipment & Supplies		48,558		—		—		48,558
Health Care Providers & Services		64,696		—		—		64,696
Health Care Technology		53,259		—		2,693		55,952
Information Technology Services		184,626		—		—		184,626
Interactive Media & Services		68,971		—		—		68,971
Internet & Direct Marketing Retail		70,730		—		—		70,730
Pharmaceuticals		502		—		—		502
Software		150,979		—		—		150,979
Specialty Retail		18,491		—		—		18,491
Total Common Stocks		728,385		—		2,693		731,078
Call Options Purchased		—		250		—		250
Short-Term Investments
Investment Company		63,220		—		—		63,220
Repurchase Agreements		—		8,068		—		8,068
Total Short-Term Investments		63,220		8,068		—		71,288
Total Assets	$	791,605	$	8,318	$	2,693	$	802,616

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

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

	Common Stock (000)
Beginning Balance	$	—
Purchases		2,693
Sales		—
Amortization of discount		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		—
Realized gains (losses)		—
Ending Balance	$	2,693
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2019	$	—

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, 2019:

Fair Value at
March 31, 2019
(000)

Valuation
Technique

Unobservable
Input

Amount*

Impact to
Valuation from an
Increase in Input**

Common Stock

2,693

Market Transaction
Method

Precedent
Transaction

$378.16

Increase

* Amount is indicative of the weighted average.

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 Fund 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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Fund, 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 Fund 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.

transactions for the period is reflected in the Statement of Operations.

5. Derivatives: The Fund 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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

analyses different from those associated with other portfolio investments. All of the Fund'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 Fund used during the period and their associated risks:

Options: With respect to options, the Fund is subject to equity risk, interest rate risk and foreign currency exchange risk in the normal course of pursuing its investment objectives. If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or foreign currency, or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium paid by the Fund. The Fund may purchase and/or sell put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying (or similar) instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying (or similar) instrument. When entering into purchased option contracts, the Fund bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Fund 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 Fund sells an

option, it sells to another party the right to buy from or sell to the Fund a specific amount of the underlying instrument or foreign currency, or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium received by the Fund. When options are purchased OTC, the Fund 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 Fund 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 Fund's derivative contracts by primary risk exposure as of March 31, 2019:

Asset Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Options Purchased

Investments, at Value
(Options Purchased)

Currency Risk

250

(a)

(a) Amounts are included in Investments in Securities in the Statement of Assets and Liabilities.

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Investments (Options Purchased)	$	(1,188	)(b)

(b) Amounts are included in Investments Sold in the Statement of Operations.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Investments (Options Purchased)		$(468)(c)

At March 31, 2019, the Fund'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)
Options Purchased	$	250	(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.

value in excess of the Fund's net liability may be delayed or denied.

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2019:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Statement of Assets and Liabilities (000)		Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
Royal Bank of Scotland	$	250	$	—	$	(210	)	$	40

For the six months ended March 31, 2019, the approximate average monthly amount outstanding for each derivative type is as follows:

Options Purchased:
Average monthly notional amount					388,669,000

6. Securities Lending: The Fund 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 Fund. The Fund 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 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.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

The following table presents financial instruments that are subject to enforceable netting arrangements as of March 31, 2019.

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amounts Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	39,195	(e)	$	—	$	(39,195	)(f)(g)	$	0

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

(f) The Fund received cash collateral of approximately $38,058,000, of which approximately $37,448,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. As of March 31, 2019, there was uninvested cash of approximately $610,000, which is not reflected in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $2,113,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

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

Remaining Contractual Maturity of the Agreements
	Overnight and Continuous (000)		<30 days (000)		Between 30 & 90 days (000)		>90 days (000)		Total (000)
Securities Lending Transactions
Common Stocks	$	38,058	$	—	$	—	$	—	$	38,058
Total Borrowings	$	38,058	$	—	$	—	$	—	$	38,058
Gross amount of recognized liabilities for securities lending transactions									$	38,058

7. Restricted Securities: The Fund 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 Fund 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 Fund, 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 Fund can 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 the acquirer of the securities. The Fund would, in either case, bear market risks during that period. Restricted securities are identified in the Portfolio of Investments.

8. Indemnifications: The Trust enters into contracts that contain a variety of indemnifications. The Trust's maximum exposure under these arrangements is unknown. However, the Trust 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: Dividends 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 Fund 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 Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, 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, 2019

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

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund 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 Fund.

The Trust 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 Fund 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 Fund's average daily net assets attributable to Class L shares.

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2019, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments, were approximately $402,229,000 and $366,324,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended March 31, 2019.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the six months ended March 31, 2019,

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

advisory fees paid were reduced by approximately $30,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended March 31, 2019 is as follows:

Affiliated Investment Company				Value September 30, 2018 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	76,417			$	290,404			$	303,601			$	326

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value March 31, 2019 (000)
Liquidity Funds				$	—			$	—			$	63,220

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 Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund 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, 2018, remains subject to examination by taxing authorities.

2018 Distributions Paid From:				2017 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	—	$	191,747	$	—	$	352,133

Permanent differences, primarily due to differing treatments of gains (losses) related to foreign currency transactions, tax adjustments on passive foreign investment companies and partnership investments sold by the Fund, equalization debits and a net operating loss, resulted in the following reclassifications among the components of net assets at September 30, 2018:

Total Distributable Earnings (Loss) (000)				Paid-in- Capital (000)
$	(62,920	)		$	62,920

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

At September 30, 2018, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	10,731			$	106,049

Privacy Notice (unaudited)

FACTS				WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?
Why?				Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?				The types of personal information we collect and share depend on the product or service you have with us. This information can include: n Social Security number and income n investment experience and risk tolerance n checking account number and wire transfer instructions
How?				All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MSIM share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don't share
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

Questions? Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Privacy Notice (unaudited) (cont'd)

Who we are
Who is providing this notice?				Morgan Stanley Investment Management, Inc. and its affiliated registered investment advisers, registered broker-dealers, and registered and unregistered funds ("MSIM")
What we do
How does MSIM protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?				We collect your personal information, for example, when you n open an account or make deposits or withdrawals from your account n buy securities from us or make a wire transfer n give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?				Federal law gives you the right to limit only n sharing for affiliates' everyday business purposes — information about your creditworthiness n affiliates from using your information to market to you n sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Affiliates				Companies related by common ownership or control. They can be financial and nonfinancial companies. n Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates				Companies not related by common ownership or control. They can be financial and nonfinancial companies. n MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between nonaffiliated financial companies that together market financial products or services to you. n MSIM doesn't jointly market
Other Important Information

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Trustee and Officer Information (unaudited)

Trustees

Frank L. Bowman
Kathleen A. Dennis
Nancy C. Everett
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia Maleski
Michael E. Nugent, Chair of the Board
W. Allen Reed

Officers

John H. Gernon
President and Principal Executive Officer

Timothy J. Knierim
Chief Compliance Officer

Mary E. Mullin
Secretary

Francis J. Smith
Treasurer and Principal Financial Officer

Michael J. Key
Vice President

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

DST Asset Manager Solutions, 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

Perkins Coie LLP
30 Rockefeller Plaza
New York, New York 10112

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 report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable fund of Morgan Stanley Institutional Fund, Trust, which describes in detail the fund'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 Fund, please visit our website at www.morganstanley.com/im/shareholderreports or call toll free 1 (800) 548-7786.

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
2514295 EXP 05.31.20

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Semi-Annual Report

March 31, 2019

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					12
Statement of Operations					14
Statements of Changes in Net Assets					15
Financial Highlights					17
Notes to Financial Statements					23
Privacy Notice					30
Trustee and Officer Information					32

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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 "Fund") 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 2019

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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, 2019 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/18		Actual Ending Account Value 3/31/19		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	$	1,007.30	$	1,021.69	$	3.25	$	3.28		0.65	%
High Yield Portfolio Class A		1,000.00		1,006.10		1,019.95		5.00		5.04		1.00
High Yield Portfolio Class L		1,000.00		1,005.30		1,018.70		6.25		6.29		1.25
High Yield Portfolio Class C		1,000.00		1,001.90		1,016.36		8.58		8.65		1.72
High Yield Portfolio Class IS		1,000.00		1,007.40		1,021.84		3.10		3.13		0.62
High Yield Portfolio Class IR		1,000.00		1,007.40		1,021.84		3.10		3.13		0.62

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments

High Yield Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (98.8%)
Corporate Bonds (91.8%)
Basic Materials (4.1%)
American Gilsonite Co.
17.00% Cash, 3.41% PIK, 12/31/21 (a)(b)(c)(e)	$	228	$	217
Eldorado Gold Corp.
6.13%, 12/15/20 (a)		1,300		1,276
First Quantum Minerals Ltd.
7.50%, 4/1/25 (a)		800		769
Hexion, Inc.
10.00%, 4/15/20		700		588
Hudbay Minerals, Inc.
7.25%, 1/15/23 (a)		750		780
IAMGOLD Corp.
7.00%, 4/15/25 (a)		750		763
International Wire Group, Inc.
10.75%, 8/1/21 (a)		850		854
Mercer International, Inc.
5.50%, 1/15/26		791		779
MSCI, Inc.
4.75%, 8/1/26 (a)		150		155
PQ Corp.
5.75%, 12/15/25 (a)		325		318
Schweitzer-Mauduit International, Inc.
6.88%, 10/1/26 (a)		825		827
Valvoline, Inc.
5.50%, 7/15/24		550		561
Versum Materials, Inc.
5.50%, 9/30/24 (a)		250		263
				8,150
Communications (8.8%)
Altice Finco SA
7.63%, 2/15/25 (a)		325		297
Altice France SA
7.38%, 5/1/26 (a)		1,250		1,228
Altice Luxembourg SA
7.63%, 2/15/25 (a)		650		573
Block Communications, Inc.
6.88%, 2/15/25 (a)		931		969
Cable One, Inc.
5.75%, 6/15/22 (a)		250		254
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00%, 2/1/28 (a)		1,050		1,038
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/24 (a)		1,000		1,062
CommScope Technologies LLC
5.00%, 3/15/27 (a)		300		267
CSC Holdings LLC,
5.25%, 6/1/24		1,000		1,017
6.50%, 2/1/29 (a)		300		320
Digicel Group Ltd.
8.25%, 9/30/20 (a)		900		700

	Face Amount (000)		Value (000)
DISH DBS Corp.
7.75%, 7/1/26	$	375	$	327
EW Scripps Co. (The)
5.13%, 5/15/25 (a)		900		860
Gray Television, Inc.
5.88%, 7/15/26 (a)		750		765
HC2 Holdings, Inc.
11.50%, 12/1/21 (a)		475		416
Intelsat Connect Finance SA
9.50%, 2/15/23 (a)		750		668
Intelsat Jackson Holdings SA
8.50%, 10/15/24 (a)		500		489
Lamar Media Corp.
5.75%, 2/1/26		450		472
MDC Partners, Inc.
6.50%, 5/1/24 (a)		939		782
Midcontinent Communications/ Midcontinent Finance Corp.
6.88%, 8/15/23 (a)		850		888
Sirius XM Radio, Inc.
5.00%, 8/1/27 (a)		1,125		1,130
Sprint Communications, Inc.
6.00%, 11/15/22		1,500		1,515
Sprint Corp.
7.88%, 9/15/23		750		788
Virgin Media Secured Finance PLC
5.50%, 8/15/26 (a)		700		714
				17,539
Consumer, Cyclical (19.0%)
Air Canada
7.75%, 4/15/21 (a)		500		538
Allegiant Travel Co.
5.50%, 7/15/19		750		755
American Builders & Contractors Supply Co., Inc.
5.88%, 5/15/26 (a)		750		763
Aramark Services, Inc.
4.75%, 6/1/26		750		750
Aston Martin Capital Holdings Ltd.
6.50%, 4/15/22 (a)		400		397
Beacon Roofing Supply, Inc.
6.38%, 10/1/23		500		522
Beazer Homes USA, Inc.,
5.88%, 10/15/27		425		373
8.75%, 3/15/22		200		210
Boyd Gaming Corp.
6.00%, 8/15/26		750		771
Boyne USA, Inc.
7.25%, 5/1/25 (a)		880		946
Carrols Restaurant Group, Inc.
8.00%, 5/1/22		500		512
CCM Merger, Inc.
6.00%, 3/15/22 (a)		750		772

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Consumer, Cyclical (cont'd)
Century Communities, Inc.
5.88%, 7/15/25	$	775	$	740
Cumberland Farms, Inc.
6.75%, 5/1/25 (a)		800		834
Downstream Development Authority of the Quapaw Tribe of Oklahoma
10.50%, 2/15/23 (a)		850		883
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC
7.50%, 5/1/25 (a)		425		421
Eldorado Resorts, Inc.,
6.00%, 4/1/25 - 9/15/26		750		764
EMI Music Publishing Group North America Holdings, Inc.
7.63%, 6/15/24 (a)		300		319
FelCor Lodging LP
6.00%, 6/1/25		500		517
Ferrellgas LP/Ferrellgas Finance Corp.
6.75%, 1/15/22		850		746
Global Partners LP/GLP Finance Corp.,
6.25%, 7/15/22		750		744
7.00%, 6/15/23		365		363
Golden Nugget, Inc.
8.75%, 10/1/25 (a)		1,000		1,052
Hanesbrands, Inc.,
4.63%, 5/15/24 (a)		250		252
4.88%, 5/15/26 (a)		500		496
IRB Holding Corp.
6.75%, 2/15/26 (a)		445		419
JB Poindexter & Co., Inc.
7.13%, 4/15/26 (a)		850		857
KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC
5.00%, 6/1/24 (a)		450		460
LGI Homes, Inc.
6.88%, 7/15/26 (a)		500		501
Mattamy Group Corp.
6.88%, 12/15/23 (a)		750		769
Mclaren Finance PLC
5.75%, 8/1/22 (a)		750		714
Meritor, Inc.
6.25%, 2/15/24		750		774
MGM Resorts International
5.50%, 4/15/27 (d)		500		507
Nathan's Famous, Inc.
6.63%, 11/1/25 (a)		1,250		1,220
National CineMedia LLC
5.75%, 8/15/26		750		694
Navistar International Corp.
6.63%, 11/1/25 (a)		750		766
New Home Co., Inc. (The)
7.25%, 4/1/22		700		633

	Face Amount (000)		Value (000)
Panther BF Aggregator 2 LP/ Panther Finance Co., Inc.
8.50%, 5/15/27 (a)(d)	$	715	$	719
Party City Holdings, Inc.,
6.13%, 8/15/23 (a)		500		507
6.63%, 8/1/26 (a)		175		175
Rite Aid Corp.
6.13%, 4/1/23 (a)		750		622
Rivers Pittsburgh Borrower LP/ Rivers Pittsburgh Finance Corp.
6.13%, 8/15/21 (a)		1,134		1,137
Sally Holdings LLC/Sally Capital, Inc.
5.63%, 12/1/25		400		399
Scientific Games International, Inc.,
6.25%, 9/1/20		750		754
8.25%, 3/15/26 (a)		1,000		1,023
Sonic Automotive, Inc.
5.00%, 5/15/23		750		724
Speedway Motorsports, Inc.
5.13%, 2/1/23		500		504
Sugarhouse HSP Gaming Prop Mezz LP/ Sugarhouse HSP Gaming Finance Corp.
5.88%, 5/15/25 (a)		1,110		1,100
Taylor Morrison Communities, Inc.
6.63%, 5/15/22		525		545
Tempur Sealy International, Inc.
5.50%, 6/15/26		575		577
Titan International, Inc.
6.50%, 11/30/23		900		834
VistaJet Malta Finance PLC/ VistaJet Co., Finance LLC
7.75%, 6/1/20 (a)		1,000		997
William Carter Co. (The)
5.63%, 3/15/27 (a)		750		778
William Lyon Homes, Inc.
6.00%, 9/1/23		950		924
Williams Scotsman International, Inc.
7.88%, 12/15/22 (a)		900		929
Wolverine World Wide, Inc.
5.00%, 9/1/26 (a)		750		729
				37,731
Consumer, Non-Cyclical (13.9%)
Acadia Healthcare Co., Inc.,
5.13%, 7/1/22		500		504
5.63%, 2/15/23		350		354
ACCO Brands Corp.
5.25%, 12/15/24 (a)		600		590
Ahern Rentals, Inc.
7.38%, 5/15/23 (a)		1,075		996
Albertsons Cos., LLC/Safeway, Inc./ New Albertson's, Inc./Albertson's LLC
5.75%, 3/15/25		800		763

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Consumer, Non-Cyclical (cont'd)
APTIM Corp.
7.75%, 6/15/25 (a)	$	850	$	661
APX Group, Inc.
7.63%, 9/1/23		700		597
Bausch Health Cos, Inc.,
6.13%, 4/15/25 (a)		900		893
9.00%, 12/15/25 (a)		550		600
Beverages & More, Inc.
11.50%, 6/15/22 (a)		900		675
Central Garden & Pet Co.
5.13%, 2/1/28		575		529
Chobani LLC/Chobani Finance Corp., Inc.
7.50%, 4/15/25 (a)		700		631
Clearwater Seafoods, Inc.
6.88%, 5/1/25 (a)		625		621
Eagle Holding Co., II LLC
7.63% Cash, 8.38% PIK, 5/15/22 (a)(b)		750		758
Emeco Pty Ltd., Series B
9.25%, 3/31/22		937		1,000
Endo Dac/Endo Finance LLC/Endo Finco, Inc.
6.00%, 7/15/23 (a)		778		603
FAGE International SA/FAGE USA Dairy Industry, Inc.
5.63%, 8/15/26 (a)		900		717
First Quality Finance Co., Inc.
5.00%, 7/1/25 (a)		680		663
Flexi-Van Leasing, Inc.
10.00%, 2/15/23 (a)		1,015		941
Great Lakes Dredge & Dock Corp.
8.00%, 5/15/22		1,050		1,102
Hadrian Merger Sub, Inc.
8.50%, 5/1/26 (a)		350		324
Hertz Corp. (The),
5.88%, 10/15/20		450		450
7.63%, 6/1/22 (a)		250		257
IQVIA, Inc.
4.88%, 5/15/23 (a)		250		256
Lamb Weston Holdings, Inc.
4.88%, 11/1/26 (a)		500		509
Live Nation Entertainment, Inc.
4.88%, 11/1/24 (a)		350		353
Mallinckrodt International Finance SA/ Mallinckrodt CB LLC
5.50%, 4/15/25 (a)		850		667
Matterhorn Merger Sub LLC/ Matterhorn Finance Sub, Inc.
8.50%, 6/1/26 (a)		900		785
Michael Baker International LLC
8.75%, 3/1/23 (a)		800		808
MPH Acquisition Holdings LLC
7.13%, 6/1/24 (a)		550		550

	Face Amount (000)		Value (000)
NVA Holdings, Inc.
6.88%, 4/1/26 (a)	$	750	$	745
Pinnacle Operating Corp.
9.00%, 11/15/20 (a)		740		640
Polaris Intermediate Corp.
8.50% Cash, 8.50% PIK, 12/1/22 (a)(b)		750		743
Select Medical Corp.
6.38%, 6/1/21		500		503
Service Corp. International
4.63%, 12/15/27		350		349
Simmons Foods, Inc.
5.75%, 11/1/24 (a)		1,050		927
Surgery Center Holdings, Inc.,
6.75%, 7/1/25 (a)		750		683
10.00%, 4/15/27 (a)(d)		700		712
Teleflex, Inc.
4.88%, 6/1/26		350		358
Tenet Healthcare Corp.
7.00%, 8/1/25		500		507
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/1/26		790		646
TMS International Corp.
7.25%, 8/15/25 (a)		850		825
United Rentals North America, Inc.
5.75%, 11/15/24		750		773
				27,568
Diversified (0.7%)
PetSmart, Inc.
7.13%, 3/15/23 (a)		900		675
Trident Merger Sub, Inc.
6.63%, 11/1/25 (a)		750		705
				1,380
Energy (11.9%)
American Midstream Partners LP/ American Midstream Finance Corp.
9.50%, 12/15/21 (a)		1,000		925
Archrock Partners LP/ Archrock Partners Finance Corp.
6.88%, 4/1/27 (a)		550		562
Blue Racer Midstream LLC/ Blue Racer Finance Corp.
6.63%, 7/15/26 (a)		850		871
Calfrac Holdings LP
8.50%, 6/15/26 (a)		750		585
Callon Petroleum Co.
6.13%, 10/1/24		900		909
Chaparral Energy, Inc.
8.75%, 7/15/23 (a)		975		673
Crestwood Midstream Partners LP/ Crestwood Midstream Finance Corp.
6.25%, 4/1/23		750		773
CrownRock LP/CrownRock Finance, Inc.
5.63%, 10/15/25 (a)		750		723

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Energy (cont'd)
Denbury Resources, Inc.,
5.50%, 5/1/22	$	1,500	$	1,050
7.50%, 2/15/24 (a)		500		429
Endeavor Energy Resources LP/EER Finance, Inc.
5.75%, 1/30/28 (a)		750		789
Energy Ventures Gom LLC/EnVen Finance Corp.
11.00%, 2/15/23 (a)		900		993
Hilcorp Energy I LP/Hilcorp Finance Co.,
5.00%, 12/1/24 (a)		500		489
5.75%, 10/1/25 (a)		250		247
Jagged Peak Energy LLC
5.88%, 5/1/26		750		747
Lonestar Resources America, Inc.
11.25%, 1/1/23 (a)		1,015		990
Magnolia Oil & Gas Operating LLC/ Magnolia Oil & Gas Finance Corp.
6.00%, 8/1/26 (a)		835		848
Matador Resources Co.
5.88%, 9/15/26		750		752
Moss Creek Resources Holdings, Inc.
7.50%, 1/15/26 (a)		800		742
Murphy Oil Corp.
5.75%, 8/15/25		800		825
Murphy Oil USA, Inc.
5.63%, 5/1/27		500		520
Oceaneering International, Inc.
6.00%, 2/1/28		900		859
Parkland Fuel Corp.
6.00%, 4/1/26 (a)		750		761
Parsley Energy LLC/Parsley Finance Corp.
5.38%, 1/15/25 (a)		500		501
Rowan Cos., Inc.
7.38%, 6/15/25		850		748
SemGroup Corp.
7.25%, 3/15/26		500		488
SemGroup Corp./Rose Rock Finance Corp.
5.63%, 11/15/23		774		731
Seven Generations Energy Ltd.
5.38%, 9/30/25 (a)		525		515
Southwestern Energy Co.
5.30%, 1/23/20		800		801
Sunoco LP / Sunoco Finance Corp., Series WI
5.88%, 3/15/28		500		498
TransMontaigne Partners LP/TLP Finance Corp.
6.13%, 2/15/26		465		439
Vermilion Energy, Inc.
5.63%, 3/15/25 (a)		950		926
Whiting Petroleum Corp.,
5.75%, 3/15/21		350		356
6.63%, 1/15/26		450		443
				23,508

	Face Amount (000)		Value (000)
Finance (10.1%)
AHP Health Partners, Inc.
9.75%, 7/15/26 (a)	$	900	$	974
Ally Financial, Inc.
4.63%, 3/30/25		800		815
Baytex Energy Corp.
5.63%, 6/1/24 (a)		950		887
CIT Group, Inc.
6.13%, 3/9/28		350		390
CNO Financial Group, Inc.
4.50%, 5/30/20		400		404
CTR Partnership LP/CareTrust Capital Corp.
5.25%, 6/1/25		728		733
Exela Intermediate LLC/Exela Finance, Inc.
10.00%, 7/15/23 (a)		1,300		1,329
Fidelity & Guaranty Life Holdings, Inc.
5.50%, 5/1/25 (a)		850		857
Fly Leasing Ltd.
5.25%, 10/15/24		875		844
Freedom Mortgage Corp.
8.25%, 4/15/25 (a)		250		223
HUB International Ltd.
7.00%, 5/1/26 (a)		850		844
Hunt Cos., Inc.
6.25%, 2/15/26 (a)		750		701
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.75%, 2/1/24		800		837
iStar, Inc.
6.50%, 7/1/21		750		765
Jack Ohio Finance LLC/ Jack Ohio Finance 1 Corp.
10.25%, 11/15/22 (a)		950		1,021
Jefferies Finance LLC/JFIN Co-Issuer Corp.
7.25%, 8/15/24 (a)		825		817
Kennedy-Wilson, Inc.
5.88%, 4/1/24		1,000		999
Lions Gate Capital Holdings LLC,
5.88%, 11/1/24 (a)		400		414
6.38%, 2/1/24 (a)		450		472
MGIC Investment Corp.
5.75%, 8/15/23		400		424
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.75%, 2/1/27 (a)		575		596
MPT Operating Partnership LP/ MPT Finance Corp.
5.00%, 10/15/27		500		510
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.
6.38%, 12/15/22 (a)		1,100		1,133
Post Holdings, Inc.
5.00%, 8/15/26 (a)		175		171

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Provident Funding Associates LP/PFG Finance Corp.
6.38%, 6/15/25 (a)	$	762	$	697
Radian Group, Inc.
4.50%, 10/1/24		600		594
Starwood Property Trust, Inc.
4.75%, 3/15/25		700		698
USI, Inc.
6.88%, 5/1/25 (a)		850		828
				19,977
Industrials (18.2%)
American Woodmark Corp.
4.88%, 3/15/26 (a)		175		172
Apex Tool Group LLC/BC Mountain Finance, Inc.
9.00%, 2/15/23 (a)		900		868
ARD Finance SA
7.13% Cash, 7.88% PIK, 9/15/23 (b)		300		300
ARD Securities Finance SARL
8.75% Cash, 8.75% PIK, 1/31/23 (a)(b)		809		769
Artesyn Embedded Technologies, Inc.
9.75%, 10/15/20 (a)		603		568
Bombardier, Inc.,
6.13%, 1/15/23 (a)		850		864
7.88%, 4/15/27 (a)		500		516
Builders FirstSource, Inc.
5.63%, 9/1/24 (a)		700		692
BWAY Holding Co.
7.25%, 4/15/25 (a)		900		871
Cleaver-Brooks, Inc.
7.88%, 3/1/23 (a)		900		835
Core & Main LP
6.13%, 8/15/25 (a)		850		835
CPG Merger Sub LLC
8.00%, 10/1/21 (a)		979		979
CTP Transportation Products LLC/ CTP Finance, Inc.
8.25%, 12/15/19 (a)		1,250		1,228
Energizer Holdings, Inc.
6.38%, 7/15/26 (a)		750		771
EnPro Industries, Inc.
5.75%, 10/15/26 (a)		550		556
Flex Acquisition Co., Inc.
6.88%, 1/15/25 (a)		850		816
FXI Holdings, Inc.
7.88%, 11/1/24 (a)		950		886
Greif, Inc.
6.50%, 3/1/27 (a)		625		641
Grinding Media, Inc./Moly-Cop AltaSteel Ltd.
7.38%, 12/15/23 (a)		950		917
Intertape Polymer Group, Inc.
7.00%, 10/15/26 (a)		950		976

	Face Amount (000)		Value (000)
Itron, Inc.
5.00%, 1/15/26 (a)	$	750	$	740
JPW Industries Holding Corp.
9.00%, 10/1/24 (a)		1,050		1,029
Kenan Advantage Group, Inc. (The)
7.88%, 7/31/23 (a)		925		900
Koppers, Inc.
6.00%, 2/15/25 (a)		1,000		982
Kratos Defense & Security Solutions, Inc.
6.50%, 11/30/25 (a)		750		792
Manitowoc Co., Inc. (The)
9.00%, 4/1/26 (a)		900		913
Martin Midstream Partners LP/Martin Midstream Finance Corp.
7.25%, 2/15/21		925		902
MasTec, Inc.
4.88%, 3/15/23		792		799
Multi-Color Corp.
4.88%, 11/1/25 (a)		500		518
NCI Building Systems, Inc.
8.00%, 4/15/26 (a)		900		812
New Enterprise Stone & Lime Co., Inc.
6.25%, 3/15/26 (a)		750		731
Novelis Corp.
5.88%, 9/30/26 (a)		500		499
Park Aerospace Holdings Ltd.
5.25%, 8/15/22 (a)		750		771
PGT Escrow Issuer, Inc.
6.75%, 8/1/26 (a)		850		886
Plastipak Holdings, Inc.
6.25%, 10/15/25 (a)		750		705
SAExploration Holdings, Inc.
10.00% Cash, 11.00% PIK, 9/24/19 (a)(b)		579		370
SBA Communications Corp.
4.88%, 9/1/24		750		761
Standard Industries, Inc.
5.00%, 2/15/27 (a)		500		485
Stevens Holding Co., Inc.
6.13%, 10/1/26 (a)		750		776
Summit Materials LLC/Summit Materials Finance Corp.
6.13%, 7/15/23		500		513
syncreon Group BV/syncreon Global Finance US, Inc.
8.63%, 11/1/21 (a)		450		241
Techniplas LLC
10.00%, 5/1/20 (a)		1,200		1,131
TopBuild Corp.
5.63%, 5/1/26 (a)		675		668
TriMas Corp.
4.88%, 10/15/25 (a)		750		740
TTM Technologies, Inc.
5.63%, 10/1/25 (a)		750		723

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Tutor Perini Corp.
6.88%, 5/1/25 (a)	$	500	$	499
US Concrete, Inc.
6.38%, 6/1/24		900		916
Waste Pro USA, Inc.
5.50%, 2/15/26 (a)		475		460
XPO Logistics, Inc.
6.13%, 9/1/23 (a)		725		733
				36,055
Technology (3.4%)
CDK Global, Inc.
5.88%, 6/15/26		500		527
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.
5.75%, 3/1/25 (a)		800		793
DynCorp International, Inc.
11.88% Cash, 1.50% PIK, 11/30/20 (b)		827		846
First Data Corp.
5.00%, 1/15/24 (a)		750		770
Harland Clarke Holdings Corp.
6.88%, 3/1/20 (a)		903		894
HNA Ecotech Panorama Cayman Co., Ltd.
8.00%, 4/15/21 (a)		600		533
j2 Cloud Services LLC/j2 Global Co-Obligor, Inc.
6.00%, 7/15/25 (a)		750		782
Rackspace Hosting, Inc.
8.63%, 11/15/24 (a)		800		715
RP Crown Parent LLC
7.38%, 10/15/24 (a)		800		822
				6,682
Utilities (1.7%)
Calpine Corp.
5.75%, 1/15/25		1,000		997
LBC Tank Terminals Holding Netherlands BV
6.88%, 5/15/23 (a)		900		857
NGL Energy Partners LP/ NGL Energy Finance Corp.
6.13%, 3/1/25		750		728
NRG Energy, Inc.
6.63%, 1/15/27		250		270
Vistra Operations Co. LLC
5.63%, 2/15/27 (a)		500		522
				3,374
				181,964
Variable Rate Senior Loan Interests (7.0%)
Consumer, Cyclical (2.7%)
Commercial Vehicle Group, Inc., Term B
1 Month USD LIBOR + 6.00%, 10.50%, 4/12/23		600		597
Neiman Marcus Group Ltd., LLC
5.73%, 2/6/26		350		350

	Face Amount (000)		Value (000)
Office Depot, Inc., Term B
1 Month USD LIBOR + 5.25%, 7.73%, 11/8/22	$	301	$	307
Playa Resorts Holding BV, Term B
1 Month USD LIBOR + 2.75%, 5.25%, 4/29/24		640		617
Sesac Holdco II LLC, 2nd Lien Term
1 Month USD LIBOR + 7.25%, 9.75%, 2/10/25		1,000		987
Thor Industries, Inc., Term B
1 Month USD LIBOR + 3.75%, 6.25%, 2/1/26		1,821		1,742
Topgolf International, Inc., Term B
1 Month USD LIBOR + 5.50%, 8.00%, 2/9/26		826		830
				5,430
Consumer, Non-Cyclical (1.4%)
Envision Healthcare Corp., 1st Lien Term
1 Month USD LIBOR + 3.75%, 6.25%, 10/10/25		998		936
Financial & Risk US Holdings, Inc., Term Loan
1 Month USD LIBOR + 3.75%, 6.25%, 10/1/25		398		387
Hearthside Food Solutions, LLC, Term B
1 Month USD LIBOR + 3.687%, 6.18%, 5/23/25		670		653
Wells Enterprises, Inc., Term B
1 Month USD LIBOR + 2.75%, 5.25%, 3/29/25		718		719
				2,695
Energy (0.4%)
Gavilan Resources, LLC, 2nd Lien Term
1 Month USD LIBOR + 6.00%, 8.49%, 3/1/24		1,000		786
Industrials (2.5%)
Airxcel, Inc., 1st Lien Term
1 Month USD LIBOR + 4.50%, 7.00%, 4/28/25		644		598
Associated Asphalt Partners LLC, Term B
1 Month USD LIBOR + 5.25%, 7.75%, 4/5/24		980		968
Cook & Boardman Group LLC, Term B
2 Month USD LIBOR + 5.75%, 8.55%, 10/17/25		693		693

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Gruden Acquisition, Inc., Term Loan
3 Month USD LIBOR + 5.50%, 8.10%, 8/18/22	$	484	$	481
SAExploration Holdings, Inc., Term Loan
Fixed + 10.00%, 12.50%, 1/2/20 (c)(e)		500		470
Shape Technologies Group, Inc., Term Loan
3 Month USD LIBOR + 3.00%, 5.78%, 4/21/25		571		564
Syncreon Global Finance, Inc., Term B
3 Month USD LIBOR + 4.25%, 6.99%, 10/28/20		1,111		729
Titan Acquisition Ltd., Term B
1 Month USD LIBOR + 3.00%, 5.50%, 3/28/25		520		485
				4,988
				13,899
Total Fixed Income Securities (Cost $199,693)				195,863
	Shares
Common Stocks (0.2%)
Auto Components (0.0%)
Exide Technologies (e)		592		1
Equity Real Estate Investment Trusts (REITs) (0.2%)
American Gilsonite Co. (c)(e)		500		269
Machinery (0.0%)
Iracore International Holdings, Inc., Class A (e)(f)		470		10
Semiconductors & Semiconductor Equipment (0.0%)
UC Holdings, Inc. (c)(e)		2,826		67
Trading Companies & Distributors (0.0%)
Emeco Holdings Ltd. (Australia) (g)		43,065		59
Total Common Stocks (Cost $179)				406
Participation Notes (0.0%)
Energy Equipment & Services (0.0%)
SAExploration Holdings, Inc. Equity Linked Notes, expires 7/27/21 (e)		192,722		31
Semiconductors & Semiconductor Equipment (0.0%)
UC Holdings, Inc. Equity Linked Notes, expires 9/23/20 (c)(e)		2,802		5
Total Participation Notes (Cost $366)				36

	Shares		Value (000)
Short-Term Investment (1.0%)
Investment Company (1.0%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $1,927)		1,926,950	$	1,927
Total Investments (100.0%) (Cost $202,165) (g)(h)(i)				198,232
Liabilities in Excess of Other Assets (0.0%) (j)				(18	)
Net Assets (100.0%)			$	198,214

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

(b) PIK: Payment-in-kind security for which part of the income earned may be paid as additional principal.

