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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03980

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

1585 Broadway, New York, New York 10036
(Address of principal executive offices) (Zip code)

John H. Gernon
1585 Broadway, New York, New York 10036
(Name and address of agent for service)

Registrant's telephone number, including area code: 212-762-1886

Date of fiscal year end: September 30,

Date of reporting period: March 31, 2024

Item 1 - Report to Shareholders

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Semi-Annual Report

March 31, 2024

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					10
Statement of Operations					12
Statements of Changes in Net Assets					13
Financial Highlights					14
Notes to Financial Statements					18
Liquidity Risk Management Program					28
Important Notices					29
U.S. Customer Privacy Notice					30
Trustees and Officers Information					33

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of the Morgan Stanley Institutional Fund Trust. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Shareholders' Letter

Dear Shareholders,

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

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

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

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2024

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Expense Example

Corporate Bond Portfolio

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

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2024 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value 10/1/23		Actual Ending Account Value 3/31/24		Hypothetical Ending Account Value		Actual Expenses Paid During Period*			Hypothetical Expenses Paid During Period*			Net Expense Ratio During Period**
Corporate Bond Portfolio Class I	$	1,000.00	$	1,091.30	$	1,026.35	$	(1.41	)	$	(1.37	)		(0.27	)%
Corporate Bond Portfolio Class A		1,000.00		1,090.60		1,025.00		0.00	⁽¹⁾		0.00	⁽¹⁾		0.00	⁽²⁾
Corporate Bond Portfolio Class L		1,000.00		1,087.90		1,022.75		2.35			2.28			0.45
Corporate Bond Portfolio Class C		1,000.00		1,085.90		1,020.90		4.28			4.14			0.82

* Expenses are calculated using each Fund Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period and multiplied by 183/366 (to reflect the most recent one-half year period).

Refer to Note B in the Notes to Financial Statements for discussion of prior period transfer agency and sub transfer agency fees that were reimbursed in the current period.

** Annualized.

⁽¹⁾ Amount is less than $0.005.

⁽²⁾ Amount is less than 0.005%.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (93.2%)
Commercial Mortgage-Backed Securities (2.0%)
Credit Suisse Mortgage Trust,
1 Month Term SOFR + 3.14%, 8.47%, 9/9/24 (a)(b)	$	1,100	$	1,107
J.P. Morgan Chase Commercial Mortgage Securities Trust,
1 Month Term SOFR + 2.18%, 7.50%, 9/15/39 (a)(b)		1,300		1,308
				2,415
Corporate Bonds (91.0%)
Finance (34.7%)
AIB Group PLC,
5.87%, 3/28/35 (a)		475		476
Air Lease Corp.,
3.13%, 12/1/30		750		659
Ally Financial, Inc.,
2.20%, 11/2/28		375		322
American National Group LLC,
6.14%, 6/13/32 (a)		550		520
Aon North America, Inc.,
5.75%, 3/1/54		300		308
Aviation Capital Group LLC,
6.25%, 4/15/28 (a)		785		802
6.38%, 7/15/30 (a)		210		216
Banco de Credito e Inversiones SA,
2.88%, 10/14/31 (a)		200		171
Banco Santander SA,
4.18%, 3/24/28		600		579
6.92%, 8/8/33		400		419
6.94%, 11/7/33		400		442
Bank Hapoalim BM,
3.26%, 1/21/32		725		652
Bank of America Corp.,
5.47%, 1/23/35		3,475		3,499
Bank of Ireland Group PLC,
2.03%, 9/30/27 (a)		450		412
Bank of New York Mellon Corp.,
MTN
5.19%, 3/14/35		425		423
6.47%, 10/25/34		725		790
Bank of Nova Scotia,
8.00%, 1/27/84		200		204
Banque Federative du Credit Mutuel SA,
5.79%, 7/13/28 (a)		650		667
Barclays PLC,
5.69%, 3/12/30		575		578
BBVA Bancomer SA,
8.45%, 6/29/38 (a)		200		211
BPCE SA,
6.51%, 1/18/35 (a)		250		254
CaixaBank SA,
6.84%, 9/13/34 (a)		540		578

	Face Amount (000)		Value (000)
Centene Corp.,
2.50%, 3/1/31	$	1,000	$	823
Charles Schwab Corp.,
6.14%, 8/24/34		500		522
Citigroup, Inc.,
3.06%, 1/25/33		1,175		999
COPT Defense Properties LP,
2.75%, 4/15/31		425		351
Credit Agricole SA,
6.25%, 1/10/35 (a)		575		585
Deutsche Bank AG,
7.15%, 7/13/27		450		463
Discover Financial Services,
3.95%, 11/6/24		775		766
Extra Space Storage LP,
3.90%, 4/1/29		750		707
5.70%, 4/1/28		325		331
First-Citizens Bank & Trust Co.,
2.97%, 9/27/25		775		759
GATX Corp.,
5.40%, 3/15/27		1,075		1,083
Global Atlantic Fin Co.,
3.13%, 6/15/31 (a)		450		373
6.75%, 3/15/54 (a)		275		282
Goldman Sachs Group, Inc.,
2.38%, 7/21/32		1,425		1,169
Grupo Aval Ltd.,
4.38%, 2/4/30 (a)		375		317
High Street Funding Trust I,
4.11%, 2/15/28 (a)		850		802
HSBC Holdings PLC,
5.55%, 3/4/30		200		201
Intact Financial Corp.,
5.46%, 9/22/32 (a)		825		824
Intesa Sanpaolo SpA,
7.00%, 11/21/25 (a)		525		535
7.20%, 11/28/33 (a)		575		620
JPMorgan Chase & Co.,
6.25%, 10/23/34		3,125		3,340
KeyBank NA,
4.15%, 8/8/25		700		681
5.85%, 11/15/27		350		347
Kite Realty Group LP,
5.50%, 3/1/34		675		671
LPL Holdings, Inc.,
6.75%, 11/17/28		325		341
Lseg U.S. Fin Corp.,
5.30%, 3/28/34 (a)		575		579
National Australia Bank Ltd.,
2.33%, 8/21/30 (a)		375		309
New York Life Global Funding,
5.00%, 1/9/34 (a)		1,125		1,114

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
PNC Financial Services Group, Inc.,
6.88%, 10/20/34	$	700	$	767
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		817
SMBC Aviation Capital Finance DAC,
2.30%, 6/15/28 (a)		350		310
Stewart Information Services Corp.,
3.60%, 11/15/31		500		409
Swiss RE Subordinated Finance PLC,
5.70%, 4/5/35 (a)		400		400
Synchrony Financial,
4.50%, 7/23/25		600		588
Synovus Financial Corp.,
5.20%, 8/11/25		475		471
Toronto-Dominion Bank,
8.13%, 10/31/82		350		368
TPG Operating Group II LP,
5.88%, 3/5/34		725		736
Truist Financial Corp.,
MTN
7.16%, 10/30/29		550		587
U.S. Bancorp,
5.68%, 1/23/35		500		505
UBS Group AG,
9.02%, 11/15/33 (a)		850		1,032
UnitedHealth Group, Inc.,
5.38%, 4/15/54		225		229
5.50%, 4/15/64		525		535
				41,305
Industrials (47.7%)
AbbVie, Inc.,
4.50%, 5/14/35		300		289
5.50%, 3/15/64		500		515
Adventist Health System,
5.43%, 3/1/32		325		329
Alaska Airlines 2020-1 Class A Pass-Through Trust,
4.80%, 2/15/29 (a)		363		354
Alibaba Group Holding Ltd.,
2.70%, 2/9/41		440		309
Alimentation Couche-Tard, Inc.,
5.62%, 2/12/54 (a)		150		152
Amazon.com, Inc.,
3.10%, 5/12/51		425		306
Amgen, Inc.,
5.25%, 3/2/33		450		454
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.,
4.90%, 2/1/46		525		499

	Face Amount (000)		Value (000)
AP Moller - Maersk AS,
5.88%, 9/14/33 (a)	$	225	$	232
Apple, Inc.,
2.95%, 9/11/49		1,050		745
Arches Buyer, Inc.,
4.25%, 6/1/28 (a)		325		286
AT&T, Inc.,
3.55%, 9/15/55		875		612
3.65%, 6/1/51		250		184
4.50%, 5/15/35		725		678
BAE Systems PLC,
5.30%, 3/26/34 (a)		200		201
BAT Capital Corp.,
2.26%, 3/25/28		575		512
3.73%, 9/25/40		250		186
6.00%, 2/20/34		350		355
Boeing Co.,
5.81%, 5/1/50		450		426
BP Capital Markets America, Inc.,
4.99%, 4/10/34		300		300
BP Capital Markets PLC,
4.88%, 3/22/30 (c)		550		526
Bristol-Myers Squibb Co.,
5.55%, 2/22/54		425		437
Broadcom, Inc.,
3.19%, 11/15/36 (a)		425		338
Brunswick Corp.,
5.85%, 3/18/29		300		303
Burlington Northern Santa Fe LLC,
5.20%, 4/15/54		225		223
Campbell Soup Co.,
5.40%, 3/21/34		426		429
Cedars-Sinai Health System,
Series 2021
2.29%, 8/15/31		620		520
Celanese US Holdings LLC,
6.35%, 11/15/28		575		596
6.70%, 11/15/33		366		391
Charter Communications Operating LLC/Charter Communications Operating Capital,
3.70%, 4/1/51		375		232
3.90%, 6/1/52		200		127
6.38%, 10/23/35		175		173
Cisco Systems, Inc.,
5.05%, 2/26/34		475		482
Columbia Pipelines Holding Co. LLC,
6.04%, 8/15/28 (a)		250		256
6.06%, 8/15/26 (a)		50		51
Comcast Corp.,
2.89%, 11/1/51		325		211
3.75%, 4/1/40		575		478
CommonSpirit Health,
6.07%, 11/1/27		575		586

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Concentrix Corp.,
6.65%, 8/2/26	$	850	$	857
Continental Resources, Inc.,
2.88%, 4/1/32 (a)		1,100		897
CSL Finance PLC,
5.11%, 4/3/34 (a)(d)		400		402
CVS Health Corp.,
1.88%, 2/28/31		550		449
5.05%, 3/25/48		575		523
Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.75%, 10/20/28 (a)		875		856
Diamondback Energy, Inc.,
6.25%, 3/15/33		450		480
Electricite de France SA,
6.25%, 5/23/33 (a)		350		367
Eli Lilly & Co.,
5.10%, 2/9/64		350		349
Enbridge, Inc.,
5.70%, 3/8/33		600		615
Energy Transfer LP,
5.55%, 5/15/34		1,050		1,054
Enterprise Products Operating LLC,
3.20%, 2/15/52		475		333
3.70%, 1/31/51		100		77
5.35%, 1/31/33		675		689
EQT Corp.,
5.70%, 4/1/28		575		581
Ferrellgas LP/Ferrellgas Finance Corp.,
5.88%, 4/1/29 (a)		325		310
Fiserv, Inc.,
5.35%, 3/15/31		550		557
Ford Motor Credit Co. LLC,
7.35%, 3/6/30		425		453
GMTN
4.39%, 1/8/26		315		307
Foundry JV Holdco LLC,
5.88%, 1/25/34 (a)		425		426
General Motors Financial Co., Inc.,
5.75%, 2/8/31		375		379
Gilead Sciences, Inc.,
5.65%, 12/1/41		175		180
Glencore Funding LLC,
5.63%, 4/4/34 (a)(d)		400		401
HCA, Inc.,
3.50%, 7/15/51		350		242
6.00%, 4/1/54		275		279
Hudbay Minerals, Inc.,
4.50%, 4/1/26 (a)		300		291
Hyundai Capital America,
3.00%, 2/10/27 (a)		1,350		1,268
Imperial Brands Finance PLC,
6.13%, 7/27/27 (a)		825		842

	Face Amount (000)		Value (000)
Intel Corp.,
3.25%, 11/15/49	$	300	$	212
5.60%, 2/21/54		250		255
IRB Holding Corp.,
7.00%, 6/15/25 (a)		300		300
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
2.50%, 1/15/27		550		507
JDE Peet's NV,
1.38%, 1/15/27 (a)		875		787
JetBlue Pass-Through Trust,
Series AA
2.75%, 11/15/33		409		353
Kyndryl Holdings, Inc.,
2.70%, 10/15/28		400		354
3.15%, 10/15/31		575		484
Lithia Motors, Inc.,
3.88%, 6/1/29 (a)		325		293
Meta Platforms, Inc.,
5.75%, 5/15/63		375		402
Newcastle Coal Infrastructure Group Pty. Ltd.,
4.40%, 9/29/27 (a)		598		570
Newell Brands, Inc.,
5.70%, 4/1/26		700		688
Newmont Corp.,
2.25%, 10/1/30		600		511
Newmont Corp./Newcrest Finance Pty. Ltd.,
5.35%, 3/15/34 (a)		300		302
Nissan Motor Acceptance Co. LLC,
1.85%, 9/16/26 (a)		650		588
6.95%, 9/15/26 (a)(e)		650		668
Northern Natural Gas Co.,
5.63%, 2/1/54 (a)		400		408
Occidental Petroleum Corp.,
7.50%, 5/1/31		600		668
ONEOK, Inc.,
6.05%, 9/1/33		875		913
Oracle Corp.,
3.60%, 4/1/50		1,175		850
Peloton Interactive, Inc.,
0.00%, 2/15/26 (e)		208		176
Penske Truck Leasing Co. LP/PTL Finance Corp.,
6.20%, 6/15/30 (a)		525		546
Permian Resources Operating LLC,
5.88%, 7/1/29 (a)		300		295
Perrigo Finance Unlimited Co.,
4.65%, 6/15/30		525		483
Pfizer Investment Enterprises Pte. Ltd.,
5.34%, 5/19/63		425		417
Philip Morris International, Inc.,
5.13%, 11/17/27		600		603
5.25%, 2/13/34		475		471

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Raizen Fuels Finance SA,
6.45%, 3/5/34 (a)	$	206	$	212
Resorts World Las Vegas LLC/RWLV Capital, Inc.,
4.63%, 4/16/29 (a)		300		274
Ritchie Bros Holdings, Inc.,
7.75%, 3/15/31 (a)		300		314
Roche Holdings, Inc.,
4.99%, 3/8/34 (a)		575		579
Rogers Communications, Inc.,
5.30%, 2/15/34		850		843
RTX Corp.,
6.40%, 3/15/54		400		453
S&P Global, Inc.,
5.25%, 9/15/33 (a)		625		639
Sabine Pass Liquefaction LLC,
4.50%, 5/15/30		575		553
Sigma Alimentos SA de CV,
4.13%, 5/2/26		450		436
Silgan Holdings, Inc.,
1.40%, 4/1/26 (a)		500		458
Smithfield Foods, Inc.,
3.00%, 10/15/30 (a)		850		705
Smurfit Kappa Treasury ULC,
5.44%, 4/3/34 (a)(d)		200		200
Sodexo, Inc.,
2.72%, 4/16/31 (a)		675		573
Syngenta Finance NV,
4.89%, 4/24/25 (a)		300		296
Tapestry, Inc.,
7.00%, 11/27/26		175		180
7.05%, 11/27/25		125		128
T-Mobile USA, Inc.,
2.25%, 11/15/31		400		329
Tencent Holdings Ltd.,
2.39%, 6/3/30 (a)		200		171
3.60%, 1/19/28 (a)		500		475
3.98%, 4/11/29 (a)		300		285
Thermo Fisher Scientific, Inc.,
5.20%, 1/31/34		775		791
Transportadora de Gas Internacional SA ESP,
5.55%, 11/1/28 (a)		200		198
United Airlines Pass-Through Trust,
Series 2020-1
5.88%, 4/15/29		509		508
Series 2023-1
5.80%, 7/15/37		600		612
Var Energi ASA,
7.50%, 1/15/28 (a)		600		636

	Face Amount (000)		Value (000)
Verizon Communications, Inc.,
1.75%, 1/20/31	$	1,025	$	832
2.36%, 3/15/32		625		514
3.40%, 3/22/41		300		235
VICI Properties LP,
5.75%, 4/1/34		575		570
Warnermedia Holdings, Inc.,
5.14%, 3/15/52		725		602
Westinghouse Air Brake Technologies Corp.,
5.61%, 3/11/34		250		253
Williams Cos., Inc.,
5.15%, 3/15/34		500		496
Zimmer Biomet Holdings, Inc.,
5.35%, 12/1/28		675		685
				56,886
Utilities (8.6%)
AEP Transmission Co. LLC,
5.40%, 3/15/53		475		473
Algonquin Power & Utilities Corp.,
5.37%, 6/15/26 (f)		300		298
Atmos Energy Corp.,
6.20%, 11/15/53		250		282
Berkshire Hathaway Energy Co.,
2.85%, 5/15/51		300		193
Calpine Corp.,
5.13%, 3/15/28 (a)		300		288
Cleveland Electric Illuminating Co.,
4.55%, 11/15/30 (a)		250		234
Consolidated Edison Co. of New York, Inc.,
5.90%, 11/15/53		425		454
Constellation Energy Generation LLC,
5.75%, 3/15/54		300		301
Dominion Energy, Inc.,
5.38%, 11/15/32		400		403
DTE Electric Co.,
3.95%, 3/1/49		450		365
Duke Energy Florida LLC,
6.20%, 11/15/53		300		331
Duke Energy Indiana LLC,
2.75%, 4/1/50		330		210
Duke Energy Ohio, Inc.,
3.65%, 2/1/29		650		619
Entergy Texas, Inc.,
3.55%, 9/30/49		200		146
FirstEnergy Pennsylvania Electric Co.,
5.15%, 3/30/26 (a)		300		298
5.20%, 4/1/28 (a)		325		326
Georgia Power Co.,
4.95%, 5/17/33		550		543
Series A
3.25%, 3/15/51		325		228

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Utilities (cont'd)
Interstate Power & Light Co.,
2.30%, 6/1/30	$	300	$	256
Liberty Utilities Co.,
5.58%, 1/31/29 (a)		800		805
Narragansett Electric Co.,
5.35%, 5/1/34 (a)		650		657
New England Power Co.,
5.94%, 11/25/52 (a)		200		207
NextEra Energy Capital Holdings, Inc.,
5.25%, 3/15/34		925		923
Northern States Power Co.,
2.90%, 3/1/50		350		233
Pacific Gas & Electric Co.,
3.30%, 8/1/40		375		276
4.95%, 7/1/50		350		301
PacifiCorp,
4.15%, 2/15/50		225		177
Public Service Co. of Colorado,
5.25%, 4/1/53		100		95
Southern California Edison Co.,
5.88%, 12/1/53		275		284
				10,206
				108,397
Sovereign (0.2%)
Petroleos Mexicanos,
6.50%, 3/13/27		302		285
Total Fixed Income Securities (Cost $111,262)				111,097
	Shares
Investment Companies (1.4%)
Calvert Ultra-Short Investment Grade ETF (See Note G)		11,500		579
Eaton Vance Ultra-Short Income ETF (See Note G)		20,930		1,054
Total Investment Companies (Cost $1,639)				1,633
Short-Term Investments (5.6%)
Investment Company (3.4%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 5.22% (See Note G) (Cost $3,992)		3,992,202		3,992
Securities held as Collateral on Loaned Securities (0.7%)
Investment Company (0.7%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 5.22% (See Note G) (Cost $862)		862,485		862

	Face Amount (000)		Value (000)
U.S. Treasury Security (1.5%)
U.S. Treasury Bill, 5.31%, 8/1/24 (g)(h) (Cost $1,833)	$	1,865	$	1,832
Total Short-Term Investments (Cost $6,687)				6,686
Total Investments (100.2%) (Cost $119,588) Including $845 of Securities Loaned (i)(j)				119,416
Liabilities in Excess of Other Assets (–0.2%)				(224	)
Net Assets (100.0%)			$	119,192

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

(b) Floating or variable rate securities: The rates disclosed are as of March 31, 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) Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of March 31, 2024.

