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, 2020

Item 1 - Report to Shareholders

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Semi-Annual Report

March 31, 2020

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, 2020

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					18
Statement of Operations					20
Statements of Changes in Net Assets					21
Financial Highlights					23
Notes to Financial Statements					28
Privacy Notice					39
Trustee and Officer Information					41

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, 2020

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 2020

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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, 2020 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 10/1/19		Actual Ending Account Value 3/31/20		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	$	982.80	$	1,023.00	$	1.98	$	2.02		0.40	%
Core Plus Fixed Income Portfolio Class A		1,000.00		981.20		1,021.35		3.62		3.69		0.73
Core Plus Fixed Income Portfolio Class L		1,000.00		980.00		1,020.00		4.95		5.05		1.00
Core Plus Fixed Income Portfolio Class C		1,000.00		978.00		1,017.90		7.02		7.16		1.42
Core Plus Fixed Income Portfolio Class IS		1,000.00		983.10		1,023.25		1.74		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 183/366 (to reflect the most recent one-half year period).

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (98.0%)
Agency Adjustable Rate Mortgage (0.0%)
Federal Home Loan Mortgage Corporation, Conventional Pools: 12 Month USD LIBOR + 1.62%, 2.40%, 7/1/45	$	76	$	77
Agency Fixed Rate Mortgages (20.5%)
Federal Home Loan Mortgage Corporation,
Conventional Pools:
2.50%, 11/1/49		1,549		1,608
3.00%, 11/1/49 - 12/1/49		2,910		3,029
3.50%, 8/1/49		1,484		1,549
4.00%, 4/1/49 - 11/1/49		4,714		4,999
4.50%, 2/1/49		1,928		2,076
Gold Pools:
3.00%, 3/1/47 - 6/1/49		3,499		3,687
3.50%, 1/1/44 - 4/1/49		1,775		1,901
4.00%, 6/1/44 - 1/1/48		1,177		1,266
5.41%, 7/1/37 - 8/1/37		20		22
5.44%, 1/1/37 - 6/1/38		58		64
5.46%, 5/1/37 - 1/1/38		53		58
5.48%, 8/1/37 - 10/1/37		48		52
5.50%, 8/1/37 - 4/1/38		73		81
5.52%, 10/1/37		5		6
5.62%, 12/1/36 - 8/1/37		67		73
6.00%, 10/1/36 - 8/1/38		103		117
6.50%, 12/1/25 - 8/1/33		78		87
7.00%, 6/1/28 - 11/1/31		33		34
Federal National Mortgage Association,
April TBA:
2.50%, 4/1/50 (a)		4,000		4,144
3.00%, 4/1/35 - 4/1/50(a)		23,960		25,115
3.50%, 4/1/50 (a)		35,000		36,991
Conventional Pools:
2.50%, 10/1/49 - 2/1/50		4,515		4,662
3.00%, 6/1/40 - 1/1/50		15,488		16,187
3.50%, 8/1/45 - 11/1/49		12,645		13,371
4.00%, 11/1/41 - 9/1/49		8,655		9,261
4.50%, 3/1/41 - 8/1/49		3,654		3,926
5.00%, 3/1/41		193		214
5.50%, 6/1/35 - 1/1/37		55		62
5.62%, 12/1/36		31		34
6.50%, 4/1/24 - 1/1/34		744		839
7.00%, 11/1/22 - 12/1/33		127		137
9.50%, 4/1/30		60		68
Government National Mortgage Association,
Various Pools:
3.50%, 11/20/40 - 7/20/49		2,463		2,617
4.00%, 8/20/41 - 11/20/49		13,695		14,577
4.50%, 4/20/49 - 7/20/49		2,230		2,337
5.00%, 12/20/48 - 2/20/49		424		449
6.50%, 5/15/40		469		564
				156,264

	Face Amount (000)		Value (000)
Asset-Backed Securities (11.7%)
Aaset Trust,
3.84%, 5/15/39 (b)	$	447	$	338
Accredited Mortgage Loan Trust,
1 Month USD LIBOR + 0.60%, 1.55%, 4/25/34 (c)		754		713
American Homes 4 Rent Trust,
6.07%, 10/17/52 (b)		601		548
Aqua Finance Trust,
3.47%, 7/16/40 (b)		900		892
Avant Loans Funding Trust,
4.65%, 4/15/26 (b)		850		717
5.00%, 11/17/25 (b)		525		500
BCMSC Trust,
7.51%, 1/15/29 (c)		1,653		1,464
Blackbird Capital Aircraft Lease Securitization Ltd.,
5.68%, 12/16/41 (b)		802		547
Cascade MH Asset Trust,
4.00%, 11/25/44 (b)(c)		1,559		1,553
Conn's Receivables Funding LLC,
3.62%, 6/17/24 (b)		1,000		829
Consumer Loan Underlying Bond Credit Trust,
4.41%, 10/15/26 (b)		2,000		1,221
4.66%, 7/15/26 (b)		1,000		627
5.21%, 7/15/25 (b)		1,136		375
ContiMortgage Home Equity Loan Trust,
8.10%, 8/15/25		20		15
Diamond Resorts Owner Trust,
4.02%, 2/20/32 (b)		1,457		1,411
Fair Square Issuance Trust,
2.90%, 9/20/24 (b)		900		829
Fairstone Financial Issuance Trust I,
3.95%, 3/21/33 (b)	CAD	600		426
Falcon Aerospace Ltd.,
3.60%, 9/15/39 (b)	$	1,154		808
FCI Funding 2019-1 LLC,
3.63%, 2/18/31 (b)		446		446
Finance of America Structured Securities Trust,
3.81%, 4/25/29 (b)(c)		757		761
Foundation Finance Trust,
3.86%, 11/15/34 (b)		710		680
FREED ABS Trust,
3.19%, 11/18/26 (b)		2,000		1,754
3.87%, 6/18/26 (b)		800		690
4.61%, 10/20/25 (b)		969		906
GAIA Aviation Ltd.,
7.00%, 12/15/44 (b)		1,450		822
Home Partners of America Trust,
1 Month USD LIBOR + 1.45%, 2.25%, 7/17/37 (b)(c)		2,200		2,007
Invitation Homes Trust,
1 Month USD LIBOR + 2.00%, 2.70%, 6/17/37 (b)(c)		2,500		2,034

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Asset-Backed Securities (cont'd)
1 Month USD LIBOR + 2.25%, 3.05%, 7/17/37 (b)(c)	$	132	$	104
JOL Air Ltd.,
4.95%, 4/15/44 (b)		242		164
Lunar Aircraft Ltd.,
3.38%, 2/15/45 (b)		900		630
MACH 1 Cayman Ltd.,
3.47%, 10/15/39 (b)		1,161		813
MAPS Ltd.,
4.21%, 5/15/43 (b)		597		453
METAL LLC,
4.58%, 10/15/42 (b)		623		509
MFA LLC,
3.35%, 11/25/47 (b)		747		762
3.88%, 5/25/48 (b)		1,003		1,035
4.16%, 7/25/48 (b)		811		809
Nationstar HECM Loan Trust,
5.43%, 11/25/28 (b)(c)		1,200		1,164
New Residential Advance Receivables Trust,
2.80%, 10/15/51 (b)		600		583
3.06%, 9/15/52 - 8/15/53 (b)		2,630		2,500
New Residential Mortgage LLC,
4.69%, 5/25/23 (b)		375		370
NewDay Funding PLC,
1 Month GBP LIBOR + 2.10%, 2.35%, 8/15/26 (b)(c)	GBP	500		608
Newtek Small Business Loan Trust,
1 Month USD LIBOR + 1.70%, 2.65%, 2/25/44 (b)(c)	$	619		601
NRZ Advance Receivables Trust,
3.33%, 7/15/52 (b)		900		869
NRZ Excess Spread-Collateralized Notes,
4.37%, 1/25/23 (b)		388		372
4.59%, 2/25/23 (b)		697		698
NYCTL Trust,
2.19%, 11/10/32 (b)		1,747		1,738
Oxford Finance Funding LLC,
3.10%, 2/15/28 (b)		1,000		966
5.44%, 2/15/27 (b)		550		555
PNMAC GMSR Issuer Trust,
1 Month USD LIBOR + 2.35%, 3.30%, 4/25/23 (b)(c)		1,050		941
1 Month USD LIBOR + 2.65%, 3.60%, 8/25/25 (b)(c)		1,400		1,298
1 Month USD LIBOR + 2.85%, 3.80%, 2/25/23 (b)(c)		500		350
Pretium Mortgage Credit Partners I LLC,
2.86%, 5/27/59 (b)		2,260		1,628
Prosper Marketplace Issuance Trust,
3.20%, 2/17/26 (b)		1,150		1,016
3.59%, 7/15/25 (b)		1,250		1,111
4.87%, 6/17/24 (b)		450		437
5.50%, 10/15/24 (b)		2,000		1,864

	Face Amount (000)		Value (000)
PRPM LLC,
3.35%, 11/25/24 (b)	$	1,064	$	1,056
3.97%, 4/25/24 (b)		1,015		909
Raptor Aircraft Finance I LLC,
4.21%, 8/23/44 (b)		2,459		1,847
RCO V Mortgage LLC,
3.47%, 11/25/24 (b)		2,175		2,099
4.46%, 10/25/23 (b)		698		671
ReadyCap Lending Small Business Loan Trust,
PRIME - 0.50%, 2.75%, 12/27/44 (b)(c)		914		817
Republic FInance Issuance Trust,
3.43%, 11/22/27 (b)		1,100		964
3.93%, 11/22/27 (b)		500		417
RMF Buyout Issuance Trust,
5.43%, 11/25/28 (b)(c)		1,200		1,200
S-Jets Ltd.,
7.02%, 8/15/42 (b)		976		450
SFS Asset Securitization LLC,
4.24%, 6/10/25 (b)		2,137		2,030
SLM Student Loan Trust,
3 Month EURIBOR + 0.55%, 0.16%, 7/25/39 - 1/25/40 (c)	EUR	3,900		3,929
Small Business Lending Trust,
2.85%, 7/15/26 (b)	$	504		495
Small Business Origination Loan Trust,
4.05%, 12/15/27 (c)	GBP	782		389
Sofi Consumer Loan Program Trust,
3.79%, 4/26/27 (b)	$	600		573
4.02%, 8/25/27 (b)		200		185
Sprite 2017-1 Ltd.,
4.25%, 12/15/37 (b)		535		405
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes,
2.77%, 10/15/52 (b)		1,000		971
START Ireland,
4.09%, 3/15/44 (b)		511		358
Start Ltd.,
4.09%, 5/15/43 (b)		1,318		1,000
Tricon American Homes Trust,
5.10%, 1/17/36 (b)		1,500		1,304
5.15%, 9/17/34 (b)		1,200		1,114
5.77%, 11/17/33 (b)		1,300		1,269
Upgrade Receivables Trust,
5.17%, 11/15/24 (b)		1,500		1,447
Upstart Securitization Trust,
3.73%, 9/20/29 (b)		1,700		1,367
5.00%, 8/20/25 (b)		1,080		1,060
Vantage Data Centers Issuer LLC,
4.07%, 2/16/43 (b)		392		391
VCAT LLC,
3.57%, 11/25/49 (b)		1,209		1,194

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Asset-Backed Securities (cont'd)
Vericrest Opportunity Loan Trust,
3.18%, 10/25/49 (b)	$	1,436	$	1,307
3.35%, 9/25/49 (b)		1,730		1,501
Verizon Owner Trust,
1.94%, 4/22/24		1,700		1,628
VOLT LXIV LLC,
3.38%, 10/25/47 (b)		322		301
VOLT LXXX LLC,
3.23%, 10/25/49 (b)		991		932
VOLT LXXXIII LLC,
3.33%, 11/26/49 (b)		1,959		1,782
VOLT LXXXV LLC,
3.23%, 1/25/50 (b)		1,412		1,279
VOLT LXXXVIII LLC,
2.98%, 3/25/50 (b)		1,947		1,749
				89,251
Collateralized Mortgage Obligations — Agency Collateral Series (0.2%)
Federal Home Loan Mortgage Corporation,
1 Month USD LIBOR + 4.35%, 5.87%, 12/25/26 (b)(c)		150		129
1 Month USD LIBOR + 5.05%, 6.57%, 7/25/23 (c)		99		90
1 Month USD LIBOR + 5.25%, 6.77%, 7/25/26 (b)(c)		89		78
IO
0.33%, 11/25/27 (c)		23,816		544
0.43%, 8/25/27 (c)		14,773		416
IO REMIC
6.00% - 1 Month USD LIBOR, 5.30%, 11/15/43 (d)		870		144
6.05% - 1 Month USD LIBOR, 5.35%, 4/15/39 (d)		437		10
IO STRIPS
7.50%, 12/15/29		22		4
Federal National Mortgage Association,
IO
6.39% - 1 Month USD LIBOR, 4.76%, 9/25/20 (d)		1,161		4
IO PAC REMIC
8.00%, 9/18/27		72		11
IO REMIC
6.00%, 7/25/33		55		8
IO STRIPS
6.50%, 9/25/29 - 12/25/29		308		50
8.00%, 4/25/24		41		1
8.50%, 10/25/25		23		3
9.00%, 11/25/26		24		3
REMIC
7.00%, 9/25/32		170		205
Government National Mortgage Association,
IO
5.00%, 2/16/41		174		26

	Face Amount (000)		Value (000)
6.10% - 1 Month USD LIBOR, 5.40%, 7/16/33 (d)	$	88	$	—	@
IO PAC
6.15% - 1 Month USD LIBOR, 5.38%, 10/20/41 (d)		900		64
				1,790
Commercial Mortgage-Backed Securities (4.5%)
Bancorp Commercial Mortgage Trust,
1 Month USD LIBOR + 2.30%, 3.00%, 9/15/36 (b)(c)		1,400		1,308
BANK 2019-BNK21,
IO
1.00%, 10/17/52 (c)		14,980		961
Barclays Commercial Mortgage Trust,
IO
1.35%, 5/15/52 (c)		17,963		1,693
BBCMS Trust,
4.28%, 9/10/28 (b)(c)		1,037		1,013
BF 2019-NYT Mortgage Trust,
1 Month USD LIBOR + 1.70%, 2.40%, 12/15/35 (b)(c)		2,500		2,428
BXP Trust,
1 Month USD LIBOR + 3.00%, 3.70%, 11/15/34 (b)(c)		1,150		969
CG-CCRE Commercial Mortgage Trust,
1 Month USD LIBOR + 1.85%, 2.56%, 11/15/31 (b)(c)		761		725
Citigroup Commercial Mortgage Trust,
3.62%, 12/10/41 (b)		1,100		611
IO
0.85%, 11/10/48 (c)		2,742		83
0.89%, 9/10/58 (c)		4,620		184
COMM Mortgage Trust,
3.40%, 8/15/57 (b)(c)		1,400		1,052
5.29%, 8/10/46 (b)(c)		800		726
IO
0.10%, 7/10/45 (c)		12,670		30
0.77%, 10/10/47 (c)		3,328		89
1.00%, 7/15/47 (c)		3,042		104
Commercial Mortgage Pass-Through Certificates,
4.63%, 2/10/47 (b)(c)		575		510
GS Mortgage Securities Trust,
4.75%, 8/10/46 (b)(c)		500		449
IO
0.74%, 9/10/47 (c)		5,216		130
1.27%, 10/10/48 (c)		5,073		271
HMH Trust,
6.29%, 7/5/31 (b)		450		428
InTown Hotel Portfolio Trust,
1 Month USD LIBOR + 2.05%, 2.75%, 1/15/33 (b)(c)		579		514
Jackson Park Trust LIC,
3.24%, 10/14/39 (b)(c)		1,700		1,371

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Commercial Mortgage-Backed Securities (cont'd)
JP Morgan Chase Commercial Mortgage Securities Trust,
IO
0.51%, 4/15/46 (c)	$	6,956	$	106
0.73%, 12/15/49 (c)		4,394		127
0.94%, 7/15/47 (c)		7,249		165
JPMBB Commercial Mortgage Securities Trust,
4.68%, 4/15/47 (b)(c)		775		674
IO
1.00%, 8/15/47 (c)		3,903		128
MFT Trust,
3.48%, 2/6/30 (b)(c)		800		616
MKT 2020-525M Mortgage Trust,
2.94%, 2/12/40 (b)(c)		1,000		536
Multifamily Connecticut Avenue Securities Trust,
1 Month USD LIBOR + 1.95%, 2.56%, 3/25/50 (b)(c)		3,000		3,006
1 Month USD LIBOR + 1.70%, 2.65%, 10/15/49 (b)(c)		485		436
Natixis Commercial Mortgage Securities Trust,
1 Month USD LIBOR + 2.20%, 2.90%, 7/15/36 (b)(c)		2,300		2,234
4.13%, 5/15/39 (b)(c)		2,300		2,028
4.32%, 1/15/43 (b)(c)		800		559
4.41%, 2/15/39 (b)(c)		1,941		1,221
SG Commercial Mortgage Securities Trust,
3.85%, 3/15/37 (b)(c)		1,900		1,693
4.51%, 2/15/41 (b)(c)		1,250		793
VMC Finance 2019-FL3 LLC,
1 Month USD LIBOR + 2.05%, 2.85%, 9/15/36 (b)(c)		1,621		1,484
Wells Fargo Commercial Mortgage Trust,
1 Month USD LIBOR + 2.21%, 2.91%, 1/15/35 (b)(c)		500		462
1 Month USD LIBOR + 1.74%, 3.39%, 2/15/37 (b)(c)		900		694
WFRBS Commercial Mortgage Trust,
3.50%, 8/15/47 (b)		1,400		1,146
4.14%, 5/15/45 (b)(c)		425		376
				34,133
Corporate Bonds (34.3%)
Energy (0.4%)
BP Capital Markets America, Inc.,
3.12%, 5/4/26		2,250		2,270
3.25%, 5/6/22		625		632
Midwest Connector Capital Co. LLC,
3.63%, 4/1/22 (b)		400		385
				3,287

	Face Amount (000)		Value (000)
Finance (14.9%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
4.13%, 7/3/23	$	1,150	$	975
Aflac, Inc.,
3.60%, 4/1/30		2,500		2,537
Air Lease Corp.,
2.30%, 2/1/25		1,325		1,014
American Express Co.,
4.20%, 11/6/25		1,625		1,782
American International Group, Inc.,
4.50%, 7/16/44		1,075		1,095
4.88%, 6/1/22		375		385
Aon Corp.,
2.20%, 11/15/22		1,250		1,246
AvalonBay Communities, Inc.,
Series G
2.95%, 5/11/26		375		375
Avolon Holdings Funding Ltd.,
2.88%, 2/15/25 (b)		1,750		1,361
Banco Bradesco SA,
3.20%, 1/27/25 (b)		2,790		2,568
Banco Santander Chile,
2.70%, 1/10/25 (b)		1,125		1,084
Banco Santander SA,
5.18%, 11/19/25		600		636
Bank of America Corp.,
2.88%, 10/22/30		1,350		1,352
3.19%, 7/23/30		375		383
4.24%, 4/24/38		225		260
4.25%, 10/22/26		2,288		2,438
6.11%, 1/29/37		250		322
MTN
4.00%, 1/22/25		1,055		1,112
Bank of Montreal,
3.80%, 12/15/32		1,675		1,628
Bank of New York Mellon Corp. (The),
MTN
3.65%, 2/4/24		1,750		1,847
Banque Federative du Credit Mutuel SA,
3.75%, 7/20/23 (b)		1,530		1,561
BBVA USA,
3.50%, 6/11/21		800		796
BNP Paribas SA,
2.82%, 11/19/25 (b)		700		693
4.40%, 8/14/28 (b)		1,050		1,122
Boston Properties LP,
3.80%, 2/1/24		700		712
BPCE SA,
5.15%, 7/21/24 (b)		1,075		1,135
Brighthouse Financial, Inc.,
4.70%, 6/22/47		225		176

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Brookfield Finance LLC,
3.45%, 4/15/50	$	1,350	$	1,087
Brookfield Finance, Inc.,					��
4.00%, 4/1/24		775		773
Brown & Brown, Inc.,
4.20%, 9/15/24		1,150		1,215
Canadian Imperial Bank of Commerce,
2.25%, 1/28/25		2,300		2,281
Capital One Bank USA NA,
3.38%, 2/15/23		1,625		1,603
Capital One Financial Corp.,
3.30%, 10/30/24		3,525		3,454
CIT Bank NA,
2.97%, 9/27/25		800		679
Citigroup, Inc.,
2.98%, 11/5/30		3,125		3,058
4.41%, 3/31/31		1,575		1,734
6.68%, 9/13/43		120		158
Citizens Bank NA,
MTN
2.55%, 5/13/21		250		250
CNO Financial Group, Inc.,
5.25%, 5/30/29		885		863
Cooperatieve Rabobank UA,
3.95%, 11/9/22		650		657
Credit Agricole SA,
3.75%, 4/24/23 (b)		1,175		1,202
3.88%, 4/15/24 (b)		500		511
Credit Suisse Group AG,
2.59%, 9/11/25 (b)		2,125		2,022
CyrusOne LP/CyrusOne Finance Corp.,
2.90%, 11/15/24		725		696
Danske Bank A/S,
5.00%, 1/12/22 (b)		350		360
Deutsche Bank AG,
2.70%, 7/13/20		625		613
3.95%, 2/27/23		850		846
Discover Bank,
7.00%, 4/15/20		250		250
GE Capital International Funding Co., Unlimited Co.,
4.42%, 11/15/35		1,315		1,409
GLP Capital LP/GLP Financing II, Inc.,
3.35%, 9/1/24		1,900		1,698
Goldman Sachs Group, Inc. (The),
3.69%, 6/5/28		1,750		1,800
6.75%, 10/1/37		965		1,281
MTN
4.80%, 7/8/44		625		703
Grupo Aval Ltd.,
4.38%, 2/4/30 (b)		770		621
Guardian Life Insurance Co. of America (The),
4.85%, 1/24/77 (b)		475		542

	Face Amount (000)		Value (000)
Harborwalk Funding Trust,
5.08%, 2/15/69 (b)	$	950	$	1,123
HSBC Holdings PLC,
4.25%, 3/14/24		2,325		2,390
HSBC USA, Inc.,
3.50%, 6/23/24		1,450		1,461
ING Bank N.V.,
5.80%, 9/25/23 (b)		204		221
Intesa Sanpaolo SpA,
5.25%, 1/12/24		610		624
iStar, Inc.,
5.25%, 9/15/22		300		279
Itau Unibanco Holding SA,
2.90%, 1/24/23 (b)		3,100		2,954
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
6.25%, 6/3/26 (b)		450		419
JPMorgan Chase & Co.,
3.70%, 5/6/30		3,750		4,030
4.13%, 12/15/26		1,600		1,725
JPMorgan Chase Bank NA,
0.00%, 8/7/22		1,000		1,080
Kimco Realty Corp.,
3.70%, 10/1/49		1,050		859
Lloyds Banking Group PLC,
3.57%, 11/7/28		250		249
4.38%, 3/22/28		1,525		1,628
Macquarie Bank Ltd.,
2.30%, 1/22/25 (b)(e)		1,700		1,674
Marsh & McLennan Cos., Inc.,
3.88%, 3/15/24		1,225		1,269
MassMutual Global Funding II,
3.40%, 3/8/26 (b)		1,040		1,107
MetLife, Inc.,
4.55%, 3/23/30		2,525		2,790
5.88%, 2/6/41		150		192
Mizuho Financial Group, Inc.,
2.63%, 4/12/21 (b)		600		600
MPT Operating Partnership LP/MPT Finance Corp.,
5.00%, 10/15/27		300		293
Nationwide Building Society,
3.96%, 7/18/30 (b)		575		582
4.30%, 3/8/29 (b)		1,300		1,357
4.36%, 8/1/24 (b)		500		503
New York Life Global Funding,
1.70%, 9/14/21 (b)		600		612
Pine Street Trust I,
4.57%, 2/15/29 (b)		575		547
PNC Financial Services Group, Inc. (The),
2.20%, 11/1/24		1,650		1,695
Realty Income Corp.,
3.25%, 10/15/22		400		402
REC Ltd.,
5.25%, 11/13/23 (b)		2,075		2,047

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Royal Bank of Scotland Group PLC,
3.88%, 9/12/23	$	875	$	900
Santander UK Group Holdings PLC,
3.57%, 1/10/23		2,400		2,390
Service Properties Trust,
4.35%, 10/1/24		1,850		1,360
Skandinaviska Enskilda Banken AB,
2.63%, 11/17/20 (b)		500		499
Societe Generale SA,
2.63%, 1/22/25 (b)		1,625		1,568
Standard Chartered PLC,
3.05%, 1/15/21 (b)		325		320
4.64%, 4/1/31 (b)		526		542
Syngenta Finance N.V.,
4.89%, 4/24/25 (b)		975		958
TD Ameritrade Holding Corp.,
3.63%, 4/1/25		500		523
Travelers Cos., Inc. (The),
3.75%, 5/15/46		800		889
UBS Group AG,
2.95%, 9/24/20 (b)		525		526
UnitedHealth Group, Inc.,
2.88%, 3/15/23		1,025		1,063
3.75%, 7/15/25		1,675		1,814
WEA Finance LLC/Westfield UK & Europe Finance PLC,
3.25%, 10/5/20 (b)		450		446
Wells Fargo & Co.,
2.57%, 2/11/31		725		696
2.88%, 10/30/30		425		422
5.01%, 4/4/51		1,000		1,288
				113,877
Industrials (17.0%)
AbbVie, Inc.,
3.20%, 11/21/29 (b)		1,675		1,692
Adobe, Inc.,
2.30%, 2/1/30		1,975		1,985
Air Liquide Finance SA,
1.75%, 9/27/21 (b)		450		448
Airbus SE,
0.00%, 6/14/21	EUR	800		862
Akamai Technologies, Inc.,
0.38%, 9/1/27 (b)	$	371		370
Aker BP ASA,
3.75%, 1/15/30 (b)		1,400		1,053
Albertsons Cos., Inc./Safeway, Inc./ New Albertsons LP/Albertsons LLC,
3.50%, 2/15/23 (b)		700		694
Amazon.com, Inc.,
2.80%, 8/22/24		1,625		1,729

	Face Amount (000)		Value (000)
American Airlines Pass-Through Trust,
Series AA
3.15%, 8/15/33	$	542	$	495
Amgen, Inc.,
3.38%, 2/21/50		850		899
4.66%, 6/15/51		575		726
Anheuser-Busch InBev Worldwide, Inc.,
4.75%, 1/23/29		1,650		1,825
5.55%, 1/23/49		1,125		1,327
Anthem, Inc.,
2.38%, 1/15/25		550		546
3.65%, 12/1/27		1,650		1,706
Apple, Inc.,
2.95%, 9/11/49		2,025		2,165
3.20%, 5/13/25		450		489
AT&T, Inc.,
4.50%, 3/9/48		1,025		1,115
4.90%, 8/15/37		550		615
BAT Capital Corp.,
3.56%, 8/15/27		2,100		1,982
Becton Dickinson and Co.,
2.89%, 6/6/22		600		599
Boeing Co. (The),
3.95%, 8/1/59		850		767
Booking Holdings, Inc.,
0.90%, 9/15/21		275		275
Braskem Netherlands Finance BV,
4.50%, 1/31/30 (b)		1,200		938
Bristol-Myers Squibb Co.,
3.40%, 7/26/29 (b)		2,050		2,268
Centene Corp.,
5.25%, 4/1/25 (b)		290		295
Cigna Corp.,
3.05%, 10/15/27 (b)		375		373
3.40%, 3/1/27 (b)		625		634
CNH Industrial Capital LLC,
4.38%, 11/6/20 (e)		625		620
CNOOC Finance 2013 Ltd.,
3.00%, 5/9/23		540		551
Coca-Cola Co. (The),
3.20%, 11/1/23		375		418
Coca-Cola Femsa SAB de CV,
2.75%, 1/22/30		1,600		1,574
Comcast Corp.,
3.40%, 4/1/30		1,350		1,465
3.95%, 10/15/25		450		490
4.05%, 11/1/52		450		538
Concho Resources, Inc.,
4.85%, 8/15/48		575		434
Crown Castle International Corp.,
4.15%, 7/1/50		725		717
CVS Health Corp.,
3.75%, 4/1/30		1,025		1,058

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
4.30%, 3/25/28	$	750	$	804
5.05%, 3/25/48		1,300		1,491
5.13%, 7/20/45		425		491
Deere & Co.,
3.10%, 4/15/30		500		530
Dell International LLC/EMC Corp.,
6.02%, 6/15/26 (b)		1,475		1,525
Delta Air Lines, Inc.,
Series AA
3.20%, 10/25/25		1,050		1,026
Diageo Capital PLC,
2.13%, 10/24/24		1,475		1,441
Diamond Sports Group LLC/ Diamond Sports Finance Co.,
6.63%, 8/15/27 (b)(e)		700		472
Diamondback Energy, Inc.,
3.25%, 12/1/26		1,750		1,240
Dollar Tree, Inc.,
3.70%, 5/15/23		450		458
DuPont de Nemours, Inc.,
5.42%, 11/15/48		700		773
Enbridge, Inc.,
2.50%, 1/15/25		925		839
Energy Transfer Operating LP,
2.90%, 5/15/25		1,575		1,322
Expedia Group, Inc.,
3.25%, 2/15/30		1,500		1,263
Exxon Mobil Corp.,
3.10%, 8/16/49 (e)		1,225		1,246
Fiserv, Inc.,
4.20%, 10/1/28		575		623
Ford Motor Credit Co., LLC,
3.10%, 5/4/23		400		368
4.39%, 1/8/26		800		704
Fortune Brands Home & Security, Inc.,
4.00%, 9/21/23		675		695
Fox Corp.,
5.58%, 1/25/49		925		1,111
General Motors Co.,
6.60%, 4/1/36		200		175
General Motors Financial Co., Inc.,
3.85%, 1/5/28		800		643
4.35%, 1/17/27		1,825		1,463
Glencore Funding LLC,
4.13%, 3/12/24 (b)		2,375		2,187
Grifols SA,
2.25%, 11/15/27 (b)	EUR	800		851
Halliburton Co.,
2.92%, 3/1/30	$	1,250		972
HCA, Inc.,
5.25%, 6/15/49		400		429
5.50%, 6/15/47		675		738

	Face Amount (000)		Value (000)
Heathrow Funding Ltd.,
4.88%, 7/15/23 (b)	$	525	$	555
Hilcorp Energy I LP/Hilcorp Finance Co.,
6.25%, 11/1/28 (b)		535		240
Imperial Brands Finance PLC,
3.13%, 7/26/24 (b)		1,000		944
Intel Corp.,
3.90%, 3/25/30		1,700		1,947
International Business Machines Corp.,
3.30%, 5/15/26		2,750		2,945
Jazz Investments I Ltd.,
1.88%, 8/15/21		1,000		951
Johns Hopkins University,
Series A
2.81%, 1/1/60		1,170		1,060
Las Vegas Sands Corp.,
3.20%, 8/8/24		850		769
3.50%, 8/18/26		1,075		986
Level 3 Financing, Inc.,
3.40%, 3/1/27 (b)		1,275		1,221
3.88%, 11/15/29 (b)		925		873
Lowe's Cos., Inc.,
2.50%, 4/15/26		775		771
3.65%, 4/5/29		550		566
LYB International Finance III LLC,
4.20%, 10/15/49		550		546
Marriott Vacations Worldwide Corp.,
1.50%, 9/15/22		600		470
Microsoft Corp.,
3.13%, 11/3/25		325		356
4.45%, 11/3/45		750		990
Mondelez International Holdings Netherlands BV,
2.25%, 9/19/24 (b)(e)		2,925		2,897
Newcastle Coal Infrastructure Group Pty Ltd.,
4.40%, 9/29/27 (b)		1,375		1,285
Newmont Corp.,
3.70%, 3/15/23		39		39
NIKE, Inc.,
2.85%, 3/27/30		1,225		1,296
Nuance Communications, Inc.,
1.00%, 12/15/35		425		407
Nvent Finance Sarl,
3.95%, 4/15/23		775		807
NVIDIA Corp.,
2.85%, 4/1/30		1,250		1,306
Occidental Petroleum Corp.,
3.20%, 8/15/26		160		77
5.55%, 3/15/26		925		490
Omnicom Group, Inc.,
2.45%, 4/30/30		2,300		2,102
Oracle Corp.,
2.95%, 5/15/25		1,906		1,974

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
4.00%, 7/15/46	$	1,050	$	1,177
Palo Alto Networks, Inc.,
0.75%, 7/1/23		515		498
Procter & Gamble Co. (The),
3.00%, 3/25/30		1,050		1,168
Resorts World Las Vegas LLC/ RWLV Capital, Inc.,
4.63%, 4/16/29 (b)		2,000		1,771
Rockies Express Pipeline LLC,
3.60%, 5/15/25 (b)		425		295
6.88%, 4/15/40 (b)		775		469
Shell International Finance BV,
3.25%, 5/11/25		1,150		1,207
Sherwin-Williams Co. (The),
2.30%, 5/15/30		1,850		1,735
2.95%, 8/15/29		625		617
Siemens Financieringsmaatschappij N.V.,
2.35%, 10/15/26 (b)		2,050		2,070
Sika AG,
0.15%, 6/5/25	CHF	540		603
Splunk, Inc.,
0.50%, 9/15/23	$	495		534
Sprint Spectrum Co., LLC/Sprint Spectrum Co., II LLC/Sprint Spectrum Co., III LLC,
3.36%, 3/20/23 (b)		1,270		1,269
Standard Industries, Inc.,
2.25%, 11/21/26 (b)	EUR	575		515
Starbucks Corp.,
3.80%, 8/15/25	$	1,550		1,647
Sunoco Logistics Partners Operations LP,
3.90%, 7/15/26		750		629
Target Corp.,
2.65%, 9/15/30		500		516
Telefonica Emisiones SA,
4.10%, 3/8/27		1,800		1,858
Teva Pharmaceutical Finance Netherlands III BV,
2.20%, 7/21/21		162		156
Thermo Fisher Scientific, Inc.,
4.50%, 3/25/30		1,250		1,408
TJX Cos., Inc.,
3.88%, 4/15/30		1,625		1,681
Total Capital International SA,
2.88%, 2/17/22		500		503
Trimble, Inc.,
4.15%, 6/15/23		1,150		1,165
Twitter, Inc.,
0.25%, 6/15/24		1,000		899
1.00%, 9/15/21		1,433		1,358
United Airlines Pass-Through Trust,
Series A
4.00%, 10/11/27		507		502

	Face Amount (000)		Value (000)
United Technologies Corp.,
4.50%, 6/1/42	$	475	$	551
Verint Systems, Inc.,
1.50%, 6/1/21		325		315
Verizon Communications, Inc.,
3.88%, 2/8/29		375		416
4.67%, 3/15/55		1,071		1,369
ViacomCBS, Inc.,
6.88%, 4/30/36		1,550		1,751
VISA, Inc.,
2.05%, 4/15/30		1,550		1,548
Volkswagen Group of America Finance LLC,
2.40%, 5/22/20 (b)		800		797
4.75%, 11/13/28 (b)		1,025		1,050
Walmart, Inc.,
2.95%, 9/24/49		200		220
3.70%, 6/26/28		250		281
Weibo Corp.,
1.25%, 11/15/22		332		282
Western Midstream Operating LP,
3.10%, 2/1/25		1,200		614
Williams Cos., Inc. (The),
4.85%, 3/1/48		1,325		1,241
Zillow Group, Inc.,
2.00%, 12/1/21		1,005		1,014
				129,186
Utilities (2.0%)
Boston Gas Co.,
3.00%, 8/1/29 (b)		1,150		1,113
Calpine Corp.,
4.50%, 2/15/28 (b)		1,450		1,411
DTE Energy Co.,
2.95%, 3/1/30		800		771
Duke Energy Indiana LLC,
Series YYY
3.25%, 10/1/49		450		450
Enel Finance International N.V.,
3.63%, 5/25/27 (b)		350		356
4.25%, 9/14/23 (b)		575		589
Entergy Louisiana LLC,
3.05%, 6/1/31		525		526
FirstEnergy Corp.,
Series C
3.40%, 3/1/50		1,300		1,244
Korea Hydro & Nuclear Power Co., Ltd.,
3.75%, 7/25/23 (b)		1,380		1,465
Mississippi Power Co.,
3.95%, 3/30/28		2,325		2,395
Northern States Power Co.,
2.90%, 3/1/50		825		789
Oglethorpe Power Corp.,
5.05%, 10/1/48		1,325		1,282

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Utilities (cont'd)
ONEOK, Inc.,
3.10%, 3/15/30	$	1,750	$	1,321
Xcel Energy, Inc.,
2.60%, 12/1/29		1,375		1,305
				15,017
				261,367
Mortgages — Other (8.5%)
Adjustable Rate Mortgage Trust,
4.24%, 6/25/35 (c)		196		178
Alternative Loan Trust,
1 Month USD LIBOR + 0.18%, 1.13%, 5/25/47 (c)		123		97
Banc of America Alternative Loan Trust,
1 Month USD LIBOR + 0.65%, 1.60%, 7/25/46 (c)		167		114
5.86%, 10/25/36		507		218
6.00%, 4/25/36		14		14
Banc of America Funding Trust,
5.25%, 7/25/37		106		102
Cascade Funding Mortgage Trust,
4.00%, 10/25/68 (b)(c)		1,796		1,257
ChaseFlex Trust,
6.00%, 2/25/37		707		433
Classic RMBS Trust,
3.06%, 8/16/49 (b)	CAD	2,930		2,088
E-MAC NL BV,
3 Month EURIBOR + 0.18%, 1.87%, 7/25/36 (c)	EUR	523		533
Eurosail BV,
3 Month EURIBOR + 1.80%, 1.41%, 10/17/40 (c)		700		696
Eurosail PLC,
3 Month GBP LIBOR + 0.95%, 1.46%, 6/13/45 (c)	GBP	705		796
Farringdon Mortgages No. 2 PLC,
3 Month GBP LIBOR + 1.50%, 2.23%, 7/15/47 (c)		214		241
Federal Home Loan Mortgage Corporation,
3.00%, 7/25/46 - 5/25/47	$	4,544		4,495
1 Month USD LIBOR + 2.35%, 3.30%, 4/25/30 (c)		1,139		992
3.50%, 5/25/45 - 5/25/47		2,025		2,042
3.87%, 5/25/45 (b)(c)		90		87
4.00%, 5/25/45		73		74
1 Month USD LIBOR + 5.15%, 6.10%, 10/25/29 (c)		300		157
FMC GMSR Issuer Trust,
4.23%, 9/25/24 (b)(c)		1,900		1,196
5.07%, 5/25/24 (b)(c)		1,400		1,421
GCAT Trust,
2.65%, 10/25/68 (b)(c)		1,040		1,033

	Face Amount (000)		Value (000)
Grifonas Finance PLC,
6 Month EURIBOR + 0.28%, 0.00%, 8/28/39 (c)	EUR	385	$	392
HarborView Mortgage Loan Trust,
1 Month USD LIBOR + 0.19%, 0.94%, 1/19/38 (c)	$	447		362
Headlands Residential LLC,
3.97%, 6/25/24 (b)		500		441
IM Pastor 3 FTH,
3 Month EURIBOR + 0.14%, 0.00%, 3/22/43 (c)	EUR	558		522
JP Morgan Mortgage Trust,
4.29%, 6/25/37 (c)	$	115		93
6.00%, 6/25/37		64		61
Landmark Mortgage Securities No. 1 PLC,
3 Month EURIBOR + 0.60%, 0.17%, 6/17/38 (c)	EUR	768		746
Lehman Mortgage Trust,
6.50%, 9/25/37	$	702		358
LHOME Mortgage Trust,
3.23%, 10/25/24 (b)		675		612
4.58%, 10/25/23 (b)		1,000		957
New Residential Mortgage Loan Trust,
4.00%, 9/25/57 (b)(c)		844		874
Newgate Funding PLC,
3 Month GBP LIBOR + 0.16%, 0.65%, 12/15/50 (c)	GBP	1,400		1,501
NRPL Trust,
4.25%, 7/25/67 (b)	$	1,023		1,055
OBX Trust,
3.50%, 10/25/59 (b)(c)		1,005		999
Paragon Mortgages No. 13 PLC,
3 Month GBP LIBOR + 0.40%, 1.13%, 1/15/39 (c)	GBP	275		278
Paragon Mortgages No. 15 PLC,
3 Month EURIBOR + 0.54%, 0.05%, 12/15/39 (c)	EUR	800		614
Pepper Residential Securities Trust,
1 Month USD LIBOR + 0.93%, 1.74%, 3/12/61 (b)(c)	$	1,960		1,954
PRPM LLC,
3.50%, 10/25/24 (b)(c)		1,873		1,864
4.50%, 1/25/24 (b)		953		968
Rochester Financing No. 2 PLC,
3 Month GBP LIBOR + 2.75%, 3.26%, 6/18/45 (c)	GBP	750		910
Seasoned Credit Risk Transfer Trust,
3.00%, 9/25/55 - 2/25/59	$	14,134		14,729
4.00%, 7/25/56 (c)		450		418
4.00%, 8/25/56 (b)(c)		1,000		820
4.00%, 8/25/58 - 2/25/59		2,286		2,475
4.25%, 8/25/59 (b)(c)		2,700		2,124
4.50%, 6/25/57		2,514		2,729
4.75%, 7/25/56 - 6/25/57 (b)(c)		1,408		1,214
4.75%, 10/25/58 (c)		1,300		1,035

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Mortgages — Other (cont'd)
Structured Asset Securities Corp. Reverse Mortgage Loan Trust,
1 Month USD LIBOR + 1.85%, 2.80%, 5/25/47 (b)(c)	$	1,449	$	1,159
TDA 27 FTA,
3 Month EURIBOR + 0.19%, 0.00%, 12/28/50 (c)	EUR	1,600		1,364
Toorak Mortgage Corp. Ltd.,
3.72%, 9/25/22	$	2,000		1,813
TVC Mortgage Trust,
3.47%, 9/25/24 (b)		850		688
Verus Securitization Trust,
3.72%, 1/25/47 (b)(c)		335		330
				64,723
Municipal Bonds (0.5%)
Chicago O'Hare International Airport, IL, O'Hare International Airport Revenue Series 2010B
6.40%, 1/1/40		255		359
City of New York, NY,
Series G-1
5.97%, 3/1/36		270		341
Illinois State Toll Highway Authority, IL, Highway Revenue, Build America Bonds Series A
6.18%, 1/1/34		477		664
New York City Transitional Finance Authority Future Tax Secured Revenue, NY, Transitional Finance Authority Future Tax Secured Revenue Series A
5.27%, 5/1/27		320		387
University of Virginia, VA,
Series C-1
2.97%, 9/1/49		1,440		1,419
Series C-2
2.97%, 9/1/49		1,020		1,009
				4,179
Sovereign (7.1%)
Angolan Government International Bond,
8.00%, 11/26/29 (b)		980		409
Australia Government Bond,
2.75%, 11/21/28	AUD	21,950		15,838
Banque Ouest Africaine de Developpement,
4.70%, 10/22/31 (b)	$	1,240		1,131
Brazil Notas do Tesouro Nacional Series F,
10.00%, 1/1/29	BRL	16,700		3,663
Brazilian Government International Bond,
4.50%, 5/30/29	$	3,200		3,296
Croatia Government International Bond,
2.75%, 1/27/30	EUR	1,070		1,246
Dominican Republic International Bond,
5.88%, 1/30/60 (b)(e)	$	1,160		989

	Face Amount (000)		Value (000)
Ecuador Government International Bond,
9.50%, 3/27/30	$	850	$	255
10.75%, 1/31/29		1,150		331
Egypt Government International Bond,
6.38%, 4/11/31 (b)	EUR	1,525		1,340
8.15%, 11/20/59 (b)	$	470		385
Export-Import Bank of India,
3.25%, 1/15/30 (b)		670		598
3.88%, 2/1/28 (b)		2,661		2,460
Hellenic Republic Government Bond,
3.38%, 2/15/25 (b)	EUR	3,000		3,610
Indonesia Treasury Bond,
8.25%, 5/15/29	IDR	26,186,000		1,634
8.38%, 3/15/34	$	19,717,000		1,215
Mexican Bonos,
Series M
8.50%, 5/31/29	MXN	70,000		3,188
Mexico Government International Bond,
3.25%, 4/16/30	$	750		707
Nigeria Government International Bond,
9.25%, 1/21/49 (b)(e)		1,620		1,153
Pertamina Persero PT,
6.50%, 11/7/48 (b)		1,325		1,470
Peruvian Government International Bond,
5.35%, 8/12/40	PEN	5,375		1,519
Petroleos Mexicanos,
6.50%, 1/23/29	$	525		384
6.84%, 1/23/30 (b)		570		415
6.95%, 1/28/60 (b)		350		238
7.69%, 1/23/50 (b)		536		375
Qatar Government International Bond,
5.10%, 4/23/48 (b)		1,280		1,558
Republic of Austria Government Bond,
2.10%, 9/20/17 (b)	EUR	361		679
Russian Foreign Bond — Eurobond,
5.63%, 4/4/42	$	1,400		1,711
Senegal Government International Bond,
6.25%, 5/23/33 (b)		705		637
Ukraine Government International Bond,
6.75%, 6/20/26 (b)	EUR	615		605
9.75%, 11/1/28 (b)	$	960		937
				53,976
U.S. Treasury Securities (8.7%)
U.S. Treasury Bonds,
3.00%, 11/15/44 - 5/15/45		36,900		50,206
U.S. Treasury Inflation Indexed Bonds,
1.00%, 2/15/48		5,308		6,539
U.S. Treasury Note,
0.88%, 1/15/29		8,734		9,489
				66,234

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

			Face Amount (000)		Value (000)
Variable Rate Senior Loan Interests (2.0%)
American Airlines, Inc.,
	2018	Term Loan B
	6/27/25 (f)		$	1,000	$	812
BWAY Holding Co.,
	2017 Term Loan B
	3 Month USD LIBOR + 3.25%, 5.08%, 4/3/24 (c)			995		823
Carrols Restaurant Group, Inc.,
	Term Loan B
	3 Month USD LIBOR + 3.25%, 4.21%, 4/30/26 (c)			995		733
Chemours Company (The),
	2018 USD Term Loan B
	3 Month USD LIBOR + 1.75%, 2.74%, 4/3/25 (c)			997		923
Core & Main LP,
	2017 Term Loan B
	3 Month USD LIBOR + 2.75%, 4.33%, 8/1/24 (c)			997		893
CPG International Inc.
	2017 Term Loan
	3 Month USD LIBOR + 3.75%, 5.93%, 5/5/24 (c)			375		318
DaVita, Inc.,
	2020 Term Loan B
	1 Month USD LIBOR + 1.75%, 2.74%, 8/12/26 (c)			998		955
Grifols Worldwide Operations Ltd.,
	2019	Term Loan B
	11/15/27 (f)			1,000		954
Hargray Communications Group, Inc.,
	2017	Term Loan B
	1 Month USD LIBOR + 3.00%, 4.00%, 5/16/24 (c)			997		883
Level 3 Financing, Inc.,
	2019	Term Loan B
	3/1/27 (f)			1,000		943
Lions Gate Capital Holdings LLC,
	2018	Term Loan B
	3 Month USD LIBOR + 2.25%, 3.24%, 3/24/25 (c)			997		910
Medallion Midland Acquisition LLC,
	1st Lien Term Loan
	3 Month USD LIBOR + 3.25%, 4.25%, 10/30/24 (c)			798		454
Playa Resorts Holding BV,
	2017	Term Loan B
	4/29/24 (f)			995		692
Surf Holdings LLC,
	USD Term Loan
	3/5/27 (f)			750		673

	Face Amount (000)		Value (000)
Surgery Center Holdings, Inc.,
Term Loan B
3 Month USD LIBOR + 3.25%, 4.25%, 9/3/24 (c)	$	997	$	774
Univision Communications, Inc.,
Term Loan C5
3/15/24 (f)		1,000		861
Verifone Systems, Inc.,
2018 1st Lien Term Loan
3 Month USD LIBOR + 4.00%, 5.69%, 8/20/25 (c)		997		653
Virgin Media Bristol LLC,
1 Month USD LIBOR + 2.50%, 3.20%, 1/31/28 (c)		1,000		932
Ziggo Financing Partnership BV,
4/30/28 (f)		1,500		1,432
				15,618
Total Fixed Income Securities (Cost $774,313)				747,612
	Shares
Investment Company (1.0%)
iShares iBoxx Investment Grade Corporate Bond ETF (e) (Cost $7,227)		61,550		7,602
Short-Term Investments (10.7%)
Securities held as Collateral on Loaned Securities (0.6%)
Investment Company (0.6%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $4,885)		4,884,950		4,885
Investment Company (9.9%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $75,393)		75,392,511		75,393
	Face Amount (000)
U.S. Treasury Securities (0.2%)
U.S. Treasury Bills,
0.01%, 7/30/20 (e)(g)(h)	$	135		135
1.53%, 7/30/20 (e)(g)(h)		1,673		1,672
Total U.S. Treasury Securities (Cost $1,799)				1,807
Total Short-Term Investments (Cost $82,077)				82,085
Total Investments (109.7%) (Cost $863,617) Including $8,607 of Securities Loaned (i)(j)				837,299
Liabilities in Excess of Other Assets (–9.7%)				(74,270	)
Net Assets (100.0%)			$	763,029

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

(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, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(d) Inverse Floating Rate Security — Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at March 31, 2020.

(e) All or a portion of this security was on loan at March 31, 2020.

(f) Unsettled position. The contract rate does not take effect until settlement date.

(g) Rate shown is the yield to maturity at March 31, 2020.

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

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

(j) At March 31, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $26,797,000 and the aggregate gross unrealized depreciation is approximately $48,484,000, resulting in net unrealized depreciation of approximately $21,687,000.

@ Value is less than $500.

ETF Exchange Traded Fund.

EURIBOR Euro Interbank Offered Rate.

IO Interest Only.

LIBOR London Interbank Offered Rate.

MTN Medium Term Note.

PAC Planned Amortization Class.

PRIME Daily U.S. Prime Rate.

REMIC Real Estate Mortgage Investment Conduit.

STRIPS Separate Trading of Registered Interest and Principal of Securities.

TBA To Be Announced.

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at March 31, 2020:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Bank of America NA	EUR	20,699	$	23,643	6/10/20	$	753
Bank of America NA	$	933	AUD	1,416	6/10/20		(62	)
Bank of America NA	$	921	AUD	1,416	6/10/20		(51	)
Bank of America NA	$	1,070	PLN	4,047	6/10/20		(93	)
Barclays Bank PLC	AUD	9,686	$	5,693	6/10/20		(265	)
Barclays Bank PLC	GBP	4,456	$	5,841	6/10/20		299
Barclays Bank PLC	$	1,065	PLN	4,047	6/10/20		(87	)
BNP Paribas SA	EUR	519	$	556	6/10/20		(18	)
BNP Paribas SA	IDR	52,942,926	$	3,597	6/10/20		371
BNP Paribas SA	RUB	1,329	$	20	6/10/20		3
BNP Paribas SA	$	125	CAD	177	6/10/20		1
Citibank NA	AUD	15,624	$	10,411	6/10/20		799
Citibank NA	$	1,039	CAD	1,432	6/10/20		(21	)
Citibank NA	$	1	CAD	2	6/10/20		—	@
Citibank NA	$	814	MXN	17,190	6/10/20		(97	)
Goldman Sachs International	BRL	20,362	$	4,383	6/10/20		482
Goldman Sachs International	MXN	98,316	$	4,649	6/10/20		547
JPMorgan Chase Bank NA	CHF	3,965	EUR	3,736	6/10/20		144
JPMorgan Chase Bank NA	CHF	615	$	667	6/10/20		26
JPMorgan Chase Bank NA	EUR	943	CHF	997	6/10/20		19
JPMorgan Chase Bank NA	EUR	26	$	29	6/10/20		(—	@)
JPMorgan Chase Bank NA	EUR	3,168	$	3,487	6/10/20		(17	)
JPMorgan Chase Bank NA	JPY	437,647	$	4,205	6/10/20		122
JPMorgan Chase Bank NA	$	1,089	CHF	1,000	6/10/20		(46	)
JPMorgan Chase Bank NA	$	1,077	CHF	1,000	6/10/20		(34	)
JPMorgan Chase Bank NA	$	1,061	CHF	997	6/10/20		(22	)
JPMorgan Chase Bank NA	$	4,278	EUR	3,736	6/10/20		(147	)
JPMorgan Chase Bank NA	$	30	EUR	27	6/10/20		—	@
JPMorgan Chase Bank NA	$	1,262	EUR	1,160	6/10/20		21
JPMorgan Chase Bank NA	$	130	GBP	107	6/10/20		4
Royal Bank of Canada	CAD	3,634	$	2,684	6/10/20		100
Royal Bank of Canada	EUR	943	CHF	997	6/10/20		37

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

Foreign Currency Forward Exchange Contracts (cont'd):

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Royal Bank of Canada	$	1,048	CAD	1,432	6/10/20	$	(30	)
Royal Bank of Canada	$	1,079	CHF	997	6/10/20		(39	)
State Street Bank and Trust Co.	$	4,319	EUR	3,906	6/10/20		—	@
						$	2,699

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2020:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 2 yr. Note		387	Jun-20	$	77,400		$	85,288		$	270
U.S. Treasury 30 yr. Bond		7	Jun-20		700			1,254			41
U.S. Treasury 5 yr. Note		392	Jun-20		39,200			49,141			267
U.S. Treasury Ultra Long Bond		53	Jun-20		5,300			11,759			(23	)
Short:
German Euro Bund		23	Jun-20	EUR	(2,300	)		(4,376	)		72
U.S. Treasury 10 yr. Note		22	Jun-20	$	(2,200	)		(3,051	)		(28	)
U.S. Treasury 10 yr. Ultra Long Bond		65	Jun-20		(6,500	)		(10,142	)		(26	)
										$	573

Credit Default Swap Agreement:

The Fund had the following credit default swap agreement open at March 31, 2020:

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 Appreciation (000)
Morgan Stanley & Co. LLC* CDX.NA.HY.33				NR				Buy					5.00	%		Quarterly				12/20/24				$	9,359			$	578			$	(781	)		$	1,359

@ — 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.

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

EUR — Euro

GBP — British Pound

IDR — Indonesian Rupiah

JPY — Japanese Yen

MXN — Mexican Peso

PEN — Peruvian Nuevo Sol

PLN — Polish Zloty

RUB — Russian Ruble

USD — United States Dollar

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

Portfolio Composition**

Classification	Percentage of Total Investments
Agency Fixed Rate Mortgages		18.8	%
Industrials		15.5
Finance		13.7
Asset-Backed Securities		10.7
Other***		9.8
Short-Term Investments		9.3
U.S. Treasury Securities		7.9
Mortgages — Other		7.8
Sovereign		6.5
Total Investments		100.0	%****

** Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2020.

*** 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 $165,011,000 and net unrealized appreciation of approximately $573,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $2,699,000 and does not include open swap agreement with total unrealized appreciation of approximately $1,359,000.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Core Plus Fixed Income Portfolio

Statement of Assets and Liabilities	March 31, 2020 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $783,339)	$	757,021
Investment in Security of Affiliated Issuer, at Value (Cost $80,278)		80,278
Total Investments in Securities, at Value (Cost $863,617)		837,299
Foreign Currency, at Value (Cost $78)		90
Receivable for Investments Sold		12,779
Interest Receivable		4,254
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		3,728
Receivable for Fund Shares Sold		2,918
Receivable for Variation Margin on Futures Contracts		1,039
Receivable for Variation Margin on Swap Agreements		147
Receivable for Swap Agreements Termination		93
Receivable from Affiliate		55
Tax Reclaim Receivable		10
Receivable from Securities Lending Income		3
Dividends Receivable		2
Other Assets		165
Total Assets		862,582
Liabilities:
Payable for Investments Purchased		88,214
Collateral on Securities Loaned, at Value		4,885
Due to Broker		3,779
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		1,029
Payable for Fund Shares Redeemed		977
Payable for Advisory Fees		345
Bank Overdraft		85
Payable for Professional Fees		72
Payable for Administration Fees		54
Payable for Shareholder Services Fees — Class A		22
Payable for Distribution and Shareholder Services Fees — Class L		—	@
Payable for Distribution and Shareholder Services Fees — Class C		17
Deferred Capital Gain Country Tax		14
Payable for Sub Transfer Agency Fees — Class A		10
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Sub Transfer Agency Fees — Class C		—	@
Payable for Custodian Fees		7
Payable for Transfer Agency Fees — Class I		2
Payable for Transfer Agency Fees — Class A		1
Payable for Transfer Agency Fees — Class L		—	@
Payable for Transfer Agency Fees — Class C		1
Payable for Transfer Agency Fees — Class IS		—	@
Other Liabilities		39
Total Liabilities		99,553
Net Assets	$	763,029
Net Assets Consist Of:
Paid-in-Capital	$	768,478
Total Accumulated Loss		(5,449	)
Net Assets	$	763,029

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Core Plus Fixed Income Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2020 (000)
CLASS I:
Net Assets	$	555,321
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		49,776,895
Net Asset Value, Offering and Redemption Price Per Share	$	11.16
CLASS A:
Net Assets	$	96,077
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		8,599,622
Net Asset Value, Redemption Price Per Share	$	11.17
Maximum Sales Load		3.25	%
Maximum Sales Charge	$	0.38
Maximum Offering Price Per Share	$	11.55
CLASS L:
Net Assets	$	704
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		62,897
Net Asset Value, Offering and Redemption Price Per Share	$	11.19
CLASS C:
Net Assets	$	19,163
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,727,649
Net Asset Value, Offering and Redemption Price Per Share	$	11.09
CLASS IS:
Net Assets	$	91,764
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		8,230,085
Net Asset Value, Offering and Redemption Price Per Share	$	11.15
⁽¹⁾ Including: Securities on Loan, at Value:	$	8,607

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Core Plus Fixed Income Portfolio

Statement of Operations	Six Months Ended March 31, 2020 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $43 of Foreign Taxes Withheld)	$	10,979
Dividends from Security of Affiliated Issuer (Note G)		522
Income from Securities Loaned — Net		9
Total Investment Income		11,510
Expenses:
Advisory Fees (Note B)		1,349
Administration Fees (Note C)		288
Sub Transfer Agency Fees — Class I		206
Sub Transfer Agency Fees — Class A		63
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		4
Shareholder Services Fees — Class A (Note D)		125
Distribution and Shareholder Services Fees — Class L (Note D)		2
Distribution and Shareholder Services Fees — Class C (Note D)		90
Professional Fees		71
Registration Fees		54
Custodian Fees (Note F)		41
Pricing Fees		36
Shareholder Reporting Fees		19
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)		2
Transfer Agency Fees — Class IS (Note E)		1
Trustees' Fees and Expenses		9
Other Expenses		16
Total Expenses		2,383
Waiver of Advisory Fees (Note B)		(551	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(77	)
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)		(60	)
Net Expenses		1,693
Net Investment Income		9,817
Realized Gain (Loss):
Investments Sold (Net of $26 of Capital Gain Country Tax)		13,886
Foreign Currency Forward Exchange Contracts		467
Foreign Currency Translation		(138	)
Futures Contracts		1,975
Swap Agreements		12
Net Realized Gain		16,202
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Decrease in Deferred Capital Gain Country Tax of $103)		(46,008	)
Foreign Currency Forward Exchange Contracts		2,065
Foreign Currency Translation		(5	)
Futures Contracts		793
Swap Agreements		1,359
Net Change in Unrealized Appreciation (Depreciation)		(41,796	)
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		(25,594	)
Net Decrease in Net Assets Resulting from Operations	$	(15,777	)

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Core Plus Fixed Income Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2020 (unaudited) (000)			Year Ended September 30, 2019 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	9,817		$	13,332
Net Realized Gain		16,202			3,415
Net Change in Unrealized Appreciation (Depreciation)		(41,796	)		26,965
Net Increase (Decrease) in Net Assets Resulting from Operations		(15,777	)		43,712
Dividends and Distributions to Shareholders:
Class I		(10,741	)		(11,689	)
Class A		(1,855	)		(2,538	)
Class L		(13	)		(17	)
Class C		(282	)		(229	)
Class IS		(1,432	)		(—	@)
Total Dividends and Distributions to Shareholders		(14,323	)		(14,473	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		247,673			258,962
Distributions Reinvested		10,541			11,394
Redeemed		(138,316	)		(93,324	)
Class A:
Subscribed		32,820			57,507
Distributions Reinvested		1,855			2,538
Redeemed		(26,680	)		(39,054	)
Class L:
Exchanged		18			341
Distributions Reinvested		13			17
Redeemed		(20	)		(150	)
Class C:
Subscribed		7,378			9,758
Distributions Reinvested		277			225
Redeemed		(2,390	)		(2,836	)
Class IS:
Subscribed		97,952			—
Distributions Reinvested		1,238			—	@
Redeemed		(4,446	)		—
Net Increase in Net Assets Resulting from Capital Share Transactions		227,913			205,378
Total Increase in Net Assets		197,813			234,617
Net Assets:
Beginning of Period		565,216			330,599
End of Period	$	763,029		$	565,216

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Core Plus Fixed Income Portfolio

Statements of Changes in Net Assets (cont'd)	Six Months Ended March 31, 2020 (unaudited) (000)			Year Ended September 30, 2019 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		21,432			23,170
Shares Issued on Distributions Reinvested		912			1,028
Shares Redeemed		(12,074	)		(8,452	)
Net Increase in Class I Shares Outstanding		10,270			15,746
Class A:
Shares Subscribed		2,831			5,169
Shares Issued on Distributions Reinvested		160			229
Shares Redeemed		(2,339	)		(3,499	)
Net Increase in Class A Shares Outstanding		652			1,899
Class L:
Shares Exchanged		2			31
Shares Issued on Distributions Reinvested		1			2
Shares Redeemed		(2	)		(14	)
Net Increase in Class L Shares Outstanding		1			19
Class C:
Shares Subscribed		642			873
Shares Issued on Distributions Reinvested		24			20
Shares Redeemed		(213	)		(256	)
Net Increase in Class C Shares Outstanding		453			637
Class IS:
Shares Subscribed		8,506			—
Shares Issued on Distributions Reinvested		107			—	@@
Shares Redeemed		(384	)		—
Net Increase in Class IS Shares Outstanding		8,229			—	@@

@ Amount is less than $500.

@@ Amount is less than 500 shares.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Core Plus Fixed Income Portfolio

	Class I
	Six Months Ended March 31, 2020			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			2015
Net Asset Value, Beginning of Period	$	11.58		$	10.84		$	11.17		$	11.22		$	10.18		$	10.36
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.16			0.37			0.34			0.32			0.34			0.33
Net Realized and Unrealized Gain (Loss)		(0.34	)		0.78			(0.38	)		(0.02	)		1.11			(0.20	)
Total from Investment Operations		(0.18	)		1.15			(0.04	)		0.30			1.45			0.13
Distributions from and/or in Excess of:
Net Investment Income		(0.16	)		(0.41	)		(0.29	)		(0.35	)		(0.41	)		(0.31	)
Net Realized Gain		(0.08	)		—			—			—			—			—
Total Distributions		(0.24	)		(0.41	)		(0.29	)		(0.35	)		(0.41	)		(0.31	)
Net Asset Value, End of Period	$	11.16		$	11.58		$	10.84		$	11.17		$	11.22		$	10.18
Total Return⁽³⁾		(1.72	)%⁽¹⁰⁾		10.83	%⁽⁴⁾		(0.36	)%		2.79	%⁽⁵⁾		14.80	%⁽⁶⁾		1.15	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	555,321		$	457,610		$	257,605		$	265,958		$	193,976		$	197,057
Ratio of Expenses Before Expense Limitation		0.60	%⁽¹¹⁾		0.67	%		0.70	%		0.73	%		0.74	%		0.73	%
Ratio of Expenses After Expense Limitation		0.40	%^(7)(11)		0.41	%⁽⁷⁾		0.40	%⁽⁷⁾		0.40	%⁽⁷⁾		0.43	%⁽⁷⁾⁽⁸⁾		0.51	%⁽⁷⁾⁽⁹⁾
Ratio of Net Investment Income		2.80	%^(7)(11)		3.29	%⁽⁷⁾		3.09	%⁽⁷⁾		2.94	%⁽⁷⁾		3.31	%⁽⁷⁾⁽⁸⁾		3.24	%⁽⁷⁾⁽⁹⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽¹¹⁾		0.01	%		0.02	%		0.02	%		0.01	%		0.01	%
Portfolio Turnover Rate		147	%⁽¹⁰⁾		217	%		248	%		350	%		262	%		348	%

(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 0.20% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. This was 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 10.63%.

(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 I shares would have been approximately 2.33%.

(6) 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%.

(7) The Ratio of Expenses After Expense Limitation and Ratio of 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 0.42% for Class I shares. Prior to January 4, 2016, the maximum ratio was 0.52% for Class I shares.

(9) 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.

(10) Not annualized.

(11) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Core Plus Fixed Income Portfolio

	Class A
	Six Months Ended March 31, 2020			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			2015
Net Asset Value, Beginning of Period	$	11.60		$	10.85		$	11.18		$	11.23		$	10.19		$	10.37
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.14			0.33			0.30			0.28			0.30			0.30
Net Realized and Unrealized Gain (Loss)		(0.35	)		0.79			(0.38	)		(0.02	)		1.12			(0.21	)
Total from Investment Operations		(0.21	)		1.12			(0.08	)		0.26			1.42			0.09
Distributions from and/or in Excess of:
Net Investment Income		(0.14	)		(0.37	)		(0.25	)		(0.31	)		(0.38	)		(0.27	)
Net Realized Gain		(0.08	)		—			—			—			—			—
Total Distributions		(0.22	)		(0.37	)		(0.25	)		(0.31	)		(0.38	)		(0.27	)
Net Asset Value, End of Period	$	11.17		$	11.60		$	10.85		$	11.18		$	11.23		$	10.19
Total Return⁽³⁾		(1.88	)%⁽¹⁰⁾		10.49	%⁽⁴⁾		(0.70	)%		2.43	%⁽⁵⁾		14.31	%⁽⁶⁾		0.90	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	96,077		$	92,191		$	65,647		$	60,874		$	24,071		$	3,553
Ratio of Expenses Before Expense Limitation		0.90	%⁽¹¹⁾		0.97	%		1.00	%		1.02	%		1.15	%		1.07	%
Ratio of Expenses After Expense Limitation		0.73	%^(7)(11)		0.75	%⁽⁷⁾		0.75	%⁽⁷⁾		0.75	%⁽⁷⁾		0.76	%⁽⁷⁾⁽⁸⁾		0.86	%⁽⁷⁾⁽⁹⁾
Ratio of Net Investment Income		2.47	%^(7)(11)		2.96	%⁽⁷⁾		2.73	%⁽⁷⁾		2.58	%⁽⁷⁾		2.82	%⁽⁷⁾⁽⁸⁾		2.87	%⁽⁷⁾⁽⁹⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽¹¹⁾		0.01	%		0.02	%		0.02	%		0.02	%		0.01	%
Portfolio Turnover Rate		147	%⁽¹⁰⁾		217	%		248	%		350	%		262	%		348	%

(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.

(6) 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%.

(8) 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.

(9) 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.

(10) Not annualized.

(11) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Core Plus Fixed Income Portfolio

	Class L
	Six Months Ended March 31, 2020			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			2015
Net Asset Value, Beginning of Period	$	11.61		$	10.86		$	11.17		$	11.23		$	10.18		$	10.37
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.13			0.30			0.27			0.26			0.28			0.27
Net Realized and Unrealized Gain (Loss)		(0.34	)		0.78			(0.37	)		(0.03	)		1.12			(0.21	)
Total from Investment Operations		(0.21	)		1.08			(0.10	)		0.23			1.40			0.06
Distributions from and/or in Excess of:
Net Investment Income		(0.13	)		(0.33	)		(0.21	)		(0.29	)		(0.35	)		(0.25	)
Net Realized Gain		(0.08	)		—			—			—			—			—
Total Distributions		(0.21	)		(0.33	)		(0.21	)		(0.29	)		(0.35	)		(0.25	)
Net Asset Value, End of Period	$	11.19		$	11.61		$	10.86		$	11.17		$	11.23		$	10.18
Total Return⁽³⁾		(2.00	)%⁽¹⁰⁾		10.12	%⁽⁴⁾		(0.95	)%		2.16	%⁽⁵⁾		14.10	%⁽⁶⁾		0.59	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	704		$	720		$	464		$	1,138		$	841		$	333
Ratio of Expenses Before Expense Limitation		1.33	%⁽¹¹⁾		1.45	%		1.41	%		1.35	%		1.82	%		1.76	%
Ratio of Expenses After Expense Limitation		1.00	%^(7)(11)		1.01	%⁽⁷⁾		1.00	%⁽⁷⁾		1.00	%⁽⁷⁾		1.03	%⁽⁷⁾⁽⁸⁾		1.11	%⁽⁷⁾⁽⁹⁾
Ratio of Net Investment Income		2.21	%^(7)(11)		2.70	%⁽⁷⁾		2.46	%⁽⁷⁾		2.37	%⁽⁷⁾		2.65	%⁽⁷⁾⁽⁸⁾		2.65	%⁽⁷⁾⁽⁹⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽¹¹⁾		0.01	%		0.02	%		0.02	%		0.01	%		0.02	%
Portfolio Turnover Rate		147	%⁽¹⁰⁾		217	%		248	%		350	%		262	%		348	%

(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.

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

(9) 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.

(10) Not annualized.

