Morgan Stanley Institutional Fund Trust
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)
Face | ||||||||
Amount | Value | |||||||
(000) | (000) | |||||||
Fixed Income Securities (98.4%) | ||||||||
Agency Fixed Rate Mortgages (20.8%) | ||||||||
Federal Home Loan Mortgage Corporation, | ||||||||
2.00%, 10/1/51 | $ | 409 | $ | 319 | ||||
Conventional Pools: | ||||||||
2.50%, 11/1/49 | 616 | 532 | ||||||
3.00%, 11/1/49 – 12/1/49 | 414 | 361 | ||||||
3.50%, 8/1/49 | 156 | 141 | ||||||
4.00%, 4/1/49 – 11/1/49 | 563 | 533 | ||||||
4.50%, 2/1/49 | 328 | 321 | ||||||
Gold Pools: | ||||||||
3.00%, 3/1/47 – 6/1/49 | 1,191 | 1,070 | ||||||
3.50%, 1/1/44 – 4/1/49 | 796 | 744 | ||||||
4.00%, 6/1/44 – 1/1/48 | 308 | 297 | ||||||
5.41%, 7/1/37 – 8/1/37 | 10 | 10 | ||||||
5.44%, 1/1/37 – 2/1/38 | 40 | 41 | ||||||
5.46%, 5/1/37 – 1/1/38 | 39 | 39 | ||||||
5.48%, 8/1/37 | 10 | 10 | ||||||
5.50%, 8/1/37 – 11/1/37 | 40 | 42 | ||||||
5.52%, 10/1/37 | 5 | 5 | ||||||
5.62%, 12/1/36 – 8/1/37 | 45 | 47 | ||||||
6.00%, 10/1/36 – 8/1/38 | 41 | 43 | ||||||
6.50%, 12/1/25 – 8/1/33 | 49 | 52 | ||||||
7.00%, 6/1/28 – 11/1/31 | 19 | 20 | ||||||
Federal National Mortgage Association, | ||||||||
2.00%, 11/1/51 | 2,170 | 1,715 | ||||||
2.50%, 1/1/52 – 2/1/52 | 4,668 | 3,851 | ||||||
Conventional Pools: | ||||||||
2.50%, 2/1/50 | 734 | 633 | ||||||
3.00%, 6/1/40 – 1/1/50 | 3,020 | 2,682 | ||||||
3.50%, 8/1/45 – 1/1/50 | 3,057 | 2,806 | ||||||
4.00%, 11/1/41 – 9/1/49 | 2,587 | 2,482 | ||||||
4.50%, 3/1/41 – 8/1/49 | 1,002 | 982 | ||||||
5.00%, 3/1/41 | 79 | 80 | ||||||
5.50%, 6/1/35 – 1/1/37 | 29 | 30 | ||||||
5.62%, 12/1/36 | 17 | 18 | ||||||
6.50%, 4/1/24 – 1/1/34 | 417 | 437 | ||||||
7.00%, 5/1/28 – 12/1/33 | 62 | 67 | ||||||
9.50%, 4/1/30 | 14 | 15 | ||||||
January TBA: | ||||||||
2.50%, 1/1/53 (a) | 6,825 | 5,787 | ||||||
3.50%, 1/1/53 (a) | 28,200 | 25,651 | ||||||
4.00%, 1/1/53 (a) | 10,475 | 9,835 | ||||||
4.50%, 1/1/53 (a) | 25,225 | 24,318 | ||||||
5.00%, 1/1/53 (a) | 8,925 | 8,802 | ||||||
5.50%, 1/1/53 (a) | 18,475 | 18,533 | ||||||
Government National Mortgage Association, | ||||||||
January TBA: | ||||||||
3.00%, 1/20/53 (a) | 8,800 | 7,839 | ||||||
Various Pools: | ||||||||
3.50%, 11/20/40 – 7/20/49 | 799 | 748 | ||||||
4.00%, 8/20/41 – 11/20/49 | 2,140 | 2,045 | ||||||
4.50%, 4/20/49 – 7/20/49 | 222 | 213 | ||||||
5.00%, 12/20/48 – 2/20/49 | 26 | 26 | ||||||
6.50%, 5/15/40 | 217 | 227 | ||||||
124,449 |
Morgan Stanley Institutional Fund Trust
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Asset-Backed Securities (13.4%) | ||||||||
AASET 2018-2 US Ltd., | ||||||||
4.45%, 11/18/38 (b) | 2,355 | 1,872 | ||||||
AIMCO CLO, | ||||||||
Series 2018-B | ||||||||
3 Month USD LIBOR + 1.10%, 5.18%, 1/15/32 (b)(c) | 3,600 | 3,542 | ||||||
Allegro CLO XI Ltd., | ||||||||
3 Month USD LIBOR + 1.39%, 5.62%, 1/19/33 (b)(c) | 2,150 | 2,119 | ||||||
American Homes 4 Rent Trust, | ||||||||
6.07%, 10/17/52 (b) | 1,001 | 974 | ||||||
Aqua Finance Trust, | ||||||||
3.47%, 7/16/40 (b) | 900 | 840 | ||||||
BCMSC Trust, | ||||||||
7.51%, 1/15/29 (c) | 1,294 | 1,172 | ||||||
Benefit Street Partners CLO XX Ltd., | ||||||||
3 Month USD LIBOR + 1.17%, 5.25%, 7/15/34 (b)(c) | 3,685 | 3,599 | ||||||
Blackbird Capital Aircraft, | ||||||||
2.44%, 7/15/46 (b) | 1,337 | 1,100 | ||||||
Blackbird Capital Aircraft Lease Securitization Ltd., | ||||||||
5.68%, 12/16/41 (b) | 694 | 459 | ||||||
Cascade MH Asset Trust, | ||||||||
4.00%, 11/25/44 (b)(c) | 1,128 | 1,060 | ||||||
Cologix Data Centers US Issuer LLC, | ||||||||
3.30%, 12/26/51 (b) | CAD | 2,125 | 1,862 | |||||
4.94%, 1/25/52 (b) | $ | 3,600 | 2,430 | |||||
Conn's Receivables Funding LLC, | ||||||||
2.87%, 5/15/26 (b) | 1,300 | 1,277 | ||||||
9.52%, 12/15/26 (b) | 3,500 | 3,473 | ||||||
ContiMortgage Home Equity Loan Trust, | ||||||||
8.10%, 8/15/25 | 18 | 14 | ||||||
Diamond Resorts Owner Trust, | ||||||||
4.02%, 2/20/32 (b) | 389 | 378 | ||||||
ELFI Graduate Loan Program LLC, | ||||||||
4.51%, 8/26/47 (b) | 1,543 | 1,463 | ||||||
Falcon Aerospace Ltd., | ||||||||
3.60%, 9/15/39 (b) | 704 | 572 | ||||||
FCI Funding LLC, | ||||||||
Class A | ||||||||
3.63%, 2/18/31 (b) | 22 | 22 | ||||||
GAIA Aviation Ltd., | ||||||||
7.00%, 12/15/44 (b) | 1,487 | 844 | ||||||
GCI Funding I LLC, | ||||||||
2.82%, 10/18/45 (b) | 736 | 650 | ||||||
Golub Capital Partners ABS Funding Ltd., | ||||||||
2.77%, 4/20/29 (b) | 875 | 792 | ||||||
Class A2 | ||||||||
3.21%, 1/22/29 (b) | 3,290 | 3,074 | ||||||
Goodgreen Trust, | ||||||||
5.53%, 4/15/55 (b) | 1,818 | 1,519 | ||||||
5.74%, 10/15/56 (b) | 2,657 | 2,109 | ||||||
JOL Air Ltd., | ||||||||
4.95%, 4/15/44 (b) | 241 | 161 | ||||||
Lunar Aircraft Ltd., | ||||||||
3.38%, 2/15/45 (b) | 379 | 311 | ||||||
MACH 1 Cayman Ltd., | ||||||||
3.47%, 10/15/39 (b) | 815 | 660 | ||||||
MAPS Ltd., | ||||||||
4.21%, 5/15/43 (b) | 385 | 344 | ||||||
METAL LLC, | ||||||||
Class A | ||||||||
4.58%, 10/15/42 (b) | 591 | 311 |
Morgan Stanley Institutional Fund Trust
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Mosaic Solar Loan Trust, | ||||||||
2.10%, 4/20/46 (b) | 564 | 490 | ||||||
New Residential Mortgage LLC, | ||||||||
Class A | ||||||||
5.44%, 6/25/25 – 7/25/25 (b) | 4,090 | 3,855 | ||||||
Newtek Small Business Loan Trust, | ||||||||
Class A | ||||||||
Daily U.S. Prime Rate - 0.55%, 6.95%, 2/25/44 (b)(c) | 277 | 273 | ||||||
NRZ Excess Spread-Collateralized Notes, | ||||||||
Class A | ||||||||
3.47%, 11/25/26 (b) | 2,058 | 1,821 | ||||||
Octagon Investment Partners 51 Ltd., | ||||||||
3 Month USD LIBOR + 1.15%, 5.39%, 7/20/34 (b)(c) | 5,225 | 5,096 | ||||||
Oxford Finance Funding LLC, | ||||||||
5.44%, 2/15/27 (b) | 198 | 193 | ||||||
PMT FMSR Issuer Trust, | ||||||||
1 Month USD LIBOR + 3.00%, 7.39%, 3/25/26 (b)(c) | 3,900 | 3,791 | ||||||
PNMAC GMSR Issuer Trust, | ||||||||
1 Month USD LIBOR + 2.35%, 6.74%, 4/25/23 (b)(c) | 2,000 | 1,888 | ||||||
SOFR30A + 4.19%, 8.13%, 6/25/27 (b)(c) | 2,700 | 2,598 | ||||||
SOFR30A + 4.25%, 8.18%, 5/25/27 (b)(c) | 2,725 | 2,583 | ||||||
PRET 2021-NPL6 LLC, | ||||||||
2.49%, 7/25/51 (b) | 1,468 | 1,363 | ||||||
Progress Residential Trust, | ||||||||
2.31%, 5/17/38 (b) | 650 | 547 | ||||||
Raptor Aircraft Finance I LLC, | ||||||||
4.21%, 8/23/44 (b) | 2,115 | 1,543 | ||||||
ReadyCap Lending Small Business Loan Trust, | ||||||||
Daily U.S. Prime Rate - 0.55%, 7.00%, 12/27/44 (b)(c) | 374 | 355 | ||||||
Republic Finance Issuance Trust, | ||||||||
3.54%, 11/20/30 (b) | 1,385 | 1,269 | ||||||
S-Jets Ltd., | ||||||||
3.97%, 8/15/42 (b) | 2,708 | 2,105 | ||||||
Sculptor CLO XXVI Ltd., | ||||||||
3 Month USD LIBOR + 1.27%, 5.51%, 7/20/34 (b)(c) | 4,900 | 4,779 | ||||||
START Ireland, | ||||||||
4.09%, 3/15/44 (b) | 270 | 231 | ||||||
Start Ltd., | ||||||||
4.09%, 5/15/43 (b) | 2,685 | 2,151 | ||||||
Sunbird Engine Finance LLC, | ||||||||
3.67%, 2/15/45 (b) | 921 | 736 | ||||||
Tricon American Homes Trust, | ||||||||
5.10%, 1/17/36 (b) | 3,500 | 3,391 | ||||||
80,061 | ||||||||
Collateralized Mortgage Obligations - Agency Collateral Series (0.0%) (d) | ||||||||
Federal Home Loan Mortgage Corporation, | ||||||||
IO REMIC | ||||||||
6.00% - 1 Month USD LIBOR, 1.68%, 11/15/43 (e) | 425 | 33 | ||||||
IO STRIPS | ||||||||
7.50%, 12/15/29 | 11 | 2 | ||||||
Federal National Mortgage Association, | ||||||||
IO PAC REMIC | ||||||||
8.00%, 9/18/27 | 28 | 3 | ||||||
IO REMIC | ||||||||
6.00%, 7/25/33 | 30 | 5 | ||||||
IO STRIPS | ||||||||
6.50%, 9/25/29 – 12/25/29 | 128 | 14 | ||||||
8.50%, 10/25/25 | 7 | —@ | ||||||
9.00%, 11/25/26 | 6 | —@ |
Morgan Stanley Institutional Fund Trust
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
REMIC | ||||||||
7.00%, 9/25/32 | 95 | 99 | ||||||
Government National Mortgage Association, | ||||||||
IO | ||||||||
5.00%, 2/16/41 | 85 | 19 | ||||||
175 | ||||||||
Commercial Mortgage-Backed Securities (15.9%) | ||||||||
BAMLL Commercial Mortgage Securities Trust, | ||||||||
1 Month Term SOFR + 3.00%, 7.34%, 1/15/39 (b)(c) | 3,175 | 2,986 | ||||||
BANK 2019-BNK21, | ||||||||
IO | ||||||||
0.85%, 10/17/52 (c) | 13,116 | 546 | ||||||
BANK 2020-BNK30, | ||||||||
2.92%, 12/15/53 (c) | 4,200 | 2,677 | ||||||
Benchmark Mortgage Trust, | ||||||||
3.76%, 7/15/53 (b) | 2,000 | 1,694 | ||||||
IO | ||||||||
0.88%, 9/15/48 (b)(c) | 31,000 | 871 | ||||||
BF Mortgage Trust, | ||||||||
1 Month USD LIBOR + 1.70%, 6.02%, 12/15/35 (b)(c) | 2,500 | 2,225 | ||||||
BPR Trust, | ||||||||
1 Month Term SOFR + 3.00%, 7.34%, 5/15/39 (b)(c) | 3,170 | 3,146 | ||||||
BX Trust, | ||||||||
1 Month Term SOFR + 2.70%, 7.04%, 1/15/39 (b)(c) | 3,630 | 3,390 | ||||||
BXP Trust, | ||||||||
1 Month USD LIBOR + 3.00%, 7.32%, 11/15/34 (b)(c) | 1,150 | 921 | ||||||
CG-CCRE Commercial Mortgage Trust, | ||||||||
1 Month USD LIBOR + 1.85%, 6.17%, 11/15/31 (b)(c) | 541 | 514 | ||||||
Citigroup Commercial Mortgage Trust, | ||||||||
3.50%, 12/10/41 (b)(c) | 1,100 | 715 | ||||||
IO | ||||||||
0.72%, 11/10/48 (c) | 2,342 | 38 | ||||||
0.87%, 9/10/58 (c) | 4,244 | 80 | ||||||
Commercial Mortgage Trust, | ||||||||
3.40%, 8/15/57 (b)(c) | 1,400 | 1,233 | ||||||
IO | ||||||||
0.03%, 7/10/45 (c) | 7,291 | —@ | ||||||
0.66%, 10/10/47 (c) | 2,438 | 22 | ||||||
0.98%, 7/15/47 (c) | 2,643 | 28 | ||||||
Credit Suisse Mortgage Trust, | ||||||||
Class A | ||||||||
1 Month USD LIBOR + 3.00%, 7.82%, 12/15/35 (b)(c) | 5,275 | 5,263 | ||||||
1 Month USD LIBOR + 3.97%, 8.29%, 4/15/23 (b)(c) | 2,844 | 2,779 | ||||||
CSWF Commercial Mortgage Trust, | ||||||||
1 Month USD LIBOR + 1.57%, 5.88%, 6/15/34 (b)(c) | 2,680 | 2,521 | ||||||
DROP Mortgage Trust, | ||||||||
1 Month USD LIBOR + 1.15%, 5.47%, 10/15/43 (b)(c) | 3,525 | 3,371 | ||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, | ||||||||
2.88%, 1/25/49 (c) | 7,514 | 1,345 | ||||||
2.98%, 1/25/32 (c) | 5,775 | 1,075 | ||||||
3.21%, 5/25/32 (c) | 11,220 | 2,334 | ||||||
3.56%, 6/25/54 (c) | 6,549 | 1,512 | ||||||
4.15%, 8/25/54 (c) | 5,300 | 1,422 | ||||||
Federal Home Loan Mortgage Corporation, | ||||||||
IO | ||||||||
2.74%, 8/25/48 (c) | 5,484 | 827 | ||||||
Federal Home Loan Mortgage Corporation, | ||||||||
1 Month USD LIBOR + 4.35%, 8.49%, 12/25/26 (b)(c) | 61 | 58 |
Morgan Stanley Institutional Fund Trust
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
1 Month USD LIBOR + 5.25%, 9.39%, 7/25/26 (b)(c) | 45 | 43 | ||||||
IO | ||||||||
0.33%, 11/25/27 (c) | 23,351 | 324 | ||||||
2.63%, 1/25/49(c) | 21,291 | 3,287 | ||||||
2.65%, 2/25/49 (c) | 9,522 | 1,454 | ||||||
2.73%, 9/25/48 (c) | 16,800 | 2,547 | ||||||
3.07%, 11/25/36 (c) | 4,400 | 1,192 | ||||||
3.09%, 4/25/39 (c) | 3,200 | 846 | ||||||
3.46%, 10/25/38 (c) | 3,500 | 1,006 | ||||||
3.79%, 6/25/50 (c) | 8,000 | 1,931 | ||||||
GS Mortgage Securities Trust, | ||||||||
4.72%, 8/10/46 (b)(c) | 500 | 404 | ||||||
IO | ||||||||
0.71%, 9/10/47 (c) | 4,430 | 40 | ||||||
1.20%, 10/10/48 (c) | 4,587 | 123 | ||||||
Highways 2021 PLC, | ||||||||
4.68%, 12/18/31 (b) | GBP | 2,775 | 3,217 | |||||
Jackson Park Trust, | ||||||||
3.24%, 10/14/39 (b)(c) | $ | 1,700 | 1,233 | |||||
JP Morgan Chase Commercial Mortgage Securities Trust, | ||||||||
1 Month USD LIBOR + 2.45%, 6.77%, 4/15/38 (b)(c) | 2,400 | 2,283 | ||||||
IO | ||||||||
0.58%, 4/15/46 (c) | 6,956 | 10 | ||||||
0.59%, 12/15/49 (c) | 3,572 | 62 | ||||||
0.81%, 7/15/47 (c) | 4,160 | 25 | ||||||
JPMBB Commercial Mortgage Securities Trust, | ||||||||
4.65%, 4/15/47 (b)(c) | 775 | 703 | ||||||
IO | ||||||||
0.94%, 8/15/47 (c) | 2,878 | 27 | ||||||
Last Mile Logistics Pan Euro Finance DAC, | ||||||||
3 Month EURIBOR + 1.90%, 3.70%, 8/17/33 (b)(c) | EUR | 747 | 718 | |||||
Manhattan West Mortgage Trust, | ||||||||
2.34%, 9/10/39 (b)(c) | $ | 1,500 | 1,198 | |||||
MF1 2021-W10X, | ||||||||
1 Month Term SOFR + 2.82%, 7.16%, 12/15/34 (b)(c) | 4,350 | 4,155 | ||||||
MFT Mortgage Trust, | ||||||||
3.28%, 8/10/40 (b)(c) | 1,000 | 710 | ||||||
MFT Trust, | ||||||||
3.48%, 2/10/42 (b)(c) | 800 | 497 | ||||||
MKT 2020-525M Mortgage Trust, | ||||||||
2.94%, 2/12/40 (b)(c) | 1,000 | 539 | ||||||
Multifamily Connecticut Avenue Securities Trust, | ||||||||
1 Month USD LIBOR + 1.95%, 6.34%, 3/25/50 (b)(c) | 219 | 217 | ||||||
Natixis Commercial Mortgage Securities Trust, | ||||||||
4.13%, 5/15/39(b)(c) | 2,300 | 1,822 | ||||||
4.32%, 1/15/43 (b)(c) | 800 | 636 | ||||||
1 Month USD LIBOR + 1.70%, 6.02%, 8/15/38 (b)(c) | 3,250 | 3,080 | ||||||
1 Month Term SOFR + 2.20%, 6.52%, 7/15/36 (b)(c) | 2,300 | 2,098 | ||||||
Olympic Tower Mortgage Trust, | ||||||||
3.57%, 5/10/39 (b) | 2,900 | 2,578 | ||||||
Real Estate Asset Liquidity Trust, | ||||||||
IO | ||||||||
1.14%, 2/12/31 (b)(c) | CAD | 32,273 | 1,072 | |||||
SG Commercial Mortgage Securities Trust, | ||||||||
3.73%, 3/15/37 (b)(c) | $ | 1,900 | 1,662 | |||||
SLG Office Trust, | ||||||||
IO | ||||||||
0.26%, 7/15/41 (b)(c) | 34,800 | 560 | ||||||
Taubman Centers Commercial Mortgage Trust, | ||||||||
1 Month Term SOFR + 2.19%, 6.52%, 5/15/37 (b)(c) | 3,950 | 3,845 |
Morgan Stanley Institutional Fund Trust
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Vita Scientia 2022-1 DAC, | ||||||||
3 Month EURIBOR + 2.49%, 4.41%, 8/27/25 (b)(c) | EUR | 2,125 | 1,984 | |||||
VMC Finance 2021-HT1 LLC, | ||||||||
1 Month USD LIBOR + 1.65%, 5.99%, 1/18/37 (b)(c) | $ | 2,387 | 2,311 | |||||
Wells Fargo Commercial Mortgage Trust, | ||||||||
1 Month USD LIBOR + 1.74%, 6.06%, 2/15/37 (b)(c) | 900 | 863 | ||||||
WFRBS Commercial Mortgage Trust, | ||||||||
4.15%, 5/15/45 (b)(c) | 425 | 403 | ||||||
95,298 | ||||||||
Corporate Bonds (26.8%) | ||||||||
Finance (10.7%) | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, | ||||||||
3.00%, 10/29/28 | 1,925 | 1,616 | ||||||
4.13%, 7/3/23 | 1,150 | 1,142 | ||||||
Air Lease Corp., | ||||||||
2.10%, 9/1/28 | 600 | 490 | ||||||
Australia & New Zealand Banking Group Ltd., | ||||||||
2.57%, 11/25/35 (b) | 875 | 644 | ||||||
Avolon Holdings Funding Ltd., | ||||||||
2.88%, 2/15/25 (b) | 2,650 | 2,450 | ||||||
Banco de Credito e Inversiones SA, | ||||||||
2.88%, 10/14/31 (b) | 2,275 | 1,896 | ||||||
Banco Santander Chile, | ||||||||
2.70%, 1/10/25 (b) | 1,125 | 1,069 | ||||||
Banco Santander SA, | ||||||||
4.18%, 3/24/28 | 800 | 743 | ||||||
5.18%, 11/19/25 | 600 | 591 | ||||||
Bank Hapoalim BM, | ||||||||
3.26%, 1/21/32 (b) | 2,075 | 1,794 | ||||||
Bank of America Corp., | ||||||||
2.69%, 4/22/32 | 7,200 | 5,780 | ||||||
3.85%, 3/8/37 | 125 | 104 | ||||||
5.02%, 7/22/33 | 125 | 119 | ||||||
Bank of Ireland Group PLC, | ||||||||
2.03%, 9/30/27 (b) | 2,500 | 2,114 | ||||||
Bank of Montreal, | ||||||||
3.09%, 1/10/37 | 1,725 | 1,308 | ||||||
Belrose Funding Trust, | ||||||||
2.33%, 8/15/30 (b) | 1,225 | 930 | ||||||
BNP Paribas SA, | ||||||||
2.22%, 6/9/26 (b) | 575 | 528 | ||||||
4.40%, 8/14/28 (b) | 1,050 | 995 | ||||||
BPCE SA, | ||||||||
3.12%, 10/19/32 (b) | 1,100 | 805 | ||||||
5.15%, 7/21/24 (b) | 2,750 | 2,694 | ||||||
Citigroup, Inc., | ||||||||
2.52%, 11/3/32 | 4,850 | 3,784 | ||||||
3.06%, 1/25/33 | 475 | 385 | ||||||
CNO Financial Group, Inc., | ||||||||
5.25%, 5/30/29 | 885 | 845 | ||||||
Coinbase Global, Inc., | ||||||||
3.38%, 10/1/28 (b) | 1,010 | 535 | ||||||
Credit Suisse Group AG, | ||||||||
6.54%, 8/12/33 (b) | 1,550 | 1,364 | ||||||
Global Atlantic Fin Co., | ||||||||
4.70%, 10/15/51 (b) | 1,320 | 1,008 | ||||||
Goldman Sachs Group, Inc., | ||||||||
2.62%, 4/22/32 | 3,150 | 2,520 |
Morgan Stanley Institutional Fund Trust
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Grupo Aval Ltd., | ||||||||
4.38%, 2/4/30 (b) | 770 | 625 | ||||||
HSBC Holdings PLC, | ||||||||
3.80%, 3/11/25 | 2,400 | 2,334 | ||||||
Intesa Sanpaolo SpA, | ||||||||
5.25%, 1/12/24 | 610 | 605 | ||||||
Jefferies Finance LLC/JFIN Co.-Issuer Corp., | ||||||||
5.00%, 8/15/28 (b) | 1,490 | 1,218 | ||||||
JPMorgan Chase & Co., | ||||||||
1.95%, 2/4/32 | 1,025 | 786 | ||||||
JPMorgan Chase Bank NA, | ||||||||
0.00%, 12/28/23 | 1,000 | 951 | ||||||
Life Storage LP, | ||||||||
2.40%, 10/15/31 | 1,050 | 810 | ||||||
Macquarie Group Ltd., | ||||||||
2.87%, 1/14/33 (b) | 1,350 | 1,039 | ||||||
Marsh & McLennan Cos., Inc., | ||||||||
5.88%, 8/1/33 | 1,029 | 1,088 | ||||||
Nationwide Building Society, | ||||||||
3.96%, 7/18/30 (b) | 1,200 | 1,041 | ||||||
4.30%, 3/8/29 (b) | 1,550 | 1,401 | ||||||
Nordea Bank Abp, | ||||||||
5.38%, 9/22/27 (b) | 1,200 | 1,208 | ||||||
Oversea-Chinese Banking Corp. Ltd., | ||||||||
1.83%, 9/10/30 (b)(c) | 970 | 871 | ||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., | ||||||||
3.88%, 3/1/31 (b) | 2,850 | 2,182 | ||||||
Societe Generale SA, | ||||||||
2.63%, 1/22/25 (b) | 1,625 | 1,529 | ||||||
Sun Communities Operating LP, | ||||||||
4.20%, 4/15/32 | 2,000 | 1,767 | ||||||
SVB Financial Group, | ||||||||
1.80%, 2/2/31 (g) | 1,275 | 933 | ||||||
4.10%, 2/15/31 (f) | 970 | 560 | ||||||
Toronto-Dominion Bank, | ||||||||
8.13%, 10/31/82 | 1,625 | 1,694 | ||||||
United Overseas Bank Ltd., | ||||||||
3.86%, 10/7/32 (b) | 2,950 | 2,723 | ||||||
Westpac Banking Corp., | ||||||||
2.67%, 11/15/35 | 775 | 578 | ||||||
64,196 | ||||||||
Industrials (13.8%) | ||||||||
Airbnb, Inc., | ||||||||
0.00%, 3/15/26 | 1,015 | 838 | ||||||
Alibaba Group Holding Ltd., | ||||||||
2.13%, 2/9/31 (g) | 825 | 659 | ||||||
Anheuser-Busch InBev Worldwide, Inc., | ||||||||
4.60%, 4/15/48 | 914 | 799 | ||||||
AT&T, Inc., | ||||||||
3.55%, 9/15/55 | 1,400 | 940 | ||||||
BAT Capital Corp., | ||||||||
2.26%, 3/25/28 | 2,000 | 1,663 | ||||||
Boeing Co., | ||||||||
3.25%, 2/1/35 | 775 | 592 | ||||||
BP Capital Markets PLC, | ||||||||
4.38%, 6/22/25 (f) | 700 | 670 | ||||||
4.88%, 3/22/30 (f) | 700 | 615 | ||||||
Celanese U.S. Holdings LLC, | ||||||||
6.17%, 7/15/27 | 2,150 | 2,124 |
Morgan Stanley Institutional Fund Trust
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Charter Communications Operating LLC/Charter Communications Operating Capital, | ||||||||
2.80%, 4/1/31 | 1,275 | 995 | ||||||
3.50%, 3/1/42 | 2,575 | 1,658 | ||||||
Children's Health System of Texas, | ||||||||
2.51%, 8/15/50 | 800 | 481 | ||||||
CVS Health Corp., | ||||||||
5.05%, 3/25/48 | 1,450 | 1,309 | ||||||
Dell International LLC/EMC Corp., | ||||||||
3.45%, 12/15/51 (b) | 2,575 | 1,586 | ||||||
Delta Air Lines Pass Through Trust, | ||||||||
Series AA | ||||||||
3.20%, 10/25/25 | 1,050 | 1,024 | ||||||
Dexcom, Inc., | ||||||||
0.25%, 11/15/25 (g) | 1,175 | 1,284 | ||||||
Dick's Sporting Goods, Inc., | ||||||||
4.10%, 1/15/52 | 2,225 | 1,443 | ||||||
Duke University, | ||||||||
Series 2020 | ||||||||
2.83%, 10/1/55 | 1,600 | 1,087 | ||||||
DXC Technology Co., | ||||||||
1.80%, 9/15/26 | 3,450 | 3,009 | ||||||
Enterprise Products Operating LLC, | ||||||||
3.30%, 2/15/53 | 825 | 552 | ||||||
Expedia Group, Inc., | ||||||||
0.00%, 2/15/26 | 950 | 832 | ||||||
Ford Motor Co., | ||||||||
3.25%, 2/12/32 | 525 | 395 | ||||||
Ford Motor Credit Co., LLC, | ||||||||
GMTN | ||||||||
4.39%, 1/8/26 | 800 | 747 | ||||||
Galaxy Pipeline Assets Bidco Ltd., | ||||||||
1.75%, 9/30/27 (b) | 2,477 | 2,298 | ||||||
General Motors Co., | ||||||||
5.40%, 10/15/29 | 1,225 | 1,172 | ||||||
6.75%, 4/1/46 | 925 | 891 | ||||||
Global Partners LP/GLP Finance Corp., | ||||||||
7.00%, 8/1/27 | 715 | 680 | ||||||
GLP Capital LP/GLP Financing II, Inc., | ||||||||
5.38%, 4/15/26 | 1,250 | 1,228 | ||||||
Grifols SA, | ||||||||
2.25%, 11/15/27 | EUR | 630 | 591 | |||||
HCA, Inc., | ||||||||
4.63%, 3/15/52 (b) | $ | 500 | 391 | |||||
5.25%, 6/15/49 | 1,025 | 878 | ||||||
Hyundai Capital America, | ||||||||
1.80%, 1/10/28 (b) | 2,650 | 2,177 | ||||||
Imperial Brands Finance PLC, | ||||||||
3.13%, 7/26/24 (b) | 1,000 | 957 | ||||||
Intel Corp., | ||||||||
2.80%, 8/12/41 | 1,675 | 1,176 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., | ||||||||
2.50%, 1/15/27 (b) | 1,575 | 1,380 | ||||||
Johns Hopkins University, | ||||||||
Series A | ||||||||
2.81%, 1/1/60 | 1,170 | 736 | ||||||
Kimberly-Clark de Mexico SAB de CV, | ||||||||
2.43%, 7/1/31 (b) | 1,375 | 1,102 | ||||||
Level 3 Financing, Inc., | ||||||||
3.40%, 3/1/27 (b) | 1,275 | 1,080 |
Morgan Stanley Institutional Fund Trust
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Lions Gate Capital Holdings LLC, | ||||||||
5.50%, 4/15/29 (b) | 1,570 | 912 | ||||||
Lowe's Cos., Inc., | ||||||||
5.80%, 9/15/62 | 525 | 506 | ||||||
Macy's Retail Holdings LLC, | ||||||||
5.88%, 3/15/30 (b) | 690 | 600 | ||||||
Magallanes, Inc., | ||||||||
5.14%, 3/15/52 (b) | 1,475 | 1,078 | ||||||
Matador Resources Co., | ||||||||
5.88%, 9/15/26 | 1,785 | 1,719 | ||||||
McLaren Health Care Corp., | ||||||||
Series A | ||||||||
4.39%, 5/15/48 | 1,175 | 984 | ||||||
Medline Borrower LP, | ||||||||
3.88%, 4/1/29 (b) | 1,410 | 1,139 | ||||||
NBN Co. Ltd., | ||||||||
2.63%, 5/5/31 (b) | 2,400 | 1,906 | ||||||
Newcastle Coal Infrastructure Group Pty Ltd., | ||||||||
4.40%, 9/29/27 (b) | 2,550 | 2,200 | ||||||
Nissan Motor Co. Ltd., | ||||||||
3.04%, 9/15/23 (b) | 2,400 | 2,352 | ||||||
NOVA Chemicals Corp., | ||||||||
4.25%, 5/15/29 (b)(g) | 1,510 | 1,237 | ||||||
ONEOK, Inc., | ||||||||
3.10%, 3/15/30 | 1,250 | 1,050 | ||||||
3.40%, 9/1/29 | 375 | 325 | ||||||
Ooredoo International Finance Ltd., | ||||||||
2.63%, 4/8/31 (b) | 1,268 | 1,093 | ||||||
Peloton Interactive, Inc., | ||||||||
0.00%, 2/15/26 | 2,115 | 1,510 | ||||||
Resorts World Las Vegas LLC/RWLV Capital, Inc., | ||||||||
4.63%, 4/16/29 (b) | 1,400 | 995 | ||||||
RingCentral, Inc., | ||||||||
0.00%, 3/15/26 | 895 | 707 | ||||||
Rockies Express Pipeline LLC, | ||||||||
3.60%, 5/15/25 (b) | 2,125 | 2,010 | ||||||
Rogers Communications, Inc., | ||||||||
4.55%, 3/15/52 (b) | 1,525 | 1,189 | ||||||
Seattle Children's Hospital, | ||||||||
Series 2021 | ||||||||
2.72%, 10/1/50 | 2,750 | 1,745 | ||||||
Silgan Holdings, Inc., | ||||||||
1.40%, 4/1/26 (b) | 2,150 | 1,899 | ||||||
Splunk, Inc., | ||||||||
1.13%, 6/15/27 | 1,200 | 1,018 | ||||||
Spotify USA, Inc., | ||||||||
0.00%, 3/15/26 | 1,190 | 964 | ||||||
Standard Industries, Inc., | ||||||||
2.25%, 11/21/26 (b) | EUR | 575 | 529 | |||||
Syngenta Finance NV, | ||||||||
4.89%, 4/24/25 (b) | $ | 975 | 945 | |||||
Uber Technologies, Inc., | ||||||||
0.00%, 12/15/25 (g) | 1,560 | 1,322 | ||||||
Var Energi ASA, | ||||||||
7.50%, 1/15/28 (b) | 1,025 | 1,046 | ||||||
Verizon Communications, Inc., | ||||||||
2.36%, 3/15/32 | 300 | 239 | ||||||
2.65%, 11/20/40 | 2,050 | 1,391 | ||||||
3.40%, 3/22/41 | 275 | 208 | ||||||
Vontier Corp., | ||||||||
2.40%, 4/1/28 | 2,700 | 2,167 |
Morgan Stanley Institutional Fund Trust
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
VTR Finance NV, | ||||||||
6.38%, 7/15/28 (b) | 1,050 | 407 | ||||||
Warnermedia Holdings, Inc., | ||||||||
4.28%, 3/15/32 (b) | 1,750 | 1,446 | ||||||
5.05%, 3/15/42 (b) | 925 | 711 | ||||||
Wayfair, Inc., | ||||||||
0.63%, 10/1/25 | 1,675 | 1,100 | ||||||
82,688 | ||||||||
Utilities (2.3%) | ||||||||
Duke Energy Indiana LLC, | ||||||||
2.75%, 4/1/50 | 460 | 291 | ||||||
Enel Finance International NV, | ||||||||
5.00%, 6/15/32 (b) | 1,275 | 1,152 | ||||||
Fells Point Funding Trust, | ||||||||
3.05%, 1/31/27 (b) | 2,275 | 2,074 | ||||||
Jersey Central Power & Light Co., | ||||||||
2.75%, 3/1/32 (b) | 1,400 | 1,134 | ||||||
Mississippi Power Co., | ||||||||
3.95%, 3/30/28 | 2,325 | 2,185 | ||||||
NextEra Energy Capital Holdings, Inc., | ||||||||
3.00%, 1/15/52 | 1,350 | 887 | ||||||
Niagara Mohawk Power Corp., | ||||||||
2.76%, 1/10/32 (b) | 2,700 | 2,198 | ||||||
Northern States Power Co., | ||||||||
2.90%, 3/1/50 | 1,400 | 964 | ||||||
Piedmont Natural Gas Co., Inc., | ||||||||
2.50%, 3/15/31 | 975 | 798 | ||||||
Public Service Enterprise Group, Inc., | ||||||||
2.45%, 11/15/31 | 1,350 | 1,082 | ||||||
Virginia Electric and Power Co., | ||||||||
2.95%, 11/15/51 | 1,375 | 910 | ||||||
13,675 | ||||||||
160,559 | ||||||||
Mortgages - Other (17.2%) | ||||||||
510 Asset Backed 2021-NPL1 Trust, | ||||||||
2.24%, 6/25/61 (b) | 1,861 | 1,709 | ||||||
Adjustable Rate Mortgage Trust, | ||||||||
4.78%, 6/25/35 (c) | 34 | 32 | ||||||
Ajax Mortgage Loan Trust, | ||||||||
1.70%, 5/25/59 (b) | 1,432 | 1,208 | ||||||
2.35%, 9/25/65 (b)(c) | 725 | 563 | ||||||
Alternative Loan Trust, | ||||||||
1 Month USD LIBOR + 0.36%, 4.75%, 5/25/47 (c) | 70 | 59 | ||||||
Banc of America Alternative Loan Trust, | ||||||||
1 Month USD LIBOR + 0.65%, 5.04%, 7/25/46 (c) | 99 | 80 | ||||||
6.36%, 10/25/36 | 401 | 122 | ||||||
Banc of America Funding Trust, | ||||||||
5.25%, 7/25/37 | 13 | 13 | ||||||
Barclays Commercial Mortgage Trust, | ||||||||
0.46%, 12/15/55 | 18,450 | 739 | ||||||
Bear Stearns ARM Trust, | ||||||||
3.37%, 2/25/34 (c) | 436 | 397 | ||||||
BRAVO Residential Funding Trust, | ||||||||
2.00%, 5/25/59 (b)(c) | 1,675 | 1,471 | ||||||
Brean Asset Backed Securities Trust, | ||||||||
1.40%, 10/25/63 (b)(c) | 2,112 | 1,809 | ||||||
1.75%, 10/25/61 (b)(c) | 2,206 | 1,937 |
Morgan Stanley Institutional Fund Trust
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Cascade Funding Mortgage Trust, | ||||||||
1.94%, 9/25/50 (b)(c) | 3,543 | 3,195 | ||||||
2.72%, 12/26/30 (b)(c) | 3,850 | 3,578 | ||||||
2.91%, 2/25/31 (b)(c) | 3,800 | 3,522 | ||||||
3.73%, 6/25/36 (b)(c) | 3,825 | 3,468 | ||||||
4.00%, 10/25/68 (b)(c) | 1,996 | 1,888 | ||||||
CFMT 2022-HB8 LLC, | ||||||||
3.75%, 4/25/25 (b)(c) | 2,650 | 2,288 | ||||||
CFMT LLC, | ||||||||
3.25%, 9/25/37 (b)(c) | 1,840 | 1,438 | ||||||
ChaseFlex Trust, | ||||||||
6.00%, 2/25/37 | 587 | 241 | ||||||
COLT 2021-RPL1 Trust, | ||||||||
1.67%, 9/25/61 (b)(c) | 1,386 | 1,215 | ||||||
E-MAC NL 2004-I BV, | ||||||||
Class A | ||||||||
3 Month EURIBOR + 0.18%, 3.80%, 7/25/36 (c) | EUR | 319 | 313 | |||||
Eurosail-NL 2007-2 BV, | ||||||||
3 Month EURIBOR + 1.80%, 3.18%, 10/17/40 (c) | 700 | 738 | ||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, | ||||||||
0.15%, 11/25/55 | $ | 7,625 | 2,133 | |||||
Federal Home Loan Mortgage Corporation, | ||||||||
3.00%, 7/25/46 – 5/25/47 | 979 | 840 | ||||||
3.50%, 5/25/45 – 5/25/47 | 378 | 331 | ||||||
3.85%, 5/25/45 (b)(c) | 1 | 1 | ||||||
4.00%, 5/25/45 | 8 | 7 | ||||||
1 Month USD LIBOR + 5.15%, 9.54%, 10/25/29 (c) | 300 | 319 | ||||||
FMC GMSR Issuer Trust, | ||||||||
3.85%, 10/25/26 (b)(c) | 2,600 | 2,092 | ||||||
4.45%, 1/25/26 (b)(c) | 3,500 | 3,066 | ||||||
7.90%, 7/25/27 (b) | 2,675 | 2,525 | ||||||
GCAT 2022-NQM3 Trust, | ||||||||
4.35%, 4/25/67 (b)(c) | 4,556 | 4,419 | ||||||
Headlands Residential 2021-RPL1 LLC, | ||||||||
2.49%, 9/25/26 (b)(c) | 3,320 | 3,104 | ||||||
IM Pastor 3 FTH, | ||||||||
3 Month EURIBOR + 0.14%, 2.22%, 3/22/43 (c) | EUR | 319 | 271 | |||||
Imperial Fund Mortgage Trust, | ||||||||
2.49%, 2/25/67 (b)(c) | $ | 2,629 | 2,288 | |||||
JP Morgan Mortgage Trust, | ||||||||
3.46%, 6/25/37 (c) | 57 | 46 | ||||||
6.00%, 6/25/37 | 7 | 10 | ||||||
Legacy Mortgage Asset Trust, | ||||||||
3.25%, 2/25/60 (b) | 2,096 | 2,058 | ||||||
Lehman Mortgage Trust, | ||||||||
6.50%, 9/25/37 | 623 | 228 | ||||||
NYMT Loan Trust, | ||||||||
2.94%, 10/25/60 (b)(c) | 2,484 | 2,396 | ||||||
OBX Trust, | ||||||||
3.50%, 2/25/60 (b)(c) | 384 | 335 | ||||||
Pepper Residential Securities Trust, | ||||||||
1 Month USD LIBOR + 0.93%, 5.20%, 3/12/61 (b)(c) | 252 | 252 | ||||||
PMC PLS ESR Issuer LLC, | ||||||||
5.11%, 2/25/27 (b) | 2,362 | 2,226 | ||||||
PNMAC GMSR Issuer Trust, | ||||||||
1 Month USD LIBOR + 2.65%, 7.04%, 8/25/25 (b)(c) | 1,400 | 1,397 | ||||||
1 Month USD LIBOR + 2.85%, 7.24%, 2/25/23 (b)(c) | 1,000 | 1,003 | ||||||
Preston Ridge Partners LLC, | ||||||||
1.74%, 9/25/26 (b)(c) | 1,978 | 1,764 | ||||||
2.36%, 10/25/26 (b) | 2,227 | 2,022 |
Morgan Stanley Institutional Fund Trust
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
5.56%, 6/25/27 (b) | 2,308 | 2,207 | ||||||
Sage AR Funding PLC (SGSHR) No. 1, | ||||||||
4.91%, 11/17/51 (b) | GBP | 3,625 | 3,974 | |||||
Seasoned Credit Risk Transfer Trust, | ||||||||
3.00%, 9/25/55 – 2/25/59 | $ | 9,469 | 8,374 | |||||
4.00%, 7/25/56 (c) | 248 | 244 | ||||||
4.00%, 8/25/56 (b)(c) | 1,000 | 889 | ||||||
4.00%, 8/25/58 – 2/25/59 | 1,276 | 1,199 | ||||||
4.25%, 8/25/59 – 11/25/60(b)(c) | 6,550 | 5,536 | ||||||
4.50%, 6/25/57 | 1,151 | 1,135 | ||||||
4.75%, 7/25/56 – 6/25/57(b)(c) | 1,408 | 1,285 | ||||||
4.75%, 10/25/58 (c) | 1,300 | 1,157 | ||||||
Stanwich Mortgage Loan Co. LLC, | ||||||||
2.74%, 10/16/26 (b) | 2,260 | 2,001 | ||||||
Structured Asset Securities Corp. Reverse Mortgage Loan Trust, | ||||||||
1 Month USD LIBOR + 1.85%, 6.24%, 5/25/47 (b)(c) | 1,557 | 1,384 | ||||||
TDA 27 FTA, | ||||||||
3 Month EURIBOR + 0.19%, 2.33%, 12/28/50 (c) | EUR | 1,270 | 1,087 | |||||
TVC Mortgage Trust, | ||||||||
3.47%, 9/25/24 (b) | $ | 249 | 248 | |||||
VOLT CV LLC, | ||||||||
2.49%, 11/27/51 (b) | 1,627 | 1,437 | ||||||
VOLT XCIII LLC, | ||||||||
1.89%, 2/27/51 (b) | 1,982 | 1,775 | ||||||
VOLT XCIV LLC, | ||||||||
2.24%, 2/27/51 (b) | 2,437 | 2,215 | ||||||
103,303 | ||||||||
Municipal Bonds (0.8%) | ||||||||
Chicago O’Hare International Airport, IL, | ||||||||
O'Hare International Airport Revenue Series 2010B | ||||||||
6.40%, 1/1/40 | 255 | 286 | ||||||
City of New York, NY, | ||||||||
Series G-1 | ||||||||
5.97%, 3/1/36 | 270 | 289 | ||||||
Illinois State Toll Highway Authority, IL, | ||||||||
Highway Revenue, Build America Bonds Series A | ||||||||
6.18%, 1/1/34 | 477 | 513 | ||||||
New York City, NY, | ||||||||
Transitional Finance Authority Future Tax Secured Revenue Series A | ||||||||
5.27%, 5/1/27 | 320 | 323 | ||||||
Onondaga Civic Development Corp., NY, | ||||||||
3.07%, 12/1/55 | 2,925 | 1,808 | ||||||
University of Michigan, MI, | ||||||||
Series A | ||||||||
4.45%, 4/1/22 | 1,645 | 1,338 | ||||||
4,557 | ||||||||
Sovereign (3.2%) | ||||||||
Dominican Republic International Bond, | ||||||||
4.88%, 9/23/32 (b) | 410 | 342 | ||||||
5.88%, 1/30/60 (b) | 2,310 | 1,703 | ||||||
Ecuador Government International Bond, | ||||||||
1.50%, 7/31/40 (b)(h) | 261 | 107 | ||||||
Egypt Government International Bond, | ||||||||
6.38%, 4/11/31 (b) | EUR | 2,025 | 1,514 | |||||
7.50%, 2/16/61 (b) | $ | 290 | 180 | |||||
8.15%, 11/20/59 (b) | 210 | 138 | ||||||
8.88%, 5/29/50 (b) | 410 | 279 |
Morgan Stanley Institutional Fund Trust
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Export-Import Bank of India, | ||||||||
3.25%, 1/15/30 (b) | 670 | 582 | ||||||
3.88%, 2/1/28 (b) | 505 | 470 | ||||||
Hellenic Republic Government Bond, | ||||||||
2.00%, 4/22/27 (b) | EUR | 1,208 | 1,212 | |||||
Ivory Coast Government International Bond, | ||||||||
4.88%, 1/30/32 (b) | $ | 1,360 | 1,154 | |||||
Mexico Government International Bond, | ||||||||
3.25%, 4/16/30 (g) | 750 | 655 | ||||||
3.75%, 4/19/71 | 850 | 531 | ||||||
Pertamina Persero PT, | ||||||||
6.50%, 11/7/48 (b) | 1,325 | 1,332 | ||||||
Perusahaan Penerbit SBSN Indonesia III, | ||||||||
4.70%, 6/6/32 (b) | 711 | 701 | ||||||
Petroleos Mexicanos, | ||||||||
6.70%, 2/16/32 | 2,727 | 2,147 | ||||||
Philippine Government International Bond, | ||||||||
4.20%, 3/29/47 | 420 | 361 | ||||||
Republic of South Africa Government Bond, | ||||||||
8.00%, 1/31/30 | ZAR | 22,750 | 1,194 | |||||
8.25%, 3/31/32 | 92,280 | 4,632 | ||||||
19,234 | ||||||||
Supranational (0.2%) | ||||||||
Banque Ouest Africaine de Developpement, | ||||||||
2.75%, 1/22/33 (b) | EUR | 270 | 220 | |||||
4.70%, 10/22/31 (b) | $ | 1,240 | 1,062 | |||||
1,282 | ||||||||
Variable Rate Senior Loan Interest (0.1%) | ||||||||
American Airlines, Inc., | ||||||||
2018 Term Loan B | ||||||||
1 Month USD LIBOR + 1.75%, 3.19%, 6/27/25 | 970 | 914 | ||||||
Total Fixed Income Securities (Cost $663,385) | 589,832 | |||||||
Shares | ||||||||
Short-Term Investments (14.9%) | ||||||||
Investment Company (13.0%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (i) (Cost $78,013) | 78,012,978 | 78,013 | ||||||
Securities held as Collateral on Loaned Securities (0.6%) | ||||||||
Investment Company (0.6%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (i) (Cost $3,500) | 3,499,538 | 3,500 |
Face | ||||||||
Amount | ||||||||
(000) | ||||||||
U.S. Treasury Security (1.3%) | ||||||||
U.S. Treasury Bill | ||||||||
3.84%, 3/16/23 (j) (Cost $7,743) | $ | 7,803 | 7,738 | |||||
Total Short-Term Investments (Cost $89,256) | 89,251 | |||||||
Total Investments (113.3%) (Cost $752,641) Including $6,013 of Securities Loaned (k)(l)(m) | 679,083 | |||||||
Liabilities in Excess of Other Assets (-13.3%) | (79,975 | ) | ||||||
Net Assets (100.0%) | $ | 599,108 |
Morgan Stanley Institutional Fund Trust
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
(a) | Security is subject to delayed delivery. |
(b) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
(c) | Floating or variable rate securities: The rates disclosed are as of December 31, 2022. 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) | Amount is less than 0.05%. |
(e) | Inverse Floating Rate Security - Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at December 31, 2022. |
(f) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of December 31, 2022. |
(g) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at December 31, 2022, were approximately $6,013,000 and $6,140,000, respectively. The Fund received cash collateral of approximately $3,500,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $2,640,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(h) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date. |
(i) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended December 31, 2022, advisory fees paid were reduced by approximately $31,000 relating to the Fund's investment in the Liquidity Funds. |
(j) | Rate shown is the yield to maturity at December 31, 2022. |
(k) | Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency exchange contracts, futures contracts and swap agreements. |
(l) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions. |
(m) | At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,581,000 and the aggregate gross unrealized depreciation is approximately $78,472,000, resulting in net unrealized depreciation of approximately $76,891,000. |
@ | Value is less than $500. |
CLO | Collateralized Loan Obligation. |
EURIBOR | Euro Interbank Offered Rate. |
IO | Interest Only. |
LIBOR | London Interbank Offered Rate. |
MTN | Medium Term Note. |
PAC | Planned Amortization Class. |
REMIC | Real Estate Mortgage Investment Conduit. |
SOFR | Secured Overnight Financing Rate. |
STRIPS | Separate Trading of Registered Interest and Principal of Securities. |
TBA | To Be Announced. |
USD | United States Dollar. |
Morgan Stanley Institutional Fund Trust
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at December 31, 2022:
Contracts | In | Unrealized | ||||||||||||
to | Exchange | Appreciation | ||||||||||||
Deliver | For | Delivery | (Depreciation) | |||||||||||
Counterparty | (000) | (000) | Date | (000) | ||||||||||
Australia & New Zealand Banking Group Ltd. | CAD | 15 | $ | 11 | 1/4/23 | $ | —@ | |||||||
Australia & New Zealand Banking Group Ltd. | $ | 4,027 | AUD | 6,020 | 2/9/23 | 77 | ||||||||
Australia & New Zealand Banking Group Ltd. | $ | 11 | CAD | 15 | 2/9/23 | (—@ | ) | |||||||
Australia & New Zealand Banking Group Ltd. | $ | 6,202 | EUR | 5,960 | 2/9/23 | 194 | ||||||||
Bank of America NA | $ | 1,470 | MXN | 28,828 | 2/9/23 | (—@ | ) | |||||||
Barclays Bank PLC | AUD | 6,040 | $ | 3,867 | 2/9/23 | (251 | ) | |||||||
BNP Paribas SA | CNY | 24,384 | $ | 3,416 | 2/9/23 | (102 | ) | |||||||
BNP Paribas SA | GBP | 6,136 | $ | 6,939 | 2/9/23 | (485 | ) | |||||||
BNP Paribas SA | $ | 23 | CAD | 31 | 2/9/23 | —@ | ||||||||
BNP Paribas SA | $ | 1,160 | CNY | 8,047 | 2/9/23 | 1 | ||||||||
BNP Paribas SA | $ | 778 | CNY | 5,391 | 2/9/23 | (1 | ) | |||||||
BNP Paribas SA | $ | 785 | CNY | 5,473 | 2/9/23 | 4 | ||||||||
Goldman Sachs International | $ | 1,743 | BRL | 9,071 | 2/9/23 | (36 | ) | |||||||
HSBC Bank PLC | EUR | 15,826 | $ | 15,722 | 2/9/23 | (1,259 | ) | |||||||
JPMorgan Chase Bank NA | SEK | 10,785 | $ | 1,050 | 2/9/23 | 14 | ||||||||
JPMorgan Chase Bank NA | $ | 34 | CAD | 46 | 2/9/23 | (—@ | ) | |||||||
JPMorgan Chase Bank NA | $ | 790 | CNY | 5,473 | 2/9/23 | (—@ | ) | |||||||
JPMorgan Chase Bank NA | $ | 1,716 | JPY | 250,153 | 2/9/23 | 199 | ||||||||
JPMorgan Chase Bank NA | $ | 1,830 | MXN | 36,286 | 2/9/23 | 20 | ||||||||
JPMorgan Chase Bank NA | ZAR | 97,138 | $ | 5,275 | 2/9/23 | (424 | ) | |||||||
Royal Bank of Canada | CAD | 1,240 | $ | 920 | 2/9/23 | 4 | ||||||||
Royal Bank of Canada | $ | 661 | EUR | 625 | 2/9/23 | 10 | ||||||||
Royal Bank of Canada | $ | 575 | JPY | 77,508 | 2/9/23 | 18 | ||||||||
Royal Bank of Canada | $ | 2,301 | JPY | 310,031 | 2/9/23 | 72 | ||||||||
State Street Bank & Trust Co. | EUR | 1 | $ | 1 | 2/9/23 | (—@ | ) | |||||||
UBS AG | CAD | 5,022 | $ | 3,693 | 2/9/23 | (17 | ) | |||||||
UBS AG | $ | 876 | EUR | 828 | 2/9/23 | 12 | ||||||||
UBS AG | $ | 67 | GBP | 54 | 2/9/23 | (1 | ) | |||||||
$ | (1,951 | ) |
Morgan Stanley Institutional Fund Trust
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Futures Contracts:
The Fund had the following futures contracts open at December 31, 2022:
Unrealized | |||||||||||||||||
Number | Notional | Appreciation | |||||||||||||||
of | Expiration | Amount | Value | (Depreciation) | |||||||||||||
Contracts | Date | (000) | (000) | (000) | |||||||||||||
Long: | |||||||||||||||||
U.S. Treasury 10 yr. Note | 88 | Mar-23 | $ | 8,800 | $ | 9,882 | $ | (102 | ) | ||||||||
U.S. Treasury 10 yr. Ultra Note | 249 | Mar-23 | 24,900 | 29,452 | (87 | ) | |||||||||||
U.S. Treasury 5 yr. Note | 271 | Mar-23 | 27,100 | 29,249 | (154 | ) | |||||||||||
U.S. Treasury Long Bond | 398 | Mar-23 | 39,800 | 49,887 | (541 | ) | |||||||||||
U.S. Treasury Ultra Bond | 229 | Mar-23 | 22,900 | 30,758 | (205 | ) | |||||||||||
Short: | |||||||||||||||||
Euro-Buxl 30 yr. Bond | 3 | Mar-23 | EUR | (300 | ) | (434 | ) | 78 | |||||||||
German Euro-OAT Index | 11 | Mar-23 | (1,100 | ) | (1,499 | ) | 97 | ||||||||||
Japan 10 Yr. Bond Index | 9 | Mar-23 | JPY | (900,000 | ) | (9,975 | ) | 182 | |||||||||
U.S. Treasury 2 yr. Note | 171 | Mar-23 | $ | (34,200 | ) | (35,069 | ) | (12 | ) | ||||||||
$ | (744 | ) |
Credit Default Swap Agreements:
The Fund had the following credit default swap agreements open at December 31, 2022:
Credit | Upfront | ||||||||||||||||||||||
Rating of | Notional | Payment | Unrealized | ||||||||||||||||||||
Swap Counterparty and | Reference | Buy/Sell | Pay/Receive | Payment | Maturity | Amount | Value | Paid | Depreciation | ||||||||||||||
Reference Obligation | Obligation† | Protection | Fixed Rate | Frequency | Date | (000) | (000) | (000) | (000) | ||||||||||||||
Morgan Stanley & Co. LLC* | |||||||||||||||||||||||
CDX.NA.HY.39 | NR | Buy | 5.00 | % | Quarterly | 12/20/27 | $ | 11,900 | $ | (93 | ) | $ | 545 | $ | (638 | ) |
@ | Value is less than $500. | |
* | Cleared swap agreement, the broker is Morgan Stanley & Co. LLC. | |
† | Credit rating as issued by Standard & Poor’s. | |
BTP | Buoni del Tesoro Poliennali. | |
OAT | Obligations Assimilables du Trésor (Treasury Obligation). | |
NR | Not rated. | |
AUD | — | Australian Dollar |
BRL | — | Brazilian Real |
CAD | — | Canadian Dollar |
CNY | — | Chinese Yuan Renminbi |
EUR | — | Euro |
GBP | — | British Pound |
JPY | — | Japanese Yen |
MXN | — | Mexican Peso |
SEK | — | Swedish Krona |
USD | — | United States Dollar |
ZAR | — | South African Rand |
Portfolio Composition*
Percentage of | ||||
Classification | Total Investments | |||
Agency Fixed Rate Mortgages | 18.4 | % | ||
Mortgages - Other | 15.3 | |||
Commercial Mortgage-Backed Securities | 14.1 | |||
Short-Term Investments | 12.7 | |||
Industrials | 12.2 | |||
Asset-Backed Securities | 11.9 | |||
Finance | 9.5 | |||
Other** | 5.9 | |||
Total Investments | 100.0 | %*** |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2022. |
** | 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 $196,205,000 and net unrealized depreciation of approximately $744,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $1,951,000. Also does not include open swap agreements with total unrealized depreciation of approximately $638. |
Morgan Stanley Institutional Fund Trust
Corporate Bond Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)
Face | ||||||||
Amount | Value | |||||||
(000) | (000) | |||||||
Fixed Income Securities (97.1%) | ||||||||
Commercial Mortgage-Backed Securities (2.5%) | ||||||||
Credit Suisse Mortgage Trust, Class A | ||||||||
1 Month Term SOFR + 3.14%, 7.48%, 9/9/24 (a)(b) | $ | 1,100 | $ | 1,090 | ||||
J.P. Morgan Chase Commercial Mortgage Securities Trust | ||||||||
1 Month Term SOFR + 2.18%, 6.51%, 8/15/39 (a)(b) | 1,300 | 1,302 | ||||||
Taurus 2018-2 UK DAC | ||||||||
3 Month GBP SONIA + 1.22%, 4.50%, 5/22/28 (b) | GBP | 588 | 704 | |||||
3,096 | ||||||||
Corporate Bonds (94.6%) | ||||||||
Finance (35.1%) | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, | ||||||||
1.65%, 10/29/24 | $ | 625 | 577 | |||||
2.88%, 8/14/24 | 175 | 166 | ||||||
3.00%, 10/29/28 | 925 | 777 | ||||||
Air Lease Corp., | ||||||||
2.10%, 9/1/28 | 300 | 245 | ||||||
4.63%, 10/1/28 | 1,250 | 1,172 | ||||||
American National Group, Inc. | ||||||||
6.14%, 6/13/32 (a) | 550 | 522 | ||||||
Aon Corp./Aon Global Holdings PLC | ||||||||
2.60%, 12/2/31 | 625 | 512 | ||||||
Australia & New Zealand Banking Group Ltd. | ||||||||
2.57%, 11/25/35 (a) | 300 | 221 | ||||||
Avolon Holdings Funding Ltd. | ||||||||
2.88%, 2/15/25 (a) | 550 | 508 | ||||||
Banco de Credito e Inversiones SA | ||||||||
2.88%, 10/14/31 (a) | 200 | 167 | ||||||
Banco Santander SA, | ||||||||
1.72%, 9/14/27 | 1,000 | 855 | ||||||
4.18%, 3/24/28 | 600 | 557 | ||||||
Bank Hapoalim BM | ||||||||
3.26%, 1/21/32 (a) | 725 | 627 | ||||||
Bank of America Corp., | ||||||||
2.69%, 4/22/32 | 900 | 723 | ||||||
3.85%, 3/8/37 | 800 | 665 | ||||||
5.02%, 7/22/33 | 2,200 | 2,095 | ||||||
Bank of Ireland Group PLC | ||||||||
2.03%, 9/30/27 (a) | 1,725 | 1,459 | ||||||
Belrose Funding Trust | ||||||||
2.33%, 8/15/30 (a) | 475 | 361 | ||||||
BNP Paribas SA | ||||||||
4.40%, 8/14/28 (a) | 375 | 355 | ||||||
Boston Properties LP | ||||||||
6.75%, 12/1/27 | 325 | 336 | ||||||
BPCE SA, | ||||||||
3.12%, 10/19/32 (a) | 375 | 274 | ||||||
3.65%, 1/14/37 (a)(c) | 500 | 375 | ||||||
5.15%, 7/21/24 (a) | 1,025 | 1,004 | ||||||
Capital One Financial Corp. | ||||||||
3.27%, 3/1/30 | 850 | 728 | ||||||
Carlyle Finance Subsidiary LLC | ||||||||
3.50%, 9/19/29 (a) | 425 | 360 | ||||||
Charles Schwab Corp., | ||||||||
Series G | ||||||||
5.38%, 1/6/25 (d) | 650 | 639 |
Morgan Stanley Institutional Fund Trust