(d) When-issued security.

(e) All or a portion of this security was on loan at March 31, 2024.

(f) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of March 31, 2024. Maturity date disclosed is the ultimate maturity date.

(g) Rate shown is the yield to maturity at March 31, 2024.

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

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

(j) At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,354,000 and the aggregate gross unrealized depreciation is approximately $2,414,000, resulting in net unrealized depreciation of approximately $60,000.

DAC Designated Activity Company.

ETF Exchange Traded Fund.

GMTN Global Medium Term Note.

MTN Medium Term Note.

SOFR Secured Overnight Financing Rate.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

Foreign Currency Forward Exchange Contracts:

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

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Bank of America NA	EUR	158	$	170	4/30/24	$	(—	@)
Bank of America NA	$	40	GBP	31	4/30/24		—	@
HSBC Bank PLC	GBP	31	$	40	4/30/24		(—	@)
Standard Chartered Bank	$	170	EUR	158	4/30/24		(—	@)
						$	(—	@)

Futures Contracts:

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

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury Long Bond (United States)		113	Jun-24	$	11,300		$	13,609		$	243
U.S. Treasury Ultra Long Bond (United States)		31	Jun-24		3,100			3,999			48
U.S. Treasury 2 yr. Note (United States)		39	Jun-24		7,800			7,975			(7	)
U.S. Treasury 5 yr. Note (United States)		45	Jun-24		4,500			4,816			(8	)
Short:
U.S. Treasury 10 yr. Note (United States)		5	Jun-24		(500	)		(554	)		(1	)
U.S. Treasury 10 yr. Ultra Note (United States)		174	Jun-24		(17,400	)		(19,942	)		(163	)
										$	112

EUR — Euro

GBP — British Pound

USD — United States Dollar

Portfolio Composition*

Classification	Percentage of Total Investments
Industrials		48.0	%
Finance		34.8
Utilities		8.6
Other**		8.6
Total Investments		100.0	%***

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 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 $50,895,000 and net unrealized appreciation of approximately $112,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Corporate Bond Portfolio

Statement of Assets and Liabilities	March 31, 2024 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $113,095)	$	112,929
Investment in Security of Affiliated Issuer, at Value (Cost $6,493)		6,487
Total Investments in Securities, at Value (Cost $119,588)		119,416
Foreign Currency, at Value (Cost $101)		103
Cash		38
Interest Receivable		1,270
Receivable for Investments Sold		1,007
Receivable for Fund Shares Sold		68
Receivable from Affiliate		19
Dividends Receivable		8
Receivable from Securities Lending Income		—	@
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		—	@
Other Assets		51
Total Assets		121,980
Liabilities:
Payable for Investments Purchased		1,551
Collateral on Securities Loaned, at Value		862
Payable for Fund Shares Redeemed		135
Payable for Professional Fees		54
Payable for Advisory Fees		46
Payable for Trustees' Fees and Expenses		37
Payable for Transfer Agency Fees — Class I		24
Payable for Transfer Agency Fees — Class A		1
Payable for Transfer Agency Fees — Class L		—	@
Payable for Transfer Agency Fees — Class C		—	@
Payable for Sub Transfer Agency Fees — Class I		14
Payable for Sub Transfer Agency Fees — Class A		6
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Sub Transfer Agency Fees — Class C		—	@
Deferred Capital Gain Country Tax		9
Payable for Administration Fees		8
Payable for Custodian Fees		7
Payable for Shareholder Services Fees — Class A		2
Payable for Distribution and Shareholder Services Fees — Class L		—	@
Payable for Distribution and Shareholder Services Fees — Class C		1
Payable for Variation Margin on Futures Contracts		1
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		—	@
Other Liabilities		30
Total Liabilities		2,788
Net Assets	$	119,192
Net Assets Consist of:
Paid-in-Capital	$	145,528
Total Accumulated Loss		(26,336	)
Net Assets	$	119,192

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Corporate Bond Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2024 (000)
CLASS I:
Net Assets	$	102,876
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		9,703,959
Net Asset Value, Offering and Redemption Price Per Share	$	10.60
CLASS A:
Net Assets	$	13,854
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,304,759
Net Asset Value, Redemption Price Per Share	$	10.62
Maximum Sales Load		3.25	%
Maximum Sales Charge	$	0.36
Maximum Offering Price Per Share	$	10.98
CLASS L:
Net Assets	$	898
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		84,681
Net Asset Value, Offering and Redemption Price Per Share	$	10.61
CLASS C:
Net Assets	$	1,564
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		148,512
Net Asset Value, Offering and Redemption Price Per Share	$	10.53
⁽¹⁾ Including: Securities on Loan, at Value:	$	845

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Corporate Bond Portfolio

Statement of Operations	Six Months Ended March 31, 2024 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	3,163
Dividends from Security of Affiliated Issuer (Note G)		92
Dividends from Securities of Unaffiliated Issuers		8
Income from Securities Loaned — Net		2
Total Investment Income		3,265
Expenses:
Advisory Fees (Note B)		219
Professional Fees		91
Transfer Agency Fees — Class I (Note E)		66
Transfer Agency Fees — Class A (Note E)		2
Transfer Agency Fees — Class L (Note E)		1
Transfer Agency Fees — Class C (Note E)		1
Administration Fees (Note C)		47
Sub Transfer Agency Fees — Class I		35
Sub Transfer Agency Fees — Class A		6
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		—	@
Shareholder Services Fees — Class A (Note D)		16
Distribution and Shareholder Services Fees — Class L (Note D)		2
Distribution and Shareholder Services Fees — Class C (Note D)		7
Registration Fees		24
Custodian Fees (Note F)		15
Shareholder Reporting Fees		15
Pricing Fees		12
Trustees' Fees and Expenses		3
Other Expenses		10
Total Expenses		572
Reimbursement of Transfer Agency and Sub Transfer Agency Fees (Note B)		(532	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(100	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(1	)
Waiver of Advisory Fees (Note B)		(56	)
Waiver of Shareholder Services Fees — Class A (Note D)		(7	)
Rebate from Morgan Stanley Affiliate (Note G)		(2	)
Net Expenses		(126	)
Net Investment Income		3,391
Realized Gain (Loss):
Investments Sold		(2,367	)
Foreign Currency Forward Exchange Contracts		9
Foreign Currency Translation		—	@
Futures Contracts		(68	)
Net Realized Loss		(2,426	)
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Increase in Deferred Capital Gain Country Tax of $1)		8,270
Investments in Affiliates		(6	)
Foreign Currency Forward Exchange Contracts		(11	)
Foreign Currency Translation		2
Futures Contracts		522
Net Change in Unrealized Appreciation (Depreciation)		8,777
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		6,351
Net Increase in Net Assets Resulting from Operations	$	9,742

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Corporate Bond Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2024 (unaudited) (000)			Year Ended September 30, 2023 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	3,391		$	5,464
Net Realized Loss		(2,426	)		(12,797	)
Net Change in Unrealized Appreciation (Depreciation)		8,777			13,234
Net Increase in Net Assets Resulting from Operations		9,742			5,901
Dividends and Distributions to Shareholders:
Class I		(2,615	)		(4,645	)
Class A		(316	)		(532	)
Class L		(21	)		(35	)
Class C		(28	)		(43	)
Total Dividends and Distributions to Shareholders		(2,980	)		(5,255	)
Capital Share Transactions, including direct exchanges pursuant to share class conversions for all periods presented, were as follows:⁽¹⁾
Class I:
Subscribed		16,873			36,169
Distributions Reinvested		2,510			4,457
Redeemed		(24,927	)		(53,450	)
Class A:
Subscribed		1,721			3,457
Distributions Reinvested		316			532
Redeemed		(1,797	)		(5,350	)
Class L:
Exchanged		—			12
Distributions Reinvested		21			35
Redeemed		(176	)		(108	)
Class C:
Subscribed		498			373
Distributions Reinvested		27			43
Redeemed		(209	)		(745	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(5,143	)		(14,575	)
Total Increase (Decrease) in Net Assets		1,619			(13,929	)
Net Assets:
Beginning of Period		117,573			131,502
End of Period	$	119,192		$	117,573
(1) Capital Share Transactions:
Class I:
Shares Subscribed		1,630			3,523
Shares Issued on Distributions Reinvested		245			433
Shares Redeemed		(2,461	)		(5,203	)
Net Decrease in Class I Shares Outstanding		(586	)		(1,247	)
Class A:
Shares Subscribed		164			335
Shares Issued on Distributions Reinvested		31			52
Shares Redeemed		(178	)		(521	)
Net Increase (Decrease) in Class A Shares Outstanding		17			(134	)
Class L:
Shares Exchanged		—			1
Shares Issued on Distributions Reinvested		2			3
Shares Redeemed		(17	)		(10	)
Net Decrease in Class L Shares Outstanding		(15	)		(6	)
Class C:
Shares Subscribed		48			37
Shares Issued on Distributions Reinvested		3			4
Shares Redeemed		(21	)		(73	)
Net Increase (Decrease) in Class C Shares Outstanding		30			(32	)

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

Corporate Bond Portfolio

	Class I
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.97		$	9.95		$	12.96		$	13.49		$	12.78		$	11.80
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.30			0.45			0.30			0.25			0.32			0.40
Net Realized and Unrealized Gain (Loss)		0.60			0.00	⁽²⁾		(2.69	)		(0.05	)		0.72			1.04
Total from Investment Operations		0.90			0.45			(2.39	)		0.20			1.04			1.44
Distributions from and/or in Excess of:
Net Investment Income		(0.27	)		(0.43	)		(0.27	)		(0.25	)		(0.33	)		(0.46	)
Net Realized Gain		—			—			(0.35	)		(0.48	)		—			—
Total Distributions		(0.27	)		(0.43	)		(0.62	)		(0.73	)		(0.33	)		(0.46	)
Net Asset Value, End of Period	$	10.60		$	9.97		$	9.95		$	12.96		$	13.49		$	12.78
Total Return⁽³⁾		9.13	%⁽⁴⁾⁽⁵⁾		4.51	%		(19.23	)%		1.44	%		8.19	%		12.64	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	102,876		$	102,560		$	114,804		$	161,409		$	182,070		$	122,450
Ratio of Expenses Before Expense Limitation		0.94	%⁽⁶⁾		1.00	%		0.86	%		0.79	%		0.86	%		1.01	%
Ratio of Expenses After Expense Limitation		(0.27	)%^(6)(7)(8)		0.69	%⁽⁸⁾		0.70	%⁽⁸⁾		0.70	%⁽⁸⁾		0.70	%⁽⁸⁾		0.70	%⁽⁸⁾
Ratio of Net Investment Income		5.87	%^(6)(7)(8)		4.39	%⁽⁸⁾		2.55	%⁽⁸⁾		1.90	%⁽⁸⁾		2.49	%⁽⁸⁾		3.34	%⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾
Portfolio Turnover Rate		108	%⁽⁵⁾		134	%		110	%		125	%		133	%		64	%

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

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

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

(4) Performance was positively impacted by approximately 0.51% for Class I shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class I shares would have been 8.62%. Refer to Note B in the Notes to Financial Statements.

(5) Not annualized.

(6) Annualized.

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class I shares:

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					0.65	%			4.95	%

(8) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(9) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

Corporate Bond Portfolio

	Class A
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.98		$	9.96		$	12.97		$	13.50		$	12.80		$	11.81
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.29			0.42			0.26			0.22			0.29			0.37
Net Realized and Unrealized Gain (Loss)		0.60			0.00	⁽²⁾		(2.68	)		(0.05	)		0.70			1.04
Total from Investment Operations		0.89			0.42			(2.42	)		0.17			0.99			1.41
Distributions from and/or in Excess of:
Net Investment Income		(0.25	)		(0.40	)		(0.24	)		(0.22	)		(0.29	)		(0.42	)
Net Realized Gain		—			—			(0.35	)		(0.48	)		—			—
Total Distributions		(0.25	)		(0.40	)		(0.59	)		(0.70	)		(0.29	)		(0.42	)
Net Asset Value, End of Period	$	10.62		$	9.98		$	9.96		$	12.97		$	13.50		$	12.80
Total Return⁽³⁾		9.06	%⁽⁴⁾⁽⁵⁾		4.18	%		(19.45	)%		1.22	%		7.88	%		12.25	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	13,854		$	12,849		$	14,158		$	19,689		$	10,807		$	6,400
Ratio of Expenses Before Expense Limitation		1.12	%⁽⁶⁾		1.21	%		1.09	%		1.02	%		1.10	%		1.21	%
Ratio of Expenses After Expense Limitation		0.00	%^(6)(7)(8)(9)		0.99	%⁽⁹⁾		0.99	%⁽⁹⁾		0.92	%⁽⁹⁾		0.99	%⁽⁹⁾		0.99	%⁽⁹⁾
Ratio of Net Investment Income		5.60	%^(6)(7)(9)		4.08	%⁽⁹⁾		2.28	%⁽⁹⁾		1.68	%⁽⁹⁾		2.20	%⁽⁹⁾		3.04	%⁽⁹⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾
Portfolio Turnover Rate		108	%⁽⁵⁾		134	%		110	%		125	%		133	%		64	%

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

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

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

(4) Performance was positively impacted by approximately 0.51% for Class A shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class A shares would have been 8.55%. Refer to Note B in the Notes to Financial Statements.

(5) Not annualized.

(6) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					0.92	%			4.68	%

(8) Amount is less than 0.005%.

(9) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

Corporate Bond Portfolio

	Class L
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.97		$	9.95		$	12.96		$	13.49		$	12.79		$	11.79
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.27			0.37			0.21			0.17			0.24			0.32
Net Realized and Unrealized Gain (Loss)		0.60			0.00	⁽²⁾		(2.69	)		(0.05	)		0.70			1.04
Total from Investment Operations		0.87			0.37			(2.48	)		0.12			0.94			1.36
Distributions from and/or in Excess of:
Net Investment Income		(0.23	)		(0.35	)		(0.18	)		(0.17	)		(0.24	)		(0.36	)
Net Realized Gain		—			—			(0.35	)		(0.48	)		—			—
Total Distributions		(0.23	)		(0.35	)		(0.53	)		(0.65	)		(0.24	)		(0.36	)
Net Asset Value, End of Period	$	10.61		$	9.97		$	9.95		$	12.96		$	13.49		$	12.79
Total Return⁽³⁾		8.79	%⁽⁴⁾⁽⁵⁾		3.68	%		(19.83	)%		0.79	%		7.47	%		11.82	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	898		$	990		$	1,049		$	1,444		$	1,727		$	1,671
Ratio of Expenses Before Expense Limitation		1.53	%⁽⁶⁾		1.59	%		1.43	%		N/A			1.39	%		1.49	%
Ratio of Expenses After Expense Limitation		0.45	%^(6)(7)(8)		1.47	%⁽⁸⁾		1.43	%⁽⁸⁾		1.33	%⁽⁸⁾		1.38	%⁽⁸⁾		1.38	%⁽⁸⁾
Ratio of Net Investment Income		5.15	%^(6)(7)(8)		3.60	%⁽⁸⁾		1.84	%⁽⁸⁾		1.27	%⁽⁸⁾		1.84	%⁽⁸⁾		2.67	%⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾
Portfolio Turnover Rate		108	%⁽⁵⁾		134	%		110	%		125	%		133	%		64	%

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

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

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

(4) Performance was positively impacted by approximately 0.51% for Class L shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class L shares would have been 8.28%. Refer to Note B in the Notes to Financial Statements.