(d) When-issued security.

(e) Non-income producing security.

(f) At March 31, 2019, the Fund held a fair valued security valued at approximately $10,000 representing 0.00% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Trust's Trustees.

(g) The approximate fair value and percentage of net assets, $59,000 and 0.0%, respectively, represents a security that has been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements.

(h) Securities are available for collateral in connection with purchase of a when-issued security.

(i) At March 31, 2019, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,777,000 and the aggregate gross unrealized depreciation is approximately $6,710,000, resulting in net unrealized depreciation of approximately $3,933,000.

(j) Amount is less than 0.05%.

LIBOR London Interbank Offered Rate.

PIK Payment-in-Kind. Income may be paid in additional securities or cash at the discretion of the issuer.

USD United States Dollar.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

Portfolio Composition

Classification	Percentage of Total Investments
Consumer, Cyclical		19.0	%
Industrials		18.3
Consumer, Non-Cyclical		13.9
Energy		11.9
Other*		11.0
Finance		10.1
Communications		8.8
Variable Rate Senior Loan Interests		7.0
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.
11

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

High Yield Portfolio

Statement of Assets and Liabilities	March 31, 2019 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $200,238)	$	196,305
Investment in Security of Affiliated Issuer, at Value (Cost $1,927)		1,927
Total Investments in Securities, at Value (Cost $202,165)		198,232
Cash		143
Interest Receivable		3,624
Receivable for Investments Sold		312
Receivable for Fund Shares Sold		188
Receivable from Affiliate		6
Other Assets		141
Total Assets		202,646
Liabilities:
Payable for Investments Purchased		3,987
Payable for Fund Shares Redeemed		156
Payable for Advisory Fees		142
Payable for Professional Fees		56
Payable for Sub Transfer Agency Fees — Class A		39
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Administration Fees		13
Payable for Shareholder Services Fees — Class A		4
Payable for Distribution and Shareholder Services Fees — Class L		—	@
Payable for Distribution and Shareholder Services Fees — Class C		5
Payable for Transfer Agency Fees — Class I		4
Payable for Transfer Agency Fees — Class A		1
Payable for Transfer Agency Fees — Class L		1
Payable for Transfer Agency Fees — Class C		1
Payable for Transfer Agency Fees — Class IS		1
Payable for Transfer Agency Fees — Class IR		—	@
Payable for Custodian Fees		3
Other Liabilities		19
Total Liabilities		4,432
Net Assets	$	198,214
Net Assets Consist of:
Paid-in-Capital	$	202,823
Total Accumulated Loss		(4,609	)
Net Assets	$	198,214

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

High Yield Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2019 (000)
CLASS I:
Net Assets	$	172,772
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		17,786,643
Net Asset Value, Offering and Redemption Price Per Share	$	9.71
CLASS A:
Net Assets	$	18,556
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,913,797
Net Asset Value, Offering and Redemption Price Per Share	$	9.70
Maximum Sales Load		4.25	%
Maximum Sales Charge	$	0.43
Maximum Offering Price Per Share	$	10.13
CLASS L:
Net Assets	$	465
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		47,902
Net Asset Value, Offering and Redemption Price Per Share	$	9.70
CLASS C:
Net Assets	$	5,603
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		578,563
Net Asset Value, Offering and Redemption Price Per Share	$	9.68
CLASS IS:
Net Assets	$	808
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		83,161
Net Asset Value, Offering and Redemption Price Per Share	$	9.71
CLASS IR:
Net Assets	$	10
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,007
Net Asset Value, Offering and Redemption Price Per Share	$	9.71

@ 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, 2019 (unaudited)

High Yield Portfolio

Statement of Operations	Six Months Ended March 31, 2019 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	6,592
Dividends from Security of Affiliated Issuer (Note G)		33
Total Investment Income		6,625
Expenses:
Advisory Fees (Note B)		544
Sub Transfer Agency Fees — Class I		41
Sub Transfer Agency Fees — Class A		48
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		2
Administration Fees (Note C)		73
Professional Fees		69
Shareholder Services Fees — Class A (Note D)		26
Distribution and Shareholder Services Fees — Class L (Note D)		1
Distribution and Shareholder Services Fees — Class C (Note D)		27
Registration Fees		31
Pricing Fees		14
Transfer Agency Fees — Class I (Note E)		4
Transfer Agency Fees — Class A (Note E)		2
Transfer Agency Fees — Class L (Note E)		1
Transfer Agency Fees — Class C (Note E)		1
Transfer Agency Fees — Class IS (Note E)		1
Transfer Agency Fees — Class IR (Note E)		1
Shareholder Reporting Fees		10
Custodian Fees (Note F)		7
Trustees' Fees and Expenses		4
Other Expenses		9
Expenses Before Non Operating Expenses		916
Bank Overdraft Expense		6
Total Expenses		922
Waiver of Advisory Fees (Note B)		(200	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(22	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(37	)
Reimbursement of Class Specific Expenses — Class L (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class IS (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class IR (Note B)		(1	)
Rebate from Morgan Stanley Affiliate (Note G)		(2	)
Net Expenses		658
Net Investment Income		5,967
Realized Loss:
Investments Sold		(960	)
Change in Unrealized Appreciation (Depreciation):
Investments		(3,398	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(4,358	)
Net Increase in Net Assets Resulting from Operations	$	1,609

@ 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, 2019

High Yield Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2019 (unaudited) (000)			Year Ended September 30, 2018 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	5,967		$	9,593
Net Realized Gain (Loss)		(960	)		112
Net Change in Unrealized Appreciation (Depreciation)		(3,398	)		(2,337	)
Net Increase in Net Assets Resulting from Operations		1,609			7,368
Dividends and Distributions to Shareholders:
Class I		(5,041	)		(5,005	)
Class A		(680	)		(4,543	)
Class L		(14	)		(29	)
Class C		(151	)		(256	)
Class IS		(26	)		(54	)
Class IR		(—	@)		(—	@)
Total Dividends and Distributions to Shareholders		(5,912	)		(9,887	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		59,980			118,172
Distributions Reinvested		5,031			4,999
Redeemed		(38,667	)		(36,360	)
Class A:
Subscribed		7,173			28,946
Distributions Reinvested		633			4,506
Redeemed		(18,621	)		(70,803	)
Class L:
Exchanged		—			94
Distributions Reinvested		14			28
Redeemed		(41	)		(112	)
Class C:
Subscribed		554			2,810
Distributions Reinvested		149			253
Redeemed		(767	)		(761	)
Class IS:
Subscribed		19			408
Distributions Reinvested		9			17
Redeemed		(64	)		(105	)
Class IR:
Subscribed		—			10	(a)
Net Increase in Net Assets Resulting from Capital Share Transactions		15,402			52,102
Total Increase in Net Assets		11,099			49,583
Net Assets:
Beginning of Period		187,115			137,532
End of Period	$	198,214		$	187,115

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

High Yield Portfolio

Statements of Changes in Net Assets (cont'd)	Six Months Ended March 31, 2019 (unaudited) (000)			Year Ended September 30, 2018 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		6,276			11,855
Shares Issued on Distributions Reinvested		524			502
Shares Redeemed		(4,045	)		(3,633	)
Net Increase in Class I Shares Outstanding		2,755			8,724
Class A:
Shares Subscribed		751			2,908
Shares Issued on Distributions Reinvested		66			453
Shares Redeemed		(1,947	)		(7,116	)
Net Decrease in Class A Shares Outstanding		(1,130	)		(3,755	)
Class L:
Shares Exchanged		—			9
Shares Issued on Distributions Reinvested		1			3
Shares Redeemed		(4	)		(11	)
Net Increase (Decrease) in Class L Shares Outstanding		(3	)		1
Class C:
Shares Subscribed		58			282
Shares Issued on Distributions Reinvested		15			25
Shares Redeemed		(80	)		(76	)
Net Increase (Decrease) in Class C Shares Outstanding		(7	)		231
Class IS:
Shares Subscribed		2			40
Shares Issued on Distributions Reinvested		1			2
Shares Redeemed		(7	)		(10	)
Net Increase (Decrease) in Class IS Shares Outstanding		(4	)		32
Class IR:
Shares Subscribed		—			1	(a)

@ Amount is less than $500.

(a) For the period June 15, 2018 through September 30, 2018.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

High Yield Portfolio

	Class I
	Six Months Ended March 31, 2019			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			2015			2014
Net Asset Value, Beginning of Period	$	9.96		$	10.15		$	9.92		$	9.80		$	10.73		$	11.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.32			0.65			0.70			0.67			0.71			0.75
Net Realized and Unrealized Gain (Loss)		(0.25	)		(0.16	)		0.20			0.13			(0.92	)		0.25
Total from Investment Operations		0.07			0.49			0.90			0.80			(0.21	)		1.00
Distributions from and/or in Excess of:
Net Investment Income		(0.32	)		(0.68	)		(0.67	)		(0.68	)		(0.66	)		(0.77	)
Net Realized Gain		—			—			—			—			(0.06	)		(0.50	)
Total Distributions		(0.32	)		(0.68	)		(0.67	)		(0.68	)		(0.72	)		(1.27	)
Net Asset Value, End of Period	$	9.71		$	9.96		$	10.15		$	9.92		$	9.80		$	10.73
Total Return⁽³⁾		0.73	%⁽⁷⁾		5.01	%		9.40	%		8.72	%		(2.10	)%		9.48	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	172,772		$	149,683		$	64,007		$	49,990		$	13,255		$	13,300
Ratio of Expenses Before Expense Limitation		0.91	%⁽⁸⁾		1.00	%		1.06	%		1.02	%		1.17	%		1.85	%
Ratio of Expenses After Expense Limitation		0.65	%⁽⁴⁾⁽⁸⁾		0.65	%⁽⁴⁾		0.66	%⁽⁴⁾		0.66	%⁽⁴⁾⁽⁵⁾		0.74	%⁽⁴⁾		0.75	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Non Operating Expenses		0.65	%⁽⁴⁾⁽⁸⁾		0.65	%⁽⁴⁾		0.65	%⁽⁴⁾		N/A			N/A			N/A
Ratio of Net Investment Income		6.65	%⁽⁴⁾⁽⁸⁾		6.49	%⁽⁴⁾		7.01	%⁽⁴⁾		7.09	%⁽⁴⁾⁽⁵⁾		6.88	%⁽⁴⁾		6.89	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾⁽⁸⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾
Portfolio Turnover Rate		21	%⁽⁷⁾		39	%		73	%		74	%		62	%		96	%

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(5) Effective January 4, 2016, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.65% for Class I shares. Prior to January 4, 2016, the maximum ratio was 0.75% for Class I shares.

(6) Amount is less than 0.005%.

(7) Not annualized.

(8) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

High Yield Portfolio

	Class A
	Six Months Ended March 31, 2019			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			2015			2014
Net Asset Value, Beginning of Period	$	9.94		$	10.13		$	9.90		$	9.78		$	10.72		$	10.99
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.30			0.61			0.67			0.64			0.66			0.65
Net Realized and Unrealized Gain (Loss)		(0.25	)		(0.16	)		0.20			0.12			(0.92	)		0.31
Total from Investment Operations		0.05			0.45			0.87			0.76			(0.26	)		0.96
Distributions from and/or in Excess of:
Net Investment Income		(0.29	)		(0.64	)		(0.64	)		(0.64	)		(0.62	)		(0.73	)
Net Realized Gain		—			—			—			—			(0.06	)		(0.50	)
Total Distributions		(0.29	)		(0.64	)		(0.64	)		(0.64	)		(0.68	)		(1.23	)
Net Asset Value, End of Period	$	9.70		$	9.94		$	10.13		$	9.90		$	9.78		$	10.72
Total Return⁽³⁾		0.61	%⁽⁷⁾		4.64	%		9.04	%		8.24	%		(2.43	)%		9.15	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	18,556		$	30,242		$	68,878		$	59,139		$	56,042		$	40,157
Ratio of Expenses Before Expense Limitation		1.59	%⁽⁸⁾		1.29	%		1.34	%		1.33	%		1.53	%		2.06	%
Ratio of Expenses After Expense Limitation		1.00	%⁽⁴⁾⁽⁸⁾		1.00	%⁽⁴⁾		1.01	%⁽⁴⁾		1.02	%⁽⁴⁾⁽⁵⁾		1.10	%⁽⁴⁾		1.02	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Non Operating Expenses		1.00	%⁽⁴⁾⁽⁸⁾		1.00	%⁽⁴⁾		1.00	%⁽⁴⁾		N/A			N/A			N/A
Ratio of Net Investment Income		6.28	%⁽⁴⁾⁽⁸⁾		6.14	%⁽⁴⁾		6.65	%⁽⁴⁾		6.76	%⁽⁴⁾⁽⁵⁾		6.49	%⁽⁴⁾		5.99	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾⁽⁸⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.01	%
Portfolio Turnover Rate		21	%⁽⁷⁾		39	%		73	%		74	%		62	%		96	%

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class A shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Per share amount is based on average shares outstanding.

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

(5) Effective January 4, 2016, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.00% for Class A shares. Prior to January 4, 2016, the maximum ratio was 1.10% for Class A shares.

(6) Amount is less than 0.005%.

(7) Not annualized.

(8) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

High Yield Portfolio

	Class L
	Six Months Ended March 31, 2019			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			2015			2014
Net Asset Value, Beginning of Period	$	9.94		$	10.13		$	9.91		$	9.78		$	10.72		$	10.99
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.29			0.59			0.64			0.62			0.64			0.67
Net Realized and Unrealized Gain (Loss)		(0.24	)		(0.16	)		0.19			0.13			(0.93	)		0.27
Total from Investment Operations		0.05			0.43			0.83			0.75			(0.29	)		0.94
Distributions from and/or in Excess of:
Net Investment Income		(0.29	)		(0.62	)		(0.61	)		(0.62	)		(0.59	)		(0.71	)
Net Realized Gain		—			—			—			—			(0.06	)		(0.50	)
Total Distributions		(0.29	)		(0.62	)		(0.61	)		(0.62	)		(0.65	)		(1.21	)
Net Asset Value, End of Period	$	9.70		$	9.94		$	10.13		$	9.91		$	9.78		$	10.72
Total Return⁽³⁾		0.53	%⁽⁷⁾		4.37	%		8.75	%		7.95	%		(2.70	)%		8.88	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	465		$	504		$	502		$	628		$	1,111		$	1,519
Ratio of Expenses Before Expense Limitation		1.80	%⁽⁸⁾		1.91	%		1.90	%		1.83	%		1.84	%		2.52	%
Ratio of Expenses After Expense Limitation		1.25	%⁽⁴⁾⁽⁸⁾		1.25	%⁽⁴⁾		1.26	%⁽⁴⁾		1.28	%⁽⁴⁾⁽⁵⁾		1.35	%⁽⁴⁾		1.35	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Non Operating Expenses		1.25	%⁽⁴⁾⁽⁸⁾		1.25	%⁽⁴⁾		1.25	%⁽⁴⁾		N/A			N/A			N/A
Ratio of Net Investment Income		6.05	%⁽⁴⁾⁽⁸⁾		5.90	%⁽⁴⁾		6.40	%⁽⁴⁾		6.51	%⁽⁴⁾⁽⁵⁾		6.25	%⁽⁴⁾		6.14	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾⁽⁸⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾
Portfolio Turnover Rate		21	%⁽⁷⁾		39	%		73	%		74	%		62	%		96	%

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class L shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(5) Effective January 4, 2016, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.25% for Class L shares. Prior to January 4, 2016, the maximum ratio was 1.35% for Class L shares.

(6) Amount is less than 0.005%.

(7) Not annualized.

(8) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

High Yield Portfolio

	Class C
	Six Months Ended March 31, 2019			Year Ended September 30,									Period from April 30, 2015⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			September 30, 2015
Net Asset Value, Beginning of Period	$	9.93		$	10.12		$	9.89		$	9.78		$	10.39
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.27			0.54			0.59			0.57			0.24
Net Realized and Unrealized Gain (Loss)		(0.26	)		(0.16	)		0.20			0.12			(0.62	)
Total from Investment Operations		0.01			0.38			0.79			0.69			(0.38	)
Distributions from and/or in Excess of:
Net Investment Income		(0.26	)		(0.57	)		(0.56	)		(0.58	)		(0.23	)
Net Asset Value, End of Period	$	9.68		$	9.93		$	10.12		$	9.89		$	9.78
Total Return⁽⁴⁾		0.19	%⁽⁸⁾		3.91	%		8.24	%		7.47	%		(3.75	)%⁽⁸⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	5,603		$	5,811		$	3,585		$	2,908		$	1,309
Ratio of Expenses Before Expense Limitation		1.95	%⁽⁹⁾		2.01	%		2.09	%		2.12	%		2.15	%⁽⁹⁾
Ratio of Expenses After Expense Limitation		1.72	%⁽⁵⁾⁽⁹⁾		1.73	%⁽⁵⁾		1.76	%⁽⁵⁾		1.77	%⁽⁵⁾⁽⁶⁾		1.84	%⁽⁵⁾⁽⁹⁾
Ratio of Expenses After Expense Limitation Excluding Non Operating Expenses		1.72	%⁽⁵⁾⁽⁹⁾		1.73	%⁽⁵⁾		1.75	%⁽⁵⁾		N/A			N/A
Ratio of Net Investment Income		5.58	%⁽⁵⁾⁽⁹⁾		5.41	%⁽⁵⁾		5.90	%⁽⁵⁾		6.00	%⁽⁵⁾⁽⁶⁾		5.60	%⁽⁵⁾⁽⁹⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁷⁾⁽⁹⁾		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾⁽⁹⁾
Portfolio Turnover Rate		21	%⁽⁸⁾		39	%		73	%		74	%		62	%⁽⁸⁾

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class C shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Commencement of Offering.

(3) Per share amount is based on average shares outstanding.

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

(5) The Ratios of Expenses and Net Investment Income reflect the rebate of certain Fund 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."

(6) Effective January 4, 2016, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.75% for Class C shares. Prior to January 4, 2016, the maximum ratio was 1.85% for Class C shares.

(7) Amount is less than 0.005%.

(8) Not annualized.

(9) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

High Yield Portfolio

	Class IS
	Six Months Ended March 31, 2019			Year Ended September 30,												Period from March 28, 2014⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			2015			September 30, 2014
Net Asset Value, Beginning of Period	$	9.96		$	10.15		$	9.92		$	9.79		$	10.74		$	10.98
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.32			0.65			0.69			0.67			0.69			0.37
Net Realized and Unrealized Gain (Loss)		(0.25	)		(0.16	)		0.21			0.14			(0.92	)		(0.27	)
Total from Investment Operations		0.07			0.49			0.90			0.81			(0.23	)		0.10
Distributions from and/or in Excess of:
Net Investment Income		(0.32	)		(0.68	)		(0.67	)		(0.68	)		(0.66	)		(0.34	)
Net Realized Gain		—			—			—			—			(0.06	)		—
Total Distributions		(0.32	)		(0.68	)		(0.67	)		(0.68	)		(0.72	)		(0.34	)
Net Asset Value, End of Period	$	9.71		$	9.96		$	10.15		$	9.92		$	9.79		$	10.74
Total Return⁽⁴⁾		0.74	%⁽⁸⁾		5.04	%		9.43	%		8.75	%		(2.17	)%		0.89	%⁽⁸⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	808		$	865		$	560		$	13,789		$	574		$	10
Ratio of Expenses Before Expense Limitation		1.08	%⁽⁹⁾		1.15	%		0.99	%		0.93	%		1.57	%		15.70	%⁽⁹⁾
Ratio of Expenses After Expense Limitation		0.62	%⁽⁵⁾⁽⁹⁾		0.62	%⁽⁵⁾		0.62	%⁽⁵⁾		0.62	%⁽⁵⁾⁽⁶⁾		0.72	%⁽⁵⁾		0.72	%⁽⁵⁾⁽⁹⁾
Ratio of Expenses After Expense Limitation Excluding Non Operating Expenses		0.62	%⁽⁵⁾⁽⁹⁾		0.62	%⁽⁵⁾		0.62	%⁽⁵⁾		N/A			N/A			N/A
Ratio of Net Investment Income		6.68	%⁽⁵⁾⁽⁹⁾		6.52	%⁽⁵⁾		6.93	%⁽⁵⁾		7.05	%⁽⁵⁾⁽⁶⁾		6.75	%⁽⁵⁾		6.66	%⁽⁵⁾⁽⁹⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁷⁾⁽⁹⁾		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾⁽⁹⁾
Portfolio Turnover Rate		21	%⁽⁸⁾		39	%		73	%		74	%		62	%		96	%⁽⁸⁾

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class IS shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Commencement of Offering.

(3) Per share amount is based on average shares outstanding.

(4) Calculated based on the net asset value as of the last business day of the period.

(6) Effective January 4, 2016, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.62% for Class IS shares. Prior to January 4, 2016, the maximum ratio was 0.72% for Class IS shares.

(7) Amount is less than 0.005%.

(8) Not annualized.

(9) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

High Yield Portfolio

	Class IR
Selected Per Share Data and Ratios	Six Months Ended March 31, 2019 (unaudited)			Period from June 15, 2018⁽¹⁾ to September 30, 2018
Net Asset Value, Beginning of Period	$	9.96		$	9.93
Income from Investment Operations:
Net Investment Income⁽²⁾		0.28			0.16
Net Realized and Unrealized Gain (Loss)		(0.21	)		0.03
Total from Investment Operations		0.07			0.19
Distributions from and/or in Excess of:
Net Investment Income		(0.32	)		(0.16	)
Net Asset Value, End of Period	$	9.71		$	9.96
Total Return⁽³⁾		0.74	%⁽⁶⁾		1.92	%⁽⁶⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period, (Thousands)	$	10		$	10
Ratio of Expenses Before Expense Limitation		16.97	%⁽⁷⁾		18.62	%⁽⁷⁾
Ratios of Expenses After Expense Limitation		0.62	%⁽⁴⁾⁽⁷⁾		0.62	%⁽⁴⁾⁽⁷⁾
Ratios of Expenses After Expense Limitation Excluding Non Operating Expenses		0.62	%⁽⁴⁾⁽⁷⁾		0.62	%⁽⁴⁾⁽⁷⁾
Ratio of Net Investment Income		5.90	%⁽⁴⁾⁽⁷⁾		5.75	%⁽⁴⁾⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾⁽⁷⁾		0.00	%⁽⁵⁾⁽⁷⁾
Portfolio Turnover Rate		21	%⁽⁶⁾		39	%⁽⁶⁾

(1) Commencement of Offering.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(5) Amount is less than $0.005 per share.

(6) Not annualized.

(7) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Notes to Financial Statements (unaudited)

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

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

1. Security Valuation: (1) Certain portfolio securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads, and/or other market data and specific security characteristics. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available in the relevant exchanges; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers; (4) certain senior collateralized loans

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

("Senior Loans") are valued based on quotations received from an independent pricing service; (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; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

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.)

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2019:

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	$	—	$	181,964	$	—	$	181,964
Variable Rate Senior Loan Interests		—		13,899		—		13,899
Total Fixed Income Securities		—		195,863		—		195,863
Common Stocks
Auto Components		—		1		—		1
Equity Real Estate Investment Trusts (REITs)		—		269		—		269
Machinery		—		—		10		10
Semiconductors & Semiconductor Equipment		—		67		—		67
Trading Companies & Distributors		—		59		—		59
Total Common Stocks		—		396		10		406
Participation Notes		—		36		—		36
Short-Term Investment
Investment Company		1,927		—		—		1,927
Total Assets	$	1,927	$	196,295	$	10	$	198,232

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

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

	Common Stock (000)
Beginning Balance	$	24
Purchases		—
Sales		—
Amortization of discount		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		(14	)
Realized gains (losses)		—
Ending Balance	$	10
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2019	$	(14	)

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, 2019:

Fair Value at
March 31, 2019
(000)

Valuation
Technique

Unobservable
Input

Amount*

Impact to
Valuation from an
Increase in Input**

Common Stock

Market Comparable
Companies

Enterprise
Value/EBITDA

4.4

Increase

Discount for Lack
of Marketability

40.0

Decrease

* Amount is indicative of the weighted average.

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. Structured Investments: The Fund invested a portion of its assets in structured investments. A structured investment is a derivative security designed to offer a return

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

linked to a particular underlying security, currency, commodity or market. Structured investments may come in various forms including notes (such as exchange-traded notes), warrants and options to purchase securities. The Fund will typically use structured investments to gain exposure to a permitted underlying security, currency, commodity or market when direct access to a market is limited or inefficient from a tax or cost standpoint. There can be no assurance that structured investments will trade at the same price or have the same value as the underlying security, currency, commodity or market. Investments in structured investments involve risks including issuer risk, counterparty risk and market risk. Holders of structured investments bear risks of the underlying investment and are subject to issuer or counterparty risk because the Fund is relying on the creditworthiness of such issuer or counterparty and has no rights with respect to the underlying investment. Certain structured investments may be thinly traded or have a limited trading market and may have the effect of increasing the Fund's illiquidity to the extent that the Fund, at a particular time, may be unable to find qualified buyers for these securities.

6. Indemnifications: The Trust enters into contracts that contain a variety of indemnifications. The Trust's maximum exposure under these arrangements is unknown.

However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

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. When the Fund 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 Fund accrues the commitment fee over the expected term of the loan. When the Fund sells an 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 Fund 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 Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, 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 Fund with advisory services under the terms of an Investment Advisory Agreement, paid

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

quarterly, at an annual rate of 0.60% of the average daily net assets of the Fund.

C. Administration Fees: The Adviser also serves as Administrator to the Trust and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund'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 Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

F. Custodian Fees: State Street (the "Custodian") also serves as Custodian for the Trust in accordance with a Custodian Agreement. The Custodian holds cash, securities, and other assets of the Trust as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases 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, 2019, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments, were approximately $55,339,000 and $37,128,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended March 31, 2019.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the six months ended March 31, 2019, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

A summary of the Fund's transactions in shares of affiliated investments during the six months ended March 31, 2019 is as follows:

Affiliated Investment Company				Value September 30, 2018 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	9,170			$	37,073			$	44,316			$	33

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value March 31, 2019 (000)
Liquidity Funds				$	—			$	—			$	1,927

2018 Distributions Paid From:				2017 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	9,887	$	—	$	8,163	$	—

Permanent differences, primarily due to paydown adjustments and adjustments on defaulted bonds sold, resulted in the following reclassifications among the components of net assets at September 30, 2018:

Total Distributable Earinings (Loss) (000)				Paid-in- Capital (000)
$	—			$	—

At September 30, 2018, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	1,098			$	—

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

At September 30, 2018, the Fund had available for federal income tax purposes unused short-term and long term capital losses of approximately $81,000 and $740,000, respectively, that do not have an expiration date.