Corporate Bond Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
CI Financial Corp. | ||||||||
4.10%, 6/15/51 | 1,025 | 607 | ||||||
Citigroup, Inc., | ||||||||
2.52%, 11/3/32 | 525 | 410 | ||||||
3.06%, 1/25/33 | 1,175 | 951 | ||||||
6.27%, 11/17/33 | 850 | 880 | ||||||
Coinbase Global, Inc. | ||||||||
3.38%, 10/1/28 (a) | 190 | 101 | ||||||
Corporate Office Properties LP | ||||||||
2.75%, 4/15/31 | 850 | 638 | ||||||
Credit Suisse Group AG | ||||||||
9.02%, 11/15/33 (a) | 1,250 | 1,283 | ||||||
Deutsche Bank AG | ||||||||
2.22%, 9/18/24 | 450 | 435 | ||||||
Extra Space Storage LP Co. | ||||||||
3.90%, 4/1/29 | 750 | 673 | ||||||
First-Citizens Bank & Trust Co. | ||||||||
2.97%, 9/27/25 | 775 | 733 | ||||||
Global Atlantic Fin Co. | ||||||||
4.40%, 10/15/29 (a) | 1,375 | 1,154 | ||||||
Goldman Sachs Group, Inc. | ||||||||
2.62%, 4/22/32 | 3,200 | 2,559 | ||||||
Grupo Aval Ltd. | ||||||||
4.38%, 2/4/30 (a) | 375 | 304 | ||||||
High Street Funding Trust I | ||||||||
4.11%, 2/15/28 (a)(c) | 850 | 793 | ||||||
HSBC Holdings PLC, | ||||||||
1.59%, 5/24/27 | 1,250 | 1,079 | ||||||
4.76%, 6/9/28 | 650 | 615 | ||||||
Intact Financial Corp. | ||||||||
5.46%, 9/22/32 (a) | 850 | 841 | ||||||
Intesa Sanpaolo SpA | ||||||||
7.00%, 11/21/25 (a) | 625 | 638 | ||||||
Jefferies Group LLC/Jefferies Group Capital Finance, Inc. | ||||||||
2.63%, 10/15/31 | 450 | 344 | ||||||
JPMorgan Chase & Co., | ||||||||
1.95%, 2/4/32 | 1,475 | 1,132 | ||||||
4.57%, 6/14/30 | 450 | 424 | ||||||
KKR Group Finance Co. XII LLC | ||||||||
4.85%, 5/17/32 (a) | 175 | 164 | ||||||
LeasePlan Corp. NV | ||||||||
2.88%, 10/24/24 (a) | 675 | 634 | ||||||
Life Storage LP | ||||||||
2.40%, 10/15/31 | 625 | 482 | ||||||
Macquarie Group Ltd. | ||||||||
2.87%, 1/14/33 (a) | 575 | 443 | ||||||
Marsh & McLennan Cos., Inc. | ||||||||
5.88%, 8/1/33 | 350 | 370 | ||||||
National Australia Bank Ltd. | ||||||||
2.33%, 8/21/30 (a) | 375 | 286 | ||||||
Nordea Bank Abp | ||||||||
5.38%, 9/22/27 (a) | 625 | 629 | ||||||
Radian Group, Inc. | ||||||||
4.88%, 3/15/27 | 1,050 | 964 | ||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | ||||||||
3.88%, 3/1/31 (a) | 345 | 264 | ||||||
Sabra Health Care LP | ||||||||
3.20%, 12/1/31 | 825 | 616 | ||||||
Santander U.K. Group Holdings PLC | ||||||||
6.83%, 11/21/26 | 625 | 634 |
Morgan Stanley Institutional Fund Trust
Corporate Bond Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Shinhan Bank Co., Ltd. | ||||||||
4.00%, 4/23/29 (a) | 875 | 781 | ||||||
Societe Generale SA | ||||||||
2.89%, 6/9/32 (a) | 200 | 154 | ||||||
Stewart Information Services Corp. | ||||||||
3.60%, 11/15/31 | 500 | 384 | ||||||
Sun Communities Operating LP | ||||||||
4.20%, 4/15/32 | 775 | 685 | ||||||
SVB Financial Group, | ||||||||
1.80%, 2/2/31 (c) | 650 | 476 | ||||||
4.10%, 2/15/31 (d) | 123 | 71 | ||||||
Swedbank AB | ||||||||
3.36%, 4/4/25 (a) | 350 | 337 | ||||||
Synchrony Bank | ||||||||
5.63%, 8/23/27 | 675 | 659 | ||||||
Synchrony Financial | ||||||||
4.88%, 6/13/25 | 175 | 171 | ||||||
Synovus Financial Corp. | ||||||||
5.20%, 8/11/25 | 475 | 469 | ||||||
Toronto-Dominion Bank | ||||||||
8.13%, 10/31/82 | 1,000 | 1,042 | ||||||
Wells Fargo & Co., | ||||||||
MTN | ||||||||
2.88%, 10/30/30 | 375 | 319 | ||||||
Westpac Banking Corp. | ||||||||
2.67%, 11/15/35 | 225 | 168 | ||||||
44,076 | ||||||||
Industrials (49.6%) | ||||||||
AbbVie, Inc., | ||||||||
4.05%, 11/21/39 | 300 | 258 | ||||||
4.25%, 11/21/49 | 350 | 292 | ||||||
Adventist Health System | ||||||||
5.43%, 3/1/32 | 700 | 692 | ||||||
Airbnb, Inc. | ||||||||
0.00%, 3/15/26 | 265 | 219 | ||||||
Alaska Airlines 2020-1 Class A Pass Through Trust | ||||||||
4.80%, 2/15/29 (a) | 1,075 | 1,025 | ||||||
Alibaba Group Holding Ltd. | ||||||||
2.70%, 2/9/41 | 240 | 154 | ||||||
Altria Group, Inc. | ||||||||
3.40%, 2/4/41 | 350 | 233 | ||||||
Amazon.com, Inc., | ||||||||
2.70%, 6/3/60 | 425 | 258 | ||||||
4.70%, 12/1/32 | 875 | 869 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. | ||||||||
5.75%, 4/20/29 (a) | 220 | 201 | ||||||
Anheuser-Busch InBev Worldwide, Inc., | ||||||||
4.35%, 6/1/40 | 750 | 662 | ||||||
4.60%, 4/15/48 | 309 | 270 | ||||||
Apple, Inc., | ||||||||
2.38%, 2/8/41 | 425 | 302 | ||||||
3.95%, 8/8/52 | 700 | 599 | ||||||
AT&T, Inc., | ||||||||
2.55%, 12/1/33 | 825 | 636 | ||||||
3.55%, 9/15/55 | 1,452 | 975 | ||||||
Baidu, Inc. | ||||||||
1.72%, 4/9/26 | 450 | 401 | ||||||
BAT Capital Corp., | ||||||||
2.26%, 3/25/28 | 1,050 | 873 |
Morgan Stanley Institutional Fund Trust
Corporate Bond Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
3.73%, 9/25/40 | 250 | 171 | ||||||
Boeing Co., | ||||||||
2.95%, 2/1/30 | 675 | 573 | ||||||
3.25%, 2/1/35 | 600 | 458 | ||||||
BP Capital Markets PLC, | ||||||||
4.38%, 6/22/25 (d) | 1,050 | 962 | ||||||
Braskem Netherlands Finance BV | ||||||||
4.50%, 1/31/30 (a) | 340 | 290 | ||||||
Broadcom, Inc., | ||||||||
3.19%, 11/15/36 (a) | 550 | 397 | ||||||
3.42%, 4/15/33 (a) | 225 | 181 | ||||||
Brunswick Corp. | ||||||||
5.10%, 4/1/52 | 425 | 307 | ||||||
Cedars-Sinai Health System, | ||||||||
Series 2021 | ||||||||
2.29%, 8/15/31 | 620 | 499 | ||||||
Celanese U.S. Holdings LLC | ||||||||
6.17%, 7/15/27 | 1,350 | 1,334 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, | ||||||||
2.80%, 4/1/31 | 275 | 215 | ||||||
3.50%, 3/1/42 | 975 | 628 | ||||||
5.13%, 7/1/49 | 500 | 380 | ||||||
Comcast Corp., | ||||||||
3.75%, 4/1/40 | 575 | 477 | ||||||
4.00%, 3/1/48 | 650 | 524 | ||||||
CommonSpirit Health | ||||||||
6.07%, 11/1/27 | 575 | 589 | ||||||
Consorcio Transmantaro SA | ||||||||
4.70%, 4/16/34 (a) | 400 | 365 | ||||||
Continental Resources, Inc., | ||||||||
2.27%, 11/15/26 (a) | 275 | 239 | ||||||
2.88%, 4/1/32 (a) | 875 | 649 | ||||||
Coterra Energy, Inc. | ||||||||
3.90%, 5/15/27 | 950 | 888 | ||||||
CVS Health Corp., | ||||||||
1.75%, 8/21/30 | 625 | 494 | ||||||
5.05%, 3/25/48 | 650 | 587 | ||||||
Daimler Trucks Finance North America LLC | ||||||||
2.00%, 12/14/26 (a) | 775 | 684 | ||||||
Dell International LLC/EMC Corp. | ||||||||
3.45%, 12/15/51 (a) | 725 | 446 | ||||||
Delta Air Lines, Inc./SkyMiles IP Ltd. | ||||||||
4.50%, 10/20/25 (a) | 1,025 | 1,001 | ||||||
Diamondback Energy, Inc. | ||||||||
3.13%, 3/24/31 | 600 | 498 | ||||||
Dick's Sporting Goods, Inc. | ||||||||
4.10%, 1/15/52 | 450 | 292 | ||||||
DuPont de Nemours, Inc. | ||||||||
5.32%, 11/15/38 | 225 | 217 | ||||||
DXC Technology Co. | ||||||||
1.80%, 9/15/26 | 950 | 829 | ||||||
Enbridge, Inc. | ||||||||
2.50%, 8/1/33 | 325 | 251 | ||||||
Energy Transfer LP, | ||||||||
5.00%, 5/15/50 | 125 | 100 | ||||||
6.25%, 4/15/49 | 100 | 93 | ||||||
Enterprise Products Operating LLC | ||||||||
3.30%, 2/15/53 | 625 | 419 | ||||||
EQT Corp. | ||||||||
5.70%, 4/1/28 | 575 | 573 |
Morgan Stanley Institutional Fund Trust
Corporate Bond Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Exelon Corp. | ||||||||
4.10%, 3/15/52 | 225 | 181 | ||||||
Ferguson Finance PLC | ||||||||
4.65%, 4/20/32 (a) | 300 | 274 | ||||||
Ford Motor Credit Co., LLC, | ||||||||
GMTN | ||||||||
4.39%, 1/8/26 | 315 | 294 | ||||||
General Motors Co., | ||||||||
6.60%, 4/1/36 | 325 | 319 | ||||||
6.75%, 4/1/46 | 125 | 120 | ||||||
Georgia-Pacific LLC | ||||||||
2.30%, 4/30/30 (a) | 650 | 541 | ||||||
Glencore Funding LLC | ||||||||
2.50%, 9/1/30 (a)(c) | 600 | 488 | ||||||
Global Payments, Inc. | ||||||||
5.40%, 8/15/32 | 500 | 478 | ||||||
Grifols SA | ||||||||
2.25%, 11/15/27 (a) | EUR | 310 | 291 | |||||
HCA, Inc., | ||||||||
4.63%, 3/15/52 (a) | $ | 275 | 215 | |||||
5.25%, 6/15/49 | 550 | 471 | ||||||
HF Sinclair Corp. | ||||||||
5.88%, 4/1/26 | 500 | 501 | ||||||
Hyundai Capital America | ||||||||
3.00%, 2/10/27 (a) | 1,200 | 1,079 | ||||||
Imperial Brands Finance PLC, | ||||||||
3.13%, 7/26/24 (a) | 725 | 694 | ||||||
6.13%, 7/27/27 (a) | 400 | 399 | ||||||
Intel Corp., | ||||||||
2.80%, 8/12/41 | 550 | 386 | ||||||
3.25%, 11/15/49 | 300 | 206 | ||||||
International Business Machines Corp. | ||||||||
2.85%, 5/15/40 | 375 | 274 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | ||||||||
2.50%, 1/15/27 (a) | 550 | 482 | ||||||
JDE Peet's NV | ||||||||
1.38%, 1/15/27 (a) | 875 | 740 | ||||||
JetBlue Pass Through Trust, | ||||||||
Series AA | ||||||||
2.75%, 11/15/33 | 433 | 356 | ||||||
Kimberly-Clark de Mexico SAB de CV | ||||||||
2.43%, 7/1/31 (a) | 275 | 220 | ||||||
Kinder Morgan, Inc. | ||||||||
5.45%, 8/1/52 | 175 | 158 | ||||||
Kyndryl Holdings, Inc. | ||||||||
2.05%, 10/15/26 | 1,075 | 878 | ||||||
Level 3 Financing, Inc. | ||||||||
3.40%, 3/1/27 (a) | 625 | 529 | ||||||
Lowe's Cos., Inc. | ||||||||
5.80%, 9/15/62 | 575 | 554 | ||||||
Macy's Retail Holdings LLC | ||||||||
5.88%, 3/15/30 (a) | 405 | 352 | ||||||
Marriott International, Inc., | ||||||||
Series HH | ||||||||
2.85%, 4/15/31 | 1,075 | 873 | ||||||
McDonald's Corp. | ||||||||
4.45%, 9/1/48 | 350 | 306 | ||||||
MDGH GMTN (RSC) Ltd. | ||||||||
4.50%, 11/7/28 (a) | 425 | 422 | ||||||
Micron Technology, Inc. | ||||||||
2.70%, 4/15/32 | 1,275 | 956 |
Morgan Stanley Institutional Fund Trust
Corporate Bond Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Microsoft Corp. | ||||||||
2.53%, 6/1/50 | 525 | 348 | ||||||
Midwest Connector Capital Co. LLC | ||||||||
4.63%, 4/1/29 (a) | 600 | 543 | ||||||
Minsur SA | ||||||||
4.50%, 10/28/31 (a) | 200 | 174 | ||||||
MPLX LP | ||||||||
5.20%, 12/1/47 | 100 | 86 | ||||||
National Fuel Gas Co. | ||||||||
2.95%, 3/1/31 | 1,036 | 814 | ||||||
NBN Co. Ltd. | ||||||||
2.63%, 5/5/31 (a) | 1,225 | 973 | ||||||
Newcastle Coal Infrastructure Group Pty Ltd. | ||||||||
4.40%, 9/29/27 (a) | 1,125 | 971 | ||||||
Nissan Motor Co. Ltd. | ||||||||
3.52%, 9/17/25 (a) | 1,025 | 953 | ||||||
NOVA Chemicals Corp. | ||||||||
4.88%, 6/1/24 (a) | 300 | 291 | ||||||
ONEOK, Inc., | ||||||||
3.10%, 3/15/30 | 1,125 | 945 | ||||||
3.40%, 9/1/29 | 275 | 238 | ||||||
Oracle Corp., | ||||||||
3.60%, 4/1/50 | 525 | 356 | ||||||
3.85%, 7/15/36 | 225 | 185 | ||||||
Peloton Interactive, Inc. | ||||||||
0.00%, 2/15/26 | 415 | 296 | ||||||
Philip Morris International, Inc. | ||||||||
5.75%, 11/17/32 | 300 | 307 | ||||||
Prosus NV | ||||||||
3.68%, 1/21/30 (a) | 775 | 646 | ||||||
Q-Park Holding I BV | ||||||||
1.50%, 3/1/25 (a) | EUR | 150 | 148 | |||||
QUALCOMM, Inc. | ||||||||
1.65%, 5/20/32 | $ | 400 | 309 | |||||
Resorts World Las Vegas LLC/RWLV Capital, Inc. | ||||||||
4.63%, 4/16/29 (a) | 300 | 213 | ||||||
RingCentral, Inc. | ||||||||
0.00%, 3/15/26 | 175 | 138 | ||||||
Rockies Express Pipeline LLC | ||||||||
3.60%, 5/15/25 (a) | 400 | 378 | ||||||
Rogers Communications, Inc. | ||||||||
4.55%, 3/15/52 (a) | 550 | 429 | ||||||
Sabine Pass Liquefaction LLC | ||||||||
4.50%, 5/15/30 | 950 | 883 | ||||||
Sealed Air Corp. | ||||||||
1.57%, 10/15/26 (a) | 800 | 692 | ||||||
Sigma Alimentos SA de CV | ||||||||
4.13%, 5/2/26 | 450 | 427 | ||||||
Silgan Holdings, Inc. | ||||||||
1.40%, 4/1/26 (a) | 500 | 442 | ||||||
Smithfield Foods, Inc. | ||||||||
3.00%, 10/15/30 (a) | 850 | 649 | ||||||
Sodexo, Inc. | ||||||||
2.72%, 4/16/31 (a) | 675 | 540 | ||||||
Spotify USA, Inc. | ||||||||
0.00%, 3/15/26 | 165 | 134 | ||||||
Standard Industries, Inc. | ||||||||
2.25%, 11/21/26 (a) | EUR | 100 | 92 | |||||
Syngenta Finance NV | ||||||||
4.89%, 4/24/25 (a) | $ | 300 | 291 |
Morgan Stanley Institutional Fund Trust
Corporate Bond Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
T-Mobile USA, Inc., | ||||||||
2.25%, 11/15/31 | 725 | 572 | ||||||
3.30%, 2/15/51 | 250 | 168 | ||||||
Tencent Holdings Ltd., | ||||||||
2.39%, 6/3/30 (a) | 200 | 163 | ||||||
3.60%, 1/19/28 (a) | 500 | 459 | ||||||
3.98%, 4/11/29 (a) | 300 | 277 | ||||||
Transportadora de Gas Internacional SA ESP | ||||||||
5.55%, 11/1/28 (a) | 400 | 368 | ||||||
Transurban Finance Co. Pty Ltd. | ||||||||
2.45%, 3/16/31 (a) | 500 | 394 | ||||||
Uber Technologies, Inc. | ||||||||
0.00%, 12/15/25 (c) | 150 | 127 | ||||||
Union Pacific Corp. | ||||||||
4.95%, 9/9/52 | 350 | 338 | ||||||
Var Energi ASA | ||||||||
7.50%, 1/15/28 (a) | 600 | 612 | ||||||
Verizon Communications, Inc., | ||||||||
1.75%, 1/20/31 | 500 | 389 | ||||||
2.36%, 3/15/32 | 250 | 199 | ||||||
2.65%, 11/20/40 | 850 | 577 | ||||||
3.40%, 3/22/41 | 300 | 227 | ||||||
VICI Properties LP | ||||||||
4.75%, 2/15/28 | 300 | 285 | ||||||
VICI Properties LP/VICI Note Co., Inc. | ||||||||
3.88%, 2/15/29 (a) | 850 | 746 | ||||||
Vontier Corp. | ||||||||
2.95%, 4/1/31 | 725 | 525 | ||||||
Walt Disney Co. | ||||||||
3.50%, 5/13/40 | 450 | 364 | ||||||
Warnermedia Holdings, Inc., | ||||||||
4.28%, 3/15/32 (a) | 475 | 392 | ||||||
5.05%, 3/15/42 (a) | 325 | 250 | ||||||
5.14%, 3/15/52 (a) | 725 | 530 | ||||||
Western Digital Corp. | ||||||||
1.50%, 2/1/24 (e) | 215 | 206 | ||||||
Williams Cos., Inc. | ||||||||
5.30%, 8/15/52 | 600 | 540 | ||||||
Ziff Davis, Inc. | ||||||||
1.75%, 11/1/26 (a) | 200 | 200 | ||||||
62,365 | ||||||||
Utilities (9.9%) | ||||||||
APA Infrastructure Ltd. | ||||||||
4.20%, 3/23/25 (a) | 300 | 290 | ||||||
Berkshire Hathaway Energy Co., | ||||||||
2.85%, 5/15/51 | 350 | 231 | ||||||
4.60%, 5/1/53 (a) | 150 | 131 | ||||||
Cleveland Electric Illuminating Co. | ||||||||
4.55%, 11/15/30 (a) | 250 | 235 | ||||||
Consumers Energy Co. | ||||||||
2.50%, 5/1/60 | 325 | 183 | ||||||
Dominion Energy, Inc. | ||||||||
5.38%, 11/15/32 | 400 | 398 | ||||||
DTE Electric Co. | ||||||||
3.95%, 3/1/49 | 450 | 371 | ||||||
Duke Energy Corp. | ||||||||
5.00%, 8/15/52 | 525 | 469 | ||||||
Duke Energy Indiana LLC | ||||||||
2.75%, 4/1/50 | 580 | 367 |
Morgan Stanley Institutional Fund Trust
Corporate Bond Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Edison International | ||||||||
6.95%, 11/15/29 | 825 | 863 | ||||||
EDP Finance BV | ||||||||
6.30%, 10/11/27 (a) | 700 | 721 | ||||||
Enel Finance International NV | ||||||||
5.00%, 6/15/32 (a) | 600 | 542 | ||||||
Entergy Texas, Inc. | ||||||||
3.55%, 9/30/49 | 200 | 144 | ||||||
Fells Point Funding Trust | ||||||||
3.05%, 1/31/27 (a) | 1,275 | 1,162 | ||||||
Interstate Power and Light Co., | ||||||||
2.30%, 6/1/30 | 300 | 246 | ||||||
3.50%, 9/30/49 | 175 | 126 | ||||||
Jersey Central Power & Light Co. | ||||||||
2.75%, 3/1/32 (a) | 375 | 304 | ||||||
New England Power Co. | ||||||||
5.94%, 11/25/52 (a) | 300 | 310 | ||||||
NextEra Energy Capital Holdings, Inc. | ||||||||
3.00%, 1/15/52 | 475 | 312 | ||||||
Niagara Mohawk Power Corp. | ||||||||
2.76%, 1/10/32 (a) | 800 | 651 | ||||||
Northern States Power Co. | ||||||||
2.90%, 3/1/50 | 350 | 241 | ||||||
Pacific Gas and Electric Co. | ||||||||
3.30%, 8/1/40 | 375 | 255 | ||||||
PECO Energy Co. | ||||||||
3.05%, 3/15/51 | 425 | 293 | ||||||
Piedmont Natural Gas Co., Inc. | ||||||||
2.50%, 3/15/31 | 475 | 389 | ||||||
Public Service Co. of Colorado, | ||||||||
Series 34 | ||||||||
3.20%, 3/1/50 | 275 | 196 | ||||||
4.50%, 6/1/52 | 275 | 248 | ||||||
Public Service Enterprise Group, Inc. | ||||||||
2.45%, 11/15/31 | 525 | 421 | ||||||
Southern California Edison Co. | ||||||||
4.00%, 4/1/47 | 250 | 197 | ||||||
Southern Co. | ||||||||
4.40%, 7/1/46 | 525 | 440 | ||||||
Union Electric Co. | ||||||||
3.90%, 4/1/52 | 250 | 203 | ||||||
Virginia Electric and Power Co., | ||||||||
2.45%, 12/15/50 | 275 | 164 | ||||||
2.95%, 11/15/51 | 375 | 248 | ||||||
Series C | ||||||||
4.63%, 5/15/52 | 225 | 198 | ||||||
Vistra Operations Co. LLC | ||||||||
4.88%, 5/13/24 (a) | 900 | 883 | ||||||
12,432 | ||||||||
Total Fixed Income Securities (Cost $136,510) | 121,969 |
Shares | ||||||||
Short-Term Investments (3.5%) | ||||||||
Investment Company (0.9%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (f) (Cost $1,192) | 1,191,553 | 1,192 | ||||||
Securities held as Collateral on Loaned Securities (1.1%) | ||||||||
Investment Company (1.1%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (f) (Cost $1,369) | 1,368,525 | 1,369 |
Face | ||||||||
Amount | ||||||||
(000) | ||||||||
U.S. Treasury Security (1.5%) | ||||||||
U.S. Treasury Bill | ||||||||
3.84%, 3/16/23 (g)(h) (Cost $1,851) | $ | 1,865 | 1,850 | |||||
Total Short-Term Investments (Cost $4,412) | 4,411 | |||||||
Total Investments (100.6%) (Cost $140,922) Including $1,480 of Securities Loaned (i)(j)(k) | 126,380 | |||||||
Liabilities in Excess of Other Assets (-0.6%) | (730 | ) | ||||||
Net Assets (100.0%) | $ | 125,650 |
Morgan Stanley Institutional Fund Trust
Corporate Bond Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
(a) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
(b) | Floating or variable rate securities: The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments. |
(c) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at December 31, 2022, were approximately $1,480,000 and $1,512,000, respectively. The received cash collateral of approximately $1,369,000, was subsequently invested in Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $143,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(d) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of December 31, 2022. |
(e) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date. |
(f) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended December 31, 2022, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds. |
(g) | Rate shown is the yield to maturity at December 31, 2022. |
(h) | All or a portion of the security was pledged to cover margin requirements for futures contracts. |
(i) | Securities are available for collateral in connection with, purchase of open foreign currency forward exchange contracts and open futures contracts. |
(j) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions. |
(k) | At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $802,000 and the aggregate gross unrealized depreciation is approximately $15,269,000, resulting in net unrealized depreciation of approximately $14,467,000. |
MTN | Medium Term Note. |
SOFR | Secured Overnight Financing Rate. |
SONIA | Sterling Overnight Index Average. |
Morgan Stanley Institutional Fund Trust
Corporate Bond Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at December 31, 2022:
Contracts | In | Unrealized | ||||||||||||||
to | Exchange | Appreciation | ||||||||||||||
Deliver | For | Delivery | (Depreciation) | |||||||||||||
Counterparty | (000) | (000) | Date | (000) | ||||||||||||
HSBC Bank PLC | EUR | 531 | $ | 527 | 2/9/23 | $ | (42 | ) | ||||||||
JPMorgan Chase Bank NA | EUR | 2 | $ | 2 | 2/9/23 | (—@ | ) | |||||||||
UBS AG | $ | 9 | EUR | 9 | 2/9/23 | —@ | ||||||||||
UBS AG | $ | 6 | GBP | 5 | 2/9/23 | (—@ | ) | |||||||||
UBS AG | GBP | 585 | $ | 663 | 2/9/23 | (45 | ) | |||||||||
$ | (87 | ) |
Futures Contracts:
The Fund had the following futures contracts open at December 31, 2022:
Unrealized | ||||||||||||||||||
Number | Notional | Appreciation | ||||||||||||||||
of | Expiration | Amount | Value | (Depreciation) | ||||||||||||||
Contracts | Date | (000) | (000) | (000) | ||||||||||||||
Long: | ||||||||||||||||||
U.S. Treasury 2 yr. Note | 75 | Mar-23 | $ | 15,000 | $ | 15,381 | $ | 13 | ||||||||||
U.S. Treasury Long Bond | 85 | Mar-23 | 8,500 | 10,654 | (108 | ) | ||||||||||||
U.S. Treasury Ultra Bond | 38 | Mar-23 | 3,800 | 5,104 | (55 | ) | ||||||||||||
Short: | ||||||||||||||||||
German Euro-BOBL Index | 1 | Mar-23 | EUR | (100 | ) | (120 | ) | 5 | ||||||||||
German Euro-Bund Index | 1 | Mar-23 | (100 | ) | (142 | ) | 10 | |||||||||||
U.S. Treasury 10 yr. Note | 73 | Mar-23 | $ | (7,300 | ) | (8,198 | ) | 30 | ||||||||||
U.S. Treasury 10 yr. Ultra Note | 166 | Mar-23 | (16,600 | ) | (19,635 | ) | 266 | |||||||||||
U.S. Treasury 5 yr. Note | 13 | Mar-23 | (1,300 | ) | (1,403 | ) | 1 | |||||||||||
$ | 162 |
@ | Value is less than $500. | |||||
EUR | Euro. | |||||
GBP | British Pound. |
Portfolio Composition*
Percentage of | ||||
Classification | Total Investments | |||
Industrials | 49.9 | % | ||
Finance | 35.3 | |||
Utilities | 9.9 | |||
Others** | 4.9 | |||
Total Investments | 100.0 | %*** |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2022. |
** | 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 $60,637,000 and net unrealized appreciation of approximately $162,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $87,000. |
Morgan Stanley Institutional Fund Trust
Discovery Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)
Shares | Value (000) | |||||||
Common Stocks (95.4%) | ||||||||
Biotechnology (1.0%) | ||||||||
Intellia Therapeutics, Inc. (a) | 119,608 | $ | 4,173 | |||||
ProKidney Corp. (a)(b) | 788,497 | 5,409 | ||||||
9,582 | ||||||||
Chemicals (0.4%) | ||||||||
Ginkgo Bioworks Holdings, Inc. (a)(b) | 2,214,653 | 3,743 | ||||||
Commercial Services & Supplies (0.2%) | ||||||||
Aurora Innovation, Inc. (a)(b) | 1,465,343 | 1,773 | ||||||
Consumer Finance (0.5%) | ||||||||
Upstart Holdings, Inc. (a)(b) | 373,465 | 4,937 | ||||||
Entertainment (4.5%) | ||||||||
ROBLOX Corp., Class A (a) | 1,455,645 | 41,428 | ||||||
Health Care Providers & Services (7.1%) | ||||||||
Agilon Health, Inc. (a) | 3,655,191 | 58,995 | ||||||
Guardant Health, Inc. (a) | 228,675 | 6,220 | ||||||
65,215 | ||||||||
Health Care Technology (5.6%) | ||||||||
Doximity, Inc., Class A (a) | 1,546,285 | 51,893 | ||||||
Information Technology Services (23.1%) | ||||||||
Adyen NV (Netherlands) (a) | 40,719 | 56,529 | ||||||
Affirm Holdings, Inc. (a) | 2,035,482 | 19,683 | ||||||
Cloudflare, Inc., Class A (a) | 1,299,441 | 58,748 | ||||||
Shopify, Inc., Class A (Canada) (a) | 474,000 | 16,453 | ||||||
Snowflake, Inc., Class A (a) | 432,439 | 62,072 | ||||||
213,485 | ||||||||
Interactive Media & Services (4.5%) | ||||||||
ZoomInfo Technologies, Inc., Class A (a) | 1,380,442 | 41,565 | ||||||
Internet & Direct Marketing Retail (14.5%) | ||||||||
Chewy, Inc., Class A (a) | 1,115,102 | 41,348 | ||||||
Coupang, Inc. (a) | 1,500,013 | 22,065 | ||||||
DoorDash, Inc., Class A (a) | 849,350 | 41,465 | ||||||
Global-e Online Ltd. (Israel) (a) | 990,620 | 20,446 | ||||||
Wayfair, Inc., Class A (a)(b) | 277,276 | 9,120 | ||||||
134,444 | ||||||||
Leisure Products (1.6%) | ||||||||
Peloton Interactive, Inc., Class A (a)(b) | 1,868,575 | 14,836 | ||||||
Life Sciences Tools & Services (3.2%) | ||||||||
10X Genomics, Inc., Class A (a) | 441,700 | 16,096 | ||||||
Illumina, Inc. (a) | 65,674 | 13,279 | ||||||
29,375 | ||||||||
Media (6.1%) | ||||||||
Trade Desk, Inc., Class A (a) | 1,253,264 | 56,184 |
Morgan Stanley Institutional Fund Trust
Discovery Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Pharmaceuticals (7.1%) | ||||||||
Royalty Pharma PLC, Class A (United Kingdom) | 1,673,034 | 66,118 | ||||||
Road & Rail (2.1%) | ||||||||
Grab Holdings Ltd., Class A (Singapore) (a) | 5,925,433 | 19,080 | ||||||
Software (13.6%) | ||||||||
Bill.Com Holdings, Inc. (a) | 451,227 | 49,166 | ||||||
Datadog, Inc., Class A (a) | 615,615 | 45,248 | ||||||
Gitlab, Inc., Class A (a)(b) | 358,980 | 16,312 | ||||||
MicroStrategy, Inc., Class A (a)(b) | 24,176 | 3,422 | ||||||
Samsara, Inc., Class A (a) | 938,514 | 11,666 | ||||||
125,814 | ||||||||
Specialty Retail (0.3%) | ||||||||
Carvana Co. (a)(b) | 622,742 | 2,952 | ||||||
Total Common Stocks (Cost $1,599,760) | 882,424 | |||||||
Preferred Stock (2.6%) | ||||||||
Software (2.6%) | ||||||||
Databricks, Inc.(a)(c)(d) (acquisition cost — $31,810 ; acquired 8/31/21) (Cost $31,810) | 432,882 | 23,813 | ||||||
Investment Company (0.6%) | ||||||||
Grayscale Bitcoin Trust (a) (Cost $29,298) | 692,207 | 5,738 |
No. of Warrants | ||||||||
Warrant (0.0%) (e) | ||||||||
Chemicals (0.0%) (e) | ||||||||
Ginkgo Bioworks Holdings, Inc. expires 12/31/27 (a) (Cost $656) | 196,782 | 39 |
Shares | ||||||||
Short-Term Investments (3.8%) | ||||||||
Securities held as Collateral on Loaned Securities (2.6%) | ||||||||
Investment Company (2.2%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) | 20,195,785 | 20,196 |
Face Amount (000) | ||||||||
Repurchase Agreements (0.4%) | ||||||||
HSBC Securities USA, Inc., (4.27%, dated 12/30/22, due 1/3/23; proceeds $1,873; fully collateralized by a U.S. Government obligation; 4.38% due 5/15/41; valued at $1,911) | $ | 1,873 | 1,873 | |||||
Merrill Lynch & Co., Inc., (4.25%, dated 12/30/22, due 1/3/23; proceeds $1,874; fully collateralized by a U.S. Government obligation; 1.50% due 2/15/25; valued at $1,911) | 1,874 | 1,874 | ||||||
3,747 | ||||||||
Total Securities held as Collateral on Loaned Securities (Cost $23,943) | 23,943 |
Shares | ||||||||
Investment Company (1.2%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $11,404) | 11,403,678 | 11,404 | ||||||
Total Short-Term Investments (Cost $35,347) | 35,347 | |||||||
Total Investments Excluding Purchased Options (102.4%) (Cost $1,696,871) | 947,361 | |||||||
Total Purchased Options Outstanding (0.2%) (Cost $2,783) | 1,774 | |||||||
Total Investments (102.6%) (Cost $1,699,654) Including $25,511 of Securities Loaned (g)(h)(i)(j) | 949,135 | |||||||
Liabilities in Excess of Other Assets (-2.6%) | (23,670 | ) | ||||||
Net Assets (100.0%) | $ | 925,465 |
Morgan Stanley Institutional Fund Trust
Discovery Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
(a) | Non-income producing security. |
(b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at December 31, 2022, were approximately $25,511,000 and $26,406,000, respectively. The Fund received cash collateral of approximately $23,943,000 which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The remaining collateral of approximately $2,463,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(c) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at December 31, 2022 amounts to approximately $23,813,000 and represents 2.6% of net assets. |
(d) | At December 31, 2022, the Fund held a fair valued security at approximately $23,813,000, representing 2.6% 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. |
(e) | Amount is less than 0.05%. |
(f) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended December 31, 2022, advisory fees paid were reduced by approximately $19,000 relating to the Fund's investment in the Liquidity Funds. |
(g) | The approximate fair value and percentage of net assets, $56,529,000 and 6.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments. |
(h) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions. |
(i) | Securities are available for collateral in connection with purchased options. |
(j) | At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $10,369,000 and the aggregate gross unrealized depreciation is approximately $760,888,000, resulting in net unrealized depreciation of approximately $750,519,000. |
Call Options Purchased:
The Fund had the following call options purchased open at December 31, 2022:
Counterparty | Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | |||||||||||||
Goldman Sachs International | USD/CNH | CNH | 7.87 | Oct-23 | 2,378,602 | 2,379 | $ | 6 | $ | 11 | $ | (5 | ) | ||||||||
JP Morgan Chase Bank NA | USD/CNH | CNH | 7.53 | Jul-23 | 279,968,319 | 279,968 | 807 | 1,390 | (583 | ) | |||||||||||
Standard Chartered Bank | USD/CNH | CNH | 7.57 | Aug-23 | 309,556,026 | 309,556 | 961 | 1,382 | (421 | ) | |||||||||||
$ | 1,774 | $ | 2,783 | $ | (1,009 | ) |
CNH — Chinese Yuan Renminbi Offshore
USD — United States Dollar
Portfolio Composition*
Classification | Percentage of Total Investments | |||
Information Technology Services | 23.1 | % | ||
Others** | 20.3 | |||
Software | 16.2 | |||
Internet & Direct Marketing Retail | 14.5 | |||
Pharmaceuticals | 7.2 | |||
Health Care Providers & Services | 7.0 | |||
Media | 6.1 | |||
Health Care Technology | 5.6 | |||
Total Investments | 100.0 | % |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2022. |
** | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund Trust
Dynamic Value Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)
Shares | Value (000) | |||||||
Common Stocks (94.4%) | ||||||||
Automobiles (0.8%) | ||||||||
Ford Motor Co. | 40,918 | $ | 476 | |||||
General Motors Co. | 14,220 | 478 | ||||||
954 | ||||||||
Banks (3.6%) | ||||||||
Citizens Financial Group, Inc. | 21,821 | 859 | ||||||
KeyCorp | 49,944 | 870 | ||||||
PacWest Bancorp | 35,789 | 821 | ||||||
Popular, Inc. | 13,120 | 870 | ||||||
Signature Bank | 7,269 | 838 | ||||||
4,258 | ||||||||
Beverages (0.6%) | ||||||||
Molson Coors Beverage Co., Class B | 13,683 | 705 | ||||||
Building Products (1.7%) | ||||||||
Builders FirstSource, Inc. (a) | 7,571 | 491 | ||||||
Fortune Brands Innovations, Inc. | 8,128 | 464 | ||||||
Hayward Holdings, Inc. (a) | 53,572 | 504 | ||||||
Masterbrand, Inc. | 8,128 | 61 | ||||||
Owens Corning | 5,407 | 461 | ||||||
1,981 | ||||||||
Capital Markets (2.6%) | ||||||||
Carlyle Group, Inc. | 26,108 | 779 | ||||||
Invesco Ltd. | 41,687 | 750 | ||||||
State Street Corp. | 10,147 | 787 | ||||||
Virtu Financial, Inc., Class A | 35,029 | 715 | ||||||
3,031 | ||||||||
Chemicals (2.7%) | ||||||||
Chemours Co. | 14,861 | 455 | ||||||
Dow, Inc. | 9,057 | 456 | ||||||
Huntsman Corp. | 16,288 | 448 | ||||||
LyondellBasell Industries NV, Class A | 5,595 | 465 | ||||||
Mosaic Co. | 9,763 | 428 | ||||||
Olin Corp. | 8,210 | 435 | ||||||
Westlake Chemical Corp. | 4,303 | 441 | ||||||
3,128 | ||||||||
Commercial Banks (0.7%) | ||||||||
Western Alliance Bancorp | 14,316 | 853 | ||||||
Commercial Services & Supplies (0.3%) | ||||||||
Clean Harbors, Inc. (a) | 2,596 | 296 | ||||||
Construction & Engineering (0.4%) | ||||||||
MDU Resources Group, Inc. | 16,124 | 489 | ||||||
Consumer Finance (3.7%) | ||||||||
Ally Financial, Inc. | 30,441 | 744 | ||||||
Capital One Financial Corp. | 8,170 | 760 | ||||||
Discover Financial Services | 7,391 | 723 | ||||||
OneMain Holdings, Inc. | 20,469 | 682 |
Morgan Stanley Institutional Fund Trust
Dynamic Value Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
SLM Corp. | 45,794 | 760 | ||||||
Synchrony Financial | 21,941 | 721 | ||||||
4,390 | ||||||||
Containers & Packaging (1.1%) | ||||||||
Berry Global Group, Inc. | 7,500 | 453 | ||||||
International Paper Co. | 12,627 | 437 | ||||||
WestRock Co. | 12,724 | 448 | ||||||
1,338 | ||||||||
Diversified Consumer Services (0.6%) | ||||||||
ADT, Inc. | 39,155 | 355 | ||||||
H&R Block, Inc. | 9,043 | 330 | ||||||
685 | ||||||||
Diversified Telecommunication Services (1.5%) | ||||||||
Lumen Technologies, Inc. | 333,122 | 1,739 | ||||||
Electric Utilities (3.1%) | ||||||||
Edison International | 10,959 | 697 | ||||||
Evergy, Inc. | 12,327 | 775 | ||||||
Hawaiian Electric Industries, Inc. | 17,772 | 744 | ||||||
NRG Energy, Inc. | 21,488 | 684 | ||||||
PG&E Corp. (a) | 46,607 | 758 | ||||||
3,658 | ||||||||
Electrical Equipment (0.9%) | ||||||||
Generac Holdings, Inc. (a) | 5,333 | 537 | ||||||
Regal Rexnord Corp. | 4,079 | 489 | ||||||
1,026 | ||||||||
Electronic Equipment, Instruments & Components (1.8%) | ||||||||
Arrow Electronics, Inc. (a) | 4,181 | 437 | ||||||
Avnet, Inc. | 10,282 | 428 | ||||||
Jabil, Inc. | 6,267 | 427 | ||||||
TD SYNNEX Corp. | 4,559 | 432 | ||||||
Vontier Corp. | 23,305 | 450 | ||||||
2,174 | ||||||||
Equity Real Estate Investment Trusts (REITs) (5.8%) | ||||||||
Annaly Capital Management, Inc. REIT | 36,283 | 765 | ||||||
Apartment Income Corp. REIT | 11,732 | 403 | ||||||
Boston Properties, Inc. REIT | 6,477 | 438 | ||||||
Cousins Properties, Inc. REIT | 17,218 | 435 | ||||||
Douglas Emmett, Inc. REIT | 27,503 | 431 | ||||||
EPR Properties REIT | 10,235 | 386 | ||||||
Highwoods Properties, Inc. REIT | 15,307 | 428 | ||||||
Kilroy Realty Corp. REIT | 11,009 | 426 | ||||||
Kimco Realty Corp. REIT | 19,070 | 404 | ||||||
Medical Properties Trust, Inc. REIT | 35,458 | 395 | ||||||
New Residential Investment Corp. REIT | 85,551 | 699 | ||||||
Omega Healthcare Investors, Inc. REIT | 14,234 | 398 | ||||||
SL Green Realty Corp. REIT | 12,162 | 410 | ||||||
VICI Properties, Inc. REIT | 12,558 | 407 | ||||||
Weyerhaeuser Co. REIT | 13,389 | 415 | ||||||
6,840 |
Morgan Stanley Institutional Fund Trust
Dynamic Value Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Food & Staples Retailing (1.1%) | ||||||||
Walgreens Boots Alliance, Inc. | 35,374 | 1,321 | ||||||
Food Products (3.1%) | ||||||||
Bunge Ltd. | 7,653 | 763 | ||||||
Darling Ingredients, Inc. (a) | 11,690 | 732 | ||||||
Pilgrim's Pride Corp. (a) | 29,143 | 692 | ||||||
Seaboard Corp. | 186 | 702 | ||||||
Tyson Foods, Inc., Class A | 11,414 | 710 | ||||||
3,599 | ||||||||
Gas Utilities (1.2%) | ||||||||
National Fuel Gas Co. | 11,546 | 731 | ||||||
UGI Corp. | 18,763 | 695 | ||||||
1,426 | ||||||||
Health Care Equipment & Supplies (2.1%) | ||||||||
Maravai LifeSciences Holdings, Inc. (a) | 72,072 | 1,031 | ||||||
QuidelOrtho Corp. (a) | 6,045 | 518 | ||||||
Sotera Health Co. (a) | 110,634 | 922 | ||||||
2,471 | ||||||||
Health Care Providers & Services (5.3%) | ||||||||
Centene Corp. (a) | 6,452 | 529 | ||||||
Cigna Corp. | 1,694 | 561 | ||||||
CVS Health Corp. | 5,516 | 514 | ||||||
DaVita, Inc. (a) | 7,548 | 564 | ||||||
ENHABIT, Inc. (a) | 39,012 | 513 | ||||||
Henry Schein, Inc. (a) | 6,930 | 553 | ||||||
Laboratory Corp. of America Holdings | 2,393 | 564 | ||||||
Premier, Inc., Class A | 16,918 | 592 | ||||||
Quest Diagnostics, Inc. | 3,775 | 591 | ||||||
Tenet Healthcare Corp. (a) | 12,544 | 612 | ||||||
Universal Health Services, Inc., Class B | 4,407 | 621 | ||||||
6,214 | ||||||||
Health Care Technology (0.5%) | ||||||||
Envista Holdings Corp. (a) | 17,158 | 578 | ||||||
Hotels, Restaurants & Leisure (1.9%) | ||||||||
Aramark | 9,277 | 384 | ||||||
Boyd Gaming Corp. | 6,502 | 355 | ||||||
Marriott Vacations Worldwide Corp. | 2,730 | 367 | ||||||
Penn National Gaming, Inc. (a) | 11,335 | 337 | ||||||
Six Flags Entertainment Corp. (a) | 17,827 | 414 | ||||||
Travel & Leisure Co. | 10,332 | 376 | ||||||
2,233 | ||||||||
Household Durables (1.4%) | ||||||||
Lennar Corp., Class A | 3,080 | 279 | ||||||
Lennar Corp., Class B | 3,727 | 279 | ||||||
Mohawk Industries, Inc. (a) | 2,833 | 289 | ||||||
Newell Brands, Inc. | 21,233 | 278 | ||||||
Pulte Group, Inc. | 6,128 | 279 | ||||||
Toll Brothers, Inc. | 5,547 | 277 | ||||||
1,681 |
Morgan Stanley Institutional Fund Trust
Dynamic Value Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Independent Power Producers & Energy Traders (0.6%) | ||||||||
Vistra Corp. | 30,463 | 707 | ||||||
Information Technology Services (4.3%) | ||||||||
Akamai Technologies, Inc. (a) | 3,462 | 292 | ||||||
Amdocs Ltd. | 3,512 | 319 | ||||||
Cognizant Technology Solutions Corp., Class A | 5,231 | 299 | ||||||
Concentrix Corp. | 2,663 | 355 | ||||||
DXC Technology Co. (a) | 11,589 | 307 | ||||||
Euronet Worldwide, Inc. (a) | 3,472 | 328 | ||||||
Fidelity National Information Services, Inc. | 4,531 | 308 | ||||||
Fiserv, Inc. (a) | 3,090 | 312 | ||||||
FleetCor Technologies, Inc. (a) | 1,689 | 310 | ||||||
Genpact Ltd. | 6,981 | 323 | ||||||
Global Payments, Inc. | 3,187 | 317 | ||||||
International Business Machines Corp. | 2,111 | 298 | ||||||
Kyndryl Holdings, Inc. (a) | 28,539 | 317 | ||||||
SS&C Technologies Holdings, Inc. | 6,163 | 321 | ||||||
Western Union Co. | 22,453 | 309 | ||||||
WEX, Inc. (a) | 1,945 | 318 | ||||||
5,033 | ||||||||
Insurance (3.6%) | ||||||||
American International Group, Inc. | 8,476 | 536 | ||||||
Axis Capital Holdings Ltd. | 9,221 | 500 | ||||||
CNA Financial Corp. | 12,670 | 536 | ||||||
F&G Annuities & Life, Inc. (a) | 1 | —@ | ||||||
Fidelity National Financial, Inc. | 14,150 | 532 | ||||||
First American Financial Corp. | 10,133 | 530 | ||||||
Old Republic International Corp. | 22,015 | 532 | ||||||
Principal Financial Group, Inc. | 5,800 | 487 | ||||||
Unum Group | 12,732 | 522 | ||||||
4,175 | ||||||||
Life Sciences Tools & Services (0.8%) | ||||||||
Syneos Health, Inc. (a) | 26,898 | 987 | ||||||
Machinery (3.3%) | ||||||||
AGCO Corp. | 3,646 | 506 | ||||||
Allison Transmission Holdings, Inc. | 11,180 | 465 | ||||||
Esab Corp. | 10,563 | 496 | ||||||
Gates Industrial Corp. PLC (a) | 45,076 | 514 | ||||||
PACCAR, Inc. | 4,711 | 466 | ||||||
Pentair PLC | 10,937 | 492 | ||||||
Stanley Black & Decker, Inc. | 6,268 | 471 | ||||||
Timken Co. | 7,031 | 497 | ||||||
3,907 | ||||||||
Media (4.8%) | ||||||||
Altice USA, Inc., Class A (a) | 163,702 | 753 | ||||||
Comcast Corp., Class A | 18,058 | 631 | ||||||
DISH Network Corp., Class A (a) | 42,857 | 602 | ||||||
Fox Corp., Class A | 20,477 | 622 | ||||||
Fox Corp., Class B | 21,743 | 618 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class A (a) | 14,957 | 588 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class C (a) | 14,995 | 587 | ||||||
Nexstar Media Group, Inc., Class A | 3,445 | 603 |
Morgan Stanley Institutional Fund Trust
Dynamic Value Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Paramount Global, Class B | 34,515 | 583 | ||||||
5,587 | ||||||||
Metals & Mining (0.8%) | ||||||||
Cleveland-Cliffs, Inc. (a) | 28,697 | 462 | ||||||
Reliance Steel & Aluminum Co. | 2,208 | 447 | ||||||
909 | ||||||||
Multi-Line Retail (0.6%) | ||||||||
Macy's, Inc. | 16,964 | 350 | ||||||
Nordstrom, Inc. | 21,708 | 351 | ||||||
701 | ||||||||
Oil, Gas & Consumable Fuels (6.4%) | ||||||||
Chesapeake Energy Corp. | 11,393 | 1,075 | ||||||
EQT Corp. | 29,302 | 991 | ||||||
HF Sinclair Corp. | 20,964 | 1,088 | ||||||
Ovintiv, Inc. | 21,442 | 1,087 | ||||||
PDC Energy, Inc. | 16,138 | 1,025 | ||||||
Phillips 66 | 10,484 | 1,091 | ||||||
Valero Energy Corp. | 9,002 | 1,142 | ||||||
7,499 | ||||||||
Personal Products (1.3%) | ||||||||
Coty, Inc., Class A (a) | 93,297 | 798 | ||||||
Olaplex Holdings, Inc. (a) | 133,358 | 695 | ||||||
1,493 | ||||||||
Pharmaceuticals (6.3%) | ||||||||
Bristol-Myers Squibb Co. | 11,492 | 827 | ||||||
Catalent, Inc. (a) | 19,484 | 877 | ||||||
Elanco Animal Health, Inc. (a) | 73,144 | 894 | ||||||
Jazz Pharmaceuticals PLC (a) | 6,097 | 971 | ||||||
Organon & Co. | 35,490 | 991 | ||||||
Perrigo Co. PLC | 28,959 | 987 | ||||||
Pfizer, Inc. | 18,210 | 933 | ||||||
Viatris, Inc. | 84,127 | 937 | ||||||
7,417 | ||||||||
Professional Services (1.0%) | ||||||||
Dun & Bradstreet Holdings, Inc. | 22,621 | 277 | ||||||
ManpowerGroup, Inc. | 3,551 | 296 | ||||||
Robert Half International, Inc. | 4,130 | 305 | ||||||
Science Applications International Corp. | 2,725 | 302 | ||||||
1,180 | ||||||||
Real Estate Management & Development (0.4%) | ||||||||
Jones Lang LaSalle, Inc. (a) | 2,636 | 420 | ||||||
Road & Rail (1.8%) | ||||||||
Avis Budget Group, Inc. (a) | 1,957 | 321 | ||||||
Hertz Global Holdings, Inc. (a) | 22,911 | 353 | ||||||
Knight-Swift Transportation Holdings, Inc. | 6,735 | 353 | ||||||
Schneider National, Inc., Class B | 15,121 | 354 | ||||||
U-Haul Holding Co. | 5,881 | 354 |
Morgan Stanley Institutional Fund Trust
Dynamic Value Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
XPO Logistics, Inc. (a) | 10,501 | 349 | ||||||
2,084 | ||||||||
Semiconductors & Semiconductor Equipment (2.4%) | ||||||||
Cirrus Logic, Inc. (a) | 6,467 | 481 | ||||||
Intel Corp. | 16,637 | 440 | ||||||
Micron Technology, Inc. | 8,780 | 439 | ||||||
MKS Instruments, Inc. | 5,839 | 495 | ||||||
Qorvo, Inc. (a) | 4,940 | 448 | ||||||
Skyworks Solutions, Inc. | 5,127 | 467 | ||||||
2,770 | ||||||||
Software (1.3%) | ||||||||
AppLovin Corp., Class A (a) | 28,831 | 303 | ||||||
Dropbox, Inc., Class A (a) | 14,103 | 316 | ||||||
Gen Digital, Inc. | 13,669 | 293 | ||||||
NCR Corp. (a) | 13,602 | 318 | ||||||
Zoom Video Communications, Inc., Class A (a) | 4,399 | 298 | ||||||
1,528 | ||||||||
Specialty Retail (1.8%) | ||||||||
AutoNation, Inc. (a) | 3,236 | 347 | ||||||
Dick's Sporting Goods, Inc. | 3,335 | 401 | ||||||
Lithia Motors, Inc., Class A | 1,709 | 350 | ||||||
Penske Automotive Group, Inc. | 3,083 | 354 | ||||||
Victoria's Secret & Co. (a) | 8,748 | 313 | ||||||
Williams-Sonoma, Inc. | 3,496 | 402 | ||||||
2,167 | ||||||||
Tech Hardware, Storage & Peripherals (0.7%) | ||||||||
Dell Technologies, Inc., Class C | 10,410 | 419 | ||||||
Hewlett Packard Enterprise Co. | 27,503 | 439 | ||||||
858 | ||||||||
Textiles, Apparel & Luxury Goods (0.2%) | ||||||||
PVH Corp. | 3,777 | 267 | ||||||
Thrifts & Mortgage Finance (1.5%) | ||||||||
MGIC Investment Corp. | 66,393 | 863 | ||||||
New York Community Bancorp, Inc. | 99,778 | 858 | ||||||
1,721 | ||||||||
Trading Companies & Distributors (2.0%) | ||||||||
Air Lease Corp. | 12,808 | 492 | ||||||
Core & Main, Inc., Class A (a) | 23,424 | 452 | ||||||
United Rentals, Inc. (a) | 1,384 | 492 | ||||||
Univar Solutions, Inc. (a) | 14,747 | 469 | ||||||
WESCO International, Inc. (a) | 3,990 | 500 | ||||||
2,405 | ||||||||
Total Common Stocks (Cost $117,967) | 110,883 | |||||||
Short-Term Investment (4.9%) | ||||||||
Investment Company (4.9%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (b) (Cost $5,754) | 5,754,004 | 5,754 | ||||||
Total Investments (99.3%) (Cost $123,721) (c)(d)(e) | 116,637 | |||||||
Other Assets in Excess of Liabilities (0.7%) | 868 | |||||||
Net Assets (100.0%) | $ | 117,505 |
Morgan Stanley Institutional Fund Trust
Dynamic Value Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
(a) | Non-income producing security. |
(b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the fund due to its investment in the Liquidity Funds. For the three months ended December 31, 2022, advisory fees paid were approximately $4,000 relating to the fund's investment in the Liquidity Funds. |
(c) | Securities are available for collateral in connection with purchase of swap agreements. |
(d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions. |
(e) | At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,963,000 and the aggregate gross unrealized depreciation is approximately $10,834,000, resulting in net unrealized depreciation of approximately $6,871,000. |
@ | Value is less than $500. |
REIT | Real Estate Investment Trust. |
Total Return Swap Agreements:
The Fund had the following total return swap agreements open at December 31, 2022:
Swap Counterparty | Index | Pay/Receive Total Return of Referenced Index | Floating Rate | Payment Frequency | Maturity Date | Notional Amount (000) | Value (000) | Upfront Payment Paid (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||||||||||
JPMorgan Chase Bank NA | JP Morgan Russell 1000 Anti-Value Index†† | Pay | SOFR + 0.15% | Quarterly | 12/11/23 | $ | 35,377 | 817 | $ | — | $ | 817 | |||||||||||||
JPMorgan Chase Bank NA | JP Morgan Russell 1000 Value Index†† | Receive | SOFR + 0.15% | Quarterly | 12/11/23 | 41,318 | (604 | ) | — | (604 | ) | ||||||||||||||
$ | 213 | $ | — | $ | 213 |
†† See tables below for details of the equity basket holdings underlying the swap.