(5) Not annualized.

(6) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					1.43	%			4.17	%

(9) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

Corporate Bond Portfolio

	Class C
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.90		$	9.89		$	12.87		$	13.41		$	12.71		$	11.72
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.25			0.34			0.16			0.10			0.18			0.27
Net Realized and Unrealized Gain (Loss)		0.59			(0.01	)		(2.65	)		(0.05	)		0.71			1.03
Total from Investment Operations		0.84			0.33			(2.49	)		0.05			0.89			1.30
Distributions from and/or in Excess of:
Net Investment Income		(0.21	)		(0.32	)		(0.14	)		(0.11	)		(0.19	)		(0.31	)
Net Realized Gain		—			—			(0.35	)		(0.48	)		—			—
Total Distributions		(0.21	)		(0.32	)		(0.49	)		(0.59	)		(0.19	)		(0.31	)
Net Asset Value, End of Period	$	10.53		$	9.90		$	9.89		$	12.87		$	13.41		$	12.71
Total Return⁽²⁾		8.59	%⁽³⁾⁽⁴⁾		3.28	%		(20.05	)%		0.28	%		7.09	%		11.34	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,564		$	1,174		$	1,491		$	3,111		$	3,222		$	2,801
Ratio of Expenses Before Expense Limitation		2.02	%⁽⁵⁾		2.08	%		1.92	%		1.81	%		1.90	%		2.01	%
Ratio of Expenses After Expense Limitation		0.82	%^(5)(6)(7)		1.79	%⁽⁷⁾		1.80	%⁽⁷⁾		1.80	%⁽⁷⁾		1.80	%⁽⁷⁾		1.80	%⁽⁷⁾
Ratio of Net Investment Income		4.78	%^(5)(6)(7)		3.29	%⁽⁷⁾		1.40	%⁽⁷⁾		0.80	%⁽⁷⁾		1.42	%⁽⁷⁾		2.24	%⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾
Portfolio Turnover Rate		108	%⁽⁴⁾		134	%		110	%		125	%		133	%		64	%

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

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

(3) Performance was positively impacted by approximately 0.51% for Class C shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class C shares would have been 8.08%. Refer to Note B in the Notes to Financial Statements.

(4) Not annualized.

(5) Annualized.

(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class C shares:

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					1.75	%			3.85	%

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(8) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements

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

The Trust applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying financial statements relate to the Corporate Bond Portfolio. The Fund seeks above-average total return over a market cycle of three to five years. The Fund has issued four classes of shares — Class I, Class A, Class L and Class C. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased.

The Fund has suspended offering Class L shares for sale to all investors. Class L shareholders of the Fund do not have the option of purchasing additional Class L shares. However, existing Class L shareholders may invest in additional Class L shares through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

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

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) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (3) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Each business day, the Fund uses a third-party pricing service approved by the Trustees to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (4) 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 (5) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

2. 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.

The following is a summary of the inputs used to value the Fund's investments as of March 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)
Assets:
Fixed Income Securities
Commercial Mortgage-Backed Securities	$	—		$	2,415		$	—	$	2,415
Corporate Bonds		—			108,397			—		108,397
Sovereign		—			285			—		285
Total Fixed Income Securities		—			111,097			—		111,097
Investment Companies		1,633			—			—		1,633
Short-Term Investments
Investment Company		4,854			—			—		4,854
U.S. Treasury Security		—			1,832			—		1,832
Total Short-Term Investments		4,854			1,832			—		6,686
Foreign Currency Forward Exchange Contract		—			—	@		—		—	@
Futures Contracts		291			—			—		291
Total Assets		6,778			112,929			—		119,707
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(—	@)		—		(—	@)
Futures Contracts		(179	)		—			—		(179	)
Total Liabilities		(179	)		(—	@)		—		(179	)
Total	$	6,599		$	112,929		$	—	$	119,528

@ Value is less than $500.

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

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

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

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

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency transactions for the period is reflected in the Statement of Operations.

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

the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

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

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

records realized gains (losses) when the currency contract is closed equal to the difference between the value of the currency contract at the time it was opened and the value at the time it was closed.

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

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

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of March 31, 2024:

Asset Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward Exchange
Contracts

Unrealized Appreciation on
Foreign Currency Forward
Exchange Contracts

Currency Risk

—

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

291

(a)

Total

291

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

Liability Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward Exchange
Contracts

Unrealized Depreciation on
Foreign Currency Forward
Exchange Contracts

Currency Risk

(—

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(179

)(a)

Total

(179

)

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

@ Amount is less than $500.

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended March 31, 2024 in accordance with ASC 815:

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	9
Interest Rate Risk	Futures Contracts		(68	)
Total		$	(59	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(11	)
Interest Rate Risk	Futures Contracts		522
Total		$	511

At March 31, 2024, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Statement of Assets and Liabilities
Derivatives(a)	Assets(b) (000)			Liabilities(b) (000)
Foreign Currency Forward Exchange Contracts	$	—	@	$	(—	@)

(a) Excludes exchange-traded derivatives.

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

@ Amount is less than $500.

derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2024:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Received (000)		Net Amount (not less than $0) (000)
Bank of America NA	$	—	@	$	(—	@)	$	—	$	0
Counterparty	Gross Liability Derivatives Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Pledged (000)		Net Amount (not less than $0) (000)
Bank of America NA	$	—	@	$	(—	@)	$	—	$	0
HSBC Bank PLC		—	@		—			—		—	@
Standard Chartered Bank		—	@		—			—		—	@
Total	$	—	@	$	(—	@)	$	—	$	—	@

@ Value is less than $500.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

For the six months ended March 31, 2024, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	525,000
Futures Contracts:
Average monthly notional value	$	73,105,000

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

6. Securities Lending: The Fund lends securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

from Securities Loaned — Net" in the Fund's Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

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

The following table presents financial instruments that are subject to enforceable netting arrangements as of March 31, 2024:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amount Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	845	(a)	$	—	$	(845	)(b)(c)	$	0

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

(b) The Fund received cash collateral of approximately $862,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments.

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

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining contractual maturity of those transactions as of March 31, 2024:

Remaining Contractual Maturity of the Agreements
	Overnight and Continuous (000)		<30 days (000)		Between 30 & 90 days (000)		>90 days (000)		Total (000)
Securities Lending Transactions
Corporate Bonds	$	862	$	—	$	—	$	—	$	862
Total Borrowings	$	862	$	—	$	—	$	—	$	862
Gross amount of recognized liabilities for securities lending transactions									$	862

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

7. Indemnifications: The Trust enters into contracts that contain a variety of indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

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

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

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

fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended March 31, 2024, approximately $56,000 of advisory fees were waived and approximately $101,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

The Adviser agreed to reimburse the Fund for prior years overpayment of transfer agency and sub transfer agency fees. This was reflected as "Reimbursement of Transfer Agency and Sub Transfer Agency Fees" in the Statement of Operations.

C. Administration Fees: The Adviser also serves as Administrator to the Trust and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

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

D. Distribution and Shareholder Services Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Trust's Distributor of Fund shares pursuant to a Distribution Agreement. The Trust has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares. The Distributor has agreed to waive the 12b-1 fees on Class A shares of the Fund to the extent it exceeds 0.15% of the average daily net assets of such shares on an annualized basis. For the six months ended ended March 31, 2024, this waiver amounted to approximately $7,000.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares.

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

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

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

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the six months ended March 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Statement of Operations, amounted to approximately $7,000.

F. Custodian Fees: State Street (the "Custodian") also serves as Custodian for the Trust in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Trust as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $119,126,000 and $118,442,000, respectively. For the six months ended March 31, 2024, purchases and sales of long-term U.S. Government securities were approximately $0 and $339,000, respectively.

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 six months ended March 31, 2024, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Fund.

The Fund had transactions with Morgan Stanley and its affiliated broker-dealers, which may be deemed affiliates of the Adviser/Administrator and Distributor under Section 17 the Act.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended March 31, 2024 is as follows:

Affiliated Investment Company/Issuer	Value September 30, 2023 (000)		Purchases at Cost (000)		Proceeds from Sales (000)		Dividend Income (000)
Liquidity Fund	$	4,163	$	37,137	$	36,446	$	84
Eaton Vance Ultra-Short Income ETF		—		1,058		—		5
Calvert Ultra-Short Investment Grade ETF		—		581		—		3
Total	$	4,163	$	38,776	$	36,446	$	92

Affiliated Investment Company/Issuer (cont'd)	Realized Gain (Loss) (000)		Change in Unrealized Appreciation (Depreciation) (000)			Value March 31, 2024 (000)
Liquidity Fund	$	—	$	—		$	4,854
Eaton Vance Ultra-Short Income ETF		—		(4	)		1,054
Calvert Ultra-Short Investment Grade ETF		—		(2	)		579
Total	$	—	$	(6	)	$	6,487

The Fund has an unfunded noncontributory defined benefit pension plan covering certain independent Trustees of the Fund who will have served as independent Trustees for at least five years at the time of retirement. Benefits under this plan are based on factors which include years of service and compensation. The Trustees voted to close the plan to new participants and eliminate the future benefits growth due to increases to compensation after July 31, 2003. Aggregate pension costs for the six months ended March 31, 2024, included in "Trustees' Fees and Expenses" in the Statement of Operations amounted

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

to approximately $1,000. At March 31, 2024, the Fund had an accrued pension liability of approximately $37,000, which is reflected as "Payable for Trustees' Fees and Expenses" in the Statement of Assets and Liabilities.

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

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

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

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended September 30, 2023 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2023 and 2022 was as follows:

2023 Distributions Paid From:			2022 Distributions Paid From:
Ordinary Income (000)			Ordinary Income (000)		Long-Term Capital Gain (000)
	$	5,255	$	3,558	$	4,828

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

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

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2023.

At September 30, 2023, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	568			$	—

At September 30, 2023, the Fund had available for federal income tax purposes unused short-term and long term capital losses of approximately $9,142,000 and $15,700,000 respectively, that do not have an expiration date.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the six months ended March 31, 2024, the Fund did not have any borrowings under the Facility.

J. Other: At March 31, 2024, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 60.6%.

K. Market Risk: The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt the global economy and financial markets. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, and exacerbate pre-existing risks to the Fund. The occurrence, duration and extent of these or other types of adverse economic and market conditions and uncertainty over the long term cannot be reasonably projected or estimated at this time. The ultimate impact of public health emergencies or other adverse economic or market developments and the extent to which the associated conditions impact the Fund and its investments will also depend

on other future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. The financial performance of the Fund's investments (and, in turn, the Fund's investment results) as well as their liquidity may be adversely affected because of these and similar types of factors and developments, which may in turn impact valuation, the Fund's ability to sell securities and/or its ability to meet redemptions.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), the Fund has adopted and implemented a liquidity risk management program (the "Program"), which is reasonably designed to assess and manage the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund (i.e., liquidity risk). The Fund's Board of Trustees (the "Board") previously approved the designation of the Liquidity Risk Subcommittee (the "LRS") as Program administrator. The LRS is comprised of representatives from various divisions within Morgan Stanley Investment Management.

At a meeting held on March 13-14, 2024, the Board reviewed a written report prepared by the LRS that addressed the Program's operation and assessed its adequacy, and effectiveness of implementation for the period from January 1, 2023, through December 31, 2023, as required under the Liquidity Rule. The report concluded that the Program operated effectively and was adequately and effectively implemented in all material aspects, and that the relevant controls and safeguards were appropriately designed to enable the LRS to administer the Program in compliance with the Liquidity Rule.

In accordance with the Program, the LRS assessed each Fund's liquidity risk no less frequently than annually taking into consideration certain factors, as applicable, such as (i) investment strategy and liquidity of portfolio investments, (ii) short-term and long-term cash flow projections and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified into one of four liquidity categories, which classification is assessed at least monthly by the LRS. The classification is based on a determination of the number of days it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading and investment-specific considerations, as well as market depth, and in some cases utilize third-party vendor data.

The Liquidity Rule limits a fund's investments in illiquid investments to 15% of its net assets and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or "HLIM"). The LRS believes that the Program includes provisions reasonably designed to review, monitor and comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement, as applicable.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other risks to which it may be subject.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Important Notices

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its semi-annual and annual reports within 60 days of the end of the fund's second and fourth fiscal quarters. The semi-annual and annual reports are filed electronically with the Securities and Exchange Commission ("SEC") on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley makes these reports available on its public website, www.morganstanley.com/im. Each Morgan Stanley non-money market fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters as an attachment to Form N-PORT and monthly holding for each money market fund on Form N-MFP. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, but makes the complete schedule of portfolio holdings for the fund's first and third fiscal quarters available on its public website. The holdings for each money market fund are also posted to the Morgan Stanley public website. You may, however, obtain Form N-PORT filings (as well as the Form N-CSR, N-CSRS and N-MFP filings) by accessing the SEC's website, www.sec.gov. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's email address (publicinfo@sec.gov).

Proxy Voting Policies and Procedures and Proxy Voting Record

You may obtain a copy of the Trust's Proxy Voting Policy and Procedures and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, without charge, upon request, by calling toll free 1 (800) 869-6397 or by visiting our website at www.morganstanley.com/im. This information is also available on the SEC's website at www.sec.gov.

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable fund of Morgan Stanley Institutional Fund Trust, which describes in detail the fund's investment policies, risks, fees and expenses. Please read the prospectus carefully before you invest or send money. For additional information, including information regarding the investments comprising the Fund, please visit our website at www.morganstanley.com/im or call toll free 1 (800) 869-6397.

Householding Notice

To reduce printing and mailing costs, the Fund attempts to eliminate duplicate mailings to the same address. The Fund delivers a single copy of certain shareholder documents, including shareholder reports, prospectuses and proxy materials, to investors with the same last name who reside at the same address. Your participation in this program will continue for an unlimited period of time unless you instruct us otherwise. You can request multiple copies of these documents by calling 1 (800) 869-6397, 8:00 a.m. to 6:00 p.m., ET. Once our Customer Service Center has received your instructions, we will begin sending individual copies for each account within 30 days.

Tailored Shareholder Reports

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Morgan Stanley Funds.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice February 2024

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice (cont'd) February 2024

To limit our sharing				Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?				Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Who we are

Who is providing this notice?

Morgan Stanley Investment Management Inc. and its investment management affiliates ("MSIM") (See Affiliates definition below.)

What we do

How does MSIM protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?				We collect your personal information, for example, when you ◼ open an account or make deposits or withdrawals from your account ◼ buy securities from us or make a wire transfer ◼ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?				Federal law gives you the right to limit only ◼ sharing for affiliates' everyday business purposes — information about your creditworthiness ◼ affiliates from using your information to market to you ◼ sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.)
What happens when I limit sharing for an account I hold jointly with someone else?				Your choices will apply to everyone on your account.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice (cont'd) February 2024

Definitions

Affiliates				Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include registered investment advisers such as Eaton Vance Management and Calvert Research and Management, registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc., and registered and unregistered funds sponsored by Morgan Stanley Investment Management such as the registered funds within Morgan Stanley Institutional Fund, Inc. (together, the "Investment Management Affiliates"); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Barney LLC and Morgan Stanley & Co. (the, "Morgan Stanley Affiliates").
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between non-affiliated financial companies that together market financial products or services to you. ◼ MSIM doesn't jointly market

Other important information

* Please Note: MSIM does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does MSIM enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent MSIM from sharing your creditworthiness information with the Investment management Affiliates and will prevent the investment Management Affiliates from marketing their products to you.

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

California: Except as permitted by law, we will not share personal information we collect about California residents with Non-affiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Trustees and Officers Information

Trustees

Frank L. Bowman
Frances L. Cashman
Kathleen A. Dennis
Nancy C. Everett
Eddie A. Grier
Jakki L. Haussler
Dr. Manuel H. Johnson
Michael F. Klein
Patricia A. Maleski
W. Allen Reed, Chair of the Board

Officers

Deidre A. Downes
Chief Compliance Officer

John H. Gernon
President and Principal Executive Officer

Michael J. Key
Vice President

Mary E. Mullin
Secretary and Chief Legal Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Adviser and Administrator

Morgan Stanley Investment Management Inc.
1585 Broadway
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
1585 Broadway
New York, New York 10036

Dividend Disbursing and Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.
333 W 11th Street
Kansas City, Missouri 64105

Co-Transfer Agent

Eaton Vance Management
One Post Office Square
Suite 1600
Boston, Massachusetts 02109

Custodian

State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114

Legal Counsel

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

Counsel to the Independent Trustees

Morgan, Lewis & Bockius LLP
One State Street
Hartford, Connecticut 06103

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

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

Morgan Stanley Investment Management Inc.
1585 Broadway
New York, New York 10036

IFTCBSAN
6574139 EXP 05.31.25

Morgan Stanley Institutional Fund Trust

Discovery Portfolio

Semi-Annual Report

March 31, 2024

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Table of Contents

Shareholders' Letter					2
Consolidated Expense Example					3
Consolidated Portfolio of Investments					4
Consolidated Statement of Assets and Liabilities					6
Consolidated Statement of Operations					8
Consolidated Statements of Changes in Net Assets					9
Consolidated Financial Highlights					11
Notes to Consolidated Financial Statements					16
Liquidity Risk Management Program					28
Important Notices					29
U.S. Customer Privacy Notice					30
Trustees and Officers Information					33

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Shareholders' Letter

Dear Shareholders,

We are pleased to provide this semi-annual report, in which you will learn how your investment in Discovery Portfolio (the "Fund") performed during the latest six-month period.