(11) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Core Plus Fixed Income Portfolio

	Class C
	Six Months Ended March 31, 2020			Year Ended September 30,												Period from April 30, 2015⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			September 30, 2015
Net Asset Value, Beginning of Period	$	11.52		$	10.77		$	11.10		$	11.17		$	10.16		$	10.44
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.10			0.25			0.22			0.20			0.22			0.10
Net Realized and Unrealized Gain (Loss)		(0.35	)		0.78			(0.37	)		(0.03	)		1.12			(0.31	)
Total from Investment Operations		(0.25	)		1.03			(0.15	)		0.17			1.34			(0.21	)
Distributions from and/or in Excess of:
Net Investment Income		(0.10	)		(0.28	)		(0.18	)		(0.24	)		(0.33	)		(0.07	)
Net Realized Gain		(0.08	)		—			—			—			—			—
Total Distributions		(0.18	)		(0.28	)		(0.18	)		(0.24	)		(0.33	)		(0.07	)
Net Asset Value, End of Period	$	11.09		$	11.52		$	10.77		$	11.10		$	11.17		$	10.16
Total Return⁽⁴⁾		(2.20	)%⁽¹⁰⁾		9.70	%⁽⁵⁾		(1.39	)%		1.57	%⁽⁶⁾		13.52	%⁽⁷⁾		(2.02	)%⁽¹⁰⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	19,163		$	14,684		$	6,873		$	4,890		$	3,528		$	49
Ratio of Expenses Before Expense Limitation		1.59	%⁽¹¹⁾		1.68	%		1.73	%		1.74	%		2.00	%		14.06	%⁽¹¹⁾
Ratio of Expenses After Expense Limitation		1.42	%^(8)(11)		1.46	%⁽⁸⁾		1.50	%⁽⁸⁾		1.50	%⁽⁸⁾		1.51	%⁽⁸⁾⁽⁹⁾		1.61	%^(8)(11)
Ratio of Net Investment Income		1.78	%^(8)(11)		2.23	%⁽⁸⁾		2.01	%⁽⁸⁾		1.86	%⁽⁸⁾		2.04	%⁽⁸⁾⁽⁹⁾		2.23	%^(8)(11)
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽¹¹⁾		0.01	%		0.02	%		0.02	%		0.02	%		0.01	%⁽¹¹⁾
Portfolio Turnover Rate		147	%⁽¹⁰⁾		217	%		248	%		350	%		262	%		348	%⁽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) 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 0.20% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. This was 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 9.50%.

(6) 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%.

(7) 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%.

(8) The Ratio of Expenses After Expense Limitation and Ratio of 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) 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.

(10) Not annualized.

(11) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Core Plus Fixed Income Portfolio

	Class IS
Selected Per Share Data and Ratios	Six Months Ended March 31, 2020 (unaudited)			Year Ended September 30, 2019			Period from June 15, 2018⁽¹⁾ to September 30, 2018
Net Asset Value, Beginning of Period	$	11.58		$	10.84		$	10.85
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.16			0.37			0.10
Net Realized and Unrealized Gain (Loss)		(0.35	)		0.78			(0.04	)
Total from Investment Operations		(0.19	)		1.15			0.06
Distributions from and/or in Excess of:
Net Investment Income		(0.16	)		(0.41	)		(0.07	)
Net Realized Gain		(0.08	)		—			—
Total Distributions		(0.24	)		(0.41	)		(0.07	)
Net Asset Value, End of Period	$	11.15		$	11.58		$	10.84
Total Return⁽³⁾		(1.69	)%⁽⁶⁾		10.89	%⁽⁴⁾		0.56	%⁽⁶⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	91,764		$	11		$	10
Ratio of Expenses Before Expense Limitation		0.52	%⁽⁷⁾		18.96	%		18.71	%⁽⁷⁾
Ratio of Expenses After Expense Limitation		0.35	%⁽⁵⁾⁽⁷⁾		0.35	%⁽⁵⁾		0.35	%⁽⁵⁾⁽⁷⁾
Ratio of Net Investment Income		2.83	%⁽⁵⁾⁽⁷⁾		3.33	%⁽⁵⁾		3.17	%⁽⁵⁾⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽⁷⁾		0.01	%		0.02	%⁽⁷⁾
Portfolio Turnover Rate		147	%⁽⁶⁾		217	%		248	%⁽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) The Ratio of Expenses After Expense Limitation and Ratio of 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) Not annualized.

(7) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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 eleven 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. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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.

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, 2020:

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	$	—	$	77	$	—	$	77
Agency Fixed Rate Mortgages		—		156,264		—		156,264
Asset-Backed Securities		—		89,251		—		89,251
Collateralized Mortgage Obligations — Agency Collateral Series		—		1,790		—		1,790
Commercial Mortgage- Backed Securities		—		34,133		—		34,133
Corporate Bonds		—		261,367		—		261,367
Mortgages — Other		—		64,723		—		64,723
Municipal Bonds		—		4,179		—		4,179

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Fixed Income Securities (cont'd)
Sovereign	$	—		$	53,976		$	—	$	53,976
U.S. Treasury Securities		—			66,234			—		66,234
Variable Rate Senior Loan Interests		—			15,618			—		15,618
Total Fixed Income Securities		—			747,612			—		747,612
Investment Company		7,602			—			—		7,602
Short-Term Investments
Investment Company		80,278			—			—		80,278
U.S. Treasury Securities		—			1,807			—		1,807
Total Short-Term Investments		80,278			1,807			—		82,085
Foreign Currency Forward Exchange Contracts		—			3,728			—		3,728
Futures Contracts		650			—			—		650
Credit Default Swap Agreement		—			1,359			—		1,359
Total Assets		88,530			754,506			—		843,036
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(1,029	)		—		(1,029	)
Futures Contracts		(77	)		—			—		(77	)
Total Liabilities		(77	)		(1,029	)		—		(1,106	)
Total	$	88,453		$	753,477		$	—	$	841,930

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.

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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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 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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

clearing or guaranty function for OTC swaps. These OTC swaps are often subject to credit risk or the risk of default or non-performance by the counterparty. Both OTC and cleared swaps could result in losses if interest rates, foreign currency exchange rates or other factors are not correctly anticipated by the 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.

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.

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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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 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, 2020:

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

3,728

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

650

(a)

Swap Agreement

Variation Margin on
Swap Agreement

Credit Risk

1,359

(a)

Total

5,737

Liability Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Foreign Currency Forward
Exchange Contracts

Unrealized Depreciation on
Foreign Currency Forward
Exchange Contracts

Currency Risk

(1,029

)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(77

)(a)

Total

(1,106

)

(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, 2020 in accordance with ASC 815:

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	467
Interest Rate Risk	Futures Contracts		1,975
Credit Risk	Swap Agreements		12
	Total	$	2,454

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	2,065
Interest Rate Risk	Futures Contracts		793
Credit Risk	Swap Agreements		1,359
Total		$	4,217

At March 31, 2020, 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	$	3,728	$	(1,029	)

(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 table presents derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2020:

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	$	753		$	(206	)	$	(547	)	$	0
Barclays Bank PLC		299			(299	)		—			0
BNP Paribas SA		375			(18	)		(310	)		47
Citibank NA		799			(118	)		(681	)		0
Goldman Sachs International		1,029			—			(970	)		59
JPMorgan Chase Bank NA		336			(266	)		—			70
Royal Bank of Canada		137			(69	)		(68	)		0
State Street Bank and Trust Co.		—	@		—			—			—	@
Total	$	3,728		$	(976	)	$	(2,576	)	$	176

(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	$	206	$	(206	)	$	—	$	0
Barclays Bank PLC		352		(299	)		—		53
BNP Paribas SA		18		(18	)		—		0
Citibank NA		118		(118	)		—		0
JPMorgan Chase Bank NA		266		(266	)		—		0
Royal Bank of Canada		69		(69	)		—		0
Total	$	1,029	$	(976	)	$	—	$	53

@ Amount is less than $500.

For the six months ended March 31, 2020, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	104,205,000
Futures Contracts:
Average monthly notional value	$	404,893,000
Swap Agreements:
Average monthly notional amount	$	7,760,000

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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 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, 2020:

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)
$	8,607	(e)	$	—	$	(8,607	)(f)(g)	$	0

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

(f) The Fund received cash collateral of approximately $4,885,000, 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 $3,930,000 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, 2020:

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	$	4,885	$	—	$	—	$	—	$	4,885
Total Borrowings	$	4,885	$	—	$	—	$	—	$	4,885
Gross amount of recognized liabilities for securities lending transactions									$	4,885

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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 monthly. 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.

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, 2020, the advisory fee rate (net of waivers/rebate) was equivalent to an annual effective rate of 0.21% of the Fund's average daily net assets.

for Class IS 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. For the six months ended March 31, 2020, approximately $551,000 of advisory fees were waived and approximately $79,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

D. Distribution and Shareholder Services Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser, and an indirect subsidiary of Morgan Stanley, serves as the 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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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, 2020, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $402,032,000 and $193,978,000, respectively. For the six months ended March 31, 2020, purchases and sales of long-term U.S. Government securities were approximately $867,749,000 and $832,582,000, 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, 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, 2020, advisory fees paid were reduced by approximately $60,000 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, 2020 is as follows:

Affiliated Investment Company				Value September 30, 2019 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	57,949			$	339,715			$	317,386			$	522

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value March 31, 2020 (000)
Liquidity Funds				$	—			$	—			$	80,278

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, 2020, 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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended September 30, 2019 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 2019 and 2018 was as follows:

2019 Distributions Paid From: Ordinary Income (000)				2018 Distributions Paid From: Ordinary Income (000)
$	14,473			$	8,456

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.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2019.

At September 30, 2019, the components of distributable earn ings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	6,332			$	1,053

During the year ended September 30, 2019, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $2,518,000.

I. Credit Facility: The Trust and other Morgan Stanley funds participated in a $300,000,000 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, 2020, the Fund did not have any borrowings under the Facility.

J. Other: At March 31, 2020, 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 47.3%.

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 ("ASU 2017-08") which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. ASU 2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be accreted to maturity. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption resulted in a change in accounting principle, since the Fund had historically amortized such premiums to maturity for U.S. GAAP. Accordingly, the Fund has adopted ASU 2017-08 to amend the premium amortization period for certain purchased callable debt securities with non-contingent call features to the earliest call date. It is impracticable to evaluate the effect on individual prior periods, therefore the Fund applied the amendments on a modified retrospective basis by recognizing a cumulative effect adjustment that decreased the beginning of period cost of investments and increased the unrealized appreciation on investments by approximately $5,000.

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total accumulated earnings (loss) or the net asset value of the Fund. With respect to the Fund's results of operations, amortization of premium to first call date accelerates amortization with the intent of more closely aligning the recognition of income on such bonds with the economics of the instrument.

L. Subsequent Event: Certain impacts to public health conditions particular to the coronavirus (COVID-19) outbreak could impact the operations and financial performance of certain of the Fund's investments. The extent of the impact to the financial performance of the Fund's Investments will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted. If the financial performance of the Fund's Investments is impacted because of these factors for an extended period, the Fund's investment results may be adversely affected.

Privacy Notice (unaudited) April 2019

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) April 2019

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 non-financial 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.
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. n MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between non-affiliated 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, 2020

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, Vice Chair of the Board

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
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its Semi-Annual and the Annual Reports within 60 days of the end of the fund's second and fourth fiscal quarters. The Semi-Annual and Annual Reports are filed electronically with the Securities and Exchange Commission ("SEC") on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the Semi-Annual and Annual Reports to fund shareholders and makes these reports available on its public website, www.morganstanley.com/im/shareholderreports. Each Morgan Stanley non-money market 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. However, the holdings for each money market fund are posted to the Morgan Stanley public website. You may 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
3055686 EXP 05.31.21

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Semi-Annual Report

March 31, 2020

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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					16
Notes to Financial Statements					20
Privacy Notice					31
Trustee and Officer Information					33

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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 2020

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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, 2020 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/19		Actual Ending Account Value 3/31/20		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	$	965.60	$	1,021.50	$	3.44	$	3.54		0.70	%
Corporate Bond Portfolio Class A		1,000.00		965.30		1,020.25		4.67		4.80		0.95
Corporate Bond Portfolio Class L		1,000.00		962.50		1,018.30		6.57		6.76		1.34
Corporate Bond Portfolio Class C		1,000.00		961.10		1,016.00		8.82		9.07		1.80

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (96.7%)
Corporate Bonds (96.7%)
Communications (0.2%)
Vodafone Group PLC 5.13%, 6/19/59	$	250	$	287
Energy (1.0%)
BP Capital Markets America, Inc.
3.12%, 5/4/26		775		782
Magellan Midstream Partners LP
3.95%, 3/1/50		125		108
Midwest Connector Capital Co. LLC
3.63%, 4/1/22 (a)		375		360
				1,250
Finance (34.5%)
Aflac, Inc.
3.60%, 4/1/30		700		710
Air Lease Corp.,
2.50%, 3/1/21		650		598
3.75%, 6/1/26		600		519
American Express Co.
4.20%, 11/6/25		550		603
American International Group, Inc.,
4.25%, 3/15/29		300		308
4.50%, 7/16/44		275		280
Aon Corp.
2.20%, 11/15/22		300		299
Avolon Holdings Funding Ltd.
2.88%, 2/15/25 (a)		550		428
Banco de Credito del Peru
2.70%, 1/11/25 (a)		325		299
Banco Santander Chile
2.70%, 1/10/25 (a)		425		410
Bank of America Corp.,
2.88%, 10/22/30		425		426
3.19%, 7/23/30		125		128
4.24%, 4/24/38		800		923
4.25%, 10/22/26		475		506
7.75%, 5/14/38		550		815
BBVA USA,
2.50%, 8/27/24		325		317
3.50%, 6/11/21		975		970
Berkshire Hathaway Finance Corp.
1.85%, 3/12/30		475		463
BNP Paribas SA,
3.05%, 1/13/31 (a)		325		305
4.40%, 8/14/28 (a)		850		908
BPCE SA
5.15%, 7/21/24 (a)		1,025		1,082
Brighthouse Financial, Inc.
4.70%, 6/22/47		95		75
Brookfield Finance LLC
3.45%, 4/15/50		250		201

	Face Amount (000)		Value (000)
Brookfield Finance, Inc.,
3.90%, 1/25/28	$	325	$	334
4.00%, 4/1/24		300		299
4.85%, 3/29/29		150		160
Brown & Brown, Inc.
4.20%, 9/15/24		325		343
Capital One Financial Corp.,
3.30%, 10/30/24		1,625		1,592
3.75%, 3/9/27		125		120
CIT Bank NA
2.97%, 9/27/25		275		233
Citigroup, Inc.,
2.98%, 11/5/30		1,400		1,370
4.41%, 3/31/31		125		138
4.45%, 9/29/27		1,025		1,073
CNO Financial Group, Inc.
5.25%, 5/30/29		260		254
Commerzbank AG
8.13%, 9/19/23 (a)		550		576
Credit Agricole SA
4.13%, 1/10/27 (a)		250		255
Credit Suisse Group AG
2.59%, 9/11/25 (a)		675		642
Credit Suisse Group Funding Guernsey Ltd.
3.45%, 4/16/21		650		654
CyrusOne LP/CyrusOne Finance Corp.
2.90%, 11/15/24		375		360
Danske Bank A/S,
3.00%, 9/20/22 (a)		425		423
5.00%, 1/12/22 (a)		200		206
Deutsche Bank AG,
3.15%, 1/22/21		625		611
3.70%, 5/30/24		100		95
Discover Bank
7.00%, 4/15/20		320		320
Discover Financial Services
3.95%, 11/6/24		625		636
ERP Operating LP
4.63%, 12/15/21		600		614
Federal Realty Investment Trust
3.63%, 8/1/46		225		198
GE Capital International Funding Co., Unlimited Co.
4.42%, 11/15/35		486		521
General Electric Co.,
MTN
5.88%, 1/14/38		400		462
GLP Capital LP/GLP Financing II, Inc.
4.00%, 1/15/30		350		297
Goldman Sachs Group, Inc. (The),
3.69%, 6/5/28		250		257
MTN
4.80%, 7/8/44		575		647
6.75%, 10/1/37		950		1,261

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Great-West Lifeco Finance LP
4.58%, 5/17/48 (a)	$	225	$	225
Grupo Aval Ltd.
4.38%, 2/4/30 (a)		200		161
Guardian Life Insurance Co. of America (The)
4.85%, 1/24/77 (a)		275		314
Hartford Financial Services Group, Inc. (The)
2.80%, 8/19/29 (b)		775		758
High Street Funding Trust I
4.11%, 2/15/28 (a)		850		847
HSBC Holdings PLC,
2.63%, 11/7/25		625		607
4.38%, 11/23/26		625		660
ING Groep N.V.
4.63%, 1/6/26 (a)		350		370
Itau Unibanco Holding SA
2.90%, 1/24/23 (a)		575		548
JPMorgan Chase & Co.,
3.70%, 5/6/30		2,450		2,633
4.01%, 4/23/29		200		215
4.49%, 3/24/31		250		289
JPMorgan Chase Bank NA
0.00%, 8/7/22		200		216
Kilroy Realty LP
3.05%, 2/15/30		400		367
Kimco Realty Corp.
3.70%, 10/1/49		275		225
LeasePlan Corp.
2.88%, 10/24/24 (a)		675		662
Lloyds Banking Group PLC
3.57%, 11/7/28		425		423
Marsh & McLennan Cos., Inc.
3.88%, 3/15/24		500		518
MassMutual Global Funding II
3.40%, 3/8/26 (a)		300		319
MDC GMTN BV
4.50%, 11/7/28 (a)		200		211
MetLife, Inc.,
4.55%, 3/23/30		275		304
5.88%, 2/6/41		350		447
Nationwide Building Society
4.36%, 8/1/24 (a)		500		503
Pine Street Trust I
4.57%, 2/15/29 (a)		375		357
PNC Financial Services Group, Inc. (The)
2.20%, 11/1/24		675		693
Royal Bank of Scotland Group PLC
3.88%, 9/12/23		1,075		1,105
Santander UK Group Holdings PLC
4.80%, 11/15/24		575		603
Santander UK PLC
5.00%, 11/7/23 (a)		369		372

	Face Amount (000)		Value (000)
Service Properties Trust
4.35%, 10/1/24	$	575	$	423
Shinhan Bank Co., Ltd.
4.00%, 4/23/29 (a)		325		328
Societe Generale SA
2.63%, 1/22/25 (a)		625		603
Synchrony Financial
4.25%, 8/15/24		175		169
Syngenta Finance N.V.
4.89%, 4/24/25 (a)		300		295
TD Ameritrade Holding Corp.
3.30%, 4/1/27		325		330
Wells Fargo & Co.,
2.41%, 10/30/25		225		222
2.57%, 2/11/31		350		336
2.88%, 10/30/30		400		397
				44,579
Industrials (52.7%)
AbbVie, Inc.,
3.20%, 11/21/29 (a)		375		379
4.25%, 11/21/49 (a)		550		592
Adobe, Inc.
2.30%, 2/1/30		525		528
Airbus SE
0.00%, 6/14/21	EUR	300		323
Akamai Technologies, Inc.
0.38%, 9/1/27 (a)	$	344		343
Aker BP ASA,
3.75%, 1/15/30 (a)		500		376
4.75%, 6/15/24 (a)		575		484
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
3.50%, 2/15/23 (a)		125		124
Altria Group, Inc.
5.80%, 2/14/39		200		220
Amazon.com, Inc.
4.25%, 8/22/57		425		581
American Airlines Pass-Through Trust,
Series AA
3.15%, 8/15/33		689		630
3.20%, 12/15/29		214		233
4.00%, 1/15/27		352		354
Amgen, Inc.,
3.38%, 2/21/50		300		317
4.66%, 6/15/51		200		253
Anheuser-Busch Cos. LLC / Anheuser- Busch InBev Worldwide, Inc.
3.65%, 2/1/26		425		447
Anheuser-Busch InBev Worldwide, Inc.
5.55%, 1/23/49		950		1,121
Anthem, Inc.,
2.38%, 1/15/25		275		273
3.65%, 12/1/27		450		465

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Apple, Inc.
2.95%, 9/11/49	$	775	$	829
APT Pipelines Ltd.
4.20%, 3/23/25 (a)		300		323
AT&T, Inc.,
4.25%, 3/1/27		600		639
4.50%, 3/9/48		575		626
4.90%, 8/15/37		375		419
Aviation Capital Group LLC
4.38%, 1/30/24 (a)		475		430
BAT Capital Corp.,
3.22%, 8/15/24		575		554
3.56%, 8/15/27		675		637
Bayer US Finance II LLC
4.38%, 12/15/28 (a)		350		375
Boeing Co. (The),
3.25%, 2/1/35		150		130
3.95%, 8/1/59		375		338
Booking Holdings, Inc.
0.90%, 9/15/21		225		225
Braskem Netherlands Finance BV
4.50%, 1/31/30 (a)		340		266
Bristol-Myers Squibb Co.
3.40%, 7/26/29 (a)		300		332
Burlington Northern Santa Fe LLC,
4.40%, 3/15/42		75		86
4.55%, 9/1/44		610		732
Cameron LNG LLC
2.90%, 7/15/31 (a)		275		242
Canadian Natural Resources Ltd.
2.95%, 1/15/23		650		565
Caterpillar Financial Services Corp.
3.65%, 12/7/23		525		558
Caterpillar, Inc.
3.25%, 9/19/49		225		217
Celulosa Arauco y Constitucion SA
4.20%, 1/29/30 (a)		200		173
Centene Corp.
5.25%, 4/1/25 (a)		50		51
Charter Communications Operating LLC/Charter Communications Operating Capital
5.75%, 4/1/48		275		313
Cigna Corp.,
3.40%, 3/1/27 (a)		600		609
3.88%, 10/15/47 (a)		125		126
4.80%, 7/15/46 (a)		125		149
Cimarex Energy Co.,
3.90%, 5/15/27		475		319
4.38%, 3/15/29		250		168
Coca-Cola Femsa SAB de CV
2.75%, 1/22/30		600		590

	Face Amount (000)		Value (000)
Comcast Corp.,
3.75%, 4/1/40	$	175	$	198
4.05%, 11/1/52		725		867
Concho Resources, Inc.
4.85%, 8/15/48		250		189
Crown Castle International Corp.
4.15%, 7/1/50		200		198
CVS Health Corp.,
4.25%, 4/1/50		150		156
4.30%, 3/25/28		1,325		1,420
5.05%, 3/25/48		50		57
5.13%, 7/20/45		75		87
Daimler Finance North America LLC
2.70%, 6/14/24 (a)		325		314
Dell International LLC/EMC Corp.
4.90%, 10/1/26 (a)		750		740
Delta Air Lines, Inc.,
Series AA
3.20%, 10/25/25		450		440
3.63%, 3/15/22		475		439
4.38%, 4/19/28		50		40
Diageo Capital PLC
2.13%, 10/24/24		1,050		1,026
Diamond Sports Group LLC/Diamond Sports Finance Co.
6.63%, 8/15/27 (a)(b)		200		135
Diamondback Energy, Inc.
3.25%, 12/1/26		700		496
DP World PLC
5.63%, 9/25/48 (a)		300		254
DuPont de Nemours, Inc.
5.42%, 11/15/48		300		331
Embraer Netherlands Finance BV
5.40%, 2/1/27		330		294
Enbridge, Inc.
4.00%, 11/15/49		75		68
Energy Transfer Operating LP
3.75%, 5/15/30		250		194
Enterprise Products Operating LLC,
3.95%, 1/31/60		125		106
4.20%, 1/31/50		225		217
4.80%, 2/1/49		250		251
Expedia Group, Inc.
3.25%, 2/15/30		275		232
Exxon Mobil Corp.
3.10%, 8/16/49 (b)		200		204
Fiserv, Inc.
4.20%, 10/1/28		275		298
Ford Motor Credit Co., LLC
4.39%, 1/8/26		725		638
Fortune Brands Home & Security, Inc.
4.00%, 9/21/23		475		489

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Fox Corp.
5.58%, 1/25/49	$	425	$	510
General Dynamics Corp.
3.63%, 4/1/30		925		1,030
General Mills, Inc.
2.88%, 4/15/30		525		524
General Motors Co.,
6.60%, 4/1/36		325		284
6.75%, 4/1/46		150		120
General Motors Financial Co., Inc.,
3.85%, 1/5/28		75		60
4.35%, 1/17/27		175		140
Glencore Funding LLC,
4.13%, 3/12/24 (a)		325		299
4.88%, 3/12/29 (a)		250		241
Grifols SA
2.25%, 11/15/27 (a)	EUR	200		213
Halliburton Co.
2.92%, 3/1/30	$	750		583
HCA, Inc.,
5.25%, 6/15/49		50		54
5.50%, 6/15/47		300		328
Hilcorp Energy I LP/Hilcorp Finance Co.
6.25%, 11/1/28 (a)		120		54
Home Depot, Inc. (The),
2.95%, 6/15/29		300		312
3.13%, 12/15/49		100		100
3.30%, 4/15/40		175		180
Hyundai Capital America
2.38%, 2/10/23 (a)		125		118
Imperial Brands Finance PLC
3.13%, 7/26/24 (a)		800		755
Intel Corp.,
3.30%, 10/1/21		1,125		1,175
4.75%, 3/25/50		300		406
International Business Machines Corp.,
3.30%, 5/15/26		1,275		1,366
4.15%, 5/15/39		350		394
JetBlue Pass Through Trust,
Series AA
2.75%, 11/15/33		500		444
John Deere Capital Corp.
2.45%, 1/9/30		775		785
Kinder Morgan, Inc.
5.20%, 3/1/48		175		174
Las Vegas Sands Corp.,
3.20%, 8/8/24		1,675		1,515
3.50%, 8/18/26		150		138
Level 3 Financing, Inc.,
3.40%, 3/1/27 (a)		625		598
3.88%, 11/15/29 (a)		425		401

	Face Amount (000)		Value (000)
Lowe's Cos., Inc.,
2.50%, 4/15/26	$	575	$	572
3.65%, 4/5/29		265		273
Marathon Petroleum Corp.
4.75%, 12/15/23		1,125		1,067
Marriott International, Inc.
2.13%, 10/3/22		410		369
Mars, Inc.
3.20%, 4/1/30 (a)		300		314
McDonald's Corp.
1.45%, 9/1/25		375		358
Microsoft Corp.,
2.40%, 8/8/26		675		718
4.45%, 11/3/45		450		594
Mondelez International Holdings Netherlands BV
2.25%, 9/19/24 (a)(b)		500		495
MPLX LP
5.20%, 12/1/47 (a)		100		84
Newcastle Coal Infrastructure Group Pty Ltd.
4.40%, 9/29/27 (a)		1,125		1,051
Newmont Corp.
5.45%, 6/9/44		225		288
NIKE, Inc.
3.38%, 3/27/50		300		328
Noble Energy, Inc.
4.95%, 8/15/47		150		88
NOVA Chemicals Corp.
4.88%, 6/1/24 (a)		300		265
Nuance Communications, Inc.
1.00%, 12/15/35		251		240
Nvent Finance Sarl
3.95%, 4/15/23		1,075		1,119
NVIDIA Corp.
3.50%, 4/1/50		300		327
Occidental Petroleum Corp.,
3.50%, 8/15/29 (b)		250		118
4.40%, 4/15/46		200		85
Omnicom Group, Inc.,
2.45%, 4/30/30		450		411
4.20%, 6/1/30 (c)		250		258
Oracle Corp.,
3.80%, 11/15/37		150		155
3.85%, 4/1/60		200		202
4.00%, 11/15/47		475		523
Patterson-UTI Energy, Inc.
3.95%, 2/1/28		450		177
POSCO
4.00%, 8/1/23 (a)		225		236
Prosus NV
3.68%, 1/21/30 (a)		200		181
Q-Park Holding I BV
1.50%, 3/1/25 (a)	EUR	150		141

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Resorts World Las Vegas LLC/RWLV Capital, Inc.
4.63%, 4/16/29 (a)	$	500	$	443
Rockies Express Pipeline LLC,
3.60%, 5/15/25 (a)		75		52
6.88%, 4/15/40 (a)		525		317
Saudi Arabian Oil Co.
3.50%, 4/16/29 (a)		500		495
Shell International Finance BV
3.13%, 11/7/49		300		296
Sherwin-Williams Co. (The),
2.30%, 5/15/30		425		398
2.95%, 8/15/29		175		173
Sigma Finance Netherlands BV
4.88%, 3/27/28 (a)		200		193
Silgan Holdings, Inc.
2.25%, 6/1/28 (a)	EUR	200		197
Smithfield Foods, Inc.
5.20%, 4/1/29 (a)	$	775		781
Sprint Spectrum Co., LLC/Sprint Spectrum Co., II LLC/Sprint Spectrum Co., III LLC
4.74%, 9/20/29 (a)		400		412
5.15%, 9/20/29 (a)		550		590
Standard Industries, Inc.
2.25%, 11/21/26 (a)	EUR	100		90
Starbucks Corp.
4.45%, 8/15/49	$	350		403
Sunoco Logistics Partners Operations LP
3.90%, 7/15/26		275		231
Tencent Holdings Ltd.
3.60%, 1/19/28 (a)		675		718
Teva Pharmaceutical Finance Netherlands III BV
2.20%, 7/21/21		65		62
Thermo Fisher Scientific, Inc.
4.50%, 3/25/30		425		479
TJX Cos., Inc.
4.50%, 4/15/50		200		215
Transportadora de Gas Internacional SA ESP
5.55%, 11/1/28 (a)		200		194
TWDC Enterprises 18 Corp.,
Series B
7.00%, 3/1/32		200		284
Twitter, Inc.
1.00%, 9/15/21		280		265
United Airlines Pass-Through Trust,
Class A
4.30%, 2/15/27		509		511
United Technologies Corp.
4.50%, 6/1/42		450		522

	Face Amount (000)		Value (000)
Verint Systems, Inc.
1.50%, 6/1/21	$	225	$	218
Verizon Communications, Inc.,
3.15%, 3/22/30		275		297
3.88%, 2/8/29		650		720
4.67%, 3/15/55		50		64
5.01%, 4/15/49		775		1,046
ViacomCBS, Inc.
6.88%, 4/30/36		475		537
Visa, Inc.
2.70%, 4/15/40		350		347
Volkswagen Group of America Finance LLC
4.75%, 11/13/28 (a)		375		384
Walmart, Inc.
3.70%, 6/26/28		625		703
Walt Disney Co. (The),
4.95%, 10/15/45		125		162
6.40%, 12/15/35		283		398
Western Midstream Operating LP
3.10%, 2/1/25		425		217
Williams Cos., Inc. (The),
4.85%, 3/1/48		350		328
5.10%, 9/15/45		225		212
Zillow Group, Inc.
2.00%, 12/1/21		325		328
				68,062
Utilities (8.3%)
Appalachian Power Co.
7.00%, 4/1/38		325		442
Avangrid, Inc.
3.80%, 6/1/29		875		897
Boston Gas Co.,
3.00%, 8/1/29 (a)		525		508
4.49%, 2/15/42 (a)		125		130
Cleveland Electric Illuminating Co. (The)
4.55%, 11/15/30 (a)		250		267
Consolidated Edison, Inc.
2.00%, 5/15/21		650		642
Consorcio Transmantaro SA
4.70%, 4/16/34 (a)		200		189
Consumers Energy Co.
3.50%, 8/1/51		275		299
DTE Electric Co.
3.95%, 3/1/49		450		489
Duke Energy Indiana LLC,
Series YYY
3.25%, 10/1/49		250		250
Duke Energy Progress LLC
3.45%, 3/15/29		550		583
Enel Finance International N.V.
6.00%, 10/7/39 (a)		200		216

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

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	$	486
Entergy Louisiana LLC
3.05%, 6/1/31		75		75
FirstEnergy Corp.,
Series C
3.40%, 3/1/50		175		168
Georgia Power Co.,
Series B
3.70%, 1/30/50		625		656
Interstate Power & Light Co.
3.50%, 9/30/49		175		161
Mississippi Power Co.
3.95%, 3/30/28		575		592
NextEra Energy Capital Holdings, Inc.
2.75%, 11/1/29		450		437
NiSource, Inc.
2.95%, 9/1/29		400		382
Northern States Power Co.
2.90%, 3/1/50		275		263
NSTAR Electric Co.
3.25%, 5/15/29		275		284
Oglethorpe Power Corp.
5.05%, 10/1/48		325		314
ONEOK, Inc.
3.10%, 3/15/30		575		434
Public Service Co. of Colorado,
Series 34
3.20%, 3/1/50		275		279
Southern California Edison Co.
4.00%, 4/1/47		250		262
Virginia Electric & Power Co.
3.30%, 12/1/49		775		785
Xcel Energy, Inc.
2.60%, 12/1/29		275		261
				10,751
Total Fixed Income Securities (Cost $127,433)				124,929

	Shares		Value (000
Short-Term Investments (4.2%)
Securities held as Collateral on Loaned Securities (0.6%)
Investment Company (0.6%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $771)		770,750	$	771
Investment Company (1.2%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $1,571)		1,570,749		1,571
	Face Amount (000)
U.S. Treasury Security (1.4%)
U.S. Treasury Bill
1.53%, 7/30/20 (b)(d)(e) (Cost $1,856)	$	1,865		1,864
Corporate Bonds (1.0%)
General Motors Financial Co., Inc.
2.65%, 4/13/20		725		725
Hewlett Packard Enterprise Co.
3.60%, 10/15/20		550		551
Total Corporate Bonds (Cost $1,279)				1,276
Total Short-Term Investments (Cost $5,477)				5,482
Total Investments (100.9%) (Cost $132,910) Including $2,065 of Securities Loaned (f)(g)				130,411
Liabilities in Excess of Other Assets (–0.9%)				(1,212	)
Net Assets (100.0%)			$	129,199

(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, 2020.

(d) Rate shown is the yield to maturity at March 31, 2020.

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

(f) Securities are available for collateral in connection with purchase of a when-issued security, open foreign currency forward exchange contracts, open futures contracts and swap agreements.

(g) At March 31, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $4,886,000 and the aggregate gross unrealized depreciation is approximately $7,642,000, resulting in net unrealized depreciation of approximately $2,756,000.

MTN Medium Term Note.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

Foreign Currency Forward Exchange Contract:

The Fund had the following foreign currency forward exchange contracts open at March 31, 2020:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Bank of America NA	EUR	961	$	1,098	6/10/20	$	35
BNP Paribas SA	EUR	4	$	5	6/10/20		(—	@)
JPMorgan Chase Bank NA	$	14	EUR	12	6/10/20		—	@
JPMorgan Chase Bank NA	EUR	3	$	4	6/10/20		(—	@)
UBS AG	EUR	4	$	5	6/10/20		(—	@)
						$	35

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2020:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 2 yr. Note		62	Jun-20	$	12,400		$	13,664		$	183
U.S. Treasury 30 yr. Bond		41	Jun-20		4,100			7,342			522
U.S. Treasury Ultra Long Bond		6	Jun-20		600			1,331			(7	)
U.S. Treasury 10 yr. Note		1	Jun-20		100			139			1
Short:
German Euro BOBL		1	Jun-20	EUR	(100	)		(149	)		1
German Euro Bund		2	Jun-20		(200	)		(381	)		6
U.S. Treasury 5 yr. Note		6	Jun-20	$	(600	)		(752	)		(2	)
U.S. Treasury 10 yr. Ultra Long Bond		50	Jun-20		(5,000	)		(7,802	)		(200	)
										$	504

Credit Default Swap Agreement:

The Fund had the following credit default swap agreement open at March 31, 2020:

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 Appreciation (000)
Morgan Stanley & Co. LLC* CDX.NA.HY.33				NR				Buy					5.00	%		Quarterly				12/20/24				$	1,361			$	83			$	(129	)		$	212

Interest Rate Swap Agreement:

The Fund had the following interest rate swap agreement open at March 31, 2020:

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 Depreciation (000)
Morgan Stanley & 3 Month USD Semi-Annual/ Co. LLC*				LIBOR				Receive					2.39	%		Quarterly				3/27/29				$	6,710			$	(1,008	)		$	—			$	(1,008	)

@ Value is less than $500.

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

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

LIBOR London Interbank Offered Rate.

NR Not rated.

EUR Euro

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, 2020 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

Portfolio Composition**

Classification	Percentage of Total Investments
Industrials		52.5	%
Finance		34.4
Utilities		8.3
Short-Term Investments		3.6
Other***		1.2
Total Investments		100.0	%****

** Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2020.

*** 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 $31,560,000 and net unrealized appreciation of approximately $504,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $35,000. Also does not include open swap agreements with net unrealized depreciation of approximately $796,000.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Corporate Bond Portfolio

Statement of Assets and Liabilities	March 31, 2020 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $130,568)	$	128,069
Investment in Security of Affiliated Issuer, at Value (Cost $2,342)		2,342
Total Investments in Securities, at Value (Cost $132,910)		130,411
Foreign Currency, at Value (Cost $4)		4
Receivable for Investments Sold		4,609
Interest Receivable		1,207
Receivable for Variation Margin on Swap Agreement		58
Receivable for Fund Shares Sold		37
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		35
Receivable for Swap Agreements Termination		13
Receivable from Affiliate		2
Receivable from Securities Lending Income		1
Other Assets		67
Total Assets		136,444
Liabilities:
Payable for Investments Purchased		6,054
Collateral on Securities Loaned, at Value		771
Payable for Fund Shares Redeemed		80
Payable for Advisory Fees		74
Payable for Variation Margin on Futures Contracts		67
Payable for Professional Fees		51
Payable for Trustees' Fees and Expenses		43
Payable for Transfer Agency Fees — Class I		31
Payable for Transfer Agency Fees — Class A		1
Payable for Transfer Agency Fees — Class L		—	@
Payable for Transfer Agency Fees — Class C		—	@
Bank Overdraft		13
Payable for Administration Fees		9
Deferred Capital Gain Country Tax		8
Payable for Sub Transfer Agency Fees — Class I		6
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 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		2
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		—	@
Payable for Custodian Fees		2
Other Liabilities		30
Total Liabilities		7,245
Net Assets	$	129,199
Net Assets Consist of:
Paid-in-Capital	$	128,548
Total Distributable Earnings		651
Net Assets	$	129,199

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Corporate Bond Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2020 (000)
CLASS I:
Net Assets	$	118,574
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		9,732,988
Net Asset Value, Offering and Redemption Price Per Share	$	12.18
CLASS A:
Net Assets	$	7,210
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		591,154
Net Asset Value, Redemption Price Per Share	$	12.20
Maximum Sales Load		3.25	%
Maximum Sales Charge	$	0.41
Maximum Offering Price Per Share	$	12.61
CLASS L:
Net Assets	$	1,578
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		129,452
Net Asset Value, Offering and Redemption Price Per Share	$	12.19
CLASS C:
Net Assets	$	1,837
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		151,674
Net Asset Value, Offering and Redemption Price Per Share	$	12.11
⁽¹⁾ Including: Securities on Loan, at Value:	$	2,065

@ 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, 2020 (unaudited)

Corporate Bond Portfolio

Statement of Operations	Six Months Ended March 31, 2020 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $—@ of Foreign Taxes Withheld)	$	2,324
Dividends from Security of Affiliated Issuer (Note G)		22
Income from Securities Loaned — Net		4
Total Investment Income		2,350
Expenses:
Advisory Fees (Note B)		256
Professional Fees		71
Transfer Agency Fees — Class I (Note E)		61
Transfer Agency Fees — Class A (Note E)		1
Transfer Agency Fees — Class L (Note E)		1
Transfer Agency Fees — Class C (Note E)		1
Administration Fees (Note C)		55
Sub Transfer Agency Fees — Class I		41
Sub Transfer Agency Fees — Class A		3
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		2
Shareholder Services Fees — Class A (Note D)		9
Distribution and Shareholder Services Fees — Class L (Note D)		4
Distribution and Shareholder Services Fees — Class C (Note D)		11
Registration Fees		22
Shareholder Reporting Fees		17
Custodian Fees (Note F)		14
Pricing Fees		13
Trustees' Fees and Expenses		4
Other Expenses		10
Total Expenses		596
Reimbursement of Class Specific Expenses — Class I (Note B)		(85	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(1	)
Waiver of Shareholder Servicing Fees — Class A (Note D)		(4	)
Rebate from Morgan Stanley Affiliate (Note G)		(2	)
Net Expenses		504
Net Investment Income		1,846
Realized Gain (Loss):
Investments Sold (Net of $5 of Capital Gain Country Tax)		4,310
Foreign Currency Forward Exchange Contracts		(33	)
Foreign Currency Translation		(2	)
Futures Contracts		(166	)
Swap Agreements		(13	)
Net Realized Gain		4,096
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Decrease in Deferred Capital Gain Country Tax of $30)		(11,090	)
Foreign Currency Forward Exchange Contracts		35
Foreign Currency Translation		—	@
Futures Contracts		668
Swap Agreements		(302	)
Net Change in Unrealized Appreciation (Depreciation)		(10,689	)
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		(6,593	)
Net Decrease in Net Assets Resulting from Operations	$	(4,747	)

@ 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, 2020

Corporate Bond Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2020 (unaudited) (000)			Year Ended September 30, 2019 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	1,846		$	3,980
Net Realized Gain		4,096			1,004
Net Change in Unrealized Appreciation (Depreciation)		(10,689	)		9,503
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,747	)		14,487
Dividends and Distributions to Shareholders:
Class I		(1,752	)		(4,270	)
Class A		(93	)		(176	)
Class L		(18	)		(48	)
Class C		(23	)		(77	)
Total Dividends and Distributions to Shareholders		(1,886	)		(4,571	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		13,800			19,935
Distributions Reinvested		1,615			3,813
Redeemed		(13,215	)		(19,161	)
Class A:
Subscribed		2,680			3,735
Distributions Reinvested		92			175
Redeemed		(1,584	)		(2,440	)
Class L:
Exchanged		—			83
Distributions Reinvested		18			48
Redeemed		(34	)		(93	)
Class C:
Subscribed		1,107			1,752
Distributions Reinvested		23			77
Redeemed		(1,992	)		(1,396	)
Net Increase in Net Assets Resulting from Capital Share Transactions		2,510			6,528
Total Increase (Decrease) in Net Assets		(4,123	)		16,444
Net Assets:
Beginning of Period		133,322			116,878
End of Period	$	129,199		$	133,322
(1) Capital Share Transactions:
Class I:
Shares Subscribed		1,093			1,647
Shares Issued on Distributions Reinvested		125			318
Shares Redeemed		(1,063	)		(1,607	)
Net Increase in Class I Shares Outstanding		155			358
Class A:
Shares Subscribed		209			303
Shares Issued on Distributions Reinvested		7			14
Shares Redeemed		(125	)		(199	)
Net Increase in Class A Shares Outstanding		91			118
Class L:
Shares Exchanged		—			8
Shares Issued on Distributions Reinvested		1			4
Shares Redeemed		(3	)		(8	)
Net Increase (Decrease) in Class L Shares Outstanding		(2	)		4
Class C:
Shares Subscribed		88			150
Shares Issued on Distributions Reinvested		2			6
Shares Redeemed		(158	)		(113	)
Net Increase (Decrease) in Class C Shares Outstanding		(68	)		43

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Corporate Bond Portfolio

	Class I
	Six Months Ended March 31, 2020			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			2015
Net Asset Value, Beginning of Period	$	12.78		$	11.80		$	12.32		$	12.33		$	10.80		$	11.12
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.18			0.40			0.39			0.34			0.37			0.37
Net Realized and Unrealized Gain (Loss)		(0.60	)		1.04			(0.58	)		0.01			1.51			(0.37	)
Total from Investment Operations		(0.42	)		1.44			(0.19	)		0.35			1.88			—
Distributions from and/or in Excess of:
Net Investment Income		(0.18	)		(0.46	)		(0.33	)		(0.36	)		(0.35	)		(0.32	)
Net Asset Value, End of Period	$	12.18		$	12.78		$	11.80		$	12.32		$	12.33		$	10.80
Total Return⁽³⁾		(3.44	)%⁽⁸⁾		12.64	%		(1.60	)%		2.95	%⁽⁴⁾		17.79	%⁽⁵⁾		(0.04	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	118,574		$	122,450		$	108,809		$	37,993		$	31,873		$	31,427
Ratio of Expenses Before Expense Limitation		0.84	%⁽⁹⁾		1.01	%		0.97	%		1.26	%		1.28	%		1.15	%
Ratio of Expenses After Expense Limitation		0.70	%⁽⁶⁾⁽⁹⁾		0.70	%⁽⁶⁾		0.70	%⁽⁶⁾		0.70	%⁽⁶⁾		0.69	%⁽⁶⁾		0.70	%⁽⁶⁾
Ratio of Net Investment Income		2.74	%⁽⁶⁾⁽⁹⁾		3.34	%⁽⁶⁾		3.29	%⁽⁶⁾		2.85	%⁽⁶⁾		3.28	%⁽⁶⁾		3.33	%⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁷⁾⁽⁹⁾		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾		0.01	%		0.00	%⁽⁷⁾
Portfolio Turnover Rate		77	%⁽⁸⁾		64	%		37	%		33	%		41	%		45	%

(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%.

(6) The Ratio of Expenses After Expense Limitation and Ratio of 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) Amount is less than 0.005%.

(8) Not annualized.

(9) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Corporate Bond Portfolio

	Class A
	Six Months Ended March 31, 2020			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			2015
Net Asset Value, Beginning of Period	$	12.80		$	11.81		$	12.32		$	12.34		$	10.81		$	11.12
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.16			0.37			0.33			0.30			0.32			0.33
Net Realized and Unrealized Gain (Loss)		(0.60	)		1.04			(0.56	)		(0.00	)⁽³⁾		1.53			(0.37	)
Total from Investment Operations		(0.44	)		1.41			(0.23	)		0.30			1.85			(0.04	)
Distributions from and/or in Excess of:
Net Investment Income		(0.16	)		(0.42	)		(0.28	)		(0.32	)		(0.32	)		(0.27	)
Net Asset Value, End of Period	$	12.20		$	12.80		$	11.81		$	12.32		$	12.34		$	10.81
Total Return⁽⁴⁾		(3.47	)%⁽⁹⁾		12.25	%		(1.87	)%		2.54	%⁽⁵⁾		17.41	%⁽⁶⁾		(0.37	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	7,210		$	6,400		$	4,496		$	7,911		$	6,916		$	544
Ratio of Expenses Before Expense Limitation		1.05	%⁽¹⁰⁾		1.21	%		1.29	%		1.62	%		1.51	%		1.88	%
Ratio of Expenses After Expense Limitation		0.95	%^(7)(10)		0.99	%⁽⁷⁾		1.01	%⁽⁷⁾		1.05	%⁽⁷⁾		0.99	%⁽⁷⁾		1.05	%⁽⁷⁾
Ratio of Net Investment Income		2.49	%^(7)(10)		3.04	%⁽⁷⁾		2.78	%⁽⁷⁾		2.50	%⁽⁷⁾		2.78	%⁽⁷⁾		2.98	%⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%^(8)(10)		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.01	%		0.00	%⁽⁸⁾
Portfolio Turnover Rate		77	%⁽⁹⁾		64	%		37	%		33	%		41	%		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 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.
17

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Corporate Bond Portfolio

	Class L
	Six Months Ended March 31, 2020			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			2015
Net Asset Value, Beginning of Period	$	12.79		$	11.79		$	12.30		$	12.32		$	10.79		$	11.11
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.13			0.32			0.29			0.26			0.30			0.30
Net Realized and Unrealized Gain (Loss)		(0.59	)		1.04			(0.56	)		(0.00	)⁽³⁾		1.51			(0.37	)
Total from Investment Operations		(0.46	)		1.36			(0.27	)		0.26			1.81			(0.07	)
Distributions from and/or in Excess of:
Net Investment Income		(0.14	)		(0.36	)		(0.24	)		(0.28	)		(0.28	)		(0.25	)
Net Asset Value, End of Period	$	12.19		$	12.79		$	11.79		$	12.30		$	12.32		$	10.79
Total Return⁽⁴⁾		(3.75	)%⁽⁹⁾		11.82	%		(2.19	)%		2.20	%⁽⁵⁾		17.06	%⁽⁶⁾		(0.65	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,578		$	1,671		$	1,499		$	1,749		$	2,151		$	2,163
Ratio of Expenses Before Expense Limitation		1.34	%⁽¹⁰⁾		1.49	%		1.56	%		1.80	%		1.75	%		1.73	%
Ratio of Expenses After Expense Limitation		1.34	%^(7)(10)		1.38	%⁽⁷⁾		1.38	%⁽⁷⁾		1.34	%⁽⁷⁾		1.33	%⁽⁷⁾		1.31	%⁽⁷⁾
Ratio of Net Investment Income		2.10	%^(7)(10)		2.67	%⁽⁷⁾		2.45	%⁽⁷⁾		2.20	%⁽⁷⁾		2.64	%⁽⁷⁾		2.72	%⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%^(8)(10)		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.01	%		0.01	%		0.00	%⁽⁸⁾
Portfolio Turnover Rate		77	%⁽⁹⁾		64	%		37	%		33	%		41	%		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 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.
18

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Corporate Bond Portfolio

	Class C
	Six Months Ended March 31, 2020			Year Ended September 30,												Period from April 30, 2015⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			September 30, 2015
Net Asset Value, Beginning of Period	$	12.71		$	11.72		$	12.25		$	12.27		$	10.77		$	11.21
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.11			0.27			0.25			0.21			0.22			0.10
Net Realized and Unrealized Gain (Loss)		(0.60	)		1.03			(0.57	)		0.00	⁽⁴⁾		1.53			(0.48	)
Total from Investment Operations		(0.49	)		1.30			(0.32	)		0.21			1.75			(0.38	)
Distributions from and/or in Excess of:
Net Investment Income		(0.11	)		(0.31	)		(0.21	)		(0.23	)		(0.25	)		(0.06	)
Net Asset Value, End of Period	$	12.11		$	12.71		$	11.72		$	12.25		$	12.27		$	10.77
Total Return⁽⁵⁾		(3.89	)%⁽¹⁰⁾		11.34	%		(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)	$	1,837		$	2,801		$	2,074		$	1,084		$	126		$	10
Ratio of Expenses Before Expense Limitation		1.92	%⁽¹¹⁾		2.01	%		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⁾		1.80	%⁽⁸⁾		1.79	%⁽⁸⁾		1.80	%^(8)(11)
Ratio of Net Investment Income		1.66	%^(8)(11)		2.24	%⁽⁸⁾		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⁾		0.00	%⁽⁹⁾		0.01	%		0.00	%^(9)(11)
Portfolio Turnover Rate		77	%⁽¹⁰⁾		64	%		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%.

(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, 2020

Notes to Financial Statements (unaudited)

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.

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. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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.

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, 2020:

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	$	—	$	124,929	$	—	$	124,929
Short-Term Investments
Corporate Bonds		—		1,276		—		1,276
Investment Company		2,342		—		—		2,342
U.S. Treasury Security		—		1,864		—		1,864
Total Short-Term Investments		2,342		3,140		—		5,482
Futures Contracts		713		—		—		713
Credit Default Swap Agreement		—		212		—		212
Foreign Currency Forward Exchange Contracts		—		35		—		35
Total Assets		3,055		128,316		—		131,371

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Liabilities:
Futures Contracts	$	(209	)	$	—		$	—	$	(209	)
Interest Rate Swap Agreement		—			(1,008	)		—		(1,008	)
Foreign Currency Forward Exchange Contracts		—			(—	@)		—		(—	@)
Total Liabilities		(209	)		(1,008	)		—		(1,217	)
Total	$	2,846		$	127,308		$	—	$	130,154

@ Value is less than $500.

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 currency, 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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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:

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.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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.

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

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of March 31, 2020:

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

$35

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

713

(a)

Swap Agreement

Variation Margin on
Swap Agreement

Credit Risk

212

(a)

Total

960

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

(209

)(a)

Swap Agreement

Variation Margin on
Swap Agreement

Interest Rate Risk

(1,008

)(a)

Total

(1,217

)

@ Value is less than $500.

Realized Loss
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(33	)
Interest Rate Risk	Futures Contracts		(166	)
Credit Risk	Swap Agreements		(2	)
Interest Rate Risk	Swap Agreements		(11	)
	Total	$	(212	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	35
Interest Rate Risk	Futures Contracts		668
Credit Risk	Swap Agreements		212
Interest Rate Risk	Swap Agreements		(514	)
	Total	$	401

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

At March 31, 2020, 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	$	35	$	(—	@)

(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.

@ Value is less than $500.

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2020:

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	$	35		$	—		$	—	$	35
JPMorgan Chase Bank NA		—	@		(—	@)		—		0
Total	$	35		$	(—	@)	$	—	$	35
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)
BNP Paribas SA	$	—	@	$	—		$	—	$	—	@
JPMorgan Chase Bank NA		—	@		(—	@)		—		0
UBS AG		—	@		—			—		—	@
Total	$	—	@	$	(—	@)	$	—	$	—	@

@ Value is less than $500.

For the six months ended March 31, 2020, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	187,000
Futures Contracts:
Average monthly notional value	$	56,156,000
Swap Agreements:
Average monthly notional amount	$	7,615,000

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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 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, 2020:

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)
$	2,065	(d)	$	—	$	(2,065	)(e)(f)	$	0

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

(e) The Fund received cash collateral of approximately $771,000, 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 $1,352,000 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.

(f) 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	$	771	$	—	$	—	$	—	$	771
Total Borrowings	$	771	$	—	$	—	$	—	$	771
Gross amount of recognized liabilities for securities lending transactions									$	771

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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.

March 31, 2020, this waiver amounted to approximately $4,000.

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2020, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $105,626,000 and $100,695,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended March 31, 2020.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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, 2020, 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, 2020 is as follows:

Affiliated Investment Company				Value September 30, 2019 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	6,412			$	30,691			$	34,761			$	22

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value March 31, 2020 (000)
Liquidity Funds				$	—			$	—			$	2,342

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.

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. Generally, each of the tax years in the four-year period ended September 30, 2019 remains subject to examination by taxing authorities.

2019 Distributions Paid From: Ordinary Income (000)				2018 Distributions Paid From: Ordinary Income (000)
$	4,571			$	1,755

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2019.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

At September 30, 2019, 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)
$	513			$	—

At September 30, 2019, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $584,000 and $681,000, respectively, that do not have an expiration date.

amortization period for certain purchased callable debt securities with non-contingent call features to the earliest call date. It is impracticable to evaluate the effect on individual prior periods, therefore the Fund applied the amendments on a modified retrospective basis by recognizing a cumulative effect adjustment that decreased the beginning of period cost of investments and increased the unrealized appreciation on investments by approximately $1,000.

Privacy Notice (unaudited) April 2019

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) April 2019

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 non-financial 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.
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. n MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between non-affiliated 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, 2020

Trustee and Officer Information (unaudited)

Trustees

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
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

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
3055732 EXP 05.31.21

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Semi-Annual Report

March 31, 2020

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Table of Contents

Shareholders' Letter					2
Consolidated Expense Example					3
Consolidated Portfolio of Investments					4
Consolidated Statement of Assets and Liabilities					41
Consolidated Statement of Operations					43
Consolidated Statements of Changes in Net Assets					44
Consolidated Financial Highlights					46
Notes to Consolidated Financial Statements					51
Privacy Notice					64
Trustee and Officer Information					66

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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 2020

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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, 2020 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/19		Actual Ending Account Value 3/31/20		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	$	875.50	$	1,021.40	$	3.38	$	3.64		0.72	%
Global Strategist Portfolio Class A		1,000.00		874.60		1,019.85		4.83		5.20		1.03
Global Strategist Portfolio Class L		1,000.00		872.60		1,017.30		7.21		7.77		1.54
Global Strategist Portfolio Class C		1,000.00		871.50		1,015.90		8.52		9.17		1.82
Global Strategist Portfolio Class IS		1,000.00		876.50		1,021.55		3.24		3.49		0.69

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (47.9%)
Agency Adjustable Rate Mortgage (0.0%)
United States (0.0%)
Federal Home Loan Mortgage Corporation, Conventional Pool:
12 Month USD LIBOR + 1.62%, 2.40%, 7/1/45	$	97	$	97
Agency Fixed Rate Mortgages (4.7%)
United States (4.7%)
Federal Home Loan Mortgage Corporation, Conventional Pools:
4.00%, 4/1/49		1,455		1,553
4.50%, 1/1/49		360		388
Gold Pools:
3.50%, 1/1/44 - 4/1/49		1,691		1,807
4.50%, 1/1/49		99		105
6.50%, 5/1/32 - 7/1/32		31		33
7.50%, 5/1/35		3		4
Federal National Mortgage Association,
April TBA:
3.00%, 4/1/35 - 4/1/50 (a)		4,400		4,612
3.50%, 4/1/50 (a)		3,200		3,382
Conventional Pools:
3.00%, 7/1/49		784		824
3.50%, 3/1/47 - 3/1/49		414		439
4.00%, 4/1/45 - 9/1/45		916		994
4.50%, 3/1/41 - 11/1/44		215		235
5.00%, 1/1/41 - 3/1/41		516		574
6.00%, 1/1/38		4		4
6.50%, 12/1/29		10		12
7.00%, 2/1/31		59		61
7.50%, 8/1/37		7		8
Government National Mortgage Association,
Various Pools:
4.00%, 8/20/41 - 11/20/42		298		325
4.50%, 6/20/49		177		184
5.00%, 2/20/49 - 6/20/49		559		590
5.50%, 8/15/39		31		34
				16,168
Asset-Backed Securities (0.6%)
United States (0.6%)
Freed ABS Trust,
3.06%, 3/18/27 (b)		300		284
New Century Home Equity Loan Trust,
1 Month USD LIBOR + 1.35%, 2.30%, 3/25/33 (c)		205		186
New Residential Advance Receivables Trust,
2.52%, 8/15/53 (b)		433		408
NovaStar Mortgage Funding Trust,
1 Month USD LIBOR + 1.58%, 2.52%, 12/25/34 (c)		200		178
Renaissance Home Equity Loan Trust,
1 Month USD LIBOR + 0.76%, 1.71%, 12/25/32 (c)		233		209

	Face Amount (000)		Value (000)
SASCO Mortgage Loan Trust,
1 Month USD LIBOR + 2.18%, 3.12%, 5/25/34 (c)	$	360	$	348
SLM Student Loan Trust,
3 Month EURIBOR + 0.55%, 0.16%, 7/25/39 (c)		450		463
				2,076
Collateralized Mortgage Obligations — Agency Collateral Series (0.0%)
United States (0.0%)
Federal Home Loan Mortgage Corporation,
IO REMIC
6.05% - 1 Month USD LIBOR, 5.35%, 4/15/39 (d)		27		1
Commercial Mortgage-Backed Securities (0.6%)
United Kingdom (0.1%)
Taurus 2018-2 UK DAC,
3 Month GBP LIBOR + 1.10%, 1.84%, 5/22/28 (c)	GBP	250		305
United States (0.5%)
Ashford Hospitality Trust,
1 Month USD LIBOR + 1.85%, 2.55%, 5/15/35 (b)(c)	$	250		204
COMM Mortgage Trust,
3.28%, 1/10/46		305		307
4.73%, 7/15/47 (b)(c)		152		131
Federal Home Loan Mortgage Corporation,
2.79%, 1/25/22		74		77
2.97%, 10/25/21		84		87
JP Morgan Chase Commercial Mortgage Securities Trust,
4.39%, 7/15/46 (b)		31		31
UBS-Barclays Commercial Mortgage Trust,
3.53%, 5/10/63		255		260
WFRBS Commercial Mortgage Trust,
4.00%, 10/15/57 (b)(c)		362		301
5.03%, 9/15/46 (b)(c)		375		336
				1,734
				2,039
Corporate Bonds (15.3%)
Australia (0.5%)
Macquarie Bank Ltd.,
6.63%, 4/7/21 (b)		270		279
Macquarie Group Ltd.,
4.15%, 3/27/24 (b)		125		131
National Australia Bank Ltd.,
0.63%, 8/30/23	EUR	375		407
Transurban Finance Co. Pty Ltd.,
2.00%, 8/28/25		350		396
Woolworths Group Ltd.,
4.00%, 9/22/20 (b)	$	400		405
				1,618

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Belgium (0.1%)
Anheuser-Busch InBev SA N.V.,
2.75%, 3/17/36	EUR	350	$	376
Canada (0.8%)
Enbridge, Inc.,
2.50%, 1/15/25	$	200		181
Province of Alberta Canada,
1.75%, 8/26/20		850		852
Province of British Columbia Canada,
2.00%, 10/23/22		780		807
Royal Bank of Canada,
2.75%, 2/1/22		925		947
				2,787
Chile (0.1%)
Banco del Estado de Chile,
2.67%, 1/8/21 (b)		300		300
China (0.1%)
Baidu, Inc.,
2.88%, 7/6/22		200		200
Syngenta Finance N.V.,
4.44%, 4/24/23 (b)		200		189
				389
Colombia (0.2%)
Ecopetrol SA,
5.88%, 9/18/23		710		709
Denmark (0.1%)
Danske Bank A/S,
5.00%, 1/12/22 (b)		200		206
France (0.9%)
Air Liquide Finance SA,
1.75%, 9/27/21 (b)		200		199
Banque Federative du Credit Mutuel SA,
0.75%, 7/17/25	EUR	400		430
BNP Paribas SA,
1.13%, 6/11/26		485		507
2.82%, 11/19/25 (b)	$	550		544
BPCE SA,
5.15%, 7/21/24 (b)		725		766
Orange SA,
5.00%, 0/0/0 (e)	EUR	250		302
TOTAL SA,
2.71%, 12/29/49 (e)		100		109
3.88%, 12/29/49 (e)		250		280
				3,137
Germany (1.2%)
Bayer US Finance II LLC,
3.88%, 12/15/23 (b)	$	675		692
BMW US Capital LLC,
2.15%, 4/6/20 (b)		525		525
Daimler Finance North America LLC,
2.70%, 6/14/24 (b)		325		314

	Face Amount (000)		Value (000)
Deutsche Bank AG,
2.70%, 7/13/20	$	625	$	613
Deutsche Telekom International Finance BV,
3.60%, 1/19/27 (b)		625		648
Kreditanstalt fuer Wiederaufbau,
1.13%, 9/15/32	EUR	640		792
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen,
6.00%, 5/26/41		400		462
				4,046
Hong Kong (0.1%)
CK Hutchison International 16 Ltd.,
1.88%, 10/3/21 (b)	$	200		200
India (0.2%)
ONGC Videsh Vankorneft Pte Ltd.,
3.75%, 7/27/26		820		740
Ireland (0.1%)
Avolon Holdings Funding Ltd.,
2.88%, 2/15/25 (b)		250		194
Israel (0.0%)
Teva Pharmaceutical Finance Netherlands III BV,
2.20%, 7/21/21		82		79
Italy (0.1%)
FCA Bank SpA,
1.38%, 4/17/20	EUR	400		441
Korea, Republic of (0.1%)
Korea Hydro & Nuclear Power Co., Ltd.,
3.75%, 7/25/23 (b)	$	510		541
Netherlands (0.6%)
ABN Amro Bank N.V.,
2.88%, 6/30/25	EUR	400		440
ASR Nederland N.V.,
5.00%, 9/3/24 (e)		425		472
Cooperatieve Rabobank UA,
3.95%, 11/9/22	$	250		252
Series G
3.75%, 11/9/20	EUR	300		336
ING Groep N.V.,
1.38%, 1/11/28		400		416
				1,916
Saudi Arabia (0.1%)
Saudi Arabian Oil Co.,
3.50%, 4/16/29	$	490		485
Singapore (0.1%)
DBS Group Holdings Ltd.,
2.85%, 4/16/22 (b)		230		236

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Spain (0.4%)
Banco Santander SA,
3.13%, 1/19/27	EUR	400	$	434
5.18%, 11/19/25	$	600		636
CaixaBank SA,
0.75%, 4/18/23	EUR	400		430
				1,500
Switzerland (0.3%)
Credit Suisse Group AG,
2.59%, 9/11/25 (b)	$	250		238
UBS Group Funding Switzerland AG,
3.49%, 5/23/23 (b)		900		911
				1,149
United Arab Emirates (0.1%)
ADCB Finance Cayman Ltd.,
4.00%, 3/29/23 (b)		200		198
United Kingdom (1.2%)
BAT Capital Corp.,
3.56%, 8/15/27		525		496
BP Capital Markets PLC,
2.50%, 11/6/22		275		273
HSBC Holdings PLC,
2.63%, 11/7/25		525		510
4.25%, 3/14/24		400		411
Lloyds Banking Group PLC,
2.44%, 2/5/26	EUR	350		331
Nationwide Building Society,
3.77%, 3/8/24 (b)	$	300		291
4.36%, 8/1/24 (b)		200		201
NGG Finance PLC,
5.63%, 6/18/73	GBP	200		262
Royal Bank of Scotland Group PLC,
3.88%, 9/12/23	$	750		771
Standard Chartered PLC,
4.64%, 4/1/31 (b)		413		425
				3,971
United States (7.9%)
AbbVie, Inc.,
3.20%, 11/21/29 (b)		300		303
Air Lease Corp.,
2.30%, 2/1/25		300		229
Amazon.com, Inc.,
2.80%, 8/22/24		525		559
American International Group, Inc.,
4.88%, 6/1/22		400		411
American Tower Corp.,
2.40%, 3/15/25		200		197
Apple, Inc.,
2.50%, 2/9/22		700		718
AT&T, Inc.,
1.80%, 9/5/26	EUR	400		446

	Face Amount (000)		Value (000)
Bank of America Corp.,
MTN
4.00%, 1/22/25	$	825	$	870
Bristol-Myers Squibb Co.,
3.40%, 7/26/29 (b)		575		636
Burlington Northern Santa Fe LLC,
4.55%, 9/1/44		195		234
Capital One Financial Corp.,
2.50%, 5/12/20		250		250
3.30%, 10/30/24		325		318
Charter Communications Operating LLC/Charter Communications Operating Capital,
4.91%, 7/23/25		100		106
Chubb INA Holdings, Inc.,
0.88%, 6/15/27	EUR	400		408
Cigna Corp.,
3.05%, 10/15/27 (b)	$	125		124
4.50%, 2/25/26 (b)		125		135
Citigroup, Inc.,
4.41%, 3/31/31		650		716
5.50%, 9/13/25		425		466
Coca-Cola Co. (The),
3.20%, 11/1/23		250		279
Comcast Corp.,
3.40%, 4/1/30		500		543
Crown Castle International Corp.,
3.30%, 7/1/30		125		124
CVS Health Corp.,
3.75%, 4/1/30		400		413
3.88%, 7/20/25		50		53
4.10%, 3/25/25		250		265
4.30%, 3/25/28		125		134
Deere & Co.,
3.10%, 4/15/30		100		106
Diamondback Energy, Inc.,
2.88%, 12/1/24		425		298
Discover Bank,
3.10%, 6/4/20		525		524
Dollar Tree, Inc.,
3.70%, 5/15/23		175		178
Duke Energy Corp.,
1.80%, 9/1/21		275		273
Emerson Electric Co.,
1.25%, 10/15/25	EUR	450		497
Energy Transfer Operating LP,
2.90%, 5/15/25	$	600		503
Ford Motor Credit Co. LLC,
3.09%, 1/9/23		300		277
Fox Corp.,
4.71%, 1/25/29		325		357

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
United States (cont'd)
GE Capital International Funding Co., Unlimited Co.,
4.42%, 11/15/35	$	250	$	268
Goldman Sachs Group, Inc. (The),
2.88%, 10/31/22		350		352
6.75%, 10/1/37		500		664
HCA, Inc.,
5.25%, 6/15/49		100		107
HSBC USA, Inc.,
3.50%, 6/23/24		100		101
Intel Corp.,
3.90%, 3/25/30		350		401
International Business Machines Corp.,
3.00%, 5/15/24		925		976
JPMorgan Chase & Co.,
3.70%, 5/6/30		450		484
Las Vegas Sands Corp.,
3.20%, 8/8/24		75		68
3.50%, 8/18/26		125		115
Level 3 Financing, Inc.,
3.40%, 3/1/27 (b)		425		407
Lowe's Cos., Inc.,
3.65%, 4/5/29		10		10
McDonald's Corp., MTN
3.38%, 5/26/25		275		287
Medtronic Global Holdings SCA,
1.13%, 3/7/27	EUR	475		516
Metropolitan Life Global Funding I,
2.40%, 1/8/21 (b)	$	525		523
Microsoft Corp.,
1.55%, 8/8/21		525		529
Newmont Corp.,
3.70%, 3/15/23		26		26
NextEra Energy Capital Holdings, Inc.,
2.75%, 11/1/29		350		340
NIKE, Inc.,
2.85%, 3/27/30		275		291
NVIDIA Corp.,
2.85%, 4/1/30		275		287
Occidental Petroleum Corp.,
3.20%, 8/15/26		40		19
5.55%, 3/15/26		350		185
Omnicom Group, Inc.,
4.20%, 6/1/30 (f)		250		258
Oracle Corp.,
2.95%, 4/1/30		350		353
3.40%, 7/8/24		175		186
PepsiCo, Inc.,
2.63%, 4/28/26	EUR	400		487
Procter & Gamble Co. (The),
3.00%, 3/25/30	$	225		250

	Face Amount (000)		Value (000)
Prologis Euro Finance LLC,
1.88%, 1/5/29	EUR	300	$	331
Rockies Express Pipeline LLC,
3.60%, 5/15/25 (b)	$	300		208
salesforce.com, Inc.,
3.25%, 4/11/23		500		520
Starbucks Corp.,
3.80%, 8/15/25		400		425
Synchrony Bank,
3.00%, 6/15/22		875		870
Target Corp.,
2.65%, 9/15/30		125		129
Thermo Fisher Scientific, Inc.,
4.50%, 3/25/30		125		141
TJX Cos., Inc.,
3.88%, 4/15/30		350		362
Union Pacific Corp.,
3.95%, 9/10/28		190		204
UnitedHealth Group, Inc.,
2.88%, 3/15/23		250		259
3.75%, 10/15/47		125		139
Verizon Communications, Inc.,
1.38%, 10/27/26	EUR	500		549
4.67%, 3/15/55	$	196		250
VISA, Inc.,
2.05%, 4/15/30		125		125
Visa, Inc.,
3.15%, 12/14/25		300		327
Walmart, Inc.,
2.55%, 4/11/23		200		207
Walt Disney Co. (The),
3.80%, 3/22/30		348		393
Wells Fargo & Co.,
2.57%, 2/11/31		500		480
2.88%, 10/30/30		325		323
5.01%, 4/4/51		300		386
				27,068
				52,286
Mortgages — Other (0.9%)
Netherlands (0.1%)
E-MAC NL 2006-II BV,
3 Month EURIBOR + 0.13%, 0.83%, 1/25/39 (c)	EUR	265		261
United Kingdom (0.2%)
Aggregator of Loans Backed by Asset,
1.89%, 4/24/49	GBP	300		374
Great Hall Mortgages No 1 PLC,
3 Month EURIBOR + 0.25%, 0.00%, 6/18/38 (c)	EUR	200		185
				559