Morgan Stanley Institutional Fund Trust
Dynamic Value Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
The following table represents the equity basket holdings underlying the total return swap with JPM Russell 1000 Anti-Value Index as of December 31, 2022:
Security Description | Shares | Value (000) | Index Weight | |||||||||
JPM Russell 1000 Anti-Value Index | ||||||||||||
10X Genomics, Inc. | 1,068 | $ | 39 | 0.54 | % | |||||||
Alnylam Pharmaceuticals, Inc. | 160 | 38 | 0.52 | |||||||||
Alteryx, Inc. | 854 | 43 | 0.60 | |||||||||
Ameren Corp. | 425 | 38 | 0.52 | |||||||||
Aptargroup, Inc. | 345 | 38 | 0.52 | |||||||||
Atlassian Corp. | 294 | 38 | 0.52 | |||||||||
Boeing Co. | 208 | 40 | 0.54 | |||||||||
Cloudflare, Inc. | 829 | 37 | 0.52 | |||||||||
Cms Energy Corp. | 602 | 38 | 0.52 | |||||||||
Confluent, Inc. | 1,749 | 39 | 0.53 | |||||||||
Coupa Software, Inc. | 602 | 48 | 0.66 | |||||||||
Datadog, Inc. | 537 | 39 | 0.54 | |||||||||
Deckers Outdoor Corp. | 98 | 39 | 0.54 | |||||||||
Estee Lauder Cos, Inc. | 158 | 39 | 0.54 | |||||||||
First Republic Bank | 313 | 38 | 0.53 | |||||||||
Five9, Inc. | 572 | 39 | 0.53 | |||||||||
Grocery Outlet Holding Corp. | 1,281 | 37 | 0.51 | |||||||||
Hess Corp. | 273 | 39 | 0.53 | |||||||||
Hubspot, Inc. | 133 | 39 | 0.53 | |||||||||
Jpmorgan Chase & Co. | 280 | 37 | 0.52 | |||||||||
Lyft, Inc. | 3,571 | 39 | 0.54 | |||||||||
Madison Square Garden Sports Corp. | 231 | 42 | 0.58 | |||||||||
Markel Corp. | 28 | 37 | 0.51 | |||||||||
Mongodb, Inc. | 208 | 41 | 0.56 | |||||||||
Msa Safety, Inc. | 274 | 39 | 0.54 | |||||||||
Natera, Inc. | 959 | 39 | 0.53 | |||||||||
Nike, Inc. | 339 | 40 | 0.55 | |||||||||
Norfolk Southern Corp. | 152 | 38 | 0.52 | |||||||||
Nov, Inc. | 1,804 | 38 | 0.52 | |||||||||
O'Reilly Automotive, Inc. | 45 | 38 | 0.52 | |||||||||
Pinterest, Inc. | 1,618 | 39 | 0.54 | |||||||||
Planet Fitness, Inc. | 482 | 38 | 0.52 | |||||||||
Pnc Financial Services Group, Inc. | 237 | 38 | 0.52 | |||||||||
Public Service Enterprise Group, Inc. | 613 | 38 | 0.52 | |||||||||
Ryan Specialty Holdings, Inc. | 904 | 38 | 0.52 | |||||||||
Sarepta Therapeutics, Inc. | 307 | 40 | 0.55 | |||||||||
Schlumberger Ltd. | 738 | 39 | 0.54 | |||||||||
Seagen, Inc. | 309 | 40 | 0.55 | |||||||||
Smartsheet, Inc. | 1,025 | 40 | 0.55 | |||||||||
Snowflake, Inc. | 268 | 38 | 0.53 | |||||||||
Spirit Aerosystems Holdings, Inc. | 1,392 | 41 | 0.57 | |||||||||
Spotify Technology SA | 487 | 38 | 0.53 | |||||||||
Tandem Diabetes Care, Inc. | 872 | 39 | 0.54 | |||||||||
Tfs Financial Corp. | 2,681 | 39 | 0.53 | |||||||||
Toro Co. | 333 | 38 | 0.52 | |||||||||
Transdigm Group, Inc. | 60 | 38 | 0.52 | |||||||||
Ultragenyx Pharmaceutical, Inc. | 930 | 43 | 0.59 | |||||||||
Under Armour, Inc. | 3,907 | 40 | 0.55 | |||||||||
White Mountains Insurance Group Ltd. | 28 | 40 | 0.55 | |||||||||
Zoominfo Technologies, Inc. | 1,299 | 39 | 0.54 |
Morgan Stanley Institutional Fund Trust
Dynamic Value Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
The following table represents the equity basket holdings underlying the total return swap with JPM Russell 1000 Value Index as of December 31, 2022:
Security Description | Shares | Value (000) | Index Weight | |||||||||
JPM Russell 1000 Value Index | ||||||||||||
Ally Financial, Inc. | 3,044 | $ | 74 | 0.76 | % | |||||||
Annaly Capital Management, Inc. | 3,588 | 76 | 0.77 | |||||||||
Bristol-Myers Squibb Co. | 1,197 | 86 | 0.88 | |||||||||
Bunge Ltd. | 749 | 75 | 0.76 | |||||||||
Capital One Financial Corp. | 817 | 76 | 0.78 | |||||||||
Carlyle Group, Inc. | 2,617 | 78 | 0.80 | |||||||||
Catalent, Inc. | 2,032 | 91 | 0.93 | |||||||||
Chesapeake Energy Corp. | 1,215 | 115 | 1.17 | |||||||||
Citizens Financial Group, Inc. | 2,236 | 88 | 0.90 | |||||||||
Coty, Inc. | 9,117 | 78 | 0.80 | |||||||||
Darling Ingredients, Inc. | 1,138 | 71 | 0.73 | |||||||||
Discover Financial Services | 735 | 72 | 0.73 | |||||||||
Elanco Animal Health, Inc. | 7,590 | 93 | 0.95 | |||||||||
EQT Corp. | 3,172 | 107 | 1.10 | |||||||||
Evergy, Inc. | 1,186 | 75 | 0.76 | |||||||||
Hawaiian Electric Industries, Inc. | 1,732 | 72 | 0.74 | |||||||||
Hf Sinclair Corp. | 2,276 | 118 | 1.21 | |||||||||
Invesco Ltd. | 4,150 | 75 | 0.76 | |||||||||
Jazz Pharmaceuticals PLC | 634 | 101 | 1.03 | |||||||||
Keycorp | 5,112 | 89 | 0.91 | |||||||||
Lumen Technologies, Inc. | 38,211 | 199 | 2.04 | |||||||||
Maravai Lifesciences Holdings, Inc. | 7,512 | 108 | 1.10 | |||||||||
Mgic Investment Corp. | 6,818 | 89 | 0.91 | |||||||||
Molson Coors Beverage Co. | 1,349 | 70 | 0.71 | |||||||||
National Fuel Gas Co. | 1,123 | 71 | 0.73 | |||||||||
New York Community Bancorp, Inc. | 10,259 | 88 | 0.90 | |||||||||
Organon & Co. | 3,674 | 103 | 1.05 | |||||||||
Ovintiv, Inc. | 2,328 | 118 | 1.21 | |||||||||
Pacwest Bancorp | 3,667 | 84 | 0.86 | |||||||||
Pdc Energy, Inc. | 1,751 | 111 | 1.14 | |||||||||
Perrigo Co PLC | 3,024 | 103 | 1.05 | |||||||||
Pfizer, Inc. | 1,902 | 97 | 1.00 | |||||||||
PG&E Corp. | 4,515 | 73 | 0.75 | |||||||||
Phillips 66 | 1,130 | 118 | 1.20 | |||||||||
Popular, Inc. | 1,351 | 90 | 0.92 | |||||||||
Rithm Capital Corp. | 8,496 | 69 | 0.71 | |||||||||
Seaboard Corp. | 19 | 70 | 0.71 | |||||||||
Signature Bank | 757 | 87 | 0.89 | |||||||||
Slm Corp. | 4,575 | 76 | 0.78 | |||||||||
Sotera Health Co. | 11,504 | 96 | 0.98 | |||||||||
State Street Corp. | 947 | 73 | 0.75 | |||||||||
Synchrony Financial | 2,201 | 72 | 0.74 | |||||||||
Syneos Health, Inc. | 2,822 | 104 | 1.06 | |||||||||
Tyson Foods, Inc. | 1,120 | 70 | 0.71 | |||||||||
Valero Energy Corp. | 969 | 123 | 1.26 | |||||||||
Viatris, Inc. | 8,764 | 98 | 1.00 | |||||||||
Virtu Financial, Inc. | 3,505 | 72 | 0.73 | |||||||||
Vistra Corp. | 2,979 | 69 | 0.71 | |||||||||
Walgreens Boots Alliance, Inc. | 4,015 | 150 | 1.53 | |||||||||
Western Alliance Bancorp | 1,471 | 88 | 0.89 |
SOFR Secured Overnight Financing Rate.
Portfolio Composition
Classification | Percentage of Total Investments | |||
Others* | 76.0 | % | ||
Oil, Gas & Consumable Fuels | 6.4 | |||
Pharmaceuticals | 6.4 | |||
Equity Real Estate Investment Trusts (REITs) | 5.9 | |||
Health Care Providers & Services | 5.3 | |||
Total Investments | 100.0 | %** |
* | Industries and/or investment types representing less than 5% of total investments. |
** | Does not include open swap agreements with net unrealized appreciation of approximately $213,000. |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)
Face Amount (000) | Value (000) | ||||||||
Fixed Income Securities (52.9%) | |||||||||
Agency Fixed Rate Mortgages (4.0%) | |||||||||
United States (4.0%) | |||||||||
Federal Home Loan Mortgage Corporation, | |||||||||
Conventional Pools: | |||||||||
2.50%, 4/1/52 | $ | 2,520 | $ | 2,075 | |||||
4.50%, 1/1/49 | 59 | 58 | |||||||
Gold Pools: | |||||||||
3.50%, 1/1/44 – 6/1/45 | 493 | 462 | |||||||
4.50%, 1/1/49 | 16 | 15 | |||||||
6.50%, 5/1/32 – 7/1/32 | 22 | 24 | |||||||
7.50%, 5/1/35 | 2 | 2 | |||||||
Federal National Mortgage Association, | |||||||||
Conventional Pools: | |||||||||
3.00%, 7/1/49 | 224 | 200 | |||||||
3.50%, 3/1/47 – 1/1/51 | 1,073 | 991 | |||||||
4.00%, 4/1/45 – 9/1/45 | 518 | 499 | |||||||
4.50%, 3/1/41 – 11/1/44 | 85 | 84 | |||||||
5.00%, 1/1/41 – 3/1/41 | 214 | 217 | |||||||
6.00%, 1/1/38 | 2 | 2 | |||||||
6.50%, 12/1/29 | 5 | 5 | |||||||
7.50%, 8/1/37 | 3 | 3 | |||||||
January TBA: | |||||||||
2.00%, 1/1/53 (a) | 1,900 | 1,551 | |||||||
2.50%, 1/1/53 (a) | 3,000 | 2,544 | |||||||
3.00%, 1/1/53 (a) | 5,150 | 4,525 | |||||||
4.00%, 1/1/53 (a) | 300 | 282 | |||||||
5.00%, 1/1/53 (a) | 1,750 | 1,726 | |||||||
6.00%, 1/1/53 (a) | 2,200 | 2,234 | |||||||
Government National Mortgage Association, | |||||||||
Various Pools: | |||||||||
4.00%, 8/20/41 – 11/20/42 | 131 | 126 | |||||||
4.50%, 6/20/49 | 31 | 30 | |||||||
5.00%, 2/20/49 – 6/20/49 | 60 | 59 | |||||||
5.50%, 8/15/39 | 15 | 16 | |||||||
17,730 | |||||||||
Asset-Backed Securities (0.3%) | |||||||||
United States (0.3%) | |||||||||
Harbor Group International LLC, | |||||||||
1 Month USD LIBOR + 1.00%, 5.33%, 9/17/36 (b)(c) | 500 | 476 | |||||||
Renaissance Home Equity Loan Trust, | |||||||||
1 Month USD LIBOR + 0.76%, 5.15%, 12/25/32 (c) | 187 | 171 | |||||||
SASCO Mortgage Loan Trust, | |||||||||
1 Month USD LIBOR + 2.18%, 4.43%, 5/25/34 (c) | 128 | 126 | |||||||
SLM Student Loan Trust, | |||||||||
3 Month EURIBOR + 0.55%, 2.09%, 7/25/39 (c) | EUR | 335 | 344 | ||||||
1,117 | |||||||||
Commercial Mortgage-Backed Securities (0.5%) | |||||||||
United Kingdom (0.1%) | |||||||||
Taurus 2018-2 UK DAC, | |||||||||
4.50%, 5/22/28 (c) | GBP | 147 | 176 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
United States (0.4%) | |||||||||
Ashford Hospitality Trust, | |||||||||
1 Month USD LIBOR + 1.85%, 6.17%, 6/15/35 (b)(c) | $ | 250 | 239 | ||||||
Commercial Mortgage Trust, | |||||||||
4.75%, 7/15/47 (b)(c) | 152 | 138 | |||||||
Life Mortgage Trust, | |||||||||
1 Month Term SOFR + 1.30%, 5.63%, 5/15/39 (b)(c) | 500 | 489 | |||||||
Taubman Centers Commercial Mortgage Trust, | |||||||||
1 Month Term SOFR + 2.19%, 6.52%, 5/15/37 (b)(c) | 500 | 487 | |||||||
WFRBS Commercial Mortgage Trust, | |||||||||
4.00%, 10/15/57 (b)(c) | 200 | 175 | |||||||
4.98%, 9/15/46 (b)(c) | 375 | 338 | |||||||
1,866 | |||||||||
2,042 | |||||||||
Corporate Bonds (10.2%) | |||||||||
Australia (0.5%) | |||||||||
Australia & New Zealand Banking Group Ltd., | |||||||||
2.57%, 11/25/35 (b) | 600 | 442 | |||||||
Commonwealth Bank of Australia, | |||||||||
1.94%, 10/3/29 | EUR | 400 | 404 | ||||||
Macquarie Group Ltd., | |||||||||
4.15%, 3/27/24 (b) | $ | 225 | 224 | ||||||
NBN Co. Ltd., | |||||||||
2.63%, 5/5/31 (b) | 575 | 457 | |||||||
Transurban Finance Co. Pty Ltd., | |||||||||
2.00%, 8/28/25 | EUR | 350 | 361 | ||||||
Westpac Banking Corp., | |||||||||
2.67%, 11/15/35 | $ | 650 | 484 | ||||||
2,372 | |||||||||
Canada (0.6%) | |||||||||
Enbridge, Inc., | |||||||||
2.50%, 1/15/25 | 600 | 568 | |||||||
Province of Ontario Canada, | |||||||||
2.30%, 6/15/26 | 970 | 901 | |||||||
Province of Quebec Canada, | |||||||||
0.00%, 10/29/30 | EUR | 1,080 | 893 | ||||||
Rogers Communications, Inc., | |||||||||
3.80%, 3/15/32 (b) | $ | 525 | 455 | ||||||
2,817 | |||||||||
China (0.1%) | |||||||||
Alibaba Group Holding Ltd., | |||||||||
2.13%, 2/9/31 | 400 | 319 | |||||||
Colombia (0.2%) | |||||||||
Ecopetrol SA, | |||||||||
5.88%, 9/18/23 | 1,000 | 996 | |||||||
France (0.6%) | |||||||||
AXA SA, | |||||||||
3.25%, 5/28/49 | EUR | 500 | 476 | ||||||
Banque Federative du Credit Mutuel SA, | |||||||||
0.75%, 7/17/25 | 400 | 400 | |||||||
BNP Paribas SA, | |||||||||
1.13%, 6/11/26 | 485 | 475 | |||||||
1.25%, 7/13/31 | GBP | 200 | 172 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
BPCE SA, | |||||||||
5.15%, 7/21/24 (b) | $ | 925 | 906 | ||||||
Orange SA, | |||||||||
5.00%, 10/1/26 (d) | EUR | 250 | 269 | ||||||
TotalEnergies SE, | |||||||||
2.71%, 5/5/23 (d) | 100 | 106 | |||||||
2,804 | |||||||||
Germany (0.9%) | |||||||||
Bayer US Finance II LLC, | |||||||||
3.88%, 12/15/23 (b) | $ | 875 | 863 | ||||||
Daimler Finance North America LLC, | |||||||||
0.75%, 3/1/24 (b) | 550 | 522 | |||||||
Deutsche Bank AG, | |||||||||
2.22%, 9/18/24 | 250 | 241 | |||||||
Series E | |||||||||
0.96%, 11/8/23 | 375 | 361 | |||||||
Deutsche Telekom International Finance BV, | |||||||||
4.38%, 6/21/28 (b) | 625 | 601 | |||||||
Kreditanstalt fuer Wiederaufbau, | |||||||||
1.13%, 9/15/32 | EUR | 810 | 728 | ||||||
Volkswagen International Finance NV, | |||||||||
Series 10Y | |||||||||
1.88%, 3/30/27 | 500 | 483 | |||||||
3,799 | |||||||||
India (0.3%) | |||||||||
Indian Railway Finance Corp. Ltd., | |||||||||
3.57%, 1/21/32 (b) | $ | 200 | 172 | ||||||
ONGC Videsh Vankorneft Pte Ltd., | |||||||||
3.75%, 7/27/26 | 1,050 | 982 | |||||||
1,154 | |||||||||
Ireland (0.2%) | |||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, | |||||||||
2.45%, 10/29/26 | 425 | 372 | |||||||
Avolon Holdings Funding Ltd., | |||||||||
2.88%, 2/15/25 (b) | 325 | 301 | |||||||
673 | |||||||||
Italy (0.1%) | |||||||||
Assicurazioni Generali SpA, | |||||||||
5.50%, 10/27/47 | EUR | 400 | 433 | ||||||
Japan (0.2%) | |||||||||
NTT Finance Corp., | |||||||||
1.59%, 4/3/28 (b) | $ | 800 | 672 | ||||||
Korea, Republic of (0.4%) | |||||||||
Korea Electric Power Corp., | |||||||||
2.50%, 6/24/24 (b) | 810 | 779 | |||||||
Korea Hydro & Nuclear Power Co., Ltd., | |||||||||
3.75%, 7/25/23 (b) | 510 | 508 | |||||||
Korea Southern Power Co. Ltd., | |||||||||
0.75%, 1/27/26 (b) | 730 | 641 | |||||||
1,928 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Luxembourg (0.1%) | |||||||||
Blackstone Property Partners Europe Holdings Sarl, | |||||||||
1.25%, 4/26/27 | EUR | 400 | 335 | ||||||
Logicor Financing Sarl, | |||||||||
1.50%, 7/13/26 | 300 | 272 | |||||||
607 | |||||||||
Mexico (0.1%) | |||||||||
Fomento Economico Mexicano SAB de CV, | |||||||||
0.50%, 5/28/28 | 500 | 438 | |||||||
Netherlands (0.1%) | |||||||||
ASR Nederland NV, | |||||||||
5.00%, 9/30/24 (d) | 425 | 452 | |||||||
Qatar (0.0%) (e) | |||||||||
Ooredoo International Finance Ltd., | |||||||||
2.63%, 4/8/31 (b) | $ | 200 | 172 | ||||||
Spain (0.4%) | |||||||||
Banco Santander SA, | |||||||||
3.13%, 1/19/27 | EUR | 400 | 411 | ||||||
5.18%, 11/19/25 | $ | 800 | 788 | ||||||
CaixaBank SA, | |||||||||
0.75%, 4/18/23 | EUR | 400 | 426 | ||||||
1,625 | |||||||||
Sweden (0.1%) | |||||||||
Akelius Residential Property Financing BV, | |||||||||
1.13%, 1/11/29 | 400 | 332 | |||||||
Switzerland (0.0%) (e) | |||||||||
Syngenta Finance NV, | |||||||||
4.44%, 4/24/23 (b) | $ | 200 | 199 | ||||||
United Arab Emirates (0.2%) | |||||||||
ADCB Finance Cayman Ltd., | |||||||||
4.00%, 3/29/23 (b) | 200 | 199 | |||||||
Galaxy Pipeline Assets Bidco Ltd., | |||||||||
2.63%, 3/31/36 (b) | 650 | 526 | |||||||
725 | |||||||||
United Kingdom (1.0%) | |||||||||
BAT Capital Corp., | |||||||||
3.56%, 8/15/27 | 675 | 618 | |||||||
HSBC Holdings PLC, | |||||||||
2.26%, 11/13/26 | GBP | 300 | 327 | ||||||
2.63%, 11/7/25 | $ | 525 | 493 | ||||||
7.39%, 11/3/28 | 775 | 816 | |||||||
Lloyds Banking Group PLC, | |||||||||
1.75%, 9/7/28 | EUR | 330 | 340 | ||||||
2.25%, 10/16/24 | GBP | 400 | 459 | ||||||
Nationwide Building Society, | |||||||||
3.77%, 3/8/24 (b) | $ | 300 | 298 | ||||||
4.36%, 8/1/24 (b) | 200 | 198 | |||||||
National Grid Electricity Distribution West Midlands PLC, | |||||||||
5.75%, 4/16/32 | 200 | 245 | |||||||
NGG Finance PLC, | |||||||||
5.63%, 6/18/73 | GBP | 350 | 401 | ||||||
4,195 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
United States (4.1%) | |||||||||
Amazon.com, Inc., | |||||||||
2.70%, 6/3/60 | $ | 250 | 152 | ||||||
American Express Co., | |||||||||
2.55%, 3/4/27 | 300 | 273 | |||||||
American Tower Corp., | |||||||||
1.60%, 4/15/26 | 175 | 156 | |||||||
Aon Corp., | |||||||||
2.80%, 5/15/30 | 250 | 214 | |||||||
AT&T, Inc., | |||||||||
1.80%, 9/5/26 | EUR | 400 | 399 | ||||||
2.90%, 12/4/26 | GBP | 350 | 391 | ||||||
Bank of America Corp., | |||||||||
2.69%, 4/22/32 | $ | 325 | 261 | ||||||
3.71%, 4/24/28 | 600 | 556 | |||||||
3.85%, 3/8/37 | 150 | 125 | |||||||
5.02%, 7/22/33 | 125 | 119 | |||||||
Capital One Financial Corp., | |||||||||
3.30%, 10/30/24 | 425 | 410 | |||||||
CDW LLC/CDW Finance Corp., | |||||||||
2.67%, 12/1/26 | 100 | 89 | |||||||
Celanese U.S. Holdings LLC, | |||||||||
6.17%, 7/15/27 | 550 | 543 | |||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, | |||||||||
2.80%, 4/1/31 | 275 | 215 | |||||||
3.50%, 3/1/42 | 125 | 80 | |||||||
5.13%, 7/1/49 | 125 | 95 | |||||||
Chubb INA Holdings, Inc., | |||||||||
0.88%, 6/15/27 | EUR | 400 | 375 | ||||||
Cigna Corp., | |||||||||
3.88%, 10/15/47 | $ | 200 | 156 | ||||||
Citigroup, Inc., | |||||||||
2.52%, 11/3/32 | 725 | 566 | |||||||
3.06%, 1/25/33 | 300 | 243 | |||||||
Comcast Corp., | |||||||||
1.95%, 1/15/31 | 675 | 547 | |||||||
CVS Health Corp., | |||||||||
5.05%, 3/25/48 | 375 | 338 | |||||||
Deere & Co., | |||||||||
3.10%, 4/15/30 | 450 | 404 | |||||||
Energy Transfer LP, | |||||||||
2.90%, 5/15/25 | 775 | 730 | |||||||
Enterprise Products Operating LLC, | |||||||||
3.95%, 1/31/60 | 275 | 200 | |||||||
Georgia-Pacific LLC, | |||||||||
2.30%, 4/30/30 (b) | 950 | 791 | |||||||
Global Payments, Inc., | |||||||||
4.95%, 8/15/27 | 475 | 461 | |||||||
Goldman Sachs Group, Inc., | |||||||||
2.62%, 4/22/32 | 775 | 620 | |||||||
HCA, Inc., | |||||||||
5.25%, 6/15/49 | 250 | 214 | |||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., | |||||||||
2.50%, 1/15/27 (b) | 350 | 307 | |||||||
Jersey Central Power & Light Co., | |||||||||
2.75%, 3/1/32 (b) | 500 | 405 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
JPMorgan Chase & Co., | |||||||||
1.95%, 2/4/32 | 1,000 | 767 | |||||||
Level 3 Financing, Inc., | |||||||||
3.40%, 3/1/27 (b) | 550 | 466 | |||||||
Lowe's Cos., Inc., | |||||||||
1.30%, 4/15/28 | 425 | 354 | |||||||
1.70%, 10/15/30 | 475 | 373 | |||||||
McDonald's Corp., | |||||||||
MTN | |||||||||
3.38%, 5/26/25 | 350 | 339 | |||||||
Medtronic Global Holdings SCA, | |||||||||
1.00%, 7/2/31 | EUR | 250 | 215 | ||||||
Metropolitan Life Global Funding I, | |||||||||
2.95%, 4/9/30 (b) | $ | 575 | 500 | ||||||
NextEra Energy Capital Holdings, Inc., | |||||||||
2.75%, 11/1/29 | 525 | 455 | |||||||
NVIDIA Corp., | |||||||||
2.85%, 4/1/30 | 900 | 787 | |||||||
PepsiCo, Inc., | |||||||||
2.63%, 4/28/26 | EUR | 400 | 420 | ||||||
Prologis Euro Finance LLC, | |||||||||
1.88%, 1/5/29 | 300 | 283 | |||||||
Thermo Fisher Scientific Finance I BV, | |||||||||
2.00%, 10/18/51 | 100 | 68 | |||||||
Thermo Fisher Scientific, Inc., | |||||||||
0.88%, 10/1/31 | 650 | 551 | |||||||
1.88%, 10/1/49 | 100 | 69 | |||||||
Upjohn Finance BV, | |||||||||
1.91%, 6/23/32 | 550 | 452 | |||||||
Verizon Communications, Inc., | |||||||||
1.13%, 11/3/28 | GBP | 300 | 292 | ||||||
3.40%, 3/22/41 | $ | 375 | 283 | ||||||
Vontier Corp., | |||||||||
2.40%, 4/1/28 | 250 | 201 | |||||||
Walt Disney Co., | |||||||||
2.65%, 1/13/31 | 300 | 257 | |||||||
Warnermedia Holdings, Inc., | |||||||||
4.28%, 3/15/32 (b) | 375 | 310 | |||||||
5.05%, 3/15/42 (b) | 125 | 96 | |||||||
Wells Fargo & Co., | |||||||||
MTN | |||||||||
2.88%, 10/30/30 | 375 | 319 | |||||||
18,292 | |||||||||
45,004 | |||||||||
Mortgages - Other (1.2%) | |||||||||
Germany (0.0%) (e) | |||||||||
Berg Finance, | |||||||||
2.55%, 4/22/33 (c) | EUR | 144 | 146 | ||||||
Ireland (0.1%) | |||||||||
Glenbeigh 2 Issuer 2021-2 DAC, | |||||||||
3 Month EURIBOR + 0.75%, 2.88%, 6/24/50 (b)(c) | 378 | 394 | |||||||
Netherlands (0.0%) (e) | |||||||||
E-MAC NL 2006-II BV, | |||||||||
3 Month EURIBOR + 0.13%, 2.76%, 1/25/39 (c) | 140 | 136 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
United Kingdom (0.1%) | |||||||||
Great Hall Mortgages No. 1 PLC, | |||||||||
3 Month EURIBOR + 0.25%, 2.31%, 6/18/38 (c) | 200 | 202 | |||||||
Landmark Mortgage Securities No. 3 PLC, | |||||||||
3 Month GBP LIBOR + 2.10%, 5.49%, 4/17/44 (c) | GBP | 187 | 210 | ||||||
412 | |||||||||
United States (1.0%) | |||||||||
Banc of America Alternative Loan Trust, | |||||||||
6.36%, 10/25/36 (f) | $ | 22 | 7 | ||||||
Bayview MSR Opportunity Master Fund Trust, | |||||||||
3.00%, 1/25/52 (b)(c) | 663 | 554 | |||||||
ChaseFlex Trust, | |||||||||
6.00%, 2/25/37 | 20 | 8 | |||||||
Federal Home Loan Mortgage Corporation, | |||||||||
3.00%, 9/25/45 – 5/25/47 | 245 | 212 | |||||||
3.50%, 5/25/45 – 7/25/46 | 88 | 77 | |||||||
4.00%, 5/25/45 | 5 | 4 | |||||||
GS Mortgage-Backed Securities Trust, | |||||||||
2.50%, 1/25/52 (b)(c) | 527 | 426 | |||||||
GSR Mortgage Loan Trust, | |||||||||
5.75%, 1/25/37 | 7 | 5 | |||||||
Hundred Acre Wood Trust, | |||||||||
2.50%, 10/25/51 (b)(c) | 463 | 372 | |||||||
JP Morgan Mortgage Trust, | |||||||||
3.00%, 4/25/52 – 9/25/52(b)(c) | 1,070 | 897 | |||||||
3.25%, 7/25/52 (b)(c) | 645 | 553 | |||||||
Lehman Mortgage Trust, | |||||||||
6.50%, 9/25/37 | 17 | 6 | |||||||
Mello Mortgage Capital Acceptance, | |||||||||
2.50%, 8/25/51 (b)(c) | 529 | 427 | |||||||
PRMI Securitization Trust, | |||||||||
2.50%, 4/25/51 (b)(c) | 611 | 492 | |||||||
Seasoned Credit Risk Transfer Trust, | |||||||||
3.00%, 7/25/58 – 10/25/58 | 266 | 236 | |||||||
4.00%, 10/25/58 | 27 | 25 | |||||||
4,301 | |||||||||
5,389 | |||||||||
Municipal Bond (0.1%) | |||||||||
United States (0.1%) | |||||||||
University of Michigan, MI, | |||||||||
Series A | |||||||||
4.45%, 4/1/22 | 400 | 325 | |||||||
Sovereign (29.5%) | |||||||||
Australia (1.0%) | |||||||||
Australia Government Bond, | |||||||||
0.25%, 11/21/25 | AUD | 3,450 | 2,142 | ||||||
1.25%, 5/21/32 | 3,850 | 2,057 | |||||||
3.25%, 4/21/25 | 240 | 163 | |||||||
4,362 | |||||||||
Austria (0.1%) | |||||||||
Republic of Austria Government Bond, | |||||||||
0.00%, 2/20/30 (b) | EUR | 360 | 312 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Belgium (0.3%) | |||||||||
Kingdom of Belgium Government Bond, | |||||||||
0.90%, 6/22/29 (b) | 170 | 161 | |||||||
1.70%, 6/22/50 (b) | 480 | 363 | |||||||
1.90%, 6/22/38 (b) | 760 | 674 | |||||||
1,198 | |||||||||
Brazil (3.1%) | |||||||||
Brazil Notas do Tesouro Nacional, | |||||||||
10.00%, 1/1/27 | BRL | 79,088 | 13,775 | ||||||
Canada (1.3%) | |||||||||
Canadian Government Bond, | |||||||||
1.25%, 6/1/30 | CAD | 2,940 | 1,883 | ||||||
2.00%, 12/1/51 | 100 | 56 | |||||||
2.25%, 6/1/29 | 5,220 | 3,630 | |||||||
5,569 | |||||||||
China (9.4%) | |||||||||
Agricultural Development Bank of China, | |||||||||
2.25%, 4/22/25 | CNY | 3,600 | 514 | ||||||
3.79%, 10/26/30 | 3,430 | 520 | |||||||
China Development Bank, | |||||||||
3.07%, 3/10/30 | 7,380 | 1,066 | |||||||
3.34%, 7/14/25 | 3,430 | 503 | |||||||
China Government Bond, | |||||||||
2.37%, 1/20/27 | 16,900 | 2,406 | |||||||
2.76%, 5/15/32 | 204,760 | 29,208 | |||||||
3.13%, 11/21/29 | 20,150 | 2,961 | |||||||
3.27%, 11/19/30 | 13,760 | 2,045 | |||||||
3.52%, 4/25/46 | 1,430 | 213 | |||||||
3.53%, 10/18/51 | 1,300 | 196 | |||||||
3.81%, 9/14/50 | 3,170 | 501 | |||||||
3.86%, 7/22/49 | 6,000 | 955 | |||||||
Export-Import Bank of China, | |||||||||
2.93%, 3/2/25 | 3,470 | 503 | |||||||
41,591 | |||||||||
Colombia (0.0%) (e) | |||||||||
Colombian TES Series B, | |||||||||
7.75%, 9/18/30 | COP | 618,000 | 96 | ||||||
Czech Republic (0.0%) (e) | |||||||||
Czech Republic Government Bond, | |||||||||
1.20%, 3/13/31 | CZK | 6,000 | 197 | ||||||
Denmark (0.1%) | |||||||||
Denmark Government Bond, | |||||||||
0.50%, 11/15/27 | DKK | 3,000 | 390 | ||||||
Finland (0.1%) | |||||||||
Finland Government Bond, | |||||||||
1.13%, 4/15/34 (b) | EUR | 370 | 323 | ||||||
France (1.8%) | |||||||||
Agence Francaise de Developpement EPIC, | |||||||||
1.50%, 10/31/34 | 500 | 430 | |||||||
Banque Federative du Credit Mutuel SA, | |||||||||
1.25%, 12/5/25 | GBP | 400 | 434 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
French Republic Government Bond OAT, | |||||||||
0.00%, 11/25/29 | EUR | 6,580 | 5,811 | ||||||
2.00%, 5/25/48 (b) | 860 | 721 | |||||||
SNCF Reseau, | |||||||||
1.88%, 3/30/34 | 400 | 363 | |||||||
7,759 | |||||||||
Germany (1.2%) | |||||||||
Bundesrepublik Deutschland Bundesanleihe, | |||||||||
0.00%, 5/15/36 | 110 | 84 | |||||||
0.25%, 2/15/29 | 2,930 | 2,750 | |||||||
4.25%, 7/4/39 | 1,140 | 1,492 | |||||||
State of North Rhine-Westphalia Germany, | |||||||||
1.65%, 2/22/38 | 1,320 | 1,149 | |||||||
5,475 | |||||||||
Greece (2.6%) | |||||||||
Hellenic Republic Government Bond, | |||||||||
0.75%, 6/18/31 (b) | 14,526 | 11,534 | |||||||
Hong Kong (0.1%) | |||||||||
Hong Kong Government International Bond, | |||||||||
2.50%, 5/28/24 (b) | $ | 250 | 243 | ||||||
Hungary (0.0%) (e) | |||||||||
Hungary Government Bond, | |||||||||
3.00%, 8/21/30 | HUF | 24,000 | 43 | ||||||
Indonesia (0.2%) | |||||||||
Indonesia Government International Bond, | |||||||||
1.75%, 4/24/25 | EUR | 270 | 277 | ||||||
Indonesia Treasury Bond, | |||||||||
6.50%, 2/15/31 | IDR | 4,104,000 | 256 | ||||||
8.25%, 5/15/29 | 1,408,000 | 97 | |||||||
8.38%, 3/15/34 | 3,572,000 | 252 | |||||||
882 | |||||||||
Ireland (0.1%) | |||||||||
Ireland Government Bond, | |||||||||
0.20%, 10/18/30 | EUR | 410 | 357 | ||||||
Italy (1.1%) | |||||||||
Italy Buoni Poliennali Del Tesoro, | |||||||||
0.00%, 8/1/26 | 1,190 | 1,119 | |||||||
0.45%, 2/15/29 | 160 | 138 | |||||||
1.85%, 7/1/25 (b) | 1,960 | 2,017 | |||||||
2.45%, 9/1/50 (b) | 1,250 | 893 | |||||||
2.50%, 12/1/32 | 220 | 197 | |||||||
Republic of Italy Government International Bond, | |||||||||
0.88%, 5/6/24 | $ | 745 | 697 | ||||||
5,061 | |||||||||
Japan (4.1%) | |||||||||
Japan Government Five Year Bond, | |||||||||
0.10%, 6/20/24 | JPY | 605,000 | 4,615 | ||||||
Japan Government Ten Year Bond, | |||||||||
0.10%, 6/20/26 – 6/20/31 | 550,000 | 4,112 | |||||||
Japan Government Thirty Year Bond, | |||||||||
0.30%, 6/20/46 | 207,000 | 1,228 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
0.40%, 9/20/49 | 131,000 | 754 | |||||||
0.60%, 6/20/50 | 143,300 | 863 | |||||||
1.70%, 6/20/33 | 447,800 | 3,792 | |||||||
Japan Government Twenty Year Bond, | |||||||||
0.40%, 6/20/41 | 431,000 | 2,824 | |||||||
18,188 | |||||||||
Korea, Republic of (0.4%) | |||||||||
Export-Import Bank of Korea, | |||||||||
0.63%, 2/9/26 | $ | 640 | 565 | ||||||
2.38%, 6/25/24 | 510 | 491 | |||||||
Korea Development Bank, | |||||||||
0.80%, 7/19/26 | 590 | 514 | |||||||
Korea International Bond, | |||||||||
2.00%, 6/19/24 | 350 | 336 | |||||||
1,906 | |||||||||
Malaysia (0.3%) | |||||||||
Malaysia Government Bond, | |||||||||
3.89%, 8/15/29 | MYR | 2,330 | 525 | ||||||
Petronas Capital Ltd., | |||||||||
3.50%, 3/18/25 (b) | $ | 875 | 850 | ||||||
1,375 | |||||||||
Mexico (0.2%) | |||||||||
Mexican Bonos, | |||||||||
Series M | |||||||||
7.50%, 6/3/27 | MXN | 6,000 | 291 | ||||||
8.50%, 5/31/29 | 5,900 | 295 | |||||||
Mexico Government International Bond, | |||||||||
4.50%, 4/22/29 | $ | 530 | 506 | ||||||
1,092 | |||||||||
Netherlands (0.3%) | |||||||||
Nederlandse Waterschapsbank NV, | |||||||||
1.00%, 5/28/30 (b) | EUR | 376 | 299 | ||||||
Netherlands Government Bond, | |||||||||
0.00%, 7/15/30 (b) | 970 | 846 | |||||||
2.75%, 1/15/47 (b) | 90 | 98 | |||||||
1,243 | |||||||||
Nigeria (0.0%) (e) | |||||||||
Africa Finance Corp., | |||||||||
4.38%, 4/17/26 (b) | $ | 200 | 189 | ||||||
Norway (0.0%) (e) | |||||||||
Norway Government Bond, | |||||||||
2.13%, 5/18/32 (b) | NOK | 790 | 74 | ||||||
Poland (0.1%) | |||||||||
Republic of Poland Government Bond, | |||||||||
0.25%, 10/25/26 | PLN | 1,300 | 232 | ||||||
Spain (0.5%) | |||||||||
Spain Government Bond, | |||||||||
0.00%, 1/31/28 | EUR | 540 | 494 | ||||||
0.70%, 4/30/32 (b) | 399 | 333 | |||||||
1.25%, 10/31/30 (b) | 955 | 878 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
2.70%, 10/31/48 (b) | 410 | 359 | |||||||
3.45%, 7/30/66 (b) | 120 | 115 | |||||||
2,179 | |||||||||
Sweden (0.1%) | |||||||||
Sweden Government Bond, | |||||||||
0.75%, 5/12/28 | SEK | 2,430 | 213 | ||||||
1.00%, 11/12/26 | 1,440 | 130 | |||||||
343 | |||||||||
United Kingdom (1.0%) | |||||||||
United Kingdom Gilt, | |||||||||
0.38%, 10/22/30 | GBP | 1,780 | 1,682 | ||||||
0.63%, 10/22/50 | 680 | 367 | |||||||
1.25%, 10/22/41 | 1,150 | 882 | |||||||
1.63%, 10/22/28 | 650 | 706 | |||||||
3.50%, 1/22/45 | 840 | 935 | |||||||
4,572 | |||||||||
130,560 | |||||||||
Supranational (1.3%) | |||||||||
Asian Development Bank, | |||||||||
2.13%, 5/19/31 | NZD | 300 | 150 | ||||||
European Investment Bank, | |||||||||
0.20%, 7/15/24 | EUR | 970 | 996 | ||||||
Series EARN | |||||||||
0.00%, 1/14/31 | 925 | 777 | |||||||
International Bank for Reconstruction & Development, | |||||||||
2.20%, 2/27/24 | AUD | 3,040 | 2,030 | ||||||
SOFR + 0.43%, 4.58%, 8/19/27 (c) | $ | 1,630 | 1,638 | ||||||
5,591 | |||||||||
U.S. Treasury Securities (5.8%) | |||||||||
United States (5.8%) | |||||||||
U.S. Treasury Bonds, | |||||||||
1.13%, 5/15/40 | 4,920 | 3,082 | |||||||
1.25%, 5/15/50 | 180 | 97 | |||||||
1.75%, 8/15/41 | 600 | 411 | |||||||
2.50%, 2/15/45 | 2,000 | 1,508 | |||||||
2.75%, 8/15/47 | 2,720 | 2,124 | |||||||
U.S. Treasury Inflation-Indexed Bond, | |||||||||
0.63%, 7/15/32 | 6,168 | 5,654 | |||||||
U.S. Treasury Notes, | |||||||||
0.50%, 4/30/27 | 2,030 | 1,748 | |||||||
1.13%, 10/31/26 | 2,210 | 1,977 | |||||||
1.38%, 11/15/31 | 3,410 | 2,776 | |||||||
1.88%, 6/30/26 | 1,950 | 1,810 | |||||||
2.13%, 5/15/25 | 1,390 | 1,321 | |||||||
2.50%, 5/15/24 | 2,480 | 2,408 | |||||||
4.13%, 9/30/27 | 760 | 763 | |||||||
25,679 | |||||||||
Total Fixed Income Securities (Cost $269,228) | 233,437 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Shares | ||||||||
Common Stocks (32.0%) | ||||||||
Australia (1.2%) | ||||||||
Ampol Ltd. | 1,149 | 22 | ||||||
ANZ Group Holdings Ltd. | 14,062 | 226 | ||||||
APA Group | 5,562 | 41 | ||||||
Aristocrat Leisure Ltd. | 2,860 | 59 | ||||||
ASX Ltd. | 929 | 43 | ||||||
Aurizon Holdings Ltd. | 8,900 | 23 | ||||||
BHP Group Ltd. | 23,760 | 736 | ||||||
BlueScope Steel Ltd. | 2,238 | 25 | ||||||
Brambles Ltd. | 6,674 | 55 | ||||||
Cochlear Ltd. | 316 | 44 | ||||||
Coles Group Ltd. | 6,393 | 72 | ||||||
Commonwealth Bank of Australia | 8,063 | 560 | ||||||
Computershare Ltd. | 2,587 | 46 | ||||||
CSL Ltd. | 2,301 | 449 | ||||||
Dexus REIT | 5,193 | 27 | ||||||
Endeavour Group Ltd. (Australia) | 6,462 | 28 | ||||||
Fortescue Metals Group Ltd. | 7,959 | 111 | ||||||
Goodman Group REIT | 8,132 | 96 | ||||||
GPT Group REIT | 9,089 | 26 | ||||||
IDP Education Ltd. | 978 | 18 | ||||||
IGO Ltd. | 3,185 | 29 | ||||||
Insurance Australia Group Ltd. | 11,768 | 38 | ||||||
James Hardie Industries PLC CDI | 2,154 | 39 | ||||||
Lendlease Corp Ltd. REIT | 3,266 | 17 | ||||||
Lottery Corp. Ltd. (g) | 10,535 | 32 | ||||||
Macquarie Group Ltd. | 1,746 | 197 | ||||||
Medibank Pvt Ltd. | 13,051 | 26 | ||||||
Mineral Resources Ltd. | 800 | 42 | ||||||
Mirvac Group REIT | 18,891 | 27 | ||||||
National Australia Bank Ltd. | 15,411 | 313 | ||||||
Newcrest Mining Ltd. | 4,232 | 59 | ||||||
Northern Star Resources Ltd. | 5,323 | 40 | ||||||
OneMarket Ltd. (g) | 390 | – | ||||||
Orica Ltd. | 2,141 | 22 | ||||||
Origin Energy Ltd. | 8,297 | 43 | ||||||
Pilbara Minerals Ltd. (g) | 12,190 | 31 | ||||||
Qantas Airways Ltd. (g) | 4,335 | 18 | ||||||
QBE Insurance Group Ltd. | 7,070 | 64 | ||||||
Ramsay Health Care Ltd. | 857 | 38 | ||||||
REA Group Ltd. | 250 | 19 | ||||||
Reece Ltd. | 1,089 | 10 | ||||||
Rio Tinto Ltd. | 1,752 | 138 | ||||||
Santos Ltd. | 15,055 | 74 | ||||||
Scentre Group REIT | 24,683 | 48 | ||||||
SEEK Ltd. | 1,596 | 23 | ||||||
Sonic Healthcare Ltd. | 2,130 | 43 | ||||||
South32 Ltd. | 21,701 | 59 | ||||||
Stockland REIT | 11,392 | 28 | ||||||
Suncorp Group Ltd. | 5,983 | 49 | ||||||
Telstra Corp., Ltd. | 19,101 | 52 | ||||||
Transurban Group (Units) | 14,669 | 129 | ||||||
Treasury Wine Estates Ltd. | 3,310 | 31 | ||||||
Vicinity Centres REIT | 18,275 | 25 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 1,023 | 19 | ||||||
Wesfarmers Ltd. | 5,359 | 167 | ||||||
Westpac Banking Corp. | 16,571 | 262 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
WiseTech Global Ltd. | 690 | 24 | ||||||
Woodside Energy Group Ltd. | 8,930 | 216 | ||||||
Woolworths Group Ltd. | 5,717 | 131 | ||||||
Xero Ltd. (g) | 640 | 30 | ||||||
5,359 | ||||||||
Austria (0.1%) | ||||||||
Erste Group Bank AG | 8,028 | 257 | ||||||
OMV AG | 736 | 38 | ||||||
Verbund AG | 347 | 29 | ||||||
voestalpine AG | 584 | 15 | ||||||
339 | ||||||||
Belgium (0.2%) | ||||||||
Ageas SA | 786 | 35 | ||||||
Anheuser-Busch InBev SA | 4,230 | 255 | ||||||
Argenx SE (g) | 270 | 102 | ||||||
D'ieteren Group | 120 | 23 | ||||||
Elia Group SA | 161 | 23 | ||||||
Groupe Bruxelles Lambert SA | 485 | 39 | ||||||
KBC Group NV | 5,859 | 377 | ||||||
Sofina SA | 76 | 17 | ||||||
Solvay SA | 361 | 36 | ||||||
UCB SA | 617 | 48 | ||||||
Umicore SA | 1,023 | 37 | ||||||
Warehouses De Pauw CVA REIT | 791 | 23 | ||||||
1,015 | ||||||||
Canada (1.9%) | ||||||||
Agnico Eagle Mines Ltd. | 2,084 | 108 | ||||||
Air Canada (g) | 805 | 12 | ||||||
Algonquin Power & Utilities Corp. | 3,284 | 21 | ||||||
Alimentation Couche-Tard, Inc. | 3,966 | 174 | ||||||
AltaGas Ltd. | 1,324 | 23 | ||||||
ARC Resources Ltd. | 3,184 | 43 | ||||||
Bank of Montreal | 3,235 | 293 | ||||||
Bank of Nova Scotia | 5,668 | 278 | ||||||
Barrick Gold Corp. (LSE) | 6,338 | 109 | ||||||
Barrick Gold Corp. (NYSE) | 1,893 | 33 | ||||||
BCE, Inc. | 344 | 15 | ||||||
Brookfield Asset Management Ltd., Class A (g) | 1,618 | 46 | ||||||
Brookfield Corp. | 6,928 | 218 | ||||||
Brookfield Renewable Corp., Class A | 615 | 17 | ||||||
BRP, Inc. | 171 | 13 | ||||||
CAE, Inc. (g) | 1,511 | 29 | ||||||
Cameco Corp. | 2,024 | 46 | ||||||
Canadian Apartment Properties REIT | 401 | 13 | ||||||
Canadian Imperial Bank of Commerce | 4,321 | 175 | ||||||
Canadian National Railway Co. | 2,888 | 343 | ||||||
Canadian Natural Resources Ltd. | 5,366 | 298 | ||||||
Canadian Pacific Railway Ltd. | 4,450 | 332 | ||||||
Canadian Tire Corp., Ltd., Class A | 262 | 27 | ||||||
Canadian Utilities Ltd., Class A | 606 | 16 | ||||||
CCL Industries, Inc., Class B | 706 | 30 | ||||||
Cenovus Energy, Inc. | 6,704 | 130 | ||||||
CGI, Inc. (g) | 998 | 86 | ||||||
Constellation Software, Inc. | 95 | 148 | ||||||
Descartes Systems Group, Inc. (g) | 398 | 28 | ||||||
Dollarama, Inc. | 1,310 | 77 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Element Fleet Management Corp. | 1,835 | 25 | ||||||
Emera, Inc. | 1,255 | 48 | ||||||
Empire Co., Ltd., Class A | 766 | 20 | ||||||
Enbridge, Inc. | 9,669 | 378 | ||||||
Fairfax Financial Holdings Ltd. | 108 | 64 | ||||||
First Quantum Minerals Ltd. | 2,977 | 62 | ||||||
FirstService Corp. | 190 | 23 | ||||||
Fortis, Inc. | 2,262 | 91 | ||||||
Franco-Nevada Corp. | 894 | 122 | ||||||
George Weston Ltd. | 340 | 42 | ||||||
GFL Environmental, Inc. | 861 | 25 | ||||||
Gildan Activewear, Inc. | 860 | 24 | ||||||
Great-West Lifeco, Inc. | 1,311 | 30 | ||||||
Hydro One Ltd. | 1,552 | 42 | ||||||
IA Financial Corp., Inc. | 498 | 29 | ||||||
IGM Financial, Inc. | 390 | 11 | ||||||
Imperial Oil Ltd. | 1,055 | 51 | ||||||
Intact Financial Corp. | 828 | 119 | ||||||
Ivanhoe Mines Ltd., Class A (g) | 3,215 | 25 | ||||||
Keyera Corp. | 1,040 | 23 | ||||||
Kinross Gold Corp. | 6,090 | 25 | ||||||
Loblaw Cos., Ltd. | 773 | 68 | ||||||
Lundin Mining Corp. | 3,181 | 20 | ||||||
Magna International, Inc. | 1,328 | 75 | ||||||
Manulife Financial Corp. | 9,209 | 164 | ||||||
Metro, Inc. | 1,131 | 63 | ||||||
National Bank of Canada | 1,571 | 106 | ||||||
Northland Power, Inc. | 1,122 | 31 | ||||||
Nutrien Ltd. | 2,650 | 193 | ||||||
Nuvei Corp. (g) | 308 | 8 | ||||||
Onex Corp. | 344 | 17 | ||||||
Open Text Corp. | 1,264 | 37 | ||||||
Pan American Silver Corp. | 926 | 15 | ||||||
Parkland Corp. | 746 | 16 | ||||||
Pembina Pipeline Corp. | 2,602 | 88 | ||||||
Power Corp. of Canada | 2,709 | 64 | ||||||