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

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2024

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Expense Example

Discovery Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2024 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/23		Actual Ending Account Value 3/31/24		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Discovery Portfolio Class I	$	1,000.00	$	1,316.40	$	1,021.55	$	4.00	$	3.49		0.69	%
Discovery Portfolio Class A		1,000.00		1,315.10		1,020.35		5.38		4.70		0.93
Discovery Portfolio Class L		1,000.00		1,312.20		1,017.60		8.56		7.47		1.48
Discovery Portfolio Class C		1,000.00		1,308.50		1,016.40		9.93		8.67		1.72
Discovery Portfolio Class R6		1,000.00		1,316.80		1,022.15		3.30		2.88		0.57

Refer to Note B in the Notes to Consolidated Financial Statements for discussion of prior period transfer agency and sub transfer agency fees that were reimbursed in the current period.

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments

Discovery Portfolio

	Shares		Value (000)
Common Stocks (89.5%)
Biotechnology (2.1%)
Alnylam Pharmaceuticals, Inc. (a)		4,973	$	743
Argenx SE ADR (a)		6,051		2,382
Intellia Therapeutics, Inc. (a)		109,666		3,017
ProKidney Corp. (a)(b)		520,070		853
Roivant Sciences Ltd. (a)		1,429,968		15,072
				22,067
Broadline Retail (4.7%)
Global-e Online Ltd. (Israel) (a)		1,342,191		48,789
Chemicals (0.2%)
Ginkgo Bioworks Holdings, Inc. (a)(b)		2,103,065		2,440
Entertainment (4.0%)
ROBLOX Corp., Class A (a)		1,092,153		41,698
Financial Services (10.4%)
Adyen NV (Netherlands) (a)		27,798		46,954
Affirm Holdings, Inc. (a)		1,630,372		60,748
				107,702
Ground Transportation (1.5%)
Grab Holdings Ltd., Class A (Singapore) (a)		4,824,097		15,148
Health Care Equipment & Supplies (0.8%)
Dexcom, Inc. (a)		27,117		3,761
Penumbra, Inc. N (a)		22,589		5,042
				8,803
Health Care Providers & Services (2.6%)
Agilon Health, Inc. (a)		4,458,087		27,194
Health Care Technology (1.4%)
Doximity, Inc., Class A (a)		528,998		14,235
Hotels, Restaurants & Leisure (8.7%)
DoorDash, Inc., Class A (a)		653,889		90,054
Information Technology Services (11.3%)
Cloudflare, Inc., Class A (a)		917,748		88,865
Fastly, Inc., Class A (a)		1,122,269		14,556
MongoDB, Inc. (a)		38,927		13,961
				117,382
Leisure Products (1.0%)
Peloton Interactive, Inc., Class A (a)		2,526,293		10,825
Life Sciences Tools & Services (1.4%)
10X Genomics, Inc., Class A (a)		373,228		14,007
Media (6.0%)
Trade Desk, Inc., Class A (a)		712,274		62,267
Pharmaceuticals (4.0%)
Royalty Pharma PLC, Class A		1,375,073		41,761
Software (17.6%)
Aurora Innovation, Inc. (a)(b)		4,587,006		12,935
Bill Holdings, Inc. (a)		380,412		26,142
HubSpot, Inc. (a)		8,428		5,281
Klaviyo, Inc., Class A (a)(b)		135,531		3,453
MicroStrategy, Inc., Class A (a)		29,940		51,035

	Shares		Value (000)
Procore Technologies, Inc. (a)		313,978	$	25,800
Samsara, Inc., Class A (a)		1,281,215		48,417
Zscaler, Inc. (a)		52,859		10,182
				183,245
Specialty Retail (8.2%)
Carvana Co. (a)		966,279		84,946
Textiles, Apparel & Luxury Goods (3.6%)
On Holding AG, Class A (Switzerland) (a)		1,046,805		37,036
Total Common Stocks (Cost $844,600)				929,599
Preferred Stock (2.3%)
Software (2.3%)
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $24,713; acquired 8/31/21)		336,299		23,773
Investment Company (2.5%)
Grayscale Bitcoin Trust (a) (Cost $10,134)		419,945		26,528
	No. of Warrants
Warrants (0.0%)‡
Chemicals (0.0%)‡
Ginkgo Bioworks Holdings, Inc. , expires 8/1/26 (a) (Cost $655)		196,782		18
	Shares
Short-Term Investments (6.6%)
Investment Company (6.1%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (See Note G) (Cost $63,826)		63,826,392		63,826
Securities held as Collateral on Loaned Securities (0.5%)
Investment Company (0.4%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 5.16% (See Note G)		3,922,073		3,922
	Face Amount (000)
Repurchase Agreements (0.1%)
HSBC Securities USA, Inc., (5.33%, dated 3/28/24, due 4/1/24; proceeds $302; fully collateralized by U.S. Government obligations; 0.00% - 3.00% due 6/13/24 - 7/31/24; valued at $308)	$	302		302
Merrill Lynch & Co., Inc., (5.22%, dated 3/28/24, due 4/1/24; proceeds $145; fully collateralized by a U.S. Government obligation; 5.00% due 5/15/37; valued at $148)		145		145

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

	Face Amount (000)		Value (000)
Merrill Lynch & Co., Inc., (5.32%, dated 3/28/24, due 4/1/24; proceeds $543; fully collateralized by U.S. Government obligations; 0.25% - 4.50% due 1/15/25 - 5/15/53; valued at $554)	$	543	$	543
				990
Total Securities held as Collateral on Loaned Securities (Cost $4,912)				4,912
Total Short-Term Investments (Cost $68,738)				68,738
Total Investments Excluding Purchased Options (100.9%) (Cost $948,840)				1,048,656
Total Purchased Options Outstanding (0.2%) (Cost $3,903)				1,998
Total Investments (101.1%) (Cost $952,743) Including $4,739 of Securities Loaned (e)(f)(g)				1,050,654
Liabilities in Excess of Other Assets (–1.1%)				(11,488	)
Net Assets (100.0%)			$	1,039,166

‡ Amount is less than 0.05%.

(a) Non-income producing security.

(b) All or a portion of this security was on loan at March 31, 2024.

(c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules

("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2024 amounts to approximately $23,773,000 and represents 2.3% of net assets.

(d) At March 31, 2024, the Fund held a fair valued security valued at approximately $23,773,000, representing 2.3% 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) Securities are available for collateral in connection with purchased options.

(f) The approximate fair value and percentage of net assets, $46,954,000 and 4.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Consolidated Financial Statements.

(g) At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $313,435,000 and the aggregate gross unrealized depreciation is approximately $215,524,000, resulting in net unrealized appreciation of approximately $97,911,000.

ADR American Depositary Receipt.

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2024:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
Standard Chartered Bank	USD/CNH	CNH	7.57	May-24		226,694,072	$	226,694	$	57	$	959	$	(902	)
Goldman Sachs International	USD/CNH	CNH	7.69	Jan-25		249,313,471		249,313		878		943		(65	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.78	Mar-25		236,408,580		236,409		923		1,003		(80	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.79	Aug-24		240,890,554		240,891		140		998		(858	)
									$	1,998	$	3,903	$	(1,905	)

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

Portfolio Composition*

Classification	Percentage of Total Investments
Other**		30.1	%
Software		19.7
Information Technology Services		11.2
Financial Services		10.3
Hotels, Restaurants & Leisure		8.6
Specialty Retail		8.1
Investment Companies		6.1
Media		5.9
Total Investments		100.0	%

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2024.

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Discovery Portfolio

Consolidated Statement of Assets and Liabilities	March 31, 2024 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $884,995)	$	982,906
Investment in Security of Affiliated Issuer, at Value (Cost $67,748)		67,748
Total Investments in Securities, at Value (Cost $952,743)		1,050,654
Cash		950
Foreign Currency, at Value (Cost $2)		2
Receivable for Investments Sold		3,901
Receivable for Fund Shares Sold		285
Receivable from Affiliate		207
Receivable from Securities Lending Income		6
Other Assets		189
Total Assets		1,056,194
Liabilities:
Payable for Investments Purchased		5,882
Collateral on Securities Loaned, at Value		4,912
Payable for Fund Shares Redeemed		2,416
Due to Broker		1,980
Payable for Advisory Fees		1,204
Payable for Sub Transfer Agency Fees — Class I		105
Payable for Sub Transfer Agency Fees — Class A		67
Payable for Sub Transfer Agency Fees — Class L		1
Payable for Sub Transfer Agency Fees — Class C		4
Payable for Shareholder Services Fees — Class A		96
Payable for Distribution and Shareholder Services Fees — Class L		3
Payable for Distribution and Shareholder Services Fees — Class C		13
Payable for Administration Fees		67
Payable for Professional Fees		45
Payable for Trustees' Fees and Expenses		36
Payable for Transfer Agency Fees — Class I		10
Payable for Transfer Agency Fees — Class A		13
Payable for Transfer Agency Fees — Class L		1
Payable for Transfer Agency Fees — Class C		1
Payable for Transfer Agency Fees — Class R6		1
Payable for Custodian Fees		13
Other Liabilities		158
Total Liabilities		17,028
Net Assets	$	1,039,166
Net Assets Consist of:
Paid-in-Capital	$	2,635,644
Total Accumulated Loss		(1,596,478	)
Net Assets	$	1,039,166

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Discovery Portfolio

Consolidated Statement of Assets and Liabilities (cont'd)	March 31, 2024 (000)
CLASS I:
Net Assets	$	377,469
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		23,142,799
Net Asset Value, Offering and Redemption Price Per Share	$	16.31
CLASS A:
Net Assets	$	457,860
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		41,411,353
Net Asset Value, Redemption Price Per Share	$	11.06
Maximum Sales Load		5.25	%
Maximum Sales Charge	$	0.61
Maximum Offering Price Per Share	$	11.67
CLASS L:
Net Assets	$	4,949
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		597,943
Net Asset Value, Offering and Redemption Price Per Share	$	8.28
CLASS C:
Net Assets	$	15,731
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,570,975
Net Asset Value, Offering and Redemption Price Per Share	$	10.01
CLASS R6:
Net Assets	$	183,157
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		10,961,315
Net Asset Value, Offering and Redemption Price Per Share	$	16.71
⁽¹⁾ Including: Securities on Loan, at Value:	$	4,739

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Discovery Portfolio

Consolidated Statement of Operations	Six Months Ended March 31, 2024 (000)
Investment Income:
Dividends from Securities of Unaffiliated Issuers	$	553
Dividends from Security of Affiliated Issuer (Note G)		501
Income from Securities Loaned — Net		48
Total Investment Income		1,102
Expenses:
Advisory Fees (Note B)		2,330
Shareholder Services Fees — Class A (Note D)		543
Distribution and Shareholder Services Fees — Class L (Note D)		17
Distribution and Shareholder Services Fees — Class C (Note D)		72
Sub Transfer Agency Fees — Class I		165
Sub Transfer Agency Fees — Class A		217
Sub Transfer Agency Fees — Class L		2
Sub Transfer Agency Fees — Class C		9
Administration Fees (Note C)		373
Professional Fees		104
Shareholder Reporting Fees		75
Registration Fees		64
Transfer Agency Fees — Class I (Note E)		20
Transfer Agency Fees — Class A (Note E)		26
Transfer Agency Fees — Class L (Note E)		2
Transfer Agency Fees — Class C (Note E)		2
Transfer Agency Fees — Class R6 (Note E)		4
Custodian Fees (Note F)		21
Trustees' Fees and Expenses		8
Pricing Fees		2
Other Expenses		29
Total Expenses		4,085
Reimbursement of Transfer Agency and Sub Transfer Agency Fees (Note B)		(348	)
Rebate from Morgan Stanley Affiliate (Note G)		(19	)
Net Expenses		3,718
Net Investment Loss		(2,616	)
Realized Gain (Loss):
Investments Sold		(147,671	)
Foreign Currency Translation		—	@
Net Realized Loss		(147,671	)
Change in Unrealized Appreciation (Depreciation):
Investments		409,165
Foreign Currency Translation		—	@
Net Change in Unrealized Appreciation (Depreciation)		409,165
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		261,494
Net Increase in Net Assets Resulting from Operations	$	258,878

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Discovery Portfolio

Consolidated Statements of Changes in Net Assets	Six Months Ended March 31, 2024 (unaudited) (000)			Year Ended September 30, 2023 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Loss	$	(2,616	)	$	(4,188	)
Net Realized Loss		(147,671	)		(414,497	)
Net Change in Unrealized Appreciation (Depreciation)		409,165			425,599
Net Increase in Net Assets Resulting from Operations		258,878			6,914
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		91,597			152,228
Redeemed		(93,256	)		(265,963	)
Class A:
Subscribed		16,139			49,603
Redeemed		(101,568	)		(163,974	)
Class L:
Exchanged		—			169
Redeemed		(481	)		(745	)
Class C:
Subscribed		655			1,835
Redeemed		(2,333	)		(3,933	)
Class R6:
Subscribed		13,302			43,751
Redeemed		(49,470	)		(73,023	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(125,415	)		(260,052	)
Total Increase (Decrease) in Net Assets		133,463			(253,138	)
Net Assets:
Beginning of Period		905,703			1,158,841
End of Period	$	1,039,166		$	905,703

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Discovery Portfolio

Consolidated Statements of Changes in Net Assets (cont'd)	Six Months Ended March 31, 2024 (unaudited) (000)			Year Ended September 30, 2023 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		6,179			12,843
Shares Redeemed		(6,816	)		(23,578	)
Net Decrease in Class I Shares Outstanding		(637	)		(10,735	)
Class A:
Shares Subscribed		1,692			6,070
Shares Redeemed		(10,525	)		(20,113	)
Net Decrease in Class A Shares Outstanding		(8,833	)		(14,043	)
Class L:
Shares Exchanged		—			27
Shares Redeemed		(67	)		(122	)
Net Decrease in Class L Shares Outstanding		(67	)		(95	)
Class C:
Shares Subscribed		74			250
Shares Redeemed		(260	)		(536	)
Net Decrease in Class C Shares Outstanding		(186	)		(286	)
Class R6:
Shares Subscribed		943			3,573
Shares Redeemed		(3,443	)		(5,902	)
Net Decrease in Class R6 Shares Outstanding		(2,500	)		(2,329	)

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Consolidated Financial Highlights

Discovery Portfolio

	Class I
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020⁽¹⁾			2019⁽¹⁾
Net Asset Value, Beginning of Period	$	12.39		$	12.06		$	42.00		$	38.19		$	19.92		$	23.30
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.03	)		(0.03	)		(0.14	)		(0.24	)		(0.15	)		(0.05	)
Net Realized and Unrealized Gain (Loss)		3.95			0.36			(19.69	)		7.35			20.73			0.35
Total from Investment Operations		3.92			0.33			(19.83	)		7.11			20.58			0.30
Distributions from and/or in Excess of:
Net Realized Gain		—			—			(10.11	)		(3.30	)		(2.31	)		(3.68	)
Net Asset Value, End of Period	$	16.31		$	12.39		$	12.06		$	42.00		$	38.19		$	19.92
Total Return⁽³⁾		31.64	%⁽⁴⁾⁽⁵⁾		2.74	%		(61.26	)%		18.36	%		115.34	%		4.71	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	377,469		$	294,703		$	416,283		$	1,719,520		$	1,282,828		$	374,736
Ratio of Expenses Before Expense Limitation		0.77	%⁽⁶⁾		0.74	%		0.77	%		N/A			0.74	%		0.74	%
Ratio of Expenses After Expense Limitation		0.69	%^(6)(7)(8)		0.74	%⁽⁸⁾		0.77	%⁽⁸⁾		0.72	%⁽⁸⁾		0.73	%⁽⁸⁾		0.73	%⁽⁸⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			0.72	%⁽⁸⁾		0.73	%⁽⁸⁾		0.73	%⁽⁸⁾
Ratio of Net Investment Loss		(0.45	)%^(6)(7)(8)		(0.28	)%⁽⁸⁾		(0.58	)%⁽⁸⁾		(0.54	)%⁽⁸⁾		(0.57	)%⁽⁸⁾		(0.27	)%⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.01	%		0.01	%
Portfolio Turnover Rate		20	%⁽⁵⁾		51	%		67	%		115	%		65	%		116	%

(1) Not consolidated.

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

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

(4) Refer to Note B in the Notes to Consolidated Financial Statements for discussion of prior period transfer agency and sub transfer agency fees that were reimbursed in the current period. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(5) Not annualized.

(6) Annualized.