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
United States (0.6%)
Banc of America Alternative Loan Trust,
5.86%, 10/25/36	$	28	$	12
6.00%, 4/25/36		1		1
ChaseFlex Trust,
6.00%, 2/25/37		24		15
Federal Home Loan Mortgage Corporation,
3.00%, 9/25/45 - 5/25/47		1,164		1,159
3.50%, 5/25/45 - 7/25/46		443		446
4.00%, 5/25/45		44		45
GSR Mortgage Loan Trust,
5.75%, 1/25/37		13		11
Lehman Mortgage Trust,
6.50%, 9/25/37		19		10
Seasoned Credit Risk Transfer Trust,
3.00%, 7/25/58 - 10/25/58		405		421
4.00%, 10/25/58		50		54
				2,174
				2,994
Sovereign (22.3%)
Argentina (0.2%)
Argentine Republic Government International Bond,
5.88%, 1/11/28		2,939		819
Australia (1.2%)
Australia Government Bond,
2.50%, 5/21/30		690		496
2.75%, 11/21/29	AUD	4,900		3,578
				4,074
Austria (0.1%)
Republic of Austria Government Bond,
2.10%, 9/20/17 (b)	EUR	210		395
Belgium (0.3%)
Kingdom of Belgium Government Bond,
0.90%, 6/22/29 (b)		330		394
1.90%, 6/22/38 (b)		500		683
				1,077
Canada (1.4%)
Canadian Government Bond,
2.25%, 6/1/29	CAD	4,830		3,897
Province of Ontario Canada,
2.30%, 6/15/26		780		835
				4,732
Chile (0.4%)
Chile Government International Bond,
3.50%, 1/25/50	EUR	1,270		1,321
China (0.9%)
China Government Bond,
3.13%, 11/21/29	$	14,100		2,080

	Face Amount (000)		Value (000)
Sinopec Group Overseas Development 2013 Ltd.,
2.63%, 10/17/20	EUR	300	$	335
Sinopec Group Overseas Development 2015 Ltd.,
2.50%, 4/28/20 (b)	$	575		576
				2,991
Denmark (0.1%)
Denmark Government Bond,
0.50%, 11/15/27	DKK	2,190		345
France (1.0%)
French Republic Government Bond OAT,
0.00%, 11/25/29	EUR	1,100		1,215
2.00%, 5/25/48 (b)		680		987
3.25%, 5/25/45		590		1,037
				3,239
Germany (1.3%)
Bundesrepublik Deutschland Bundesanleihe,
0.25%, 2/15/29		2,380		2,810
4.25%, 7/4/39		200		413
State of North Rhine-Westphalia Germany,
1.65%, 2/22/38		940		1,274
				4,497
Greece (2.6%)
Hellenic Republic Government Bond,
3.75%, 1/30/28		7,094		9,052
Hong Kong (0.1%)
Hong Kong Government International Bond,
2.50%, 5/28/24 (b)	$	250		263
Hungary (0.0%)
Hungary Government Bond,
3.00%, 8/21/30	HUF	17,000		53
Indonesia (0.3%)
Indonesia Government International Bond,
1.75%, 4/24/25	EUR	440		465
Indonesia Treasury Bond,
6.13%, 5/15/28		3,175,000		173
8.25%, 5/15/29	IDR	1,563,000		97
8.38%, 3/15/34		3,961,000		244
				979
Italy (1.2%)
Italy Buoni Poliennali Del Tesoro,
1.45%, 9/15/22	EUR	640		722
1.75%, 7/1/24		1,820		2,085
2.45%, 9/1/50 (b)		645		719
3.85%, 9/1/49 (b)		368		528
				4,054

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Japan (5.8%)
Japan Government Ten Year Bond,
0.10%, 6/20/26 - 6/20/29	JPY	718,000	$	6,765
0.50%, 9/20/24		281,000		2,687
Japan Government Thirty Year Bond,
0.30%, 6/20/46		254,000		2,307
0.40%, 9/20/49		84,800		786
1.70%, 6/20/33		381,000		4,229
2.00%, 9/20/40		261,000		3,233
				20,007
Korea, Republic of (0.4%)
Export-Import Bank of Korea,
2.38%, 6/25/24	$	510		521
Korea Electric Power Corp.,
2.50%, 6/24/24 (b)		610		633
Korea International Bond,
2.00%, 6/19/24		350		359
				1,513
Malaysia (0.3%)
Malaysia Government Bond,
3.96%, 9/15/25	MYR	1,930		465
Petronas Capital Ltd.,
3.50%, 3/18/25 (b)	$	675		688
				1,153
Mexico (0.4%)
Mexican Bonos,
Series M
7.50%, 6/3/27	MXN	8,000		343
8.50%, 5/31/29		5,569		253
Mexico Government International Bond,
4.50%, 4/22/29		330		340
Petroleos Mexicanos,
6.84%, 1/23/30 (b)	$	358		261
6.95%, 1/28/60 (b)		95		65
				1,262
New Zealand (0.3%)
New Zealand Government Bond,
3.00%, 4/20/29	NZD	1,650		1,147
Nigeria (0.1%)
Africa Finance Corp.,
4.38%, 4/17/26 (b)	NGN	200		196
Norway (0.1%)
Norway Government Bond,
2.00%, 5/24/23 (b)	NOK	2,430		246
Poland (0.1%)
Republic of Poland Government Bond,
2.50%, 7/25/27	PLN	820		211
Russia (0.1%)
Russian Federal Bond — OFZ,
6.90%, 5/23/29	RUB	13,000		169
7.95%, 10/7/26		21,000		287
				456

	Face Amount (000)		Value (000)
Spain (0.8%)
Spain Government Bond,
1.60%, 4/30/25 (b)	EUR	1,790	$	2,113
2.70%, 10/31/48 (b)		300		422
3.45%, 7/30/66 (b)		100		170
				2,705
Supernational (0.9%)
European Financial Stability Facility,
1.25%, 5/24/33		650		815
European Investment Bank,
0.20%, 7/15/24		690		777
International Bank for Reconstruction & Development,
2.20%, 2/27/24	AUD	2,190		1,407
				2,999
Sweden (0.1%)
Sweden Government Bond,
0.75%, 5/12/28	SEK	1,880		205
1.00%, 11/12/26		1,600		176
				381
United Kingdom (1.8%)
United Kingdom Gilt,
1.63%, 10/22/28	GBP	1,230		1,709
3.50%, 1/22/45		1,590		3,158
4.25%, 9/7/39		590		1,198
				6,065
				76,232
U.S. Treasury Securities (3.5%)
United States (3.5%)
U.S. Treasury Bonds,
2.50%, 2/15/45	$	1,180		1,476
3.13%, 5/15/48		1,110		1,573
4.25%, 11/15/40		2,990		4,703
U.S. Treasury Inflation Indexed Bond,
1.00%, 2/15/48		1,329		1,636
U.S. Treasury Note,
1.75%, 11/15/29		2,520		2,769
				12,157
Total Fixed Income Securities (Cost $162,085)				164,050
	Shares
Common Stocks (37.3%)
Australia (0.9%)
AGL Energy Ltd.		3,337		35
Alumina Ltd.		12,125		11
Amcor PLC CDI		5,657		45
AMP Ltd. (g)		14,599		12
APA Group		5,377		34
Aristocrat Leisure Ltd.		2,599		34
ASX Ltd.		933		44
Aurizon Holdings Ltd.		9,976		26
AusNet Services		10,272		11

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Australia (cont'd)
Australia & New Zealand Banking Group Ltd.		16,063	$	169
Bank of Queensland Ltd.		2,447		8
Bendigo & Adelaide Bank Ltd.		2,972		11
BHP Group Ltd.		14,342		260
Boral Ltd.		5,801		7
Brambles Ltd.		7,755		50
Caltex Australia Ltd.		1,331		18
Challenger Ltd.		3,033		7
CIMIC Group Ltd.		518		7
Coca-Cola Amatil Ltd.		3,044		16
Cochlear Ltd.		276		31
Coles Group Ltd.		5,439		51
Commonwealth Bank of Australia		8,069		304
Computershare Ltd.		2,322		14
Crown Resorts Ltd.		1,908		9
CSL Ltd.		2,072		376
Dexus REIT		4,709		26
Domino's Pizza Enterprises Ltd.		327		10
Flight Centre Travel Group Ltd.		309		2
Fortescue Metals Group Ltd.		7,347		45
Goodman Group REIT		8,770		64
GPT Group (The) REIT		8,944		20
Harvey Norman Holdings Ltd.		2,912		5
Incitec Pivot Ltd.		8,447		11
Insurance Australia Group Ltd.		11,467		43
James Hardie Industries PLC CDI		2,175		25
Lend Lease Group REIT		2,739		17
Macquarie Group Ltd.		1,488		79
Medibank Pvt Ltd.		13,347		22
Mirvac Group REIT		18,085		23
National Australia Bank Ltd.		14,970		154
Newcrest Mining Ltd.		3,634		50
Oil Search Ltd.		6,748		10
OneMarket Ltd. (g)		390		—	@
Orica Ltd.		1,857		17
Origin Energy Ltd.		8,480		23
Qantas Airways Ltd.		1,836		4
QBE Insurance Group Ltd.		7,495		39
Ramsay Health Care Ltd.		673		24
REA Group Ltd.		280		13
Rio Tinto Ltd.		2,022		104
Santos Ltd.		8,930		18
Scentre Group REIT		25,933		25
Seek Ltd.		1,657		15
Shopping Centres Australasia Property Group REIT		59		—	@
Sonic Healthcare Ltd.		2,038		31
South32 Ltd.		25,247		28
Stockland REIT		13,107		20
Suncorp Group Ltd.		6,263		35
Sydney Airport		5,462		19
Tabcorp Holdings Ltd.		9,847		15

	Shares		Value (000)
Telstra Corp., Ltd.		20,641	$	39
TPG Telecom Ltd.		1,809		8
Transurban Group		9,879		74
Treasury Wine Estates Ltd.		3,636		23
Vicinity Centres REIT		16,529		10
Vocus Group Ltd. (g)		2,924		5
Wesfarmers Ltd.		5,439		115
Westpac Banking Corp.		16,297		167
Woodside Petroleum Ltd.		3,889		43
Woolworths Group Ltd.		6,432		140
				3,250
Austria (0.0%)
IMMOFINANZ AG (g)		332		6
voestalpine AG		1,205		24
				30
Belgium (0.1%)
Ageas		751		31
Anheuser-Busch InBev SA N.V.		3,075		136
Colruyt SA		239		13
Groupe Bruxelles Lambert SA		320		25
KBC Group N.V.		1,004		46
Proximus SADP		606		14
Solvay SA		296		21
Telenet Group Holding N.V.		212		6
UCB SA		499		43
Umicore SA		746		26
				361
Canada (1.7%)
Agnico Eagle Mines Ltd.		1,500		60
Alimentation Couche-Tard, Inc., Class B		4,862		115
AltaGas Ltd.		1,300		12
ARC Resources Ltd.		1,645		5
Atco Ltd., Class I		600		17
Bank of Montreal		3,798		192
Bank of Nova Scotia (The)		6,411		262
Barrick Gold Corp. (LSE)		4,032		74
Barrick Gold Corp. (NYSE)		4,194		78
Bausch Health Cos., Inc. (g)		1,700		26
BCE, Inc.		1,300		53
Blackberry Ltd. (g)		2,620		11
Bombardier, Inc., Class B (g)		9,698		3
Brookfield Asset Management, Inc., Class A		4,413		196
CAE, Inc.		1,500		19
Cameco Corp.		2,134		16
Canadian Imperial Bank of Commerce		1,938		113
Canadian National Railway Co.		4,176		326
Canadian Natural Resources Ltd.		5,829		80
Canadian Pacific Railway Ltd.		1,300		287
Canadian Tire Corp., Ltd., Class A		600		36
Canadian Utilities Ltd., Class A		1,200		29
CCL Industries, Inc., Class B		1,500		46
Cenovus Energy, Inc.		4,169		8
CGI, Inc. (g)		1,500		81

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Canada (cont'd)
CI Financial Corp.		1,500	$	15
Constellation Software, Inc.		100		91
Crescent Point Energy Corp.		2,813		2
Dollarama, Inc.		2,300		64
Eldorado Gold Corp. (g)		738		5
Element Fleet Management Corp.		2,238		14
Emera, Inc.		500		20
Empire Co., Ltd., Class A		1,300		25
Enbridge, Inc.		5,247		153
Fairfax Financial Holdings Ltd.		100		31
Finning International, Inc.		1,300		14
First Quantum Minerals Ltd.		3,794		19
Fortis, Inc.		2,234		86
Franco-Nevada Corp.		1,300		130
George Weston Ltd.		631		45
Gildan Activewear, Inc.		1,500		19
Great-West Lifeco, Inc.		1,600		28
H&R Real Estate Investment Trust REIT		1,300		8
Husky Energy, Inc.		1,798		4
Hydro One Ltd.		1,500		27
IA Financial Corp., Inc.		900		28
IGM Financial, Inc.		700		12
Imperial Oil Ltd.		1,556		18
Intact Financial Corp.		1,200		104
Inter Pipeline Ltd.		1,845		11
Keyera Corp.		1,500		14
Kinross Gold Corp. (g)		6,214		25
Linamar Corp.		500		10
Loblaw Cos., Ltd.		1,573		81
Magna International, Inc.		1,938		62
Manulife Financial Corp.		10,683		134
Methanex Corp.		700		8
Metro, Inc.		1,500		61
National Bank of Canada		1,700		66
Nutrien Ltd.		3,769		129
Onex Corp.		700		26
Open Text Corp.		1,500		52
Pembina Pipeline Corp.		2,958		55
Peyto Exploration & Development Corp.		1,200		1
Power Corp. of Canada		3,312		53
PrairieSky Royalty Ltd.		1,177		6
Restaurant Brands International, Inc.		1,500		60
RioCan Real Estate Investment Trust REIT		1,300		15
Rogers Communications, Inc., Class B		1,742		73
Royal Bank of Canada		7,767		481
Saputo, Inc.		1,700		41
Seven Generations Energy Ltd., Class A (g)		1,600		2
Shaw Communications, Inc., Class B		2,234		36
SmartCentres Real Estate Investment Trust REIT		600		8
SNC-Lavalin Group, Inc.		1,300		19
Sun Life Financial, Inc.		3,305		106
Suncor Energy, Inc.		9,088		145

	Shares		Value (000)
TC Energy Corp.		4,562	$	203
Teck Resources Ltd., Class B		3,109		24
TELUS Corp.		2,100		33
Thomson Reuters Corp.		1,689		115
Toronto-Dominion Bank (The)		9,709		413
Tourmaline Oil Corp.		1,500		9
Trisura Group Ltd. (g)		27		1
Turquoise Hill Resources Ltd. (g)		5,840		2
Vermilion Energy, Inc.		900		3
West Fraser Timber Co., Ltd.		600		11
Wheaton Precious Metals Corp.		2,331		64
Yamana Gold, Inc.		4,462		12
				5,777
China (0.0%)
China Common Rich Renewable Energy Investments Ltd.		42,000		—	@
Wharf Holdings Ltd. (The) (h)		7,200		13
				13
Denmark (0.4%)
AP Moller — Maersk A/S Series A		17		14
AP Moller — Maersk A/S Series B		34		30
Carlsberg A/S Series B		65		7
Coloplast A/S Series B		78		11
Danske Bank A/S		3,734		42
Drilling Co of 1972 A/S/The (g)		104		2
DSV A/S		2,130		194
Novo Nordisk A/S Series B		12,026		718
Novozymes A/S Series B		1,711		77
Vestas Wind Systems A/S		2,153		175
				1,270
Finland (0.2%)
Elisa Oyj		601		37
Fortum Oyj		1,836		27
Kone Oyj, Class B		1,416		79
Metso Oyj		473		11
Neste Oyj		1,646		55
Nokia Oyj		24,585		76
Nokian Renkaat Oyj		486		12
Nordea Bank Abp (OMXH)		194		1
Nordea Bank Abp (SSE)		15,506		87
Orion Oyj, Class B		439		18
Sampo Oyj, Class A		1,873		54
Stora Enso Oyj, Class R		2,345		23
UPM-Kymmene Oyj		2,245		61
Wartsila Oyj Abp		1,880		14
				555
France (1.4%)
Accor SA		777		21
Aeroports de Paris (ADP)		122		12
Air Liquide SA		1,936		247
Airbus SE		2,412		156
Alstom SA		631		26

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
France (cont'd)
Amundi SA		245	$	14
ArcelorMittal		2,718		26
Arkema SA		279		19
Atos SE		393		26
AXA SA		7,969		135
BioMerieux		172		19
BNP Paribas SA		4,613		135
Bollore SA		3,563		10
Bouygues SA		876		25
Bureau Veritas SA		1,088		21
Capgemini SE		660		55
Carrefour SA		2,338		37
Casino Guichard Perrachon SA		226		9
Cie de Saint-Gobain		2,095		50
Cie Generale des Etablissements Michelin SCA		702		62
CNP Assurances		694		7
Covivio REIT		137		8
Credit Agricole SA		4,654		33
Danone SA		2,491		159
Dassault Aviation SA		11		9
Dassault Systemes SE		537		78
Edenred		915		38
Eiffage SA		301		21
Electricite de France SA		2,348		18
Engie SA		7,578		78
EssilorLuxottica SA		851		90
Eurazeo SE		194		9
Eurofins Scientific SE		46		22
Eutelsat Communications SA		722		8
Faurecia SE		307		9
Gecina SA REIT		195		26
Getlink SE		1,904		23
Hermes International		130		88
ICADE REIT		137		11
Iliad SA		107		14
Imerys SA		153		4
Ingenico Group SA		243		25
Ipsen SA		155		8
JCDecaux SA		304		5
Kering SA		313		163
Klepierre SA REIT		902		17
L'Oreal SA (BSRM)		1,040		269
Lagardere SCA		490		6
Legrand SA		1,087		69
LVMH Moet Hennessy Louis Vuitton SE		1,154		423
Natixis SA		3,881		12
Orange SA		8,178		99
Pernod Ricard SA		887		126
Peugeot SA		2,430		32
Publicis Groupe SA		854		24
Remy Cointreau SA		95		10
Renault SA		787		15

	Shares		Value (000)
Rexel SA		1,228	$	9
Safran SA		1,368		121
Sanofi		4,584		397
Schneider Electric SE		2,332		197
SCOR SE		706		16
SEB SA		94		12
SES SA		1,501		9
Societe BIC SA		117		7
Societe Generale SA		3,139		51
Sodexo SA		378		25
STMicroelectronics N.V.		2,775		60
Suez		1,805		18
Teleperformance		239		50
Thales SA		439		36
TOTAL SA		9,675		365
Ubisoft Entertainment SA (g)		260		19
Unibail-Rodamco-Westfield REIT		408		23
Unibail-Rodamco-Westfield REIT CDI		2,974		8
Valeo SA		982		16
Veolia Environnement SA		2,032		43
Vinci SA		2,076		170
Vivendi SA		4,239		90
Wendel SA		115		9
Worldline SA (g)		156		9
				4,921
Germany (1.2%)
1&1 Drillisch AG		229		5
Adidas AG		769		171
Allianz SE (Registered)		1,840		313
BASF SE		3,783		177
Bayer AG (Registered)		3,413		196
Bayerische Motoren Werke AG		1,362		70
Bayerische Motoren Werke AG (Preference)		227		10
Beiersdorf AG		416		42
Brenntag AG		639		23
Commerzbank AG		4,353		15
Continental AG		450		32
Covestro AG		662		20
Daimler AG (Registered)		3,936		118
Deutsche Bank AG (Registered)		8,417		53
Deutsche Boerse AG		772		106
Deutsche Lufthansa AG (Registered)		974		9
Deutsche Post AG (Registered)		3,982		107
Deutsche Telekom AG (Registered)		13,693		177
Deutsche Wohnen SE		1,453		55
E.ON SE		9,245		95
Evonik Industries AG		668		14
Fraport AG Frankfurt Airport Services Worldwide		171		7
Fresenius Medical Care AG & Co., KGaA		888		58
Fresenius SE & Co., KGaA		1,711		64
Fuchs Petrolub SE (Preference)		287		10
GEA Group AG		721		15

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Germany (cont'd)
Hannover Rueck SE (Registered)		245	$	35
HeidelbergCement AG		623		27
Henkel AG & Co., KGaA		429		31
Henkel AG & Co., KGaA (Preference)		738		59
Hochtief AG		79		5
Hugo Boss AG		264		7
Infineon Technologies AG		4,808		69
Innogy SE		589		28
K+S AG (Registered)		780		4
KION Group AG		294		13
LANXESS AG		377		15
Linde PLC		1,835		317
Linde PLC (g)		1,188		206
Merck KGaA		531		54
METRO AG		736		6
MTU Aero Engines AG		213		31
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Registered)		636		128
OSRAM Licht AG (g)		408		15
Porsche Automobil Holding SE (Preference)		632		26
ProSiebenSat.1 Media SE (Registered)		968		8
Puma SE		261		16
QIAGEN N.V. (g)		896		36
RTL Group SA		159		5
RWE AG		2,186		57
SAP SE		4,031		450
Schaeffler AG (Preference)		1,000		6
Siemens AG (Registered)		3,170		265
Symrise AG		512		47
Telefonica Deutschland Holding AG		3,079		8
thyssenKrupp AG (g)		1,787		9
Uniper SE		829		20
United Internet AG (Registered)		503		15
Volkswagen AG		133		17
Volkswagen AG (Preference)		770		89
Vonovia SE		2,015		100
Wirecard AG		496		56
Zalando SE (g)		465		17
				4,259
Greece (0.0%)
National Bank of Greece SA (g)		9		—	@
Hong Kong (0.7%)
AIA Group Ltd.		61,800		553
ASM Pacific Technology Ltd.		1,300		12
Bank of East Asia Ltd. (The)		7,990		17
BOC Hong Kong Holdings Ltd.		21,500		59
Cathay Pacific Airways Ltd.		6,000		6
CK Asset Holdings Ltd.		14,864		81
CK Hutchison Holdings Ltd.		12,864		86
CK Infrastructure Holdings Ltd.		5,000		26
CLP Holdings Ltd.		9,000		82
First Pacific Co., Ltd.		10,000		2

	Shares		Value (000)
Galaxy Entertainment Group Ltd.		13,000	$	68
Hang Lung Group Ltd.		6,000		13
Hang Lung Properties Ltd.		13,000		26
Hang Seng Bank Ltd.		4,400		75
Henderson Land Development Co., Ltd.		8,644		33
HK Electric Investments & HK Electric Investments Ltd.		15,000		14
HKT Trust & HKT Ltd.		14,000		19
Hong Kong & China Gas Co., Ltd.		57,820		95
Hong Kong Exchanges & Clearing Ltd.		6,361		191
Hongkong Land Holdings Ltd.		6,600		25
Hysan Development Co., Ltd.		4,000		13
I-CABLE Communications Ltd. (g)		7,559		—	@
Jardine Matheson Holdings Ltd.		1,300		65
Kerry Properties Ltd.		4,000		10
Li & Fung Ltd.		32,000		4
Link REIT		11,333		96
Melco Resorts & Entertainment Ltd. ADR		1,100		14
MGM China Holdings Ltd.		4,800		5
MTR Corp., Ltd.		8,666		45
New World Development Co., Ltd.		36,367		39
NWS Holdings Ltd.		10,000		10
PCCW Ltd.		24,000		13
Power Assets Holdings Ltd.		7,500		44
Sands China Ltd.		14,000		51
Shangri-La Asia Ltd.		8,000		5
Sino Land Co., Ltd.		21,434		27
SJM Holdings Ltd.		12,000		10
Sun Hung Kai Properties Ltd.		8,504		111
Swire Pacific Ltd., Class A		2,000		13
Swire Properties Ltd.		6,750		19
Techtronic Industries Co., Ltd.		7,500		48
WH Group Ltd.		46,500		43
Wharf Real Estate Investment Co., Ltd.		8,200		33
Wheelock & Co., Ltd.		6,000		41
Wynn Macau Ltd.		9,200		14
Yue Yuen Industrial Holdings Ltd.		5,000		8
				2,264
Ireland (0.1%)
AIB Group PLC (g)		3,316		4
Bank of Ireland Group PLC		3,768		7
CRH PLC		3,431		93
Flutter Entertainment PLC		327		29
Kerry Group PLC, Class A		645		75
Trane Technologies PLC		841		70
				278
Italy (0.3%)
Assicurazioni Generali SpA		5,058		68
Atlantia SpA		1,869		23
CNH Industrial N.V.		4,274		24
Davide Campari-Milano SpA		2,426		17
Enel SpA		33,642		232

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Italy (cont'd)
Eni SpA		10,436	$	104
EXOR N.V.		444		23
Ferrari N.V.		511		79
Fiat Chrysler Automobiles N.V.		4,430		32
Intesa Sanpaolo SpA		55,945		90
Leonardo SpA		1,685		11
Mediobanca Banca di Credito Finanziario SpA		2,344		13
Poste Italiane SpA		2,151		18
Prysmian SpA		852		14
Recordati SpA		449		19
Snam SpA		9,450		43
Telecom Italia SpA (g)		47,003		19
Telecom Italia SpA		24,766		10
Tenaris SA		1,951		12
Terna Rete Elettrica Nazionale SpA		5,867		37
UniCredit SpA		8,182		63
UnipolSai Assicurazioni SpA		4,062		10
				961
Japan (1.1%)
Mitsubishi Estate Co., Ltd.		61,800		913
Mitsui Fudosan Co., Ltd.		60,600		1,049
Nomura Real Estate Holdings, Inc.		11,000		178
Sumitomo Realty & Development Co., Ltd.		34,900		852
Tokyo Tatemono Co., Ltd.		30,100		319
Tokyu Fudosan Holdings Corp.		66,800		321
				3,632
Netherlands (0.5%)
ABN Amro Bank N.V. CVA		1,755		14
Aegon N.V.		7,272		18
AerCap Holdings N.V. (g)		600		14
Akzo Nobel N.V.		923		61
Altice Europe N.V. (g)		2,239		9
ASML Holding N.V.		1,629		429
Basic-Fit N.V. (g)		3,193		53
Boskalis Westminster		373		7
Coca-Cola European Partners PLC		900		34
Heineken Holding N.V.		475		37
Heineken N.V.		1,070		91
ING Groep N.V.		16,088		83
Koninklijke Ahold Delhaize N.V.		5,421		126
Koninklijke DSM N.V.		746		84
Koninklijke KPN N.V.		14,131		34
Koninklijke Philips N.V.		3,869		159
Koninklijke Vopak N.V.		288		15
NN Group N.V.		1,251		34
NXP Semiconductors N.V.		1,400		116
Randstad N.V.		485		17
Unilever N.V.		6,720		330
Wolters Kluwer N.V.		1,242		88
				1,853

	Shares		Value (000)
New Zealand (0.1%)
Auckland International Airport Ltd.		9,977	$	30
Contact Energy Ltd.		7,231		25
Fletcher Building Ltd.		6,823		14
Mercury NZ Ltd.		7,006		17
Meridian Energy Ltd.		12,983		31
Ryman Healthcare Ltd.		3,821		23
Spark New Zealand Ltd.		18,110		44
				184
Norway (0.1%)
Akastor ASA (g)		892		—	@
Aker Solutions ASA (g)		892		1
DNB ASA		5,563		62
Equinor ASA		6,187		77
Kvaerner ASA (g)		816		1
Norsk Hydro ASA		6,475		14
Orkla ASA		4,815		41
REC Silicon ASA (g)		649		—	@
Seadrill Ltd. (g)		1		—	@
Subsea 7 SA		1,469		7
Telenor ASA		7,646		112
Yara International ASA		958		30
				345
Poland (0.0%)
Jeronimo Martins SGPS SA		2,786		50
Portugal (0.0%)
Galp Energia SGPS SA		2,600		30
Pharol SGPS SA (Registered) (g)		11,120		1
				31
South Africa (0.0%)
Nedbank Group Ltd.		633		3
Old Mutual Ltd.		19,716		13
				16
Spain (0.3%)
ACS Actividades de Construccion y Servicios SA		1,049		21
Aena SME SA		277		30
Amadeus IT Group SA		1,807		85
Banco Bilbao Vizcaya Argentaria SA		27,331		85
Banco de Sabadell SA		22,275		11
Banco Santander SA		66,432		158
Bankia SA		4,118		4
Bankinter SA		2,774		10
CaixaBank SA		14,871		27
Enagas SA		939		19
Endesa SA		1,308		28
Ferrovial SA		2,034		48
Grifols SA		1,228		41
Iberdrola SA		23,703		232
Industria de Diseno Textil SA		4,465		116
International Consolidated Airlines Group SA		2,565		7
Mapfre SA		4,445		8

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Spain (cont'd)
Naturgy Energy Group SA		1,452	$	25
Red Electrica Corp., SA		1,793		32
Repsol SA		5,281		47
Siemens Gamesa Renewable Energy SA		1,000		15
Telefonica SA		18,669		85
Telepizza Group SA (g)		156		1
				1,135
Sweden (0.4%)
Alfa Laval AB		1,516		26
Assa Abloy AB, Class B		5,162		96
Atlas Copco AB, Class A		3,427		114
Atlas Copco AB, Class B		1,995		58
Boliden AB		1,383		25
Electrolux AB, Class B		1,225		15
Electrolux Professional AB (g)		1,170		3
Epiroc AB, Class A		3,427		34
Epiroc AB, Class B		2,121		21
Essity AB, Class B		3,148		96
Getinge AB, Class B		1,227		23
Hennes & Mauritz AB, Class B		4,760		61
Hexagon AB, Class B		1,318		56
Husqvarna AB, Class B		2,168		11
ICA Gruppen AB		431		18
Industrivarden AB, Class C		922		18
Investor AB, Class B		2,379		107
Kinnevik AB, Class B		1,226		20
L E Lundbergforetagen AB, Class B		422		17
Lundin Petroleum AB		955		18
Millicom International Cellular SA SDR		348		10
Modern Times Group MTG AB, Class B (g)		44		—	@
Nordic Entertainment Group AB, Class B		44		1
Sandvik AB		5,682		80
Securitas AB, Class B		1,597		17
Skandinaviska Enskilda Banken AB, Class A		7,800		52
Skanska AB, Class B (g)		1,735		26
SKF AB, Class B		1,944		27
Svenska Handelsbanken AB, Class A (g)		7,702		64
Swedbank AB, Class A		4,611		51
Swedish Match AB		924		52
Tele2 AB, Class B		1,827		24
Telefonaktiebolaget LM Ericsson, Class B		16,152		131
Telia Co., AB		13,229		47
Volvo AB, Class B		7,948		95
				1,514
Switzerland (1.8%)
ABB Ltd. (Registered)		17,984		313
Adecco Group AG (Registered)		720		28
Alcon, Inc. (g)		2,261		116
Cie Financiere Richemont SA (Registered)		2,556		137
Credit Suisse Group AG (Registered)		8,483		68
Geberit AG (Registered)		431		189

	Shares		Value (000)
Givaudan SA (Registered)		50	$	154
Idorsia Ltd. (g)		551		14
Julius Baer Group Ltd.		1,208		40
Kuehne & Nagel International AG (Registered)		387		53
LafargeHolcim Ltd. (Registered) (g) (Euronext)		2,196		79
LafargeHolcim Ltd. (Registered) (SIX)		182		7
Lonza Group AG (Registered)		270		111
Nestle SA (Registered)		18,779		1,922
Novartis AG (Registered)		11,621		959
Roche Holding AG (Genusschein)		3,163		1,018
SGS SA (Registered)		30		69
Sonova Holding AG (Registered)		497		89
Swatch Group AG (The)		183		36
Swiss Re AG		707		54
Swisscom AG (Registered)		357		191
Transocean Ltd. (g)		1,913		2
UBS Group AG (Registered) (g)		14,611		134
Zurich Insurance Group AG		1,248		438
				6,221
United Kingdom (2.6%)
3i Group PLC		5,221		51
Admiral Group PLC		1,080		30
Anglo American PLC		6,776		119
Antofagasta PLC		2,146		20
Ashtead Group PLC		2,707		58
Associated British Foods PLC		1,918		43
AstraZeneca PLC		6,445		574
Auto Trader Group PLC		5,523		30
Aviva PLC		22,012		72
Babcock International Group PLC		1,371		6
BAE Systems PLC		17,109		110
Barclays PLC		86,357		98
Barratt Developments PLC		5,331		29
Berkeley Group Holdings PLC		688		31
BHP Group PLC		11,182		174
BP PLC		99,307		407
British American Tobacco PLC		11,438		390
British Land Co., PLC (The) REIT		5,218		22
BT Group PLC		45,906		67
Bunzl PLC		1,797		36
Burberry Group PLC		2,372		39
Capita PLC (g)		3,863		2
Carnival PLC		1,015		12
Centrica PLC		28,355		13
Coca-Cola HBC AG		1,023		22
Compass Group PLC		7,973		124
ConvaTec Group PLC		7,477		17
Croda International PLC		688		36
DCC PLC		481		30
Diageo PLC		12,638		401
Direct Line Insurance Group PLC		7,158		26
Dixons Carphone PLC		5,436		5

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United Kingdom (cont'd)
easyJet PLC		849	$	6
Experian PLC		5,111		142
Ferguson PLC		1,329		82
Fresnillo PLC		1,227		10
G4S PLC		7,052		8
GlaxoSmithKline PLC		24,956		468
Glencore PLC (g)		62,284		94
Hammerson PLC REIT		4,269		4
Hargreaves Lansdown PLC		1,405		24
Hikma Pharmaceuticals PLC		766		19
HSBC Holdings PLC		101,958		572
IMI PLC		1,483		14
Imperial Brands PLC		4,703		87
InterContinental Hotels Group PLC		941		40
Intertek Group PLC		883		52
Intu Properties PLC REIT (g)		5,299		—	@
Investec PLC		3,601		7
ITV PLC		19,145		16
J Sainsbury PLC		8,851		23
Johnson Matthey PLC		1,021		22
Kingfisher PLC		11,410		20
Land Securities Group PLC REIT		3,973		27
Legal & General Group PLC		32,343		76
Lloyds Banking Group PLC		363,735		142
London Stock Exchange Group PLC		1,738		155
M&G PLC (g)		12,918		18
Marks & Spencer Group PLC		8,742		11
Mediclinic International PLC		2,023		7
Meggitt PLC		4,230		15
Melrose Industries PLC		19,910		22
Micro Focus International PLC		1,580		8
Mondi PLC		1,967		33
National Grid PLC		17,195		201
Next PLC		769		39
Ninety One PLC (g)		1,800		4
Paragon Offshore PLC (g)(i)		303		—
Pearson PLC		4,462		31
Persimmon PLC		1,634		39
Provident Financial PLC		917		2
Prudential PLC		13,096		164
Quilter PLC		8,925		13
Reckitt Benckiser Group PLC		3,411		260
RELX PLC (Euronext N.V.)		5,578		119
RELX PLC (LSE)		5,813		124
Rio Tinto PLC		6,232		286
Rolls-Royce Holdings PLC (g)		8,949		38
Royal Bank of Scotland Group PLC		19,080		26
Royal Dutch Shell PLC, Class A		22,718		395
Royal Dutch Shell PLC, Class B		19,029		319
Royal Mail PLC		4,900		8
RSA Insurance Group PLC		5,491		29
Sage Group PLC (The)		5,893		43

	Shares		Value (000)
Schroders PLC		675	$	21
Segro PLC REIT		5,395		51
Severn Trent PLC		1,321		37
Smith & Nephew PLC		4,765		84
Smiths Group PLC		2,123		32
SSE PLC		5,456		88
St. James's Place PLC		2,835		26
Standard Chartered PLC		17,988		99
Standard Life Aberdeen PLC		12,565		35
Tate & Lyle PLC		2,499		20
Taylor Wimpey PLC		17,392		25
Tesco PLC		46,025		130
Travis Perkins PLC		1,357		15
TUI AG		2,390		10
Unilever PLC		6,439		325
United Utilities Group PLC		3,667		41
Vodafone Group PLC		135,323		187
Weir Group PLC (The)		1,194		11
Whitbread PLC		700		26
Wm Morrison Supermarkets PLC		11,277		25
WPP PLC		6,945		47
				8,793
United States (23.4%)
3M Co.		2,001		273
Abbott Laboratories		5,834		460
AbbVie, Inc.		4,971		379
ABIOMED, Inc. (g)		264		38
Accenture PLC, Class A		2,055		335
Activision Blizzard, Inc.		2,393		142
Acuity Brands, Inc.		238		20
Adobe, Inc. (g)		1,727		550
Advance Auto Parts, Inc.		249		23
Advanced Micro Devices, Inc. (g)		3,201		146
AES Corp.		2,245		31
Affiliated Managers Group, Inc.		283		17
Aflac, Inc.		2,534		87
Agilent Technologies, Inc.		1,117		80
AGNC Investment Corp. REIT		1,684		18
Air Products & Chemicals, Inc.		879		175
Akamai Technologies, Inc. (g)		576		53
Albemarle Corp.		264		15
Alexandria Real Estate Equities, Inc. REIT		297		41
Alexion Pharmaceuticals, Inc. (g)		796		71
Align Technology, Inc. (g)		270		47
Alkermes PLC (g)		549		8
Alleghany Corp.		51		28
Allegion PLC		331		30
Allergan PLC		1,182		209
Alliance Data Systems Corp.		268		9
Alliant Energy Corp.		840		41
Allstate Corp. (The)		1,169		107
Ally Financial, Inc.		1,401		20

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Alnylam Pharmaceuticals, Inc. (g)		343	$	37
Alphabet, Inc., Class A (g)		959		1,114
Alphabet, Inc., Class C (g)		1,113		1,294
Altice USA, Inc., Class A (g) (Euronext N.V.)		964		21
Altice USA, Inc., Class A (g) (NYSE)		513		11
Altria Group, Inc.		6,125		237
Amazon.com, Inc. (g)		1,468		2,862
Amcor PLC (g)		5,238		43
AMERCO		31		9
Ameren Corp.		869		63
American Airlines Group, Inc.		17,992		219
American Electric Power Co., Inc.		1,653		132
American Express Co.		2,333		200
American Financial Group, Inc.		267		19
American International Group, Inc.		2,847		69
American Tower Corp. REIT		1,464		319
American Water Works Co., Inc.		643		77
Ameriprise Financial, Inc.		378		39
AmerisourceBergen Corp.		558		49
AMETEK, Inc.		793		57
Amgen, Inc.		2,033		412
Amphenol Corp., Class A		940		69
Analog Devices, Inc.		1,387		124
Annaly Capital Management, Inc. REIT		4,634		23
ANSYS, Inc. (g)		296		69
Anthem, Inc.		884		201
AO Smith Corp.		487		18
Aon PLC		846		140
Apache Corp.		1,219		5
Apple, Inc.		15,182		3,861
Applied Materials, Inc.		2,990		137
Aptiv PLC		891		44
Aramark		868		17
Arch Capital Group Ltd. (g)		1,419		40
Archer-Daniels-Midland Co.		1,759		62
Arconic, Inc.		1,431		23
Arista Networks, Inc. (g)		285		58
Arrow Electronics, Inc. (g)		293		15
Arthur J Gallagher & Co.		650		53
Assurant, Inc.		317		33
AT&T, Inc.		23,432		683
Athene Holding Ltd., Class A (g)		570		14
Atmos Energy Corp.		315		31
Autodesk, Inc. (g)		879		137
Autoliv, Inc.		284		13
Automatic Data Processing, Inc.		1,447		198
AutoZone, Inc. (g)		87		74
AvalonBay Communities, Inc. REIT		489		72
Avery Dennison Corp.		302		31
Axalta Coating Systems Ltd. (g)		838		14
Baker Hughes a GE Co.		1,708		18
Ball Corp.		1,141		74

	Shares		Value (000)
Bank of America Corp.		29,764	$	632
Bank of New York Mellon Corp. (The)		2,849		96
Baxter International, Inc.		1,730		140
Becton Dickinson & Co.		859		197
Berkshire Hathaway, Inc., Class B (g)		4,108		751
Best Buy Co., Inc.		839		48
Biogen, Inc. (g)		793		251
BioMarin Pharmaceutical, Inc. (g)		628		53
BlackRock, Inc.		320		141
Boeing Co. (The)		1,780		265
Booking Holdings, Inc. (g)		258		347
BorgWarner, Inc.		813		20
Boston Properties, Inc. REIT		545		50
Boston Scientific Corp. (g)		4,663		152
Brighthouse Financial, Inc. (g)		268		6
Bristol-Myers Squibb Co.		7,622		425
Broadcom, Inc.		1,173		278
Broadridge Financial Solutions, Inc.		307		29
Brown-Forman Corp., Class B		1,087		60
Bunge Ltd.		493		20
Burlington Stores, Inc. (g)		332		53
Cabot Oil & Gas Corp.		1,485		26
Cadence Design Systems, Inc. (g)		900		59
Camden Property Trust REIT		341		27
Campbell Soup Co.		584		27
Capital One Financial Corp.		1,547		78
Capri Holdings Ltd. (g)		511		6
Cardinal Health, Inc.		954		46
CarMax, Inc. (g)		596		32
Carnival Corp.		1,468		19
Caterpillar, Inc.		1,997		232
Cboe Global Markets, Inc.		291		26
CBRE Group, Inc., Class A (g)		1,132		43
CDK Global, Inc.		334		11
CDW Corp.		512		48
Celanese Corp.		341		25
Centene Corp. (g)		2,362		140
CenterPoint Energy, Inc.		1,775		27
CenturyLink, Inc.		3,206		30
Cerner Corp.		1,149		72
CF Industries Holdings, Inc.		866		24
CH Robinson Worldwide, Inc.		369		24
Charles Schwab Corp. (The)		3,868		130
Charter Communications, Inc., Class A (g)		553		241
Chemours Co. (The)		564		5
Cheniere Energy, Inc. (g)		812		27
Chevron Corp.		6,173		447
Chipotle Mexican Grill, Inc. (g)		92		60
Chubb Ltd.		1,520		170
Church & Dwight Co., Inc.		867		56
Cigna Corp. (g)		1,221		216
Cimarex Energy Co.		254		4
Cincinnati Financial Corp.		547		41

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Cintas Corp.		313	$	54
Cisco Systems, Inc.		14,242		560
CIT Group, Inc.		277		5
Citigroup, Inc.		7,593		320
Citizens Financial Group, Inc.		1,448		27
Citrix Systems, Inc.		360		51
Clorox Co. (The)		346		60
CME Group, Inc.		1,364		236
CMS Energy Corp.		908		53
Coca-Cola Co. (The)		13,334		590
Cognex Corp.		595		25
Cognizant Technology Solutions Corp., Class A		1,826		85
Colgate-Palmolive Co.		2,680		178
Comcast Corp., Class A		14,630		503
Comerica, Inc.		532		16
CommScope Holding Co., Inc. (g)		668		6
Conagra Brands, Inc.		1,509		44
Concho Resources, Inc.		810		35
ConocoPhillips		3,586		110
Consolidated Edison, Inc.		1,141		89
Constellation Brands, Inc., Class A		582		83
Continental Resources, Inc.		331		3
Cooper Cos., Inc. (The)		277		76
Copart, Inc. (g)		821		56
Corning, Inc.		2,538		52
Corteva, Inc. (g)		2,410		57
CoStar Group, Inc. (g)		229		134
Costco Wholesale Corp.		1,443		411
Coty, Inc., Class A		960		5
Crown Castle International Corp. REIT		1,481		214
Crown Holdings, Inc. (g)		378		22
CSX Corp.		2,404		138
Cummins, Inc.		518		70
CVS Health Corp.		4,039		240
Danaher Corp.		2,063		286
Darden Restaurants, Inc.		329		18
DaVita, Inc. (g)		335		25
Deere & Co.		957		132
Dell Technologies, Inc., Class C (g)		541		21
Delta Air Lines, Inc.		27,589		787
DENTSPLY SIRONA, Inc.		880		34
Devon Energy Corp.		1,435		10
DexCom, Inc. (g)		327		88
Diamondback Energy, Inc.		541		14
Digital Realty Trust, Inc. REIT		836		116
Discover Financial Services		1,155		41
Discovery, Inc., Class A (g)		541		11
Discovery, Inc., Class C (g)		1,244		22
DISH Network Corp., Class A (g)		805		16
DocuSign, Inc. (g)		264		24
Dollar General Corp.		823		124

	Shares		Value (000)
Dollar Tree, Inc. (g)		836	$	61
Dominion Energy, Inc.		2,633		190
Domino's Pizza, Inc.		236		76
Dover Corp.		504		42
Dow, Inc. (g)		2,405		70
DR Horton, Inc.		10,042		341
Dropbox, Inc., Class A (g)		671		12
DTE Energy Co.		646		61
Duke Energy Corp.		2,386		193
Duke Realty Corp. REIT		1,368		44
DuPont de Nemours, Inc.		2,374		81
DXC Technology Co.		828		11
E*Trade Financial Corp.		865		30
Eagle Materials, Inc.		930		54
East West Bancorp, Inc.		492		13
Eastman Chemical Co.		377		18
Eaton Corp., PLC		1,458		113
Eaton Vance Corp.		305		10
eBay, Inc.		2,847		86
Ecolab, Inc.		822		128
Edison International		1,149		63
Edwards Lifesciences Corp. (g)		848		160
Elanco Animal Health, Inc. (g)		880		20
Electronic Arts, Inc. (g)		963		96
Eli Lilly & Co.		2,954		410
Emerson Electric Co.		2,014		96
Entergy Corp.		671		63
EOG Resources, Inc.		1,948		70
EPAM Systems, Inc. (g)		292		54
Equifax, Inc.		325		39
Equinix, Inc. REIT		285		178
Equitable Holdings, Inc.		931		13
Equity Lifestyle Properties, Inc. REIT		570		33
Equity Residential REIT		1,406		87
Erie Indemnity Co., Class A		90		13
ESC Seventy Seven (i)		275	��	—
Essex Property Trust, Inc. REIT		332		73
Estee Lauder Cos., Inc. (The), Class A		864		138
Everest Re Group Ltd.		243		47
Evergy, Inc.		900		50
Eversource Energy		1,125		88
Exact Sciences Corp. (g)		351		20
Exelon Corp.		3,135		115
Expedia Group, Inc.		325		18
Expeditors International of Washington, Inc.		596		40
Extra Space Storage, Inc. REIT		349		33
Exxon Mobil Corp.		13,719		521
F5 Networks, Inc. (g)		306		33
Facebook, Inc., Class A (g)		7,817		1,304
Factset Research Systems, Inc.		235		61
Fastenal Co.		1,771		55
Federal Realty Investment Trust REIT		262		20
FedEx Corp.		846		103

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Fidelity National Financial, Inc.		7,342	$	183
Fidelity National Information Services, Inc.		1,816		221
Fifth Third Bancorp		2,602		39
First American Financial Corp.		2,677		114
First Republic Bank		556		46
FirstEnergy Corp.		1,779		71
Fiserv, Inc. (g)		1,988		189
FleetCor Technologies, Inc. (g)		303		57
Flex Ltd. (g)		1,800		15
FLIR Systems, Inc.		370		12
Flowserve Corp.		355		8
Fluor Corp.		378		3
FMC Corp.		364		30
Ford Motor Co.		12,273		59
Fortinet, Inc. (g)		515		52
Fortive Corp.		947		52
Fortune Brands Home & Security, Inc.		385		17
Fox Corp., Class A		1,228		29
Fox Corp., Class B (g)		604		14
Franklin Resources, Inc.		966		16
Freeport-McMoRan, Inc.		4,592		31
Gap, Inc. (The)		878		6
Garmin Ltd.		364		27
Gartner, Inc. (g)		317		32
General Dynamics Corp.		860		114
General Electric Co.		28,092		223
General Mills, Inc.		1,801		95
General Motors Co.		4,083		85
Genuine Parts Co.		508		34
Gilead Sciences, Inc.		4,084		305
Global Payments, Inc.		944		136
Globe Life, Inc.		274		20
GoDaddy, Inc., Class A (g)		607		35
Goldman Sachs Group, Inc. (The)		1,164		180
GrubHub, Inc. (g)		308		13
H&R Block, Inc.		822		12
Halliburton Co.		2,860		20
Hanesbrands, Inc.		1,249		10
Harley-Davidson, Inc.		552		10
Hartford Financial Services Group, Inc. (The)		1,363		48
Hasbro, Inc.		317		23
HCA Healthcare, Inc.		856		77
HD Supply Holdings, Inc. (g)		617		18
Healthpeak Properties, Inc. REIT		1,691		40
HEICO Corp.		253		19
HEICO Corp., Class A		270		17
Helmerich & Payne, Inc.		278		4
Henry Schein, Inc. (g)		520		26
Hershey Co. (The)		522		69
Hess Corp.		851		28
Hewlett Packard Enterprise Co.		4,356		42
Hilton Worldwide Holdings, Inc.		893		61

	Shares		Value (000)
HollyFrontier Corp.		565	$	14
Hologic, Inc. (g)		843		30
Home Depot, Inc. (The)		3,732		697
Honeywell International, Inc.		2,352		315
Hormel Foods Corp.		943		44
Host Hotels & Resorts, Inc. REIT		2,394		26
HP, Inc.		4,924		85
Humana, Inc.		364		114
Huntington Bancshares, Inc.		3,452		28
Huntington Ingalls Industries, Inc.		246		45
IAC/InterActiveCorp (g)		274		49
IDEX Corp.		266		37
IDEXX Laboratories, Inc. (g)		305		74
IHS Markit Ltd.		1,236		74
Illinois Tool Works, Inc.		1,126		160
Illumina, Inc. (g)		617		169
Incyte Corp. (g)		650		48
Ingersoll Rand, Inc. (g)		742		18
Ingredion, Inc.		334		25
Intel Corp.		14,377		778
Intercontinental Exchange, Inc.		1,810		146
International Business Machines Corp.		2,921		324
International Flavors & Fragrances, Inc.		256		26
International Paper Co.		1,230		38
Interpublic Group of Cos., Inc. (The)		1,236		20
Intuit, Inc.		909		209
Intuitive Surgical, Inc. (g)		311		154
Invesco Ltd.		1,370		12
Invitation Homes, Inc. REIT		1,468		31
Ionis Pharmaceuticals, Inc. (g)		364		17
IPG Photonics Corp. (g)		229		25
IQVIA Holdings, Inc. (g)		598		65
Iron Mountain, Inc. REIT		897		21
Jack Henry & Associates, Inc.		270		42
Jacobs Engineering Group, Inc.		385		31
Jazz Pharmaceuticals PLC (g)		307		31
JB Hunt Transport Services, Inc.		292		27
Jefferies Financial Group, Inc.		888		12
JM Smucker Co. (The)		302		34
Johnson & Johnson		8,715		1,143
Johnson Controls International PLC		2,601		70
Jones Lang LaSalle, Inc.		279		28
JPMorgan Chase & Co.		10,716		965
Juniper Networks, Inc.		1,212		23
Kansas City Southern		253		32
KB Home		2,478		45
Kellogg Co.		901		54
KeyCorp		3,247		34
Keysight Technologies, Inc. (g)		659		55
Kimberly-Clark Corp.		1,209		155
Kimco Realty Corp. REIT		1,485		14
Kinder Morgan, Inc.		6,444		90
KKR & Co., Inc., Class A		1,699		40

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
KLA Corp.		668	$	96
Knight-Swift Transportation Holdings, Inc.		339		11
Kohl's Corp.		571		8
Kraft Heinz Co. (The)		2,255		56
Kroger Co. (The)		2,580		78
L Brands, Inc.		801		9
L3Harris Technologies, Inc.		873		157
Laboratory Corp. of America Holdings (g)		347		44
Lam Research Corp.		526		126
Lamb Weston Holdings, Inc.		520		30
Las Vegas Sands Corp.		1,225		52
Lear Corp.		303		25
Leggett & Platt, Inc.		352		9
Leidos Holdings, Inc.		490		45
Lennar Corp., Class A		8,348		319
Lennox International, Inc.		225		41
Liberty Broadband Corp., Class C (g)		276		31
Liberty Global PLC, Class A (g)		643		11
Liberty Global PLC Series C (g)		1,549		24
Liberty Media Corp-Liberty SiriusXM, Class A (g)		305		10
Liberty Media Corp-Liberty SiriusXM, Class C (g)		590		19
Liberty Media Corp.-Liberty Formula One, Class C (g)		813		22
Lincoln National Corp.		817		22
Live Nation Entertainment, Inc. (g)		521		24
LKQ Corp. (g)		1,088		22
Lockheed Martin Corp.		898		304
Loews Corp.		888		31
Louisiana-Pacific Corp.		2,651		46
Lowe's Cos., Inc.		2,566		221
Lululemon Athletica, Inc. (g)		285		54
LyondellBasell Industries N.V., Class A		932		46
M&T Bank Corp.		361		37
M/I Homes, Inc. (g)		666		11
Macerich Co. (The) REIT		298		2
Macy's, Inc.		948		5
ManpowerGroup, Inc.		307		16
Marathon Oil Corp.		2,655		9
Marathon Petroleum Corp.		2,260		53
Markel Corp. (g)		49		45
MarketAxess Holdings, Inc.		232		77
Marriott International, Inc., Class A		920		69
Marsh & McLennan Cos., Inc.		1,774		153
Martin Marietta Materials, Inc.		1,819		344
Marvell Technology Group Ltd.		1,989		45
Masco Corp.		7,391		256
Mastercard, Inc., Class A		3,138		758
Maxim Integrated Products, Inc.		860		42
McCormick & Co., Inc.		332		47
McDonald's Corp.		2,416		399
McKesson Corp.		667		90
MDC Holdings, Inc.		1,476		34
Medtronic PLC		4,365		394

	Shares		Value (000)
MercadoLibre, Inc. (g)		252	$	123
Merck & Co., Inc.		8,459		651
Meritage Homes Corp. (g)		939		34
MetLife, Inc.		2,660		81
Mettler-Toledo International, Inc. (g)		89		61
MGIC Investment Corp.		8,345		53
MGM Resorts International		1,697		20
Microchip Technology, Inc.		826		56
Micron Technology, Inc. (g)		3,697		155
Microsoft Corp.		23,644		3,729
Mid-America Apartment Communities, Inc. REIT		305		31
Middleby Corp. (The) (g)		295		17
Mohawk Industries, Inc. (g)		1,960		149
Molson Coors Brewing Co., Class B		667		26
Mondelez International, Inc., Class A		4,607		231
MongoDB, Inc. (g)		216		29
Monster Beverage Corp. (g)		1,439		81
Moody's Corp.		604		128
Mosaic Co. (The)		1,362		15
Motorola Solutions, Inc.		576		77
MSCI, Inc.		297		86
Mylan N.V. (g)		1,692		25
Nasdaq, Inc.		308		29
National Oilwell Varco, Inc.		1,244		12
National Retail Properties, Inc. REIT		571		18
Nektar Therapeutics (g)		610		11
NetApp, Inc.		867		36
Netflix, Inc. (g)		1,463		549
Newell Brands, Inc.		1,437		19
Newmont Corp.		2,684		122
News Corp., Class A		1,255		11
NextEra Energy, Inc.		1,706		410
Nielsen Holdings PLC		1,250		16
NIKE, Inc., Class B		4,036		334
NiSource, Inc.		1,226		31
Noble Energy, Inc.		1,670		10
Nordstrom, Inc.		302		5
Norfolk Southern Corp.		834		122
Northern Trust Corp.		832		63
Northrop Grumman Corp.		569		172
NortonLifeLock, Inc.		2,048		38
Norwegian Cruise Line Holdings Ltd. (g)		863		9
NRG Energy, Inc.		890		24
Nucor Corp.		956		34
NVIDIA Corp.		1,808		477
NVR, Inc. (g)		109		280
O'Reilly Automotive, Inc. (g)		271		82
Occidental Petroleum Corp.		2,863		33
OGE Energy Corp.		806		25
Okta, Inc. (g)		267		33
Old Dominion Freight Line, Inc.		480		63
Omnicom Group, Inc.		883		48
ON Semiconductor Corp. (g)		1,415		18

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
ONEOK, Inc.		1,449	$	32
Oracle Corp.		8,249		399
Ovintiv, Inc.		1,009		3
Owens Corning		2,772		108
PACCAR, Inc.		1,201		73
Packaging Corp. of America		332		29
Palo Alto Networks, Inc. (g)		333		55
Parker Hannifin Corp.		340		44
Parsley Energy, Inc., Class A		895		5
Paychex, Inc.		1,140		72
Paycom Software, Inc. (g)		276		56
PayPal Holdings, Inc. (g)		3,565		341
Pentair PLC		565		17
People's United Financial, Inc.		1,379		15
PepsiCo, Inc.		4,680		562
PerkinElmer, Inc.		296		22
Perrigo Co., PLC		349		17
Pfizer, Inc.		18,322		598
Philip Morris International, Inc.		5,168		377
Phillips 66		1,497		80
Pinnacle West Capital Corp.		300		23
Pioneer Natural Resources Co.		596		42
Plains GP Holdings LP, Class A (g)		537		3
PNC Financial Services Group, Inc. (The)		1,451		139
Polaris, Inc.		299		14
PPG Industries, Inc.		821		69
PPL Corp.		2,365		58
Principal Financial Group, Inc.		873		27
Procter & Gamble Co. (The)		8,119		893
Progressive Corp. (The)		1,965		145
ProLogis, Inc. REIT		2,398		193
Prudential Financial, Inc.		1,433		75
PTC, Inc. (g)		299		18
Public Service Enterprise Group, Inc.		1,787		80
Public Storage REIT		554		110
Pulte Group, Inc.		7,292		163
PVH Corp.		262		10
Qorvo, Inc. (g)		330		27
QUALCOMM, Inc.		3,827		259
Quest Diagnostics, Inc.		375		30
Qurate Retail, Inc. (g)		1,388		8
Ralph Lauren Corp.		282		19
Raymond James Financial, Inc.		345		22
Raytheon Co.		890		117
Realty Income Corp. REIT		1,072		53
Regency Centers Corp. REIT		590		23
Regeneron Pharmaceuticals, Inc. (g)		285		139
Regions Financial Corp.		3,272		29
Reinsurance Group of America, Inc.		320		27
RenaissanceRe Holdings Ltd.		250		37
Republic Services, Inc.		801		60
ResMed, Inc.		509		75

	Shares		Value (000)
Robert Half International, Inc.		311	$	12
Rockwell Automation, Inc.		309		47
Rollins, Inc.		519		19
Roper Technologies, Inc.		264		82
Ross Stores, Inc.		1,375		120
Royal Caribbean Cruises Ltd.		630		20
S&P Global, Inc.		877		215
Sabre Corp.		866		5
salesforce.com, Inc. (g)		2,707		390
SBA Communications Corp. REIT		298		80
Schlumberger Ltd.		4,573		62
Scotts Miracle-Gro Co. (The), Class A		1,305		134
Seagate Technology PLC		877		43
Sealed Air Corp.		548		14
Seattle Genetics, Inc. (g)		302		35
SEI Investments Co.		358		17
Sempra Energy		870		98
Sensata Technologies Holding PLC (g)		572		17
ServiceNow, Inc. (g)		646		185
Sherwin-Williams Co. (The)		291		134
Signature Bank		247		20
Simon Property Group, Inc. REIT		1,087		60
Sirius XM Holdings, Inc.		5,312		26
Skyline Champion Corp. (g)		1,311		21
Skyworks Solutions, Inc.		607		54
SL Green Realty Corp. REIT		295		13
Snap, Inc., Class A (g)		2,077		25
Snap-On, Inc.		292		32
Southern Co. (The)		3,484		189
Southwest Airlines Co.		15,783		562
Spectrum Brands Holdings, Inc.		14		1
Spirit AeroSystems Holdings, Inc., Class A		270		6
Splunk, Inc. (g)		527		67
Sprint Corp. (g)		2,621		23
Square, Inc., Class A (g)		1,118		59
SS&C Technologies Holdings, Inc.		796		35
Stanley Black & Decker, Inc.		525		53
Starbucks Corp.		4,090		269
State Street Corp.		1,225		65
Steel Dynamics, Inc.		873		20
STERIS PLC		303		42
Stewart Information Services Corp.		546		15
Stryker Corp.		1,197		199
Sun Communities, Inc. REIT		306		38
SVB Financial Group (g)		239		36
Synchrony Financial		2,050		33
Synopsys, Inc. (g)		530		68
Sysco Corp.		1,509		69
T Rowe Price Group, Inc.		833		81
T-Mobile US, Inc. (g)		1,179		99
Take-Two Interactive Software, Inc. (g)		299		35
Tapestry, Inc.		893		12
Targa Resources Corp.		803		6

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Target Corp.		1,694	$	157
TD Ameritrade Holding Corp.		893		31
TE Connectivity Ltd.		1,177		74
TechnipFMC PLC		1,403		9
Teleflex, Inc.		263		77
Tesla, Inc. (g)		349		183
Texas Instruments, Inc.		2,990		299
Textron, Inc.		812		22
Thermo Fisher Scientific, Inc.		1,439		408
Tiffany & Co.		284		37
TJX Cos., Inc. (The)		4,006		192
Toll Brothers, Inc.		3,024		58
Tractor Supply Co.		318		27
TransDigm Group, Inc.		267		85
TransUnion		656		43
Travelers Cos., Inc. (The)		830		82
Trimble, Inc. (g)		879		28
TripAdvisor, Inc.		281		5
Truist Financial Corp.		4,202		130
Twilio, Inc., Class A (g)		300		27
Twitter, Inc. (g)		2,362		58
Tyson Foods, Inc., Class A		948		55
Uber Technologies, Inc. (g)		658		18
UDR, Inc. REIT		874		32
UGI Corp.		619		17
Ulta Beauty, Inc. (g)		297		52
Under Armour, Inc., Class A (g)		645		6
Under Armour, Inc., Class C (g)		659		5
Union Pacific Corp.		2,336		329
United Airlines Holdings, Inc. (g)		12,432		392
United Parcel Service, Inc., Class B		2,109		197
United Rentals, Inc. (g)		272		28
United Technologies Corp.		2,657		251
UnitedHealth Group, Inc.		3,125		779
Universal Forest Products, Inc.		1,326		49
Universal Health Services, Inc., Class B		292		29
Unum Group		848		13
US Bancorp		4,938		170
Vail Resorts, Inc.		241		36
Valero Energy Corp.		1,362		62
Varian Medical Systems, Inc. (g)		319		33
Veeva Systems, Inc., Class A (g)		345		54
Ventas, Inc. REIT		1,363		37
VEREIT, Inc. REIT		3,218		16
VeriSign, Inc. (g)		282		51
Verisk Analytics, Inc.		549		77
Verizon Communications, Inc.		13,431		722
Vertex Pharmaceuticals, Inc. (g)		906		216
VF Corp.		1,172		63
ViacomCBS, Inc., Class B		1,902		27
Visa, Inc., Class A		5,831		939
Vistra Energy Corp.		1,375		22

	Shares		Value (000)
VMware, Inc., Class A (g)		294	$	36
Vornado Realty Trust REIT		605		22
Voya Financial, Inc.		512		21
Vulcan Materials Co.		3,635		393
WABCO Holdings, Inc. (g)		281		38
Walgreens Boots Alliance, Inc.		2,620		120
Walmart, Inc.		4,603		523
Walt Disney Co. (The)		5,789		559
Waste Connections, Inc.		833		65
Waste Management, Inc.		1,496		138
Waters Corp. (g)		252		46
Watsco, Inc.		861		136
Wayfair, Inc., Class A (g)		314		17
WEC Energy Group, Inc.		1,120		99
Wells Fargo & Co.		14,017		402
Welltower, Inc. REIT		1,370		63
Western Digital Corp.		913		38
Western Union Co. (The)		1,432		26
Westinghouse Air Brake Technologies Corp.		549		26
Westlake Chemical Corp.		232		9
WestRock Co.		886		25
Weyerhaeuser Co. REIT		2,546		43
Whirlpool Corp.		319		27
Williams Cos., Inc. (The)		3,836		54
Willis Towers Watson PLC		357		61
Workday, Inc., Class A (g)		538		70
WP Carey, Inc. REIT		586		34
WR Berkley Corp.		519		27
WW Grainger, Inc.		263		65
Wynn Resorts Ltd.		338		20
Xcel Energy, Inc.		1,825		110
Xerox Holdings Corp. (g)		821		16
Xilinx, Inc.		885		69
XPO Logistics, Inc. (g)		263		13
Xylem, Inc.		629		41
Yum! Brands, Inc.		1,087		74
Zebra Technologies Corp., Class A (g)		286		53
Zillow Group, Inc., Class C (g)		339		12
Zimmer Biomet Holdings, Inc.		820		83
Zions Bancorp NA		602		16
Zoetis, Inc.		1,504		177
				80,076
Total Common Stocks (Cost $124,956)				127,789
Investment Company (0.7%)
United Kingdom (0.7%)
iPATH S&P 500 VIX Short-Term Futures ETN (United Kingdom) (g) (Cost $1,241)		53,000		2,451
	No. of Rights
Right (0.0%)
United States (0.0%)
Bristol-Myers Squibb Co. (g) (Cost $5)		2,295		9

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	No. of Warrants		Value (000)
Warrant (0.0%)
France (0.0%)
CGG SA, expires 2/21/22 (g) (Cost $—)		59	$	—	@
	Shares
Short-Term Investments (16.5%)
Investment Company (11.8%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $40,274)		40,274,186		40,274
	Face Amount (000)
U.S. Treasury Securities (4.7%)
U.S. Treasury Bills,
0.23%, 7/30/20 (j)(k)	$	1,920		1,919
0.33%, 7/30/20 (j)(k)		1,400		1,400
0.38%, 7/30/20 (j)(k)		1,500		1,499
1.53%, 7/30/20 (j)(k)		7,215		7,213
1.54%, 7/30/20 (j)(k)		1,390		1,390
0.01%, 7/30/20 (j)(k)		1,171		1,171
0.05%, 7/30/20 (j)(k)		650		650
0.20%, 7/30/20 (j)(k)		910		910
Total U.S. Treasury Securities (Cost $16,107)				16,152
Total Short-Term Investments (Cost $56,381)				56,426
Total Investments (102.4%) (Cost $344,668) (l)(m)(n)				350,725
Liabilities in Excess of Other Assets (-2.4%)				(8,248	)
Net Assets (100.0%)			$	342,477

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) 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, 2020. 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) Inverse Floating Rate Security — Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at March 31, 2020.

(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, 2020.

(f) When-issued security.

(g) Non-income producing security.

(h) Security trades on the Hong Kong exchange.

(i) At March 31, 2020, the Fund held fair valued securities valued at $0, representing 0.0% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Trust's (as defined herein) Trustees.

(j) Rate shown is the yield to maturity at March 31, 2020.

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

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

(m) The approximate fair value and percentage of net assets, $41,425,000 and 12.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Consolidated Financial Statements.

(n) At March 31, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $32,574,000 and the aggregate gross unrealized depreciation is approximately $37,331,000, resulting in net unrealized depreciation of approximately $4,757,000.

@ Value is less than $500.

ADR American Depositary Receipt.

CDI CHESS Depositary Interest.

CVA Certificaten Van Aandelen.

EURIBOR Euro Interbank Offered Rate.

Euronext Euronext Paris Exchange.

Euronext N.V. Euronext Amsterdam Stock Market.

IO Interest Only.

LIBOR London Interbank Offered Rate.

LSE London Stock Exchange.

MTN Medium Term Note.

NYSE New York Stock Exchange.

OAT Obligations Assimilables du Trésor (Treasury Obligation).

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

OMXH Helsinki Stock Exchange.

REIT Real Estate Investment Trust.

REMIC Real Estate Mortgage Investment Conduit.

SDR Swedish Depositary Receipt.

SIX Swiss Exchange.

SSE Stockholm Stock Exchange.