Quebecor, Inc., Class B | 740 | 17 | ||||||
Restaurant Brands International, Inc. | 1,382 | 89 | ||||||
RioCan Real Estate Investment Trust REIT | 705 | 11 | ||||||
Ritchie Bros Auctioneers, Inc. | 528 | 31 | ||||||
Rogers Communications, Inc., Class B | 1,652 | 77 | ||||||
Royal Bank of Canada | 6,723 | 632 | ||||||
Saputo, Inc. | 1,186 | 29 | ||||||
Shaw Communications, Inc., Class B | 2,242 | 65 | ||||||
Shopify, Inc., Class A (g) | 5,586 | 194 | ||||||
Sun Life Financial, Inc. | 2,752 | 128 | ||||||
Suncor Energy, Inc. | 6,555 | 208 | ||||||
TC Energy Corp. | 4,905 | 196 | ||||||
Teck Resources Ltd., Class B | 2,326 | 88 | ||||||
TELUS Corp. | 2,202 | 43 | ||||||
TFI International, Inc. | 383 | 38 | ||||||
Thomson Reuters Corp. | 800 | 91 | ||||||
TMX Group Ltd. | 261 | 26 | ||||||
Toromont Industries Ltd. | 390 | 28 | ||||||
Toronto-Dominion Bank | 8,702 | 563 | ||||||
Tourmaline Oil Corp. | 1,521 | 77 | ||||||
West Fraser Timber Co., Ltd. | 282 | 20 | ||||||
Wheaton Precious Metals Corp. | 2,049 | 80 | ||||||
WSP Global, Inc. | 593 | 69 | ||||||
8,225 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
China (0.0%) (e) | ||||||||
China Common Rich Renewable Energy Investments Ltd. (g) | 42,000 | — | ||||||
Chow Tai Fook Jewellery Group Ltd. (h) | 8,796 | 18 | ||||||
18 | ||||||||
Denmark (0.5%) | ||||||||
AP Moller - Maersk AS Series A | 14 | 31 | ||||||
AP Moller - Maersk AS Series B | 24 | 54 | ||||||
Carlsberg AS Series B | 470 | 62 | ||||||
Chr Hansen Holding AS | 518 | 37 | ||||||
Coloplast AS Series B | 578 | 68 | ||||||
Danske Bank AS | 3,293 | 65 | ||||||
Demant AS (g) | 449 | 12 | ||||||
DSV AS | 906 | 143 | ||||||
Genmab AS (g) | 318 | 134 | ||||||
Novo Nordisk AS Series B | 7,883 | 1,071 | ||||||
Novozymes AS Series B | 1,004 | 51 | ||||||
Orsted AS | 928 | 84 | ||||||
Pandora AS | 437 | 31 | ||||||
ROCKWOOL AS, Class B | 43 | 10 | ||||||
Tryg AS | 1,732 | 41 | ||||||
Vestas Wind Systems AS | 4,989 | 146 | ||||||
2,040 | ||||||||
Finland (0.2%) | ||||||||
Elisa Oyj | 686 | 36 | ||||||
Fortum Oyj | 2,104 | 35 | ||||||
Kesko Oyj, Class B | 1,331 | 29 | ||||||
Kone Oyj, Class B | 1,653 | 86 | ||||||
Neste Oyj | 2,023 | 93 | ||||||
Nokia Oyj | 26,286 | 122 | ||||||
Orion Oyj, Class B | 507 | 28 | ||||||
Sampo Oyj, Class A | 2,326 | 122 | ||||||
Stora Enso Oyj, Class R | 2,674 | 38 | ||||||
UPM-Kymmene Oyj | 2,574 | 96 | ||||||
Wartsila Oyj Abp | 2,321 | 20 | ||||||
705 | ||||||||
France (2.2%) | ||||||||
Accor SA (g) | 815 | 20 | ||||||
Aeroports de Paris (g) | 143 | 19 | ||||||
Air Liquide SA | 2,463 | 350 | ||||||
Airbus SE | 2,787 | 331 | ||||||
Alstom SA | 1,523 | 37 | ||||||
Amundi SA | 288 | 16 | ||||||
ArcelorMittal SA | 2,469 | 65 | ||||||
Arkema SA | 283 | 25 | ||||||
AXA SA | 8,783 | 245 | ||||||
BioMerieux | 199 | 21 | ||||||
BNP Paribas SA | 25,793 | 1,469 | ||||||
Bollore SA | 4,177 | 23 | ||||||
Bouygues SA | 1,091 | 33 | ||||||
Bureau Veritas SA | 1,398 | 37 | ||||||
Capgemini SE | 771 | 129 | ||||||
Carrefour SA | 2,786 | 47 | ||||||
Cie de Saint-Gobain | 2,322 | 114 | ||||||
Cie Generale des Etablissements Michelin SCA | 3,208 | 89 | ||||||
Covivio REIT | 227 | 13 | ||||||
Credit Agricole SA | 28,008 | 295 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Danone SA | 3,034 | 160 | ||||||
Dassault Aviation SA | 117 | 20 | ||||||
Dassault Systemes SE | 3,169 | 114 | ||||||
Edenred | 1,176 | 64 | ||||||
Eiffage SA | 393 | 39 | ||||||
Electricite de France SA | 2,504 | 32 | ||||||
Engie SA | 9,088 | 130 | ||||||
EssilorLuxottica SA | 1,378 | 249 | ||||||
Eurazeo SE | 206 | 13 | ||||||
Eurofins Scientific SE | 631 | 45 | ||||||
Euronext NV | 404 | 30 | ||||||
Gecina SA REIT | 221 | 22 | ||||||
Getlink SE | 2,093 | 33 | ||||||
Hermes International | 149 | 231 | ||||||
Ipsen SA | 175 | 19 | ||||||
Kering SA | 364 | 185 | ||||||
Klepierre SA REIT (g) | 1,035 | 24 | ||||||
L'Oreal SA | 1,139 | 408 | ||||||
La Francaise des Jeux SAEM | 494 | 20 | ||||||
Legrand SA | 1,263 | 101 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,316 | 958 | ||||||
Orange SA | 9,492 | 94 | ||||||
Pernod Ricard SA | 969 | 191 | ||||||
Publicis Groupe SA | 1,084 | 69 | ||||||
Remy Cointreau SA | 110 | 18 | ||||||
Renault SA (g) | 932 | 31 | ||||||
Safran SA | 1,602 | 201 | ||||||
Sanofi | 5,392 | 520 | ||||||
Sartorius Stedim Biotech | 132 | 43 | ||||||
Schneider Electric SE | 2,568 | 361 | ||||||
SEB SA | 118 | 10 | ||||||
Societe Generale SA | 18,454 | 463 | ||||||
Sodexo SA | 417 | 40 | ||||||
STMicroelectronics NV | 3,232 | 115 | ||||||
Teleperformance | 281 | 67 | ||||||
Thales SA | 505 | 64 | ||||||
TotalEnergies SE | 11,569 | 726 | ||||||
Ubisoft Entertainment SA (g) | 445 | 13 | ||||||
Unibail-Rodamco-Westfield REIT (g) | 579 | 30 | ||||||
Valeo SA | 1,004 | 18 | ||||||
Veolia Environnement SA | 3,214 | 83 | ||||||
Vinci SA | 2,530 | 252 | ||||||
Vivendi SE | 3,392 | 32 | ||||||
Wendel SE | 126 | 12 | ||||||
Worldline SA (g) | 1,139 | 45 | ||||||
9,773 | ||||||||
Germany (1.3%) | ||||||||
Adidas AG | 831 | 113 | ||||||
Allianz SE (Registered) | 1,908 | 407 | ||||||
Aroundtown SA | 5,055 | 12 | ||||||
BASF SE | 4,363 | 215 | ||||||
Bayer AG (Registered) | 4,638 | 239 | ||||||
Bayerische Motoren Werke AG | 1,565 | 139 | ||||||
Bayerische Motoren Werke AG (Preference) | 281 | 24 | ||||||
Bechtle AG | 388 | 14 | ||||||
Beiersdorf AG | 474 | 54 | ||||||
Brenntag SE | 725 | 46 | ||||||
Carl Zeiss Meditec AG | 190 | 24 | ||||||
Commerzbank AG (g) | 24,506 | 229 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Continental AG | 521 | 31 | ||||||
Covestro AG | 916 | 36 | ||||||
Daimler Truck Holding AG (g) | 2,136 | 66 | ||||||
Delivery Hero SE (g) | 804 | 39 | ||||||
Deutsche Bank AG (Registered) | 9,348 | 105 | ||||||
Deutsche Boerse AG | 892 | 154 | ||||||
Deutsche Lufthansa AG (Registered) (g) | 2,821 | 23 | ||||||
Deutsche Post AG (Registered) | 4,699 | 176 | ||||||
Deutsche Telekom AG (Registered) | 15,229 | 303 | ||||||
Dr Ing hc F Porsche AG (Preference) (g) | 547 | 55 | ||||||
E.ON SE | 10,686 | 106 | ||||||
Evonik Industries AG | 1,000 | 19 | ||||||
Fresenius Medical Care AG & Co., KGaA | 982 | 32 | ||||||
Fresenius SE & Co., KGaA | 2,001 | 56 | ||||||
GEA Group AG | 713 | 29 | ||||||
Hannover Rueck SE (Registered) | 283 | 56 | ||||||
HeidelbergCement AG | 685 | 39 | ||||||
HelloFresh SE (g) | 793 | 17 | ||||||
Henkel AG & Co., KGaA | 490 | 31 | ||||||
Henkel AG & Co., KGaA (Preference) | 838 | 58 | ||||||
Infineon Technologies AG | 6,110 | 186 | ||||||
Knorr-Bremse AG | 341 | 18 | ||||||
LEG Immobilien SE | 360 | 23 | ||||||
Mercedes-Benz Group AG (Registered) | 3,810 | 249 | ||||||
Merck KGaA | 612 | 118 | ||||||
MTU Aero Engines AG | 252 | 54 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 656 | 212 | ||||||
Nemetschek SE | 272 | 14 | ||||||
Porsche Automobil Holding SE (Preference) | 729 | 40 | ||||||
Puma SE | 506 | 31 | ||||||
QIAGEN NV (g) | 1,083 | 54 | ||||||
Rational AG | 24 | 14 | ||||||
Rheinmetall AG | 216 | 43 | ||||||
RWE AG | 3,052 | 135 | ||||||
SAP SE | 4,938 | 510 | ||||||
Sartorius AG (Preference) | 116 | 46 | ||||||
Scout24 SE | 383 | 19 | ||||||
Siemens AG (Registered) | 3,618 | 499 | ||||||
Siemens Energy AG (g) | 2,058 | 39 | ||||||
Siemens Healthineers AG | 1,368 | 68 | ||||||
Symrise AG | 632 | 69 | ||||||
Telefonica Deutschland Holding AG | 4,890 | 12 | ||||||
United Internet AG (Registered) | 454 | 9 | ||||||
Volkswagen AG | 140 | 22 | ||||||
Volkswagen AG (Preference) | 879 | 109 | ||||||
Vonovia SE | 3,457 | 81 | ||||||
Zalando SE (g) | 1,077 | 38 | ||||||
5,659 | ||||||||
Hong Kong (0.5%) | ||||||||
AIA Group Ltd. | 55,656 | 615 | ||||||
BOC Hong Kong Holdings Ltd. | 17,060 | 58 | ||||||
Budweiser Brewing Co., APAC Ltd. | 7,886 | 25 | ||||||
CK Asset Holdings Ltd. | 8,908 | 55 | ||||||
CK Hutchison Holdings Ltd. | 12,318 | 74 | ||||||
CK Infrastructure Holdings Ltd. | 2,965 | 15 | ||||||
CLP Holdings Ltd. | 7,619 | 56 | ||||||
ESR Group Ltd. | 9,447 | 20 | ||||||
Futu Holdings Ltd. ADR (g) | 292 | 12 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Galaxy Entertainment Group Ltd. | 10,857 | 71 | ||||||
Hang Lung Properties Ltd. | 9,499 | 18 | ||||||
Hang Seng Bank Ltd. | 3,593 | 60 | ||||||
Henderson Land Development Co., Ltd. | 6,983 | 24 | ||||||
HK Electric Investments & HK Electric Investments Ltd. | 11,715 | 8 | ||||||
HKT Trust & HKT Ltd. | 18,209 | 22 | ||||||
Hong Kong & China Gas Co., Ltd. | 52,029 | 49 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 5,582 | 240 | ||||||
Hongkong Land Holdings Ltd. | 5,012 | 23 | ||||||
Jardine Matheson Holdings Ltd. | 754 | 38 | ||||||
Link REIT | 10,113 | 74 | ||||||
MTR Corp., Ltd. | 7,396 | 39 | ||||||
New World Development Co. Ltd. | 7,212 | 20 | ||||||
Power Assets Holdings Ltd. | 6,556 | 36 | ||||||
Sands China Ltd. (g) | 11,607 | 38 | ||||||
Sino Land Co., Ltd. | 16,479 | 21 | ||||||
SITC International Holdings Co. Ltd. | 7,524 | 17 | ||||||
Sun Hung Kai Properties Ltd. | 6,889 | 94 | ||||||
Swire Pacific Ltd., Class A | 2,378 | 21 | ||||||
Swire Properties Ltd. | 5,311 | 13 | ||||||
Techtronic Industries Co., Ltd. | 6,754 | 75 | ||||||
WH Group Ltd. | 39,386 | 23 | ||||||
Wharf Real Estate Investment Co., Ltd. | 8,010 | 47 | ||||||
Xinyi Glass Holdings Ltd. | 8,851 | 16 | ||||||
2,017 | ||||||||
Ireland (0.1%) | ||||||||
AIB Group PLC | 5,118 | 20 | ||||||
Bank of Ireland Group PLC | 5,156 | 49 | ||||||
CRH PLC | 3,744 | 149 | ||||||
Flutter Entertainment PLC (g) | 837 | 115 | ||||||
Kerry Group PLC, Class A | 791 | 71 | ||||||
Kingspan Group PLC | 768 | 41 | ||||||
Smurfit Kappa Group PLC | 1,233 | 46 | ||||||
491 | ||||||||
Israel (0.1%) | ||||||||
Azrieli Group Ltd. | 200 | 13 | ||||||
Bank Hapoalim BM | 5,970 | 54 | ||||||
Bank Leumi Le-Israel BM | 7,258 | 60 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 9,751 | 17 | ||||||
Check Point Software Technologies Ltd. (g) | 471 | 59 | ||||||
CyberArk Software Ltd. (g) | 191 | 25 | ||||||
Elbit Systems Ltd. | 125 | 20 | ||||||
ICL Group Ltd. | 3,328 | 24 | ||||||
Israel Discount Bank Ltd., Class A | 5,815 | 31 | ||||||
Mizrahi Tefahot Bank Ltd. | 725 | 23 | ||||||
Nice Ltd. | 299 | 58 | ||||||
Teva Pharmaceutical Industries Ltd. ADR (g) | 5,216 | 48 | ||||||
Tower Semiconductor Ltd. (g) | 514 | 22 | ||||||
Wix.com Ltd. (g) | 269 | 21 | ||||||
ZIM Integrated Shipping Services Ltd. | 395 | 7 | ||||||
482 | ||||||||
Italy (0.7%) | ||||||||
Amplifon SpA | 586 | 17 | ||||||
Assicurazioni Generali SpA | 5,185 | 92 | ||||||
CNH Industrial NV | 4,749 | 76 | ||||||
Davide Campari-Milano NV | 2,499 | 25 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
DiaSorin SpA | 119 | 17 | ||||||
Enel SpA | 38,299 | 206 | ||||||
Eni SpA | 11,554 | 164 | ||||||
EXOR NV | 1,022 | 75 | ||||||
Ferrari NV | 596 | 128 | ||||||
FinecoBank Banca Fineco SpA | 13,923 | 231 | ||||||
Infrastrutture Wireless Italiane SpA | 1,587 | 16 | ||||||
Intesa Sanpaolo SpA | 381,740 | 846 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 14,025 | 135 | ||||||
Moncler SpA | 967 | 51 | ||||||
Nexi SpA (g) | 2,794 | 22 | ||||||
Poste Italiane SpA | 2,416 | 24 | ||||||
Prysmian SpA | 1,200 | 45 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 494 | 21 | ||||||
Snam SpA | 9,525 | 46 | ||||||
Stellantis NV | 10,430 | 148 | ||||||
Telecom Italia SpA (Milano) (g) | 46,925 | 11 | ||||||
Tenaris SA | 2,186 | 38 | ||||||
Terna - Rete Elettrica Nazionale | 6,649 | 49 | ||||||
UniCredit SpA | 47,080 | 668 | ||||||
3,151 | ||||||||
Japan (0.8%) | ||||||||
Chiba Bank Ltd. | 15,190 | 111 | ||||||
Concordia Financial Group Ltd. | 31,195 | 130 | ||||||
Japan Post Bank Co. Ltd. | 11,819 | 101 | ||||||
Mizuho Financial Group, Inc. | 69,124 | 974 | ||||||
Resona Holdings, Inc. | 61,920 | 340 | ||||||
Shizuoka Financial Group, Inc. | 12,791 | 103 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 37,414 | 1,505 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 9,679 | 338 | ||||||
3,602 | ||||||||
Netherlands (0.9%) | ||||||||
ABN AMRO Bank NV CVA | 9,711 | 134 | ||||||
Adyen NV (g) | 103 | 143 | ||||||
Aegon NV | 8,420 | 43 | ||||||
AerCap Holdings NV (g) | 639 | 37 | ||||||
Akzo Nobel NV | 865 | 58 | ||||||
ASM International NV | 222 | 56 | ||||||
ASML Holding NV | 1,916 | 1,045 | ||||||
BNP Paribas Emissions- und Handelsgesellschaft mbH | 89,338 | 1,088 | ||||||
Coca-Cola Europacific Partners PLC | 972 | 54 | ||||||
Heineken Holding NV | 474 | 37 | ||||||
Heineken NV | 1,219 | 115 | ||||||
IMCD NV | 269 | 38 | ||||||
JDE Peet's NV | 478 | 14 | ||||||
Just Eat Takeaway.com NV (g) | 879 | 19 | ||||||
Koninklijke Ahold Delhaize NV | 4,905 | 141 | ||||||
Koninklijke DSM NV | 818 | 100 | ||||||
Koninklijke KPN NV | 15,517 | 48 | ||||||
Koninklijke Philips NV | 4,342 | 65 | ||||||
NN Group NV | 1,314 | 54 | ||||||
OCI NV | 501 | 18 | ||||||
Prosus NV (g) | 3,941 | 272 | ||||||
Randstad NV | 564 | 34 | ||||||
Universal Music Group NV | 3,427 | 83 | ||||||
Wolters Kluwer NV | 1,238 | 130 | ||||||
3,826 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
New Zealand (0.0%) (e) | ||||||||
Auckland International Airport Ltd. (g) | 6,071 | 30 | ||||||
Fisher & Paykel Healthcare Corp., Ltd. | 2,808 | 40 | ||||||
Mercury NZ Ltd. | 3,399 | 12 | ||||||
Meridian Energy Ltd. | 6,087 | 21 | ||||||
Spark New Zealand Ltd. | 9,107 | 31 | ||||||
134 | ||||||||
Norway (0.1%) | ||||||||
Adevinta ASA (g) | 1,463 | 10 | ||||||
Aker BP ASA | 1,535 | 48 | ||||||
DNB Bank ASA | 4,503 | 89 | ||||||
Equinor ASA | 4,626 | 166 | ||||||
Gjensidige Forsikring ASA | 975 | 19 | ||||||
Kongsberg Gruppen ASA | 429 | 18 | ||||||
Mowi ASA | 2,004 | 34 | ||||||
Norsk Hydro ASA | 6,452 | 48 | ||||||
Orkla ASA | 3,649 | 26 | ||||||
Salmar ASA | 315 | 13 | ||||||
Telenor ASA | 3,454 | 32 | ||||||
Yara International ASA | 810 | 36 | ||||||
539 | ||||||||
Portugal (0.0%) (e) | ||||||||
EDP - Energias de Portugal SA | 11,293 | 56 | ||||||
EDP Renovaveis SA | 1,197 | 27 | ||||||
Galp Energia SGPS SA | 2,018 | 27 | ||||||
Jeronimo Martins SGPS SA | 1,137 | 25 | ||||||
135 | ||||||||
Singapore (0.2%) | ||||||||
CapitaLand Ascendas REIT | 15,500 | 32 | ||||||
CapitaLand Integrated Commercial Trust REIT | 24,402 | 37 | ||||||
Capitaland Investment Ltd. | 11,800 | 33 | ||||||
City Developments Ltd. | 1,900 | 12 | ||||||
DBS Group Holdings Ltd. | 8,200 | 207 | ||||||
Genting Singapore Ltd. | 27,400 | 19 | ||||||
Grab Holdings Ltd., Class A (g) | 6,200 | 20 | ||||||
Jardine Cycle & Carriage Ltd. | 500 | 11 | ||||||
Keppel Corp., Ltd. | 6,700 | 36 | ||||||
Mapletree Commercial Trust REIT | 11,000 | 14 | ||||||
Mapletree Logistics Trust REIT | 15,500 | 18 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 15,500 | 141 | ||||||
Sea Ltd. ADR (g) | 1,700 | 88 | ||||||
Singapore Airlines Ltd. | 6,100 | 25 | ||||||
Singapore Exchange Ltd. | 3,900 | 26 | ||||||
Singapore Technologies Engineering Ltd. | 7,200 | 18 | ||||||
Singapore Telecommunications Ltd. | 36,800 | 71 | ||||||
United Overseas Bank Ltd. | 5,400 | 124 | ||||||
UOL Group Ltd. | 2,100 | 11 | ||||||
Venture Corp. Ltd. | 1,200 | 15 | ||||||
Wilmar International Ltd. | 8,700 | 27 | ||||||
985 | ||||||||
Spain (0.8%) | ||||||||
Acciona SA | 119 | 22 | ||||||
ACS Actividades de Construccion y Servicios SA | 1,032 | 30 | ||||||
Aena SME SA (g) | 363 | 45 | ||||||
Amadeus IT Group SA (g) | 2,161 | 112 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Banco Bilbao Vizcaya Argentaria SA | 152,149 | 916 | ||||||
Banco Santander SA | 399,490 | 1,194 | ||||||
CaixaBank SA | 104,721 | 411 | ||||||
Cellnex Telecom SA (g) | 2,604 | 86 | ||||||
Corp. ACCIONA Energias Renovables SA | 317 | 12 | ||||||
Enagas SA | 1,188 | 20 | ||||||
Endesa SA | 1,514 | 29 | ||||||
Ferrovial SA | 2,347 | 61 | ||||||
Grifols SA (g) | 1,438 | 17 | ||||||
Iberdrola SA | 28,788 | 336 | ||||||
Industria de Diseno Textil SA | 5,163 | 137 | ||||||
Naturgy Energy Group SA | 699 | 18 | ||||||
Red Electrica Corp., SA | 1,939 | 34 | ||||||
Repsol SA | 6,444 | 103 | ||||||
Siemens Gamesa Renewable Energy SA (g) | 1,133 | 22 | ||||||
Telefonica SA | 24,606 | 89 | ||||||
Telepizza Group SA (g) | 156 | 1 | ||||||
3,695 | ||||||||
Sweden (0.5%) | ||||||||
Alfa Laval AB | 1,376 | 40 | ||||||
Assa Abloy AB, Class B | 4,793 | 103 | ||||||
Atlas Copco AB, Class A | 12,771 | 151 | ||||||
Atlas Copco AB, Class B | 7,432 | 79 | ||||||
Boliden AB | 1,291 | 49 | ||||||
Electrolux AB, Class B | 1,060 | 14 | ||||||
Embracer Group AB (g) | 3,057 | 14 | ||||||
Epiroc AB, Class A | 3,141 | 57 | ||||||
Epiroc AB, Class B | 1,857 | 30 | ||||||
EQT AB | 1,449 | 31 | ||||||
Essity AB, Class B | 2,881 | 75 | ||||||
Evolution AB | 867 | 84 | ||||||
Fastighets AB Balder, Class B (g) | 3,036 | 14 | ||||||
Getinge AB, Class B | 1,106 | 23 | ||||||
Hennes & Mauritz AB, Class B | 3,525 | 38 | ||||||
Hexagon AB, Class B | 9,319 | 98 | ||||||
Holmen AB, Class B | 442 | 18 | ||||||
Husqvarna AB, Class B | 2,024 | 14 | ||||||
Industrivarden AB, Class A | 622 | 15 | ||||||
Industrivarden AB, Class C | 736 | 18 | ||||||
Indutrade AB | 1,312 | 27 | ||||||
Investment AB Latour, Class B | 712 | 13 | ||||||
Investor AB, Class A | 2,367 | 44 | ||||||
Investor AB, Class B | 8,650 | 157 | ||||||
Kinnevik AB, Class B (g) | 1,162 | 16 | ||||||
L E Lundbergforetagen AB, Class B | 362 | 15 | ||||||
Lifco AB, Class B | 1,121 | 19 | ||||||
Nibe Industrier AB, Class B | 7,308 | 68 | ||||||
Nordea Bank Abp | 15,678 | 168 | ||||||
Sagax AB, Class B | 911 | 21 | ||||||
Sandvik AB | 5,082 | 92 | ||||||
Securitas AB, Class B | 2,329 | 19 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 7,615 | 88 | ||||||
Skanska AB, Class B | 1,620 | 26 | ||||||
SKF AB, Class B | 1,824 | 28 | ||||||
Svenska Cellulosa AB SCA, Class B | 2,863 | 36 | ||||||
Svenska Handelsbanken AB, Class A | 6,893 | 69 | ||||||
Swedbank AB, Class A | 4,268 | 73 | ||||||
Swedish Orphan Biovitrum AB (g) | 796 | 17 | ||||||
Tele2 AB, Class B | 2,725 | 22 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Telefonaktiebolaget LM Ericsson, Class B | 13,851 | 81 | ||||||
Telia Co., AB | 12,603 | 32 | ||||||
Volvo AB, Class A | 954 | 18 | ||||||
Volvo AB, Class B | 7,193 | 130 | ||||||
Volvo Car AB, Class B (g) | 2,882 | 13 | ||||||
2,257 | ||||||||
Switzerland (1.6%) | ||||||||
ABB Ltd. (Registered) | 7,441 | 227 | ||||||
Adecco Group AG (Registered) | 762 | 25 | ||||||
Alcon, Inc. | 2,399 | 165 | ||||||
Bachem Holding AG | 161 | 14 | ||||||
Baloise Holding AG (Registered) | 216 | 33 | ||||||
Banque Cantonale Vaudoise (Registered) | 142 | 14 | ||||||
Barry Callebaut AG (Registered) | 17 | 33 | ||||||
BKW AG | 100 | 14 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 5 | 51 | ||||||
Chocoladefabriken Lindt & Spruengli AG (Registered) | 1 | 103 | ||||||
Cie Financiere Richemont SA (Registered) | 2,476 | 321 | ||||||
Clariant AG (Registered) (g) | 1,031 | 16 | ||||||
Credit Suisse Group AG (Registered) | 17,324 | 52 | ||||||
EMS-Chemie Holding AG (Registered) | 33 | 22 | ||||||
Geberit AG (Registered) | 170 | 80 | ||||||
Givaudan SA (Registered) | 44 | 135 | ||||||
Holcim AG (Registered) (g) | 2,631 | 136 | ||||||
Julius Baer Group Ltd. | 1,010 | 59 | ||||||
Kuehne & Nagel International AG (Registered) | 257 | 60 | ||||||
Logitech International SA (Registered) | 821 | 51 | ||||||
Lonza Group AG (Registered) | 354 | 174 | ||||||
Nestle SA (Registered) | 12,939 | 1,495 | ||||||
Novartis AG (Registered) | 10,237 | 926 | ||||||
Partners Group Holding AG | 108 | 96 | ||||||
Roche Holding AG | 127 | 49 | ||||||
Roche Holding AG (Genusschein) | 3,334 | 1,048 | ||||||
Schindler Holding AG | 192 | 36 | ||||||
Schindler Holding AG (Registered) | 110 | 20 | ||||||
SGS SA (Registered) | 30 | 70 | ||||||
SIG Group AG (g) | 1,484 | 32 | ||||||
Sika AG (Registered) | 697 | 167 | ||||||
Sonova Holding AG (Registered) | 257 | 61 | ||||||
Straumann Holding AG (Registered) | 532 | 61 | ||||||
Swatch Group AG | 136 | 39 | ||||||
Swatch Group AG (Registered) | 249 | 13 | ||||||
Swiss Life Holding AG (Registered) | 145 | 75 | ||||||
Swiss Prime Site AG (Registered) | 364 | 31 | ||||||
Swiss Re AG | 1,421 | 133 | ||||||
Swisscom AG (Registered) | 120 | 66 | ||||||
Temenos AG (Registered) | 303 | 17 | ||||||
UBS Group AG (Registered) | 15,849 | 294 | ||||||
VAT Group AG | 129 | 35 | ||||||
Zurich Insurance Group AG | 711 | 340 | ||||||
6,889 | ||||||||
United Kingdom (2.3%) | ||||||||
3i Group PLC | 4,571 | 74 | ||||||
Aberdeen PLC | 10,093 | 23 | ||||||
Admiral Group PLC | 848 | 22 | ||||||
Anglo American PLC | 5,957 | 233 | ||||||
Antofagasta PLC | 1,816 | 34 | ||||||
Ashtead Group PLC | 2,072 | 118 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Associated British Foods PLC | 1,691 | 32 | ||||||
AstraZeneca PLC | 7,249 | 981 | ||||||
Auto Trader Group PLC | 4,498 | 28 | ||||||
AVEVA Group PLC | 564 | 22 | ||||||
Aviva PLC | 13,125 | 70 | ||||||
BAE Systems PLC | 14,701 | 152 | ||||||
Barclays PLC | 75,271 | 143 | ||||||
Barratt Developments PLC | 4,803 | 23 | ||||||
Berkeley Group Holdings PLC | 512 | 23 | ||||||
BP PLC | 87,562 | 505 | ||||||
British American Tobacco PLC | 10,094 | 399 | ||||||
British Land Co., PLC REIT | 4,161 | 20 | ||||||
BT Group PLC | 32,725 | 44 | ||||||
Bunzl PLC | 1,592 | 53 | ||||||
Burberry Group PLC | 1,843 | 45 | ||||||
Coca-Cola HBC AG (g) | 945 | 22 | ||||||
Compass Group PLC | 8,275 | 191 | ||||||
Croda International PLC | 656 | 52 | ||||||
DCC PLC | 464 | 23 | ||||||
Diageo PLC | 10,648 | 466 | ||||||
Entain PLC | 2,775 | 44 | ||||||
Evraz PLC (g) | 2,495 | — | ||||||
Experian PLC | 4,331 | 147 | ||||||
G4S PLC (g) | 6,437 | 19 | ||||||
Glencore PLC | 45,070 | 301 | ||||||
GSK PLC | 19,087 | 330 | ||||||
Haleon PLC (g) | 23,685 | 94 | ||||||
Halma PLC | 1,795 | 43 | ||||||
Hargreaves Lansdown PLC | 1,696 | 17 | ||||||
Hikma Pharmaceuticals PLC | 776 | 14 | ||||||
HSBC Holdings PLC | 92,861 | 576 | ||||||
Imperial Brands PLC | 4,230 | 105 | ||||||
Informa PLC | 6,817 | 51 | ||||||
InterContinental Hotels Group PLC | 869 | 50 | ||||||
Intertek Group PLC | 768 | 37 | ||||||
J Sainsbury PLC | 8,182 | 21 | ||||||
JD Sports Fashion PLC | 12,259 | 19 | ||||||
Johnson Matthey PLC | 842 | 22 | ||||||
Kingfisher PLC | 9,188 | 26 | ||||||
Land Securities Group PLC REIT | 3,352 | 25 | ||||||
Legal & General Group PLC | 28,109 | 84 | ||||||
Lloyds Banking Group PLC | 318,200 | 174 | ||||||
London Stock Exchange Group PLC | 1,541 | 132 | ||||||
M&G PLC | 11,838 | 27 | ||||||
Melrose Industries PLC | 19,168 | 31 | ||||||
Mondi PLC | 2,301 | 39 | ||||||
National Grid PLC | 17,291 | 207 | ||||||
NatWest Group PLC | 24,755 | 79 | ||||||
Next PLC | 611 | 43 | ||||||
Ocado Group PLC (g) | 2,789 | 21 | ||||||
Paragon Offshore PLC (g)(i) | 303 | — | ||||||
Pearson PLC | 3,115 | 35 | ||||||
Persimmon PLC | 1,509 | 22 | ||||||
Phoenix Group Holdings PLC | 3,531 | 26 | ||||||
Prudential PLC | 12,921 | 176 | ||||||
Reckitt Benckiser Group PLC | 3,352 | 232 | ||||||
RELX PLC | 9,030 | 250 | ||||||
Rentokil Initial PLC | 11,814 | 73 | ||||||
Rio Tinto PLC | 5,249 | 369 | ||||||
Rolls-Royce Holdings PLC (g) | 39,594 | 44 | ||||||
Sage Group PLC | 4,888 | 44 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Schroders PLC | 3,486 | 18 | ||||||
Segro PLC REIT | 5,711 | 53 | ||||||
Severn Trent PLC | 1,182 | 38 | ||||||
Shell PLC | 33,816 | 953 | ||||||
Smith & Nephew PLC | 4,120 | 55 | ||||||
Smiths Group PLC | 1,700 | 33 | ||||||
Spirax-Sarco Engineering PLC | 346 | 44 | ||||||
SSE PLC | 5,032 | 103 | ||||||
St. James's Place PLC | 2,566 | 34 | ||||||
Standard Chartered PLC | 11,692 | 87 | ||||||
Taylor Wimpey PLC | 16,657 | 20 | ||||||
Tesco PLC | 35,088 | 95 | ||||||
Unilever PLC CVA | 11,918 | 602 | ||||||
United Utilities Group PLC | 3,216 | 38 | ||||||
Vodafone Group PLC | 124,074 | 126 | ||||||
Whitbread PLC | 951 | 29 | ||||||
WPP PLC | 5,146 | 51 | ||||||
10,226 | ||||||||
United States (15.8%) | ||||||||
3M Co. | 1,100 | 132 | ||||||
Abbott Laboratories | 3,453 | 379 | ||||||
AbbVie, Inc. | 3,500 | 566 | ||||||
Accenture PLC, Class A | 1,228 | 328 | ||||||
Activision Blizzard, Inc. | 1,543 | 118 | ||||||
Adobe, Inc. (g) | 894 | 301 | ||||||
Advance Auto Parts, Inc. | 120 | 18 | ||||||
Advanced Micro Devices, Inc. (g) | 3,155 | 204 | ||||||
AES Corp. | 1,305 | 38 | ||||||
Affirm Holdings, Inc. (g) | 387 | 4 | ||||||
Aflac, Inc. | 1,163 | 84 | ||||||
Agilent Technologies, Inc. | 579 | 87 | ||||||
Air Products & Chemicals, Inc. | 439 | 135 | ||||||
Airbnb, Inc., Class A (g) | 726 | 62 | ||||||
Akamai Technologies, Inc. (g) | 313 | 26 | ||||||
Albemarle Corp. | 231 | 50 | ||||||
Alcoa Corp. | 346 | 16 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 304 | 44 | ||||||
Align Technology, Inc. (g) | 145 | 31 | ||||||
Allegion PLC | 173 | 18 | ||||||
Alliant Energy Corp. | 496 | 27 | ||||||
Allstate Corp. | 521 | 71 | ||||||
Ally Financial, Inc. | 607 | 15 | ||||||
Alnylam Pharmaceuticals, Inc. (g) | 233 | 55 | ||||||
Alphabet, Inc., Class A (g) | 11,808 | 1,042 | ||||||
Alphabet, Inc., Class C (g) | 10,942 | 971 | ||||||
Altria Group, Inc. | 3,571 | 163 | ||||||
Amazon.com, Inc. (g) | 17,979 | 1,510 | ||||||
Amcor PLC | 2,943 | 35 | ||||||
Ameren Corp. | 511 | 45 | ||||||
American Electric Power Co., Inc. | 1,017 | 97 | ||||||
American Express Co. | 1,251 | 185 | ||||||
American Financial Group, Inc. | 141 | 19 | ||||||
American Homes 4 Rent, Class A REIT | 617 | 19 | ||||||
American International Group, Inc. | 1,469 | 93 | ||||||
American Tower Corp. REIT | 918 | 194 | ||||||
American Water Works Co., Inc. | 360 | 55 | ||||||
Ameriprise Financial, Inc. | 212 | 66 | ||||||
AmerisourceBergen Corp. | 305 | 51 | ||||||
AMETEK, Inc. | 451 | 63 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Amgen, Inc. | 1,059 | 278 | ||||||
Amphenol Corp., Class A | 1,170 | 89 | ||||||
Analog Devices, Inc. | 1,016 | 167 | ||||||
Annaly Capital Management, Inc. REIT | 920 | 19 | ||||||
ANSYS, Inc. (g) | 170 | 41 | ||||||
AO Smith Corp. | 253 | 14 | ||||||
Aon PLC, Class A | 414 | 124 | ||||||
APA Corp. | 645 | 30 | ||||||
Apollo Global Management, Inc. | 784 | 50 | ||||||
Apple, Inc. | 31,723 | 4,122 | ||||||
Applied Materials, Inc. | 1,699 | 165 | ||||||
Aptiv PLC (g) | 531 | 49 | ||||||
Aramark | 460 | 19 | ||||||
Arch Capital Group Ltd. (g) | 711 | 45 | ||||||
Archer-Daniels-Midland Co. | 1,101 | 102 | ||||||
Ares Management Corp., Class A | 303 | 21 | ||||||
Arista Networks, Inc. (g) | 482 | 58 | ||||||
Arrow Electronics, Inc. (g) | 126 | 13 | ||||||
Arthur J Gallagher & Co. | 410 | 77 | ||||||
Aspen Technology, Inc. (g) | 56 | 12 | ||||||
Assurant, Inc. | 106 | 13 | ||||||
AT&T, Inc. | 13,974 | 257 | ||||||
Atmos Energy Corp. | 277 | 31 | ||||||
Autodesk, Inc. (g) | 428 | 80 | ||||||
Automatic Data Processing, Inc. | 825 | 197 | ||||||
AutoZone, Inc. (g) | 38 | 94 | ||||||
AvalonBay Communities, Inc. REIT | 278 | 45 | ||||||
Avantor, Inc. (g) | 1,325 | 28 | ||||||
Avery Dennison Corp. | 159 | 29 | ||||||
Baker Hughes Co. | 1,958 | 58 | ||||||
Ball Corp. | 615 | 31 | ||||||
Bank of America Corp. | 14,084 | 466 | ||||||
Bank of New York Mellon Corp. | 1,507 | 69 | ||||||
Bath & Body Works, Inc. | 452 | 19 | ||||||
Baxter International, Inc. | 991 | 51 | ||||||
Becton Dickinson & Co. | 558 | 142 | ||||||
Bentley Systems, Inc., Class B | 382 | 14 | ||||||
Berkshire Hathaway, Inc., Class B (g) | 2,555 | 789 | ||||||
Best Buy Co., Inc. | 403 | 32 | ||||||
Bill.Com Holdings, Inc. (g) | 182 | 20 | ||||||
Bio-Rad Laboratories, Inc., Class A (g) | 44 | 19 | ||||||
Bio-Techne Corp. | 309 | 26 | ||||||
Biogen, Inc. (g) | 283 | 78 | ||||||
BioMarin Pharmaceutical, Inc. (g) | 366 | 38 | ||||||
Black Knight, Inc. (g) | 309 | 19 | ||||||
BlackRock, Inc. | 298 | 211 | ||||||
Blackstone Group, Inc. | 1,376 | 102 | ||||||
Block, Inc., Class A (g) | 1,021 | 64 | ||||||
Boeing Co. (g) | 1,099 | 209 | ||||||
Booking Holdings, Inc. (g) | 78 | 157 | ||||||
Booz Allen Hamilton Holding Corp. | 260 | 27 | ||||||
BorgWarner, Inc. | 466 | 19 | ||||||
Boston Properties, Inc. REIT | 290 | 20 | ||||||
Boston Scientific Corp. (g) | 2,817 | 130 | ||||||
Bristol-Myers Squibb Co. | 4,245 | 305 | ||||||
Broadcom, Inc. | 806 | 451 | ||||||
Broadridge Financial Solutions, Inc. | 231 | 31 | ||||||
Brown & Brown, Inc. | 470 | 27 | ||||||
Brown-Forman Corp., Class B | 614 | 40 | ||||||
Bunge Ltd. | 299 | 30 | ||||||
Burlington Stores, Inc. (g) | 129 | 26 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Cadence Design Systems, Inc. (g) | 536 | 86 | ||||||
Caesars Entertainment, Inc. (g) | 423 | 18 | ||||||
Camden Property Trust REIT | 200 | 22 | ||||||
Campbell Soup Co. | 422 | 24 | ||||||
Capital One Financial Corp. | 752 | 70 | ||||||
Cardinal Health, Inc. | 533 | 41 | ||||||
Carlisle Cos., Inc. | 102 | 24 | ||||||
Carlyle Group, Inc. | 391 | 12 | ||||||
CarMax, Inc. (g) | 318 | 19 | ||||||
Carnival Corp. (g) | 1,955 | 16 | ||||||
Carrier Global Corp. | 1,663 | 69 | ||||||
Catalent, Inc. (g) | 335 | 15 | ||||||
Caterpillar, Inc. | 1,033 | 247 | ||||||
Cboe Global Markets, Inc. | 210 | 26 | ||||||
CBRE Group, Inc., Class A (g) | 632 | 49 | ||||||
CDW Corp. | 267 | 48 | ||||||
Celanese Corp. | 215 | 22 | ||||||
Centene Corp. (g) | 1,130 | 93 | ||||||
CenterPoint Energy, Inc. | 1,244 | 37 | ||||||
Ceridian HCM Holding, Inc. (g) | 271 | 17 | ||||||
CF Industries Holdings, Inc. | 390 | 33 | ||||||
CH Robinson Worldwide, Inc. | 248 | 23 | ||||||
Charles River Laboratories International, Inc. (g) | 101 | 22 | ||||||
Charles Schwab Corp. | 2,816 | 234 | ||||||
Charter Communications, Inc., Class A (g) | 221 | 75 | ||||||
Cheniere Energy, Inc. | 445 | 67 | ||||||
Chesapeake Energy Corp. | 203 | 19 | ||||||
Chevron Corp. | 3,621 | 650 | ||||||
Chewy, Inc., Class A (g) | 183 | 7 | ||||||
Chipotle Mexican Grill, Inc. (g) | 54 | 75 | ||||||
Chubb Ltd. | 813 | 179 | ||||||
Church & Dwight Co., Inc. | 482 | 39 | ||||||
Cigna Corp. | 602 | 199 | ||||||
Cincinnati Financial Corp. | 295 | 30 | ||||||
Cintas Corp. | 180 | 81 | ||||||
Cisco Systems, Inc. | 8,181 | 390 | ||||||
Citigroup, Inc. | 3,807 | 172 | ||||||
Citizens Financial Group, Inc. | 977 | 38 | ||||||
Clarivate PLC (g) | 594 | 5 | ||||||
Cleveland-Cliffs, Inc. (g) | 1,014 | 16 | ||||||
Clorox Co. | 248 | 35 | ||||||
Cloudflare, Inc., Class A (g) | 491 | 22 | ||||||
CME Group, Inc. | 713 | 120 | ||||||
CMS Energy Corp. | 572 | 36 | ||||||
Coca-Cola Co. | 8,098 | 515 | ||||||
Cognex Corp. | 341 | 16 | ||||||
Cognizant Technology Solutions Corp., Class A | 1,014 | 58 | ||||||
Coinbase Global, Inc., Class A (g) | 242 | 9 | ||||||
Colgate-Palmolive Co. | 1,574 | 124 | ||||||
Comcast Corp., Class A | 8,577 | 300 | ||||||
Conagra Brands, Inc. | 947 | 37 | ||||||
ConocoPhillips | 16,375 | 1,932 | ||||||
Consolidated Edison, Inc. | 703 | 67 | ||||||
Constellation Brands, Inc., Class A | 316 | 73 | ||||||
Constellation Energy Corp. | 645 | 56 | ||||||
Contra Abiomed, Inc. (g) | 90 | –@ | ||||||
Cooper Cos., Inc. | 97 | 32 | ||||||
Copart, Inc. (g) | 848 | 52 | ||||||
Corning, Inc. | 1,587 | 51 | ||||||
Corteva, Inc. | 1,400 | 82 | ||||||
CoStar Group, Inc. (g) | 784 | 61 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Costco Wholesale Corp. | 874 | 399 | ||||||
Coterra Energy, Inc. | 10,118 | 249 | ||||||
Crowdstrike Holdings, Inc., Class A (g) | 395 | 42 | ||||||
Crown Castle International Corp. REIT | 849 | 115 | ||||||
Crown Holdings, Inc. | 237 | 19 | ||||||
CSX Corp. | 4,298 | 133 | ||||||
Cummins, Inc. | 278 | 67 | ||||||
CVS Health Corp. | 2,596 | 242 | ||||||
Danaher Corp. | 1,376 | 365 | ||||||
Darden Restaurants, Inc. | 240 | 33 | ||||||
Darling Ingredients, Inc. (g) | 312 | 20 | ||||||
Datadog, Inc., Class A (g) | 483 | 36 | ||||||
DaVita, Inc. (g) | 109 | 8 | ||||||
Deere & Co. | 571 | 245 | ||||||
Dell Technologies, Inc., Class C | 526 | 21 | ||||||
Delta Air Lines, Inc. (g) | 315 | 10 | ||||||
Dentsply Sirona, Inc. | 421 | 13 | ||||||
Devon Energy Corp. | 8,080 | 497 | ||||||
Dexcom, Inc. (g) | 760 | 86 | ||||||
Diamondback Energy, Inc. | 2,204 | 301 | ||||||
Digital Realty Trust, Inc. REIT | 563 | 56 | ||||||
Discover Financial Services | 532 | 52 | ||||||
DISH Network Corp., Class A | 488 | 7 | ||||||
DocuSign, Inc. (g) | 395 | 22 | ||||||
Dollar General Corp. | 448 | 110 | ||||||
Dollar Tree, Inc. (g) | 442 | 63 | ||||||
Dominion Energy, Inc. | 1,643 | 101 | ||||||
Domino's Pizza, Inc. | 71 | 25 | ||||||
DoorDash, Inc., Class A (g) | 455 | 22 | ||||||
Dover Corp. | 282 | 38 | ||||||
Dow, Inc. | 1,411 | 71 | ||||||
DR Horton, Inc. | 651 | 58 | ||||||
Dropbox, Inc., Class A (g) | 539 | 12 | ||||||
DTE Energy Co. | 383 | 45 | ||||||
Duke Energy Corp. | 1,524 | 157 | ||||||
DuPont de Nemours, Inc. | 980 | 67 | ||||||
Dynatrace, Inc. (g) | 390 | 15 | ||||||
Eastman Chemical Co. | 243 | 20 | ||||||
Eaton Corp., PLC | 784 | 123 | ||||||
eBay, Inc. | 1,093 | 45 | ||||||
Ecolab, Inc. | 506 | 74 | ||||||
Edison International | 758 | 48 | ||||||
Edwards Lifesciences Corp. (g) | 1,213 | 91 | ||||||
Elanco Animal Health, Inc. (g) | 831 | 10 | ||||||
Electronic Arts, Inc. | 547 | 67 | ||||||
Elevance Health, Inc. | 474 | 243 | ||||||
Eli Lilly & Co. | 1,586 | 580 | ||||||
Emerson Electric Co. | 1,158 | 111 | ||||||
Enphase Energy, Inc. (g) | 266 | 70 | ||||||
Entegris, Inc. | 293 | 19 | ||||||
Entergy Corp. | 403 | 45 | ||||||
EOG Resources, Inc. | 1,148 | 149 | ||||||
EPAM Systems, Inc. (g) | 112 | 37 | ||||||
EQT Corp. | 665 | 22 | ||||||
Equifax, Inc. | 244 | 47 | ||||||
Equinix, Inc. REIT | 180 | 118 | ||||||
Equitable Holdings, Inc. | 740 | 21 | ||||||
Equity Lifestyle Properties, Inc. REIT | 347 | 22 | ||||||
Equity Residential REIT | 711 | 42 | ||||||
Erie Indemnity Co., Class A | 50 | 12 | ||||||
Essential Utilities, Inc. | 490 | 23 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Essex Property Trust, Inc. REIT | 129 | 27 | ||||||
Estee Lauder Cos., Inc., Class A | 459 | 114 | ||||||
Etsy, Inc. (g) | 250 | 30 | ||||||
Everest Re Group Ltd. | 77 | 26 | ||||||
Evergy, Inc. | 453 | 29 | ||||||
Eversource Energy | 686 | 58 | ||||||
Exact Sciences Corp. (g) | 337 | 17 | ||||||
Exelon Corp. | 1,947 | 84 | ||||||
Expedia Group, Inc. (g) | 301 | 26 | ||||||
Expeditors International of Washington, Inc. | 327 | 34 | ||||||
Extra Space Storage, Inc. REIT | 264 | 39 | ||||||
Exxon Mobil Corp. | 8,106 | 894 | ||||||
F5 Networks, Inc. (g) | 117 | 17 | ||||||
Factset Research Systems, Inc. | 77 | 31 | ||||||
Fair Isaac Corp. (g) | 49 | 29 | ||||||
Fastenal Co. | 1,137 | 54 | ||||||
FedEx Corp. | 494 | 86 | ||||||
Ferguson PLC | 417 | 53 | ||||||
Fidelity National Financial, Inc. | 516 | 19 | ||||||
Fidelity National Information Services, Inc. | 1,191 | 81 | ||||||
Fifth Third Bancorp | 1,352 | 44 | ||||||
First Citizens BancShares, Inc., Class A | 24 | 18 | ||||||
First Horizon Corp. | 1,055 | 26 | ||||||
First Republic Bank | 361 | 44 | ||||||
First Solar, Inc. (g) | 188 | 28 | ||||||
FirstEnergy Corp. | 1,068 | 45 | ||||||
