Morgan Stanley Institutional Fund Trust NPORT-P High Yield Portfolio (Dec 2024 report)

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Portfolio of Investments

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (95.2%)
Corporate Bonds (95.0%)
Finance (37.1%)
AIB Group PLC,
5.87%, 3/28/35 (a)	$	325	$	326
Aircastle Ltd./Aircastle Ireland DAC,
5.75%, 10/1/31 (a)		300		302
Ally Financial, Inc.,
2.20%, 11/2/28		300		267
6.18%, 7/26/35		150		148
American National Group, Inc.,
6.14%, 6/13/32 (a)		550		542
Athene Global Funding,
5.62%, 5/8/26 (a)		600		606
Avolon Holdings Funding Ltd.,
4.95%, 1/15/28 (a)		550		545
Banco de Credito e Inversiones SA,
2.88%, 10/14/31 (a)		200		169
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander,
5.62%, 12/10/29 (a)		200		200
Banco Santander SA,
4.18%, 3/24/28		600		588
5.44%, 7/15/31		800		799
6.35%, 3/14/34		600		609
Bank of America Corp.,
5.52%, 10/25/35		750		734
5.87%, 9/15/34		3,050		3,134
Bank of Ireland Group PLC,
5.60%, 3/20/30 (a)		800		808
Bank of New York Mellon Corp.,
5.06%, 7/22/32		275		274
MTN
6.47%, 10/25/34		1,075		1,161
Bank of Nova Scotia,
8.00%, 1/27/84		200		211
Banque Federative du Credit Mutuel SA,
5.79%, 7/13/28 (a)		650		664
BBVA Bancomer SA,
8.45%, 6/29/38 (a)		200		207
Centene Corp.,
2.63%, 8/1/31		950		783
Charles Schwab Corp.,
6.14%, 8/24/34		875		919
Citigroup, Inc.,
3.79%, 3/17/33		25		22
4.54%, 9/19/30		1,425		1,385
COPT Defense Properties LP,
2.75%, 4/15/31		350		300
Deutsche Bank AG,
5.40%, 9/11/35		550		521
6.82%, 11/20/29		225		236
Enact Holdings, Inc.,
6.25%, 5/28/29		900		918
Essent Group Ltd.,
6.25%, 7/1/29		725		741
Extra Space Storage LP,
3.90%, 4/1/29		750		717
5.70%, 4/1/28		325		332
Global Atlantic Fin Co.,
6.75%, 3/15/54 (a)		275		279
7.95%, 10/15/54 (a)		325		341
Goldman Sachs Group, Inc.,
5.02%, 10/23/35		275		263
5.85%, 4/25/35		1,725		1,758
HA Sustainable Infrastructure Capital, Inc.,
6.38%, 7/1/34 (a)		625		609
High Street Funding Trust I,
4.11%, 2/15/28 (a)		850		818
HSBC Holdings PLC,
2.80%, 5/24/32		225		191
Huntington Bancshares, Inc.,
6.14%, 11/18/39		300		300
Intact Financial Corp.,
5.46%, 9/22/32 (a)		825		825
Intesa Sanpaolo SpA,
7.00%, 11/21/25 (a)		525		534
7.20%, 11/28/33 (a)		575		623
Jefferies Financial Group, Inc.,
6.20%, 4/14/34		450		464
JPMorgan Chase & Co.,
5.58%, 4/22/30		525		536
5.77%, 4/22/35		3,350		3,428
Kite Realty Group LP,
5.50%, 3/1/34		450		448
LPL Holdings, Inc.,
6.00%, 5/20/34		500		509
Lseg U.S. Fin Corp.,
5.30%, 3/28/34 (a)		575		573
Macquarie Airfinance Holdings Ltd.,
6.50%, 3/26/31 (a)		350		363
Marex Group PLC,
6.40%, 11/4/29		325		328
Marsh & McLennan Cos., Inc.,
5.40%, 3/15/55		275		264
Mitsubishi HC Finance America LLC,
5.15%, 10/24/29 (a)		600		599
National Australia Bank Ltd.,
2.33%, 8/21/30 (a)		375		319
Nationwide Building Society,
4.30%, 3/8/29 (a)		625		607
Phillips Edison Grocery Center Operating Partnership I LP,
2.63%, 11/15/31		275		230
PNC Financial Services Group, Inc.,
5.40%, 7/23/35		1,050		1,042
Radian Group, Inc.,
6.20%, 5/15/29 (b)		375		385

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
3.88%, 3/1/31 (a)	$	545	$	475
Shinhan Bank Co. Ltd.,
4.00%, 4/23/29 (a)		875		827
SMBC Aviation Capital Finance DAC,
2.30%, 6/15/28 (a)		350		319
5.55%, 4/3/34 (a)		525		524
Sumitomo Mitsui Financial Group, Inc.,
5.85%, 7/13/30		450		466
Sumitomo Mitsui Trust Bank Ltd.,
4.85%, 9/10/34 (a)		700		676
Swiss RE Subordinated Finance PLC,
5.70%, 4/5/35 (a)		400		398
Synchrony Financial,
4.50%, 7/23/25		600		598
Synovus Financial Corp.,
5.20%, 8/11/25		475		475
6.17%, 11/1/30		350		353
Toronto-Dominion Bank,
8.13%, 10/31/82		350		366
U.S. Bancorp,
5.10%, 7/23/30		600		599
5.68%, 1/23/35		600		605
5.85%, 10/21/33		275		281
UBS Group AG,
3.09%, 5/14/32 (a)		675		587
9.02%, 11/15/33 (a)		850		1,027
UnitedHealth Group, Inc.,
5.63%, 7/15/54		1,025		996
Ventas Realty LP,
5.63%, 7/1/34		600		604
Wells Fargo & Co.,
6.49%, 10/23/34		775		824
				46,804
Industrials (48.7%)
AbbVie, Inc.,
4.50%, 5/14/35		475		445
5.50%, 3/15/64		375		358
Adventist Health System,
5.43%, 3/1/32		325		324
Alaska Airlines 2020-1 Class A Pass-Through Trust,
4.80%, 2/15/29 (a)		343		341
Alibaba Group Holding Ltd.,
2.70%, 2/9/41		440		299
Amazon.com, Inc.,
2.50%, 6/3/50		575		343
Amgen, Inc.,
4.20%, 3/1/33		475		441
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.,
4.70%, 2/1/36		300		285
4.90%, 2/1/46		525		478
AP Moller - Maersk AS,
5.88%, 9/14/33 (a)		225		230
Apple, Inc.,
2.95%, 9/11/49		875		584
Aptiv Swiss Holdings Ltd.,
5.15%, 9/13/34 (b)		200		189
Arches Buyer, Inc.,
4.25%, 6/1/28 (a)		400		368
Arrow Electronics, Inc.,
5.15%, 8/21/29		575		573
AS Mileage Plan IP Ltd.,
5.02%, 10/20/29 (a)		250		244
5.31%, 10/20/31 (a)		375		366
AT&T, Inc.,
3.80%, 12/1/57		950		656
4.50%, 5/15/35		725		671
BAE Systems PLC,
5.30%, 3/26/34 (a)		200		200
BAT Capital Corp.,
2.26%, 3/25/28		575		528
3.73%, 9/25/40		250		189
6.00%, 2/20/34		525		540
Boeing Co.,
5.81%, 5/1/50		275		256
6.26%, 5/1/27		100		102
6.30%, 5/1/29		200		207
6.86%, 5/1/54		410		436
BP Capital Markets America, Inc.,
5.23%, 11/17/34		475		468
BP Capital Markets PLC,
4.88%, 3/22/30 (c)		550		526
Bristol-Myers Squibb Co.,
5.65%, 2/22/64		450		433
Broadcom, Inc.,
3.19%, 11/15/36 (a)		425		343
Brunswick Corp.,
5.85%, 3/18/29 (b)		300		305
Burlington Northern Santa Fe LLC,
5.50%, 3/15/55		225		221
Campbell's Co.,
4.75%, 3/23/35		400		377
Celanese US Holdings LLC,
6.60%, 11/15/28 (d)		825		845
6.95%, 11/15/33 (d)		366		380
Charter Communications Operating LLC/Charter Communications Operating Capital,
3.50%, 3/1/42		175		119
3.70%, 4/1/51		375		235
3.90%, 6/1/52		500		322
4.80%, 3/1/50		325		244

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Cisco Systems, Inc.,
5.90%, 2/15/39	$	225	$	238
Columbia Pipelines Holding Co. LLC,
6.04%, 8/15/28 (a)		250		256
Comcast Corp.,
2.89%, 11/1/51		600		361
3.75%, 4/1/40		1,300		1,047
Concentrix Corp.,
6.65%, 8/2/26		575		585
CSL Finance PLC,
5.11%, 4/3/34 (a)		525		517
CVS Health Corp.,
1.88%, 2/28/31		150		121
5.88%, 6/1/53		250		230
Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.75%, 10/20/28 (a)		875		864
Diamondback Energy, Inc.,
6.25%, 3/15/33		850		884
DT Midstream, Inc.,
5.80%, 12/15/34 (a)		300		302
Eli Lilly & Co.,
5.20%, 8/14/64		425		396
Enbridge, Inc.,
5.63%, 4/5/34		550		554
Energy Transfer LP,
5.55%, 5/15/34		400		398
EnLink Midstream LLC,
5.65%, 9/1/34		325		324
Enterprise Products Operating LLC,
3.20%, 2/15/52		275		179
5.35%, 1/31/33		800		807
EQM Midstream Partners LP,
4.50%, 1/15/29 (a)		347		331
6.50%, 7/1/27 (a)		350		355
Expand Energy Corp.,
5.70%, 1/15/35		450		442
Ferrellgas LP/Ferrellgas Finance Corp.,
5.88%, 4/1/29 (a)		400		366
Fiserv, Inc.,
5.35%, 3/15/31		550		559
Ford Motor Credit Co. LLC,
6.95%, 3/6/26		1,000		1,018
7.35%, 3/6/30		1,225		1,298
Gilead Sciences, Inc.,
4.75%, 3/1/46		725		640
Glencore Funding LLC,
6.50%, 10/6/33 (a)		575		610
HCA, Inc.,
3.50%, 7/15/51		125		81
Home Depot, Inc.,
4.95%, 6/25/34		875		864
Hyundai Capital America,
3.00%, 2/10/27 (a)		1,050		1,009
Icon Investments Six DAC,
5.81%, 5/8/27		600		610
Imperial Brands Finance PLC,
6.13%, 7/27/27 (a)		825		847
Intel Corp.,
4.90%, 8/5/52		1,000		790
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL,
2.50%, 1/15/27		550		523
JDE Peet's NV,
1.38%, 1/15/27 (a)		875		813
John Deere Capital Corp.,
4.40%, 9/8/31		325		315
Kroger Co.,
5.00%, 9/15/34		625		606
Kyndryl Holdings, Inc.,
6.35%, 2/20/34		425		442
Las Vegas Sands Corp.,
5.90%, 6/1/27		250		254
6.00%, 8/15/29		160		162
Lithia Motors, Inc.,
3.88%, 6/1/29 (a)		400		366
MasTec, Inc.,
5.90%, 6/15/29		600		611
Mastercard, Inc.,
4.55%, 1/15/35		400		383
Meta Platforms, Inc.,
5.55%, 8/15/64		75		73
5.75%, 5/15/63		525		531
Mitsubishi Corp.,
5.13%, 7/17/34 (a)		300		298
Netflix, Inc.,
5.40%, 8/15/54		250		243
Newcastle Coal Infrastructure Group Pty. Ltd.,
4.40%, 9/29/27 (a)		282		274
Newmont Corp./Newcrest Finance Pty. Ltd.,
5.35%, 3/15/34		300		299
Nexa Resources SA,
6.75%, 4/9/34 (a)		200		204
Northern Natural Gas Co.,
5.63%, 2/1/54 (a)		400		385
Novartis Capital Corp.,
4.20%, 9/18/34		700		652
Occidental Petroleum Corp.,
5.38%, 1/1/32		975		955
5.55%, 10/1/34		175		170
ONEOK, Inc.,
6.05%, 9/1/33		875		901
Oracle Corp.,
3.60%, 4/1/50		1,175		824

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Penske Truck Leasing Co. LP/PTL Finance Corp.,
6.05%, 8/1/28 (a)	$	575	$	592
Perrigo Finance Unlimited Co.,
4.90%, 6/15/30 (d)		525		492
Pfizer Investment Enterprises Pte. Ltd.,
5.34%, 5/19/63		850		781
Philip Morris International, Inc.,
5.38%, 2/15/33		900		902
Qorvo, Inc.,
3.38%, 4/1/31 (a)		700		599
Raizen Fuels Finance SA,
5.70%, 1/17/35 (a)		275		255
6.45%, 3/5/34 (a)		206		204
Rio Tinto Finance USA Ltd.,
5.20%, 11/2/40		550		530
Roche Holdings, Inc.,
2.08%, 12/13/31 (a)		375		311
Rogers Communications, Inc.,
5.30%, 2/15/34		850		829
Sabine Pass Liquefaction LLC,
4.50%, 5/15/30		575		557
Silgan Holdings, Inc.,
1.40%, 4/1/26 (a)		500		477
Smithfield Foods, Inc.,
3.00%, 10/15/30 (a)		850		736
Smurfit Kappa Treasury ULC,
5.44%, 4/3/34 (a)		200		200
Sonoco Products Co.,
4.45%, 9/1/26		550		546
South Bow USA Infrastructure Holdings LLC,
4.91%, 9/1/27 (a)		300		299
Syngenta Finance NV,
4.89%, 4/24/25 (a)		300		300
Tencent Holdings Ltd.,
2.39%, 6/3/30 (a)(b)		200		175
3.98%, 4/11/29 (a)		300		289
Thermo Fisher Scientific, Inc.,
5.20%, 1/31/34		550		552
T-Mobile USA, Inc.,
2.55%, 2/15/31		425		366
5.75%, 1/15/54		775		757
TotalEnergies Capital SA,
5.64%, 4/5/64		250		239
Transportadora de Gas Internacional SA ESP,
5.55%, 11/1/28 (a)		200		196
Uber Technologies, Inc.,
4.30%, 1/15/30		350		339
4.80%, 9/15/34		650		623
United Airlines Pass-Through Trust,
Series 2020-1
5.88%, 4/15/29		387		395
Series 2024-1
5.45%, 8/15/38		450		452
Universal Health Services, Inc.,
5.05%, 10/15/34		350		327
Var Energi ASA,
7.50%, 1/15/28 (a)		600		634
Verisk Analytics, Inc.,
5.25%, 6/5/34		575		568
Verizon Communications, Inc.,
1.75%, 1/20/31		1,025		845
2.55%, 3/21/31		1,425		1,228
VICI Properties LP,
5.13%, 11/15/31		1,175		1,147
Videotron Ltd.,
3.63%, 6/15/29 (a)		650		606
Warnermedia Holdings, Inc.,
4.28%, 3/15/32		425		375
5.14%, 3/15/52		150		112
				61,473
Utilities (9.2%)
AEP Transmission Co. LLC,
5.40%, 3/15/53		475		453
Algonquin Power & Utilities Corp.,
5.37%, 6/15/26 (d)		300		302
Atmos Energy Corp.,
6.20%, 11/15/53		325		346
Berkshire Hathaway Energy Co.,
2.85%, 5/15/51		425		260
Calpine Corp.,
5.13%, 3/15/28 (a)		425		412
Cleveland Electric Illuminating Co.,
4.55%, 11/15/30 (a)		250		241
Consolidated Edison Co. of New York, Inc.,
5.90%, 11/15/53		475		482
Constellation Energy Generation LLC,
5.75%, 3/15/54		300		292
Consumers Energy Co.,
2.50%, 5/1/60		450		248
Dominion Energy, Inc.,
5.38%, 11/15/32		600		602
DTE Energy Co.,
5.85%, 6/1/34		650		668
Duke Energy Florida LLC,
6.20%, 11/15/53		525		554
Duke Energy Indiana LLC,
2.75%, 4/1/50		330		200
Engie SA,
5.25%, 4/10/29 (a)		200		201
5.63%, 4/10/34 (a)		400		401
Entergy Texas, Inc.,
3.55%, 9/30/49		200		142
FirstEnergy Corp.,
Series C
3.40%, 3/1/50		250		170

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Utilities (cont'd)
FirstEnergy Pennsylvania Electric Co.,
5.15%, 3/30/26 (a)	$	300	$	301
FirstEnergy Transmission LLC,
5.00%, 1/15/35 (a)		300		290
Georgia Power Co.,
Series A
3.25%, 3/15/51		325		219
Liberty Utilities Co.,
5.58%, 1/31/29 (a)(b)		800		807
MidAmerican Energy Co.,
3.15%, 4/15/50		250		168
Narragansett Electric Co.,
5.35%, 5/1/34 (a)		400		400
New England Power Co.,
5.94%, 11/25/52 (a)		125		126
NextEra Energy Capital Holdings, Inc.,
5.25%, 3/15/34		800		792
Pacific Gas & Electric Co.,
3.30%, 8/1/40		375		281
4.95%, 7/1/50		450		391
6.75%, 1/15/53		100		109
PacifiCorp,
4.15%, 2/15/50		225		174
Southern California Edison Co.,
5.88%, 12/1/53		275		274
Southwestern Public Service Co.,
6.00%, 6/1/54		575		582
Virginia Electric & Power Co.,
5.05%, 8/15/34		275		268
Vistra Operations Co. LLC,
5.70%, 12/30/34 (a)		400		396
				11,552
				119,829
Sovereign (0.2%)
Petroleos Mexicanos,
6.50%, 3/13/27		302		292
Total Fixed Income Securities (Cost $121,503)				120,121

	Shares
Investment Companies (1.3%)
Calvert Ultra-Short Investment Grade ETF (e)		11,500	583
Eaton Vance Ultra-Short Income ETF (b)(f)		20,930	1,061
Total Investment Companies (Cost $1,639)			1,644
Short-Term Investments (4.4%)
Investment Company (0.8%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.42% (g) (Cost $997)		996,847	997
Securities held as Collateral on Loaned Securities (2.1%)
Investment Company (2.1%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.42% (g) (Cost $2,667)		2,666,663	2,667

	Face Amount (000)
U.S. Treasury Security (1.5%)
U.S. Treasury Bill, 5.19%, 1/16/25 (h)(i) (Cost $1,861)	$	1,865		1,861
Total Short-Term Investments (Cost $5,525)				5,525
Total Investments (100.9%) (Cost $128,667) including $2,610 of Securities Loaned (j)(k)				127,290
Liabilities in Excess of Other Assets (–0.9%)				(1,142	)
Net Assets (100.0%)			$	126,148

(a)	144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(b)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at December 31, 2024, were approximately $2,610,000 and $2,667,000, respectively. The Fund received cash collateral of approximately $2,667,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Class as reported in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c)	Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of December 31, 2024.
(d)	Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of December 31, 2024. Maturity date disclosed is the ultimate maturity date.
(e)	The Fund invests in Calvert Ultra-Short Investment Grade ETF, a management investment company advised by an affiliate of the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Calvert Ultra-Short Investment Grade ETF. For the three months ended December 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Calvert Ultra-Short Investment Grade ETF.
(f)	The Fund invests in Eaton Vance Ultra-Short Income ETF, a management investment company advised by an affiliate of the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Eaton Vance Ultra-Short Income ETF. For the three months ended December 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Eaton Vance Ultra-Short Income ETF.
(g)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), 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 Fund. For the three months ended December 31, 2024, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Fund.
(h)	Rate shown is the yield to maturity at December 31, 2024.
(i)	All or a portion of the security was pledged to cover margin requirements for futures contracts.
(j)	Securities are available for collateral in connection with open futures contracts.
(k)	At December 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,341,000 and the aggregate gross unrealized depreciation is approximately $2,838,000, resulting in net unrealized depreciation of approximately $1,497,000.
DAC	Designated Activity Company.
ETF	Exchange Traded Fund.
MTN	Medium Term Note.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

Futures Contracts:

The Fund had the following futures contracts open at December 31, 2024:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 2 yr. Note (United States)		56	Mar-25	$	11,200		$	11,514		$	—@
U.S. Treasury 5 yr. Note (United States)		6	Mar-25		600			638			(3	)
U.S. Treasury Long Bond (United States)		135	Mar-25		13,500			15,369			(363	)
Short:
U.S. Treasury 10 yr. Note (United States)		64	Mar-25		(6,400	)		(6,960	)		66
U.S. Treasury 10 yr. Ultra Note (United States)		76	Mar-25		(7,600	)		(8,460	)		115
U.S. Treasury Ultra Long Bond (United States)		23	Mar-25		(2,300	)		(2,735	)		65
										$	(120	)

@	Value is less than $500.
USD —	United States Dollar

Portfolio Composition*

Classification	Percentage of Total Investments
Industrials	49.3	%
Finance	37.6
Utilities	9.3
Other**	3.8
Total Investments	100.0	%***

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2024.
**	Industries and/or investment types representing less than 5% of total investments.
***	Does not include open futures contracts with a value of approximately $45,676,000 and net unrealized depreciation of approximately $120,000.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments

Discovery Portfolio

	Shares		Value (000)
Common Stocks (90.3%)
Automobiles (0.3%)
Rivian Automotive, Inc., Class A (a)(b)		215,628	$	2,868
Biotechnology (2.4%)
Alnylam Pharmaceuticals, Inc. (b)		9,083		2,137
Argenx SE ADR (Belgium) (b)		4,698		2,889
Intellia Therapeutics, Inc. (b)		185,205		2,160
ProKidney Corp. (a)(b)		733,305		1,239
Roivant Sciences Ltd. (b)		1,428,615		16,901
				25,326
Broadline Retail (5.7%)
Global-e Online Ltd. (Israel) (b)		1,108,455		60,444
Entertainment (5.6%)
ROBLOX Corp., Class A (b)		1,031,486		59,682
Financial Services (8.9%)
Adyen NV (Netherlands) (b)		19,020		28,265
Affirm Holdings, Inc. (b)		1,093,024		66,565
				94,830
Health Care Equipment & Supplies (1.3%)
Dexcom, Inc. (b)		140,305		10,912
Penumbra, Inc. (b)		11,901		2,826
				13,738
Health Care Providers & Services (0.7%)
Agilon Health, Inc. (b)		4,196,233		7,973
Health Care Technology (0.2%)
Doximity, Inc., Class A (b)		48,548		2,592
Hotels, Restaurants & Leisure (6.7%)
DoorDash, Inc., Class A (b)		426,873		71,608
Information Technology Services (11.0%)
Cloudflare, Inc., Class A (b)		844,060		90,888
Snowflake, Inc., Class A (b)		173,691		26,820
				117,708
Interactive Media & Services (2.7%)
ZoomInfo Technologies, Inc., Class A (b)		2,698,575		28,362
Leisure Products (1.9%)
Peloton Interactive, Inc., Class A (b)		2,304,672		20,050
Machinery (0.3%)
Symbotic, Inc. (a)(b)		127,384		3,020
Media (6.3%)
Trade Desk, Inc., Class A (b)		569,934		66,984
Pharmaceuticals (3.4%)
Royalty Pharma PLC, Class A		1,441,355		36,769
Real Estate Management & Development (0.0%)‡
Landbridge Co. LLC, Class A		4,335		280
Software (19.9%)
AppLovin Corp., Class A (b)		53,718		17,396
Aurora Innovation, Inc. (b)		7,572,517		47,707
Bill Holdings, Inc. (b)		333,642		28,263
MicroStrategy, Inc., Class A (b)		83,566		24,202
Palantir Technologies, Inc., Class A (b)		6,842		517
Procore Technologies, Inc. (b)		61,082		4,577
QXO, Inc. (a)		2,394,984		38,080
Samsara, Inc., Class A (b)		1,180,078		51,558
				212,300
Specialty Retail (8.6%)
Carvana Co. (b)		243,770		49,573
Chewy, Inc., Class A (b)		179,738		6,020
Floor & Decor Holdings, Inc., Class A (b)		361,747		36,066
				91,659
Trading Companies & Distributors (4.4%)
Core & Main, Inc., Class A (b)		927,081		47,198
Total Common Stocks (Cost $774,207)				963,391
Preferred Stock (2.9%)
Software (2.9%)
Databricks, Inc., Series H (b)(c)(d) (acquisition cost — $24,713; acquired 8/31/21) (Cost $24,713)		336,299		31,108
Investment Company (3.0%)
iShares Bitcoin Trust ETF (b) (Cost $23,067)		596,143		31,625
Short-Term Investments (3.1%)
Investment Company (3.1%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.29% (e) (Cost $32,572)		32,572,037		32,572
Securities held as Collateral on Loaned Securities (0.0%)‡
Investment Company (0.0%)‡
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.29% (e)		194,528		194

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreement(0.0%)‡
Merrill Lynch & Co., Inc., (4.45%, dated 12/31/24, due 1/2/25; proceeds $38; fully collateralized by a U.S. Government obligation; 4.63% due 4/30/29; valued at $40)	$	39	$	39
Total Securities held as Collateral on Loaned Securities (Cost $233)				233
Total Short-Term Investments (Cost $32,805)				32,805
Total Investments Excluding Purchased Options (99.3%) (Cost $854,792)				1,058,929
Total Purchased Options Outstanding (0.3%) (Cost $4,892)				3,240
Total Investments (99.6%) (Cost $859,684) including $17,749 of Securities Loaned (f)(g)(h)(i)				1,062,169
Other Assets in Excess of Liabilities (0.4%)				4,514
Net Assets (100.0%)			$	1,066,683