TBA To Be Announced.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (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, 2020:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Bank of America NA	HUF	53,304	$	182	6/10/20	$	18
Bank of America NA	$	8,381	EUR	7,337	6/10/20		(268	)
Bank of America NA	$	257	HUF	80,980	6/10/20		(9	)
Bank of America NA	$	83	PLN	317	6/10/20		(7	)
Bank of America NA	$	348	SGD	482	6/10/20		(9	)
Barclays Bank PLC	AUD	779	$	458	6/10/20		(21	)
Barclays Bank PLC	DKK	379	$	58	6/10/20		2
Barclays Bank PLC	EUR	410	CHF	434	6/10/20		(1	)
Barclays Bank PLC	NOK	1,330	$	140	6/10/20		12
Barclays Bank PLC	$	727	GBP	554	6/10/20		(37	)
Barclays Bank PLC	$	31	JPY	3,426	6/10/20		1
BNP Paribas SA	IDR	5,719,794	$	389	6/10/20		40
BNP Paribas SA	NZD	71	$	42	6/10/20		(—	@)
BNP Paribas SA	RUB	13,367	$	199	6/10/20		30
BNP Paribas SA	$	4,277	CNH	29,877	6/10/20		(68	)
BNP Paribas SA	$	506	THB	15,946	6/10/20		(19	)
Citibank NA	AUD	5,029	$	3,351	6/10/20		257
Citibank NA	$	401	CAD	577	6/10/20		9
Citibank NA	$	680	CNH	4,819	6/10/20		(1	)
Citibank NA	$	271	MXN	5,730	6/10/20		(32	)
Goldman Sachs International	MXN	12,147	$	574	6/10/20		68
Goldman Sachs International	$	2,027	KRW	2,402,302	6/10/20		(49	)
Goldman Sachs International	$	64	MXN	1,506	6/10/20		(2	)
HSBC Bank PLC	$	4,778	JPY	496,821	6/10/20		(144	)
JPMorgan Chase Bank NA	CAD	282	$	198	6/10/20		(2	)
JPMorgan Chase Bank NA	CHF	421	EUR	397	6/10/20		(—	@)
JPMorgan Chase Bank NA	EUR	219	$	241	6/10/20		(1	)
JPMorgan Chase Bank NA	EUR	601	$	666	6/10/20		1
JPMorgan Chase Bank NA	GBP	236	$	294	6/10/20		1
JPMorgan Chase Bank NA	SEK	6,823	$	727	6/10/20		36
JPMorgan Chase Bank NA	$	953	CHF	878	6/10/20		(38	)
JPMorgan Chase Bank NA	$	794	EUR	718	6/10/20		(—	@)
JPMorgan Chase Bank NA	$	1,159	EUR	1,069	6/10/20		23
JPMorgan Chase Bank NA	$	101	EUR	91	6/10/20		(—	@)
JPMorgan Chase Bank NA	$	132	EUR	120	6/10/20		—	@
JPMorgan Chase Bank NA	$	15	GBP	13	6/10/20		—	@
JPMorgan Chase Bank NA	$	1,689	JPY	181,753	6/10/20		6
JPMorgan Chase Bank NA	$	945	SEK	9,320	6/10/20		(1	)
UBS AG	EUR	455	$	486	6/10/20		(17	)
UBS AG	NZD	1,670	$	1,062	6/10/20		66
Bank of America NA	CNH	28,371	$	4,039	6/18/20		43
Bank of America NA	PLN	252	$	62	6/18/20		1
Bank of America NA	$	274	ILS	1,040	6/18/20		21
Bank of Montreal	HUF	11,918	$	38	6/18/20		1
Bank of New York Mellon	EUR	416	$	458	6/18/20		(2	)
Barclays Bank PLC	EUR	89	$	98	6/18/20		(—	@)
Barclays Bank PLC	JPY	62	$	1	6/18/20		—	@
Barclays Bank PLC	$	28	COP	115,021	6/18/20		(—	@)
Barclays Bank PLC	$	11	PEN	39	6/18/20		—	@
Barclays Bank PLC	$	790	SGD	1,128	6/18/20		5
BNP Paribas SA	BRL	196	$	40	6/18/20		2
BNP Paribas SA	CAD	562	$	396	6/18/20		(3	)
BNP Paribas SA	CNH	4,177	$	593	6/18/20		5
BNP Paribas SA	GBP	84	$	104	6/18/20		(—	@)
BNP Paribas SA	HKD	1,593	$	205	6/18/20		—	@

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (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)
BNP Paribas SA	JPY	417,676	$	3,771		6/18/20	$	(126	)
BNP Paribas SA	JPY	145,858	$	1,365		6/18/20		4
BNP Paribas SA	KRW	451,551	$	373		6/18/20		1
BNP Paribas SA	NZD	172	$	102		6/18/20		(1	)
BNP Paribas SA	RUB	8,097	$	106		6/18/20		4
BNP Paribas SA	SEK	1,137	$	115		6/18/20		(1	)
BNP Paribas SA	TRY	41	$	6		6/18/20		—	@
BNP Paribas SA	TWD	4,361	$	146		6/18/20		1
BNP Paribas SA	$	1,551	CNH	10,994		6/18/20		(2	)
BNP Paribas SA	$	1,528	GBP	1,269		6/18/20		50
BNP Paribas SA	$	19	IDR	285,595		6/18/20		(2	)
BNP Paribas SA	$	45	INR	3,472		6/18/20		—	@
BNP Paribas SA	$	87	TWD	2,592		6/18/20		(1	)
Citibank NA	KRW	208,044	$	173		6/18/20		1
Citibank NA	$	124	CLP	106,158		6/18/20		—	@
Citibank NA	$	70	CZK	1,734		6/18/20		(—	@)
Citibank NA	$	125	ILS	479		6/18/20		11
Citibank NA	$	7	THB	223		6/18/20		(—	@)
Commonwealth Bank of Australia	EUR	162	$	179		6/18/20		(1	)
Commonwealth Bank of Australia	NZD	41	$	24		6/18/20		(—	@)
Credit Suisse International	EUR	113	$	124		6/18/20		(—	@)
Credit Suisse International	JPY	208	$	2		6/18/20		—	@
Goldman Sachs International	CAD	202	$	142		6/18/20		(1	)
Goldman Sachs International	EUR	2,578	$	2,841		6/18/20		(11	)
Goldman Sachs International	EUR	602	$	646		6/18/20		(20	)
Goldman Sachs International	JPY	3,781	$	35		6/18/20		—	@
Goldman Sachs International	$	155	CHF	148		6/18/20		(—	@)
Goldman Sachs International	$	2,118	JPY	232,343		6/18/20		50
JPMorgan Chase Bank NA	AUD	366	$	225		6/18/20		(1	)
JPMorgan Chase Bank NA	CAD	381	$	270		6/18/20		(1	)
JPMorgan Chase Bank NA	CAD	195	$	138		6/18/20		(1	)
JPMorgan Chase Bank NA	JPY	47	$	—	@	6/18/20		—	@
JPMorgan Chase Bank NA	NOK	474	$	45		6/18/20		(—	@)
JPMorgan Chase Bank NA	ZAR	10	$	1		6/18/20		—	@
State Street Bank and Trust Co.	JPY	556	$	5		6/18/20		—	@
UBS AG	CHF	1,191	$	1,241		6/18/20		(1	)
UBS AG	CHF	1,775	$	1,834		6/18/20		(17	)
UBS AG	DKK	370	$	55		6/18/20		(—	@)
UBS AG	EUR	3,394	$	3,741		6/18/20		(14	)
UBS AG	EUR	1,681	$	1,828		6/18/20		(32	)
UBS AG	EUR	1,076	$	1,164		6/18/20		(26	)
UBS AG	EUR	1,250	$	1,383		6/18/20		(—	@)
UBS AG	GBP	1,539	$	1,776		6/18/20		(139	)
UBS AG	GBP	1,653	$	2,060		6/18/20		4
UBS AG	HKD	163	$	21		6/18/20		(—	@)
UBS AG	HKD	2,104	$	271		6/18/20		—	@
UBS AG	JPY	197,994	$	1,834		6/18/20		(14	)
UBS AG	JPY	77,213	$	697		6/18/20		(23	)
UBS AG	JPY	181,314	$	1,691		6/18/20		(1	)
UBS AG	MXN	7,178	$	306		6/18/20		7
UBS AG	SGD	344	$	242		6/18/20		(—	@)
UBS AG	TRY	440	$	67		6/18/20		2
UBS AG	$	16	AUD	27		6/18/20		—	@
UBS AG	$	2,814	CHF	2,735		6/18/20		39
UBS AG	$	2,960	CHF	2,832		6/18/20		(6	)
UBS AG	$	1,089	EUR	1,001		6/18/20		18
UBS AG	$	2,820	EUR	2,583		6/18/20		37

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts: (cont'd)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
UBS AG	$	2,836	GBP	2,385	6/18/20	$	130
UBS AG	$	427	GBP	354	6/18/20		14
UBS AG	$	2,813	JPY	311,293	6/18/20		91
UBS AG	$	202	MXN	4,772	6/18/20		(3	)
UBS AG	$	91	SEK	903	6/18/20		—	@
UBS AG	$	47	SGD	67	6/18/20		—	@
UBS AG	ZAR	530	$	32	6/18/20		2
						$	(62	)

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2020:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
100 oz Gold Future (United States)		38	Jun-20	$	4		$	6,067		$	(193	)
Euro Stoxx 50 (Germany)		163	Jun-20	EUR	2			4,938			701
German Euro Bund (Germany)		6	Jun-20		600			1,142			(2	)
MSCI Emerging Market E Mini (United States)		209	Jun-20	$	10			8,808			406
NIKKEI 225 Index (Japan)		18	Jun-20	JPY	9			1,561			21
S&P 500 E Mini Index (United States)		479	Jun-20	$	24			61,544			(1,090	)
SGX MSCI Singapore (Singapore)		37	Apr-20	SGD	4			733			10
U.S. Treasury 2 yr. Note (United States)		53	Jun-20	$	10,600			11,680			161
Short:
German Euro BTP (Germany)		48	Jun-20	EUR	(4,800	)		(7,486	)		213
TOPIX Index (Japan)		26	Jun-20	JPY	(260	)		(3,393	)		(45	)
U.S. Treasury 10 yr. Note (United States)		268	Jun-20	$	(26,800	)		(37,168	)		(808	)
U.S. Treasury 10 yr. Ultra Long Bond (United States)		19	Jun-20		(1,900	)		(2,965	)		(83	)
U.S. Treasury 5 yr. Note (United States)		12	Jun-20		(1,200	)		(1,504	)		(50	)
U.S. Treasury Ultra Bond (United States)		69	Jun-20		(6,900	)		(15,309	)		(52	)
										$	(811	)

Credit Default Swap Agreement:

The Fund had the following credit default swap agreement open at March 31, 2020:

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 (000)
Morgan Stanley & Co. LLC* CDX.EM.32				NR				Buy					1.00	%		Quarterly				12/20/24				$	1,405			$	164			$	75			$	89

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Interest Rate Swap Agreements:

The Fund had the following interest rate swap agreements open at March 31, 2020:

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 (Depreciation) (000)
JPMorgan Chase Bank NA	3 Month KORIBOR	Pay		1.83	%	Quarterly/Quarterly	6/14/27	KRW	1,400,000	$	62		$	—	$	62
Morgan Stanley & US CPI All Urban Co. LLC*	Consumers Index	Receive		1.24		Semi-Annual/Quarterly	3/30/30	$	1,286		(20	)		—		(20	)
Morgan Stanley & US CPI All Urban Co. LLC*	Consumers Index	Receive		1.27		Semi-Annual/Quarterly	3/30/30		5,141		(100	)		—		(100	)
Morgan Stanley & US CPI All Urban Co. LLC*	Consumers Index	Receive		1.30		Semi-Annual/Quarterly	3/30/30		1,286		(29	)		—		(29	)
Morgan Stanley & US CPI All Urban Co. LLC*	Consumers Index	Receive		1.18		Semi-Annual/Quarterly	3/31/30		2,143		(20	)		—		(20	)
										$	(107	)	$	—	$	(107	)

Total Return Swap Agreements:

The Fund had the following total return swap agreements open at March 31, 2020:

Swap Counterparty	Index	Pay/ Receive Total Return of Referenced Index	Floating Rate	Payment Frequency	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (Received) (000)			Unrealized Appreciation (Depreciation) (000)
BNP Paribas SA	BNP Custom U.S. Banks Index^††	Receive	3 Month USD LIBOR plus 0.15%	Quarterly	9/16/20	$	235	$	(29	)	$	—		$	(29	)
BNP Paribas SA	BNP Custom U.S. Banks Index^††	Receive	3 Month USD LIBOR plus 0.15%	Quarterly	9/16/20		1,151		(143	)		—			(143	)
BNP Paribas SA	MSCI Emerging Markets Index	Receive	3 Month USD LIBOR plus 0.28%	Quarterly	1/26/21		22,119		(5,579	)		—			(5,579	)
JPMorgan Chase Bank NA JPM Custom EU Low	Volatility Index^††	3 Month EUR EURIBOR Pay	plus 0.05%	Quarterly	7/27/20	EUR	1,999		346			—			346
JPMorgan Chase Bank NA	JPM Custom EU Low Volatility Index^††	Pay	3 Month EUR EURIBOR plus 0.05%	Quarterly	7/27/20		622		86			—			86
JPMorgan Chase Bank NA	JPM Custom EU Value Index^††	Receive	3 Month EUR EURIBOR plus 0.14%	Quarterly	7/27/20		2,643		(801	)		(126	)		(675	)
JPMorgan Chase Bank NA JPM Custom U.S.	Value Index^††	3 Month USD LIBOR Receive	plus 0.10%	Quarterly	7/27/20	$	4,242		(1,199	)		—			(1,199	)
JPMorgan Chase Bank NA	JPM Custom U.S. Value Index^††	Receive	3 Month USD LIBOR plus 0.10%	Quarterly	7/27/20		1,888		(485	)		—			(485	)
JPMorgan Chase Bank NA	JPM Custom U.S. Growth Index^††	Pay	3 Month USD LIBOR plus 0.10%	Quarterly	9/11/20		1,934		161			—			161
JPMorgan Chase Bank NA	JPM Custom U.S. Growth Index^††	Pay	3 Month USD LIBOR plus 0.10%	Quarterly	9/11/20		843		70			—			70
JPMorgan Chase Bank NA	JPM Custom U.S. Low Volatility Index^††	Pay	3 Month USD LIBOR plus 0.10%	Quarterly	2/1/21		2,151		401			—			401
JPMorgan Chase Bank NA	JPM Custom U.S. Low Volatility Index^††	Pay	3 Month USD LIBOR plus 0.10%	Quarterly	2/1/21		918		152			—			152
JPMorgan Chase Bank NA	MSCI Japan Net Total Return Index	Receive	3 Month USD LIBOR plus 0.15%	Quarterly	2/10/21		17,576		(3,029	)		—			(3,029	)
								$	(10,049	)	$	(126	)	$	(9,923	)

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with BNP Custom U.S. Banks Index as of March 31, 2020:

Security Description	Shares		Value (000)		Index Weight
BNP Custom U.S. Banks Index
Bank of America Corp.		308,343	$	6,546		20.22	%
CIT Group,Inc.		3,298		57		0.18
Citigroup,Inc.		79,236		3,337		10.31
Citizens Financial Group,Inc.		15,687		295		0.91
Comerica,Inc.		5,287		155		0.48
East West Bancorp,Inc.		4,961		128		0.39
Fifth Third Bancorp		25,079		372		1.15
First Republic Bank		5,750		473		1.46
Huntington Bancshares,Inc.		35,695		293		0.91
JPMorgan Chase & Co.		110,953		9,989		30.85
KeyCorp		34,389		357		1.10
M&T Bank Corp.		4,440		459		1.42
People's United Financial,Inc.		13,619		150		0.46
PNC Financial Services Group,Inc. (The)		15,425		1,476		4.56
Regions Financial Corp.		34,597		310		0.96
Signature Bank/New York NY		1,907		153		0.47
SVB Financial Group		1,793		271		0.84
Truist Financial Corp.		45,852		1,414		4.37
US Bancorp		51,605		1,778		5.49
Wells Fargo & Co.		146,120		4,194		12.95
Zions Bancorp NA		6,245		167		0.52
Total			$	32,374		100.00	%

The following table represents the equity basket holdings underlying the total return swap with JPM Custom EU Low Volatility Index as of March 31, 2020:

Security Description	Shares		Value (000)		Index Weight
JPM Custom EU Low Volatility Index
Accor SA		5,906	$	163		1.98	%
Ageas		4,679		196		2.38
Air Liquide SA		1,515		195		2.37
Akzo Nobel N.V.		2,673		177		2.15
Allianz SE		983		170		2.07
Amadeus IT Group SA		3,222		154		1.87
Aroundtown SA		24,706		124		1.51
Assicurazioni Generali SpA		12,142		166		2.02
Covivio		1,975		112		1.36
Deutsche Boerse AG		1,288		178		2.16
Deutsche Telekom AG		12,977		169		2.06
Edenred		4,032		169		2.06
Endesa SA		8,007		172		2.09
Eni SpA		17,497		178		2.16
EssilorLuxottica SA		1,517		164		2.00
Ferrovial SA		6,932		167		2.03
Getlink SE		13,000		158		1.92
Groupe Bruxelles Lambert SA		2,307		182		2.22
Hannover Rueck SE		1,170		169		2.06
Heineken Holding N.V.		2,364		182		2.22
Henkel AG & Co KGaA		2,453		182		2.22
Hermes International		299		207		2.52
Legrand SA		2,827		182		2.22
L'Oreal SA		752		198		2.41
LVMH Moet Hennessy Louis Vuitton SE		507		189		2.30
Mapfre SA		97,564		168		2.04
Merck KGaA		1,703		176		2.14
Munich Re		802		163		1.98
Orange SA		15,560		191		2.32
Pernod Ricard SA		1,302		186		2.26
Prosus N.V.		2,948		205		2.50
Recordati SpA		4,973		211		2.57
Red Electrica Corp SA		10,715		193		2.35
Sanofi		2,178		193		2.34

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM Custom EU Low Volatility Index (cont'd)
SAP SE		1,750	$	198		2.41	%
Sartorius Stedim Biotech		1,049		212		2.59
Schneider Electric SE		2,030		176		2.14
Snam SpA		40,830		189		2.30
Sodexo SA		2,334		159		1.93
Symrise AG		2,103		197		2.40
Teleperformance		826		173		2.10
Terna Rete Elettrica Nazionale SpA		30,460		194		2.36
TOTAL SA		4,885		191		2.32
Vinci SA		2,049		170		2.07
Vivendi SA		8,140		175		2.13
Wolters Kluwer N.V.		2,779		197		2.39
			$	8,220		100.00	%

The following table represents the equity basket holdings underlying the total return swap with JPM Custom EU Value Index as of March 31, 2020:

Security Description	Shares		Value (000)		Index Weight
JPM Custom EU Value Index
ACS Actividades de Construccion y Servicious SA		7,075	$	139		1.93	%
Aegon N.V.		62,200		159		2.21
AerCap Holdings N.V.		4,074		102		1.30
ArcelorMittal SA		14,469		138		1.92
Arkema SA		2,308		160		2.23
Atos SE		2,814		192		2.65
Banco de Sabadell SA		251,886		130		1.81
Bank of Ireland Group PLC		58,867		112		1.56
Bayer AG		2,821		164		2.29
Bayerische Motoren Werke AG		3,995		173		2.40
Bayerische Motoren Werke AG		3,226		168		2.33
BNP Paribas SA		4,473		136		1.89
Bollore SA		59,989		166		2.31
Bouygues SA		2,561		75		1.05
Capgemini SE		1,975		168		2.33
Carrefour SA		11,188		178		2.47
Casino Guichard Perrachon SA		5,365		208		2.88
Cie de Saint-Gobain		5,702		139		1.94
CNP Assurances		13,459		132		1.84
Credit Agricole SA		18,663		138		1.91
Deutsche Lufthansa AG		15,820		149		2.08
Electricite de France SA		14,070		112		1.55
Engie SA		11,862		123		1.71
Faurecia SE		4,592		138		1.92
Fortum Oyj		9,359		138		1.92
Fresenius Medical Care AG & Co. KGaA		2,671		177		2.47
Fresenius SE & Co. KGaA		4,433		166		2.31
HeidelbergCement AG		1,787		77		1.07
HOCHTIEF AG		2,157		144		2.00
Ipsen SA		3,208		167		2.32
KION Group AG		3,880		169		2.35
Klepierre SA		6,914		134		1.86
Koninklijke Ahold Delhaize N.V.		8,261		194		2.69
Leonardo SpA		21,478		144		2.00
METRO AG		15,708		136		1.90
NN Group N.V.		6,121		166		2.31
Nokia Oyj		55,594		176		2.45
OMV AG		5,010		139		1.93
Peugeot SA		11,047		148		2.06
Publicis Groupe SA		5,435		157		2.18
Repsol SA		18,364		169		2.35
SES SA		24,818		146		2.04
Societe Generale SA		7,815		132		1.84
Solvay SA		2,333		171		2.38
Telefonica SA		17,542		81		1.12

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM Custom EU Value Index (cont'd)
Unibail-Rodamco-Westfield		1,774	$	101		1.40	%
Uniper SE		6,644		165		2.29
Volkswagen AG		1,207		162		2.25
Volkswagen AG		1,222		144		2.00
Total			$	7,202		100.00	%

The following table represents the equity basket holdings underlying the total return swap with JPM Custom U.S. Value Index as of March 31, 2020:

Security Description	Shares		Value (000)		Index Weight
JPM Custom U.S. Value Index
AAR Corp.		1,424	$	25		0.36	%
AdvanSix, Inc.		3,554		34		0.48
Alexion Pharmaceuticals, Inc.		555		50		0.71
Alliance Data Systems Corp.		652		22		0.31
AMC Networks, Inc.		1,732		42		0.60
American Axle & Manufacturing Holdings I		8,665		31		0.44
AmerisourceBergen corp.		605		54		0.77
Andersons, Inc. (The)		2,861		54		0.77
ArcBest corp.		2,580		45		0.64
Archer-Daniels-Midland Co.		1,366		48		0.69
Archrock, Inc.		7,579		28		0.40
Arrow Electronics, Inc.		769		40		0.57
Associated Bancorp		3,069		39		0.56
Atlas Air Worldwide Holdings, Inc.		2,010		52		0.73
Avis Budget Group, Inc.		1,737		24		0.34
Avnet, Inc.		1,680		42		0.60
Axos Financial, Inc.		2,204		40		0.57
AZZ, Inc.		1,440		40		0.58
B&G Foods, Inc.		3,145		57		0.81
Bank OZK		2,048		34		0.49
Biogen, Inc.		165		52		0.74
Bloomin' Brands, Inc.		2,908		21		0.29
BorgWarner, Inc.		1,664		41		0.58
Brinker International, Inc.		1,474		18		0.25
Cadence Bancorp		3,826		25		0.36
Caleres, Inc.		5,067		26		0.37
Cardtronics PLC		1,566		33		0.47
Carnival corp.		1,633		22		0.31
CenterPoint Energy, Inc.		2,251		35		0.49
Central Garden & Pet Co.		2,032		52		0.74
CenturyLink, Inc.		4,176		40		0.56
Cinemark Holdings, Inc.		2,153		22		0.31
CIT Group, Inc.		1,389		24		0.34
Citigroup, Inc.		799		34		0.48
Citizens Financial Group, Inc.		1,669		31		0.45
CNO Financial Group, Inc.		3,215		40		0.57
Comerica, Inc.		1,019		30		0.42
Commercial Metals Co.		2,798		44		0.63
Computer Programs & Systems, Inc.		1,431		32		0.45
Conn's, Inc.		6,997		29		0.42
CONSOL Energy, Inc.		9,505		35		0.50
CoreCivic, Inc.		3,309		37		0.53
Customers Bancorp,, Inc..		2,515		27		0.39
CVS Health corp.		831		49		0.70
Dana, Inc.		3,857		30		0.43
Dave & Buster's Entertainment, Inc.		1,727		23		0.32
Denbury Resources, Inc.		71,219		13		0.19
DiamondRock Hospitality Co.		5,942		30		0.43
Diodes, Inc.		1,165		47		0.67
Diversified Healthcare Trust		7,748		28		0.40
Domtar corp.		1,782		39		0.55
Donnelley Financial Solutions, Inc.		4,066		21		0.30

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM Custom U.S. Value Index (cont'd)
DXC Technology Co.		2,340	$	31		0.43	%
Dycom Industries, Inc.		2,100		54		0.77
Eastman Chemical Co.		853		40		0.56
Ebix, Inc.		2,164		33		0.47
Edgewell Personal Care Co.		1,577		38		0.54
Era Group, Inc.		1,681		9		0.13
Ethan Allen Interiors, Inc.		3,936		40		0.57
Exelon corp.		588		22		0.31
Expedia Group, Inc.		546		31		0.44
Ezcorp,, Inc..		11,062		46		0.66
Fifth Third Bancorp		2,127		32		0.45
Genesco, Inc.		1,629		22		0.31
GEO Group, Inc. (The)		3,245		39		0.56
G-III Apparel Group Ltd		2,460		19		0.27
GMS, Inc.		2,223		35		0.50
Goldman Sachs Group, Inc. (The)		256		40		0.56
Graham Holdings Co		106		36		0.51
Greenbrier Cos, Inc. (The)		2,185		39		0.55
Greif, Inc.		1,485		46		0.66
Griffon corp.		2,959		37		0.53
Group 1 Automotive, Inc.		627		28		0.39
Harsco corp.		4,561		32		0.45
Hawaiian Holdings, Inc.		2,715		28		0.40
Herman Miller, Inc.		1,550		34		0.49
Hewlett Packard Enterprise Co.		4,129		40		0.57
Hibbett Sports, Inc.		2,662		29		0.41
Hillenbrand, Inc.		2,276		43		0.62
HollyFrontier corp.		1,570		38		0.55
Host Hotels & Resorts, Inc.		3,669		41		0.58
Howmet Aerospace, Inc.		1,806		29		0.41
Integer Holdings corp.		594		37		0.53
Intel corp.		464		25		0.36
Interface, Inc.		3,646		28		0.39
International Business Machines corp.		403		45		0.64
Invesco Ltd.		3,638		33		0.47
iStar, Inc.		3,295		35		0.50
J2 Global, Inc.		586		44		0.62
Janus Henderson Group PLC		2,545		39		0.55
Juniper Networks, Inc.		1,193		23		0.32
Kelly Services, Inc.		3,286		42		0.59
Koppers Holdings, Inc.		2,648		33		0.47
Kraft Heinz Co. (The)		2,039		50		0.72
Kraton corp.		4,951		40		0.57
Lannett Co, Inc.		6,211		43		0.61
Lantheus Holdings, Inc.		3,367		43		0.61
Laredo Petroleum, Inc.		54,468		21		0.29
Lincoln National corp.		1,175		31		0.44
Lydall, Inc.		3,506		23		0.32
LyondellBasell Industries N.V.		720		36		0.51
M/I Homes, Inc.		1,364		23		0.32
Mack-Cali Realty corp.		2,496		38		0.54
Macy's, Inc.		4,110		20		0.29
MarineMax, Inc.		3,318		35		0.49
Matrix Service Co.		4,288		41		0.58
MDU Resources Group, Inc.		902		19		0.28
MEDNAX, Inc.		3,111		36		0.51
Medtronic PLC		259		23		0.33
Meredith corp.		2,186		27		0.38
Meridian Bioscience, Inc.		6,499		55		0.78
Meritor, Inc.		2,424		32		0.46
Methode Electronics, Inc.		1,788		47		0.67
MetLife, Inc.		1,221		37		0.53
Micron Technology, Inc.		1,004		42		0.60
Minerals Technologies, Inc.		1,186		43		0.61
Molson Coors Beverage Co.		1,031		40		0.57

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM Custom U.S. Value Index (cont'd)
Movado Group, Inc.		3,661	$	43		0.61	%
Mylan N.V.		3,192		48		0.68
MYR Group, Inc.		1,206		32		0.45
Natus Medical, Inc.		1,932		45		0.63
Navient corp.		4,905		37		0.53
NETGEAR, Inc.		2,807		64		0.91
Norwegian Cruise Line Holdings Ltd.		1,546		17		0.24
NRG Energy, Inc.		1,561		43		0.60
Office Depot, Inc.		22,218		36		0.52
Old Republic International corp.		1,265		19		0.27
Oracle corp.		532		26		0.37
OraSure Technologies, Inc.		8,175		88		1.25
Oshkosh corp.		696		45		0.64
Owens & Minor, Inc.		7,714		71		1.00
Owens Corning		918		36		0.51
Park Hotels & Resorts, Inc.		2,879		23		0.32
Patrick Industries, Inc.		976		27		0.39
PDC Energy, Inc.		2,966		18		0.26
Pebblebrook Hotel Trust		2,708		29		0.42
Penn Virginia corp.		3,568		11		0.16
Pennsylvania Real Estate Investment Trust		20,631		19		0.27
Perspecta, Inc.		2,132		39		0.55
Photronics, Inc.		4,126		42		0.60
Pitney Bowes, Inc.		15,613		32		0.45
Plantronics, Inc.		3,939		40		0.56
PPL corp.		1,675		41		0.59
PRA Health Sciences, Inc.		519		43		0.61
Principal Financial Group, Inc.		1,162		36		0.52
Progress Software corp.		1,460		47		0.66
ProPetro Holding corp.		6,249		16		0.22
PVH corp.		723		27		0.39
QEP Resources, Inc.		25,238		8		0.12
QuinStreet, Inc.		4,244		34		0.49
Ready Capital corp.		3,520		25		0.36
Regal Beloit corp.		652		41		0.58
Reinsurance Group of America, Inc.		414		35		0.49
Sanmina corp.		1,993		54		0.77
ScanSource, Inc.		1,855		40		0.56
Service Properties Trust		3,039		16		0.23
Signet Jewelers Ltd.		2,344		15		0.21
SMART Global Holdings, Inc.		1,952		47		0.67
SpartanNash Co.		3,794		54		0.77
Summit Hotel Properties, Inc.		5,895		25		0.35
SunCoke Energy, Inc.		11,452		44		0.63
Supernus Pharmaceuticals, Inc.		2,852		51		0.73
Sykes Enterprises, Inc.		1,697		46		0.65
Syneos Health, Inc.		761		30		0.43
SYNNEX corp.		409		30		0.42
Synovus Financial corp.		1,863		33		0.46
Talos Energy, Inc.		3,666		21		0.30
Tanger Factory Outlet Centers, Inc.		4,351		22		0.31
Tenet Healthcare corp.		2,014		29		0.41
Terex corp.		2,455		35		0.50
Textron, Inc.		1,284		34		0.49
Timken Co. (The)		1,208		39		0.55
Tivity Health, Inc.		4,384		28		0.39
Tredegar corp.		1,562		24		0.35
TrueBlue, Inc.		3,598		46		0.65
Tupperware Brands corp.		21,483		35		0.49
Tyson Foods, Inc.		759		44		0.62
UGI corp.		1,428		38		0.54
Ultra Clean Holdings, Inc.		2,503		35		0.49
United Rentals, Inc.		404		42		0.59
United Therapeutics corp.		259		25		0.35
Universal Insurance Holdings, Inc.		2,530		45		0.64

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM Custom U.S. Value Index (cont'd)
Unum Group		2,281	$	34		0.49	%
Vanda Pharmaceuticals, Inc.		4,667		48		0.69
Varex Imaging corp.		2,166		49		0.70
ViacomCBS, Inc.		2,253		32		0.45
Vista Outdoor, Inc.		7,282		64		0.91
Wabash National corp.		4,818		35		0.49
Waddell & Reed Financial, Inc.		3,706		42		0.60
Walker & Dunlop, Inc.		770		31		0.44
Warrior Met Coal, Inc.		2,864		30		0.43
Washington Prime Group, Inc.		20,230		16		0.23
Wells Fargo & Co.		1,283		37		0.52
Westrock Co.		1,596		45		0.64
Whirlpool Corp.		407		35		0.50
Wyndham Destinations, Inc.		1,303		28		0.40
Xenia Hotels & Resorts, Inc.		3,468		36		0.51
Zimmer Biomet Holdings, Inc.		388		39		0.56
Zions Bancorp NA		1,337		36		0.51
Total			$	7,038		100.00	%

The following table represents the equity basket holdings underlying the total return swap with JPM Custom U.S. Growth Index as of March 31, 2020:

Security Description	Shares		Value (000)		Index Weight
JPM Custom U.S. Growth Index
3D Systems Corp.		5,371	$	41		0.50	%
8x8, Inc.		2,936		41		0.49
AAON, Inc.		908		44		0.53
Advanced Micro Devices, Inc.		1,091		50		0.60
Agilysys, Inc.		1,688		28		0.34
Air Products & Chemicals, Inc.		224		45		0.54
Allegion PLC		428		39		0.47
Amedisys, Inc.		303		56		0.67
American Tower Corp.		210		46		0.55
Aon PLC		238		39		0.47
Apache Corp.		2,042		9		0.10
AptarGroup, Inc.		497		49		0.60
Arlo Technologies, Inc.		15,994		39		0.47
Arthur J Gallagher & Co.		507		41		0.50
Axon Enterprise, Inc.		653		46		0.56
Badger Meter, Inc.		815		44		0.53
Balchem Corp.		536		53		0.64
Ball Corp.		670		43		0.52
Banc of California, Inc.		3,410		27		0.33
Bank of Hawaii Corp.		670		37		0.45
Boeing Co. (The)		182		27		0.33
Brown & Brown, Inc.		1,146		42		0.50
Brown-Forman Corp.		800		44		0.53
Cable One, Inc.		32		52		0.63
Capstead Mortgage Corp.		6,740		28		0.34
Cardiovascular Systems, Inc.		1,352		48		0.57
Catalent, Inc.		972		51		0.61
Cavco Industries, Inc.		245		36		0.43
CEVA, Inc.		1,750		44		0.53
Chefs' Warehouse, Inc. (The)		1,700		17		0.21
Chemed Corp.		118		51		0.62
Chipotle Mexican Grill, Inc.		69		45		0.55
Churchill Downs, Inc.		406		42		0.50
Cintas Corp.		187		32		0.39
City Holding Co.		706		47		0.57
CMS Energy Corp.		793		47		0.56
Cogent Communications Holdings, Inc.		628		51		0.62
Cognex Corp.		1,099		46		0.56
Commerce Bancshares, Inc.		826		42		0.50

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM Custom U.S. Growth Index (cont'd)
Community Bank System, Inc.		794	$	47		0.56	%
Community Healthcare Trust, Inc.		1,011		39		0.47
Concho Resources, Inc.		755		32		0.39
Copart, Inc.		609		42		0.50
CoreSite Realty Corp.		473		55		0.66
Costco Wholesale Corp.		169		48		0.58
Cree, Inc.		1,132		40		0.48
Crocs, Inc.		1,957		33		0.40
Crown Castle International Corp.		323		47		0.56
CyrusOne, Inc.		811		50		0.60
Cytokinetics, Inc.		3,502		41		0.50
Domino's Pizza, Inc.		150		49		0.59
Dril-Quip, Inc.		1,386		42		0.51
EastGroup Properties, Inc.		393		41		0.49
Ecolab, Inc.		263		41		0.49
eHealth, Inc.		426		60		0.73
Enerpac Tool Group Corp.		2,371		39		0.47
Equinix, Inc.		83		52		0.62
ESCO Technologies, Inc.		561		43		0.51
Estee Lauder Cos, Inc. (The)		271		43		0.52
Etsy, Inc.		876		34		0.41
Eversource Energy		552		43		0.52
Expeditors International of Washington I		727		48		0.58
Exponent, Inc.		692		50		0.60
FactSet Research Systems, Inc.		183		48		0.57
FARO Technologies, Inc.		900		40		0.48
Fastenal Co.		1,484		46		0.56
First Financial Bankshares, Inc.		1,724		46		0.56
First Republic Bank		501		41		0.50
FirstCash, Inc.		639		46		0.55
Five Below, Inc.		528		37		0.45
Fluor Corp.		5,276		36		0.44
Fox Factory Holding Corp.		841		35		0.43
Freeport-McMoRan, Inc.		5,067		34		0.41
Garmin Ltd.		566		42		0.51
Garrett Motion, Inc.		7,481		21		0.26
Glacier BanCorp, Inc.		1,325		45		0.54
Graco, Inc.		1,009		49		0.59
Green Plains, Inc.		4,245		21		0.25
Hanger, Inc.		2,298		36		0.43
Healthcare Realty Trust, Inc.		1,440		40		0.48
HealthEquity, Inc.		769		39		0.47
Healthpeak Properties, Inc.		1,535		37		0.44
Helen of Troy Ltd.		300		43		0.52
Hershey Co (The)		332		44		0.53
Heska Corp.		533		29		0.36
Hess Corp.		884		29		0.35
Home Depot, Inc. (The)		224		42		0.50
IDEX Corp.		341		47		0.57
IDEXX Laboratories, Inc.		203		49		0.59
Illinois Tool Works, Inc.		302		43		0.52
Independent Bank Corp.		733		47		0.57
Installed Building Products, Inc.		776		31		0.37
InterDigital, Inc.		966		43		0.52
IPG Photonics Corp.		399		44		0.53
Jack Henry & Associates, Inc.		323		50		0.61
Jacobs Engineering Group, Inc.		523		41		0.50
Kansas City Southern		335		43		0.51
Kinsale Capital Group, Inc.		396		41		0.50
Lamb Weston Holdings, Inc.		597		34		0.41
Lancaster Colony Corp.		343		50		0.60
LendingTree, Inc.		192		35		0.42
Linde PLC		261		45		0.54
Lindsay Corp.		528		48		0.58

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM Custom U.S. Growth Index (cont'd)
LivePerson, Inc.		2,051	$	47		0.56	%
LiveRamp Holdings, Inc.		1,402		46		0.56
Louisiana-Pacific Corp.		1,753		30		0.36
Lowe's Cos, Inc.		470		40		0.49
MarketAxess Holdings, Inc.		145		48		0.58
Marsh & McLennan Cos, Inc.		479		41		0.50
Masimo Corp.		298		53		0.64
Mastercard, Inc.		175		42		0.51
Mattel, Inc.		4,306		38		0.46
McCormick & Co, Inc.		340		48		0.58
Mesa Laboratories, Inc.		208		47		0.57
Momenta Pharmaceuticals, Inc.		1,651		45		0.54
Monolithic Power Systems, Inc.		315		53		0.63
Moody's Corp.		202		43		0.51
Motorcar Parts of America, Inc.		3,021		38		0.46
Motorola Solutions, Inc.		292		39		0.47
MSA Safety, Inc.		404		41		0.49
MSCI, Inc.		165		48		0.58
National Instruments Corp.		1,300		43		0.52
National Storage Affiliates Trust		1,434		42		0.51
Nektar Therapeutics		2,626		47		0.56
NeoGenomics, Inc.		1,704		47		0.57
Netflix, Inc.		138		52		0.63
New York Times Co. (The)		1,386		43		0.51
Newmont Corp.		1,026		46		0.56
NextEra Energy, Inc.		192		46		0.56
NIKE, Inc.		561		46		0.56
Northfield BanCorp, Inc.		3,588		40		0.48
Northwest Bancshares, Inc.		3,546		41		0.49
Northwest Natural Holding Co.		785		48		0.58
NVIDIA Corp.		192		51		0.61
Old Dominion Freight Line, Inc.		394		52		0.62
Ollie's Bargain Outlet Holdings, Inc.		995		46		0.56
ONEOK, Inc.		748		16		0.20
O'Reilly Automotive, Inc.		140		42		0.51
Papa John's International, Inc.		872		47		0.56
Paycom Software, Inc.		181		37		0.44
PayPal Holdings, Inc.		465		45		0.54
PDF Solutions, Inc.		3,588		42		0.51
Pennant Group, Inc. (The)		1,914		27		0.33
Penumbra, Inc.		301		49		0.58
Prosperity Bancshares, Inc.		764		37		0.44
Proto Labs, Inc.		577		44		0.53
PS Business Parks, Inc.		331		45		0.54
Quaker Chemical Corp.		320		40		0.49
Realty, Inc.ome Corp.		684		34		0.41
REGENXBIO, Inc.		1,337		43		0.52
Renewable Energy Group, Inc.		1,958		40		0.48
Repligen Corp.		589		57		0.70
ResMed, Inc.		309		45		0.55
REX American Resources Corp.		762		35		0.43
RLI Corp.		622		55		0.66
Rollins, Inc.		1,338		48		0.58
Ross Stores, Inc.		467		41		0.49
Royal Gold, Inc.		495		43		0.52
S&P Global, Inc.		182		45		0.54
SBA Communications Corp.		178		48		0.58
Scotts Miracle-Gro Co (The)		435		45		0.54
Service Corp. International		1,028		40		0.48
ServiceNow, Inc.		155		44		0.53
Shake Shack, Inc.		915		35		0.42
Sherwin-Williams Co. (The)		94		43		0.52
Southside Bancshares, Inc.		1,555		47		0.57
Southwest Airlines Co.		1,129		40		0.48
Sunrun, Inc.		2,614		26		0.32

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM Custom U.S. Growth Index (cont'd)
Tabula Rasa HealthCare, Inc.		981	$	51		0.62	%
Tactile Systems Technology, Inc.		1,023		41		0.50
TechTarget, Inc.		2,351		48		0.58
TJX Cos, Inc. (The)		842		40		0.49
Tompkins Financial Corp.		638		46		0.55
Toro Co (The)		682		44		0.54
TransDigm Group, Inc.		92		29		0.35
Trex Co, Inc.		501		40		0.48
Twitter, Inc.		1,461		36		0.43
UDR, Inc.		1,077		39		0.47
Ulta Beauty, Inc.		199		35		0.42
Under Armour, Inc.		3,752		35		0.42
United Fire Group, Inc.		1,295		42		0.51
Universal Display Corp.		331		44		0.53
Universal Health Realty, Inc.ome Trust		473		48		0.57
US Physical Therapy, Inc.		480		33		0.40
US Silica Holdings, Inc.		11,164		20		0.24
VeriSign, Inc.		270		49		0.59
Verisk Analytics, Inc.		318		44		0.53
Vicor Corp.		1,164		52		0.62
Visa, Inc.		275		44		0.53
Watsco, Inc.		310		49		0.59
WD-40 Co.		287		58		0.71
WEC Energy Group, Inc.		523		46		0.56
Westamerica BanCorp		857		50		0.61
Wingstop, Inc.		623		50		0.60
Xcel Energy, Inc.		776		47		0.56
Zoetis, Inc.		372		44		0.53
			$	8,291		100.00	%

The following table represents the equity basket holdings underlying the total return swap with JPM Custom U.S. Low Volatility Index as of March 31, 2020:

Security Description	Shares		Value (000)		Index Weight
JPM Custom U.S. Low Volatility Index
Abbott Laboratories		631	$	50		0.64	%
Aflac, Inc.		1,168		40		0.50
Agilent Technologies, Inc.		616		44		0.56
Air Products & Chemicals, Inc.		219		44		0.55
Alexandria Real Estate Equities, Inc.		317		44		0.55
Alphabet, Inc.		37		43		0.55
Ameren Corp.		591		43		0.54
American Campus Communities, Inc.		1,130		31		0.40
American Express Co.		447		38		0.48
AMETEK, Inc.		569		41		0.52
Amgen, Inc.		242		49		0.62
Amphenol Corp.		535		39		0.49
Analog Devices, Inc.		462		41		0.52
Aon PLC		230		38		0.48
Apartment Investment & Management Co.		1,013		36		0.45
AptarGroup, Inc.		481		48		0.60
Armada Hoffler Properties, Inc.		2,885		31		0.39
Arthur J Gallagher & Co.		490		40		0.50
Asbury Automotive Group, Inc.		549		30		0.38
AT&T, Inc.		1,355		39		0.50
Atmos Energy Corp.		458		45		0.57
AutoZone, Inc.		49		41		0.52
AvalonBay Communities, Inc.		238		35		0.44
Badger Meter, Inc.		828		44		0.56
Booking Holdings, Inc.		30		40		0.51
Boston Scientific Corp.		1,334		44		0.55
Broadcom, Inc.		182		43		0.54
Brookline BanCorp, Inc.		3,656		41		0.52
Brown & Brown, Inc.		1,104		40		0.50

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM Custom U.S. Low Volatility Index (cont'd)
Cabot Oil & Gas Corp.		3,478	$	60		0.75	%
Callaway Golf Co.		3,141		32		0.40
Camden Property Trust		454		36		0.45
Capital One Financial Corp.		578		29		0.37
CarMax, Inc.		571		31		0.39
CDW Corp.		435		41		0.51
Central Pacific Financial Corp.		2,129		34		0.43
Cerner Corp.		705		44		0.56
CH Robinson Worldwide, Inc.		734		49		0.61
Chemed Corp.		115		50		0.63
Chevron Corp.		521		38		0.48
Choice Hotels International, Inc.		556		34		0.43
Chubb Ltd.		340		38		0.48
Cintas Corp.		182		32		0.40
Citrix Systems, Inc.		471		67		0.84
City Holding Co.		702		47		0.59
CME Group, Inc.		231		40		0.50
Coca-Cola Co. (The)		880		39		0.49
Columbia Sportswear Co.		628		44		0.55
Comcast Corp.		1,219		42		0.53
Commerce Bancshares, Inc.		812		41		0.52
Community Bank System, Inc.		786		46		0.58
ConocoPhillips		1,046		32		0.41
Corning, Inc.		2,073		43		0.54
Corteva, Inc.		1,804		42		0.53
Cracker Barrel Old Country Store, Inc.		350		29		0.37
CVB Financial Corp.		2,639		53		0.67
Danaher Corp.		332		46		0.58
Delta Air Lines, Inc.		1,077		31		0.39
Dollar General Corp.		322		49		0.61
Dorman Products, Inc.		852		47		0.59
Douglas Emmett, Inc.		1,250		38		0.48
DSP Group, Inc.		3,648		49		0.62
Duke Energy Corp.		509		41		0.52
Duke Realty Corp.		1,448		47		0.59
Dunkin' Brands Group, Inc.		737		39		0.49
EastGroup Properties, Inc.		381		40		0.50
Eaton Corp. PLC		528		41		0.52
Ecolab, Inc.		254		40		0.50
EMCOR Group, Inc.		638		39		0.49
Essex Property Trust, Inc.		172		38		0.48
Estee Lauder Cos, Inc. (The)		268		43		0.54
ExlService Holdings, Inc.		647		34		0.42
Extra Space Storage, Inc.		470		45		0.57
Exxon Mobil Corp.		990		38		0.47
Fidelity National Information Services I		346		42		0.53
Fiserv, Inc.		457		43		0.55
Flowers Foods, Inc.		2,185		45		0.57
Fortive Corp.		721		40		0.50
Four Corners Property Trust, Inc.		1,675		31		0.40
Garmin Ltd.		556		42		0.53
Gentex Corp.		1,868		41		0.52
Gilead Sciences, Inc.		684		51		0.65
Graco, Inc.		994		48		0.61
Hanger, Inc.		2,209		34		0.43
Hershey Co. (The)		322		43		0.54
Hill-Rom Holdings, Inc.		505		51		0.64
Hilton Worldwide Holdings, Inc.		531		36		0.46
Home Depot, Inc. (The)		216		40		0.51
HP, Inc.		2,401		42		0.53
IDEX Corp.		337		46		0.59
IHS Markit Ltd.		697		42		0.53
Illinois Tool Works, Inc.		293		42		0.52
Intercontinental Exchange, Inc.		517		42		0.53

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM Custom U.S. Low Volatility Index (cont'd)
InterDigital, Inc.		944	$	42		0.53	%
Interpublic Group of Cos, Inc. (The)		2,401		39		0.49
Intuit, Inc.		183		42		0.53
J&J Snack Foods Corp.		308		37		0.47
Jacobs Engineering Group, Inc.		514		41		0.51
Johnson & Johnson		361		47		0.60
Johnson Controls International PLC		1,319		36		0.45
JPMorgan Chase & Co.		431		39		0.49
Kaiser Aluminum Corp.		521		36		0.45
Kaman Corp.		874		34		0.42
Kansas City Southern		327		42		0.53
Kinder Morgan, Inc.		2,554		36		0.45
KKR Real Estate Finance Trust, Inc.		2,540		38		0.48
Laboratory Corp. of America Holdings		271		34		0.43
Lennox International, Inc.		200		36		0.46
Life Storage, Inc.		435		41		0.52
Lincoln Electric Holdings, Inc.		599		41		0.52
Linde PLC		252		44		0.55
Lindsay Corp.		526		48		0.61
Louisiana-Pacific Corp.		1,696		29		0.37
Marsh & McLennan Cos, Inc.		470		41		0.51
Mastercard, Inc.		171		41		0.52
Maxim Integrated Products, Inc.		893		43		0.55
MAXIMUS, Inc.		772		45		0.57
McDonald's Corp.		251		41		0.52
Microsoft Corp.		306		48		0.61
Mid-America Apartment Communities, Inc.		359		37		0.47
Motorola Solutions, Inc.		285		38		0.48
Nasdaq, Inc.		444		42		0.53
National Instruments Corp.		1,276		42		0.53
National Oilwell Varco, Inc.		2,724		27		0.34
NBT BanCor., Inc.		1,477		48		0.60
NewMarket Corp.		124		47		0.60
Newmont Corp.		1,016		46		0.58
NextEra Energy, Inc.		184		44		0.56
NIKE, Inc.		554		46		0.58
Northwest Bancshares, Inc.		3,508		41		0.51
NVR, Inc.		13		33		0.42
Omnicom Group, Inc.		728		40		0.50
ONEOK, Inc.		736		16		0.20
O'Reilly Automotive, Inc.		138		41		0.52
Oxford Industries, Inc.		853		31		0.39
Pentair PLC		1,266		38		0.48
Pfizer, Inc.		1,425		46		0.59
PPG Industries, Inc.		481		40		0.51
Procter & Gamble Co (The)		415		46		0.58
Providence Service Corp. (The)		809		44		0.56
Provident Financial Services, Inc.		2,507		32		0.41
Public Storage		229		45		0.57
PulteGroup, Inc.		1,181		26		0.33
Quest Diagnostics, Inc.		448		36		0.45
Rambus, Inc.		3,639		40		0.51
Raytheon Technologies Corp.		370		35		0.44
Reliance Steel & Aluminum Co.		476		42		0.53
Republic Services, Inc.		537		40		0.51
ResMed, Inc.		295		43		0.55
REX American Resources Corp.		770		36		0.45
Ross Stores, Inc.		474		41		0.52
S&P Global, Inc.		175		43		0.54
S&T BanCorp, Inc.		1,522		42		0.52
salesforce.com, Inc.		295		43		0.54
Schlumberger Ltd.		1,910		26		0.32
SEACOR Holdings, Inc.		1,585		43		0.54
Service Corp. International		982		38		0.48
Sherwin-Williams Co. (The)		91		42		0.53

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM Custom U.S. Low Volatility Index (cont'd)
Silgan Holdings, Inc.		1,678	$	49		0.61	%
Southside Bancshares, Inc.		1,525		46		0.58
Standard Motor Products, Inc.		1,192		50		0.62
STERIS PLC		314		44		0.55
Stryker Corp.		262		44		0.55
Sysco Corp.		733		33		0.42
T Rowe Price Group, Inc.		403		39		0.50
TE Connectivity Ltd.		604		38		0.48
TechnipFMC PLC		3,627		24		0.31
Teledyne Technologies, Inc.		142		42		0.53
Texas Instruments, Inc.		434		43		0.55
Thermo Fisher Scientific, Inc.		158		45		0.56
TJX Cos, Inc. (The)		830		40		0.50
Toll Brothers, Inc.		1,279		25		0.31
Tompkins Financial Corp.		646		46		0.58
Tootsie Roll Industries, Inc.		1,520		55		0.69
Toro Co (The)		666		43		0.55
Tractor Supply Co.		537		45		0.57
Trane Technologies PLC		444		37		0.46
UDR, Inc.		1,050		38		0.48
UniFirst Corp.		273		41		0.52
Union Pacific Corp.		318		45		0.56
UnitedHealth Group, Inc.		178		44		0.56
US BanCorp		1,109		38		0.48
VeriSign, Inc.		260		47		0.59
Verisk Analytics, Inc.		307		43		0.54
Vertex Pharmaceuticals, Inc.		210		50		0.63
Visa, Inc.		267		43		0.54
Walmart, Inc.		444		50		0.64
Waste Management, Inc.		431		40		0.50
Watsco, Inc.		290		46		0.58
Westamerica BanCorp		856		50		0.63
Williams Cos, Inc. (The)		2,679		38		0.48
WR Berkley Corp.		740		39		0.49
Yum! Brands, Inc.		547		37		0.47
Zoetis, Inc.		363		43		0.54
			$	7,928		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.

BTP Buoni del Tesoro Poliennali.

CPI Consumer Price Index.

EURIBOR Euro Interbank Offered Rate.

KORIBOR Korea Interbank Offered Rate.

LIBOR London Interbank Offered Rate.

SGX Singapore Exchange Ltd.

TOPIX Tokyo Stock Price Index.

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

CNH — Chinese Yuan Renminbi Offshore

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

NGN — Nigerian Naira

NOK — Norwegian Krone

NZD — New Zealand Dollar

PEN — Peruvian Nuevo Sol

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.
39

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Portfolio Composition

Classification	Percentage of Total Investments
Fixed Income Securities		46.8	%
Common Stocks		36.4
Short-Term Investments		16.1
Other**		0.7
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 $164,298,000 and net unrealized depreciation of approximately $811,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $62,000. Also does not include open swap agreements with net unrealized depreciation of approximately $9,941,000.

The accompanying notes are an integral part of the consolidated financial statements.
40

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Global Strategist Portfolio

Consolidated Statement of Assets and Liabilities	March 31, 2020 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $304,394)	$	310,451
Investment in Security of Affiliated Issuer, at Value (Cost $40,274)		40,274
Total Investments in Securities, at Value (Cost $344,668)		350,725
Foreign Currency, at Value (Cost $1,233)		1,232
Receivable for Variation Margin on Futures Contracts		10,495
Receivable for Investments Sold		1,716
Unrealized Appreciation on Swap Agreements		1,278
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		1,114
Interest Receivable		1,014
Dividends Receivable		239
Tax Reclaim Receivable		206
Receivable from Affiliate		33
Receivable for Swap Agreements Termination		33
Receivable for Fund Shares Sold		18
Other Assets		113
Total Assets		368,216
Liabilities:
Unrealized Depreciation on Swap Agreements		11,139
Payable for Investments Purchased		10,761
Due to Broker		1,450
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		1,176
Payable for Advisory Fees		376
Payable for Fund Shares Redeemed		235
Upfront Payment Received on Open Swap Agreements		126
Payable for Trustees' Fees and Expenses		111
Payable for Custodian Fees		75
Payable for Professional Fees		63
Payable for Variation Margin on Swap Agreements		49
Payable for Shareholder Services Fees — Class A		33
Payable for Distribution and Shareholder Services Fees — Class L		7
Payable for Distribution and Shareholder Services Fees — Class C		1
Payable for Sub Transfer Agency Fees — Class I		5
Payable for Sub Transfer Agency Fees — Class A		31
Payable for Sub Transfer Agency Fees — Class L		2
Payable for Sub Transfer Agency Fees — Class C		—	@
Payable for Administration Fees		24
Payable for Transfer Agency Fees — Class I		2
Payable for Transfer Agency Fees — Class A		7
Payable for Transfer Agency Fees — Class L		1
Payable for Transfer Agency Fees — Class C		—	@
Payable for Transfer Agency Fees — Class IS		—	@
Deferred Capital Gain Country Tax		—	@
Other Liabilities		65
Total Liabilities		25,739
Net Assets	$	342,477
Net Assets Consist Of:
Paid-in-Capital	$	368,782
Total Accumulated Loss		(26,305	)
Net Assets	$	342,477

The accompanying notes are an integral part of the consolidated financial statements.
41

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Global Strategist Portfolio

Consolidated Statement of Assets and Liabilities (cont'd)	March 31, 2020 (000)
CLASS I:
Net Assets	$	49,302
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		3,709,095
Net Asset Value, Offering and Redemption Price Per Share	$	13.29
CLASS A:
Net Assets	$	148,524
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		11,279,445
Net Asset Value, Redemption Price Per Share	$	13.17
Maximum Sales Load		5.25	%
Maximum Sales Charge	$	0.73
Maximum Offering Price Per Share	$	13.90
CLASS L:
Net Assets	$	11,102
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		853,771
Net Asset Value, Offering and Redemption Price Per Share	$	13.00
CLASS C:
Net Assets	$	1,419
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		110,210
Net Asset Value, Offering and Redemption Price Per Share	$	12.88
CLASS IS:
Net Assets	$	132,130
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		9,930,888
Net Asset Value, Offering and Redemption Price Per Share	$	13.30

@ Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.
42

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Global Strategist Portfolio

Consolidated Statement of Operations	Six Months Ended March 31, 2020 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $5 of Foreign Taxes Withheld)	$	1,819
Dividends from Securities of Unaffiliated Issuers (Net of $79 of Foreign Taxes Withheld)		1,788
Dividends from Security of Affiliated Issuer (Note G)		402
Total Investment Income		4,009
Expenses:
Advisory Fees (Note B)		912
Shareholder Services Fees — Class A (Note D)		225
Distribution and Shareholder Services Fees — Class L (Note D)		49
Distribution and Shareholder Services Fees — Class C (Note D)		8
Custodian Fees (Note F)		173
Administration Fees (Note C)		162
Sub Transfer Agency Fees — Class I		21
Sub Transfer Agency Fees — Class A		71
Sub Transfer Agency Fees — Class L		4
Sub Transfer Agency Fees — Class C		1
Professional Fees		96
Pricing Fees		66
Registration Fees		31
Shareholder Reporting Fees		23
Transfer Agency Fees — Class I (Note E)		4
Transfer Agency Fees — Class A (Note E)		13
Transfer Agency Fees — Class L (Note E)		2
Transfer Agency Fees — Class C (Note E)		1
Transfer Agency Fees — Class IS (Note E)		1
Trustees' Fees and Expenses		7
Other Expenses		11
Total Expenses		1,881
Rebate from Morgan Stanley Affiliate (Note G)		(47	)
Waiver of Advisory Fees (Note B)		(40	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(17	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class IS (Note B)		(1	)
Net Expenses		1,775
Net Investment Income		2,234
Realized Loss:
Investments Sold (Net of $3 of Capital Gain Country Tax)		(930	)
Foreign Currency Forward Exchange Contracts		(1,939	)
Foreign Currency Translation		(87	)
Futures Contracts		(11,011	)
Swap Agreements		(1,589	)
Net Realized Loss		(15,556	)
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Decrease in Deferred Capital Gain Country Tax of $4)		(27,465	)
Foreign Currency Forward Exchange Contracts		970
Foreign Currency Translation		5
Futures Contracts		(336	)
Swap Agreements		(8,765	)
Net Change in Unrealized Appreciation (Depreciation)		(35,591	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(51,147	)
Net Decrease in Net Assets Resulting from Operations	$	(48,913	)

The accompanying notes are an integral part of the consolidated financial statements.
43

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Global Strategist Portfolio

Consolidated Statements of Changes in Net Assets	Six Months Ended March 31, 2020 (unaudited) (000)			Year Ended September 30, 2019 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	2,234		$	5,153
Net Realized Gain (Loss)		(15,556	)		1,003
Net Change in Unrealized Appreciation (Depreciation)		(35,591	)		4,495
Net Increase (Decrease) in Net Assets Resulting from Operations		(48,913	)		10,651
Dividends and Distributions to Shareholders:
Class I		(1,022	)		(7,553	)
Class A		(2,927	)		(25,417	)
Class L		(214	)		(1,941	)
Class C		(28	)		(218	)
Class IS		(2,790	)		(20	)
Total Dividends and Distributions to Shareholders		(6,981	)		(35,149	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		2,216			6,077
Distributions Reinvested		1,019			7,518
Redeemed		(3,565	)		(13,423	)
Class A:
Subscribed		742			9,231
Distributions Reinvested		2,875			24,946
Redeemed		(28,025	)		(39,012	)
Class L:
Exchanged		215			404
Distributions Reinvested		209			1,901
Redeemed		(850	)		(4,829	)
Class C:
Subscribed		72			654
Distributions Reinvested		28			217
Redeemed		(350	)		(670	)
Class IS:
Subscribed		82			148,417
Distributions Reinvested		2,790			19
Redeemed		(394	)		(66	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(22,936	)		141,384
Total Increase (Decrease) in Net Assets		(78,830	)		116,886
Net Assets:
Beginning of Period		421,307			304,421
End of Period	$	342,477		$	421,307

The accompanying notes are an integral part of the consolidated financial statements.
44

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Global Strategist Portfolio

Consolidated Statements of Changes in Net Assets (cont'd)	Six Months Ended March 31, 2020 (unaudited) (000)			Year Ended September 30, 2019 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		149			397
Shares Issued on Distributions Reinvested		65			535
Shares Redeemed		(229	)		(903	)
Net Increase (Decrease) in Class I Shares Outstanding		(15	)		29
Class A:
Shares Subscribed		48			585
Shares Issued on Distributions Reinvested		184			1,788
Shares Redeemed		(1,846	)		(2,601	)
Net Decrease in Class A Shares Outstanding		(1,614	)		(228	)
Class L:
Shares Exchanged		16			29
Shares Issued on Distributions Reinvested		13			137
Shares Redeemed		(57	)		(340	)
Net Decrease in Class L Shares Outstanding		(28	)		(174	)
Class C:
Shares Subscribed		4			44
Shares Issued on Distributions Reinvested		2			16
Shares Redeemed		(23	)		(46	)
Net Increase (Decrease) in Class C Shares Outstanding		(17	)		14
Class IS:
Shares Subscribed		5			9,774
Shares Issued on Distributions Reinvested		177			1
Shares Redeemed		(31	)		(5	)
Net Increase in Class IS Shares Outstanding		151			9,770

The accompanying notes are an integral part of the consolidated financial statements.
45

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Consolidated Financial Highlights

Global Strategist Portfolio

	Class I
	Six Months Ended March 31, 2020			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾⁽²⁾			2015⁽²⁾
Net Asset Value, Beginning of Period	$	15.45		$	17.05		$	17.48		$	15.79		$	14.58		$	16.99
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.10			0.27			0.33			0.30			0.28			0.28
Net Realized and Unrealized Gain (Loss)		(1.98	)		0.17			0.35			1.57			0.95			(1.73	)
Total from Investment Operations		(1.88	)		0.44			0.68			1.87			1.23			(1.45	)
Distributions from and/or in Excess of:
Net Investment Income		(0.03	)		(0.58	)		(0.21	)		(0.18	)		—			(0.35	)
Net Realized Gain		(0.25	)		(1.46	)		(0.90	)		—			(0.02	)		(0.61	)
Total Distributions		(0.28	)		(2.04	)		(1.11	)		(0.18	)		(0.02	)		(0.96	)
Net Asset Value, End of Period	$	13.29		$	15.45		$	17.05		$	17.48		$	15.79		$	14.58
Total Return⁽⁴⁾		(12.45	)%⁽⁷⁾		3.74	%		3.94	%		11.98	%		8.42	%⁽⁵⁾		(8.87	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	49,302		$	57,532		$	62,998		$	69,017		$	74,158		$	83,930
Ratio of Expenses Before Expense Limitation		0.82	%⁽⁸⁾		0.84	%		0.85	%		0.85	%		0.81	%		0.83	%
Ratio of Expenses After Expense Limitation		0.72	%⁽⁶⁾⁽⁸⁾		0.72	%⁽⁶⁾		0.73	%⁽⁶⁾		0.72	%⁽⁶⁾		0.68	%⁽⁶⁾		0.73	%⁽⁶⁾
Ratio of Net Investment Income		1.26	%⁽⁶⁾⁽⁸⁾		1.80	%⁽⁶⁾		1.95	%⁽⁶⁾		1.87	%⁽⁶⁾		1.84	%⁽⁶⁾		1.78	%⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽⁸⁾		0.02	%		0.01	%		0.02	%		0.01	%		0.01	%
Portfolio Turnover Rate		54	%⁽⁷⁾		117	%		132	%		176	%		103	%		98	%

(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.
46

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Consolidated Financial Highlights

Global Strategist Portfolio

	Class A
	Six Months Ended March 31, 2020			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾⁽²⁾			2015⁽²⁾
Net Asset Value, Beginning of Period	$	15.30		$	16.90		$	17.32		$	15.64		$	14.50		$	16.88
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.07			0.23			0.28			0.25			0.23			0.23
Net Realized and Unrealized Gain (Loss)		(1.95	)		0.15			0.35			1.56			0.93			(1.71	)
Total from Investment Operations		(1.88	)		0.38			0.63			1.81			1.16			(1.48	)
Distributions from and/or in Excess of:
Net Investment Income		—			(0.52	)		(0.15	)		(0.13	)		—			(0.29	)
Net Realized Gain		(0.25	)		(1.46	)		(0.90	)		—			(0.02	)		(0.61	)
Total Distributions		(0.25	)		(1.98	)		(1.05	)		(0.13	)		(0.02	)		(0.90	)
Net Asset Value, End of Period	$	13.17		$	15.30		$	16.90		$	17.32		$	15.64		$	14.50
Total Return⁽⁴⁾		(12.54	)%⁽⁷⁾		3.38	%		3.68	%		11.64	%		7.98	%⁽⁵⁾		(9.16	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	148,524		$	197,271		$	221,707		$	247,483		$	259,999		$	287,438
Ratio of Expenses Before Expense Limitation		1.07	%⁽⁸⁾		1.09	%		1.09	%		1.12	%		1.11	%		1.11	%
Ratio of Expenses After Expense Limitation		1.03	%⁽⁶⁾⁽⁸⁾		1.03	%⁽⁶⁾		1.03	%⁽⁶⁾		1.05	%⁽⁶⁾		0.99	%⁽⁶⁾		1.05	%⁽⁶⁾
Ratio of Net Investment Income		0.95	%⁽⁶⁾⁽⁸⁾		1.49	%⁽⁶⁾		1.66	%⁽⁶⁾		1.52	%⁽⁶⁾		1.56	%⁽⁶⁾		1.44	%⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽⁸⁾		0.02	%		0.01	%		0.02	%		0.01	%		0.01	%
Portfolio Turnover Rate		54	%⁽⁷⁾		117	%		132	%		176	%		103	%		98	%

(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.
47

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Consolidated Financial Highlights

Global Strategist Portfolio

	Class L
	Six Months Ended March 31, 2020			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾⁽²⁾			2015⁽²⁾
Net Asset Value, Beginning of Period	$	15.15		$	16.73		$	17.15		$	15.47		$	14.41		$	16.79
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.03			0.15			0.19			0.16			0.15			0.15
Net Realized and Unrealized Gain (Loss)		(1.93	)		0.16			0.34			1.55			0.93			(1.72	)
Total from Investment Operations		(1.90	)		0.31			0.53			1.71			1.08			(1.57	)
Distributions from and/or in Excess of:
Net Investment Income		—			(0.43	)		(0.05	)		(0.03	)		—			(0.20	)
Net Realized Gain		(0.25	)		(1.46	)		(0.90	)		—			(0.02	)		(0.61	)
Total Distributions		(0.25	)		(1.89	)		(0.95	)		(0.03	)		(0.02	)		(0.81	)
Net Asset Value, End of Period	$	13.00		$	15.15		$	16.73		$	17.15		$	15.47		$	14.41
Total Return⁽⁴⁾		(12.74	)%⁽⁷⁾		2.87	%		3.13	%		11.07	%		7.47	%⁽⁵⁾		(9.66	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	11,102		$	13,356		$	17,665		$	20,605		$	23,051		$	24,544
Ratio of Expenses Before Expense Limitation		1.58	%⁽⁸⁾		1.58	%		1.58	%		1.66	%		1.64	%		1.69	%
Ratio of Expenses After Expense Limitation		1.54	%⁽⁶⁾⁽⁸⁾		1.53	%⁽⁶⁾		1.52	%⁽⁶⁾		1.57	%⁽⁶⁾		1.52	%⁽⁶⁾		1.58	%⁽⁶⁾
Ratio of Net Investment Income		0.44	%⁽⁶⁾⁽⁸⁾		0.97	%⁽⁶⁾		1.12	%⁽⁶⁾		1.00	%⁽⁶⁾		1.03	%⁽⁶⁾		0.93	%⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽⁸⁾		0.02	%		0.01	%		0.02	%		0.01	%		0.01	%
Portfolio Turnover Rate		54	%⁽⁷⁾		117	%		132	%		176	%		103	%		98	%

(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.
48

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Consolidated Financial Highlights

Global Strategist Portfolio

	Class C
	Six Months Ended March 31, 2020			Year Ended September 30,												Period from April 30, 2015⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾⁽³⁾			September 30, 2015⁽³⁾
Net Asset Value, Beginning of Period	$	15.02		$	16.65		$	17.08		$	15.42		$	14.41		$	16.03
Income (Loss) from Investment Operations:
Net Investment Income⁽⁴⁾		0.01			0.11			0.21			0.11			0.10			0.03
Net Realized and Unrealized Gain (Loss)		(1.90	)		0.15			0.27			1.55			0.93			(1.65	)
Total from Investment Operations		(1.89	)		0.26			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		(0.25	)		(1.46	)		(0.90	)		—			(0.02	)		—
Total Distributions		(0.25	)		(1.89	)		(0.91	)		—			(0.02	)		—
Net Asset Value, End of Period	$	12.88		$	15.02		$	16.65		$	17.08		$	15.42		$	14.41
Total Return⁽⁵⁾		(12.85	)%⁽⁸⁾		2.55	%		2.83	%		10.77	%		7.13	%⁽⁶⁾		(10.11	)%⁽⁸⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,419		$	1,906		$	1,885		$	1,386		$	1,613		$	1,363
Ratio of Expenses Before Expense Limitation		1.94	%⁽⁹⁾		1.93	%		1.99	%		2.02	%		1.94	%		2.28	%⁽⁹⁾
Ratio of Expenses After Expense Limitation		1.82	%⁽⁷⁾⁽⁹⁾		1.82	%⁽⁷⁾		1.83	%⁽⁷⁾		1.82	%⁽⁷⁾		1.81	%⁽⁷⁾		1.83	%⁽⁷⁾⁽⁹⁾
Ratio of Net Investment Income		0.16	%⁽⁷⁾⁽⁹⁾		0.73	%⁽⁷⁾		1.28	%⁽⁷⁾		0.72	%⁽⁷⁾		0.71	%⁽⁷⁾		0.54	%⁽⁷⁾⁽⁹⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽⁹⁾		0.02	%		0.01	%		0.02	%		0.01	%		0.01	%⁽⁹⁾
Portfolio Turnover Rate		54	%⁽⁸⁾		117	%		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.
49

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Consolidated Financial Highlights

Global Strategist Portfolio

	Class IS
	Six Months Ended March 31, 2020			Year Ended September 30,												Period from May 29, 2015⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾⁽³⁾			September 30, 2015⁽³⁾
Net Asset Value, Beginning of Period	$	15.46		$	17.06		$	17.49		$	15.79		$	14.59		$	15.97
Income (Loss) from Investment Operations:
Net Investment Income⁽⁴⁾		0.10			0.27			0.37			0.31			0.26			0.09
Net Realized and Unrealized Gain (Loss)		(1.97	)		0.17			0.31			1.57			0.96			(1.47	)
Total from Investment Operations		(1.87	)		0.44			0.68			1.88			1.22			(1.38	)
Distributions from and/or in Excess of:
Net Investment Income		(0.04	)		(0.58	)		(0.21	)		(0.18	)		—			—
Net Realized Gain		(0.25	)		(1.46	)		(0.90	)		—			(0.02	)		—
Total Distributions		(0.29	)		(2.04	)		(1.11	)		(0.18	)		(0.02	)		—
Net Asset Value, End of Period	$	13.30		$	15.46		$	17.06		$	17.49		$	15.79		$	14.59
Total Return⁽⁵⁾		(12.35	)%⁽⁹⁾		3.77	%		3.98	%		12.08	%		8.42	%⁽⁶⁾		(8.70	)%⁽⁹⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	132,130		$	151,242		$	166		$	137		$	143		$	9
Ratio of Expenses Before Expense Limitation		0.73	%⁽¹⁰⁾		0.75	%		1.95	%		2.17	%		5.44	%		16.27	%⁽¹⁰⁾
Ratio of Expenses After Expense Limitation		0.69	%^(7)(10)		0.69	%⁽⁷⁾		0.70	%⁽⁷⁾		0.69	%⁽⁷⁾		0.70	%⁽⁷⁾		0.71	%^(7)(10)
Ratio of Net Investment Income		1.29	%^(7)(10)		1.76	%⁽⁷⁾		2.13	%⁽⁷⁾		1.88	%⁽⁷⁾		1.68	%⁽⁷⁾		1.66	%^(7)(10)
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽¹⁰⁾		0.02	%		0.01	%		0.02	%		0.01	%		0.00	%^(8)(10)
Portfolio Turnover Rate		54	%⁽⁹⁾		117	%		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.
50

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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.