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class I shares:

Period Ended				Expense Ratio				Net Investment Loss Ratio
March 31, 2024					0.76	%			(0.52	)%

(8) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(9) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Consolidated Financial Highlights

Discovery Portfolio

	Class A
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020⁽¹⁾			2019⁽¹⁾
Net Asset Value, Beginning of Period	$	8.41		$	8.21		$	32.12		$	29.92		$	16.12		$	19.71
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.03	)		(0.05	)		(0.14	)		(0.27	)		(0.17	)		(0.09	)
Net Realized and Unrealized Gain (Loss)		2.68			0.25			(13.66	)		5.77			16.28			0.18
Total from Investment Operations		2.65			0.20			(13.80	)		5.50			16.11			0.09
Distributions from and/or in Excess of:
Net Realized Gain		—			—			(10.11	)		(3.30	)		(2.31	)		(3.68	)
Net Asset Value, End of Period	$	11.06		$	8.41		$	8.21		$	32.12		$	29.92		$	16.12
Total Return⁽³⁾		31.51	%⁽⁴⁾⁽⁵⁾		2.44	%		(61.35	)%		18.02	%		114.87	%		4.40	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	457,860		$	422,575		$	527,685		$	1,944,335		$	1,403,660		$	403,285
Ratio of Expenses Before Expense Limitation		1.01	%⁽⁶⁾		1.02	%		1.03	%		N/A			1.01	%		1.00	%
Ratio of Expenses After Expense Limitation		0.93	%^(6)(7)(8)		1.01	%⁽⁸⁾		1.03	%⁽⁸⁾		1.00	%⁽⁸⁾		1.00	%⁽⁸⁾		0.99	%⁽⁸⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			1.00	%⁽⁸⁾		1.00	%⁽⁸⁾		0.99	%⁽⁸⁾
Ratio of Net Investment Loss		(0.69	)%^(6)(7)(8)		(0.56	)%⁽⁸⁾		(0.85	)%⁽⁸⁾		(0.81	)%⁽⁸⁾		(0.82	)%⁽⁸⁾		(0.52	)%⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.01	%		0.01	%
Portfolio Turnover Rate		20	%⁽⁵⁾		51	%		67	%		115	%		65	%		116	%

(1) Not consolidated.

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

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

(5) Not annualized.

(6) Annualized.

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class A shares:

Period Ended				Expense Ratio				Net Investment Loss Ratio
March 31, 2024					1.00	%			(0.76	)%

(9) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Consolidated Financial Highlights

Discovery Portfolio

	Class L
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020⁽¹⁾			2019⁽¹⁾
Net Asset Value, Beginning of Period	$	6.31		$	6.20		$	27.00		$	25.69		$	14.21		$	17.96
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.04	)		(0.07	)		(0.16	)		(0.36	)		(0.21	)		(0.15	)
Net Realized and Unrealized Gain (Loss)		2.01			0.18			(10.53	)		4.97			14.00			0.08
Total from Investment Operations		1.97			0.11			(10.69	)		4.61			13.79			(0.07	)
Distributions from and/or in Excess of:
Net Realized Gain		—			—			(10.11	)		(3.30	)		(2.31	)		(3.68	)
Net Asset Value, End of Period	$	8.28		$	6.31		$	6.20		$	27.00		$	25.69		$	14.21
Total Return⁽³⁾		31.22	%⁽⁴⁾⁽⁵⁾		1.77	%		(61.52	)%		17.48	%		113.70	%		3.90	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	4,949		$	4,197		$	4,704		$	13,762		$	14,173		$	8,124
Ratio of Expenses Before Expense Limitation		1.56	%⁽⁶⁾		1.56	%		1.51	%		N/A			1.50	%		1.51	%
Ratio of Expenses After Expense Limitation		1.48	%^(6)(7)(8)		1.55	%⁽⁸⁾		1.51	%⁽⁸⁾		1.44	%⁽⁸⁾		1.49	%⁽⁸⁾		1.50	%⁽⁸⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			1.44	%⁽⁸⁾		1.49	%⁽⁸⁾		1.50	%⁽⁸⁾
Ratio of Net Investment Loss		(1.25	)%^(6)(7)(8)		(1.10	)%⁽⁸⁾		(1.33	)%⁽⁸⁾		(1.26	)%⁽⁸⁾		(1.27	)%⁽⁸⁾		(1.06	)%⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.01	%		0.01	%
Portfolio Turnover Rate		20	%⁽⁵⁾		51	%		67	%		115	%		65	%		116	%

(1) Not consolidated.

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

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

(5) Not annualized.

(6) Annualized.

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class L shares:

Period Ended				Expense Ratio				Net Investment Loss Ratio
March 31, 2024					1.56	%			(1.33	)%

(9) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Consolidated Financial Highlights

Discovery Portfolio

	Class C
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020⁽¹⁾			2019⁽¹⁾
Net Asset Value, Beginning of Period	$	7.65		$	7.52		$	30.51		$	28.74		$	15.67		$	19.42
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.06	)		(0.10	)		(0.24	)		(0.49	)		(0.32	)		(0.22	)
Net Realized and Unrealized Gain (Loss)		2.42			0.23			(12.64	)		5.56			15.70			0.15
Total from Investment Operations		2.36			0.13			(12.88	)		5.07			15.38			(0.07	)
Distributions from and/or in Excess of:
Net Realized Gain		—			—			(10.11	)		(3.30	)		(2.31	)		(3.68	)
Net Asset Value, End of Period	$	10.01		$	7.65		$	7.52		$	30.51		$	28.74		$	15.67
Total Return⁽³⁾		30.85	%⁽⁴⁾⁽⁵⁾		1.73	%		(61.66	)%		17.21	%		113.21	%		3.55	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	15,731		$	13,434		$	15,363		$	59,936		$	33,781		$	6,518
Ratio of Expenses Before Expense Limitation		1.80	%⁽⁶⁾		1.80	%		1.77	%		N/A			1.75	%		1.84	%
Ratio of Expenses After Expense Limitation		1.72	%^(6)(7)(8)		1.79	%⁽⁸⁾		1.77	%⁽⁸⁾		1.71	%⁽⁸⁾		1.74	%⁽⁸⁾		1.83	%⁽⁸⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			1.71	%⁽⁸⁾		1.74	%⁽⁸⁾		1.83	%⁽⁸⁾
Ratio of Net Investment Loss		(1.49	)%^(6)(7)(8)		(1.34	)%⁽⁸⁾		(1.59	)%⁽⁸⁾		(1.52	)%⁽⁸⁾		(1.59	)%⁽⁸⁾		(1.32	)%⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.01	%		0.01	%
Portfolio Turnover Rate		20	%⁽⁵⁾		51	%		67	%		115	%		65	%		116	%

(1) Not consolidated.

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

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

(5) Not annualized.

(6) Annualized.

(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class C shares:

Period Ended				Expense Ratio				Net Investment Loss Ratio
March 31, 2024					1.80	%			(1.57	)%

(9) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Consolidated Financial Highlights

Discovery Portfolio

	Class R6⁽¹⁾
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020⁽²⁾			2019⁽²⁾
Net Asset Value, Beginning of Period	$	12.69		$	12.34		$	42.67		$	38.72		$	20.15		$	23.50
Income (Loss) from Investment Operations:
Net Investment Loss⁽³⁾		(0.02	)		(0.02	)		(0.10	)		(0.19	)		(0.12	)		(0.04	)
Net Realized and Unrealized Gain (Loss)		4.04			0.37			(20.12	)		7.44			21.00			0.37
Total from Investment Operations		4.02			0.35			(20.22	)		7.25			20.88			0.33
Distributions from and/or in Excess of:
Net Realized Gain		—			—			(10.11	)		(3.30	)		(2.31	)		(3.68	)
Net Asset Value, End of Period	$	16.71		$	12.69		$	12.34		$	42.67		$	38.72		$	20.15
Total Return⁽⁴⁾		31.68	%⁽⁵⁾⁽⁶⁾		2.84	%		(61.20	)%		18.47	%		115.65	%		4.77	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	183,157		$	170,794		$	194,806		$	547,683		$	354,067		$	130,653
Ratio of Expenses Before Expense Limitation		0.65	%⁽⁷⁾		0.65	%		0.64	%		N/A			0.64	%		0.64	%
Ratio of Expenses After Expense Limitation		0.57	%^(7)(8)(9)		0.64	%⁽⁹⁾		0.64	%⁽⁹⁾		0.61	%⁽⁹⁾		0.63	%⁽⁹⁾		0.63	%⁽⁹⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			0.61	%⁽⁹⁾		0.63	%⁽⁹⁾		0.63	%⁽⁹⁾
Ratio of Net Investment Loss		(0.34	)%^(7)(8)(9)		(0.19	)%⁽⁹⁾		(0.45	)%⁽⁹⁾		(0.42	)%⁽⁹⁾		(0.44	)%⁽⁹⁾		(0.18	)%⁽⁹⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%^(7)(10)		0.00	%⁽¹⁰⁾		0.00	%⁽¹⁰⁾		0.00	%⁽¹⁰⁾		0.01	%		0.01	%
Portfolio Turnover Rate		20	%⁽⁶⁾		51	%		67	%		115	%		65	%		116	%

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Not consolidated.

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

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

(5) Refer to Note B in the Notes to Consolidated Financial Statements for discussion of prior period transfer agency and sub transfer agency fees that were reimbursed in the current period. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(6) Not annualized.

(7) Annualized.

(8) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss, would have been as follows for Class R6 shares:

Period Ended				Expense Ratio				Net Investment Loss Ratio
March 31, 2024					0.65	%			(0.42	)%

(9) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(10) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements

The Trust applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Consolidated Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying consolidated financial statements relate to the Discovery Portfolio. The Fund seeks long-term capital growth. The Fund has issued five classes of shares — Class I, Class A, Class L, Class C and Class R6.

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

The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, Discovery Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in Grayscale Bitcoin Trust (BTC) ("GBTC"), a privately offered investment vehicle that invests in bitcoin. The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the

positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of March 31, 2024, the Subsidiary represented approximately $26,528,000 or approximately 2.55% of the net assets of the Fund.

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

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (ASU) No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"), which clarifies the guidance in ASC Topic No. 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and introduces new disclosures related to such equity security. ASU 2022-03 clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security's unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security's fair value (i.e., the entity should not apply a discount related to the contractual sale restriction, as stated in ASC 820-10-35-36B as amended by ASU 2022-03). In addition, ASU 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. The new guidance is effective for public companies with annual reporting periods in fiscal years beginning after December 15, 2023, and interim periods in the following year, with early adoption permitted. An investment company that holds equity securities that are subject to contractual sale restrictions executed before the date at which the investment

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

company first adopts ASU 2022-03 shall continue to account for that equity security using the accounting policy applied before the adoption of ASU 2022-03 until the contractual sale restriction expires or is modified.

1. Security Valuation: (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (2) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (3) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a reputable broker/dealer or valued by a pricing service/vendor; (4) 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"), 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; (5) when market quotations are not readily available as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Each business day, the Fund uses a third-party pricing service approved by the Trustees to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (6) 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 (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

Committee provides administration and oversight of the Trust's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

2. Fair Value Measurement: FASB 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.)

available documents and, if necessary, available information concerning other securities in similar circumstances.

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

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Common Stocks
Biotechnology	$	22,067	$	—	$	—	$	22,067
Broadline Retail		48,789		—		—		48,789
Chemicals		2,440		—		—		2,440
Entertainment		41,698		—		—		41,698
Financial Services		60,748		46,954		—		107,702
Ground Transportation		15,148		—		—		15,148
Health Care Equipment & Supplies		8,803		—		—		8,803
Health Care Providers & Services		27,194		—		—		27,194
Health Care Technology		14,235		—		—		14,235
Hotels, Restaurants & Leisure		90,054		—		—		90,054
Information Technology Services		117,382		—		—		117,382
Leisure Products		10,825		—		—		10,825
Life Sciences Tools & Services		14,007		—		—		14,007
Media		62,267		—		—		62,267
Pharmaceuticals		41,761		—		—		41,761
Software		183,245		—		—		183,245
Specialty Retail		84,946		—		—		84,946
Textiles, Apparel & Luxury Goods		37,036		—		—		37,036
Total Common Stocks		882,645		46,954		—		929,599

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (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)
Preferred Stock
Software	$	—	$	—	$	23,773	$	23,773
Investment Company		26,528		—		—		26,528
Warrants		18		—		—		18
Call Options Purchased		—		1,998		—		1,998
Short-Term Investments
Investment Company		67,748		—		—		67,748
Repurchase Agreements		—		990		—		990
Total Short-Term Investments		67,748		990		—		68,738
Total Assets	$	976,939	$	49,942	$	23,773	$	1,050,654

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

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

	Preferred Stock (000)
Beginning Balance	$	31,817
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		(8,044	)
Realized gains (losses)		—
Ending Balance	$	23,773
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024	$	(8,044	)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2024:

Fair Value at
March 31, 2024
(000)

Valuation
Technique

Unobservable
Input

Amount*

Impact to
Valuation from an
Increase in Input**

Preferred Stock

23,773

Market Transaction Method

Precedent Transaction

70.69

Increase

Discounted Cash Flow

Weighted Average
Cost of Capital

15.5

Decrease

Perpetual Growth Rate

3.5

Increase

Market Comparable
Companies

Enterprise Value/
Revenue

14.8

Increase

Discount for Lack of
Marketability

13.0

Decrease

* Amount is indicative of the weighted average.

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

3. Repurchase Agreements: The Fund may enter into repurchase agreements under which the Fund lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank as custodian for the Fund takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine that the value of the collateral does not

decrease below the repurchase price plus accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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

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

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

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

lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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

Options: With respect to options, the Fund is subject to equity risk, interest rate risk and foreign currency ex-change risk in the normal course of pursuing its investment objectives. If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or foreign currency, or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium paid by the Fund. The Fund may purchase and/or sell put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying (or similar) instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying (or similar) instrument. When entering into purchased option contracts, the Fund bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the purchased option contracts; however the risk of loss is limited to the premium paid. Purchased options are reported as part of "Total Investments in Securities" in the Consolidated Statement of Assets and Liabilities. Premiums paid for purchasing options which expired are treated as realized losses. If the Fund writes an option, it sells to another party the right to buy from or sell to the Fund a specific amount of the underlying instrument or foreign currency, or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium received by the Fund. When options are purchased OTC, the Fund bears the risk that the counterparty that wrote the option will be unable or

unwilling to perform its obligations under the option contract. Options may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of March 31, 2024:

Asset Derivatives
Consolidated
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Purchased Options

Investments, at Value
(Purchased Options)

Currency Risk

1,998

(a)

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

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Investments (Purchased Options)	$	(963	)(a)

(a) Amounts are included in Realized Gain (Loss) on Investments Sold in the Consolidated Statement of Operations.

Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Investments (Purchased Options)	$	(2,023	)(a)

(a) Amounts are included in Change in Unrealized Appreciation (Depreciation) on Investments in the Consolidated Statement of Operations.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

At March 31, 2024, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Consolidated Statement of Assets and Liabilities
Derivatives	Assets(b) (000)			Liabilities(b) (000)
Purchased Options	$	1,998	(a)	$	—

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

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

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

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2024:

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Consolidated Statement of Assets and Liabilities(a) (000)		Financial Instrument (000)		Collateral Received(b) (000)			Net Amount (not less than $0) (000)
Goldman Sachs International	$	878	$	—	$	(800	)	$	78
JPMorgan Chase Bank NA		1,063		—		(950	)		113
Standard Chartered Bank		57		—		(57	)		0
Total	$	1,998	$	—	$	(1,807	)	$	191

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

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

For the six months ended March 31, 2024, the approximate average monthly amount outstanding for each derivative type is as follows:

Purchased Options:
Average monthly notional amount					732,662,000

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

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

The following table presents financial instruments that are subject to enforceable netting arrangements as of March 31, 2024:

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Gross Asset Amount Presented in the Consolidated Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	4,739	(a)	$	—	$	(4,739	)(b)(c)	$	0

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

(b) The Fund received cash collateral of approximately $4,912,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Consolidated Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $32,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Consolidated Portfolio of Investments.

Remaining Contractual Maturity of the Agreements
	Overnight and Continuous (000)		<30 days (000)		Between 30 & 90 days (000)		>90 Days (000)		Total (000)
Securities Lending Transactions
Common Stocks	$	4,912	$	—	$	—	$	—	$	4,912
Total Borrowings	$	4,912	$	—	$	—	$	—	$	4,912
Gross amount of recognized liabilities for securities lending transactions									$	4,912

7. Restricted Securities: The Fund invests in unregistered or otherwise restricted securities. The term "restricted securities" refers to securities that are unregistered or are held by control persons of the issuer and securities that are subject to contractual restrictions on their resale. As a result, restricted securities may be more difficult to value and the Fund may have difficulty disposing of such assets either in a timely manner or for a reasonable price. In order to dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered so that the Fund can sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and the acquirer of the securities. The Fund would, in either case, bear market risks during that period. Restricted securities are identified in the Consolidated Portfolio of Investments.

8. Indemnifications: The Trust enters into contracts that contain a variety of indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

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

10. Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.80% for Class I shares, 1.15% for Class A shares, 1.65% for Class L shares, 1.90% for Class C shares and 0.73% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. This arrangement had no effect for the six months ended March 31, 2024.

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

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

Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administra-

tive services to the Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

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

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

For the six months ended March 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Consolidated Statement of Operations, amounted to approximately $5,000.

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $183,755,000 and $357,493,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended March 31, 2024.

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 six months ended March 31, 2024, advisory fees paid were reduced by approximately $19,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended March 31, 2024 is as follows:

Affiliated Investment Company				Value September 30, 2023 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Fund				$	25,687			$	215,432			$	173,371			$	501

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value March 31, 2024 (000)
Liquidity Fund				$	—			$	—			$	67,748

procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the six months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.

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

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded that there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended September 30, 2023 remains subject to examination by taxing authorities.

2023 Distributions Paid From:				2022 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	—	$	—	$	354,635	$	760,915

Permanent differences, due to a net operating loss, resulted in the following reclassifications among the components of net assets at September 30, 2023.

Total Accumulated Loss (000)				Paid-in- Capital (000)
$	32,372			$	(32,372	)

At September 30, 2023, the Fund had no distributable earnings on a tax basis.

At September 30, 2023, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $562,626,000 and $867,366,000, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability

will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders.

Qualified late year losses are capital losses and specified ordinary losses, including currency losses, incurred after October 31 but within the taxable year that, if elected, are deemed to arise on the first day of the Fund's next taxable year. For the year ended September 30, 2023, the Fund intends to defer to October 1, 2023 for U.S. federal income tax purposes the following losses:

Qualified Late Year Ordinary Losses (000)				Post-October Capital Losses (000)
$	8,304			$	—

I. Credit Facility: The Trust and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the six months ended March 31, 2024, the Fund did not have any borrowings under the Facility.