‡	Amount is less than 0.05%.
(a)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at December 31, 2024, were approximately $17,749,000 and $17,780,000, respectively. The Fund received cash collateral of approximately $252,000, of which $233,000 was subsequently invested in a Repurchase Agreement and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. At December 31, 2024, there was uninvested cash collateral of approximately $19,000. The remaining collateral of approximately $17,528,000 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. At December 31, 2024, The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(b)	Non-income producing security.
(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, 2024 amounts to approximately $31,108,000 and represents 2.9% of net assets.
(d)	At December 31, 2024, the Fund held a fair valued security valued at approximately $31,108,000, representing 2.9% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Trust's (as defined herein) Trustees.
(e)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), 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 Fund. For the three months ended December 31, 2024, advisory fees paid were reduced by approximately $16,000 relating to the Fund's investment in the Liquidity Fund.
(f)	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, 2024, the Fund did not engage in any cross-trade transactions.
(g)	Securities are available for collateral in connection with purchased options.
(h)	The approximate fair value and percentage of net assets, $28,265,000 and 2.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Consolidated Portfolio of Investments.
(i)	At December 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $339,263,000 and the aggregate gross unrealized depreciation is approximately $136,778,000, resulting in net unrealized appreciation of approximately $202,485,000.
ADR	American Depositary Receipt.
ETF	Exchange Traded Fund.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

Call Options Purchased:
The Fund had the following call options purchased open at December 31, 2024:
Counterparty	Description	Strike Price	Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)			Premiums Paid (000)		Unrealized Appreciation (Depreciation) (000)
JPMorgan Chase Bank NA	USD/CNH	CNH 7.66	Sep–25		103,825,529	$	103,826	$	650		$	431	$	219
Goldman Sachs & Co. LLC	USD/CNH	CNH 7.69	Jan–25		249,313,471		249,313		—	@		943		(943	)
Standard Chartered Bank	USD/CNH	CNH 7.76	Oct–25		212,383,402		212,383		1,186			924		262
JPMorgan Chase Bank NA	USD/CNH	CNH 7.77	Jul–25		97,459,329		97,459		371			424		(53	)
JPMorgan Chase Bank NA	USD/CNH	CNH 7.78	Mar–25		236,408,580		236,409		169			1,004		(835	)
Goldman Sachs & Co. LLC	USD/CNH	CNH 8.02	Dec–25		245,910,824		245,911		864			1,166		(302	)
								$	3,240		$	4,892	$	(1,652	)

@	Value is less than $500.
CNH —	Chinese Yuan Renminbi Offshore
USD —	United States Dollar

Portfolio Composition
Classification*	Percentage of Total Investments
Other**	24.2	%
Software	22.9
Information Technology Services	11.1
Financial Services	8.9
Specialty Retail	8.6
Hotels, Restaurants & Leisure	6.7
Media	6.3
Broadline Retail	5.7
Entertainment	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, 2024.
**	Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Portfolio of Investments

Dynamic Value Portfolio

	Shares		Value (000)
Common Stocks (96.9%)
Aerospace & Defense (1.0%)
Huntington Ingalls Industries, Inc.		254	$	48
Textron, Inc.		596		46
				94
Automobiles (0.6%)
Ford Motor Co.		2,642		26
General Motors Co.		511		27
				53
Banks (7.1%)
Bank OZK		2,079		93
BOK Financial Corp.		877		93
First Citizens BancShares, Inc., Class A		43		91
FNB Corp.		5,980		88
Popular, Inc.		1,036		98
Western Alliance Bancorp		1,094		91
Zions Bancorp NA		1,691		92
				646
Beverages (0.5%)
Molson Coors Beverage Co., Class B		785		45
Biotechnology (1.9%)
Biogen, Inc. (a)		374		57
Gilead Sciences, Inc.		658		61
United Therapeutics Corp. (a)		160		56
				174
Broadline Retail (0.5%)
Dillard's, Inc., Class A		55		24
Kohl's Corp.		1,433		20
				44
Building Products (1.4%)
Builders FirstSource, Inc. (a)		283		40
Fortune Brands Innovations, Inc.		665		45
Owens Corning		250		43
				128
Capital Markets (3.4%)
Affiliated Managers Group, Inc.		353		65
Franklin Resources, Inc.		3,023		61
Invesco Ltd.		3,749		66
State Street Corp.		681		67
XP, Inc., Class A		4,193		50
				309
Chemicals (2.5%)
Ashland, Inc.		471		34
Celanese Corp.		495		34
Chemours Co.		1,738		29
FMC Corp.		636		31
LyondellBasell Industries NV, Class A		447		33
Mosaic Co.		1,428		35
Olin Corp.		871		30
				226
Commercial Services & Supplies (0.2%)
Vestis Corp.		1,066		16
Consumer Finance (2.8%)
Ally Financial, Inc.		1,745		63
OneMain Holdings, Inc.		1,173		61
SLM Corp.		2,493		69
Synchrony Financial		1,008		65
				258
Consumer Staples Distribution & Retail (2.5%)
Albertsons Cos., Inc., Class A		3,743		74
Kroger Co.		1,221		75
Walgreens Boots Alliance, Inc.		8,408		78
				227
Containers & Packaging (1.5%)
Berry Global Group, Inc.		521		34
Graphic Packaging Holding Co.		1,275		34
Sealed Air Corp.		1,032		35
Sonoco Products Co.		738		36
				139
Distributors (0.3%)
LKQ Corp.		640		24
Diversified Consumer Services (0.4%)
ADT, Inc.		2,916		20
H&R Block, Inc.		375		20
				40
Diversified REITs (0.4%)
WP Carey, Inc. REIT		649		35
Diversified Telecommunication Services (1.8%)
Verizon Communications, Inc.		4,007		160
Electric Utilities (1.1%)
NRG Energy, Inc.		569		51
Pinnacle West Capital Corp.		585		50
				101
Electrical Equipment (0.5%)
Sensata Technologies Holding PLC		1,597		44
Electronic Equipment, Instruments & Components (1.9%)
Arrow Electronics, Inc. (a)		295		33
Avnet, Inc.		641		33
Jabil, Inc.		269		39
TD Synnex Corp.		296		35
Vontier Corp.		905		33
				173
Energy Equipment & Services (0.8%)
NOV, Inc.		5,029		73
Entertainment (0.3%)
Playtika Holding Corp.		3,495		24
Financial Services (4.1%)
Corebridge Financial, Inc.		2,086		62
Equitable Holdings, Inc.		1,395		66
Global Payments, Inc.		567		64
MGIC Investment Corp.		2,609		62
Voya Financial, Inc.		814		56
Western Union Co.		6,021		64
				374
Food Products (3.0%)
Archer-Daniels-Midland Co.		890		45
Bunge Global SA		541		42
Conagra Brands, Inc.		1,730		48

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

	Shares		Value (000)
J.M. Smucker Co.		419	$	46
Kraft Heinz Co.		1,499		46
Seaboard Corp.		19		46
				273
Gas Utilities (1.7%)
MDU Resources Group, Inc.		2,747		49
National Fuel Gas Co.		850		52
UGI Corp.		1,917		54
				155
Ground Transportation (0.3%)
Avis Budget Group, Inc. (a)		398		32
Health Care Equipment & Supplies (1.2%)
Baxter International, Inc.		1,867		55
Solventum Corp. (a)		882		58
				113
Health Care Providers & Services (5.6%)
Centene Corp. (a)		1,032		62
Cigna Group		189		52
CVS Health Corp.		1,085		49
DaVita, Inc. (a)		376		56
Elevance Health, Inc.		156		57
Molina Healthcare, Inc. (a)		216		63
Premier, Inc., Class A		2,721		58
Tenet Healthcare Corp. (a)		433		55
Universal Health Services, Inc., Class B		316		57
				509
Hotel & Resort REITs (0.8%)
Host Hotels & Resorts, Inc. REIT		2,024		35
Park Hotels & Resorts, Inc. REIT		2,462		35
				70
Hotels, Restaurants & Leisure (1.6%)
Boyd Gaming Corp.		304		22
Carnival Corp. (a)		873		22
Marriott Vacations Worldwide Corp.		233		21
MGM Resorts International (a)		578		20
Norwegian Cruise Line Holdings Ltd. (a)		809		21
Travel & Leisure Co.		398		20
Wynn Resorts Ltd.		239		20
				146
Household Durables (0.7%)
Lennar Corp., Class B		108		14
Newell Brands, Inc.		1,903		19
PulteGroup, Inc.		135		15
Whirlpool Corp.		156		18
				66
Household Products (1.8%)
Reynolds Consumer Products, Inc.		3,111		84
Spectrum Brands Holdings, Inc.		949		80
				164
Independent Power & Renewable Electricity Producers (1.1%)
AES Corp.		4,160		54
Clearway Energy, Inc., Class C		1,904		49
				103
Industrial Conglomerates (0.6%)
3M Co.		396		51
Information Technology Services (2.0%)
Akamai Technologies, Inc. (a)		240		23
Amdocs Ltd.		260		22
Cognizant Technology Solutions Corp., Class A		279		22
DXC Technology Co. (a)		997		20
GoDaddy, Inc., Class A (a)		113		22
International Business Machines Corp.		101		22
Kyndryl Holdings, Inc. (a)		669		23
VeriSign, Inc. (a)		123		26
				180
Insurance (4.1%)
Arch Capital Group Ltd.		488		45
Axis Capital Holdings Ltd.		545		48
CNA Financial Corp.		979		47
Everest Group Ltd.		123		45
Globe Life, Inc.		436		49
Loews Corp.		565		48
RenaissanceRe Holdings Ltd.		178		44
Unum Group		640		47
				373
Interactive Media & Services (0.3%)
Match Group, Inc. (a)		939		31
Machinery (5.2%)
Agco Corp.		514		48
Allison Transmission Holdings, Inc.		424		46
CNH Industrial NV		4,179		47
Cummins, Inc.		136		48
Deere & Co.		113		48
Gates Industrial Corp. PLC (a)		2,303		47
Middleby Corp. (a)		357		48
Oshkosh Corp.		456		43
PACCAR, Inc.		443		46
Timken Co.		669		48
				469
Media (1.8%)
Charter Communications, Inc., Class A (a)		76		26
Comcast Corp., Class A		687		26
Interpublic Group of Cos., Inc.		1,021		29
Nexstar Media Group, Inc., Class A		176		28
Omnicom Group, Inc.		294		25
Sirius XM Holdings, Inc.		1,141		26
				160
Mortgage Real Estate Investment (0.7%)
Rithm Capital Corp. REIT		6,062		66
Office REITs (0.8%)
Highwoods Properties, Inc. REIT		1,157		35
Kilroy Realty Corp. REIT		905		37
				72
Oil, Gas & Consumable Fuels (5.7%)
APA Corp.		3,671		85
Chord Energy Corp.		623		73
Civitas Resources, Inc.		1,581		73

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

	Shares		Value (000)
Devon Energy Corp.		2,115	$	69
Marathon Petroleum Corp.		525		73
Matador Resources Co.		1,370		77
Ovintiv, Inc.		1,782		72
				522
Passenger Airlines (2.0%)
Alaska Air Group, Inc. (a)		787		51
American Airlines Group, Inc. (a)		2,872		50
Delta Air Lines, Inc.		655		40
United Airlines Holdings, Inc. (a)		436		42
				183
Pharmaceuticals (5.1%)
Bristol-Myers Squibb Co.		1,012		57
Jazz Pharmaceuticals PLC (a)		465		57
Merck & Co., Inc.		593		59
Organon & Co.		3,840		57
Perrigo Co. PLC		2,114		55
Pfizer, Inc.		2,316		62
Royalty Pharma PLC, Class A		2,243		57
Viatris, Inc.		4,407		55
				459
Professional Services (1.1%)
Clarivate PLC (a)		3,267		16
Concentrix Corp.		387		17
Dun & Bradstreet Holdings, Inc.		1,347		17
Genpact Ltd.		366		16
ManpowerGroup, Inc.		271		16
Science Applications International Corp.		137		15
				97
Real Estate Management & Development (0.4%)
Jones Lang LaSalle, Inc. (a)		134		34
Retail REITs (0.8%)
NNN REIT, Inc. REIT		851		35
Simon Property Group, Inc. REIT		204		35
				70
Semiconductors & Semiconductor Equipment (3.2%)
Amkor Technology, Inc.		1,840		47
Cirrus Logic, Inc. (a)		468		47
GLOBALFOUNDRIES, Inc. (a)		1,145		49
ON Semiconductor Corp. (a)		704		45
Qorvo, Inc. (a)		706		49
Skyworks Solutions, Inc.		572		51
				288
Software (1.5%)
DocuSign, Inc. (a)		269		24
Dropbox, Inc., Class A (a)		797		24
Gen Digital, Inc.		738		20
RingCentral, Inc., Class A (a)		601		21
Teradata Corp. (a)		727		23
Zoom Communications, Inc., Class A (a)		262		21
				133
Specialized REITs (1.5%)
EPR Properties REIT		819		36
Gaming and Leisure Properties, Inc. REIT		725		35
Lamar Advertising Co., Class A REIT		284		35
VICI Properties, Inc. REIT		1,149		33
				139
Specialty Retail (1.4%)
AutoNation, Inc. (a)		143		24
Bath & Body Works, Inc.		797		31
Best Buy Co., Inc.		276		23
Gap, Inc.		1,005		24
Penske Automotive Group, Inc.		150		23
				125
Tech Hardware, Storage & Peripherals (0.7%)
Hewlett Packard Enterprise Co.		1,581		34
HP, Inc.		914		30
				64
Textiles, Apparel & Luxury Goods (0.6%)
Carter's, Inc.		324		18
Crocs, Inc. (a)		165		18
PVH Corp.		169		18
				54
Trading Companies & Distributors (2.1%)
Air Lease Corp.		1,005		48
Core & Main, Inc., Class A (a)		1,115		57
MSC Industrial Direct Co., Inc., Class A		596		44
WESCO International, Inc.		241		44
				193
Total Common Stocks (Cost $8,495)				8,801
Short-Term Investment (2.1%)
Investment Company (2.1%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.42% (b)  (Cost $194)		194,180		194
Total Investments (99.0%) (Cost $8,689) (c)(d)				8,995
Other Assets in Excess of Liabilities (1.0%)				90
Net Assets (100.0%)			$	9,085

(a)	Non-income producing security.
(b)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), 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 Fund. For the three months ended December 31, 2024, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund.
(c)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2024, the Fund did not engage in any cross-trade transactions.
(d)	At December 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $882,000 and the aggregate gross unrealized depreciation is approximately $576,000, resulting in net unrealized appreciation of approximately $306,000.
REIT	Real Estate Investment Trust.

Portfolio Composition

Classification	Percentage of Total Investments
Other*	71.0	%
Banks	7.2
Oil, Gas & Consumable Fuels	5.8
Health Care Providers & Services	5.7
Machinery	5.2
Pharmaceuticals	5.1
Total Investments	100.0	%

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

Morgan Stanley Institutional Fund Trust 

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (43.0%)
Agency Fixed Rate Mortgages (4.8%)
United States (4.8%)
Federal Home Loan Mortgage Corporation, Conventional Pools:
2.00%, 5/1/51	$	1,242	$	937
2.50%, 4/1/52		2,408		1,905
4.50%, 1/1/49		57		54
Gold Pools:
3.50%, 1/1/44 - 6/1/45		416		376
4.50%, 1/1/49		15		14
6.50%, 5/1/32		18		19
7.50%, 5/1/35		1		1
Federal National Mortgage Association, Conventional Pools:
2.00%, 3/1/52		1,713		1,334
2.50%, 9/1/52		2,698		2,200
3.00%, 7/1/49 - 6/1/52		4,464		3,819
3.50%, 3/1/47 - 1/1/51		885		791
4.00%, 4/1/45 - 9/1/45		466		434
4.50%, 3/1/41 - 11/1/44		70		67
5.00%, 1/1/41 - 3/1/41		169		169
6.00%, 1/1/38		1		1
6.50%, 12/1/29		3		3
7.50%, 8/1/37		2		2
January TBA:
3.00%, 1/1/55 (a)		300		255
3.50%, 1/1/55 (a)		960		849
4.00%, 1/1/55 (a)		1,000		913
4.50%, 1/1/55 (a)		1,120		1,053
5.00%, 1/1/55 (a)		2,860		2,759
5.50%, 1/1/55 (a)		5,480		5,405
6.00%, 1/1/55 (a)		2,030		2,039
Government National Mortgage Association, Various Pools:
4.00%, 8/20/41 - 11/20/42		107		101
4.50%, 6/20/49		22		20
5.00%, 2/20/49 - 6/20/49		57		56
5.50%, 8/15/39		14		14
				25,590
Asset-Backed Securities (0.7%)
United States (0.7%)
ACM Auto Trust, Class A
7.97%, 6/20/30 (b)		144		145
HGI CRE CLO Ltd.,
1 Month Term SOFR + 1.11%,
5.51%, 9/17/36 (b)(c)		199		199
Renaissance Home Equity Loan Trust,
1 Month Term SOFR + 0.87%,
5.21%, 12/25/32 (c)		429		397
Retained Vantage Data Centers Issuer LLC, Class A2A
5.00%, 9/15/48 (b)		700		689
SASCO Mortgage Loan Trust,
1 Month Term SOFR + 2.29%,
4.59%, 5/25/34 (c)		13		13
SLM Student Loan Trust,
3 Month EURIBOR + 0.55%,
3.64%, 7/25/39 (c)	EUR	217		215
STAR Trust, Class A
1 Month Term SOFR + 1.75%,
6.15%, 10/17/41 (b)(c)	$	800		804
VINE Trust, Class A
4.75%, 12/17/40 (b)		986		956
				3,418
Commercial Mortgage-Backed Securities (0.8%)
Germany (0.0%)‡
Berg Finance DAC,
3 Month EURIBOR + 1.05%,
4.25%, 4/22/33 (c)	EUR	75		77
United States (0.8%)
Ashford Hospitality Trust,
1 Month Term SOFR + 2.15%,
6.55%, 6/15/35 (b)(c)	$	250		249
BAMLL Trust,
1 Month Term SOFR + 2.35%,
6.75%, 8/15/39 (b)(c)		800		807
BPR Trust,
1 Month Term SOFR + 1.90%,
6.30%, 4/15/37 (b)(c)		1,000		1,007
1 Month Term SOFR + 3.00%,
7.40%, 5/15/39 (b)(c)		400		402
Commercial Mortgage Trust,
4.68%, 7/15/47 (b)(c)		23		22
GS Mortgage Securities Corp. Trust,
1 Month Term SOFR + 1.79%,
6.19%, 6/15/34 (b)(c)		700		701
JW Commercial Mortgage Trust,
1 Month Term SOFR + 1.62%,
6.02%, 6/15/39 (b)(c)		600		602
Life Mortgage Trust,
1 Month Term SOFR + 1.30%,
5.69%, 5/15/39 (b)(c)		500		490
				4,280
				4,357
Corporate Bonds (8.6%)
Australia (0.4%)
Australia & New Zealand Banking Group Ltd.,
2.57%, 11/25/35 (b)		600		509
NBN Co. Ltd.,
2.63%, 5/5/31 (b)		575		498
Transurban Finance Co. Pty. Ltd.,
2.00%, 8/28/25	EUR	350		360
Westpac Banking Corp.,
2.67%, 11/15/35	$	650		554
				1,921

Morgan Stanley Institutional Fund Trust 

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Brazil (0.1%)
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL,
2.50%, 1/15/27	$	350	$	333
Canada (0.5%)
Algonquin Power & Utilities Corp.,
5.37%, 6/15/26 (d)		275		276
Province of Ontario Canada,
4.10%, 3/4/33	CAD	1,300		934
Province of Quebec Canada,
0.00%, 10/29/30	EUR	1,390		1,227
Rogers Communications, Inc.,
3.80%, 3/15/32	$	475		427
				2,864
China (0.1%)
Alibaba Group Holding Ltd.,
2.13%, 2/9/31		400		337
Denmark (0.1%)
Realkredit Danmark AS,
Series CCS
4.00%, 10/1/56	DKK	3,489		485
France (0.9%)
AXA SA,
3.25%, 5/28/49	EUR	400		411
Banque Federative du Credit Mutuel SA,
0.75%, 7/17/25		400		410
1.25%, 12/5/25	GBP	400		484
3.75%, 2/1/33	EUR	600		639
BNP Paribas SA,
1.13%, 6/11/26		485		490
1.25%, 7/13/31	GBP	200		194
4.38%, 1/13/29	EUR	400		429
BPCE SA,
4.00%, 11/29/32		400		433
5.75%, 6/1/33		500		550
Credit Agricole SA,
3.88%, 4/20/31		700		753
Orange SA,
5.00%, 10/1/26 (e)		250		266
				5,059
Germany (0.8%)
Allianz SE,
2.12%, 7/8/50		100		97
5.82%, 7/25/53		400		469
Kreditanstalt fuer Wiederaufbau,
0.38%, 4/23/30		2,290		2,129
RWE AG,
3.63%, 1/10/32		590		625
Volkswagen International Finance NV,
Series 10Y
1.88%, 3/30/27		1,100		1,107
				4,427
Ireland (0.1%)
AIB Group PLC,
5.87%, 3/28/35 (b)	$	300		301
Italy (0.1%)
Generali,
5.50%, 10/27/47	EUR	400		439
Japan (0.1%)
JT International Financial Services BV,
3.63%, 4/11/34		400		412
Korea, Republic of (0.1%)
Korea Southern Power Co. Ltd.,
0.75%, 1/27/26 (b)	$	730		699
Luxembourg (0.1%)
Blackstone Property Partners Europe Holdings SARL,
1.25%, 4/26/27	EUR	400		396
Logicor Financing SARL,
1.50%, 7/13/26		300		305
				701
Macau (0.0%)‡
Las Vegas Sands Corp.,
6.00%, 8/15/29	$	169		171
Netherlands (0.0%)‡
Alliander NV,
4.50%, 3/27/32 (e)	EUR	120		129
Spain (0.2%)
Banco Santander SA,
3.13%, 1/19/27		400		416
5.18%, 11/19/25	$	800		799
				1,215
Sweden (0.1%)
Akelius Residential Property Financing BV,
1.13%, 1/11/29	EUR	400		377
United Arab Emirates (0.1%)
Galaxy Pipeline Assets Bidco Ltd.,
2.63%, 3/31/36 (b)	$	650		530
United Kingdom (0.4%)
BAT Capital Corp.,
3.56%, 8/15/27		903		874
HSBC Holdings PLC,
2.26%, 11/13/26	GBP	300		366
2.80%, 5/24/32	$	325		276
National Grid Electricity Distribution West Midlands PLC,
5.75%, 4/16/32	GBP	200		255
NGG Finance PLC,
5.63%, 6/18/73		350		438
				2,209
United States (4.4%)
Air Lease Corp.,
3.13%, 12/1/30	$	200		177
Aon North America, Inc.,
5.45%, 3/1/34		675		674