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, 2020, the Subsidiary represented approximately $21,990,000 or approximately 6.42% 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, 2020

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

prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited ("MSIM Limited") (the "Sub-Adviser"), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers 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 the Adviser or the Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures 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.

2. Fair Value Measurement: FASB Accounting Standards Codification^TM ("ASC") 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the value that

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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.)

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2020:

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	$	—	$	97	$	—		$	97
Agency Fixed Rate Mortgages		—		16,168		—			16,168
Asset-Backed Securities		—		2,076		—			2,076
Collateralized Mortgage Obligations — Agency Collateral Series		—		1		—			1
Commercial Mortgage- Backed Securities		—		2,039		—			2,039
Corporate Bonds		—		52,286		—			52,286
Mortgages — Other		—		2,994		—			2,994
Sovereign		—		76,232		—			76,232
U.S. Treasury Securities		—		12,157		—			12,157
Total Fixed Income Securities		—		164,050		—			164,050
Common Stocks
Aerospace & Defense		1,619		527		—			2,146
Air Freight & Logistics		377		319		—			696
Airlines		1,960		32		—			1,992
Auto Components		174		137		—			311
Automobiles		337		488		—			825
Banks		4,646		3,111		—			7,757
Beverages		1,436		886		—			2,322
Biotechnology		1,991		431		—			2,422
Building Products		659		335		—			994
Capital Markets		2,221		1,038		—			3,259
Chemicals		1,529		1,298		—			2,827
Commercial Banks		—		1		—			1
Commercial Services & Supplies		392		126		—			518
Communications Equipment		757		207		—			964
Construction & Engineering		53		330		—			383
Construction Materials		791		256		—			1,047
Consumer Finance		372		2		—			374
Containers & Packaging		322		45		—			367
Distributors		56		—		—			56
Diversified Consumer Services		12		—		—			12
Diversified Financial Services		837		302		—			1,139
Diversified Telecommunication Services		1,521		1,058		—			2,579
Electric Utilities		1,764		913		—			2,677
Electrical Equipment		350		820		—			1,170
Electronic Equipment, Instruments & Components		471		81		—			552
Energy Equipment & Services		125		25		—	†		150	†
Entertainment		1,309		109		—			1,418

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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)
Equity Real Estate Investment Trusts (REITs)	$	2,379	$	481	$	—	$	2,860
Food & Staples Retailing		1,528		628		—		2,156
Food Products		934		2,303		—		3,237
Gas Utilities		60		197		—		257
Health Care Equipment & Supplies		2,839		549		—		3,388
Health Care Providers & Services		2,106		207		—		2,313
Health Care Technology		126		—		—		126
Hotels, Restaurants & Leisure		1,293		564		—		1,857
Household Durables		1,537		210		—		1,747
Household Products		1,343		446		—		1,789
Independent Power & Renewable Electricity Producers		77		51		—		128
Industrial Conglomerates		893		488		—		1,381
Information Technology Services		4,223		245		—		4,468
Insurance		2,558		2,469		—		5,027
Interactive Media & Services		4,012		43		—		4,055
Internet & Direct Marketing Retail		3,388		17		—		3,405
Leisure Products		37		—		—		37
Life Sciences Tools & Services		851		169		—		1,020
Machinery		1,095		662		—		1,757
Marine		—		97		—		97
Media		1,153		175		—		1,328
Metals & Mining		622		1,377		—		1,999
Multi-Line Retail		460		170		—		630
Multi-Utilities		837		568		—		1,405
Oil, Gas & Consumable Fuels		2,531		1,963		—		4,494
Paper & Forest Products		57		117		—		174
Personal Products		143		966		—		1,109
Pharmaceuticals		3,743		4,491		—		8,234
Professional Services		526		727		—		1,253
Real Estate Management & Development		71		4,307		—		4,378
Road & Rail		1,362		71		—		1,433
Semiconductors & Semiconductor Equipment		3,302		570		—		3,872
Software		6,558		579		—		7,137
Specialty Retail		1,673		202		—		1,875
Tech Hardware, Storage & Peripherals		4,142		—		—		4,142
Textiles, Apparel & Luxury Goods		554		1,166		—		1,720
Thrifts & Mortgage Finance		53		—		—		53
Tobacco		614		529		—		1,143
Trading Companies & Distributors		330		223		—		553

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)
Transportation Infrastructure	$	—		$	218		$	—		$	218
Water Utilities		77			78			—			155
Wireless Telecommunication Services		195			226			—			421
Total Common Stocks		86,363			41,426			—	†		127,789	†
Investment Company		2,451			—			—			2,451
Right		9			—			—			9
Warrant		—	@		—			—			—	@
Short-Term Investments
Investment Company		40,274			—			—			40,274
U.S. Treasury Securities		—			16,152			—			16,152
Total Short-Term Investments		40,274			16,152			—			56,426
Foreign Currency Forward Exchange Contracts		—			1,114			—			1,114
Futures Contracts		1,512			—			—			1,512
Credit Default Swap Agreement		—			89			—			89
Interest Rate Swap Agreement		—			62			—			62
Total Return Swap Agreements		—			1,216			—			1,216
Total Assets		130,609			224,109			—	†		354,718	†
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(1,176	)		—			(1,176	)
Futures Contracts		(2,323	)		—			—			(2,323	)
Interest Rate Swap Agreements		—			(169	)		—			(169	)
Total Return Swap Agreements		—			(11,139	)		—			(11,139	)
Total Liabilities		(2,323	)		(12,484	)		—			(14,807	)
Total	$	128,286		$	211,625		$	—	†	$	339,911	†

@ 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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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)		—			—
Realized gains (losses)		—			—	@
Ending Balance	$	—	†	$	—
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2020	$	—	†	$	—

@ Value is less than $500.

† Includes one or more securities which are 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.

foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

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, 2020

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

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:

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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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.

(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 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, 2020

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

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, 2020:

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

1,114

Futures Contracts

Variation Margin on
Futures Contracts

Equity Risk

1,138

(a)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

374

(a)

Swap Agreement

Variation Margin on
Swap Agreement

Credit Risk

(a)

Swap Agreements

Unrealized Appreciation on
Swap Agreements

Equity Risk

1,216

Swap Agreement

Unrealized Appreciation on
Swap Agreement

Interest Rate Risk

Total

3,993

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

(1,176

)

Futures Contract

Variation Margin on
Futures Contract

Commodity Risk

(193

)(a)

Futures Contracts

Variation Margin on
Futures Contracts

Equity Risk

(1,135

)(a)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(995

)(a)

Swap Agreements

Variation Margin on
Swap Agreements

Interest Rate Risk

(169

)(a)

Swap Agreements

Unrealized Depreciation on
Swap Agreements

Equity Risk

(11,139

)

Total

(14,807

)

(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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(1,939	)
Commodity Risk	Futures Contracts		946
Equity Risk	Futures Contracts		(11,597	)
Interest Rate Risk	Futures Contracts		(360	)
Credit Risk	Swap Agreements		22
Equity Risk	Swap Agreements		(1,543	)
Interest Rate Risk	Swap Agreements		(68	)
Total		$	(14,539	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	970
Commodity Risk	Futures Contracts		(269	)
Equity Risk	Futures Contracts		453
Interest Rate Risk	Futures Contracts		(520	)
Equity Risk	Swap Agreements		(8,931	)
Credit Risk	Swap Agreement		64
Interest Rate Risk	Swap Agreements		102
Total		$	(8,131	)

At March 31, 2020, 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	$	1,114	$	(1,176	)
Swap Agreements		1,278		(11,139	)
Total	$	2,392	$	(12,315	)

(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.

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, 2020:

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	$	83		$	(83	)	$	—		$	0
Bank of Montreal		1			—			—			1
Barclays Bank PLC		20			(20	)		—			0
BNP Paribas SA		137			(137	)		—			0
Citibank NA		278			(33	)		(245	)		0
Credit Suisse International		—	@		(—	@)		—			0
Goldman Sachs International		118			(83	)		—			35
JPMorgan Chase Bank NA		1,345			(1,323	)		—			22
State Street Bank and Trust Co.		—	@		—			—			—	@
UBS AG		410			(293	)		—			117
Total	$	2,392		$	(1,972	)	$	(245	)	$	175

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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	$	293		$	(83	)	$	(210	)	$	0
Bank of New York Mellon		2			—			—			2
Barclays Bank PLC		59			(20	)		—			39
BNP Paribas SA		5,974			(137	)		(5,592	)		245
Citibank NA		33			(33	)		—			0
Commonwealth Bank of Australia		1			—			—			1
Credit Suisse International		—	@		(—	@)		—			0
Goldman Sachs International		83			(83	)		—			0
HSBC Bank PLC		144			—			—			144
JPMorgan Chase Bank NA		5,433			(1,323	)		(3,736	)		374
UBS AG		293			(293	)		—			0
Total	$	12,315		$	(1,972	)	$	(9,538	)	$	805

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

@ Value is less than $500.

For the six months ended March 31, 2020, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	146,003,000
Futures Contracts:
Average monthly notional value	$	130,442,000
Swap Agreements:
Average monthly notional amount	$	74,139,000

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 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. 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.

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/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 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, 2020

Notes to Consolidated 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.

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.

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 0.50% 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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

$159,730,000, respectively. For the six months ended March 31, 2020, purchases and sales of long-term U.S. Government securities were approximately $81,879,000 and $84,760,000, 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, 2020, advisory fees paid were reduced by approximately $47,000 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, 2020 is as follows:

Affiliated Investment Company				Value September 30, 2019 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	50,100			$	103,785			$	113,611			$	402

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value March 31, 2020 (000)
Liquidity Funds				$	—			$	—			$	40,274

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 that 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. Generally, each of the tax years in the four-year period ended September 30, 2019 remains subject to examination by taxing authorities.

2019 Distributions Paid From:				2018 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	9,365	$	25,784	$	3,262	$	16,673

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

Permanent differences, primarily due to equalization debits, resulted in the following reclassifications among the components of net assets at September 30, 2019:

Total Distributable Earnings (000)				Paid-in- Capital (000)
$	(2,719	)		$	2,719

At September 30, 2019, 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)
$	4,748			$	1,049

modified retrospective basis by recognizing a cumulative effect adjustment that decreased the beginning of period cost of investments and increased the unrealized appreciation on investments by approximately $21,000.

Privacy Notice (unaudited) April 2019

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) April 2019

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 non-financial 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.
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. n MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between non-affiliated 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, 2020

Trustee and Officer Information (unaudited)

Trustees

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
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

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
3058165 EXP 05.31.21

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Semi-Annual Report

March 31, 2020

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					11
Statement of Operations					13
Statements of Changes in Net Assets					14
Financial Highlights					16
Notes to Financial Statements					22
Privacy Notice					29
Trustee and Officer Information					31

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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 2020

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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, 2020 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/19		Actual Ending Account Value 3/31/20		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	$	863.50	$	1,021.75	$	3.03	$	3.29		0.65	%
High Yield Portfolio Class A		1,000.00		862.90		1,020.05		4.61		5.00		0.99
High Yield Portfolio Class L		1,000.00		861.70		1,018.75		5.82		6.31		1.25
High Yield Portfolio Class C		1,000.00		859.30		1,016.25		8.13		8.82		1.75
High Yield Portfolio Class IS		1,000.00		863.60		1,021.90		2.89		3.13		0.62
High Yield Portfolio Class IR		1,000.00		863.60		1,021.90		2.89		3.13		0.62

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments

High Yield Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (97.7%)
Corporate Bonds (92.3%)
Basic Materials (5.3%)
Arconic Corp.
6.13%, 2/15/28 (a)	$	350	$	361
Chemours Co. (The)
6.63%, 5/15/23		500		428
Eldorado Gold Corp.
9.50%, 6/1/24 (a)		1,050		1,043
First Quantum Minerals Ltd.
7.50%, 4/1/25 (a)		500		419
Hecla Mining Co.
7.25%, 2/15/28		500		444
Hudbay Minerals, Inc.
7.25%, 1/15/23 (a)		500		439
IAMGOLD Corp.
7.00%, 4/15/25 (a)		550		516
Innophos Holdings, Inc.
9.38%, 2/15/28 (a)		1,000		978
International Wire Group, Inc.
10.75%, 8/1/21 (a)		850		716
Kaiser Aluminum Corp.
4.63%, 3/1/28 (a)		550		491
Mercer International, Inc.
5.50%, 1/15/26		541		415
Novelis Corp.
4.75%, 1/30/30 (a)		400		358
PQ Corp.
5.75%, 12/15/25 (a)		575		523
Schweitzer-Mauduit International, Inc.
6.88%, 10/1/26 (a)		1,000		1,004
				8,135
Communications (13.8%)
Altice Financing SA
5.00%, 1/15/28 (a)		500		446
Altice Finco SA
7.63%, 2/15/25 (a)		325		308
Altice France SA
7.38%, 5/1/26 (a)		750		749
Block Communications, Inc.
4.88%, 3/1/28 (a)		800		749
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00%, 2/1/28 (a)		800		806
CenturyLink, Inc.
4.00%, 2/15/27 (a)		500		489
Clear Channel Worldwide Holdings, Inc.,
5.13%, 8/15/27 (a)		250		238
9.25%, 2/15/24 (a)		851		735
CSC Holdings LLC,
5.75%, 1/15/30 (a)		985		997
6.50%, 2/1/29 (a)		300		325

	Face Amount (000)		Value (000)
Diamond Sports Group LLC/ Diamond Sports Finance Co.
6.63%, 8/15/27 (a)	$	750	$	506
Digicel Group Ltd.
8.25%, 9/30/20 (a)		900		626
DISH DBS Corp.
7.75%, 7/1/26		750		775
Entercom Media Corp.
6.50%, 5/1/27 (a)		650		569
EW Scripps Co. (The)
5.13%, 5/15/25 (a)		1,000		889
Gray Television, Inc.
5.88%, 7/15/26 (a)		900		872
iHeartCommunications, Inc.
5.25%, 8/15/27 (a)		900		792
Intelsat Connect Finance SA
9.50%, 2/15/23 (a)		750		283
Intelsat Jackson Holdings SA
8.50%, 10/15/24 (a)		500		318
LCPR Senior Secured Financing DAC
6.75%, 10/15/27 (a)		750		743
MDC Partners, Inc.
6.50%, 5/1/24 (a)		1,039		787
Midcontinent Communications/ Midcontinent Finance Corp.
5.38%, 8/15/27 (a)		1,000		977
Nexstar Broadcasting, Inc.
5.63%, 7/15/27 (a)		700		688
Outfront Media Capital LLC/ Outfront Media Capital Corp.
4.63%, 3/15/30 (a)		750		672
Sable International Finance Ltd.
5.75%, 9/7/27 (a)		500		454
Sirius XM Radio, Inc.
5.00%, 8/1/27 (a)		875		893
Sprint Corp.,
7.25%, 2/1/28 (a)		500		504
7.88%, 9/15/23		750		828
TEGNA, Inc.,
4.63%, 3/15/28 (a)		600		531
5.00%, 9/15/29 (a)		300		272
Virgin Media Secured Finance PLC,
5.50%, 8/15/26 - 5/15/29 (a)		1,475		1,496
Ziggo Bond Co. BV
5.13%, 2/28/30 (a)		275		271
Ziggo BV
4.88%, 1/15/30 (a)		550		539
				21,127
Consumer, Cyclical (19.6%)
AAG FH LP/AAG FH Finco, Inc.
9.75%, 7/15/24 (a)		550		481
American Builders & Contractors Supply Co., Inc.
5.88%, 5/15/26 (a)		500		479

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Consumer, Cyclical (cont'd)
Aramark Services, Inc.
4.75%, 6/1/26	$	350	$	332
Ashton Woods USA LLC/ Ashton Woods Finance Co.
6.63%, 1/15/28 (a)		725		578
Aston Martin Capital Holdings Ltd.
6.50%, 4/15/22 (a)		650		453
Banijay Entertainment SASU
5.38%, 3/1/25 (a)		825		761
Beazer Homes USA, Inc.
5.88%, 10/15/27		750		572
Boyd Gaming Corp.,
4.75%, 12/1/27 (a)		550		457
6.00%, 8/15/26		750		651
Boyne USA, Inc.
7.25%, 5/1/25 (a)		630		607
CCM Merger, Inc.
6.00%, 3/15/22 (a)		750		621
Cedar Fair LP
5.25%, 7/15/29 (a)		500		425
Century Communities, Inc.,
5.88%, 7/15/25		775		660
6.75%, 6/1/27		475		406
Core & Main Holdings LP
8.63% Cash, 9.38% PIK, 9/15/24 (a)(c)		350		323
Dana, Inc.
5.38%, 11/15/27		500		409
Dealer Tire LLC/DT Issuer LLC
8.00%, 2/1/28 (a)		525		424
Downstream Development Authority of the Quapaw Tribe of Oklahoma
10.50%, 2/15/23 (a)		1,268		1,026
Eagle Intermediate Global Holding BV/ Ruyi US Finance LLC
7.50%, 5/1/25 (a)		425		248
Eldorado Resorts, Inc.,
6.00%, 4/1/25 - 9/15/26		750		680
FelCor Lodging LP
6.00%, 6/1/25		500		482
Ferrellgas LP/Ferrellgas Finance Corp.
6.75%, 1/15/22		500		432
Forestar Group, Inc.
5.00%, 3/1/28 (a)		500		418
Golden Nugget, Inc.
8.75%, 10/1/25 (a)		1,000		517
Hanesbrands, Inc.
4.88%, 5/15/26 (a)		250		246
Installed Building Products, Inc.
5.75%, 2/1/28 (a)		250		240
JB Poindexter & Co., Inc.
7.13%, 4/15/26 (a)		700		654

	Face Amount (000)		Value (000)
LGI Homes, Inc.
6.88%, 7/15/26 (a)	$	500	$	439
Lithia Motors, Inc.
4.63%, 12/15/27 (a)		600		545
Live Nation Entertainment, Inc.
4.75%, 10/15/27 (a)		225		202
Mattamy Group Corp.
5.25%, 12/15/27 (a)		500		469
Mclaren Finance PLC
5.75%, 8/1/22 (a)		750		478
Meritor, Inc.
6.25%, 2/15/24		500		479
MGM Resorts International
5.50%, 4/15/27		327		299
Nathan's Famous, Inc.
6.63%, 11/1/25 (a)		1,000		935
National CineMedia LLC
5.75%, 8/15/26		500		339
Navistar International Corp.
6.63%, 11/1/25 (a)		850		713
New Home Co., Inc. (The)
7.25%, 4/1/22		1,000		858
Panther BF Aggregator 2 LP/ Panther Finance Co., Inc.
8.50%, 5/15/27 (a)		465		408
Party City Holdings, Inc.
6.13%, 8/15/23 (a)		750		180
Performance Food Group, Inc.
5.50%, 10/15/27 (a)		710		664
Rite Aid Corp.,
6.13%, 4/1/23 (a)		475		412
7.50%, 7/1/25 (a)		275		263
Sally Holdings LLC/Sally Capital, Inc.
5.63%, 12/1/25		400		329
Scientific Games International, Inc.,
7.00%, 5/15/28 (a)		225		140
8.25%, 3/15/26 (a)		500		323
Speedway Motorsports LLC/ Speedway Funding II, Inc.
4.88%, 11/1/27 (a)		750		681
Station Casinos LLC
4.50%, 2/15/28 (a)		950		777
Sugarhouse HSP Gaming Prop Mezz LP/ Sugarhouse HSP Gaming Finance Corp.
5.88%, 5/15/25 (a)		810		671
Taylor Morrison Communities, Inc.,
5.88%, 6/15/27 (a)		700		655
6.00%, 9/1/23 (a)		950		923
6.63%, 7/15/27 (a)		300		273
Tempur Sealy International, Inc.
5.50%, 6/15/26		425		374
Titan International, Inc.
6.50%, 11/30/23		900		413

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Consumer, Cyclical (cont'd)
Truck Hero, Inc.
8.50%, 4/21/24 (a)	$	1,350	$	1,214
William Carter Co. (The)
5.63%, 3/15/27 (a)		500		487
Williams Scotsman International, Inc.
7.88%, 12/15/22 (a)		560		551
Wolverine World Wide, Inc.
5.00%, 9/1/26 (a)		500		481
Wyndham Destinations, Inc.
4.63%, 3/1/30 (a)		500		388
				29,945
Consumer, Non-Cyclical (14.4%)
Acadia Healthcare Co., Inc.,
5.13%, 7/1/22		500		481
5.63%, 2/15/23		350		332
Ahern Rentals, Inc.
7.38%, 5/15/23 (a)		925		535
Albertsons Cos., Inc./Safeway, Inc./ New Albertson's, Inc./Albertson's LLC,
5.75%, 3/15/25		350		357
5.88%, 2/15/28 (a)		900		921
Bausch Health Cos, Inc.,
5.25%, 1/30/30 (a)		150		143
6.13%, 4/15/25 (a)		900		892
9.00%, 12/15/25 (a)		550		584
Beverages & More, Inc.
11.50%, 6/15/22 (a)		900		463
Catalent Pharma Solutions, Inc.
5.00%, 7/15/27 (a)		500		488
Central Garden & Pet Co.
5.13%, 2/1/28		575		537
Chobani LLC/Chobani Finance Corp., Inc.
7.50%, 4/15/25 (a)		950		871
Clearwater Seafoods, Inc.
6.88%, 5/1/25 (a)		625		538
Emeco Pty Ltd., Series B 9.25%, 3/31/22		687		663
Endo Dac/Endo Finance LLC/Endo Finco, Inc.
6.00%, 7/15/23 (a)		778		569
FAGE International SA/FAGE USA Dairy Industry, Inc.
5.63%, 8/15/26 (a)		900		719
Great Lakes Dredge & Dock Corp.
8.00%, 5/15/22		950		938
GW B-CR Security Corp.
9.50%, 11/1/27 (a)		650		585
Hadrian Merger Sub, Inc.
8.50%, 5/1/26 (a)		350		264
Harsco Corp.
5.75%, 7/31/27 (a)		550		513
Hertz Corp. (The)
7.13%, 8/1/26 (a)		500		268

	Face Amount (000)		Value (000)
Lamb Weston Holdings, Inc.
4.88%, 11/1/26 (a)	$	500	$	511
Mallinckrodt International Finance SA/ Mallinckrodt CB LLC
5.50%, 4/15/25 (a)		850		185
Matterhorn Merger Sub LLC/ Matterhorn Finance Sub, Inc.
8.50%, 6/1/26 (a)		1,000		800
Michael Baker International LLC
8.75%, 3/1/23 (a)		800		786
MPH Acquisition Holdings LLC
7.13%, 6/1/24 (a)		750		658
Polaris Intermediate Corp.
8.50% Cash, 9.25% PIK, 12/1/22 (a)(c)		650		509
Post Holdings, Inc.
5.50%, 12/15/29 (a)		250		261
Select Medical Corp.
6.25%, 8/15/26 (a)		700		704
Service Corp. International
5.13%, 6/1/29		500		513
Simmons Foods, Inc.
5.75%, 11/1/24 (a)		850		777
Sotheby's
7.38%, 10/15/27 (a)		450		361
Spectrum Brands, Inc.
5.00%, 10/1/29 (a)		625		536
Surgery Center Holdings, Inc.,
6.75%, 7/1/25 (a)		750		546
10.00%, 4/15/27 (a)		700		496
Teleflex, Inc.
4.88%, 6/1/26		350		349
Tenet Healthcare Corp.
7.00%, 8/1/25		500		438
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/1/26		790		671
TMS International Holding Corp.
7.25%, 8/15/25 (a)		1,000		909
United Rentals North America, Inc.
4.88%, 1/15/28		250		244
				21,915
Diversified (1.0%)
PetSmart, Inc.
7.13%, 3/15/23 (a)		850		798
Trident TPI Holdings, Inc.
6.63%, 11/1/25 (a)		1,000		811
				1,609
Energy (8.5%)
American Midstream Partners LP/ American Midstream Finance Corp.
9.50%, 12/15/21 (a)		1,000		949
Archrock Partners LP/Archrock Partners Finance Corp.
6.88%, 4/1/27 (a)		550		394

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Energy (cont'd)
Baytex Energy Corp.
5.63%, 6/1/24 (a)	$	1,000	$	379
Blue Racer Midstream LLC/Blue Racer Finance Corp.
6.63%, 7/15/26 (a)		850		500
Calfrac Holdings LP
8.50%, 6/15/26 (a)		750		64
Crestwood Midstream Partners LP/ Crestwood Midstream Finance Corp.
5.63%, 5/1/27 (a)		766		427
CrownRock LP/CrownRock Finance, Inc.
5.63%, 10/15/25 (a)		750		396
Denbury Resources, Inc.,
5.50%, 5/1/22		1,500		113
7.75%, 2/15/24 (a)		475		75
Endeavor Energy Resources LP/EER Finance, Inc.
5.75%, 1/30/28 (a)		750		514
Energy Ventures Gom LLC/EnVen Finance Corp.
11.00%, 2/15/23 (a)		1,200		706
Global Partners LP/GLP Finance Corp.
7.00%, 8/1/27		1,250		948
Jagged Peak Energy LLC
5.88%, 5/1/26		750		566
Lonestar Resources America, Inc.
11.25%, 1/1/23 (a)		1,115		259
Magnolia Oil & Gas Operating LLC/ Magnolia Oil & Gas Finance Corp.
6.00%, 8/1/26 (a)		950		594
Martin Midstream Partners LP/ Martin Midstream Finance Corp.
7.25%, 2/15/21		1,150		627
Moss Creek Resources Holdings, Inc.
7.50%, 1/15/26 (a)		1,100		328
Murphy Oil Corp.,
5.75%, 8/15/25		800		433
5.88%, 12/1/27		200		104
Murphy Oil USA, Inc.
5.63%, 5/1/27		500		494
Oceaneering International, Inc.
6.00%, 2/1/28		775		303
Parkland Fuel Corp.,
5.88%, 7/15/27 (a)		250		236
6.00%, 4/1/26 (a)		393		368
Parsley Energy LLC/Parsley Finance Corp.
5.38%, 1/15/25 (a)		500		390
PBF Holding Co., LLC / PBF Finance Corp.
6.00%, 2/15/28 (a)		500		334
Seven Generations Energy Ltd.
5.38%, 9/30/25 (a)		525		297
TransMontaigne Partners LP/TLP Finance Corp.
6.13%, 2/15/26		600		485

	Face Amount (000)		Value (000)
Vermilion Energy, Inc.
5.63%, 3/15/25 (a)	$	875	$	550
Viper Energy Partners LP
5.38%, 11/1/27 (a)		705		596
WPX Energy, Inc.,
4.50%, 1/15/30		300		164
5.25%, 10/15/27		700		389
				12,982
Finance (8.4%)
AHP Health Partners, Inc.
9.75%, 7/15/26 (a)		750		655
Compass Group Diversified Holdings LLC
8.00%, 5/1/26 (a)		850		823
CTR Partnership LP/CareTrust Capital Corp.
5.25%, 6/1/25		608		604
Exela Intermediate LLC/Exela Finance, Inc.
10.00%, 7/15/23 (a)		1,300		351
Fidelity & Guaranty Life Holdings, Inc.
5.50%, 5/1/25 (a)		850		846
Fly Leasing Ltd.
5.25%, 10/15/24		425		361
Freedom Mortgage Corp.
8.25%, 4/15/25 (a)		500		396
GTCR AP Finance, Inc.
8.00%, 5/15/27 (a)		500		464
HUB International Ltd.
7.00%, 5/1/26 (a)		500		499
Hunt Cos., Inc.
6.25%, 2/15/26 (a)		661		499
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
5.25%, 5/15/27		500		466
6.25%, 5/15/26		100		95
iStar, Inc.
4.25%, 8/1/25		535		444
Jefferies Finance LLC/JFIN Co-Issuer Corp.
7.25%, 8/15/24 (a)		825		717
Kennedy-Wilson, Inc.
5.88%, 4/1/24		500		451
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp.
4.25%, 2/1/27 (a)		825		658
Lions Gate Capital Holdings LLC,
5.88%, 11/1/24 (a)		400		345
6.38%, 2/1/24 (a)		450		399
MGIC Investment Corp.
5.75%, 8/15/23		400		366
MGM Growth Properties Operating Partnership LP/ MGP Finance Co-Issuer, Inc.
5.75%, 2/1/27		325		284
MPT Operating Partnership LP/MPT Finance Corp.
4.63%, 8/1/29		500		468

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.
6.38%, 12/15/22 (a)	$	1,000	$	973
Provident Funding Associates LP/ PFG Finance Corp.
6.38%, 6/15/25 (a)		512		435
Radian Group, Inc.
4.88%, 3/15/27		350		348
SBA Communications Corp.
3.88%, 2/15/27 (a)		525		530
Uniti Group LP/Uniti Fiber Holdings, Inc./ CSL Capital LLC
7.88%, 2/15/25 (a)		300		278
				12,755
Industrials (17.6%)
American Woodmark Corp.
4.88%, 3/15/26 (a)		250		235
Apex Tool Group LLC/BC Mountain Finance, Inc.
9.00%, 2/15/23 (a)		900		593
Berry Global, Inc.
5.63%, 7/15/27 (a)		400		416
Bombardier, Inc.
6.13%, 1/15/23 (a)		600		427
Brand Industrial Services, Inc.
8.50%, 7/15/25 (a)		850		674
Builders FirstSource, Inc.
5.00%, 3/1/30 (a)		650		589
Cargo Aircraft Management, Inc.
4.75%, 2/1/28 (a)		500		468
Cleaver-Brooks, Inc.
7.88%, 3/1/23 (a)		750		629
Core & Main LP
6.13%, 8/15/25 (a)		600		562
Cornerstone Building Brands, Inc.
8.00%, 4/15/26 (a)		650		564
CPG Merger Sub LLC
8.00%, 10/1/21 (a)		1,229		1,203
EnerSys
4.38%, 12/15/27 (a)		400		379
EnPro Industries, Inc.
5.75%, 10/15/26		550		534
Flex Acquisition Co., Inc.
6.88%, 1/15/25 (a)		600		565
FXI Holdings, Inc.
7.88%, 11/1/24 (a)		700		478
Greif, Inc.
6.50%, 3/1/27 (a)		625		603
Griffon Corp.
5.75%, 3/1/28 (a)		575		544
Grinding Media, Inc./Moly-Cop AltaSteel Ltd.
7.38%, 12/15/23 (a)		675		635

	Face Amount (000)		Value (000)
Intertape Polymer Group, Inc.
7.00%, 10/15/26 (a)	$	1,075	$	1,036
JPW Industries Holding Corp.
9.00%, 10/1/24 (a)		1,050		827
Kenan Advantage Group, Inc. (The)
7.88%, 7/31/23 (a)		1,000		848
Koppers, Inc.
6.00%, 2/15/25 (a)		1,000		807
Kratos Defense & Security Solutions, Inc.
6.50%, 11/30/25 (a)		750		693
Manitowoc Co., Inc. (The)
9.00%, 4/1/26 (a)		575		513
Mauser Packaging Solutions Holding Co.
7.25%, 4/15/25 (a)		1,000		802
Moog, Inc.
4.25%, 12/15/27 (a)		625		569
New Enterprise Stone & Lime Co., Inc.
6.25%, 3/15/26 (a)		500		464
PGT Escrow Issuer, Inc.
6.75%, 8/1/26 (a)		1,000		966
Plastipak Holdings, Inc.
6.25%, 10/15/25 (a)		750		677
Standard Industries, Inc.
5.00%, 2/15/27 (a)		500		458
Stevens Holding Co., Inc.
6.13%, 10/1/26 (a)		500		498
Summit Materials LLC/Summit Materials Finance Corp.
6.13%, 7/15/23		500		497
Techniplas LLC
10.00%, 5/1/20 (a)		1,200		828
Titan Acquisition Ltd. / Titan Co-Borrower LLC
7.75%, 4/15/26 (a)		855		720
TopBuild Corp.
5.63%, 5/1/26 (a)		500		464
TransDigm, Inc.
5.50%, 11/15/27 (a)		750		677
TriMas Corp.
4.88%, 10/15/25 (a)		750		712
Triumph Group, Inc.
6.25%, 9/15/24 (a)		500		449
Trivium Packaging Finance BV
8.50%, 8/15/27 (a)		300		303
TTM Technologies, Inc.
5.63%, 10/1/25 (a)		1,213		1,030
Tutor Perini Corp.
6.88%, 5/1/25 (a)		500		419
US Concrete, Inc.
6.38%, 6/1/24		625		568
Waste Pro USA, Inc.
5.50%, 2/15/26 (a)		475		444
XPO Logistics, Inc.
6.13%, 9/1/23 (a)		500		493
				26,860

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Technology (2.5%)
CDK Global, Inc.
5.25%, 5/15/29 (a)	$	500	$	512
Change Healthcare Holdings LLC/ Change Healthcare Finance, Inc.
5.75%, 3/1/25 (a)		550		510
IQVIA, Inc.
5.00%, 5/15/27 (a)		250		257
j2 Cloud Services LLC/j2 Global Co-Obligor, Inc.
6.00%, 7/15/25 (a)		750		749
MSCI, Inc.
4.75%, 8/1/26 (a)		150		149
MTS Systems Corp.
5.75%, 8/15/27 (a)		750		702
Rackspace Hosting, Inc.
8.63%, 11/15/24 (a)		550		498
RP Crown Parent LLC
7.38%, 10/15/24 (a)		428		412
				3,789
Utilities (1.2%)
Calpine Corp.
5.75%, 1/15/25		400		373
LBC Tank Terminals Holding Netherlands BV
6.88%, 5/15/23 (a)		950		899
NRG Energy, Inc.
5.25%, 6/15/29 (a)		500		518
				1,790
				140,907
Variable Rate Senior Loan Interests (5.4%)
Communication Services (0.6%)
CommScope, Inc., 2019 Term B
3 Month USD LIBOR + 3.25%, 4.24%, 4/6/26 (b)		348		331
Connect Finco Sarl
12/11/26 (b)(d)		675		544
				875
Communications (0.6%)
Terrier Media Buyer, Inc., Term B
1 Month USD LIBOR + 4.25%, 5.70%, 12/17/26 (b)		948		860
Consumer, Cyclical (1.1%)
Office Depot, Inc., Term B
3 Month USD LIBOR + 5.25%, 6.25%, 11/8/22 (b)		252		244
Playa Resorts Holding BV, Term B
3 Month USD LIBOR+2.75, 3.75%, 4/29/24 (b)		634		441

	Face Amount (000)		Value (000)
Thor Industries, Inc., Term B
3 Month USD LIBOR + 3.75%, 4.38% - 5.38%, 2/1/26 (b)	$	636	$	550
Topgolf International, Inc., Term B
3 Month USD LIBOR + 5.50%, 6.39%, 2/8/26 (b)		495		409
				1,644
Consumer, Non-Cyclical (0.7%)
Envision Healthcare Corp., 1st Lien Term
3 Month USD LIBOR + 3.75%, 4.74%, 10/10/25 (b)		988		529
Hearthside Food Solutions LLC, Term B
3 Month USD LIBOR + 3.69%, 4.68%, 5/23/25 (b)		663		563
				1,092
Energy (0.1%)
Gavilan Resources LLC, 2nd Lien Term
3 Month USD LIBOR + 6.00%, 6.99%, 3/1/24 (b)		1,000		120
Industrials (2.0%)
Airxcel, Inc., 1st Lien Term
3 Month USD LIBOR + 4.50%, 5.49%, 4/28/25 (b)		638		504
Associated Asphalt Partners LLC, Term B
3 Month USD LIBOR + 5.25%, 6.25%, 4/5/24 (b)		972		704
Cook & Boardman Group LLC, Term B
3 Month USD LIBOR + 5.75%, 7.67%, 10/17/25 (b)		686		576
SAExploration Holdings, Inc., Term Loan Fixed + 11.00%, 1.25%, 1/4/21		500		450
Shape Technologies Group, Inc., Term Loan
3 Month USD LIBOR + 3.00%, 4.81%, 4/21/25 (b)		565		410
Titan Acquisition Ltd., Term B
3 Month USD LIBOR+3.00%, 4.45%, 3/28/25 (b)		515		428
				3,072
Technology (0.3%)
DynCorp International, Inc.
1 Month USD LIBOR + 6.00%, 7.00%, 8/18/25 (b)		585		503
				8,166
Total Fixed Income Securities (Cost $180,540)				149,073

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Shares		Value (000)
Common Stocks (0.3%)
Auto Components (0.0%)
Exide Technologies (e)		592	$	1
Equity Real Estate Investment Trusts (REITs) (0.2%)
American Gilsonite Co. (e)		500		304
Machinery (0.1%)
Iracore International Holdings, Inc., Class A (e)(f)		470		40
Semiconductors & Semiconductor Equipment (0.0%)
UC Holdings, Inc. (e)		2,826		28
Transportation (0.0%)
Syncreon Group BV/Syncreon Global Finance US, Inc.		1,441		30
Total Common Stocks (Cost $151)				403
	No. of Warrants
Warrant (0.0%)
Transportation (0.0%)
Syncreon Group BV/Syncreon Global Finance US, Inc. expires 10/2/24 (d) (Cost $—)		2,266		4
	Shares
Participation Note (0.0%)
Semiconductors & Semiconductor Equipment (0.0%)
UC Holdings, Inc. Equity Linked Notes, expires 9/23/20 (e) (Cost $—)		2,802		1
Short-Term Investment (0.2%)
Investment Company (0.2%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $363)		363,373		363
Total Investments (98.2%) (Cost $181,054) (g)				149,844
Other Assets in Excess of Liabilities (1.8%)				2,725
Net Assets (100.0%)			$	152,569

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

(b) Floating or variable rate securities: The rates disclosed are as of March 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(d) Unsettled Position. The contract rate does not take effect until settlement date.

(e) Non-income producing security.

(f) At March 31, 2020, the Fund held a fair valued security valued at approximately $40,000 representing 0.03% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Trust's (as defined herein) Trustees.

(g) At March 31, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $805,000 and the aggregate gross unrealized depreciation is approximately $32,015,000, resulting in net unrealized depreciation of approximately $31,210,000.

LIBOR London Interbank Offered Rate.

PIK Payment-in-Kind. Income may be paid in additional securities or cash at the discretion of the issuer.

REITs Real Estate Investment Trusts.

USD United States Dollar.

Portfolio Composition

Classification	Percentage of Total Investments
Consumer, Cyclical		20.0	%
Industrials		18.0
Consumer, Non-Cyclical		14.6
Communications		14.1
Energy		8.7
Finance		8.5
Basic Materials		5.6
Variable Rate Senior Loan Interests		5.4
Other*		5.1
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.
10

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

High Yield Portfolio

Statement of Assets and Liabilities	March 31, 2020 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $180,691)	$	149,481
Investment in Security of Affiliated Issuer, at Value (Cost $363)		363
Total Investments in Securities, at Value (Cost $181,054)		149,844
Interest Receivable		3,221
Receivable for Investments Sold		707
Receivable for Fund Shares Sold		113
Receivable from Affiliate		1
Other Assets		110
Total Assets		153,996
Liabilities:
Payable for Investments Purchased		1,041
Payable for Advisory Fees		147
Payable for Fund Shares Redeemed		96
Payable for Professional Fees		69
Payable for Sub Transfer Agency Fees — Class I		25
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Sub Transfer Agency Fees — Class C		1
Payable for Administration Fees		12
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		4
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 Transfer Agency Fees — Class IR		—	@
Payable for Custodian Fees		3
Other Liabilities		20
Total Liabilities		1,427
Net Assets	$	152,569
Net Assets Consist of:
Paid-in-Capital	$	189,328
Total Accumulated Loss		(36,759	)
Net Assets	$	152,569

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

High Yield Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2020 (000)
CLASS I:
Net Assets	$	132,937
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		16,244,916
Net Asset Value, Offering and Redemption Price Per Share	$	8.18
CLASS A:
Net Assets	$	15,119
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,851,197
Net Asset Value, Redemption Price Per Share	$	8.17
Maximum Sales Load		3.25	%
Maximum Sales Charge	$	0.27
Maximum Offering Price Per Share	$	8.44
CLASS L:
Net Assets	$	391
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		47,809
Net Asset Value, Offering and Redemption Price Per Share	$	8.17
CLASS C:
Net Assets	$	3,829
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		469,330
Net Asset Value, Offering and Redemption Price Per Share	$	8.16
CLASS IS:
Net Assets	$	284
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		34,645
Net Asset Value, Offering and Redemption Price Per Share	$	8.18
CLASS IR:
Net Assets	$	9
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,073
Net Asset Value, Offering and Redemption Price Per Share	$	8.18

@ 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, 2020 (unaudited)

High Yield Portfolio

Statement of Operations	Six Months Ended March 31, 2020 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	7,012
Dividends from Security of Affiliated Issuer (Note G)		13
Total Investment Income		7,025
Expenses:
Advisory Fees (Note B)		607
Sub Transfer Agency Fees — Class I		106
Sub Transfer Agency Fees — Class A		13
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		2
Administration Fees (Note C)		81
Professional Fees		71
Shareholder Services Fees — Class A (Note D)		30
Distribution and Shareholder Services Fees — Class L (Note D)		1
Distribution and Shareholder Services Fees — Class C (Note D)		25
Registration Fees		31
Pricing Fees		15
Shareholder Reporting Fees		13
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
Custodian Fees (Note F)		7
Trustees' Fees and Expenses		5
Other Expenses		10
Total Expenses		1,027
Waiver of Advisory Fees (Note B)		(212	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(85	)
Reimbursement of Class Specific Expenses — Class L (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(—	@)
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)		(1	)
Net Expenses		726
Net Investment Income		6,299
Realized Loss:
Investments Sold		(3,901	)
Change in Unrealized Appreciation (Depreciation):
Investments		(29,319	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(33,220	)
Net Decrease in Net Assets Resulting from Operations	$	(26,921	)

@ 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, 2020 (unaudited)

High Yield Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2020 (unaudited) (000)			Year Ended September 30, 2019 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	6,299		$	12,487
Net Realized Loss		(3,901	)		(1,825	)
Net Change in Unrealized Appreciation (Depreciation)		(29,319	)		(1,440	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(26,921	)		9,222
Dividends and Distributions to Shareholders:
Class I		(5,595	)		(10,591	)
Class A		(748	)		(1,287	)
Class L		(13	)		(28	)
Class C		(134	)		(293	)
Class IS		(10	)		(54	)
Class IR		(—	@)		(1	)
Total Dividends and Distributions to Shareholders		(6,500	)		(12,254	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		20,300			86,572
Distributions Reinvested		5,589			10,572
Redeemed		(40,793	)		(68,177	)
Class A:
Subscribed		6,927			19,852
Distributions Reinvested		650			1,161
Redeemed		(13,028	)		(26,116	)
Class L:
Exchanged		—			5
Distributions Reinvested		13			27
Redeemed		(14	)		(58	)
Class C:
Subscribed		584			1,053
Distributions Reinvested		133			289
Redeemed		(1,298	)		(1,820	)
Class IS:
Subscribed		45			652
Distributions Reinvested		10			18
Redeemed		(17	)		(1,224	)
Class IR:
Distributions Reinvested		—	@		—	@
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(20,899	)		22,806
Total Increase (Decrease) in Net Assets		(54,320	)		19,774
Net Assets:
Beginning of Period		206,889			187,115
End of Period	$	152,569		$	206,889

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

High Yield Portfolio

Statements of Changes in Net Assets (cont'd)	Six Months Ended March 31, 2020 (unaudited) (000)			Year Ended September 30, 2019 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		2,137			9,003
Shares Issued on Distributions Reinvested		575			1,094
Shares Redeemed		(4,519	)		(7,076	)
Net Increase (Decrease) in Class I Shares Outstanding		(1,807	)		3,021
Class A:
Shares Subscribed		736			2,058
Shares Issued on Distributions Reinvested		67			120
Shares Redeemed		(1,452	)		(2,721	)
Net Decrease in Class A Shares Outstanding		(649	)		(543	)
Class L:
Shares Exchanged		—			—	@@
Shares Issued on Distributions Reinvested		1			3
Shares Redeemed		(1	)		(6	)
Net Increase (Decrease) in Class L Shares Outstanding		—			(3	)
Class C:
Shares Subscribed		60			110
Shares Issued on Distributions Reinvested		14			30
Shares Redeemed		(141	)		(189	)
Net Decrease in Class C Shares Outstanding		(67	)		(49	)
Class IS:
Shares Subscribed		5			67
Shares Issued on Distributions Reinvested		1			2
Shares Redeemed		(2	)		(125	)
Net Increase (Decrease) in Class IS Shares Outstanding		4			(56	)
Class IR:
Shares Issued on Distributions Reinvested		—	@@		—	@@

@ Amount is less than $500.

@@ Amount is less than 500 shares.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

High Yield Portfolio

	Class I
	Six Months Ended March 31, 2020			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			2015
Net Asset Value, Beginning of Period	$	9.78		$	9.96		$	10.15		$	9.92		$	9.80		$	10.73
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.30			0.63			0.65			0.70			0.67			0.71
Net Realized and Unrealized Gain (Loss)		(1.59	)		(0.19	)		(0.16	)		0.20			0.13			(0.92	)
Total from Investment Operations		(1.29	)		0.44			0.49			0.90			0.80			(0.21	)
Distributions from and/or in Excess of:
Net Investment Income		(0.31	)		(0.62	)		(0.68	)		(0.67	)		(0.68	)		(0.66	)
Net Realized Gain		—			—			—			—			—			(0.06	)
Total Distributions		(0.31	)		(0.62	)		(0.68	)		(0.67	)		(0.68	)		(0.72	)
Net Asset Value, End of Period	$	8.18		$	9.78		$	9.96		$	10.15		$	9.92		$	9.80
Total Return⁽³⁾		(13.65	)%⁽⁷⁾		4.68	%		5.01	%		9.40	%		8.72	%		(2.10	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	132,937		$	176,483		$	149,683		$	64,007		$	49,990		$	13,255
Ratio of Expenses Before Expense Limitation		0.96	%⁽⁸⁾		0.98	%		1.00	%		1.06	%		1.02	%		1.17	%
Ratio of Expenses After Expense Limitation		0.65	%⁽⁴⁾⁽⁸⁾		0.65	%⁽⁴⁾		0.65	%⁽⁴⁾		0.66	%⁽⁴⁾		0.66	%⁽⁴⁾⁽⁵⁾		0.74	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Non-Operating Expenses		N/A			0.65	%⁽⁴⁾		0.65	%⁽⁴⁾		0.65	%⁽⁴⁾		N/A			N/A
Ratio of Net Investment Income		6.29	%⁽⁴⁾⁽⁸⁾		6.51	%⁽⁴⁾		6.49	%⁽⁴⁾		7.01	%⁽⁴⁾		7.09	%⁽⁴⁾⁽⁵⁾		6.88	%⁽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		27	%⁽⁷⁾		42	%		39	%		73	%		74	%		62	%

(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 Ratio of Expenses After Expense Limitation and Ratio of 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) 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.
16

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

High Yield Portfolio

	Class A
	Six Months Ended March 31,2020			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			2015
Net Asset Value, Beginning of Period	$	9.76		$	9.94		$	10.13		$	9.90		$	9.78		$	10.72
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.29			0.60			0.61			0.67			0.64			0.66
Net Realized and Unrealized Gain (Loss)		(1.58	)		(0.20	)		(0.16	)		0.20			0.12			(0.92	)
Total from Investment Operations		(1.29	)		0.40			0.45			0.87			0.76			(0.26	)
Distributions from and/or in Excess of:
Net Investment Income		(0.30	)		(0.58	)		(0.64	)		(0.64	)		(0.64	)		(0.62	)
Net Realized Gain		—			—			—			—			—			(0.06	)
Total Distributions		(0.30	)		(0.58	)		(0.64	)		(0.64	)		(0.64	)		(0.68	)
Net Asset Value, End of Period	$	8.17		$	9.76		$	9.94		$	10.13		$	9.90		$	9.78
Total Return⁽³⁾		(13.71	)%⁽⁷⁾		4.28	%		4.64	%		9.04	%		8.24	%		(2.43	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	15,119		$	24,401		$	30,242		$	68,878		$	59,139		$	56,042
Ratio of Expenses Before Expense Limitation		1.20	%⁽⁸⁾		1.23	%		1.29	%		1.34	%		1.33	%		1.53	%
Ratio of Expenses After Expense Limitation		0.99	%⁽⁴⁾⁽⁸⁾		0.99	%⁽⁴⁾		1.00	%⁽⁴⁾		1.01	%⁽⁴⁾		1.02	%⁽⁴⁾⁽⁵⁾		1.10	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Non-Operating Expenses		N/A			0.99	%⁽⁴⁾		1.00	%⁽⁴⁾		1.00	%⁽⁴⁾		N/A			N/A
Ratio of Net Investment Income		5.94	%⁽⁴⁾⁽⁸⁾		6.17	%⁽⁴⁾		6.14	%⁽⁴⁾		6.65	%⁽⁴⁾		6.76	%⁽⁴⁾⁽⁵⁾		6.49	%⁽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		27	%⁽⁷⁾		42	%		39	%		73	%		74	%		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 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.
17

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

High Yield Portfolio

	Class L
	Six Months Ended March 31,2020			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			2015
Net Asset Value, Beginning of Period	$	9.76		$	9.94		$	10.13		$	9.91		$	9.78		$	10.72
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.27			0.57			0.59			0.64			0.62			0.64
Net Realized and Unrealized Gain (Loss)		(1.58	)		(0.19	)		(0.16	)		0.19			0.13			(0.93	)
Total from Investment Operations		(1.31	)		0.38			0.43			0.83			0.75			(0.29	)
Distributions from and/or in Excess of:
Net Investment Income		(0.28	)		(0.56	)		(0.62	)		(0.61	)		(0.62	)		(0.59	)
Net Realized Gain		—			—			—			—			—			(0.06	)
Total Distributions		(0.28	)		(0.56	)		(0.62	)		(0.61	)		(0.62	)		(0.65	)
Net Asset Value, End of Period	$	8.17		$	9.76		$	9.94		$	10.13		$	9.91		$	9.78
Total Return⁽³⁾		(13.83	)%⁽⁷⁾		4.06	%		4.37	%		8.75	%		7.95	%		(2.70	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	391		$	468		$	504		$	502		$	628		$	1,111
Ratio of Expenses Before Expense Limitation		1.80	%⁽⁸⁾		1.86	%		1.91	%		1.90	%		1.83	%		1.84	%
Ratio of Expenses After Expense Limitation		1.25	%⁽⁴⁾⁽⁸⁾		1.25	%⁽⁴⁾		1.25	%⁽⁴⁾		1.26	%⁽⁴⁾		1.28	%⁽⁴⁾⁽⁵⁾		1.35	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Non-Operating Expenses		N/A			1.25	%⁽⁴⁾		1.25	%⁽⁴⁾		1.25	%⁽⁴⁾		N/A			N/A
Ratio of Net Investment Income		5.70	%⁽⁴⁾⁽⁸⁾		5.93	%⁽⁴⁾		5.90	%⁽⁴⁾		6.40	%⁽⁴⁾		6.51	%⁽⁴⁾⁽⁵⁾		6.25	%⁽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		27	%⁽⁷⁾		42	%		39	%		73	%		74	%		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 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.
18

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

High Yield Portfolio

	Class C
	Six Months Ended March 31, 2020			Year Ended September 30,												Period from April 30,2015⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			September 30, 2015
Net Asset Value, Beginning of Period	$	9.75		$	9.93		$	10.12		$	9.89		$	9.78		$	10.39
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.25			0.52			0.54			0.59			0.57			0.24
Net Realized and Unrealized Gain (Loss)		(1.58	)		(0.19	)		(0.16	)		0.20			0.12			(0.62	)
Total from Investment Operations		(1.33	)		0.33			0.38			0.79			0.69			(0.38	)
Distributions from and/or in Excess of:
Net Investment Income		(0.26	)		(0.51	)		(0.57	)		(0.56	)		(0.58	)		(0.23	)
Net Asset Value, End of Period	$	8.16		$	9.75		$	9.93		$	10.12		$	9.89		$	9.78
Total Return⁽⁴⁾		(14.07	)%⁽⁸⁾		3.55	%		3.91	%		8.24	%		7.47	%		(3.75	)%⁽⁸⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	3,829		$	5,226		$	5,811		$	3,585		$	2,908		$	1,309
Ratio of Expenses Before Expense Limitation		1.96	%⁽⁹⁾		1.98	%		2.01	%		2.09	%		2.12	%		2.15	%⁽⁹⁾
Ratio of Expenses After Expense Limitation		1.75	%⁽⁵⁾⁽⁹⁾		1.74	%⁽⁵⁾		1.73	%⁽⁵⁾		1.76	%⁽⁵⁾		1.77	%⁽⁵⁾⁽⁶⁾		1.84	%⁽⁵⁾⁽⁹⁾
Ratio of Expenses After Expense Limitation Excluding Non-Operating Expenses		N/A			1.74	%⁽⁵⁾		1.73	%⁽⁵⁾		1.75	%⁽⁵⁾		N/A			N/A
Ratio of Net Investment Income		5.19	%⁽⁵⁾⁽⁹⁾		5.43	%⁽⁵⁾		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⁾		0.00	%⁽⁷⁾⁽⁹⁾
Portfolio Turnover Rate		27	%⁽⁸⁾		42	%		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.

(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.
19

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

High Yield Portfolio

	Class IS
	Six Months Ended March 31,2020			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			2015
Net Asset Value, Beginning of Period	$	9.78		$	9.96		$	10.15		$	9.92		$	9.79		$	10.74
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.30			0.64			0.65			0.69			0.67			0.69
Net Realized and Unrealized Gain (Loss)		(1.59	)		(0.20	)		(0.16	)		0.21			0.14			(0.92	)
Total from Investment Operations		(1.29	)		0.44			0.49			0.90			0.81			(0.23	)
Distributions from and/or in Excess of:
Net Investment Income		(0.31	)		(0.62	)		(0.68	)		(0.67	)		(0.68	)		(0.66	)
Net Realized Gain		—			—			—			—			—			(0.06	)
Total Distributions		(0.31	)		(0.62	)		(0.68	)		(0.67	)		(0.68	)		(0.72	)
Net Asset Value, End of Period	$	8.18		$	9.78		$	9.96		$	10.15		$	9.92		$	9.79
Total Return⁽³⁾		(13.64	)%⁽⁷⁾		4.71	%		5.04	%		9.43	%		8.75	%		(2.17	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	284		$	301		$	865		$	560		$	13,789		$	574
Ratio of Expenses Before Expense Limitation		1.47	%⁽⁸⁾		1.11	%		1.15	%		0.99	%		0.93	%		1.57	%
Ratio of Expenses After Expense Limitation		0.62	%⁽⁴⁾⁽⁸⁾		0.62	%⁽⁴⁾		0.62	%⁽⁴⁾		0.62	%⁽⁴⁾		0.62	%⁽⁴⁾⁽⁵⁾		0.72	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Non-Operating Expenses		N/A			0.62	%⁽⁴⁾		0.62	%⁽⁴⁾		0.62	%⁽⁴⁾		N/A			N/A
Ratio of Net Investment Income		6.34	%⁽⁴⁾⁽⁸⁾		6.55	%⁽⁴⁾		6.52	%⁽⁴⁾		6.93	%⁽⁴⁾		7.05	%⁽⁴⁾⁽⁵⁾		6.75	%⁽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		27	%⁽⁷⁾		42	%		39	%		73	%		74	%		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 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) 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 0.62% for Class IS shares. Prior to January 4, 2016, the maximum ratio was 0.72% for Class IS shares.

(6) Amount is less than 0.005%.

(7) Not annualized.

(8) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

High Yield Portfolio

	Class IR
Selected Per Share Data and Ratios	Six Months Ended March 31,2020 (unaudited)			Year Ended September 30,2019			Period from June 15, 2018⁽¹⁾ to September 30, 2018
Net Asset Value, Beginning of Period	$	9.78		$	9.96		$	9.93
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.28			0.56			0.16
Net Realized and Unrealized Gain (Loss)		(1.57	)		(0.12	)		0.03
Total from Investment Operations		(1.29	)		0.44			0.19
Distributions from and/or in Excess of:
Net Investment Income		(0.31	)		(0.62	)		(0.16	)
Net Asset Value, End of Period	$	8.18		$	9.78		$	9.96
Total Return⁽³⁾		(13.64	)%⁽⁶⁾		4.71	%		1.92	%⁽⁶⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period, (Thousands)	$	9		$	10		$	10
Ratio of Expenses Before Expense Limitation		18.37	%⁽⁷⁾		20.17	%		18.62	%⁽⁷⁾
Ratio of Expenses After Expense Limitation		0.62	%⁽⁴⁾⁽⁷⁾		0.62	%⁽⁴⁾		0.62	%⁽⁴⁾⁽⁷⁾
Ratios of Expenses After Expense Limitation Excluding Non-Operating Expenses		N/A			0.62	%⁽⁴⁾		0.62	%⁽⁴⁾⁽⁷⁾
Ratio of Net Investment Income		5.75	%⁽⁴⁾⁽⁷⁾		5.80	%⁽⁴⁾		5.75	%⁽⁴⁾⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾⁽⁷⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾⁽⁷⁾
Portfolio Turnover Rate		27	%⁽⁶⁾		42	%		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.
21

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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 eleven 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. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers 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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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 ("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 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.

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, 2020

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, 2020:

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	$	—	$	140,907	$	—	$	140,907
Variable Rate Senior Loan Interests		—		8,166		—		8,166
Total Fixed Income Securities		—		149,073		—		149,073
Common Stocks
Auto Components		—		1		—		1
Equity Real Estate Investment Trusts (REITs)		—		304		—		304
Machinery		—		—		40		40
Semiconductors & Semiconductor Equipment		—		28		—		28
Transportation		—		30		—		30
Total Common Stocks		—		363		40		403
Warrant		—		4		—		4
Participation Note		—		1		—		1
Short-Term Investment
Investment Company		363		—		—		363
Total Assets	$	363	$	149,441	$	40	$	149,844

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		—
Sales		—
Amortization of discount		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		40
Realized gains (losses)		—
Ending Balance	$	40
Net change in unrealized appreciation (depreciation) from investments still held as of March 31,2020	$	40

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, 2020:

Fair Value at
March 31, 2020
(000)

Valuation
Technique

Unobservable
Input

Amount*

Impact to
Valuation from an
Increase in Input**

Common Stock

Market Comparable
Companies

Enterprise
Value/EBITDA

4.9

Increase

Discount for Lack
of Marketability

40.0

Decrease

* Amount is indicative of the weighted average.

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

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 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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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.

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 monthly. Net realized capital gains, if any, are distributed at least annually.

7. Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. When the 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 quarterly, at an annual rate of 0.60% of the average daily net assets of the Fund.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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, 2020, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $53,812,000 and $76,191,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended March 31, 2020.

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, 2020, advisory fees paid were reduced by approximately $1,000 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, 2020 is as follows:

Affiliated Investment Company				Value September 30, 2019 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	—			$	28,985			$	28,622			$	13

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value March 31, 2020 (000)
Liquidity Funds				$	—			$	—			$	363

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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.

2019 Distributions Paid From:		2018 Distributions Paid From:
Ordinary Income (000)		Ordinary Income (000)
$	12,254	$	9,887

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2019.

At September 30, 2019, 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)
$	1,304			$	—

At September 30, 2019, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $621,000 and $1,897,000, respectively, that do not have an expiration date.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

at a discount; the discount continues to be accreted to maturity. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption resulted in a change in accounting principle, since the Fund had historically amortized such premiums to maturity for U.S. GAAP. Accordingly, the Fund has adopted ASU 2017-08 to amend the premium amortization period for certain purchased callable debt securities with non-contingent call features to the earliest call date. It is impracticable to evaluate the effect on individual prior periods, therefore the Fund applied the amendments on a modified retrospective basis by recognizing a cumulative effect adjustment that decreased the beginning of period cost of investments and increased the unrealized appreciation on investments by approximately $84,000.