K. Accounting Pronouncement: In March 2017, FASB issued an Accounting Standard Update, ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the "ASU") which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

Privacy Notice (unaudited)

FACTS				WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?
Why?				Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?				The types of personal information we collect and share depend on the product or service you have with us. This information can include: n Social Security number and income n investment experience and risk tolerance n checking account number and wire transfer instructions
How?				All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MSIM share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don't share
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

Questions? Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Privacy Notice (unaudited) (cont'd)

Who we are
Who is providing this notice?				Morgan Stanley Investment Management, Inc. and its affiliated registered investment advisers, registered broker-dealers, and registered and unregistered funds ("MSIM")
What we do
How does MSIM protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?				We collect your personal information, for example, when you n open an account or make deposits or withdrawals from your account n buy securities from us or make a wire transfer n give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?				Federal law gives you the right to limit only n sharing for affiliates' everyday business purposes — information about your creditworthiness n affiliates from using your information to market to you n sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Affiliates				Companies related by common ownership or control. They can be financial and nonfinancial companies. n Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates				Companies not related by common ownership or control. They can be financial and nonfinancial companies. n MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between nonaffiliated financial companies that together market financial products or services to you. n MSIM doesn't jointly market
Other Important Information

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Trustee and Officer Information (unaudited)

Trustees

Frank L. Bowman
Kathleen A. Dennis
Nancy C. Everett
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia Maleski
Michael E. Nugent, Chair of the Board
W. Allen Reed

Officers

John H. Gernon
President and Principal Executive Officer

Timothy J. Knierim
Chief Compliance Officer

Mary E. Mullin
Secretary

Francis J. Smith
Treasurer and Principal Financial Officer

Michael J. Key
Vice President

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

DST Asset Manager Solutions, 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

Perkins Coie LLP
30 Rockefeller Plaza
New York, New York 10112

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

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
2514298 EXP 05.31.20

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Strategic Income Portfolio

Semi-Annual Report

March 31, 2019

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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					18
Privacy Notice					28
Trustee and Officer Information					30

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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 "Fund") 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 2019

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Expense Example (unaudited)

Strategic Income Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2019 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/18		Actual Ending Account Value 3/31/19		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	$	1,013.50	$	1,019.95	$	5.02	$	5.04		1.00	%
Strategic Income Portfolio Class A		1,000.00		1,012.70		1,018.20		6.77		6.79		1.35
Strategic Income Portfolio Class C		1,000.00		1,009.10		1,014.46		10.52		10.55		2.10
Strategic Income Portfolio Class IS		1,000.00		1,014.80		1,020.19		4.77		4.78		0.95

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments

Strategic Income Portfolio

	Face Amount (000)			Value (000)
Fixed Income Securities (91.4%)
Asset-Backed Securities (17.5%)
Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates,
1 Month USD LIBOR + 1.73%, 4.21%, 10/25/34 (a)	$	39		$	39
Carrington Mortgage Loan Trust,
1 Month USD LIBOR + 0.22%, 2.71%, 1/25/37 (a)		100			81
Chase Funding Loan Acquisition Trust,
5.50%, 8/25/34		40			41
Credit Suisse First Boston Mortgage Securities Corp.,
1 Month USD LIBOR + 0.62%, 3.11%, 1/25/32 (a)		46			46
Credit-Based Asset Servicing & Securitization LLC,
1 Month USD LIBOR + 0.75%, 3.24%, 2/25/33 (a)		59			60
DT Auto Owner Trust,
5.15%, 11/15/24 (b)		100			102
5.33%, 11/17/25 (b)		100			102
Ellington Loan Acquisition Trust,
1 Month USD LIBOR + 1.05%, 3.54%, 5/25/37 (a)(b)		31			31
1 Month USD LIBOR + 1.10%, 3.59%, 5/25/37 (a)(b)		100			101
EquiFirst Mortgage Loan Trust,
1 Month USD LIBOR + 2.18%, 4.66%, 10/25/34 (a)		44			45
Financial Asset Securities Corp.,
1 Month USD LIBOR + 0.38%, 2.87%, 2/27/35 (a)(b)		35			33
Flagship Credit Auto Trust,
4.23%, 9/16/24 (b)		50			51
GSAA Home Equity Trust,
6.00%, 11/25/36		25			15
GSAMP Trust,
1 Month USD LIBOR + 0.32%, 2.81%, 3/25/46 (a)		100			98
1 Month USD LIBOR + 1.05%, 3.54%, 10/25/33 (a)		28			28
Invitation Homes Trust,
1 Month USD LIBOR + 2.00%, 4.48%, 6/17/37 (a)(b)		100			100
1 Month USD LIBOR + 2.50%, 4.98%, 3/17/37 (a)(b)		100			100
Lehman ABS Manufactured Housing Contract Trust,
3.70%, 4/15/40		—	@		—	@
MFA LLC,
4.16%, 7/25/48 (b)		87			88
Nationstar Home Equity Loan Trust,
1 Month USD LIBOR + 0.25%, 2.74%, 4/25/37 (a)		56			56

	Face Amount (000)		Value (000)
Ownit Mortgage Loan Trust,
1 Month USD LIBOR + 0.27%, 2.76%, 3/25/37 (a)	$	60	$	57
Pretium Mortgage Credit Partners LLC,
4.83%, 9/25/58 (b)		93		94
Progress Residential Trust,
4.38%, 3/17/35 (b)		100		100
1 Month USD LIBOR + 4.22%, 6.70%, 1/17/34 (a)(b)		100		100
Tricon American Homes Trust,
5.10%, 1/17/36 (b)		100		101
Truman Capital Mortgage Loan Trust,
1 Month USD LIBOR + 2.55%, 5.04%, 1/25/34 (a)(b)		48		48
1 Month USD LIBOR + 2.78%, 5.26%, 11/25/31 (a)(b)		43		43
United Auto Credit Securitization Trust,
4.26%, 5/10/23 (b)		20		20
				1,780
Collateralized Mortgage Obligation — Agency Collateral Series (0.1%)
Government National Mortgage Association,
IO
0.81%, 8/20/58 (a)		404		9
Commercial Mortgage-Backed Securities (4.0%)
BAMLL Commercial Mortgage Securities Trust,
1 Month USD LIBOR + 5.50%, 4.33%, 12/15/31 (a)(b)		100		98
GS Mortgage Securities Trust,
4.32%, 2/10/48 (a)(b)		100		89
4.69%, 6/10/47 (a)		50		52
JPMBB Commercial Mortgage Securities Trust,
3.84%, 2/15/48 (a)(b)		100		94
Wells Fargo Commercial Mortgage Trust,
4.10%, 5/15/48 (a)		75		71
				404
Corporate Bonds (38.1%)
Finance (12.0%)
Bank of America Corp.,
2.74%, 1/23/22		25		25
MTN
4.25%, 10/22/26		50		51
BNP Paribas SA,
1.13%, 6/11/26	EUR	100		111
Brighthouse Financial, Inc.,
Series WI
3.70%, 6/22/27	$	25		23
Capital One Financial Corp.,
2.50%, 5/12/20		25		25
Citigroup, Inc.,
3.14%, 1/24/23		25		25
5.50%, 9/13/25		75		82
Cooperatieve Rabobank UA,
2.50%, 5/26/26	EUR	100		117

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Strategic Income Portfolio

	Face Amount (000)		Value (000)
Corporate Bonds (cont'd)
Credit Agricole SA,
1.38%, 3/13/25	EUR	100	$	115
Credit Suisse Group AG,
1.25%, 7/17/25		100		114
Deutsche Bank AG,
2.70%, 7/13/20	$	25		25
3.15%, 1/22/21		100		99
Discover Financial Services,
3.95%, 11/6/24		25		26
Goldman Sachs Group, Inc. (The),
2.00%, 11/1/28	EUR	100		117
iStar, Inc.,
6.50%, 7/1/21	$	25		26
Kennedy-Wilson, Inc.,
5.88%, 4/1/24		25		25
Lloyds Bank PLC,
6.50%, 3/24/20	EUR	50		59
Macquarie Group Ltd.,
4.15%, 3/27/24 (b)	$	25		25
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.,
6.38%, 12/15/22 (b)		10		10
Vonovia Finance BV,
4.00%, 12/17/21 (c)	EUR	100		120
				1,220
Industrials (24.4%)
Akamai Technologies, Inc.,
0.13%, 5/1/25 (b)	$	53		53
Albertsons Cos., LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC,
5.75%, 3/15/25		25		24
Allscripts Healthcare Solutions, Inc.,
1.25%, 7/1/20		50		49
Altria Group, Inc.,
3.80%, 2/14/24		25		25
Amazon.com, Inc.,
1.90%, 8/21/20		50		50
AT&T, Inc.,
4.25%, 3/1/27		50		51
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
5.50%, 4/1/23		25		25
Becton Dickinson and Co.,
2.89%, 6/6/22		25		25
BMW US Capital LLC,
2.15%, 4/6/20 (b)		50		50
BP Capital Markets PLC,
2.32%, 2/13/20		50		50
Charter Communications Operating LLC/Charter Communications Operating Capital,
4.20%, 3/15/28		25		25
4.91%, 7/23/25		50		53

	Face Amount (000)		Value (000)
Chevron Corp.,
1.99%, 3/3/20	$	50	$	50
Conagra Brands, Inc.,
4.85%, 11/1/28		25		26
Concho Resources, Inc.,
4.30%, 8/15/28		25		26
CSC Holdings LLC,
5.25%, 6/1/24		25		25
CVS Health Corp.,
3.70%, 3/9/23		25		25
Dell International LLC/EMC Corp.,
4.00%, 7/15/24 (b)		25		25
Delta Air Lines, Inc.,
2.88%, 3/13/20		25		25
Elanco Animal Health, Inc.,
3.91%, 8/27/21 (b)		25		25
Eldorado Gold Corp.,
6.13%, 12/15/20 (b)		25		25
Finisar Corp.,
0.50%, 12/15/36		25		25
Fox Corp.,
4.03%, 1/25/24 (b)		40		42
General Motors Financial Co., Inc.,
4.30%, 7/13/25		50		50
Glencore Funding LLC,
3.88%, 10/27/27 (b)		25		24
Global Partners LP/GLP Finance Corp.,
7.00%, 6/15/23		25		25
Gray Television, Inc.,
5.13%, 10/15/24 (b)		25		25
Grinding Media, Inc./Moly-Cop AltaSteel Ltd.,
7.38%, 12/15/23 (b)		25		24
Harland Clarke Holdings Corp.,
6.88%, 3/1/20 (b)		25		25
Hyundai Capital America,
2.60%, 3/19/20 (b)		45		45
Intelsat Jackson Holdings SA,
5.50%, 8/1/23		25		22
Intercept Pharmaceuticals, Inc.,
3.25%, 7/1/23		25		25
Ionis Pharmaceuticals, Inc.,
1.00%, 11/15/21		25		34
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp.,
6.75%, 11/15/21 (b)		25		26
Kenan Advantage Group, Inc. (The),
7.88%, 7/31/23 (b)		25		24
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,
5.25%, 6/1/26 (b)		25		25
Lamar Media Corp.,
5.00%, 5/1/23		25		26
Lions Gate Capital Holdings LLC,
5.88%, 11/1/24 (b)		25		26

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Strategic Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Mallinckrodt International Finance SA/Mallinckrodt CB LLC,
4.88%, 4/15/20 (b)	$	25	$	25
McDonald's Corp.,
MTN
2.20%, 5/26/20		50		50
MDC Partners, Inc.,
6.50%, 5/1/24 (b)		25		21
Medco Health Solutions, Inc.,
4.13%, 9/15/20		25		25
MGM Resorts International,
5.75%, 6/15/25		25		26
Newcastle Coal Infrastructure Group Pty Ltd.,
4.40%, 9/29/27 (b)		25		23
Nuance Communications, Inc.,
1.00%, 12/15/35		25		23
Palo Alto Networks, Inc.,
0.75%, 7/1/23 (b)		25		28
Post Holdings, Inc.,
5.00%, 8/15/26 (b)		25		24
Repsol International Finance BV,
4.50%, 3/25/75	EUR	100		123
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp.,
6.13%, 8/15/21 (b)	$	25		25
Sabine Pass Liquefaction LLC,
4.20%, 3/15/28		25		25
SBA Communications Corp.,
4.88%, 9/1/24		25		25
Shell International Finance BV,
1.38%, 9/12/19		50		50
Sika AG,
0.15%, 6/5/25	CHF	20		21
Solvay Finance SA,
5.12%, 6/2/21 (c)	EUR	100		122
Sprint Capital Corp.,
6.88%, 11/15/28	$	25		24
Standard Industries, Inc.,
5.38%, 11/15/24 (b)		50		51
Stryker Corp.,
1.13%, 11/30/23	EUR	100		117
Tenet Healthcare Corp.,
5.13%, 5/1/25	$	25		25
Teva Pharmaceutical Finance Netherlands III BV,
2.20%, 7/21/21		50		48
Transurban Finance Co., Pty Ltd.,
3.38%, 3/22/27 (b)		25		24
Twitter, Inc.,
0.25%, 6/15/24 (b)		30		28
Union Pacific Corp.,
2.25%, 6/19/20		50		50

	Face Amount (000)		Value (000)
Verint Systems, Inc.,
1.50%, 6/1/21	$	25	$	28
Verizon Communications, Inc.,
2.63%, 2/21/20		50		50
Vodafone Group PLC,
4.38%, 5/30/28		25		25
Weibo Corp.,
1.25%, 11/15/22 (b)		30		28
Western Digital Corp.,
1.50%, 2/1/24 (b)		50		44
Wolverine World Wide, Inc.,
5.00%, 9/1/26 (b)		25		24
Woolworths Group Ltd.,
4.00%, 9/22/20 (b)		25		25
Zillow Group, Inc.,
2.00%, 12/1/21		25		26
				2,478
Utilities (1.7%)
Dominion Energy, Inc.,
Series B
1.60%, 8/15/19		50		50
EDP - Energias de Portugal SA,
5.38%, 9/16/75	EUR	100		120
				170
				3,868
Mortgages — Other (11.5%)
Alba PLC,
3 Month GBP LIBOR + 0.50%, 1.35%, 3/17/39 (a)	GBP	38		45
Alternative Loan Trust,
4.90%, 3/25/35 (a)	$	40		39
5.75%, 3/25/34		42		45
PAC
1 Month USD LIBOR + 0.45% ,2.94%, 10/25/36 (a)		47		29
Banc of America Alternative Loan Trust,
5.71%, 10/25/36 (a)		79		44
Banc of America Mortgage Trust,
4.93%, 3/25/33 (a)		27		26
Bear Stearns ARM Trust,
4.35%, 2/25/36 (a)		35		34
Bear Stearns Structured Products, Inc. Trust,
4.34%, 1/26/36 (a)		21		20
Bear Stearns Trust,
4.17%, 4/25/35 (a)		35		33
4.25%, 2/25/36 (a)		30		29
Citigroup Mortgage Loan Trust,
4.19%, 6/25/36 (a)		26		20
COMM Mortgage Trust,
1 Month USD LIBOR + 4.25%, 6.75%, 2/13/32 (a)(b)		100		100

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Strategic Income Portfolio

	Face Amount (000)		Value (000)
Mortgages — Other (cont'd)
E-MAC Program BV,
3 Month EURIBOR + 0.17%, 1.65%, 4/25/39 (a)	EUR	67	$	66
Eurohome Mortgages PLC,
3 Month EURIBOR + 0.21%, 0.00%, 8/2/50 (a)		23		22
GC Pastor Hipotecario 5 FTA,
3 Month EURIBOR + 0.17%, 0.00%, 6/21/46 (a)		40		40
Grifonas Finance PLC,
6 Month EURIBOR + 0.28%, 0.05%, 8/28/39 (a)		37		37
GSR Mortgage Loan Trust,
4.66%, 12/25/34 (a)	$	68		67
HarborView Mortgage Loan Trust,
1 Month USD LIBOR + 0.19%, 2.67%, 1/19/38 (a)		24		23
4.96%, 2/25/36 (a)		40		27
Hipocat 11 FTA,
3 Month EURIBOR + 0.13%, 0.00%, 1/15/50 (a)	EUR	21		22
IndyMac INDX Mortgage Loan Trust,
4.28%, 12/25/34 (a)	$	23		23
JP Morgan Mortgage Trust,
4.11%, 6/25/37 (a)		26		24
Lansdowne Mortgage Securities No. 1 PLC,
3 Month EURIBOR + 0.30%, 0.00%, 6/15/45 (a)	EUR	16		17
Lansdowne Mortgage Securities No. 2 PLC,
3 Month EURIBOR + 0.34%, 0.03%, 9/16/48 (a)		29		29
Lehman Mortgage Trust,
6.00%, 7/25/36	$	69		53
Lusitano Mortgages No. 5 PLC,
3 Month EURIBOR + 0.26%, 0.00%, 7/15/59 (a)	EUR	37		40
Moorgate Funding Ltd.,
1 Month GBP LIBOR + 0.90%, 1.63%, 10/15/50 (a)	GBP	48		63
National City Mortgage Capital Trust,
6.00%, 3/25/38	$	18		19
Reperforming Loan REMIC Trust,
8.50%, 6/25/35 (b)		64		67
STARM Mortgage Loan Trust,
4.76%, 1/25/37 (a)		30		30
Washington Mutual MSC Mortgage Pass-Through Certificates,
5.50%, 3/25/33		40		41
				1,174
Sovereign (12.8%)
Australia Government Bond,
2.75%, 11/21/27 - 11/21/28	AUD	270		208
3.25%, 4/21/25		90		70

	Face Amount (000)		Value (000)
Brazil Notas do Tesouro Nacional, Series F,
10.00%, 1/1/25 - 1/1/27	BRL	220	$	60
Cyprus Government International Bond,
3.88%, 5/6/22	EUR	26		33
Hellenic Republic Government Bond,
3.38%, 2/15/25 (b)		80		92
3.88%, 3/12/29 (b)		32		36
4.38%, 8/1/22 (b)		35		42
Hungary Government Bond,
3.00%, 10/27/27	HUF	5,300		19
5.50%, 6/24/25		10,700		45
Hungary Government International Bond,
5.38%, 3/25/24	$	80		88
Indonesia Treasury Bond,
6.13%, 5/15/28	IDR	635,000		41
8.25%, 5/15/29		465,000		34
Mexican Bonos,
8.50%, 5/31/29	MXN	2,800		148
Series M
7.50%, 6/3/27		1,700		85
Peruvian Government International Bond,
(Units)
8.20%, 8/12/26 (d)	PEN	100		36
Petroleos Mexicanos,
4.88%, 1/18/24	$	20		20
Republic of Poland Government Bond,
2.50%, 7/25/27	PLN	400		103
2.75%, 4/25/28		100		26
Republic of South Africa Government Bond,
9.00%, 1/31/40	ZAR	400		26
South Africa Government Bond,
8.00%, 1/31/30		600		38
Spain Government Bond,
2.70%, 10/31/48 (b)	EUR	40		49
				1,299
U.S. Treasury Securities (7.4%)
U.S. Treasury Bonds,
3.13%, 5/15/48	$	130		138
U.S. Treasury Notes,
2.25%, 2/15/27		300		298
2.88%, 8/15/28		310		322
				758
Total Fixed Income Securities (Cost $9,096)				9,292
	Shares
Short-Term Investments (6.9%)
Investment Company (1.4%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $147)		147,221		147

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Strategic Income Portfolio

	Face Amount (000)		Value (000)
U.S. Treasury Securities (5.2%)
U.S. Treasury Bill
2.49%, 8/22/19 (e)(f)	$	68	$	67
U.S. Treasury Note
1.00%, 8/31/19		460		457
Total U.S. Treasury Securities (Cost $524)				524
	Shares
Sovereign (0.3%)
Egypt Treasury Bills,
17.46%, 9/10/19	EGP	275		15
17.48%, 9/10/19		225		12
Total Sovereign (Cost $27)				27
Total Short-Term Investments (Cost $698)				698
Total Investments (98.3%) (Cost $9,794) (g)(h)				9,990
Other Assets in Excess of Liabilities (1.7%)				174
Net Assets (100.0%)			$	10,164

(a) Floating or Variable rate securities: The rates disclosed are as of March 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

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

(d) Consists of one or more classes of securities traded together as a unit.

(e) Rate shown is the yield to maturity at March 31, 2019.

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

(g) Securities are available for collateral in connection with open foreign currency forward exchange contracts, futures contracts and swap agreements.

(h) At March 31, 2019, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $317,000 and the aggregate gross unrealized depreciation is approximately $158,000, resulting in net unrealized appreciation of approximately $159,000.

@ Value is less than $500.

EURIBOR Euro Interbank Offered Rate.

IO Interest Only.

LIBOR London Interbank Offered Rate.

MTN Medium Term Note.

PAC Planned Amortization Class.

REMIC Real Estate Mortgage Investment Conduit.

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at March 31, 2019:

Counterparty	Contracts to Deliver (000)			In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Bank of America NA	EUR	1,574		$	1,794	6/28/19	$	15
Bank of America NA	HUF	18,610		$	67	6/28/19		2
Bank of America NA	PLN	482		$	127	6/28/19		2
Bank of America NA	$	1		CAD	1	6/28/19		—	@
BNP Paribas SA	ZAR	230		$	16	6/28/19		—	@
Citibank NA	MXN	4,560		$	236	6/28/19		4
Goldman Sachs International	AUD	365		$	260	6/28/19		—	@
Goldman Sachs International	CAD	65		MXN	940	6/28/19		—	@
Goldman Sachs International	CHF	21		$	21	6/28/19		—	@
Goldman Sachs International	GBP	83		$	110	6/28/19		1
Goldman Sachs International	$	—	@	JPY	52	6/28/19		(—	@)
Goldman Sachs International	CAD	49		MXN	940	6/28/19		(1	)
Goldman Sachs International	$	8		NZD	11	6/28/19		(—	@)
JPMorgan Chase Bank NA	BRL	49		$	12	6/28/19		—	@
JPMorgan Chase Bank NA	CAD	69		$	51	6/28/19		(—	@)
JPMorgan Chase Bank NA	IDR	566,753		$	39	6/28/19		(—	@)
JPMorgan Chase Bank NA	PEN	60		$	18	6/28/19		—	@
							$	23

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Strategic Income Portfolio

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2019:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Depreciation (000)
Short:
German Euro BOBL (Germany)		2	Jun-19		(200	)	$	(299	)	$	(3	)
German Euro Bund (Germany)		2	Jun-19		(200	)		(373	)		(8	)
German Euro OAT (Germany)		1	Jun-19		(100	)		(182	)		(5	)
German Euro Schatz Futures (Germany)		3	Jun-19		(300	)		(377	)		(1	)
U.S. Treasury 10 yr. Note (United States)		7	Jun-19		(700	)		(870	)		(12	)
U.S. Treasury 10 yr. Ultra Long Bond (United States)		4	Jun-19		(400	)		(531	)		(5	)
U.S. Treasury 2 yr. Note (United States)		4	Jun-19		(800	)		(852	)		(3	)
U.S. Treasury 5 yr. Note (United States)		12	Jun-19		(1,200	)		(1,390	)		(13	)
U.S. Treasury Ultra Bond (United States)		1	Jun-19		(100	)		(168	)		(6	)
UK Long Gilt Bond (United Kingdom)		1	Jun-19		(100	)		(168	)		(3	)
										$	(59	)

Credit Default Swap Agreements:

The Fund had the following credit default swap agreements open at March 31, 2019:

Swap Counterparty and Reference Obligation	Credit Rating of Reference Obligation†	Buy/Sell Protection	Pay/Receive Fixed Rate			Payment Frequency	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment (Received) (000)			Unrealized Depreciation (000)
Credit Suisse International CDX.NA.HY.301	NR	Buy		5.00	%	Quarterly	12/20/23	$	49	$	(3	)	$	(3	)	$	(—	@)
Morgan Stanley & Co., LLC* CDX.NA.HY.30	NR	Buy		5.00		Quarterly	6/20/23		98		(7	)		(6	)		(1	)
										$	(10	)	$	(9	)	$	(1	)

@ — Value is less than $500.

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

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

NR — Not rated.

LIBOR— London Interbank Offered Rate.

OAT — Obligations AssimilableDomis du Trésor (French Treasury Obligation).

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

EGP — Egyptian Pound

EUR — Euro

GBP — British Pound

HUF — Hungarian Forint

IDR — Indonesian Rupiah

JPY — Japanese Yen

MXN — Mexican Peso

NZD — New Zealand Dollar

PEN — Peruvian Nuevo Sol

PLN — Polish Zloty

USD — United States Dollar

ZAR — South African Rand

Portfolio Composition

Classification	Percentage of Total Investments
Industrials		24.8	%
Asset-Backed Securities		17.8
Sovereign		13.0
Finance		12.2
Mortgages — Other		11.8
U.S. Treasury Securities		7.6
Short-Term Investments		7.0
Other**		5.8
Total Investments		100.0	%***

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

*** Does not include open short futures contracts with a value of approximately $5,210,000 and net unrealized depreciation of approximately $59,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $23,000 and does not include open swap agreements with net unrealized depreciation of approximately $1,000.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Strategic Income Portfolio

Statement of Assets and Liabilities	March 31, 2019 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $9,647)	$	9,843
Investment in Security of Affiliated Issuer, at Value (Cost $147)		147
Total Investments in Securities, at Value (Cost $9,794)		9,990
Foreign Currency, at Value (Cost $15)		15
Receivable for Investments Sold		108
Interest Receivable		67
Receivable for Variation Margin on Futures Contracts		54
Due from Adviser		43
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		24
Tax Reclaim Receivable		1
Receivable from Affiliate		—	@
Other Assets		66
Total Assets		10,368
Liabilities:
Payable for Investments Purchased		102
Payable for Professional Fees		72
Payable for Custodian Fees		11
Payable for Transfer Agency Fees — Class I		1
Payable for Transfer Agency Fees — Class A		1
Payable for Transfer Agency Fees — Class C		1
Payable for Transfer Agency Fees — Class IS		1
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		1
Payable for Administration Fees		1
Deferred Capital Gain Country Tax		1
Payable for Variation Margin on Swap Agreements		1
Payable for Shareholder Services Fees — Class A		—	@
Payable for Distribution and Shareholder Services Fees — Class C		—	@
Payable for Sub Transfer Agency Fees — Class A		—	@
Payable for Sub Transfer Agency Fees — Class C		—	@
Other Liabilities		11
Total Liabilities		204
Net Assets	$	10,164
Net Assets Consist of:
Paid-in-Capital	$	10,126
Total Distributable Earnings		38
Net Assets	$	10,164

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Strategic Income Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2019 (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	$	10.02
CLASS A:
Net Assets	$	117
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		11,705
Net Asset Value, Redemption Price Per Share	$	10.01
Maximum Sales Load		4.25	%
Maximum Sales Charge	$	0.44
Maximum Offering Price Per Share	$	10.45
CLASS C:
Net Assets	$	31
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		3,103
Net Asset Value, Offering and Redemption Price Per Share	$	9.97
CLASS IS:
Net Assets	$	10,006
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	$	10.03

@ 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, 2019 (unaudited)

Strategic Income Portfolio

Statement of Operations	Six Months Ended March 31, 2019 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $—@ of Foreign Taxes Withheld)	$	183
Dividends from Security of Affiliated Issuer (Note G)		3
Total Investment Income		186
Expenses:
Professional Fees		66
Advisory Fees (Note B)		20
Custodian Fees (Note F)		19
Registration Fees		14
Pricing Fees		9
Shareholder Reporting Fees		7
Administration Fees (Note C)		4
Transfer Agency Fees — Class I (Note E)		1
Transfer Agency Fees — Class A (Note E)		1
Transfer Agency Fees — Class C (Note E)		1
Transfer Agency Fees — Class IS (Note E)		1
Trustees' Fees and Expenses		2
Shareholder Services Fees — Class A (Note D)		—	@
Distribution and Shareholder Services Fees — Class C (Note D)		—	@
Sub Transfer Agency Fees — Class A		—	@
Sub Transfer Agency Fees — Class C		—	@
Other Expenses		7
Total Expenses		152
Expenses Reimbursed by Adviser (Note B)		(81	)
Waiver of Advisory Fees (Note B)		(20	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class IS (Note B)		(1	)
Rebate from Morgan Stanley Affiliate (Note G)		(—	@)
Net Expenses		47
Net Investment Income		139
Realized Gain (Loss):
Investments Sold		(36	)
Foreign Currency Forward Exchange Contracts		119
Foreign Currency Translation		(5	)
Futures Contracts		(35	)
Swap Agreements		(47	)
Net Realized Loss		(4	)
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Increase in Deferred Capital Gain Country Tax of $0)		122
Foreign Currency Forward Exchange Contracts		(26	)
Foreign Currency Translation		(—	@)
Futures Contracts		(108	)
Swap Agreements		14
Net Change in Unrealized Appreciation (Depreciation)		2
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(2	)
Net Increase in Net Assets Resulting from Operations	$	137

@ 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, 2019

Strategic Income Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2019 (unaudited) (000)			Year Ended September 30, 2018 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	139		$	296
Net Realized Gain (Loss)		(4	)		368
Net Change in Unrealized Appreciation (Depreciation)		2			(328	)
Net Increase in Net Assets Resulting from Operations		137			336
Dividends and Distributions to Shareholders:
Class I		(—	@)		(—	@)
Class A		(4	)		(1	)
Class C		(1	)		(—	@)
Class IS		(442	)		(220	)
Total Dividends and Distributions to Shareholders		(447	)		(221	)
Capital Share Transactions: ⁽¹⁾
Class A:
Subscribed		75			115
Distributions Reinvested		3			1
Redeemed		(35	)		(49	)
Class C:
Subscribed		15			—
Distributions Reinvested		1			—	@
Redeemed		(3	)		(3	)
Net Increase in Net Assets Resulting from Capital Share Transactions		56			64
Total Increase (Decrease) in Net Assets		(254	)		179
Net Assets:
Beginning of Period		10,418			10,239
End of Period	$	10,164		$	10,418
(1) Capital Share Transactions:
Class A:
Shares Subscribed		8			11
Shares Issued on Distributions Reinvested		—	@@		—	@@
Shares Redeemed		(4	)		(5	)
Net Increase in Class A Shares Outstanding		4			6
Class C:
Shares Subscribed		1			—
Shares Issued on Distributions Reinvested		—	@@		—	@@
Shares Redeemed		(—	@@)		(—	@@)
Net Increase (Decrease) in Class C Shares Outstanding		1			(—	@@)

@ 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, 2019

Financial Highlights

Strategic Income Portfolio

	Class I
	Six Months Ended March 31, 2019			Year Ended September 30,									Period from December 30, 2014⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			September 30, 2015
Net Asset Value, Beginning of Period	$	10.33		$	10.21		$	9.69		$	9.79		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.13			0.28			0.26			0.22			0.14
Net Realized and Unrealized Gain (Loss)		0.00	⁽⁴⁾		0.05			0.47			0.06			(0.28	)
Total from Investment Operations		0.13			0.33			0.73			0.28			(0.14	)
Distributions from and/or in Excess of:
Net Investment Income		(0.30	)		(0.21	)		(0.21	)		(0.38	)		(0.07	)
Net Realized Gain		(0.14	)		—			—			—			—
Total Distributions		(0.44	)		(0.21	)		(0.21	)		(0.38	)		(0.07	)
Net Asset Value, End of Period	$	10.02		$	10.33		$	10.21		$	9.69		$	9.79
Total Return⁽⁵⁾		1.35	%⁽⁸⁾		3.32	%		7.64	%		2.91	%		(1.39	)%⁽⁸⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	10		$	10		$	10		$	10		$	10
Ratio of Expenses Before Expense Limitation		24.17	%⁽⁹⁾		25.49	%		21.19	%		7.28	%		17.80	%⁽⁹⁾
Ratio of Expenses After Expense Limitation		1.00	%⁽⁶⁾⁽⁹⁾		0.99	%⁽⁶⁾		0.99	%⁽⁶⁾		0.99	%⁽⁶⁾		0.98	%⁽⁶⁾⁽⁹⁾
Ratio of Net Investment Income		2.69	%⁽⁶⁾⁽⁹⁾		2.77	%⁽⁶⁾		2.63	%⁽⁶⁾		2.25	%⁽⁶⁾		1.81	%⁽⁶⁾⁽⁹⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁷⁾⁽⁹⁾		0.01	%		0.01	%		0.01	%		0.02	%⁽⁹⁾
Portfolio Turnover Rate		38	%⁽⁸⁾		75	%		64	%		47	%		39	%⁽⁸⁾

(2) Commencement of Operations.

(3) Per share amount is based on average shares outstanding.

(4) Amount is less than $0.005.

(5) Calculated based on the net asset value as of the last business day of the period.

(7) Amount is less than 0.005%.

(8) Not annualized.

(9) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Strategic Income Portfolio

	Class A
	Six Months Ended March 31, 2019			Year Ended September 30,									Period from December 30, 2014⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			September 30, 2015
Net Asset Value, Beginning of Period	$	10.31		$	10.20		$	9.69		$	9.79		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.12			0.25			0.20			0.18			0.11
Net Realized and Unrealized Gain (Loss)		0.00	⁽⁴⁾		0.04			0.49			0.06			(0.27	)
Total from Investment Operations		0.12			0.29			0.69			0.24			(0.16	)
Distributions from and/or in Excess of:
Net Investment Income		(0.28	)		(0.18	)		(0.18	)		(0.34	)		(0.05	)
Net Realized Gain		(0.14	)		—			—			—			—
Total Distributions		(0.42	)		(0.18	)		(0.18	)		(0.34	)		(0.05	)
Net Asset Value, End of Period	$	10.01		$	10.31		$	10.20		$	9.69		$	9.79
Total Return⁽⁵⁾		1.27	%⁽⁸⁾		2.92	%		7.18	%		2.51	%		(1.56	)%⁽⁸⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	117		$	77		$	10		$	40		$	10
Ratio of Expenses Before Expense Limitation		5.60	%⁽⁹⁾		7.09	%		9.96	%		6.73	%		18.06	%⁽⁹⁾
Ratio of Expenses After Expense Limitation		1.35	%⁽⁶⁾⁽⁹⁾		1.34	%⁽⁶⁾		1.33	%⁽⁶⁾		1.34	%⁽⁶⁾		1.33	%⁽⁶⁾⁽⁹⁾
Ratio of Net Investment Income		2.30	%⁽⁶⁾⁽⁹⁾		2.40	%⁽⁶⁾		2.08	%⁽⁶⁾		1.86	%⁽⁶⁾		1.46	%⁽⁶⁾⁽⁹⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁷⁾⁽⁹⁾		0.01	%		0.02	%		0.01	%		0.02	%⁽⁹⁾
Portfolio Turnover Rate		38	%⁽⁸⁾		75	%		64	%		47	%		39	%⁽⁸⁾

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class A shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Commencement of Operations.

(3) Per share amount is based on average shares outstanding.

(4) Amount is less than $0.005.

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

(7) Amount is less than 0.005%.

(8) Not annualized.

(9) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Strategic Income Portfolio

	Class C
	Six Months Ended March 31, 2019			Year Ended September 30,									Period from April 30, 2015⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			September 30, 2015
Net Asset Value, Beginning of Period	$	10.28		$	10.17		$	9.66		$	9.76		$	10.06
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.08			0.17			0.13			0.11			0.05
Net Realized and Unrealized Gain (Loss)		(0.01	)		0.05			0.49			0.06			(0.32	)
Total from Investment Operations		0.08			0.22			0.62			0.17			(0.27	)
Distributions from and/or in Excess of:
Net Investment Income		(0.24	)		(0.11	)		(0.11	)		(0.27	)		(0.03	)
Net Realized Gain		(0.14	)		—			—			—			—
Total Distributions		(0.38	)		(0.11	)		(0.11	)		(0.27	)		(0.03	)
Net Asset Value, End of Period	$	9.97		$	10.28		$	10.17		$	9.66		$	9.76
Total Return⁽⁴⁾		0.91	%⁽⁷⁾		2.11	%		6.46	%		1.77	%		(2.71	)%⁽⁷⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	31		$	20		$	22		$	35		$	10
Ratio of Expenses Before Expense Limitation		10.15	%⁽⁸⁾		14.46	%		13.41	%		28.93	%		19.28	%⁽⁸⁾
Ratio of Expenses After Expense Limitation		2.10	%⁽⁵⁾⁽⁸⁾		2.09	%⁽⁵⁾		2.09	%⁽⁵⁾		2.09	%⁽⁵⁾		2.10	%⁽⁵⁾⁽⁸⁾
Ratio of Net Investment Income		1.51	%⁽⁵⁾⁽⁸⁾		1.69	%⁽⁵⁾		1.33	%⁽⁵⁾		1.14	%⁽⁵⁾		1.13	%⁽⁵⁾⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾⁽⁸⁾		0.01	%		0.01	%		0.01	%		0.00	%⁽⁶⁾⁽⁸⁾
Portfolio Turnover Rate		38	%⁽⁷⁾		75	%		64	%		47	%		39	%⁽⁷⁾

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class C shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Commencement of Offering.

(3) Per share amount is based on average shares outstanding.

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

(6) Amount is less than 0.005%.