Morgan Stanley Institutional Fund Trust 

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
United States (cont'd)
AT&T, Inc.,
1.80%, 9/5/26	EUR	400	$	408
2.90%, 12/4/26	GBP	350		423
3.65%, 6/1/51	$	625		442
Bank of America Corp.,
5.87%, 9/15/34		1,200		1,233
Bank of New York Mellon Corp.,
MTN
5.19%, 3/14/35		550		545
Boeing Co.,
5.81%, 5/1/50		375		349
6.26%, 5/1/27		100		102
6.30%, 5/1/29		200		207
Bristol-Myers Squibb Co.,
5.65%, 2/22/64		200		193
Centene Corp.,
2.50%, 3/1/31		1,050		869
Charles Schwab Corp.,
5.85%, 5/19/34		710		731
Charter Communications Operating LLC/Charter Communications Operating Capital,
3.50%, 3/1/42		200		136
4.80%, 3/1/50		500		376
Chubb INA Holdings LLC,
0.88%, 6/15/27	EUR	400		396
Citigroup, Inc.,
3.79%, 3/17/33	$	1,300		1,168
Comcast Corp.,
3.25%, 9/26/32	EUR	450		468
Enterprise Products Operating LLC,
3.95%, 1/31/60	$	275		198
4.95%, 2/15/35		175		169
Global Payments, Inc.,
4.45%, 6/1/28		625		612
Goldman Sachs Group, Inc.,
0.75%, 3/23/32	EUR	620		539
5.85%, 4/25/35	$	525		535
Jersey Central Power & Light Co.,
2.75%, 3/1/32 (b)		975		829
JPMorgan Chase & Co.,
5.04%, 1/23/28		625		627
6.25%, 10/23/34		1,450		1,533
Las Vegas Sands Corp.,
5.90%, 6/1/27		275		279
Medtronic Global Holdings SCA,
1.00%, 7/2/31	EUR	250		229
Metropolitan Life Global Funding I,
2.95%, 4/9/30 (b)	$	575		520
NextEra Energy Capital Holdings, Inc.,
2.75%, 11/1/29		1,225		1,112
Nuveen LLC,
5.85%, 4/15/34 (b)		225		228
ONEOK, Inc.,
5.05%, 11/1/34		175		168
6.05%, 9/1/33		450		463
Oracle Corp.,
2.88%, 3/25/31		1,150		1,012
Pfizer Investment Enterprises Pte. Ltd.,
5.34%, 5/19/63		250		230
PNC Financial Services Group, Inc.,
6.88%, 10/20/34		925		1,010
Prologis Euro Finance LLC,
1.88%, 1/5/29	EUR	300		299
Thermo Fisher Scientific Finance I BV,
2.00%, 10/18/51		100		72
Thermo Fisher Scientific, Inc.,
0.88%, 10/1/31		650		585
1.88%, 10/1/49		100		72
Transcontinental Gas Pipe Line Co. LLC,
4.60%, 3/15/48	$	550		458
U.S. Bancorp,
5.84%, 6/12/34		462		471
Upjohn Finance BV,
1.91%, 6/23/32	EUR	550		507
Verizon Communications, Inc.,
1.13%, 11/3/28	GBP	300		330
2.55%, 3/21/31	$	625		539
Vontier Corp.,
2.40%, 4/1/28		250		226
Warnermedia Holdings, Inc.,
5.14%, 3/15/52		100		74
Wells Fargo & Co.,
MTN
2.88%, 10/30/30		350		316
				23,139
				45,748
Mortgages - Other (1.4%)
Netherlands (0.0%)‡
E-MAC NL 2006-II BV,
3 Month EURIBOR + 0.13%,
4.31%, 1/25/39 (c)	EUR	328		315
United Kingdom (0.1%)
Great Hall Mortgages No. 1 PLC,
3 Month EURIBOR + 0.25%,
3.11%, 6/18/38 (c)		163		168
Landmark Mortgage Securities No. 3 PLC,
3 Month GBP SONIA + 2.22%,
7.02%, 4/17/44 (c)	GBP	143		171
				339
United States (1.3%)
Banc of America Alternative Loan Trust,
6.36%, 10/25/36	$	21		6
Bayview Opportunity Master Fund VIA Trust,
3.00%, 1/25/52 (b)(c)		597		500
Chase Home Lending Mortgage Trust,
5.50%, 8/25/55 (b)(c)		914		901

Morgan Stanley Institutional Fund Trust 

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
United States (cont'd)
ChaseFlex Trust,
6.00%, 2/25/37	$	20	$	7
Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust,
3.00%, 7/25/58		206		177
3.00%, 10/25/58		24		21
4.00%, 10/25/58		22		20
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust,
3.00%, 9/25/45		42		35
3.00%, 7/25/46		15		12
3.00%, 12/25/46		55		45
3.00%, 5/25/47		100		83
3.50%, 5/25/45		16		13
3.50%, 9/25/45		38		32
3.50%, 7/25/46		23		19
4.00%, 5/25/45		4		4
GS Mortgage-Backed Securities Trust,
2.50%, 1/25/52 (b)(c)		475		383
GSR Mortgage Loan Trust,
5.75%, 1/25/37		7		4
Hundred Acre Wood Trust,
2.50%, 12/25/51 (b)(c)		406		326
JP Morgan Mortgage Trust,
3.00%, 4/25/52 (b)(c)		445		374
3.00%, 9/25/52 (b)(c)		484		406
3.25%, 7/25/52 (b)(c)		556		489
Lehman Mortgage Trust,
6.50%, 9/25/37		17		5
Mello Mortgage Capital Acceptance,
2.50%, 8/25/51 (b)(c)		471		379
MFA Trust,
5.27%, 8/25/69 (b)		963		960
Onslow Bay Financial LLC, Class A1
3.00%, 1/25/52 (b)(c)		459		385
PRKCM 2023-AFC1 Trust, Class A1
6.60%, 2/25/58 (b)		761		768
PRMI Securitization Trust,
2.50%, 4/25/51 (b)(c)		554		446
				6,800
				7,454
Municipal Bond (0.1%)
Michigan (0.1%)
University of Michigan, MI,
Series A
4.45%, 4/1/2122(Cost $300)		300		236
Sovereign (17.6%)
Australia (0.6%)
Australia Government Bond,
1.25%, 5/21/32	AUD	1,610		811
Treasury Corp. of Victoria,
2.00%, 9/17/35		2,320		1,054
2.25%, 9/15/33		3,043		1,520
				3,385
Austria (0.1%)
Republic of Austria Government Bond,
0.00%, 2/20/30	EUR	360		329
Belgium (0.2%)
Kingdom of Belgium Government Bond,
0.90%, 6/22/29		170		164
1.70%, 6/22/50		480		350
3.45%, 6/22/43		650		681
				1,195
Canada (1.2%)
Canadian Government Bond,
2.00%, 12/1/51	CAD	100		53
3.25%, 12/1/33		6,440		4,500
OMERS Finance Trust,
4.75%, 3/26/31 (b)	$	560		557
Province of British Columbia,
4.75%, 6/12/34		1,070		1,054
				6,164
Chile (0.1%)
Chile Government International Bond,
3.88%, 7/9/31	EUR	450		473
China (3.7%)
Agricultural Development Bank of China,
2.25%, 4/22/25	CNY	3,600		495
China Development Bank,
3.34%, 7/14/25		3,430		475
China Government Bond,
2.37%, 1/20/27		16,900		2,374
2.69%, 8/15/32		12,300		1,811
2.80%, 11/15/32		24,440		3,621
3.12%, 10/25/52		4,420		746
3.13%, 11/21/29		26,150		3,878
3.27%, 11/19/30		23,460		3,541
3.52%, 4/25/46		1,430		246
3.53%, 10/18/51		1,300		233
3.81%, 9/14/50		4,070		764
3.86%, 7/22/49		6,000		1,113
Export-Import Bank of China,
2.93%, 3/2/25		3,470		477
				19,774
Colombia (0.1%)
Colombian TES,
7.00%, 3/26/31	COP	1,634,000		305
Czech Republic (0.0%)‡
Czech Republic Government Bond,
1.20%, 3/13/31	CZK	6,000		210
Denmark (0.1%)
Denmark Government Bond,
0.50%, 11/15/27	DKK	3,000		402

Morgan Stanley Institutional Fund Trust 

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Estonia (0.1%)
Estonia Government International Bond,
3.25%, 1/17/34	EUR	380	$	398
Finland (0.1%)
Finland Government Bond,
1.13%, 4/15/34		370		332
3.00%, 9/15/34		400		421
				753
France (1.0%)
Agence Francaise de Developpement EPIC,
1.50%, 10/31/34		700		614
French Republic Government Bond OAT,
0.00%, 11/25/29		5,000		4,558
SNCF Reseau,
1.88%, 3/30/34		400		364
				5,536
Germany (2.0%)
Bundesrepublik Deutschland Bundesanleihe,
0.00%, 8/15/31 - 5/15/36		3,930		3,527
0.25%, 2/15/29		2,530		2,440
1.70%, 8/15/32		1,430		1,428
4.25%, 7/4/39		1,330		1,656
State of North Rhine-Westphalia Germany,
1.65%, 2/22/38		1,500		1,333
				10,384
Greece (0.2%)
Hellenic Republic Government Bond,
3.38%, 6/15/34		1,000		1,048
Hungary (0.0%)‡
Hungary Government Bond,
3.00%, 8/21/30	HUF	51,360		111
Indonesia (0.2%)
Indonesia Treasury Bond,
8.38%, 3/15/34	IDR	11,506,000		777
Ireland (0.1%)
Ireland Government Bond,
2.60%, 10/18/34	EUR	450		466
Italy (0.9%)
Italy Buoni Poliennali Del Tesoro,
2.50%, 12/1/32		1,070		1,053
3.85%, 7/1/34		640		685
4.00%, 11/15/30		1,600		1,745
4.45%, 9/1/43		358		395
4.50%, 10/1/53		550		608
				4,486
Japan (2.0%)
Japan Government Ten Year Bond,
0.80%, 3/20/34	JPY	548,000		3,415
1.10%, 6/20/34		177,000		1,129
Japan Government Thirty Year Bond,
0.30%, 6/20/46		224,000		1,012
0.40%, 9/20/49		279,000		1,204
0.70%, 12/20/51		279,000		1,244
Japan Government Twenty Year Bond,
0.40%, 6/20/41		485,050		2,522
				10,526
Korea, Republic of (0.2%)
Export-Import Bank of Korea,
0.63%, 2/9/26	$	640		612
Korea Development Bank,
0.80%, 7/19/26		590		557
				1,169
Lithuania (0.1%)
Republic of Lithuania,
3.50%, 7/3/31	EUR	290		311
Malaysia (0.2%)
Malaysia Government Bond,
3.58%, 7/15/32	MYR	3,390		747
3.89%, 8/15/29		2,330		527
				1,274
Mexico (0.1%)
Mexican Bonos,
7.50%, 6/3/27	MXN	6,000		274
7.75%, 5/29/31		5,000		214
8.50%, 5/31/29		5,900		268
				756
Netherlands (0.2%)
Netherlands Government Bond,
0.00%, 7/15/30	EUR	970		885
2.75%, 1/15/47		90		94
				979
New Zealand (0.3%)
New Zealand Government Bond,
4.25%, 5/15/34	NZD	240		133
New Zealand Local Government Funding Agency Bond,
MTN
4.40%, 9/8/27	AUD	1,970		1,222
				1,355
Nigeria (0.0%)‡
Africa Finance Corp.,
4.38%, 4/17/26 (b)	$	200		197
Norway (0.0%)‡
Norway Government Bond,
3.63%, 5/31/39	NOK	360		31
Poland (0.2%)
Republic of Poland Government Bond,
1.75%, 4/25/32	PLN	1,300		242
Republic of Poland Government International Bond,
3.13%, 10/22/31	EUR	711		741
				983
Portugal (0.0%)‡
Portugal Obrigacoes do Tesouro OT,
3.63%, 6/12/54		160		172

Morgan Stanley Institutional Fund Trust 

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Singapore (0.1%)
Singapore Government Bond,
2.63%, 8/1/32	SGD	870	$	627
Slovenia (0.1%)
Slovenia Government International Bond,
5.00%, 9/19/33 (b)	$	700		691
South Africa (1.1%)
Republic of South Africa Government Bond,
8.88%, 2/28/35	ZAR	124,364		6,004
Spain (0.9%)
Spain Government Bond,
0.00%, 1/31/28	EUR	540		520
2.70%, 10/31/48		410		366
3.45%, 10/31/34		2,380		2,546
3.50%, 5/31/29		990		1,068
4.00%, 10/31/54		130		142
				4,642
Thailand (0.2%)
Thailand Government Bond,
1.59%, 12/17/35	THB	8,270		226
2.00%, 12/17/31		27,000		783
				1,009
United Kingdom (1.2%)
United Kingdom Gilt,
0.38%, 10/22/30	GBP	820		826
0.63%, 10/22/50		2,170		1,013
0.88%, 7/31/33		1,730		1,613
1.25%, 10/22/41		500		366
1.63%, 10/22/28		550		628
3.50%, 10/22/25 - 1/22/45		1,360		1,551
4.25%, 7/31/34		170		207
				6,204
				93,126
Supranational (0.8%)
Asian Development Bank,
MTN
2.13%, 5/19/31	NZD	300		149
Banque Ouest Africaine de Developpement,
4.70%, 10/22/31	$	240		217
Corp. Andina de Fomento,
5.00%, 1/24/29		770		774
MTN
5.30%, 2/19/29	AUD	1,670		1,036
European Financial Stability Facility,
3.00%, 9/4/34	EUR	750		787
European Investment Bank,
0.00%, 1/14/31		1,200		1,071
				4,034
U.S. Treasury Securities (8.2%)
United States (8.2%)
U.S. Treasury Bonds,
1.13%, 5/15/40	$	5,850		3,522
1.75%, 8/15/41		1,770		1,147
U.S. Treasury Inflation-Indexed Notes,
1.88%, 7/15/34		11,950		11,582
U.S. Treasury Notes,
0.38%, 12/31/25		6,270		6,038
0.50%, 4/30/27		530		486
1.13%, 10/31/26		7,000		6,619
1.38%, 10/31/28—11/15/31		8,280		7,244
1.50%, 2/15/30		840		730
1.88%, 2/15/32		630		530
3.38%, 5/15/33		3,280		3,015
4.00%, 2/15/34		1,150		1,101
4.13%, 9/30/27		1,540		1,534
				43,548
Total Fixed Income Securities (Cost $241,612)				227,511

	Shares
Common Stocks (40.0%)
Australia (0.9%)
ANZ Group Holdings Ltd.		12,322	217
APA Group		5,259	23
Aristocrat Leisure Ltd.		2,300	97
ASX Ltd.		780	31
BHP Group Ltd.		20,673	504
BlueScope Steel Ltd.		1,780	21
Brambles Ltd.		5,666	67
CAR Group Ltd.		1,533	34
Cochlear Ltd.		266	48
Coles Group Ltd.		5,474	64
Commonwealth Bank of Australia		6,676	632
Computershare Ltd.		2,155	45
CSL Ltd.		1,977	345
Endeavour Group Ltd.		6,221	16
Fortescue Ltd.		6,878	77
Goodman Group REIT		6,943	153
GPT Group REIT		7,762	21
Insurance Australia Group Ltd.		9,436	49
James Hardie Industries PLC (f)		1,761	54
Lottery Corp. Ltd.		9,085	28
Macquarie Group Ltd.		1,455	199
Medibank Pvt Ltd.		11,160	26
Mineral Resources Ltd.		706	15
Mirvac Group REIT		15,664	18
National Australia Bank Ltd.		12,361	283
Northern Star Resources Ltd.		4,645	44
Orica Ltd.		2,005	21
Origin Energy Ltd.		6,897	46
Pro Medicus Ltd.		230	36
Qantas Airways Ltd. (f)		3,048	17
QBE Insurance Group Ltd.		6,118	73
Ramsay Health Care Ltd.		751	16
REA Group Ltd.		214	31
Reece Ltd.		915	13
Rio Tinto Ltd.		1,519	110
Santos Ltd.		13,171	55

Morgan Stanley Institutional Fund Trust 

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
Australia (cont'd)
Scentre Group REIT		20,991	$	44
SEEK Ltd.		1,437		20
SGH Ltd.		820		23
Sonic Healthcare Ltd.		1,858		31
South32 Ltd.		18,213		38
Stockland REIT		9,565		28
Suncorp Group Ltd.		5,062		60
Telstra Group Ltd.		16,441		41
Transurban Group (Units)		12,430		103
Treasury Wine Estates Ltd.		3,314		23
Vicinity Ltd. REIT		15,662		20
Washington H Soul Pattinson & Co. Ltd.		971		21
Wesfarmers Ltd.		4,512		199
Westpac Banking Corp.		13,847		276
WiseTech Global Ltd.		744		56
Woodside Energy Group Ltd.		7,673		119
Woolworths Group Ltd.		4,985		94
Xero Ltd. (f)		588		61
				4,786
Austria (0.1%)
Erste Group Bank AG		4,224		261
OMV AG		504		20
Verbund AG		231		17
				298
Belgium (0.2%)
Ageas SA		630		31
Anheuser-Busch InBev SA		3,556		178
Argenx SE (f)		239		148
D'ieteren Group		86		14
Elia Group SA		116		9
Groupe Bruxelles Lambert NV		328		22
KBC Group NV		3,147		243
Lotus Bakeries NV		2		22
Sofina SA		61		14
Syensqo SA		294		22
UCB SA		488		97
Warehouses De Pauw CVA REIT		719		14
				814
Canada (1.7%)
Agnico Eagle Mines Ltd.		2,150		168
Air Canada (f)		748		12
Alimentation Couche-Tard, Inc.		3,286		182
AltaGas Ltd.		1,291		30
ARC Resources Ltd.		2,538		46
Bank of Montreal		3,116		303
Bank of Nova Scotia		5,294		284
Barrick Gold Corp. (LSE)		5,609		87
Barrick Gold Corp. (NYSE)		1,893		30
BCE, Inc.		317		7
Brookfield Asset Management Ltd., Class A		1,543		84
Brookfield Corp.		5,899		339
Brookfield Renewable Corp.		584		16
CAE, Inc. (f)		1,345		34
Cameco Corp.		1,865		96
Canadian Apartment Properties REIT		354		11
Canadian Imperial Bank of Commerce		4,130		261
Canadian National Railway Co.		2,314		235
Canadian Natural Resources Ltd.		9,046		279
Canadian Pacific Kansas City Ltd.		4,053		293
Canadian Tire Corp. Ltd., Class A		224		24
Canadian Utilities Ltd., Class A		571		14
CCL Industries, Inc., Class B		645		33
Cenovus Energy, Inc.		5,881		89
CGI, Inc.		879		96
Constellation Software, Inc.		87		269
Descartes Systems Group, Inc. (f)		372		42
Dollarama, Inc.		1,218		119
Element Fleet Management Corp.		1,732		35
Emera, Inc.		1,237		46
Empire Co. Ltd., Class A		571		17
Enbridge, Inc.		9,340		396
Fairfax Financial Holdings Ltd.		89		124
First Quantum Minerals Ltd. (f)		3,042		39
FirstService Corp.		175		32
Fortis, Inc.		2,122		88
Franco-Nevada Corp.		826		97
George Weston Ltd.		254		40
GFL Environmental, Inc.		987		44
Gildan Activewear, Inc.		606		29
Great-West Lifeco, Inc.		1,187		39
Hydro One Ltd.		1,420		44
iA Financial Corp., Inc.		400		37
IGM Financial, Inc.		354		11
Imperial Oil Ltd.		793		49
Intact Financial Corp.		771		140
Ivanhoe Mines Ltd., Class A (f)		3,232		38
Keyera Corp.		991		30
Kinross Gold Corp.		5,312		49
Loblaw Cos. Ltd.		654		86
Lundin Mining Corp.		2,811		24
Magna International, Inc.		1,177		49
Manulife Financial Corp.		7,527		231
MEG Energy Corp.		1,146		19
Metro, Inc.		912		57
National Bank of Canada		1,471		134
Nutrien Ltd.		2,125		95
Onex Corp.		264		21
Open Text Corp.		1,130		32
Pan American Silver Corp.		1,563		32
Parkland Corp.		604		14
Pembina Pipeline Corp.		2,516		93
Power Corp. of Canada		2,395		75
Quebecor, Inc., Class B		672		15
RB Global, Inc.		793		72
Restaurant Brands International, Inc.		1,320		86
Rogers Communications, Inc., Class B		1,544		47
Royal Bank of Canada		6,058		730

Morgan Stanley Institutional Fund Trust 

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
Canada (cont'd)
Saputo, Inc.		1,102	$	19
Shopify, Inc., Class A (f)		5,323		567
Stantec, Inc.		494		39
Sun Life Financial, Inc.		2,467		147
Suncor Energy, Inc.		5,394		193
TC Energy Corp.		4,460		208
Teck Resources Ltd., Class B		1,975		80
TELUS Corp.		2,118		29
TFI International, Inc.		353		48
Thomson Reuters Corp.		678		109
TMX Group Ltd.		1,200		37
Toromont Industries Ltd.		355		28
Toronto-Dominion Bank		7,500		399
Tourmaline Oil Corp.		1,507		70
West Fraser Timber Co. Ltd.		236		20
Wheaton Precious Metals Corp.		1,956		110
WSP Global, Inc.		561		99
				9,021
China (0.0%)
China Common Rich Renewable Energy Investments Ltd. (f)(g)		42,000		—
Denmark (0.3%)
AP Moller - Maersk AS Series B		30		49
Carlsberg AS Series B		392		38
Coloplast AS Series B		523		57
Danske Bank AS		2,797		79
Demant AS (f)		366		14
DSV AS		840		179
Genmab AS (f)		255		53
Novo Nordisk AS, Class B		12,374		1,068
Novozymes AS Series B		1,443		82
Orsted AS (f)		688		31
Pandora AS		334		61
Rockwool AS, Class B		39		14
Tryg AS		1,389		29
Vestas Wind Systems AS (f)		3,983		55
Zealand Pharma AS (f)		264		26
				1,835
Finland (0.2%)
Elisa OYJ		587		25
Fortum OYJ		1,835		26
Kesko OYJ, Class B		1,125		21
Kone OYJ, Class B		1,405		69
Metso OYJ		2,564		24
Neste OYJ		1,753		22
Nokia OYJ		21,786		96
Nordea Bank Abp		41,590		454
Orion OYJ, Class B		447		20
Sampo OYJ, Class A		2,037		83
Stora Enso OYJ, Class R		2,380		24
UPM-Kymmene OYJ		2,190		60
Wartsila OYJ Abp		2,067		37
				961
France (1.6%)
Accor SA		800		39
Aeroports de Paris SA		142		16
Air Liquide SA		2,381		387
Airbus SE		2,450		392
Alstom SA (f)		1,422		32
Amundi SA		253		17
ArcelorMittal SA		1,934		45
Arkema SA		231		18
AXA SA		7,206		256
BioMerieux		170		18
BNP Paribas SA		13,567		833
Bollore SE		2,900		18
Bouygues SA		782		23
Bureau Veritas SA		1,291		39
Capgemini SE		634		104
Carrefour SA		2,226		32
Cie de Saint-Gobain SA		1,856		165
Cie Generale des Etablissements Michelin SCA		2,743		90
Covivio SA REIT		230		12
Credit Agricole SA		13,937		192
Danone SA		2,640		178
Dassault Aviation SA		80		16
Dassault Systemes SE		2,742		95
Edenred SE		987		32
Eiffage SA		301		26
Engie SA		7,449		118
EssilorLuxottica SA		1,214		296
Eurazeo SE		171		13
Eurofins Scientific SE		545		28
Euronext NV		321		36
Gecina SA REIT		190		18
Getlink SE		1,240		20
Hermes International SCA		130		312
Ipsen SA		153		17
Kering SA		304		75
Klepierre SA REIT		888		26
La Francaise des Jeux SACA		426		16
Legrand SA		1,079		105
L'Oreal SA		983		348
LVMH Moet Hennessy Louis Vuitton SE (France)		1,129		743
Orange SA		7,611		76
Pernod Ricard SA		838		95
Publicis Groupe SA		936		100
Renault SA		795		39
Rexel SA		904		23
Safran SA		1,489		326
Sanofi SA		4,665		453
Sartorius Stedim Biotech		119		23
Schneider Electric SE		2,243		558
SEB SA		103		9
Societe Generale SA		9,581		269
Sodexo SA		360		30
STMicroelectronics NV		2,769		69

Morgan Stanley Institutional Fund Trust 

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
France (cont'd)
Teleperformance SE		229	$	20
Thales SA		381		55
TotalEnergies SE		8,877		495
Unibail-Rodamco-Westfield REIT		488		37
Veolia Environnement SA		2,893		81
Vinci SA		2,047		211
				8,215
Germany (1.2%)
adidas AG		668		164
Allianz SE (Registered)		1,612		495
BASF SE		3,677		161
Bayer AG (Registered)		4,065		81
Bayerische Motoren Werke AG		1,202		98
Bayerische Motoren Werke AG (Preference)		231		17
Bechtle AG		335		11
Beiersdorf AG		406		52
Brenntag SE		531		32
Carl Zeiss Meditec AG		164		8
Commerzbank AG		13,319		219
Continental AG		453		31
Covestro AG (f)		736		44
CTS Eventim AG & Co. KGaA		257		22
Daimler Truck Holding AG		2,040		78
Delivery Hero SE (f)		768		22
Deutsche Bank AG (Registered)		7,757		134
Deutsche Boerse AG		779		179
Deutsche Lufthansa AG (Registered)		2,483		16
Deutsche Post AG (Registered)		4,192		148
Deutsche Telekom AG (Registered)		14,354		430
Dr Ing hc F Porsche AG (Preference)		475		29
E.ON SE		9,182		107
Evonik Industries AG		1,048		18
Fresenius Medical Care AG		835		38
Fresenius SE & Co. KGaA (f)		1,719		60
GEA Group AG		638		32
Hannover Rueck SE (Registered)		247		62
Heidelberg Materials AG		555		69
Henkel AG & Co. KGaA		426		33
Henkel AG & Co. KGaA (Preference)		693		61
Infineon Technologies AG		5,322		174
Knorr-Bremse AG		301		22
LEG Immobilien SE		308		26
Mercedes-Benz Group AG (Registered)		3,110		173
Merck KGaA		528		77
MTU Aero Engines AG		222		74
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		545		276
Nemetschek SE		235		23
Porsche Automobil Holding SE (Preference)		640		24
Puma SE		435		20
QIAGEN NV (f)		900		40
Rational AG		21		18
Rheinmetall AG		175		112
RWE AG		2,581		77
SAP SE		4,286		1,054
Sartorius AG (Preference)		107		24
Scout24 SE		306		27
Siemens AG (Registered)		3,115		607
Siemens Energy AG (f)		2,597		138
Siemens Healthineers AG		1,152		61
Symrise AG		545		58
Talanx AG		262		22
Volkswagen AG (Preference)		846		78
Vonovia SE		3,061		93
Zalando SE (f)		921		31
				6,280
Hong Kong (0.2%)
AIA Group Ltd.		44,026		316
BOC Hong Kong Holdings Ltd.		14,958		48
CK Asset Holdings Ltd.		7,717		31
CK Hutchison Holdings Ltd.		10,701		57
CK Infrastructure Holdings Ltd.		2,489		18
CLP Holdings Ltd.		6,614		55
Futu Holdings Ltd. ADR		226		18
Galaxy Entertainment Group Ltd.		8,924		38
Hang Seng Bank Ltd.		2,994		37
Henderson Land Development Co. Ltd.		5,944		18
HKT Trust & HKT Ltd.		15,411		19
Hong Kong & China Gas Co. Ltd.		45,250		36
Hong Kong Exchanges & Clearing Ltd.		4,882		183
Hongkong Land Holdings Ltd.		4,457		20
Jardine Matheson Holdings Ltd.		635		26
Link REIT		10,831		46
MTR Corp. Ltd.		6,248		22
Power Assets Holdings Ltd.		5,543		39
Sands China Ltd. (f)		9,825		26
Sino Land Co. Ltd.		15,674		16
SITC International Holdings Co. Ltd.		5,397		14
Sun Hung Kai Properties Ltd.		5,868		56
Swire Pacific Ltd., Class A		1,642		15
Techtronic Industries Co. Ltd.		5,639		74
WH Group Ltd.		34,443		26
Wharf Holdings Ltd.		4,297		12
Wharf Real Estate Investment Co. Ltd.		6,661		17
				1,283
Ireland (0.1%)
AIB Group PLC		20,569		114
Bank of Ireland Group PLC		12,996		119
Kerry Group PLC, Class A		544		52
Kingspan Group PLC		550		40
				325
Israel (0.1%)
Azrieli Group Ltd.		173		14
Bank Hapoalim BM		5,169		62
Bank Leumi Le-Israel BM		6,162		73
Check Point Software Technologies Ltd. (f)		365		68
CyberArk Software Ltd. (f)		180		60