Fiserv, Inc. (g) | 1,185 | 120 | ||||||
FleetCor Technologies, Inc. (g) | 140 | 26 | ||||||
FMC Corp. | 247 | 31 | ||||||
Ford Motor Co. | 7,952 | 92 | ||||||
Fortinet, Inc. (g) | 1,310 | 64 | ||||||
Fortive Corp. | 667 | 43 | ||||||
Fortune Brands Innovations, Inc. | 254 | 15 | ||||||
Fox Corp., Class A | 601 | 18 | ||||||
Fox Corp., Class B | 285 | 8 | ||||||
Franklin Resources, Inc. | 586 | 15 | ||||||
Freeport-McMoRan, Inc. | 2,782 | 106 | ||||||
Gaming and Leisure Properties, Inc. REIT | 504 | 26 | ||||||
Garmin Ltd. | 306 | 28 | ||||||
Gartner, Inc. | 158 | 53 | ||||||
Gen Digital, Inc. | 1,188 | 25 | ||||||
Generac Holdings, Inc. | 127 | 13 | ||||||
General Dynamics Corp. | 453 | 112 | ||||||
General Electric Co. | 2,112 | 177 | ||||||
General Mills, Inc. | 1,230 | 103 | ||||||
General Motors Co. | 2,750 | 93 | ||||||
Genuine Parts Co. | 279 | 48 | ||||||
Gilead Sciences, Inc. | 2,532 | 217 | ||||||
Global Payments, Inc. | 541 | 54 | ||||||
Globe Life, Inc. | 183 | 22 | ||||||
GoDaddy, Inc., Class A (g) | 305 | 23 | ||||||
Goldman Sachs Group, Inc. | 672 | 231 | ||||||
Halliburton Co. | 1,752 | 69 | ||||||
Hartford Financial Services Group, Inc. | 628 | 48 | ||||||
Hasbro, Inc. | 263 | 16 | ||||||
HCA Healthcare, Inc. | 452 | 108 | ||||||
Healthcare Realty Trust, Inc. REIT | 755 | 15 | ||||||
Healthpeak Properties, Inc. REIT | 1,068 | 27 | ||||||
HEICO Corp. | 85 | 13 | ||||||
HEICO Corp., Class A | 141 | 17 | ||||||
Henry Schein, Inc. (g) | 269 | 21 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Hershey Co. | 291 | 67 | ||||||
Hess Corp. | 544 | 77 | ||||||
Hewlett Packard Enterprise Co. | 2,548 | 41 | ||||||
HF Sinclair Corp. | 318 | 17 | ||||||
Hilton Worldwide Holdings, Inc. | 546 | 69 | ||||||
Hologic, Inc. (g) | 490 | 37 | ||||||
Home Depot, Inc. | 2,032 | 642 | ||||||
Honeywell International, Inc. | 1,316 | 282 | ||||||
Horizon Therapeutics PLC (g) | 431 | 49 | ||||||
Hormel Foods Corp. | 599 | 27 | ||||||
Host Hotels & Resorts, Inc. REIT | 1,401 | 22 | ||||||
Howmet Aerospace, Inc. | 727 | 29 | ||||||
HP, Inc. | 2,049 | 55 | ||||||
Hubbell, Inc. | 106 | 25 | ||||||
HubSpot, Inc. (g) | 89 | 26 | ||||||
Humana, Inc. | 250 | 128 | ||||||
Huntington Bancshares, Inc. | 2,824 | 40 | ||||||
Huntington Ingalls Industries, Inc. | 79 | 18 | ||||||
IDEX Corp. | 148 | 34 | ||||||
IDEXX Laboratories, Inc. (g) | 163 | 67 | ||||||
Illinois Tool Works, Inc. | 609 | 134 | ||||||
Illumina, Inc. (g) | 308 | 62 | ||||||
Incyte Corp. (g) | 373 | 30 | ||||||
Ingersoll Rand, Inc. | 785 | 41 | ||||||
Insulet Corp. (g) | 135 | 40 | ||||||
Intel Corp. | 8,167 | 216 | ||||||
Intercontinental Exchange, Inc. | 1,096 | 112 | ||||||
International Business Machines Corp. | 1,764 | 249 | ||||||
International Flavors & Fragrances, Inc. | 501 | 53 | ||||||
International Paper Co. | 681 | 24 | ||||||
Interpublic Group of Cos., Inc. | 768 | 26 | ||||||
Intuit, Inc. | 521 | 203 | ||||||
Intuitive Surgical, Inc. (g) | 703 | 187 | ||||||
Invesco Ltd. | 673 | 12 | ||||||
Invitation Homes, Inc. REIT | 1,203 | 36 | ||||||
IQVIA Holdings, Inc. (g) | 365 | 75 | ||||||
Iron Mountain, Inc. REIT | 575 | 29 | ||||||
Jack Henry & Associates, Inc. | 143 | 25 | ||||||
Jacobs Solutions, Inc. | 251 | 30 | ||||||
Jazz Pharmaceuticals PLC (g) | 124 | 20 | ||||||
JB Hunt Transport Services, Inc. | 168 | 29 | ||||||
JM Smucker Co. | 212 | 34 | ||||||
Johnson & Johnson | 5,174 | 914 | ||||||
Johnson Controls International PLC | 1,357 | 87 | ||||||
JPMorgan Chase & Co. | 5,732 | 769 | ||||||
Juniper Networks, Inc. | 635 | 20 | ||||||
Kellogg Co. | 510 | 36 | ||||||
Keurig Dr Pepper, Inc. | 1,538 | 55 | ||||||
KeyCorp | 1,837 | 32 | ||||||
Keysight Technologies, Inc. (g) | 352 | 60 | ||||||
Kimberly-Clark Corp. | 673 | 91 | ||||||
Kimco Realty Corp. REIT | 1,224 | 26 | ||||||
Kinder Morgan, Inc. | 4,013 | 73 | ||||||
KKR & Co., Inc. | 1,102 | 51 | ||||||
KLA Corp. | 278 | 105 | ||||||
Knight-Swift Transportation Holdings, Inc. | 308 | 16 | ||||||
Kraft Heinz Co. | 1,468 | 60 | ||||||
Kroger Co. | 1,339 | 60 | ||||||
L3Harris Technologies, Inc. | 378 | 79 | ||||||
Laboratory Corp. of America Holdings | 178 | 42 | ||||||
Lam Research Corp. | 271 | 114 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Lamb Weston Holdings, Inc. | 283 | 25 | ||||||
Las Vegas Sands Corp. (g) | 677 | 33 | ||||||
Lear Corp. | 116 | 14 | ||||||
Leidos Holdings, Inc. | 255 | 27 | ||||||
Lennar Corp., Class A | 507 | 46 | ||||||
Lennox International, Inc. | 63 | 15 | ||||||
Liberty Broadband Corp., Class C (g) | 248 | 19 | ||||||
Liberty Global PLC, Class A (g) | 325 | 6 | ||||||
Liberty Global PLC Series C (g) | 559 | 11 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class A (g) | 145 | 6 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class C (g) | 324 | 13 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C (g) | 386 | 23 | ||||||
Lincoln National Corp. | 316 | 10 | ||||||
Linde PLC | 981 | 320 | ||||||
Live Nation Entertainment, Inc. (g) | 338 | 24 | ||||||
LKQ Corp. | 514 | 27 | ||||||
Lockheed Martin Corp. | 464 | 226 | ||||||
Loews Corp. | 395 | 23 | ||||||
Lowe's Cos., Inc. | 1,235 | 246 | ||||||
LPL Financial Holdings, Inc. | 156 | 34 | ||||||
Lucid Group, Inc. (g) | 799 | 5 | ||||||
Lululemon Athletica, Inc. (g) | 234 | 75 | ||||||
Lumen Technologies, Inc. | 1,858 | 10 | ||||||
LyondellBasell Industries NV, Class A | 512 | 43 | ||||||
M&T Bank Corp. | 346 | 50 | ||||||
Marathon Oil Corp. | 9,473 | 256 | ||||||
Marathon Petroleum Corp. | 966 | 112 | ||||||
Markel Corp. (g) | 26 | 34 | ||||||
MarketAxess Holdings, Inc. | 75 | 21 | ||||||
Marriott International, Inc., Class A | 546 | 81 | ||||||
Marsh & McLennan Cos., Inc. | 971 | 161 | ||||||
Martin Marietta Materials, Inc. | 124 | 42 | ||||||
Marvell Technology, Inc. | 1,714 | 63 | ||||||
Masco Corp. | 450 | 21 | ||||||
Masimo Corp. | 94 | 14 | ||||||
Mastercard, Inc., Class A | 1,694 | 589 | ||||||
Match Group, Inc. (g) | 554 | 23 | ||||||
McCormick & Co., Inc. | 496 | 41 | ||||||
McDonald's Corp. | 1,448 | 382 | ||||||
McKesson Corp. | 281 | 105 | ||||||
Medical Properties Trust, Inc. REIT | 1,179 | 13 | ||||||
Medtronic PLC | 2,636 | 205 | ||||||
MercadoLibre, Inc. (g) | 89 | 75 | ||||||
Merck & Co., Inc. | 4,972 | 552 | ||||||
Meta Platforms, Inc., Class A (g) | 4,433 | 533 | ||||||
MetLife, Inc. | 1,324 | 96 | ||||||
Mettler-Toledo International, Inc. (g) | 44 | 64 | ||||||
MGM Resorts International | 616 | 21 | ||||||
Microchip Technology, Inc. | 1,088 | 76 | ||||||
Micron Technology, Inc. | 2,218 | 111 | ||||||
Microsoft Corp. | 13,893 | 3,332 | ||||||
Mid-America Apartment Communities, Inc. REIT | 229 | 36 | ||||||
Moderna, Inc. (g) | 620 | 111 | ||||||
Mohawk Industries, Inc. (g) | 102 | 10 | ||||||
Molina Healthcare, Inc. (g) | 115 | 38 | ||||||
Molson Coors Beverage Co., Class B | 381 | 20 | ||||||
Mondelez International, Inc., Class A | 2,695 | 180 | ||||||
MongoDB, Inc. (g) | 129 | 25 | ||||||
Monolithic Power Systems, Inc. | 87 | 31 | ||||||
Monster Beverage Corp. (g) | 775 | 79 | ||||||
Moody's Corp. | 326 | 91 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Mosaic Co. | 673 | 30 | ||||||
Motorola Solutions, Inc. | 329 | 85 | ||||||
MSCI, Inc. | 159 | 74 | ||||||
Nasdaq, Inc. | 682 | 42 | ||||||
NetApp, Inc. | 431 | 26 | ||||||
Netflix, Inc. (g) | 877 | 259 | ||||||
Neurocrine Biosciences, Inc. (g) | 186 | 22 | ||||||
Newell Brands, Inc. | 786 | 10 | ||||||
Newmont Corp. | 1,494 | 71 | ||||||
News Corp., Class A | 761 | 14 | ||||||
NextEra Energy, Inc. | 3,867 | 323 | ||||||
NIKE, Inc., Class B | 2,509 | 294 | ||||||
NiSource, Inc. | 801 | 22 | ||||||
Nordson Corp. | 102 | 24 | ||||||
Norfolk Southern Corp. | 469 | 116 | ||||||
Northern Trust Corp. | 389 | 34 | ||||||
Northrop Grumman Corp. | 290 | 158 | ||||||
Novocure Ltd. (g) | 182 | 13 | ||||||
NRG Energy, Inc. | 465 | 15 | ||||||
Nucor Corp. | 505 | 67 | ||||||
NVIDIA Corp. | 4,960 | 725 | ||||||
NVR, Inc. (g) | 6 | 28 | ||||||
NXP Semiconductors NV | 518 | 82 | ||||||
O'Reilly Automotive, Inc. (g) | 123 | 104 | ||||||
Occidental Petroleum Corp. | 1,836 | 116 | ||||||
Okta, Inc. (g) | 291 | 20 | ||||||
Old Dominion Freight Line, Inc. | 192 | 54 | ||||||
Omnicom Group, Inc. | 404 | 33 | ||||||
ON Semiconductor Corp. (g) | 852 | 53 | ||||||
ONEOK, Inc. | 883 | 58 | ||||||
Oracle Corp. | 3,135 | 256 | ||||||
Otis Worldwide Corp. | 828 | 65 | ||||||
Ovintiv, Inc. | 504 | 26 | ||||||
Owens Corning | 192 | 16 | ||||||
PACCAR, Inc. | 684 | 68 | ||||||
Packaging Corp. of America | 186 | 24 | ||||||
Palantir Technologies, Inc., Class A (g) | 3,275 | 21 | ||||||
Palo Alto Networks, Inc. (g) | 594 | 83 | ||||||
Paramount Global, Class B | 1,207 | 20 | ||||||
Parker Hannifin Corp. | 251 | 73 | ||||||
Paychex, Inc. | 644 | 74 | ||||||
Paycom Software, Inc. (g) | 100 | 31 | ||||||
Paylocity Holding Corp. (g) | 81 | 16 | ||||||
PayPal Holdings, Inc. (g) | 2,156 | 154 | ||||||
PDC Energy, Inc. | 989 | 63 | ||||||
Pentair PLC | 326 | 15 | ||||||
PepsiCo, Inc. | 2,723 | 492 | ||||||
PerkinElmer, Inc. | 249 | 35 | ||||||
Pfizer, Inc. | 11,128 | 570 | ||||||
PG&E Corp. (g) | 2,922 | 48 | ||||||
Philip Morris International, Inc. | 3,052 | 309 | ||||||
Phillips 66 | 935 | 97 | ||||||
Pinterest, Inc., Class A (g) | 1,140 | 28 | ||||||
Pioneer Natural Resources Co. | 3,039 | 694 | ||||||
Plug Power, Inc. (g) | 1,021 | 13 | ||||||
PNC Financial Services Group, Inc. | 798 | 126 | ||||||
Pool Corp. | 79 | 24 | ||||||
PPG Industries, Inc. | 469 | 59 | ||||||
PPL Corp. | 1,447 | 42 | ||||||
Principal Financial Group, Inc. | 488 | 41 | ||||||
Procter & Gamble Co. | 4,719 | 715 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Progressive Corp. | 1,144 | 148 | ||||||
ProLogis, Inc. REIT | 1,809 | 204 | ||||||
Prudential Financial, Inc. | 727 | 72 | ||||||
PTC, Inc. (g) | 219 | 26 | ||||||
Public Service Enterprise Group, Inc. | 986 | 60 | ||||||
Public Storage REIT | 310 | 87 | ||||||
Pulte Group, Inc. | 460 | 21 | ||||||
Qorvo, Inc. (g) | 206 | 19 | ||||||
QUALCOMM, Inc. | 2,222 | 244 | ||||||
Quanta Services, Inc. | 278 | 40 | ||||||
Quest Diagnostics, Inc. | 231 | 36 | ||||||
Raymond James Financial, Inc. | 380 | 41 | ||||||
Raytheon Technologies Corp. | 2,891 | 292 | ||||||
Realty Income Corp. REIT | 1,221 | 77 | ||||||
Regency Centers Corp. REIT | 305 | 19 | ||||||
Regeneron Pharmaceuticals, Inc. (g) | 208 | 150 | ||||||
Regions Financial Corp. | 1,829 | 39 | ||||||
Repligen Corp. (g) | 103 | 17 | ||||||
Republic Services, Inc. | 436 | 56 | ||||||
ResMed, Inc. | 289 | 60 | ||||||
Rivian Automotive, Inc., Class A (g) | 641 | 12 | ||||||
Robert Half International, Inc. | 219 | 16 | ||||||
ROBLOX Corp., Class A (g) | 685 | 19 | ||||||
Rockwell Automation, Inc. | 225 | 58 | ||||||
Roku, Inc. (g) | 246 | 10 | ||||||
Rollins, Inc. | 435 | 16 | ||||||
Roper Technologies, Inc. | 209 | 90 | ||||||
Ross Stores, Inc. | 690 | 80 | ||||||
Royal Caribbean Cruises Ltd. (g) | 456 | 23 | ||||||
Royalty Pharma PLC, Class A | 687 | 27 | ||||||
RPM International, Inc. | 255 | 25 | ||||||
S&P Global, Inc. | 675 | 226 | ||||||
Salesforce, Inc. (g) | 1,966 | 261 | ||||||
SBA Communications Corp. REIT | 211 | 59 | ||||||
Schlumberger NV | 2,713 | 145 | ||||||
Seagate Technology Holdings PLC | 393 | 21 | ||||||
Seagen, Inc. (g) | 268 | 34 | ||||||
Sealed Air Corp. | 289 | 14 | ||||||
SEI Investments Co. | 228 | 13 | ||||||
Sempra Energy | 624 | 96 | ||||||
Sensata Technologies Holding PLC | 307 | 12 | ||||||
ServiceNow, Inc. (g) | 396 | 154 | ||||||
Sherwin-Williams Co. | 487 | 116 | ||||||
Signature Bank | 123 | 14 | ||||||
Simon Property Group, Inc. REIT | 645 | 76 | ||||||
Sirius XM Holdings, Inc. | 1,543 | 9 | ||||||
Skyworks Solutions, Inc. | 321 | 29 | ||||||
Snap, Inc., Class A (g) | 2,174 | 19 | ||||||
Snap-On, Inc. | 105 | 24 | ||||||
Snowflake, Inc., Class A (g) | 429 | 62 | ||||||
SolarEdge Technologies, Inc. (g) | 108 | 31 | ||||||
Southern Co. | 2,124 | 152 | ||||||
Southwest Airlines Co. | 292 | 10 | ||||||
Splunk, Inc. (g) | 315 | 27 | ||||||
SS&C Technologies Holdings, Inc. | 448 | 23 | ||||||
Stanley Black & Decker, Inc. | 292 | 22 | ||||||
Starbucks Corp. | 2,272 | 225 | ||||||
State Street Corp. | 721 | 56 | ||||||
Steel Dynamics, Inc. | 351 | 34 | ||||||
Steris PLC | 196 | 36 | ||||||
Stryker Corp. | 673 | 165 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Sun Communities, Inc. REIT | 245 | 35 | ||||||
SVB Financial Group (g) | 115 | 26 | ||||||
Synchrony Financial | 944 | 31 | ||||||
Synopsys, Inc. (g) | 300 | 96 | ||||||
Sysco Corp. | 995 | 76 | ||||||
T Rowe Price Group, Inc. | 446 | 49 | ||||||
T-Mobile US, Inc. (g) | 1,245 | 174 | ||||||
Take-Two Interactive Software, Inc. (g) | 328 | 34 | ||||||
Targa Resources Corp. | 423 | 31 | ||||||
Target Corp. | 917 | 137 | ||||||
TE Connectivity Ltd. | 634 | 73 | ||||||
Teledyne Technologies, Inc. (g) | 92 | 37 | ||||||
Teleflex, Inc. | 93 | 23 | ||||||
Teradyne, Inc. | 308 | 27 | ||||||
Tesla, Inc. (g) | 5,544 | 683 | ||||||
Texas Instruments, Inc. | 1,807 | 299 | ||||||
Texas Pacific Land Corp. | 12 | 28 | ||||||
Textron, Inc. | 415 | 29 | ||||||
Thermo Fisher Scientific, Inc. | 778 | 428 | ||||||
TJX Cos., Inc. | 2,291 | 182 | ||||||
Toast, Inc., Class A (g) | 482 | 9 | ||||||
Tractor Supply Co. | 221 | 50 | ||||||
Trade Desk, Inc., Class A (g) | 834 | 37 | ||||||
Tradeweb Markets, Inc., Class A | 213 | 14 | ||||||
Trane Technologies PLC | 458 | 77 | ||||||
TransDigm Group, Inc. | 101 | 64 | ||||||
TransUnion | 384 | 22 | ||||||
Travelers Cos., Inc. | 462 | 87 | ||||||
Trimble, Inc. (g) | 492 | 25 | ||||||
Truist Financial Corp. | 2,597 | 112 | ||||||
Twilio, Inc., Class A (g) | 336 | 16 | ||||||
Tyler Technologies, Inc. (g) | 82 | 26 | ||||||
Tyson Foods, Inc., Class A | 564 | 35 | ||||||
U-Haul Holding Co. | 167 | 9 | ||||||
Uber Technologies, Inc. (g) | 2,951 | 73 | ||||||
UDR, Inc. REIT | 647 | 25 | ||||||
UGI Corp. | 417 | 15 | ||||||
Ulta Beauty, Inc. | 101 | 47 | ||||||
Union Pacific Corp. | 1,243 | 257 | ||||||
United Parcel Service, Inc., Class B | 1,476 | 257 | ||||||
United Rentals, Inc. (g) | 138 | 49 | ||||||
UnitedHealth Group, Inc. | 1,850 | 981 | ||||||
Unity Software, Inc. (g) | 491 | 14 | ||||||
Universal Health Services, Inc., Class B | 129 | 18 | ||||||
US Bancorp | 2,780 | 121 | ||||||
Vail Resorts, Inc. | 80 | 19 | ||||||
Valero Energy Corp. | 766 | 97 | ||||||
Veeva Systems, Inc., Class A (g) | 280 | 45 | ||||||
Ventas, Inc. REIT | 785 | 35 | ||||||
VeriSign, Inc. | 189 | 39 | ||||||
Verisk Analytics, Inc. | 311 | 55 | ||||||
Verizon Communications, Inc. | 8,309 | 327 | ||||||
Vertex Pharmaceuticals, Inc. (g) | 504 | 146 | ||||||
VF Corp. | 671 | 19 | ||||||
Viatris, Inc. | 2,402 | 27 | ||||||
VICI Properties, Inc. REIT | 1,901 | 62 | ||||||
Visa, Inc., Class A | 3,217 | 668 | ||||||
Vistra Corp. | 738 | 17 | ||||||
VMware, Inc., Class A | 418 | 51 | ||||||
Vulcan Materials Co. | 261 | 46 | ||||||
Walgreens Boots Alliance, Inc. | 1,436 | 54 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Walmart, Inc. | 2,947 | 418 | ||||||
Walt Disney Co. (g) | 3,563 | 310 | ||||||
Warner Bros Discovery, Inc. (g) | 4,623 | 44 | ||||||
Waste Connections, Inc. | 508 | 67 | ||||||
Waste Management, Inc. | 816 | 128 | ||||||
Waters Corp. (g) | 117 | 40 | ||||||
Webster Financial Corp. | 344 | 16 | ||||||
WEC Energy Group, Inc. | 622 | 58 | ||||||
Wells Fargo & Co. | 7,575 | 313 | ||||||
Welltower, Inc. REIT | 919 | 60 | ||||||
West Pharmaceutical Services, Inc. | 146 | 34 | ||||||
Western Digital Corp. (g) | 608 | 19 | ||||||
Western Union Co. | 757 | 10 | ||||||
Westinghouse Air Brake Technologies Corp. | 341 | 34 | ||||||
Westlake Chemical Corp. | 76 | 8 | ||||||
WestRock Co. | 503 | 18 | ||||||
Weyerhaeuser Co. REIT | 1,454 | 45 | ||||||
Whirlpool Corp. | 109 | 15 | ||||||
Williams Cos., Inc. | 2,403 | 79 | ||||||
Willis Towers Watson PLC | 215 | 53 | ||||||
Wolfspeed, Inc. (g) | 242 | 17 | ||||||
Workday, Inc., Class A (g) | 390 | 65 | ||||||
WP Carey, Inc. REIT | 384 | 30 | ||||||
WR Berkley Corp. | 412 | 30 | ||||||
WW Grainger, Inc. | 90 | 50 | ||||||
Wynn Resorts Ltd. (g) | 213 | 18 | ||||||
Xcel Energy, Inc. | 1,078 | 76 | ||||||
Xylem, Inc. | 355 | 39 | ||||||
Yum! Brands, Inc. | 563 | 72 | ||||||
Zebra Technologies Corp., Class A (g) | 101 | 26 | ||||||
Zillow Group, Inc., Class C (g) | 318 | 10 | ||||||
Zimmer Biomet Holdings, Inc. | 415 | 53 | ||||||
Zoetis, Inc. | 931 | 136 | ||||||
Zoom Video Communications, Inc., Class A (g) | 446 | 30 | ||||||
ZoomInfo Technologies, Inc., Class A (g) | 501 | 15 | ||||||
Zscaler, Inc. (g) | 166 | 19 | ||||||
70,007 | ||||||||
Total Common Stocks (Cost $97,471) | 141,569 | |||||||
Short-Term Investments (15.7%) | ||||||||
Investment Company (15.2%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (j) (Cost $67,266) | 67,265,531 | 67,266 |
Face Amount (000) | ||||||||
U.S. Treasury Security (0.5%) | ||||||||
U.S. Treasury Bill, | ||||||||
3.84%, 3/16/23 (k) (Cost $2,273) | $ | 2,291 | 2,272 | |||||
Total Short-Term Investments (Cost $69,539) | 69,538 | |||||||
Total Investments (100.6%) (Cost $436,238) (l)(m)(n)(o) | 444,544 | |||||||
Liabilities in Excess of Other Assets (-0.6%) | (2,706 | ) | ||||||
Net Assets (100.0%) | $ | 441,838 |
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.
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
(a) | Security is subject to delayed delivery. |
(b) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
(c) | Floating or variable rate securities: The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments. |
(d) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of December 31, 2022. |
(e) | Amount is less than 0.05%. |
(f) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date. |
(g) | Non-income producing security. |
(h) | Security trades on the Hong Kong exchange. |
(i) |
At December 31, 2022, the Fund held a fair valued security valued at $0, representing 0.0% 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. |
(j) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended December 31, 2022, advisory fees paid were reduced by approximately $29,000 relating to the Fund's investment in the Liquidity Funds. |
(k) | Rate shown is the yield to maturity at December 31, 2022. |
(l) | Securities are available for collateral in connection with securities purchased on a forward commitment basis, foreign currency forward exchange contracts, futures contracts and swap agreements. |
(m) | The approximate fair value and percentage of net assets, $ 62,753,000 and 14.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments. |
(n) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions. |
(o) | At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $63,315,000 and the aggregate gross unrealized depreciation is approximately $46,060,000, resulting in net unrealized appreciation of approximately $17,255,000. |
@ | Value is less than $500. |
ADR | American Depositary Receipt. |
CDI | CHESS Depositary Interest. |
CVA | Certificaten Van Aandelen. |
EURIBOR | Euro Interbank Offered Rate. |
LIBOR | London Interbank Offered Rate. |
LSE | London Stock Exchange. |
MTN | Medium Term Note. |
NYSE | New York Stock Exchange. |
OAT | Obligations Assimilables du Trésor (French Treasury Obligation). |
REIT | Real Estate Investment Trust. |
SOFR | Secured Overnight Financing Rate. |
SONIA | Sterling Overnight Index Average |
TBA | To Be Announced. |
USD | United States Dollar. |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at December 31, 2022:
Counterparty | Contracts to Deliver (000) |
In Exchange For (000) |
Delivery Date |
Unrealized Appreciation (Depreciation) (000) |
||||||||
Bank of America NA | CNH | 10,096 | $ | 1,460 | 3/16/23 | $ | (7 | ) | ||||
Bank of America NA | EUR | 278 | $ | 290 | 2/9/23 | (7 | ) | |||||
Bank of America NA | PLN | 252 | $ | 57 | 3/16/23 | (1 | ) | |||||
Bank of America NA | $ | 836 | CHF | 832 | 2/9/23 | 67 | ||||||
Bank of America NA | $ | 146 | ILS | 496 | 3/16/23 | (5 | ) | |||||
Barclays Bank PLC | AUD | 1,784 | $ | 1,213 | 3/16/23 | (5 | ) | |||||
Barclays Bank PLC | AUD | 5,237 | $ | 3,353 | 2/9/23 | (218 | ) | |||||
Barclays Bank PLC | EUR | 2,043 | $ | 2,190 | 3/16/23 | (8 | ) | |||||
Barclays Bank PLC | HKD | 1,057 | $ | 136 | 3/16/23 | —@ | ||||||
Barclays Bank PLC | JPY | 116,294 | $ | 882 | 3/16/23 | (13 | ) | |||||
Barclays Bank PLC | $ | 944 | EUR | 881 | 3/16/23 | 4 | ||||||
Barclays Bank PLC | $ | 365 | EUR | 340 | 3/16/23 | 1 | ||||||
Barclays Bank PLC | $ | 2,323 | JPY | 310,108 | 3/16/23 | 63 | ||||||
BNP Paribas SA | CNH | 3,811 | $ | 551 | 3/16/23 | (2 | ) | |||||
BNP Paribas SA | HKD | 323 | $ | 42 | 3/16/23 | —@ | ||||||
BNP Paribas SA | SEK | 12,540 | $ | 1,208 | 3/16/23 | 1 | ||||||
BNP Paribas SA | $ | 235 | CAD | 318 | 3/16/23 | (—@ | ) | |||||
BNP Paribas SA | $ | 133 | CHF | 122 | 3/16/23 | (—@ | ) | |||||
BNP Paribas SA | $ | 49 | COP | 242,881 | 3/16/23 | (—@ | ) | |||||
BNP Paribas SA | $ | 185 | EUR | 173 | 3/16/23 | 1 | ||||||
BNP Paribas SA | $ | 938 | EUR | 879 | 3/16/23 | 8 | ||||||
BNP Paribas SA | $ | 427 | INR | 35,333 | 3/16/23 | (1 | ) | |||||
BNP Paribas SA | $ | 1,761 | JPY | 235,115 | 3/16/23 | 47 | ||||||
BNP Paribas SA | $ | 2,515 | MXN | 50,138 | 3/16/23 | 25 | ||||||
BNP Paribas SA | $ | 177 | SEK | 1,796 | 3/16/23 | (4 | ) | |||||
Citibank NA | $ | 10 | CZK | 229 | 3/16/23 | —@ | ||||||
Citibank NA | $ | 68 | ILS | 228 | 3/16/23 | (2 | ) | |||||
Citibank NA | $ | 559 | THB | 20,723 | 2/9/23 | 41 | ||||||
Goldman Sachs International | BRL | 12,685 | $ | 2,349 | 3/16/23 | (22 | ) | |||||
Goldman Sachs International | BRL | 74,317 | $ | 13,794 | 3/16/23 | (95 | ) | |||||
Goldman Sachs International | BRL | 4,533 | $ | 852 | 3/16/23 | 5 | ||||||
Goldman Sachs International | DKK | 62 | $ | 9 | 3/16/23 | (—@ | ) | |||||
Goldman Sachs International | HKD | 40 | $ | 5 | 3/16/23 | —@ | ||||||
Goldman Sachs International | JPY | 159,148 | $ | 1,200 | 3/16/23 | (24 | ) | |||||
Goldman Sachs International | NOK | 583 | $ | 60 | 3/16/23 | —@ | ||||||
Goldman Sachs International | NZD | 1 | $ | —@ | 3/16/23 | —@ | ||||||
Goldman Sachs International | SGD | 83 | $ | 62 | 3/16/23 | (—@ | ) | |||||
Goldman Sachs International | $ | 682 | AUD | 1,003 | 3/16/23 | 3 | ||||||
Goldman Sachs International | $ | 697 | AUD | 1,008 | 3/16/23 | (8 | ) | |||||
Goldman Sachs International | $ | 6,016 | BRL | 31,935 | 3/16/23 | (48 | ) | |||||
Goldman Sachs International | $ | 889 | CHF | 814 | 3/16/23 | (1 | ) | |||||
Goldman Sachs International | $ | 84 | CLP | 74,031 | 3/16/23 | 2 | ||||||
Goldman Sachs International | $ | 12 | CZK | 278 | 3/16/23 | —@ | ||||||
Goldman Sachs International | $ | 1,771 | KRW | 2,515,849 | 2/9/23 | 221 | ||||||
Goldman Sachs International | $ | 1,111 | MXN | 22,158 | 3/16/23 | 11 | ||||||
Goldman Sachs International | $ | 315 | NZD | 496 | 3/16/23 | (—@ | ) | |||||
Goldman Sachs International | $ | 103 | PEN | 411 | 2/9/23 | 5 | ||||||
Goldman Sachs International | $ | 125 | RON | 632 | 2/9/23 | 11 | ||||||
Goldman Sachs International | $ | 2,005 | SEK | 20,347 | 3/16/23 | (48 | ) | |||||
Goldman Sachs International | $ | 1,382 | TWD | 41,635 | 3/16/23 | (18 | ) | |||||
HSBC Bank PLC | $ | 681 | EUR | 685 | 2/9/23 | 55 | ||||||
JPMorgan Chase Bank NA | CAD | 127 | $ | 95 | 2/9/23 | 1 | ||||||
JPMorgan Chase Bank NA | CNH | 106,030 | $ | 15,331 | 3/16/23 | (75 | ) |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
JPMorgan Chase Bank NA | DKK | 508 | $ | 67 | 2/9/23 | (6 | ) | |||||
JPMorgan Chase Bank NA | EUR | 720 | $ | 754 | 2/9/23 | (19 | ) | |||||
JPMorgan Chase Bank NA | MXN | 1,867 | $ | 94 | 2/9/23 | (1 | ) | |||||
JPMorgan Chase Bank NA | NOK | 449 | $ | 46 | 3/16/23 | —@ | ||||||
JPMorgan Chase Bank NA | NZD | 6,017 | $ | 3,910 | 3/16/23 | 87 | ||||||
JPMorgan Chase Bank NA | SGD | 131 | $ | 98 | 3/16/23 | (—@ | ) | |||||
JPMorgan Chase Bank NA | $ | 16 | AUD | 24 | 2/9/23 | —@ | ||||||
JPMorgan Chase Bank NA | $ | 1,514 | CAD | 2,048 | 3/16/23 | (1 | ) | |||||
JPMorgan Chase Bank NA | $ | 693 | CHF | 635 | 3/16/23 | (1 | ) | |||||
JPMorgan Chase Bank NA | $ | 2,706 | CNH | 19,352 | 2/9/23 | 98 | ||||||
JPMorgan Chase Bank NA | $ | 1,143 | GBP | 920 | 3/16/23 | (29 | ) | |||||
JPMorgan Chase Bank NA | $ | 3,469 | JPY | 505,728 | 2/9/23 | 403 | ||||||
JPMorgan Chase Bank NA | $ | 2,647 | JPY | 353,327 | 3/16/23 | 71 | ||||||
JPMorgan Chase Bank NA | $ | 599 | MXN | 11,948 | 3/16/23 | 6 | ||||||
JPMorgan Chase Bank NA | $ | 90 | NOK | 943 | 2/9/23 | 6 | ||||||
JPMorgan Chase Bank NA | $ | 310 | SEK | 3,415 | 2/9/23 | 18 | ||||||
JPMorgan Chase Bank NA | $ | 13 | SEK | 137 | 3/16/23 | (—@ | ) | |||||
UBS AG | AUD | 618 | $ | 417 | 2/9/23 | (5 | ) | |||||
UBS AG | CAD | 934 | $ | 687 | 2/9/23 | (3 | ) | |||||
UBS AG | CAD | 163 | $ | 121 | 3/16/23 | (—@ | ) | |||||
UBS AG | CHF | 1,111 | $ | 1,209 | 3/16/23 | (1 | ) | |||||
UBS AG | CNY | 183,125 | $ | 26,549 | 3/16/23 | 58 | ||||||
UBS AG | DKK | 370 | $ | 53 | 3/16/23 | (—@ | ) | |||||
UBS AG | EUR | 1,533 | $ | 1,636 | 3/16/23 | (13 | ) | |||||
UBS AG | GBP | 1,534 | $ | 1,738 | 2/9/23 | (117 | ) | |||||
UBS AG | JPY | 185,397 | $ | 1,421 | 3/16/23 | (5 | ) | |||||
UBS AG | JPY | 14,209 | $ | 104 | 2/9/23 | (5 | ) | |||||
UBS AG | KRW | 1,452,084 | $ | 1,105 | 3/16/23 | (45 | ) | |||||
UBS AG | NZD | 6,017 | $ | 3,910 | 3/16/23 | 87 | ||||||
UBS AG | THB | 6,031 | $ | 177 | 3/16/23 | 1 | ||||||
UBS AG | TRY | 458 | $ | 23 | 3/16/23 | —@ | ||||||
UBS AG | $ | 1,601 | AUD | 2,318 | 3/16/23 | (18 | ) | |||||
UBS AG | $ | 7 | CAD | 9 | 3/16/23 | (—@ | ) | |||||
UBS AG | $ | 991 | CHF | 908 | 3/16/23 | (1 | ) | |||||
UBS AG | $ | 14,796 | EUR | 13,811 | 3/16/23 | 60 | ||||||
UBS AG | $ | 899 | EUR | 844 | 2/9/23 | 7 | ||||||
UBS AG | $ | 885 | GBP | 750 | 2/9/23 | 22 | ||||||
UBS AG | $ | 1,310 | GBP | 1,054 | 3/16/23 | (33 | ) | |||||
UBS AG | $ | 249 | GBP | 202 | 2/9/23 | (4 | ) | |||||
UBS AG | $ | 12 | HUF | 4,751 | 3/16/23 | —@ | ||||||
UBS AG | $ | 70 | HUF | 29,662 | 2/9/23 | 8 | ||||||
UBS AG | $ | 100 | IDR | 1,589,201 | 2/9/23 | 2 | ||||||
UBS AG | $ | 548 | IDR | 8,561,187 | 3/16/23 | 1 | ||||||
UBS AG | $ | 1,125 | JPY | 150,207 | 3/16/23 | 30 | ||||||
UBS AG | $ | 2,385 | KRW | 3,079,701 | 3/16/23 | 55 | ||||||
UBS AG | $ | 1,089 | MXN | 21,716 | 3/16/23 | 11 | ||||||
UBS AG | $ | 24 | MXN | 481 | 2/9/23 | —@ | ||||||
UBS AG | $ | 121 | MXN | 2,373 | 3/16/23 | (1 | ) | |||||
UBS AG | $ | 126 | NZD | 216 | 2/9/23 | 11 | ||||||
UBS AG | $ | 4,863 | NZD | 7,669 | 3/16/23 | 10 | ||||||
UBS AG | $ | 89 | PLN | 433 | 2/9/23 | 9 | ||||||
UBS AG | $ | 614 | SEK | 6,233 | 3/16/23 | (15 | ) | |||||
UBS AG | $ | 403 | SGD | 569 | 2/9/23 | 22 | ||||||
UBS AG | ZAR | 1,082 | $ | 62 | 3/16/23 | (1 | ) | |||||
$ | 719 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Futures Contracts:
The Fund had the following futures contracts open at December 31, 2022:
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value (000) |
Unrealized Appreciation (Depreciation) (000) |
||||||||||
Long: | ||||||||||||||
Euro Stoxx 50 Index (Germany) | 276 | Mar-23 | EUR | 3 | $ | 11,182 | $ | (468 | ) | |||||
Hang Seng Index (Hong Kong) | 89 | Jan-23 | HKD | 4 | 3,854 | (38 | ) | |||||||
ICE Brent Crude Oil Index (United Kingdom) | 41 | Oct-23 | $ | 41 | 3,348 | 23 | ||||||||
KFE 10 yr Treasury Bond Index (Korea, Republic of) | 24 | Mar-23 | KRW | 2,400,000 | 2,087 | (65 | ) | |||||||
Long Gilt Index (United Kingdom) | 7 | Mar-23 | GBP | 700 | 845 | (47 | ) | |||||||
SFE 10 Yr. Australian Bond Index (Australia) | 81 | Mar-23 | AUD | 8,100 | 6,380 | (356 | ) | |||||||
SGX MSCI Singapore Index Index (Singapore) | 2 | Jan-23 | SGD | —@ | 43 | (—@ | ) | |||||||
TSE TOPIX Index (Japan) | 26 | Mar-23 | JPY | 260 | 3,747 | (96 | ) | |||||||
U.S. Treasury 10 yr. Note (United States) | 3 | Mar-23 | $ | 300 | 337 | (7 | ) | |||||||
U.S. Treasury 10 yr. Ultra Note (United States) | 66 | Mar-23 | 6,600 | 7,807 | (11 | ) | ||||||||
U.S. Treasury Long Bond (United States) | 17 | Mar-23 | 1,700 | 2,131 | (14 | ) | ||||||||
U.S. Treasury Ultra Bond (United States) | 2 | Mar-23 | 200 | 269 | (1 | ) | ||||||||
Short: | ||||||||||||||
CME Bitcoin Index (United States) | 6 | Jan-23 | (—@ | ) | (496 | ) | 2 | |||||||
German Euro-BTP Index (Germany) | 96 | Mar-23 | EUR | (9,600 | ) | (11,193 | ) | 902 | ||||||
German Euro-Bund Index (Germany) | 11 | Mar-23 | (1,100 | ) | (1,565 | ) | 109 | |||||||
German Short Euro-BTP Index (Germany) | 22 | Mar-23 | (2,200 | ) | (2,475 | ) | 41 | |||||||
MSCI Emerging Market Index (United States) | 8 | Mar-23 | $ | (—@ | ) | (384 | ) | 4 | ||||||
Nikkei 255 Index (Japan) | 4 | Mar-23 | JPY | (2 | ) | (392 | ) | 22 | ||||||
S&P 500 E Mini Index (United States) | 114 | Mar-23 | $ | (6 | ) | (22,008 | ) | 779 | ||||||
U.S. Treasury 10 yr. Note (United States) | 38 | Mar-23 | (3,800 | ) | (4,267 | ) | 7 | |||||||
U.S. Treasury 10 yr. Ultra Note (United States) | 23 | Mar-23 | (2,300 | ) | (2,721 | ) | 5 | |||||||
U.S. Treasury 2 yr. Note (United States) | 59 | Mar-23 | (11,800 | ) | (12,100 | ) | (12 | ) | ||||||
U.S. Treasury 5 yr. Note (United States) | 143 | Mar-23 | (14,300 | ) | (15,434 | ) | 173 | |||||||
$ | 952 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Interest Rate Swap Agreements:
The Fund had the following interest rate swap agreements open at December 31, 2022:
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 (Received) (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||||
Morgan Stanley & Co. LLC* | BRL-CDI | Pay | 13.54 | % | Semi-Annual/ Quarterly | 1/2/25 | BRL | 22,217 | $ | 67 | $ | — | $ | 67 | ||||||||||
Morgan Stanley & Co. LLC* | BRL-CDI | Pay | 13.56 | Semi-Annual/ Quarterly | 1/2/25 | 22,217 | 70 | — | 70 | |||||||||||||||
Morgan Stanley & Co. LLC* | US CPI All Urban Consumers Index | Receive | 2.47 | Semi-Annual/ Quarterly | 10/6/32 | $ | 721 | 5 | — | 5 | ||||||||||||||
Morgan Stanley & Co. LLC* | US CPI All Urban Consumers Index | Receive | 2.71 | Semi-Annual/ Quarterly | 10/31/32 | 1,798 | (23 | ) | — | (23 | ) | |||||||||||||
Morgan Stanley & Co. LLC* | US CPI All Urban Consumers Index | Receive | 2.72 | Semi-Annual/ Quarterly | 10/31/32 | 1,799 | (24 | ) | — | (24 | ) | |||||||||||||
Morgan Stanley & Co. LLC* | US CPI All Urban Consumers Index | Receive | 2.78 | Semi-Annual/ Quarterly | 10/26/32 | 1,679 | (33 | ) | — | (33 | ) | |||||||||||||
Morgan Stanley & Co. LLC* | US CPI All Urban Consumers Index | Receive | 2.78 | Semi-Annual/ Quarterly | 10/26/32 | 1,679 | (32 | ) | — | (32 | ) | |||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 6.66 | Quarterly/ Quarterly | 7/1/26 | MXN | 32,653 | (119 | ) | — | (119 | ) | ||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 6.68 | Quarterly/ Quarterly | 6/29/26 | 32,653 | (118 | ) | — | (118 | ) | |||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 6.68 | Quarterly/ Quarterly | 6/29/26 | 32,653 | (116 | ) | (1 | ) | (117 | ) | ||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 7.36 | Quarterly/ Quarterly | 12/22/26 | 57,377 | (153 | ) | — | (153 | ) | |||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 7.38 | Quarterly/ Quarterly | 12/22/26 | 57,378 | (151 | ) | — | (151 | ) | |||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 9.80 | Quarterly/ Quarterly | 11/15/24 | 228,858 | (40 | ) | — | (40 | ) | |||||||||||||
Morgan Stanley & Co. LLC* | 1 Month TIIE | Pay | 9.81 | Quarterly/ Quarterly | 11/15/24 | 336,223 | (56 | ) | — | (56 | ) | |||||||||||||
$ | (723 | ) | $ | (1 | ) | $ | (724 | ) |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Total Return Swap Agreements:
The Fund had the following total return swap agreements open at December 31, 2022:
Swap Counterparty | Index | Pay/Receive Total Return of Referenced Index | Floating Rate | Payment Frequency | Maturity Date | Notional Amount (000) | Value (000) | Upfront Payment Paid (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||||||||
BNP Paribas SA | BNP Custom U.S. Banks Index | Receive | SOFR + 0.40% | Quarterly | 12/22/23 | $ | 2,790 | $ | 76 | $ | — | $ | 76 | ||||||||||
BNP Paribas SA | BNP European Growth Custom Index†† | Pay | ESTR + 0.04% | Quarterly | 9/28/23 | EUR | 11,354 | 64 | — | 64 | |||||||||||||
BNP Paribas SA | BNP European Value Custom Index†† | Receive | ESTR + 0.42% | Quarterly | 9/28/23 | 11,612 | (128 | ) | — | (128 | ) | ||||||||||||
BNP Paribas SA | MSCI Canada Banks Index | Pay | CORRA + 0.27% | Quarterly | 9/8/23 | CAD | 2,206 | (22 | ) | — | (22 | ) | |||||||||||
BNP Paribas SA | MSCI Canada Banks Index | Pay | CORRA + 0.27% | Quarterly | 9/8/23 | 2,175 | 54 | — | 54 | ||||||||||||||
BNP Paribas SA | MSCI Japan Net Total Return Index | Receive | SOFR + 0.35% | Quarterly | 2/10/23 | $ | 14,780 | 775 | — | 775 | |||||||||||||
BNP Paribas SA | MSCI USA Index | Receive | SOFR + 0.35% | Quarterly | 7/14/23 | 49,530 | 3,234 | — | 3,234 | ||||||||||||||
BNP Paribas SA | MSCI USA Industrials Index | Receive | SOFR + 0.33% | Quarterly | 12/13/23 | 2,045 | (31 | ) | — | (31 | ) | ||||||||||||
BNP Paribas SA | MSCI USA Information Technology Index | Pay | SOFR + 0.33% | Quarterly | 12/13/23 | 2,045 | 120 | — | 120 | ||||||||||||||
Goldman Sachs International | MSCI Emerging Markets Net Total Return Index | Receive | SOFR + 0.24% | Quarterly | 1/26/23 | 26,960 | 3,572 | — | 3,572 | ||||||||||||||
Goldman Sachs International | MSCI USA Index | Receive | SOFR + 0.30% | Quarterly | 9/22/23 | 37,352 | 98 | — | 98 | ||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 1500 Growth Custom Index†† | Pay | SOFR + 0.35% | Quarterly | 12/11/23 | 3,400 | 88 | — | 88 | ||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 1500 Growth Custom Index†† | Pay | SOFR + 0.35% | Quarterly | 12/11/23 | 6,897 | 229 | — | 229 | ||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 1500 Growth Custom Index†† | Pay | SOFR + 0.35% | Quarterly | 12/11/23 | 6,700 | 183 | — | 183 | ||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 1500 Value Custom Index†† | Receive | SOFR + 0.35% | Quarterly | 12/11/23 | 3,408 | (69 | ) | — | (69 | ) | ||||||||||||
JPMorgan Chase Bank NA | JPM SPX 1500 Value Custom Index†† | Receive | SOFR + 0.35% | Quarterly | 12/11/23 | 6,903 | (186 | ) | — | (186 | ) | ||||||||||||
JPMorgan Chase Bank NA | JPM SPX 1500 Value Custom Index†† | Receive | SOFR + 0.35% | Quarterly | 12/11/23 | 6,747 | (154 | ) | — | (154 | ) | ||||||||||||
JPMorgan Chase Bank NA | JPM SPX 500 Growth Custom Index†† | Pay | SOFR + 0.35% | Quarterly | 12/11/23 | 8,527 | 216 | — | 216 | ||||||||||||||
JPMorgan Chase Bank NA | JPM SPX 500 Value Custom Index†† | Receive | SOFR + 0.35% | Quarterly | 12/11/23 | 8,514 | (117 | ) | — | (117 | ) | ||||||||||||
$ | 8,002 | $ | — | $ | 8,002 |
†† See tables below for details of the equity basket holdings underlying the swaps.