Privacy Notice (unaudited) April 2019

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) April 2019

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 non-financial 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.
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. n MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between non-affiliated 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, 2020

Trustee and Officer Information (unaudited)

Trustees

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
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

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
3055829 EXP 05.31.21

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Semi-Annual Report

March 31, 2020

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					11
Statement of Operations					13
Statements of Changes in Net Assets					14
Financial Highlights					16
Notes to Financial Statements					21
Privacy Notice					29
Trustee and Officer Information					31

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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 2020

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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, 2020 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/19		Actual Ending Account Value 3/31/20		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	$	973.70	$	1,023.50	$	1.48	$	1.52		0.30	%
Short Duration Income Portfolio Class A		1,000.00		972.60		1,022.25		2.71		2.78		0.55
Short Duration Income Portfolio Class L		1,000.00		970.10		1,021.00		3.94		4.04		0.80
Short Duration Income Portfolio Class C		1,000.00		968.80		1,018.50		6.40		6.56		1.30
Short Duration Income Portfolio Class IS		1,000.00		974.00		1,023.80		1.18		1.21		0.24

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (91.7%)
Agency Adjustable Rate Mortgages (0.4%)
Federal Home Loan Mortgage Corporation,
Conventional Pools:
1 Year CMT + 2.31%, 4.30%, 7/1/38	$	271	$	276
1 Year CMT + 2.31%, 4.36%, 3/1/37		295		299
1 Year CMT + 2.34%, 4.50%, 1/1/36		245		249
1 Year CMT + 2.18%, 4.53%, 6/1/38		178		179
				1,003
Agency Bond — Consumer Discretionary (U.S. Government Guaranteed) (0.1%)
Safina Ltd.
2.00%, 12/30/23		333		333
Agency Fixed Rate Mortgages (0.6%)
Federal Home Loan Mortgage Corporation,
Gold Pools:
4.50%, 12/1/24		195		206
6.50%, 4/1/24		1		1
7.50%, 5/1/35		20		24
8.00%, 8/1/32		12		14
8.50%, 8/1/31		12		15
Federal National Mortgage Association,
Conventional Pools:
4.50%, 6/1/24 - 7/1/24		327		346
5.00%, 12/1/23 - 12/1/24		149		158
6.00%, 9/1/37		54		63
6.50%, 2/1/28 - 10/1/32		162		184
7.00%, 7/1/29 - 3/1/37		190		220
7.50%, 8/1/37		26		31
8.00%, 4/1/33		48		59
8.50%, 10/1/32		22		27
Government National Mortgage Association,
Various Pools:
6.00%, 11/15/38		95		107
8.50%, 7/15/30		34		37
				1,492
Asset-Backed Securities (19.0%)
Ally Auto Receivables Trust
1.75%, 12/15/21		216		216
Aqua Finance Trust
3.14%, 7/16/40 (a)		424		422
Avant Loans Funding Trust,
3.95%, 12/15/22 (a)		123		102
4.11%, 7/15/22 (a)		450		437
Bayview Opportunity Master Fund Trust
3.50%, 1/28/55 (a)(b)		208		207
CarMax Auto Owner Trust
1.98%, 11/15/21		202		202
CNH Equipment Trust
2.01%, 12/16/24		1,528		1,487
Consumer Loan Underlying Bond Credit Trust,
3.28%, 7/15/26 (a)		845		667
4.07%, 7/15/25 (a)		283		196

	Face Amount (000)		Value (000)
Credit Suisse ABS Trust
4.28%, 7/25/24 (a)	$	158	$	157
Fair Square Issuance Trust
2.90%, 9/20/24 (a)		300		277
Falcon Aerospace Ltd.
3.60%, 9/15/39 (a)		481		337
FCI Funding 2019-1 LLC,
3.63%, 2/18/31 (a)		282		282
Finance of America Structured Securities Trust
3.81%, 4/25/29 (a)(b)		475		477
Foundation Finance Trust,
3.30%, 7/15/33 (a)		249		249
3.86%, 11/15/34 (a)		444		425
FREED ABS Trust,
3.19%, 11/18/26 (a)		900		789
3.87%, 6/18/26 (a)		500		431
4.61%, 10/20/25 (a)		560		524
GAIA Aviation Ltd.
3.97%, 12/15/44 (a)		676		473
GM Financial Automobile Leasing Trust,
1.67%, 12/20/22		830		818
3.06%, 6/21/21		143		143
GM Financial Consumer Automobile Receivables Trust
2.81%, 12/16/22		1,294		1,296
Gracechurch Card Funding PLC
1 Month USD LIBOR + 0.40%, 1.10%, 7/15/22 (a)(b)		627		626
Hyundai Auto Lease Securitization Trust
2.92%, 7/15/21 (a)		892		890
Hyundai Auto Receivables Trust
1.77%, 1/18/22		294		293
Lunar Aircraft Ltd.
3.38%, 2/15/45 (a)		350		245
MACH 1 Cayman Ltd.
3.47%, 10/15/39 (a)		532		373
MFA LLC,
3.35%, 11/25/47 (a)		436		444
3.88%, 5/25/48 (a)		585		604
4.16%, 7/25/48 (a)		439		438
Nationstar HECM Loan Trust,
4.17%, 7/25/28 (a)(b)		650		650
4.35%, 11/25/28 (a)(b)		700		672
New Residential Advance Receivables Trust,
2.80%, 10/15/51 (a)		352		342
3.06%, 8/15/53 (a)		665		627
Nissan Auto Receivables Owner Trust
1.75%, 10/15/21		328		328
North Carolina State Education Assistance Authority
3 Month USD LIBOR + 0.80%, 2.59%, 7/25/25 (b)		101		101
NRZ Advance Receivables Trust
3.33%, 7/15/52 (a)		400		386

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Asset-Backed Securities (cont'd)
NRZ Excess Spread-Collateralized Notes,
4.37%, 1/25/23 (a)	$	277	$	266
4.59%, 2/25/23 (a)		406		407
NYCTL Trust
2.19%, 11/10/32 (a)		781		777
OnDeck Asset Securitization Trust II LLC
3.33%, 11/18/24 (a)		900		889
Option One Mortgage Loan Trust Asset-Backed Certificates
1 Month USD LIBOR + 0.50%, 1.27%, 8/20/30 (b)		97		94
Oscar US Funding X LLC
3.18%, 5/10/23 (a)		830		855
Oscar US Funding XI LLC
2.49%, 8/10/22 (a)		288		290
Oxford Finance Funding LLC
3.10%, 2/15/28 (a)		350		338
PFS Financing Corp.,
2.23%, 10/15/24 (a)		1,160		1,116
2.57%, 7/15/22 (a)		460		450
2.74%, 10/17/22 (a)		440		435
2.86%, 4/15/24 (a)		230		227
2.89%, 2/15/23 (a)		275		274
3.19%, 4/17/23 (a)		300		299
3.52%, 10/15/23 (a)		162		161
Preston Ridge Partners Mortgage
3.75%, 4/25/23 (a)(b)		326		331
Pretium Mortgage Credit Partners I LLC
2.86%, 5/27/59 (a)		786		566
Prosper Marketplace Issuance Trust,
3.59%, 7/15/25 (a)		700		622
3.90%, 6/17/24 (a)		62		62
3.96%, 10/15/24 (a)		538		523
PRPM LLC
3.97%, 4/25/24 (a)		677		606
Raptor Aircraft Finance I LLC
4.21%, 8/23/44 (a)		861		646
RCO V Mortgage LLC,
3.47%, 11/25/24 (a)		851		821
4.46%, 10/25/23 (a)		378		363
ReadyCap Lending Small Business Loan Trust
PRIME - 0.50%, 2.75%, 12/27/44 (a)(b)		274		245
Republic FInance Issuance Trust
3.43%, 11/22/27 (a)		800		701
RMF Buyout Issuance Trust
4.45%, 11/25/28 (a)(b)		700		693
Santander Retail Auto Lease Trust
1.74%, 7/20/23 (a)		1,330		1,312
SFS Asset Securitization LLC
4.24%, 6/10/25 (a)		814		773
Small Business Lending Trust
2.85%, 7/15/26 (a)		238		234

	Face Amount (000)		Value (000)
Sofi Consumer Loan Program Trust,
3.14%, 2/25/27 (a)	$	271	$	265
3.35%, 4/26/27 (a)		252		250
3.67%, 8/25/27 (a)		698		678
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes
2.77%, 10/15/52 (a)		325		316
TLF National Tax Lien Trust
3.09%, 12/15/29 (a)		156		156
Towd Point Mortgage Trust,
1 Month USD LIBOR + 0.60%, 1.55%, 2/25/57 (a)(b)		297		290
2.75%, 4/25/57 (a)(b)		98		96
Upgrade Receivables Trust,
4.09%, 3/15/25 (a)		300		288
4.53%, 11/15/24 (a)		650		637
Upstart Securitization Trust,
3.73%, 9/20/29 (a)		850		684
4.45%, 12/22/25 (a)		187		183
Vericrest Opportunity Loan Trust,
2.98%, 2/25/50 (a)		948		840
3.18%, 10/25/49 (a)		574		523
3.35%, 9/25/49 (a)		735		638
Verizon Owner Trust,
1 Month USD LIBOR + 0.27%, 1.04%, 4/20/22 (a)(b)		97		97
2.06%, 9/20/21 (a)		26		27
2.93%, 9/20/23		600		612
Volkswagen Auto Lease Trust
1.99%, 11/21/22		1,280		1,300
VOLT LXIV LLC
3.38%, 10/25/47 (a)		524		490
VOLT LXXX LLC
3.23%, 10/25/49 (a)		495		466
VOLT LXXXIII LLC
3.33%, 11/26/49 (a)		766		697
VOLT LXXXV LLC
3.23%, 1/25/50 (a)		518		469
VOLT LXXXVIII LLC
2.98%, 3/25/50 (a)		682		612
				43,623
Collateralized Mortgage Obligations — Agency Collateral Series (0.5%)
Federal Home Loan Mortgage Corporation,
REMIC
7.50%, 9/15/29		357		421
Government National Mortgage Association,
REMIC
1 Month USD LIBOR + 0.50%, 2.16%, 3/20/61 (b)		128		127
1 Month USD LIBOR + 0.56%, 2.22%, 9/20/62 (b)		618		614
				1,162

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Commercial Mortgage-Backed Securities (1.1%)
Federal Home Loan Mortgage Corporation
3.03%, 10/25/20 (b)	$	410	$	412
HPLY Trust
1 Month USD LIBOR + 2.35%, 3.05%, 11/15/36 (a)(b)		433		328
Hudsons Bay Simon JV Trust
1 Month USD LIBOR + 1.83%, 3.50%, 8/5/34 (a)(b)		185		175
Natixis Commercial Mortgage Securities Trust
1 Month USD LIBOR + 2.20%, 2.90%, 7/15/36 (a)(b)		850		826
Velocity Commercial Capital Loan Trust
1 Month USD LIBOR + 1.80%, 3.43%, 10/25/46 (b)		6		6
VMC Finance 2019-FL3 LLC,
1 Month USD LIBOR + 2.05%, 2.85%, 9/15/36 (a)(b)		741		678
				2,425
Corporate Bonds (63.6%)
Energy (1.1%)
Midwest Connector Capital Co. LLC
3.63%, 4/1/22 (a)		475		457
MPLX LP
3 Month USD LIBOR + 0.90%, 1.90%, 9/9/21 (b)		1,300		1,229
Occidental Petroleum Corp.
2.70%, 8/15/22		1,225		874
				2,560
Finance (27.7%)
ABN Amro Bank N.V.
3.40%, 8/27/21 (a)		650		651
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.30%, 1/23/23		1,260		1,074
American Express Co.,
3.00%, 2/22/21		700		705
3.38%, 5/17/21		1,050		1,063
3.70%, 11/5/21		665		681
American Honda Finance Corp.
2.15%, 9/10/24		1,200		1,173
American Tower Corp.
2.40%, 3/15/25		600		591
Anthem, Inc.
3.50%, 8/15/24		1,200		1,233
ANZ New Zealand International Ltd.
1.90%, 2/13/23 (a)		1,510		1,521
Aon Corp.
2.20%, 11/15/22		575		573
Avolon Holdings Funding Ltd.
2.88%, 2/15/25 (a)		625		486
Banco Santander Chile
2.70%, 1/10/25 (a)		800		771

	Face Amount (000)		Value (000)
Bank of America Corp.,
MTN
3.30%, 1/11/23	$	1,220	$	1,266
Bank of Montreal
2.90%, 3/26/22		1,030		1,044
Bank of Nova Scotia (The),
2.00%, 11/15/22		1,175		1,180
3.40%, 2/11/24		1,225		1,289
BBVA USA
3.50%, 6/11/21		925		921
BNP Paribas SA
3.50%, 3/1/23 (a)		1,250		1,256
BPCE SA,
2.38%, 1/14/25 (a)		625		581
4.00%, 9/12/23 (a)		1,200		1,234
Capital One Financial Corp.
3.20%, 1/30/23		2,500		2,474
Cigna Corp.
3.75%, 7/15/23		1,213		1,249
Citigroup, Inc.
3.88%, 10/25/23		2,400		2,472
Citizens Bank NA
3.25%, 2/14/22		575		583
Credit Suisse AG
3.00%, 10/29/21		1,140		1,154
DBS Group Holdings Ltd.
2.85%, 4/16/22 (a)		360		370
Deutsche Bank AG,
2.70%, 7/13/20		750		735
4.25%, 2/4/21		650		624
DNB Bank ASA
2.13%, 10/2/20 (a)		700		695
Goldman Sachs Group, Inc. (The)
3.63%, 1/22/23		1,275		1,310
HSBC Holdings PLC
3.60%, 5/25/23		2,250		2,274
JPMorgan Chase & Co.
3.63%, 5/13/24		1,170		1,222
LeasePlan Corp.
2.88%, 10/24/24 (a)		1,275		1,251
Macquarie Bank Ltd.,
2.10%, 10/17/22 (a)		1,500		1,488
2.30%, 1/22/25 (a)		1,075		1,059
MassMutual Global Funding II
1.95%, 9/22/20 (a)		560		558
Metropolitan Life Global Funding I,
1.95%, 9/15/21 - 1/13/23 (a)		2,210		2,198
National Australia Bank Ltd.
1.88%, 12/13/22		950		946
Nationwide Building Society
2.00%, 1/27/23 (a)		2,030		1,977

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
New York Life Global Funding,
2.25%, 7/12/22 (a)	$	470	$	484
2.95%, 1/28/21 (a)		350		357
PACCAR Financial Corp.
2.65%, 5/10/22		1,175		1,176
Protective Life Global Funding
2.70%, 11/25/20 (a)		525		526
Royal Bank of Canada,
2.55%, 7/16/24		1,275		1,299
2.80%, 4/29/22		1,220		1,237
Santander UK Group Holdings PLC
4.80%, 11/15/24		1,200		1,259
Santander UK PLC
2.10%, 1/13/23		1,100		1,066
Skandinaviska Enskilda Banken AB,
2.20%, 12/12/22 (a)		700		689
3.05%, 3/25/22 (a)		1,230		1,228
Societe Generale SA
2.63%, 1/22/25 (a)		1,175		1,133
Suncorp-Metway Ltd.
2.38%, 11/9/20 (a)		670		665
Synchrony Financial
4.25%, 8/15/24		625		603
TD Ameritrade Holding Corp.
3.75%, 4/1/24		1,225		1,250
Truist Bank,
2.15%, 12/6/24		1,525		1,513
2.80%, 5/17/22		550		557
Truist Financial Corp.
3.20%, 9/3/21		610		614
UBS AG
2.45%, 12/1/20 (a)		600		599
United Overseas Bank Ltd.
3.20%, 4/23/21 (a)		340		341
UnitedHealth Group, Inc.
2.70%, 7/15/20		500		500
Wells Fargo & Co.
3.07%, 1/24/23		1,900		1,922
Westpac Banking Corp.
2.00%, 1/13/23		680		673
				63,623
Industrials (32.2%)
AbbVie, Inc.,
2.50%, 5/14/20		575		575
2.60%, 11/21/24 (a)		1,500		1,517
Adobe, Inc.
1.70%, 2/1/23		650		655
Alibaba Group Holding Ltd.
2.80%, 6/6/23		1,275		1,298
Alimentation Couche-Tard, Inc.
2.70%, 7/26/22 (a)		800		792

	Face Amount (000)		Value (000)
Altria Group, Inc.
3.49%, 2/14/22	$	375	$	384
Amgen, Inc.
1.90%, 2/21/25		1,350		1,364
Amphenol Corp.
2.05%, 3/1/25		1,250		1,186
Analog Devices, Inc.
2.95%, 1/12/21		1,175		1,177
Anheuser-Busch InBev Finance, Inc.
3.30%, 2/1/23		1,250		1,288
AT&T, Inc.
3.80%, 3/1/24		2,450		2,565
BAT International Finance PLC
3.25%, 6/7/22 (a)		2,000		1,995
Bayer US Finance II LLC
3.50%, 6/25/21 (a)		330		331
BMW US Capital LLC,
2.15%, 4/6/20 (a)		400		400
2.95%, 4/14/22 (a)		770		758
Bristol-Myers Squibb Co.,
2.75%, 2/15/23 (a)		550		569
3.25%, 2/20/23 (a)		275		289
Canadian Natural Resources Ltd.
2.95%, 1/15/23		1,250		1,086
Caterpillar Financial Services Corp.
3.30%, 6/9/24		2,430		2,510
Charter Communications Operating LLC/ Charter Communications Operating Capital
4.50%, 2/1/24		1,200		1,239
Crown Castle International Corp.
5.25%, 1/15/23		1,175		1,227
Daimler Finance North America LLC,
2.55%, 8/15/22 (a)		1,210		1,163
2.85%, 1/6/22 (a)		1,110		1,081
3.75%, 11/5/21 (a)		295		293
Dell International LLC/EMC Corp.
4.42%, 6/15/21 (a)		1,190		1,190
Deutsche Telekom International Finance BV
1.95%, 9/19/21 (a)		1,260		1,245
Diageo Capital PLC
2.13%, 10/24/24		1,350		1,319
DR Horton, Inc.
2.55%, 12/1/20		480		473
Eastman Chemical Co.
3.50%, 12/1/21		600		617
Enbridge, Inc.
2.50%, 1/15/25		750		680
Enterprise Products Operating LLC
2.80%, 2/15/21		780		779
Ford Motor Credit Co., LLC
3.34%, 3/18/21		1,750		1,688
Fox Corp.
4.03%, 1/25/24		1,200		1,249

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
General Motors Financial Co., Inc.
3.95%, 4/13/24	$	1,250	$	1,135
Glencore Funding LLC,
3.00%, 10/27/22 (a)		1,275		1,167
4.13%, 3/12/24 (a)		1,225		1,128
Hyundai Capital America,
2.38%, 2/10/23 (a)		590		557
2.55%, 4/3/20 (a)		175		175
2.85%, 11/1/22 (a)		800		782
3.95%, 2/1/22 (a)		1,270		1,281
Imperial Brands Finance PLC
3.13%, 7/26/24 (a)		1,275		1,204
John Deere Capital Corp.
3.45%, 1/10/24		1,225		1,283
Keurig Dr Pepper, Inc.
3.55%, 5/25/21		930		942
Kinder Morgan, Inc.
5.00%, 2/15/21 (a)		1,170		1,164
Las Vegas Sands Corp.
3.20%, 8/8/24		1,250		1,130
Lockheed Martin Corp.
2.50%, 11/23/20		225		226
Lowe's Cos., Inc.
3.13%, 9/15/24		1,230		1,253
Marriott International, Inc.,
3 Month USD LIBOR + 0.65%, 1.65%, 3/8/21 (b)		520		445
2.13%, 10/3/22		880		793
2.88%, 3/1/21		1,235		1,156
McDonald's Corp.,
MTN
2.20%, 5/26/20		550		550
Mondelez International Holdings Netherlands BV,
2.13%, 9/19/22 (a)		1,160		1,151
2.25%, 9/19/24 (a)		950		941
Nissan Motor Acceptance Corp.
3.15%, 3/15/21 (a)		590		582
Northrop Grumman Corp.,
2.08%, 10/15/20		580		578
3.50%, 3/15/21		1,220		1,226
PayPal Holdings, Inc.
2.40%, 10/1/24		1,300		1,273
Philip Morris International, Inc.
2.63%, 3/6/23		1,700		1,655
Rockwell Collins, Inc.
2.80%, 3/15/22		1,275		1,289
Schlumberger Finance Canada Ltd.
2.20%, 11/20/20 (a)		410		405
Seven & i Holdings Co., Ltd.
3.35%, 9/17/21 (a)		1,750		1,778
Siemens Financieringsmaatschappij N.V.
2.15%, 5/27/20 (a)		550		550

	Face Amount (000)		Value (000)
Sky Ltd.
3.75%, 9/16/24 (a)	$	2,330	$	2,419
Starbucks Corp.
2.10%, 2/4/21		2,080		2,082
Takeda Pharmaceutical Co. Ltd.
4.00%, 11/26/21		725		735
Takeda Pharmaceutical Co., Ltd.
4.40%, 11/26/23		1,775		1,872
Union Pacific Corp.
3.50%, 6/8/23		1,225		1,261
Volkswagen Group of America Finance LLC,
2.40%, 5/22/20 (a)		550		548
2.70%, 9/26/22 (a)		1,420		1,375
3.88%, 11/13/20 (a)		755		753
				73,826
Utilities (2.6%)
DTE Energy Co.
2.25%, 11/1/22		1,800		1,781
FirstEnergy Corp.
2.05%, 3/1/25		625		587
Florida Power & Light Co.
3 Month USD LIBOR + 0.40%, 2.14%, 5/6/22 (b)		950		896
NextEra Energy Capital Holdings, Inc.
2.40%, 9/1/21		1,550		1,550
Southern Co. (The)
2.95%, 7/1/23		1,260		1,270
				6,084
				146,093
Mortgages — Other (6.2%)
Cascade Funding Mortgage Trust
4.00%, 10/25/68 (a)(b)		573		567
CHL Mortgage Pass-Through Trust
5.50%, 5/25/34		109		111
CIM Trust
3.00%, 4/25/57 (a)(b)		422		423
Federal Home Loan Mortgage Corporation
1 Month USD LIBOR + 1.20%, 2.15%, 10/25/29 (b)		129		126
Federal National Mortgage Association
1 Month USD LIBOR + 1.30%, 2.25%, 4/25/29 (b)		33		33
FMC GMSR Issuer Trust
4.23%, 9/25/24 (a)(b)		900		566
Galton Funding Mortgage Trust,
3.50%, 11/25/57 (a)(b)		290		289
4.00%, 2/25/59 (a)(b)		208		207
GCAT Trust
2.65%, 10/25/68 (a)(b)		506		503
Gosforth Funding PLC
3 Month USD LIBOR + 0.45%, 2.13%, 8/25/60 (a)(b)		230		226

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Mortgages — Other (cont'd)
Government National Mortgage Association,
1 Month USD LIBOR + 0.28%, 1.94%, 5/20/63 (b)	$	33	$	33
1 Month USD LIBOR + 0.45%, 2.11%, 5/20/62 (b)		9		9
1 Month USD LIBOR + 0.60%, 2.26%, 1/20/64 (b)		196		195
Headlands Residential LLC
3.97%, 6/25/24 (a)		200		176
Lanark Master Issuer PLC,
3 Month USD LIBOR + 0.42%, 2.10%, 12/22/69 (b)		558		554
2.28%, 12/22/69 (a)(b)		360		366
3 Month USD LIBOR + 0.77%, 2.45%, 12/22/69 (a)(b)		420		417
LHOME Mortgage Trust
3.23%, 10/25/24 (a)		235		213
New Residential Mortgage Loan Trust,
3.75%, 5/28/52 - 8/25/55(a)(b)		272		283
4.00%, 9/25/57 (a)(b)		484		501
NRPL Trust
4.25%, 7/25/67 (a)		597		615
OBX Trust
4.00%, 11/25/48 (a)(b)		391		394
Pepper Residential Securities Trust,
1 Month USD LIBOR + 0.95%, 1.56%, 8/18/60 (a)(b)		457		456
1 Month USD LIBOR + 0.88%, 1.58%, 1/16/60 (a)(b)		391		390
1 Month USD LIBOR + 0.93%, 1.74%, 3/12/61 (a)(b)		759		757
1 Month USD LIBOR + 1.00%, 1.77%, 6/20/60 (a)(b)		504		504
PRPM LLC,
3.50%, 10/25/24 (a)(b)		749		746
4.50%, 1/25/24 (a)		572		581
Resimac,
Series 19-2A
1 Month USD LIBOR + 0.95%, 1.81%, 2/10/51 (a)(b)		671		668
RESIMAC Bastille Trust,
1 Month USD LIBOR + 0.85%, 2.23%, 12/5/59 (a)(b)		305		305
1 Month USD LIBOR + 0.93%, 2.31%, 9/5/57 (a)(b)		484		484
Seasoned Credit Risk Transfer Trust
3.00%, 2/25/59		860		898
Sequoia Mortgage Trust
1 Month USD LIBOR + 0.62%, 1.39%, 8/20/34 (b)		182		158
Silver Hill Trust
3.10%, 11/25/49 (a)(b)		1,239		1,161

	Face Amount (000)		Value (000)
TVC Mortgage Trust
3.47%, 9/25/24 (a)	$	300	$	243
				14,158
Sovereign (0.2%)
Korea Development Bank (The)
3.00%, 3/19/22		410		422
Total Fixed Income Securities (Cost $217,872)				210,711
	Shares
Short-Term Investments (7.7%)
Investment Company (4.4%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $10,147)		10,147,203		10,147
	Face Amount (000)
U.S. Treasury Security (0.6%)
U.S. Treasury Bill
1.53%, 7/30/20 (c) (Cost $1,343)	$	1,350		1,350
Commercial Paper (2.1%)
Aerospace/Defense (0.7%)
Boeing Co. (The)
1.98%, 4/7/20 (d)		1,500		1,499
Automobiles (0.5%)
VW Credit, Inc.
2.58%, 4/1/20 (d)		1,200		1,200
Diversified Financial Services (0.9%)
Reckitt Benckiser Treasury Services PLC
2.56%, 6/12/20 (d)		2,180		2,174
Total Commercial Paper (Cost $4,869)				4,873
Corporate Bond (0.6%)
Industrial (0.6%)
Marathon Petroleum Corp.
3.40%, 12/15/20 (Cost $1,287)		1,275		1,264
Total Short-Term Investments (Cost $17,646)				17,634
Total Investments (99.4%) (Cost $235,518) (e)(f)				228,345
Other Assets in Excess of Liabilities (0.6%)				1,273
Net Assets (100.0%)			$	229,618

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

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

(e) Securities are available for collateral in connection with open futures contracts.

(f) At March 31, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,834,000 and the aggregate gross unrealized depreciation is approximately $9,273,000, resulting in net unrealized depreciation of approximately $7,439,000.

CMT Constant Maturity Treasury Note Rate.

LIBOR London Interbank Offered Rate.

MTN Medium Term Note.

PRIME Daily U.S. Prime Rate.

REMIC Real Estate Mortgage Investment Conduit.

USD United States Dollar.

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2020:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 2 yr. Note (United States)		374	Jun-20	$	74,800		$	82,423		$	1,222
Short:
U.S. Treasury 5 yr. Note (United States)		357	Jun-20		(35,700	)		(44,753	)		(1,488	)
										$	(266	)

Portfolio Composition

Classification	Percentage of Total Investments
Industrials		32.3	%
Finance		27.9
Asset-Backed Securities		19.1
Short-Term Investments		7.7
Other*		6.8
Mortgages — Other		6.2
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 $127,176,000 and net unrealized depreciation of approximately $266,000.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Short Duration Income Portfolio

Statement of Assets and Liabilities	March 31, 2020 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $225,371)	$	218,198
Investment in Security of Affiliated Issuer, at Value (Cost $10,147)		10,147
Total Investments in Securities, at Value (Cost $235,518)		228,345
Cash		17
Interest and Paydown Receivable		1,144
Receivable for Fund Shares Sold		337
Due from Adviser		7
Receivable for Variation Margin on Futures Contracts		5
Receivable from Affiliate		4
Other Assets		105
Total Assets		229,964
Liabilities:
Payable for Fund Shares Redeemed		168
Payable for Professional Fees		51
Payable for Trustees' Fees and Expenses		42
Payable for Shareholder Services Fees — Class A		17
Payable for Distribution and Shareholder Services Fees — Class L		—	@
Payable for Distribution and Shareholder Services Fees — Class C		—	@
Payable for Administration Fees		17
Payable for Sub Transfer Agency Fees — Class I		7
Payable for Sub Transfer Agency Fees — Class A		7
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Sub Transfer Agency Fees — Class C		—	@
Payable for Transfer Agency Fees — Class I		2
Payable for Transfer Agency Fees — Class A		1
Payable for Transfer Agency Fees — Class L		—	@
Payable for Transfer Agency Fees — Class C		—	@
Payable for Transfer Agency Fees — Class IS		—	@
Payable for Custodian Fees		3
Other Liabilities		31
Total Liabilities		346
Net Assets	$	229,618
Net Assets Consist of:
Paid-in-Capital	$	240,618
Total Accumulated Loss		(11,000	)
Net Assets	$	229,618

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Short Duration Income Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2020 (000)
CLASS I:
Net Assets	$	153,568
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		19,394,582
Net Asset Value, Offering and Redemption Price Per Share	$	7.92
CLASS A:
Net Assets	$	75,188
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		9,470,628
Net Asset Value, Redemption Price Per Share	$	7.94
Maximum Sales Load		1.00	%
Maximum Sales Charge	$	0.08
Maximum Offering Price Per Share	$	8.02
CLASS L:
Net Assets	$	781
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		98,737
Net Asset Value, Offering and Redemption Price Per Share	$	7.91
CLASS C:
Net Assets	$	35
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		4,470
Net Asset Value, Offering and Redemption Price Per Share	$	7.90
CLASS IS:
Net Assets	$	46
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		5,860
Net Asset Value, Offering and Redemption Price Per Share	$	7.92

@ 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, 2020 (unaudited)

Short Duration Income Portfolio

Statement of Operations	Six Months Ended March 31, 2020 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $—@ of Foreign Taxes Withheld)	$	3,405
Dividends from Security of Affiliated Issuer (Note G)		41
Total Investment Income		3,446
Expenses:
Advisory Fees (Note B)		261
Shareholder Services Fees — Class A (Note D)		106
Distribution and Shareholder Services Fees — Class L (Note D)		2
Distribution and Shareholder Services Fees — Class C (Note D)		—	@
Administration Fees (Note C)		105
Sub Transfer Agency Fees — Class I		58
Sub Transfer Agency Fees — Class A		30
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		—	@
Professional Fees		74
Registration Fees		38
Shareholder Reporting Fees		23
Pricing Fees		19
Custodian Fees (Note F)		12
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)		1
Transfer Agency Fees — Class IS (Note E)		1
Trustees' Fees and Expenses		5
Other Expenses		11
Total Expenses		752
Waiver of Advisory Fees (Note B)		(221	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(17	)
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		494
Net Investment Income		2,952
Realized Loss:
Investments Sold		(9	)
Futures Contracts		(1,362	)
Net Realized Loss		(1,371	)
Change in Unrealized Appreciation (Depreciation):
Investments		(8,837	)
Foreign Currency Translation		(—	@)
Futures Contracts		(30	)
Net Change in Unrealized Appreciation (Depreciation)		(8,867	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(10,238	)
Net Decrease in Net Assets Resulting from Operations	$	(7,286	)

@ 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, 2020

Short Duration Income Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2020 (unaudited) (000)			Year Ended September 30, 2019 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	2,952		$	5,662
Net Realized Gain (Loss)		(1,371	)		750
Net Change in Unrealized Appreciation (Depreciation)		(8,867	)		2,470
Net Increase (Decrease) in Net Assets Resulting from Operations		(7,286	)		8,882
Dividends and Distributions to Shareholders:
Class I		(2,320	)		(3,777	)
Class A		(1,002	)		(1,635	)
Class L		(8	)		(13	)
Class C		(—	@)		(1	)
Class IS		(—	@)		(—	@)
Total Dividends and Distributions to Shareholders		(3,330	)		(5,426	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		54,808			140,638
Distributions Reinvested		2,210			3,751
Redeemed		(71,224	)		(90,693	)
Class A:
Subscribed		12,330			33,774
Distributions Reinvested		997			1,622
Redeemed		(17,803	)		(21,842	)
Class L:
Exchanged		20			656
Distributions Reinvested		8			13
Redeemed		(10	)		(270	)
Class C:
Distributions Reinvested		—	@		1
Redeemed		—			(16	)
Class IS:
Subscribed		31			5
Distributions Reinvested		—	@		—	@
Redeemed		(—	@)		(—	@)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(18,633	)		67,639
Total Increase (Decrease) in Net Assets		(29,249	)		71,095
Net Assets:
Beginning of Period		258,867			187,772
End of Period	$	229,618		$	258,867

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Short Duration Income Portfolio

Statements of Changes in Net Assets (cont'd)	Six Months Ended March 31, 2020 (unaudited) (000)			Year Ended September 30, 2019 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		6,683			17,226
Shares Issued on Distributions Reinvested		268			460
Shares Redeemed		(8,781	)		(11,081	)
Net Increase (Decrease) in Class I Shares Outstanding		(1,830	)		6,605
Class A:
Shares Subscribed		1,493			4,121
Shares Issued on Distributions Reinvested		121			198
Shares Redeemed		(2,202	)		(2,670	)
Net Increase (Decrease) in Class A Shares Outstanding		(588	)		1,649
Class L:
Shares Exchanged		2			81
Shares Issued on Distributions Reinvested		1			2
Shares Redeemed		(1	)		(34	)
Net Increase in Class L Shares Outstanding		2			49
Class C:
Shares Issued on Distributions Reinvested		—	@@		—	@@
Shares Redeemed		—			(2	)
Net Increase (Decrease) in Class C Shares Outstanding		—	@@		(2	)
Class IS:
Shares Subscribed		4			1
Shares Issued on Distributions Reinvested		—	@@		—	@@
Shares Redeemed		(—	@@)		(—	@@)
Net Increase in Class IS Shares Outstanding		4			1

@ Amount is less than $500.

@@ Amount is less than 500 shares.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Short Duration Income Portfolio

	Class I
	Six Months Ended March 31, 2020			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			2015
Net Asset Value, Beginning of Period	$	8.24		$	8.13		$	8.15		$	8.12		$	7.71		$	7.81
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.10			0.21			0.17			0.16			0.15			0.13
Net Realized and Unrealized Gain (Loss)		(0.31	)		0.10			(0.03	)		0.02			0.41			(0.12	)
Total from Investment Operations		(0.21	)		0.31			0.14			0.18			0.56			0.01
Distributions from and/or in Excess of:
Net Investment Income		(0.11	)		(0.20	)		(0.16	)		(0.15	)		(0.15	)		(0.11	)
Net Asset Value, End of Period	$	7.92		$	8.24		$	8.13		$	8.15		$	8.12		$	7.71
Total Return⁽³⁾		(2.63	)%⁽¹¹⁾		3.93	%⁽⁴⁾		1.79	%⁽⁵⁾		2.29	%⁽⁶⁾		7.43	%⁽⁷⁾		0.06	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	153,568		$	174,909		$	118,810		$	103,131		$	98,603		$	102,808
Ratio of Expenses Before Expense Limitation		0.49	%⁽¹²⁾		0.49	%		0.50	%		0.53	%		0.65	%		0.63	%
Ratio of Expenses After Expense Limitation		0.30	%^(8)(12)		0.30	%⁽⁸⁾		0.28	%⁽⁸⁾		0.30	%⁽⁸⁾		0.36	%⁽⁸⁾⁽⁹⁾		0.53	%⁽⁸⁾
Ratio of Net Investment Income		2.34	%^(8)(12)		2.55	%⁽⁸⁾		2.13	%⁽⁸⁾		1.92	%⁽⁸⁾		1.97	%⁽⁸⁾⁽⁹⁾		1.72	%⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%^(10)(12)		0.00	%⁽¹⁰⁾		0.00	%⁽¹⁰⁾		0.00	%⁽¹⁰⁾		0.00	%⁽¹⁰⁾		0.00	%⁽¹⁰⁾
Portfolio Turnover Rate		46	%⁽¹¹⁾		64	%		40	%		43	%		66	%		41	%

(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 0.13% due to the receipt of proceeds from a settlement of 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 3.80%.

(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 I shares would have been approximately 1.54%.

(6) Performance was positively impacted by approximately 0.51% due to the receipt of proceeds from the settlement of class action suits 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%.

(7) 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. 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 1.46%.

(9) 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.

(10) Amount is less than 0.005%.

(11) Not annualized.

(12) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Short Duration Income Portfolio

	Class A
	Six Months Ended March 31, 2020			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			2015
Net Asset Value, Beginning of Period	$	8.26		$	8.15		$	8.17		$	8.13		$	7.72		$	7.83
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.09			0.19			0.15			0.14			0.14			0.11
Net Realized and Unrealized Gain (Loss)		(0.31	)		0.10			(0.03	)		0.03			0.40			(0.14	)
Total from Investment Operations		(0.22	)		0.29			0.12			0.17			0.54			(0.03	)
Distributions from and/or in Excess of:
Net Investment Income		(0.10	)		(0.18	)		(0.14	)		(0.13	)		(0.13	)		(0.08	)
Net Asset Value, End of Period	$	7.94		$	8.26		$	8.15		$	8.17		$	8.13		$	7.72
Total Return⁽³⁾		(2.74	)%⁽¹¹⁾		3.66	%⁽⁴⁾		1.51	%⁽⁵⁾		2.15	%⁽⁶⁾		7.15	%⁽⁷⁾		(0.41	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	75,188		$	83,111		$	68,517		$	82,157		$	66,821		$	1,761
Ratio of Expenses Before Expense Limitation		0.75	%⁽¹²⁾		0.76	%		0.80	%		0.80	%		0.80	%		1.22	%
Ratio of Expenses After Expense Limitation		0.55	%^(8)(12)		0.55	%⁽⁸⁾		0.55	%⁽⁸⁾		0.55	%⁽⁸⁾		0.52	%⁽⁸⁾⁽⁹⁾		0.88	%⁽⁸⁾
Ratio of Net Investment Income		2.09	%^(8)(12)		2.30	%⁽⁸⁾		1.85	%⁽⁸⁾		1.66	%⁽⁸⁾		1.83	%⁽⁸⁾⁽⁹⁾		1.40	%⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%^(10)(12)		0.00	%⁽¹⁰⁾		0.00	%⁽¹⁰⁾		0.00	%⁽¹⁰⁾		0.00	%⁽¹⁰⁾		0.00	%⁽¹⁰⁾
Portfolio Turnover Rate		46	%⁽¹¹⁾		64	%		40	%		43	%		66	%		41	%

(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.

(6) Performance was positively impacted by approximately 0.50% due to the receipt of proceeds from the settlement of class action suits 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%.

(7) 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. 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 1.21%.

(9) 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.

(10) Amount is less than 0.005%.

(11) Not annualized.

(12) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Short Duration Income Portfolio

	Class L
	Six Months Ended March 31, 2020			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			2015
Net Asset Value, Beginning of Period	$	8.24		$	8.12		$	8.15		$	8.11		$	7.70		$	7.80
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.08			0.17			0.13			0.11			0.11			0.08
Net Realized and Unrealized Gain (Loss)		(0.32	)		0.11			(0.04	)		0.04			0.41			(0.13	)
Total from Investment Operations		(0.24	)		0.28			0.09			0.15			0.52			(0.05	)
Distributions from and/or in Excess of:
Net Investment Income		(0.09	)		(0.16	)		(0.12	)		(0.11	)		(0.11	)		(0.05	)
Net Asset Value, End of Period	$	7.91		$	8.24		$	8.12		$	8.15		$	8.11		$	7.70
Total Return⁽³⁾		(2.99	)%⁽¹¹⁾		3.52	%⁽⁴⁾		1.14	%⁽⁵⁾		1.90	%⁽⁶⁾		6.79	%⁽⁷⁾		(0.68	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	781		$	795		$	382		$	410		$	403		$	439
Ratio of Expenses Before Expense Limitation		1.21	%⁽¹²⁾		1.25	%		1.52	%		1.70	%		1.83	%		1.80	%
Ratio of Expenses After Expense Limitation		0.80	%^(8)(12)		0.80	%⁽⁸⁾		0.80	%⁽⁸⁾		0.80	%⁽⁸⁾		0.92	%⁽⁸⁾⁽⁹⁾		1.23	%⁽⁸⁾
Ratio of Net Investment Income		1.84	%^(8)(12)		2.07	%⁽⁸⁾		1.61	%⁽⁸⁾		1.41	%⁽⁸⁾		1.42	%⁽⁸⁾⁽⁹⁾		1.05	%⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%^(10)(12)		0.00	%⁽¹⁰⁾		0.00	%⁽¹⁰⁾		0.00	%⁽¹⁰⁾		0.00	%⁽¹⁰⁾		0.00	%⁽¹⁰⁾
Portfolio Turnover Rate		46	%⁽¹¹⁾		64	%		40	%		43	%		66	%		41	%

(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) 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. 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 L shares would have been approximately 0.87%.

(9) 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 was1.23% for Class L shares.

(10) Amount is less than 0.005%.

(11) Not annualized.

(12) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Short Duration Income Portfolio

	Class C
	Six Months Ended March 31, 2020			Year Ended September 30,												Period from April 30, 2015⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			September 30, 2015
Net Asset Value, Beginning of Period	$	8.22		$	8.10		$	8.13		$	8.09		$	7.69		$	7.78
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.06			0.13			0.09			0.07			0.07			0.02
Net Realized and Unrealized Gain (Loss)		(0.31	)		0.11			(0.04	)		0.04			0.41			(0.09	)
Total from Investment Operations		(0.25	)		0.24			0.05			0.11			0.48			(0.07	)
Distributions from and/or in Excess of:
Net Investment Income		(0.07	)		(0.12	)		(0.08	)		(0.07	)		(0.08	)		(0.02	)
Net Asset Value, End of Period	$	7.90		$	8.22		$	8.10		$	8.13		$	8.09		$	7.69
Total Return⁽⁴⁾		(3.12	)%⁽¹²⁾		3.01	%⁽⁵⁾		0.64	%⁽⁶⁾		1.34	%⁽⁷⁾		6.24	%⁽⁸⁾		(0.92	)%⁽¹²⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	35		$	36		$	52		$	52		$	95		$	71
Ratio of Expenses Before Expense Limitation		6.85	%⁽¹³⁾		6.34	%		5.69	%		4.92	%		3.95	%		6.73	%⁽¹³⁾
Ratio of Expenses After Expense Limitation		1.30	%^(9)(13)		1.30	%⁽⁹⁾		1.30	%⁽⁹⁾		1.30	%⁽⁹⁾		1.39	%^(9)(10)		1.63	%^(9)(13)
Ratio of Net Investment Income		1.34	%^(9)(13)		1.55	%⁽⁹⁾		1.11	%⁽⁹⁾		0.85	%⁽⁹⁾		0.93	%^(9)(10)		0.73	%^(9)(13)
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%^(11)(13)		0.00	%⁽¹¹⁾		0.00	%⁽¹¹⁾		0.00	%⁽¹¹⁾		0.00	%⁽¹¹⁾		0.00	%^(11)(13)
Portfolio Turnover Rate		46	%⁽¹²⁾		64	%		40	%		43	%		66	%		41	%⁽¹²⁾

(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 0.13% due to the receipt of proceeds from a settlement of 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 2.88%.

(6) 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 approximately 0.39%.

(7) Performance was positively impacted by approximately 0.50% due to the receipt of proceeds from the settlement of class action suits 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%.

(8) 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. 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 0.47%.

(9) The Ratio of Expenses After Expense Limitation and Ratio of 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."

(10) 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.

(11) Amount is less than 0.005%.

(12) Not annualized.

(13) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Short Duration Income Portfolio

	Class IS
	Six Months Ended March 31, 2020			Year Ended September 30,									Period from January 11, 2016⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			September 30, 2016⁽¹⁾
Net Asset Value, Beginning of Period	$	8.24		$	8.13		$	8.15		$	8.11		$	7.65
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.10			0.21			0.18			0.16			0.17
Net Realized and Unrealized Gain (Loss)		(0.31	)		0.11			(0.03	)		0.04			0.39
Total from Investment Operations		(0.21	)		0.32			0.15			0.20			0.56
Distributions from and/or in Excess of:
Net Investment Income		(0.11	)		(0.21	)		(0.17	)		(0.16	)		(0.10	)
Net Asset Value, End of Period	$	7.92		$	8.24		$	8.13		$	8.15		$	8.11
Total Return⁽⁴⁾		(2.60	)%⁽¹¹⁾		3.98	%⁽⁵⁾		1.83	%⁽⁶⁾		2.46	%⁽⁷⁾		7.42	%^(8)(11)
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	46		$	16		$	11		$	11		$	11
Ratio of Expenses Before Expense Limitation		13.30	%⁽¹²⁾		17.44	%		18.54	%		16.24	%		17.12	%⁽¹²⁾
Ratio of Expenses After Expense Limitation		0.24	%^(9)(12)		0.24	%⁽⁹⁾		0.25	%⁽⁹⁾		0.25	%⁽⁹⁾		0.25	%^(9)(12)
Ratio of Net Investment Income		2.38	%^(9)(12)		2.61	%⁽⁹⁾		2.16	%⁽⁹⁾		1.96	%⁽⁹⁾		2.20	%^(9)(12)
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%^(10)(12)		0.00	%⁽¹⁰⁾		0.00	%⁽¹⁰⁾		0.00	%⁽¹⁰⁾		0.00	%^(10)(12)
Portfolio Turnover Rate		46	%⁽¹¹⁾		64	%		40	%		43	%		66	%⁽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 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.

(7) Performance was positively impacted by approximately 0.51% due to the receipt of proceeds from the settlement of class action suits 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%.

(8) 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. 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 1.46%.

(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, 2020

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 eleven 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 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. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (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 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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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.

• 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, 2020:

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	$	—	$	1,003	$	—	$	1,003
Agency Bonds — Consumer Discretionary (U.S. Government Guaranteed)		—		333		—		333
Agency Fixed Rate Mortgages		—		1,492		—		1,492
Asset-Backed Securities		—		43,623		—		43,623
Collateralized Mortgage Obligations — Agency Collateral Series		—		1,162		—		1,162
Commercial Mortgage-Backed Securities		—		2,425		—		2,425
Corporate Bonds		—		146,093		—		146,093
Mortgages — Other		—		14,158		—		14,158
Sovereign		—		422		—		422
Total Fixed Income Securities		—		210,711		—		210,711

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets (cont):
Short-Term Investments
Commercial Paper	$	—		$	4,873	$	—	$	4,873
Corporate Bond		—			1,264		—		1,264
Investment Company		10,147			—		—		10,147
U.S. Treasury Security		—			1,350		—		1,350
Total Short-Term Investments		10,147			7,487		—		17,634
Futures Contracts		1,222			—		—		1,222
Total Assets		11,369			218,198		—		229,567
Liabilities:
Futures Contracts		(1,488	)		—		—		(1,488	)
Total	$	9,881		$	218,198	$	—	$	228,079

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.

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 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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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:

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.

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of March 31, 2020:

Asset Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Futures Contract

Variation Margin on
Futures Contract

Interest Rate Risk

1,222

(a)

Liability Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Futures Contract

Variation Margin on
Futures Contract

Interest Rate Risk

(1,488

)(a)

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Interest Rate Risk	Futures Contracts	$	(1,362	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Interest Rate Risk	Futures Contracts	$	(30	)

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

For the six months ended March 31, 2020, the approximate average monthly amount outstanding for each derivative type is as follows:

Futures Contracts:
Average monthly notional value				$	203,414,000

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

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest

and other extraordinary expenses (including litigation), will not exceed 0.30% for Class I shares, 0.55% for Class A shares, 0.80% for Class L shares, 1.30% for Class C shares and 0.25% for Class IS shares. The fee waivers and/or expense reimbursements will continue for at least one year 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. For the six months ended March 31, 2020, approximately $221,000 of advisory fees were waived and approximately $32,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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 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, 2020, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $107,058,000 and $124,311,000, respectively. For the six months ended March 31, 2020, purchases and sales of long-term U.S. Government securities were approximately $5,286,000 and $11,832,000, 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, 2020, 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, 2020 is as follows:

Affiliated Investment Company				Value September 30, 2019 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	10,033			$	85,578			$	85,464			$	41

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value March 31, 2020 (000)
Liquidity Funds				$	—			$	—			$	10,147

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

2019 Distributions Paid From: Ordinary Income (000)				2018 Distributions Paid From: Ordinary Income (000)
$	5,426			$	3,664

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2019.

At September 30, 2019, 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)
$	1,051			$	—

At September 30, 2019, the Fund had available for federal income tax purposes unused short-term and long-term capital

losses of approximately $643,000 and $2,398,000, respectively, that do not have an expiration date.

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, 2019, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $455,000.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

a cumulative effect adjustment that decreased the beginning of period cost of investments and increased the unrealized appreciation on investments by approximately $3,000.

Privacy Notice (unaudited) April 2019

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) April 2019

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 non-financial 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.
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. n MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between non-affiliated 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, 2020

Trustee and Officer Information (unaudited)

Trustees

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
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

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
3055750 EXP 05.31.21

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Discovery Portfolio

Semi-Annual Report

March 31, 2020

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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, 2020

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") 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 2020

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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, 2020 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/19		Actual Ending Account Value 3/31/20		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	$	1,015.00	$	1,021.15	$	3.88	$	3.89		0.77	%
Discovery Portfolio Class A		1,000.00		1,014.00		1,019.90		5.14		5.15		1.02
Discovery Portfolio Class L		1,000.00		1,010.70		1,017.40		7.64		7.67		1.52
Discovery Portfolio Class C		1,000.00		1,009.70		1,016.15		8.89		8.92		1.77
Discovery Portfolio Class IS		1,000.00		1,015.90		1,021.75		3.28		3.29		0.65

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments

Discovery Portfolio

	Shares		Value (000)
Common Stocks (95.3%)
Biotechnology (2.6%)
Alnylam Pharmaceuticals, Inc. (a)		52,267	$	5,689
Exact Sciences Corp. (a)		153,002		8,874
Moderna, Inc. (a)		167,782		5,025
				19,588
Entertainment (7.0%)
Roku, Inc. (a)		228,108		19,955
Spotify Technology SA (a)		271,505		32,971
				52,926
Health Care Equipment & Supplies (6.8%)
DexCom, Inc. (a)		147,164		39,627
Penumbra, Inc. (a)		71,197		11,486
				51,113
Health Care Providers & Services (2.3%)
Covetrus, Inc. (a)		411,228		3,348
Guardant Health, Inc. (a)		195,666		13,618
				16,966
Health Care Technology (5.5%)
Agilon Health Topco, Inc. (a)(b)(c) (acquisition cost — $2,693; acquired 11/7/18)		7,122		3,026
Veeva Systems, Inc., Class A (a)		247,627		38,721
				41,747
Information Technology Services (24.4%)
Adyen N.V. (Netherlands) (a)		19,432		16,601
MongoDB, Inc. (a)		257,420		35,148
Okta, Inc. (a)		291,335		35,619
Shopify, Inc., Class A (Canada) (a)		106,100		44,236
Square, Inc., Class A (a)		544,543		28,523
Twilio, Inc., Class A (a)		274,262		24,544
				184,671
Interactive Media & Services (9.5%)
Pinterest, Inc., Class A (a)		759,813		11,732
Snap, Inc., Class A (a)		953,307		11,335
Twitter, Inc. (a)		1,175,696		28,875
Zillow Group, Inc., Class C (a)(d)		561,388		20,221
				72,163
Internet & Direct Marketing Retail (6.5%)
Chewy, Inc., Class A (a)		761,906		28,564
Farfetch Ltd., Class A (a)		798,566		6,308
Overstock.com, Inc. (a)		440,256		2,197
Wayfair, Inc., Class A (a)		221,649		11,845
				48,914

	Shares		Value (000)
Leisure Products (1.7%)
Peloton Interactive, Inc., Class A (a)		484,719	$	12,869
Life Sciences Tools & Services (2.8%)
10X Genomics, Inc., Class A (a)		343,511		21,408
Software (23.6%)
Alteryx, Inc., Class A (a)		264,068		25,131
Coupa Software, Inc. (a)		247,941		34,645
Datadog, Inc., Class A (a)		323,331		11,633
Slack Technologies, Inc., Class A (a)		1,528,394		41,022
Trade Desk, Inc. (The), Class A (a)		135,056		26,066
Zoom Video Communications, Inc., Class A (a)		273,486		39,962
				178,459
Specialty Retail (2.6%)
Carvana Co. (a)(d)		360,149		19,841
Total Common Stocks (Cost $668,854)				720,665
Short-Term Investments (6.9%)
Securities held as Collateral on Loaned Securities (1.9%)
Investment Company (1.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note G)		12,641,231		12,641
	Face Amount (000)
Repurchase Agreements (0.3%)
Barclays Capital, Inc., (0.01%, dated 3/31/20, due 4/1/20; proceeds $1,204; fully collateralized by U.S. Government obligations; 0.05% - 1.25% due 7/15/20 - 1/31/22; valued at $1,228)	$	1,204		1,204
HSBC Securities USA, Inc., (0.01%, dated 3/31/20, due 4/1/20; proceeds $527; fully collateralized by U.S. Government obligations; 0.00% - 2.88% due 5/14/20 - 8/15/46; valued at $537)		527		527
Merrill Lynch & Co., Inc., (0.01%, dated 3/31/20, due 4/1/20; proceeds $414; fully collateralized by a U.S. Government obligation; 2.00% due 1/15/21; valued at $422)		414		414
				2,145
Total Securities held as Collateral on Loaned Securities (Cost $14,786)				14,786

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Discovery Portfolio

	Shares		Value (000)
Investment Company (5.0%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note G) (Cost $37,902)		37,901,679	$	37,902
Total Short-Term Investments (Cost $52,688)				52,688
Total Investments Excluding Purchased Options (102.2%) (Cost $721,542)				773,353
Total Purchased Options Outstanding (0.3%) (Cost $2,804)				2,061
Total Investments (102.5%) (Cost $724,346) Including $15,292 of Securities Loaned (e)(f)				775,414
Liabilities in Excess of Other Assets (–2.5%)				(18,983	)
Net Assets (100.0%)			$	756,431

(a) Non-income producing security.

(b) At March 31, 2020, the Fund held a fair valued security valued at approximately $3,026,000, 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 (as defined herein) Trustees.

(c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2020 amounts to approximately $3,026,000 and represents 0.4% of net assets.

(d) All or a portion of this security was on loan at March 31, 2020.

(e) The approximate fair value and percentage of net assets, $16,601,000 and 2.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements.

(f) At March 31, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $143,518,000 and the aggregate gross unrealized depreciation is approximately $92,450,000, resulting in net unrealized appreciation of approximately $51,068,000.

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2020:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Appreciation (Depreciation) (000)
Royal Bank of Scotland	USD/CNH	CNH	7.75	Jan-21		197,985,615		197,986	$	1,325	$	864	$	461
Royal Bank of Scotland	USD/CNH	CNH	7.85	Jun-20		178,281,259		178,281		261		920		(659	)
Royal Bank of Scotland	USD/CNH	CNH	8.09	Sep-20		188,938,749		188,939		475		1,020		(545	)
									$	2,061	$	2,804	$	(743	)

CNH — Chinese Yuan Renminbi Offshore.

USD — United States Dollar.

Portfolio Composition*

Classification	Percentage of Total Investments
Information Technology Services		24.3	%
Software		23.5
Other**		12.0
Interactive Media & Services		9.5
Entertainment		7.0
Health Care Equipment & Supplies		6.7
Internet & Direct Marketing Retail		6.5
Health Care Technology		5.5
Short-Term Investments		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, 2020.

** 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, 2020 (unaudited)

Discovery Portfolio

Statement of Assets and Liabilities	March 31, 2020 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $673,803)	$	724,871
Investment in Security of Affiliated Issuer, at Value (Cost $50,543)		50,543
Total Investments in Securities, at Value (Cost $724,346)		775,414
Foreign Currency, at Value (Cost $1)		1
Cash from Securities Lending		95
Receivable for Fund Shares Sold		2,103
Receivable for Investments Sold		479
Receivable from Affiliate		30
Receivable from Securities Lending Income		26
Other Assets		255
Total Assets		778,403
Liabilities:
Collateral on Securities Loaned, at Value		14,881
Due to Broker		2,345
Payable for Fund Shares Redeemed		1,659
Payable for Investments Purchased		1,566
Payable for Advisory Fees		1,049
Payable for Sub Transfer Agency Fees — Class I		59
Payable for Sub Transfer Agency Fees — Class A		50
Payable for Sub Transfer Agency Fees — Class L		1
Payable for Sub Transfer Agency Fees — Class C		—	@
Payable for Shareholder Services Fees — Class A		65
Payable for Distribution and Shareholder Services Fees — Class L		5
Payable for Distribution and Shareholder Services Fees — Class C		6
Payable for Professional Fees		60
Payable for Administration Fees		51
Payable for Trustees' Fees and Expenses		42
Payable for Transfer Agency Fees — Class I		4
Payable for Transfer Agency Fees — Class A		11
Payable for Transfer Agency Fees — Class L		1
Payable for Transfer Agency Fees — Class C		—	@
Payable for Transfer Agency Fees — Class IS		3
Payable for Custodian Fees		6
Other Liabilities		108
Total Liabilities		21,972
Net Assets	$	756,431
Net Assets Consist of:
Paid-in-Capital	$	711,313
Total Distributable Earnings		45,118
Net Assets	$	756,431

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Discovery Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2020 (000)
CLASS I:
Net Assets	$	312,815
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		17,381,831
Net Asset Value, Offering and Redemption Price Per Share	$	18.00
CLASS A:
Net Assets	$	304,158
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		21,545,929
Net Asset Value, Redemption Price Per Share	$	14.12
Maximum Sales Load		5.25	%
Maximum Sales Charge	$	0.78
Maximum Offering Price Per Share	$	14.90
CLASS L:
Net Assets	$	7,215
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		593,795
Net Asset Value, Offering and Redemption Price Per Share	$	12.15
CLASS C:
Net Assets	$	6,758
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		496,600
Net Asset Value, Offering and Redemption Price Per Share	$	13.61
CLASS IS:
Net Assets	$	125,485
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		6,880,433
Net Asset Value, Offering and Redemption Price Per Share	$	18.24
⁽¹⁾ Including: Securities on Loan, at Value:	$	15,292

@ 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, 2020 (unaudited)

Discovery Portfolio

Statement of Operations	Six Months Ended March 31, 2020 (000)
Investment Income:
Income from Securities Loaned — Net	$	1,645
Dividends from Securities of Unaffiliated Issuers (Net of $5 of Foreign Taxes Withheld)		316
Dividends from Security of Affiliated Issuer (Note G)		153
Total Investment Income		2,114
Expenses:
Advisory Fees (Note B)		2,175
Shareholder Services Fees — Class A (Note D)		465
Distribution and Shareholder Services Fees — Class L (Note D)		31
Distribution and Shareholder Services Fees — Class C (Note D)		36
Sub Transfer Agency Fees — Class I		201
Sub Transfer Agency Fees — Class A		223
Sub Transfer Agency Fees — Class L		3
Sub Transfer Agency Fees — Class C		3
Administration Fees (Note C)		348
Professional Fees		94
Registration Fees		87
Shareholder Reporting Fees		55
Transfer Agency Fees — Class I (Note E)		8
Transfer Agency Fees — Class A (Note E)		22
Transfer Agency Fees — Class L (Note E)		2
Transfer Agency Fees — Class C (Note E)		1
Transfer Agency Fees — Class IS (Note E)		5
Custodian Fees (Note F)		17
Trustees' Fees and Expenses		13
Pricing Fees		2
Other Expenses		20
Expenses Before Non Operating Expenses		3,811
Bank Overdraft Expense		9
Total Expenses		3,820
Rebate from Morgan Stanley Affiliate (Note G)		(21	)
Net Expenses		3,799
Net Investment Loss		(1,685	)
Realized Gain (Loss):
Investments Sold		10,828
Foreign Currency Translation		(—	@)
Net Realized Gain		10,828
Change in Unrealized Appreciation (Depreciation):
Investments		6,543
Foreign Currency Translation		(—	@)
Net Change in Unrealized Appreciation (Depreciation)		6,543
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		17,371
Net Increase in Net Assets Resulting from Operations	$	15,686

@ 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, 2020 (unaudited)

Discovery Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2020 (unaudited) (000)			Year Ended September 30, 2019 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Loss	$	(1,685	)	$	(2,925	)
Net Realized Gain		10,828			134,151
Net Change in Unrealized Appreciation (Depreciation)		6,543			(123,664	)
Net Increase in Net Assets Resulting from Operations		15,686			7,562
Dividends and Distributions to Shareholders:
Class I		(37,434	)		(47,434	)
Class A		(47,691	)		(56,202	)
Class L		(1,239	)		(1,904	)
Class C		(1,011	)		(138	)
Class IS		(14,656	)		(15,697	)
Total Dividends and Distributions to Shareholders		(102,031	)		(121,375	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		78,378			233,979
Distributions Reinvested		37,394			47,059
Redeemed		(145,614	)		(169,311	)
Class A:
Subscribed		50,804			269,839
Distributions Reinvested		47,483			55,847
Redeemed		(159,126	)		(167,362	)
Class L:
Exchanged		—			28
Distributions Reinvested		1,231			1,883
Redeemed		(1,031	)		(1,677	)
Class C:
Subscribed		1,320			7,204
Distributions Reinvested		1,003			136
Redeemed		(1,067	)		(1,047	)
Class IS:
Subscribed		20,481			51,205
Distributions Reinvested		14,656			15,694
Redeemed		(26,452	)		(18,561	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(80,540	)		324,916
Total Increase (Decrease) in Net Assets		(166,885	)		211,103
Net Assets:
Beginning of Period		923,316			712,213
End of Period	$	756,431		$	923,316

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Discovery Portfolio

Statements of Changes in Net Assets (cont'd)	Six Months Ended March 31, 2020 (unaudited) (000)			Year Ended September 30, 2019 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		4,005			11,358
Shares Issued on Distributions Reinvested		1,994			2,875
Shares Redeemed		(7,430	)		(8,473	)
Net Increase (Decrease) in Class I Shares Outstanding		(1,431	)		5,760
Class A:
Shares Subscribed		3,209			15,741
Shares Issued on Distributions Reinvested		3,226			4,208
Shares Redeemed		(9,914	)		(10,392	)
Net Increase (Decrease) in Class A Shares Outstanding		(3,479	)		9,557
Class L:
Shares Exchanged		—			2
Shares Issued on Distributions Reinvested		97			160
Shares Redeemed		(75	)		(123	)
Net Increase in Class L Shares Outstanding		22			39
Class C:
Shares Subscribed		84			448
Shares Issued on Distributions Reinvested		71			10
Shares Redeemed		(74	)		(70	)
Net Increase in Class C Shares Outstanding		81			388
Class IS:
Shares Subscribed		1,002			2,482
Shares Issued on Distributions Reinvested		772			949
Shares Redeemed		(1,379	)		(902	)
Net Increase in Class IS Shares Outstanding		395			2,529

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Discovery Portfolio

	Class I
	Six Months Ended March 31, 2020			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			2015
Net Asset Value, Beginning of Period	$	19.92		$	23.30		$	22.30		$	31.85		$	35.96		$	44.73
Income (Loss) from Investment Operations:
Net Investment Income (Loss)⁽²⁾		(0.03	)		(0.05	)		(0.07	)		0.05			0.03			(0.16	)
Net Realized and Unrealized Gain (Loss)		0.42			0.35			7.99			1.99			0.18			(2.33	)
Total from Investment Operations		0.39			0.30			7.92			2.04			0.21			(2.49	)
Distributions from and/or in Excess of:
Net Investment Income		—			—			—			—			—			(0.09	)
Net Realized Gain		(2.31	)		(3.68	)		(6.92	)		(11.59	)		(4.32	)		(6.19	)
Total Distributions		(2.31	)		(3.68	)		(6.92	)		(11.59	)		(4.32	)		(6.28	)
Net Asset Value, End of Period	$	18.00		$	19.92		$	23.30		$	22.30		$	31.85		$	35.96
Total Return⁽³⁾		1.50	%⁽⁶⁾		4.71	%		47.85	%		16.16	%		0.19	%		(6.18	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	312,815		$	374,736		$	304,179		$	242,140		$	563,397		$	2,164,565
Ratio of Expenses Before Expense Limitation		0.77	%⁽⁷⁾		0.74	%		0.72	%		0.72	%		0.74	%		N/A
Ratio of Expenses After Expense Limitation		0.76	%		0.73	%⁽⁴⁾		0.71	%⁽⁴⁾		0.72	%⁽⁴⁾		0.73	%⁽⁴⁾		0.74	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Non-Operating Expenses		0.76	%⁽⁴⁾⁽⁷⁾		0.73	%⁽⁴⁾		0.71	%⁽⁴⁾		0.71	%⁽⁴⁾		N/A			N/A
Ratio of Net Investment Income (Loss)		(0.28	)%⁽⁴⁾⁽⁷⁾		(0.27	)%⁽⁴⁾		(0.35	)%⁽⁴⁾		0.21	%⁽⁴⁾		0.09	%⁽⁴⁾		(0.39	)%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁷⁾		0.01	%		0.01	%		0.01	%		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾
Portfolio Turnover Rate		27	%⁽⁶⁾		116	%		86	%		59	%		23	%		27	%

(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 Ratio of Expenses After Expense Limitation and Ratio of 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, 2020

Financial Highlights

Discovery Portfolio

	Class A
	Six Months Ended March 31, 2020			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			2015
Net Asset Value, Beginning of Period	$	16.12		$	19.71		$	19.92		$	29.86		$	34.06		$	42.70
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.04	)		(0.09	)		(0.11	)		(0.03	)		(0.05	)		(0.26	)
Net Realized and Unrealized Gain (Loss)		0.35			0.18			6.82			1.68			0.17			(2.19	)
Total from Investment Operations		0.31			0.09			6.71			1.65			0.12			(2.45	)
Distributions from and/or in Excess of:
Net Realized Gain		(2.31	)		(3.68	)		(6.92	)		(11.59	)		(4.32	)		(6.19	)
Net Asset Value, End of Period	$	14.12		$	16.12		$	19.71		$	19.92		$	29.86		$	34.06
Total Return⁽³⁾		1.40	%⁽⁶⁾		4.40	%		47.36	%		15.85	%		(0.12	)%		(6.40	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	304,158		$	403,285		$	304,921		$	289,123		$	480,488		$	996,553
Ratio of Expenses Before Expense Limitation		1.03	%⁽⁷⁾		1.00	%		1.02	%		1.01	%		1.00	%		N/A
Ratio of Expenses After Expense Limitation		1.02	%⁽⁴⁾⁽⁷⁾		0.99	%⁽⁴⁾		1.01	%⁽⁴⁾		1.01	%⁽⁴⁾		0.99	%⁽⁴⁾		1.00	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Non-Operating Expenses		1.02	%⁽⁴⁾⁽⁷⁾		0.99	%⁽⁴⁾		1.01	%⁽⁴⁾		1.00	%⁽⁴⁾		N/A			N/A
Ratio of Net Investment Loss		(0.54	)%⁽⁴⁾⁽⁷⁾		(0.52	)%⁽⁴⁾		(0.65	)%⁽⁴⁾		(0.17	)%⁽⁴⁾		(0.17	)%⁽⁴⁾		(0.65	)%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁷⁾		0.01	%		0.01	%		0.01	%		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾
Portfolio Turnover Rate		27	%⁽⁶⁾		116	%		86	%		59	%		23	%		27	%

(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 Ratio of Expenses After Expense Limitation and Ratio of 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, 2020

Financial Highlights

Discovery Portfolio

	Class L
	Six Months Ended March 31, 2020			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			2015
Net Asset Value, Beginning of Period	$	14.21		$	17.96		$	18.79		$	29.01		$	33.39		$	42.20
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.07	)		(0.15	)		(0.18	)		(0.16	)		(0.22	)		(0.46	)
Net Realized and Unrealized Gain (Loss)		0.32			0.08			6.27			1.53			0.16			(2.16	)
Total from Investment Operations		0.25			(0.07	)		6.09			1.37			(0.06	)		(2.62	)
Distributions from and/or in Excess of:
Net Realized Gain		(2.31	)		(3.68	)		(6.92	)		(11.59	)		(4.32	)		(6.19	)
Net Asset Value, End of Period	$	12.15		$	14.21		$	17.96		$	18.79		$	29.01		$	33.39
Total Return⁽³⁾		1.07	%⁽⁶⁾		3.90	%		46.73	%		15.07	%		(0.73	)%		(6.94	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	7,215		$	8,124		$	9,572		$	8,091		$	9,874		$	12,600
Ratio of Expenses Before Expense Limitation		1.53	%⁽⁷⁾		1.51	%		1.51	%		1.64	%		1.61	%		N/A
Ratio of Expenses After Expense Limitation		1.52	%⁽⁴⁾⁽⁷⁾		1.50	%⁽⁴⁾		1.50	%⁽⁴⁾		1.63	%⁽⁴⁾		1.60	%⁽⁴⁾		1.55	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Non-Operating Expenses		1.52	%⁽⁴⁾⁽⁷⁾		1.50	%⁽⁴⁾		1.50	%⁽⁴⁾		1.63	%⁽⁴⁾		N/A			N/A
Ratio of Net Investment Loss		(1.04	)%⁽⁴⁾⁽⁷⁾		(1.06	)%⁽⁴⁾		(1.15	)%⁽⁴⁾		(0.85	)%⁽⁴⁾		(0.76	)%⁽⁴⁾		(1.20	)%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁷⁾		0.01	%		0.01	%		0.01	%		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾
Portfolio Turnover Rate		27	%⁽⁶⁾		116	%		86	%		59	%		23	%		27	%

(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, 2020

Financial Highlights

Discovery Portfolio

	Class C
	Six Months Ended March 31,2020			Year Ended September 30,						Period from May 31,2017⁽¹⁾ to
Selected Per Share Data and Ratios	(unaudited)			2019			2018			September 30, 2017
Net Asset Value, Beginning of Period	$	15.67		$	19.42		$	19.85		$	19.34
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.10	)		(0.22	)		(0.29	)		(0.09	)
Net Realized and Unrealized Gain		0.35			0.15			6.78			0.60
Total from Investment Operations		0.25			(0.07	)		6.49			0.51
Distributions from and/or in Excess of:
Net Realized Gain		(2.31	)		(3.68	)		(6.92	)		—
Net Asset Value, End of Period	$	13.61		$	15.67		$	19.42		$	19.85
Total Return⁽³⁾		0.97	%⁽⁶⁾		3.55	%		46.08	%		2.64	%⁽⁶⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	6,758		$	6,518		$	536		$	10
Ratio of Expenses Before Expense Limitation		1.78	%⁽⁷⁾		1.84	%		3.69	%		15.31	%⁽⁷⁾
Ratio of Expenses After Expense Limitation		1.77	%⁽⁴⁾⁽⁷⁾		1.83	%⁽⁴⁾		1.89	%⁽⁴⁾		1.90	%⁽⁴⁾⁽⁷⁾
Ratio of Expenses After Expense Limitation Excluding Non-Operating Expenses		1.77	%⁽⁴⁾⁽⁷⁾		1.83	%⁽⁴⁾		1.89	%⁽⁴⁾		1.90	%⁽⁴⁾⁽⁷⁾
Ratio of Net Investment Loss		(1.29	)%⁽⁴⁾⁽⁷⁾		(1.32	)%⁽⁴⁾		(1.58	)%⁽⁴⁾		(1.34	)%⁽⁴⁾⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁷⁾		0.01	%		0.01	%		0.00	%⁽⁵⁾⁽⁷⁾
Portfolio Turnover Rate		27	%⁽⁶⁾		116	%		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.

(4) The Ratio of Expenses After Expenses Limitation and Ratio of 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.
14

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Discovery Portfolio

	Class IS
	Six Months Ended March 31, 2020			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			2015
Net Asset Value, Beginning of Period	$	20.15		$	23.50		$	22.43		$	31.94		$	36.03		$	44.80
Income (Loss) from Investment Operations:
Net Investment Income (Loss)⁽²⁾		(0.02	)		(0.04	)		(0.06	)		0.04			0.07			(0.10	)
Net Realized and Unrealized Gain (Loss)		0.42			0.37			8.05			2.04			0.16			(2.33	)
Total from Investment Operations		0.40			0.33			7.99			2.08			0.23			(2.43	)
Distributions from and/or in Excess of:
Net Investment Income		—			—			—			—			—			(0.15	)
Net Realized Gain		(2.31	)		(3.68	)		(6.92	)		(11.59	)		(4.32	)		(6.19	)
Total Distributions		(2.31	)		(3.68	)		(6.92	)		(11.59	)		(4.32	)		(6.34	)
Net Asset Value, End of Period	$	18.24		$	20.15		$	23.50		$	22.43		$	31.94		$	36.03
Total Return⁽³⁾		1.59	%⁽⁶⁾		4.77	%		47.89	%		16.24	%		0.25	%		(6.02	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	125,485		$	130,653		$	93,005		$	63,225		$	219,255		$	1,087,612
Ratio of Expenses Before Expense Limitation		0.66	%⁽⁷⁾		0.64	%		0.66	%		0.65	%		0.62	%		N/A
Ratio of Expenses After Expense Limitation		0.65	%⁽⁴⁾⁽⁷⁾		0.63	%⁽⁴⁾		0.65	%⁽⁴⁾		0.65	%⁽⁴⁾		0.61	%⁽⁴⁾		0.61	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Non-Operating Expenses		0.65	%⁽⁴⁾⁽⁷⁾		0.63	%⁽⁴⁾		0.65	%⁽⁴⁾		0.65	%⁽⁴⁾		N/A			N/A
Ratio of Net Investment Income (Loss)		(0.17	)%⁽⁴⁾⁽⁷⁾		(0.18	)%⁽⁴⁾		(0.30	)%⁽⁴⁾		0.18	%⁽⁴⁾		0.22	%⁽⁴⁾		(0.25	)%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁷⁾		0.01	%		0.01	%		0.01	%		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾
Portfolio Turnover Rate		27	%⁽⁶⁾		116	%		86	%		59	%		23	%		27	%

(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, 2020

Notes to Financial Statements (unaudited)

The accompanying financial statements relate to the Discovery 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. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers 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 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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

prices if such bid and asked prices are available in the relevant exchanges. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (5) 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; (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.

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.

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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, 2020:

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	$	19,588	$	—	$	—	$	19,588
Entertainment		52,926		—		—		52,926
Health Care Equipment & Supplies		51,113		—		—		51,113
Health Care Providers & Services		16,966		—		—		16,966
Health Care Technology		38,721		—		3,026		41,747
Information Technology Services		168,070		16,601		—		184,671
Interactive Media & Services		72,163		—		—		72,163
Internet & Direct Marketing Retail		48,914		—		—		48,914
Leisure Products		12,869		—		—		12,869
Life Sciences Tools & Services		21,408		—		—		21,408
Software		178,459		—		—		178,459
Specialty Retail		19,841		—		—		19,841
Total Common Stocks		701,038		16,601		3,026		720,665
Call Options Purchased		—		2,061		—		2,061
Short-Term Investments
Investment Company		50,543		—		—		50,543
Repurchase Agreements		—		2,145		—		2,145
Total Short-Term Investments		50,543		2,145		—		52,688
Total Assets	$	751,581	$	20,807	$	3,026	$	775,414

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	$	2,832
Purchases		—
Sales		—
Amortization of discount		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		194
Realized gains (losses)		—
Ending Balance	$	3,026
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2020	$	194

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, 2020:

Fair Value at
March 31, 2020
(000)

Valuation
Technique

Unobservable
Input

Amount*

Impact to
Valuation from an
Increase in Input**

Common Stock

3,026

Market Transaction
Method

Precedent
Transaction

449.46

Increase

Discounted Cash Flow

Weighted Average
Cost of Capital

15.0

Decrease

Perpetual
Growth Rate

3.5

Increase

Market Comparable
Companies

Enterprise
Value/Revenue

1.1

Increase

Discount for Lack of
Marketability

11.0

Decrease

* Amount is indicative of the weighted average.

** Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input.

A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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 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.

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.

5. Derivatives: The Fund may, but is not required to, use derivative instruments for a variety of purposes, including

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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:

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 invest-

ment 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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of March 31, 2020:

Asset Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Options Purchased

Investments, at Value
(Options Purchased)

Currency Risk

2,061

(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)	$	(1,239	)(b)

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

Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Investments (Options Purchased)		$616(c)

At March 31, 2020, 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	$	2,061	(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.

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 table presents derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2020:

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(e) (000)			Net Amount (not less than $0) (000)
Royal Bank of Scotland	$	2,061	$	—	$	(2,061	)	$	0

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

For the six months ended March 31, 2020, the approximate average monthly amount outstanding for each derivative type is as follows:

Options Purchased:
Average monthly notional amount					523,800,000

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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, 2020:

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)
$	15,292	(f)	$	—	$	(14,976	)(g)	$	316

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

(g) The Fund received cash collateral of approximately $14,881,000, of which approximately $14,786,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. As of March 31, 2020, there was uninvested cash of approximately $95,000, which is not reflected in the Portfolio of Investments.

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, 2020:

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	$	14,881	$	—	$	—	$	—	$	14,881
Total Borrowings	$	14,881	$	—	$	—	$	—	$	14,881
Gross amount of recognized liabilities for securities lending transactions									$	14,881

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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 0.50% of the average daily net assets of 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 0.50% 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, 2020, purchases and sales of investment securities for the Fund, other

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

than long-term U.S. Government securities and short-term investments were approximately $228,875,000 and $410,423,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended March 31, 2020.

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, 2020, advisory fees paid were reduced by approximately $21,000 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, 2020 is as follows:

Affiliated Investment Company				Value September 30, 2019 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	66,220			$	241,842			$	257,519			$	153

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value March 31, 2020 (000)
Liquidity Funds				$	—			$	—			$	50,543

recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

2019 Distributions Paid From:				2018 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	10,731	$	110,644	$	—	$	191,747

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

(losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, primarily due to equalization debits, resulted in the following reclassifications among the components of net assets at September 30, 2019:

Total Distributable Earnings (000)				Paid-in- Capital (000)
$	(23,150	)		$	23,150

At September 30, 2019, 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)
$	21,322			$	80,673

K. Subsequent Event: Certain impacts to public health conditions particular to the coronavirus (COVID-19) outbreak could impact the operations and financial performance of certain of the Fund's investments. The extent of the impact to the financial performance of the Fund's Investments will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted. If the financial performance of the Fund's Investments is impacted because of these factors for an extended period, the Fund's investment results may be adversely affected.