K. Market Risk and Risks Relating to Certain Financial Instruments:

Bitcoin: The Fund may have exposure to cryptocurrencies indirectly through investments in GBTC, a privately offered investment vehicle that invests in bitcoin. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurren-

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

cies are susceptible to theft, loss and destruction. For example, the bitcoin held by GBTC (and the Fund's indirect exposure to such bitcoin) is also susceptible to these risks. The value of the GBTC investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The GBTC exposure to cryptocurrency could result in substantial losses to the Fund.

Market: The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt the global economy and financial markets. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, and exacerbate pre-existing risks to the Fund. The occurrence, duration and extent of these or other types of adverse economic and market conditions and uncertainty over the long term cannot be reasonably projected or estimated at this time. The ultimate impact of public health emergencies or other adverse economic or market develop-

ments and the extent to which the associated conditions impact the Fund and its investments will also depend on other future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. The financial performance of the Fund's investments (and, in turn, the Fund's investment results) as well as their liquidity may be adversely affected because of these and similar types of factors and developments, which may in turn impact valuation, the Fund's ability to sell securities and/or its ability to meet redemptions.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Liquidity Risk Management Program

At a meeting held on March 13-14, 2024, the Board reviewed a written report prepared by the LRS that addressed the Program's operation and assessed its adequacy, and effectiveness of implementation for the period from January 1, 2023, through December 31, 2023, as required under the Liquidity Rule.The report concluded that the Program operated effectively and was adequately and effectively implemented in all material aspects, and that the relevant controls and safeguards were appropriately designed to enable the LRS to administer the Program in compliance with the Liquidity Rule.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Important Notices

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

Tailored Shareholder Reports

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice February 2024

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice (cont'd) February 2024

To limit our sharing				Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?				Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Who we are

Who is providing this notice?

Morgan Stanley Investment Management Inc. and its investment management affiliates ("MSIM") (See Affiliates definition below.)

What we do

How does MSIM protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?				We collect your personal information, for example, when you ◼ open an account or make deposits or withdrawals from your account ◼ buy securities from us or make a wire transfer ◼ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?				Federal law gives you the right to limit only ◼ sharing for affiliates' everyday business purposes — information about your creditworthiness ◼ affiliates from using your information to market to you ◼ sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.)
What happens when I limit sharing for an account I hold jointly with someone else?				Your choices will apply to everyone on your account.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice (cont'd) February 2024

Definitions

Affiliates				Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include registered investment advisers such as Eaton Vance Management and Calvert Research and Management, registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc., and registered and unregistered funds sponsored by Morgan Stanley Investment Management such as the registered funds within Morgan Stanley Institutional Fund, Inc. (together, the "Investment Management Affiliates"); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Barney LLC and Morgan Stanley & Co. (the, "Morgan Stanley Affiliates").
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between non-affiliated financial companies that together market financial products or services to you. ◼ MSIM doesn't jointly market

Other important information

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Trustees and Officers Information

Trustees

Frank L. Bowman
Frances L. Cashman
Kathleen A. Dennis
Nancy C. Everett
Eddie A. Grier
Jakki L. Haussler
Dr. Manuel H. Johnson
Michael F. Klein
Patricia A. Maleski
W. Allen Reed, Chair of the Board

Officers

Deidre A. Downes
Chief Compliance Officer

John H. Gernon
President and Principal Executive Officer

Michael J. Key
Vice President

Mary E. Mullin
Secretary and Chief Legal Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Adviser and Administrator

Morgan Stanley Investment Management Inc.
1585 Broadway
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
1585 Broadway
New York, New York 10036

Dividend Disbursing and Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.
333 W 11th Street
Kansas City, Missouri 64105

Co-Transfer Agent

Eaton Vance Management
One Post Office Square
Suite 1600
Boston, Massachusetts 02109

Custodian

State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114

Legal Counsel

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

Counsel to the Independent Trustees

Morgan, Lewis & Bockius LLP
One State Street
Hartford, Connecticut 06103

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

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

Morgan Stanley Investment Management Inc.
1585 Broadway
New York, New York 10036

IFTMCGSAN
6574085 EXP 05.31.25

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Semi-Annual Report

March 31, 2024

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					9
Statement of Operations					10
Statements of Changes in Net Assets					11
Financial Highlights					12
Notes to Financial Statements					16
Liquidity Risk Management Program					24
Important Notices					25
U.S. Customer Privacy Notice					26
Trustees and Officers Information					29

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Shareholders' Letter

Dear Shareholders,

We are pleased to provide this semi-annual report, in which you will learn how your investment in Dynamic Value Portfolio (the "Fund") performed during the latest six-month period.

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

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2024

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Expense Example

Dynamic Value Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2024 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/23		Actual Ending Account Value 3/31/24		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Dynamic Value Portfolio Class I	$	1,000.00	$	1,183.00	$	1,022.35	$	2.89	$	2.68		0.53	%
Dynamic Value Portfolio Class A		1,000.00		1,181.90		1,020.70		4.69		4.34		0.86
Dynamic Value Portfolio Class C		1,000.00		1,176.60		1,016.85		8.87		8.22		1.63
Dynamic Value Portfolio Class R6		1,000.00		1,184.10		1,022.60		2.62		2.43		0.48

Refer to Note B in the Notes to Financial Statements for discussion of prior period transfer agency and sub transfer agency fees that were reimbursed in the current period.

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments

Dynamic Value Portfolio

	Shares		Value (000)
Common Stocks (94.6%)
Aerospace & Defense (1.0%)
Huntington Ingalls Industries, Inc.		2,264	$	660
Textron, Inc.		7,161		687
				1,347
Air Freight & Logistics (0.4%)
FedEx Corp.		2,104		610
Automobile Components (0.3%)
Phinia, Inc.		10,706		411
Automobiles (0.6%)
Ford Motor Co.		32,083		426
General Motors Co.		9,908		449
				875
Banks (6.3%)
Bank OZK		28,115		1,278
Columbia Banking System, Inc.		62,576		1,211
Comerica, Inc.		23,310		1,282
First Citizens BancShares, Inc., Class A		779		1,274
M&T Bank Corp.		8,419		1,224
Webster Financial Corp.		24,816		1,260
Western Alliance Bancorp		20,549		1,319
				8,848
Beverages (0.5%)
Molson Coors Beverage Co., Class B		10,626		715
Biotechnology (1.8%)
Biogen, Inc. (a)		3,876		836
Gilead Sciences, Inc.		11,738		860
United Therapeutics Corp. (a)		3,570		820
				2,516
Broadline Retail (0.4%)
Kohl's Corp.		9,820		286
Nordstrom, Inc.		13,991		284
				570
Building Products (1.0%)
Johnson Controls International PLC		10,597		692
Owens Corning		4,118		687
				1,379
Capital Markets (3.8%)
Affiliated Managers Group, Inc.		5,313		890
Bank of New York Mellon Corp.		15,233		878
Franklin Resources, Inc.		30,148		847
Invesco Ltd.		53,891		894
State Street Corp.		11,579		895
Virtu Financial, Inc., Class A		43,754		898
				5,302

	Shares		Value (000)
Chemicals (2.1%)
Celanese Corp.		3,618	$	622
CF Industries Holdings, Inc.		6,632		552
FMC Corp.		8,872		565
LyondellBasell Industries NV, Class A		5,634		576
Mosaic Co.		18,062		586
				2,901
Commercial Services & Supplies (0.2%)
Vestis Corp.		15,396		297
Construction & Engineering (1.0%)
MDU Resources Group, Inc.		28,636		722
Valmont Industries, Inc.		3,051		696
				1,418
Consumer Finance (3.1%)
Ally Financial, Inc.		22,026		894
Capital One Financial Corp.		5,985		891
OneMain Holdings, Inc.		17,251		881
SLM Corp.		40,001		872
Synchrony Financial		19,467		840
				4,378
Consumer Staples Distribution & Retail (1.6%)
Kroger Co.		13,546		774
Performance Food Group Co. (a)		9,947		742
Walgreens Boots Alliance, Inc.		35,210		764
				2,280
Containers & Packaging (2.1%)
Berry Global Group, Inc.		9,363		566
Graphic Packaging Holding Co.		20,353		594
International Paper Co.		15,678		612
Silgan Holdings, Inc.		12,723		618
Sonoco Products Co.		9,829		568
				2,958
Distributors (0.2%)
LKQ Corp.		4,799		256
Diversified Consumer Services (0.2%)
ADT, Inc.		45,567		306
Diversified REITs (0.4%)
WP Carey, Inc. REIT		9,274		523
Diversified Telecommunication Services (1.5%)
AT&T, Inc.		118,676		2,089
Electric Utilities (1.6%)
Hawaiian Electric Industries, Inc.		63,853		720
OGE Energy Corp.		21,291		730
Pinnacle West Capital Corp.		10,162		759
				2,209
Electrical Equipment (0.5%)
Sensata Technologies Holding PLC		18,395		676

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

	Shares		Value (000)
Electronic Equipment, Instruments & Components (1.5%)
Arrow Electronics, Inc. (a)		4,262	$	552
Avnet, Inc.		11,107		550
Jabil, Inc.		3,507		470
TD Synnex Corp.		5,075		574
				2,146
Energy Equipment & Services (1.0%)
NOV, Inc.		72,118		1,408
Entertainment (0.3%)
Playtika Holding Corp.		61,556		434
Financial Services (2.0%)
Corebridge Financial, Inc.		33,558		964
MGIC Investment Corp.		40,116		897
Voya Financial, Inc.		12,060		892
				2,753
Food Products (3.2%)
Archer-Daniels-Midland Co.		12,208		767
Bunge Global SA		7,438		763
Conagra Brands, Inc.		24,498		726
Darling Ingredients, Inc. (a)		15,907		740
Kraft Heinz Co.		20,136		743
Seaboard Corp.		216		696
				4,435
Gas Utilities (1.0%)
National Fuel Gas Co.		13,954		749
UGI Corp.		28,187		692
				1,441
Ground Transportation (0.8%)
Hertz Global Holdings, Inc. (a)		68,309		535
U-Haul Holding Co.		8,207		547
				1,082
Health Care Equipment & Supplies (1.5%)
Envista Holdings Corp. (a)		31,923		682
Integra LifeSciences Holdings Corp. (a)		19,129		678
QuidelOrtho Corp. (a)		14,661		703
				2,063
Health Care Providers & Services (4.6%)
Centene Corp. (a)		8,943		702
Cigna Group		1,996		725
CVS Health Corp.		9,125		728
Elevance Health, Inc.		1,358		704
Henry Schein, Inc. (a)		9,223		696
Premier, Inc., Class A		32,252		713
Quest Diagnostics, Inc.		5,291		704
Tenet Healthcare Corp. (a)		6,866		722
Universal Health Services, Inc., Class B		3,928		717
				6,411
Health Care REITs (0.4%)
Medical Properties Trust, Inc. REIT		124,348		584

	Shares		Value (000)
Hotels, Restaurants & Leisure (1.6%)
Aramark		9,220	$	300
Boyd Gaming Corp.		4,750		320
Caesars Entertainment, Inc. (a)		7,120		311
Expedia Group, Inc. (a)		2,202		303
Marriott Vacations Worldwide Corp.		3,147		339
Penn Entertainment, Inc. (a)		15,738		287
Travel & Leisure Co.		6,655		326
				2,186
Household Durables (1.1%)
Lennar Corp., Class B		2,296		354
Mohawk Industries, Inc. (a)		2,880		377
PulteGroup, Inc.		3,072		371
Whirlpool Corp.		3,196		382
				1,484
Household Products (0.9%)
Reynolds Consumer Products, Inc.		41,963		1,198
Independent Power & Renewable Electricity Producers (1.7%)
AES Corp.		45,146		809
Clearway Energy, Inc., Class A		35,363		761
Clearway Energy, Inc., Class C		33,056		762
				2,332
Industrial Conglomerates (0.5%)
3M Co.		6,655		706
Information Technology Services (1.8%)
Akamai Technologies, Inc. (a)		2,895		315
Amdocs Ltd.		3,408		308
Cognizant Technology Solutions Corp., Class A		4,124		302
DXC Technology Co. (a)		15,065		320
GoDaddy, Inc., Class A (a)		2,705		321
International Business Machines Corp.		1,607		307
Kyndryl Holdings, Inc. (a)		14,261		310
Twilio, Inc., Class A (a)		5,110		312
				2,495
Insurance (3.8%)
American International Group, Inc.		8,507		665
Arch Capital Group Ltd. (a)		7,102		656
Axis Capital Holdings Ltd.		10,378		675
CNA Financial Corp.		14,552		661
Everest Group Ltd.		1,684		669
Loews Corp.		8,472		663
RenaissanceRe Holdings Ltd.		2,735		643
Unum Group		12,687		681
				5,313
Life Sciences Tools & Services (0.7%)
Fortrea Holdings, Inc. (a)		23,185		931

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

	Shares		Value (000)
Machinery (4.5%)
Agco Corp.		5,791	$	712
Allison Transmission Holdings, Inc.		8,710		707
CNH Industrial NV		54,787		710
Deere & Co.		1,762		724
Gates Industrial Corp. PLC (a)		38,437		681
Middleby Corp. (a)		4,221		679
Oshkosh Corp.		5,732		715
PACCAR, Inc.		5,723		709
Timken Co.		7,588		663
				6,300
Media (2.5%)
Cable One, Inc.		939		397
Charter Communications, Inc., Class A (a)		1,486		432
Comcast Corp., Class A		10,135		439
Fox Corp., Class B		16,312		467
Interpublic Group of Cos., Inc.		13,446		439
Liberty Media Corp.-Liberty SiriusXM, Class A (a)		14,570		433
Liberty Media Corp.-Liberty SiriusXM, Class C (a)		14,618		434
Nexstar Media Group, Inc., Class A		2,647		456
				3,497
Metals & Mining (0.5%)
Cleveland-Cliffs, Inc. (a)		27,672		629
Mortgage Real Estate Investment (1.2%)
Rithm Capital Corp. REIT		75,506		843
Starwood Property Trust, Inc. REIT		41,097		835
				1,678
Office REITs (1.6%)
Cousins Properties, Inc. REIT		22,715		546
Highwoods Properties, Inc. REIT		21,508		563
Kilroy Realty Corp. REIT		15,002		547
NET Lease Office Properties REIT		22,266		530
				2,186
Oil, Gas & Consumable Fuels (6.1%)
APA Corp.		41,036		1,411
HF Sinclair Corp.		22,904		1,383
Marathon Oil Corp.		51,340		1,455
Marathon Petroleum Corp.		7,120		1,434
Ovintiv, Inc.		25,357		1,316
Valero Energy Corp.		8,560		1,461
				8,460
Passenger Airlines (1.3%)
Alaska Air Group, Inc. (a)		13,853		596
Delta Air Lines, Inc.		12,508		599
United Airlines Holdings, Inc. (a)		12,684		607
				1,802
Personal Care Products (0.9%)
Olaplex Holdings, Inc. (a)		660,695		1,268

	Shares		Value (000)
Pharmaceuticals (4.5%)
Bristol-Myers Squibb Co.		16,200	$	879
Jazz Pharmaceuticals PLC (a)		7,611		916
Organon & Co.		48,236		907
Perrigo Co. PLC		28,847		929
Pfizer, Inc.		31,463		873
Royalty Pharma PLC, Class A		29,037		882
Viatris, Inc.		73,073		872
				6,258
Professional Services (1.3%)
Clarivate PLC (a)		40,780		303
Concentrix Corp.		4,559		302
Dun & Bradstreet Holdings, Inc.		27,472		276
Genpact Ltd.		8,488		279
ManpowerGroup, Inc.		3,876		301
SS&C Technologies Holdings, Inc.		4,598		296
				1,757
Real Estate Management & Development (0.3%)
Jones Lang LaSalle, Inc. (a)		2,476		483
Residential REITs (0.4%)
Apartment Income Corp. REIT		16,648		541
Retail REITs (0.4%)
Kimco Realty Corp. REIT		27,375		537
Semiconductors & Semiconductor Equipment (3.5%)
Cirrus Logic, Inc. (a)		9,007		834
First Solar, Inc. (a)		5,282		892
GLOBALFOUNDRIES, Inc. (a)		15,590		812
ON Semiconductor Corp. (a)		10,193		750
QUALCOMM, Inc.		4,864		823
Skyworks Solutions, Inc.		7,701		834
				4,945
Software (1.6%)
Dolby Laboratories, Inc., Class A		3,789		318
Dropbox, Inc., Class A (a)		13,334		324
Gen Digital, Inc.		14,345		321
NCR Voyix Corp. (a)		25,128		317
RingCentral, Inc., Class A (a)		8,748		304
Teradata Corp. (a)		8,343		323
Zoom Video Communications, Inc., Class A (a)		4,549		297
				2,204
Specialized REITs (1.1%)
EPR Properties REIT		12,351		525
Gaming and Leisure Properties, Inc. REIT		11,358		523
VICI Properties, Inc. REIT		17,926		534
				1,582

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

	Shares		Value (000)
Specialty Retail (1.0%)
AutoNation, Inc. (a)		1,665	$	276
Best Buy Co., Inc.		3,221		264
Lithia Motors, Inc., Class A		871		262
Penske Automotive Group, Inc.		1,620		262
Victoria's Secret & Co. (a)		13,339		259
				1,323
Tech Hardware, Storage & Peripherals (0.7%)
Hewlett Packard Enterprise Co.		29,063		515
HP, Inc.		17,199		520
				1,035
Textiles, Apparel & Luxury Goods (0.7%)
Under Armour, Inc., Class A (a)		42,587		314
Under Armour, Inc., Class C (a)		44,228		316
VF Corp.		22,113		339
				969
Trading Companies & Distributors (1.5%)
Air Lease Corp.		14,415		742
MSC Industrial Direct Co., Inc., Class A		6,779		658
WESCO International, Inc.		4,054		694
				2,094
Total Common Stocks (Cost $121,118)				131,814

	Shares		Value (000)
Short-Term Investment (5.2%)
Investment Company (5.2%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 5.22% (See Note G) (Cost $7,228)		7,227,831	$	7,228
Total Investments (99.8%) (Cost $128,346) (b)(c)				139,042
Other Assets in Excess of Liabilities (0.2%)				334
Net Assets (100.0%)			$	139,376

(a) Non-income producing security.