(7) Not annualized.

(8) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Strategic Income Portfolio

	Class IS
	Six Months Ended March 31, 2019			Year Ended September 30,									Period from December 30, 2014⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾			September 30, 2015
Net Asset Value, Beginning of Period	$	10.33		$	10.22		$	9.69		$	9.79		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.14			0.29			0.27			0.23			0.14
Net Realized and Unrealized Gain (Loss)		0.00	⁽⁴⁾		0.04			0.48			0.05			(0.27	)
Total from Investment Operations		0.14			0.33			0.75			0.28			(0.13	)
Distributions from and/or in Excess of:
Net Investment Income		(0.30	)		(0.22	)		(0.22	)		(0.38	)		(0.08	)
Net Realized Gain		(0.14	)		—			—			—			—
Total Distributions		(0.44	)		(0.22	)		(0.22	)		(0.38	)		(0.08	)
Net Asset Value, End of Period	$	10.03		$	10.33		$	10.22		$	9.69		$	9.79
Total Return⁽⁵⁾		1.48	%⁽⁸⁾		3.27	%		7.80	%		2.96	%		(1.37	)%⁽⁸⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	10,006		$	10,311		$	10,197		$	9,669		$	9,775
Ratio of Expenses Before Expense Limitation		2.98	%⁽⁹⁾		3.28	%		3.79	%		3.45	%		4.04	%⁽⁹⁾
Ratio of Expenses After Expense Limitation		0.95	%⁽⁶⁾⁽⁹⁾		0.94	%⁽⁶⁾		0.94	%⁽⁶⁾		0.94	%⁽⁶⁾		0.93	%⁽⁶⁾⁽⁹⁾
Ratio of Net Investment Income		2.73	%⁽⁶⁾⁽⁹⁾		2.83	%⁽⁶⁾		2.68	%⁽⁶⁾		2.35	%⁽⁶⁾		1.88	%⁽⁶⁾⁽⁹⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁷⁾⁽⁹⁾		0.01	%		0.01	%		0.01	%		0.02	%⁽⁹⁾
Portfolio Turnover Rate		38	%⁽⁸⁾		75	%		64	%		47	%		39	%⁽⁸⁾

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class IS shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Commencement of Operations.

(3) Per share amount is based on average shares outstanding.

(4) Amount is less than $0.005.

(5) Calculated based on the net asset value as of the last business day of the period.

(7) Amount is less than 0.005%.

(8) Not annualized.

(9) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Notes to Financial Statements (unaudited)

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

The accompanying financial statements relate to the Strategic Income Portfolio. The Fund seeks a total return comprised of income and capital appreciation. The Fund offers four classes of shares — Class I, Class A, Class C and Class IS.

outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available in the relevant exchanges; (2) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (3) over-the-counter ("OTC") swaps may be valued by an outside pricing service approved by the Trustees or quotes from a broker or dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (4) when market quotations are not readily available, including circumstances under which Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited ("MSIM Limited") (the "Sub-Adviser"), a wholly-owned subsidiary of Morgan Stanley, 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; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2019:

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	$	—		$	1,780		$	—	$	1,780
Collateralized Mortgage Obligation — Agency Collateral Series		—			9			—		9
Commercial Mortgage-Backed Securities		—			404			—		404
Corporate Bonds		—			3,868			—		3,868
Mortgages — Other		—			1,174			—		1,174
Sovereign		—			1,299			—		1,299
U.S. Treasury Securities		—			758			—		758
Total Fixed Income Securities		—			9,292			—		9,292
Short-Term Investments
Investment Company		147			—			—		147
Sovereign		—			27			—		27
U.S. Treasury Securities		—			524			—		524
Total Short-Term Investments		147			551			—		698
Foreign Currency Forward Exchange Contracts		—			24			—		24
Total Assets		147			9,867			—		10,014
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(1	)		—		(1	)
Futures Contracts		(59	)		—			—		(59	)
Credit Default Swap Agreements		—			(1	)		—		(1	)
Total Liabilities		(59	)		(2	)		—		(61	)
Total	$	88		$	9,865		$	—	$	9,953

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

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

3. Foreign Currency Translation and Foreign Investments: The books and records of the Fund 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.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

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 Fund 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 Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser and/or Sub-Adviser seek to use derivatives to further the Fund'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 Fund 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 Fund'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 Fund of margin deposits in the event of bankruptcy of a broker with which the Fund has open positions in the futures contract.

Swaps: The Fund 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 Fund'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 Fund'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 Fund 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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

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 Fund if the Adviser fails to correctly evaluate the creditworthiness of the issuer of the referenced debt obligation.

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.

Upfront payments paid or received by the Fund 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 Fund 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 Fund may use cross currency hedging or proxy hedging with respect to currencies in which the Fund 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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

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 Fund's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Fund 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 Fund as unrealized gain or loss. The Fund 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 Fund's derivative contracts by primary risk exposure as of March 31, 2019:

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

Total

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

)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(59

)(a)

Swap Agreement

Variation Margin on
Swap Agreement

Credit Risk

(—

Swap Agreement

Variation Margin on
Swap Agreement

Credit Risk

)(a)

Total

(61

)

@ Amount is less than $500.

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	119
Interest Rate Risk	Futures Contracts		(35	)
Credit Risk	Swap Agreements		(11	)
Interest Rate Risk	Swap Agreements		(36	)
Total		$	37
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(26	)
Interest Rate Risk	Futures Contracts		(108	)
Credit Risk	Swap Agreements		15
Interest Rate Risk	Swap Agreements		(1	)
Total		$	(120	)

At March 31, 2019, the Fund'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	$	24	$	(1	)
Swap Agreements		—		(—	@)
Total	$	24	$	(1	)

(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, 2019

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

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 Fund 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 Fund 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 Fund'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, 2019:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Received (000)		Net Amount (not less than $0) (000)
Bank of America NA	$	19		$	—		$	—	$	19
BNP Paribas SA		—	@		—			—		—	@
Citibank NA		4			—			—		4
Goldman Sachs International		1			(1	)		—		0
JPMorgan Chase Bank NA		—	@		(—	@)		—		0
Total	$	24		$	(1	)	$	—	$	23
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Pledged (000)		Net Amount (not less than $0) (000)
Credit Suisse International	$	—	@	$	—		$	—	$	—	@
Goldman Sachs International		1			(1	)		—		0
JPMorgan Chase Bank NA		—	@		(—	@)		—		0
Total	$	1		$	(1	)	$	—	$	—	@

@ Amount is less than $500.

For the six months ended March 31, 2019, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	3,370,000
Futures Contracts:
Average monthly notional value	$	3,759,000

Swap Agreements:
Average monthly notional amount				$	805,000

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

First $500 million				Over $500 million
	0.40	%			0.35	%

For the six months ended March 31, 2019, the advisory fee rate (net of waivers/rebate) was equivalent to an annual effective rate of 0.00% of the Fund's average daily net assets.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

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 Fund 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 Fund.

C. Administration Fees: The Adviser also serves as Administrator to the Trust and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund'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 Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

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 Trust's Distributor of Fund shares pursuant to a Distribution Agreement. The Trust 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 Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Trust has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1

under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2019, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments, were approximately $2,947,000 and $3,141,000, respectively. For the six months ended March 31, 2019, purchases and sales of long-term U.S. Government securities were approximately $782,000 and $273,000, respectively.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the six months ended March 31, 2019, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

A summary of the Fund's transactions in shares of affiliated investments during the six months ended March 31, 2019 is as follows:

Affiliated Investment Company				Value September 30, 2018 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	386			$	2,349			$	2,588			$	3

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value March 31, 2019 (000)
Liquidity Funds				$	—			$	—			$	147

2018 Distributions Paid From: Ordinary Income (000)				2017 Distributions Paid From: Ordinary Income (000)
$	221			$	216

Permanent differences, primarily due to differing treatments of gains (losses) related to foreign currency transactions, basis adjustments for swap transactions, paydown adjustments and nondeductible expenses, resulted in the following reclassifications among the components of net assets at September 30, 2018:

Total Distributable Earnings (Loss) (000)				Paid-in- Capital (000)
$	1			$	(1	)

At September 30, 2018, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	230			$	147

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

During the year ended September 30, 2018, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $95,000.

J. Other: At March 31, 2019, the Fund did not have record owners of 10% or greater.

K. Accounting Pronouncement: In March 2017, FASB issued an Accounting Standard Update, ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the "ASU") which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

Privacy Notice (unaudited)

FACTS				WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?
Why?				Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?				The types of personal information we collect and share depend on the product or service you have with us. This information can include: n Social Security number and income n investment experience and risk tolerance n checking account number and wire transfer instructions
How?				All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MSIM share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don't share
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

Questions? Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Privacy Notice (unaudited) (cont'd)

Who we are
Who is providing this notice?				Morgan Stanley Investment Management, Inc. and its affiliated registered investment advisers, registered broker-dealers, and registered and unregistered funds ("MSIM")
What we do
How does MSIM protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?				We collect your personal information, for example, when you n open an account or make deposits or withdrawals from your account n buy securities from us or make a wire transfer n give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?				Federal law gives you the right to limit only n sharing for affiliates' everyday business purposes — information about your creditworthiness n affiliates from using your information to market to you n sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Affiliates				Companies related by common ownership or control. They can be financial and nonfinancial companies. n Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates				Companies not related by common ownership or control. They can be financial and nonfinancial companies. n MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between nonaffiliated financial companies that together market financial products or services to you. n MSIM doesn't jointly market
Other Important Information

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Trustee and Officer Information (unaudited)

Trustees

Frank L. Bowman
Kathleen A. Dennis
Nancy C. Everett
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia Maleski
Michael E. Nugent, Chair of the Board
W. Allen Reed

Officers

John H. Gernon
President and Principal Executive Officer

Timothy J. Knierim
Chief Compliance Officer

Mary E. Mullin
Secretary

Francis J. Smith
Treasurer and Principal Financial Officer

Michael J. Key
Vice President

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

DST Asset Manager Solutions, 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

Perkins Coie LLP
30 Rockefeller Plaza
New York, New York 10112

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 report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospect of the applicable fund of Morgan Stanley Institutional Fund Trust, which describes in detail the fund'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 Fund, please visit our website at www.morganstanley.com/im/shareholderreports or call toll free 1 (800) 548-7786.

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
2516245 EXP 05.31.20

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Global Multi-Asset Income Portfolio

Semi-Annual Report

March 31, 2019

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Table of Contents

Shareholders' Letter					2
Consolidated Expense Example					3
Consolidated Portfolio of Investments					4
Consolidated Statement of Assets and Liabilities					21
Consolidated Statement of Operations					23
Consolidated Statements of Changes in Net Assets					24
Consolidated Financial Highlights					25
Notes to Consolidated Financial Statements					29
Privacy Notice					42
Trustee and Officer Information					44

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Semi-Annual report, in which you will learn how your investment in Global Multi-Asset Income Portfolio (the "Fund") 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 2019

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Consolidated Expense Example (unaudited)

Global Multi-Asset Income Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2019 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/18		Actual Ending Account Value 3/31/19		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Global Multi-Asset Income Portfolio Class I	$	1,000.00	$	1,019.80	$	1,020.34	$	4.63	$	4.63		0.92	%
Global Multi-Asset Income Portfolio Class A		1,000.00		1,018.10		1,018.60		6.39		6.39		1.27
Global Multi-Asset Income Portfolio Class C		1,000.00		1,014.20		1,014.86		10.14		10.15		2.02
Global Multi-Asset Income Portfolio Class IS		1,000.00		1,020.10		1,020.59		4.38		4.38		0.87

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments

Global Multi-Asset Income Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (54.0%)
Agency Fixed Rate Mortgages (4.6%)
United States (4.6%)
Federal Home Loan Mortgage Corporation,
4.50%, 1/1/49	$	25	$	26
Gold Pools:
3.50%, 2/1/45		40		40
Federal National Mortgage Association,
April TBA:
3.00%, 4/1/34 (a)		62		63
3.50%, 4/1/49 (a)		204		207
4.00%, 4/1/49 (a)		140		144
4.50%, 4/1/49 (a)		60		63
Conventional Pools:
3.50%, 3/1/49		25		25
4.00%, 4/1/49		25		26
4.50%, 10/1/44 - 11/1/44		30		32
Government National Mortgage Association,
Various Pools:
4.50%, 3/20/49		20		20
5.00%, 2/20/49 - 3/20/49		50		52
				698
Asset-Backed Security (0.1%)
United States (0.1%)
United Auto Credit Securitization Trust,
4.26%, 5/10/23 (b)		15		15
Commercial Mortgage-Backed Securities (1.5%)
United States (1.5%)
GS Mortgage Securities Trust,
4.75%, 8/10/46 (b)(c)		70		71
Wells Fargo Commercial Mortgage Trust,
4.10%, 5/15/48 (c)		51		48
WFCG Commercial Mortgage Trust,
1 Month USD LIBOR + 3.14%, 5.62%, 11/15/29 (b)(c)		40		40
WFRBS Commercial Mortgage Trust,
4.13%, 5/15/45 (b)(c)		40		40
5.03%, 9/15/46 (b)(c)		25		24
				223
Corporate Bonds (11.8%)
Australia (1.0%)
Australia & New Zealand Banking Group Ltd.,
5.13%, 9/10/19	EUR	50		57
Commonwealth Bank of Australia,
1.75%, 11/7/19 (b)	$	25		25
Macquarie Group Ltd.,
4.15%, 3/27/24 (b)		25		26
Transurban Finance Co., Pty Ltd.,
4.13%, 2/2/26 (b)		25		25
Woolworths Group Ltd.,
4.00%, 9/22/20 (b)		25		25
				158

	Face Amount (000)		Value (000)
Belgium (0.1%)
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.,
4.70%, 2/1/36 (b)	$	25	$	25
Canada (0.2%)
Royal Bank of Canada,
2.75%, 2/1/22		25		25
France (0.3%)
BNP Paribas SA,
5.00%, 1/15/21		50		52
Germany (0.8%)
BMW Finance,
0.38%, 7/10/23	EUR	50		56
Deutsche Bank AG,
2.70%, 7/13/20	$	25		25
Kreditanstalt fuer Wiederaufbau,
1.13%, 9/15/32	EUR	30		36
				117
Israel (0.1%)
Teva Pharmaceutical Finance Netherlands III BV,
2.20%, 7/21/21	$	10		10
Netherlands (0.4%)
Cooperatieve Rabobank UA,
3.75%, 11/9/20	EUR	50		59
United Kingdom (0.6%)
HBOS PLC,
4.50%, 3/18/30		50		62
Vodafone Group PLC,
4.38%, 5/30/28	$	25		26
				88
United States (8.3%)
Abbott Laboratories,
3.40%, 11/30/23		17		17
Air Lease Corp.,
2.13%, 1/15/20		25		25
Altria Group, Inc.,
3.80%, 2/14/24		25		25
Amazon.com, Inc.,
2.80%, 8/22/24		25		25
American Express Credit Corp.,
1.88%, 5/3/19		10		10
American International Group, Inc.,
4.88%, 6/1/22		25		27
Apple, Inc.,
2.50%, 2/9/22		50		50
AT&T, Inc.,
4.25%, 3/1/27		50		51
Bank of America Corp.,
3.37%, 1/23/26		25		25
MTN
4.25%, 10/22/26		25		26

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Multi-Asset Income Portfolio

	Face Amount (000)		Value (000)
United States (cont'd)
Bank of New York Mellon Corp. (The),
MTN
3.65%, 2/4/24	$	25	$	26
Boston Properties LP,
3.85%, 2/1/23		50		51
Capital One Financial Corp.,
3.30%, 10/30/24		50		50
Charter Communications Operating LLC/ Charter Communications Operating Capital,
4.91%, 7/23/25		25		26
Cigna Corp.,
3.75%, 7/15/23 (b)		25		26
Citigroup, Inc.,
5.50%, 9/13/25		50		55
CVS Health Corp.,
3.70%, 3/9/23		25		25
Dollar Tree, Inc.,
3.70%, 5/15/23		25		25
Dow Chemical Co. (The),
4.55%, 11/30/25 (b)		25		26
Fox Corp.,
4.71%, 1/25/29 (b)		25		27
General Motors Financial Co., Inc.,
4.30%, 7/13/25		7		7
Goldman Sachs Group, Inc. (The),
6.75%, 10/1/37		50		61
HSBC USA, Inc.,
3.50%, 6/23/24		100		101
JPMorgan Chase & Co.,
2.78%, 4/25/23		50		50
McDonald's Corp.,
MTN
3.38%, 5/26/25		50		51
Microsoft Corp.,
1.55%, 8/8/21		25		24
MPLX LP,
4.00%, 2/15/25		50		51
NBC Universal Media LLC,
4.38%, 4/1/21		50		52
PepsiCo, Inc.,
1.70%, 10/6/21		25		25
salesforce.com, Inc.,
3.25%, 4/11/23		25		26
Starbucks Corp.,
3.80%, 8/15/25		25		26
Union Pacific Corp.,
3.95%, 9/10/28		15		16
UnitedHealth Group, Inc.,
2.88%, 3/15/23		25		25
Verizon Communications, Inc.,
4.13%, 3/16/27		25		26

	Face Amount (000)		Value (000)
Visa, Inc.,
3.15%, 12/14/25	$	25	$	25
Walmart, Inc.,
2.55%, 4/11/23		25		25
Wells Fargo & Co.,
3.00%, 10/23/26		50		49
				1,258
				1,792
Mortgages — Other (0.8%)
United States (0.8%)
Federal Home Loan Mortgage Corporation,
3.00%, 12/25/46 - 5/25/47		43		42
Seasoned Credit Risk Transfer Trust,
3.00%, 8/25/56		22		22
Seasoned Credit Risk Transfer Trust,
3.00%, 7/25/58		25		24
3.50%, 7/25/58		25		25
				113
Sovereign (28.5%)
Argentina (2.6%)
Argentine Republic Government International Bond,
5.88%, 1/11/28		127		98
6.25%, 4/22/19		300		300
				398
Australia (0.8%)
Australia Government Bond,
2.75%, 11/21/27 - 11/21/28	AUD	167		128
Austria (0.2%)
Republic of Austria Government Bond,
4.15%, 3/15/37 (b)	EUR	20		35
Belgium (1.1%)
Kingdom of Belgium Government Bond,
0.80%, 6/22/25 - 6/22/28 (b)		95		113
1.90%, 6/22/38 (b)		37		47
				160
Canada (1.3%)
Canadian Government Bond,
1.00%, 6/1/27	CAD	80		57
1.50%, 6/1/26		60		45
2.00%, 6/1/28		120		92
				194
Cyprus (0.1%)
Cyprus Government International Bond,
2.75%, 6/27/24	EUR	9		11
3.75%, 7/26/23		9		12
				23
Denmark (0.1%)
Denmark Government Bond,
0.50%, 11/15/27	DKK	100		16

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Multi-Asset Income Portfolio

	Face Amount (000)		Value (000)
France (1.0%)
French Republic Government Bond OAT,
0.50%, 5/25/25	EUR	75	$	88
2.00%, 5/25/48 (b)		20		26
3.25%, 5/25/45		27		44
				158
Germany (3.4%)
Bundesrepublik Deutschland Bundesanleihe,
1.00%, 8/15/25		80		98
1.50%, 9/4/22		70		84
2.50%, 1/4/21		200		237
4.25%, 7/4/39		52		103
				522
Greece (2.2%)
Hellenic Republic Government Bond,
3.75%, 1/30/28		291		330
Hungary (0.5%)
Hungary Government Bond,
3.00%, 10/27/27	HUF	3,900		15
5.50%, 6/24/25		7,900		33
Hungary Government International Bond,
5.75%, 11/22/23	$	20		22
				70
Indonesia (0.2%)
Indonesia Treasury Bond,
6.13%, 5/15/28	IDR	177,000		11
8.25%, 5/15/29		184,000		14
				25
Italy (1.5%)
Italy Buoni Poliennali Del Tesoro,
1.45%, 9/15/22	EUR	70		79
3.75%, 9/1/24		90		111
3.85%, 9/1/49 (b)		33		39
				229
Japan (7.2%)
Japan Government Ten Year Bond,
0.10%, 6/20/26	JPY	20,500		189
0.50%, 9/20/24		25,100		235
1.10%, 6/20/21		24,600		228
Japan Government Thirty Year Bond,
0.30%, 6/20/46		11,200		97
1.70%, 6/20/33		14,300		158
2.00%, 9/20/40		15,000		181
				1,088
Malaysia (0.1%)
Malaysia Government Bond,
3.96%, 9/15/25	MYR	80		20
Mexico (0.8%)
Mexican Bonos,
8.50%, 5/31/29	MXN	1,000		53
Series M
7.50%, 6/3/27		1,000		50

	Face Amount (000)		Value (000)
Petroleos Mexicanos,
4.88%, 1/18/24	$	20	$	20
				123
Netherlands (0.2%)
Netherlands Government Bond,
3.75%, 1/15/42 (b)	EUR	20		38
Norway (0.1%)
Norway Government Bond,
2.00%, 5/24/23 (b)	NOK	100		12
Poland (0.4%)
Republic of Poland Government Bond,
2.50%, 7/25/27	PLN	140		36
2.75%, 4/25/28		80		21
				57
Portugal (0.3%)
Portugal Obrigacoes do Tesouro OT,
3.88%, 2/15/30 (b)	EUR	38		53
Russia (0.1%)
Russian Federal Bond - OFZ,
7.00%, 8/16/23	RUB	800		12
Spain (1.7%)
Spain Government Bond,
0.35%, 7/30/23	EUR	110		125
0.40%, 4/30/22		30		34
1.95%, 7/30/30 (b)		45		54
2.70%, 10/31/48 (b)		10		13
4.40%, 10/31/23 (b)		20		27
				253
Supernational (0.9%)
European Financial Stability Facility,
1.25%, 5/24/33		20		24
European Investment Bank,
0.20%, 7/15/24		30		34
International Bank for Reconstruction & Development,
2.20%, 2/27/24	AUD	100		72
				130
Sweden (0.1%)
Sweden Government Bond,
1.00%, 11/12/26	SEK	70		8
United Kingdom (1.6%)
United Kingdom Gilt,
1.50%, 1/22/21	GBP	30		40
3.50%, 1/22/45		64		117
4.25%, 6/7/32 - 9/7/39		44		82
				239
				4,321
U.S. Treasury Securities (6.7%)
United States (6.7%)
U.S. Treasury Bonds,
2.50%, 2/15/45	$	163		154

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Multi-Asset Income Portfolio

	Face Amount (000)		Value (000)
United States (cont'd)
3.13%, 5/15/48	$	75	$	79
4.25%, 11/15/40		158		198
U.S. Treasury Notes,
1.38%, 1/31/21		130		128
1.75%, 4/30/22		253		250
2.25%, 2/15/27		173		172
2.88%, 8/15/28		35		36
				1,017
Total Fixed Income Securities (Cost $8,027)				8,179
	Shares
Common Stocks (25.1%)
Australia (1.2%)
AGL Energy Ltd.		102		2
Alumina Ltd.		246		—	@
Amcor Ltd.		94		1
AMP Ltd.		295		—	@
APA Group		1,323		9
Aristocrat Leisure Ltd.		55		1
ASX Ltd.		19		1
Atlas Arteria Ltd.		462		2
Aurizon Holdings Ltd.		207		1
AusNet Services		1,978		3
Australia & New Zealand Banking Group Ltd.		264		5
Bank of Queensland Ltd.		42		—	@
Bendigo & Adelaide Bank Ltd.		52		—	@
BHP Group Ltd.		251		7
Boral Ltd.		118		—	@
Brambles Ltd.		128		1
BWP Trust REIT		325		1
Caltex Australia Ltd.		27		1
Challenger Ltd.		57		—	@
Charter Hall Retail REIT		233		1
CIMIC Group Ltd.		10		—	@
Coca-Cola Amatil Ltd.		57		—	@
Cochlear Ltd.		6		1
Coles Group Ltd. (d)		130		1
Commonwealth Bank of Australia		140		7
Computershare Ltd.		47		1
Cromwell Property Group REIT		990		1
Crown Resorts Ltd.		36		—	@
CSL Ltd.		44		6
Dexus REIT		746		7
Domino's Pizza Enterprises Ltd.		7		—	@
Flight Centre Travel Group Ltd.		6		—	@
Fortescue Metals Group Ltd.		152		1
Goodman Group REIT		1,336		13
GPT Group (The) REIT		1,383		6
Harvey Norman Holdings Ltd.		55		—	@
Healthscope Ltd.		169		—	@
Incitec Pivot Ltd.		169		—	@
Insurance Australia Group Ltd.		190		1

	Shares		Value (000)
James Hardie Industries PLC CDI		45	$	1
Lend Lease Group REIT		55		1
Macquarie Group Ltd.		25		2
Medibank Pvt Ltd.		277		1
Mirvac Group REIT		2,850		6
National Australia Bank Ltd.		245		4
Newcrest Mining Ltd.		60		1
Oil Search Ltd.		136		1
OneMarket Ltd. (d)		75		—	@
Orica Ltd.		38		—	@
Origin Energy Ltd.		176		1
Qantas Airways Ltd.		49		—	@
QBE Insurance Group Ltd.		116		1
Ramsay Health Care Ltd.		14		1
REA Group Ltd.		6		—	@
Rio Tinto Ltd.		33		2
Santos Ltd.		181		1
Scentre Group REIT		3,848		11
Seek Ltd.		33		—	@
Shopping Centres Australasia Property Group REIT		807		2
Sonic Healthcare Ltd.		40		1
South32 Ltd.		417		1
Spark Infrastructure Group		1,725		3
Stockland REIT		1,937		5
Suncorp Group Ltd.		103		1
Sydney Airport		1,250		7
Tabcorp Holdings Ltd.		199		1
Telstra Corp., Ltd.		779		2
TPG Telecom Ltd.		34		—	@
Transurban Group		2,221		21
Treasury Wine Estates Ltd.		74		1
Vicinity Centres REIT		2,538		5
Vocus Group Ltd. (d)		53		—	@
Wesfarmers Ltd.		90		2
Westpac Banking Corp.		276		5
Woodside Petroleum Ltd.		61		2
Woolworths Group Ltd.		139		3
				177
Austria (0.1%)
CA Immobilien Anlagen AG		48		2
Erste Group Bank AG		121		4
Raiffeisen Bank International AG		56		1
				7
Belgium (0.3%)
Aedifica SA REIT		9		1
Anheuser-Busch InBev SA N.V.		143		12
Befimmo SA REIT		13		1
bpost SA		907		10
Cie d'Entreprises CFE		12		1
Cofinimmo SA REIT		14		2
D'ieteren SA		31		1
Econocom Group SA		511		2

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Multi-Asset Income Portfolio

	Shares		Value (000)
Belgium (cont'd)
Elia System Operator SA		30	$	2
Intervest Offices & Warehouses N.V. REIT		10		—	@
KBC Group N.V.		165		12
Leasinvest Real Estate SCA REIT		1		—	@
Proximus SADP		7		—	@
Warehouses De Pauw CVA REIT		11		2
Wereldhave Belgium N.V. REIT		1		—	@
				46
Brazil (0.0%)
Cia de Saneamento Basico do Estado de Sao Paulo ADR		300		3
Canada (2.6%)
Alimentation Couche-Tard, Inc., Class B		92		5
ARC Resources Ltd.		92		1
Artis Real Estate Investment Trust REIT		100		1
Bank of Montreal		192		14
Bank of Nova Scotia (The)		284		15
Barrick Gold Corp.		92		1
Blackberry Ltd. (d)		92		1
Brookfield Asset Management, Inc., Class A		92		4
Brookfield Business Partners LP		2		—	@
Cameco Corp.		92		1
Canadian Apartment Properties REIT		100		4
Canadian Imperial Bank of Commerce		92		7
Canadian National Railway Co.		92		8
Canadian Natural Resources Ltd.		84		2
Cenovus Energy, Inc.		92		1
Chartwell Retirement Residences REIT (Units) (e)		100		1
Cominar Real Estate Investment Trust REIT		100		1
Dream Global Real Estate Investment Trust REIT		100		1
Dream Office Real Estate Investment Trust REIT		100		2
Enbridge, Inc.		730		26
Enbridge, Inc.		1,765		64
Encana Corp.		84		1
First Capital Realty, Inc.		100		2
First Quantum Minerals Ltd.		92		1
Fortis, Inc.		492		18
Gibson Energy, Inc.		100		2
Goldcorp, Inc.		84		1
H&R Real Estate Investment Trust REIT		200		4
Husky Energy, Inc.		94		1
Hydro One Ltd.		100		2
Imperial Oil Ltd.		192		5
Inter Pipeline Ltd.		692		11
Keyera Corp.		300		7
Magna International, Inc.		92		4
Manulife Financial Corp.		476		8
Nutrien Ltd.		39		2
Pembina Pipeline Corp.		920		34
Power Corp. of Canada		92		2
PrairieSky Royalty Ltd.		196		3
RioCan Real Estate Investment Trust REIT		200		4

	Shares		Value (000)
Rogers Communications, Inc., Class B		92	$	5
Royal Bank of Canada		84		6
Shaw Communications, Inc., Class B		192		4
SmartCentres Real Estate Investment Trust REIT		100		3
Sun Life Financial, Inc.		92		4
Suncor Energy, Inc.		284		9
Teck Resources Ltd., Class B		92		2
Toronto-Dominion Bank (The)		92		5
TransCanada Corp.		1,692		76
Westshore Terminals Investment Corp.		100		2
Wheaton Precious Metals Corp.		92		2
				390
China (0.1%)
Beijing Capital International Airport Co., Ltd. H Shares (f)		2,000		2
Beijing Enterprises Holdings Ltd. (f)		500		3
Beijing Enterprises Water Group Ltd. (d)(f)		4,000		2
China Gas Holdings Ltd. (f)		2,400		8
China Merchants Port Holdings Co., Ltd. (f)		21		—	@
Hopewell Highway Infrastructure Ltd. (f)		1,000		1
Jiangsu Expressway Co., Ltd. H Shares (f)		2,000		3
Towngas China Co., Ltd. (d)(f)		1,020		1
Zhejiang Expressway Co., Ltd., Class H (f)		2,000		2
				22
Denmark (0.2%)
AP Moller - Maersk A/S Series B		1		1
Carlsberg A/S Series B		15		2
Chr Hansen Holding A/S		11		1
Coloplast A/S Series B		13		1
Danske Bank A/S		114		2
Demant A/S (d)		13		—	@
DSV A/S		21		2
Genmab A/S (d)		6		1
ISS A/S		18		1
Novo Nordisk A/S Series B		242		13
Novozymes A/S Series B		26		1
Orsted A/S		29		2
Pandora A/S		13		1
Tryg A/S		12		—	@
Vestas Wind Systems A/S		25		2
				30
Finland (0.1%)
Citycon Oyj		52		1
Elisa Oyj		13		1
Fortum Oyj		30		1
Kone Oyj, Class B		72		3
Nokia Oyj		607		3
Nokian Renkaat Oyj		19		1
Sampo Oyj, Class A		97		4
Technopolis Oyj		95		—	@
UPM-Kymmene Oyj		137		4
				18

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Multi-Asset Income Portfolio

	Shares		Value (000)
France (3.1%)
Accor SA		41	$	2
Aeroports de Paris (ADP)		128		25
Air Liquide SA		53		7
Airbus SE		71		9
Akka Technologies		31		2
ALD SA		154		2
Alten SA		82		9
Altran Technologies SA		657		7
ArcelorMittal		60		1
AXA SA		221		6
BNP Paribas SA		580		28
Capgemini SE		29		3
Carrefour SA		96		2
Cie de Saint-Gobain		71		3
Cie Generale des Etablissements Michelin SCA		57		7
Covivio REIT		24		2
Covivio REIT (d)		5		1
Credit Agricole SA		628		8
Danone SA		98		8
Derichebourg SA		742		3
Eiffage SA		185		18
Electricite de France SA		34		—	@
Elior Group SA		534		7
Engie SA		305		5
EssilorLuxottica SA		32		3
Eutelsat Communications SA		178		3
Faurecia SA		13		1
Fnac Darty SA (d)		89		7
Gecina SA REIT		27		4
Getlink SE		567		9
ICADE REIT		25		2
Iliad SA		3		—	@
Jacquet Metal Service SA		52		1
Kaufman & Broad SA		52		2
Kering SA		11		6
Klepierre SA REIT		139		5
L'Oreal SA		37		10
Legrand SA		52		3
LVMH Moet Hennessy Louis Vuitton SE		32		12
Mercialys SA REIT		28		—	@
Orange SA		411		7
Pernod Ricard SA		36		6
Peugeot SA		1,528		37
Publicis Groupe SA		34		2
Renault SA		61		4
Safran SA		52		7
Sanofi		156		14
Schneider Electric SE		69		5
SES SA		445		7
Societe de la Tour Eiffel REIT		1		—	@
Societe Generale SA		401		12
Sodexo SA		32		3