Morgan Stanley Institutional Fund Trust 

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
Israel (cont'd)
Elbit Systems Ltd.		110	$	29
Global-e Online Ltd. (f)		418		23
ICL Group Ltd.		3,131		15
Israel Discount Bank Ltd., Class A		5,080		35
Mizrahi Tefahot Bank Ltd.		639		28
Monday.com Ltd. (f)		163		38
Nice Ltd. (f)		262		45
Teva Pharmaceutical Industries Ltd. ADR (f)		4,786		106
Wix.com Ltd. (f)		220		47
				643
Italy (0.6%)
Amplifon SpA		490		13
Banco BPM SpA		16,036		130
BPER Banca SpA		4,033		26
Davide Campari-Milano NV		2,502		16
DiaSorin SpA		90		9
Enel SpA		33,035		236
Eni SpA		9,339		128
Ferrari NV		516		220
FinecoBank Banca Fineco SpA		7,976		139
Generali		3,820		108
Infrastrutture Wireless Italiane SpA		1,347		14
Intesa Sanpaolo SpA		198,471		796
Leonardo SpA		1,622		44
Mediobanca Banca di Credito Finanziario SpA		6,957		101
Moncler SpA		951		50
Nexi SpA (f)		2,086		12
Poste Italiane SpA		1,857		26
Prysmian SpA		1,125		72
Recordati Industria Chimica e Farmaceutica SpA		420		22
Snam SpA		8,150		36
Stellantis NV		8,016		104
Telecom Italia SpA (Milano) (f)		40,363		10
Tenaris SA		1,649		31
Terna - Rete Elettrica Nazionale		5,697		45
UniCredit SpA		20,273		812
Unipol Gruppo SpA		1,598		20
				3,220
Netherlands (0.7%)
ABN AMRO Bank NV CVA		6,150		95
Adyen NV (f)		90		134
Aegon Ltd.		5,556		33
AerCap Holdings NV		792		76
Akzo Nobel NV		700		42
ASM International NV		192		111
ASML Holding NV		1,636		1,146
ASR Nederland NV		648		31
BE Semiconductor Industries NV		308		42
Coca-Cola Europacific Partners PLC		845		65
DSM-Firmenich AG		762		77
EXOR NV		408		37
Havas NV (f)		3,059		5
Heineken Holding NV		533		32
Heineken NV		1,184		84
IMCD NV		235		35
ING Groep NV		45,989		721
InPost SA (f)		911		15
JDE Peet's NV		504		9
Koninklijke Ahold Delhaize NV		3,814		124
Koninklijke KPN NV		15,998		58
Koninklijke Philips NV (f)		3,241		82
NN Group NV		1,109		48
Prosus NV (f)		5,681		226
Randstad NV		443		19
Universal Music Group NV		3,352		86
Wolters Kluwer NV		985		164
				3,597
New Zealand (0.0%)‡
Auckland International Airport Ltd.		7,817		38
Fisher & Paykel Healthcare Corp. Ltd.		2,794		60
Infratil Ltd.		4,390		31
Mercury NZ Ltd.		3,342		11
Meridian Energy Ltd.		6,152		20
				160
Norway (0.1%)
Aker BP ASA		1,268		25
DNB Bank ASA		3,611		72
Equinor ASA		3,381		80
Gjensidige Forsikring ASA		813		14
Kongsberg Gruppen ASA		349		39
Mowi ASA		1,891		32
Norsk Hydro ASA		5,659		31
Orkla ASA		2,822		25
Salmar ASA		266		13
Telenor ASA		2,494		28
Yara International ASA		673		18
				377
Portugal (0.0%)‡
EDP - Energias de Portugal SA		12,534		40
EDP Renovaveis SA		1,220		12
Galp Energia SGPS SA		1,860		31
Jeronimo Martins SGPS SA		1,137		22
				105
Singapore (0.2%)
CapitaLand Ascendas REIT		15,383		29
CapitaLand Integrated Commercial Trust REIT		24,027		34
CapitaLand Investment Ltd.		9,601		19
DBS Group Holdings Ltd.		8,195		263
Genting Singapore Ltd.		25,019		14
Grab Holdings Ltd., Class A (f)		8,800		42
Keppel Ltd.		6,039		30
Oversea-Chinese Banking Corp. Ltd.		14,018		171
Sea Ltd. ADR (f)		1,547		164
Sembcorp Industries Ltd.		3,716		15
Singapore Airlines Ltd.		6,201		29
Singapore Exchange Ltd.		3,562		33
Singapore Technologies Engineering Ltd.		6,474		22

Morgan Stanley Institutional Fund Trust 

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
Singapore (cont'd)
Singapore Telecommunications Ltd.		31,152	$	70
United Overseas Bank Ltd.		5,207		138
Wilmar International Ltd.		7,974		18
Yangzijiang Shipbuilding Holdings Ltd.		10,465		23
				1,114
South Africa (0.8%)
Absa Group Ltd.		78,136		783
Capitec Bank Holdings Ltd.		8,007		1,330
Nedbank Group Ltd.		40,398		604
Standard Bank Group Ltd.		123,287		1,448
				4,165
Spain (0.6%)
Acciona SA		102		11
ACS Actividades de Construccion y Servicios SA		730		37
Aena SME SA		310		63
Amadeus IT Group SA		1,866		132
Banco Bilbao Vizcaya Argentaria SA		77,276		756
Banco de Sabadell SA		22,769		44
Banco Santander SA		208,796		966
CaixaBank SA		53,346		290
Cellnex Telecom SA		2,201		69
Endesa SA		1,314		28
Ferrovial SE		1,960		82
Grifols SA (f)		1,246		12
Iberdrola SA		24,958		344
Industria de Diseno Textil SA		4,548		233
Redeia Corp. SA		1,678		29
Repsol SA		4,839		59
Telefonica SA		16,493		67
				3,222
Sweden (0.4%)
AddTech AB, Class B		1,057		29
Alfa Laval AB		1,185		50
Assa Abloy AB, Class B		4,080		121
Atlas Copco AB, Class A		17,418		254
Beijer Ref AB		1,575		23
Boliden AB		1,117		31
Epiroc AB, Class A		4,344		73
EQT AB		1,532		42
Essity AB, Class B		2,487		66
Evolution AB		777		60
Fastighets AB Balder, Class B (f)		2,717		19
Getinge AB, Class B		917		15
H & M Hennes & Mauritz AB, Class B		2,330		31
Hexagon AB, Class B		8,455		81
Holmen AB, Class B		311		11
Industrivarden AB, Class A		1,152		37
Indutrade AB		1,116		28
Investment AB Latour, Class B		600		15
Investor AB, Class B		7,062		187
L E Lundbergforetagen AB, Class B		311		14
Lifco AB, Class B		946		27
Nibe Industrier AB, Class B		6,162		24
Saab AB, Class B		1,250		26
Sagax AB, Class B		911		19
Sandvik AB		4,358		78
Securitas AB, Class B		2,006		25
Skandinaviska Enskilda Banken AB, Class A		6,461		89
Skanska AB, Class B		1,378		29
SKF AB, Class B		1,404		26
Spotify Technology SA (f)		625		280
Svenska Cellulosa AB SCA, Class B		2,469		31
Svenska Handelsbanken AB, Class A		5,891		61
Swedbank AB, Class A		3,438		68
Swedish Orphan Biovitrum AB (f)		793		23
Tele2 AB, Class B		2,239		22
Telefonaktiebolaget LM Ericsson, Class B		11,332		92
Telia Co. AB		9,575		27
Trelleborg AB, Class B		871		30
Volvo AB, Class A		7,332		178
				2,342
Switzerland (1.3%)
ABB Ltd. (Registered)		7,257		392
Adecco Group AG (Registered)		690		17
Alcon AG		2,287		194
Avolta AG (Registered)		376		15
Bachem Holding AG (f)		137		9
Baloise Holding AG (Registered)		178		32
Banque Cantonale Vaudoise (Registered)		124		11
Barry Callebaut AG (Registered)		15		20
BKW AG		85		14
Chocoladefabriken Lindt & Spruengli AG		4		44
Cie Financiere Richemont SA, Class A (Registered)		2,439		369
Clariant AG (Registered) (f)		878		10
EMS-Chemie Holding AG (Registered)		29		20
Galderma Group AG (f)		340		38
Geberit AG (Registered)		154		87
Givaudan SA (Registered)		42		184
Helvetia Holding AG (Registered)		150		25
Holcim AG (f)		2,383		229
Julius Baer Group Ltd.		846		55
Kuehne & Nagel International AG (Registered) (f)		223		51
Logitech International SA (Registered)		700		58
Lonza Group AG (Registered) (f)		331		195
Nestle SA (Registered)		11,992		984
Novartis AG (Registered)		9,006		877
Partners Group Holding AG		104		141
Roche Holding AG		130		39
Roche Holding AG (Genusschein)		3,195		893
Sandoz Group AG		1,682		69
Schindler Holding AG		167		46
Schindler Holding AG (Registered)		96		26
SGS SA (Registered)		618		62
SIG Group AG (f)		1,249		25
Sika AG (Registered) (f)		700		167
Sonova Holding AG (Registered)		231		75
Straumann Holding AG (Registered) (f)		457		58

Morgan Stanley Institutional Fund Trust 

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
Switzerland (cont'd)
Swatch Group AG		118	$	21
Swiss Life Holding AG (Registered)		131		101
Swiss Prime Site AG (Registered)		318		35
Swiss Re AG		1,366		198
Swisscom AG (Registered)		118		66
Temenos AG (Registered)		231		16
UBS Group AG (Registered) (f)		14,983		459
VAT Group AG		110		42
Zurich Insurance Group AG		668		397
				6,866
United Kingdom (1.9%)
3i Group PLC		4,005		178
Admiral Group PLC		1,065		35
Anglo American PLC		5,249		155
Antofagasta PLC		1,623		32
Ashtead Group PLC		1,822		113
Associated British Foods PLC		1,369		35
AstraZeneca PLC		6,268		817
Auto Trader Group PLC		3,689		37
Aviva PLC		10,932		64
BAE Systems PLC		12,328		177
Barclays PLC		59,688		200
Barratt Redrow PLC		5,632		31
Berkeley Group Holdings PLC		420		20
BP PLC		66,649		329
British American Tobacco PLC		8,196		296
BT Group PLC		26,729		48
Bunzl PLC		1,367		56
Centrica PLC		20,906		35
Coca-Cola HBC AG (f)		892		30
Compass Group PLC		6,963		232
Croda International PLC		537		23
DCC PLC		407		26
Diageo PLC		9,219		293
Endeavour Mining PLC		757		14
Entain PLC		2,558		22
Evraz PLC (f)(g)		2,495		—
Experian PLC		3,819		164
G4S Ltd. (f)		6,437		20
Glencore PLC (f)		42,859		189
GSK PLC		16,918		285
Haleon PLC		31,565		149
Halma PLC		1,561		52
Hargreaves Lansdown PLC		1,461		20
Hikma Pharmaceuticals PLC		678		17
HSBC Holdings PLC		74,653		733
Imperial Brands PLC		3,300		106
Informa PLC		5,503		55
InterContinental Hotels Group PLC		655		81
Intertek Group PLC		660		39
J Sainsbury PLC		7,325		25
JD Sports Fashion PLC		10,733		13
Kingfisher PLC		7,538		23
Land Securities Group PLC REIT		2,880		21
Legal & General Group PLC		24,245		70
Lloyds Banking Group PLC		253,257		173
London Stock Exchange Group PLC		1,978		279
M&G PLC		9,281		23
Marks & Spencer Group PLC		8,444		40
Melrose Industries PLC		5,331		37
Mondi PLC		1,810		27
National Grid PLC		19,979		237
NatWest Group PLC		29,054		146
Next PLC		489		58
Paragon Offshore PLC (f)(g)		303		—
Pearson PLC		2,467		40
Persimmon PLC		1,319		20
Phoenix Group Holdings PLC		2,880		18
Prudential PLC		11,053		88
Reckitt Benckiser Group PLC		2,835		172
RELX PLC (LSE)		7,703		349
Rentokil Initial PLC		10,484		52
Rio Tinto PLC		4,634		274
Rolls-Royce Holdings PLC (f)		34,937		248
Sage Group PLC		4,134		66
Schroders PLC		3,364		14
Segro PLC REIT		5,300		46
Severn Trent PLC		1,113		35
Shell PLC		25,456		793
Smith & Nephew PLC		3,575		44
Smiths Group PLC		1,414		30
Spirax Group PLC		308		26
SSE PLC		4,560		91
Standard Chartered PLC		8,603		106
Taylor Wimpey PLC		14,559		22
Tesco PLC		28,181		130
Unilever PLC CVA		10,224		581
United Utilities Group PLC		2,816		37
Vodafone Group PLC		91,409		78
Whitbread PLC		738		27
Wise PLC, Class A (f)		2,707		36
WPP PLC		4,459		46
				9,849
United States (26.8%)
3M Co.		1,510		195
A.O. Smith Corp.		329		22
Abbott Laboratories		4,762		539
AbbVie, Inc.		4,848		861
Accenture PLC, Class A		1,724		606
Adobe, Inc. (f)		1,211		539
Advanced Micro Devices, Inc. (f)		4,391		530
AECOM		368		39
AES Corp.		1,947		25
Aflac, Inc.		1,454		150
Agilent Technologies, Inc.		784		105
Air Products & Chemicals, Inc.		611		177
Airbnb, Inc., Class A (f)		1,215		160

Morgan Stanley Institutional Fund Trust 

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Akamai Technologies, Inc. (f)		418	$	40
Albemarle Corp.		323		28
Albertsons Cos., Inc., Class A		1,030		20
Alexandria Real Estate Equities, Inc. REIT		435		42
Align Technology, Inc. (f)		197		41
Allegion PLC		239		31
Alliant Energy Corp.		700		41
Allstate Corp.		728		140
Ally Financial, Inc.		754		27
Alnylam Pharmaceuticals, Inc. (f)		356		84
Alphabet, Inc., Class A		30,159		5,725
Altria Group, Inc.		4,670		244
Amazon.com, Inc. (f)		26,196		5,747
Amcor PLC		3,940		37
Ameren Corp.		731		65
American Electric Power Co., Inc.		1,445		133
American Express Co.		1,566		465
American Financial Group, Inc.		196		27
American Homes 4 Rent, Class A REIT		899		34
American International Group, Inc.		1,765		128
American Tower Corp. REIT		1,286		236
American Water Works Co., Inc.		535		67
Ameriprise Financial, Inc.		270		144
AMETEK, Inc.		635		114
Amgen, Inc.		1,467		382
Amphenol Corp., Class A		3,319		231
Analog Devices, Inc.		1,360		289
Annaly Capital Management, Inc. REIT		1,469		27
ANSYS, Inc. (f)		239		81
Aon PLC, Class A		534		192
APA Corp.		997		23
Apollo Global Management, Inc.		1,111		183
Apple, Inc.		42,116		10,547
Applied Materials, Inc.		2,260		368
AppLovin Corp., Class A (f)		589		191
Aptiv PLC (f)		721		44
Arch Capital Group Ltd.		1,032		95
Archer-Daniels-Midland Co.		1,303		66
Ares Management Corp., Class A		522		92
Arista Networks, Inc. (f)		2,961		327
Arthur J Gallagher & Co.		685		194
Aspen Technology, Inc. (f)		77		19
Assurant, Inc.		142		30
AT&T, Inc.		19,612		447
Atlassian Corp., Class A (f)		443		108
Atmos Energy Corp.		425		59
Autodesk, Inc. (f)		591		175
Automatic Data Processing, Inc.		1,116		327
AutoZone, Inc. (f)		47		150
AvalonBay Communities, Inc. REIT		391		86
Avantor, Inc. (f)		1,859		39
Avery Dennison Corp.		219		41
Axon Enterprise, Inc. (f)		200		119
Baker Hughes Co.		2,723		112
Ball Corp.		834		46
Bank of America Corp.		19,150		842
Bank of New York Mellon Corp.		2,037		157
Baxter International, Inc.		1,399		41
Becton Dickinson & Co.		787		179
Bentley Systems, Inc., Class B		436		20
Berkshire Hathaway, Inc., Class B (f)		3,636		1,648
Best Buy Co., Inc.		564		48
Biogen, Inc. (f)		393		60
BioMarin Pharmaceutical, Inc. (f)		520		34
Bio-Rad Laboratories, Inc., Class A (f)		53		17
Bio-Techne Corp.		434		31
Blackrock, Inc.		407		417
Blackstone, Inc.		1,992		343
Block, Inc., Class A (f)		1,556		132
Boeing Co. (f)		1,988		352
Booking Holdings, Inc.		93		462
Booz Allen Hamilton Holding Corp.		355		46
Boston Scientific Corp. (f)		4,052		362
Bristol-Myers Squibb Co.		5,557		314
Broadcom, Inc.		12,309		2,854
Broadridge Financial Solutions, Inc.		320		72
Brown & Brown, Inc.		667		68
Brown-Forman Corp., Class B		503		19
Builders FirstSource, Inc. (f)		324		46
Bunge Global SA		386		30
Burlington Stores, Inc. (f)		176		50
BXP, Inc. REIT		416		31
Cadence Design Systems, Inc. (f)		757		227
Camden Property Trust REIT		293		34
Campbell's Co.		528		22
Capital One Financial Corp.		1,052		188
Cardinal Health, Inc.		661		78
Carlisle Cos., Inc.		128		47
Carlyle Group, Inc.		645		33
CarMax, Inc. (f)		429		35
Carnival Corp. (f)		2,899		72
Carrier Global Corp.		2,236		153
Carvana Co. (f)		326		66
Caterpillar, Inc.		1,331		483
Cboe Global Markets, Inc.		286		56
CBRE Group, Inc., Class A (f)		841		110
CDW Corp.		366		64
Celanese Corp.		300		21
Cencora, Inc.		484		109
Centene Corp. (f)		1,442		87
CenterPoint Energy, Inc.		1,782		57
CF Industries Holdings, Inc.		493		42
CH Robinson Worldwide, Inc.		321		33
Charles River Laboratories International, Inc. (f)		141		26
Charles Schwab Corp.		4,395		325
Charter Communications, Inc., Class A (f)		256		88
Cheniere Energy, Inc.		617		133

Morgan Stanley Institutional Fund Trust 

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Chevron Corp.		4,734	$	686
Chipotle Mexican Grill, Inc. (f)		3,774		228
Chubb Ltd.		1,049		290
Church & Dwight Co., Inc.		674		71
Cigna Group		771		213
Cincinnati Financial Corp.		430		62
Cintas Corp.		1,001		183
Cisco Systems, Inc.		10,993		651
Citigroup, Inc.		5,230		368
Citizens Financial Group, Inc.		1,229		54
Clorox Co.		339		55
Cloudflare, Inc., Class A (f)		852		92
CME Group, Inc.		1,009		234
CMS Energy Corp.		813		54
CNH Industrial NV		2,389		27
Coca-Cola Co.		11,185		696
Cognizant Technology Solutions Corp., Class A		1,365		105
Coinbase Global, Inc., Class A (f)		541		134
Colgate-Palmolive Co.		2,125		193
Comcast Corp., Class A		10,634		399
Conagra Brands, Inc.		1,301		36
ConocoPhillips		3,555		353
Consolidated Edison, Inc.		945		84
Constellation Brands, Inc., Class A		449		99
Constellation Energy Corp.		858		192
Cooper Cos., Inc. (f)		545		50
Copart, Inc. (f)		2,395		137
Corebridge Financial, Inc.		732		22
Corning, Inc.		2,226		106
Corpay, Inc. (f)		181		61
Corteva, Inc.		1,894		108
CoStar Group, Inc. (f)		1,131		81
Costco Wholesale Corp.		1,231		1,128
Coterra Energy, Inc.		2,011		51
CRH PLC		1,878		174
Crowdstrike Holdings, Inc., Class A (f)		650		222
Crown Castle, Inc. REIT		1,189		108
Crown Holdings, Inc.		329		27
CSX Corp.		5,297		171
Cummins, Inc.		377		131
CVS Health Corp.		3,462		155
Danaher Corp.		1,771		407
Darden Restaurants, Inc.		322		60
Datadog, Inc., Class A (f)		778		111
DaVita, Inc. (f)		126		19
Dayforce, Inc. (f)		435		32
Deckers Outdoor Corp. (f)		420		85
Deere & Co.		716		303
Dell Technologies, Inc., Class C		879		101
Delta Air Lines, Inc.		447		27
Devon Energy Corp.		1,700		56
Dexcom, Inc. (f)		1,099		85
Diamondback Energy, Inc.		518		85
Dick's Sporting Goods, Inc.		159		36
Digital Realty Trust, Inc. REIT		898		159
Discover Financial Services		691		120
DocuSign, Inc. (f)		570		51
Dollar General Corp.		597		45
Dollar Tree, Inc. (f)		560		42
Dominion Energy, Inc.		2,278		123
Domino's Pizza, Inc.		95		40
DoorDash, Inc., Class A (f)		847		142
Dover Corp.		379		71
Dow, Inc.		1,916		77
DR Horton, Inc.		806		113
DraftKings, Inc., Class A (f)		1,208		45
DTE Energy Co.		562		68
Duke Energy Corp.		2,102		226
DuPont de Nemours, Inc.		1,147		87
Dynatrace, Inc. (f)		822		45
Eastman Chemical Co.		317		29
Eaton Corp. PLC		1,105		367
eBay, Inc.		1,356		84
Ecolab, Inc.		704		165
Edison International		1,055		84
Edwards Lifesciences Corp. (f)		1,650		122
Electronic Arts, Inc.		689		101
Elevance Health, Inc.		637		235
Eli Lilly & Co.		2,236		1,726
EMCOR Group, Inc.		130		59
Emerson Electric Co.		1,570		195
Enphase Energy, Inc. (f)		373		26
Entegris, Inc.		413		41
Entergy Corp.		1,170		89
EOG Resources, Inc.		1,548		190
EPAM Systems, Inc. (f)		157		37
EQT Corp.		1,535		71
Equifax, Inc.		341		87
Equinix, Inc. REIT		260		245
Equitable Holdings, Inc.		874		41
Equity Lifestyle Properties, Inc. REIT		488		32
Equity Residential REIT		937		67
Erie Indemnity Co., Class A		70		29
Essential Utilities, Inc.		712		26
Essex Property Trust, Inc. REIT		177		51
Estee Lauder Cos., Inc., Class A		641		48
Everest Group Ltd.		119		43
Evergy, Inc.		626		39
Eversource Energy		974		56
Exact Sciences Corp. (f)		501		28
Exelon Corp.		2,729		103
Expand Energy Corp.		555		55
Expedia Group, Inc. (f)		347		65
Expeditors International of Washington, Inc.		383		42
Extra Space Storage, Inc. REIT		582		87
Exxon Mobil Corp.		12,105		1,302
F5, Inc. (f)		160		40