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
The following table represents the equity basket holdings underlying the total return swap with BNP European Growth Custom Index as of December 31, 2022:
Security Description | Shares | Value (000) | Index Weight | |||||||||
BNP European Growth Custom Index | ||||||||||||
ADP | 180 | $ | 24 | 2.16 | % | |||||||
Adyen NV | 17 | 24 | 2.11 | |||||||||
Air Liquide SA | 176 | 25 | 2.23 | |||||||||
Akzo Nobel NV | 369 | 25 | 2.21 | |||||||||
Argenx SE | 65 | 24 | 2.16 | |||||||||
Asml Holding NV | 42 | 23 | 2.01 | |||||||||
Beiersdorf AG | 226 | 26 | 2.32 | |||||||||
Carl Zeiss Meditec AG | 199 | 25 | 2.25 | |||||||||
Cellnex Telecom SA | 735 | 24 | 2.17 | |||||||||
Corp ACCIONA Energias Renovables SA | 661 | 26 | 2.29 | |||||||||
Dassault Systemes SE | 692 | 25 | 2.21 | |||||||||
Davide Campari-Milano NV | 2,413 | 24 | 2.19 | |||||||||
Delivery Hero SE | 597 | 29 | 2.56 | |||||||||
Deutsche Boerse AG | 140 | 24 | 2.15 | |||||||||
Edp Renovaveis SA | 1,122 | 25 | 2.21 | |||||||||
Elia Group SA | 174 | 25 | 2.21 | |||||||||
Eurazeo SE | 400 | 25 | 2.22 | |||||||||
Ferrari NV | 115 | 25 | 2.20 | |||||||||
Ferrovial SA | 938 | 25 | 2.19 | |||||||||
Finecobank SpA | 1,556 | 26 | 2.31 | |||||||||
Groupe Bruxelles Lambert NV | 313 | 25 | 2.23 | |||||||||
Hannover Rueck SE | 128 | 25 | 2.28 | |||||||||
Hermes International | 16 | 24 | 2.17 | |||||||||
Kone Oyj - Class B | 494 | 26 | 2.28 | |||||||||
Koninklijke Dsm NV | 197 | 24 | 2.16 | |||||||||
L'Oreal | 68 | 24 | 2.16 | |||||||||
LVMH Moet Hennessy Louis Vuitton SE | 33 | 24 | 2.17 | |||||||||
MTU Aero Engines AG | 117 | 25 | 2.27 | |||||||||
Neste Oyj | 524 | 24 | 2.15 | |||||||||
Prosus NV | 370 | 26 | 2.28 | |||||||||
Rational AG | 40 | 24 | 2.13 | |||||||||
Remy Cointreau | 150 | 25 | 2.26 | |||||||||
Safran SA | 205 | 26 | 2.30 | |||||||||
Sampo Oyj -Class A | 486 | 25 | 2.27 | |||||||||
Sartorius AG | 68 | 27 | 2.39 | |||||||||
Sartorius Stedim Biotech | 76 | 25 | 2.19 | |||||||||
Scout24 SE | 467 | 23 | 2.09 | |||||||||
Sofina | 110 | 24 | 2.17 | |||||||||
Symrise AG | 228 | 25 | 2.22 | |||||||||
Terna Rete Elettrica Nazionale SpA | 3,273 | 24 | 2.16 | |||||||||
Universal Music Group NV | 1,059 | 26 | 2.28 | |||||||||
Vonovia SE | 1,027 | 24 | 2.16 | |||||||||
Warehouses De Pauw SCA | 900 | 26 | 2.30 | |||||||||
Wolters Kluwer | 229 | 24 | 2.14 | |||||||||
Zalando SE | 768 | 27 | 2.43 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
The following table represents the equity basket holdings underlying the total return swap with BNP European Value Custom Index as of December 31, 2022:
Security Description | Shares | Value (000) | Index Weight | |||||||||
BNP European Value Custom Index | ||||||||||||
Arcelormittal | 964 | $ | 25 | 2.10 | % | |||||||
Arkema | 292 | 26 | 2.18 | |||||||||
Banco Bilbao Vizcaya Argenta | 4,519 | 27 | 2.26 | |||||||||
Banco Santander SA | 8,994 | 27 | 2.24 | |||||||||
Bayer AG (Registered) | 473 | 24 | 2.03 | |||||||||
Bayerische Motoren Werke AG | 298 | 27 | 2.20 | |||||||||
Bayerische Motoren Werke (Preferred) | 311 | 27 | 2.20 | |||||||||
Bechtle AG | 695 | 25 | 2.04 | |||||||||
Bouygues SA | 848 | 25 | 2.11 | |||||||||
Brenntag SE | 414 | 26 | 2.20 | |||||||||
Carrefour SA | 1,511 | 25 | 2.10 | |||||||||
Commerzbank AG | 3,165 | 30 | 2.48 | |||||||||
Compagnie De Saint Gobain | 537 | 26 | 2.18 | |||||||||
Continental AG | 438 | 26 | 2.18 | |||||||||
Daimler Truck Holding AG | 810 | 25 | 2.08 | |||||||||
Deutsche Bank Ag (Registered) | 2,477 | 28 | 2.33 | |||||||||
Deutsche Lufthansa (Registered) | 3,236 | 27 | 2.23 | |||||||||
Deutsche Post AG (Registered) | 653 | 25 | 2.04 | |||||||||
Deutsche Telekom AG (Registered) | 1,299 | 26 | 2.15 | |||||||||
E.ON SE | 2,719 | 27 | 2.25 | |||||||||
Eiffage | 260 | 26 | 2.12 | |||||||||
Enel SpA | 4,789 | 26 | 2.14 | |||||||||
Engie | 1,740 | 25 | 2.07 | |||||||||
Eni SpA | 1,847 | 26 | 2.18 | |||||||||
Fresenius Medical Care AG | 822 | 27 | 2.23 | |||||||||
Fresenius Se & Co KGaA | 934 | 26 | 2.18 | |||||||||
Heidelbergcement AG | 481 | 27 | 2.28 | |||||||||
Heineken Holding NV | 340 | 26 | 2.18 | |||||||||
Jde Peet'S NV | 899 | 26 | 2.16 | |||||||||
Klepierre | 1,116 | 26 | 2.13 | |||||||||
Koninklijke Ahold Delhaize NV | 875 | 25 | 2.09 | |||||||||
Koninklijke Philips NV | 1,845 | 28 | 2.29 | |||||||||
Leg Immobilien SE | 395 | 26 | 2.13 | |||||||||
Michelin | 938 | 26 | 2.16 | |||||||||
Nexi SpA | 3,222 | 25 | 2.11 | |||||||||
Nn Group NV | 608 | 25 | 2.06 | |||||||||
Nokia Oyj | 5,325 | 25 | 2.05 | |||||||||
Orange | 2,694 | 27 | 2.22 | |||||||||
Randstad NV | 446 | 27 | 2.26 | |||||||||
Seb SA | 312 | 26 | 2.17 | |||||||||
Societe Generale SA | 1,108 | 28 | 2.31 | |||||||||
Stellantis NV | 1,806 | 26 | 2.13 | |||||||||
Telefonica SA | 7,220 | 26 | 2.17 | |||||||||
Unicredit SpA | 1,985 | 28 | 2.34 | |||||||||
Veolia Environnement | 996 | 26 | 2.12 | |||||||||
Voestalpine AG | 971 | 26 | 2.14 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Growth Custom Index as of December 31, 2022:
Security Description | Shares | Value (000) | Index Weight | |||||||||
JPM SPX 1500 Growth Custom Index | ||||||||||||
Agilysys, Inc. | 782 | $ | 62 | 0.63 | % | |||||||
Alliant Energy Corp. | 909 | 50 | 0.51 | |||||||||
Aptargroup, Inc. | 463 | 51 | 0.52 | |||||||||
Arlo Technologies, Inc. | 14,734 | 52 | 0.53 | |||||||||
Arrowhead Pharmaceuticals, Inc. | 1,521 | 62 | 0.63 | |||||||||
Bio-Techne Corp. | 613 | 51 | 0.52 | |||||||||
Boeing Co. | 280 | 53 | 0.55 | |||||||||
Capitol Federal Financial, Inc. | 5,961 | 52 | 0.53 | |||||||||
Cnx Resources Corp. | 3,028 | 51 | 0.52 | |||||||||
Coherus Biosciences, Inc. | 7,422 | 59 | 0.60 | |||||||||
Commerce Bancshares, Inc. | 736 | 50 | 0.51 | |||||||||
Community Bank System, Inc. | 792 | 50 | 0.51 | |||||||||
Core Laboratories NV | 2,580 | 52 | 0.54 | |||||||||
Cytokinetics, Inc. | 1,332 | 61 | 0.63 | |||||||||
Deckers Outdoor Corp. | 132 | 53 | 0.54 | |||||||||
Dril-Quip, Inc. | 2,234 | 61 | 0.62 | |||||||||
ELF Beauty, Inc. | 902 | 50 | 0.51 | |||||||||
Enerpac Tool Group Corp. | 2,080 | 53 | 0.54 | |||||||||
First Republic Bank | 419 | 51 | 0.52 | |||||||||
Hci Group, Inc. | 1,347 | 53 | 0.55 | |||||||||
Hess Corp. | 365 | 52 | 0.53 | |||||||||
Lamb Weston Holdings, Inc. | 570 | 51 | 0.52 | |||||||||
Manhattan Associates, Inc. | 422 | 51 | 0.53 | |||||||||
Marketaxess Holdings, Inc. | 182 | 51 | 0.52 | |||||||||
Mastercard, Inc. - Class A | 144 | 50 | 0.51 | |||||||||
MSA Safety, Inc. | 363 | 52 | 0.54 | |||||||||
Nike, Inc. - Class B | 458 | 54 | 0.55 | |||||||||
Nordson Corp. | 212 | 50 | 0.52 | |||||||||
Nov, Inc. | 2,388 | 50 | 0.51 | |||||||||
O'Reilly Automotive, Inc. | 60 | 50 | 0.52 | |||||||||
Penumbra, Inc. | 226 | 50 | 0.52 | |||||||||
Progyny, Inc. | 1,606 | 50 | 0.51 | |||||||||
Public Service Enterprise Group, Inc. | 824 | 50 | 0.52 | |||||||||
Quinstreet, Inc. | 3,603 | 52 | 0.53 | |||||||||
Rexford Industrial Realty, Inc. | 918 | 50 | 0.51 | |||||||||
Ross Stores, Inc. | 428 | 50 | 0.51 | |||||||||
Royal Gold, Inc. | 445 | 50 | 0.51 | |||||||||
Sabre Corp. | 8,484 | 52 | 0.54 | |||||||||
Servicenow, Inc. | 128 | 50 | 0.51 | |||||||||
St Joe Co. | 1,397 | 54 | 0.55 | |||||||||
Targa Resources Corp. | 715 | 53 | 0.54 | |||||||||
Techtarget | 1,162 | 51 | 0.52 | |||||||||
Toro Co. | 449 | 51 | 0.52 | |||||||||
Tractor Supply Company | 227 | 51 | 0.52 | |||||||||
Transdigm Group, Inc. | 81 | 51 | 0.52 | |||||||||
Under Armour, Inc. - Class A | 5,349 | 54 | 0.56 | |||||||||
Unisys Corp. | 11,787 | 60 | 0.62 | |||||||||
Vericel Corp. | 2,147 | 57 | 0.58 | |||||||||
Vicor Corp. | 960 | 52 | 0.53 | |||||||||
Welltower, Inc. | 765 | 50 | 0.51 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Value Custom Index as of December 31, 2022:
Security Description | Shares | Value (000) | Index Weight | |||||||||
JPM SPX 1500 Value Custom Index | ||||||||||||
ACI Worldwide, Inc. | 2,400 | $ | 55 | 0.56 | % | |||||||
Agco Corp. | 369 | 51 | 0.52 | |||||||||
American Equity Investment Life Insurance Company | 1,210 | 55 | 0.56 | |||||||||
American International Group | 798 | 50 | 0.51 | |||||||||
Avanos Medical, Inc. | 1,909 | 52 | 0.53 | |||||||||
Avista Corp. | 1,195 | 53 | 0.54 | |||||||||
Bank Of New York Mellon Corp. | 1,138 | 52 | 0.53 | |||||||||
Boston Properties, Inc. | 758 | 51 | 0.52 | |||||||||
Charles River Laboratories | 235 | 51 | 0.52 | |||||||||
Coca-Cola Consolidated, Inc. | 103 | 53 | 0.54 | |||||||||
Concentrix Corp. | 423 | 56 | 0.57 | |||||||||
Cousins Properties, Inc. | 2,014 | 51 | 0.52 | |||||||||
Dmc Global, Inc. | 2,954 | 57 | 0.59 | |||||||||
Ebix, Inc. | 2,629 | 52 | 0.53 | |||||||||
Envista Holdings Corp. | 1,512 | 51 | 0.52 | |||||||||
ESAB Corp. | 1,071 | 50 | 0.51 | |||||||||
Essent Group Ltd. | 1,303 | 51 | 0.52 | |||||||||
Genesco, Inc. | 1,106 | 51 | 0.52 | |||||||||
Genworth Financial, Inc. - Class A | 9,832 | 52 | 0.53 | |||||||||
Global Payments, Inc. | 507 | 50 | 0.51 | |||||||||
Highwoods Properties, Inc. | 1,793 | 50 | 0.51 | |||||||||
Innoviva, Inc. | 3,807 | 50 | 0.51 | |||||||||
Interdigital, Inc. | 1,032 | 51 | 0.52 | |||||||||
Iteos Therapeutics, Inc. | 2,566 | 50 | 0.51 | |||||||||
Kaman Corp. | 2,429 | 54 | 0.55 | |||||||||
KB Home | 1,594 | 51 | 0.52 | |||||||||
M/I Homes, Inc. | 1,117 | 52 | 0.53 | |||||||||
Millerknoll, Inc. | 2,589 | 54 | 0.55 | |||||||||
Mks Instruments, Inc. | 618 | 52 | 0.53 | |||||||||
NCR Corporation | 2,168 | 51 | 0.52 | |||||||||
OFG Bancorp | 1,835 | 51 | 0.52 | |||||||||
O-I Glass, Inc. | 3,037 | 50 | 0.51 | |||||||||
Organogenesis Holdings, Inc. | 18,716 | 50 | 0.51 | |||||||||
PG&E Corp. | 3,153 | 51 | 0.52 | |||||||||
Patrick Industries, Inc. | 872 | 53 | 0.54 | |||||||||
Pbf Energy, Inc. - Class A | 1,491 | 61 | 0.62 | |||||||||
Phibro Animal Health Corp. - Class A | 3,957 | 53 | 0.54 | |||||||||
Propetro Holding Corp. | 4,970 | 52 | 0.53 | |||||||||
Resideo Technologies, Inc. | 3,198 | 53 | 0.54 | |||||||||
Syneos Health, Inc. | 1,453 | 53 | 0.54 | |||||||||
Taylor Morrison Home Corp. | 1,663 | 50 | 0.51 | |||||||||
Tenet Healthcare Corp. | 1,105 | 54 | 0.55 | |||||||||
Thryv Holdings, Inc. | 2,780 | 53 | 0.54 | |||||||||
Timken Co. | 713 | 50 | 0.51 | |||||||||
Titan International, Inc. | 3,426 | 52 | 0.53 | |||||||||
Truist Financial Corp. | 1,182 | 51 | 0.52 | |||||||||
US Silica Holdings, Inc. | 4,224 | 53 | 0.54 | |||||||||
Viatris, Inc. | 4,513 | 50 | 0.51 | |||||||||
Wolverine World Wide, Inc. | 4,834 | 53 | 0.54 | |||||||||
Zimvie, Inc. | 5,632 | 53 | 0.54 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Growth Custom Index as of December 31, 2022:
Security Description | Shares | Value (000) | Index Weight | |||||||||
JPM SPX 500 Growth Custom Index | ||||||||||||
Ameren Corporation | 16,762 | $ | 1,490 | 1.04 | % | |||||||
American Tower Corp. | 6,882 | 1,458 | 1.02 | |||||||||
American Water Works Co., Inc. | 9,446 | 1,440 | 1.00 | |||||||||
Aon PLC - Class A | 4,770 | 1,432 | 1.00 | |||||||||
Baker Hughes Co. | 52,107 | 1,539 | 1.07 | |||||||||
Berkshire Hathaway, Inc. - Class B | 4,750 | 1,467 | 1.02 | |||||||||
Bio-Techne Corp. | 17,990 | 1,491 | 1.04 | |||||||||
Boeing Co. | 8,200 | 1,562 | 1.09 | |||||||||
Brown & Brown, Inc. | 25,303 | 1,442 | 1.01 | |||||||||
Cadence Design System, Inc. | 9,042 | 1,453 | 1.01 | |||||||||
Ceridian Hcm Holding, Inc. | 23,201 | 1,488 | 1.04 | |||||||||
Cintas Corp. | 3,207 | 1,449 | 1.01 | |||||||||
Coca-Cola Co. | 22,865 | 1,454 | 1.01 | |||||||||
Crown Castle, Inc. | 10,483 | 1,422 | 0.99 | |||||||||
Ecolab, Inc. | 9,807 | 1,428 | 1.00 | |||||||||
Edwards Lifesciences Corp. | 20,029 | 1,494 | 1.04 | |||||||||
Eli Lilly & Co. | 3,904 | 1,428 | 1.00 | |||||||||
Estee Lauder Companies - Class A | 6,231 | 1,546 | 1.08 | |||||||||
Gartner, Inc. | 4,238 | 1,425 | 0.99 | |||||||||
Hershey Co. | 6,144 | 1,423 | 0.99 | |||||||||
Hess Corp. | 10,774 | 1,528 | 1.07 | |||||||||
Illinois Tool Works | 6,593 | 1,453 | 1.01 | |||||||||
Intuitive Surgical, Inc. | 5,427 | 1,440 | 1.00 | |||||||||
Linde PLC | 4,388 | 1,431 | 1.00 | |||||||||
Live Nation Entertainment, Inc. | 20,419 | 1,424 | 0.99 | |||||||||
Marketaxess Holdings, Inc. | 5,286 | 1,474 | 1.03 | |||||||||
Mastercard, Inc. - Class A | 4,188 | 1,456 | 1.02 | |||||||||
Mettler-Toledo International | 991 | 1,433 | 1.00 | |||||||||
Monster Beverage Corp. | 14,333 | 1,455 | 1.02 | |||||||||
Nextera Energy, Inc. | 17,058 | 1,426 | 0.99 | |||||||||
Nike, Inc. - Class B | 13,408 | 1,569 | 1.09 | |||||||||
Old Dominion Freight Line | 5,067 | 1,438 | 1.00 | |||||||||
Paycom Software, Inc. | 4,698 | 1,458 | 1.02 | |||||||||
Progressive Corp. | 11,136 | 1,444 | 1.01 | |||||||||
Public Service Enterprise Group, Inc. | 24,187 | 1,482 | 1.03 | |||||||||
Rockwell Automation, Inc. | 5,697 | 1,467 | 1.02 | |||||||||
Schlumberger Ltd. | 29,150 | 1,558 | 1.09 | |||||||||
Servicenow, Inc. | 3,731 | 1,449 | 1.01 | |||||||||
Synopsys, Inc. | 4,486 | 1,432 | 1.00 | |||||||||
Targa Resources Corp. | 21,150 | 1,555 | 1.08 | |||||||||
Transdigm Group, Inc. | 2,374 | 1,495 | 1.04 | |||||||||
Tyler Technologies, Inc. | 4,693 | 1,513 | 1.06 | |||||||||
UDR, Inc. | 36,798 | 1,425 | 0.99 | |||||||||
Vulcan Materials Co. | 8,122 | 1,422 | 0.99 | |||||||||
Waters Corp. | 4,281 | 1,467 | 1.02 | |||||||||
Wec Energy Group, Inc. | 15,368 | 1,441 | 1.01 | |||||||||
Welltower, Inc. | 22,372 | 1,467 | 1.02 | |||||||||
West Pharmaceutical Services | 6,183 | 1,455 | 1.02 | |||||||||
Xylem, Inc. | 13,080 | 1,446 | 1.01 | |||||||||
Yum! Brands, Inc. | 11,304 | 1,448 | 1.01 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Value Custom Index as of December 31, 2022:
Security Description | Shares | Value (000) | Index Weight | |||||||||
JPM SPX 500 Value Custom Index | ||||||||||||
AES Corp. | 3,383 | $ | 97 | 1.03 | % | |||||||
American International Group | 1,526 | 97 | 1.02 | |||||||||
Archer-Daniels-Midland Co. | 1,018 | 95 | 1.00 | |||||||||
Boston Properties, Inc. | 1,454 | 98 | 1.04 | |||||||||
Capital One Financial Corp. | 1,014 | 94 | 1.00 | |||||||||
Cbre Group, Inc. - Class A | 1,238 | 95 | 1.01 | |||||||||
Celanese Corp. | 929 | 95 | 1.00 | |||||||||
Cigna Corp. | 285 | 94 | 1.00 | |||||||||
Citigroup, Inc. | 2,117 | 96 | 1.01 | |||||||||
Citizens Financial Group | 2,395 | 94 | 1.00 | |||||||||
Comcast Corp. - Class A | 2,735 | 96 | 1.01 | |||||||||
Comerica, Inc. | 1,448 | 97 | 1.02 | |||||||||
Conagra Brands, Inc. | 2,474 | 96 | 1.01 | |||||||||
Davita, Inc. | 1,265 | 94 | 1.00 | |||||||||
Dow, Inc. | 1,870 | 94 | 1.00 | |||||||||
Dr Horton, Inc. | 1,098 | 98 | 1.04 | |||||||||
Dxc Technology Co. | 3,542 | 94 | 0.99 | |||||||||
Evergy, Inc. | 1,596 | 100 | 1.06 | |||||||||
Fedex Corp. | 549 | 95 | 1.01 | |||||||||
Fifth Third Bancorp | 2,866 | 94 | 0.99 | |||||||||
Fox Corp - Class A | 3,093 | 94 | 0.99 | |||||||||
Generac Holdings, Inc. | 1,043 | 105 | 1.11 | |||||||||
Global Payments, Inc. | 963 | 96 | 1.01 | |||||||||
Hewlett Packard Enterprise | 5,895 | 94 | 1.00 | |||||||||
Keycorp | 5,473 | 95 | 1.01 | |||||||||
Kraft Heinz Co. | 2,375 | 97 | 1.02 | |||||||||
Laboratory Corp of America Holdings | 405 | 95 | 1.01 | |||||||||
Lennar Corp. - Class A | 1,064 | 96 | 1.02 | |||||||||
Lyondellbasell Industries - Class A | 1,158 | 96 | 1.02 | |||||||||
Marathon Petroleum Corp. | 868 | 101 | 1.07 | |||||||||
Medtronic PLC | 1,232 | 96 | 1.01 | |||||||||
Mohawk Industries, Inc. | 987 | 101 | 1.07 | |||||||||
Newell Brands, Inc. | 7,377 | 96 | 1.02 | |||||||||
Organon & Co. | 3,634 | 101 | 1.07 | |||||||||
PG&E Corp. | 6,073 | 99 | 1.04 | |||||||||
Pentair PLC | 2,108 | 95 | 1.00 | |||||||||
Pfizer, Inc. | 1,880 | 96 | 1.02 | |||||||||
Phillips 66 | 919 | 96 | 1.01 | |||||||||
Pultegroup, Inc. | 2,122 | 97 | 1.02 | |||||||||
Quest Diagnostics, Inc. | 635 | 99 | 1.05 | |||||||||
Robert Half International, Inc. | 1,276 | 94 | 1.00 | |||||||||
Seagate Technology Holdings | 1,803 | 95 | 1.00 | |||||||||
Skyworks Solutions, Inc. | 1,030 | 94 | 0.99 | |||||||||
Tapestry, Inc. | 2,571 | 98 | 1.04 | |||||||||
Truist Financial Corp. | 2,260 | 97 | 1.03 | |||||||||
United Rentals, Inc. | 268 | 95 | 1.01 | |||||||||
Universal Health Services - Class B | 739 | 104 | 1.10 | |||||||||
Valero Energy Corp. | 789 | 100 | 1.06 | |||||||||
Viatris, Inc. | 8,666 | 96 | 1.02 | |||||||||
Zions Bancorp NA | 2,011 | 99 | 1.05 |
Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
@ | Value/Notional amount is less than $500. | |
* | Cleared swap agreement, the broker is Morgan Stanley & Co. LLC. | |
BTP | Buoni del Tesoro Poliennali. | |
CDI | Certificado de Depósito Interbancári. | |
CME | Chicago Mercantile Exchange. | |
CORRA | Canadian Overnight Repo Rate Average. | |
ESTR | Euro Short-Term Rate. | |
ICE | Intercontinental Exchange | |
MSCI | Morgan Stanley Capital International. | |
SGX | Singapore Exchange Ltd. | |
TIIE | Interbank Equilibrium Interest Rate. | |
TOPIX | Tokyo Price Index |
AUD | — | Australian Dollar |
BRL | — | Brazilian Real |
CAD | — | Canadian Dollar |
CHF | — | Swiss Franc |
CLP | — | Chilean Peso |
CNH | — | Chinese Yuan Renminbi Offshore |
CNY | — | Chinese Yuan Renminbi |
COP | — | Colombian Peso |
CZK | — | Czech Koruna |
DKK | — | Danish Krone |
EUR | — | Euro |
GBP | — | British Pound |
HKD | — | Hong Kong Dollar |
HUF | — | Hungarian Forint |
IDR | — | Indonesian Rupiah |
ILS | — | Israeli Shekel |
INR | — | Indian Rupee |
JPY | — | Japanese Yen |
KRW | — | South Korean Won |
MXN | — | Mexican Peso |
MYR | — | Malaysian Ringgit |
NOK | — | Norwegian Krone |
NZD | — | New Zealand Dollar |
PEN | — | Peruvian Nuevo Sol |
PLN | — | Polish Zloty |
RON | — | Romanian New Leu |
SEK | — | Swedish Krona |
SGD | — | Singapore Dollar |
THB | — | Thai Baht |
TRY | — | Turkish Lira |
TWD | — | Taiwan Dollar |
USD | — | United States Dollar |
ZAR | — | South African Rand |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Fixed Income Securities | 52.5 | % | ||
Common Stocks | 31.9 | |||
Short-Term Investments | 15.6 | |||
Total Investments | 100.0 | %** |
** | Does not include open long/short futures contracts with a value of approximately $115,065,000 and net unrealized appreciation of approximately $952,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $719,000. Also does not include open swap agreements with net unrealized appreciation of approximately $7,278,000. |
Morgan Stanley Institutional Fund Trust
High Yield Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)
Face Amount (000) | Value (000) | |||||||
Fixed Income Securities (96.7%) | ||||||||
Corporate Bonds (95.3%) | ||||||||
Basic Materials (6.6%) | ||||||||
ASP Unifrax Holdings, Inc. | ||||||||
5.25%, 9/30/28 (a) | $ | 300 | $ | 242 | ||||
Avient Corp. | ||||||||
7.13%, 8/1/30 (a) | 300 | 294 | ||||||
Diamond BC BV | ||||||||
4.63%, 10/1/29 (a) | 680 | 547 | ||||||
Eldorado Gold Corp. | ||||||||
6.25%, 9/1/29 (a) | 500 | 438 | ||||||
First Quantum Minerals Ltd. | ||||||||
7.50%, 4/1/25 (a) | 750 | 732 | ||||||
HB Fuller Co. | ||||||||
4.25%, 10/15/28 | 675 | 600 | ||||||
Herens Holdco Sarl | ||||||||
4.75%, 5/15/28 (a) | 600 | 449 | ||||||
Hudbay Minerals, Inc., | ||||||||
4.50%, 4/1/26 (a) | 250 | 227 | ||||||
6.13%, 4/1/29 (a) | 250 | 227 | ||||||
IAMGOLD Corp. | ||||||||
5.75%, 10/15/28 (a) | 574 | 447 | ||||||
Innophos Holdings, Inc. | ||||||||
9.38%, 2/15/28 (a) | 700 | 688 | ||||||
Iris Holding, Inc. | ||||||||
10.00%, 12/15/28 (a) | 600 | 495 | ||||||
Kaiser Aluminum Corp., | ||||||||
4.50%, 6/1/31 (a) | 250 | 201 | ||||||
4.63%, 3/1/28 (a) | 300 | 262 | ||||||
Minerals Technologies, Inc. | ||||||||
5.00%, 7/1/28 (a) | 500 | 446 | ||||||
NOVA Chemicals Corp. | ||||||||
4.25%, 5/15/29 (a) | 300 | 246 | ||||||
Novelis Corp. | ||||||||
4.75%, 1/30/30 (a) | 500 | 444 | ||||||
Nufarm Australia Ltd./Nufarm Americas Inc. | ||||||||
5.00%, 1/27/30 (a) | 500 | 434 | ||||||
Tacora Resources, Inc. | ||||||||
8.25%, 5/15/26 (a) | 500 | 363 | ||||||
TMS International Corp. | ||||||||
6.25%, 4/15/29 (a) | 1,150 | 825 | ||||||
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. | ||||||||
5.13%, 4/1/29 (a) | 525 | 341 | ||||||
8,948 | ||||||||
Communications (9.2%) | ||||||||
Altice France SA | ||||||||
5.13%, 7/15/29 (a) | 600 | 451 | ||||||
Arches Buyer, Inc., | ||||||||
4.25%, 6/1/28 (a) | 175 | 137 | ||||||
6.13%, 12/1/28 (a) | 200 | 161 | ||||||
Audacy Capital Corp. | ||||||||
6.50%, 5/1/27 (a) | 900 | 171 | ||||||
Block Communications, Inc. | ||||||||
4.88%, 3/1/28 (a) | 943 | 824 | ||||||
C&W Senior Financing DAC | ||||||||
6.88%, 9/15/27 (a) | 250 | 233 |
Morgan Stanley Institutional Fund Trust
High Yield Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Cable One, Inc. | ||||||||
4.00%, 11/15/30 (a) | 250 | 197 | ||||||
Cars.com, Inc. | ||||||||
6.38%, 11/1/28 (a) | 17 | 15 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
5.00%, 2/1/28 (a) | 550 | 501 | ||||||
Ciena Corp. | ||||||||
4.00%, 1/31/30 (a) | 225 | 198 | ||||||
Clear Channel Outdoor Holdings, Inc. | ||||||||
7.75%, 4/15/28 (a) | 475 | 347 | ||||||
Clear Channel Worldwide Holdings, Inc. | ||||||||
5.13%, 8/15/27 (a) | 250 | 217 | ||||||
CSC Holdings LLC | ||||||||
5.75%, 1/15/30 (a) | 500 | 283 | ||||||
GCI LLC | ||||||||
4.75%, 10/15/28 (a) | 300 | 253 | ||||||
Gray Escrow II, Inc. | ||||||||
5.38%, 11/15/31 (a) | 500 | 361 | ||||||
iHeartCommunications, Inc. | ||||||||
5.25%, 8/15/27 (a) | 500 | 424 | ||||||
Iliad Holding SASU | ||||||||
7.00%, 10/15/28 (a) | 400 | 362 | ||||||
Lamar Media Corp. | ||||||||
4.00%, 2/15/30 | 500 | 438 | ||||||
LCPR Senior Secured Financing DAC | ||||||||
6.75%, 10/15/27 (a) | 720 | 675 | ||||||
Midcontinent Communications/Midcontinent Finance Corp. | ||||||||
5.38%, 8/15/27 (a) | 965 | 875 | ||||||
National CineMedia LLC | ||||||||
5.75%, 8/15/26 | 600 | 17 | ||||||
Nexstar Media, Inc. | ||||||||
5.63%, 7/15/27 (a) | 600 | 552 | ||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. | ||||||||
4.63%, 3/15/30 (a) | 500 | 415 | ||||||
Radiate Holdco LLC/Radiate Finance, Inc. | ||||||||
6.50%, 9/15/28 (a) | 750 | 316 | ||||||
Sable International Finance Ltd. | ||||||||
5.75%, 9/7/27 (a) | 249 | 230 | ||||||
Sirius XM Radio, Inc. | ||||||||
4.00%, 7/15/28 (a) | 325 | 284 | ||||||
TEGNA, Inc., | ||||||||
4.63%, 3/15/28 | 300 | 285 | ||||||
5.00%, 9/15/29 | 300 | 285 | ||||||
Townsquare Media, Inc. | ||||||||
6.88%, 2/1/26 (a) | 500 | 444 | ||||||
TripAdvisor, Inc. | ||||||||
7.00%, 7/15/25 (a) | 175 | 173 | ||||||
Univision Communications, Inc., | ||||||||
4.50%, 5/1/29 (a) | 350 | 293 | ||||||
6.63%, 6/1/27 (a) | 300 | 290 | ||||||
UPC Broadband Finco BV | ||||||||
4.88%, 7/15/31 (a) | 300 | 250 | ||||||
UPC Holding BV | ||||||||
5.50%, 1/15/28 (a) | 250 | 222 | ||||||
Urban One, Inc. | ||||||||
7.38%, 2/1/28 (a) | 800 | 677 | ||||||
Virgin Media Finance PLC | ||||||||
5.00%, 7/15/30 (a) | 400 | 322 |
Morgan Stanley Institutional Fund Trust
High Yield Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Ziggo BV | ||||||||
4.88%, 1/15/30 (a) | 350 | 293 | ||||||
12,471 | ||||||||
Consumer, Cyclical (24.9%) | ||||||||
AAG FH LP/AAG FH Finco, Inc. | ||||||||
9.75%, 7/15/24 (a) | 550 | 531 | ||||||
Air Canada | ||||||||
3.88%, 8/15/26 (a) | 300 | 266 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. | ||||||||
5.75%, 4/20/29 (a) | 750 | 687 | ||||||
American Axle & Manufacturing, Inc. | ||||||||
6.88%, 7/1/28 | 325 | 290 | ||||||
American Builders & Contractors Supply Co., Inc. | ||||||||
3.88%, 11/15/29 (a) | 250 | 205 | ||||||
Arko Corp. | ||||||||
5.13%, 11/15/29 (a) | 675 | 531 | ||||||
Asbury Automotive Group, Inc., | ||||||||
4.63%, 11/15/29 (a) | 225 | 190 | ||||||
4.75%, 3/1/30 | 250 | 209 | ||||||
Ashton Woods USA LLC/Ashton Woods Finance Co. | ||||||||
4.63%, 4/1/30 (a) | 500 | 402 | ||||||
At Home Group Inc. | ||||||||
7.13%, 7/15/29 (a) | 450 | 262 | ||||||
At Home Group, Inc. | ||||||||
4.88%, 7/15/28 (a) | 175 | 124 | ||||||
Banijay Entertainment SASU | ||||||||
5.38%, 3/1/25 (a) | 425 | 402 | ||||||
Bath & Body Works, Inc. | ||||||||
6.95%, 3/1/33 | 500 | 440 | ||||||
Beacon Roofing Supply, Inc. | ||||||||
4.13%, 5/15/29 (a) | 300 | 250 | ||||||
Beazer Homes USA, Inc. | ||||||||
5.88%, 10/15/27 | 500 | 438 | ||||||
Bloomin' Brands, Inc./OSI Restaurant Partners LLC | ||||||||
5.13%, 4/15/29 (a) | 400 | 337 | ||||||
Boyd Gaming Corp., | ||||||||
4.75%, 12/1/27 | 200 | 187 | ||||||
4.75%, 6/15/31 (a) | 200 | 174 | ||||||
Boyne USA, Inc. | ||||||||
4.75%, 5/15/29 (a) | 750 | 665 | ||||||
Caesars Entertainment, Inc. | ||||||||
4.63%, 10/15/29 (a) | 500 | 408 | ||||||
Carrols Restaurant Group, Inc. | ||||||||
5.88%, 7/1/29 (a) | 1,175 | 825 | ||||||
CCM Merger, Inc. | ||||||||
6.38%, 5/1/26 (a) | 750 | 708 | ||||||
CD&R Smokey Buyer, Inc. | ||||||||
6.75%, 7/15/25 (a) | 760 | 656 | ||||||
CDI Escrow Issuer, Inc. | ||||||||
5.75%, 4/1/30 (a) | 425 | 382 | ||||||
Clarios Global LP/Clarios U.S. Finance Co. | ||||||||
8.50%, 5/15/27 (a) | 500 | 489 | ||||||
Dana, Inc. | ||||||||
4.25%, 9/1/30 | 300 | 242 | ||||||
Dealer Tire LLC/DT Issuer LLC | ||||||||
8.00%, 2/1/28 (a) | 575 | 507 | ||||||
Everi Holdings, Inc. | ||||||||
5.00%, 7/15/29 (a) | 500 | 430 |
Morgan Stanley Institutional Fund Trust
High Yield Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Ferrellgas LP/Ferrellgas Finance Corp. | ||||||||
5.88%, 4/1/29 (a) | 1,075 | 885 | ||||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | ||||||||
6.75%, 1/15/30 (a) | 575 | 465 | ||||||
Ford Motor Co. | ||||||||
3.25%, 2/12/32 | 480 | 361 | ||||||
Ford Motor Credit Co. LLC | ||||||||
4.13%, 8/17/27 | 1,840 | 1,651 | ||||||
Forestar Group, Inc. | ||||||||
5.00%, 3/1/28 (a) | 250 | 215 | ||||||
Foundation Building Materials, Inc. | ||||||||
6.00%, 3/1/29 (a) | 450 | 339 | ||||||
GYP Holdings III Corp. | ||||||||
4.63%, 5/1/29 (a) | 250 | 204 | ||||||
Hawaiian Brand Intellectual Property Ltd/HawaiianMiles Loyalty Ltd | ||||||||
5.75%, 1/20/26 (a) | 600 | 544 | ||||||
Hilton Domestic Operating Co., Inc. | ||||||||
3.63%, 2/15/32 (a) | 250 | 201 | ||||||
Installed Building Products, Inc. | ||||||||
5.75%, 2/1/28 (a) | 450 | 405 | ||||||
Interface, Inc. | ||||||||
5.50%, 12/1/28 (a) | 200 | 165 | ||||||
International Game Technology PLC | ||||||||
5.25%, 1/15/29 (a) | 375 | 350 | ||||||
IRB Holding Corp. | ||||||||
7.00%, 6/15/25 (a) | 250 | 250 | ||||||
Jacobs Entertainment, Inc. | ||||||||
6.75%, 2/15/29 (a) | 300 | 271 | ||||||
JB Poindexter & Co., Inc. | ||||||||
7.13%, 4/15/26 (a) | 750 | 725 | ||||||
Ken Garff Automotive LLC | ||||||||
4.88%, 9/15/28 (a) | 275 | 230 | ||||||
LCM Investments Holdings II LLC | ||||||||
4.88%, 5/1/29 (a) | 375 | 301 | ||||||
LGI Homes, Inc. | ||||||||
4.00%, 7/15/29 (a) | 500 | 387 | ||||||
Lindblad Expeditions LLC | ||||||||
6.75%, 2/15/27 (a) | 395 | 359 | ||||||
Lions Gate Capital Holdings LLC | ||||||||
5.50%, 4/15/29 (a) | 500 | 291 | ||||||
Lithia Motors, Inc. | ||||||||
4.63%, 12/15/27 (a) | 250 | 226 | ||||||
Macy's Retail Holdings LLC | ||||||||
5.88%, 3/15/30 (a) | 500 | 435 | ||||||
Marriott Ownership Resorts, Inc. | ||||||||
4.50%, 6/15/29 (a) | 250 | 208 | ||||||
Mattamy Group Corp. | ||||||||
5.25%, 12/15/27 (a) | 250 | 222 | ||||||
Mclaren Finance PLC | ||||||||
7.50%, 8/1/26 (a) | 450 | 340 | ||||||
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | ||||||||
4.88%, 5/1/29 (a) | 500 | 426 | ||||||
New Home Co., Inc. | ||||||||
7.25%, 10/15/25 (a) | 410 | 353 | ||||||
Park River Holdings, Inc. | ||||||||
5.63%, 2/1/29 (a) | 525 | 350 | ||||||
Peloton Interactive, Inc. | ||||||||
0.00%, 2/15/26 | 595 | 425 | ||||||
Penn National Gaming, Inc. | ||||||||
4.13%, 7/1/29 (a) | 300 | 237 |
Morgan Stanley Institutional Fund Trust
High Yield Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
PetSmart, Inc./PetSmart Finance Corp., | ||||||||
4.75%, 2/15/28 (a) | 500 | 454 | ||||||
7.75%, 2/15/29 (a) | 250 | 235 | ||||||
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. | ||||||||
5.88%, 9/1/31 (a) | 850 | 602 | ||||||
Raptor Acquisition Corp./Raptor Co-Issuer LLC | ||||||||
4.88%, 11/1/26 (a) | 570 | 507 | ||||||
Real Hero Merger Sub 2, Inc. | ||||||||
6.25%, 2/1/29 (a) | 825 | 567 | ||||||
Resorts World Las Vegas LLC/RWLV Capital, Inc. | ||||||||
4.63%, 4/16/29 | 600 | 426 | ||||||
Rite Aid Corp., | ||||||||
7.50%, 7/1/25 (a) | 576 | 379 | ||||||
8.00%, 11/15/26 (a) | 380 | 204 | ||||||
Scientific Games Holdings LP/Scientific Games US FinCo Inc | ||||||||
6.63%, 3/1/30 (a) | 500 | 423 | ||||||
Scientific Games International, Inc. | ||||||||
7.00%, 5/15/28 (a) | 400 | 382 | ||||||
Speedway Motorsports LLC/Speedway Funding II, Inc. | ||||||||
4.88%, 11/1/27 (a) | 725 | 645 | ||||||
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. | ||||||||
8.00%, 9/20/25 (a) | 300 | 301 | ||||||
SRS Distribution, Inc. | ||||||||
4.63%, 7/1/28 (a) | 500 | 444 | ||||||
Station Casinos LLC | ||||||||
4.50%, 2/15/28 (a) | 500 | 435 | ||||||
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. | ||||||||
5.88%, 5/15/25 (a) | 810 | 757 | ||||||
Superior Plus LP/Superior General Partner, Inc. | ||||||||
4.50%, 3/15/29 (a) | 400 | 343 | ||||||
Taylor Morrison Communities, Inc. | ||||||||
5.88%, 6/15/27 (a) | 150 | 144 | ||||||
Tempur Sealy International, Inc., | ||||||||
3.88%, 10/15/31 (a) | 250 | 197 | ||||||
4.00%, 4/15/29 (a) | 200 | 168 | ||||||
Thor Industries, Inc. | ||||||||
4.00%, 10/15/29 (a) | 450 | 354 | ||||||
Titan International, Inc. | ||||||||
7.00%, 4/30/28 | 975 | 922 | ||||||
United Airlines Holdings, Inc. | ||||||||
4.88%, 1/15/25 | 250 | 239 | ||||||
United Airlines, Inc. | ||||||||
4.63%, 4/15/29 (a) | 475 | 414 | ||||||
Victoria’s Secret & Co. | ||||||||
4.63%, 7/15/29 (a) | 500 | 393 | ||||||
Wheel Pros, Inc. | ||||||||
6.50%, 5/15/29 (a) | 600 | 213 | ||||||
White Cap Buyer LLC | ||||||||
6.88%, 10/15/28 (a) | 500 | 433 | ||||||
33,639 | ||||||||
Consumer, Non-Cyclical (15.0%) | ||||||||
AdaptHealth LLC, | ||||||||
4.63%, 8/1/29 (a) | 675 | 566 | ||||||
6.13%, 8/1/28 (a) | 400 | 368 | ||||||
AHP Health Partners, Inc. | ||||||||
5.75%, 7/15/29 (a) | 885 | 695 | ||||||
Air Methods Corp. | ||||||||
8.00%, 5/15/25 (a) | 800 | 44 |
Morgan Stanley Institutional Fund Trust
High Yield Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Akumin, Inc. | ||||||||
7.00%, 11/1/25 (a) | 500 | 359 | ||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertson's, Inc./Albertson's LLC | ||||||||
5.88%, 2/15/28 (a) | 250 | 238 | ||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | ||||||||
3.50%, 3/15/29 (a) | 195 | 164 | ||||||
Alta Equipment Group, Inc. | ||||||||
5.63%, 4/15/26 (a) | 500 | 452 | ||||||
AMN Healthcare, Inc. | ||||||||
4.00%, 4/15/29 (a) | 350 | 300 | ||||||
APi Escrow Corp. | ||||||||
4.75%, 10/15/29 (a) | 200 | 174 | ||||||
APi Group DE, Inc. | ||||||||
4.13%, 7/15/29 (a) | 350 | 291 | ||||||
Bellring Brands, Inc. | ||||||||
7.00%, 3/15/30 (a) | 450 | 434 | ||||||
Cano Health LLC | ||||||||
6.25%, 10/1/28 (a) | 970 | 592 | ||||||
Carriage Services, Inc. | ||||||||
4.25%, 5/15/29 (a) | 250 | 199 | ||||||
Catalent Pharma Solutions, Inc. | ||||||||
3.13%, 2/15/29 (a) | 250 | 199 | ||||||
Central Garden & Pet Co. | ||||||||
5.13%, 2/1/28 | 300 | 280 | ||||||
Cheplapharm Arzneimittel GmbH | ||||||||
5.50%, 1/15/28 (a) | 350 | 293 | ||||||
Chobani LLC/Chobani Finance Corp., Inc., | ||||||||
4.63%, 11/15/28 (a) | 425 | 371 | ||||||
7.50%, 4/15/25 (a) | 550 | 536 | ||||||
CoreLogic, Inc. | ||||||||
4.50%, 5/1/28 (a) | 250 | 192 | ||||||
CPI CG, Inc. | ||||||||
8.63%, 3/15/26 (a) | 468 | 462 | ||||||
Darling Ingredients, Inc. | ||||||||
6.00%, 6/15/30 (a) | 580 | 568 | ||||||
Edgewell Personal Care Co. | ||||||||
5.50%, 6/1/28 (a) | 250 | 234 | ||||||
FAGE International SA/FAGE USA Dairy Industry, Inc. | ||||||||
5.63%, 8/15/26 (a) | 371 | 345 | ||||||
Garda World Security Corp. | ||||||||
9.50%, 11/1/27 (a) | 650 | 627 | ||||||
Grifols Escrow Issuer SA | ||||||||
4.75%, 10/15/28 (a) | 325 | 281 | ||||||
H-Food Holdings LLC/Hearthside Finance Co., Inc. | ||||||||
8.50%, 6/1/26 (a) | 500 | 291 | ||||||
Hadrian Merger Sub, Inc. | ||||||||
8.50%, 5/1/26 (a) | 600 | 531 | ||||||
Horizon Therapeutics USA, Inc. | ||||||||
5.50%, 8/1/27 (a) | 360 | 370 | ||||||
Ingles Markets, Inc. | ||||||||
4.00%, 6/15/31 (a) | 500 | 421 | ||||||
Lannett Co., Inc. | ||||||||
7.75%, 4/15/26 (a) | 500 | 131 | ||||||
Medline Borrower LP | ||||||||
5.25%, 10/1/29 (a) | 750 | 597 | ||||||
Metis Merger Sub LLC | ||||||||
6.50%, 5/15/29 (a) | 600 | 504 | ||||||
ModivCare Escrow Issuer, Inc. | ||||||||
5.00%, 10/1/29 (a) | 600 | 507 | ||||||
Nathan's Famous, Inc. | ||||||||
6.63%, 11/1/25 (a) | 750 | 735 |
Morgan Stanley Institutional Fund Trust
High Yield Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
P&L Development LLC/PLD Finance Corp. | ||||||||
7.75%, 11/15/25 (a) | 650 | 528 | ||||||
Performance Food Group, Inc. | ||||||||
5.50%, 10/15/27 (a) | 500 | 473 | ||||||
Perrigo Finance Unlimited Co. | ||||||||
3.90%, 12/15/24 | 500 | 473 | ||||||
PRA Health Sciences, Inc. | ||||||||
2.88%, 7/15/26 (a) | 209 | 189 | ||||||
PROG Holdings, Inc. | ||||||||
6.00%, 11/15/29 (a) | 325 | 262 | ||||||
RP Escrow Issuer LLC | ||||||||
5.25%, 12/15/25 (a) | 500 | 382 | ||||||
Signal Parent, Inc. | ||||||||
6.13%, 4/1/29 (a) | 500 | 153 | ||||||
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | ||||||||
4.63%, 3/1/29 (a) | 995 | 811 | ||||||
Sotheby's | ||||||||
7.38%, 10/15/27 (a) | 450 | 423 | ||||||
Spectrum Brands, Inc., | ||||||||
3.88%, 3/15/31 (a) | 250 | 195 | ||||||
5.00%, 10/1/29 (a) | 162 | 140 | ||||||
Surgery Center Holdings, Inc., | ||||||||
6.75%, 7/1/25 (a) | 150 | 148 | ||||||
10.00%, 4/15/27 (a) | 455 | 464 | ||||||
Tenet Healthcare Corp. | ||||||||
6.13%, 10/1/28 (a) | 500 | 449 | ||||||
US Acute Care Solutions LLC | ||||||||
6.38%, 3/1/26 (a) | 750 | 667 | ||||||
US Foods, Inc. | ||||||||
4.63%, 6/1/30 (a) | 250 | 220 | ||||||
WASH Multifamily Acquisition, Inc. | ||||||||
5.75%, 4/15/26 (a) | 500 | 472 | ||||||
ZipRecruiter, Inc. | ||||||||
5.00%, 1/15/30 (a) | 595 | 491 | ||||||
20,291 | ||||||||
Energy (9.9%) | ||||||||
Archrock Partners LP/Archrock Partners Finance Corp., | ||||||||
6.25%, 4/1/28 (a) | 200 | 183 | ||||||
6.88%, 4/1/27 (a) | 300 | 287 | ||||||
Baytex Energy Corp. | ||||||||
8.75%, 4/1/27 (a) | 250 | 255 | ||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp. | ||||||||
6.63%, 7/15/26 (a) | 850 | 824 | ||||||
CNX Midstream Partners LP | ||||||||
4.75%, 4/15/30 (a) | 450 | 370 | ||||||
Colgate Energy Partners III LLC | ||||||||
5.88%, 7/1/29 (a) | 900 | 774 | ||||||
CrownRock LP/CrownRock Finance, Inc. | ||||||||
5.00%, 5/1/29 (a) | 250 | 226 | ||||||
Global Partners LP/GLP Finance Corp. | ||||||||
7.00%, 8/1/27 | 840 | 799 | ||||||
Hess Midstream Operations LP | ||||||||
4.25%, 2/15/30 (a) | 300 | 257 | ||||||
Holly Energy Partners LP/Holly Energy Finance Corp. | ||||||||
6.38%, 4/15/27 (a) | 300 | 295 | ||||||
ITT Holdings LLC | ||||||||
6.50%, 8/1/29 (a) | 250 | 211 |
Morgan Stanley Institutional Fund Trust
High Yield Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Kinetik Holdings LP | ||||||||
5.88%, 6/15/30 (a) | 500 | 470 | ||||||
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. | ||||||||
6.00%, 8/1/26 (a) | 700 | 673 | ||||||
Martin Midstream Partners LP/Martin Midstream Finance Corp., | ||||||||
10.00%, 2/29/24 (a) | 218 | 219 | ||||||
11.50%, 2/28/25 (a) | 992 | 994 | ||||||
Matador Resources Co. | ||||||||
5.88%, 9/15/26 | 1,000 | 963 | ||||||
Murphy Oil Corp. | ||||||||
5.88%, 12/1/27 | 440 | 424 | ||||||
NuStar Logistics LP | ||||||||
6.38%, 10/1/30 | 450 | 417 | ||||||
Occidental Petroleum Corp. | ||||||||
6.13%, 1/1/31 | 750 | 758 | ||||||
Oceaneering International, Inc. | ||||||||
6.00%, 2/1/28 | 875 | 807 | ||||||
Parkland Corp., | ||||||||
4.50%, 10/1/29 (a) | 250 | 209 | ||||||
4.63%, 5/1/30 (a) | 250 | 207 | ||||||
Rockcliff Energy II LLC | ||||||||
5.50%, 10/15/29 (a) | 450 | 412 | ||||||
Rockies Express Pipeline LLC | ||||||||
3.60%, 5/15/25 (a) | 300 | 284 | ||||||
Southwestern Energy Co. | ||||||||
4.75%, 2/1/32 | 300 | 257 | ||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | ||||||||
6.00%, 12/31/30 (a) | 500 | 433 | ||||||
Vermilion Energy, Inc. | ||||||||
5.63%, 3/15/25 (a) | 900 | 866 | ||||||
Viper Energy Partners LP | ||||||||
5.38%, 11/1/27 (a) | 600 | 571 | ||||||
13,445 | ||||||||
Finance (8.4%) | ||||||||
AG TTMT Escrow Issuer LLC | ||||||||
8.63%, 9/30/27 (a) | 400 | 402 | ||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | ||||||||
6.75%, 10/15/27 (a) | 500 | 450 | ||||||
BroadStreet Partners, Inc. | ||||||||
5.88%, 4/15/29 (a) | 450 | 384 | ||||||
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL | ||||||||
4.50%, 4/1/27 (a) | 400 | 335 | ||||||
Coinbase Global, Inc. | ||||||||
3.38%, 10/1/28 (a) | 425 | 225 | ||||||
Compass Group Diversified Holdings LLC | ||||||||
5.25%, 4/15/29 (a) | 685 | 587 | ||||||
CTR Partnership LP/CareTrust Capital Corp. | ||||||||
3.88%, 6/30/28 (a) | 348 | 295 | ||||||
Cushman & Wakefield US Borrower LLC | ||||||||
6.75%, 5/15/28 (a) | 250 | 239 | ||||||
EPR Properties | ||||||||
4.75%, 12/15/26 | 100 | 90 | ||||||
Global Net Lease, Inc./Global Net Lease Operating Partnership LP | ||||||||
3.75%, 12/15/27 (a) | 400 | 331 | ||||||
GTCR AP Finance, Inc. | ||||||||
8.00%, 5/15/27 (a) | 200 | 192 | ||||||
Howard Hughes Corp. | ||||||||
4.13%, 2/1/29 (a) | 400 | 336 |
Morgan Stanley Institutional Fund Trust
High Yield Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||
4.38%, 2/1/29 | 250 | 212 | ||||||
Iron Mountain, Inc. | ||||||||
5.25%, 7/15/30 (a) | 300 | 261 | ||||||
Jane Street Group/JSG Finance, Inc. | ||||||||
4.50%, 11/15/29 (a) | 500 | 431 | ||||||
Jefferies Finance LLC/JFIN Co.-Issuer Corp. | ||||||||
5.00%, 8/15/28 (a) | 500 | 409 | ||||||
Jefferson Capital Holdings LLC | ||||||||
6.00%, 8/15/26 (a) | 643 | 533 | ||||||
LD Holdings Group LLC, | ||||||||
6.13%, 4/1/28 (a) | 250 | 152 | ||||||
6.50%, 11/1/25 (a) | 350 | 236 | ||||||
LPL Holdings, Inc. | ||||||||
4.00%, 3/15/29 (a) | 350 | 305 | ||||||
MGIC Investment Corp. | ||||||||
5.25%, 8/15/28 | 500 | 462 | ||||||
Oxford Finance LLC/Oxford Finance Co-Issuer II Inc. | ||||||||
6.38%, 2/1/27 (a) | 750 | 699 | ||||||
PRA Group, Inc. | ||||||||
5.00%, 10/1/29 (a) | 310 | 256 | ||||||
RHP Hotel Properties LP/RHP Finance Corp., | ||||||||
4.50%, 2/15/29 (a) | 250 | 216 | ||||||
4.75%, 10/15/27 | 250 | 227 | ||||||
RLJ Lodging Trust LP | ||||||||
3.75%, 7/1/26 (a) | 250 | 223 | ||||||
SBA Communications Corp., | ||||||||
Series WI | ||||||||
3.88%, 2/15/27 | 300 | 272 | ||||||
SLM Corp. | ||||||||
3.13%, 11/2/26 | 250 | 213 | ||||||
StoneX Group, Inc. | ||||||||
8.63%, 6/15/25 (a) | 899 | 910 | ||||||
SVB Financial Group | ||||||||
1.80%, 2/2/31 | 525 | 384 | ||||||
United Wholesale Mortgage LLC | ||||||||
5.50%, 4/15/29 (a) | 300 | 239 | ||||||
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC | ||||||||
4.75%, 4/15/28 (a) | 275 | 220 | ||||||
VistaJet Malta Finance PLC/XO Management Holding, Inc. | ||||||||
6.38%, 2/1/30 (a) | 825 | 663 | ||||||
11,389 | ||||||||
Industrials (17.4%) | ||||||||
Bombardier, Inc. | ||||||||
6.00%, 2/15/28 (a) | 750 | 694 | ||||||
Brundage-Bone Concrete Pumping Holdings, Inc. | ||||||||
6.00%, 2/1/26 (a) | 500 | 456 | ||||||
Builders FirstSource, Inc. | ||||||||
5.00%, 3/1/30 (a) | 250 | 222 | ||||||
Cargo Aircraft Management, Inc. | ||||||||
4.75%, 2/1/28 (a) | 500 | 455 | ||||||
Carriage Purchaser, Inc. | ||||||||
7.88%, 10/15/29 (a) | 1,330 | 946 | ||||||
Clean Harbors, Inc. | ||||||||
4.88%, 7/15/27 (a) | 300 | 285 | ||||||
Coherent Corp. | ||||||||
5.00%, 12/15/29 (a) | 450 | 389 | ||||||
Covanta Holding Corp. | ||||||||
4.88%, 12/1/29 (a) | 450 | 369 |
Morgan Stanley Institutional Fund Trust
High Yield Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
CP Atlas Buyer, Inc. | ||||||||
7.00%, 12/1/28 (a) | 800 | 595 | ||||||
Dycom Industries, Inc. | ||||||||
4.50%, 4/15/29 (a) | 250 | 218 | ||||||
EnerSys | ||||||||
4.38%, 12/15/27 (a) | 350 | 317 | ||||||
EnPro Industries, Inc. | ||||||||
5.75%, 10/15/26 | 750 | 731 | ||||||
Fly Leasing Ltd. | ||||||||
7.00%, 10/15/24 (a) | 1,175 | 920 | ||||||
FXI Holdings, Inc. | ||||||||
7.88%, 11/1/24 (a) | 538 | 448 | ||||||
GFL Environmental, Inc. | ||||||||