(b) Securities are available for collateral in connection with purchase of swap agreements.

(c) At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $15,365,000 and the aggregate gross unrealized depreciation is approximately $4,131,000, resulting in net unrealized appreciation of approximately $11,234,000.

REIT Real Estate Investment Trust.

Total Return Swap Agreements:

The Fund had the following total return swap agreements open at March 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)
JPMorgan Chase Bank NA	JPM Russell 1000 Anti-Value Index^††	Pay	SOFR + 0.15%	Quarterly	3/17/25	$	20,020		$	(184	)	$	—	$	(184	)
JPMorgan Chase Bank NA	JPM Russell 1000 Value Index^††	Receive	SOFR + 0.15%	Quarterly	3/17/25		(26,745	)		722			—		722
									$	538		$	—	$	538

†† 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 JPM Russell 1000 Anti-Value Index as of March 31, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
JPM Russell 1000 Anti-Value Index
Alcoa Corp.		1,519	$	51		0.04	%
Allstate Corp.		292		51		0.04
Amphenol Corp.		421		49		0.03
Aon PLC		145		48		0.03
Blackstone, Inc.		370		49		0.03
Boeing Co.		254		49		0.04
Burlington Stores, Inc.		211		49		0.04
CAVA Group. Inc.		709		50		0.04
Chipotle Mexican Grill, Inc.		17		50		0.04
Cintas Corp.		75		51		0.04

Security Description	Shares		Value (000)		Percentage of Net Assets
JPM Russell 1000 Anti-Value Index (cont'd)
Constellation Energy Corp.		277	$	51		0.04	%
Costar Group, Inc.		528		51		0.04
Dexcom, Inc.		350		49		0.03
Domino's Pizza, Inc.		103		51		0.04
Doordash, Inc.		352		48		0.03
Draftkings, Inc.		1,089		49		0.04
Eaton Corp. PLC		155		49		0.03
Freshpet, Inc.		419		49		0.03
Gitlab, Inc.		829		48		0.03
Howmet Aerospace, Inc.		710		49		0.03
Ingersoll Rand, Inc.		514		49		0.03
Inspire Medical Systems, Inc.		244		52		0.04
JPMorgan Chase & Co.		243		49		0.03
Keycorp		3,113		49		0.04

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets
JPM Russell 1000 Anti-Value Index (cont'd)
Lyft, Inc.		2,542	$	49		0.04	%
Maplebear, Inc.		1,324		49		0.04
Nextera Energy, Inc.		781		50		0.04
Novocure Ltd.		3,106		49		0.03
NRG Energy, Inc.		741		50		0.04
Progressive Corp.		234		48		0.03
Quantumscape Corp.		7,830		49		0.04
Robinhood Markets, Inc.		2,707		55		0.04
Sarepta Therapeutics, Inc.		381		49		0.04
Schlumberger NV		887		49		0.03
Shockwave Medical, Inc.		172		56		0.04
Southern Copper Corp.		486		52		0.04
Spirit Aerosystems Holdings, Inc.		1,467		53		0.04
SSR Mining, Inc.		11,163		50		0.04
Tandem Diabetes Care, Inc.		1,598		57		0.04
Targa Resources Corp.		436		49		0.04
Technipfmc PLC		2,029		51		0.04
Texas Pacific Land Corp.		87		50		0.04
Trade Desk, Inc.		577		50		0.04
Trane Technologies PLC		162		49		0.03
Truist Financial Corp.		1,270		50		0.04
Vertiv Holdings Co.		636		52		0.04
Wayfair, Inc.		721		49		0.04
Williams Cos, Inc.		1,258		49		0.04
Wingstop, Inc.		134		49		0.04
Wolfspeed, Inc.		1,667		49		0.04

The following table represents the equity basket top 50 individual holdings underlying the total return swap with JPM Russell 1000 Value Index as of March 31, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
JPM Russell 1000 Value Index
AES Corp.		4,060	$	73		0.05	%
Affiliated Managers Group, Inc.		479		80		0.06
Ally Financial, Inc.		2,010		82		0.06
APA Corp.		3,791		130		0.09
AT&T, Inc.		11,712		206		0.15
Bank of New York Mellon Corp.		1,387		80		0.06
Bank OZK		2,660		121		0.09
Biogen, Inc.		358		77		0.06
Bristol-Myers Squibb Co.		1,517		82		0.06

Security Description	Shares		Value (000)		Percentage of Net Assets
JPM Russell 1000 Value Index (cont'd)
Capital One Financial Corp.		547	$	81		0.06	%
Cirrus Logic, Inc.		840		78		0.06
Columbia Banking System, Inc.		5,949		115		0.08
Comerica, Inc.		2,217		122		0.09
Corebridge Financial, Inc.		3,096		89		0.06
First Citizens Bancshares, Inc.		74		122		0.09
First Solar, Inc.		486		82		0.06
Fortrea Holdings, Inc.		2,071		83		0.06
Franklin Resources, Inc.		2,753		77		0.06
Gilead Sciences, Inc.		1,070		78		0.06
Globalfoundries, Inc.		1,435		75		0.05
HF Sinclair Corp.		2,091		126		0.09
Invesco Ltd.		4,878		81		0.06
Jazz Pharmaceuticals PLC		689		83		0.06
M&T Bank Corp.		798		116		0.08
Marathon Oil Corp.		4,775		135		0.10
Marathon Petroleum Corp.		656		132		0.09
MGIC Investment Corp.		3,651		82		0.06
National Oilwell Varco, Inc.		6,709		131		0.09
Olaplex Holdings, Inc.		60,174		116		0.08
Onemain Holdings, Inc.		1,572		80		0.06
Organon & Co.		4,404		83		0.06
Ovintiv, Inc.		2,395		124		0.09
Perrigo Co. PLC		2,614		84		0.06
Pfizer, Inc.		2,858		79		0.06
Qualcomm, Inc.		455		77		0.06
Reynolds Consumer Products, Inc.		3,980		114		0.08
Rithm Capital Corp.		6,888		77		0.06
Royalty Pharma PLC		2,699		82		0.06
Skyworks Solutions, Inc.		715		77		0.06
SLM Corp.		3,650		80		0.06
Starwood Property Trust, Inc.		3,753		76		0.05
State Street Corp.		1,050		81		0.06
Synchrony Financial		1,767		76		0.05
United Therapeutics Corp.		335		77		0.06
Valero Energy Corp.		778		133		0.10
Viatris, Inc.		6,703		80		0.06
Virtu Financial, Inc.		4,018		82		0.06
Voya Financial, Inc.		1,086		80		0.06
Webster Financial Corp.		2,336		119		0.09
Western Alliance Bancorp.		1,949		125		0.09

SOFR Secured Overnight Financing Rate.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		82.3	%
Banks		6.4
Oil, Gas & Consumable Fuels		6.1
Investment Companies		5.2
Total Investments		100.0	%**

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

** Does not include an open swap agreement with net unrealized appreciation of approximately $538,000.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Dynamic Value Portfolio

Statement of Assets and Liabilities	March 31, 2024 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $121,118)	$	131,814
Investment in Security of Affiliated Issuer, at Value (Cost $7,228)		7,228
Total Investments in Securities, at Value (Cost $128,346)		139,042
Cash		41
Unrealized Appreciation on Swap Agreements		722
Dividends Receivable		199
Receivable from Affiliate		29
Other Assets		77
Total Assets		140,110
Liabilities:
Due to Broker		400
Unrealized Depreciation on Swap Agreements		184
Payable for Advisory Fees		67
Payable for Professional Fees		52
Payable for Administration Fees		9
Payable for Custodian Fees		6
Payable for Sub Transfer Agency Fees — Class I		1
Payable for Sub Transfer Agency Fees — Class A		—	@
Payable for Sub Transfer Agency Fees — Class C		—	@
Payable for Shareholder Services Fees — Class A		1
Payable for Distribution and Shareholder Services Fees — Class C		—	@
Payable for Transfer Agency Fees — Class I		—	@
Payable for Transfer Agency Fees — Class A		—	@
Payable for Transfer Agency Fees — Class C		—	@
Payable for Transfer Agency Fees — Class R6		—	@
Other Liabilities		14
Total Liabilities		734
Net Assets	$	139,376
Net Assets Consist of:
Paid-in-Capital	$	127,061
Total Distributable Earnings		12,315
Net Assets	$	139,376
CLASS I:
Net Assets	$	6,951
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		584,428
Net Asset Value, Offering and Redemption Price Per Share	$	11.89
CLASS A:
Net Assets	$	2,621
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		221,484
Net Asset Value, Redemption Price Per Share	$	11.84
Maximum Sales Load		5.25	%
Maximum Sales Charge	$	0.66
Maximum Offering Price Per Share	$	12.50
CLASS C:
Net Assets	$	345
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		29,067
Net Asset Value, Offering and Redemption Price Per Share	$	11.86
CLASS R6:
Net Assets	$	129,459
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		10,888,209
Net Asset Value, Offering and Redemption Price Per Share	$	11.89

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Dynamic Value Portfolio

Statement of Operations	Six Months Ended March 31, 2024 (000)
Investment Income:
Dividends from Securities of Unaffiliated Issuers	$	1,729
Dividends from Security of Affiliated Issuer (Note G)		170
Total Investment Income		1,899
Expenses:
Advisory Fees (Note B)		221
Professional Fees		67
Administration Fees (Note C)		50
Registration Fees		22
Custodian Fees (Note F)		15
Shareholder Reporting Fees		11
Pricing Fees		8
Shareholder Services Fees — Class A (Note D)		3
Distribution and Shareholder Services Fees — Class C (Note D)		1
Transfer Agency Fees — Class I (Note E)		1
Transfer Agency Fees — Class A (Note E)		1
Transfer Agency Fees — Class C (Note E)		1
Transfer Agency Fees — Class R6 (Note E)		1
Trustees' Fees and Expenses		2
Sub Transfer Agency Fees — Class I		2
Sub Transfer Agency Fees — Class A		—	@
Sub Transfer Agency Fees — Class C		—	@
Other Expenses		11
Total Expenses		417
Waiver of Advisory Fees (Note B)		(91	)
Reimbursement of Transfer Agency and Sub Transfer Agency Fees (Note B)		(8	)
Rebate from Morgan Stanley Affiliate (Note G)		(5	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class R6 (Note B)		(1	)
Net Expenses		310
Net Investment Income		1,589
Realized Gain (Loss):
Investments Sold		7,340
Swap Agreements		(2,126	)
Net Realized Gain		5,214
Change in Unrealized Appreciation (Depreciation):
Investments		13,321
Swap Agreements		1,503
Net Change in Unrealized Appreciation (Depreciation)		14,824
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		20,038
Net Increase in Net Assets Resulting from Operations	$	21,627

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Dynamic Value Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2024 (unaudited) (000)			Year Ended September 30, 2023 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	1,589		$	2,973
Net Realized Gain (Loss)		5,214			(3,714	)
Net Change in Unrealized Appreciation (Depreciation)		14,824			15,470
Net Increase in Net Assets Resulting from Operations		21,627			14,729
Dividends and Distributions to Shareholders:
Class I		(138	)		(269	)
Class A		(47	)		(89	)
Class C		—			(76	)
Class R6		(2,694	)		(3,015	)
Total Dividends and Distributions to Shareholders		(2,879	)		(3,449	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		93			2,201
Distributions Reinvested		138			269
Redeemed		(3,602	)		(3,914	)
Class A:
Subscribed		198			3,200
Distributions Reinvested		47			89
Redeemed		(319	)		(2,328	)
Class C:
Subscribed		70			935
Distributions Reinvested		—			76
Redeemed		(18	)		(2,639	)
Class R6:
Subscribed		—			7,364
Distributions Reinvested		2,694			3,015
Redeemed		—			(20	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(699	)		8,248
Total Increase in Net Assets		18,049			19,528
Net Assets:
Beginning of Period		121,327			101,799
End of Period	$	139,376		$	121,327
(1) Capital Share Transactions:
Class I:
Shares Subscribed		8			202
Shares Issued on Distributions Reinvested		13			25
Shares Redeemed		(350	)		(369	)
Net Decrease in Class I Shares Outstanding		(329	)		(142	)
Class A:
Shares Subscribed		19			301
Shares Issued on Distributions Reinvested		4			8
Shares Redeemed		(30	)		(230	)
Net Increase (Decrease) in Class A Shares Outstanding		(7	)		79
Class C:
Shares Subscribed		7			92
Shares Issued on Distributions Reinvested		—			7
Shares Redeemed		(2	)		(265	)
Net Increase (Decrease) in Class C Shares Outstanding		5			(166	)
Class R6:
Shares Subscribed		—			743
Shares Issued on Distributions Reinvested		252			285
Shares Redeemed		—			(2	)
Net Increase in Class R6 Shares Outstanding		252			1,026

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

Dynamic Value Portfolio

	Class I
	Six Months Ended March 31, 2024			Year Ended September 30,						Period from March 19, 2021⁽¹⁾ to
Selected Per Share Data and Ratios	(unaudited)			2023			2022			September 30, 2021
Net Asset Value, Beginning of Period	$	10.28		$	9.26		$	10.44		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.13			0.26			0.22			0.11
Net Realized and Unrealized Gain (Loss)		1.72			1.07			(0.94	)		0.33
Total from Investment Operations		1.85			1.33			(0.72	)		0.44
Distributions from and/or in Excess of:
Net Investment Income		(0.24	)		(0.30	)		(0.17	)		—
Net Realized Gain		—			(0.01	)		(0.29	)		—
Total Distributions		(0.24	)		(0.31	)		(0.46	)		—
Net Asset Value, End of Period	$	11.89		$	10.28		$	9.26		$	10.44
Total Return⁽³⁾		18.30	%⁽⁴⁾⁽⁵⁾		14.30	%		(7.26	)%		4.40	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	6,951		$	9,387		$	9,763		$	10,295
Ratio of Expenses Before Expense Limitation		0.73	%⁽⁶⁾		0.82	%		1.51	%		6.44	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		0.53	%^(6)(7)(8)		0.54	%⁽⁸⁾		0.51	%⁽⁸⁾		0.53	%⁽⁶⁾⁽⁸⁾
Ratio of Net Investment Income		2.48	%^(6)(7)(8)		2.44	%⁽⁸⁾		2.00	%⁽⁸⁾		1.95	%⁽⁶⁾⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁶⁾		0.01	%		0.01	%		0.00	%⁽⁶⁾⁽⁹⁾
Portfolio Turnover Rate		96	%⁽⁵⁾		178	%		125	%		82	%⁽⁵⁾

(1) Commencement of Operations.

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

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

(4) Refer to Note B in the Notes to Financial Statements for discussion of prior period transfer agency and sub transfer agency fees that were reimbursed in the current period. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(5) Not annualized.

(6) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					0.54	%			2.47	%

(9) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

Dynamic Value Portfolio

	Class A
	Six Months Ended March 31, 2024			Year Ended September 30,						Period from March 19, 2021⁽¹⁾ to
Selected Per Share Data and Ratios	(unaudited)			2023			2022			September 30, 2021
Net Asset Value, Beginning of Period	$	10.21		$	9.22		$	10.42		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.12			0.22			0.19			0.10
Net Realized and Unrealized Gain (Loss)		1.71			1.08			(0.95	)		0.32
Total from Investment Operations		1.83			1.30			(0.76	)		0.42
Distributions from and/or in Excess of:
Net Investment Income		(0.20	)		(0.30	)		(0.15	)		—
Net Realized Gain		—			(0.01	)		(0.29	)		—
Total Distributions		(0.20	)		(0.31	)		(0.44	)		—
Net Asset Value, End of Period	$	11.84		$	10.21		$	9.22		$	10.42
Total Return⁽³⁾		18.19	%⁽⁴⁾⁽⁵⁾		13.96	%		(7.70	)%		4.20	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	2,621		$	2,329		$	1,379		$	27
Ratio of Expenses Before Expense Limitation		1.03	%⁽⁶⁾		1.20	%		2.18	%		13.65	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		0.86	%^(6)(7)(8)		0.89	%⁽⁸⁾		0.89	%⁽⁸⁾		0.90	%⁽⁶⁾⁽⁸⁾
Ratio of Net Investment Income		2.15	%^(6)(7)(8)		2.09	%⁽⁸⁾		1.81	%⁽⁸⁾		1.84	%⁽⁶⁾⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁶⁾		0.01	%		0.01	%		0.00	%⁽⁶⁾⁽⁹⁾
Portfolio Turnover Rate		96	%⁽⁵⁾		178	%		125	%		82	%⁽⁵⁾

(1) Commencement of Operations.

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

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

(5) Not annualized.