Morgan Stanley Institutional Fund Trust 

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
FactSet Research Systems, Inc.		105	$	50
Fair Isaac Corp. (f)		68		135
Fastenal Co.		1,598		115
FedEx Corp.		628		177
Ferguson Enterprises, Inc.		555		96
Fidelity National Financial, Inc.		715		40
Fidelity National Information Services, Inc.		1,496		121
Fifth Third Bancorp		1,860		79
First Citizens BancShares, Inc., Class A		28		59
First Solar, Inc. (f)		278		49
FirstEnergy Corp.		1,494		59
Fiserv, Inc. (f)		1,590		327
Flutter Entertainment PLC (f)		482		125
Ford Motor Co.		10,659		106
Fortinet, Inc. (f)		1,797		170
Fortive Corp.		957		72
Fortune Brands Innovations, Inc.		342		23
Fox Corp., Class A		1,001		48
Franklin Resources, Inc.		793		16
Freeport-McMoRan, Inc.		3,951		150
Gaming and Leisure Properties, Inc. REIT		750		36
Garmin Ltd.		421		87
Gartner, Inc. (f)		211		102
GE HealthCare Technologies, Inc.		1,252		98
GE Vernova, Inc.		767		252
Gen Digital, Inc.		1,525		42
General Dynamics Corp.		638		168
General Electric Co.		2,995		500
General Mills, Inc.		1,511		96
General Motors Co.		3,060		163
Genuine Parts Co.		379		44
Gilead Sciences, Inc.		3,412		315
Global Payments, Inc.		701		79
GoDaddy, Inc., Class A (f)		389		77
Goldman Sachs Group, Inc.		869		498
Graco, Inc.		463		39
Halliburton Co.		2,407		65
Hartford Financial Services Group, Inc.		804		88
HCA Healthcare, Inc.		529		159
Healthpeak Properties, Inc. REIT		1,921		39
HEICO Corp.		326		67
Henry Schein, Inc. (f)		347		24
Hershey Co.		399		68
Hess Corp.		754		100
Hewlett Packard Enterprise Co.		3,593		77
HF Sinclair Corp.		441		15
Hilton Worldwide Holdings, Inc.		678		168
Hologic, Inc. (f)		636		46
Home Depot, Inc.		2,722		1,059
Honeywell International, Inc.		1,785		403
Hormel Foods Corp.		818		26
Host Hotels & Resorts, Inc. REIT		1,946		34
Howmet Aerospace, Inc.		1,072		117
HP, Inc.		2,645		86
Hubbell, Inc.		148		62
HubSpot, Inc. (f)		136		95
Humana, Inc.		329		83
Huntington Bancshares, Inc.		3,987		65
Huntington Ingalls Industries, Inc.		108		20
Hyatt Hotels Corp., Class A		124		19
IDEX Corp.		208		44
IDEXX Laboratories, Inc. (f)		226		93
Illinois Tool Works, Inc.		816		207
Illumina, Inc. (f)		430		57
Incyte Corp. (f)		448		31
Ingersoll Rand, Inc.		1,109		100
Insulet Corp. (f)		193		50
Intel Corp.		11,716		235
Intercontinental Exchange, Inc.		1,576		235
International Business Machines Corp.		2,535		557
International Flavors & Fragrances, Inc.		701		59
International Paper Co.		913		49
Interpublic Group of Cos., Inc.		1,037		29
Intuit, Inc.		775		487
Intuitive Surgical, Inc. (f)		979		511
Invitation Homes, Inc. REIT		1,596		51
IQVIA Holdings, Inc. (f)		498		98
Iron Mountain, Inc. REIT		806		85
J.M. Smucker Co.		290		32
Jabil, Inc.		312		45
Jack Henry & Associates, Inc.		200		35
Jacobs Solutions, Inc.		342		46
JB Hunt Transport Services, Inc.		223		38
Johnson & Johnson		6,591		953
Johnson Controls International PLC		1,842		145
JPMorgan Chase & Co.		7,819		1,874
Juniper Networks, Inc.		901		34
Kellanova		753		61
Kenvue, Inc.		5,245		112
Keurig Dr. Pepper, Inc.		3,155		101
KeyCorp		2,592		44
Keysight Technologies, Inc. (f)		478		77
Kimberly-Clark Corp.		928		122
Kimco Realty Corp. REIT		1,852		43
Kinder Morgan, Inc.		5,483		150
KKR & Co., Inc.		1,725		255
KLA Corp.		367		231
Knight-Swift Transportation Holdings, Inc.		444		24
Kraft Heinz Co.		2,464		76
Kroger Co.		1,883		115
L3Harris Technologies, Inc.		522		110
Labcorp Holdings, Inc.		229		53
Lam Research Corp.		3,560		257
Lamb Weston Holdings, Inc.		376		25
Las Vegas Sands Corp.		1,008		52
Leidos Holdings, Inc.		351		51
Lennar Corp., Class A		656		89

Morgan Stanley Institutional Fund Trust 

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Lennox International, Inc.		89	$	54
Liberty Media Corp.-Liberty Formula One, Class C (f)		584		54
Linde PLC		1,307		547
Live Nation Entertainment, Inc. (f)		445		58
LKQ Corp.		722		27
Lockheed Martin Corp.		586		285
Loews Corp.		512		43
Lowe's Cos., Inc.		1,552		383
LPL Financial Holdings, Inc.		205		67
Lululemon Athletica, Inc. (f)		304		116
LyondellBasell Industries NV, Class A		710		53
M&T Bank Corp.		459		86
Manhattan Associates, Inc. (f)		170		46
Marathon Petroleum Corp.		914		128
Markel Group, Inc. (f)		36		62
MarketAxess Holdings, Inc.		103		23
Marriott International, Inc., Class A		661		184
Marsh & McLennan Cos., Inc.		1,345		286
Martin Marietta Materials, Inc.		167		86
Marvell Technology, Inc.		2,407		266
Masco Corp.		600		44
Mastercard, Inc., Class A		2,262		1,191
Match Group, Inc. (f)		673		22
McCormick & Co., Inc.		697		53
McDonald's Corp.		1,965		570
McKesson Corp.		354		202
Medtronic PLC		3,535		282
MercadoLibre, Inc. (f)		125		213
Merck & Co., Inc.		6,935		690
Meta Platforms, Inc., Class A		6,032		3,532
MetLife, Inc.		1,631		134
Mettler-Toledo International, Inc. (f)		59		72
MGM Resorts International (f)		622		22
Microchip Technology, Inc.		1,467		84
Micron Technology, Inc.		3,053		257
Microsoft Corp.		19,632		8,275
MicroStrategy, Inc., Class A (f)		518		150
Mid-America Apartment Communities, Inc. REIT		321		50
Moderna, Inc. (f)		890		37
Molina Healthcare, Inc. (f)		161		47
Molson Coors Beverage Co., Class B		501		29
Mondelez International, Inc., Class A		3,627		217
MongoDB, Inc. (f)		207		48
Monolithic Power Systems, Inc.		134		79
Monster Beverage Corp. (f)		2,011		106
Moody's Corp.		450		213
Mosaic Co.		875		22
Motorola Solutions, Inc.		459		212
MSCI, Inc.		216		130
Nasdaq, Inc.		1,187		92
NetApp, Inc.		568		66
Netflix, Inc. (f)		1,194		1,064
Neurocrine Biosciences, Inc. (f)		274		37
Newmont Corp. (TSX)		3,125		116
News Corp., Class A		1,046		29
NextEra Energy, Inc.		5,625		403
NIKE, Inc., Class B		3,274		248
NiSource, Inc.		1,225		45
Nordson Corp.		150		31
Norfolk Southern Corp.		622		146
Northern Trust Corp.		554		57
Northrop Grumman Corp.		378		177
NRG Energy, Inc.		569		51
Nucor Corp.		653		76
Nutanix, Inc., Class A (f)		699		43
NVIDIA Corp.		68,490		9,198
NVR, Inc. (f)		8		65
NXP Semiconductors NV		699		145
Occidental Petroleum Corp.		1,719		85
Okta, Inc. (f)		449		35
Old Dominion Freight Line, Inc.		530		93
Omnicom Group, Inc.		539		46
ON Semiconductor Corp. (f)		1,182		75
ONEOK, Inc.		1,603		161
Oracle Corp.		4,610		768
O'Reilly Automotive, Inc. (f)		159		189
Otis Worldwide Corp.		1,101		102
Ovintiv, Inc.		717		29
Owens Corning		240		41
PACCAR, Inc.		1,444		150
Packaging Corp. of America		247		56
Palantir Technologies, Inc., Class A (f)		5,752		435
Palo Alto Networks, Inc. (f)		1,799		327
Parker-Hannifin Corp.		354		225
Paychex, Inc.		892		125
Paycom Software, Inc.		143		29
PayPal Holdings, Inc. (f)		2,688		229
Pentair PLC		456		46
PepsiCo, Inc.		3,734		568
Pfizer, Inc.		15,404		409
PG&E Corp.		5,539		112
Philip Morris International, Inc.		4,255		512
Phillips 66		1,137		130
Pinterest, Inc., Class A (f)		1,671		48
PNC Financial Services Group, Inc.		1,092		211
Pool Corp.		106		36
PPG Industries, Inc.		640		76
PPL Corp.		2,017		65
Principal Financial Group, Inc.		636		49
Procter & Gamble Co.		6,426		1,077
Progressive Corp.		1,615		387
Prologis, Inc. REIT		2,558		270
Prudential Financial, Inc.		982		116
PTC, Inc. (f)		330		61
Public Service Enterprise Group, Inc.		1,368		116
Public Storage REIT		433		130

Morgan Stanley Institutional Fund Trust 

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
PulteGroup, Inc.		570	$	62
Pure Storage, Inc., Class A (f)		870		53
Qorvo, Inc. (f)		259		18
QUALCOMM, Inc.		3,061		470
Quanta Services, Inc.		411		130
Quest Diagnostics, Inc.		304		46
Raymond James Financial, Inc.		539		84
Realty Income Corp. REIT		2,395		128
Regency Centers Corp. REIT		474		35
Regeneron Pharmaceuticals, Inc. (f)		297		212
Regions Financial Corp.		2,518		59
Reliance, Inc.		151		41
Republic Services, Inc.		603		121
ResMed, Inc.		401		92
Revvity, Inc.		338		38
Rivian Automotive, Inc., Class A (f)		2,104		28
Robinhood Markets, Inc., Class A (f)		1,496		56
ROBLOX Corp., Class A (f)		1,320		76
Rockwell Automation, Inc.		312		89
Roku, Inc. (f)		360		27
Rollins, Inc.		793		37
Roper Technologies, Inc.		294		153
Ross Stores, Inc.		911		138
Royal Caribbean Cruises Ltd.		680		157
Royalty Pharma PLC, Class A		1,035		26
RPM International, Inc.		353		43
RTX Corp.		3,640		421
S&P Global, Inc.		879		438
Salesforce, Inc.		2,630		879
Samsara, Inc., Class A (f)		611		27
SBA Communications Corp. REIT		294		60
Schlumberger NV		3,874		149
Seagate Technology Holdings PLC		578		50
SEI Investments Co.		305		25
Sempra		1,722		151
ServiceNow, Inc. (f)		573		607
Sherwin-Williams Co.		658		224
Simon Property Group, Inc. REIT		896		154
Skyworks Solutions, Inc.		436		39
Smurfit WestRock PLC		1,414		76
Snap, Inc., Class A (f)		2,928		32
Snap-on, Inc.		145		49
Snowflake, Inc., Class A (f)		847		131
Solventum Corp. (f)		402		27
Southern Co.		2,974		245
Southwest Airlines Co.		411		14
SS&C Technologies Holdings, Inc.		609		46
Stanley Black & Decker, Inc.		420		34
Starbucks Corp.		3,084		281
State Street Corp.		807		79
Steel Dynamics, Inc.		403		46
Steris PLC		270		55
Stryker Corp.		941		339
Sun Communities, Inc. REIT		341		42
Super Micro Computer, Inc. (f)		1,496		46
Synchrony Financial		1,092		71
Synopsys, Inc. (f)		423		205
Sysco Corp.		1,345		103
T. Rowe Price Group, Inc.		617		70
Take-Two Interactive Software, Inc. (f)		480		88
Targa Resources Corp.		572		102
Target Corp.		1,263		171
TE Connectivity PLC		836		120
Teledyne Technologies, Inc. (f)		129		60
Teleflex, Inc.		129		23
Teradyne, Inc.		452		57
Tesla, Inc. (f)		8,263		3,337
Texas Instruments, Inc.		2,495		468
Texas Pacific Land Corp.		54		60
Textron, Inc.		513		39
Thermo Fisher Scientific, Inc.		1,043		543
TJX Cos., Inc.		3,098		374
T-Mobile U.S., Inc.		1,440		318
Toast, Inc., Class A (f)		1,088		40
Toro Co.		282		23
Tractor Supply Co.		1,497		79
Trade Desk, Inc., Class A (f)		1,247		147
Tradeweb Markets, Inc., Class A		320		42
Trane Technologies PLC		624		230
TransDigm Group, Inc.		155		196
TransUnion		537		50
Travelers Cos., Inc.		628		151
Trimble, Inc. (f)		675		48
Truist Financial Corp.		3,677		160
Twilio, Inc., Class A (f)		423		46
Tyler Technologies, Inc. (f)		118		68
Tyson Foods, Inc., Class A		780		45
U.S. Bancorp		4,301		206
Uber Technologies, Inc. (f)		5,203		314
UDR, Inc. REIT		860		37
U-Haul Holding Co.		268		17
Ulta Beauty, Inc. (f)		130		57
Union Pacific Corp.		1,660		379
United Parcel Service, Inc., Class B		2,006		253
United Rentals, Inc.		183		129
United Therapeutics Corp. (f)		116		41
UnitedHealth Group, Inc.		2,523		1,276
Universal Health Services, Inc., Class B		163		29
Valero Energy Corp.		875		107
Veeva Systems, Inc., Class A (f)		422		89
Ventas, Inc. REIT		1,142		67
Veralto Corp.		679		69
VeriSign, Inc. (f)		238		49
Verisk Analytics, Inc.		391		108
Verizon Communications, Inc.		11,489		459
Vertex Pharmaceuticals, Inc. (f)		707		285
Vertiv Holdings Co., Class A		1,004		114

Morgan Stanley Institutional Fund Trust 

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Viatris, Inc.		3,276	$	41
VICI Properties, Inc. REIT		2,870		84
Visa, Inc., Class A		4,584		1,449
Vistra Corp.		967		133
Vulcan Materials Co.		363		93
W.R. Berkley Corp.		834		49
Walgreens Boots Alliance, Inc.		2,007		19
Walmart, Inc.		12,216		1,104
Walt Disney Co.		4,998		557
Warner Bros Discovery, Inc. (f)		6,365		67
Waste Connections, Inc.		705		121
Waste Management, Inc.		1,101		222
Waters Corp. (f)		162		60
Watsco, Inc.		96		45
WEC Energy Group, Inc.		860		81
Wells Fargo & Co.		9,379		659
Welltower, Inc. REIT		1,704		215
West Pharmaceutical Services, Inc.		198		65
Western Digital Corp. (f)		958		57
Westinghouse Air Brake Technologies Corp.		481		91
Westlake Corp.		106		12
Weyerhaeuser Co. REIT		1,992		56
Williams Cos., Inc.		3,333		180
Williams-Sonoma, Inc.		347		64
Willis Towers Watson PLC		278		87
Workday, Inc., Class A (f)		589		152
WP Carey, Inc. REIT		599		33
WW Grainger, Inc.		122		129
Wynn Resorts Ltd.		274		24
Xcel Energy, Inc.		1,520		103
Xylem, Inc.		666		77
Yum! Brands, Inc.		772		104
Zebra Technologies Corp., Class A (f)		143		55
Zillow Group, Inc., Class C (f)		424		31
Zimmer Biomet Holdings, Inc.		557		59
Zoetis, Inc.		1,244		203
Zoom Communications, Inc., Class A (f)		691		56
Zscaler, Inc. (f)		254		46
				142,079
Total Common Stocks (Cost $106,270)				211,557

	No. of Rights
Rights (0.0%)‡
United States (0.0%)‡
Contra Abiomed, Inc., expires 12/22/28 (f) (Cost $—@)		90	—@

	No. of Warrants
Warrants (0.0%)
Canada (0.0%)
Constellation Software, Inc. expires 3/31/40 (f)(g) (Cost $—)		95	—

	Face Amount (000)
Short-Term Investments (18.5%)
U.S. Treasury Securities (3.0%)
U.S. Treasury Bill,
5.19%, 1/9/25 (h)	$	6,690	6,683
5.19%, 1/16/25 (h)		9,321	9,301
Total U.S. Treasury Securities (Cost $15,984)			15,984

	Shares
Investment Company (15.5%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.42% (i) (Cost $82,073)		82,072,545		82,073
Total Short-Term Investments (Cost $98,057)				98,057
Total Investments (101.5%) (Cost $445,939) (j)(k)(l)				537,125
Liabilities in Excess of Other Assets (–1.5%)				(7,741	)
Net Assets (100.0%)			$	529,384

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

@	Value is less than $500.
‡	Amount is less than 0.05%.
(a)	Security is subject to delayed delivery.
(b)	144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(c)	Floating or variable rate securities: The rates disclosed are as of December 31, 2024. 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)	Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of December 31, 2024. Maturity date disclosed is the ultimate maturity date.
(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, 2024.
(f)	Non-income producing security.
(g)	At December 31, 2024, the Fund held fair valued securities at $0, representing 0.0% of net assets. These securities have been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Trust's (as defined herein) Trustees.
(h)	Rate shown is the yield to maturity at December 31, 2024.

(i) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), 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 Fund. For the three months ended December 31, 2024, advisory fees paid were reduced by approximately $33,000 relating to the Fund's investment in the Liquidity Fund.

Morgan Stanley Institutional Fund Trust 

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Strategist Portfolio

(j)	The approximate fair value and percentage of net assets, $59,430,000 and 11.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(k)	Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements.
(l)	At December 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $114,119,000 and the aggregate gross unrealized depreciation is approximately $25,740,000, resulting in net unrealized appreciation of approximately $88,379,000.

ADR	American Depositary Receipt.
CLO	Collateralized Loan Obligation.
CVA	Certificaten Van Aandelen.
DAC	Designated Activity Company.
EURIBOR	Euro Interbank Offered Rate.
LSE	London Stock Exchange.
MTN	Medium Term Note.
NYSE	New York Stock Exchange.
OAT	Obligations Assimilables du Trésor (French Treasury Obligation).
REIT	Real Estate Investment Trust.
SOFR	Secured Overnight Financing Rate.
SONIA	Sterling Overnight Index Average.
TBA	To Be Announced.
TSX	Toronto Stock Exchange.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at December 31, 2024:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Australia & New Zealand Banking Group Ltd.	EUR	213,012	$	231,207	1/17/25	$	10
Australia & New Zealand Banking Group Ltd.	$	419,444	EUR	395,829	1/17/25		(9	)
Australia & New Zealand Banking Group Ltd.	$	220,692	JPY	33,922,000	1/17/25		(5	)
Bank of America NA	CNH	3,537,979	$	486,837	3/13/25		4
Bank of America NA	PLN	251,986	$	61,815	3/13/25		1
Bank of America NA	$	1,054,349	CHF	900,097	1/17/25		(61	)
Bank of America NA	$	115,181	ILS	412,788	3/13/25		(1	)
Bank of America NA	$	8,603,516	JPY	1,271,954,129	1/17/25		(510	)
Barclays Bank PLC	AUD	6,496	$	4,119	3/13/25		—@
Barclays Bank PLC	DKK	1,383,080	$	195,393	3/13/25		3
Barclays Bank PLC	EUR	696,165	$	759,291	1/17/25		38
Barclays Bank PLC	EUR	696,165	$	759,291	1/17/25		38
Barclays Bank PLC	GBP	174,841	$	221,848	3/13/25		3
Barclays Bank PLC	KRW	200,349,413	$	136,548	3/13/25		—@
Barclays Bank PLC	MYR	2,295,000	$	519,819	1/17/25		6
Barclays Bank PLC	THB	3,715,718	$	112,311	1/17/25		3
Barclays Bank PLC	THB	4,600,000	$	134,385	1/17/25		(1	)
Barclays Bank PLC	TRY	12,070,112	$	225,969	4/6/26		(6	)
Barclays Bank PLC	TRY	18,797,474	$	348,780	4/6/26		(13	)
Barclays Bank PLC	TRY	97,859,038	$	1,868,038	4/6/26		(14	)
Barclays Bank PLC	TRY	14,942,617	$	290,148	4/6/26		3
Barclays Bank PLC	$	75,361	CAD	105,650	1/17/25		(2	)
Barclays Bank PLC	$	550,286	CZK	12,750,000	1/17/25		(26	)
Barclays Bank PLC	$	2,153,731	EUR	2,064,956	3/13/25		(8	)
Barclays Bank PLC	$	1,321,012	EUR	1,265,077	1/17/25		(10	)
Barclays Bank PLC	$	18,940	ILS	68,050	3/13/25		(—@	)
Barclays Bank PLC	$	2,115,669	KRW	3,030,484,312	3/13/25		(52	)
Barclays Bank PLC	$	285,339	MXN	5,830,466	3/13/25		(9	)
Barclays Bank PLC	$	2,051,053	TRY	119,022,580	4/6/26		238
BNP Paribas SA	AUD	1,686,902	$	1,121,798	1/17/25		78
BNP Paribas SA	AUD	602,370	$	397,494	1/17/25		25
BNP Paribas SA	AUD	7,054	$	4,474	3/13/25		—@
BNP Paribas SA	CAD	396,395	$	284,934	1/17/25		9
BNP Paribas SA	CHF	541,196	$	610,765	3/13/25		10
BNP Paribas SA	CNH	1,335,590	$	183,811	3/13/25		1
BNP Paribas SA	EUR	4,209,440	$	4,435,761	3/13/25		62
BNP Paribas SA	$	514,376	AUD	824,878	3/13/25		(4	)
BNP Paribas SA	$	447,192	AUD	719,608	3/13/25		(2	)
BNP Paribas SA	$	75,680	CLP	74,030,514	3/13/25		(1	)
BNP Paribas SA	$	4,158,595	CNY	29,869,109	3/13/25		(30	)
BNP Paribas SA	$	55,416	COP	242,881,489	3/13/25		(1	)
BNP Paribas SA	$	1,593	DKK	10,971	1/17/25		(—@	)
BNP Paribas SA	$	2,704,826	EUR	2,585,531	3/13/25		(19	)
BNP Paribas SA	$	986,462	GBP	787,719	3/13/25		(1	)
BNP Paribas SA	$	33,132	GBP	26,387	1/17/25		(—@	)
BNP Paribas SA	$	23,332	HKD	181,176	3/13/25		—@
BNP Paribas SA	$	66,893	HUF	24,745,321	1/17/25		(5	)
BNP Paribas SA	$	2,440,483	MXN	50,138,331	3/13/25		(64	)
BNP Paribas SA	$	169,708	NZD	279,819	1/17/25		(13	)
BNP Paribas SA	$	3,026	NZD	5,100	1/17/25		(—@	)

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts: (cont'd) 

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
BNP Paribas SA	$	137,799	RON	631,531	1/17/25	$	(6	)
Citibank NA	THB	5,446,107	$	160,125	3/13/25		(—@	)
Citibank NA	$	1,352,716	GBP	1,075,472	3/13/25		(7	)
Citibank NA	$	53,080	ILS	190,250	3/13/25		(1	)
Citibank NA	$	121,296	NOK	1,324,798	1/17/25		(5	)
Credit Agricole CIB	$	607,954	CAD	835,412	1/17/25		(27	)
Credit Agricole CIB	$	349,922	CNH	2,480,000	1/17/25		(12	)
Credit Agricole CIB	$	8,192	GBP	6,319	1/17/25		(—@	)
Credit Agricole CIB	$	124,768	SGD	162,957	1/17/25		(5	)
Goldman Sachs International	AUD	954,692	$	605,500	3/13/25		15
Goldman Sachs International	BRL	477,004	$	78,517	3/13/25		2
Goldman Sachs International	CAD	538,934	$	377,725	3/13/25		2
Goldman Sachs International	CZK	10,435,000	$	447,251	1/17/25		18
Goldman Sachs International	CZK	678,774	$	28,449	3/13/25		—@
Goldman Sachs International	EUR	398,755	$	420,187	3/13/25		6
Goldman Sachs International	GBP	728,552	$	925,509	3/13/25		14
Goldman Sachs International	JPY	153,805,793	$	1,011,997	3/13/25		27
Goldman Sachs International	MXN	4,205,606	$	208,478	1/17/25		7
Goldman Sachs International	MYR	54,192	$	12,230	3/13/25		—@
Goldman Sachs International	NOK	583,174	$	52,041	3/13/25		1
Goldman Sachs International	NZD	11,239	$	6,479	3/13/25		—@
Goldman Sachs International	TRY	8,548,423	$	156,164	4/6/26		(8	)
Goldman Sachs International	TRY	59,201,111	$	1,131,520	4/6/26		(7	)
Goldman Sachs International	$	2,146	DKK	15,000	1/17/25		(—@	)
Goldman Sachs International	$	139,281	IDR	2,172,849,620	1/17/25		(4	)
Goldman Sachs International	$	4,387,309	INR	374,338,399	3/13/25		(42	)
Goldman Sachs International	$	2,223,464	KRW	3,014,239,394	1/17/25		(175	)
Goldman Sachs International	$	1,582,310	MXN	32,506,969	3/13/25		(41	)
Goldman Sachs International	$	109,125	PEN	411,443	1/17/25		—@
Goldman Sachs International	$	135,025	PLN	535,291	1/17/25		(6	)
Goldman Sachs International	$	9,956	SEK	108,402	3/13/25		(—@	)
Goldman Sachs International	$	236,692	SEK	2,592,607	3/13/25		(2	)
Goldman Sachs International	$	2,182,534	TRY	125,604,824	4/6/26		234
Goldman Sachs International	$	2,125,693	TRY	115,743,984	4/6/26		101
Goldman Sachs International	$	2,488,780	TRY	138,500,580	4/6/26		175
Goldman Sachs International	$	580,987	TRY	32,941,937	4/6/26		53
HSBC Bank PLC	$	1,395,218	JPY	211,010,276	1/17/25		(53	)
JPMorgan Chase Bank NA	CNH	6,160,000	$	868,453	1/17/25		29
JPMorgan Chase Bank NA	EUR	2,997,576	$	3,271,908	1/17/25		165
JPMorgan Chase Bank NA	EUR	1,296,245	$	1,365,915	3/13/25		19
JPMorgan Chase Bank NA	KRW	3,607,867,940	$	2,528,998	3/13/25		72
JPMorgan Chase Bank NA	NOK	446,572	$	39,846	3/13/25		1
JPMorgan Chase Bank NA	NZD	247,911	$	142,904	3/13/25		4
JPMorgan Chase Bank NA	SGD	211,017	$	156,840	3/13/25		2
JPMorgan Chase Bank NA	TWD	659,775	$	20,419	3/13/25		—@
JPMorgan Chase Bank NA	$	2,804,565	CNY	19,786,204	1/17/25		(91	)
JPMorgan Chase Bank NA	$	845,829	EUR	802,889	3/13/25		(12	)
JPMorgan Chase Bank NA	$	19,405	ILS	69,542	3/13/25		(—@	)
JPMorgan Chase Bank NA	$	1,638,397	MXN	33,655,019	3/13/25		(43	)
JPMorgan Chase Bank NA	$	690,504	SEK	7,211,988	1/17/25		(38	)
JPMorgan Chase Bank NA	$	134,237	THB	4,574,823	3/13/25		1
JPMorgan Chase Bank NA	$	20,699	ZAR	378,283	3/13/25		(1	)
Royal Bank of Canada	COP	487,785,000	$	113,553	1/17/25		3
Royal Bank of Canada	DKK	3,952,520	$	579,744	1/17/25		30