4.75%, 6/15/29 (a) | 300 | 263 | ||||||
Great Lakes Dredge & Dock Corp. | ||||||||
5.25%, 6/1/29 (a) | 880 | 685 | ||||||
Griffon Corp. | ||||||||
5.75%, 3/1/28 | 450 | 412 | ||||||
Harsco Corp. | ||||||||
5.75%, 7/31/27 (a) | 650 | 514 | ||||||
Hillenbrand, Inc. | ||||||||
3.75%, 3/1/31 | 250 | 205 | ||||||
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC | ||||||||
6.00%, 9/15/28 (a) | 500 | 404 | ||||||
JPW Industries Holding Corp. | ||||||||
9.00%, 10/1/24 (a) | 1,050 | 908 | ||||||
Koppers, Inc. | ||||||||
6.00%, 2/15/25 (a) | 750 | 714 | ||||||
Manitowoc Co., Inc. | ||||||||
9.00%, 4/1/26 (a) | 750 | 706 | ||||||
Mauser Packaging Solutions Holding Co. | ||||||||
7.25%, 4/15/25 (a) | 1,000 | 927 | ||||||
MIWD Holdco II LLC/MIWD Finance Corp. | ||||||||
5.50%, 2/1/30 (a) | 600 | 478 | ||||||
Moog, Inc. | ||||||||
4.25%, 12/15/27 (a) | 500 | 463 | ||||||
Mueller Water Products, Inc. | ||||||||
4.00%, 6/15/29 (a) | 550 | 484 | ||||||
New Enterprise Stone & Lime Co., Inc., | ||||||||
5.25%, 7/15/28 (a) | 450 | 400 | ||||||
9.75%, 7/15/28 (a) | 500 | 464 | ||||||
OI European Group BV | ||||||||
4.75%, 2/15/30 (a) | 250 | 219 | ||||||
Owens-Brockway Glass Container, Inc. | ||||||||
6.63%, 5/13/27 (a) | 188 | 183 | ||||||
Patrick Industries, Inc. | ||||||||
4.75%, 5/1/29 (a) | 500 | 416 | ||||||
PGT Innovations, Inc. | ||||||||
4.38%, 10/1/29 (a) | 600 | 503 | ||||||
Roller Bearing Co. of America, Inc. | ||||||||
4.38%, 10/15/29 (a) | 250 | 216 | ||||||
Seaspan Corp. | ||||||||
5.50%, 8/1/29 (a) | 500 | 380 | ||||||
SRM Escrow Issuer LLC | ||||||||
6.00%, 11/1/28 (a) | 400 | 359 | ||||||
Standard Industries, Inc. | ||||||||
5.00%, 2/15/27 (a) | 250 | 231 | ||||||
Summit Materials LLC/Summit Materials Finance Corp. | ||||||||
5.25%, 1/15/29 (a) | 150 | 140 |
Morgan Stanley Institutional Fund Trust
High Yield Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
TK Elevator US Newco, Inc. | ||||||||
5.25%, 7/15/27 (a) | 550 | 489 | ||||||
TopBuild Corp., | ||||||||
3.63%, 3/15/29 (a) | 250 | 205 | ||||||
4.13%, 2/15/32 (a) | 150 | 122 | ||||||
TransDigm, Inc. | ||||||||
5.50%, 11/15/27 | 300 | 282 | ||||||
Trident TPI Holdings, Inc. | ||||||||
6.63%, 11/1/25 (a) | 750 | 655 | ||||||
TriMas Corp. | ||||||||
4.13%, 4/15/29 (a) | 400 | 350 | ||||||
Triumph Group, Inc., | ||||||||
6.25%, 9/15/24 (a) | 700 | 665 | ||||||
8.88%, 6/1/24 (a) | 214 | 218 | ||||||
Trivium Packaging Finance BV | ||||||||
8.50%, 8/15/27 (a) | 500 | 460 | ||||||
TTM Technologies, Inc. | ||||||||
4.00%, 3/1/29 (a) | 250 | 215 | ||||||
Victors Merger Corp. | ||||||||
6.38%, 5/15/29 (a) | 750 | 413 | ||||||
VM Consolidated, Inc. | ||||||||
5.50%, 4/15/29 (a) | 325 | 287 | ||||||
Waste Pro USA, Inc. | ||||||||
5.50%, 2/15/26 (a) | 475 | 421 | ||||||
Watco Cos. LLC/Watco Finance Corp. | ||||||||
6.50%, 6/15/27 (a) | 750 | 714 | ||||||
XPO Escrow Sub LLC | ||||||||
7.50%, 11/15/27 (a) | 340 | 345 | ||||||
23,560 | ||||||||
Technology (3.4%) | ||||||||
Booz Allen Hamilton, Inc. | ||||||||
4.00%, 7/1/29 (a) | 250 | 220 | ||||||
Clarivate Science Holdings Corp. | ||||||||
4.88%, 7/1/29 (a) | 450 | 383 | ||||||
Crowdstrike Holdings, Inc. | ||||||||
3.00%, 2/15/29 | 570 | 482 | ||||||
Dun & Bradstreet Corp. | ||||||||
5.00%, 12/15/29 (a) | 300 | 257 | ||||||
KBR, Inc. | ||||||||
4.75%, 9/30/28 (a) | 330 | 294 | ||||||
Kyndryl Holdings, Inc. | ||||||||
2.70%, 10/15/28 | 250 | 188 | ||||||
Minerva Merger Sub, Inc. | ||||||||
6.50%, 2/15/30 (a) | 500 | 369 | ||||||
NCR Corp. | ||||||||
5.13%, 4/15/29 (a) | 250 | 210 | ||||||
ON Semiconductor Corp. | ||||||||
3.88%, 9/1/28 (a) | 400 | 350 | ||||||
Playtika Holding Corp. | ||||||||
4.25%, 3/15/29 (a) | 500 | 393 | ||||||
Rackspace Technology Global, Inc. | ||||||||
5.38%, 12/1/28 (a) | 625 | 273 | ||||||
Rocket Software, Inc. | ||||||||
6.50%, 2/15/29 (a) | 500 | 395 | ||||||
Unisys Corp. | ||||||||
6.88%, 11/1/27 (a) | 375 | 288 |
Morgan Stanley Institutional Fund Trust
High Yield Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Ziff Davis, Inc. | ||||||||
4.63%, 10/15/30 (a) | 502 | 426 | ||||||
4,528 | ||||||||
Utilities (0.5%) | ||||||||
Calpine Corp. | ||||||||
5.13%, 3/15/28 (a) | 375 | 335 | ||||||
Leeward Renewable Energy Operations LLC | ||||||||
4.25%, 7/1/29 (a) | 114 | 98 | ||||||
TransAlta Corp. | ||||||||
7.75%, 11/15/29 | 200 | 204 | ||||||
637 | ||||||||
128,908 | ||||||||
Variable Rate Senior Loan Interests (1.4%) | ||||||||
Consumer, Cyclical (0.7%) | ||||||||
Peloton Interactive, Inc., | ||||||||
Term Loan | ||||||||
1 Month USD SOFR + 6.50%, 11.76%, 5/25/27 (b) | 398 | 392 | ||||||
TopGolf International, Inc., | ||||||||
Term Loan B | ||||||||
3 Month USD LIBOR + 6.25%, 10.58%, 2/9/26 (b) | 481 | 482 | ||||||
874 | ||||||||
Consumer, Non-Cyclical (0.4%) | ||||||||
H Food Holdings LLC, | ||||||||
2018 Term Loan B | ||||||||
1 Month USD LIBOR + 3.69%, 8.07%, 5/23/25 (b) | 645 | 577 | ||||||
Energy (0.0%) (e) | ||||||||
Gavilan Resources LLC, | ||||||||
2nd Lien Term Loan | ||||||||
3 Month USD LIBOR, 3.25%, 3/1/24 (b)(c)(d) | 1,000 | — | ||||||
Industrials (0.3.%) | ||||||||
Titan Acquisition Limited, | ||||||||
2018 Term Loan B | ||||||||
6 Month USD LIBOR + 3.00%, 8.15%, 3/28/25 (b) | 500 | 468 | ||||||
1,919 | ||||||||
Total Fixed Income Securities (Cost $152,618) | 130,827 |
Shares | ||||||||
Common Stocks (0.0%) (e) | ||||||||
Auto Components (0.0%) (e) | ||||||||
Exide Technologies (f) | 592 | — | ||||||
Equity Real Estate Investment Trusts (REITs) (0.0%) (e) | ||||||||
American Gilsonite Co. | 500 | 4 | ||||||
Machinery (0.0%) (e) | ||||||||
Iracore International Holdings, Inc., Class A (f)(g) | 470 | 24 | ||||||
Semiconductors & Semiconductor Equipment (0.0%) (e) | ||||||||
UC Holdings, Inc. | 2,826 | 31 | ||||||
Total Common Stocks (Cost $151) | 59 | |||||||
Total Investments (96.7%) (Cost $152,769) (h)(i) | 130,886 | |||||||
Other Assets in Excess of Liabilities (3.3%) | 4,398 | |||||||
Net Assets (100.0%) | $ | 135,284 |
Morgan Stanley Institutional Fund Trust
High Yield Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
(a) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
(b) | Floating or variable rate securities: The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments. |
(c) | Non-income producing security; bond in default. |
(d) | Issuer in bankruptcy. |
(e) | Amount is less than 0.05%. |
(f) | Non-income producing security. |
(g) | At December 31, 2022, the Fund held a fair valued security valued at $24,000, representing 0.02% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Trust's Trustees. |
(h) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions. |
(i) | At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $318,000 and the aggregate gross unrealized depreciation is approximately $22,201,000, resulting in net unrealized depreciation of approximately $21,883,000. |
CDI | CHESS Depositary Interest. |
LIBOR | London Interbank Offered Rate. |
REITs | Real Estate Investment Trusts. |
SOFR | Secured Overnight Financing Rate. |
USD | United States Dollar. |
Portfolio Composition
Classification | Percentage of Total Investments | |||
Consumer, Cyclical | 26.1 | % | ||
Industrials | 17.6 | |||
Consumer, Non-Cyclical | 15.5 | |||
Energy | 10.3 | |||
Communications | 9.5 | |||
Finance | 8.7 | |||
Basic Materials | 6.8 | |||
Other* | 5.5 | |||
Total Investments | 100.0 | % |
* | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund Trust
Short Duration Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)
Face Amount (000) |
Value (000) |
|||||||
Fixed Income Securities (98.2%) | ||||||||
Agency Adjustable Rate Mortgages (0.1%) | ||||||||
Federal Home Loan Mortgage Corporation, | ||||||||
Conventional Pools: | ||||||||
1 Year CMT + 2.18%, 3.16%, 6/1/38 | $ | 62 | $ | 63 | ||||
1 Year CMT + 2.34%, 3.58%, 1/1/36 | 135 | 137 | ||||||
1 Year CMT + 2.33%, 3.73%, 7/1/38 | 130 | 132 | ||||||
1 Year CMT + 2.31%, 3.81%, 3/1/37 | 151 | 153 | ||||||
485 | ||||||||
Agency Bond - Consumer Discretionary (U.S. Government Guaranteed) (0.0%) (a) | ||||||||
Safina Ltd. | ||||||||
2.00%, 12/30/23 | 91 | 89 | ||||||
Agency Fixed Rate Mortgages (0.1%) | ||||||||
Federal Home Loan Mortgage Corporation, | ||||||||
Gold Pools: | ||||||||
4.50%, 12/1/24 | 35 | 34 | ||||||
7.50%, 5/1/35 | 10 | 10 | ||||||
8.00%, 8/1/32 | 6 | 6 | ||||||
8.50%, 8/1/31 | 7 | 7 | ||||||
Federal National Mortgage Association, | ||||||||
Conventional Pools: | ||||||||
4.50%, 6/1/24 – 7/1/24 | 62 | 61 | ||||||
5.00%, 12/1/23 – 12/1/24 | 30 | 30 | ||||||
6.00%, 9/1/37 | 25 | 26 | ||||||
6.50%, 2/1/28 – 10/1/32 | 92 | 94 | ||||||
7.00%, 7/1/29 – 3/1/37 | 103 | 109 | ||||||
7.50%, 8/1/37 | 13 | 14 | ||||||
8.00%, 4/1/33 | 23 | 25 | ||||||
8.50%, 10/1/32 | 12 | 13 | ||||||
Government National Mortgage Association, | ||||||||
Various Pools: | ||||||||
6.00%, 11/15/38 | 47 | 49 | ||||||
8.50%, 7/15/30 | 5 | 5 | ||||||
483 | ||||||||
Asset-Backed Securities (15.8%) | ||||||||
Affirm Asset Securitization Trust | ||||||||
4.55%, 6/15/27 (b) | 953 | 929 | ||||||
AIMCO CLO, | ||||||||
Series 2018-B | ||||||||
3 Month USD LIBOR + 1.10%, 5.18%, 1/15/32 (b)(c) | 1,725 | 1,697 | ||||||
AMSR Trust | ||||||||
2.11%, 9/17/37 (b) | 975 | 878 | ||||||
Aqua Finance Trust | ||||||||
1.54%, 7/17/46 (b) | 583 | 534 | ||||||
Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd. | ||||||||
1 Month USD LIBOR + 1.07%, 5.39%, 8/15/34 (b)(c) | 1,200 | 1,141 | ||||||
Blackbird Capital Aircraft | ||||||||
2.44%, 7/15/46 (b) | 707 | 581 | ||||||
Carlyle U.S. CLO Ltd. | ||||||||
3 Month USD LIBOR + 1.05%, 5.29%, 7/20/31 (b)(c) | 2,225 | 2,193 | ||||||
Cologix Data Centers US Issuer LLC | ||||||||
3.30%, 12/26/51 (b) | 1,225 | 1,073 |
Morgan Stanley Institutional Fund Trust
Short Duration Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Commonbond Student Loan Trust | ||||||||
1.20%, 3/25/52 (b) | 1,043 | 845 | ||||||
Dryden 58 CLO Ltd. | ||||||||
5.08%, 7/17/31 (c) | 750 | 739 | ||||||
ECMC Group Student Loan Trust, | ||||||||
Class A1B | ||||||||
1 Month USD LIBOR + 1.00%, 5.39%, 1/27/70 (b)(c) | 687 | 683 | ||||||
ELFI Graduate Loan Program 2021-A LLC | ||||||||
1.53%, 12/26/46 (b) | 1,494 | 1,307 | ||||||
Elmwood CLO IV Ltd. | ||||||||
3 Month USD LIBOR + 1.24%, 5.32%, 4/15/33 (b)(c) | 2,200 | 2,167 | ||||||
Falcon Aerospace Ltd. | ||||||||
3.60%, 9/15/39 (b) | 293 | 238 | ||||||
FCI Funding 2021-1 LLC | ||||||||
1.13%, 4/15/33 (b) | 240 | 234 | ||||||
FCI Funding 2019-1 LLC, | ||||||||
3.63%, 2/18/31 (b) | 14 | 14 | ||||||
FHF Trust | ||||||||
1.27%, 3/15/27 (b) | 257 | 246 | ||||||
GAIA Aviation Ltd. | ||||||||
3.97%, 12/15/44 (b) | 460 | 382 | ||||||
GCI Funding I LLC | ||||||||
2.82%, 10/18/45 (b) | 1,030 | 910 | ||||||
Golub Capital Partners ABS Funding Ltd., | ||||||||
2.77%, 4/20/29 (b) | 1,725 | 1,562 | ||||||
Class A2 | ||||||||
3.21%, 1/22/29 (b) | 1,360 | 1,271 | ||||||
Kubota Credit Owner Trust | ||||||||
0.59%, 10/15/24 (b) | 410 | 401 | ||||||
LCM 38 Ltd. | ||||||||
3 Month Term SOFR + 2.10%, 4.59%, 7/15/34 (b)(c) | 2,000 | 1,986 | ||||||
Loanpal Solar Loan Ltd., | ||||||||
2.22%, 3/20/48 (b) | 1,336 | 981 | ||||||
2.29%, 1/20/48 (b) | 1,032 | 787 | ||||||
Lunar 2021-1 Structured Aircraft Portfolio Notes | ||||||||
2.64%, 10/15/46 (b) | 1,639 | 1,318 | ||||||
MACH 1 Cayman Ltd. | ||||||||
3.47%, 10/15/39 (b) | 374 | 303 | ||||||
Madison Park Funding XXIV Ltd. | ||||||||
SOFR + 1.42%, 5.38%, 10/20/29 (b)(c) | 2,207 | 2,175 | ||||||
MAPS Trust | ||||||||
2.52%, 6/15/46 (b) | 753 | 627 | ||||||
Mercedes-Benz Auto Receivables Trust | ||||||||
0.55%, 2/18/25 | 114 | 112 | ||||||
Mercury Financial Credit Card Master Trust | ||||||||
1.54%, 3/20/26 (b) | 1,725 | 1,646 | ||||||
MFA 2021-NPL1 LLC | ||||||||
2.36%, 3/25/60 (b) | 861 | 812 | ||||||
Monroe Capital ABS Funding 2021-1 Ltd. | ||||||||
2.82%, 4/22/31 (b) | 1,625 | 1,495 | ||||||
Mosaic Solar Loan Trust, | ||||||||
2.05%, 12/20/46 (b) | 947 | 717 | ||||||
2.10%, 4/20/46 (b) | 205 | 178 | ||||||
Navient Private Education Refi Loan Trust | ||||||||
0.94%, 7/15/69 (b) | 1,032 | 873 | ||||||
Nelnet Student Loan Trust | ||||||||
1.32%, 4/20/62 (b) | 958 | 851 | ||||||
Neuberger Berman Loan Advisers CLO 31 Ltd. | ||||||||
3 Month USD LIBOR + 1.04%, 5.28%, 4/20/31 (b)(c) | 2,475 | 2,429 |
Morgan Stanley Institutional Fund Trust
Short Duration Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
New Residential Advance Receivables Trust Advance Receivables Backed | ||||||||
1.43%, 8/15/53 (b) | 1,170 | 1,130 | ||||||
Newday Funding Master Issuer PLC, | ||||||||
SOFR + 0.95%, 5.15%, 7/15/29 (b)(c) | 1,175 | 1,152 | ||||||
SOFR + 1.10%, 5.30%, 3/15/29 (b)(c) | 1,760 | 1,735 | ||||||
NRZ Advance Receivables Trust | ||||||||
1.48%, 9/15/53 (b) | 1,380 | 1,330 | ||||||
NRZ Excess Spread-Collateralized Notes, | ||||||||
2.98%, 3/25/26 (b) | 1,079 | 959 | ||||||
Class A | ||||||||
3.10%, 7/25/26 (b) | 889 | 778 | ||||||
3.23%, 5/25/26 (b) | 1,340 | 1,188 | ||||||
3.47%, 11/25/26 (b) | 1,220 | 1,079 | ||||||
NRZ FHT Excess LLC, | ||||||||
Class A | ||||||||
4.21%, 11/25/25 (b) | 397 | 368 | ||||||
Octane Receivables Trust | ||||||||
1.21%, 9/20/28 (b) | 315 | 299 | ||||||
Option One Mortgage Loan Trust Asset-Backed Certificates | ||||||||
1 Month USD LIBOR + 0.50%, 4.85%, 8/20/30 (c) | 38 | 37 | ||||||
Oxford Finance Funding LLC | ||||||||
3.10%, 2/15/28 (b) | 157 | 155 | ||||||
Palmer Square CLO 2018-2 Ltd. | ||||||||
3 Month USD LIBOR + 1.10%, 5.18%, 7/16/31 (b)(c) | 1,225 | 1,210 | ||||||
PFS Financing Corp., | ||||||||
0.77%, 8/15/26 (b) | 1,310 | 1,209 | ||||||
0.97%, 2/15/26 (b) | 960 | 906 | ||||||
4.27%, 8/15/27 (b) | 2,225 | 2,173 | ||||||
PNMAC GMSR Issuer Trust | ||||||||
1 Month USD LIBOR + 2.35%, 6.74%, 4/25/23 (b)(c) | 1,000 | 944 | ||||||
PRET 2021-NPL6 LLC | ||||||||
2.49%, 7/25/51 (b) | 853 | 792 | ||||||
ReadyCap Lending Small Business Loan Trust | ||||||||
Daily US Prime Rate - 0.50%, 7.00%, 12/27/44 (b)(c) | 112 | 107 | ||||||
Republic Finance Issuance Trust | ||||||||
2.47%, 11/20/30 (b) | 500 | 472 | ||||||
S-Jets Ltd. | ||||||||
3.97%, 8/15/42 (b) | 1,384 | 1,076 | ||||||
SMB Private Education Loan Trust, | ||||||||
1.34%, 3/17/53 (b) | 661 | 580 | ||||||
1.68%, 2/15/51 (b) | 756 | 682 | ||||||
Southwick Park CLO LLC | ||||||||
3 Month USD LIBOR + 1.06%, 5.30%, 7/20/32 (b)(c) | 2,000 | 1,966 | ||||||
SPS Servicer Advance Receivables Trust | ||||||||
1.83%, 11/15/55 (b) | 2,100 | 1,906 | ||||||
START Ireland | ||||||||
4.09%, 3/15/44 (b) | 638 | 545 | ||||||
Start Ltd. | ||||||||
4.09%, 5/15/43 (b) | 1,289 | 1,033 | ||||||
Theorem Funding Trust | ||||||||
7.60%, 4/15/29 | 460 | 458 | ||||||
VCP RRL ABS I Ltd., | ||||||||
Class A | ||||||||
2.15%, 10/20/31 (b) | 373 | 338 | ||||||
63,922 |
Morgan Stanley Institutional Fund Trust
Short Duration Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Collateralized Mortgage Obligations - Agency Collateral Series (0.2%) | ||||||||
Federal Home Loan Mortgage Corporation, REMIC | ||||||||
7.50%, 9/15/29 | 161 | 165 | ||||||
Government National Mortgage Association, | ||||||||
1 Month USD LIBOR + 0.28%, 4.12%, 5/20/63 (c) | 3 | 3 | ||||||
1 Month USD LIBOR + 0.45%, 4.29%, 5/20/62 (c) | —@ | —@ | ||||||
1 Month USD LIBOR + 0.60%, 4.44%, 1/20/64 (c) | 60 | 60 | ||||||
REMIC | ||||||||
1 Month USD LIBOR + 0.50%, 4.34%, 3/20/61 (c) | 73 | 73 | ||||||
1 Month USD LIBOR + 0.56%, 4.40%, 9/20/62 (c) | 172 | 172 | ||||||
Seasoned Credit Risk Transfer Trust | ||||||||
3.00%, 2/25/59 | 565 | 531 | ||||||
1,004 | ||||||||
Commercial Mortgage-Backed Securities (5.5%) | ||||||||
Alen 2021-ACEN Mortgage Trust | ||||||||
1 Month USD LIBOR + 1.15%, 5.47%, 4/15/34 (b)(c) | 1,200 | 1,086 | ||||||
Angel Oak SB Commercial Mortgage Trust | ||||||||
2.07%, 5/25/50 (b)(c) | 719 | 653 | ||||||
BX Commercial Mortgage Trust, | ||||||||
Class A | ||||||||
1 Month USD LIBOR + 0.70%, 5.02%, 4/15/34 (b)(c) | 2,100 | 2,003 | ||||||
BX Trust BX 2022 VAMF | ||||||||
1 Month Term SOFR + 1.58%, 5.92%, 1/15/39 (b)(c) | 820 | 780 | ||||||
Credit Suisse Mortgage Capital Certificates | ||||||||
3.53%, 8/15/37 (b) | 575 | 518 | ||||||
CSMC 2020-TMIC, | ||||||||
Class A | ||||||||
1 Month USD LIBOR + 3.00%, 7.82%, 12/15/35 (b)(c) | 2,125 | 2,120 | ||||||
CSMC 2022-MARK | ||||||||
1 Month Term SOFR + 2.70%, 7.03%, 6/15/39 (b)(c) | 1,570 | 1,557 | ||||||
CSWF Commercial Mortgage Trust | ||||||||
1 Month USD LIBOR + 0.967%, 5.28%, 6/15/34 (b)(c) | 1,787 | 1,712 | ||||||
DROP Mortgage Trust | ||||||||
1 Month USD LIBOR + 1.15%, 5.47%, 10/15/43 (b)(c) | 1,700 | 1,626 | ||||||
HPLY Trust | ||||||||
1 Month USD LIBOR + 2.35%, 6.67%, 11/15/36 (b)(c) | 383 | 362 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Trust, | ||||||||
4.13%, 7/5/31 (b) | 1,100 | 1,035 | ||||||
Class A | ||||||||
1 Month USD LIBOR + 1.12%, 5.43%, 11/15/38 (b)(c) | 2,450 | 2,352 | ||||||
Natixis Commercial Mortgage Securities Trust, | ||||||||
1 Month USD LIBOR + 0.95%, 5.27%, 8/15/38 (b)(c) | 2,080 | 1,989 | ||||||
1 Month Term SOFR + 2.20%, 6.52%, 7/15/36 (b)(c) | 850 | 775 | ||||||
Silver Hill Trust | ||||||||
3.10%, 11/25/49 (b)(c) | 407 | 394 | ||||||
TPGI Trust, | ||||||||
Class A | ||||||||
1 Month USD LIBOR + 0.70%, 5.02%, 6/15/26 (b)(c) | 1,175 | 1,136 | ||||||
TTAN 2021-MHC, | ||||||||
Class A | ||||||||
1 Month USD LIBOR + 0.85%, 5.17%, 3/15/38 (b)(c) | 839 | 816 | ||||||
VMC Finance 2021-HT1 LLC | ||||||||
1 Month USD LIBOR + 1.65%, 5.99%, 1/18/37 (b)(c) | 1,380 | 1,336 | ||||||
22,250 |
Morgan Stanley Institutional Fund Trust
Short Duration Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Corporate Bonds (58.7%) | ||||||||
Finance (29.5%) | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, | ||||||||
1.65%, 10/29/24 | 2,000 | 1,846 | ||||||
2.45%, 10/29/26 | 850 | 744 | ||||||
Air Lease Corp. | ||||||||
0.80%, 8/18/24 | 2,895 | 2,668 | ||||||
Athene Global Funding | ||||||||
2.75%, 6/25/24 (b) | 2,280 | 2,170 | ||||||
Australia & New Zealand Banking Group Ltd. | ||||||||
4.40%, 5/19/26 (b) | 2,500 | 2,403 | ||||||
Avolon Holdings Funding Ltd. | ||||||||
2.88%, 2/15/25 (b) | 625 | 578 | ||||||
Banco Bilbao Vizcaya Argentaria SA | ||||||||
0.88%, 9/18/23 | 1,600 | 1,550 | ||||||
Banco Santander Chile | ||||||||
2.70%, 1/10/25 (b) | 800 | 760 | ||||||
Bank of America Corp. | ||||||||
3.38%, 4/2/26 | 2,310 | 2,208 | ||||||
Bank of Nova Scotia | ||||||||
1.05%, 3/2/26 | 5,050 | 4,471 | ||||||
Banque Federative du Credit Mutuel SA, | ||||||||
2.38%, 11/21/24 (b) | 3,480 | 3,293 | ||||||
4.52%, 7/13/25 (b) | 3,210 | 3,156 | ||||||
Barclays PLC | ||||||||
5.30%, 8/9/26 (c) | 2,000 | 1,987 | ||||||
BNP Paribas SA | ||||||||
2.22%, 6/9/26 (b) | 3,150 | 2,895 | ||||||
BPCE SA | ||||||||
2.38%, 1/14/25 (b) | 2,635 | 2,460 | ||||||
Canadian Imperial Bank of Commerce, | ||||||||
2.25%, 1/28/25 | 1,130 | 1,067 | ||||||
3.30%, 4/7/25 | 2,270 | 2,180 | ||||||
Citigroup, Inc., | ||||||||
3.11%, 4/8/26 | 2,000 | 1,895 | ||||||
3.35%, 4/24/25 | 4,770 | 4,628 | ||||||
Corebridge Financial, Inc. | ||||||||
3.50%, 4/4/25 (b) | 2,280 | 2,188 | ||||||
Deutsche Bank AG, | ||||||||
Series E | ||||||||
0.96%, 11/8/23 | 3,950 | 3,802 | ||||||
Elevance Health, Inc. | ||||||||
1.50%, 3/15/26 | 2,830 | 2,547 | ||||||
Equitable Financial Life Global Funding | ||||||||
1.40%, 7/7/25 (b) | 3,300 | 2,995 | ||||||
GA Global Funding Trust | ||||||||
1.63%, 1/15/26 (b) | 4,070 | 3,618 | ||||||
Goldman Sachs Group, Inc. | ||||||||
3.50%, 1/23/25 | 1,750 | 1,692 | ||||||
Guardian Life Global Funding | ||||||||
0.88%, 12/10/25 (b) | 2,450 | 2,167 | ||||||
HSBC Holdings PLC, | ||||||||
2.63%, 11/7/25 | 1,850 | 1,739 | ||||||
3.80%, 3/11/25 | 3,350 | 3,258 | ||||||
JPMorgan Chase & Co., | ||||||||
2.01%, 3/13/26 | 2,000 | 1,853 | ||||||
2.08%, 4/22/26 | 4,500 | 4,181 | ||||||
5.55%, 12/15/25 | 2,120 | 2,122 | ||||||
LeasePlan Corp. NV | ||||||||
2.88%, 10/24/24 (b) | 1,275 | 1,197 |
Morgan Stanley Institutional Fund Trust
Short Duration Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Lloyds Banking Group PLC | ||||||||
0.70%, 5/11/24 | 2,105 | 2,065 | ||||||
Macquarie Bank Ltd. | ||||||||
2.30%, 1/22/25 (b) | 3,475 | 3,290 | ||||||
Macquarie Group Ltd. | ||||||||
1.34%, 1/12/27 (b) | 3,060 | 2,670 | ||||||
NatWest Group PLC | ||||||||
7.47%, 11/10/26 | 2,000 | 2,083 | ||||||
Nordea Bank Abp | ||||||||
1.50%, 9/30/26 (b) | 5,075 | 4,389 | ||||||
Royal Bank of Canada | ||||||||
1.20%, 4/27/26 | 7,020 | 6,250 | ||||||
Santander UK Group Holdings PLC | ||||||||
4.80%, 11/15/24 | 5,510 | 5,419 | ||||||
Societe Generale SA | ||||||||
2.63%, 1/22/25 (b) | 1,175 | 1,106 | ||||||
Standard Chartered PLC | ||||||||
0.99%, 1/12/25 (b) | 4,795 | 4,532 | ||||||
Sumitomo Mitsui Financial Group, Inc. | ||||||||
2.35%, 1/15/25 | 6,480 | 6,136 | ||||||
Suncorp-Metway Ltd. | ||||||||
3.30%, 4/15/24 (b) | 1,980 | 1,931 | ||||||
Synchrony Bank | ||||||||
5.40%, 8/22/25 | 1,480 | 1,454 | ||||||
Wells Fargo & Co. | ||||||||
3.91%, 4/25/26 | 1,975 | 1,921 | ||||||
119,564 | ||||||||
Industrials (26.9%) | ||||||||
Altria Group, Inc. | ||||||||
2.35%, 5/6/25 | 1,500 | 1,414 | ||||||
American Tower Corp. | ||||||||
1.60%, 4/15/26 | 450 | 401 | ||||||
AT&T, Inc. | ||||||||
1.70%, 3/25/26 | 2,840 | 2,563 | ||||||
Baxter International, Inc. | ||||||||
1.92%, 2/1/27 | 4,230 | 3,756 | ||||||
Bayer US Finance LLC | ||||||||
3.38%, 10/8/24 (b) | 1,740 | 1,683 | ||||||
Boeing Co. | ||||||||
5.04%, 5/1/27 | 1,475 | 1,461 | ||||||
CDW LLC/CDW Finance Corp. | ||||||||
2.67%, 12/1/26 | 250 | 222 | ||||||
Celanese U.S. Holdings LLC | ||||||||
6.17%, 7/15/27 | 1,110 | 1,097 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
4.91%, 7/23/25 | 850 | 834 | ||||||
Cigna Corp. | ||||||||
4.50%, 2/25/26 | 3,025 | 2,982 | ||||||
Continental Resources, Inc. | ||||||||
2.27%, 11/15/26 (b) | 1,000 | 868 | ||||||
Daimler Trucks Finance North America LLC, | ||||||||
1.13%, 12/14/23 (b) | 575 | 553 | ||||||
2.00%, 12/14/26 (b) | 2,025 | 1,787 | ||||||
Dell International LLC/EMC Corp. | ||||||||
5.45%, 6/15/23 | 523 | 523 | ||||||
DuPont de Nemours, Inc. | ||||||||
4.49%, 11/15/25 | 875 | 861 |
Morgan Stanley Institutional Fund Trust
Short Duration Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Eastern Energy Gas Holdings LLC | ||||||||
3.55%, 11/1/23 | 2,050 | 2,024 | ||||||
Energy Transfer LP, | ||||||||
2.90%, 5/15/25 | 4,130 | 3,893 | ||||||
4.75%, 1/15/26 | 325 | 317 | ||||||
Enterprise Products Operating LLC | ||||||||
3.90%, 2/15/24 | 1,200 | 1,182 | ||||||
Fox Corp. | ||||||||
4.03%, 1/25/24 | 1,200 | 1,187 | ||||||
General Motors Financial Co., Inc., | ||||||||
1.50%, 6/10/26 | 2,890 | 2,513 | ||||||
3.95%, 4/13/24 | 1,250 | 1,226 | ||||||
Genuine Parts Co. | ||||||||
1.75%, 2/1/25 | 740 | 691 | ||||||
Georgia-Pacific LLC | ||||||||
1.75%, 9/30/25 (b) | 4,080 | 3,731 | ||||||
Glencore Funding LLC | ||||||||
4.13%, 3/12/24 (b) | 1,225 | 1,206 | ||||||
Global Payments, Inc. | ||||||||
4.95%, 8/15/27 | 1,250 | 1,215 | ||||||
GSK Consumer Healthcare Capital U.S. LLC | ||||||||
3.02%, 3/24/24 | 750 | 728 | ||||||
HCA, Inc. | ||||||||
5.00%, 3/15/24 | 1,600 | 1,592 | ||||||
Hyundai Capital America, | ||||||||
1.25%, 9/18/23 (b) | 1,380 | 1,338 | ||||||
1.30%, 1/8/26 (b) | 2,780 | 2,434 | ||||||
2.38%, 2/10/23 (b) | 590 | 589 | ||||||
Hyundai Capital Services, Inc. | ||||||||
2.13%, 4/24/25 (b) | 1,000 | 915 | ||||||
Imperial Brands Finance PLC | ||||||||
3.13%, 7/26/24 (b) | 2,015 | 1,927 | ||||||
International Flavors & Fragrances, Inc. | ||||||||
1.23%, 10/1/25 (b) | 2,250 | 1,990 | ||||||
JDE Peet's NV | ||||||||
0.80%, 9/24/24 (b) | 3,025 | 2,765 | ||||||
Kinder Morgan, Inc. | ||||||||
1.75%, 11/15/26 | 2,640 | 2,334 | ||||||
Mitsubishi Corp. | ||||||||
1.13%, 7/15/26 (b) | 2,610 | 2,292 | ||||||
Mondelez International Holdings Netherlands BV, | ||||||||
1.25%, 9/24/26 (b) | 2,910 | 2,533 | ||||||
2.25%, 9/19/24 (b) | 950 | 904 | ||||||
Mercedes-Benz Finance North America LLC | ||||||||
3.30%, 5/19/25 (b) | 2,510 | 2,417 | ||||||
NBN Co. Ltd. | ||||||||
1.45%, 5/5/26 (b) | 2,770 | 2,447 | ||||||
Nissan Motor Co. Ltd. | ||||||||
3.04%, 9/15/23 (b) | 2,640 | 2,587 | ||||||
NongHyup Bank | ||||||||
1.25%, 7/20/25 (b) | 690 | 625 | ||||||
NTT Finance Corp. | ||||||||
1.16%, 4/3/26 (b) | 6,790 | 6,013 | ||||||
Nucor Corp. | ||||||||
2.00%, 6/1/25 | 975 | 908 | ||||||
NXP BV/NXP Funding LLC/NXP USA, Inc. | ||||||||
2.70%, 5/1/25 | 1,540 | 1,451 | ||||||
PerkinElmer, Inc. | ||||||||
0.85%, 9/15/24 | 3,440 | 3,190 | ||||||
Pioneer Natural Resources Co. | ||||||||
1.13%, 1/15/26 | 4,490 | 4,007 |
Morgan Stanley Institutional Fund Trust
Short Duration Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Royalty Pharma PLC | ||||||||
1.20%, 9/2/25 | 1,475 | 1,321 | ||||||
Sealed Air Corp. | ||||||||
1.57%, 10/15/26 (b) | 1,725 | 1,492 | ||||||
Siemens Financieringsmaatschappij NV | ||||||||
3.25%, 5/27/25 (b) | 1,000 | 966 | ||||||
Silgan Holdings, Inc. | ||||||||
1.40%, 4/1/26 (b) | 1,875 | 1,656 | ||||||
Skyworks Solutions, Inc. | ||||||||
0.90%, 6/1/23 | 1,750 | 1,716 | ||||||
Sonoco Products Co. | ||||||||
1.80%, 2/1/25 | 1,460 | 1,358 | ||||||
TD SYNNEX Corp. | ||||||||
1.25%, 8/9/24 | 5,815 | 5,404 | ||||||
TSMC Global Ltd. | ||||||||
0.75%, 9/28/25 (b) | 1,575 | 1,422 | ||||||
VICI Properties LP | ||||||||
4.38%, 5/15/25 | 1,880 | 1,828 | ||||||
Warnermedia Holdings, Inc. | ||||||||
3.43%, 3/15/24 (b) | 2,110 | 2,049 | ||||||
Williams Cos., Inc. | ||||||||
4.30%, 3/4/24 | 1,330 | 1,314 | ||||||
Zimmer Biomet Holdings, Inc. | ||||||||
1.45%, 11/22/24 | 2,400 | 2,233 | ||||||
108,935 | ||||||||
Utilities (2.3%) | ||||||||
Ameren Corp. | ||||||||
2.50%, 9/15/24 | 2,510 | 2,403 | ||||||
American Electric Power Co., Inc., | ||||||||
Series N | ||||||||
1.00%, 11/1/25 | 1,500 | 1,341 | ||||||
Dominion Energy, Inc., | ||||||||
Series A | ||||||||
1.45%, 4/15/26 | 2,355 | 2,099 | ||||||
NextEra Energy Capital Holdings, Inc. | ||||||||
1.88%, 1/15/27 | 2,825 | 2,504 | ||||||
Southern Co. | ||||||||
4.48%, 8/1/24 (d) | 1,175 | 1,161 | ||||||
9,508 | ||||||||
238,007 | ||||||||
Mortgages - Other (12.8%) | ||||||||
Ajax Mortgage Loan Trust, | ||||||||
1.07%, 9/25/65 (b)(c) | 744 | 648 | ||||||
1.70%, 5/25/59 (b) | 546 | 460 | ||||||
2.24%, 6/25/66 (b) | 726 | 685 | ||||||
BRAVO Residential Funding Trust | ||||||||
2.00%, 5/25/59 (b)(c) | 699 | 614 | ||||||
Brean Asset Backed Securities Trust, | ||||||||
1.40%, 10/25/63 (b)(c) | 1,748 | 1,497 | ||||||
1.75%, 10/25/61 (b)(c) | 1,819 | 1,598 | ||||||
Bunker Hill Loan Depositary Trust | ||||||||
1.72%, 2/25/55 (b)(c) | 237 | 220 | ||||||
Cascade Funding Mortgage Trust, | ||||||||
0.90%, 6/25/36 (b)(c) | 1,267 | 1,204 | ||||||
1.37%, 2/25/31 (b)(c) | 1,600 | 1,505 | ||||||
1.94%, 9/25/50 (b)(c) | 1,413 | 1,274 | ||||||
2.72%, 12/26/30 (b)(c) | 1,625 | 1,510 |
Morgan Stanley Institutional Fund Trust
Short Duration Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
2.80%, 6/25/69 (b)(c) | 258 | 250 | ||||||
4.00%, 10/25/68 (b)(c) | 275 | 266 | ||||||
Cascade MH Asset Trust | ||||||||
4.25%, 8/25/54 (b) | 1,572 | 1,381 | ||||||
CHL Mortgage Pass-Through Trust | ||||||||
5.50%, 5/25/34 | 40 | 38 | ||||||
CIM Trust 2021-NR2, | ||||||||
2.57%, 7/25/59 (b) | 1,010 | 951 | ||||||
Credit Suisse Mortgage Capital Certificates, | ||||||||
0.94%, 5/25/66 (b)(c) | 925 | 716 | ||||||
1.18%, 2/25/66 (b)(c) | 807 | 666 | ||||||
Finance of America HECM Buyout | ||||||||
4.00%, 12/25/24 (b)(c) | 2,467 | 2,421 | ||||||
FMC GMSR Issuer Trust, | ||||||||
3.85%, 10/25/26 (b)(c) | 1,700 | 1,368 | ||||||
4.45%, 1/25/26 (b)(c) | 1,500 | 1,314 | ||||||
7.90%, 7/25/27 (b) | 1,600 | 1,510 | ||||||
Class A | ||||||||
3.62%, 7/25/26 (b)(c) | 1,550 | 1,263 | ||||||
Headlands Residential 2021-RPL1 LLC | ||||||||
2.49%, 9/25/26 (b)(c) | 1,940 | 1,814 | ||||||
Homeward Opportunities Fund Trust | ||||||||
3.23%, 8/25/25 (b) | 569 | 569 | ||||||
Imperial Fund Mortgage Trust, | ||||||||
1.38%, 10/25/55 (b)(c) | 453 | 399 | ||||||
1.60%, 11/25/56 (b)(c) | 903 | 747 | ||||||
2.49%, 2/25/67 (b)(c) | 1,378 | 1,200 | ||||||
Legacy Mortgage Asset Trust | ||||||||
3.25%, 2/25/60 (b) | 891 | 875 | ||||||
LHOME Mortgage Trust | ||||||||
2.09%, 2/25/26 (b)(c) | 700 | 666 | ||||||
New Residential Mortgage Loan Trust, | ||||||||
3.75%, 5/28/52 – 8/25/55(b)(c) | 118 | 110 | ||||||
3.93%, 9/25/57 (b)(c) | 223 | 206 | ||||||
NewRez Warehouse Securitization Trust | ||||||||
1 Month USD LIBOR + 0.75%, 5.14%, 5/25/55 (b)(c) | 1,275 | 1,259 | ||||||
NYMT Loan Trust | ||||||||
2.94%, 10/25/60 (b)(c) | 1,552 | 1,497 | ||||||
Oceanview Mortgage Loan Trust | ||||||||
1.73%, 5/28/50 (b)(c) | 284 | 254 | ||||||
Pepper Residential Securities Trust, | ||||||||
1 Month USD LIBOR + 0.93%, 5.20%, 3/12/61 (b)(c) | 98 | 98 | ||||||
1 Month USD LIBOR + 0.88%, 5.21%, 1/16/60 (b)(c) | 24 | 24 | ||||||
1 Month USD LIBOR + 0.95%, 5.29%, 8/18/60 (b)(c) | 56 | 56 | ||||||
1 Month USD LIBOR + 1.00%, 5.35%, 6/20/60 (b)(c) | 49 | 48 | ||||||
Preston Ridge Partners LLC, | ||||||||
1.74%, 9/25/26 (b)(c) | 1,031 | 920 | ||||||
1.87%, 8/25/26 (b) | 1,423 | 1,282 | ||||||
2.12%, 1/25/26 – 3/25/26(b)(c) | 1,182 | 1,076 | ||||||
2.36%, 10/25/26 (b) | 1,336 | 1,213 | ||||||
Pretium Mortgage Credit Partners I LLC | ||||||||
2.24%, 9/27/60 (b) | 558 | 510 | ||||||
Residential Mortgage Loan Trust | ||||||||
1.65%, 5/25/60 (b)(c) | 260 | 250 | ||||||
RESIMAC Bastille Trust, | ||||||||
1 Month USD LIBOR + 0.85%, 5.02%, 12/5/59 (b)(c) | 26 | 26 | ||||||
1 Month USD LIBOR + 0.93%, 5.10%, 9/5/57 (b)(c) | 80 | 80 | ||||||
RESIMAC Premier Trust | ||||||||
1 Month USD LIBOR + 0.95%, 5.22%, 2/10/51 (b)(c) | 81 | 81 | ||||||
RMF Buyout Issuance Trust | ||||||||
1.72%, 10/25/50 (b)(c) | 1,706 | 1,562 |
Morgan Stanley Institutional Fund Trust
Short Duration Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
RMF Proprietary Issuance Trust, | ||||||||
2.13%, 9/25/61 (b)(c) | 1,587 | 1,273 | ||||||
4.00%, 8/25/62 (b)(c) | 2,225 | 2,004 | ||||||
Sequoia Mortgage Trust | ||||||||
1 Month USD LIBOR + 0.62%, 4.97%, 8/20/34 (c) | 89 | 83 | ||||||
Stanwich Mortgage Loan Co. LLC | ||||||||
2.74%, 10/16/26 (b) | 1,449 | 1,283 | ||||||
Towd Point HE Trust | ||||||||
0.92%, 2/25/63 (b)(c) | 988 | 928 | ||||||
Towd Point Mortgage Trust, | ||||||||
1.75%, 10/25/60 (b) | 554 | 476 | ||||||
2.75%, 4/25/57 (b)(c) | 13 | 12 | ||||||
1 Month USD LIBOR + 0.60%, 3.77%, 2/25/57 (b)(c) | 71 | 70 | ||||||
TVC Mortgage Trust | ||||||||
3.47%, 9/25/24 (b) | 88 | 88 | ||||||
VCAT Asset Securitization, 2021-NPL6 LLC | ||||||||
1.92%, 9/25/51 (b) | 1,579 | 1,382 | ||||||
Verus Securitization Trust | ||||||||
1.03%, 2/25/66 (b)(c) | 654 | 550 | ||||||
VOLT XCIII LLC | ||||||||
1.89%, 2/27/51 (b) | 871 | 780 | ||||||
VOLT XCIV LLC | ||||||||
2.24%, 2/27/51 (b) | 1,015 | 923 | ||||||
VOLT XCIX LLC | ||||||||
2.12%, 4/25/51 (b) | 1,333 | 1,185 | ||||||
VOLT XCVI LLC | ||||||||
2.12%, 3/27/51 (b) | 951 | 866 | ||||||
52,084 | ||||||||
Municipal Bond (0.0%) (a) | ||||||||
Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Asset-Backed Bonds, Series 2021 | ||||||||
1.85%, 6/1/31 | 190 | 187 | ||||||
Sovereign (0.4%) | ||||||||
Korea National Oil Corp. | ||||||||
0.88%, 10/5/25 (b) | 1,680 | 1,488 | ||||||
Supranational (0.4%) | ||||||||
Corp. Andina de Fomento | ||||||||
1.63%, 9/23/25 | 1,750 | 1,587 | ||||||
U.S. Treasury Security (4.2%) | ||||||||
U.S. Treasury Notes | ||||||||
4.50%, 11/30/24 | 17,100 | 17,102 | ||||||
Total Fixed Income Securities (Cost $428,642) | 398,688 |
Shares | ||||||||
Short-Term Investments (1.4%) | ||||||||
Investment Company (1.0%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (e) (Cost $3,880) | 3,880,431 | 3,880 |
Face | ||||||||
Amount | ||||||||
(000) | ||||||||
U.S. Treasury Security (0.4%) | ||||||||
U.S. Treasury Bill | ||||||||
3.84%, 3/16/23 (f) (Cost $1,518) | $ | 1,530 | 1,517 | |||||
Total Short-Term Investments (Cost $5,398) | 5,397 | |||||||
Total Investments (99.6%) (Cost $434,040) (g)(h)(i) | 404,085 | |||||||
Other Assets in Excess of Liabilities (0.4%) | 1,485 | |||||||
Net Assets (100.0%) | $ | 405,570 |
Morgan Stanley Institutional Fund Trust
Short Duration Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
(a) | Amount is less than 0.05%. |
(b) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
(c) | Floating or variable rate securities: The rates disclosed are as of December 31, 2022. 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) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date. |
(e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended December 31, 2022, advisory fees paid were less than $2,000 relating to the Fund's investment in the Liquidity Funds. |
(f) | Rate shown is the yield to maturity at December 31, 2022. |
(g) | Securities are available for collateral in connection with futures contracts. |
(h) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions. |
(i) | At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $160,000 and the aggregate gross unrealized depreciation is approximately $30,016,000, resulting in net unrealized depreciation of approximately $29,856,000. |
@ | Face Amount/Value is less than $500. |
CLO | Collateralized Loan Obligation. |
CMT | Constant Maturity Treasury Note Rate. |
LIBOR | London Interbank Offered Rate. |
REMIC | Real Estate Mortgage Investment Conduit. |
SOFR | Secured Overnight Financing Rate. |
USD | United States Dollar. |
Futures Contracts:
The Fund had the following futures contracts open at December 31, 2022:
Number of Contracts | Expiration Date | Notional Amount (000) | Value (000) | Unrealized Appreciation (000) | |||||||||||||
Long: | |||||||||||||||||
U.S. Treasury 2 yr. Note (United States) | 364 | Mar-23 | $ | 72,800 | $ | 74,648 | $ | 39 | |||||||||
Short: | |||||||||||||||||
U.S. Treasury 5 yr. Note (United States) | 360 | Mar-23 | (36,000 | ) | (38,855 | ) | 39 | ||||||||||
U.S. Treasury 10 yr. Note (United States) | 79 | Mar-23 | (7,900 | ) | (8,871 | ) | 21 | ||||||||||
$ | 99 |
Portfolio Composition | ||||
Classification | Percentage of Total Investments | |||
Finance | 29.6 | % | ||
Industrials | 27.0 | |||
Asset-Backed Securities | 15.8 | |||
Mortgages - Other | 12.9 | |||
Other* | 7.9 | |||
Commercial Mortgage-Backed Securities | 5.5 | |||
Short-Term Investments | 1.3 | |||
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 $122,374,000 and total unrealized appreciation of approximately $99,000. |
Morgan Stanley Institutional Fund Trust
Ultra-Short Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)
Face | ||||||||
Amount | Value | |||||||
(000) | (000) | |||||||
Certificates of Deposit (13.2%) | ||||||||
Domestic Banks (5.4%) | ||||||||
Citibank NA | ||||||||
3.85%, 7/28/23 | $ | 150,000 | $ | 148,796 | ||||
First Republic Bank | ||||||||
4.40%, 1/4/23 | 462,000 | 462,000 | ||||||
610,796 | ||||||||
International Banks (7.8%) | ||||||||
National Bank of Kuwait Sakp, | ||||||||
5.07%, 3/23/23 | 300,000 | 300,067 | ||||||
5.95%, 12/14/23 | 200,000 | 200,387 | ||||||
Qatar National Bank | ||||||||
1.10%, 1/31/23 | 110,000 | 109,568 | ||||||
Sumitomo Mitsui Banking Corp. | ||||||||
2.70%, 4/26/23 | 125,000 | 124,141 | ||||||
Svenska Handelsbanken AB | ||||||||
3.91%, 7/19/23 | 71,000 | 70,518 | ||||||
Toronto-Dominion Bank | ||||||||
2.61%, 5/22/23 | 90,000 | 89,169 | ||||||
893,850 | ||||||||
Total Certificates of Deposit (Cost $1,507,905) | 1,504,646 | |||||||
Commercial Paper (a) (34.7%) | ||||||||
Asset-Backed Diversified Financial Services (4.7%) | ||||||||
Atlantic Asset Securitization LLC, | ||||||||
5.44%, 5/3/23 – 6/12/23 | 140,000 | 137,455 | ||||||
Barton Capital Corp., | ||||||||
4.37%, 1/4/23 | 11,000 | 10,993 | ||||||
4.82%, 3/22/23 | 75,000 | 74,208 | ||||||
LMA Americas LLC, | ||||||||
4.84%, 3/21/23 | 75,000 | 74,222 | ||||||
5.27%, 6/22/23 | 35,000 | 34,162 | ||||||
5.37%, 5/23/23 | 50,000 | 49,013 | ||||||
5.44%, 5/5/23 – 7/6/23 | 112,000 | 109,414 | ||||||
5.49%, 7/25/23 | 40,000 | 38,847 | ||||||
Starbird Funding Corp. | ||||||||
5.18%, 6/20/23 | 2,000 | 1,953 | ||||||
530,267 | ||||||||
Automobiles (1.1%) | ||||||||
American Honda Finance Corporation, | ||||||||
5.08%, 3/10/23 – 3/13/23 | 100,000 | 99,046 | ||||||
5.09%, 3/6/23 – 3/10/23 | 14,750 | 14,616 | ||||||
Toyota Credit Canada Inc. | ||||||||
3.55%, 1/11/23 | 10,000 | 9,985 | ||||||
123,647 | ||||||||
Chemicals (1.0%) | ||||||||
Nutrien Ltd., | ||||||||
5.24%, 3/23/23 – 3/24/23 | 115,000 | 113,683 |
Morgan Stanley Institutional Fund Trust
Ultra-Short Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Computer Technology (0.2%) | ||||||||
Fidelity National Information Services, Inc. | ||||||||
5.14%, 3/22/23 | 25,000 | 24,717 | ||||||
Domestic Banks (4.3%) | ||||||||
HSBC USA, Inc., | ||||||||
3.08%, 4/28/23 | 35,000 | 34,441 | ||||||
3.41%, 6/9/23 | 152,500 | 149,102 | ||||||
4.23%, 8/4/23 | 110,000 | 106,594 | ||||||
4.26%, 7/6/23 | 22,500 | 21,902 | ||||||
4.41%, 8/11/23 | 18,000 | 17,423 | ||||||
6.07%, 12/15/23 | 75,000 | 71,138 | ||||||
6.09%, 12/8/23 | 74,000 | 70,267 | ||||||
6.10%, 11/14/23 | 25,000 | 23,760 | ||||||
494,627 | ||||||||
Finance (8.3%) | ||||||||
Barclays Capital, Inc., | ||||||||
4.23%, 7/19/23 | 67,500 | 65,565 | ||||||
5.76%, 12/19/23 | 100,000 | 94,772 | ||||||
5.81%, 12/28/23 | 100,000 | 94,627 | ||||||
5.83%, 12/18/23 | 32,000 | 30,332 | ||||||
5.95%, 11/22/23 | 75,000 | 71,402 | ||||||
CDP Financial, Inc., | ||||||||
3.92%, 6/22/23 | 90,000 | 87,883 | ||||||
3.93%, 6/21/23 | 115,000 | 112,312 | ||||||
3.95%, 6/13/23 | 90,000 | 88,005 | ||||||
4.13%, 8/21/23 | 50,000 | 48,377 | ||||||
Citigroup Global Markets, Inc., | ||||||||
4.06%, 5/17/23 | 1,000 | 981 | ||||||
5.55%, 12/14/23 | 9,350 | 8,872 | ||||||
PSP Capital Inc., | ||||||||
4.06%, 8/16/23 | 150,000 | 145,322 | ||||||
4.09%, 8/17/23 | 96,000 | 92,992 | ||||||
941,442 | ||||||||
Health Care Services (0.8%) | ||||||||
Catholic Health Initiatives, | ||||||||
5.03%, 3/22/23 | 30,000 | 29,610 | ||||||
5.04%, 3/23/23 | 9,887 | 9,757 | ||||||
5.52%, 6/15/23 | 50,000 | 48,673 | ||||||
88,040 | ||||||||
Industrials (1.9%) | ||||||||
Fiserv, Inc. | ||||||||
5.14%, 3/23/23 | 52,000 | 51,401 | ||||||
Parker-Hannifin Corp., | ||||||||
5.09%, 3/22/23 – 3/23/23 | 46,000 | 45,472 | ||||||
Reckitt Benckiser Treasury Services PLC | ||||||||
5.05%, 3/23/23 | 64,000 | 63,300 | ||||||
Wal Mart Stores, Inc. | ||||||||
4.37%, 1/4/23 | 16,000 | 15,990 | ||||||
Waste Management, Inc. | ||||||||
5.13%, 3/23/23 | 45,750 | 45,225 | ||||||
221,388 | ||||||||
Insurance (0.6%) | ||||||||
Pricoa Short Term Funding LLC, | ||||||||
4.17%, 7/13/23 | 5,000 | 4,864 |
Morgan Stanley Institutional Fund Trust
Ultra-Short Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
5.00%, 9/8/23 | 33,000 | 31,822 | ||||||
5.07%, 9/22/23 | 30,000 | 28,864 | ||||||
65,550 | ||||||||
International Banks (11.8%) | ||||||||
Barclays Bank PLC, | ||||||||
2.60%, 4/20/23 (b) | 100,000 | 99,257 | ||||||
4.72%, 2/7/23 (b) | 2,000 | 1,990 | ||||||
BPCE SA | ||||||||
5.53%, 9/8/23 | 45,000 | 43,376 | ||||||
Landesbank Baden-Wuerttemberg | ||||||||
4.42%, 2/2/23 | 300,000 | 298,769 | ||||||
Lloyds Bank PLC | ||||||||
5.44%, 10/3/23 (c) | 75,000 | 72,044 | ||||||
Mizuho Bank Ltd., | ||||||||
4.43%, 2/1/23 | 50,000 | 49,799 | ||||||
4.87%, 3/23/23 | 50,000 | 49,456 | ||||||
National Australia Bank Ltd. | ||||||||
3.92%, 6/15/23 | 137,000 | 133,874 | ||||||
Societe Generale SA | ||||||||
5.90%, 11/10/23 (b) | 160,000 | 152,412 | ||||||
Sumitomo Mitsui Trust Bank Ltd., | ||||||||
4.44%, 1/19/23 – 1/20/23 | 325,000 | 324,200 | ||||||
Suncorp Group Ltd., | ||||||||
5.47%, 5/8/23 – 5/9/23 | 110,000 | 107,963 | ||||||
Toronto-Dominion Bank | ||||||||
5.61%, 9/29/23 | 10,000 | 9,615 | ||||||
1,342,755 | ||||||||
Total Commercial Paper (Cost $3,953,991) | 3,946,116 | |||||||
Corporate Bonds (0.7%) | ||||||||
Computer Technology (0.2%) | ||||||||
Fidelity National Information Services, Inc. | ||||||||
0.38%, 3/1/23 | 22,000 | 21,835 | ||||||
Domestic Bank (0.2%) | ||||||||
Truist Bank | ||||||||
3.00%, 2/2/23 | 25,000 | 24,964 | ||||||
International Banks (0.3%) | ||||||||
Banque Federative du Credit Mutuel SA | ||||||||
3.75%, 7/20/23 (b) | 3,000 | 2,977 | ||||||
Goldman Sachs Group, Inc. | ||||||||
0.52%, 3/8/23 | 25,000 | 24,809 | ||||||
UBS AG | ||||||||
0.38%, 6/1/23 (b) | 1,275 | 1,250 | ||||||
29,036 | ||||||||