	Shares		Value (000)
Suez		14	$	—	@
TOTAL SA		244		14
Unibail-Rodamco-Westfield REIT		80		13
Unibail-Rodamco-Westfield REIT CDI		540		4
Valeo SA		85		2
Veolia Environnement SA		38		1
Vinci SA		895		87
Vivendi SA		160		5
Worldline SA (d)		236		14
				477
Germany (2.0%)
Adidas AG		31		7
ADLER Real Estate AG		18		—	@
ADO Properties SA		20		1
Allianz SE (Registered)		50		11
Alstria Office AG REIT		88		1
Amadeus Fire AG		9		1
Aumann AG		83		3
BASF SE		100		7
Bayer AG (Registered)		109		7
Bayerische Motoren Werke AG		91		7
Bayerische Motoren Werke AG (Preference)		9		1
Bechtle AG		108		10
Befesa SA		49		2
Beiersdorf AG		2		—	@
Bilfinger SE		211		7
CANCOM SE		148		7
Commerzbank AG (d)		574		4
Continental AG		32		5
Daimler AG (Registered)		250		15
Deutsche Bank AG (Registered)		172		1
Deutsche Boerse AG		36		5
Deutsche EuroShop AG		30		1
Deutsche Post AG (Registered)		122		4
Deutsche Telekom AG (Registered)		637		11
Deutsche Wohnen SE		224		11
DIC Asset AG		29		—	@
E.ON SE		403		4
Fraport AG Frankfurt Airport Services Worldwide		215		16
Fresenius Medical Care AG & Co., KGaA		33		3
Fresenius SE & Co., KGaA		51		3
Grand City Properties SA		67		2
Hamborner AG REIT		52		1
Hamburger Hafen und Logistik AG		86		2
HeidelbergCement AG		31		2
Henkel AG & Co., KGaA		22		2
Henkel AG & Co., KGaA (Preference)		28		3
Hornbach Holding AG & Co. KGaA		21		1
Indus Holding AG		34		2
Infineon Technologies AG		192		4
Innogy SE		5		—	@
Jungheinrich AG (Preference)		120		4

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Multi-Asset Income Portfolio

	Shares		Value (000)
Germany (cont'd)
LEG Immobilien AG		43	$	5
Linde PLC (d)		33		6
Merck KGaA		31		4
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		22		5
Porsche Automobil Holding SE (Preference)		53		3
ProSiebenSat.1 Media SE (Registered)		44		1
RWE AG		109		3
Salzgitter AG		273		8
SAP SE		100		12
Siemens AG (Registered)		89		10
Sixt SE		68		7
TAG Immobilien AG		96		2
thyssenKrupp AG		89		1
TLG Immobilien AG		47		1
Uniper SE		32		1
United Internet AG (Registered)		5		—	@
Volkswagen AG		5		1
Volkswagen AG (Preference)		48		8
Vonovia SE		365		19
Wacker Neuson SE		114		3
Washtec AG		12		1
Zalando SE (d)		497		19
				298
Greece (0.1%)
Mytilineos Holdings SA		231		3
OPAP SA		505		5
				8
Hong Kong (0.9%)
Champion REIT		6,000		5
CK Asset Holdings Ltd.		2,000		18
Fortune Real Estate Investment Trust REIT		1,000		1
Great Eagle Holdings Ltd.		1,043		5
Hanergy Thin Film Power Group Ltd. (d)(g)(h)		2,000		—	@
Hang Lung Properties Ltd.		1,000		2
Henderson Land Development Co., Ltd.		1,210		8
Hong Kong & China Gas Co., Ltd.		9,376		23
Hongkong & Shanghai Hotels Ltd. (The)		1,745		3
Hongkong Land Holdings Ltd.		600		4
Hopewell Holdings Ltd.		1,000		5
I-CABLE Communications Ltd. (d)		766		—	@
Johnson Electric Holdings Ltd.		515		1
Kerry Properties Ltd.		500		2
Kowloon Development Co., Ltd. REIT		3,000		4
Link REIT		1,000		12
New World Development Co., Ltd.		3,593		6
Polytec Asset Holdings Ltd.		700		—	@
Sino Land Co., Ltd.		2,233		4
Stella International Holdings Ltd.		1,000		2
Sun Hung Kai Properties Ltd.		1,000		17
Swire Properties Ltd.		600		3

	Shares		Value (000)
Wharf Holdings Ltd. (The)		1,000	$	3
Wharf Real Estate Investment Co., Ltd.		1,000		7
				135
Ireland (0.1%)
AIB Group PLC		312		1
Bank of Ireland Group PLC		195		1
Bank of Ireland Group PLC		391		2
Green REIT PLC		457		1
Hibernia REIT PLC		461		1
Irish Residential Properties PLC REIT		238		1
Kerry Group PLC, Class A		1		—	@
Kerry Group PLC, Class A		30		3
				10
Israel (0.0%)
Bank Hapoalim BM		78		—	@
Bank Leumi Le-Israel BM		113		1
Mizrahi Tefahot Bank Ltd.		5		—	@
				1
Italy (1.0%)
ACEA SpA		46		1
Assicurazioni Generali SpA		178		3
Atlantia SpA		1,649		43
CIR-Compagnie Industriali Riunite SpA		639		1
Enav SpA		840		5
Enel SpA		1,497		10
Eni SpA		348		6
Ferrari N.V.		34		4
Fiat Chrysler Automobiles N.V. (d)		311		5
Fiera Milano SpA (d)		249		1
Geox SpA		923		2
Immobiliare Grande Distribuzione SIIQ SpA REIT		24		—	@
Infrastrutture Wireless Italiane SpA		246		2
Intesa Sanpaolo SpA		8,512		21
Italgas SpA		597		4
Mediobanca Banca di Credito Finanziario SpA		248		2
Pirelli & C SpA (d)		66		—	@
Rizzoli Corriere Della Sera Mediagroup SpA (d)		11		—	@
Snam SpA		2,931		15
Societa Iniziative Autostradali e Servizi SpA		383		7
Telecom Italia SpA (d)		2,748		2
Telecom Italia SpA		287		—	@
Terna Rete Elettrica Nazionale SpA		1,544		10
UniCredit SpA		1,045		13
				157
Japan (0.8%)
Advance Residence Investment Corp. REIT		1		3
AEON Investment Corp. REIT		1		1
Aeon Mall Co., Ltd.		100		2
Daiwa House Investment Corp. REIT		1		2
GLP J-REIT		1		1
Hulic Co., Ltd.		200		2
Invincible Investment Corp. REIT		2		1

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Multi-Asset Income Portfolio

	Shares		Value (000)
Japan (cont'd)
Japan Airport Terminal Co., Ltd.		100	$	4
Japan Excellent, Inc. REIT		1		1
Japan Hotel REIT Investment Corp.		2		2
Japan Real Estate Investment Corp. REIT		1		6
Japan Rental Housing Investments, Inc. REIT		1		1
Japan Retail Fund Investment Corp. REIT		1		2
Mitsubishi Estate Co., Ltd.		1,300		24
Mitsui Fudosan Co., Ltd.		1,300		33
Mizuho Financial Group, Inc.		3,900		6
Mori Hills Investment Corp. REIT		1		1
Mori Trust Sogo Reit, Inc.		1		2
Nippon Building Fund, Inc. REIT		1		7
Nippon Prologis, Inc. REIT		1		2
Nomura Real Estate Holdings, Inc.		100		2
Nomura Real Estate Master Fund, Inc. REIT		3		4
Orix, Inc. J-REIT		1		2
Premier Investment Corp. REIT		1		1
Resona Holdings, Inc.		100		—	@
Sekisui House Reit, Inc. REIT		1		1
Tokyo Gas Co., Ltd.		400		11
Tokyo Tatemono Co., Ltd.		100		1
United Urban Investment Corp. REIT		2		3
				128
Netherlands (0.7%)
ABN AMRO Group N.V. CVA		170		4
Accell Group		37		1
Aegon N.V.		318		1
Akzo Nobel N.V.		43		4
ASML Holding N.V.		39		7
Basic-Fit (d)		83		3
Eurocommercial Properties N.V. CVA REIT		29		1
Heineken Holding N.V.		4		—	@
Heineken N.V.		47		5
ING Groep N.V.		2,077		25
Koninklijke Ahold Delhaize N.V.		199		5
Koninklijke KPN N.V.		890		3
Koninklijke Philips N.V.		168		7
Koninklijke Vopak N.V.		68		3
PostNL N.V.		2,413		6
Takeaway.com (d)		118		9
TomTom (d)		717		6
Unilever N.V. CVA		238		14
Vastned Retail N.V. REIT		13		1
Wereldhave N.V. REIT		27		1
Wolters Kluwer N.V.		85		6
				112
New Zealand (0.1%)
Auckland International Airport Ltd.		1,063		6
Contact Energy Ltd.		93		1
Fletcher Building Ltd.		88		—	@
Kiwi Property Group Ltd.		864		1

	Shares		Value (000)
Mercury NZ Ltd.		90	$	—	@
Meridian Energy Ltd.		167		1
Ryman Healthcare Ltd.		49		—	@
Spark New Zealand Ltd.		356		1
				10
Norway (0.0%)
DNB ASA		51		1
Entra ASA		63		1
Marine Harvest ASA (d)		7		—	@
Norwegian Property ASA		110		—	@
Telenor ASA		63		1
				3
Portugal (0.1%)
CTT-Correios de Portugal SA		486		1
EDP - Energias de Portugal SA		990		4
Navigator Co. SA (The)		1,022		5
Semapa-Sociedade de Investimento e Gestao		55		1
				11
Singapore (0.3%)
Ascendas Real Estate Investment Trust REIT		1,600		4
CapitaLand Commercial Trust REIT		1,600		2
CapitaLand Ltd.		1,900		5
CapitaLand Mall Trust REIT		1,900		3
CDL Hospitality Trusts REIT		300		—	@
City Developments Ltd.		400		3
ComfortDelGro Corp., Ltd.		200		—	@
DBS Group Holdings Ltd.		300		6
Genting Singapore Ltd.		300		—	@
Golden Agri-Resources Ltd.		800		—	@
Hutchison Port Holdings Trust (Units) (e)		5,900		1
Keppel REIT		1,300		1
Keppel Corp., Ltd.		100		1
Mapletree Commercial Trust REIT		1,300		2
Mapletree Industrial Trust REIT		900		2
Mapletree Logistics Trust REIT		1,000		1
Oversea-Chinese Banking Corp., Ltd.		400		3
Sembcorp Industries Ltd.		100		—	@
Singapore Airlines Ltd.		100		1
Singapore Exchange Ltd.		100		1
Singapore Technologies Engineering Ltd.		100		—	@
Singapore Telecommunications Ltd.		1,200		3
StarHub Ltd.		100		—	@
Suntec Real Estate Investment Trust REIT		1,700		3
UOL Group Ltd.		400		2
Wilmar International Ltd.		100		—	@
Yangzijiang Shipbuilding Holdings Ltd.		200		—	@
				44
Spain (1.4%)
Aena SME SA		283		51
Amadeus IT Group SA		85		7
Banco Bilbao Vizcaya Argentaria SA		3,745		21
Banco de Sabadell SA		3,887		4

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Multi-Asset Income Portfolio

	Shares		Value (000)
Spain (cont'd)
Banco Santander SA		8,738	$	41
Bankia SA		551		1
Bankinter SA		269		2
CaixaBank SA		2,101		7
Cellnex Telecom SA (d)		159		5
Cia de Distribucion Integral Logista Holdings SA		191		4
Enagas SA		233		7
Ence Energia y Celulosa SA		940		5
Endesa SA		21		1
Ferrovial SA		556		13
Iberdrola SA		1,358		12
Industria de Diseno Textil SA		148		4
Inmobiliaria Colonial Socimi SA REIT		157		2
Lar Espana Real Estate Socimi SA REIT		58		—	@
Merlin Properties Socimi SA REIT		220		3
Naturgy Energy Group SA		25		1
NH Hotel Group SA		172		1
Red Electrica Corp., SA		474		10
Repsol SA		239		4
Telefonica SA		1,004		8
Telepizza Group SA		365		3
				217
Sweden (0.1%)
Castellum AB		178		3
Dios Fastigheter AB		32		—	@
Essity AB, Class B		18		1
Fabege AB		180		2
Fastighets AB Balder (d)		63		2
Hembla AB (d)		30		1
Hemfosa Fastigheter AB		63		1
Hufvudstaden AB, Class A		75		1
Klovern AB, Class B		373		1
Kungsleden AB		106		1
Millicom International Cellular SA SDR (d)		2		—	@
Nordea Bank Abp		209		1
Nyfosa AB (d)		63		—	@
Pandox AB		35		1
Skandinaviska Enskilda Banken AB, Class A		108		1
Svenska Handelsbanken AB, Class A		99		1
Swedbank AB, Class A		48		1
Tele2 AB, Class B		42		1
Telia Co., AB		232		1
Wallenstam AB, Class B		133		1
Wihlborgs Fastigheter AB		88		1
				22
Switzerland (1.0%)
ABB Ltd. (Registered)		189		4
Adecco Group AG (Registered)		17		1
Allreal Holding AG (Registered) (d)		6		1
Aryzta AG (d)		7		—	@
Baloise Holding AG (Registered)		6		1

	Shares		Value (000)
Cie Financiere Richemont SA (Registered)		53	$	4
Credit Suisse Group AG (Registered) (d)		196		2
Dufry AG (Registered) (d)		5		1
EMS-Chemie Holding AG (Registered)		1		1
Flughafen Zurich AG (Registered) (Registered)		20		4
Geberit AG (Registered)		4		2
Givaudan SA (Registered)		1		3
Idorsia Ltd. (d)		9		—	@
Julius Baer Group Ltd. (d)		22		1
Kuehne & Nagel International AG (Registered)		6		1
LafargeHolcim Ltd. (Registered) (d)		46		2
Lonza Group AG (Registered) (d)		7		2
Mobimo Holding AG (Registered)		3		1
Nestle SA (Registered)		400		38
Novartis AG (Registered)		262		25
Pargesa Holding SA		4		—	@
Partners Group Holding AG		2		1
PSP Swiss Property AG (Registered)		27		3
Roche Holding AG (Genusschein)		84		23
Schindler Holding AG		5		1
Schindler Holding AG (Registered)		2		—	@
SGS SA (Registered)		1		3
Sonova Holding AG (Registered)		6		1
Swatch Group AG (The)		4		1
Swatch Group AG (The) (Registered)		6		—	@
Swiss Life Holding AG (Registered) (d)		4		2
Swiss Prime Site AG (Registered) (d)		50		4
Swiss Re AG		33		3
Swisscom AG (Registered)		7		3
UBS Group AG (Registered) (d)		369		5
Zurich Insurance Group AG		15		5
				149
United Kingdom (2.4%)
Associated British Foods PLC		5		—	@
Assura PLC REIT		1,108		1
AstraZeneca PLC		149		12
Aviva PLC		546		3
BAE Systems PLC		720		5
Barclays PLC		3,852		8
BHP Group PLC		240		6
Big Yellow Group PLC REIT		96		1
BP PLC		1,888		14
British American Tobacco PLC		254		11
British Land Co., PLC (The) REIT		692		5
BT Group PLC		1,698		5
Capital & Counties Properties PLC		500		2
Capital & Regional PLC REIT		358		—	@
Centrica PLC		305		—	@
Compass Group PLC		362		9
Daejan Holdings PLC		3		—	@
Derwent London PLC REIT		67		3
Diageo PLC		339		14

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Multi-Asset Income Portfolio

	Shares		Value (000)
United Kingdom (cont'd)
Empiric Student Property PLC REIT		340	$	—	@
Ferguson PLC		78		5
GlaxoSmithKline PLC		577		12
Glencore PLC (d)		1,260		5
Grainger PLC		277		1
Great Portland Estates PLC REIT		189		2
Hammerson PLC REIT		538		2
Hansteen Holdings PLC REIT		500		1
Helical PLC		67		—	@
HSBC Holdings PLC		3,208		26
Imperial Brands PLC		153		5
Intu Properties PLC REIT		590		1
Land Securities Group PLC REIT		496		6
Lloyds Banking Group PLC		21,862		18
LondonMetric Property PLC REIT		393		1
National Grid PLC		4,510		50
NewRiver PLC REIT		157		—	@
Next PLC		36		3
Pennon Group PLC		421		4
Primary Health Properties PLC REIT		380		1
Prudential PLC		357		7
RDI REIT PLC REIT		160		—	@
Reckitt Benckiser Group PLC		97		8
Regional Ltd. REIT		152		—	@
RELX PLC (d)		211		5
Rio Tinto PLC		144		8
Rolls-Royce Holdings PLC (d)		235		3
Royal Bank of Scotland Group PLC		453		1
Royal Dutch Shell PLC, Class A		739		23
Safestore Holdings PLC REIT		139		1
Schroder Real Estate Investment Trust Ltd. REIT		349		—	@
Segro PLC REIT		558		5
Severn Trent PLC		262		7
Shaftesbury PLC REIT		160		2
Shire PLC		77		5
Smith & Nephew PLC		10		—	@
SSE PLC		68		1
Standard Chartered PLC		199		2
Target Healthcare Ltd. REIT		162		—	@
Taylor Wimpey PLC		1,094		2
Tesco PLC		1,169		4
Tritax Big Box PLC REIT		738		1
Unilever PLC		199		11
UNITE Group PLC (The) REIT		149		2
United Utilities Group PLC		747		8
Vodafone Group PLC		4,921		9
Workspace Group PLC REIT		80		1
WPP PLC		292		3
				361
United States (6.4%)
American Campus Communities, Inc. REIT		170		8
American Tower Corp. REIT		374		74

	Shares		Value (000)
American Water Works Co., Inc.		187	$	19
Apartment Investment & Management Co., Class A REIT		169		8
Apple Hospitality, Inc. REIT		100		2
Aqua America, Inc.		187		7
AT&T, Inc.		410		13
Atmos Energy Corp.		187		19
Bank of America Corp.		500		14
Boston Properties, Inc. REIT		170		23
Brookfield Property Partners LP (d)		112		2
Capital One Financial Corp.		186		15
CenterPoint Energy, Inc.		187		6
Cheniere Energy, Inc. (d)		287		20
Citigroup, Inc.		200		12
Columbia Property Trust, Inc. REIT		100		2
Consolidated Edison, Inc.		187		16
Cousins Properties, Inc. REIT		100		1
Crown Castle International Corp. REIT		187		24
DiamondRock Hospitality Co. REIT		100		1
Digital Realty Trust, Inc. REIT		170		20
Discover Financial Services		321		23
Douglas Emmett, Inc. REIT		170		7
DR Horton, Inc.		209		9
Eagle Materials, Inc.		43		4
Edison International		187		12
EnLink Midstream LLC (Units) (e)		100		1
Equity Commonwealth REIT		170		6
Equity Residential REIT		170		13
Eversource Energy		187		13
Extra Space Storage, Inc. REIT		170		17
Fidelity National Financial, Inc.		35		1
Franklin Street Properties Corp. REIT		100		1
Healthcare Realty Trust, Inc. REIT		170		5
Healthcare Trust of America, Inc., Class A REIT		100		3
Highwoods Properties, Inc. REIT		170		8
Hospitality Properties Trust REIT		100		3
Host Hotels & Resorts, Inc. REIT		100		2
Investors Real Estate Trust REIT		10		1
JBG SMITH Properties REIT		50		2
JPMorgan Chase & Co.		100		10
KB Home		70		2
Kilroy Realty Corp. REIT		170		13
Kimco Realty Corp. REIT		100		2
Kinder Morgan, Inc.		2,410		48
Lennar Corp., Class A		149		7
Lexington Realty Trust REIT		100		1
Liberty Property Trust REIT		170		8
Louisiana-Pacific Corp.		21		1
M/I Homes, Inc. (d)		24		1
Macerich Co. (The) REIT		170		7
Martin Marietta Materials, Inc.		53		11
Masco Corp.		64		3
MDC Holdings, Inc.		42		1

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Multi-Asset Income Portfolio

	Shares		Value (000)
United States (cont'd)
Meritage Homes Corp. (d)		33	$	1
MGIC Investment Corp. (d)		120		2
Mohawk Industries, Inc. (d)		55		7
New Jersey Resources Corp.		187		9
New York REIT, Inc. REIT (d)(g)		10		—	@
NiSource, Inc.		187		5
NVR, Inc. (d)		3		8
ONEOK, Inc.		487		34
Owens Corning		93		4
Paramount Group, Inc. REIT		100		1
Pebblebrook Hotel Trust REIT		56		2
PG&E Corp. (d)		100		2
Physicians Realty Trust REIT		100		2
Piedmont Office Realty Trust, Inc., Class A REIT		100		2
Public Storage REIT		170		37
Pulte Group, Inc.		125		3
Realty Income Corp. REIT		170		12
Retail Opportunity Investments Corp. REIT		100		2
Retail Value, Inc. REIT		10		—	@
RLJ Lodging Trust REIT		36		1
Sabra Health Care, Inc. REIT		28		1
SBA Communications Corp. REIT (d)		187		37
Scotts Miracle-Gro Co. (The), Class A		37		3
Sempra Energy		187		24
Senior Housing Properties Trust REIT		100		1
Simon Property Group, Inc. REIT		170		31
SITE Centers Corp. REIT		100		1
Skyline Champion Corp.		19		—	@
SL Green Realty Corp. REIT		170		15
Spirit MTA REIT REIT		20		—	@
Spirit Realty Capital, Inc. REIT		20		1
Stewart Information Services Corp.		18		1
STORE Capital Corp. REIT		170		6
Synchrony Financial		726		23
Targa Resources Corp.		287		12
Toll Brothers, Inc.		23		1
UDR, Inc. REIT		170		8
Universal Forest Products, Inc.		54		2
VEREIT, Inc. REIT		100		1
Verizon Communications, Inc.		430		25
Vornado Realty Trust REIT		170		11
Vulcan Materials Co.		115		14
Washington Prime Group, Inc. REIT		100		1
Watsco, Inc.		27		4
Weingarten Realty Investors REIT		170		5
Wells Fargo & Co.		300		14
Welltower, Inc. REIT		170		13
Williams Cos., Inc. (The)		1,074		31
Xenia Hotels & Resorts, Inc. REIT		100		2
				974
Total Common Stocks (Cost $3,474)				3,810

	Shares		Value (000)
Investment Companies (8.1%)
Guernsey (0.0%)
Picton Property Income Ltd. (The) REIT (Guernsey)		289	$	1
United Kingdom (0.0%)
HICL Infrastructure Co., Ltd. (United Kingdom)		1,498		3
United States (8.1%)
Morgan Stanley Institutional Fund Trust — High Yield Portfolio (See Note G)		54,303		527
Morgan Stanley Institutional Fund, Inc. — Emerging Markets Fixed Income Opportunities Portfolio (See Note G)		76,964		698
				1,225
Total Investment Companies (Cost $1,265)				1,229
	No. of Rights
Right (0.0%)
Austria (0.0%)
BUWOG AG (d) (Cost $—)		62		—
	Shares
Short-Term Investments (14.9%)
Investment Company (12.4%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $1,884)		1,884,400		1,884
	Face Amount (000)
U.S. Treasury Security (2.5%)
U.S. Treasury Bill,
2.49%, 8/22/19 (i)(j) (Cost $378)	$	382		378
Total Short-Term Investments (Cost $2,262)				2,262
Total Investments (102.1%) (Cost $15,028) (k)(l)(m)				15,480
Liabilities in Excess of Other Assets (–2.1%)				(315	)
Net Assets (100.0%)			$	15,165

(a) Security is subject to delayed delivery.

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

(c) Floating or Variable rate securities: The rates disclosed are as of March 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments.

(d) Non-income producing security.

(e) Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Multi-Asset Income Portfolio

(f) Security trades on the Hong Kong exchange.

(g) Security has been deemed illiquid at March 31, 2019.

(h) At March 31, 2019, the Fund held a fair valued security valued at less than $500, representing less than 0.05% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Trust's Trustees.

(i) Rate shown is the yield to maturity at March 31, 2019.

(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 on a forward commitment basis, foreign currency forward exchange contracts, futures contracts and swap agreements.

(l) The approximate fair value and percentage of net assets, $2,430,000 and 16.0%, 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 Consolidated Financial Statements.

(m) At March 31, 2019, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $906,000 and the aggregate gross unrealized depreciation is approximately $387,000, resulting in net unrealized appreciation of approximately $519,000.

@ Value is less than $500.

ADR American Depositary Receipt.

CDI CHESS Depositary Interest.

CVA Certificaten Van Aandelen.

LIBOR London Interbank Offered Rate.

MTN Medium Term Note.

OAT Obligations Assimilables du Trésor (French Treasury Obligation).

OFZ Obilgatsyi Federal'novo Zaima (Russian Federal Loan Obligation).

REIT Real Estate Investment Trust.

SDR Swedish Depositary Receipt.

TBA To Be Announced.

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at March 31, 2019:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Barclays Bank PLC	$	9	AUD	13	4/3/19	$	—	@
Barclays Bank PLC	$	14	EUR	13	4/3/19		(—	@)
JPMorgan Chase Bank NA	$	4	JPY	479	4/3/19		(—	@)
JPMorgan Chase Bank NA	$	185	BRL	788	5/16/19		16
JPMorgan Chase Bank NA	$	134	BRL	565	5/16/19		10
JPMorgan Chase Bank NA	$	235	BRL	901	5/16/19		(6	)
JPMorgan Chase Bank NA	$	22	BRL	81	5/16/19		(1	)
JPMorgan Chase Bank NA	$	191	BRL	716	5/16/19		(8	)
State Street Bank and Trust Co.	BRL	2,209	$	572	5/16/19		9
State Street Bank and Trust Co.	BRL	829	$	214	5/16/19		3
State Street Bank and Trust Co.	BRL	857	$	221	5/16/19		3
State Street Bank and Trust Co.	BRL	71	$	18	5/16/19		(—	@)
State Street Bank and Trust Co.	$	22	BRL	87	5/16/19		(—	@)
State Street Bank and Trust Co.	$	196	BRL	749	5/16/19		(6	)
State Street Bank and Trust Co.	$	14	BRL	58	5/16/19		1
Bank of America NA	CNH	43	$	6	6/13/19		(—	@)
Bank of America NA	CNH	14	$	2	6/13/19		—	@
Bank of America NA	EUR	27	$	31	6/13/19		—	@
Bank of America NA	PLN	95	$	25	6/13/19		—	@
Bank of Montreal	$	11	HUF	3,112	6/13/19		(—	@)
Bank of Montreal	$	7	JPY	813	6/13/19		—	@
Barclays Bank PLC	AUD	25	$	17	6/13/19		(—	@)
Barclays Bank PLC	EUR	211	$	240	6/13/19		2
Barclays Bank PLC	SGD	8	$	6	6/13/19		—	@
Barclays Bank PLC	$	90	GBP	68	6/13/19		(1	)
Barclays Bank PLC	$	8	JPY	894	6/13/19		—	@
Barclays Bank PLC	$	59	SGD	79	6/13/19		—	@
BNP Paribas SA	EUR	79	$	90	6/13/19		1
BNP Paribas SA	$	46	GBP	35	6/13/19		(—	@)
Citibank NA	EUR	109	$	124	6/13/19		1
Citibank NA	EUR	208	$	237	6/13/19		2
Citibank NA	HUF	6,680	$	24	6/13/19		—	@
Citibank NA	HUF	60,120	$	212	6/13/19		1
Citibank NA	THB	192	$	6	6/13/19		(—	@)
Citibank NA	$	21	CZK	487	6/13/19		(—	@)
Citibank NA	$	24	EUR	21	6/13/19		(—	@)
Citibank NA	$	213	EUR	188	6/13/19		(—	@)
Citibank NA	$	7	HUF	2,082	6/13/19		—	@
Citibank NA	$	236	HUF	65,638	6/13/19		(6	)
Citibank NA	$	237	HUF	65,884	6/13/19		(6	)

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Multi-Asset Income Portfolio

Foreign Currency Forward Exchange Contracts: (cont'd)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Citibank NA	$	4	ILS	14	6/13/19	$	(—	@)
Citibank NA	$	10	JPY	1,118	6/13/19		—	@
Citibank NA	$	24	MXN	468	6/13/19		(—	@)
Citibank NA	$	35	THB	1,112	6/13/19		(—	@)
Citibank NA	$	12	TRY	68	6/13/19		(—	@)
Commonwealth Bank of Australia	EUR	39	$	45	6/13/19		—	@
Commonwealth Bank of Australia	NZD	1	$	1	6/13/19		—	@
Commonwealth Bank of Australia	$	20	GBP	15	6/13/19		(—	@)
Goldman Sachs International	EUR	146	$	166	6/13/19		1
Goldman Sachs International	$	63	EUR	55	6/13/19		(1	)
Goldman Sachs International	$	1	HUF	230	6/13/19		(—	@)
Goldman Sachs International	ZAR	207	$	14	6/13/19		—	@
JPMorgan Chase Bank NA	ARS	321	$	7	6/13/19		—	@
JPMorgan Chase Bank NA	AUD	1	$	1	6/13/19		(—	@)
JPMorgan Chase Bank NA	CAD	19	$	14	6/13/19		(—	@)
JPMorgan Chase Bank NA	CLP	25,478	$	38	6/13/19		1
JPMorgan Chase Bank NA	COP	57,924	$	19	6/13/19		—	@
JPMorgan Chase Bank NA	EUR	73	$	83	6/13/19		1
JPMorgan Chase Bank NA	IDR	526,447	$	36	6/13/19		(—	@)
JPMorgan Chase Bank NA	PHP	476	$	9	6/13/19		(—	@)
JPMorgan Chase Bank NA	PHP	19,192	$	365	6/13/19		1
JPMorgan Chase Bank NA	$	16	ARS	745	6/13/19		(—	@)
JPMorgan Chase Bank NA	$	5	BRL	21	6/13/19		(—	@)
JPMorgan Chase Bank NA	$	19	CLP	12,967	6/13/19		(—	@)
JPMorgan Chase Bank NA	$	8	CNY	52	6/13/19		—	@
JPMorgan Chase Bank NA	$	1	GBP	1	6/13/19		(—	@)
JPMorgan Chase Bank NA	$	17	IDR	251,724	6/13/19		—	@
JPMorgan Chase Bank NA	$	20	INR	1,398	6/13/19		—	@
JPMorgan Chase Bank NA	$	13	KRW	15,167	6/13/19		—	@
JPMorgan Chase Bank NA	$	75	KRW	84,901	6/13/19		(—	@)
JPMorgan Chase Bank NA	$	28	MXN	545	6/13/19		(—	@)
JPMorgan Chase Bank NA	$	31	RUB	2,070	6/13/19		—	@
JPMorgan Chase Bank NA	$	10	TWD	308	6/13/19		—	@
JPMorgan Chase Bank NA	$	39	TWD	1,209	6/13/19		—	@
JPMorgan Chase Bank NA	ZAR	134	$	9	6/13/19		—	@
State Street Bank and Trust Co.	AUD	1	$	1	6/13/19		(—	@)
State Street Bank and Trust Co.	$	2	JPY	197	6/13/19		—	@
UBS AG	AUD	28	$	20	6/13/19		(—	@)
UBS AG	CAD	24	$	18	6/13/19		(—	@)
UBS AG	CAD	20	$	15	6/13/19		(—	@)
UBS AG	CHF	11	$	12	6/13/19		(—	@)
UBS AG	CHF	4	$	4	6/13/19		(—	@)
UBS AG	DKK	17	$	3	6/13/19		—	@
UBS AG	EUR	6	$	7	6/13/19		—	@
UBS AG	EUR	464	$	527	6/13/19		3
UBS AG	GBP	11	$	14	6/13/19		(—	@)
UBS AG	HKD	72	$	9	6/13/19		(—	@)
UBS AG	TRY	725	$	126	6/13/19		4
UBS AG	$	8	CAD	11	6/13/19		(—	@)
UBS AG	$	1	GBP	1	6/13/19		(—	@)
UBS AG	$	11	HKD	86	6/13/19		—	@
UBS AG	$	8	NOK	68	6/13/19		—	@
UBS AG	$	30	SEK	284	6/13/19		—	@
UBS AG	$	10	SGD	13	6/13/19		—	@
UBS AG	$	234	TRY	1,345	6/13/19		(8	)
UBS AG	$	30	TRY	180	6/13/19		(—	@)
UBS AG	$	7	ZAR	95	6/13/19		—	@
JPMorgan Chase Bank NA	CNH	3,860	$	578	6/20/19		4
JPMorgan Chase Bank NA	CNH	93	$	14	6/20/19		—	@

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Multi-Asset Income Portfolio