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts: (cont'd) 

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Royal Bank of Canada	EUR	146,384	$	158,262	1/17/25	$	7
Royal Bank of Canada	$	575,467	GBP	441,290	1/17/25		(23	)
Standard Chartered Bank	NZD	13,200	$	7,609	3/13/25		—@
State Street Bank and Trust Co.	GBP	831,761	$	1,081,788	1/17/25		41
State Street Bank and Trust Co.	$	102,055	CLP	96,240,000	1/17/25		(5	)
State Street Bank and Trust Co.	$	11,663	SEK	126,985	3/13/25		(—@	)
UBS AG	AUD	10,136	$	6,429	3/13/25		—@
UBS AG	EUR	378,454	$	410,558	1/17/25		18
UBS AG	IDR	283,917,275	$	17,735	3/13/25		—@
UBS AG	SGD	441,534	$	328,825	1/17/25		5
UBS AG	TRY	457,638	$	11,981	3/13/25		(—@	)
UBS AG	$	6,470	AUD	10,063	1/17/25		(—@	)
UBS AG	$	889,986	CAD	1,276,374	3/13/25		—@
UBS AG	$	829,402	CHF	741,532	3/13/25		(6	)
UBS AG	$	846,214	EUR	802,889	3/13/25		(12	)
UBS AG	$	846,296	EUR	805,300	3/13/25		(10	)
UBS AG	$	12,126	HUF	4,751,041	3/13/25		(—@	)
UBS AG	$	1,511,824	JPY	234,655,374	3/13/25		(9	)
UBS AG	$	168,663	JPY	26,323,624	3/13/25		(—@	)
UBS AG	$	1,172,466	MXN	24,089,517	3/13/25		(30	)
Westpac Banking Corp.	AUD	2,112,233	$	1,411,276	1/17/25		104
						$	140

Futures Contracts:

The Fund had the following futures contracts open at December 31, 2024:

	Number of Contracts	Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
Euro-Buxl 30 yr. Bond Index (Germany)	6	Mar-25	EUR	600		$	825		$	(25	)
FTSE 100 Index (United Kingdom)	9	Mar-25	GBP	—@			922			6
German Euro-Bobl Index (Germany)	34	Mar-25	EUR	3,400			4,151			(28	)
German Euro-Schatz Index (Germany)	70	Mar-25		7,000			7,757			(15	)
ICE Brent Crude Oil Index (United States)	8	Jan-25	$	8			597			8
IFSC NIFTY 50 Index (United States)	93	Jan-25		—@			4,421			(33	)
KFE 10 yr. Treasury Bond Index (Korea, Republic of)	33	Mar-25	KRW	3,300,000			2,621			(59	)
Long Gilt Index (United Kingdom)	2	Mar-25	GBP	200			231			(6	)
Nikkei 225 Index (Japan)	4	Mar-25	JPY	2			501			12
S&P/TSX 60 Index (Canada)	2	Mar-25	CAD	—@			413			8
SFE S&P ASX Share Price Index (Australia)	4	Mar-25	AUD	—@			504			9
SGX MSCI Singapore Index (Singapore)	1	Jan-25	SGD	—@			27			(—@	)
U.S. Treasury 2 yr. Note (United States)	16	Mar-25	$	3,200			3,290			2
U.S. Treasury 5 yr. Note (United States)	64	Mar-25		6,400			6,804			(30	)
U.S. Treasury Long Bond (United States)	23	Mar-25		2,300			2,618			(59	)
U.S. Treasury 10 yr. Note (United States)	23	Mar-25		2,300			2,501			(38	)
U.S. Treasury 10 yr. Ultra Note (United States)	97	Mar-25		9,700			10,797			(157	)
Short:
COMEX Gold 100 OZ (United States)	33	Feb-25		(3	)		(8,715	)		190
Euro Stoxx 50 Index (Germany)	54	Mar-25	EUR	(1	)		(2,730	)		28
German Euro-Bund Index (Germany)	58	Mar-25		(5,800	)		(8,017	)		145

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Futures Contracts: (cont'd) 

	Number of Contracts	Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
MSCI Emerging Market Index (United States)	70	Mar-25	$	(4	)	$	(3,758	)	$	139
S&P 500 E Mini Index (United States)	58	Mar-25		(3	)		(17,214	)		61
SFE 10 yr. Australian Bond Index (Australia)	33	Mar-25	AUD	(3,300	)		(2,306	)		36
TSE TOPIX Index (Japan)	7	Mar-25	JPY	(70	)		(1,240	)		(20	)
U.S. Treasury 5 yr. Note (United States)	159	Mar-25	$	(15,900	)		(16,902	)		67
U.S. Treasury 10 yr. Note (United States)	58	Mar-25		(5,800	)		(6,307	)		84
U.S. Treasury Ultra Long Bond (United States)	22	Mar-25		(2,200	)		(2,616	)		51
									$	376

Centrally Cleared Interest Rate Swap Agreements: 

The Fund had the following centrally cleared interest rate swap agreements open at December 31, 2024:

Swap Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Fixed Rate		Payment Frequency Paid/ Received	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (000)		Unrealized Appreciation (Depreciation) (000)
Morgan Stanley & Co. LLC	1 Month TIIE	Pay	8.96	%	Monthly/ Monthly	11/22/27	MXN	506,289	$	(101	)	$	—	$	(101	)
Morgan Stanley & Co. LLC	3 Month KSDA	Pay	3.00		Quarterly/Quarterly	7/19/29	KRW	490,790		4			—		4
Morgan Stanley & Co. LLC	Eurostat Eurozone HICP ex-Tobacco NSA	Pay	2.17		Maturity/ Maturity	1/15/34	EUR	4,378		122			—		122
Morgan Stanley & Co. LLC	Eurostat Eurozone HICP ex-Tobacco NSA	Pay	2.17		Maturity/ Maturity	1/15/34		4,739		133			—		133
Morgan Stanley & Co. LLC	Eurostat Eurozone HICP ex-Tobacco NSA	Pay	2.18		Maturity/ Maturity	1/15/34		4,378		126			—		126
Morgan Stanley & Co. LLC	TONAR	Receive	1.74		Annual/ Annual	11/12/54	JPY	64,696		10			—		10
									$	294		$	—	$	294

Total Return Swap Agreements:

The Fund had the following total return swap agreements open at December 31, 2024:

Swap Counterparty	Index	Pay/ Receive Total Return of Reference Index	Floating Rate	Payment Frequency	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (000)		Unrealized Appreciation (Depreciation) (000)
Barclays Bank PLC	Barclays Japan REITs Index	Pay	TONAR + 0.02%	Quarterly	11/11/25	JPY	622,721	$	(27	)	$	—	$	(27	)
Barclays Bank PLC	MSCI Emerging Markets ex China Gross Return USD Index	Receive	SOFR + 0.56%	Quarterly	5/29/25	$	10,142		263			—		263
Barclays Bank PLC	MSCI Emerging Markets ex China Gross Return USD Index	Receive	SOFR + 0.56%	Quarterly	5/29/25		536		14			—		14
Barclays Bank PLC	MSCI Emerging Markets ex China Gross Return USD Index	Receive	SOFR + 0.45%	Quarterly	5/29/25		6,159		156			—		156
Barclays Bank PLC	MSCI Japan Net Total Return USD Index	Pay	SOFR + 0.14%	Quarterly	2/11/25		16,702		(355	)		—		(355	)
Barclays Bank PLC	S&P Small Cap 600 Total Return Index	Pay	SOFR + 0.55%	Quarterly	7/21/25		836		(25	)		—		(25	)
Barclays Bank PLC	S&P Small Cap 600 Total Return Index	Pay	SOFR + 0.55%	Quarterly	7/21/25		8,742		(248	)		—		(248	)
BNP Paribas SA	BNP EM Value Index††	Pay	SOFR + 0.60%	Quarterly	5/22/25		12,356		(902	)		—		(902	)
BNP Paribas SA	BNP EMU Domestics Index††	Pay	ESTR + 0.05%	Quarterly	12/15/25	EUR	690		(19	)		—		(19	)
BNP Paribas SA	BNP EMU Domestics Index††	Pay	ESTR + 0.05%	Quarterly	12/15/25		691		(16	)		—		(16	)
BNP Paribas SA	BNP EMU Domestics Index††	Pay	ESTR + 0.05%	Quarterly	12/15/25		689		(13	)		—		(13	)
BNP Paribas SA	BNP EMU Domestics Index††	Pay	ESTR + 0.05%	Quarterly	12/15/25		1,611		(15	)		—		(15	)
BNP Paribas SA	BNP EMU Domestics Index††	Pay	ESTR + 0.05%	Quarterly	12/15/25		1,853		(33	)		—		(33	)

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Total Return Swap Agreements: (cont'd)

Swap Counterparty	Index	Pay/ Receive Total Return of Reference Index	Floating Rate	Payment Frequency	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (000)		Unrealized Appreciation (Depreciation) (000)
BNP Paribas SA	BNP EMU Domestics Index††	Pay	ESTR + 0.05%	Quarterly	12/15/25	EUR	1,869	$	(2	)	$	—	$	(2	)
BNP Paribas SA	BNP EU Growth Index	Receive	ESTR - 0.02%	Quarterly	9/18/25		4,710		60			—		60
BNP Paribas SA	BNP EU Quality Growth Index††	Receive	ESTR + 0.02%	Quarterly	9/18/25		6,147		59			—		59
BNP Paribas SA	BNP EU Quality Value Index††	Pay	ESTR + 0.37%	Quarterly	9/18/25		6,055		(66	)		—		(66	)
BNP Paribas SA	BNP EU Value Index	Pay	ESTR - 0.37%	Quarterly	9/18/25		4,608		(48	)		—		(48	)
BNP Paribas SA	BNP US Domestics Index††	Receive	SOFR + 0.85%	Quarterly	12/15/25	$	724		42			—		42
BNP Paribas SA	BNP US Domestics Index††	Receive	SOFR + 0.85%	Quarterly	12/12/25		730		46			—		46
BNP Paribas SA	BNP US Domestics Index††	Receive	SOFR + 0.85%	Quarterly	12/12/25		722		40			—		40
BNP Paribas SA	BNP US Domestics Index††	Receive	SOFR + 0.00%	Quarterly	12/12/25		1,680		63			—		63
BNP Paribas SA	BNP US Domestics Index††	Receive	SOFR + 0.00%	Quarterly	12/12/25		1,688		77			—		77
BNP Paribas SA	BNP US Domestics Index††	Receive	SOFR + 0.00%	Quarterly	12/12/25		1,687		71			—		71
Goldman Sachs International	MSCI Emerging Markets Net Total Return Index	Pay	SOFR + 0.00%	Quarterly	1/28/25		36,299		(2,171	)		—		(2,171	)
JPMorgan Chase Bank NA	JPM Japan Growth Custom Basket Index	Receive	ESTR - 0.19%	Quarterly	12/22/25		4,331		84			—		84
JPMorgan Chase Bank NA	JPM Japan Value Custom Basket Index	Pay	SOFR + 0.00%	Quarterly	12/22/25		4,240		22			—		22
JPMorgan Chase Bank NA	JPM SPX1500 Growth Index	Receive	SOFR + 0.60%	Quarterly	11/24/25		3,354		200			—		200
JPMorgan Chase Bank NA	JPM SPX1500 Value Index	Pay	SOFR + 0.60%	Quarterly	11/24/25		3,362		(154	)		—		(154	)
UBS AG	MSCI USA Index	Pay	SOFR + 0.75%	Quarterly	9/23/25		68,910		(720	)		—		(720	)
								$	(3,617	)	$	—	$	(3,617	)

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

The following table represents the equity basket top 50 individual holdings underlying the total return swap with BNP EM Value Index as of December 31, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
BNP EM Value Index
Akbank T.A.S.		4,911	$	9		0.00	%‡
Arabian Internet & Communication Services Company		175		13		0.00	‡
Arca Continental SAB de CV		1,130		9		0.00	‡
Astra International Tbk. PT		25,571		8		0.00	‡
Banco Do Brasil SA		2,511		10		0.00	‡
Bank Pekao SA		289		10		0.00	‡
Bidvest Group Ltd.		431		6		0.00	‡
Cemex SAB-CPO		12,475		7		0.00	‡
Chailease Holding Co. Ltd.		2,236		8		0.00	‡
Cia Energetica Minas Ger - Pref		4,504		8		0.00	‡
Dubai Islamic Bank		6,335		12		0.00	‡
Emaar Properties PJSC		3,117		11		0.00	‡
Emirates NBD PJSC		2,737		16		0.00	‡
Eurobank Ergasias Services and Holdings SA		3,845		9		0.00	‡
Evergreen Marine Corp. Ltd.		1,286		9		0.00	‡
Gold Fields Ltd.		661		9		0.00	‡
Gruma SAB. - Class B		427		7		0.00	‡
Grupo Financiero Banorte		3,788		24		0.00	‡
Grupo Mexico SAB de CV - Ser B		2,444		12		0.00	‡
Hellenic Telecommun Organization SA		379		6		0.00	‡
Hyundai Mobis Co. Ltd.		59		9		0.00	‡
Itau Unibanco Holding SA - Pref		7,158		36		0.01
Itausa SA		8,485		12		0.00	‡
Kia Corp.		220		15		0.00	‡
LG Innotek Co. Ltd.		106		12		0.00	‡
Lite-On Technology Corp.		4,576		14		0.00	‡
Meritz Financial Group, Inc.		138		10		0.00	‡
Mouwasat Medical Services Co.		256		6		0.00	‡
National Bank of Greece		1,316		10		0.00	‡
Nedbank Group Ltd.		672		10		0.00	‡
OTP Bank PLC		328		18		0.00	‡
Pegatron Corp.		4,761		13		0.00	‡
Petroleo Brasileiro SA		2,208		14		0.00	‡
Petroleo Brasileiro SA - Pref		2,655		16		0.00	‡
Powszechny Zaklad Ubezpiecze		930		10		0.00	‡
Realtek Semiconductor Corp		953		16		0.00	‡
Richter Gedeon Nyrt		367		10		0.00	‡
Samsung C&T Corp.		109		8		0.00	‡
Samsung Electro-Mechanics Co.		170		14		0.00	‡
Samsung Electronics - Pref		753		22		0.00	‡
Samsung Electronics Co. Ltd.		4,377		157		0.03
Samsung Fire & Marine Insurance		41		10		0.00	‡
Samsung SDS Co. Ltd.		127		11		0.00	‡

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets
BNP EM Value Index (cont'd)
Taiwan Semiconductor Manufacturing Co. Ltd.		1,150	$	38		0.01	%
Telkom Indonesia Persero Tbk. PT		94,705		16		0.00	‡
Turk Hava Yollari AO		755		6		0.00	‡
Vale SA		2,730		24		0.00	‡
Vodacom Group Ltd.		1,220		7		0.00	‡
Wistron Corp.		4,404		14		0.00	‡
Zhen Ding Technology Holding Ltd.		3,567		13		0.00	‡

The following table represents the equity basket holdings underlying the total return swap with BNP EMU Domestics Index as of December 31, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
BNP EMU Domestics Index
ADP		214	$	24		0.00	%‡
Aena SME SA		207		41		0.01
Basic-Fit NV		887		20		0.00	‡
Bechtle AG		698		22		0.00	‡
Bouygues SA		929		26		0.01
Canal SA		3,233		8		0.00	‡
Capgemini SE		353		56		0.01
Compagnie De Saint Gobain		901		77		0.01
Deutsche Lufthansa - Reg		3,707		23		0.00	‡
D'Ieteren Group		149		24		0.00	‡
Eiffage		324		27		0.01
Exclusive Networks SA		786		15		0.00	‡
Fraport Ag Frankfurt Airport		410		24		0.00	‡
Getlink SE		1,628		25		0.00	‡
Havas NV		3,233		5		0.00	‡
Indra Sistemas SA		1,219		21		0.00	‡
Industria de Diseno Textil SA		2,005		100		0.02
Iveco Group NV		2,179		20		0.00	‡
Kingspan Group PLC		496		35		0.01
La Francaise des Jeux SACA		643		24		0.00	‡
Louis Hachette Group		3,233		5		0.00	‡
Prosiebensat.1 Media SE		3,602		18		0.00	‡
Randstad NV		596		24		0.00	‡
Rheinmetall AG		97		60		0.01
Scout24 SE		327		28		0.01
Smurfit Westrock PLC		1,159		60		0.01
Stora Enso OYJ - Class R		2,790		27		0.01
Vinci SA		948		95		0.02
Vivendi SE		3,233		8		0.00	‡
Zalando SE		881		29		0.01

The following table represents the equity basket holdings underlying the total return swap with BNP EU Quality Growth Index as of December 31, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
BNP EU Quality Growth Index
Accor SA		536	$	25		0.00	%‡
Adidas AG		107		25		0.00	‡
ADP		221		25		0.00	‡
Adyen NV		19		27		0.01
Airbus SE		167		26		0.00	‡
Amadeus IT Group SA		347		24		0.00	‡
Anheuser-Busch Inbev SA		446		22		0.00	‡
Argenx SE		41		25		0.00	%‡
ASR Nederland NV		537		25		0.00	‡
BE Semiconductor Industries NV		198		26		0.00	‡
Bollore SE		4,044		24		0.00	‡
Cellnex Telecom SA		727		22		0.00	‡
Davide Campari-Milano NV		4,044		24		0.00	‡
Delivery Hero SE		599		16		0.00	‡
Dsm-Firmenich AG		227		22		0.00	‡
Edenred		830		26		0.00	‡
EDP Renovaveis SA		2,172		22		0.00	‡
EDP SA		6,994		22		0.00	‡
Elia Group SA		259		19		0.00	‡
Eni SpA		1,660		22		0.00	‡
Eurazeo SE		342		25		0.00	‡
Euronext NV		237		26		0.00	‡
Ferrovial SE		634		26		0.00	‡
Gecina SA		245		22		0.00	‡
Getlink SE		1,537		24		0.00	‡
Groupe Bruxelles Lambert NV		367		24		0.00	‡
Infineon Technologies AG		756		24		0.00	‡
Inpost SA		1,324		22		0.00	‡
Lotus Bakeries		2		19		0.00	‡
MTU Aero Engines AG		74		24		0.00	‡
NN Group NV		530		22		0.00	‡
Pernod Ricard SA		216		24		0.00	‡
Prosus NV		611		23		0.00	‡
Safran SA		106		23		0.00	‡
Sartorius AG		102		22		0.00	‡
Sartorius Stedim Biotech		127		24		0.00	‡
Scout24 SE		275		23		0.00	‡
Siemens Energy AG		503		25		0.00	‡
Sofina SA		86		19		0.00	‡
Stora Enso OYJ - Class R		2,354		23		0.00	‡
Symrise AG		223		23		0.00	‡
Talanx AG		305		25		0.00	‡
UCB SA		131		25		0.00	‡

The following table represents the equity basket holdings underlying the total return swap with BNP EU Quality Value Index as of December 31, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
BNP EU Quality Value Index
Ageas SA		483	$	23		0.00	%‡
AIB Group PLC		4,343		23		0.00	‡
Arkema		301		22		0.00	‡
Banco Bilbao Vizcaya Argentaria SA		2,560		24		0.00	‡
Banco Santander SA		5,170		23		0.00	‡
Bank Of Ireland Group PLC		2,698		24		0.00	‡
Bayer AG - Reg		1,134		22		0.00	‡
Bechtle AG		701		22		0.00	‡
Capgemini SE		144		23		0.00	‡
Carrefour SA		1,586		22		0.00	‡
Compagnie De Saint Gobain		259		22		0.00	‡
Daimler Truck Holding AG		634		23		0.00	‡
DHL Group		662		22		0.00	‡
Dr. Ing hcf Porsche AG		370		22		0.00	‡
E.ON SE		1,976		22		0.00	‡

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets
BNP EU Quality Value Index (cont'd)
Eiffage		273	$	23		0.00	%‡
Enel SpA		3,435		24		0.00	‡
Engie SA		1,519		23		0.00	‡
Erste Group Bank AG		442		26		0.00	‡
Exor NV		245		22		0.00	‡
Fresenius Medical Care AG		568		25		0.00	‡
Heidelberg Materials AG		196		23		0.00	‡
Henkel AG & Co. KGaA		328		24		0.00	‡
Henkel AG & Co. KGaA - Pref		295		25		0.00	‡
Ipsen		209		23		0.00	‡
Klepierre SA		803		22		0.00	‡
Koninklijke Ahold Delhaize NV		719		23		0.00	‡
Koninklijke KPN NV		6,566		23		0.00	‡
Leonardo SpA		925		24		0.00	‡
Mercedes-Benz Group AG		446		24		0.00	‡
Michelin		748		24		0.00	‡
Nordea Bank Abp		2,176		23		0.00	‡
Orange SA		2,384		23		0.00	‡
Publicis Groupe SA		224		23		0.00	‡
Randstad NV		563		23		0.00	‡
Sanofi SA		246		23		0.00	‡
SEB SA		250		22		0.00	‡
Stellantis NV		1,779		22		0.00	‡
Syensqo SA		310		22		0.00	‡
Teleperformance		259		22		0.00	‡
Tenaris SA		1,332		24		0.00	‡
Unicredit SpA		556		21		0.00	‡
Vinci SA		232		23		0.00	‡

The following table represents the equity basket top 50 individual holdings underlying the total return swap with BNP US Domestics Index as of December 31, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
BNP US Domestics Index
Arista Networks, Inc.		232	$	26		0.00	%‡
Automatic Data Processing		88		26		0.00	‡
Autozone, Inc.		4		12		0.00	‡
Broadridge Financial Solutions, Inc.		25		6		0.00	‡
Charter Communications, Inc. - Class A		20		7		0.00	‡
Cintas Corp.		79		14		0.00	‡
Cognizant Tech Solutions - Class A		108		8		0.00	‡
Comcast Corp. - Class A		838		31		0.01
Copart, Inc.		188		11		0.00	‡
Crowdstrike Holdings, Inc. - Class A		50		17		0.00	‡
CSX Corp.		421		14		0.00	‡
Datadog, Inc. - Class A		61		9		0.00	‡
Doordash, Inc. - Class A		67		11		0.00	‡
DR Horton, Inc.		64		9		0.00	‡
Equifax, Inc.		27		7		0.00	‡
Fair Isaac Corp.		5		11		0.00	‡
Fastenal Co.		124		9		0.00	‡
Fedex Corp.		50		14		0.00	‡
Hilton Worldwide Holdings, Inc.		53		13		0.00	‡
Home Depot, Inc.		215		84		0.02
Lennar Corp. - Class A		52		7		0.00	‡
Lowe's Cos, Inc.		123		30		0.01
Lululemon Athletica, Inc.		24		9		0.00	%‡
Marriott International - Class A		52		14		0.00	‡
Martin Marietta Materials		13		7		0.00	‡
Norfolk Southern Corp.		49		11		0.00	‡
NVR, Inc.		1		5		0.00	‡
Old Dominion Freight Line		42		7		0.00	‡
O'Reilly Automotive, Inc.		13		15		0.00	‡
Quanta Services, Inc.		32		10		0.00	‡
Republic Services, Inc.		48		10		0.00	‡
Roper Technologies, Inc.		23		12		0.00	‡
Ross Stores, Inc.		72		11		0.00	‡
Sherwin-Williams Co.		52		18		0.00	‡
Snowflake, Inc. - Class A		65		10		0.00	‡
Starbucks Corp.		246		22		0.00	‡
TJX Companies, Inc.		245		30		0.01
Tractor Supply Company		117		6		0.00	‡
Trane Technologies PLC		49		18		0.00	‡
Tyler Technologies, Inc.		9		5		0.00	‡
Union Pacific Corp.		132		30		0.01
United Parcel Service - Class B		159		20		0.00	‡
United Rentals, Inc.		14		10		0.00	‡
Verisk Analytics, Inc.		31		8		0.00	‡
Vulcan Materials Co.		29		7		0.00	‡
Walt Disney Co.		393		44		0.01
Waste Connections, Inc.		56		10		0.00	‡
Waste Management, Inc.		87		18		0.00	‡
Workday, Inc. - Class A		46		12		0.00	‡
WW Grainger, Inc.		10		10		0.00	‡