Total Corporate Bonds (Cost $75,832) | 75,835 | |||||||
Floating Rate Notes (d) (38.8%) | ||||||||
Asset-Backed Diversified Financial Services (0.5%) | ||||||||
Collateralized Commercial Paper FLEX Co. LLC, | ||||||||
SOFR + 0.38%, 4.68%, 3/23/23 (b) | 5,000 | 5,001 |
Morgan Stanley Institutional Fund Trust
Ultra-Short Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Fairway Finance Co. LLC, | ||||||||
SOFR + 0.73%, 5.03%, 6/15/23 (b) | 50,000 | 50,068 | ||||||
55,069 | ||||||||
Automobiles (1.1%) | ||||||||
Toyota Motor Credit Corp. | ||||||||
5.05%, 12/11/23 | 123,360 | 123,565 | ||||||
Domestic Banks (2.4%) | ||||||||
Bank of America NA | ||||||||
5.05%, 8/4/23 | 95,000 | 95,106 | ||||||
Bank of America Securities, Inc., | ||||||||
4.90%, 3/3/23 | 20,000 | 20,009 | ||||||
5.12%, 10/20/23 | 125,000 | 125,183 | ||||||
Citibank NA, | ||||||||
SOFR + 0.63%, 4.93%, 9/26/23 | 36,000 | 35,995 | ||||||
276,293 | ||||||||
Finance (1.0%) | ||||||||
American Express Co., | ||||||||
SOFR + 0.23%, 4.30%, 11/3/23 | 15,249 | 15,178 | ||||||
CDP Financial, Inc., | ||||||||
SOFR + 0.80%, 5.10%, 11/1/23 (b) | 50,000 | 50,078 | ||||||
Citigroup Global Markets Holdings, Inc., | ||||||||
SOFR + 0.78%, 4.55%, 7/10/23 | 50,000 | 50,045 | ||||||
115,301 | ||||||||
International Banks (33.8%) | ||||||||
Bank of Montreal, | ||||||||
SOFR + 0.27%, 4.06%, 4/14/23 | 2,078 | 2,075 | ||||||
SOFR + 0.27%, 4.58%, 9/15/23 | 1,008 | 1,005 | ||||||
SOFR + 0.70%, 5.00%, 5/8/23 | 50,000 | 50,059 | ||||||
SOFR + 0.75%, 5.05%, 12/1/23 | 200,000 | 200,235 | ||||||
SOFR + 0.80%, 5.10%, 11/7/23 | 75,500 | 75,614 | ||||||
Bank of Nova Scotia, | ||||||||
SOFR + 0.55%, 4.86%, 9/15/23 | 32,234 | 32,198 | ||||||
SOFR + 0.60%, 4.90%, 5/15/23 | 100,000 | 100,099 | ||||||
SOFR + 0.75%, 5.05%, 8/1/23 – 12/4/23 | 190,000 | 190,301 | ||||||
Barclays Bank PLC, | ||||||||
5.05%, 10/4/23 – 10/5/23 (b) | 75,000 | 75,021 | ||||||
BNZ International Funding Ltd., | ||||||||
SOFR + 0.72%, 4.44%, 7/12/23 (b) | 75,000 | 75,073 | ||||||
SOFR + 0.72%, 4.59%, 4/21/23 (b) | 95,500 | 95,602 | ||||||
BPCE SA, | ||||||||
SOFR + 0.65%, 4.95%, 9/13/23 (b) | 396,000 | 396,276 | ||||||
4.98%, 9/1/23 (b) | 115,000 | 115,121 | ||||||
Canadian Imperial Bank of Commerce, | ||||||||
SOFR + 0.34%, 4.66%, 6/22/23 | 4,980 | 4,973 | ||||||
SOFR + 0.74%, 5.04%, 8/3/23 | 25,000 | 25,066 | ||||||
SOFR + 0.80%, 5.10%, 10/20/23 | 200,000 | 200,521 | ||||||
DNB Bank ASA, | ||||||||
SOFR + 0.70%, 5.00%, 7/27/23 (b) | 25,000 | 25,047 | ||||||
Macquarie Bank Ltd., | ||||||||
SOFR + 0.65%, 4.95%, 6/21/23 (b) | 75,000 | 75,091 | ||||||
SOFR + 0.77%, 5.07%, 8/2/23 (b) | 148,000 | 148,259 | ||||||
SOFR + 0.78%, 5.08%, 8/4/23 (b) | 195,000 | 195,351 | ||||||
Royal Bank of Canada, | ||||||||
SOFR + 0.45%, 4.40%, 10/26/23 | 33,139 | 33,065 | ||||||
SOFR + 0.72%, 5.02%, 12/7/23 (b) | 50,000 | 50,048 |
Morgan Stanley Institutional Fund Trust
Ultra-Short Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
SOFR + 0.75%, 5.05%, 11/29/23 (b) | 100,000 | 100,128 | ||||||
Skandinaviska Enskilda Banken AB, | ||||||||
SOFR + 0.69%, 4.99%, 8/16/23 | 150,000 | 150,169 | ||||||
SOFR + 0.70%, 5.00%, 8/11/23 (b) | 250,000 | 250,328 | ||||||
Societe Generale SA, | ||||||||
SOFR + 0.82%, 5.12%, 12/11/23 (b) | 22,000 | 22,043 | ||||||
SOFR + 0.90%, 5.20%, 11/20/23 (b) | 90,000 | 90,239 | ||||||
Sumitomo Mitsui Banking Corp., | ||||||||
SOFR + 0.59%, 4.89%, 9/22/23 | 18,000 | 18,004 | ||||||
SOFR + 0.80%, 5.10%, 8/1/23 | 20,000 | 20,041 | ||||||
SOFR + 0.92%, 5.22%, 11/30/23 | 150,000 | 150,413 | ||||||
SOFR + 0.95%, 5.25%, 10/25/23 | 101,000 | 101,288 | ||||||
Svenska Handelsbanken AB, | ||||||||
SOFR + 0.72%, 5.02%, 12/5/23 | 190,000 | 190,205 | ||||||
SOFR + 0.75%, 5.05%, 7/28/23 (b) | 98,000 | 98,157 | ||||||
SOFR + 0.75%, 5.05%, 8/2/23 | 50,000 | 50,077 | ||||||
Swedbank AB Sparbanken Sverige, | ||||||||
SOFR + 0.70%, 5.00%, 7/14/23 | 27,500 | 27,543 | ||||||
UBS AG, | ||||||||
SOFR + 0.82%, 4.64%, 10/17/23 (b) | 96,000 | 96,131 | ||||||
SOFR + 0.64%, 4.96%, 6/21/23 (b) | 190,000 | 190,069 | ||||||
Westpac Banking Corp., | ||||||||
SOFR + 0.50%, 4.80%, 3/21/23 (b) | 12,500 | 12,505 | ||||||
SOFR + 0.72%, 5.02%, 8/2/23 – 8/4/23(b) | 116,500 | 116,716 | ||||||
3,850,156 | ||||||||
Total Floating Rate Notes (Cost $4,414,345) | 4,420,384 | |||||||
Repurchase Agreements (12.3%) | ||||||||
Bank of America Securities, Inc., (4.72%, dated 1/27/22, due 1/27/23; proceeds $314,357; fully collateralized by various Common Stocks and Preferred Stocks; valued at $315,000) (Demand 1/3/23) (e) | 300,000 | 300,000 | ||||||
BMO Capital Markets Corp, (4.42%, dated 12/30/22, due 1/3/23; proceeds $1,000; fully collateralized by a U.S. Government Security, 3.07% due 11/28/33, U.S. Government obligations, 0.00% - 2.50% due 2/23/23 - 2/15/49 and Corporate Bonds, 1.15% - 8.91% due 10/26/23 - 2/1/41; valued at $ 1,049) | 1,000 | 1,000 | ||||||
BNP Paribas, (4.53%, dated 6/29/22, due 1/6/23; proceeds $235,528; fully collateralized by various by various Corporate Bonds 1.70% - 11.00% due 3/1/24 - 6/15/76; valued at $243,791) (Demand 1/3/23) (e) | 230,000 | 230,000 | ||||||
BNP Paribas, (4.59% ,dated 5/16/22, due 1/6/23; proceeds $82,397; fully collateralized by various Corporate Bonds 1.40% - 9.50% due 3/15/23 - 9/15/79; valued at $84,699) (Demand 1/3/23) (e) | 80,000 | 80,000 | ||||||
Citigroup Global Markets Holdings, Inc., (4.93%, dated 11/14/22, due 4/4/23; proceeds $203,862; fully collateralized by various by various Corporate Bonds, 2.38% - 13.38% due 5/15/23 - 12/21/65 and U.S. Government agency securities, 4.62% - 4.69% due 8/20/67- 10/20/67; valued at $210,418) (Demand 1/3/23) (e) | 200,000 | 200,000 | ||||||
JP Morgan Securities LLC, (4.57%, dated 11/17/21, due 1/6/23; proceeds $73,688; fully collateralized by various Common Stocks and Preferred Stocks; valued at $ 73,793) (Demand 1/3/23) (e) | 70,000 | 70,000 | ||||||
JP Morgan Securities LLC, (4.70%, dated 7/14/22, due 3/6/23; proceeds $298,897; fully collateralized by various Corporate Bonds, 2.65% - 11.13% due 4/1/23 - 12/15/65; valued at $308,631) (Demand 1/3/23) (e) | 290,000 | 290,000 | ||||||
Pershing LLC, (4.63%, dated 12/30/22, due 1/3/23; proceeds $25,013; fully collateralized by various Corporate Bonds, 0.25% - 7.95% due 1/6/23 - 11/1/66; valued at $26,411) | 25,000 | 25,000 |
Morgan Stanley Institutional Fund Trust
Ultra-Short Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Societe Generale SA, (4.47%, dated 12/30/22, due 1/3/23; proceeds $17,008; fully collateralized by various Corporate Bonds, 3.95% - 8.88% due 3/15/23 - 1/22/30; valued at $18,030) | 17,000 | 17,000 | ||||||
Wells Fargo Securities LLC, (4.85%, dated 12/9/22, due 3/9/23; proceeds $50,606; fully collateralized by various Corporate Bonds, 1.79% - 5.95% due 5/22/23 - 4/22/61; Common Stocks and Preferred Stocks; valued at $52,500) (e) | 50,000 | 50,000 | ||||||
Wells Fargo Securities LLC, (4.85%, dated 12/9/22, due 3/9/23; proceeds $135,625; fully collateralized by various Common Stocks and Preferred Stock; valued at $140,700) (e) | 134,000 | 134,000 | ||||||
Total Repurchase Agreements (Cost $1,397,000) | 1,397,000 | |||||||
Time Deposit (0.0%) (f) | ||||||||
International Bank (0.0%) (f) | ||||||||
Credit Agricole CIB (Grand Cayman) | ||||||||
4.29%, 1/3/23 (Cost $1,000) | 1,000 | 1,000 | ||||||
Total Investments (99.7%) (Cost $11,350,073) (g)(h)(i) | 11,344,981 | |||||||
Other Assets in Excess of Liabilities (0.3%) | 28,840 | |||||||
Net Assets (100.0%) | $ | 11,373,821 |
(a) | The rates shown are the effective yields at the date of purchase. |
(b) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
(c) | All or a portion of the security is subject to delayed delivery. |
(d) | Floating or variable rate securities: The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments. |
(e) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of December 31, 2022. |
(f) | Amount is less than 0.05%. |
(g) | Securities are available for collateral in connection with securities purchased on a forward commitment basis. |
(h) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions. |
(i) | At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,351,000 and the aggregate gross unrealized depreciation is approximately $12,443,000, resulting in net unrealized depreciation of approximately $5,092,000. |
SOFR | Secured Overnight Financing Rate. |
Portfolio Composition | ||||
Classification | Percentage of Total Investments | |||
Floating Rate Notes | 39.0 | % | ||
Commercial Paper | 34.8 | |||
Certificates of Deposit | 13.2 | |||
Repurchase Agreements | 12.3 | |||
Other* | 0.7 | |||
Total Investments | 100.0 | % |
* Industries and/or investment types representing less than 5% of total investments.
Morgan Stanley Institutional Fund Trust
Ultra-Short Municipal Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)
Face | ||||||||
Amount | Value | |||||||
(000) | (000) | |||||||
Weekly Variable Rate Bonds (a) (54.5%) | ||||||||
County of Clark, NV, | ||||||||
Nevada Industrial Development Revenue Bonds | ||||||||
3.65%, 3/1/38 | $ | 6,500 | $ | 6,500 | ||||
County of Liberty, FL, | ||||||||
Industrial Development Revenue Bonds | ||||||||
Georgia Pacific Corp. | ||||||||
Ser 2004 | ||||||||
3.80%, 10/1/28 | 4,500 | 4,500 | ||||||
County of Perry, MS, | ||||||||
Mississippi Pollution Control Refunding Revenue Bonds | ||||||||
Leaf River Cellulose, LLC Project | ||||||||
Ser 2021 | ||||||||
3.75%, 10/1/41 | 4,000 | 4,000 | ||||||
Daviess County, KY, | ||||||||
Solid Waste Disposal Facilities Revenue | ||||||||
Ser 1993-A (AMT) | ||||||||
3.46%, 12/1/23 | 5,000 | 5,000 | ||||||
Iowa State Finance Authority, LA, | ||||||||
Midwestern Disaster Area Revenue Bonds | ||||||||
Archer-Daniels-Midland Company Project | ||||||||
Ser 2012 | ||||||||
3.77%, 12/1/45 | 3,500 | 3,500 | ||||||
Solid Waste Facilities Revenue Bonds | ||||||||
Mid America Energy Company Project | ||||||||
Ser 2016 B (AMT) | ||||||||
3.91%, 12/1/46 | 3,500 | 3,500 | ||||||
Ser 2017 (AMT) | ||||||||
3.90%, 12/1/47 | 3,000 | 3,000 | ||||||
Kentucky Economic Development Finance Authority, KY, | ||||||||
Catholic Health Initiatives | ||||||||
Ser 2004 C | ||||||||
4.00%, 5/1/34 | 5,000 | 5,000 | ||||||
Metropolitan Washington Airports Authority, DC, | ||||||||
Airport System Subser 2011 A-1 | ||||||||
3.70%, 10/1/39 | 6,100 | 6,100 | ||||||
New York State Energy Research & Development Authority Facilities, NY, | ||||||||
Consolidated Edison Co | ||||||||
Ser 2004 Subser C-3 (AMT) | ||||||||
3.68%, 11/1/39 | 6,000 | 6,000 | ||||||
Parish of St. James, LA, | ||||||||
State of Louisiana Revenue Bonds, Nucor Steel Louisiana LLC Project, | ||||||||
Gulf Opportunity Zone Bonds | ||||||||
Ser 2010B-1 | ||||||||
4.10%, 11/1/40 | 4,500 | 4,500 | ||||||
Port of Tacoma, WA, | ||||||||
Subordinate Lien Revenue Refunding Bonds | ||||||||
Ser 2008 (AMT) | ||||||||
3.64%, 12/1/35 | 6,600 | 6,600 | ||||||
RBC Municipal Products Inc Trust, CO, | ||||||||
City and County of Denver Airport System – | ||||||||
Subordinate Bonds Floater Certificates | ||||||||
Ser 2019-G114 | ||||||||
3.91%, 12/1/26 (b) | 800 | 800 |
Morgan Stanley Institutional Fund Trust
Ultra-Short Municipal Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
RBC Municipal Products Inc Trust, MO, | ||||||||
Health And Educational Facilities Authority of The State of Missouri SSM | ||||||||
Health Ser 2019 A Floater | ||||||||
Certificates Ser 2019-C17 | ||||||||
3.70%, 12/1/39 (b) | 3,000 | 3,000 | ||||||
RBC Municipal Products Inc Trust, NY, | ||||||||
New York City Variable Ser 2006 Subser I-5 Floater | ||||||||
Certificates Ser 2019-E133 | ||||||||
3.69%, 5/1/23 (b) | 4,000 | 4,000 | ||||||
RBC Municipal Products Inc Trust, SC, | ||||||||
Transportation Infrastructure Bank Ser 2017 A Floater | ||||||||
Certificates Ser 2019-G109 | ||||||||
3.86%, 10/1/25 (b) | 525 | 525 | ||||||
RBC Municipal Products Inc Trust, TX, | ||||||||
Various States Certificates | ||||||||
E-140 | ||||||||
3.69%, 10/1/24 (b) | 2,000 | 2,000 | ||||||
E-150 | ||||||||
3.69%, 5/1/27 (b) | 4,000 | 4,000 | ||||||
E-154 | ||||||||
3.76%, 6/1/28 (b) | 7,800 | 7,800 | ||||||
Utah Water Finance Agency, UT, | ||||||||
Ser 2008 B | ||||||||
3.70%, 10/1/37 | 5,840 | 5,840 | ||||||
Washington County, NE, | ||||||||
Nebraska Industrial Development Revenue Bonds | ||||||||
Ser 2010 B | ||||||||
3.50%, 12/1/40 | 1,500 | 1,500 | ||||||
Total Weekly Variable Rate Bonds (Cost $87,665) | 87,665 | |||||||
Commercial Paper (c) (17.4%) | ||||||||
Austin Texas Utility System | ||||||||
Revenue IAM Commercial Paper | ||||||||
3/A2 Ser A | ||||||||
3.00%, 2/2/23 | 5,000 | 5,000 | ||||||
King Country Wash IAM Commercial Paper | ||||||||
3/A2 Ser A IAM 103 | ||||||||
2.03%, 1/5/23 | 5,000 | 4,999 | ||||||
Lincoln Nebraska Electric System | ||||||||
Revenue IAM Commercial Paper | ||||||||
3/A2 Ser 1995 | ||||||||
2.65%, 4/20/23 | 3,000 | 2,995 | ||||||
Mercer County Pollution Control | ||||||||
Revenue IAM Commercial Paper | ||||||||
3/A2 Ser 1 ND | ||||||||
2.95%, 2/15/23 | 4,000 | 3,995 | ||||||
Metropolitan Government Nashville & Davidson Country, | ||||||||
Water & Sewer Revenue IAM Commercial Paper | ||||||||
3/A2 | ||||||||
3.40%, 2/16/23 | 3,000 | 2,998 | ||||||
NC Electric Membership Corp. | ||||||||
2.15%, 1/3/23 | 4,000 | 3,999 | ||||||
Omeha Pub PWR District Nebraska Electric System, | ||||||||
Revenue IAM Commercial Paper | ||||||||
3/A2 Ser A, | ||||||||
2.60%, 2/8/23 | 2,000 | 1,998 | ||||||
3.45%, 3/3/23 | 2,000 | 2,000 | ||||||
Total Commercial Paper (Cost $28,000) | 27,984 |
Morgan Stanley Institutional Fund Trust
Ultra-Short Municipal Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
Floating Rate Notes (a) (11.8%) | ||||||||
Indiana Finance Authority, IN, | ||||||||
Economic Development Refunding Revenue Bonds | ||||||||
Ser 2010A (AMT) | ||||||||
3.40%, 5/1/34 | 1,000 | 999 | ||||||
Michigan Finance Authority, MI, | ||||||||
Hospital Revenue Bonds Trinity Health Credit Group | ||||||||
Ser 2015 | ||||||||
4.51%, 12/1/39 | 2,000 | 2,004 | ||||||
Mission Economic Development Corporation, TX, | ||||||||
Solid Waste Disposal Revenue Refunding Bonds | ||||||||
Republic Services Inc. Ser 2012 | ||||||||
4.10%, 1/1/26 (b) | 1,000 | 1,000 | ||||||
New York City Cultural Resources Trust, NY, | ||||||||
American Museum of Natural History | ||||||||
Ser 2014 B-1 | ||||||||
4.00%, 4/1/44 | 3,000 | 3,000 | ||||||
New York State Environmental Facilities Corp., NY, | ||||||||
Solid Waste Disposal Refunding Revenue Bonds | ||||||||
Waste Management Inc. Project 2012 (AMT) | ||||||||
4.00%, 5/1/30 | 7,000 | 7,000 | ||||||
Pennsylvania Economic Development Financing Authority, PA, | ||||||||
Solid Waste Disposal Refunding Revenue Bonds | ||||||||
Ser 2019A (AMT) | ||||||||
3.88%, 4/1/34 | 2,000 | 2,000 | ||||||
The Industrial Development Authority of The City of Phoenix, AZ, | ||||||||
Solid Waste Disposal Revenue Refunding Bonds | ||||||||
Ser 2013 (AMT) | ||||||||
4.10%, 12/1/35 | 3,000 | 3,000 | ||||||
Total Floating Rate Notes (Cost $19,004) | 19,003 | |||||||
Closed-End Investment Companies (a) (6.2%) | ||||||||
Nuveen AMT-Free Municipal Credit Income Fund, OT, | ||||||||
MFP Share Ser B | ||||||||
4.11%, 3/1/29 (b) | 5,000 | 5,000 | ||||||
Nuveen New York AMT-Free Quality Municipal Income Fund, | ||||||||
800 Ser E (AMT) | ||||||||
4.11%, 5/1/47 (b) | 5,000 | 5,000 | ||||||
Total Closed-End Investment Companies (Cost $10,000) | 10,000 | |||||||
Daily Variable Rate Bonds (a) (4.7%) | ||||||||
County of Bay, FL, | ||||||||
Florida Industrial Development Revenue Bonds | ||||||||
Gulf Power Company Project | ||||||||
Ser 2020 (AMT) | ||||||||
3.70%, 6/1/50 | 5,800 | 5,800 | ||||||
West Jefferson, AL, | ||||||||
Industrial Development Board | ||||||||
Solid Waste Disposal Revenue Alabama Power- Miller Plant | ||||||||
Ser 2008 (AMT) | ||||||||
3.74%, 12/1/38 | 1,700 | 1,700 | ||||||
Total Daily Variable Rate Bonds (Cost $7,500) | 7,500 | |||||||
Municipal Bonds & Notes (3.4%) | ||||||||
City of Houston, TX, | ||||||||
Texas Public Improvement Refunding Bonds | ||||||||
Ser 2016A | ||||||||
5.00%, 3/1/23 | 3,000 | 3,010 |
Morgan Stanley Institutional Fund Trust
Ultra-Short Municipal Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2022 (unaudited)(cont’d)
County of Clark, NV, | ||||||||
Airport System Junior Subordinate Lien Revenue Notes | ||||||||
Ser 2021B | ||||||||
5.00%, 7/1/23 | 2,400 | 2,417 | ||||||
Total Municipal Bonds & Notes (Cost $5,428) | 5,427 | |||||||
Total Investments (98.0%) (Cost $157,597) (d)(e) | 157,579 | |||||||
Other Assets in Excess of Liabilities (2.0%) | 3,270 | |||||||
Net Assets (100.0%) | $ | 160,849 |
(a) | Floating or variable rate securities: The rates disclosed are as of December 31, 2022. 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) | The rates shown are the effective yields at the date of purchase. |
(d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions. |
(e) | At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $0 and the aggregate gross unrealized depreciation is approximately $18,000, resulting in net unrealized depreciation of approximately $18,000. |
AMT | Alternative Minimum Tax. |
MFP | Municipal Fund Preferred. |
Portfolio Composition | ||||
Classification | Percentage of Total Investments | |||
Weekly Variable Rate Bonds | 55.6 | % | ||
Commercial Paper | 17.8 | |||
Floating Rate Notes | 12.1 | |||
Closed-End Investment Companies | 6.3 | |||
Others* | 8.2 | |||
Total Investments | 100.0 | % |
* | Industries and/or investment types representing less than 5% of total investments. |
Morgan Stanley Institutional Fund Trust
Notes to the Portfolio of Investments ▪ December 31, 2022 (unaudited)
Security Valuation: (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited (“MSIM Limited”) (the “Sub-Adviser”), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or is unable to provide a price, prices from brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter (“OTC”) market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (4) certain senior collateralized loans ("Senior Loans") are valued based on quotations received from an independent pricing service; (5) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (6) OTC swaps may be valued by an outside pricing service approved by the Trustees or quotes from a broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (7) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a broker/dealer or valued by a pricing service/vendor; (8) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security’s market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange (“NYSE”). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (9) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (10) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day.
In connection with Rule 2a-5 of the Act, which became effective September 8, 2022, the Trustees have designated the Trust's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust’s valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Fair Value Measurement: FASB ASC 820, "Fair Value Measurement" (“ASC 820”), defines fair value as the price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:
• Level 1 – unadjusted quoted prices in active markets for identical investments
• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Core Plus Fixed Income | ||||||||||||||||
Assets: | ||||||||||||||||
Fixed Income Securities | ||||||||||||||||
Agency Fixed Rate Mortgages | $ | — | $ | 124,449 | $ | — | $ | 124,449 | ||||||||
Asset-Backed Securities | — | 80,061 | — | 80,061 | ||||||||||||
Collateralized Mortgage Obligations - Agency Collateral Series | — | 175 | — | 175 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 95,298 | — | 95,298 | ||||||||||||
Corporate Bonds | — | 160,559 | — | 160,559 | ||||||||||||
Mortgages - Other | — | 103,303 | — | 103,303 | ||||||||||||
Municipal Bonds | — | 4,557 | — | 4,557 | ||||||||||||
Sovereign | — | 19,234 | — | 19,234 | ||||||||||||
Supranational | — | 1,282 | — | 1,282 | ||||||||||||
Variable Rate Senior Loan Interests | — | 914 | — | 914 | ||||||||||||
Total Fixed Income Securities | — | 589,832 | — | 589,832 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 81,513 | — | — | 81,513 | ||||||||||||
U.S. Treasury Securities | — | 7,738 | — | 7,738 | ||||||||||||
Total Short-Term Investments | 81,513 | 7,738 | — | 89,251 | ||||||||||||
Foreign Currency Forward Exchange Contracts | — | 625 | — | 625 | ||||||||||||
Futures Contracts | 357 | — | — | 357 | ||||||||||||
Total Assets | 81,870 | 598,195 | — | 680,065 | ||||||||||||
Liabilities: | ||||||||||||||||
Foreign Currency Forward Exchange Contracts | — | (2,576 | ) | — | (2,576 | ) | ||||||||||
Futures Contracts | (1,101 | ) | — | — | (1,101 | ) | ||||||||||
Credit Default Swap Agreement | — | (638 | ) | — | (638 | ) | ||||||||||
Total Liabilities | (1,101 | ) | (3,214 | ) | — | (4,315 | ) | |||||||||
Total | $ | 80,769 | $ | 594,981 | $ | — | $ | 675,750 |
The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Corporate Bond | ||||||||||||||||
Assets: | ||||||||||||||||
Fixed Income Securities | ||||||||||||||||
Commercial Mortgage-Backed Securities | $ | — | $ | 3,096 | $ | — | $ | 3,096 | ||||||||
Corporate Bonds | — | 118,873 | — | 118,873 | ||||||||||||
Total Fixed Income Securities | — | 121,969 | — | 121,969 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 2,561 | — | — | 2,561 | ||||||||||||
U.S. Treasury Security | — | 1,850 | — | 1,850 | ||||||||||||
Total Short-Term Investments | 2,561 | 1,850 | — | 4,411 | ||||||||||||
Foreign Currency Forward Exchange Contracts | — | —@ | — | —@ | ||||||||||||
Futures Contracts | 325 | — | — | 325 | ||||||||||||
Total Assets | 2,886 | 123,819 | — | 126,705 | ||||||||||||
Liabilities: | ||||||||||||||||
Foreign Currency Forward Exchange Contracts | — | (87 | ) | — | (87 | ) | ||||||||||
Futures Contracts | (163 | ) | — | — | (163 | ) | ||||||||||
Total Liabilities | (163 | ) | (87 | ) | — | (250 | ) | |||||||||
Total | $ | 2,723 | $ | 123,732 | $ | — | $ | 126,455 |
@ Value is less than $500.
The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Discovery | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Biotechnology | $ | 9,582 | $ | — | $ | — | $ | 9,582 | ||||||||
Chemicals | 3,743 | — | — | 3,743 | ||||||||||||
Commercial Services & Supplies | 1,773 | — | — | 1,773 | ||||||||||||
Consumer Finance | 4,937 | — | — | 4,937 | ||||||||||||
Entertainment | 41,428 | — | — | 41,428 | ||||||||||||
Health Care Providers & Services | 65,215 | — | — | 65,215 | ||||||||||||
Health Care Technology | 51,893 | — | — | 51,893 | ||||||||||||
Information Technology Services | 156,956 | 56,529 | — | 213,485 | ||||||||||||
Interactive Media & Services | 41,565 | — | — | 41,565 | ||||||||||||
Internet & Direct Marketing Retail | 134,444 | — | — | 134,444 | ||||||||||||
Leisure Products | 14,836 | — | — | 14,836 | ||||||||||||
Life Sciences Tools & Services | 29,375 | — | — | 29,375 | ||||||||||||
Media | 56,184 | — | — | 56,184 | ||||||||||||
Pharmaceuticals | 66,118 | — | — | 66,118 | ||||||||||||
Road & Rail | 19,080 | — | — | 19,080 | ||||||||||||
Software | 125,814 | — | — | 125,814 | ||||||||||||
Specialty Retail | 2,952 | — | — | 2,952 | ||||||||||||
Total Common Stocks | 825,895 | 56,529 | — | 882,424 | ||||||||||||
Preferred Stock | ||||||||||||||||
Software | — | — | 23,813 | 23,813 | ||||||||||||
Investment Company | 5,738 | — | — | 5,738 | ||||||||||||
Warrant | 39 | — | — | 39 | ||||||||||||
Call Options Purchased | — | 1,774 | — | 1,774 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 31,600 | — | — | 31,600 | ||||||||||||
Repurchase Agreements | — | 3,747 | — | 3,747 | ||||||||||||
Total Short-Term Investments | 31,600 | 3,747 | — | 35,347 | ||||||||||||
Total Assets | $ | 863,272 | $ | 62,050 | $ | 23,813 | $ | 949,135 |
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
Discovery | Preferred Stock (000) | |||
Beginning Balance | $ | 25,782 | ||
Purchases | — | |||
Sales | — | |||
PIPE transactions | — | |||
Amortization of discount | — | |||
Transfers in | — | |||
Transfers out | — | |||
Corporate actions | — | |||
Change in unrealized appreciation (depreciation) | (1,969 | ) | ||
Realized gains (losses) | — | |||
Ending Balance | $ | 23,813 | ||
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022 | $ | (1,969 | ) |
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2022. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment’s fair value as of December 31, 2022.
Discovery | Fair Value at December 31, 2022 (000) | Valuation Technique | Unobservable Input | Amount* | Impact to Valuation from an Increase in Input** | |||||||||
Preferred Stock | $ | 23,813 | Discounted Cash Flow | Weighted Average Cost of Capital | 14.0 | % | Decrease | |||||||
Perpetual Growth Rate | 3.5 | % | Increase | |||||||||||
Market Comparable Companies | Enterprise Value /Revenue | 12.8 | x | Increase | ||||||||||
Discount for Lack of Marketability | 15.0 | % | 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. |
The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Dynamic Value | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Automobiles | $ | 954 | $ | — | $ | — | $ | 954 | ||||||||
Banks | 4,258 | — | — | 4,258 | ||||||||||||
Beverages | 705 | — | — | 705 | ||||||||||||
Building Products | 1,981 | — | — | 1,981 | ||||||||||||
Capital Markets | 3,031 | — | — | 3,031 | ||||||||||||
Chemicals | 3,128 | — | — | 3,128 | ||||||||||||
Commercial Banks | 853 | — | — | 853 | ||||||||||||
Commercial Services & Supplies | 296 | — | — | 296 | ||||||||||||
Construction & Engineering | 489 | — | — | 489 | ||||||||||||
Consumer Finance | 4,390 | — | — | 4,390 | ||||||||||||
Containers & Packaging | 1,338 | — | — | 1,338 | ||||||||||||
Diversified Consumer Services | 685 | — | — | 685 | ||||||||||||
Diversified Telecommunication Services | 1,739 | — | — | 1,739 | ||||||||||||
Electric Utilities | 3,658 | — | — | 3,658 | ||||||||||||
Electrical Equipment | 1,026 | — | — | 1,026 | ||||||||||||
Electronic Equipment, Instruments & Components | 2,174 | — | — | 2,174 | ||||||||||||
Equity Real Estate Investment Trusts (REITs) | 6,840 | — | — | 6,840 | ||||||||||||
Food & Staples Retailing | 1,321 | — | — | 1,321 | ||||||||||||
Food Products | 3,599 | — | — | 3,599 | ||||||||||||
Gas Utilities | 1,426 | — | — | 1,426 | ||||||||||||
Health Care Equipment & Supplies | 2,471 | — | — | 2,471 | ||||||||||||
Health Care Providers & Services | 6,214 | — | — | 6,214 | ||||||||||||
Health Care Technology | 578 | — | — | 578 | ||||||||||||
Hotels, Restaurants & Leisure | 2,233 | — | — | 2,233 | ||||||||||||
Household Durables | 1,681 | — | — | 1,681 | ||||||||||||
Independent Power Producers & Energy Traders | 707 | — | — | 707 | ||||||||||||
Information Technology Services | 5,033 | — | — | 5,033 | ||||||||||||
Insurance | 4,175 | — | — | 4,175 | ||||||||||||
Life Sciences Tools & Services | 987 | — | — | 987 | ||||||||||||
Machinery | 3,907 | — | — | 3,907 | ||||||||||||
Media | 5,587 | — | — | 5,587 | ||||||||||||
Metals & Mining | 909 | — | — | 909 | ||||||||||||
Multi-Line Retail | 701 | — | — | 701 | ||||||||||||
Oil, Gas & Consumable Fuels | 7,499 | — | — | 7,499 | ||||||||||||
Personal Products | 1,493 | — | — | 1,493 | ||||||||||||
Pharmaceuticals | 7,417 | — | — | 7,417 | ||||||||||||
Professional Services | 1,180 | — | — | 1,180 | ||||||||||||
Real Estate Management & Development | 420 | — | — | 420 | ||||||||||||
Road & Rail | 2,084 | — | — | 2,084 | ||||||||||||
Semiconductors & Semiconductor Equipment | 2,770 | — | — | 2,770 | ||||||||||||
Software | 1,528 | — | — | 1,528 | ||||||||||||
Specialty Retail | 2,167 | — | — | 2,167 | ||||||||||||
Tech Hardware, Storage & Peripherals | 858 | — | — | 858 | ||||||||||||
Textiles, Apparel & Luxury Goods | 267 | — | — | 267 | ||||||||||||
Thrifts & Mortgage Finance | 1,721 | — | — | 1,721 | ||||||||||||
Trading Companies & Distributors | 2,405 | — | — | 2,405 | ||||||||||||
Total Common Stocks | 110,883 | — | — | 110,883 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 5,754 | — | — | 5,754 | ||||||||||||
Total Return Swap Agreement | — | 817 | — | 817 | ||||||||||||
Total Assets | 116,637 | 817 | — | 117,454 | ||||||||||||
Liabilities: | ||||||||||||||||
Total Return Swap Agreement | — | (604 | ) | — | (604 | ) | ||||||||||
Total | $ | 116,637 | $ | 213 | $ | — | $ | 116,850 |
The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Global Strategist | ||||||||||||||||
Assets: | ||||||||||||||||
Fixed Income Securities | ||||||||||||||||
Agency Fixed Rate Mortgages | $ | — | $ | 17,730 | $ | — | $ | 17,730 | ||||||||
Asset-Backed Securities | — | 1,117 | — | 1,117 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 2,042 | — | 2,042 | ||||||||||||
Corporate Bonds | — | 45,004 | — | 45,004 | ||||||||||||
Mortgages - Other | — | 5,389 | — | 5,389 | ||||||||||||
Municipal Bond | — | 325 | — | 325 | ||||||||||||
Sovereign | — | 130,560 | — | 130,560 | ||||||||||||
Supranational | — | 5,591 | — | 5,591 | ||||||||||||
U.S. Treasury Securities | — | 25,679 | — | 25,679 | ||||||||||||
Total Fixed Income Securities | — | 233,437 | — | 233,437 | ||||||||||||
Common Stocks | ||||||||||||||||
Aerospace & Defense | 1,275 | 965 | — | 2,240 | ||||||||||||
Air Freight & Logistics | 400 | 319 | — | 719 | ||||||||||||
Airlines | 32 | 66 | — | 98 | ||||||||||||
Auto Components | 157 | 138 | — | 295 | ||||||||||||
Automobiles | 885 | 958 | — | 1,843 | ||||||||||||
Banks | 4,479 | 15,720 | — | 20,199 | ||||||||||||
Beverages | 1,328 | 1,247 | — | 2,575 | ||||||||||||
Biotechnology | 1,791 | 719 | — | 2,510 | ||||||||||||
Building Products | 356 | 432 | — | 788 | ||||||||||||
Capital Markets | 2,347 | 1,641 | — | 3,988 | ||||||||||||
Chemicals | 1,432 | 1,547 | — | 2,979 | ||||||||||||
Commercial Banks | 260 | 182 | — | 442 | ||||||||||||
Commercial Services & Supplies | 456 | 166 | — | 622 | ||||||||||||
Communications Equipment | 570 | 203 | — | 773 | ||||||||||||
Construction & Engineering | 109 | 441 | — | 550 | ||||||||||||
Construction Materials | 88 | 363 | — | 451 | ||||||||||||
Consumer Finance | 353 | — | — | 353 | ||||||||||||
Containers & Packaging | 224 | 78 | — | 302 | ||||||||||||
Distributors | 99 | 23 | — | 122 | ||||||||||||
Diversified Consumer Services | — | 53 | — | 53 | ||||||||||||
Diversified Financial Services | 885 | 410 | — | 1,295 | ||||||||||||
Diversified Financials | 19 | 38 | — | 57 | ||||||||||||
Diversified Telecommunication Services | 669 | 1,071 | — | 1,740 | ||||||||||||
Electric Utilities | 1,483 | 1,222 | — | 2,705 | ||||||||||||
Electrical Equipment | 418 | 941 | — | 1,359 | ||||||||||||
Electronic Equipment, Instruments & Components | 438 | 156 | — | 594 | ||||||||||||
Energy Equipment & Services | 272 | 38 | — | † | 310 | |||||||||||
Entertainment | 996 | 133 | — | 1,129 | ||||||||||||
Equity Real Estate Investment Trusts (REITs) | 1,831 | 897 | — | 2,728 | ||||||||||||
Food & Staples Retailing | 1,374 | 627 | — | 2,001 | ||||||||||||
Food Products | 850 | 2,082 | — | 2,932 | ||||||||||||
Gas Utilities | 69 | 174 | — | 243 | ||||||||||||
Health Care Equipment & Supplies | 1,872 | 973 | — | 2,845 | ||||||||||||
Health Care Providers & Services | 2,354 | 186 | — | 2,540 | ||||||||||||
Health Care Technology | 45 | — | — | 45 | ||||||||||||
Hotels, Restaurants & Leisure | 1,463 | 813 | — | 2,276 | ||||||||||||
Household Durables | 216 | 112 | — | 328 | ||||||||||||
Household Products | 1,004 | 396 | — | 1,400 | ||||||||||||
Independent Power Producers & Energy Traders | 103 | 195 | — | 298 | ||||||||||||
Industrial Conglomerates | 591 | 777 | — | 1,368 | ||||||||||||
Information Technology Services | 3,396 | 575 | — | 3,971 | ||||||||||||
Insurance | 2,242 | 3,101 | — | 5,343 | ||||||||||||
Interactive Media & Services | 2,641 | 99 | — | 2,740 | ||||||||||||
Internet & Direct Marketing Retail | 1,689 | 368 | — | 2,057 | ||||||||||||
Leisure Products | 29 | — | — | 29 | ||||||||||||
Life Sciences Tools & Services | 1,285 | 376 | — | 1,661 | ||||||||||||
Machinery | 1,213 | 1,222 | — | 2,435 | ||||||||||||
Marine | 7 | 162 | — | 169 | ||||||||||||
Media | 667 | 203 | — | 870 | ||||||||||||
Metals & Mining | 964 | 2,417 | — | 3,381 | ||||||||||||
Multi-Line Retail | 414 | 210 | — | 624 | ||||||||||||
Multi-Utilities | 604 | 526 | — | 1,130 | ||||||||||||
Oil, Gas & Consumable Fuels | 8,188 | 3,154 | — | 11,342 | ||||||||||||
Paper & Forest Products | 20 | 227 | — | 247 | ||||||||||||
Personal Products | 114 | 1,158 | — | 1,272 | ||||||||||||
Pharmaceuticals | 3,204 | 5,412 | — | 8,616 | ||||||||||||
Professional Services | 381 | 797 | — | 1,178 | ||||||||||||
Real Estate Management & Development | 72 | 389 | — | 461 | ||||||||||||
Road & Rail | 1,420 | 62 | — | 1,482 | ||||||||||||
Semiconductors & Semiconductor Equipment | 3,346 | 1,424 | — | 4,770 | ||||||||||||
Software | 5,959 | 833 | — | 6,792 | ||||||||||||
Specialty Retail | 1,559 | 238 | — | 1,797 | ||||||||||||
Tech Hardware, Storage & Peripherals | 4,305 | 51 | — | 4,356 | ||||||||||||
Textiles, Apparel & Luxury Goods | 412 | 2,018 | — | 2,430 | ||||||||||||
Tobacco | 472 | 504 | — | 976 | ||||||||||||
Trading Companies & Distributors | 271 | 265 | — | 536 | ||||||||||||
Transportation Infrastructure | — | 256 | — | 256 | ||||||||||||
Water Utilities | 78 | 76 | — | 154 | ||||||||||||
Wireless Telecommunication Services | 251 | 148 | — | 399 | ||||||||||||
Total Common Stocks | 78,796 | 62,773 | — | † | 141,569 | † | ||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 67,266 | — | — | 67,266 | ||||||||||||
U.S. Treasury Security | — | 2,272 | — | 2,272 | ||||||||||||
Total Short-Term Investments | 67,266 | 2,272 | — | 69,538 | ||||||||||||
Foreign Currency Forward Exchange Contracts | — | 1,655 | — | 1,655 | ||||||||||||
Futures Contracts | 2,067 | — | — | 2,067 | ||||||||||||
Interest Rate Swap Agreements | — | 142 | — | 142 | ||||||||||||
Total Return Swap Agreements | — | 8,709 | — | 8,709 | ||||||||||||
Total Assets | 148,129 | 308,988 | — | † | 457,117 | † | ||||||||||
Liabilities: | ||||||||||||||||
Foreign Currency Forward Exchange Contracts | — | (936 | ) | — | (936 | ) | ||||||||||
Futures Contracts | (1,115 | ) | — | — | (1,115 | ) | ||||||||||
Interest Rate Swap Agreements | — | (866 | ) | — | (866 | ) | ||||||||||
Total Return Swap Agreements | — | (707 | ) | — | (707 | ) | ||||||||||
Total Liabilities | (1,115 | ) | (2,509 | ) | — | (3,624 | ) | |||||||||
Total | $ | 147,014 | $ | 306,479 | $ | — | † | $ | 453,493 | † |
† Includes one or more securities valued at zero.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
Global Strategist | Fixed Income (000) | Common Stock (000) | ||||||
Beginning Balance | $ | 59 | $ | — | ||||
Purchases | — | — | ||||||
Sales | — | — | ||||||
Amortization of discount | — | — | ||||||
Transfers in | — | — | ||||||
Transfers out | (59 | ) | — | † | ||||
Corporate actions | — | — | ||||||
Change in unrealized appreciation (depreciation) | — | — | ||||||
Realized gains (losses) | — | — | ||||||
Ending Balance | $ | — | $ | — | † | |||
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022 | $ | — | $ | — |
† | Includes a security valued at zero. |
The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
High Yield | ||||||||||||||||
Assets: | ||||||||||||||||
Fixed Income Securities | ||||||||||||||||
Corporate Bonds | $ | — | $ | 128,908 | $ | — | $ | 128,908 | ||||||||
Variable Rate Senior Loan Interests | — | 1,919 | — | 1,919 | ||||||||||||
Total Fixed Income Securities | — | 130,827 | — | 130,827 | ||||||||||||
Common Stocks | ||||||||||||||||
Auto Components | — | — | † | — | — | † | ||||||||||
Equity Real Estate Investment Trusts (REITs) | — | 4 | — | 4 | ||||||||||||
Machinery | — | — | 24 | 24 | ||||||||||||
Semiconductors & Semiconductor Equipment | — | 31 | — | 31 | ||||||||||||
Total Common Stocks | — | 35 | † | 24 | 59 | † | ||||||||||
Total Assets | $ | — | $ | 130,862 | † | $ | 24 | $ | 130,886 | † |
† Includes a security valued at zero.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
High Yield | Common
Stock (000) | |||
Beginning Balance | $ | 11 | ||
Purchases | — | |||
Sales | — | |||
Amortization of discount | — | |||
Transfers in | — | |||
Transfers out | — | |||
Corporate actions | — | |||
Change in unrealized appreciation (depreciation) | 13 | |||
Realized gains (losses) | — | |||
Ending Balance | $ | 24 | ||
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022 | $ | 13 |
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2022. The Fund calculated the weighted averages of the unobservable inputs relative to each investment’s fair value as of December 31, 2019.
High Yield | Fair Value at December 31, 2022 (000) | Valuation Technique | Unobservable Input | Amount* | Impact to Valuation from an Increase in Input** | |||||||||
Common Stock | $ | 24 | Market Comparable Companies | Enterprise Value/EBITDA | 4.0 | x | Increase | |||||||
Enterprise Value/Revenue | 0.4 | x | Increase | |||||||||||
Discount for Lack of Marketability | 30.0 | % | Decrease |
* | Amount is indicative of the weighted average. |
** | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. |
A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Short Duration Income | ||||||||||||||||
Assets: | ||||||||||||||||
Fixed Income Securities | ||||||||||||||||
Agency Adjustable Rate Mortgages | $ | — | $ | 485 | $ | — | $ | 485 | ||||||||
Agency Bonds - Consumer Discretionary (U.S. Government Guaranteed) | — | 89 | — | 89 | ||||||||||||
Agency Fixed Rate Mortgages | — | 483 | — | 483 | ||||||||||||
Asset-Backed Securities | — | 63,922 | — | 63,922 | ||||||||||||
Collateralized Mortgage Obligations - Agency Collateral Series | — | 1,004 | — | 1,004 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 22,250 | — | 22,250 | ||||||||||||
Corporate Bonds | — | 238,007 | — | 238,007 | ||||||||||||
Mortgages - Other | — | 52,084 | — | 52,084 | ||||||||||||
Municipal Bond | — | 187 | — | 187 | ||||||||||||
Sovereign | — | 1,488 | — | 1,488 | ||||||||||||
Supranational | — | 1,587 | — | 1,587 | ||||||||||||
U.S. Treasury Security | — | 17,102 | — | 17,102 | ||||||||||||
Total Fixed Income Securities | — | 398,688 | — | 398,688 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 3,880 | — | — | 3,880 | ||||||||||||
U.S. Treasury Security | — | 1,517 | — | 1,517 | ||||||||||||
Total Short-Term Investments | 3,880 | 1,517 | — | 5,397 | ||||||||||||
Futures Contracts | 99 | — | — | 99 | ||||||||||||
Total Assets | $ | 3,979 | $ | 400,205 | $ | — | $ | 404,184 |
The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Ultra-Short Income | ||||||||||||||||
Assets: | ||||||||||||||||
Short-Term Investments | ||||||||||||||||
Certificates of Deposit | $ | — | $ | 1,504,646 | $ | — | $ | 1,504,646 | ||||||||
Commercial Paper | — | 3,946,116 | — | 3,946,116 | ||||||||||||
Corporate Bonds | — | 75,835 | — | 75,835 | ||||||||||||
Floating Rate Notes | — | 4,420,384 | — | 4,420,384 | ||||||||||||
Repurchase Agreements | — | 1,397,000 | — | 1,397,000 | ||||||||||||
Time Deposits | — | 1,000 | — | 1,000 | ||||||||||||
Total Short-Term Investments | — | 11,344,981 | — | 11,344,981 | ||||||||||||
Total Assets | $ | — | $ | 11,344,981 | $ | — | $ | 11,344,981 |
The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:
Investment Type | Level 1 Unadjusted quoted prices (000) | Level 2 Other significant observable inputs (000) | Level 3 Significant unobservable inputs (000) | Total (000) | ||||||||||||
Ultra-Short Municipal Income | ||||||||||||||||
Assets: | ||||||||||||||||
Short-Term Investments | ||||||||||||||||
Weekly Variable Rate Bonds | $ | — | $ | 87,665 | $ | — | $ | 87,665 | ||||||||
Commercial Paper | — | 27,984 | — | 27,984 | ||||||||||||
Floating Rate Notes | — | 19,003 | — | 19,003 | ||||||||||||
Closed-End Investment Companies | — | 10,000 | — | 10,000 | ||||||||||||
Daily Variable Rate Bonds | — | 7,500 | — | 7,500 | ||||||||||||
Municipal Bonds & Notes | — | 5,427 | — | 5,427 | ||||||||||||
Total Short-Term Investments | — | 157,579 | — | 157,579 | ||||||||||||
Total Assets | $ | — | $ | 157,579 | $ | — | $ | 157,579 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.