Privacy Notice (unaudited) April 2019

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) April 2019

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 non-financial 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.
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. n MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between non-affiliated 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, 2020

Trustee and Officer Information (unaudited)

Trustees

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
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

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
3056753 EXP 05.31.21

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Strategic Income Portfolio

Semi-Annual Report

March 31, 2020

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					11
Statement of Operations					13
Statements of Changes in Net Assets					14
Financial Highlights					15
Notes to Financial Statements					19
Privacy Notice					30
Trustee and Officer Information					32

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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 2020

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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, 2020 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/19		Actual Ending Account Value 3/31/20		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	$	890.40	$	1,022.05	$	2.79	$	2.98		0.58	%
Strategic Income Portfolio Class A		1,000.00		888.80		1,020.25		4.49		4.80		0.95
Strategic Income Portfolio Class C		1,000.00		885.80		1,016.50		8.01		8.57		1.70
Strategic Income Portfolio Class IS		1,000.00		890.60		1,022.15		2.69		2.88		0.57

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments

Strategic Income Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (93.2%)
Asset-Backed Securities (29.2%)
Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates, 1 Month USD LIBOR + 1.73%, 2.67%, 10/25/34 (a)	$	39	$	34
American Homes 4 Rent Trust,
5.64%, 4/17/52 (b)		100		94
Ameriquest Mortgage Securities, Inc.,
1 Month USD LIBOR + 2.10%, 3.05%, 5/25/34 (a)		222		186
AMSR Trust,
3.87%, 1/19/39 (a)(b)		200		147
Bayview Financial Revolving Asset Trust,
1 Month USD LIBOR + 0.93%, 1.87%, 2/28/40 (a)(b)		124		112
BCMSC Trust,
7.51%, 1/15/29 (a)		138		122
Cascade Funding Mortgage Trust,
4.49%, 12/25/29 (a)(b)		205		160
Chase Funding Loan Acquisition Trust,
5.50%, 8/25/34		32		32
Conn's Receivables Funding LLC,
3.62%, 6/17/24 (b)		100		83
4.60%, 6/17/24 (b)		400		249
Consumer Loan Underlying Bond Credit Trust,
3.48%, 12/15/26 (b)		100		80
Credit-Based Asset Servicing & Securitization LLC,
1 Month USD LIBOR + 0.75%, 1.70%, 2/25/33 (a)		59		57
1 Month USD LIBOR + 1.46%, 2.40%, 5/25/32 (a)		42		41
DT Auto Owner Trust,
5.33%, 11/17/25 (b)		100		67
ECAF I Ltd.,
4.95%, 6/15/40 (b)		235		202
Ellington Loan Acquisition Trust,
1 Month USD LIBOR + 1.10%, 2.05%, 5/25/37 (a)(b)		70		68
EquiFirst Mortgage Loan Trust,
1 Month USD LIBOR + 2.18%, 3.12%, 10/25/34 (a)		44		40
European Residential Loan Securitisation,
1 Month EURIBOR + 2.00%, 1.55%, 7/24/54 (a)		239		261
Falcon Aerospace Ltd.,
3.60%, 9/15/39 (b)		240		168
Finance of America HECM Buyout,
2.72%, 2/25/30 (a)(b)		200		200
3.50%, 12/27/49 (b)		200		198
Financial Asset Securities Corp.,
1 Month USD LIBOR + 0.38%, 1.34%, 2/27/35 (a)(b)		21		18

	Face Amount (000)		Value (000)
FREED ABS Trust,
3.19%, 11/18/26 (b)	$	100	$	88
GSAA Home Equity Trust,
6.00%, 11/25/36		24		12
GSAMP Trust,
1 Month USD LIBOR + 0.32%, 1.27%, 3/25/46 (a)		100		96
Home Partners of America Trust,
1 Month USD LIBOR + 2.65%, 3.45%, 7/17/34 (a)(b)		100		89
3.60%, 9/17/39 (b)		98		87
Invitation Homes Trust,
1 Month USD LIBOR + 2.00%, 2.70%, 6/17/37 (a)(b)		200		163
1 Month USD LIBOR + 2.20%, 3.00%, 1/17/38 (a)(b)		252		214
MACH 1 CaymanLtd.,
3.47%, 10/15/39 (b)		242		169
MFA LLC,
4.16%, 7/25/48 (b)		68		67
Nationstar Home Equity Loan Trust,
1 Month USD LIBOR + 0.25%, 1.20%, 4/25/37 (a)		29		28
Newday Funding PLC,
1 Month GBP LIBOR + 2.40%, 3.11%, 9/15/27 (a)(b)	GBP	100		121
Newtek Small Business Loan Trust,
1 Month USD LIBOR + 1.70%, 2.65%, 2/25/44 (a)(b)	$	155		150
OnDeck Asset Securitization Trust II LLC,
3.14%, 11/18/24 (b)		200		198
Ownit Mortgage Loan Trust,
1 Month USD LIBOR + 0.27%, 1.22%, 3/25/37 (a)		51		45
PNMAC GMSR Issuer Trust,
1 Month USD LIBOR + 2.65%, 3.60%, 8/25/25 (a)(b)		200		185
1 Month USD LIBOR + 2.85%, 3.80%, 2/25/23 (a)(b)		250		175
Progress Residential Trust,
3.68%, 10/17/36 (b)		200		165
4.38%, 3/17/35 (b)		100		96
Prosper Marketplace Issuance Trust,
5.50%, 10/15/24 (b)		100		93
ReadyCap Lending Small Business Loan Trust,
PRIME — 0.50%, 2.75%, 12/27/44 (a)(b)		91		82
Republic FInance Issuance Trust,
3.93%, 11/22/27 (b)		100		83
SFS Asset Securitization LLC,
4.24%, 6/10/25 (b)		153		145
Skopos Auto Receivables Trust,
3.63%, 9/16/24 (b)		100		81

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Strategic Income Portfolio

	Face Amount (000)		Value (000)
Asset-Backed Securities (cont'd)
SLM Student Loan Trust,
3 Month EURIBOR + 0.55%, 0.16%, 1/25/40 (a)	EUR	300	$	295
Small Business Origination Loan Trust,
4.05%, 12/15/27 (a)	GBP	75		37
Sprite Ltd.,
4.25%, 12/15/37 (b)	$	167		127
Stanwich Mortgage Loan Trust,
3.48%, 11/16/24 (b)		232		229
START Ireland,
4.09%, 3/15/44 (b)		232		163
Tricon American Homes Trust,
5.10%, 1/17/36 (b)		200		174
5.77%, 11/17/33 (b)		200		195
Truman Capital Mortgage Loan Trust,
1 Month USD LIBOR + 2.55%, 3.50%, 1/25/34 (a)(b)		37		36
1 Month USD LIBOR + 2.78%, 3.72%, 11/25/31 (a)(b)		38		36
Upgrade Receivables Trust,
3.51%, 10/15/25 (b)		100		92
VCAT LLC,
3.57%, 11/25/49 (b)		93		92
				6,727
Collateralized Mortgage Obligation — Agency Collateral Series (0.0%)
Government National Mortgage Association,
IO
0.81%, 8/20/58 (a)		315		8
Commercial Mortgage-Backed Securities (4.2%)
BX Trust,
1 Month USD LIBOR + 3.15%, 3.85%, 7/15/34 (a)(b)		85		67
GS Mortgage Securities Corp. Trust,
1 Month USD LIBOR + 2.20%, 2.90%, 10/15/36 (a)(b)		100		79
GS Mortgage Securities Trust,
4.32%, 2/10/48 (a)(b)		100		83
4.69%, 6/10/47 (a)		50		46
Jackson Park Trust LIC,
3.24%, 10/14/39 (a)(b)		150		121
MFT Trust,
3.48%, 2/6/30 (a)(b)		250		192
MKT 2020-525M Mortgage Trust,
2.94%, 2/12/40 (a)(b)		250		134
Multifamily Connecticut Avenue Securities Trust,
1 Month USD LIBOR + 1.70%, 2.65%, 10/15/49 (a)(b)		97		87
Natixis Commercial Mortgage Securities Trust,
4.30%, 10/15/36 (b)		150		106

	Face Amount (000)		Value (000)
Wells Fargo Commercial Mortgage Trust,
4.16%, 5/15/48 (a)	$	75	$	62
				977
Corporate Bonds (40.9%)
Communications (0.3%)
Crown Castle International Corp.,
3.30%, 7/1/30		25		25
TEGNA, Inc.,
4.63%, 3/15/28 (b)		45		40
				65
Finance (19.7%)
ABN Amro Bank N.V.,
4.75%, 7/28/25 (b)		200		202
Air Lease Corp.,
3.75%, 6/1/26		125		108
Aon Corp.,
2.20%, 11/15/22		50		50
Avolon Holdings Funding Ltd.,
2.88%, 2/15/25 (b)		50		39
Bank of America Corp.,
2.46%, 10/22/25		250		253
4.25%, 10/22/26		350		373
BBVA USA,
2.88%, 6/29/22		250		244
BNP Paribas SA,
1.13%, 6/11/26	EUR	100		105
Brown & Brown, Inc.,
4.20%, 9/15/24	$	50		53
Citigroup, Inc.,
5.50%, 9/13/25		325		356
CNO Financial Group, Inc.,
5.25%, 5/30/29		125		122
Cooperatieve Rabobank UA,
2.50%, 5/26/26	EUR	100		109
Credit Agricole SA,
1.38%, 3/13/25		100		107
CyrusOne LP/CyrusOne Finance Corp.,
2.90%, 11/15/24	$	75		72
DBS Group Holdings Ltd.,
1.50%, 4/11/28	EUR	100		107
Deutsche Bank AG,
2.70%, 7/13/20	$	25		24
3.15%, 1/22/21		100		98
Discover Financial Services,
3.95%, 11/6/24		25		25
Equitable Holdings, Inc.,
3.90%, 4/20/23		250		248
Goldman Sachs Group, Inc. (The),
2.00%, 11/1/28	EUR	100		108
4.25%, 10/21/25	$	125		129
Intesa Sanpaolo SpA,
6.50%, 2/24/21 (b)		125		127

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Strategic Income Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Iron Mountain, Inc.,
4.88%, 9/15/29 (b)	$	75	$	71
Itau Unibanco Holding SA,
2.90%, 1/24/23 (b)		250		238
LeasePlan Corp.,
2.88%, 10/24/24 (b)		200		196
Macquarie Bank Ltd.,
2.10%, 10/17/22 (b)		150		149
PNC Financial Services Group, Inc. (The),
2.20%, 11/1/24		150		154
Post Holdings, Inc.,
5.50%, 12/15/29 (b)		25		26
Service Properties Trust,
4.35%, 10/1/24		125		92
Societe Generale SA,
2.63%, 1/22/25 (b)		200		193
Synchrony Financial,
4.25%, 8/15/24		250		241
Vonovia Finance BV,
4.00%, 12/17/21 (c)	EUR	100		110
				4,529
Industrials (18.8%)
AbbVie, Inc.,
2.60%, 11/21/24 (b)	$	250		253
Albertsons Cos., Inc./Safeway, Inc./ New Albertson's, Inc./Albertson's LLC,
5.75%, 3/15/25		25		25
Allison Transmission, Inc.,
5.00%, 10/1/24 (b)		75		73
American Axle & Manufacturing, Inc.,
6.50%, 4/1/27		75		57
Aviation Capital Group LLC,
4.38%, 1/30/24 (b)		250		226
Avis Budget Car Rental LLC/ Avis Budget Finance, Inc.,
5.50%, 4/1/23		3		3
5.75%, 7/15/27 (b)		49		39
Berry Global, Inc.,
4.50%, 2/15/26 (b)		25		24
Boyd Gaming Corp.,
4.75%, 12/1/27 (b)		40		33
Crown Castle International Corp.,
5.25%, 1/15/23		125		130
CSX Corp.,
2.40%, 2/15/30		75		74
Dell International LLC/EMC Corp.,
8.10%, 7/15/36 (b)		100		115
Delta Air Lines, Inc.,
4.38%, 4/19/28		50		40
Diamond Sports Group LLC/Diamond Sports Finance Co.,
6.63%, 8/15/27 (b)		75		51

	Face Amount (000)		Value (000)
Eldorado Gold Corp.,
9.50%, 6/1/24 (b)	$	25	$	25
Ford Motor Credit Co., LLC,
3.10%, 5/4/23		200		184
Garda World Security Corp.,
9.50%, 11/1/27 (b)		50		45
Global Partners LP/GLP Finance Corp.,
7.00%, 8/1/27		50		38
7.00%, 6/15/23		25		21
Grifols SA,
2.25%, 11/15/27 (b)	EUR	100		106
Grinding Media, Inc./Moly-Cop AltaSteel Ltd.,
7.38%, 12/15/23 (b)	$	75		70
Hanesbrands, Inc.,
4.88%, 5/15/26 (b)		75		74
HCA, Inc.,
4.13%, 6/15/29		125		126
Hertz Corp. (The),
7.13%, 8/1/26 (b)		75		40
Hilcorp Energy I LP/Hilcorp Finance Co.,
6.25%, 11/1/28 (b)		20		9
Hudbay Minerals, Inc.,
7.63%, 1/15/25 (b)		75		66
Hyundai Capital America,
2.38%, 2/10/23 (b)		25		24
Intelsat Jackson Holdings SA,
5.50%, 8/1/23		25		17
KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC,
5.25%, 6/1/26 (b)		25		25
Koppers, Inc.,
6.00%, 2/15/25 (b)		75		61
Las Vegas Sands Corp.,
3.20%, 8/8/24		75		68
Level 3 Financing, Inc.,
3.40%, 3/1/27 (b)		225		215
Lions Gate Capital Holdings LLC,
5.88%, 11/1/24 (b)		25		22
Mauser Packaging Solutions Holding Co.,
7.25%, 4/15/25 (b)		25		20
McDonald's Corp.,
1.45%, 9/1/25		75		72
MDC Partners, Inc.,
6.50%, 5/1/24 (b)		75		57
Mosaic Co. (The),
4.25%, 11/15/23		125		119
Navistar International Corp.,
6.63%, 11/1/25 (b)		75		63
NortonLifeLock, Inc.,
5.00%, 4/15/25 (b)		75		76
Oceaneering International, Inc.,
6.00%, 2/1/28		75		29

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Strategic Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Q-Park Holding I BV,
1.50%, 3/1/25 (b)	EUR	100	$	94
Rockies Express Pipeline LLC,
3.60%, 5/15/25 (b)	$	75		52
Ryder System, Inc.,
2.50%, 9/1/24		125		119
Sabine Pass Liquefaction LLC,
4.20%, 3/15/28		130		112
Sally Holdings LLC/Sally Capital, Inc.,
5.63%, 12/1/25		75		62
Select Medical Corp.,
6.25%, 8/15/26 (b)		75		75
Silgan Holdings, Inc.,
2.25%, 6/1/28 (b)	EUR	100		98
Solvay Finance SA,
5.12%, 6/20/21 (c)		100		111
Sotheby's,
7.38%, 10/15/27 (b)	$	200		160
Sprint Spectrum Co., LLC/Sprint Spectrum Co., II LLC/Sprint Spectrum Co., III LLC,
4.74%, 9/20/29 (b)		200		206
Standard Industries, Inc.,
2.25%, 11/21/26 (b)	EUR	100		90
Teva Pharmaceutical Finance Netherlands III BV,
2.20%, 7/21/21	$	13		12
Thermo Fisher Scientific, Inc.,
4.13%, 3/25/25		125		134
Verizon Communications, Inc.,
3.88%, 2/8/29		125		139
Western Midstream Operating LP,
3.10%, 2/1/25		75		38
Wolverine World Wide, Inc.,
5.00%, 9/1/26 (b)		25		24
				4,341
Technology (1.0%)
Lam Research Corp.,
3.75%, 3/15/26		125		133
Texas Instruments, Inc.,
1.38%, 3/12/25		100		99
				232
Utilities (1.1%)
Greenko Investment Co.,
4.88%, 8/16/23		200		164
ONEOK, Inc.,
3.40%, 9/1/29		125		94
				258
				9,425

	Face Amount (000)		Value (000)
Mortgages — Other (14.5%)
Alba PLC,
3 Month GBP LIBOR + 0.50%, 1.01%, 3/17/39 (a)	GBP	35	$	34
Alternative Loan Trust,
4.12%, 3/25/35 (a)	$	31		29
5.75%, 3/25/34		36		37
PAC
1 Month USD LIBOR + 0.45%, 1.40%, 10/25/36 (a)		40		17
Banc of America Alternative Loan Trust,
5.71%, 10/25/36 (a)		72		31
Banc of America Mortgage Trust,
4.40%, 3/25/33 (a)		22		19
4.64%, 6/25/35 (a)		134		116
Bear Stearns ARM Trust,
3.81%, 2/25/36 (a)		26		24
4.77%, 8/25/33 (a)		139		128
Bear Stearns Trust,
3.55%, 4/25/35 (a)		29		25
Cascade Funding Mortgage Trust,
4.00%, 10/25/68 (a)(b)		221		155
5.80%, 6/25/48 (b)		100		74
Citigroup Mortgage Loan Trust,
3.76%, 6/25/36 (a)		25		17
Deephaven Residential Mortgage Trust,
3.49%, 12/26/46 (a)(b)		133		131
E-MAC Program BV,
3 Month EURIBOR + 0.17%, 1.57%, 4/25/39 (a)	EUR	65		58
Eurohome Mortgages PLC,
3 Month EURIBOR + 0.21%, 0.00%, 8/2/50 (a)		20		18
FMC GMSR Issuer Trust,
5.07%, 5/25/24 (a)(b)	$	200		203
Galton Funding Mortgage Trust,
4.00%, 2/25/59 (a)(b)		53		53
GC Pastor Hipotecario 5 FTA,
3 Month EURIBOR + 0.17%, 0.00%, 6/21/46 (a)	EUR	35		31
Grifonas Finance PLC,
6 Month EURIBOR + 0.28%, 0.00%, 8/28/39 (a)		32		33
GSR Mortgage Loan Trust,
4.21%, 12/25/34 (a)	$	50		45
HarborView Mortgage Loan Trust,
3.82%, 6/19/34 (a)		68		57
4.22%, 2/25/36 (a)		30		15
Hipocat 11 FTA,
3 Month EURIBOR + 0.13%, 0.00%, 1/15/50 (a)	EUR	20		19
IM Pastor 3 FTH,
3 Month EURIBOR + 0.14%, 0.00%, 3/22/43 (a)		70		65

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Strategic Income Portfolio

	Face Amount (000)		Value (000)
Mortgages — Other (cont'd)
IM Pastor 4 FTA,
3 Month EURIBOR + 0.14%, 0.00%, 3/22/44 (a)	EUR	59	$	55
IndyMac INDX Mortgage Loan Trust,
3.85%, 12/25/34 (a)	$	19		17
Lansdowne Mortgage Securities No. 1 PLC,
3 Month EURIBOR + 0.30%, 0.00%, 6/15/45 (a)	EUR	14		14
Lansdowne Mortgage Securities No. 2 PLC,
3 Month EURIBOR + 0.34%, 0.00%, 9/16/48 (a)		40		37
Lehman Mortgage Trust,
6.00%, 7/25/36	$	61		42
LHOME Mortgage Trust,
3.87%, 7/25/24 (b)		100		92
National City Mortgage Capital Trust,
6.00%, 3/25/38		14		13
Newgate Funding PLC,
3 Month GBP LIBOR + 3.00%, 3.49%, 12/15/50 (a)	GBP	116		124
OBX Trust,
3.50%, 10/25/59 (a)(b)	$	84		83
PMC PLS ESR Issuer LLC,
5.07%, 11/25/24 (b)		134		124
PRPM LLC,
3.50%, 10/25/24 (a)(b)		94		93
RBSSP Resecuritization Trust,
3.74%, 12/25/35 (a)(b)		140		138
Reperforming Loan REMIC Trust,
8.50%, 6/25/35 (b)		51		53
ResLoC UK PLC,
3 Month EURIBOR + 0.45%, 0.00%, 12/15/43 (a)	EUR	104		89
Seasoned Credit Risk Transfer Trust,
3.75%, 9/25/55 (a)(b)	$	150		118
4.50%, 2/25/59 (a)(b)		150		118
4.75%, 5/25/57 - 10/25/58 (a)		200		159
4.75%, 7/25/58 (a)(b)		200		155
Silver Hill Trust,
3.10%, 11/25/49 (a)(b)		143		134
STARM Mortgage Loan Trust,
4.49%, 1/25/37 (a)		24		23
Uropa Securities PLC,
3 Month GBP LIBOR + 0.55%, 1.08%, 6/10/59 (a)	GBP	80		84
3 Month GBP LIBOR + 0.75%, 1.28%, 6/10/59 (a)		36		38
3 Month GBP LIBOR + 0.55%, 1.33%, 10/10/40 (a)		89		88
Washington Mutual MSC Mortgage Pass-Through Certificates,
5.50%, 3/25/33	$	24		25
				3,350

	Face Amount (000)		Value (000)
Sovereign (4.4%)
Australia Government Bond,
2.75%, 11/21/28	AUD	1	$	1
Brazil Notas do Tesouro Nacional Series F,
10.00%, 1/1/29	BRL	300		66
Ghana Government International Bond,
8.13%, 1/18/26	$	200		158
Guatemala Government Bond,
4.88%, 2/13/28		200		196
Hellenic Republic Government Bond,
3.38%, 2/15/25 (b)	EUR	115		138
3.45%, 4/2/24 (b)		40		48
Indonesia Treasury Bond,
6.13%, 5/15/28	IDR	635,000		35
8.25%, 5/15/29		465,000		29
Peruvian Government International Bond,
(Units)
5.40%, 8/12/34 (b)(d)	PEN	60		17
Petroleos Mexicanos,
6.84%, 1/23/30 (b)	$	10		7
Senegal Government International Bond,
6.25%, 5/23/33		200		181
Ukraine Government International Bond,
7.75%, 9/1/23		150		141
				1,017
Total Fixed Income Securities (Cost $24,338)				21,504
	Shares
Short-Term Investments (4.3%)
Investment Company (1.7%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $392)		392,357		392
	Face Amount (000)
U.S. Treasury Securities (0.9%)
U.S. Treasury Bills,
0.01%, 7/30/20 (e)(f)	$	30		30
1.53%, 7/30/20 (e)(f)		170		169
Total U.S. Treasury Securities (Cost $200)				199
Corporate Bond (1.1%)
Finance (1.1%)
Discover Bank,
3.10%, 6/4/20 (Cost $250)		250		250

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Strategic Income Portfolio

	Face Amount (000)		Value (000)
Commercial Paper (g) (0.6%)
Industrials (0.6%)
General Electric Co.,
4.38%, 9/16/20 (Cost $126)	$	125	$	126
Total Short-Term Investments (Cost $968)				967
Total Investments (97.5%) (Cost $25,306) (h)(i)				22,471
Other Assets in Excess of Liabilities (2.5%)				567
Net Assets (100.0%)			$	23,038

(a) Floating or variable rate securities: The rates disclosed are as of March 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

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

(c) 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, 2020.

(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, 2020.

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

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

(h) Securities are available for collateral in connection with open foreign currency forward exchange contracts, futures contracts and swap agreements.

(i) At March 31, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $233,000 and the aggregate gross unrealized depreciation is approximately $3,008,000, resulting in net unrealized depreciation of approximately $2,775,000.

EURIBOR Euro Interbank Offered Rate.

IO Interest Only.

LIBOR London Interbank Offered Rate.

MTN Medium Term Note.

PAC Planned Amortization Class.

PRIME Daily U.S. Prime Rate.

REMIC Real Estate Mortgage Investment Conduit.

USD United States Dollar.

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at March 31, 2020:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation Depreciation (000)
Barclays Bank PLC	GBP	518	$	679	6/10/20	$	35
Barclays Bank PLC	$	10	GBP	8	6/10/20		(—	@)
BNP Paribas SA	EUR	13	$	14	6/10/20		(—	@)
BNP Paribas SA	$	13	EUR	12	6/10/20		(—	@)
JPMorgan Chase Bank NA	BRL	367	$	79	6/10/20		9
JPMorgan Chase Bank NA	EUR	2	$	3	6/10/20		(—	@)
JPMorgan Chase Bank NA	IDR	1,132,494	$	77	6/10/20		8
JPMorgan Chase Bank NA	PEN	65	$	19	6/10/20		(—	@)
JPMorgan Chase Bank NA	$	6	EUR	5	6/10/20		—	@
JPMorgan Chase Bank NA	$	9	EUR	8	6/10/20		—	@
JPMorgan Chase Bank NA	$	5	GBP	4	6/10/20		—	@
JPMorgan Chase Bank NA	$	5	GBP	4	6/10/20		—	@
State Street Bank and Trust Co.	EUR	2,287	$	2,612	6/10/20		83
						$	135

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2020:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Short:
U.S. Treasury 5 yr. Note (United States)		11	Jun-20	$	(1,100	)	$	(1,379	)	$	(45	)
German Euro Bund (Germany)		2	Jun-20	EUR	(200	)		(380	)		6
										$	(39	)

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Strategic Income Portfolio

Credit Default Swap Agreement:

The Fund had the following credit default swap agreement open at March 31, 2020:

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)
Morgan Stanley & Co. LLC* CDX.NA.HY.34				NR				Sell					5.00	%		Quarterly				6/20/25				$	2,000			$	(125	)		$	(89	)		$	(36	)

@ — 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.

AUD — Australian Dollar

BRL — Brazilian Real

EUR — Euro

GBP — British Pound

IDR — Indonesian Rupiah

Portfolio Composition

Classification	Percentage of Total Investments
Asset-Backed Securities		29.9	%
Finance		21.3
Industrials		19.3
Mortgages — Other		14.9
Other**		11.4
Short-Term Investments		3.2
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 $1,759,000 and net unrealized depreciation of approximately $39,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $135,000. Also does not include open swap agreement with total unrealized depreciation of approximately $36,000.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Strategic Income Portfolio

Statement of Assets and Liabilities	March 31, 2020 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $24,914)	$	22,079
Investment in Security of Affiliated Issuer, at Value (Cost $392)		392
Total Investments in Securities, at Value (Cost $25,306)		22,471
Foreign Currency, at Value (Cost $59)		60
Receivable for Investments Sold		390
Interest Receivable		154
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		135
Due from Adviser		74
Receivable for Variation Margin on Futures Contracts		27
Receivable for Fund Shares Sold		10
Tax Reclaim Receivable		1
Dividends Receivable		—	@
Receivable from Affiliate		—	@
Other Assets		65
Total Assets		23,387
Liabilities:
Payable for Investments Purchased		275
Payable for Variation Margin on Swap Agreements		40
Payable for Swap Agreements Termination		11
Payable for Custodian Fees		6
Payable for Professional Fees		4
Payable for Administration Fees		2
Deferred Capital Gain Country Tax		—	@
Payable for Transfer Agency Fees — Class I		1
Payable for Transfer Agency Fees — Class A		—	@
Payable for Transfer Agency Fees — Class C		—	@
Payable for Transfer Agency Fees — Class IS		—	@
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		—	@
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		—	@
Other Liabilities		10
Total Liabilities		349
Net Assets	$	23,038
Net Assets Consist of:
Paid-in-Capital	$	26,147
Total Accumulated Loss		(3,109	)
Net Assets	$	23,038

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Strategic Income Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2020 (000)
CLASS I:
Net Assets	$	13,389
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,509,825
Net Asset Value, Offering and Redemption Price Per Share	$	8.87
CLASS A:
Net Assets	$	273
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		30,892
Net Asset Value, Redemption Price Per Share	$	8.85
Maximum Sales Load		3.25	%
Maximum Sales Charge	$	0.30
Maximum Offering Price Per Share	$	9.15
CLASS C:
Net Assets	$	253
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		28,613
Net Asset Value, Offering and Redemption Price Per Share	$	8.83
CLASS IS:
Net Assets	$	9,123
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,028,356
Net Asset Value, Offering and Redemption Price Per Share	$	8.87

@ 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, 2020 (unaudited)

Strategic Income Portfolio

Statement of Operations	Six Months Ended March 31, 2020 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $1 of Foreign Taxes Withheld)	$	437
Dividends from Security of Affiliated Issuer (Note G)		5
Total Investment Income		442
Expenses:
Professional Fees		93
Advisory Fees (Note B)		41
Custodian Fees (Note F)		18
Registration Fees		18
Shareholder Reporting Fees		13
Administration Fees (Note C)		10
Pricing Fees		10
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		3
Shareholder Services Fees — Class A (Note D)		1
Distribution and Shareholder Services Fees — Class C (Note D)		—	@
Sub Transfer Agency Fees — Class A		—	@
Sub Transfer Agency Fees — Class C		—	@
Other Expenses		9
Total Expenses		220
Expenses Reimbursed by Adviser (Note B)		(99	)
Waiver of Advisory Fees (Note B)		(41	)
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)		(1	)
Net Expenses		76
Net Investment Income		366
Realized Gain (Loss):
Investments Sold		169
Foreign Currency Forward Exchange Contracts		(52	)
Foreign Currency Translation		(3	)
Futures Contracts		(20	)
Options Written		15
Swap Agreements		(245	)
Net Realized Loss		(136	)
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Increase in Deferred Capital Gain Country Tax of $—@)		(3,097	)
Foreign Currency Forward Exchange Contracts		94
Foreign Currency Translation		3
Futures Contracts		(44	)
Swap Agreements		(34	)
Net Change in Unrealized Appreciation (Depreciation)		(3,078	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(3,214	)
Net Decrease in Net Assets Resulting from Operations	$	(2,848	)

@ 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, 2020

Strategic Income Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2020 (unaudited) (000)			Year Ended September 30, 2019 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	366		$	275
Net Realized Loss		(136	)		(35	)
Net Change in Unrealized Appreciation (Depreciation)		(3,078	)		140
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,848	)		380
Dividends and Distributions to Shareholders:
Class I		(224	)		(1	)
Class A		(7	)		(6	)
Class C		(1	)		(1	)
Class IS		(154	)		(595	)
Total Dividends and Distributions to Shareholders		(386	)		(603	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		15,040			—
Distributions Reinvested		224			—	@
Class A:
Subscribed		730			216
Distributions Reinvested		7			6
Redeemed		(642	)		(72	)
Class C:
Subscribed		257			36
Distributions Reinvested		1			1
Redeemed		(29	)		(5	)
Class IS:
Distributions Reinvested		154			153
Net Increase in Net Assets Resulting from Capital Share Transactions		15,742			335
Total Increase in Net Assets		12,508			112
Net Assets:
Beginning of Period		10,530			10,418
End of Period	$	23,038		$	10,530
(1) Capital Share Transactions:
Class I:
Shares Subscribed		1,487			—
Shares Issued on Distributions Reinvested		22			—	@@
Net Increase in Class I Shares Outstanding		1,509			—	@@
Class A:
Shares Subscribed		72			21
Shares Issued on Distributions Reinvested		1			1
Shares Redeemed		(64	)		(7	)
Net Increase in Class A Shares Outstanding		9			15
Class C:
Shares Subscribed		27			4
Shares Issued on Distributions Reinvested		—	@@		—	@@
Shares Redeemed		(3	)		(1	)
Net Increase in Class C Shares Outstanding		24			3
Class IS:
Shares Issued on Distributions Reinvested		15			15

@ Amount is less than $500.

@@ Amount is less than 500 shares.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Strategic Income Portfolio

	Class I
	Six Months Ended March 31, 2020			Year Ended September 30,												Period from December 30, 2014⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			September 30, 2015
Net Asset Value, Beginning of Period	$	10.11		$	10.33		$	10.21		$	9.69		$	9.79		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.14			0.26			0.28			0.26			0.22			0.14
Net Realized and Unrealized Gain (Loss)		(1.23	)		0.10			0.05			0.47			0.06			(0.28	)
Total from Investment Operations		(1.09	)		0.36			0.33			0.73			0.28			(0.14	)
Distributions from and/or in Excess of:
Net Investment Income		(0.15	)		(0.44	)		(0.21	)		(0.21	)		(0.38	)		(0.07	)
Net Realized Gain		—			(0.14	)		—			—			—			—
Total Distributions		(0.15	)		(0.58	)		(0.21	)		(0.21	)		(0.38	)		(0.07	)
Net Asset Value, End of Period	$	8.87		$	10.11		$	10.33		$	10.21		$	9.69		$	9.79
Total Return⁽⁴⁾		(10.96	)%⁽⁸⁾		3.79	%		3.32	%		7.64	%		2.91	%		(1.39	)%⁽⁸⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	13,389		$	10		$	10		$	10		$	10		$	10
Ratio of Expenses Before Expense Limitation		1.68	%⁽⁹⁾		24.26	%		25.49	%		21.19	%		7.28	%		17.80	%⁽⁹⁾
Ratio of Expenses After Expense Limitation		0.58	%^(5)(6)(9)		0.99	%⁽⁵⁾		0.99	%⁽⁵⁾		0.99	%⁽⁵⁾		0.99	%⁽⁵⁾		0.98	%⁽⁵⁾⁽⁹⁾
Ratio of Net Investment Income		2.84	%⁽⁵⁾⁽⁹⁾		2.61	%⁽⁵⁾		2.77	%⁽⁵⁾		2.63	%⁽⁵⁾		2.25	%⁽⁵⁾		1.81	%⁽⁵⁾⁽⁹⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁷⁾⁽⁹⁾		0.01	%		0.01	%		0.01	%		0.01	%		0.02	%⁽⁷⁾⁽⁹⁾
Portfolio Turnover Rate		156	%⁽⁸⁾		97	%		75	%		64	%		47	%		39	%⁽⁸⁾

(2) Commencement of Operations.

(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 October 01, 2019, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.60% for Class I shares. Prior to October 01, 2019, the maximum ratio was 1.00% for Class I shares.

(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, 2020

Financial Highlights

Strategic Income Portfolio

	Class A
	Six Months Ended March 31, 2020			Year Ended September 30,												Period from December 30, 2014⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			September 30, 2015
Net Asset Value, Beginning of Period	$	10.09		$	10.31		$	10.20		$	9.69		$	9.79		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.13			0.22			0.25			0.20			0.18			0.11
Net Realized and Unrealized Gain (Loss)		(1.24	)		0.11			0.04			0.49			0.06			(0.27	)
Total from Investment Operations		(1.11	)		0.33			0.29			0.69			0.24			(0.16	)
Distributions from and/or in Excess of:
Net Investment Income		(0.13	)		(0.41	)		(0.18	)		(0.18	)		(0.34	)		(0.05	)
Net Realized Gain		—			(0.14	)		—			—			—			—
Total Distributions		(0.13	)		(0.55	)		(0.18	)		(0.18	)		(0.34	)		(0.05	)
Net Asset Value, End of Period	$	8.85		$	10.09		$	10.31		$	10.20		$	9.69		$	9.79
Total Return⁽⁴⁾		(11.12	)%⁽⁸⁾		3.52	%		2.92	%		7.18	%		2.51	%		(1.56	)%⁽⁸⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	273		$	224		$	77		$	10		$	40		$	10
Ratio of Expenses Before Expense Limitation		2.42	%⁽⁹⁾		4.82	%		7.09	%		9.96	%		6.73	%		18.06	%⁽⁹⁾
Ratio of Expenses After Expense Limitation		0.95	%^(5)(6)(9)		1.34	%⁽⁵⁾		1.34	%⁽⁵⁾		1.33	%⁽⁵⁾		1.34	%⁽⁵⁾		1.33	%⁽⁵⁾⁽⁹⁾
Ratio of Net Investment Income		2.51	%⁽⁵⁾⁽⁹⁾		2.21	%⁽⁵⁾		2.40	%⁽⁵⁾		2.08	%⁽⁵⁾		1.86	%⁽⁵⁾		1.46	%⁽⁵⁾⁽⁹⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁷⁾⁽⁹⁾		0.01	%		0.01	%		0.02	%		0.01	%		0.02	%⁽⁹⁾
Portfolio Turnover Rate		156	%⁽⁸⁾		97	%		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) 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) Effective October 01, 2019, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.95% for Class A shares. Prior to October 01, 2019, the maximum ratio was 1.35% for Class A shares.

(7) Amount is less than 0.005%.

(8) Not annualized.

(9) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Strategic Income Portfolio

	Class C
	Six Months Ended March 31, 2020			Year Ended September 30,												Period from April 30, 2015⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			September 30, 2015
Net Asset Value, Beginning of Period	$	10.07		$	10.28		$	10.17		$	9.66		$	9.76		$	10.06
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.09			0.14			0.17			0.13			0.11			0.05
Net Realized and Unrealized Gain (Loss)		(1.23	)		0.11			0.05			0.49			0.06			(0.32	)
Total from Investment Operations		(1.14	)		0.25			0.22			0.62			0.17			(0.27	)
Distributions from and/or in Excess of:
Net Investment Income		(0.10	)		(0.32	)		(0.11	)		(0.11	)		(0.27	)		(0.03	)
Net Realized Gain		—			(0.14	)		—			—			—			—
Total Distributions		(0.10	)		(0.46	)		(0.11	)		(0.11	)		(0.27	)		(0.03	)
Net Asset Value, End of Period	$	8.83		$	10.07		$	10.28		$	10.17		$	9.66		$	9.76
Total Return⁽⁴⁾		(11.42	)%⁽⁸⁾		2.78	%		2.11	%		6.46	%		1.77	%		(2.71	)%⁽⁸⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	253		$	50		$	20		$	22		$	35		$	10
Ratio of Expenses Before Expense Limitation		5.68	%⁽⁹⁾		10.78	%		14.46	%		13.41	%		28.93	%		19.28	%⁽⁹⁾
Ratio of Expenses After Expense Limitation		1.70	%^(5)(6)(9)		2.09	%⁽⁵⁾		2.09	%⁽⁵⁾		2.09	%⁽⁵⁾		2.09	%⁽⁵⁾		2.10	%⁽⁵⁾⁽⁹⁾
Ratio of Net Investment Income		1.87	%⁽⁵⁾⁽⁹⁾		1.45	%⁽⁵⁾		1.69	%⁽⁵⁾		1.33	%⁽⁵⁾		1.14	%⁽⁵⁾		1.13	%⁽⁵⁾⁽⁹⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁷⁾⁽⁹⁾		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%⁽⁷⁾⁽⁹⁾
Portfolio Turnover Rate		156	%⁽⁸⁾		97	%		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 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) Effective October 01, 2019, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 1.70% for Class C shares. Prior to October 01, 2019, the maximum ratio was 2.10% 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.
17

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Strategic Income Portfolio

	Class IS
	Six Months Ended March 31, 2020			Year Ended September 30,												Period from April 30, 2014⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			2016⁽¹⁾			September 30, 2015
Net Asset Value, Beginning of Period	$	10.11		$	10.33		$	10.22		$	9.69		$	9.79		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.14			0.27			0.29			0.27			0.23			0.14
Net Realized and Unrealized Gain (Loss)		(1.23	)		0.10			0.04			0.48			0.05			(0.27	)
Total from Investment Operations		(1.09	)		0.37			0.33			0.75			0.28			(0.13	)
Distributions from and/or in Excess of:
Net Investment Income		(0.15	)		(0.45	)		(0.22	)		(0.22	)		(0.38	)		(0.08	)
Net Realized Gain		—			(0.14	)		—			—			—			—
Total Distributions		(0.15	)		(0.59	)		(0.22	)		(0.22	)		(0.38	)		(0.08	)
Net Asset Value, End of Period	$	8.87		$	10.11		$	10.33		$	10.22		$	9.69		$	9.79
Total Return⁽⁴⁾		(10.94	)%⁽⁸⁾		3.95	%		3.27	%		7.80	%		2.96	%		(1.37	)%⁽⁸⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	9,123		$	10,246		$	10,311		$	10,197		$	9,669		$	9,775
Ratio of Expenses Before Expense Limitation		1.68	%⁽⁹⁾		3.06	%		3.28	%		3.79	%		3.45	%		4.04	%⁽⁹⁾
Ratio of Expenses After Expense Limitation		0.57	%^(5)(6)(9)		0.94	%⁽⁵⁾		0.94	%⁽⁵⁾		0.94	%⁽⁵⁾		0.94	%⁽⁵⁾		0.93	%⁽⁵⁾⁽⁹⁾
Ratio of Net Investment Income		2.85	%⁽⁵⁾⁽⁹⁾		2.66	%⁽⁵⁾		2.83	%⁽⁵⁾		2.68	%⁽⁵⁾		2.35	%⁽⁵⁾		1.88	%⁽⁵⁾⁽⁹⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁷⁾⁽⁹⁾		0.01	%		0.01	%		0.01	%		0.01	%		0.02	%⁽⁹⁾
Portfolio Turnover Rate		156	%⁽⁸⁾		97	%		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) Calculated based on the net asset value as of the last business day of the period.

(6) Effective October 01, 2019, the Adviser has agreed to limit the ratio of expenses to average net assets to the maximum ratio of 0.57% for Class IS shares. Prior to October 01, 2019, the maximum ratio was 0.95% 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.
18

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Notes to Financial Statements (unaudited)

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.

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. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited ("MSIM Limited") (the "Sub-Adviser"), (effective October 1, 2019, MSIM Limited is no longer a Sub-Adviser to the Fund, a wholly-owned subsidiary of Morgan Stanley), determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (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 or the Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures 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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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.

• 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, 2020:

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	$	—	$	6,727	$	—	$	6,727
Collateralized Mortgage Obligations — Agency Collateral Series		—		8		—		8
Commercial Mortgage- Backed Securities		—		977		—		977
Corporate Bonds		—		9,425		—		9,425
Mortgages — Other		—		3,350		—		3,350
Sovereign		—		1,017		—		1,017
Total Fixed Income Securities		—		21,504		—		21,504
Short-Term Investments
Commercial Paper		—		126		—		126
Corporate Bonds		—		250		—		250
Investment Company		392		—		—		392
U.S. Treasury Securities		—		199		—		199
Total Short-Term Investments		392		575		—		967
Foreign Currency Forward Exchange Contracts		—		135		—		135
Futures Contracts		6		—		—		6
Total Assets		398		22,214		—		22,612

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Liabilities:
Futures Contracts	$	(45	)	$	—		$	—	$	(45	)
Credit Default Swap Agreement		—			(36	)		—		(36	)
Total Liabilities		(45	)		(36	)		—		(81	)
Total	$	353		$	22,178		$	—	$	22,531

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.

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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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.

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:

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. The Fund may write call and put options on stock indexes, futures, securities or currencies it owns or in which it may invest. Writing put options tend to increase the Fund's exposure to the underlying instrument. Writing call options tend to decrease the Fund's exposure to the underlying instruments. When the Fund writes a call or put option, an amount equal to the premium received is recorded as a liability. Any liability recorded is subsequently adjusted to reflect the current value of the options written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the net realized gain or loss. The Fund as a writer of an option has no control over whether the underlying future, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, security or currency underlying the written option. 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.

As of March 31, 2020, the Fund did not have any outstanding options written.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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.

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, 2020

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

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.

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

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 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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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, 2020:

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

135

Futures Contract

Variation Margin on
Futures Contract

Interest Rate Risk

(a)

Total

141

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 Contract

Variation Margin on
Futures Contract

Interest Rate Risk

(45

)(a)

Swap Agreement

Variation Margin on
Swap Agreement

Credit Risk

(36

)(a)

Total

(81

)

@ Value is less than $500.

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(52	)
Interest Rate Risk	Futures Contracts		(20	)
Credit Risk	Swap Agreements		(232	)
Interest Rate Risk	Swap Agreements		(13	)
Interest Rate Risk	Written Option		15
Total		$	(302	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	94
Interest Rate Risk	Futures Contracts		(44	)
Credit Risk	Swap Agreements		(34	)
Total		$	16

At March 31, 2020, 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	$	135	$	(—	@)

(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.

@ Amount is less than $500.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2020:

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)
Barclays Bank PLC	$	35		$	(—	@)	$	—	$	35
JPMorgan Chase Bank NA		17			(—	@)		—		17
State Street Bank and Trust Co.		83			—			—		83
Total	$	135		$	(—	@)	$	—	$	135
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives the Presented in Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Pledged (000)		Net Amount (not less than $0) (000)
Barclays Bank PLC	$	—	@	$	(—	@)	$	—	$	0
BNP Paribas SA		—	@		—			—		—	@
JPMorgan Chase Bank NA		—	@		(—	@)		—		0
Total	$	—	@	$	(—	@)	$	—	$	—	@

@ Amount is less than $500.

For the six months ended March 31, 2020, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	5,521,000
Futures Contracts:
Average monthly notional value	$	1,530,000
Swap Agreements:
Average monthly notional amount	$	1,990,000
Written Options:
Average monthly notional amount	$	333,000

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

Effective October 1, 2019, the Adviser will provide the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.32% of the average daily net assets of the Fund.

For the six months ended March 31, 2020, 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, 2020

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

0.95% for Class A shares, 1.70% for Class C shares and 0.57% for Class IS 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. For the six months ended March 31, 2020, approximately $41,000 of advisory fees were waived and approximately $102,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

Effective October 1, 2019, MSIM Limited is no longer a Sub-Adviser to 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.

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, 2020, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $22,380,000 and $7,008,000, respectively. For the six months ended March 31, 2020, purchases and sales of long-term U.S. Government securities were approximately $25,505,000 and $25,689,000, 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, 2020, advisory fees paid were reduced by approximately $1,000 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, 2020 is as follows:

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

Affiliated Investment Company				Value September 30, 2019 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	614			$	18,212			$	18,434			$	5

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value March 31, 2020 (000)
Liquidity Funds				$	—			$	—			$	392

certain 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. Generally, each of the tax years in the four-year period ended September 30, 2019, remains subject to examination by taxing authorities.

2019 Distributions Paid From:				2018 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	457	$	146	$	221	$	—

Permanent differences, primarily due to a nondeductible expense, resulted in the following reclassifications among the components of net assets at September 30, 2019:

Total Distributable Earnings (000)				Paid-in- Capital (000)
$	—	@		$	(—	@)

@ Amount is less than $500.

At September 30, 2019, 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)
$	153			$	—

At September 30, 2019, the Fund had available for federal income tax purposes unused short-term and long-term capital

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

losses of approximately $39,000 and $108,000, respectively, that do not have an expiration date.

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact

on total accumulated earnings (loss) or the net asset value of the Fund. With respect to the Fund's results of operations, amortization of premium to first call date accelerates amortization with the intent of more closely aligning the recognition of income on such bonds with the economics of the instrument.

Privacy Notice (unaudited) April 2019

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) April 2019

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 non-financial 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.
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. n MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between non-affiliated 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, 2020

Trustee and Officer Information (unaudited)

Trustees

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
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

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
3056781 EXP 05.31.21

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Ultra-Short Income Portfolio

Semi-Annual Report

March 31, 2020

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					7
Statement of Operations					8
Statements of Changes in Net Assets					9
Financial Highlights					10
Notes to Financial Statements					13
Privacy Notice					18
Trustee and Officer Information					20

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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 2020

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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, 2020 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/19		Actual Ending Account Value 3/31/20		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	$	1,004.70	$	1,023.80	$	1.20	$	1.21		0.24	%
Ultra-Short Income Portfolio Institutional Class		1,000.00		1,003.40		1,023.55		1.45		1.47		0.29
Ultra-Short Income Portfolio Class A		1,000.00		1,002.40		1,022.55		2.45		2.48		0.49

** Annualized

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
Certificates of Deposit (6.3%)
International Banks (6.3%)
Qatar National Bank,
2.25%, 6/4/20	$	110,000	$	109,736
2.29%, 9/14/20		250,000		248,330
2.30%, 12/16/20 - 1/4/21		400,000		395,689
Total Certificates of Deposit (Cost $750,272)				753,755
Commercial Paper (a) (8.6%)
Asset-Backed Diversified Financial Services (0.2%)
Collateralized Commercial Paper FLEX Co. LLC
2.04%, 10/14/20		25,000		24,658
Chemicals (1.0%)
Nutrien Ltd.
1.88%, 9/25/20		125,000		123,022
Diversified Financial Services (1.2%)
Reckitt Benckiser Treasury Services PLC,
1.82%, 8/12/20		38,000		37,771
1.86%, 9/14/20		25,000		24,812
2.51%, 7/31/20		40,000		39,780
2.53%, 7/7/20		38,000		37,846
				140,209
Food & Beverage (0.2%)
Starbucks Corp.
1.81%, 5/11/20		15,000		14,970
Health Care Services (1.5%)
Catholic Health Initiatives,
1.77%, 9/10/20		35,000		34,770
1.82%, 8/13/20		23,291		23,159
1.92%, 7/8/20		18,134		18,057
1.98%, 6/10/20		41,644		41,523
2.07%, 5/13/20		22,350		22,313
Walgreens Boots Alliance, Inc.,
2.14%, 4/17/20 - 4/20/20		41,000		40,933
				180,755
Insurance (3.3%)
Prudential Financial, Inc.
0.65%, 4/1/20		400,000		399,996
Wireless Telecom Services (1.2%)
AT&T, Inc.
1.47%, 12/18/20		150,000		146,834
Total Commercial Paper (Cost $1,032,571)				1,030,444
Corporate Bonds (5.8%)
International Banks (5.8%)
Banque Federative du Credit Mutuel SA
1.94%, 1/6/21		135,000		133,836
Credit Industriel et Commercial,
1.88%, 12/18/20 - 1/19/21		375,000		371,813
1.92%, 1/29/21		200,000		198,134
Total Corporate Bonds (Cost $699,516)				703,783

	Face Amount (000)		Value (000)
Floating Rate Notes (b) (45.2%)
Asset-Backed Diversified Financial Services (0.2%)
Collateralized Commercial Paper FLEX Co. LLC,
1 Month USD LIBOR + 0.15%, 1.73%, 12/18/20 (c)	$	25,000	$	24,756
Domestic Banks (2.9%)
First Abu Dhabi Bank USA,
3 Month USD LIBOR + 0.20%, 2.02%, 1/21/21		250,000		248,642
ING US Funding LLC,
3 Month USD LIBOR + 0.20%, 2.02%, 10/19/20 (c)		100,000		99,734
				348,376
International Banks (42.1%)
BNZ International Funding Ltd.,
1 Month USD LIBOR + 0.30%, 1.01%, 9/14/20 (c)		100,000		99,969
1 Month USD LIBOR + 0.30%, 1.03%, 9/11/20 (c)		75,000		74,980
1 Month USD LIBOR + 0.28%, 1.08%, 8/13/20 (c)		100,000		99,980
1 Month USD LIBOR + 0.30%, 1.16%, 9/10/20 (c)		198,000		197,958
1 Month USD LIBOR + 0.27%, 1.23%, 10/27/20 (c)		140,000		139,888
3 Month USD LIBOR + 0.19%, 2.06%, 10/8/20 (c)		125,000		124,682
Credit Agricole Corporate and Investment Bank,
1.60%, 9/24/20		110,300		110,126
1.97%, 8/25/20		80,000		79,908
2.12%, 7/30/20		23,164		23,192
Credit Suisse AG,
SOFR + 0.45%, 0.46%, 9/25/20		150,000		149,343
SOFR + 0.48%, 0.49%, 10/2/20		150,000		149,339
3 Month USD LIBOR + 0.23%, 1.23%, 12/30/20		300,000		298,659
HSBC Bank PLC,
1 Month USD LIBOR + 0.29%, 1.15%, 8/10/20 (c)		178,000		177,963
1 Month USD LIBOR + 0.40%, 1.42%, 10/6/20 (c)		195,000		194,627
3 Month USD LIBOR + 0.23%, 2.08%, 10/13/20 (c)		100,000		99,760
Lloyds Bank PLC,
1 Month USD LIBOR + 0.45%, 1.25%, 8/17/20 (c)		335,000		335,138
1 Month USD LIBOR + 0.17%, 1.53%, 12/4/20 (c)		115,000		114,765
3 Month USD LIBOR + 0.14%, 1.95%, 1/21/21 (c)		185,000		183,907
Macquarie Bank Ltd.,
1 Month USD LIBOR + 0.25%, 0.98%, 7/9/20 (c)		15,000		14,995
Mizuho Bank Ltd.
2.16%, 4/15/20		98,000		97,996

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
International Banks (cont'd)
Skandinaviska Enskilda Banken AB,
3 Month USD LIBOR + 0.17%, 2.00%, 10/16/20	$	100,000	$	99,725
3 Month USD LIBOR + 0.15%, 2.05%, 10/5/20		195,000		194,468
Societe Generale SA,
3 Month USD LIBOR + 0.25%, 0.99%, 12/14/20 (c)		250,000		248,978
3 Month USD LIBOR + 0.23%, 2.14%, 2/2/21 (c)		165,000		164,110
Sumitomo Mitsui Banking Corp.,
1.30%, 6/18/20		195,000		194,971
2.12%, 8/20/20		30,000		29,981
2.17%, 5/1/20		15,000		14,999
2.26%, 4/6/21		130,291		129,221
Svenska Handelsbanken,
1 Month USD LIBOR + 0.24%, 1.18%, 8/28/20		200,000		199,920
3 Month USD LIBOR + 0.15%, 1.53%, 12/30/20		200,000		198,988
3 Month USD LIBOR + 0.15%, 2.06%, 10/2/20		75,000		74,800
Toronto-Dominion Bank,
1 Month USD LIBOR + 0.31%, 1.23%, 10/20/20		200,000		199,773
3 Month USD LIBOR + 0.19%, 2.06%, 10/7/20		75,000		74,811
UBS AG,
1 Month USD LIBOR + 0.35%, 1.21%, 9/8/20 (c)		220,000		219,250
1 Month USD LIBOR + 0.35%, 1.27%, 9/18/20 - 9/21/20 (c)		195,000		194,095
1 Month USD LIBOR + 0.37%, 1.75%, 11/3/20 (c)		75,000		74,512
				5,079,777
Total Floating Rate Notes (Cost $5,468,215)				5,452,909
Repurchase Agreements (14.2%)
Bank of America Securities, Inc., (1.42% (b), dated 6/20/19, due 6/22/20; proceeds $304,342; fully collateralized by Convertible Bond, 0.00% - 8.14% due 3/15/24 - 10/30/40 (d) and Common Stocks and Preferred Stocks valued at $315,185) (Demand 6/20/20)		300,000		300,000
BNP Paribas Prime Brokerage, Inc., (0.61% (b), dated 12/23/19, due 6/22/20; proceeds $384,181; fully collateralized by various Corporate Bonds; 2.87% - 12.00% due 8/15/20 - 10/15/97 (d); valued at $406,093) (Demand 4/1/20)		383,000		383,000
BNP Paribas Securities Corp., (1.05% (b), dated 3/14/19, due 6/22/20; proceeds $207,797; fully collateralized by various Corporate Bonds; 1.90% - 9.88% due 4/1/21 - 3/19/50 (d); valued at $217,009) (Demand 6/12/20)		205,000		205,000

	Face Amount (000)		Value (000)
BNP Paribas Securities Corp., (2.34% (b), dated 10/02/19, due 6/22/20; proceeds $25,428; fully collateralized by various Corporate Bonds; 2.30% - 7.95% due 12/14/20 - 7/12/47 (d); valued at $26,387) (Demand 4/2/20)	$	25,000	$	25,000
BNP Paribas Securities Corp., (2.45% (b), dated 8/7/19, due 6/22/20; proceeds $265,660; fully collateralized by various Corporate Bonds; 0.00% - 11.5% due 6/1/21 - 10/10/79 (d); valued at $275,508) (Demand 5/7/2020)		260,000		260,000
Citigroup Global Markets Holdings, Inc., (1.40% (b), dated 9/24/19, due 6/22/20; proceeds $202,113; fully collateralized by various Corporate Bonds; 3.15% - 11.5% due 5/1/20 - 3/15/42 (d); valued at $212,001) (Demand 4/24/20)		200,000		200,000
Pershing LLC, (0.55%, dated 3/31/20, due 4/1/20; proceeds $150,002; fully collateralized by various Corporate Bonds; 0.85% - 11.5% due 4/13/20 - 2/15/98 (d); valued at $158,070)		150,000		150,000
SG Americas Securities LLC, (1.34% (b), dated 1/31/20, due 6/17/20; proceeds $70,535; fully collateralized by various Common Stocks; valued at $73,500) (Demand 4/30/20)		70,000		70,000
Societe Generale, (0.45%, dated 3/31/20, due 4/1/20; proceeds $118,001; fully collateralized by various Corporate Bonds; 0.68% - 11.13% due 11/16/20 - 7/15/33 (d); valued at 125,044)		118,000		118,000
Total Repurchase Agreements (Cost $1,711,000)				1,711,000
Time Deposits (14.7%)
International Banks (14.7%)
Bank of Nova Scotia (Toronto Branch),
0.08%, 4/1/20		605,000		605,000
Credit Agricole Corporate and Investment Bank,
0.06%, 4/1/20		83,000		83,000
Mizuho Bank Ltd.
0.05%, 4/1/20		480,000		480,000
National Bank of Canada (Montreal Branch),
0.04%, 4/1/20		600,000		600,000
Total Time Deposits (Cost $1,768,000)				1,768,000
Total Investments (94.8%) (Cost $11,429,574) (e)				11,419,891
Other Assets in Excess of Liabilities (5.2%)				630,445
Net Assets (100.0%)			$	12,050,336

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

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

(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, 2020.

(e) At March 31, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $8,377,000 and the aggregate gross unrealized depreciation is approximately $18,060,000, resulting in net unrealized depreciation of approximately $9,683,000.

LIBOR London Interbank Offered Rate.

SOFR Secured Overnight Financing Rate.

USD United States Dollar.

Portfolio Composition

Classification	Percentage of Total Investments
Floating Rate Notes		47.7	%
Time Deposits		15.5
Repurchase Agreements		15.0
Commercial Paper		9.0
Certificates of Deposit		6.6
Corporate Bonds		6.2
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Ultra-Short Income Portfolio

Statement of Assets and Liabilities	March 31, 2020 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $11,429,574, including value of repurchases agreements of $1,711,000)	$	11,419,891
Cash		6,988
Receivable for Investments Sold		701,053
Receivable for Fund Shares Sold		23,378
Interest Receivable		10,742
Other Assets		2,990
Total Assets		12,165,042
Liabilities:
Payable for Fund Shares Redeemed		103,865
Payable for Advisory Fees		6,743
Payable for Shareholder Services Fees — Institutional Class		128
Payable for Shareholder Services Fees — Class A		2,123
Payable for Administration Fees		1,124
Dividends Payable		304
Payable for Custodian Fees		35
Payable for Professional Fees		32
Payable for Transfer Agency Fees — Class IR		7
Payable for Transfer Agency Fees — Institutional Class		—	@
Payable for Transfer Agency Fees — Class A		3
Other Liabilities		342
Total Liabilities		114,706
Net Assets	$	12,050,336
Net Assets Consist of:
Paid-in-Capital	$	12,124,052
Total Accumulated Loss		(73,716	)
Net Assets	$	12,050,336
CLASS IR:
Net Assets	$	2,485,697
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		249,441,085
Net Asset Value, Offering and Redemption Price Per Share	$	9.97
Institutional Class:
Net Assets	$	2,033,092
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		204,064,716
Net Asset Value, Offering and Redemption Price Per Share	$	9.96
CLASS A:
Net Assets	$	7,531,547
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		755,999,785
Net Asset Value, Offering and Redemption Price Per Share	$	9.96

@ 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, 2020 (unaudited)

Ultra-Short Income Portfolio

Statement of Operations	Six Months Ended March 31, 2020 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	214,467
Expenses:
Advisory Fees (Note B)		19,586
Shareholder Services Fees — Institutional Class (Note D)		856
Shareholder Services Fees — Class A (Note D)		14,091
Administration Fees (Note C)		7,834
Registration Fees		1,085
Trustees' Fees and Expenses		198
Custodian Fees (Note F)		186
Professional Fees		64
Shareholder Reporting Fees		45
Transfer Agency Fees — Class IR (Note E)		17
Transfer Agency Fees — Institutional Class (Note E)		2
Transfer Agency Fees — Class A (Note E)		3
Pricing Fees		11
Other Expenses		252
Total Expenses		44,230
Waiver of Advisory Fees (Note B)		(5,529	)
Reimbursement of Class Specific Expenses — Class IR (Note B)		(24	)
Reimbursement of Class Specific Expenses — Institutional Class (Note B)		(2	)
Net Expenses		38,675
Net Investment Income		175,792
Realized Loss:
Investments Sold		(65,473	)
Change in Unrealized Appreciation (Depreciation):
Investments		(21,614	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(87,087	)
Net Increase in Net Assets Resulting from Operations	$	88,705

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Ultra-Short Income Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2020 (unaudited) (000)			Year Ended September 30, 2019 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	175,792		$	351,961
Net Realized Gain (Loss)		(65,473	)		769
Net Change in Unrealized Appreciation (Depreciation)		(21,614	)		8,581
Net Increase in Net Assets Resulting from Operations		88,705			361,311
Dividends and Distributions to Shareholders:
Class IR		(47,843	)		(81,786	)
Institutional Class		(32,412	)		(71,086	)
Class A		(95,537	)		(199,089	)
Total Dividends and Distributions to Shareholders		(175,792	)		(351,961	)
Capital Share Transactions:⁽¹⁾
Class IR:
Subscribed		4,140,384			7,672,933
Distributions Reinvested		37,973			71,902
Redeemed		(6,439,459	)		(4,822,141	)
Institutional Class:
Subscribed		2,651,750			3,028,912
Distributions Reinvested		32,409			71,086
Redeemed		(3,720,653	)		(2,739,398	)
Class A:
Subscribed		6,317,370			12,220,046
Distributions Reinvested		95,486			198,964
Redeemed		(9,612,474	)		(7,906,616	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(6,497,214	)		7,795,688
Total Increase (Decrease) in Net Assets		(6,584,301	)		7,805,038
Net Assets:
Beginning of Period		18,634,637			10,829,599
End of Period	$	12,050,336		$	18,634,637
(1) Capital Share Transactions:
Class IR:
Shares Subscribed		413,278			765,985
Shares Issued on Distributions Reinvested		3,792			7,177
Shares Redeemed		(643,224	)		(481,379	)
Net Increase (Decrease) in Class IR Shares Outstanding		(226,154	)		291,783
Institutional Class:
Shares Subscribed		264,636			302,377
Shares Issued on Distributions Reinvested		3,237			7,097
Shares Redeemed		(371,784	)		(273,488	)
Net Increase (Decrease) in Institutional Class Shares Outstanding		(103,911	)		35,986
Class A:
Shares Subscribed		630,530			1,220,000
Shares Issued on Distributions Reinvested		9,536			19,862
Shares Redeemed		(960,574	)		(789,334	)
Net Increase (Decrease) in Class A Shares Outstanding		(320,508	)		450,528

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Ultra-Short Income Portfolio

	Class IR
	Six Months Ended March 31, 2020			Year Ended September 30,									Period from April 28, 2016⁽¹⁾ to
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			September 30, 2016
Net Asset Value, Beginning of Period	$	10.02		$	10.01		$	10.01		$	10.00		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.10			0.25			0.19			0.12			0.03
Net Realized and Unrealized Gain (Loss)		(0.05	)		0.01			(0.01	)		0.00	⁽³⁾		0.00	⁽³⁾
Total from Investment Operations		0.05			0.26			0.18			0.12			0.03
Distributions from and/or in Excess of:
Net Investment Income		(0.10	)		(0.25	)		(0.18	)		(0.11	)		(0.03	)
Net Realized Gain		—			—			(0.00	)⁽³⁾		(0.00	)⁽³⁾		—
Total Distributions		(0.10	)		(0.25	)		(0.18	)		(0.11	)		(0.03	)
Net Asset Value, End of Period	$	9.97		$	10.02		$	10.01		$	10.01		$	10.00
Total Return⁽⁴⁾		0.47	%⁽⁵⁾		2.68	%		1.87	%		1.18	%		0.26	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	2,485,697		$	4,765,201		$	1,840,647		$	1,122,452		$	276,348

Ratio of Expenses Before Expense Limitation	0.30	%⁽⁶⁾	0.30	%	0.30	%	0.30	%	0.42	%⁽⁶⁾
Ratio of Expenses After Expense Limitation	0.24	%⁽⁶⁾	0.24	%	0.23	%	0.22	%	0.18	%⁽⁶⁾
Ratio of Expenses After Expense Limitation Excluding Non-Operating Expenses	N/A		0.24	%	N/A		N/A		N/A
Ratio of Net Investment Income	1.96	%⁽⁶⁾	2.53	%	1.86	%	1.16	%	0.61	%⁽⁶⁾

Portfolio Turnover Rate

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.
10

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Ultra-Short Income Portfolio

	Institutional Class
	Six Months Ended March 31, 2020			Year Ended September 30,									Period from April 28, 2016⁽¹⁾ to
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			September 30, 2016
Net Asset Value, Beginning of Period	$	10.02		$	10.01		$	10.01		$	10.00		$	10.00
Income from Investment Operations:
Net Investment Income⁽²⁾		0.09			0.25			0.18			0.11			0.02
Net Realized and Unrealized Gain		(0.06	)		0.01			0.00	⁽³⁾		0.00	⁽³⁾		0.00	⁽³⁾
Total from Investment Operations		0.03			0.26			0.18			0.11			0.02
Distributions from and/or in Excess of:
Net Investment Income		(0.09	)		(0.25	)		(0.18	)		(0.10	)		(0.02	)
Net Realized Gain		—			—			(0.00	)⁽³⁾		(0.00	)⁽³⁾		—
Total Distributions		(0.09	)		(0.25	)		(0.18	)		(0.10	)		(0.02	)
Net Asset Value, End of Period	$	9.96		$	10.02		$	10.01		$	10.01		$	10.00
Total Return⁽⁴⁾		0.34	%⁽⁵⁾		2.62	%		1.82	%		1.13	%		0.24	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	2,033,092		$	3,085,210		$	2,722,775		$	1,695,589		$	196,092

Ratio of Expenses Before Expense Limitation	0.35	%⁽⁶⁾	0.34	%	0.35	%	0.35	%	0.48	%⁽⁶⁾
Ratio of Expenses After Expense Limitation	0.29	%⁽⁶⁾	0.29	%	0.28	%	0.27	%	0.23	%⁽⁶⁾
Ratio of Expenses After Expense Limitation Excluding Non-Operating Expenses	N/A		0.29	%	N/A		N/A		N/A
Ratio of Net Investment Income	1.90	%⁽⁶⁾	2.48	%	1.84	%	1.09	%	0.65	%⁽⁶⁾

Portfolio Turnover Rate

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.
11

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Ultra-Short Income Portfolio

	Class A
	Six Months Ended March 31, 2020			Year Ended September 30,									Period from April 28, 2016⁽¹⁾ to
Selected Per Share Data and Ratios	(unaudited)			2019			2018			2017			September 30, 2016
Net Asset Value, Beginning of Period	$	10.02		$	10.01		$	10.01		$	10.00		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.08			0.23			0.17			0.09			0.01
Net Realized and Unrealized Gain (Loss)		(0.06	)		0.01			(0.01	)		0.00	⁽³⁾		0.00	⁽³⁾
Total from Investment Operations		0.02			0.24			0.16			0.09			0.01
Distributions from and/or in Excess of:
Net Investment Income		(0.08	)		(0.23	)		(0.16	)		(0.08	)		(0.01	)
Net Realized Gain		—			—			(0.00	)⁽³⁾		(0.00	)⁽³⁾		—
Total Distributions		(0.08	)		(0.23	)		(0.16	)		(0.08	)		(0.01	)
Net Asset Value, End of Period	$	9.96		$	10.02		$	10.01		$	10.01		$	10.00
Total Return⁽⁴⁾		0.24	%⁽⁵⁾		2.42	%		1.61	%		0.92	%		0.14	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:

Net Assets, End of Period (Thousands)	$	7,531,547		$	10,784,226		$	6,266,177		$	2,581,479		$	164,528
Ratio of Expenses Before Expense Limitation		0.55	%⁽⁶⁾		0.55	%		0.55	%		0.55	%		0.68	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		0.49	%⁽⁶⁾		0.49	%		0.48	%		0.47	%		0.44	%⁽⁶⁾
Ratio of Expenses After Expense Limitation Excluding Non-Operating Expenses		N/A			0.49	%		N/A			N/A			N/A
Ratio of Net Investment Income		1.70	%⁽⁶⁾		2.29	%		1.68	%		0.91	%		0.48	%⁽⁶⁾

Portfolio Turnover Rate

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, 2020

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.

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. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; and (2) 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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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.

• 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, 2020:

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	$	—	$	753,755	$	—	$	753,755
Commercial Paper		—		1,030,444		—		1,030,444
Corporate Bonds		—		703,783		—		703,783
Floating Rate Notes		—		5,452,909		—		5,452,909
Repurchase Agreements		—		1,711,000		—		1,711,000
Time Deposits		—		1,768,000		—		1,768,000
Total Short-Term Investments		—		11,419,891		—		11,419,891
Total Assets	$	—	$	11,419,891	$	—	$	11,419,891

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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.

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. 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.

5. 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.

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 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 Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.25% for Class IR shares, 0.30% for Institutional Class shares and 0.55% 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 six months ended March 31, 2020, approximately $5,529,000 of advisory fees were waived and approximately $26,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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.

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, 2020, the Fund did not engage in any cross-trade transactions.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

of the tax years in the four-year period ended September 30, 2019 remains subject to examination by taxing authorities.

2019 Distributions Paid From: Ordinary Income (000)				2018 Distributions Paid From: Ordinary Income (000)
$	351,961			$	132,604

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2019.