@	Value/Notional amount is less than $500.
‡	Amount is less than 0.05%.
FTSE	Financial Times Stock Exchange.
HICP	Harmonized Index of Consumer Prices.
ICE	Intercontinental Exchange.
KFE	Korean Futures Exchange.
KSDA	Korea Securities Dealers Association.
MSCI	Morgan Stanley Capital International.
NSA	National Smokers Alliance.
PJSC	Public Joint Stock Company.
SFE	Sydney Futures Exchange.
SGX	Singapore Exchange Ltd.
TIIE	Interbank Equilibrium Interest Rate.
TONAR	Tokyo Overnight Average Rate.
TSE	Tokyo Stock Exchange.
AUD —	Australian Dollar
BRL —	Brazilian Real
CAD —	Canadian Dollar
CHF —	Swiss Franc
CLP —	Chilean Peso
CNH —	Chinese Yuan Renminbi Offshore
CNY —	Chinese Yuan Renminbi
COP —	Colombian Peso
CZK —	Czech Koruna
DKK —	Danish Krone
EUR —	Euro

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

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		42.4	%
Common Stocks		39.4
Short-Term Investments		18.2
Total Investments		100.0	%*

* Does not include open futures contracts with a value of approximately $118,785,000 and net unrealized appreciation of approximately $376,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $140,000. Also does not include open swap agreements with net unrealized depreciation of approximately $3,323,000.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Portfolio of Investments

High Yield Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (94.2%)
Corporate Bonds (90.1%)
Basic Materials (3.2%)
Constellium SE
3.75%, 4/15/29 (a)	$	250	$	226
Eldorado Gold Corp.
6.25%, 9/1/29 (a)		315		311
First Quantum Minerals Ltd.
9.38%, 3/1/29 (a)		200		213
HB Fuller Co.
4.25%, 10/15/28		240		227
Herens Holdco SARL
4.75%, 5/15/28 (a)		490		453
Huntsman International LLC
5.70%, 10/15/34		75		71
Nufarm Australia Ltd./Nufarm Americas, Inc.
5.00%, 1/27/30 (a)		300		277
				1,778
Communications (12.0%)
Arches Buyer, Inc.
6.13%, 12/1/28 (a)		830		742
Block Communications, Inc.
4.88%, 3/1/28 (a)		398		371
C&W Senior Finance Ltd.
6.88%, 9/15/27 (a)		279		277
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 2/1/31 (a)		630		550
Ciena Corp.
4.00%, 1/31/30 (a)		190		175
Clear Channel Outdoor Holdings, Inc.
7.75%, 4/15/28 (a)		370		334
CSC Holdings LLC
5.38%, 2/1/28 (a)		200		173
5.50%, 4/15/27 (a)		430		385
11.25%, 5/15/28 (a)		200		198
GCI LLC
4.75%, 10/15/28 (a)		300		280
LCPR Senior Secured Financing DAC
6.75%, 10/15/27 (a)		520		471
Level 3 Financing, Inc.
4.88%, 6/15/29 (a)		400		350
Midcontinent Communications
8.00%, 8/15/32 (a)		400		411
Spotify USA, Inc.
0.00%, 3/15/26		140		149
Townsquare Media, Inc.
6.88%, 2/1/26 (a)		530		529
Univision Communications, Inc.
7.38%, 6/30/30 (a)		280		268
Viavi Solutions, Inc.
3.75%, 10/1/29 (a)		445		404
Virgin Media Finance PLC
5.00%, 7/15/30 (a)		370		314
Ziff Davis, Inc.
4.63%, 10/15/30 (a)		405		373
				6,754
Consumer, Cyclical (19.3%)
Allwyn Entertainment Financing UK PLC
7.88%, 4/30/29 (a)		245		253
Arko Corp.
5.13%, 11/15/29 (a)		530		484
Ashton Woods USA LLC/Ashton Woods Finance Co.
4.63%, 4/1/30 (a)		185		168
BCPE Empire Holdings, Inc.
7.63%, 5/1/27 (a)		270		269
Boyne USA, Inc.
4.75%, 5/15/29 (a)		350		332
Cars.com, Inc.
6.38%, 11/1/28 (a)		275		274
Cougar JV Subsidiary LLC
8.00%, 5/15/32 (a)		250		260
Crocs, Inc.
4.13%, 8/15/31 (a)		290		254
Dealer Tire LLC/DT Issuer LLC
8.00%, 2/1/28 (a)		228		224
Dream Finders Homes, Inc.
8.25%, 8/15/28 (a)		185		194
Evergreen Acqco 1 LP/TVI, Inc.
9.75%, 4/26/28 (a)		198		209
Everi Holdings, Inc.
5.00%, 7/15/29 (a)		265		265
Ferrellgas LP/Ferrellgas Finance Corp.
5.88%, 4/1/29 (a)		475		435
Full House Resorts, Inc.
8.25%, 2/15/28 (a)		415		414
Genting New York LLC/GENNY Capital, Inc.
7.25%, 10/1/29 (a)		400		412
Global Auto Holdings Ltd./AAG FH U.K. Ltd.
11.50%, 8/15/29 (a)		200		204
Goodyear Tire & Rubber Co.
5.63%, 4/30/33		210		185
GYP Holdings III Corp.
4.63%, 5/1/29 (a)		135		127
JB Poindexter & Co., Inc.
8.75%, 12/15/31 (a)		445		469
Lindblad Expeditions Holdings, Inc.
9.00%, 5/15/28 (a)		244		255
Macy's Retail Holdings LLC
4.50%, 12/15/34		430		359
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.
4.88%, 5/1/29 (a)		385		363
New Home Co., Inc.
9.25%, 10/1/29 (a)		565		595
Patrick Industries, Inc.
4.75%, 5/1/29 (a)		375		355

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

		Face Amount (000)		Value (000)
Consumer, Cyclical (cont'd)
Real Hero Merger Sub 2, Inc.
6.25%, 2/1/29 (a)	$	510	$	439
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC
6 Month Term SOFR + 6.05%, 10.50%, 10/15/26 (a)(b)		430		433
Specialty Building Products Holdings LLC/SBP Finance Corp.
7.75%, 10/15/29 (a)		163		166
Speedway Motorsports LLC/Speedway Funding II, Inc.
4.88%, 11/1/27 (a)		635		621
STL Holding Co. LLC
8.75%, 2/15/29 (a)		350		372
Superior Plus LP/Superior General Partner, Inc.
4.50%, 3/15/29 (a)		410		373
Thor Industries, Inc.
4.00%, 10/15/29 (a)		215		194
Velocity Vehicle Group LLC
8.00%, 6/1/29 (a)		135		140
VistaJet Malta Finance PLC/Vista Management Holding, Inc.
6.38%, 2/1/30 (a)		130		114
9.50%, 6/1/28 (a)		420		423
White Cap Buyer LLC
6.88%, 10/15/28 (a)		195		194
				10,828
Consumer, Non-Cyclical (16.7%)
AHP Health Partners, Inc.
5.75%, 7/15/29 (a)		482		469
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.00%, 6/1/29 (a)		595		543
Alta Equipment Group, Inc.
9.00%, 6/1/29 (a)		335		320
AMN Healthcare, Inc.
4.00%, 4/15/29 (a)		270		244
APi Group DE, Inc.
4.13%, 7/15/29 (a)		185		170
Chobani Holdco II LLC
8.75% Cash, 9.50% PIK, 18.25%, 10/1/29 (a)(c)		483		512
EquipmentShare.com, Inc.
9.00%, 5/15/28 (a)		160		166
Esc Cb National Cineme
0.00%, 8/15/26 (d)(e)(f)		600		—
Fiesta Purchaser, Inc.
9.63%, 9/15/32 (a)		200		210
Fortrea Holdings, Inc.
7.50%, 7/1/30 (a)		141		141
Garda World Security Corp.
8.25%, 8/1/32 (a)		255		259
Heartland Dental LLC/Heartland Dental Finance Corp.
10.50%, 4/30/28 (a)		494		524
Ingles Markets, Inc.
4.00%, 6/15/31 (a)		415		368
LifePoint Health, Inc.
5.38%, 1/15/29 (a)		258		226
10.00%, 6/1/32 (a)		180		183
Molina Healthcare, Inc.
3.88%, 5/15/32 (a)		247		215
NESCO Holdings II, Inc.
5.50%, 4/15/29 (a)		280		260
Option Care Health, Inc.
4.38%, 10/31/29 (a)		130		120
P&L Development LLC/PLD Finance Corp.
9.00% Cash, 3.50% PIK, 12.50%, 5/15/29 (a)(c)		470		487
Signal Parent, Inc.
6.13%, 4/1/29 (a)		350		223
Spectrum Brands, Inc.
3.88%, 3/15/31 (a)		205		177
Surgery Center Holdings, Inc.
7.25%, 4/15/32 (a)		545		557
TriNet Group, Inc.
3.50%, 3/1/29 (a)		475		430
Triton Water Holdings, Inc.
6.25%, 4/1/29 (a)		321		319
U.S. Acute Care Solutions LLC
9.75%, 5/15/29 (a)		435		444
Varex Imaging Corp.
7.88%, 10/15/27 (a)		315		323
Viking Baked Goods Acquisition Corp.
8.63%, 11/1/31 (a)		110		108
VM Consolidated, Inc.
5.50%, 4/15/29 (a)		310		302
VT Topco, Inc.
8.50%, 8/15/30 (a)		240		255
WASH Multifamily Acquisition, Inc.
5.75%, 4/15/26 (a)		345		344
ZipRecruiter, Inc.
5.00%, 1/15/30 (a)		510		460
				9,359
Energy (9.5%)
Blue Racer Midstream LLC/Blue Racer Finance Corp.
7.25%, 7/15/32 (a)		245		252
CNX Midstream Partners LP
4.75%, 4/15/30 (a)		335		307
Global Partners LP/GLP Finance Corp.
6.88%, 1/15/29		355		353
8.25%, 1/15/32 (a)		50		51
Kodiak Gas Services LLC
7.25%, 2/15/29 (a)		215		219

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

		Face Amount (000)		Value (000)
Energy (cont'd)
Kraken Oil & Gas Partners LLC
7.63%, 8/15/29 (a)	$	310	$	299
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.
6.88%, 12/1/32 (a)		300		297
Martin Midstream Partners LP/Martin Midstream Finance Corp.
11.50%, 2/15/28 (a)		390		424
Matador Resources Co.
6.25%, 4/15/33 (a)		310		301
NextEra Energy Partners LP
0.00%, 11/15/25 (a)		810		764
Oceaneering International, Inc.
6.00%, 2/1/28		375		371
Prairie Acquiror LP
9.00%, 8/1/29 (a)		170		176
Rockies Express Pipeline LLC
3.60%, 5/15/25 (a)		250		248
Sitio Royalties Operating Partnership LP/Sitio Finance Corp.
7.88%, 11/1/28 (a)		265		274
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
6.00%, 12/31/30 (a)		225		213
Vermilion Energy, Inc.
6.88%, 5/1/30 (a)		305		304
Vital Energy, Inc.
7.88%, 4/15/32 (a)		525		506
				5,359
Finance (8.2%)
AmWINS Group, Inc.
4.88%, 6/30/29 (a)		165		156
Azorra Finance Ltd.
7.75%, 4/15/30 (a)		170		169
CTR Partnership LP/CareTrust Capital Corp.
3.88%, 6/30/28 (a)		460		439
Focus Financial Partners LLC
6.75%, 9/15/31 (a)		275		274
GGAM Finance Ltd.
5.88%, 3/15/30 (a)		180		177
Global Net Lease, Inc./Global Net Lease Operating Partnership LP
3.75%, 12/15/27 (a)		300		274
Greystar Real Estate Partners LLC
7.75%, 9/1/30 (a)		105		111
HAT Holdings I LLC/HAT Holdings II LLC
3.75%, 9/15/30 (a)		560		494
Hightower Holding LLC
6.75%, 4/15/29 (a)		55		55
9.13%, 1/31/30 (a)		190		200
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
5.25%, 5/15/27		165		156
Jane Street Group/JSG Finance, Inc.
4.50%, 11/15/29 (a)		350		328
Jefferies Finance LLC/JFIN Co-Issuer Corp.
5.00%, 8/15/28 (a)		360		338
Jefferson Capital Holdings LLC
6.00%, 8/15/26 (a)		239		240
National Health Investors, Inc.
3.00%, 2/1/31		450		387
Pebblebrook Hotel LP/PEB Finance Corp.
6.38%, 10/15/29 (a)		155		154
Pebblebrook Hotel Trust
1.75%, 12/15/26		175		163
StoneX Group, Inc.
7.88%, 3/1/31 (a)		265		277
XHR LP
6.63%, 5/15/30 (a)		230		231
				4,623
Industrials (14.4%)
AAR Escrow Issuer LLC
6.75%, 3/15/29 (a)		240		244
ACProducts Holdings, Inc.
6.38%, 5/15/29 (a)		475		302
AmeriTex HoldCo Intermediate LLC
10.25%, 10/15/28 (a)		377		402
Artera Services LLC
8.50%, 2/15/31 (a)		335		323
Atkore, Inc.
4.25%, 6/1/31 (a)		470		417
Brundage-Bone Concrete Pumping Holdings, Inc.
6.00%, 2/1/26 (a)		155		155
Cargo Aircraft Management, Inc.
4.75%, 2/1/28 (a)		300		298
Carriage Purchaser, Inc.
7.88%, 10/15/29 (a)		360		343
Coherent Corp.
5.00%, 12/15/29 (a)		185		177
CP Atlas Buyer, Inc.
7.00%, 12/1/28 (a)		414		365
Dycom Industries, Inc.
4.50%, 4/15/29 (a)		400		374
EnerSys
4.38%, 12/15/27 (a)		395		379
6.63%, 1/15/32 (a)		69		69
Enviri Corp.
5.75%, 7/31/27 (a)		632		605
Esab Corp.
6.25%, 4/15/29 (a)		130		132
Great Lakes Dredge & Dock Corp.
5.25%, 6/1/29 (a)		510		476
Moog, Inc.
4.25%, 12/15/27 (a)		195		186
Mueller Water Products, Inc.
4.00%, 6/15/29 (a)		210		195

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

		Face Amount (000)		Value (000)
Industrials (cont'd)
New Enterprise Stone & Lime Co., Inc.
5.25%, 7/15/28 (a)	$	245	$	238
Reworld Holding Corp.
4.88%, 12/1/29 (a)		270		250
5.00%, 9/1/30		105		97
Seaspan Corp.
5.50%, 8/1/29 (a)		400		374
Terex Corp.
6.25%, 10/15/32 (a)		310		304
Trident TPI Holdings, Inc.
12.75%, 12/31/28 (a)		185		204
TriMas Corp.
4.13%, 4/15/29 (a)		565		521
TTM Technologies, Inc.
4.00%, 3/1/29 (a)		195		181
Waste Pro USA, Inc.
5.50%, 2/15/26 (a)		210		211
Watco Cos. LLC/Watco Finance Corp.
7.13%, 8/1/32 (a)		265		273
				8,095
Technology (4.9%)
AthenaHealth Group, Inc.
6.50%, 2/15/30 (a)		400		380
Cloud Software Group, Inc.
9.00%, 9/30/29 (a)		345		351
Dye & Durham Ltd.
8.63%, 4/15/29 (a)		315		332
Ellucian Holdings, Inc.
6.50%, 12/1/29 (a)		157		157
KBR, Inc.
4.75%, 9/30/28 (a)		330		317
Rackspace Technology Global, Inc.
5.38%, 12/1/28 (a)		340		97
ROBLOX Corp.
3.88%, 5/1/30 (a)		420		379
Rocket Software, Inc.
6.50%, 2/15/29 (a)		392		370
Science Applications International Corp.
4.88%, 4/1/28 (a)		360		347
				2,730
Utilities (1.9%)
AmeriGas Partners LP/AmeriGas Finance Corp.
5.88%, 8/20/26		25		24
Leeward Renewable Energy Operations LLC
4.25%, 7/1/29 (a)		645		591
Pattern Energy Operations LP/Pattern Energy Operations, Inc.
4.50%, 8/15/28 (a)		340		320
Pike Corp.
8.63%, 1/31/31 (a)		125		132
				1,067
				50,593
Senior Loan Interests (4.1%)
Consumer, Cyclical (2.5%)
Hanesbrands, Inc.
2021 Term Loan
1 Month SOFR + 1.75%, 6.21%, 11/19/26 (b)		438		438
Peloton Interactive, Inc.
2024 Term Loan B
1 Month SOFR + 6.00%, 10.36%, 5/23/29 (b)		458		469
Petco Health & Wellness Co., Inc.
2021 Term Loan B
3 Month SOFR + 3.25%, 7.84%, 3/3/28 (b)		475		463
				1,370
Consumer, Non-Cyclical (0.6%)
Triton Water Holdings, Inc.
Term Loan
3 Month SOFR + 3.25%, 7.84%, 3/31/28 (b)		336		339
Industrials (1.0%)
IRIS Holdings, Inc.
Term Loan
3 Month SOFR + 4.75%, 9.44%, 6/28/28 (b)		595		575
				2,284
Total Fixed Income Securities (Cost $52,105)				52,877

	Shares
Common Stocks (0.1%)
Automobile Components (0.0%)
Exide Technologies (f)(g)		592	—
Diversified REITs (0.0%)‡
American Gilsonite Co. (g)		500	3
Machinery (0.1%)
Iracore Investment Holdings, Inc., Class A (f)(g)		470	40
Semiconductors & Semiconductor Equipment (0.0%)‡
UC Holdings, Inc. (g)		2,826	14
Total Common Stocks (Cost $151)			57

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Shares		Value (000)
Short-Term Investment (4.7%)
Investment Company (4.7%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.42% (h) (Cost $2,651)		2,651,496	$	2,651
Total Investments (99.0%) (Cost $54,907) (i)				55,585
Other Assets in Excess of Liabilities (1.0%)				589
Net Assets (100.0%)			$	56,174

(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, 2024. 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)	Income may be paid in additional securities and/or cash at the discretion of the issuer.
(d)	Issuer in bankruptcy.
(e)	Non-income producing security; bond in default.
(f)	At December 31, 2024, the Fund held fair valued securities valued at approximately $40,000, representing 0.1% of net assets. These securities have been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Trust's (as defined herein) Trustees.
(g)	Non-income producing security.
(h)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), 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 Fund. For the three months ended December 31, 2024, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Fund.
(i)	At December 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,402,000 and the aggregate gross unrealized depreciation is approximately $724,000, resulting in net unrealized appreciation of approximately $678,000.
DAC	Designated Activity Company.
PIK	Payment-in-Kind.
SOFR	Secured Overnight Financing Rate.

Portfolio Composition

Classification	Percentage of Total Investments
Consumer, Cyclical	22.0	%
Consumer, Non-Cyclical	17.4
Industrials	15.6
Other*	14.9
Communications	12.2
Energy	9.6
Finance	8.3
Total Investments	100.0	%

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

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Portfolio of Investments

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
Certificates of Deposit (13.3%)
International Banks (13.3%)
Banco Santander SA (New York Branch),
5.52%, 6/6/25	$	200,000	$	200,729
5.61%, 6/2/25		100,000		100,395
Credit Industriel ET Commercial SA,
4.77%, 11/26/25		115,000		110,300
5.60%, 5/1/25		125,000		125,400
Deutsche Bank AG (New York Branch)
4.69%, 12/1/25		75,000		75,065
DZ Bank AG Deutsche Zentral-Genossenschaftsbank
5.58%, 5/2/25		130,000		130,429
National Bank of Kuwait (New York),
4.79%, 12/5/25		100,000		100,013
4.85%, 5/2/25 - 12/24/25		175,000		175,070
4.89%, 4/16/25		125,000		125,060
Natixis (New York Branch)
5.63%, 6/2/25		73,000		73,293
Qatar National Bank,
4.86%, 5/13/25		100,000		98,315
4.89%, 5/20/25		50,000		49,113
5.72%, 4/10/25		110,000		108,607
5.74%, 6/12/25		50,000		48,967
5.83%, 5/30/25		75,000		73,575
Total Certificates of Deposit (Cost $1,591,165)				1,594,331
Commercial Paper (a) (16.8%)
Asset-Backed Diversified Financial Services (3.2%)
Atlantic Asset Securitization LLC
4.68%, 6/23/25		100,000		97,853
Bay Square Funding LLC,
4.61%, 4/4/25		50,000		49,426
4.65%, 4/30/25		26,535		26,138
4.78%, 4/3/25		50,000		49,419
LMA Americas LLC,
4.60%, 4/4/25		51,100		50,515
4.67%, 6/16/25		10,000		9,796
Paradelle Funding LLC,
5.24%, 6/16/25		25,000		24,486
5.55%, 6/17/25		73,000		71,489
Versailles Commercial Paper LLC
4.77%, 4/3/25		1,000		988
				380,110
Automobiles (0.4%)
Toyota Finance Australia
4.78%, 5/13/25		47,000		46,226
Automobiles Manufacturing (0.6%)
Volvo Treasury NA
4.66%, 1/6/25		75,000		74,944
Domestic Banks (4.6%)
HSBC USA, Inc.,
4.89%, 12/12/25		100,000		95,620
4.95%, 12/5/25 (b)		69,000		66,043
5.46%, 8/1/25		4,000		3,892
5.53%, 7/30/25		60,000		58,398
5.63%, 7/15/25 (b)		17,000		16,578
5.64%, 7/23/25		37,000		36,045
5.66%, 7/15/25 (b)		53,000		51,686
5.88%, 6/20/25		18,000		17,611
5.96%, 6/5/25		95,000		93,132
6.00%, 5/9/25 (b)		55,000		54,104
6.01%, 5/20/25		15,000		14,735
6.08%, 5/23/25		40,000		39,279
				547,123
Finance (2.8%)
Barclays Capital, Inc.,
4.80%, 10/28/25		100,000		96,324
4.86%, 11/5/25		97,500		93,826
4.91%, 11/20/25		70,000		67,242
5.39%, 7/15/25		75,000		73,171
5.43%, 7/22/25		7,000		6,823
				337,386
Health Care Services (0.8%)
Catholic Health Initiatives,
5.64%, 4/3/25		50,000		49,329
5.69%, 4/2/25		25,000		24,668
5.69%, 4/3/25		15,357		15,151
				89,148
Insurance (0.4%)
Pricoa Short Term Funding LLC
4.61%, 10/21/25		27,500		26,518
Prudential Financial, Inc.
4.44%, 1/2/25		25,000		24,994
				51,512
International Banks (2.8%)
Bank of Montreal
5.68%, 5/1/25		25,000		24,633
Barclays U.S. CCP
5.59%, 5/14/25		85,000		83,583
Macquarie Bank Ltd.
5.57%, 6/6/25		125,000		122,597
Norfina Ltd.
4.78%, 4/23/25 (b)		100,000		98,610
Suncorp Bank Norfina Ltd.
4.77%, 5/5/25 (b)		10,000		9,847
				339,270
Utilities (0.6%)
TotalEnergies Capital SA
4.67%, 3/19/25 (b)		77,000		76,259
Wireless Telecom Services (0.6%)
Cisco Systems, Inc.,
5.20%, 3/6/25		43,500		43,154
5.22%, 3/7/25 (b)		24,000		23,806
				66,960
Total Commercial Paper (Cost $2,005,745)				2,008,938
Corporate Bonds (18.4%)
Automobiles (5.0%)
BMW U.S. Capital LLC
3.90%, 4/9/25 (b)		500		499