Foreign Currency Forward Exchange Contracts: (cont'd)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Delivery Date	Unrealized Appreciation (Depreciation) (000)
JPMorgan Chase Bank NA	CNH	127		$	19		6/20/19	$	(—	@)
JPMorgan Chase Bank NA	$	582		CNH	4,079		6/20/19		24
Bank of America NA	EUR	1		$	1		6/28/19		—	@
Bank of America NA	HUF	13,726		$	49		6/28/19		1
Bank of America NA	NOK	37		$	4		6/28/19		—	@
Bank of America NA	PLN	16		$	4		6/28/19		—	@
Bank of America NA	$	—	@	CAD	—	@	6/28/19		—	@
Bank of America NA	$	21		SEK	191		6/28/19		(—	@)
Barclays Bank PLC	AUD	13		$	9		6/28/19		(—	@)
Barclays Bank PLC	DKK	40		$	6		6/28/19		—	@
Barclays Bank PLC	EUR	13		$	14		6/28/19		—	@
BNP Paribas SA	$	11		SGD	15		6/28/19		(—	@)
BNP Paribas SA	$	24		THB	768		6/28/19		(—	@)
Citibank NA	MXN	1,613		$	83		6/28/19		1
Citibank NA	$	6		DKK	40		6/28/19		(—	@)
Goldman Sachs International	AUD	129		$	92		6/28/19		—	@
Goldman Sachs International	CAD	25		MXN	354		6/28/19		(—	@)
Goldman Sachs International	JPY	1,674		$	15		6/28/19		(—	@)
Goldman Sachs International	$	44		CHF	43		6/28/19		(—	@)
Goldman Sachs International	$	131		GBP	99		6/28/19		(2	)
Goldman Sachs International	$	168		JPY	18,362		6/28/19		(1	)
Goldman Sachs International	$	19		MXN	354		6/28/19		(1	)
Goldman Sachs International	$	9		NZD	14		6/28/19		(—	@)
JPMorgan Chase Bank NA	CAD	17		$	12		6/28/19		(—	@)
JPMorgan Chase Bank NA	JPY	479		$	4		6/28/19		—	@
JPMorgan Chase Bank NA	$	15		IDR	223,080		6/28/19		—	@
JPMorgan Chase Bank NA	$	93		KRW	105,013		6/28/19		(—	@)
JPMorgan Chase Bank NA	ARS	702		$	15		7/18/19		1
JPMorgan Chase Bank NA	$	124		ARS	5,682		7/18/19		(11	)
JPMorgan Chase Bank NA	$	10		ARS	510		7/18/19		(—	@)
JPMorgan Chase Bank NA	$	34		ARS	1,561		7/18/19		(2	)
JPMorgan Chase Bank NA	CNH	6,080		$	866		10/17/19		(37	)
JPMorgan Chase Bank NA	CNH	4,079		$	581		10/17/19		(26	)
JPMorgan Chase Bank NA	CNH	135		$	20		10/17/19		—	@
JPMorgan Chase Bank NA	$	21		CNH	148		10/17/19		1
JPMorgan Chase Bank NA	$	90		CNH	620		10/17/19		2
JPMorgan Chase Bank NA	$	1,085		CNH	7,376		10/17/19		11
JPMorgan Chase Bank NA	$	324		CNH	2,174		10/17/19		(1	)
								$	(19	)

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2019:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
100 oz Gold Future (United States)		2	Jun-19		—	@	$	260		$	(6	)
Australian 3 yr. Bond (Australia)		16	Jun-19		1,600			1,291			7
Euro Stoxx 50 (Germany)		1	Jun-19		—	@		37			—	@
FTSE China A50 Index (China)		11	Apr-19		—	@		144			7
MSCI Emerging Market E Mini (United States)		3	Jun-19		—	@		159			5
NIKKEI 225 Index (Japan)		1	Jun-19		1			96			(1	)
OMXS 30 (Sweden)		2	Apr-19		—	@		33			—	@
S&P 500 E Mini Index (United States)		11	Jun-19		1			1,561			35
U.S. Treasury 10 yr. Note (United States)		4	Jun-19		400			497			7
U.S. Treasury 10 yr. Ultra Long Bond (United States)		2	Jun-19		200			265			5
U.S. Treasury Ultra Bond (United States)		1	Jun-19		(100	)		(168	)		—	@

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Multi-Asset Income Portfolio

Futures Contracts: (cont'd)

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Short:
German Euro BONO (Germany)		1	Jun-19		(100	)	$	(169	)	$	(3	)
German Euro BTP (Germany)		1	Jun-19		(100	)		(145	)		(3	)
German Euro BTP (Germany)		2	Jun-19		(200	)		(373	)		(6	)
Hang Seng China Enterprises Index (Hong Kong)		1	Apr-19		(—	@)		(73	)		(1	)
										$	46

Credit Default Swap Agreements:

The Fund had the following credit default swap agreements open at March 31, 2019:

Swap Counterparty and Reference Obligation	Credit Rating of Reference Obligation†	Buy/Sell Protection	Pay/Receive Fixed Rate			Payment Frequency	Maturity Date	Notional Amount (000)		Value (000)		Upfront Payment Paid (000)		Unrealized Appreciation (Depreciation) (000)
Morgan Stanley & Co., LLC* CDX.NA.HY.27	NR	Sell		5.00	%	Quarterly	12/20/21	$	36	$	2	$	1	$	1
Morgan Stanley & Co., LLC* ITRAXX.XO.27	NR	Sell		5.00		Quarterly	6/20/22	EUR	136		14		14		(—	@)
										$	16	$	15	$	1

Interest Rate Swap Agreement:

The Fund had the following interest rate swap agreement open at March 31, 2019:

Swap Counterparty

Floating Rate
Index

Pay/Receive
Floating Rate

Fixed Rate

Payment
Frequency
Paid/
Received

Maturity
Date

Notional
Amount
(000)

Value
(000)

Upfront
Payment
Paid
(000)

Unrealized
Appreciation
(000)

JPMorgan Chase
Bank NA

3 Month
KORIBOR

Pay

1.83%

Quarterly/
Quarterly

6/14/27

KRW73,000

—

Total Return Swap Agreements:

The Fund had the following total return swap agreements open at March 31, 2019:

Swap Counterparty

Index

Pay/Receive
Total Return of
Referenced
Index

Floating
Rate

Payment
Frequency

Maturity
Date

Notional
Amount
(000)

Value
(000)

Upfront
Payment
Paid
(000)

Unrealized
Appreciation
(000)

JPMorgan Chase
Bank NA

Alerian MLP
Total Return Index

Receive

3 Month USD
LIBOR plus 0.48%

Quarterly

5/30/19

—

JPMorgan Chase
Bank NA

MSCI Emerging
Market Index

Receive

3 Month USD
LIBOR plus 0.24%

Quarterly

1/24/20

454

—

JPMorgan Chase
Bank NA

MSCI AU Banks

Pay

3 Month AUD
BBSW plus 0.13%

Quarterly

2/10/20

AUD

224

—

JPMorgan Chase
Bank NA

MSCI AU Banks

Pay

3 Month AUD
BBSW plus 0.13%

Quarterly

2/10/20

—

JPMorgan Chase
Bank NA

MSCI AU Banks

Pay

3 Month AUD
BBSW plus 0.13%

Quarterly

2/10/20

122

—

JPMorgan Chase
Bank NA

MSCI Japan Net
Total Return Index

Receive

3 Month USD
LIBOR plus 0.16%

Quarterly

2/10/20

356

—

JPMorgan Chase
Bank NA

JPM Custom Short
Elevators Index^††

Pay

3 Month USD
LIBOR plus 0.15%

Quarterly

3/6/20

—

JPMorgan Chase
Bank NA

JPM Short
Canadian Banks^††

Pay

3 Month CAD
CDOR plus 0.05%

Quarterly

3/30/20

CAD

107

—

JPMorgan Chase
Bank NA

Alerian MLP
Total Return Index

Receive

3 Month USD
LIBOR plus 0.48%

Quarterly

5/30/19

—

JPMorgan Chase
Bank NA

Alerian MLP
Total Return Index

Receive

3 Month USD
LIBOR plus 0.48%

Quarterly

5/30/19

—

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Multi-Asset Income Portfolio

Total Return Swap Agreements: (cont'd)

Swap Counterparty	Index	Pay/Receive Total Return of Referenced Index		Floating Rate	Payment Frequency		Maturity Date		Notional Amount (000)		Value (000)		Upfront Payment Paid (000)		Unrealized Appreciation (000)
JPMorgan Chase Bank NA	JPM U.S. Banks Index^††		Pay	3 Month USD LIBOR plus 0.05%		Quarterly		6/14/19	$	25	$	1	$	—	$	1
JPMorgan Chase Bank NA	JPM U.S. Banks Index^††		Pay	3 Month USD LIBOR plus 0.05%		Quarterly		6/14/19		12		1		—		1
JPMorgan Chase Bank NA	JPM U.S. Banks Index^††		Pay	3 Month USD LIBOR plus 0.05%		Quarterly		6/14/19		23		1		—		1
											$	38	$	—	$	38

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

The following table represents the equity basket holdings underlying the total return swap with JPM Custom Short Elevators Index as of March 31, 2019:

Security Description	Shares		Value (000)		Index Weight
JPM Custom Short Elevators Index
Fujitec Co., Ltd.		17,516	$	194		2.04	%
Kone Oyj		99,151		5,002		52.76
Schindler Holding AG		19,910		4,127		43.54
Yungtay Engineering Co., Ltd.		75,811		157		1.66
Total			$	9,480		100.00	%

The following table represents the equity basket holdings underlying the total return swap with JPM Short Canadian Banks Index as of March 31, 2019:

Security Description	Shares		Value (000)		Index Weight
JPM Short Canadian Banks Index
Bank of Montreal		503	$	38		13.03	%
Bank of Nova Scotia (The)		930		49		17.14
Canadian Imperial Bank of Commerce		338		27		9.25
National Bank of Canada		264		12		4.12
Royal Bank of Canada		1,130		85		29.53
Toronto-Dominion Bank (The)		1,433		78		26.93
Total			$	289		100.00	%

The following table represents the equity basket holdings underlying the total return swap with JPM U.S. Banks Index as of March 31, 2019:

Security Description	Shares		Value (000)		Index Weight
JPM U.S. Banks Index
Bank of America Corp.		9,732	$	268		25.94	%
BB&T Corp.		778		36		3.50
Citigroup, Inc.		2,570		160		15.45
CIT Group, Inc.		116		6		0.54
Citizens Financial Group, Inc.		487		16		1.53
Comerica, Inc.		173		13		1.22
East West Bancorp, Inc.		145		7		0.67
Fifth Third Bancorp, Inc.		694		17		1.70
First Republic Bank		162		16		1.57
Huntington Bancshares, Inc.		1,102		14		1.35
KeyCorp		1,061		17		1.61
M&T Bank Corp.		143		22		2.16
New York Community Bancorp, Inc.		488		6		0.55
People's United Financial, Inc.		346		6		0.55
PNC Financial Services Group, Inc. (The)		473		58		5.61
Regions Financial Corp.		1,123		16		1.53
Signature Bank		55		7		0.68
SunTrust Banks, Inc.		468		28		2.68

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Multi-Asset Income Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM U.S. Banks Index (cont'd)
SVB Financial Group		53	$	12		1.14	%
US Bancorp		1,569		76		7.31
Wells Fargo & Co.		4,678		226		21.84
Zions Bancorp NA		198		9		0.87
Total			$	1,036		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.

NR Not rated.

BBSW Australia's Bank Bill Swap.

CDOR Canadian Dealer Offered Rate.

KORIBOR Korea Interbank Offered Rate.

LIBOR London Interbank Offered Rate.

NR Not rated.

ARS — Argentine Peso

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

CNH — Chinese Yuan Renminbi Offshore

CNY — Chinese Yuan Renminbi

COP — Colombian Peso

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli Shekel

INR — Indian Rupee

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PHP — Philippine Peso

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
Sovereign		30.3	%
Other**		27.2
Short-Term Investments		15.8
Investment Companies		8.6
U.S. Treasury Securities		7.1
Banks		5.8
Equity Real Estate Investment Trusts (REITs)		5.2
Total Investments		100.0	%***

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

*** Does not include open long/short futures contracts with a value of approximately $5,271,000 and net unrealized appreciation of approximately $46,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $19,000 and does not include open swap agreements with net unrealized appreciation of approximately $40,000.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Global Multi-Asset Income Portfolio

Consolidated Statement of Assets and Liabilities	March 31, 2019 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $11,883)	$	12,371
Investments in Securities of Affiliated Issuers, at Value (Cost $3,145)		3,109
Total Investments in Securities, at Value (Cost $15,028)		15,480
Foreign Currency, at Value (Cost $21)		21
Cash		—	@
Receivable for Variation Margin on Futures Contracts		166
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		105
Due from Adviser		67
Interest Receivable		59
Unrealized Appreciation on Swap Agreements		39
Dividends Receivable		9
Receivable from Affiliates		4
Receivable for Variation Margin on Swap Agreements		4
Tax Reclaim Receivable		3
Other Assets		56
Total Assets		16,013
Liabilities:
Payable for Investments Purchased		617
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		124
Payable for Professional Fees		54
Payable for Custodian Fees		28
Payable for Transfer Agency Fees — Class I		1
Payable for Transfer Agency Fees — Class A		1
Payable for Transfer Agency Fees — Class C		1
Payable for Transfer Agency Fees — Class IS		1
Payable for Administration Fees		1
Payable for Shareholder Services Fees — Class A		—	@
Payable for Distribution and Shareholder Services Fees — Class C		—	@
Payable for Sub Transfer Agency Fees — Class I		—	@
Deferred Capital Gain Country Tax		—	@
Other Liabilities		20
Total Liabilities		848
Net Assets	$	15,165
Net Assets Consist of:
Paid-in-Capital	$	15,030
Total Distributable Earnings		135
Net Assets	$	15,165

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Global Multi-Asset Income Portfolio

Consolidated Statement of Assets and Liabilities (cont'd)	March 31, 2019 (000)
CLASS I:
Net Assets	$	21
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		2,108
Net Asset Value, Offering and Redemption Price Per Share	$	10.07
CLASS A:
Net Assets	$	39
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		3,905
Net Asset Value, Redemption Price Per Share	$	10.06
Maximum Sales Load		5.25	%
Maximum Sales Charge	$	0.56
Maximum Offering Price Per Share	$	10.62
CLASS C:
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	$	9.98
CLASS IS:
Net Assets	$	15,095
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,497,000
Net Asset Value, Offering and Redemption Price Per Share	$	10.08

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Global Multi-Asset Income Portfolio

Consolidated Statement of Operations	Six Months Ended March 31, 2019 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $—@ of Foreign Taxes Withheld)	$	83
Dividends from Securities of Affiliated Issuers (Note G)		57
Dividends from Securities of Unaffiliated Issuers (Net of $3 of Foreign Taxes Withheld)		45
Total Investment Income		185
Expenses:
Custodian Fees (Note F)		67
Advisory Fees (Note B)		48
Professional Fees		46
Pricing Fees		35
Registration Fees		28
Shareholder Reporting Fees		8
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 C (Note E)		1
Transfer Agency Fees — Class IS (Note E)		1
Trustees' Fees and Expenses		2
Shareholder Services Fees — Class A (Note D)		—	@
Distribution and Shareholder Services Fees — Class C (Note D)		—	@
Sub Transfer Agency Fees — Class I		—	@
Sub Transfer Agency Fees — Class A		—	@
Other Expenses		13
Total Expenses		257
Expenses Reimbursed by Adviser (Note B)		(138	)
Waiver of Advisory Fees (Note B)		(48	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class IS (Note B)		(1	)
Rebate from Morgan Stanley Affiliates (Note G)		(2	)
Net Expenses		65
Net Investment Income		120
Realized Gain (Loss):
Investments Sold (Net of $4 of Capital Gain Country Tax)		16
Foreign Currency Forward Exchange Contracts		5
Foreign Currency Translation		4
Futures Contracts		(195	)
Swap Agreements		55
Net Realized Loss		(115	)
Change in Unrealized Appreciation (Depreciation):
Investments (Net Increase in Deferred Capital Gain Country Tax of $—@)		269
Investments in Affiliates		1
Foreign Currency Forward Exchange Contracts		(54	)
Foreign Currency Translation		(—	@)
Futures Contracts		33
Swap Agreements		42
Net Change in Unrealized Appreciation (Depreciation)		291
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		176
Net Increase in Net Assets Resulting from Operations	$	296

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Global Multi-Asset Income Portfolio

Consolidated Statements of Changes in Net Assets	Six Months Ended March 31, 2019 (unaudited) (000)			Year Ended September 30, 2018 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	120		$	336
Net Realized Gain (Loss)		(115	)		544
Net Change in Unrealized Appreciation (Depreciation)		291			(827	)
Net Increase in Net Assets Resulting from Operations		296			53
Dividends and Distributions to Shareholders:
Class I		(1	)		(—	@)
Class A		(1	)		(—	@)
Class C		(—	@)		(—	@)
Class IS		(435	)		(172	)
Total Dividends and Distributions to Shareholders		(437	)		(172	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		—	@		11
Distributions Reinvested		—	@		—	@
Class A:
Distributions Reinvested		1			—	@
Redeemed		—			(38	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		1			(27	)
Total Decrease in Net Assets		(140	)		(146	)
Net Assets:
Beginning of Period		15,305			15,451
End of Period	$	15,165		$	15,305
(1) Capital Share Transactions:
Class I:
Shares Subscribed		—	@@		1
Shares Issued on Distributions Reinvested		—	@@		—	@@
Net Increase in Class I Shares Outstanding		—	@@		1
Class A:
Shares Issued on Distributions Reinvested		—	@@		—	@@
Shares Redeemed		—			(4	)
Net Increase (Decrease) in Class A Shares Outstanding		—	@@		(4	)

@ Amount is less than $500.

@@ Amount is less than 500 shares.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Consolidated Financial Highlights

Global Multi-Asset Income Portfolio

	Class I
	Six Months Ended March 31, 2019			Year Ended September 30,									Period from April 30, 2015⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾⁽³⁾			September 30, 2015⁽³⁾
Net Asset Value, Beginning of Period	$	10.17		$	10.25		$	9.90		$	9.33		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽⁴⁾		0.08			0.23			0.19			0.15			0.07
Net Realized and Unrealized Gain (Loss)		0.11			(0.20	)		0.32			0.62			(0.71	)
Total from Investment Operations		0.19			0.03			0.51			0.77			(0.64	)
Distributions from and/or in Excess of:
Net Investment Income		(0.24	)		(0.11	)		(0.16	)		(0.20	)		(0.03	)
Net Realized Gain		(0.05	)		—			—			—			—
Total Distributions		(0.29	)		(0.11	)		(0.16	)		(0.20	)		(0.03	)
Net Asset Value, End of Period	$	10.07		$	10.17		$	10.25		$	9.90		$	9.33
Total Return⁽⁵⁾		1.98	%⁽⁷⁾		0.30	%		5.24	%		8.39	%		(6.42	)%⁽⁷⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	21		$	21		$	10		$	10		$	9
Ratio of Expenses Before Expense Limitation		15.02	%⁽⁸⁾		20.99	%		28.13	%		6.73	%		20.20	%⁽⁸⁾
Ratio of Expenses After Expense Limitation		0.92	%⁽⁶⁾⁽⁸⁾		0.93	%⁽⁶⁾		0.93	%⁽⁶⁾		0.92	%⁽⁶⁾		0.93	%⁽⁶⁾⁽⁸⁾
Ratio of Net Investment Income		1.59	%⁽⁶⁾⁽⁸⁾		2.28	%⁽⁶⁾		1.92	%⁽⁶⁾		1.62	%⁽⁶⁾		1.72	%⁽⁶⁾⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.03	%⁽⁸⁾		0.02	%		0.02	%		0.03	%		0.01	%⁽⁸⁾
Portfolio Turnover Rate		84	%⁽⁷⁾		132	%		218	%		236	%		139	%⁽⁷⁾

(2) Commencement of Operations.

(3) Not consolidated.

(4) Per share amount is based on average shares outstanding.

(5) Calculated based on the net asset value as of the last business day of the period.

(7) Not annualized.

(8) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Consolidated Financial Highlights

Global Multi-Asset Income Portfolio

	Class A
	Six Months Ended March 31, 2019			Year Ended September 30,									Period from April 30, 2015⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾⁽³⁾			September 30, 2015⁽³⁾
Net Asset Value, Beginning of Period	$	10.16		$	10.23		$	9.88		$	9.32		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽⁴⁾		0.06			0.17			0.16			0.12			0.04
Net Realized and Unrealized Gain (Loss)		0.11			(0.17	)		0.32			0.61			(0.69	)
Total from Investment Operations		0.17			0.00	⁽⁵⁾		0.48			0.73			(0.65	)
Distributions from and/or in Excess of:
Net Investment Income		(0.22	)		(0.07	)		(0.13	)		(0.17	)		(0.03	)
Net Realized Gain		(0.05	)		—			—			—			—
Total Distributions		(0.27	)		(0.07	)		(0.13	)		(0.17	)		(0.03	)
Net Asset Value, End of Period	$	10.06		$	10.16		$	10.23		$	9.88		$	9.32
Total Return⁽⁶⁾		1.81	%⁽⁸⁾		(0.02	)%		4.89	%		8.10	%		(6.64	)%⁽⁸⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	39		$	39		$	77		$	73		$	44
Ratio of Expenses Before Expense Limitation		9.40	%⁽⁹⁾		7.99	%		8.12	%		4.74	%		12.75	%⁽⁹⁾
Ratio of Expenses After Expense Limitation		1.27	%⁽⁷⁾⁽⁹⁾		1.28	%⁽⁷⁾		1.27	%⁽⁷⁾		1.26	%⁽⁷⁾		1.27	%⁽⁷⁾⁽⁹⁾
Ratio of Net Investment Income		1.24	%⁽⁷⁾⁽⁹⁾		1.63	%⁽⁷⁾		1.59	%⁽⁷⁾		1.27	%⁽⁷⁾		1.02	%⁽⁷⁾⁽⁹⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.03	%⁽⁹⁾		0.02	%		0.03	%		0.04	%		0.01	%⁽⁹⁾
Portfolio Turnover Rate		84	%⁽⁸⁾		132	%		218	%		236	%		139	%⁽⁸⁾

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class A shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Commencement of Operations.

(3) Not consolidated.

(4) Per share amount is based on average shares outstanding.

(5) Amount is less than $0.005 per share.

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

(8) Not annualized.

(9) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Consolidated Financial Highlights

Global Multi-Asset Income Portfolio

	Class C
	Six Months Ended March 31, 2019			Year Ended September 30,									Period from May 8, 2015⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾⁽³⁾			September 30, 2015⁽³⁾
Net Asset Value, Beginning of Period	$	10.08		$	10.19		$	9.84		$	9.30		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽⁴⁾		0.02			0.10			0.08			0.04			0.02
Net Realized and Unrealized Gain (Loss)		0.11			(0.18	)		0.33			0.61			(0.71	)
Total from Investment Operations		0.13			(0.08	)		0.41			0.65			(0.69	)
Distributions from and/or in Excess of:
Net Investment Income		(0.18	)		(0.03	)		(0.06	)		(0.11	)		(0.01	)
Net Realized Gain		(0.05	)		—			—			—			—
Total Distributions		(0.23	)		(0.03	)		(0.06	)		(0.11	)		(0.01	)
Net Asset Value, End of Period	$	9.98		$	10.08		$	10.19		$	9.84		$	9.30
Total Return⁽⁵⁾		1.42	%⁽⁷⁾		(0.82	)%		4.21	%		7.11	%		(6.86	)%⁽⁷⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	10		$	10		$	10		$	10		$	9
Ratio of Expenses Before Expense Limitation		26.23	%⁽⁸⁾		26.19	%		26.46	%		14.16	%		21.28	%⁽⁸⁾
Ratio of Expenses After Expense Limitation		2.02	%⁽⁶⁾⁽⁸⁾		2.03	%⁽⁶⁾		2.03	%⁽⁶⁾		2.02	%⁽⁶⁾		2.03	%⁽⁶⁾⁽⁸⁾
Ratio of Net Investment Income		0.49	%⁽⁶⁾⁽⁸⁾		1.01	%⁽⁶⁾		0.80	%⁽⁶⁾		0.41	%⁽⁶⁾		0.56	%⁽⁶⁾⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.03	%⁽⁸⁾		0.02	%		0.02	%		0.03	%		0.01	%⁽⁸⁾
Portfolio Turnover Rate		84	%⁽⁷⁾		132	%		218	%		236	%		139	%⁽⁷⁾

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class C shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Commencement of Offering.

(3) Not consolidated.

(4) Per share amount is based on average shares outstanding.

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

(7) Not annualized.

(8) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Consolidated Financial Highlights

Global Multi-Asset Income Portfolio

	Class IS
	Six Months Ended March 31, 2019			Year Ended September 30,									Period from April 30, 2015⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2018			2017			2016⁽¹⁾⁽³⁾			September 30, 2015⁽³⁾
Net Asset Value, Beginning of Period	$	10.18		$	10.26		$	9.90		$	9.33		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽⁴⁾		0.08			0.22			0.20			0.16			0.07
Net Realized and Unrealized Gain (Loss)		0.11			(0.18	)		0.32			0.61			(0.71	)
Total from Investment Operations		0.19			0.04			0.52			0.77			(0.64	)
Distributions from and/or in Excess of:
Net Investment Income		(0.24	)		(0.12	)		(0.16	)		(0.20	)		(0.03	)
Net Realized Gain		(0.05	)		—			—			—			—
Total Distributions		(0.29	)		(0.12	)		(0.16	)		(0.20	)		(0.03	)
Net Asset Value, End of Period	$	10.08		$	10.18		$	10.26		$	9.90		$	9.33
Total Return⁽⁵⁾		2.01	%⁽⁷⁾		0.34	%		5.40	%		8.44	%		(6.41	)%⁽⁷⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	15,095		$	15,235		$	15,354		$	14,820		$	13,969
Ratio of Expenses Before Expense Limitation		3.43	%⁽⁸⁾		3.76	%		4.70	%		3.99	%		5.97	%⁽⁸⁾
Ratio of Expenses After Expense Limitation		0.87	%⁽⁶⁾⁽⁸⁾		0.88	%⁽⁶⁾		0.87	%⁽⁶⁾		0.86	%⁽⁶⁾		0.87	%⁽⁶⁾⁽⁸⁾
Ratio of Net Investment Income		1.65	%⁽⁶⁾⁽⁸⁾		2.18	%⁽⁶⁾		2.00	%⁽⁶⁾		1.68	%⁽⁶⁾		1.76	%⁽⁶⁾⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.03	%⁽⁸⁾		0.02	%		0.03	%		0.04	%		0.01	%⁽⁸⁾
Portfolio Turnover Rate		84	%⁽⁷⁾		132	%		218	%		236	%		139	%⁽⁷⁾

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class IS shares. The Ratio of Expenses After Expense Limitation and the Ratio of Net Investment Income would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income.

(2) Commencement of Operations.

(3) Not consolidated.

(4) Per share amount is based on average shares outstanding.

(5) Calculated based on the net asset value as of the last business day of the period.

(7) Not annualized.

(8) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Notes to Consolidated Financial Statements (unaudited)

The accompanying consolidated financial statements relate to the Global Multi-Asset Income Portfolio. The Fund seeks to maximize current income and to seek capital appreciation over time. The Fund offers four classes of shares — Class I, Class A, Class C and Class IS.

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 Trust in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may, consistent with its principal investment strategies, invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, Global Multi-Asset Income Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest, directly or indirectly through the use of derivatives, in securities, commodities, commodity-related instruments and other investments, primarily futures, swaps and notes. The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation. As of March 31, 2019, the Subsidiary represented approximately $1,157,000 or approximately 7.63% of the total assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to the commodity markets within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax

treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-13, Fair Value Measurement (Topic 820) — Disclosures Framework — Changes to Disclosure Requirements of Fair Value Measurement ("ASU 2018-13") which introduces new fair value disclosure requirements as well as eliminates and modifies certain existing fair value disclosure requirements. ASU 2018-13 would be effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years; however, management has elected to early adopt ASU 2018-13 as permitted by the standard. The impact of the Fund's adoption was limited to changes in the Fund's consolidated financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, when applicable.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

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

security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) OTC swaps may be valued by an outside pricing service approved by the Trustees or quotes from a broker or dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (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; and (8) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

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

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 Fund's investments as of March 31, 2019:

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	$	—	$	698	$	—	$	698
Asset-Backed Security		—		15		—		15
Commercial Mortgage-Backed Securities		—		223		—		223
Corporate Bonds		—		1,792		—		1,792
Mortgages — Other		—		113		—		113
Sovereign		—		4,321		—		4,321
U.S. Treasury Securities		—		1,017		—		1,017
Total Fixed Income Securities		—		8,179		—		8,179

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
Aerospace & Defense	$	—		$	24		$	—	$	24
Air Freight & Logistics		—			25			—		25
Airlines		—			1			—		1
Auto Components		4			16			—		20
Automobiles		—			85			—		85
Banks		97			313			—		410
Beverages		—			40			—		40
Biotechnology		—			12			—		12
Building Products		9			5			—		14
Capital Markets		4			19			—		23
Chemicals		5			30			—		35
Commercial Services & Supplies		—			15			—		15
Communications Equipment		—			3			—		3
Construction & Engineering		—	@		119			—		119
Construction Materials		29			5			—		34
Consumer Finance		61			—			—		61
Containers & Packaging		—			1			—		1
Distributors		—			1			—		1
Diversified Financial Services		1			—	@		—		1
Diversified Telecommunication Services		38			55			—		93
Electric Utilities		47			60			—		107
Electrical Equipment		—			15			—		15
Equity Real Estate Investment Trusts (REITs)		487			209			—		696
Food & Staples Retailing		5			15			—		20
Food Products		—			49			—		49
Gas Utilities		28			60			—		88
Health Care Equipment & Supplies		—			10			—		10
Health Care Providers & Services		1			8			—		9
Hotels, Restaurants & Leisure		—			39			—		39
Household Durables		40			10			—		50
Household Products		—			14			—		14
Independent Power & Renewable Electricity Producers		—			2			—		2
Industrial Conglomerates		—			19			—		19
Information Technology Services		—			60			—		60
Insurance		16			55			—		71
Interactive Media & Services		—			—	@		—		—	@
Internet & Direct Marketing Retail		—			28			—		28
Leisure Products		—			1			—		1

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Notes to Consolidated 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	$	—	$	2	$	—		$	2
Machinery		—		15		—			15
Marine		—		2		—			2
Media		4		21		—			25
Metals & Mining		7		44		—			51
Multi-Line Retail		—		5		—			5
Multi-Utilities		51		66		—			117
Oil, Gas & Consumable Fuels		390		92		—			482
Paper & Forest Products		1		15		—			16
Personal Products		—		35		—			35
Pharmaceuticals		—		110		—			110
Professional Services		—		18		—			18
Real Estate Management & Development		4		232		—			236
Road & Rail		8		12		—			20
Semiconductors & Semiconductor Equipment		—		11		—	@		11
Software		1		12		—			13
Specialty Retail		—		13		—			13
Textiles, Apparel & Luxury Goods		—		38		—			38
Thrifts & Mortgage Finance		2		—		—			2
Tobacco		—		16		—			16
Trading Companies & Distributors		4		6		—			10
Transportation Infrastructure		2		211		—			213
Water Utilities		29		21		—			50
Wireless Telecommunication Services		5		10		—			15
Total Common Stocks		1,380		2,430		—	@		3,810
Investment Companies		1,225		4		—			1,229
Right		—		—		—	†		—	†
Short-Term Investments
Investment Company		1,884		—		—			1,884
U.S. Treasury Security		—		378		—			378
Total Short-Term Investments		1,884		378		—			2,262
Foreign Currency Forward Exchange Contracts		—		105		—			105
Futures Contracts		66		—		—			66
Credit Default Swap Agreement		—		1		—			1
Interest Rate Swap Agreement		—		1		—			1
Total Return Swap Agreements		—		38		—			38
Total Assets		4,555		11,136		—	@		15,691

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	$	—		$	(124	)	$	—		$	(124	)
Futures Contracts		(20	)		—			—			(20	)
Credit Default Swap Agreement		—			(—	@)		—			(—	@)
Total Liabilities		(20	)		(124	)		—			(144	)
Total	$	4,535		$	11,012		$	—	@†	$	15,547	†

@ Value is less than $500.

† Includes one security which is valued at zero.

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

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

	Common Stock (000)			Right (000)
Beginning Balance	$	—	@	$	—
Purchases		—			—	†
Sales		—			—
Amortization of discount		—			—
Transfers in		—			—
Transfers out		—			—
Corporate actions		—			—
Change in unrealized appreciation (depreciation)		—	@		—	†
Realized gains (losses)		—			—
Ending Balance	$	—	@	$	—	†
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2019	$	—	@	$	—	†

@ Value is less than $500.

† Includes one security which is valued at zero.

3. Foreign Currency Translation and Foreign Investments: The books and records of the Fund 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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

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

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 Consolidated 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 Fund values the foreign shares at the closing exchange price of the local shares.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

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

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 Fund used during the period and their associated risks:

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 Fund'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 Fund 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.

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

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

swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap agreement and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap agreement and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The Fund's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the swap agreement.