At September 30, 2019, 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)
$	3,430			$	—

Privacy Notice (unaudited) April 2019

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) April 2019

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Other Important Information

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Trustee and Officer Information (unaudited)

Trustees

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
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

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
3057192 EXP 05.31.21

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Ultra-Short Municipal Income Portfolio

Semi-Annual Report

March 31, 2020

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					7
Statement of Operations					8
Statements of Changes in Net Assets					9
Financial Highlights					10
Notes to Financial Statements					13
Privacy Notice					18
Trustee and Officer Information					20

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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 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 2020

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Expense Example (unaudited)

Ultra-Short Municipal Income Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2020 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/19		Actual Ending Account Value 3/31/20		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	$	1,006.90	$	1,024.35	$	0.65	$	0.66		0.13	%
Ultra-Short Municipal Income Portfolio Institutional Class		1,000.00		1,007.40		1,023.85		1.15		1.16		0.23
Ultra-Short Municipal Income Portfolio Class A		1,000.00		1,005.90		1,023.35		1.65		1.67		0.33

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments

Ultra-Short Municipal Income Portfolio

	Face Amount (000)		Value (000)
Weekly Variable Rate Bonds (a) (21.3%)
Ascension Parish, LA, BASF Corp. Project Ser 1995 (AMT) 6.10%, 3/1/25	$	2,400	$	2,400
Brazos, TX, River Harbor Navigation District BASF Corp. Project Ser 1996 (AMT)
6.10%, 4/1/31		5,000		5,000
Colorado Springs, CO, Utilities System Sub Lien Ser 2005 A
4.85%, 11/1/35		4,945		4,945
Iowa State Finance Authority, Midwestern Disaster Area Revenue Bonds Archer-Daniels-Midland Company Project Series 2012
4.94%, 12/1/45		10,000		10,000
Solid Waste Facilities Revenue Bonds, Mid America Energy Company Project, Ser 2016 B (AMT)
5.10%, 12/1/46		7,500		7,500
Solid Waste Facilities Revenue Bonds, Mid America Energy Company Project, Ser 2017
5.35%, 12/1/47		7,500		7,500
King George County, VA, Industrial Development Authority Waste Management, Inc. Ser 1996
4.87%, 9/1/21		1,300		1,300
RBC Municipal Products Trust, Inc., MA, Partners Healthcare System Adjustable Ser 2019 T-2 Floater Certificates Ser 2018-E-130
4.76%, 11/1/23 (b)		1,000		1,000
RBC Municipal Products Trust, Inc., MO, Health and Educational Facilities Authority of the State of Missouri SSM Health Ser 2019 A Floater Certificates Ser 2019-C17
4.20%, 12/1/39 (b)		2,000		2,000
RBC Municipal Products Trust, Inc. Various States Certificates G-116
1.21%, 5/1/25 (b)		1,000		1,000
RBC Municipal Products Trust, Inc., NY, New York City Variable Ser 2006 Subser I-5 Floater Certificates Ser 2019-E133
4.76%, 5/1/23 (b)		4,000		4,000
Tender Option Bond Series Trust, CA, California Statewide Communities Development Authority- Multifamily Housing Metropolitan Lofts Ser 2007 A Puttable Floating Rate Receipts Ser 2019-BAML 8003
5.10%, 2/1/53 (b)		1,000		1,000
Tender Option Bond Trust, TX, Harris County Cultural Education Facilities Financing Corporation Baylor College of Medicine Ser B Puttable Floating Rate Receipts Ser 2019-BAML 5012
2.50%, 11/15/46 (b)		3,155		3,155
Trimble County, KY, Pollution Control Revenue — Louisville Gas & Electric Co. Ser 2016 A (AMT)
4.15%, 9/1/44		5,500		5,500
Total Weekly Variable Rate Bonds (Cost $56,300)				56,300

	Face Amount (000)		Value (000)
Daily Variable Rate Bonds (a) (22.9%)
Harris County Cultural Education Facilities Financing Corporation, TX, Methodist Hospital System Ser 2008 C-1 0.75%, 12/1/24	$	9,300	$	9,300
New York City Transitional Finance Authority Future Tax Secured Revenue, NY, Future Tax Fiscal 2015 Ser E Subser E-4
0.80%, 2/1/45		13,000		13,000
Saint Lucie, FL, Pollution Control Revenue, Florida Power & Light Company Ser 2003
1.10%, 5/1/24		12,200		12,200
The Industrial Development Authority of The City of Phoenix, AZ, Health Care Facilities Revenue Bonds Series 2014A
0.68%, 11/15/52		14,000		14,000
West Jefferson, AL, Industrial Development Board Solid Waste Disposal Revenue Alabama Power- Miller Plant Ser 2008 (AMT)
0.90%, 12/1/38		12,000		12,000
Total Daily Variable Rate Bonds (Cost $60,500)				60,500
Closed-End Investment Companies (a) (9.3%)
BlackRock MuniYield Investment Fund, Inc. (MYF), OT, VRDP Ser W-7-594 (AMT)
4.96%, 6/1/41 (b)		4,000		4,000
BlackRock MuniYield Quality Fund III, Inc. (MYI), OT, VRDP (AMT)
5.21%, 6/1/41 (b)		2,400		2,400
JP Morgan Chase & Co., OT, Variable Rate Muni Term Preferred- Invesco Value Municipal Income Trust PUTTERs Ser 5027 (AMT)
4.96%, 6/1/21 (b)		9,200		9,200
Nuveen AMT-Free Municipal Credit Income Fund
5.10%, 3/1/29 (b)		1,550		1,550
Nuveen New York AMT Free Quality Municipal Income Fund 800, Ser E (AMT)
1.70%, 5/1/47 (b)		5,000		5,000
Nuveen Quality Municipal Income Fund, Ser 2-2525 (AMT)
1.46%, 9/11/26 (b)		2,400		2,400
Total Closed-End Investment Companies (Cost $24,550)				24,550
Floating Rate Notes (a) (15.8%)
Colorado Health Facilities Authority Revenue Bonds, CO, Series 2008C-2
2.33%, 10/1/39		300		300
County of Allen, OH, Mercy Health Adjustable Rate Hospital Facilities Revenue Bond, Series 2015 B
5.46%, 11/1/35		2,070		2,071
Director of the State of Nevada Department of Business and Industry, Variable Rate Demand Solid Waste Disposal Revenue Bonds, Republic Services, Inc. Project Set 2001 (AMT)
1.47%, 12/1/26 (b)		3,700		3,700
Harris County Cultural Education Facilities Finance Corporation, TX, Herman Health System Ser 2013 B
5.46%, 6/1/20		2,000		2,001

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Municipal Income Portfolio

	Face Amount (000)		Value (000)
Floating Rate Notes (a) (cont'd)
Lewisburg, TN, Industrial Development Board Solid Waste Disposal Waste Management Tennessee Project Ser 2012 (AMT) 1.10%, 7/2/35	$	2,500	$	2,498
Miami-Dade County, FL, Industrial Development Authority Solid Waste Management, Inc. of Florida Ser 2011 (AMT)
1.60%, 11/1/41		4,500		4,489
Michigan Finance Authority, Hospital Refunding Bonds McLaren Health Care Ser 2015-D2
1.38%, 10/15/38		1,000		998
Michigan State Finance Authority, Trinity Health Credit Group Ser 2015
1.16%, 12/1/39		6,010		5,947
Mission Economic Development Corporation, TX, Solid Waste Disposal Revenue Refunding Bonds, Republic Services, Inc. Ser 2012
1.12%, 1/1/26 (b)		2,000		2,000
Mississippi Business Finance Corporation Gulf Opportunity Zone Bonds, National Rural Utilities Coast Electric Power Association Project Ser 2007C
1.35%, 5/1/37		3,994		3,994
National Finance Authority, NH, Exempt Facilities, Emerald Renewable Diesel LLC Project, Ser 2019 (AMT)
2.00%, 6/1/49 (b)		10,000		10,009
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds, Ser 2014 B
5.59%, 12/1/20		3,200		3,187
The Industrial Development Authority of The City of Phoenix, AZ, Solid Waste Disposal Revenue Refunding Bonds Series 2013
1.10%, 12/1/35		500		500
Total Floating Rate Notes (Cost $41,806)				41,694
Quarterly Variable Rate Bond (a) (0.7%)
Pennsylvania Economic Development Financing Authority, Republic Service, Inc. Ser 2019A (AMT)
1.20%, 4/1/34 (Cost $2,000)		2,000		2,000
Semi-Annual Variable Rate Bonds (a) (3.6%)
RBC Municipal Products Trust, Inc., CO, City and County of Denver, CO Airport System — Subordinate Bonds Floater Certificates Ser 2019-G114
3.53%, 12/1/26 (b)		4,000		4,000
RBC Municipal Products Trust, Inc., FL, Broward County Port Facilities Revenue Ser B Floater Certificates Ser 2019-G115
3.29%, 9/1/27 (b)		4,000		4,000
RBC Municipal Products Trust, Inc., SC, Transportation Infrastructure Bank Ser 2017 A, Floater Certificates Ser 2019-G109
3.35%, 10/1/25 (b)		1,500		1,500
Total Semi-Annual Variable Rate Bonds (Cost $9,500)				9,500

	Face Amount (000)		Value (000)
Commercial Paper (c) (4.5%)
Mercer County, ND, Pollution Control Commercial Paper Notes 3/A2 Ser 1 1.05%, 4/15/20	$	7,430	$	7,425
University of Texas Regents, Financing System Ser 2015 A
1.29%, 5/28/20		3,500		3,498
York County, SC, Pollution Control National Rural Utilities Cooperative Finance Corporation Ser 2000
1.10%, 4/1/20		1,000		1,000
Total Commercial Paper (Cost $11,930)				11,923
Municipal Bonds & Notes (13.3%)
Avon, IN, Community School Corporation, Ser 2019
2.25%, 7/15/20		2,460		2,466
Barberton, OH, 2019 Ser BANs
3.00%, 4/16/20		1,270		1,271
Belmont County, OH, 2019 Ser BANs
2.50%, 4/16/20		650		650
Euclid, OH, 2019 Ser BANs
3.00%, 4/30/20		1,325		1,327
Metropolitan Transportation Authority, NY, Bond Anticipation Notes Ser 2019 E
4.00%, 9/1/20		10,000		10,068
Miami-Dade County, FL, Aviation Revenue Miami International Airport Series 2012 A (AMT)
5.00%, 10/1/20		1,950		1,979
Olmsted Falls, OH, 2019 Ser BANs
3.00%, 6/11/20		1,365		1,370
Port of Seattle, WA, Refunding Series 2018 A (AMT)
5.00%, 5/1/20		1,000		1,003
Southeastern, MA, Regional Transit Authority Revenue Anticipation Notes Ser 2019
2.25%, 8/21/20		3,400		3,414
Springfield, OH, 2019 Ser BANs
2.50%, 4/15/20		985		985
State of New York Mortgage Agency Homeowner Mortgage Revenue Bonds Series 186 AMT, F
2.50%, 4/1/20		1,090		1,090
2.75%, 4/1/20		900		900
Sycamore Community City School District, OH
2.25%, 4/15/20		3,500		3,501
Texas, Ser 2019 (AMT)
5.00%, 8/1/20		705		714
Yonkers, NY, Ser 2020 RANs
2.00%, 6/29/20		4,500		4,509
Total Municipal Bonds & Notes (Cost $35,285)				35,247
Total Investments (91.4%) (Cost $241,871) (d)				241,714
Other Assets in Excess of Liabilities (8.6%)				22,849
Net Assets (100.0%)			$	264,563

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Municipal Income Portfolio

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

(d) At March 31, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,000 and the aggregate gross unrealized depreciation is approximately $164,000, resulting in net unrealized depreciation of approximately $157,000.

AMT Alternative Minimum Tax.

BANs Bond Anticipation Notes.

PUTTERs Puttable Tax-Exempt Receipts.

RANs Revenue Anticipation Notes.

VRDP Variable Rate Demand Preferred.

Portfolio Composition

Classification	Percentage of Total Investments
Daily Variable Rate Bonds		25.0	%
Weekly Variable Rate Bonds		23.3
Floating Rate Notes		17.2
Municipal Bonds & Notes		14.6
Closed-End Investment Companies		10.2
Other*		9.7
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.
6

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Ultra-Short Municipal Income Portfolio

Statement of Assets and Liabilities	March 31, 2020 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $241,871)	$	241,714
Cash		66
Receivable for Fund Shares Sold		12,400
Receivable for Investments Sold		10,139
Interest Receivable		1,168
Due from Adviser		27
Other Assets		90
Total Assets		265,604
Liabilities:
Payable for Fund Shares Redeemed		881
Payable for Offering Costs		63
Payable for Shareholder Services Fees — Institutional Class		5
Payable for Shareholder Services Fees — Class A		31
Payable for Professional Fees		24
Payable for Administration Fees		20
Payable for Transfer Agency Fees — Class IR		1
Payable for Transfer Agency Fees — Institutional Class		1
Payable for Transfer Agency Fees — Class A		1
Payable for Custodian Fees		1
Other Liabilities		13
Total Liabilities		1,041
Net Assets	$	264,563
Net Assets Consist Of:
Paid-in-Capital	$	264,679
Total Accumulated Loss		(116	)
Net Assets	$	264,563
CLASS IR:
Net Assets	$	73,713
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		7,373,053
Net Asset Value, Offering and Redemption Price Per Share	$	10.00
INSTITUTIONAL CLASS:
Net Assets	$	35,901
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		3,587,542
Net Asset Value, Offering and Redemption Price Per Share	$	10.01
CLASS A:
Net Assets	$	154,949
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		15,499,445
Net Asset Value, Redemption Price Per Share	$	10.00
Maximum Sales Load		0.50	%
Maximum Sales Charge	$	0.05
Maximum Offering Price Per Share	$	10.05

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Ultra-Short Municipal Income Portfolio

Statement of Operations	Six Months Ended March 31, 2020 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	2,110
Expenses:
Advisory Fees (Note B)		281
Shareholder Services Fees — Institutional Class (Note D)		21
Shareholder Services Fees — Class A (Note D)		179
Administration Fees (Note C)		113
Professional Fees		40
Registration Fees		38
Offering Costs		37
Shareholder Reporting Fees		7
Custodian Fees (Note F)		5
Pricing Fees		4
Trustees' Fees and Expenses		3
Transfer Agency Fees — Class IR (Note E)		1
Transfer Agency Fees — Institutional Class (Note E)		1
Transfer Agency Fees — Class A (Note E)		1
Other Expenses		7
Total Expenses		738
Waiver of Advisory Fees (Note B)		(281	)
Expenses Reimbursed by Adviser (Note B)		(70	)
Reimbursement of Class Specific Expenses — Class IR (Note B)		(1	)
Reimbursement of Class Specific Expenses — Institutional Class (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(1	)
Net Expenses		384
Net Investment Income		1,726
Realized Loss:
Investments Sold		(—	@)
Change in Unrealized Appreciation (Depreciation):
Investments		(158	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(158	)
Net Increase in Net Assets Resulting from Operations	$	1,568

@ 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, 2020

Ultra-Short Municipal Income Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2020 (unaudited) (000)			Period from December 19, 2018^ to September 30, 2019 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	1,726		$	1,474
Net Realized Loss		(—	@)		(—	@)
Net Change in Unrealized Appreciation (Depreciation)		(158	)		1
Net Increase in Net Assets Resulting from Operations		1,568			1,475
Dividends and Distributions to Shareholders:
Class IR		(422	)		(483	)
Institutional Class		(272	)		(276	)
Class A		(1,032	)		(715	)
Total Dividends and Distributions to Shareholders		(1,726	)		(1,474	)
Capital Share Transactions:⁽¹⁾
Class IR:
Subscribed		61,588			96,053
Distributions Reinvested		420			440
Redeemed		(55,450	)		(29,320	)
Institutional Class:
Subscribed		37,600			40,000
Distributions Reinvested		270			235
Redeemed		(42,170	)		—
Class A:
Subscribed		166,527			154,961
Distributions Reinvested		1,030			664
Redeemed		(145,400	)		(22,728	)
Net Increase in Net Assets Resulting from Capital Share Transactions		24,415			240,305
Total Increase in Net Assets		24,257			240,306
Net Assets:
Beginning of Period		240,306			—
End of Period	$	264,563		$	240,306
(1) Capital Share Transactions:
Class IR:
Shares Subscribed		6,160			9,605
Shares Issued on Distributions Reinvested		42			44
Shares Redeemed		(5,546	)		(2,932	)
Net Increase in Class IR Shares Outstanding		656			6,717
Institutional Class:
Shares Subscribed		3,756			4,000
Shares Issued on Distributions Reinvested		27			24
Shares Redeemed		(4,219	)		—
Net Increase (Decrease) in Institutional Class Shares Outstanding		(436	)		4,024
Class A:
Shares Subscribed		16,654			15,497
Shares Issued on Distributions Reinvested		103			66
Shares Redeemed		(14,547	)		(2,273	)
Net Increase in Class A Shares Outstanding		2,210			13,290

^ Commencement of Operations.

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Ultra-Short Municipal Income Portfolio

	Class IR
Selected Per Share Data and Ratios	Six Months Ended March 31, 2020 (unaudited)			Period from December 19, 2018⁽¹⁾ to September 30, 2019
Net Asset Value, Beginning of Period	$	10.00		$	10.00
Income from Investment Operations:
Net Investment Income⁽²⁾		0.07			0.12
Net Realized and Unrealized Gain (Loss)		(0.00	)⁽³⁾		0.00	⁽³⁾
Total from Investment Operations		0.07			0.12
Distributions from and/or in Excess of:
Net Investment Income		(0.07	)		(0.12	)
Net Asset Value, End of Period	$	10.00		$	10.00
Total Return⁽⁴⁾		0.69	%⁽⁵⁾		1.19	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	73,713		$	67,174
Ratio of Expenses Before Expense Limitation		0.39	%⁽⁶⁾		0.52	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		0.13	%⁽⁶⁾		0.13	%⁽⁶⁾
Ratio of Net Investment Income		1.38	%⁽⁶⁾		1.49	%⁽⁶⁾
Portfolio Turnover Rate		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.
10

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Ultra-Short Municipal Income Portfolio

	Institutional Class
Selected Per Share Data and Ratios	Six Months Ended March 31, 2020 (unaudited)			Period from December 19, 2018⁽¹⁾ to September 30, 2019
Net Asset Value, Beginning of Period	$	10.00		$	10.00
Income from Investment Operations:
Net Investment Income⁽²⁾		0.07			0.11
Net Realized and Unrealized Gain (Loss)		(0.00	)⁽³⁾		0.00	⁽³⁾
Total from Investment Operations		0.07			0.11
Distributions from and/or in Excess of:
Net Investment Income		(0.06	)		(0.11	)
Net Asset Value, End of Period	$	10.01		$	10.00
Total Return⁽⁴⁾		0.74	%⁽⁵⁾		1.11	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	35,901		$	40,250
Ratio of Expenses Before Expense Limitation		0.48	%⁽⁶⁾		0.62	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		0.23	%⁽⁶⁾		0.23	%⁽⁶⁾
Ratio of Net Investment Income		1.31	%⁽⁶⁾		1.39	%⁽⁶⁾
Portfolio Turnover Rate		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.
11

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Ultra-Short Municipal Income Portfolio

	Class A
Selected Per Share Data and Ratios	Six Months Ended March 31, 2020 (unaudited)			Period from December 19, 2018⁽¹⁾ to September 30, 2019
Net Asset Value, Beginning of Period	$	10.00		$	10.00
Income from Investment Operations:
Net Investment Income⁽²⁾		0.06			0.10
Net Realized and Unrealized Gain (Loss)		(0.00	)⁽³⁾		0.00	⁽³⁾
Total from Investment Operations		0.06			0.10
Distributions from and/or in Excess of:
Net Investment Income		(0.06	)		(0.10	)
Net Asset Value, End of Period	$	10.00		$	10.00
Total Return⁽⁴⁾		0.59	%⁽⁵⁾		1.04	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	154,949		$	132,882
Ratio of Expenses Before Expense Limitation		0.58	%⁽⁶⁾		0.72	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		0.33	%⁽⁶⁾		0.33	%⁽⁶⁾
Ratio of Net Investment Income		1.15	%⁽⁶⁾		1.30	%⁽⁶⁾
Portfolio Turnover Rate		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 which does not reflect sales charges, if applicable, 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, 2020

Notes to Financial Statements (unaudited)

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 offers three classes of shares — Class IR, Institutional Class and Class A.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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, 2020:

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	$	—	$	56,300	$	—	$	56,300
Daily Variable Rate Bonds		—		60,500		—		60,500
Closed-End Investment Companies		—		24,550		—		24,550
Floating Rate Notes		—		41,694		—		41,694
Quarterly Variable Rate Bond		—		2,000		—		2,000
Semi-Annual Variable Rate Bonds		—		9,500		—		9,500
Commercial Paper		—		11,923		—		11,923
Municipal Bonds & Notes		—		35,247		—		35,247
Total Short-Term Investments		—		241,714		—		241,714
Total Assets	$	—	$	241,714	$	—	$	241,714

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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 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 Fund 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 six months ended March 31, 2020, approximately $281,000 of advisory fees were waived and approximately $73,000 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, 2020

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

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

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. The tax period ended September 30, 2019, remains subject to examination by taxing authorities.

				2019 Distributions Paid From: Tax-Exempt Income (000)
				$	1,474

Permanent differences, due to a nondeductible expense, resulted in the following reclassifications among the components of net assets at September 30, 2019:

Total Distributable Earnings (000)				Paid-in- Capital (000)
$	41			$	(41	)

At September 30, 2019, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Tax-Exempt Income (000)				Undistributed Long-Term Capital Gain (000)
$	200			$	—

At September 30, 2019, the Fund had available for federal income tax purposes unused short-term capital losses of less than $500 that do not have an expiration date.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

Privacy Notice (unaudited) April 2019

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) April 2019

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 non-financial 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.
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. n MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between non-affiliated 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, 2020

Trustee and Officer Information (unaudited)

Trustees

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
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

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

IFTUSMISAN
3058184 EXP 05.31.21

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Liquid Assets Prime Portfolio

Semi-Annual Report

March 31, 2020

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/moneymarketfundsshareholderreports 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.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Table of Contents

Shareholders' Letter					2
Performance Summary					3
Expense Example					4
Portfolio of Investments					5
Statement of Assets and Liabilities					7
Statement of Operations					8
Statements of Changes in Net Assets					9
Financial Highlights					10
Notes to Financial Statements					13
Privacy Notice					17
Trustee and Officer Information					19

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Semi-Annual Report, in which you will learn how your investment in Liquid Assets Prime 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 2020

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Performance Summary (unaudited)

Liquid Assets Prime Portfolio

The Fund's seven-day current and effective yields (effective yield assumes an annualization of the current yield with all dividends reinvested) as of March 31, 2020 were as follows:

Subsidized Yields
Wealth Class						Advisory Class						Class A
7-day Current Yield			7-day Effective Yield			7-day Current Yield			7-day Effective Yield			7-day Current Yield			7-day Effective Yield
	0.48	%		0.48	%		0.48	%		0.48	%		0.23	%		0.23	%
Non-Subsidized Yields
Wealth Class						Advisory Class						Class A
7-day Current Yield			7-day Effective Yield			7-day Current Yield			7-day Effective Yield			7-day Current Yield			7-day Effective Yield
	0.12	%		0.12	%		0.12	%		0.12	%		-0.13	%		-0.13	%

The non-subsidized yield reflects what the yield would have been had a fee and/or expense waiver not been in place during the period shown.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in this Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Morgan Stanley and its affiliates (the "sponsor") has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Funds at any time. Please read the Fund's prospectus carefully before you invest or send money.

Yield quotation more closely reflects the current earnings of the Fund than the total return. As with all money market funds, yields will fluctuate as market conditions change and the seven-day yields are not necessarily indicative of future performance.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Expense Example (unaudited)

Liquid Assets Prime Portfolio

As a shareholder of the Fund, you incur ongoing costs, including advisory fees, administration fees, 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, 2020 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/19		Actual Ending Account Value 3/31/20		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Liquid Assets Prime Portfolio Wealth Class	$	1,000.00	$	1,008.20	$	1,024.00	$	1.00	$	1.01		0.20	%
Liquid Assets Prime Portfolio Advisory Class		1,000.00		1,008.20		1,024.00		1.00		1.01		0.20
Liquid Assets Prime Portfolio Class A		1,000.00		1,006.90		1,022.75		2.26		2.28		0.45

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments

Liquid Assets Prime Portfolio

	Face Amount (000)		Value (000)
Commercial Paper (a) (1.1%)
Asset-Backed Insurance (0.8%)
MetLife Short Term Funding LLC
1.86%, 5/29/20	$	650	$	648
International Bank (0.3%)
DBS Bank Ltd.
1.94%, 6/15/20		250		249
Total Commercial Paper (Cost $897)				897
Corporate Bonds (5.3%)
International Banks (5.3%)
ABN Amro Bank N.V.
2.45%, 6/4/20 (b)		986		987
ANZ New Zealand International Ltd.
2.20%, 7/17/20 (b)		1,508		1,509
2.85%, 8/6/20 (b)		250		251
HSBC Bank PLC
4.13%, 8/12/20 (b)		1,288		1,299
Suncorp-Metway Ltd.
2.38%, 11/9/20 (b)		390		392
Total Corporate Bonds (Cost $4,438)				4,438
Floating Rate Notes (c) (36.0%)
Certificates of Deposit (6.6%)
Oversea-Chinese Banking Corp. Ltd.,
3 Month USD LIBOR + 0.12% 1.86%, 8/6/20 (b)		500		500
Sumitomo Mitsui Trust Bank Ltd./ New York,
1 Month USD LIBOR + 0.05% 0.80%, 6/19/20		4,000		4,000
Toyota Motor Finance Netherlands BV,
3 Month USD LIBOR + 0.08% 1.89%, 10/19/20		1,000		1,000
				5,500
Domestic Banks (2.0%)
HSBC Bank USA NA,
1 Month USD LIBOR + 0.17% 1.53%, 12/4/20		1,000		1,000
State Street Bank and Trust Co.,
1 Month USD LIBOR + 0.25% 1.02%, 7/20/20		700		700
				1,700
International Banks (27.4%)
ANZ New Zealand International Ltd.,
3 Month USD LIBOR + 0.07% 0.97%, 6/10/20 (b)		1,000		1,000
ANZ New Zealand International Ltd.,
3 Month USD LIBOR + 0.12% 1.02%, 9/10/20 (b)		500		500
ANZ New Zealand International Ltd.,
3 Month USD LIBOR + 0.11% 1.69%, 8/27/20 (b)		1,000		1,000
Bank of Montreal,
1 Month USD LIBOR + 0.11% 0.91%, 11/13/20		500		500

	Face Amount (000)		Value (000)
Bank of Montreal
1.90%, 8/28/20	$	750	$	750
Bank of Nova Scotia
1.48%, 9/21/20		2,000		2,001
BNZ International Funding Ltd.,
3 Month USD LIBOR + 0.13% 1.86%, 8/10/20 (b)		500		500
BNZ International Funding Ltd.,
3 Month USD LIBOR + 0.14% 1.97%, 7/15/20 (b)		500		500
Canadian Imperial Bank of Commerce,
1 Month USD LIBOR + 0.25% 0.95%, 6/15/20 (b)		1,000		1,000
Canadian Imperial Bank of Commerce,
1 Month USD LIBOR + 0.23% 1.21%, 9/30/20		1,000		1,000
Cooperatieve Rabobank UA,
1 Month USD LIBOR + 0.21% 0.93%, 6/11/20		1,000		1,000
Credit Agricole Corporate and Investment Bank,
3 Month USD LIBOR + 0.47% 2.32%, 7/13/20		500		500
Credit Suisse AG,
3 Month USD LIBOR + 0.17% 2.01%, 7/16/20		250		250
HSBC Bank PLC,
1 Month USD LIBOR + 0.35% 1.36%, 7/8/20 (b)		250		250
ING US Funding LLC,
3 Month USD LIBOR + 0.17% 1.37%, 9/23/20 (b)		1,000		1,000
ING US Funding LLC,
3 Month USD LIBOR + 0.14% 2.02%, 7/9/20 (b)		250		250
Metropolitan Life Global Funding I,
SOFR + 0.57% 0.58%, 9/7/20 (b)		1,000		1,002
Metropolitan Life Global Funding I,
3 Month USD LIBOR + 0.23% 2.10%, 1/8/21 (b)		1,510		1,510
Royal Bank of Canada,
SOFR + 0.39% 0.40%, 10/23/20		300		300
Royal Bank of Canada,
1 Month USD LIBOR + 0.18% 0.90%, 6/11/20 (b)		500		500
Skandinaviska Enskilda Banken AB,
1 Month USD LIBOR + 0.28% 1.22%, 7/30/20		2,000		2,000
Sumitomo Mitsui Banking Corp.,
3 Month USD LIBOR + 0.37% 2.21%, 10/16/20		250		250
Svenska Handelsbanken,
1 Month USD LIBOR + 0.25% 1.18%, 6/24/20		500		500
Svenska Handelsbanken,
3 Month USD LIBOR + 0.11% 1.36%, 12/4/20		500		500

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Liquid Assets Prime Portfolio

	Face Amount (000)		Value (000)
Floating Rate Notes (c) (cont'd)
Svenska Handelsbanken,
1 Month USD LIBOR + 0.25% 1.61%, 1/4/21	$	1,000	$	1,000
Toronto-Dominion Bank,
1 Month USD LIBOR + 0.27% 1.19%, 6/23/20 (b)		500		500
UBS AG,
1 Month USD LIBOR + 0.34% 1.70%, 8/4/20 (b)		1,000		1,000
1.72%, 8/5/20 (b)		2,000		2,000
				23,063
Total Floating Rate Notes (Cost $30,263)				30,263
Repurchase Agreements (52.3%)
BNP Paribas Prime Brokerage, Inc., (0.61% (c), dated 12/23/19, due 6/22/20; proceeds $2,006; fully collateralized by various Corporate Bonds, 5.63% - 10.75% due 10/15/22 - 4/8/68 (d); valued at $2,227) (Demand 4/1/20)		2,000		2,000
JP Morgan Securities LLC, (0.02%, dated 3/31/20, due 4/1/20; proceeds $21,000; fully collateralized by various U.S. Government agency securities, 2.50% - 6.50% due 8/1/25 - 3/20/50; valued at $21,630)		21,000		21,000
Wells Fargo Securities LLC, (Interest in $1,165,000 joint repurchase agreement, 0.02% dated 3/31/20 under which Wells Fargo Securities LLC, will repurchase the securities provided as collateral for $1,165,001 on 4/1/20. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were various U.S. Government agency securities with various maturities to 02/20/50 (d); valued at $1,199,950)		21,000		21,000
Total Repurchase Agreements (Cost $44,000)				44,000
Time Deposit (4.2%)
International Bank (4.2%)
Mizuho Bank Ltd.
0.05%, 4/1/20 (Cost $3,500)		3,500		3,500
Total Investments (98.9%) (Cost $83,098) (e)				83,098
Other Assets in Excess of Liabilities (1.1%)				964
Net Assets (100.0%)			$	84,062

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

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

(e) The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes.

LIBOR London Interbank Offered Rate.

SOFR Secured Overnight Financing Rate.

USD United States Dollar.

Portfolio Composition

Classification	Percentage of Total Investments
Repurchase Agreements		53.0	%
Floating Rate Notes		36.4
Corporate Bonds		5.3
Other*		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.
6

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Liquid Assets Prime Portfolio

Statement of Assets and Liabilities	March 31, 2020 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $83,098)⁽¹⁾	$	83,098
Cash		925
Interest Receivable		66
Due from Adviser		26
Prepaid Offering Costs		21
Other Assets		35
Total Assets		84,171
Liabilities:
Payable for Offering Costs		71
Payable for Professional Fees		24
Payable for Fund Shares Redeemed		2
Payable for Transfer Agency Fees		1
Payable for Custodian Fees		—	@
Payable for Shareholder Services Fees — Class A		—	@
Other Liabilities		11
Total Liabilities		109
Net Assets	$	84,062
Net Assets Consist of:
Paid-in-Capital	$	84,092
Total Accumulated Loss		(30	)
Net Assets	$	84,062
Wealth Class:
Net Assets	$	61,591
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		61,613,755
Net Asset Value, Offering and Redemption Price Per Share	$	1.00
Advisory Class:
Net Assets	$	22,370
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		22,376,366
Net Asset Value, Offering and Redemption Price Per Share	$	1.00
CLASS A:
Net Assets	$	101
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		101,360
Net Asset Value, Offering and Redemption Price Per Share	$	1.00
⁽¹⁾ Including: Repurchase Agreements, at Value	$	44,000

@ 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, 2020 (unaudited)

Liquid Assets Prime Portfolio

Statement of Operations	Six Months Ended March 31, 2020 (000)
Investment Income:
Interest	$	728
Expenses:
Offering Costs		66
Advisory Fees (Note B)		61
Professional Fees		33
Administration Fees (Note C)		20
Custodian Fees (Note F)		7
Shareholder Reporting Fees		7
Registration and Filing Fees		5
Transfer Agency Fees (Note E)		3
Pricing Fees		2
Trustees' Fees and Expenses		1
Shareholder Services Fees — Class A (Note D)		—	@
Other Expenses		6
Total Expenses		211
Waiver of Advisory Fees (Note B)		(61	)
Expenses Reimbursed by Adviser (Note B)		(50	)
Waiver of Administration Fees (Note C)		(20	)
Net Expenses		80
Net Investment Income		648
Realized Loss:
Investments Sold		(31	)
Net Increase in Net Assets Resulting from Operations	$	617

@ 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, 2020

Liquid Assets Prime Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2020 (unaudited) (000)			Period from May 29, 2019^ to September 30, 2019 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	648		$	376
Net Realized Gain (Loss)		(31	)		1
Net Increase in Net Assets Resulting from Operations		617			377
Dividends and Distributions to Shareholders:
Wealth Class		(482	)		(225	)
Advisory Class		(165	)		(150	)
Class A		(1	)		(1	)
Total Dividends and Distributions to Shareholders		(648	)		(376	)
Capital Share Transactions:⁽¹⁾
Wealth Class:
Subscribed		79,911			30,000
Distributions Reinvested		482			225
Redeemed		(49,004	)		(—	@)
Advisory Class:
Subscribed		2,427			19,900
Distributions Reinvested		165			150
Redeemed		(266	)		—
Class A:
Subscribed		—			100
Distributions Reinvested		1			1
Net Increase in Net Assets Resulting from Capital Share Transactions		33,716			50,376
Total Increase in Net Assets		33,685			50,377
Net Assets:
Beginning of Period		50,377			—
End of Period	$	84,062		$	50,377
(1) Capital Share Transactions:
Wealth Class:
Shares Subscribed		79,911			30,000
Shares Issued on Distributions Reinvested		482			225
Shares Redeemed		(49,004	)		(—	@@)
Net Increase in Wealth Class Shares Outstanding		31,389			30,225
Advisory Class:
Shares Subscribed		2,427			19,900
Shares Issued on Distributions Reinvested		165			150
Shares Redeemed		(266	)		—
Net Increase in Advisory Class Shares Outstanding		2,326			20,050
Class A:
Shares Subscribed		—			100
Shares Issued on Distributions Reinvested		1			1
Net Increase in Class A Shares Outstanding		1			101

^ 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.
9

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Liquid Assets Prime Portfolio

	Wealth Class
Selected Per Share Data and Ratios	Six Months Ended March 31, 2020 (unaudited)			Period from May 29, 2019⁽¹⁾ to September 30, 2019
Net Asset Value, Beginning of Period	$	1.00		$	1.00
Income from Investment Operations:
Net Investment Income⁽²⁾		0.008			0.007
Distributions from and/or in Excess of:
Net Investment Income		(0.008	)		(0.007	)
Net Asset Value, End of Period	$	1.00		$	1.00
Total Return⁽³⁾		0.82	%⁽⁴⁾		0.75	%⁽⁴⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	61,591		$	30,226
Ratio of Expenses Before Expense Limitation		0.52	%⁽⁵⁾		0.84	%⁽⁵⁾
Ratio of Expenses After Expense Limitation		0.20	%⁽⁵⁾		0.23	%⁽⁵⁾
Ratio of Net Investment Income		1.60	%⁽⁵⁾		2.20	%⁽⁵⁾

(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.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Liquid Assets Prime Portfolio

	Advisory Class
Selected Per Share Data and Ratios	Six Months Ended March 31, 2020 (unaudited)			Period from May 29, 2019⁽¹⁾ to September 30, 2019
Net Asset Value, Beginning of Period	$	1.00		$	1.00
Income from Investment Operations:
Net Investment Income⁽²⁾		0.008			0.007
Distributions from and/or in Excess of:
Net Investment Income		(0.008	)		(0.007	)
Net Asset Value, End of Period	$	1.00		$	1.00
Total Return⁽³⁾		0.82	%⁽⁴⁾		0.75	%⁽⁴⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	22,370		$	20,050
Ratio of Expenses Before Expense Limitation		0.52	%⁽⁵⁾		0.84	%⁽⁵⁾
Ratio of Expenses After Expense Limitation		0.20	%⁽⁵⁾		0.23	%⁽⁵⁾
Ratio of Net Investment Income		1.60	%⁽⁵⁾		2.20	%⁽⁵⁾

(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.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Liquid Assets Prime Portfolio

	Class A
Selected Per Share Data and Ratios	Six Months Ended March 31, 2020 (unaudited)			Period from May 29, 2019⁽¹⁾ to September 30, 2019
Net Asset Value, Beginning of Period	$	1.00		$	1.00
Income from Investment Operations:
Net Investment Income⁽²⁾		0.007			0.007
Distributions from and/or in Excess of:
Net Investment Income		(0.007	)		(0.007	)
Net Asset Value, End of Period	$	1.00		$	1.00
Total Return⁽³⁾		0.69	%⁽⁴⁾		0.67	%⁽⁴⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	101		$	101
Ratio of Expenses Before Expense Limitation		0.78	%⁽⁵⁾		1.09	%⁽⁵⁾
Ratio of Expenses After Expense Limitation		0.45	%⁽⁵⁾		0.48	%⁽⁵⁾
Ratio of Net Investment Income		1.36	%⁽⁵⁾		1.95	%⁽⁵⁾

(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.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Notes to Financial Statements (unaudited)

The accompanying financial statements relate to the Liquid Assets Prime Portfolio. The Fund seeks preservation of capital, daily liquidity and maximum current income. The Fund offers three classes of shares — Wealth Class, Advisory Class and Class A.

1. Security Valuation: Securities owned by the Fund are stated at amortized cost which approximates fair value, in accordance with Rule 2a-7 under the Act. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity.

2. 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.

3. 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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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, 2020:

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
Commercial Paper	$	—	$	897	$	—	$	897
Corporate Bonds		—		4,438		—		4,438
Floating Rate Notes		—		30,263		—		30,263
Repurchase Agreements		—		44,000		—		44,000
Time Deposit		—		3,500		—		3,500
Total Short-Term Investments		—		83,098		—		83,098
Total Assets	$	—	$	83,098	$	—	$	83,098

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

6. 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 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 0.15% of the average daily net assets of the Fund.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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 six months ended March 31, 2020, approximately $61,000 of advisory fees were waived and approximately $50,000 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 0.05% 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 Administrator has also agreed to reduce its administration fees to enable the Fund to maintain a minimum level of daily net investment income. This arrangement had no effect for the six months ended March 31, 2020.

For the six months ended March 31, 2020, approximately $20,000 of administration fees were waived.

The Distributor has agreed to reduce its distribution fees to enable the Fund to maintain a minimum level of daily net investment income.

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.

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,

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

no provision for federal income taxes is required in the financial statements.

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. The tax period ended September 30, 2019, remains subject to examination by taxing authorities.

				2019 Distributions Paid From: Ordinary Income (000)
				$	376

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2019.

At September 30, 2019, 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)
$	34			$	—

I. Other: At March 31, 2020, 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 37.1%.

J. Subsequent Event: Certain impacts to public health conditions particular to the coronavirus (COVID-19) outbreak could impact the operations and financial performance of certain of the Fund's investments. The extent of the impact to the financial performance of the Fund's Investments will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted. If the financial performance of the Fund's Investments is impacted because of these factors for an extended period, the Fund's investment results may be adversely affected.

Privacy Notice (unaudited) April 2019

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) April 2019

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 non-financial 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.
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. n MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between non-affiliated 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, 2020

Trustee and Officer Information (unaudited)

Trustees

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
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its Semi-Annual and the Annual Reports within 60 days of the end of the fund's second and fourth fiscal quarters. The Semi-Annual and Annual Reports are filed electronically with the Securities and Exchange Commission ("SEC") on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the Semi-Annual and Annual Reports to fund shareholders and makes these reports available on its public website, www.morganstanley.com/im/moneymarketfundsshareholderreports. Each Morgan Stanley non-money market 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. However, the holdings for each money market fund are posted to the Morgan Stanley public website. You may 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/moneymarketfundsshareholderreports. 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/moneymarketfundsshareholderreports 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

IFTLAPSAN
3055805 EXP 05.31.21

INVESTMENT MANAGEMENT

Morgan Stanley Institutional Fund Trust

Senior Loan Portfolio

Semi-Annual Report

March 31, 2020

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					9
Statement of Operations					10
Statement of Changes in Net Assets					11
Financial Highlights					12
Notes to Financial Statements					16
Privacy Notice					21
Trustee and Officer Information					23

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Semi-Annual Report, in which you will learn how your investment in Senior Loan Portfolio (the "Fund") performed during the period beginning January 31, 2020 (when the Fund commenced operations) and ended March 31, 2020.

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 2020

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Expense Example (unaudited)

Senior Loan Portfolio

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period 1/31/20-3/31/20.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 1/31/20		Actual Ending Account Value 3/31/20		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Senior Loan Portfolio Class I^	$	1,000.00	$	875.10	$	1,007.10	$	1.03	$	1.10		0.67	%
Senior Loan Portfolio Class A^		1,000.00		874.80		1,006.43		1.66		1.78		1.08
Senior Loan Portfolio Class C^		1,000.00		874.30		1,005.25		2.77		2.96		1.80
Senior Loan Portfolio Class IS^		1,000.00		875.10		1,007.15		0.98		1.05		0.64

* 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 60/366 (to reflect the actual days in the period).

** Annualized.

^ The Fund commenced operations on January 31, 2020.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments

Senior Loan Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (99.6%)
Corporate Bonds (15.3%)
Communications (4.9%)
Altice France SA 7.38%, 5/1/26 (a)	$	250	$	250
CSC Holdings LLC 5.50%, 4/15/27 (a)		250		260
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.38%, 8/15/26 (a)		500		409
iHeartCommunications, Inc. 4.75%, 1/15/28 (a)		500		453
LCPR Senior Secured Financing DAC 6.75%, 10/15/27 (a)		500		495
MDC Partners, Inc. 6.50%, 5/1/24 (a)		350		265
				2,132
Consumer, Cyclical (2.2%)
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/23 (a)		175		141
New Home Co., Inc. (The) 7.25%, 4/1/22		250		215
Station Casinos LLC 4.50%, 2/15/28 (a)		500		409
Sugarhouse HSP Gaming Prop Mezz LP/ Sugarhouse HSP Gaming Finance Corp. 5.88%, 5/15/25 (a)		250		207
				972
Consumer, Non-Cyclical (1.7%)
Garda World Security Corp. 4.63%, 2/15/27 (a)		375		338
Sotheby's 7.38%, 10/15/27 (a)		500		401	��
				739
Energy (0.3%)
Global Partners LP/GLP Finance Corp. 7.00%, 8/1/27		175		133
Finance (1.6%)
iStar, Inc. 4.75%, 10/1/24		250		212
Oaktree Specialty Lending Corp. 3.50%, 2/25/25		250		225
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. 6.38%, 12/15/22 (a)		250		243
				680
Industrials (4.1%)
Berry Global, Inc. 5.13%, 7/15/23		500		505
Bombardier, Inc. 6.13%, 1/15/23 (a)		200		142
Cleaver-Brooks, Inc. 7.88%, 3/1/23 (a)		150		126
Mauser Packaging Solutions Holding Co. 5.50%, 4/15/24 (a)		500		464

	Face Amount (000)		Value (000)
Triumph Group, Inc. 6.25%, 9/15/24 (a)	$	250	$	224
TTM Technologies, Inc. 5.63%, 10/1/25 (a)		400		340
				1,801
Utilities (0.5%)
Calpine Corp. 5.25%, 6/1/26 (a)		250		239
				6,696
Variable Rate Senior Loan Interests (84.3%)
Basic Materials (3.5%)
Chemours Company (The), Term Loan B2 3 Month USD LIBOR + 1.75%, 2.74%, 4/3/25 (b)		499		461
Cyanco Intermediate Corp., 2020 Term Loan B 3/16/25 (c)		499		429
Innophos, Inc., 2020 Term Loan B 1 Month USD LIBOR + 3.75%, 4.76%, 2/4/27 (b)		750		647
				1,537
Communications (16.6%)
Abg Intermediate Holdings 2 LLC, 2017 1st Lien Add-On Term Loan 9/27/24 (c)		750		604
Block Communications, Inc., 2020 Term Loan 3 Month LIBOR + 2.25%, 3.70%, 2/11/27 (b)		500		495
CenturyLink, Inc., 2020 Term Loan B 1 Month USD LIBOR + 2.25%, 3.24%, 3/15/27 (b)		499		469
Clear Channel Outdoor Holdings I, Term Loan B 8/21/26 (c)		499		424
Cogeco Communications (USA) II L.P., Term Loan B 1 Month USD LIBOR + 2.00%, 2.99%, 1/3/25 (b)		499		473
Coral — US Co — Borrower LLC, 2020 Term Loan B5 1/31/28 (c)		500		474
Diamond Sports Group, LLC, Term Loan 1 Month USD LIBOR + 3.25%, 4.18%, 8/24/26 (b)		499		392
Digicel International Finance Ltd., Term Loan B 5/28/24 (c)		249		197
Hargray Communications Group, Inc., 2017 Term Loan B 1 Month USD LIBOR + 3.00%, 4.00%, 5/16/24 (b)		249		221
Level 3 Financing Inc., 2019 Term Loan B 1 Month USD LIBOR + 1.75%, 2.74%, 3/1/27 (b)		250		236

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Senior Loan Portfolio

	Face Amount (000)		Value (000)
Communications (cont'd)
NEP/NCP Holdco, Inc., 2018 1st Lien Term Loan 3 Month USD LIBOR + 3.25%, 4.70%, 10/20/25 (b)	$	499	$	316
Nexstar Broadcasting, Inc., 2019 Term Loan B4 9/18/26 (c)		241		227
PUG LLC, USD Term Loan 1 Month USD LIBOR + 3.50%, 4.49%, 1/29/27 (b)		698		607
Sprint Communications, Inc., 1st Lien Term Loan B 1 Month USD LIBOR + 2.50%, 3.50%, 2/2/24 (b)		748		745
Univision Communications, Inc., Term Loan C5 3/15/24 (c)		492		423
Virgin Media Bristol LLC, USD Term Loan N 1 Month USD LIBOR + 2.50%, 3.20%, 1/31/28 (b)		500		466
Ziggo Financing Partnership, USD Term Loan I 1 Month USD LIBOR + 2.50%, 3.20%, 4/30/28 (b)		500		478
				7,247
Consumer, Cyclical (18.8%)
1011778 B.C. Unlimited Liability Company, Term Loan B4 1 Month USD LIBOR + 1.75%, 2.74%, 11/19/26 (b)		249		231
Allegiant Travel Company, 2020 Term Loan 1 Month USD LIBOR + 3.00%, 4.71%, 2/5/24 (b)		500		406
Allsup's Convenience Stores Inc, Term Loan B3 1 Month USD LIBOR + 6.25%, 7.18%, 11/18/24 (b)		691		581
American Airlines, Inc., 2017 Replacement Term Loan 1 Month USD LIBOR + 1.75%, 2.94%, 1/29/27 (b)		500		415
American Builders Contractor, 2019 Term Loan 1/15/27 (c)		399		381
Aramark Services, Inc., 2019 Term Loan B4 1 Month USD LIBOR + 1.75%, 2.74%, 1/15/27 (b)		500		468
Burlington Coat Factory Warehouse Corporation, 2017 Term Loan B5 1 Month USD LIBOR + 1.75%, 2.55%, 11/17/24 (b)		1,000		965
Carrols Restaurant Group, Inc., Term Loan B 3 Month USD LIBOR + 3.25%, 4.21%, 4/30/26 (b)		499		367

	Face Amount (000)		Value (000)
Core & Main LP, 2017 Term Loan B 3 Month USD LIBOR + 2.75%, 4.33%, 8/1/24 (b)	$	499	$	446
Delta 2 (LUX) S.a.r.l., Term Loan B 3 Month USD LIBOR + 2.50%, 3.50%, 2/1/24 (b)		500		451
Golden Nugget, Inc., 2017 Incremental Term Loan B 1 Month USD LIBOR + 2.50%, 3.49% - 3.70%, 10/4/23 (b)		548		431
Harbor Freight Tools USA, Inc., 2018 Term Loan B 3 Month USD LIBOR + 2.50%, 3.49%, 8/18/23 (b)		500		459
IRB Holding Corp., 2020 Term Loan B 2/5/25 (c)		500		391
Lions Gate Capital Holdings LLC, 2018 Term Loan B 3 Month USD LIBOR + 2.25%, 3.24%, 3/24/25 (b)		748		682
Party City Holdings Inc., 2018 Term Loan B 3 Month USD LIBOR + 2.50%, 3.49% - 4.10%, 8/19/22 (b)		498		255
Playa Resorts Holding BV, 2017 Term Loan B 4/29/24 (c)		748		521
Scientific Games International, Inc., 2018 Term Loan B5 3 Month USD LIBOR + 2.75%, 3.74% - 4.37%, 8/14/24 (b)		499		405
Truck Hero, Inc., 1st Lien Term Loan 3 Month USD LIBOR + 3.75%, 4.74%, 4/22/24 (b)		499		385
				8,240
Consumer, Non-Cyclical (18.6%)
Acadia Healthcare Company, Inc., 2018 Term Loan B4 3 Month USD LIBOR + 2.50%, 3.49%, 2/16/23 (b)		499		462
Agiliti Health, Inc, Term Loan B 3 Month USD LIBOR + 3.00%, 4.44%, 1/4/26 (b)		499		481
AVSC Holding Corp., Incremental Term Loan B 1 Month USD LIBOR + 4.50%, 6.20%, 10/15/26 (b)		500		313
Bausch Health Companies Inc., 2018 Term Loan B 3 Month USD LIBOR + 3.00%, 3.61%, 6/2/25 (b)		487		466
Creative Artists Agency, LLC, 2019 Term Loan B 1 Month USD LIBOR + 3.75%, 4.74%, 11/27/26 (b)		499		440

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Senior Loan Portfolio

	Face Amount (000)		Value (000)
Consumer, Non-Cyclical (cont'd)
DaVita, Inc., 2020 Term Loan B 1 Month USD LIBOR + 1.75%, 2.74%, 8/12/26 (b)	$	249	$	239
EyeCare Partners, LLC, 2020 Term Loan 1 Month USD LIBOR + 3.75%, 4.82%, 2/5/27 (b)		324		266
EyeCare Partners, LLC, 2020 Delayed Draw Term Loan 0.50%, 2/18/27 (d)		76		62
Froneri International Ltd., 2020 USD Term Loan 1 Month USD LIBOR + 2.25%, 3.24%, 1/29/27 (b)		500		480
Gentiva Health Services, Inc., 2020 Term Loan 1 Month USD LIBOR + 3.25%, 4.25%, 7/2/25 (b)		500		472
Grifols Worldwide Operations Ltd., 2019 Term Loan B 11/15/27 (c)		250		239
HCA, Inc., Term Loan B12 3/13/25 (c)		500		479
Hearthside Food Solutions, LLC, 2018 Term Loan B 3 Month USD LIBOR + 3.69%, 4.68%, 5/23/25 (b)		748		635
Jaguar Holding Company II, 2018 Term Loan 3 Month USD LIBOR + 2.50%, 3.50%, 8/18/22 (b)		748		721
Lineage Logistics Holdings, LLC, 2018 Term Loan 3 Month USD LIBOR + 3.00%, 4.00%, 2/27/25 (b)		498		472
Mister Car Wash Holdings, Inc., 2019 Term Loan B 1 Month USD LIBOR + 3.25%, 3.86%, 5/14/26 (b)		394		331
Mister Car Wash Holdings, Inc., 2019 Delayed Draw Term Loan 1 Month USD LIBOR + 3.25%, 3.86%, 5/14/26 (b)		5		4
Pearl Intermediate Parent LLC 2018 1st Lien Term Loan 3 Month USD LIBOR + 2.75%, 3.74%, 2/14/25 (b)		499		417
Pearl Intermediate Parent LLC, 2018 Incremental Term Loan 3 Month USD LIBOR + 3.25%, 4.24%, 2/14/25 (b)		150		125
Surgery Center Holdings, Inc., 2017 Term Loan B 3 Month USD LIBOR + 3.25%, 4.25%, 9/3/24 (b)		748		580

	Face Amount (000)		Value (000)
TMS International Corp., 2018 Term Loan B2 3 Month USD LIBOR + 2.75%, 3.75% - 4.53%, 8/14/24 (b)	$	499	$	439
				8,123
Energy (2.2%)
Blackstone CQP Holdco LP, Term Loan B 3 Month USD LIBOR + 3.50%, 4.62%, 9/30/24 (b)		499		398
Lower Cadence Holdings LLC, Term Loan B 3 Month USD LIBOR + 4.00%, 4.99%, 5/22/26 (b)		499		304
Medallion Midland Acquisition, LLC, 1st Lien Term Loan 3 Month USD LIBOR + 3.25%, 4.25%, 10/30/24 (b)		499		284
				986
Finance (5.4%)
Blackstone Mortgage Trust, Inc., 2019 New Term Loan 1 Month USD LIBOR + 2.25%, 3.24%, 4/23/26 (b)		499		436
Brookfield Property REIT Inc., Term Loan B 3 Month USD LIBOR + 2.50%, 3.49%, 8/27/25 (b)		499		357
Citadel Securities LP, 2020 Term Loan B 1 Month USD LIBOR + 2.75%, 3.74%, 2/27/26 (b)		249		227
Hub International Limited, 2018 Term Loan B 3 Month USD LIBOR + 2.75%, 4.20% - 4.55%, 4/25/25 (b)		499		470
Jefferies Finance LLC, 2019 Term Loan 1 Month USD LIBOR + 3.25%, 4.25%, 6/3/26 (b)		499		418
Sedgwick Claims Management Services, Inc., 2018 Term Loan B 3 Month USD LIBOR + 3.25%, 4.24%, 12/31/25 (b)		499		446
				2,354
Industrials (11.9%)
ACProducts, Inc., 2020 Term Loan B 1 Month USD LIBOR + 6.50%, 8.19%, 8/18/25 (b)		125		114
Berry Global, Inc., 2019 Term Loan Y 7/1/26 (c)		499		477
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan 3 Month USD LIBOR + 4.25%, 5.70% - 6.12%, 6/21/24 (b)		399		324

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Senior Loan Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
CPG International Inc., 2017 Term Loan 3 Month USD LIBOR + 3.75%, 5.93%, 5/5/24 (b)	$	250	$	212
Flex Acquisition Company, Inc., 1st Lien Term Loan 3 Month USD LIBOR + 3.00%, 4.58% - 4.91%, 12/29/23 (b)		500		460
Generac Power Systems, Inc., 2019 Term Loan B 1 Month USD LIBOR + 1.75%, 2.73%, 12/13/26 (b)		500		481
Ingersoll-Rand Services Company 2020 USD Spinco Term Loan 1 Month USD LIBOR + 1.75%, 2.74%, 3/1/27 (b)		250		237
NCI Building Systems, Inc., 2018 Term Loan 3 Month USD LIBOR + 3.75%, 4.56%, 4/12/25 (b)		748		641
Plastipak Packaging, Inc., 2018 Term Loan B 3 Month USD LIBOR + 2.50%, 3.49%, 10/14/24 (b)		250		228
Quikrete Holdings, Inc., 2016 1st Lien Term Loan 1 Month USD LIBOR + 2.50%, 3.49%, 2/1/27 (b)		499		461
Reynolds Group Holdings, Inc., 2017 Term Loan 2/5/23 (c)		249		237
Titan Acquisition Ltd., 2018 Term Loan B 3/28/25 (c)		249		208
TransDigm, Inc., 2020 Term Loan F 1 Month USD LIBOR + 2.25%, 3.24%, 12/9/25 (b)		499		460
Trident TPI Holdings, Inc., 2017 USD Term Loan B1 3 Month USD LIBOR + 3.25%, 4.32% - 4.70%, 10/17/24 (b)		499		419
XPO Logistics, Inc., 2018 Refinancing Term Loan 2/24/25 (c)		250		239
				5,198
Technology (6.1%)
DCert Buyer, Inc., 2019 Term Loan B 3 Month USD LIBOR + 4.00%, 4.99%, 10/16/26 (b)		250		225
Dell International LLC, 2019 Term Loan B 1 Month USD LIBOR + 2.00%, 2.68%, 9/19/25 (b)		500		480
Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan 3 Month USD LIBOR + 3.00%, 4.26% - 4.76%, 11/3/23 (b)		250		221

	Face Amount (000)		Value (000)
RP Crown Parent, LLC, 2016 Term Loan B 3 Month USD LIBOR + 2.75%, 3.74%, 10/12/23 (b)	$	499	$	479
Surf Holdings LLC, USD Term Loan 3/5/27 (c)		500		449
Verifone Systems, Inc., 2018 1st Lien Term Loan 3 Month USD LIBOR + 4.00%, 5.69%, 8/20/25 (b)		500		328
VS Buyer, LLC, Term Loan B 2/28/27 (c)		500		482
				2,664
Utilities (1.2%)
Calpine Corporation, Term Loan B5 1 Month USD LIBOR + 2.25%, 3.24%, 1/15/24 (b)		549		530
				36,879
Total Fixed Income Securities (Cost $50,024)				43,575
	Shares
Short-Term Investment (16.6%)
Investment Company (16.6%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $7,281)		7,281,392		7,281
Total Investments (116.2%) (Cost $57,305) (e)				50,856
Liabilities in Excess of Other Assets (–16.2%)				(7,077	)
Net Assets (100.0%)			$	43,779

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

(d) In addition to the term loan, the fund has an unfunded loan commitment of approximately $62,000, which could be extended at the option of the borrower. As of March 31, 2020, EyeCare Partners, LLC, did not draw down any of the commitment.

(e) At March 31, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $39,000 and the aggregate gross unrealized depreciation is approximately $6,488,000, resulting in net unrealized depreciation of approximately $6,449,000.

LIBOR London Interbank Offered Rate.

REIT Real Estate Investment Trust.

USD United States Dollar.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Portfolio of Investments (cont'd)

Senior Loan Portfolio

Portfolio Composition

Classification	Percentage of Total Investments
Variable Rate Senior Loan Interests		72.5	%
Short-Term Investment		16.4
Other		11.1
Total Investments		100.0	%

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Senior Loan Portfolio

Statement of Assets and Liabilities	March 31, 2020 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $50,024)	$	43,575
Investment in Security of Affiliated Issuer, at Value (Cost $7,281)		7,281
Total Investments in Securities, at Value (Cost $57,305)		50,856
Receivable for Investments Sold		560
Interest Receivable		252
Prepaid Offering Costs		140
Due from Adviser		23
Receivable from Affiliate		10
Other Assets		7
Total Assets		51,848
Liabilities:
Payable for Investments Purchased		7,778
Payable for Offering Costs		166
Payable for Professional Fees		33
Payable for Administration Fees		3
Payable for Custodian Fees		1
Payable for Transfer Agency Fees — Class I		—	@
Payable for Transfer Agency Fees — Class A		—	@
Payable for Transfer Agency Fees — Class C		—	@
Payable for Shareholder Services Fees — Class A		—	@
Payable for Distribution and Shareholder Services Fees — Class C		—	@
Other Liabilities		88
Total Liabilities		8,069
Net Assets	$	43,779
Net Assets Consist of:
Paid-in-Capital	$	50,062
Total Accumulated Loss		(6,283	)
Net Assets	$	43,779
CLASS I:
Net Assets	$	43,752
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		5,003,341
Net Asset Value, Offering and Redemption Price Per Share	$	8.74
CLASS A:
Net Assets	$	9
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,001
Net Asset Value, Redemption Price Per Share	$	8.74
Maximum Sales Load		3.25	%
Maximum Sales Charge	$	0.29
Maximum Offering Price Per Share	$	9.03
CLASS C:
Net Assets	$	9
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	$	8.74
CLASS IS:
Net Assets	$	9
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,001
Net Asset Value, Offering and Redemption Price Per Share	$	8.75

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020 (unaudited)

Senior Loan Portfolio

Statement of Operations	Period from January 31, 2020^ to March 31, 2020 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	231
Dividends from Security of Affiliated Issuer (Note G)		50
Total Investment Income		281
Expenses:
Advisory Fees (Note B)		47
Professional Fees		33
Offering Costs		27
Shareholder Reporting Fees		6
Administration Fees (Note C)		6
Custodian Fees (Note F)		1
Transfer Agency Fees — Class I (Note E)		—	@
Transfer Agency Fees — Class A (Note E)		—	@
Transfer Agency Fees — Class C (Note E)		—	@
Transfer Agency Fees — Class IS (Note E)		—	@
Shareholder Services Fees — Class A (Note D)		—	@
Distribution and Shareholder Services Fees — Class C (Note D)		—	@
Trustees' Fees and Expenses		—	@
Pricing Fees		—	@
Other Expenses		2
Total Expenses		122
Waiver of Advisory Fees (Note B)		(47	)
Expenses Reimbursed by Adviser (Note B)		(16	)
Rebate from Morgan Stanley Affiliate (Note G)		(6	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(—	@)
Reimbursement of Class Specific Expenses — Class C (Note B)		(—	@)
Reimbursement of Class Specific Expenses — Class IS (Note B)		(—	@)
Net Expenses		53
Net Investment Income		228
Realized Gain:
Investments Sold		—	@
Change in Unrealized Appreciation (Depreciation):
Investments		(6,449	)
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		(6,449	)
Net Decrease in Net Assets Resulting from Operations	$	(6,221	)

^ Commencement of Operations.

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Senior Loan Portfolio

Statement of Changes in Net Assets	Period from January 31, 2020^ to March 31, 2020 (unaudited) (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	228
Net Realized Gain		—	@
Net Change in Unrealized Appreciation (Depreciation)		(6,449	)
Net Decrease in Net Assets Resulting from Operations		(6,221	)
Dividends and Distributions to Shareholders:
Class I		(62	)
Class A		(—	@)
Class C		(—	@)
Class IS		(—	@)
Total Dividends and Distributions to Shareholders		(62	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		49,970
Distributions Reinvested		62
Class A:
Subscribed		10
Distributions Reinvested		—	@
Class C:
Subscribed		10
Distributions Reinvested		—	@
Class IS:
Subscribed		10
Distributions Reinvested		—	@
Net Increase in Net Assets Resulting from Capital Share Transactions		50,062
Total Increase in Net Assets		43,779
Net Assets:
Beginning of Period		—
End of Period	$	43,779
(1) Capital Share Transactions:
Class I:
Shares Subscribed		4,997
Shares Issued on Distributions Reinvested		6
Net Increase in Class I Shares Outstanding		5,003
Class A:
Shares Subscribed		1
Shares Issued on Distributions Reinvested		—	@@
Net Increase in Class A Shares Outstanding		1
Class C:
Shares Subscribed		1
Shares Issued on Distributions Reinvested		—	@@
Net Increase in Class C Shares Outstanding		1
Class IS:
Shares Subscribed		1
Shares Issued on Distributions Reinvested		—	@@
Net Increase in Class IS Shares Outstanding		1

^ 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.
11

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Senior Loan Portfolio

	Class I
Selected Per Share Data and Ratios	Period from January 31, 2020⁽¹⁾ to March 31, 2020 (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.05
Net Realized and Unrealized Loss		(1.30	)
Total from Investment Operations		(1.25	)
Distributions from and/or in Excess of:
Net Investment Income		(0.01	)
Net Asset Value, End of Period	$	8.74
Total Return⁽³⁾		(12.49	)%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	43,752
Ratio of Expenses Before Expense Limitation		1.56	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		0.67	%⁽⁴⁾⁽⁶⁾
Ratio of Net Investment Income		2.93	%⁽⁴⁾⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.08	%⁽⁶⁾
Portfolio Turnover Rate		4	%⁽⁵⁾

(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.

(5) Not annualized.

(6) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Senior Loan Portfolio

	Class A
Selected Per Share Data and Ratios	Period from January 31, 2020⁽¹⁾ to March 31, 2020 (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.04
Net Realized and Unrealized Loss		(1.29	)
Total from Investment Operations		(1.25	)
Distributions from and/or in Excess of:
Net Investment Income		(0.01	)
Net Asset Value, End of Period	$	8.74
Total Return⁽³⁾		(12.52	)%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	9
Ratio of Expenses Before Expense Limitation		16.86	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		1.08	%⁽⁴⁾⁽⁶⁾
Ratio of Net Investment Income		2.53	%⁽⁴⁾⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.08	%⁽⁶⁾
Portfolio Turnover Rate		4	%⁽⁵⁾

(1) Commencement of Operations.

(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) Not annualized.

(6) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Financial Highlights

Senior Loan Portfolio

	Class C
Selected Per Share Data and Ratios	Period from January 31, 2020⁽¹⁾ to March 31, 2020 (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.03
Net Realized and Unrealized Loss		(1.29	)
Total from Investment Operations		(1.26	)
Distributions from and/or in Excess of:
Net Investment Income		(0.00	)⁽³⁾
Net Asset Value, End of Period	$	8.74
Total Return⁽⁴⁾		(12.57	)%⁽⁶⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	9
Ratio of Expenses Before Expense Limitation		17.58	%⁽⁷⁾
Ratio of Expenses After Expense Limitation		1.80	%⁽⁵⁾⁽⁷⁾
Ratio of Net Investment Income		1.81	%⁽⁵⁾⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.08	%⁽⁷⁾
Portfolio Turnover Rate		4	%⁽⁶⁾

(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 which does not reflect sales charges, if applicable, as of the last business day of the period.

(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, 2020

Financial Highlights

Senior Loan Portfolio

	Class IS
Selected Per Share Data and Ratios	Period from January 31, 2020⁽¹⁾ to March 31, 2020 (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.05
Net Realized and Unrealized Loss		(1.29	)
Total from Investment Operations		(1.24	)
Distributions from and/or in Excess of:
Net Investment Income		(0.01	)
Net Asset Value, End of Period	$	8.75
Total Return⁽³⁾		(12.49	)%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	9
Ratio of Expenses Before Expense Limitation		16.57	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		0.64	%⁽⁴⁾⁽⁶⁾
Ratio of Net Investment Income		2.96	%⁽⁴⁾⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.08	%⁽⁶⁾
Portfolio Turnover Rate		4	%⁽⁵⁾

(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.

(5) Not annualized.

(6) Annualized.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

Notes to Financial Statements (unaudited)

The accompanying financial statements relate to the Senior Loan Portfolio. The Fund seeks a high level of current income.

The Fund commenced operations on January 31, 2020 and 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. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (2) certain senior collateralized loans ("Senior Loans") are valued based on quotations received from an independent pricing service; (3) when market quotations are not readily available, including circumstances under which 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 (4) 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, 2020

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

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.

• 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.)

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, 2020:

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	$	—	$	6,696	$	—	$	6,696
Variable Rate Senior Loan Interests		—		36,879		—		36,879
Total Fixed Income Securities		—		43,575		—		43,575
Short-Term Investment
Investment Company		7,281		—		—		7,281
Total Assets	$	7,281	$	43,575	$	—	$	50,856

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

3. Senior Loans: Senior Loans are loans made to borrowers that may be corporations, partnerships or other entities. These borrowers operate in a variety of industries and geographic regions, although most Senior Loans are made to borrowers that are organized or located in the U.S. Senior Loans generally are negotiated between a borrower and several financial institution lenders represented by one or more lenders acting as agent of all the lenders. The agent is responsible for negotiating the loan agreement that establishes the terms and conditions of the Senior Loan and the rights of the borrower and the lenders. The Fund may purchase assignments of portions of Senior Loans from third parties and may invest in participations in Senior Loans. Senior Loans also may take the form of debt obligations of borrowers issued directly to investors in the form of debt securities (i.e., Senior Notes).

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

The purchaser of an assignment typically succeeds to all the rights and obligations under the loan agreement of the assigning lender and becomes a lender under the loan agreement. Assignments may, however, be arranged through private negotiations, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender.

When the Fund purchases a participation in a Senior Loan, the Fund will usually have a contractual relationship only with the lender selling the participation and not with the borrower. The Fund may have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of such payments from the borrower. As a result, the Fund may assume the credit risk of both the borrower and the lender selling the participation. In the event of insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender.

5. 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.

6. 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.

First $1 billion				Next $1.5 billion				Over $2.5 billion
	0.60	%			0.55	%			0.50	%

For the six months ended March 31, 2020, 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, 2020

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

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.

E. Dividend Disbursing and Transfer Agent/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.

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 period ended March 31, 2020, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $51,611,000 and $1,584,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the period ended March 31, 2020.

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 period ended March 31, 2020, advisory fees paid were reduced by approximately $6,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the period ended March 31, 2020 is as follows:

Affiliated Investment Company				Value January 31, 2020 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	—			$	50,029			$	42,748			$	50

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value March 31, 2020 (000)
Liquidity Funds				$	—			$	—			$	7,281

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 period ended March 31, 2020, the Fund did not engage in any cross-trade transactions.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2020

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

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.

I. Other: At March 31, 2020, the Fund did not have record owners of 10% or greater.

Privacy Notice (unaudited) April 2019

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) April 2019

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 non-financial 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.
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. n MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between non-affiliated 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, 2020

Trustee and Officer Information (unaudited)

Trustees

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
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

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

IFTSLSAN
3055782 EXP 05.31.21

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

There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item.

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 19, 2020

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 19, 2020

/s/ Francis Smith
Francis Smith
Principal Financial Officer
May 19, 2020

Morgan Stanley Institutional Fund Trust N-CSRSCertified semi-annual shareholder report (management investment company)