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
Corporate Bonds (cont'd)
Automobiles (cont'd)
General Motors Financial Co., Inc.,
2.75%, 6/20/25	$	57,836	$	57,281
3.80%, 4/7/25		26,287		26,207
4.30%, 7/13/25		4,967		4,954
4.35%, 4/9/25		22,156		22,116
6.05%, 10/10/25		6,211		6,266
Hyundai Capital America,
1.30%, 1/8/26 (b)		13,930		13,445
1.80%, 10/15/25 (b)		10,412		10,156
2.65%, 2/10/25 (b)		35,781		35,693
5.80%, 6/26/25 (b)		7,711		7,740
5.88%, 4/7/25 (b)		37,603		37,661
6.00%, 7/11/25 (b)		12,713		12,798
6.25%, 11/3/25 (b)		1,400		1,414
Volkswagen Group of America Finance LLC,
1.25%, 11/24/25 (b)		38,466		37,279
3.35%, 5/13/25 (b)		57,284		56,965
3.95%, 6/6/25 (b)		65,223		64,968
4.63%, 11/13/25 (b)		13,310		13,291
5.80%, 9/12/25 (b)		191,455		192,672
				601,405
Automobiles Manufacturing (0.2%)
Daimler Truck Finance North America LLC
5.60%, 8/8/25 (b)		10,398		10,451
Mercedes-Benz Finance North America LLC
5.38%, 11/26/25 (b)		10,684		10,769
				21,220
Basic Materials (0.2%)
Glencore Funding LLC,
1.63%, 9/1/25 (b)		19,356		18,951
4.00%, 4/16/25 (b)		3,134		3,126
				22,077
Communications (0.3%)
T-Mobile USA, Inc.
3.50%, 4/15/25		39,649		39,476
Computer Technology (1.9%)
HP, Inc.
2.20%, 6/17/25		118,443		116,997
Oracle Corp.,
2.50%, 4/1/25		20,128		20,015
2.95%, 5/15/25		93,024		92,389
5.80%, 11/10/25		1,000		1,010
				230,411
Consumer, Non-Cyclical (0.6%)
AbbVie, Inc.
3.60%, 5/14/25		62,042		61,795
Energy Transfer LP
4.75%, 1/15/26		5,290		5,286
Mondelez International Holdings Netherlands BV
4.25%, 9/15/25 (b)		1,425		1,420
				68,501
Domestic Bank (0.1%)
JP Morgan Chase & Co.
3.90%, 7/15/25		11,157		11,120
Finance (0.7%)
Citigroup, Inc.
3.70%, 1/12/26 (c)		23,520		23,296
Fiserv, Inc.
3.85%, 6/1/25		59,507		59,230
				82,526
Health Care Services (0.6%)
CommonSpirit Health
1.55%, 10/1/25		43,778		42,754
McKesson Corp.
0.90%, 12/3/25		2,895		2,800
UnitedHealth Group, Inc.
3.70%, 12/15/25		24,083		23,903
				69,457
Insurance (0.2%)
Equitable Financial Life Global Funding,
1.00%, 1/9/26 (b)		1,012		976
1.40%, 7/7/25 (b)		9,189		9,040
5.50%, 12/2/25 (b)		9,946		10,029
				20,045
International Banks (8.3%)
Bank of Montreal
1.85%, 5/1/25		23,899		23,680
Bank of Nova Scotia,
1.30%, 6/11/25		67,321		66,357
5.45%, 6/12/25		52,267		52,437
Banque Federative du Credit Mutuel SA,
4.52%, 7/13/25 (b)(c)		12,600		12,588
4.94%, 1/26/26 (b)(c)		6,288		6,302
Canadian Imperial Bank of Commerce,
3.95%, 8/4/25		38,396		38,255
5.14%, 4/28/25		31,336		31,394
Goldman Sachs Group, Inc.,
3.50%, 4/1/25		93,683		93,359
3.75%, 5/22/25		77,189		76,921
Lloyds Banking Group PLC
4.45%, 5/8/25		24,716		24,675
Nationwide Building Society
1.00%, 8/28/25 (b)		3,825		3,736
NatWest Markets PLC
3.48%, 3/22/25 (b)		54,400		54,220
Royal Bank of Canada,
4.95%, 4/25/25		1,698		1,700
1.15%, 6/10/25		60,000		59,095
Societe Generale SA,
1.38%, 7/8/25 (b)		1,040		1,022
4.35%, 6/13/25 (b)		7,750		7,736
Sumitomo Mitsui Financial Group, Inc.,
0.95%, 1/12/26		3,867		3,726
1.47%, 7/8/25		269,418		264,964
5.46%, 1/13/26		15,474		15,600

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
Corporate Bonds (cont'd)
International Banks (cont'd)
Swedbank AB
3.36%, 4/4/25 (b)	$	1,000	$	997
Toronto-Dominion Bank,
5.10%, 1/9/26		5,903		5,933
0.75%, 1/6/26		6,916		6,656
3.77%, 6/6/25		26,318		26,225
UBS AG Stamford
2.95%, 4/9/25		10,823		10,771
UBS Group AG
4.13%, 9/24/25 (b)		110,872		110,391
				998,740
Utilities (0.3%)
NextEra Energy Capital Holdings, Inc.
5.75%, 9/1/25		37,030		37,269
Total Corporate Bonds (Cost $2,199,692)				2,202,247
Floating Rate Notes (d) (27.9%)
Asset-Backed Diversified Financial Services (7.8%)
Bay Square Funding LLC,
SOFR + 0.26%, 4.75%, 1/6/25 (b)		35,000		35,000
Chariot Funding LLC,
SOFR + 0.45%, 4.82%, 12/11/25 (b)		75,000		75,012
SOFR + 0.47%, 4.84%, 12/15/25 - 12/16/25 (b)		475,000		475,051
Collateralized Commercial Paper Flex,
SOFR + 0.47%, 4.84%, 12/22/25 (b)		30,000		30,005
SOFR + 0.47%, 4.96%, 12/19/25 (b)		75,000		75,013
Paradelle Funding LLC,
SOFR + 0.40%, 4.89%, 12/22/25		150,000		150,001
Thunder Bay Funding LLC,
SOFR + 0.14%, 4.51%, 1/28/25 (b)		100,000		99,840
				939,922
Automobiles (4.7%)
American Honda Finance Corp.,
SOFR + 0.45%, 4.87%, 6/13/25		200,000		200,171
MTN
SOFR + 0.45%, 5.01%, 4/29/25		280,000		280,138
SOFR + 0.55%, 5.05%, 2/12/25		5,000		5,001
Toyota Motor Credit Corp.,
MTN
SOFR + 0.35%, 4.72%, 12/9/25		75,000		75,003
				560,313
Diversified Financial Services (3.5%)
Mizuho Markets Cayman LP,
MTN
SOFR + 0.53%, 4.90%, 1/9/26 (b)		141,000		141,085
SOFR + 0.60%, 5.05%, 11/28/25		125,000		125,058
SOFR + 0.60%, 5.28%, 10/6/25 (b)		150,000		150,154
				416,297
Domestic Banks (1.3%)
Bank of America Corp.,
3.37%, 1/23/26		1,895		1,893
Bank of America NA,
4.86%, 1/9/26		100,000		100,015
Bank of America Securities, Inc.,
4.85%, 12/2/25		50,000		49,975
				151,883
Finance (0.7%)
Citigroup Global Markets, Inc.,
SOFR + 0.39%, 4.76%, 11/24/25 (b)		85,000		85,024
Citigroup, Inc.,
2.01%, 1/25/26		1,747		1,743
				86,767
Insurance (0.3%)
New York Life Global Funding,
SOFR + 0.33%, 4.97%, 1/14/25 (b)		30,000		30,001
International Banks (9.6%)
Banco Santander SA (New York Branch),
SOFR + 0.51%, 5.00%, 1/31/25		14,000		14,006
Bank of Nova Scotia (Houston Branch),
SOFR + 0.30%, 4.79%, 3/13/25		70,250		70,269
Banque Federative du Credit Mutuel SA,
SOFR + 0.41%, 4.95%, 2/4/25 (b)		21,600		21,603
BPCE SA,
SOFR + 0.57%, 5.21%, 1/14/25 (b)		10,395		10,396
Macquarie Bank Ltd.,
SOFR + 0.22%, 4.59%, 2/3/25 (b)		15,000		15,002
SOFR + 0.23%, 4.60%, 2/21/25 (b)		60,450		60,459
SOFR + 0.24%, 4.61%, 5/12/25 (b)		90,000		90,005
SOFR + 0.40%, 4.77%, 12/11/25 (b)		110,000		110,000
SOFR + 0.43%, 4.80%, 1/13/26 (b)		150,000		150,018
National Bank of Canada,
SOFR + 0.28%, 4.77%, 7/7/25 - 7/9/25 (b)		550,000		550,002
Societe Generale SA,
SOFR + 0.37%, 4.74%, 8/4/25 (b)		16,950		16,955
SOFR + 0.38%, 4.87%, 8/14/25 (b)		38,500		38,513
Sumitomo Mitsui Banking Corp.,
SOFR + 0.23%, 4.60%, 2/24/25 (b)		8,000		8,001
				1,155,229
Total Floating Rate Notes (Cost $3,339,780)				3,340,412
Repurchase Agreements (23.3%)
Bank of America Securities, Inc., (4.83% (d), dated 9/24/24, due 9/29/25; proceeds $230,675; fully collateralized by various Common Stocks and Preferred Stocks; valued at $236,250) (Demand 1/2/25) (e)		225,000		225,000
Bank of Nova Scotia, (4.44%, dated 12/31/24, due 1/2/25; proceeds $400,099; fully collateralized by various Corporate Bonds, 0.80% - 7.96% due 2/10/25 - 2/15/62; valued at $420,000)		400,000		400,000
Barclays Bank PLC, (4.41%, dated 12/31/24, due 1/2/25; proceeds $11,003; fully collateralized by a U.S. Government obligation, 0.13% due 10/15/25; valued at $11,223)		11,000		11,000

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
BMO Capital Markets Corp., (4.43%, dated 12/31/24, due 1/2/25; proceeds $32,008; fully collateralized by various Corporate Bonds, 2.30% - 8.25% due 6/1/25 - 11/15/52, a U.S. Government obligation, 2.25% due 2/15/27; valued at $32,926)	$	32,000	$	32,000
BNP Paribas Prime Brokerage, Inc., (4.45%, dated 12/31/24, due 1/2/25; proceeds $315,078; fully collateralized by various Common Stocks; valued at $330,832) (e)		315,000		315,000
BNP Paribas SA, (4.54% (d), dated 6/29/22, due 1/7/25; proceeds $256,772; fully collateralized by various Corporate Bonds, 1.85% - 14.00% due 7/16/25 - 6/4/81; valued at $243,515) (Demand 1/2/25) (e)		230,000		230,000
JP Morgan Securities LLC, (4.58% (d), dated 11/17/21, due 1/7/25; proceeds $80,215; fully collateralized by various Common Stocks and Preferred Stocks; valued at $74,297) (Demand 1/2/25) (e)		70,000		70,000
JP Morgan Securities LLC, (4.78% (d), dated 1/5/23, due 3/31/25; proceeds $321,421; fully collateralized by various Corporate Bonds, 3.88% - 10.50% due 2/15/26 - 11/30/54; valued at $308,664) (Demand 1/2/25) (e)		290,000		290,000
JP Morgan Securities LLC, (4.78% (d), dated 12/17/24, due 12/17/25; proceeds $101,381; fully collateralized by various Corporate Bonds, 4.13% - 10.75% due 11/15/27 - 10/3/31; valued at $106,227) (Demand 1/2/25)		100,000		100,000
Mizuho Securities USA LLC, (4.67% (d), dated 12/11/24, due 1/7/25; proceeds $60,205; fully collateralized by various Common Stocks; valued at $63,000) (Demand 1/2/25) (e)		60,000		60,000
Mizuho Securities USA LLC, (4.70%, dated 12/12/24, due 3/17/25; proceeds $75,930; fully collateralized by various Corporate Bonds, 0.00% - 10.00% due 4/1/26 - 12/31/79; valued at $79,422) (e)		75,000		75,000
MUFG Securities Americas, Inc., (4.93% (d), dated 12/13/24, due 12/12/25; proceeds $75,533; fully collateralized by various Common Stocks; valued at $82,600) (Demand 1/2/25) (e)		75,000		75,000
MUFG Securities Americas, Inc., (4.46%, dated 12/26/24, due 1/2/25; proceeds $453,393; fully collateralized by various Common Stocks; valued at $476,063) (e)		453,000		453,000
MUFG Securities Americas, Inc., (4.45%, dated 12/26/24, due 1/2/25; proceeds $50,043; fully collateralized by various Corporate Bonds, 2.55% - 5.67% due 7/22/26 - 12/1/48; valued at $52,545)		50,000		50,000
Pershing LLC, (4.65%, dated 12/31/24, due 1/2/25; proceeds $25,006; fully collateralized by various Corporate Bonds, 1.43% - 10.25% due 11/22/25 - 10/31/82; valued at $26,389) (e)		25,000		25,000
RBC Capital Markets LLC, (4.42%, dated 12/31/24, due 1/7/25; proceeds $61,052; fully collateralized by various U.S. Government obligation, 0.13% - 0.63% due 10/15/25 - 7/15/32 and Corporate Bonds, 2.50% - 6.92% due 11/07/25 - 8/15/54; valued at $62,957)		61,000		61,000
Societe Generale SA, (4.48%, dated 12/31/24, due 1/2/25; proceeds $120,030; fully collateralized by various Corporate Bonds, 2.30% - 13.38% due 4/23/25 - 12/15/54; valued at $127,014) (e)		120,000		120,000
TD Securities USA LLC, (4.40%, dated 12/31/24, due 1/2/25; proceeds $200,049; fully collateralized by various Corporate Bonds, 2.20% - 7.69% due 6/15/25 - 6/1/63; valued at $210,000)		200,000		200,000
Total Repurchase Agreements (Cost $2,792,000)				2,792,000
Total Investments (99.7%) (Cost $11,928,382) (f)(g)				11,937,928
Other Assets in Excess of Liabilities (0.3%)				35,746
Net Assets (100.0%)			$	11,973,674

(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, 2024. 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, 2024.
(f)	Securities are available as collateral in connection with securities purchased on a forward commitment basis.
(g)	At December 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $10,184,000 and the aggregate gross unrealized depreciation is approximately $638,000, resulting in net unrealized appreciation of approximately $9,546,000.
MTN	Medium Term Note.
SOFR	Secured Overnight Financing Rate.

Portfolio Composition  

Classification	Percentage of Total Investments
Floating Rate Notes	28.0	%
Repurchase Agreements	23.4
Corporate Bonds	18.4
Commercial Paper	16.8
Certificates of Deposit	13.4
Total Investments	100.0	%

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Notes to the Portfolio of Investments

Security Valuation: (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the “Trustees”). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the “Adviser”) or Morgan Stanley Investment Management Limited (“MSIM Limited”) (the “Sub-Adviser”), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or is unable to provide a price, prices from reputable brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from reputable brokers/dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter(“OTC”) market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (4) certain senior collateralized loans (“Senior Loans”) are valued based on quotations received from an independent pricing service; (5) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (6) OTC swaps may be valued by an outside pricing service approved by the Trustees or quotes from a reputable broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (7) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a reputable broker/dealer or valued by a pricing service/vendor; (8) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security’s market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange (“NYSE”). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (9) foreign exchange transactions (“spot contracts”) and foreign exchange forward contracts (“forward contracts”) are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (10) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Trustees have designated the Trust's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust’s valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

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

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

· Level 3 – significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

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

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2024:

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
Corporate Bonds	$	—		$	119,829	$	—	$	119,829
Sovereign		—			292		—		292
Total Fixed Income Securities		—			120,121		—		120,121
Investment Companies		1,644			—		—		1,644
Short-Term Investments
Investment Company		3,664			—		—		3,664
U.S. Treasury Security		—			1,861		—		1,861
Total Short-Term Investments		3,664			1,861		—		5,525
Futures Contracts		246			—		—		246
Total Assets		5,554			121,982		—		127,536
Liabilities:
Futures Contracts		(366	)		—		—		(366	)
Total	$	5,188		$	121,982	$	—	$	127,170

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2024:

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
Automobiles	$	2,868	$	—	$	—	$	2,868
Biotechnology		25,326		—		—		25,326
Broadline Retail		60,444		—		—		60,444
Entertainment		59,682		—		—		59,682
Financial Services		66,565		28,265		—		94,830
Health Care Equipment & Supplies		13,738		—		—		13,738
Health Care Providers & Services		7,973		—		—		7,973
Health Care Technology		2,592		—		—		2,592
Hotels, Restaurants & Leisure		71,608		—		—		71,608
Information Technology Services		117,708		—		—		117,708
Interactive Media & Services		28,362		—		—		28,362
Leisure Products		20,050		—		—		20,050
Machinery		3,020		—		—		3,020
Media		66,984		—		—		66,984
Pharmaceuticals		36,769		—		—		36,769
Real Estate Management & Development		280		—		—		280
Software		212,300		—		—		212,300
Specialty Retail		91,659		—		—		91,659
Trading Companies & Distributors		47,198		—		—		47,198
Total Common Stocks		935,126		28,265		—		963,391
Preferred Stock
Software		—		—		31,108		31,108
Investment Company		31,625		—		—		31,625
Call Options Purchased		—		3,240		—		3,240
Short-Term Investments
Investment Company		32,766		—		—		32,766
Repurchase Agreement		—		39		—		39
Total Short-Term Investments		32,766		39		—		32,805
Total Assets	$	999,517	$	31,544	$	31,108	$	1,062,169

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

Discovery	Preferred Stock (000)
Beginning Balance	$	22,468
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		8,640
Realized gains (losses)		—
Ending Balance	$	31,108
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2024	$	8,640

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, 2024:

Discovery	Fair Value at December 31, 2024 (000)	Valuation Technique	Unobservable Input	Amount	Impact to Valuation from an Increase in Input*
Preferred Stock	$31,108	Market Transaction Method	Precedent Transaction	$92.50	Increase

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

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2024:

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	$	8,801	(1)	$	—	$	—	$	8,801
Short-Term Investment
Investment Company		194			—		—		194
Total Assets	$	8,995		$	—	$	—	$	8,995

(1) The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2024:

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	$	—	$	25,590	$	—		$	25,590
Asset-Backed Securities		—		3,418		—			3,418
Commercial Mortgage-Backed Securities		—		4,357		—			4,357
Corporate Bonds		—		45,748		—			45,748
Mortgages - Other		—		7,454		—			7,454
Municipal Bond		—		236		—			236
Sovereign		—		93,126		—			93,126
Supranational		—		4,034		—			4,034
U.S. Treasury Securities		—		43,548		—			43,548
Total Fixed Income Securities		—		227,511		—			227,511
Common Stocks
Aerospace & Defense		2,605		1,597		—			4,202
Air Freight & Logistics		505		342		—			847
Automobile Components		93		121		—			214
Automobiles		3,634		782		—			4,416
Banks		6,877		15,746		—			22,623
Beverages		1,683		789		—			2,472
Biotechnology		2,407		607		—			3,014
Broadline Retail		6,210		483		—			6,693
Building Products		836		451		—			1,287
Capital Markets		4,875		2,000		—			6,875
Chemicals		1,909		1,323		—			3,232
Commercial Services & Supplies		1,041		164		—			1,205
Communications Equipment		1,264		188		—			1,452
Construction & Engineering		366		408		—			774
Construction Materials		353		352		—			705
Consumer Finance		871		—		—			871
Consumer Staples Distribution & Retail		3,129		568		—			3,697
Containers & Packaging		365		25		—			390
Distributors		107		14		—			121
Diversified Consumer Services		—		40		—			40
Diversified REITs		33		253		—			286
Diversified Telecommunication Services		957		1,048		—			2,005
Electric Utilities		2,179		1,059		—			3,238
Electrical Equipment		1,193		1,320		—			2,513
Electronic Equipment, Instruments & Components		806		133		—			939
Energy Equipment & Services		326		31		—	†		357	†
Entertainment		2,536		126		—			2,662
Financial Services		5,558		613		—			6,171
Food Products		872		1,458		—			2,330
Gas Utilities		89		95		—			184
Ground Transportation		1,800		22		—			1,822
Health Care Equipment & Supplies		3,094		1,039		—			4,133
Health Care Providers & Services		2,815		158		—			2,973
Health Care REITs		363		—		—			363
Health Care Technology		89		36		—			125
Hotel & Resort REITs		34		—		—			34
Hotels, Restaurants & Leisure		3,066		864		—			3,930
Household Durables		416		102		—			518
Household Products		1,518		332		—			1,850
Independent Power & Renewable Electricity Producers		174		140		—			314

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont'd)

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)			Total (000)
Common Stocks (cont’d)
Industrial Conglomerates	$	598	$	833	$	—		$	1,431
Industrial REITs		270		89		—			359
Information Technology Services		2,635		115		—			2,750
Insurance		3,733		3,086		—			6,819
Interactive Media & Services		9,359		149		—			9,508
Investment Company		—		—		—	†		—	†
Life Sciences Tools & Services		1,558		319		—			1,877
Machinery		2,305		1,266		—			3,571
Marine Transportation		—		114		—			114
Media		791		201		—			992
Metals & Mining		1,153		1,610		—	†		2,763	†
Mortgage Real Estate Investment		27		—		—			27
Multi-Utilities		858		593		—			1,451
Office REITs		31		18		—			49
Oil, Gas & Consumable Fuels		5,834		2,156		—			7,990
Paper & Forest Products		20		153		—			173
Passenger Airlines		53		62		—			115
Personal Care Products		160		1,130		—			1,290
Pharmaceuticals		4,468		4,870		—			9,338
Professional Services		1,128		918		—			2,046
Real Estate Management & Development		254		395		—			649
Residential REITs		495		—		—			495
Retail REITs		360		207		—			567
Semiconductors & Semiconductor Equipment		16,036		1,542		—			17,578
Software		15,525		1,416		—			16,941
Specialized REITs		1,286		—		—			1,286
Specialty Retail		2,728		346		—			3,074
Tech Hardware, Storage & Peripherals		11,083		58		—			11,141
Textiles, Apparel & Luxury Goods		478		1,815		—			2,293
Tobacco		756		402		—			1,158
Trading Companies & Distributors		618		347		—			965
Transportation Infrastructure		—		240		—			240
Water Utilities		93		72		—			165
Wireless Telecommunication Services		365		100		—			465
Total Common Stocks		152,106		59,451		—	†		211,557	†
Rights		—		—@		—			—@
Warrants		—		—		—	†		—	†
Short-Term Investments
Investment Company		82,073		—		—			82,073
U.S. Treasury Securities		—		15,984		—			15,984
Total Short-Term Investments		82,073		15,984		—			98,057
Foreign Currency Forward Exchange Contracts		—		1,688		—			1,688
Futures Contracts		846		—		—			846
Centrally Cleared Interest Rate Swap Agreements		—		395		—			395
Total Return Swap Agreements		—		1,197		—			1,197
Total Assets	$	235,025	$	306,226	$	—	†	$	541,251	†

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont'd)

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)			Total (000)
Liabilities:
Foreign Currency Forward Exchange Contracts	$	—		$	(1,548	)	$	—		$	(1,548	)
Futures Contracts		(470	)		—			—			(470	)
Centrally Cleared Interest Rate Swap Agreement		—			(101	)		—			(101	)
Total Return Swap Agreements		—			(4,814	)		—			(4,814	)
Total Liabilities		(470	)		(6,463	)		—			(6,933	)
Total	$	234,555		$	299,763		$	—	†	$	534,318	†

†	Includes one or more securities valued at zero.
@	Value is less than $500.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

Global Strategist		Common Stock (000)			Warrants (000)
Beginning Balance	$	—	†	$	—
Purchases		—			—
Sales		—			—
Transfers in		—			—	†
Transfers out		—			—
Corporate actions		—			—
Change in unrealized appreciation (depreciation)		—			—
Realized gains (losses)		—			—
Ending Balance	$	—	†	$	—	†
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2024	$	—		$	—

† Includes one or more securities valued at zero.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2024:

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	$	—	$	50,593	$	—	†	$	50,593	†
Senior Loan Interests		—		2,284		—			2,284
Total Fixed Income Securities		—		52,877		—	†		52,877	†
Common Stocks
Automobile Components		—		—		—	†		—	†
Diversified REITs		—		3		—			3
Machinery		—		—		40			40
Semiconductors & Semiconductor Equipment		—		14		—			14
Total Common Stocks		—		17		40	†		57	†
Short-Term Investment
Investment Company		2,651		—		—			2,651
Total Assets	$	2,651	$	52,894	$	40	†	$	55,585	†

† Includes one or more securities valued at zero.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

High Yield	Fixed Income (000)			Common Stock (000)
Beginning Balance	$	—	†	$	83	†
Purchases		—			—
Sales		—			—
Transfers in		—			—
Transfers out		—			—
Corporate actions		—			—
Change in unrealized appreciation (depreciation)		—			(43	)
Realized gains (losses)		—			—
Ending Balance	$	—	†	$	40	†
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2024	$	—		$	(43	)

† Includes one or more securities valued at zero.

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, 2024:

High Yield	Fair Value at December 31, 2024 (000)	Valuation Technique	Unobservable Input	Amount*	Impact to Valuation from an Increase in Input**
Common Stock	$40	Market Comparable Companies	Enterprise Value/EBITDA	2.6x	Increase
			Enterprise Value/Revenue	0.32x	Increase
			Discount for Lack of Marketability	30.0%	Decrease

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

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2024 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2024:

Investment Type	Level 1 Unadjusted Quoted Prices (000)		Level 2 Other Significant Observable Inputs (000)		Level 3 Significant Unobservable Inputs (000)		Total (000)
Ultra-Short Income
Assets:
Certificates of Deposit	$	—	$	1,594,331	$	—	$	1,594,331
Commercial Paper		—		2,008,938		—		2,008,938
Corporate Bonds		—		2,202,247		—		2,202,247
Floating Rate Notes		—		3,340,412		—		3,340,412
Repurchase Agreements		—		2,792,000		—		2,792,000
Total Assets	$	—	$	11,937,928	$	—	$	11,937,928

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