The current credit rating of each individual issuer is included in the table following the Consolidated 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.

adjusted if and when the swap valuations fluctuate. If applicable, cash collateral is included with "Due from (to) Broker" in the Consolidated Statement of Assets and Liabilities.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

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

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 Fund as unrealized gain or loss. The Fund 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 Fund's derivative contracts by primary risk exposure as of March 31, 2019:

Asset Derivatives
Consolidated 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

105

Futures Contracts

Variation Margin on
Futures Contracts

Equity Risk

(a)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(a)

Swap Agreements

Unrealized Appreciation on
Swap Agreements

Equity Risk

Swap Agreement

Variation Margin on
Swap Agreements

Credit Risk

(a)

Swap Agreement

Unrealized Appreciation on
Swap Agreements

Interest Rate Risk

Total

211

Liability Derivatives
Consolidated 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

(124

)

Futures Contract

Variation Margin on
Futures Contracts

Commodity Risk

)(a)

Futures Contracts

Variation Margin on
Futures Contracts

Equity Risk

)(a)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(12

)(a)

Swap Agreement

Variation Margin on
Swap Agreements

Credit Risk

(—

@)(a)

Total

(144

)

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	5
Commodity Risk	Futures Contracts		12
Equity Risk	Futures Contracts		(203	)
Interest Rate Risk	Futures Contracts		(4	)
Credit Risk	Swap Agreements		3
Equity Risk	Swap Agreements		52
Interest Rate Risk	Swap Agreements		(—	@)
	Total	$	(135	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(54	)
Commodity Risk	Futures Contracts		(4	)
Equity Risk	Futures Contracts		24
Interest Rate Risk	Futures Contracts		13
Equity Risk	Swap Agreements		34
Credit Risk	Swap Agreements		(3	)
Interest Rate Risk	Swap Agreements		11
	Total	$	21

At March 31, 2019, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Consolidated Statement of Assets and Liabilities
Derivatives(b)	Assets(c) (000)		Liabilities(c) (000)
Foreign Currency Forward Exchange Contracts	$	105	$	(124	)
Swap Agreements		39		—
Total	$	144	$	(124	)

(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 Consolidated Statement of Assets and Liabilities.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

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

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 Fund 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 Fund 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 Fund's net liability may be delayed or denied.

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2019:

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Consolidated Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Received (000)		Net Amount (not less than $0) (000)
Bank of America NA	$	1		$	(—	@)	$	—	$	1
Bank of Montreal		—	@		(—	@)		—		0
Barclays Bank PLC		2			(1	)		—		1
BNP Paribas SA		1			(—	@)		—		1
Citibank NA		5			(5	)		—		0
Commonwealth Bank of Australia		—	@		(—	@)		—		0
Goldman Sachs International		1			(1	)		—		0
JPMorgan Chase Bank NA		111			(72	)		—		39
State Street Bank and Trust Co.		16			(6	)		—		10
UBS AG		7			(7	)		—		0
Total	$	144		$	(92	)	$	—	$	52

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in the Consolidated Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Pledged (000)		Net Amount (not less than $0) (000)
Bank of America NA	$	—	@	$	(—	@)	$	—	$	0
Bank of Montreal		—	@		(—	@)		—		0
Barclays Bank PLC		1			(1	)		—		0
BNP Paribas SA		—	@		(—	@)		—		0
Citibank NA		12			(5	)		—		7
Commonwealth Bank of Australia		—	@		(—	@)		—		0
Goldman Sachs International		5			(1	)		—		4
JPMorgan Chase Bank NA		92			(72	)		—		20
State Street Bank and Trust Co.		6			(6	)		—		0
UBS AG		8			(7	)		—		1
Total	$	124		$	(92	)	$	—	$	32

@ Amount is less than $500.

For the six months ended March 31, 2019, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	12,591,000
Futures Contracts:
Average monthly notional value	$	6,169,000
Swap Agreements:
Average monthly notional amount	$	1,474,000

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

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

increase the impact that gains (losses) may have on the Fund.

7. Dividends and Distributions to Shareholders: Dividends 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 Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.65% of the average daily net assets of the Fund.

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

C. Administration Fees: The Adviser also serves as Administrator to the Trust and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund'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 Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

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

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2019, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments, were approximately $3,691,000 and $3,850,000, respectively. For the six months ended March 31, 2019, purchases and sales of long-term U.S. Government securities were approximately $6,355,000 and $6,873,000, respectively.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the six months ended March 31, 2019, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.

The Fund invests in Morgan Stanley Institutional Fund, Inc. — Emerging Markets Fixed Income Opportunities Portfolio ("Emerging Markets Fixed Income Opportunities Portfolio"), an open-end management investment company advised by an affiliate of the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Emerging Markets Fixed Income Opportunities Portfolio. For the six months ended March 31, 2019, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Emerging Markets Fixed Income Opportunities Portfolio. The Emerging Markets Fixed Income Opportunities Portfolio has a cost basis of approximately $711,000 at March 31, 2019.

The Fund invests in Morgan Stanley Institutional Fund Trust — High Yield Portfolio ("High Yield Portfolio"), an open-end management investment company advised by an affiliate of the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the High Yield Portfolio. For the six months ended March 31, 2019, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the High Yield Portfolio. The High Yield Portfolio has a cost basis of approximately $550,000 at March 31, 2019.

A summary of the Fund's transactions in shares of affiliated investments companies during the six months ended March 31, 2019 are as follows:

Affiliated Investment Company	Value September 30, 2018 (000)		Purchases at Cost (000)		Proceeds from Sales (000)		Dividend Income (000)
Liquidity Funds	$	1,539	$	4,690	$	4,345	$	20
Emerging Markets Fixed Income Opportunities Portfolio		683		—		—		20
High Yield Portfolio		541		—		—		17
	$	2,763	$	4,690	$	4,345	$	57

Affiliated Investment Company (cont'd)	Realized Gain (Loss) (000)		Change in Unrealized Appreciation (Depreciation) (000)			Value March 31, 2019 (000)
Liquidity Funds	$	—	$	—		$	1,884
Emerging Markets Fixed Income Opportunities Portfolio		—		15			698
High Yield Portfolio		—		(14	)		527
	$	—	$	1		$	3,109

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley funds as well as other funds and client accounts for which the Adviser or an

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

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

affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the six months ended March 31, 2019, the Fund did not engage in any cross-trade transactions.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to

short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2018 and 2017 was as follows:

2018 Distributions Paid From: Ordinary Income (000)				2017 Distributions Paid From: Ordinary Income (000)
$	172			$	247

Permanent differences, primarily due to differing treatments of gains (losses) related to foreign currency transactions, basis adjustments for swap transactions, paydown adjustments, tax adjustments on passive foreign investment companies sold by the Fund and tax adjustments related to the Subsidiary, resulted in the following reclassifications among the components of net assets at September 30, 2018:

Total Distributable Earnings (Loss) (000)				Paid-in- Capital (000)
$	—			$	—

At September 30, 2018, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	303			$	73

During the year ended September 30, 2018, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $297,000.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

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

portion of the Facility. During the six months ended March 31, 2019, the Fund did not have any borrowings under the Facility.

J. Other: At March 31, 2019, the Fund did not have record owners of 10% or greater.

L. Subsequent Event: On April 18, 2019, the Fund notified shareholders that the Trustees of the Trust had approved a plan to liquidate the Fund, a series of the Trust, with such liquidation effective on or about May 31, 2019, and that the Fund would suspend the offering of its shares to all investors at the close of business on or about May 29, 2019. The liquidation date has been postponed to on or about December 31, 2019 (the "Liquidation Date") and the Fund will suspend the offering of its shares to all investors at the close of business on or about December 27, 2019. Until closer to the Liquidation Date in preparation of winding down the Fund's operations, the Fund will continue to be managed in accordance with its existing investment objective and strategies.

Privacy Notice (unaudited)

FACTS				WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?
Why?				Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?				The types of personal information we collect and share depend on the product or service you have with us. This information can include: n Social Security number and income n investment experience and risk tolerance n checking account number and wire transfer instructions
How?				All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MSIM share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don't share
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

Questions? Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Privacy Notice (unaudited) (cont'd)

Who we are
Who is providing this notice?				Morgan Stanley Investment Management, Inc. and its affiliated registered investment advisers, registered broker-dealers, and registered and unregistered funds ("MSIM")
What we do
How does MSIM protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?				We collect your personal information, for example, when you n open an account or make deposits or withdrawals from your account n buy securities from us or make a wire transfer n give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?				Federal law gives you the right to limit only n sharing for affiliates' everyday business purposes — information about your creditworthiness n affiliates from using your information to market to you n sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Affiliates				Companies related by common ownership or control. They can be financial and nonfinancial companies. n Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates				Companies not related by common ownership or control. They can be financial and nonfinancial companies. n MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between nonaffiliated financial companies that together market financial products or services to you. n MSIM doesn't jointly market
Other Important Information

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Trustee and Officer Information (unaudited)

Trustees

Frank L. Bowman
Kathleen A. Dennis
Nancy C. Everett
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia Maleski
Michael E. Nugent, Chair of the Board
W. Allen Reed

Officers

John H. Gernon
President and Principal Executive Officer

Timothy J. Knierim
Chief Compliance Officer

Mary E. Mullin
Secretary

Francis J. Smith
Treasurer and Principal Financial Officer

Michael J. Key
Vice President

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

DST Asset Manager Solutions, 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

Perkins Coie LLP
30 Rockefeller Plaza
New York, New York 10112

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

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

IFGMAPSAN
2514297 EXP 05.31.20

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Ultra-Short Income Portfolio

Semi-Annual Report

March 31, 2019

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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					12
Notes to Financial Statements					15
Privacy Notice					20
Trustee and Officer Information					22

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Semi-Annual report, in which you will learn how your investment in Ultra-Short Income Portfolio (the "Fund") 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 2019

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Expense Example (unaudited)

Ultra-Short Income Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2019 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/18		Actual Ending Account Value 3/31/19		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Ultra-Short Income Portfolio Class IR	$	1,000.00	$	1,013.90	$	1,023.73	$	1.21	$	1.21		0.24	%
Ultra-Short Income Portfolio Institutional Class		1,000.00		1,013.60		1,023.49		1.46		1.46		0.29
Ultra-Short Income Portfolio Class A		1,000.00		1,012.60		1,022.49		2.46		2.47		0.49

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
Certificates of Deposit (6.9%)
Domestic Banks (2.6%)
First Abu Dhabi Bank PJSC
2.80%, 9/20/19 (a)	$	175,000	$	175,091
2.85%, 12/16/19 (a)		200,000		200,112
HSBC Bank USA NA
2.64%, 6/3/19		20,000		20,004
				395,207
International Banks (4.3%)
Barclays Bank PLC
3.01%, 12/20/19		150,000		150,092
National Bank of Kuwait SAKP,
2.90%, 12/20/19		200,000		199,999
2.97%, 12/11/19		150,000		150,078
Natixis NY
2.75%, 12/20/19		150,000		150,061
				650,230
Total Certificates of Deposit (Cost $1,044,996)				1,045,437
Commercial Paper (b) (20.0%)
Diversified Financial Services (1.3%)
Citigroup Global Markets, Inc. S
2.75%, 12/17/19 (a)		100,000		98,025
Collateralized Commercial Paper II Co., LLC
2.68%, 12/19/19		50,000		49,010
2.96%, 9/19/19		50,000		49,369
				196,404
Food & Beverage (2.5%)
Coca-Cola Co.,
2.95%, 12/12/19 - 12/13/19		192,000		188,286
3.02%, 9/25/19 - 9/26/19		195,000		192,448
				380,734
Health Care Services (6.3%)
Astrazeneca PLC,
2.92%, 6/24/19		28,100		27,912
Catholic Health Initiatives,
3.02%, 6/10/19		7,000		6,964
3.18%, 5/29/19		5,000		4,979
3.32%, 6/6/19		15,000		14,927
3.36%, 6/13/19		42,647		42,420
3.37%, 5/16/19		40,000		39,867
3.39%, 5/2/19		35,480		35,397
United Healthcare Co.,
2.74%, 6/10/19 - 6/19/19		253,000		251,521
2.74%, 6/12/19 - 6/24/19 (a)		280,000		278,235
UnitedHealth Group, Inc.
2.71%, 6/27/19		110,000		109,256
Walgreens Boots Alliance, Inc.,
2.94%, 7/8/19		15,000		14,879
3.24%, 6/24/19		5,000		4,966
3.30%, 6/10/19 - 6/17/19		126,000		125,264
				956,587

	Face Amount (000)		Value (000)
Hospitality (0.9%)
Marriott International, Inc.,
2.91%, 4/24/19 (a)	$	1,000	$	998
2.92%, 5/21/19		45,000		44,816
2.93%, 5/28/19		90,000		89,581
				135,395
International Banks (8.2%)
Banque Federative du Credit Mutuel SA
2.97%, 2/3/20		200,000		195,491
Barclays Bank PLC,
2.92%, 4/2/19 (a)		35,000		34,948
2.96%, 4/4/19 - 4/5/19 (a)		153,000		152,930
BNG Bank NV,
2.43%, 4/2/19 (a)		125,000		124,967
2.52%, 4/5/19 (a)		124,000		123,942
BPCE SA,
2.72%, 12/20/19		155,000		151,934
3.00%, 6/19/19 (a)		45,000		44,744
DBS Bank Ltd.
2.64%, 9/25/19		50,000		49,339
Macquarie Bank Ltd.
3.04%, 6/3/19		25,000		24,883
Nationwide Building Society,
2.79%, 6/18/19		44,200		43,931
2.81%, 6/28/19		96,750		96,078
Natixis NY
2.69%, 8/1/19		50,000		49,558
Societe Generale
3.29%, 10/15/19 (a)		33,710		33,223
Suncorp Group Ltd.,
2.71%, 10/21/19		64,500		63,459
2.77%, 12/19/19		50,000		48,940
				1,238,367
Wireless Telecom Services (0.8%)
AT&T, Inc.,
3.08%, 5/28/19 - 5/30/19		100,850		100,360
3.22%, 6/24/19		30,000		29,790
				130,150
Total Commercial Paper (Cost $3,036,837)				3,037,637
Corporate Bonds (8.4%)
Domestic Banks (3.0%)
Citigroup, Inc.,
2.40%, 2/18/20 (c)		105,875		105,487
2.45%, 1/10/20		25,959		25,907
Wells Fargo Bank NA,
2.15%, 12/6/19		100,000		99,664
2.40%, 1/15/20		220,000		219,504
				450,562

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
International Banks (5.4%)
ANZ New Zealand International Ltd.
2.60%, 9/23/19 (a)	$	10,000	$	9,994
Bank of Montreal
1.75%, 9/11/19		12,000		11,951
Banque Federative du Credit Mutuel SA
2.00%, 4/12/19 (a)		12,550		12,547
BNZ International Funding Ltd.
2.40%, 2/21/20 (a)		32,458		32,347
BPCE SA,
2.25%, 1/27/20 (c)		11,800		11,751
2.50%, 7/15/19		61,700		61,669
Cooperatieve Rabobank UA
4.75%, 1/15/20 (a)		3,000		3,048
Credit Agricole Corp.
2.50%, 4/15/19 (a)		8,130		8,129
Credit Suisse AG
2.30%, 5/28/19		31,715		31,700
ING Bank N.V.
2.50%, 10/1/19 (a)		25,050		25,017
Macquarie Bank Ltd.,
2.40%, 1/21/20 (a)		26,689		26,611
2.60%, 6/24/19 (a)		32,539		32,527
Mizuho Bank Ltd.,
2.45%, 4/16/19 (a)		38,086		38,078
2.65%, 9/25/19 (a)		21,165		21,155
National Australia Bank Ltd.
2.25%, 1/10/20		8,000		7,971
Nordea Bank AB
2.38%, 4/4/19 (a)		19,840		19,840
Skandinaviska Enskilda Banken AB
1.50%, 9/13/19		10,000		9,947
Sumitomo Mitsui Banking Corp.,
2.09%, 10/18/19		52,281		52,098
2.25%, 7/11/19		26,738		26,707
2.45%, 1/16/20		80,441		80,245
2.51%, 1/17/20		219,454		219,169
Sumitomo Mitsui Trust Bank Ltd.
1.95%, 9/19/19 (a)		10,290		10,249
Suncorp-Metway Ltd.
2.10%, 5/3/19 (a)		23,444		23,430
UBS AG
2.38%, 8/14/19		39,025		38,987
				815,167
Total Corporate Bonds (Cost $1,262,734)				1,265,729
Floating Rate Notes (d) (48.5%)
Diversified Financial Services (2.4%)
Collateralized Commercial Paper Co. LLC
2.88%, 8/23/19		75,000		75,085
Collateralized Commercial Paper II Co. LLC,
2.82%, 7/23/19 - 7/24/19 (a)		165,000		165,129
2.88%, 1/7/20 (a)		120,000		120,164
				360,378

	Face Amount (000)		Value (000)
Domestic Banks (4.5%)
Citigroup, Inc., 3 Month USD LIBOR + 0.79%
3.57%, 1/10/20 (c)	$	9,965	$	10,008
HSBC Bank USA NA,
2.74%, 4/26/19		20,000		20,004
2.91%, 12/27/19		60,000		60,116
ING U.S. Funding LLC,
2.71%, 2/3/20 (a)		200,000		200,000
2.86%, 10/1/19 - 10/4/19		100,000		100,123
Mizuho Securities USA LLC,
3 Month USD LIBOR + 0.20%, 2.80%, 9/24/19 (a)		40,000		40,039
1 Month USD LIBOR + 0.40%, 2.88%, 7/31/19		50,000		50,049
3 Month USD LIBOR + 0.31%, 3.05%, 1/31/20		50,000		50,092
3 Month USD LIBOR + 0.65%, 3.46%, 6/28/19 (a)		51,695		51,746
Wells Fargo Bank NA,
2.88%, 12/18/19		75,000		75,161
3 Month USD LIBOR + 0.23%, 3.02%, 1/15/20		19,105		19,129
3 Month USD LIBOR + 0.65%, 3.26%, 12/6/19		5,850		5,875
				682,342
International Banks (41.6%)
ANZ New Zealand International Ltd.,
2.80%, 6/21/19 (a)		50,000		50,032
2.81%, 6/24/19 (a)		100,000		100,067
ASB Finance Ltd. London,
2.82%, 8/23/19 (a)		100,000		100,089
2.87%, 10/22/19 - 11/22/19 (a)		250,000		250,367
2.90%, 12/10/19 (a)		100,000		100,184
Bank of Montreal,
2.77%, 9/6/19		50,000		50,008
2.86%, 12/19/19		150,000		150,228
2.89%, 12/23/19		150,000		150,299
2.94%, 6/11/19		100,000		100,035
Bank of Nova Scotia
2.83%, 9/20/19		25,000		25,026
Barclays Bank PLC,
2.76%, 6/25/19		155,000		155,038
2.77%, 6/25/19		120,000		120,032
BNZ International Funding Ltd.,
2.75%, 6/11/19 - 3/23/20 (a)		300,000		300,025
2.83%, 9/23/19 (a)		30,000		30,031
3 Month USD LIBOR + 0.70%, 3.34%, 2/21/20 (a)		4,410		4,427
Canadian Imperial Bank of Commerce,
2.73%, 9/20/19		115,000		115,050
2.80%, 7/29/19		100,000		100,070
2.89%, 12/23/19 (a)		150,000		150,309
3.04%, 9/20/19		111,000		111,201

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
International Banks (cont'd)
Credit Agricole Corp., 3 Month USD LIBOR + 0.80% 3.59%, 4/15/19 (a)	$	3,900	$	3,901
Credit Suisse AG,
2.77%, 9/24/19		175,000		175,104
2.78%, 9/26/19 - 10/4/19		307,000		307,181
2.97%, 1/3/20		100,000		100,215
Credit Suisse NY
2.76%, 3/6/20		100,000		99,996
HSBC Bank PLC,
2.77%, 6/24/19 (a)		100,000		100,044
2.79%, 7/22/19 (a)		110,000		110,075
2.80%, 9/25/19 (a)		100,000		100,088
3.01%, 4/10/19		60,000		60,004
Lloyds Bank Corporate Markets PLC
2.73%, 6/24/19		85,000		85,024
Macquarie Bank Ltd., 3 Month USD LIBOR + 0.35%
3.14%, 4/4/19 (a)		59,270		59,272
Mizuho Bank Ltd.
3.12%, 4/15/20		98,000		98,147
National Australia Bank Ltd.,
3.00%, 4/5/19 (a)		7,500		7,500
3 Month USD LIBOR + 0.59%, 3.37%, 1/10/20 (a)		9,000		9,037
Natixis NY,
2.86%, 1/21/20		200,000		200,333
3.03%, 1/10/20		75,000		75,095
Nordea Bank AB, 3 Month USD LIBOR + 0.62%
3.42%, 9/30/19 (a)		1,000		1,002
Royal Bank of Canada,
2.73%, 9/20/19		125,000		125,066
2.79%, 6/17/19		135,000		135,057
2.96%, 1/9/20 (a)		195,000		195,410
3 Month USD LIBOR + 0.71%, 3.50%, 4/15/19		5,600		5,602
Societe Generale
3.01%, 12/16/19 (a)		100,000		100,249
Sumitomo Mitsui Banking Corp.,
3.05%, 9/5/19		6,410		6,421
3 Month USD LIBOR + 0.31%, 3.09%, 10/18/19		65,336		65,411
3.11%, 1/31/20		34,000		34,060
3 Month USD LIBOR + 0.35%, 3.12%, 1/17/20		124,123		124,364
3.17%, 7/11/19		87,740		87,827
Sumitomo Mitsui Trust Bank Ltd.,
2.84%, 7/25/19		200,000		200,171
3.00%, 7/9/19		110,250		110,307
Svenska Handelsbanken AB,
2.79%, 8/20/19		150,000		150,124
2.83%, 11/21/19		75,000		75,096

	Face Amount (000)		Value (000)
2.84%, 12/19/19	$	30,000	$	30,041
2.87%, 12/23/19		150,000		150,253
3 Month USD LIBOR + 0.49%, 3.10%, 9/6/19		24,547		24,596
3 Month USD LIBOR + 0.49%, 3.11%, 6/17/19		13,325		13,338
Toronto Dominion Bank,
2.73%, 9/20/19		100,000		100,058
2.80%, 7/22/19		45,000		45,025
2.80%, 9/25/19 (a)		150,000		150,147
2.83%, 8/23/19 (a)		25,000		25,023
2.86%, 11/27/19 (a)		50,000		50,079
UBS AG London,
2.70%, 6/24/19 (a)		50,000		50,006
2.89%, 6/25/19 (a)		225,000		225,194
2.95%, 12/19/19 (a)		175,000		175,266
Westpac Securities NZ Ltd.,
2.83%, 8/23/19 (a)		100,000		100,094
				6,308,821
Total Floating Rate Notes (Cost $7,344,688)				7,351,541
Repurchase Agreements (15.8%)
BMO Capital Markets Corp., (2.50%, dated 3/29/19, due 4/1/19; proceeds $1,000; fully collateralized by various Corporate Bonds; 2.20% - 4.40% due 11/25/19 - 3/1/59; valued at $1,050)		1,000		1,000
BNP Paribas Prime Brokerage, Inc., (2.63%, dated 3/29/19, due 4/1/19; proceeds $143,031; fully collateralized by various Corporate Bonds; 2.76% - 10.75% due 11/15/19 - 8/1/2118 (e); valued at $151,662)		143,000		143,000
BNP Paribas Prime Brokerage, Inc., (3.05% (d), dated 7/31/18, due 4/25/19; proceeds $102,271; fully collateralized by various Corporate Bonds; 4.63% - 11.88% due 4/15/20 - 3/15/33 (e); valued at $105,950) (Demand 4/25/19)		100,000		100,000
BNP Paribas Prime Brokerage, Inc., (3.05% (d), dated 8/22/18, due 4/25/19; proceeds $112,293; fully collateralized by various Corporate Bonds; 3.56% - 13.00% due 3/15/20 - 3/30/67 (e); valued at $117,079) (Demand 4/25/19)		110,000		110,000
BNP Paribas Prime Brokerage, Inc., (3.05% (d), dated 10/25/18, due 7/25/19; proceeds $127,891; fully collateralized by various Corporate Bonds; 4.85% - 13.00% due 3/1/20 - 12/15/86 (e); valued at $133,849) (Demand 4/25/19)		125,000		125,000
BNP Paribas Securities Corp., (2.86% (d), dated 3/14/19, due 3/16/20; proceeds $211,000; fully collateralized by various Corporate Bonds; 1.70% - 11.50% due 5/13/19 - 4/20/67 (e); valued at $217,267) (Demand 6/12/19)		205,000		205,000

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
Citigroup Global Markets, Inc., (2.99% (d), dated 1/23/19, due 1/23/20; proceeds $103,027; fully collateralized by various Corporate Bonds; 4.63% - 11.25% due 4/15/20 - 3/1/97; valued at $106,084) (Demand 4/23/19)	$	100,000	$	100,000
HSBC Securities USA, Inc., (2.50%, dated 3/29/19, due 4/1/19; proceeds $25,005; fully collateralized by various Corporate Bonds; 3.40% - 7.20% due 2/10/20 - 7/15/97; valued at $26,255)		25,000		25,000
HSBC Securities USA, Inc., (2.60%, dated 3/29/19, due 4/1/19; proceeds $70,015; fully collateralized by various Corporate Bonds; 3.19% - 8.50% due 5/15/23 - 6/1/43; valued at $74,210)		70,000		70,000
ING Financial Markets LLC, (2.50%, dated 3/29/19, due 4/1/19; proceeds $1,000; fully collateralized by various Corporate Bonds; 2.25% - 4.38% due 3/15/22 - 12/15/28; valued at $1,050)		1,000		1,000
JP Morgan Securities LLC, (2.99% (d), dated 3/5/19, due 12/2/19; proceeds $203,499; fully collateralized by various Corporate Bonds; 3.50% - 12.50% due 6/15/19 - 1/15/44 (e); valued at $211,408) (Demand 4/5/19)		199,000		199,000
JP Morgan Securities LLC, (3.00% (d), dated 10/26/18, due 7/22/19; proceeds $30,672; fully collateralized by various Corporate Bonds; 4.75% - 12.00% due 4/15/20 - 12/1/32; valued at $31,827) (Demand 4/23/19)		30,000		30,000
JP Morgan Securities LLC, (3.00% (d), dated 11/20/18, due 7/22/19; proceeds $5,102; fully collateralized by various Corporate Bonds; 4.69% - 6.63% due 4/15/22 - 11/15/66; valued at $5,304) (Demand 4/24/19)		5,000		5,000
Merrill Lynch Pierce Fenner & Smith, Inc., (2.91% (d), dated 9/24/18, due 9/24/19; proceeds $308,851; fully collateralized by various Common Stocks and a Preferred Stock; valued at $315,048) (Demand 6/24/19)		300,000		300,000
Pershing LLC, (2.61%, dated 3/29/19, due 4/1/19; proceeds $150,033; fully collateralized by various Corporate Bonds; 1.70% - 11.88% due 5/1/19 - 12/31/99 (e); valued at $158,705)		150,000		150,000
RBC Capital Markets LLC, (2.89%, dated 3/21/19, due 7/25/19; proceeds $50,506; fully collateralized by various Corporate Bonds; 2.80% - 13.00% due 4/15/19 - 3/15/43; valued at $53,000) (Demand 6/27/19)		50,000		50,000

	Face Amount (000)		Value (000)
Scotia Capital USA, Inc., (2.60%, dated 3/29/19, due 4/1/19; proceeds $500,108; fully collateralized by various Corporate Bonds; 2.75% - 8.38% due 5/1/19 - 9/15/24; valued at $529,867)	$	500,000	$	500,000
SG Americas Securities LLC, (3.04% (d), dated 3/27/19, due 4/1/19; proceeds $71,030; fully collateralized by various Common Stocks; valued at $74,550)		71,000		71,000
Wells Fargo Securities LLC, (2.55%, dated 3/29/19, due 4/1/19; proceeds $1,000; fully collateralized by various Common Stocks and Preferred Stocks; valued at $1,050)		1,000		1,000
Wells Fargo Securities LLC, (2.81%, dated 3/19/19, due 6/19/19; proceeds $40,287; fully collateralized by various Corporate Bonds; 2.60% - 3.55% due 7/22/20 - 2/19/25; valued at $42,019)		40,000		40,000
Wells Fargo Securities LLC, (2.81%, dated 3/20/19, due 6/20/19; proceeds $50,359; fully collateralized by various Corporate Bonds; 1.45% - 3.95% due 5/10/19 - 9/15/47; valued at $52,500)		50,000		50,000
Wells Fargo Securities LLC, (3.01%, dated 3/20/19, due 6/20/19; proceeds $115,885; fully collateralized by various Corporate Bonds; 1.90% - 7.38% due 8/1/19 - 1/15/55; valued at $120,796)		115,000		115,000
Total Repurchase Agreements (Cost $2,391,000)				2,391,000
Total Investments (99.6%) (Cost $15,080,255) (f)(g)				15,091,344
Other Assets in Excess of Liabilities (0.4%)				64,223
Net Assets (100.0%)			$	15,155,567

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

(b) The rates shown are the effective yields at the date of purchase.

(d) Floating or Variable rate securities: The rates disclosed are as of March 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(e) Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of March 31, 2019.

(f) Securities are available for collateral in connection with securities purchased on a forward commitment basis.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

(g) At March 31, 2019, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $11,670,000 and the aggregate gross unrealized depreciation is approximately $581,000, resulting in net unrealized appreciation of approximately $11,089,000.

LIBOR London Interbank Offered Rate.

PJSC Public Joint Stock Company.

USD United States Dollar.

Portfolio Composition

Classification	Percentage of Total Investments
Floating Rate Notes		48.7	%
Commercial Paper		20.1
Repurchase Agreements		15.9
Corporate Bonds		8.4
Certificates of Deposit		6.9
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Ultra-Short Income Portfolio

Statement of Assets and Liabilities	March 31, 2019 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $15,080,255, including value of repurchases agreements of $2,391,000)	$	15,091,344
Cash		510
Receivable for Fund Shares Sold		96,843
Interest Receivable		22,828
Other Assets		942
Total Assets		15,212,467
Liabilities:
Payable for Fund Shares Redeemed		38,837
Payable for Investments Purchased		9,027
Payable for Advisory Fees		5,043
Payable for Shareholder Services Fees — Institutional Class		120
Payable for Shareholder Services Fees — Class A		1,883
Payable for Administration Fees		998
Dividends Payable		645
Payable for Professional Fees		63
Payable for Custodian Fees		42
Payable for Transfer Agency Fees — Class IR		1
Payable for Transfer Agency Fees — Institutional Class		1
Payable for Transfer Agency Fees — Class A		1
Other Liabilities		239
Total Liabilities		56,900
Net Assets	$	15,155,567
Net Assets Consist of:
Paid-in-Capital	$	15,143,695
Total Distributable Earnings		11,872
Net Assets	$	15,155,567
CLASS IR:
Net Assets	$	3,162,074
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		315,612,898
Net Asset Value, Offering and Redemption Price Per Share	$	10.02
Institutional Class:
Net Assets	$	2,881,091
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		287,641,064
Net Asset Value, Offering and Redemption Price Per Share	$	10.02
CLASS A:
Net Assets	$	9,112,402
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		909,760,681
Net Asset Value, Offering and Redemption Price Per Share	$	10.02

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Ultra-Short Income Portfolio

Statement of Operations	Six Months Ended March 31, 2019 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	178,972
Expenses:
Advisory Fees (Note B)		12,704
Shareholder Services Fees — Institutional Class (Note D)		674
Shareholder Services Fees — Class A (Note D)		9,370
Administration Fees (Note C)		5,082
Registration Fees		313
Trustees' Fees and Expenses		144
Custodian Fees (Note F)		120
Professional Fees		52
Shareholder Reporting Fees		30
Transfer Agency Fees — Class IR (Note E)		2
Transfer Agency Fees — Institutional Class (Note E)		1
Transfer Agency Fees — Class A (Note E)		3
Pricing Fees		7
Other Expenses		103
Total Expenses		28,605
Waiver of Advisory Fees (Note B)		(3,348	)
Reimbursement of Class Specific Expenses — Class IR (Note B)		(3	)
Reimbursement of Class Specific Expenses — Institutional Class (Note B)		(3	)
Net Expenses		25,251
Net Investment Income		153,721
Realized Gain:
Investments Sold		112
Change in Unrealized Appreciation (Depreciation):
Investments		7,739
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		7,851
Net Increase in Net Assets Resulting from Operations	$	161,572

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Ultra-Short Income Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2019 (unaudited) (000)			Year Ended September 30, 2018 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	153,721		$	132,313
Net Realized Gain		112			805
Net Change in Unrealized Appreciation (Depreciation)		7,739			1,501
Net Increase in Net Assets Resulting from Operations		161,572			134,619
Dividends and Distributions to Shareholders:
Class IR		(32,491	)		(28,414	)
Institutional Class		(33,897	)		(37,642	)
Class A		(87,334	)		(66,548	)
Total Dividends and Distributions to Shareholders		(153,722	)		(132,604	)
Capital Share Transactions:⁽¹⁾
Class IR:
Subscribed		3,408,114			3,349,474
Distributions Reinvested		27,974			23,263
Redeemed		(2,116,405	)		(2,654,971	)
Institutional Class:
Subscribed		1,334,551			2,761,966
Distributions Reinvested		33,897			37,701
Redeemed		(1,211,606	)		(1,772,991	)
Class A:
Subscribed		6,289,050			8,059,575
Distributions Reinvested		87,270			66,612
Redeemed		(3,534,727	)		(4,442,565	)
Net Increase in Net Assets Resulting from Capital Share Transactions		4,318,118			5,428,064
Total Increase in Net Assets		4,325,968			5,430,079
Net Assets:
Beginning of Period		10,829,599			5,399,520
End of Period	$	15,155,567		$	10,829,599
(1) Capital Share Transactions:
Class IR:
Shares Subscribed		340,354			334,613
Shares Issued on Distributions Reinvested		2,793			2,324
Shares Redeemed		(211,346	)		(265,232	)
Net Increase in Class IR Shares Outstanding		131,801			71,705
Institutional Class:
Shares Subscribed		133,279			275,934
Shares Issued on Distributions Reinvested		3,385			3,767
Shares Redeemed		(121,014	)		(177,139	)
Net Increase in Institutional Class Shares Outstanding		15,650			102,562
Class A:
Shares Subscribed		628,084			805,218
Shares Issued on Distributions Reinvested		8,715			6,655
Shares Redeemed		(353,018	)		(443,874	)
Net Increase in Class A Shares Outstanding		283,781			367,999

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Ultra-Short Income Portfolio

	Class IR
	Six Months Ended March 31, 2019			Year Ended September 30,						Period from April 28, 2016⁽¹⁾ to
Selected Per Share Data and Ratios	(unaudited)			2018			2017			September 30, 2016
Net Asset Value, Beginning of Period	$	10.01		$	10.01		$	10.00		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.13			0.19			0.12			0.03
Net Realized and Unrealized Gain (Loss)		0.01			(0.01	)		0.00	⁽³⁾		0.00	⁽³⁾
Total from Investment Operations		0.14			0.18			0.12			0.03
Distributions from and/or in Excess of:
Net Investment Income		(0.13	)		(0.18	)		(0.11	)		(0.03	)
Net Realized Gain		—			(0.00	)⁽³⁾		(0.00	)⁽³⁾		—
Total Distributions		(0.13	)		(0.18	)		(0.11	)		(0.03	)
Net Asset Value, End of Period	$	10.02		$	10.01		$	10.01		$	10.00
Total Return⁽⁴⁾		1.39	%⁽⁵⁾		1.87	%		1.18	%		0.26	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	3,162,074		$	1,840,647		$	1,122,452		$	276,348
Ratio of Expenses Before Expense Limitation		0.29	%⁽⁶⁾		0.30	%		0.30	%		0.42	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		0.24	%⁽⁶⁾		0.23	%		0.22	%		0.18	%⁽⁶⁾
Ratio of Net Investment Income		2.59	%⁽⁶⁾		1.86	%		1.16	%		0.61	%⁽⁶⁾
Portfolio Turnover Rate		N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Not annualized.

(6) Annualized.

(7) During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Ultra-Short Income Portfolio

	Institutional Class
	Six Months Ended March 31, 2019			Year Ended September 30,						Period from April 28, 2016⁽¹⁾ to
Selected Per Share Data and Ratios	(unaudited)			2018			2017			September 30, 2016
Net Asset Value, Beginning of Period	$	10.01		$	10.01		$	10.00		$	10.00
Income from Investment Operations:
Net Investment Income⁽²⁾		0.13			0.18			0.11			0.02
Net Realized and Unrealized Gain		0.01			0.00	⁽³⁾		0.00	⁽³⁾		0.00	⁽³⁾
Total from Investment Operations		0.14			0.18			0.11			0.02
Distributions from and/or in Excess of:
Net Investment Income		(0.13	)		(0.18	)		(0.10	)		(0.02	)
Net Realized Gain		—			(0.00	)⁽³⁾		(0.00	)⁽³⁾		—
Total Distributions		(0.13	)		(0.18	)		(0.10	)		(0.02	)
Net Asset Value, End of Period	$	10.02		$	10.01		$	10.01		$	10.00
Total Return⁽⁴⁾		1.36	%⁽⁵⁾		1.82	%		1.13	%		0.24	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	2,881,091		$	2,722,775		$	1,695,589		$	196,092
Ratio of Expenses Before Expense Limitation		0.34	%⁽⁶⁾		0.35	%		0.35	%		0.48	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		0.29	%⁽⁶⁾		0.28	%		0.27	%		0.23	%⁽⁶⁾
Ratio of Net Investment Income		2.52	%⁽⁶⁾		1.84	%		1.09	%		0.65	%⁽⁶⁾
Portfolio Turnover Rate		N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Not annualized.

(6) Annualized.

(7) During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Financial Highlights

Ultra-Short Income Portfolio

	Class A
	Six Months Ended March 31, 2019			Year Ended September 30,						Period from April 28, 2016⁽¹⁾ to
Selected Per Share Data and Ratios	(unaudited)			2018			2017			September 30, 2016
Net Asset Value, Beginning of Period	$	10.01		$	10.01		$	10.00		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.12			0.17			0.09			0.01
Net Realized and Unrealized Gain (Loss)		0.01			(0.01	)		0.00	⁽³⁾		0.00	⁽³⁾
Total from Investment Operations		0.13			0.16			0.09			0.01
Distributions from and/or in Excess of:
Net Investment Income		(0.12	)		(0.16	)		(0.08	)		(0.01	)
Net Realized Gain		—			(0.00	)⁽³⁾		(0.00	)⁽³⁾		—
Total Distributions		(0.12	)		(0.16	)		(0.08	)		(0.01	)
Net Asset Value, End of Period	$	10.02		$	10.01		$	10.01		$	10.00
Total Return⁽⁴⁾		1.26	%⁽⁵⁾		1.61	%		0.92	%		0.14	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	9,112,402		$	6,266,177		$	2,581,479		$	164,528
Ratio of Expenses Before Expense Limitation		0.54	%⁽⁶⁾		0.55	%		0.55	%		0.68	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		0.49	%⁽⁶⁾		0.48	%		0.47	%		0.44	%⁽⁶⁾
Ratio of Net Investment Income		2.33	%⁽⁶⁾		1.68	%		0.91	%		0.48	%⁽⁶⁾
Portfolio Turnover Rate		N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Amount is less than $0.005 per share.

(4) Calculated based on the net asset value as of the last business day of the period.

(5) Not annualized.

(6) Annualized.

(7) During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Notes to Financial Statements (unaudited)

The accompanying financial statements relate to the Ultra-Short Income Portfolio. The Fund seeks current income with capital preservation while maintaining liquidity. The Fund offers three classes of shares — Class IR, Institutional Class and Class A.

1. Security Valuation: (1) Certain portfolio securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. Alternatively, if a valuation is not available from an

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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.)

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2019:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Short-Term Investments
Certificates of Deposit	$	—	$	1,045,437	$	—	$	1,045,437
Commercial Paper		—		3,037,637		—		3,037,637
Corporate Bonds		—		1,265,729		—		1,265,729
Floating Rate Notes		—		7,351,541		—		7,351,541
Repurchase Agreements		—		2,391,000		—		2,391,000
Total Short-Term Investments		—		15,091,344		—		15,091,344
Total Assets	$	—	$	15,091,344	$	—	$	15,091,344

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

3. Repurchase Agreements: The Fund may enter into repurchase agreements under which the Fund 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 Fund 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 Fund 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 and/or retention of the collateral or proceeds may be subject to legal proceedings. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian for investment companies advised by the Fund's Adviser. The Fund will participate on a pro rata basis with the other investment companies in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Repurchase agreements are subject to Master Repurchase Agreements which are agreements between the Fund and its counterparties that typically include provisions which provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated on the Portfolio of Investments, the cash or securities to be repurchased exceeds the repurchase price to be paid under the repurchase agreement reducing the net settlement amount to zero.

4. When-Issued/Delayed Delivery Securities: The Fund 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 Fund 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 Fund 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 Fund'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 Fund.

5. Indemnifications: The Trust enters into contracts that contain a variety of indemnifications. The Trust's maximum exposure under these arrangements is unknown.

However, the Trust 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: Dividends and distributions to shareholders are recorded on the close of each business day. Dividends from net investment income are declared daily and paid monthly. 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 Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.20% of the average daily net assets of the Fund.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

The ratios of expenses to average net assets disclosed in the Fund's Financial Highlights may be lower than the maximum expense ratios due to these additional fee waivers and/or expense reimbursements. The Adviser may also waive additional advisory fees and/or reimburse expenses to enable the Fund to maintain a minimum level of daily net investment income. For the six months ended March 31, 2019, approximately $3,348,000 of advisory fees were waived and approximately $6,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

C. Administration Fees: The Adviser also serves as Administrator to the Trust and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund'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 Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

D. 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 Trust's Distributor of Fund shares pursuant to a Distribution Agreement. The Trust has adopted a Shareholder Services Plan with respect to the Institutional Class shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.05% of the Fund's average daily net assets attributable to the Institutional Class shares.

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

The 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 Institutional Class and Class A shares.

E. Dividend Disbursing and Transfer/Co-Transfer Agent: The Trust's dividend disbursing and transfer agent is DST Asset Manager Solutions, Inc. ("DST"). Pursuant to a

Transfer Agency Agreement, the Trust pays DST a fee based on the number of classes, accounts and transactions relating to the Funds of the Trust.

Morgan Stanley Services Company Inc. serves as Co-Transfer Agent and provides certain transfer agency services to the Fund with respect to certain direct transactions with the Fund.

G. Security Transactions and Transactions with Affiliates: The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the six months ended March 31, 2019, the Fund did not engage in any cross-trade transactions.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

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 Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Each of the tax years in the three-year period ended September 30, 2018 remains subject to examination by taxing authorities.

2018 Distributions Paid From: Ordinary Income (000)				2017 Distributions Paid From: Ordinary Income (000)
$	132,604			$	32,133

Permanent differences, primarily due to nondeductible expenses, resulted in the following reclassifications among the components of net assets at September 30, 2018:

Total Distributable Earnings (Loss) (000)				Paid-in- Capital (000)
$	—			$	—

At September 30, 2018, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	1,530			$	5

I. Credit Facility: The Trust and other Morgan Stanley funds participate in a $150,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate on borrowings is based on the federal funds rate or 1 month LIBOR rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility. During the six months ended March 31, 2019, the Fund did not have any borrowings under the Facility.

Privacy Notice (unaudited)

FACTS				WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?
Why?				Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?				The types of personal information we collect and share depend on the product or service you have with us. This information can include: n Social Security number and income n investment experience and risk tolerance n checking account number and wire transfer instructions
How?				All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MSIM share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don't share
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

Questions? Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Privacy Notice (unaudited) (cont'd)

Who we are
Who is providing this notice?				Morgan Stanley Investment Management, Inc. and its affiliated registered investment advisers, registered broker-dealers, and registered and unregistered funds ("MSIM")
What we do
How does MSIM protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?				We collect your personal information, for example, when you n open an account or make deposits or withdrawals from your account n buy securities from us or make a wire transfer n give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?				Federal law gives you the right to limit only n sharing for affiliates' everyday business purposes — information about your creditworthiness n affiliates from using your information to market to you n sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Affiliates				Companies related by common ownership or control. They can be financial and nonfinancial companies. n Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates				Companies not related by common ownership or control. They can be financial and nonfinancial companies. n MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between nonaffiliated financial companies that together market financial products or services to you. n MSIM doesn't jointly market
Other Important Information

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Trustee and Officer Information (unaudited)

Trustees

Frank L. Bowman
Kathleen A. Dennis
Nancy C. Everett
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia Maleski
Michael E. Nugent, Chair of the Board
W. Allen Reed

Officers

John H. Gernon
President and Principal Executive Officer

Timothy J. Knierim
Chief Compliance Officer

Mary E. Mullin
Secretary

Francis J. Smith
Treasurer and Principal Financial Officer

Michael J. Key
Vice President

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

DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Co-Transfer Agent

Morgan Stanley Services Company, Inc.
522 Fifth Avenue
New York, New York 10036

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

Perkins Coie LLP
30 Rockefeller Plaza
New York, New York 10112

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

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

IFTUSISAN
2516249 EXP 05.31.20

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Ultra-Short Municipal Income Portfolio

Semi-Annual Report

March 31, 2019

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					6
Statement of Operations					7
Statements of Changes in Net Assets					8
Financial Highlights					9
Notes to Financial Statements					12
Privacy Notice					16
Trustee and Officer Information					18

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Semi-Annual report, in which you will learn how your investment in Ultra-Short Municipal Income Portfolio (the "Fund") performed during the period beginning December 19, 2018 (when the Fund commenced operations) and ended March 31, 2019.

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 2019

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Expense Example (unaudited)

Ultra-Short Municipal 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 12/19/18-3/31/19.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 12/19/18		Actual Ending Account Value 3/31/19		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Ultra-Short Municipal Income Portfolio Class IR^	$	1,000.00	$	1,004.30	$	1,013.61	$	0.36	$	0.37		0.13	%
Ultra-Short Municipal Income Portfolio Institutional Class^		1,000.00		1,004.00		1,013.33		0.64		0.65		0.23
Ultra-Short Municipal Income Portfolio Class A^		1,000.00		1,003.70		1,013.05		0.92		0.93		0.33

* Expenses are calculated using each Fund Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period and multiplied by 102/365 (to reflect the actual days in the period).

** Annualized.

^ The Fund commenced operations on December 19, 2018.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments

Ultra-Short Municipal Income Portfolio

	Face Amount (000)		Value (000)
Weekly Variable Rate Bonds (a) (36.6%)
Colorado Springs, CO, Utilities System Sub Lien Ser 2005 A
1.51%, 11/1/35	$	1,000	$	1,000
East Baton Rouge Parish Industrial Development Board, Inc.
1.63%, 6/1/29 (b)		1,400		1,400
Port of Corpus Christi Authority of Nueces County, TX, Flint Hills Resources Ser 2002
1.61%, 7/1/29 (b)		2,400		2,400
Gainesville, FL, Utilities System 2008 Ser B
1.51%, 10/1/38		200		200
Houston, TX, Airport Sub Lien Ser 2010 (AMT)
1.50%, 7/1/30		2,700		2,700
Kentucky Economic Development Finance Authority, Catholic Health Initiatives Ser 2004 C
1.71%, 5/1/34		700		700
New York State Energy Research & Development Authority Facilities, NY, Consolidated Edison Co. Ser 2010 Subser A-3 (AMT)
1.55%, 6/1/36		1,000		1,000
Brazos, TX, River Harbor Navigation District BASF Corp Project Ser 1996 (AMT)
1.56%, 4/1/31		2,400		2,400
RBC Municipal Products Trust Inc, MA, Partners Healthcare System Adjustable Ser 2019 T-2 Floater Certificates
1.56%, 11/1/23 (b)		1,000		1,000
RBC Municipal Products Trust Inc, MS, Mississippi State Ser 2016 B, Floater Certificates
1.56%, 12/1/24 (b)		1,400		1,400
RBC Municipal Products Trust Inc, NY, New York City Municipal Water Finance Authority Adjustable Ser 2019-CC Floater Certificates
1.53%, 11/15/22 (b)		2,400		2,400
RBC Municipal Products Trust Inc, OH, Kettering Health Network Obligation Group Adjustable Ser 2019-B Floater Certificates
1.64%, 10/1/24 (b)		1,000		1,000
Tender Option Bond Series Trust, CA, California Statewide Communities Development Authority-Multifamily Housing Metropolitan Lofts Ser 2007-A Puttable Floating Rate Receipts
1.58%, 2/1/53 (b)		1,000		1,000
Tender Option Bond Series Trust, DC, District Of Columbia Housing Finance Agency, Multi-family Housing Ser 2014-A Puttable Floating Rate Receipts
1.60%, 8/1/47 (b)		2,400		2,400
Texas, Veterans Ser 2012
1.53%, 12/1/42		1,000		1,000
Washoe County, NV Water Facilities Revenue, Sierra Pacific Power Co Ser 2016 E
1.61%, 3/1/36		2,400		2,400
Total Weekly Variable Rate Bonds (Cost $24,400)				24,400

	Face Amount (000)		Value (000)
Daily Variable Rate Bonds (a) (11.4%)
Broward County, FL, Industrial Development Revenue, Florida Power & Light Company Ser 2018 B
1.58%, 12/1/48	$	2,800	$	2,800
JP Morgan Chase & Co., PA, Pennsylvania Turnpike Commission Ser C PUTTERs Ser 5025
1.47%, 7/19/23 (b)		1,200		1,200
JP Morgan Chase & Co., Montgomery County, OH, Hospital Revenue Premier Health Partners Obligation Group — Miami Valley Hospital Ser 2018 PUTTERs Ser 5023
1.47%, 12/20/23 (b)		1,000		1,000
Louisville and Jefferson County, KY, Regional Airport UPS Worldwide Forwarding Ser 1999-B
1.57%, 1/1/29		1,600		1,600
New York City Transitional Finance Authority, NY, Future Tax Fiscal 2010 Ser G Subser G5
1.45%, 5/1/34		1,000		1,000
Total Daily Variable Rate Bonds (Cost $7,600)				7,600
Closed-End Investment Companies (a) (7.2%)
BlackRock MuniYield Quality Fund III, Inc. (MYI), OT, VRDP (AMT)
1.68%, 6/1/41 (b)		2,400		2,400
Nuveen Quality Municipal Income Fund Ser 2-2525 (AMT)
1.68%, 9/11/26 (b)		2,400		2,400
Total Closed-End Investment Companies (Cost $4,800)				4,800
Floating Rate Note (a) (3.0%)
Harris County Cultural Education Facilities Finance Corporation, TX, Herman Health System Ser 2013 B
2.25%, 6/1/20 (Cost $2,007)		2,000		2,009
Quarterly Variable Rate Bonds (4.4%)
Franklin County, OH, CHE Trinity Health Credit Group Ser 2013,
1.70%, 5/1/19		500		500
Lewisburg, TN, Industrial Development Board Solid Waste Disposal Waste Management Tennessee Project Ser 2012 (AMT)
2.35%, 5/1/19		700		700
Pennsylvania Economic Development Financing Authority, Republic Services, Inc. Ser 2010 A (AMT)
2.40%, 4/1/19 (b)		1,750		1,750
Total Quarterly Variable Rate Bonds (Cost $2,950)				2,950
Commercial Paper (c) (23.5%)
Atlanta, GA, Third Lien Ser D-1 1.25%, 7/2/19		1,367,000		1,368
Austin, TX, Combined Utility Systems Ser A 1.55%, 4/3/19		2,500,000		2,500
Harris County ,TX, Notes Ser D 1.70%, 6/6/19		1,000,000		1,000
Houston, TX, Ser E-1 1.71%, 6/27/19		1,000,000		1,000

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Municipal Income Portfolio

	Face Amount (000)		Value (000)
Commercial Paper (cont'd)
JEA, FL Water & Sewer System Sub Ser 2000 F-2 1.70%, 4/3/19	$	2,400,000	$	2,400
Louisville and Jefferson County, KY, Metropolitan Sewer District Sewer and Drainage System Subordinated Program Notes, Ser 2018 1.73%, 5/9/19		1,000,000		1,000
Louisville and Jefferson County, KY, Metropolitan Sewer District Sewer and Drainage System Subordinated Program Notes, Ser 2018 A-2 1.57%, 5/1/19		1,000,000		1,000
Miami Dade County, FL
1.63%, 5/16/19		1,000		1,000
1.80%, 5/30/19		1,000		1,000
Omaha Public Power District, NE, Ser A 1.65%, 4/2/19		1,000,000		1,000
Philadelphia, PA, Airport System Revenue Ser B-2 1.70%, 4/1/19		2,400,000		2,400
Total Commercial Paper (Cost $15,667)				15,668
Municipal Bonds & Notes (4.8%)
King County, WA, Public Transportation Sales Tax, Ser 2012
5.00%, 6/1/19		400		402
Los Angeles, CA, Department of Airports Ser 2009 A
5.25%, 5/15/19		1,700		1,708
New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Ser 2013 A
5.00%, 5/1/19		1,100		1,103
Total Municipal Bonds & Notes (Cost $3,212)				3,213
Total Investments (90.9%) (Cost $60,636) (d)				60,640
Other Assets in Excess of Liabilities (9.1%)				6,057
Net Assets (100.0%)			$	66,697

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

(d) At March 31, 2019, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $4,000 and the aggregate gross unrealized depreciation is $0, resulting in net unrealized appreciation of approximately $4,000.

AMT Alternative Minimum Tax.

PUTTERs Puttable Tax-Exempt Receipts.

VRDP Variable Rate Demand Preferred.

Portfolio Composition

Classification	Percentage of Total Investments
Weekly Variable Rate Bonds		40.3	%
Commercial Paper		25.8
Daily Variable Rate Bonds		12.5
Other*		8.2
Closed-End Investment Companies		7.9
Municipal Bonds & Notes		5.3
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.
5

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Ultra-Short Municipal Income Portfolio

Statement of Assets and Liabilities	March 31, 2019 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $60,636)	$	60,640
Cash		73
Receivable for Investments Sold		4,010
Receivable for Fund Shares Sold		1,989
Interest Receivable		146
Prepaid Offering Costs		120
Due from Adviser		83
Other Assets		6
Total Assets		67,067
Liabilities:
Payable for Offering Costs		162
Payable for Fund Shares Redeemed		150
Payable for Professional Fees		37
Payable for Shareholder Services Fees — Institutional Class		1
Payable for Shareholder Services Fees — Class A		4
Payable for Custodian Fees		5
Payable for Administration Fees		4
Payable for Transfer Agency Fees — Class IR		—	@
Payable for Transfer Agency Fees — Institutional Class		—	@
Payable for Transfer Agency Fees — Class A		—	@
Other Liabilities		7
Total Liabilities		370
Net Assets	$	66,697
Net Assets Consist of:
Paid-in-Capital	$	66,693
Total Distributable Earnings		4
Net Assets	$	66,697
CLASS IR:
Net Assets	$	19,306
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,930,444
Net Asset Value, Offering and Redemption Price Per Share	$	10.00
Institutional Class:
Net Assets	$	15,020
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,501,911
Net Asset Value, Offering and Redemption Price Per Share	$	10.00
CLASS A:
Net Assets	$	32,371
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		3,236,688
Net Asset Value, Offering and Redemption Price Per Share	$	10.00
Maximum Sales Load		0.50	%
Maximum Sales Charge	$	0.05
Maximum Offering Price Per Share	$	10.05

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Ultra-Short Municipal Income Portfolio

Statement of Operations	Period from December 19, 2018^ to March 31, 2019 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	237
Expenses:
Offering Costs		47
Professional Fees		37
Advisory Fees (Note B)		29
Shareholder Services Fees — Institutional Class (Note D)		4
Shareholder Services Fees — Class A (Note D)		12
Administration Fees (Note C)		11
Shareholder Reporting Fees		9
Custodian Fees (Note F)		5
Pricing Fees		2
Transfer Agency Fees — Class IR (Note E)		—	@
Transfer Agency Fees — Institutional Class (Note E)		—	@
Transfer Agency Fees — Class A (Note E)		—	@
Other Expenses		—	@
Total Expenses		156
Expenses Reimbursed by Adviser (Note B)		(93	)
Waiver of Advisory Fees (Note B)		(29	)
Reimbursement of Class Specific Expenses — Class IR (Note B)		(—	@)
Reimbursement of Class Specific Expenses — Institutional Class (Note B)		(—	@)
Reimbursement of Class Specific Expenses — Class A (Note B)		(—	@)
Net Expenses		34
Net Investment Income		203
Change in Unrealized Appreciation (Depreciation):
Investments		4
Net Increase in Net Assets Resulting from Operations	$	207

^ Commencement of Operations.

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Ultra-Short Municipal Income Portfolio

Statements of Changes in Net Assets	Period from December 19, 2018^ to March 31, 2019 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	203
Net Change in Unrealized Appreciation (Depreciation)		4
Net Increase in Net Assets Resulting from Operations		207
Dividends and Distributions to Shareholders:
Class IR		(66	)
Institutional Class		(60	)
Class A		(77	)
Total Dividends and Distributions to Shareholders		(203	)
Capital Share Transactions:⁽¹⁾
Class IR:
Subscribed		19,533
Distributions Reinvested		22
Redeemed		(250	)
Institutional Class:
Subscribed		15,000
Distributions Reinvested		19
Class A:
Subscribed		32,343
Distributions Reinvested		26
Redeemed		(—	@)
Net Increase in Net Assets Resulting from Capital Share Transactions		66,693
Total Increase in Net Assets		66,697
Net Assets:
Beginning of Period		—
End of Period	$	66,697
(1) Capital Share Transactions:
Class IR:
Shares Subscribed		1,953
Shares Issued on Distributions Reinvested		2
Shares Redeemed		(25	)
Net Increase in Class IR Shares Outstanding		1,930
Institutional Class:
Shares Subscribed		1,500
Shares Issued on Distributions Reinvested		2
Net Increase in Institutional Class Shares Outstanding		1,502
Class A:
Shares Subscribed		3,234
Shares Issued on Distributions Reinvested		3
Shares Redeemed		(—	@@)
Net Increase in Class A Shares Outstanding		3,237

^ Commencement of Operations.

@ Amount is less than $500.

@@ Amount is less than 500 shares.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Financial Highlights

Ultra-Short Municipal Income Portfolio

	Class IR
Selected Per Share Data and Ratios	Period from December 19, 2018⁽¹⁾ to March 31, 2019
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net Investment Income⁽²⁾		0.04
Distributions from and/or in Excess of:
Net Investment Income		(0.04	)
Net Asset Value, End of Period	$	10.00
Total Return⁽³⁾		0.43	%⁽⁴⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	19,306
Ratio of Expenses Before Expense Limitation		0.99	%⁽⁵⁾
Ratio of Expenses After Expense Limitation		0.13	%⁽⁵⁾
Ratio of Net Investment Income		1.53	%⁽⁵⁾
Portfolio Turnover Rate		N/A⁽⁶⁾

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Not annualized.

(5) Annualized.

(6) During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Financial Highlights

Ultra-Short Municipal Income Portfolio

	Institutional Class
Selected Per Share Data and Ratios	Period from December 19, 2018⁽¹⁾ to March 31, 2019
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net Investment Income⁽²⁾		0.04
Distributions from and/or in Excess of:
Net Investment Income		(0.04	)
Net Asset Value, End of Period	$	10.00
Total Return⁽³⁾		0.40	%⁽⁴⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	15,020
Ratio of Expenses Before Expense Limitation		1.10	%⁽⁵⁾
Ratio of Expenses After Expense Limitation		0.23	%⁽⁵⁾
Ratio of Net Investment Income		1.43	%⁽⁵⁾
Portfolio Turnover Rate		N/A⁽⁶⁾

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Not annualized.

(5) Annualized.

(6) During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019 (unaudited)

Financial Highlights

Ultra-Short Municipal Income Portfolio

	Class A
Selected Per Share Data and Ratios	Period from December 19, 2018⁽¹⁾ to March 31, 2019
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net Investment Income⁽²⁾		0.04
Distributions from and/or in Excess of:
Net Investment Income		(0.04	)
Net Asset Value, End of Period	$	10.00
Total Return⁽³⁾		0.37	%⁽⁴⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	32,371
Ratio of Expenses Before Expense Limitation		1.19	%⁽⁵⁾
Ratio of Expenses After Expense Limitation		0.33	%⁽⁵⁾
Ratio of Net Investment Income		1.33	%⁽⁵⁾
Portfolio Turnover Rate		N/A⁽⁶⁾

(1) Commencement of Operations.

(2) Per share amount is based on average shares outstanding.

(3) Calculated based on the net asset value as of the last business day of the period.

(4) Not annualized.

(5) Annualized.

(6) During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Notes to Financial Statements (unaudited)

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

The accompanying financial statements relate to the Ultra-Short Municipal Income Portfolio. The Fund seeks current income exempt from federal income tax and capital preservation while maintaining liquidity.

The Fund commenced operations on December 19, 2018 and offers three classes of shares — Class IR, Institutional Class and Class A.

and/or other market data and specific security characteristics. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available in the relevant exchanges; and (2) 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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

and financial instrument dealers and other market sources to determine fair value.

• 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.)

measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2019:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Short-Term Investments
Weekly Variable Rate Bonds	$	—	$	24,400	$	—	$	24,400
Daily Variable Rate Bonds		—		7,600		—		7,600
Closed-End Investment Companies		—		4,800		—		4,800
Floating Rate Note		—		2,009		—		2,009
Quarterly Variable Rate Bonds		—		2,950		—		2,950
Commercial Paper		—		15,668		—		15,668
Municipal Bonds & Notes		—		3,213		—		3,213
Total Short-Term Investments		—		60,640		—		60,640
Total Assets	$	—	$	60,640	$	—	$	60,640

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

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

4. Dividends and Distributions to Shareholders: Dividends and distributions to shareholders are recorded on the close of each business day. Dividends from net investment income are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually.

5. 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 Fund 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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services and 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 Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.20% of the average daily net assets of the Fund.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual portfolio operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.25% for Class IR shares, 0.35% for Institutional Class shares and 0.45% for Class A shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. In addition, the Adviser may make additional voluntary fee waivers and/or expense reimbursements. The ratios of expenses to average net assets disclosed in the Fund's Financial Highlights may be lower than the maximum expense ratios due to these additional fee waivers and/or expense reimbursements. The Adviser may also waive additional advisory fees and/or reimburse expenses to enable the Fund to maintain a minimum level of daily net investment income. For the period ended March 31, 2019, approximately $29,000 of advisory fees were waived and approximately $93,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

C. Administration Fees: The Adviser also serves as Administrator to the Trust and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund'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 Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

D. 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 Trust's Distributor of Fund shares pursuant to a Distribution Agreement. The Trust has adopted a Shareholder Services Plan with respect to the Institutional Class shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.10% of the Fund's average daily net assets attributable to the Institutional Class shares.

The Trust has adopted a Shareholder Services Plan with respect to the Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.20% of the Fund's average daily net assets attributable to the Class A shares.

Morgan Stanley Services Company Inc. serves as Co-Transfer Agent and provides certain transfer agency services to the Fund with respect to certain direct transactions with the Fund.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

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

with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the period ended March 31, 2019, the Fund did not engage in any cross-trade transactions.

commitment fee of 0.25% per annum based on the unused portion of the Facility. During the period ended March 31, 2019, the Fund did not have any borrowings under the Facility.

Privacy Notice (unaudited)

FACTS				WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?
Why?				Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?				The types of personal information we collect and share depend on the product or service you have with us. This information can include: n Social Security number and income n investment experience and risk tolerance n checking account number and wire transfer instructions
How?				All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MSIM share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don't share
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

Questions? Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Privacy Notice (unaudited) (cont'd)

Who we are
Who is providing this notice?				Morgan Stanley Investment Management, Inc. and its affiliated registered investment advisers, registered broker-dealers, and registered and unregistered funds ("MSIM")
What we do
How does MSIM protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?				We collect your personal information, for example, when you n open an account or make deposits or withdrawals from your account n buy securities from us or make a wire transfer n give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?				Federal law gives you the right to limit only n sharing for affiliates' everyday business purposes — information about your creditworthiness n affiliates from using your information to market to you n sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Affiliates				Companies related by common ownership or control. They can be financial and nonfinancial companies. n Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates				Companies not related by common ownership or control. They can be financial and nonfinancial companies. n MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between nonaffiliated financial companies that together market financial products or services to you. n MSIM doesn't jointly market
Other Important Information

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2019

Trustee and Officer Information (unaudited)

Trustees

Frank L. Bowman
Kathleen A. Dennis
Nancy C. Everett
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia Maleski
Michael E. Nugent, Chair of the Board
W. Allen Reed

Officers

John H. Gernon
President and Principal Executive Officer

Timothy J. Knierim
Chief Compliance Officer

Mary E. Mullin
Secretary

Francis J. Smith
Treasurer and Principal Financial Officer

Michael J. Key
Vice President

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

DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Co-Transfer Agent

Morgan Stanley Services Company, Inc.
522 Fifth Avenue
New York, New York 10036

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

Perkins Coie LLP
30 Rockefeller Plaza
New York, New York 10112

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

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

IFTUSMIPSAN
2516250 EXP 05.31.20

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.

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 registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the registrant 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 most recent fiscal half-year 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. Disclosure of Securities Lending Activities for Closed End Management Investment Companies.

Not Applicable.

Item 13. 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 16, 2019

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 16, 2019

/s/ Francis Smith
Francis Smith
Principal Financial Officer
May 16, 2019

Morgan Stanley Institutional Fund Trust N-CSRSCertified semi-annual shareholder report (management investment company)