(6) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					0.88	%			2.13	%

(9) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

Dynamic Value Portfolio

	Class C
	Six Months Ended March 31, 2024			Year Ended September 30,						Period from March 19, 2021⁽¹⁾ to
Selected Per Share Data and Ratios	(unaudited)			2023			2022			September 30, 2021
Net Asset Value, Beginning of Period	$	10.08		$	9.14		$	10.38		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.07			0.14			0.11			0.06
Net Realized and Unrealized Gain (Loss)		1.71			1.09			(0.93	)		0.32
Total from Investment Operations		1.78			1.23			(0.82	)		0.38
Distributions from and/or in Excess of:
Net Investment Income		—			(0.28	)		(0.13	)		—
Net Realized Gain		—			(0.01	)		(0.29	)		—
Total Distributions		—			(0.29	)		(0.42	)		—
Net Asset Value, End of Period	$	11.86		$	10.08		$	9.14		$	10.38
Total Return⁽³⁾		17.66	%⁽⁴⁾⁽⁵⁾		13.31	%		(8.32	)%		3.80	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	345		$	247		$	1,736		$	34
Ratio of Expenses Before Expense Limitation		2.54	%⁽⁶⁾		2.02	%		2.77	%		15.35	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		1.63	%^(6)(7)(8)		1.64	%⁽⁸⁾		1.64	%⁽⁸⁾		1.65	%⁽⁶⁾⁽⁸⁾
Ratio of Net Investment Income		1.38	%^(6)(7)(8)		1.34	%⁽⁸⁾		1.06	%⁽⁸⁾		1.04	%⁽⁶⁾⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁶⁾		0.01	%		0.01	%		0.00	%⁽⁶⁾⁽⁹⁾
Portfolio Turnover Rate		96	%⁽⁵⁾		178	%		125	%		82	%⁽⁵⁾

(1) Commencement of Operations.

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

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

(5) Not annualized.

(6) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					1.64	%			1.37	%

(9) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

Dynamic Value Portfolio

	Class R6⁽¹⁾
	Six Months Ended March 31, 2024			Year Ended September 30,						Period from March 19, 2021⁽²⁾ to
Selected Per Share Data and Ratios	(unaudited)			2023			2022			September 30, 2021
Net Asset Value, Beginning of Period	$	10.28		$	9.25		$	10.44		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.14			0.26			0.29			0.11
Net Realized and Unrealized Gain (Loss)		1.72			1.09			(1.02	)		0.33
Total from Investment Operations		1.86			1.35			(0.73	)		0.44
Distributions from and/or in Excess of:
Net Investment Income		(0.25	)		(0.31	)		(0.17	)		—
Net Realized Gain		—			(0.01	)		(0.29	)		—
Total Distributions		(0.25	)		(0.32	)		(0.46	)		—
Net Asset Value, End of Period	$	11.89		$	10.28		$	9.25		$	10.44
Total Return⁽⁴⁾		18.41	%⁽⁵⁾⁽⁶⁾		14.43	%		(7.35	)%		4.40	%⁽⁶⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	129,459		$	109,364		$	88,921		$	10
Ratio of Expenses Before Expense Limitation		0.65	%⁽⁷⁾		0.75	%		1.49	%		25.05	%⁽⁷⁾
Ratio of Expenses After Expense Limitation		0.48	%^(7)(8)(9)		0.49	%⁽⁹⁾		0.49	%⁽⁹⁾		0.50	%⁽⁷⁾⁽⁹⁾
Ratio of Net Investment Income		2.53	%^(7)(8)(9)		2.49	%⁽⁹⁾		2.85	%⁽⁹⁾		1.98	%⁽⁷⁾⁽⁹⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁷⁾		0.01	%		0.01	%		0.00	%^(7)(10)
Portfolio Turnover Rate		96	%⁽⁶⁾		178	%		125	%		82	%⁽⁶⁾

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2) Commencement of Operations.

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

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

(5) Refer to Note B in the Notes to Financial Statements for discussion of prior period transfer agency and sub transfer agency fees that were reimbursed in the current period. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(6) Not annualized.

(7) Annualized.

(8) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income, would have been as follows for Class R6 shares:

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					0.49	%			2.52	%

(10) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements

The accompanying financial statements relate to the Dynamic Value Portfolio. The Fund seeks capital appreciation. The Fund has issued four classes of shares — Class I, Class A, Class C and Class R6.

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; (3) 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"), 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; (4) 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. Total return swaps may also be fair valued using direct accrual/return calculations if prices on the reference asset on the total return leg of the swap are available from a pricing service/vendor for such instrument. In the event that the reference asset on the total return leg of the swap is a benchmark index, then price of such reference asset may be obtained from a pricing service provider or from the benchmark index sponsor; (5) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Each business day, the Fund uses a third-party pricing service approved by the Directors to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

value as of the close of regular trading on the NYSE; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

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

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

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

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Common Stocks	$	131,814	⁽¹⁾	$	—		$	—	$	131,814
Short-Term Investment
Investment Company		7,228			—			—		7,228
Total Return Swap Agreement		—			722			—		722
Total Assets		139,042			722			—		139,764
Liabilities:
Total Return Swap Agreement		—			(184	)		—		(184	)
Total	$	139,042		$	538		$	—	$	139,580

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

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

3. Derivatives: The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

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

Swaps: The Fund may enter into OTC swap contracts or cleared swap transactions. A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indices, reference rates, currencies or other instruments. Typically swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Fund's obligations or rights under a

swap contract entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each party. Cleared swap transactions may help reduce counterparty credit risk. In a cleared swap, the Fund's ultimate counterparty is a clearinghouse rather than a swap dealer, bank or other financial institution. OTC swap agreements are not entered into or traded on exchanges and often there is no central clearing or guaranty function for OTC swaps. These OTC swaps are often subject to credit risk or the risk of default or non-performance by the counterparty. Both OTC and cleared swaps could result in losses if interest rates, foreign currency exchange rates or other factors are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected. During the period swap agreements are open, payments are received from or made to the counterparty or clearing-house based on changes in the value of the contract or variation margin, respectively. The Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulatory developments require the clearing and exchange-trading of certain standardized swap transactions. Mandatory exchange-trading and clearing is occurring on a phased-in basis based on the type of market participant and U.S. Commodities Futures Trading Commission ("CFTC") approval of contracts for central clearing and exchange trading.

The Fund may enter into total return swaps in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include, but not be limited to, a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swaps may be used to obtain long or short exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Total return swaps may effectively add leverage to the Fund's portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. Total return swaps are subject to the risk that a counterparty will default on its payment obligations to the Fund thereunder, and conversely, that the Fund will not be able to meet its obligation to the counterparty.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

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

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

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of March 31, 2024:

Asset Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Swap Agreement

Unrealized Appreciation on
Swap Agreement

Equity Risk

722

Liability Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Swap Agreement

Unrealized Depreciation on
Swap Agreement

Equity Risk

(184

)

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Equity Risk	Swap Agreements	$	(2,126	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Equity Risk	Swap Agreements	$	1,503

At March 31, 2024, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Statement of Assets and Liabilities
Derivatives(a)	Assets(b) (000)		Liabilities(b) (000)
Swap Agreements	$	722	$	(184	)

(a) Excludes exchange-traded derivatives.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2024:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Statement of Assets and Liabilities (000)		Financial Instrument (000)			Collateral Received (000)			Net Amount (not less than $0) (000)
JPMorgan Chase Bank NA	$	722	$	(184	)	$	(400	)	$	138
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in the Statement of Assets and Liabilities (000)		Financial Instrument (000)			Collateral Pledged (000)			Net Amount (not less than $0) (000)
JPMorgan Chase Bank NA	$	184	$	(184	)	$	—		$	0

For the six months ended March 31, 2024, the approximate average monthly amount outstanding for each derivative type is as follows:

Swap Agreements:
Average monthly notional amount				$	31,842,000

4. Indemnifications: The Trust enters into contracts that contain a variety of indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

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

doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.55% for Class I shares, 0.90% for Class A shares, 1.65% for Class C shares and 0.50% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended March 31, 2024, approximately $91,000 of advisory fees were waived and approximately $3,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $115,249,000 and $119,428,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended March 31, 2024.

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 six months ended March 31, 2024, advisory fees paid were reduced by approximately $5,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended March 31, 2024 is as follows:

Affiliated Investment Company				Value September 30, 2023 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Fund				$	6,500			$	106,219			$	105,491			$	170

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value March 31, 2024 (000)
Liquidity Fund				$	—			$	—			$	7,228

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the six months ended March 31, 2024, the Fund did not engage in any cross-trade transactions.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

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

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Each of the tax years in the three-year period ended September 30, 2023, remains subject to examination by taxing authorities.

2023 Distributions Paid From:				2022 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	3,400	$	49	$	456	$	4

Permanent differences, due to a nondeductible expense, resulted in the following reclassifications among the components of net assets at September 30, 2023:

Total Accumulated Loss (000)				Paid-in- Capital (000)
$	2			$	(2	)

At September 30, 2023, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	1,307			$	—

At September 30, 2023, the Fund had available for federal income tax purposes unused short-term capital losses of approximately $796,000 that do not have an expiration date.

K. Market Risk: The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect markets generally,

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt the global economy and financial markets. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, and exacerbate pre-existing risks to the Fund. The occurrence, duration and extent of these or other types of adverse economic and market conditions and uncertainty over the long term cannot be reasonably projected or estimated at this time. The ultimate impact of public health emergencies or other adverse economic or market developments and the extent to which the associated conditions impact the Fund and its investments will also depend on other future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. The financial performance of the Fund's investments (and, in turn, the Fund's investment results) as well as their liquidity may be adversely affected because of these and similar types of factors and developments, which may in turn impact valuation, the Fund's ability to sell securities and/or its ability to meet redemptions.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Liquidity Risk Management Program

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Important Notices

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

Tailored Shareholder Reports

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice February 2024

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice (cont'd) February 2024

To limit our sharing				Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?				Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Who we are

Who is providing this notice?

Morgan Stanley Investment Management Inc. and its investment management affiliates ("MSIM") (See Affiliates definition below.)

What we do

How does MSIM protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?				We collect your personal information, for example, when you ◼ open an account or make deposits or withdrawals from your account ◼ buy securities from us or make a wire transfer ◼ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?				Federal law gives you the right to limit only ◼ sharing for affiliates' everyday business purposes — information about your creditworthiness ◼ affiliates from using your information to market to you ◼ sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.)
What happens when I limit sharing for an account I hold jointly with someone else?				Your choices will apply to everyone on your account.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice (cont'd) February 2024

Definitions

Affiliates				Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include registered investment advisers such as Eaton Vance Management and Calvert Research and Management, registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc., and registered and unregistered funds sponsored by Morgan Stanley Investment Management such as the registered funds within Morgan Stanley Institutional Fund, Inc. (together, the "Investment Management Affiliates"); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Barney LLC and Morgan Stanley & Co. (the, "Morgan Stanley Affiliates").
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between non-affiliated financial companies that together market financial products or services to you. ◼ MSIM doesn't jointly market

Other important information

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Trustees and Officers Information

Trustees

Frank L. Bowman
Frances L. Cashman
Kathleen A. Dennis
Nancy C. Everett
Eddie A. Grier
Jakki L. Haussler
Dr. Manuel H. Johnson
Michael F. Klein
Patricia A. Maleski
W. Allen Reed, Chair of the Board

Officers

Deidre A. Downes
Chief Compliance Officer

John H. Gernon
President and Principal Executive Officer

Michael J. Key
Vice President

Mary E. Mullin
Secretary and Chief Legal Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Adviser and Administrator

Morgan Stanley Investment Management Inc.
1585 Broadway
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
1585 Broadway
New York, New York 10036

Dividend Disbursing and Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.
333 W 11th Street
Kansas City, Missouri 64105

Co-Transfer Agent

Eaton Vance Management
One Post Office Square
Suite 1600
Boston, Massachusetts 02109

Custodian

State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114

Legal Counsel

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

Counsel to the Independent Trustees

Morgan, Lewis & Bockius LLP
One State Street
Hartford, Connecticut 06103

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

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

Morgan Stanley Investment Management Inc.
1585 Broadway
New York, New York 10036

IFTDYVSAN
6574220 EXP 05.31.25

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Semi-Annual Report

March 31, 2024

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Table of Contents

Shareholders' Letter					2
Consolidated Expense Example					3
Consolidated Portfolio of Investments					4
Consolidated Statement of Assets and Liabilities					31
Consolidated Statement of Operations					33
Consolidated Statements of Changes in Net Assets					34
Consolidated Financial Highlights					36
Notes to Consolidated Financial Statements					41
Liquidity Risk Management Program					54
Important Notices					55
U.S. Customer Privacy Notice					56
Trustees and Officers Information					59

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Shareholders' Letter

Dear Shareholders,

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

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

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2024

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Expense Example

Global Strategist Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2024 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/23		Actual Ending Account Value 3/31/24		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Global Strategist Portfolio Class I	$	1,000.00	$	1,132.90	$	1,021.70	$	3.52	$	3.34		0.66	%
Global Strategist Portfolio Class A		1,000.00		1,131.00		1,020.35		4.95		4.70		0.93
Global Strategist Portfolio Class L		1,000.00		1,128.50		1,017.75		7.72		7.31		1.45
Global Strategist Portfolio Class C		1,000.00		1,126.70		1,016.20		9.36		8.87		1.76
Global Strategist Portfolio Class R6		1,000.00		1,133.60		1,022.00		3.20		3.03		0.60

Refer to Note B in the Notes to Consolidated Financial Statements for discussion of prior period transfer agency and sub transfer agency fees that were reimbursed in the current period.

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (43.3%)
Agency Fixed Rate Mortgages (4.0%)
United States (4.0%)
Federal Home Loan Mortgage Corporation,
Conventional Pools:
2.50%, 4/1/52	$	2,452	$	1,973
4.50%, 1/1/49		58		56
Gold Pools:
3.50%, 1/1/44 - 6/1/45		447		409
4.50%, 1/1/49		15		15
6.50%, 5/1/32		19		20
7.50%, 5/1/35		1		1
Federal National Mortgage Association,
April TBA
2.00%, 4/1/54 (a)		1,350		1,068
3.00%, 4/1/54 (a)		300		258
3.50%, 4/1/54 (a)		960		859
4.00%, 4/1/54 (a)		1,000		926
4.50%, 4/1/54 (a)		1,120		1,067
5.00%, 4/1/54 (a)		2,860		2,792
5.50%, 4/1/54 (a)		1,500		1,493
6.00%, 4/1/54 (a)		2,030		2,050
Conventional Pools:
2.00%, 3/1/52		1,795		1,422
2.50%, 9/1/52		2,831		2,343
3.00%, 7/1/49 - 6/1/52		4,975		4,311
3.50%, 3/1/47 - 1/1/51		953		865
4.00%, 4/1/45 - 9/1/45		481		454
4.50%, 3/1/41 - 11/1/44		73		71
5.00%, 1/1/41 - 3/1/41		201		203
6.00%, 1/1/38		2		2
6.50%, 12/1/29		3		3
7.50%, 8/1/37		2		3
Government National Mortgage Association,
Various Pools:
4.00%, 8/20/41 - 11/20/42		116		111
4.50%, 6/20/49		24		23
5.00%, 2/20/49 - 6/20/49		58		58
5.50%, 8/15/39		14		15
				22,871
Asset-Backed Securities (0.6%)
United States (0.6%)
ACM Auto Trust, Class A
7.97%, 6/20/30 (b)		526		530
HGI CRE CLO Ltd.,
1 Month Term SOFR + 1.11%, 6.44%, 9/17/36 (b)(c)		274		273
Renaissance Home Equity Loan Trust,
1 Month Term SOFR + 0.87%, 6.20%, 12/25/32 (c)		475		435
Retained Vantage Data Centers Issuer LLC, Class A2A
5.00%, 9/15/48 (b)		700		678

	Face Amount (000)		Value (000)
SASCO Mortgage Loan Trust,
1 Month Term SOFR + 2.29%, 5.11%, 5/25/34 (c)	$	70	$	69
SLM Student Loan Trust,
3 Month EURIBOR + 0.55%, 4.50%, 7/25/39 (c)	EUR	267		274
VINE Trust, Class A
4.75%, 12/17/40 (b)	$	1,000		963
				3,222
Commercial Mortgage-Backed Securities (0.6%)
United States (0.6%)
Ashford Hospitality Trust,
1 Month Term SOFR + 2.02%, 7.35%, 6/15/35 (b)(c)		250		244
BPR Trust,
1 Month Term SOFR + 3.00%, 8.33%, 5/15/39 (b)(c)		400		403
Commercial Mortgage Trust,
4.76%, 7/15/47 (b)(c)		152		139
Credit Suisse Mortgage Trust,
1 Month Term SOFR + 2.70%, 8.02%, 6/15/39 (b)(c)		1,000		1,004
1 Month Term SOFR + 3.14%, 8.47%, 9/9/24 (b)(c)		500		503
Life Mortgage Trust,
1 Month Term SOFR + 1.30%, 6.62%, 5/15/39 (b)(c)		500		497
Taubman Centers Commercial Mortgage Trust,
1 Month Term SOFR + 2.19%, 7.51%, 5/15/37 (b)(c)		500		506
WFRBS Commercial Mortgage Trust,
4.63%, 9/15/46 (b)(c)		229		207
				3,503
Corporate Bonds (9.6%)
Australia (0.4%)
Australia & New Zealand Banking Group Ltd.,
2.57%, 11/25/35 (b)		600		492
Commonwealth Bank of Australia,
1.94%, 10/3/29	EUR	400		425
NBN Co. Ltd.,
2.63%, 5/5/31 (b)	$	575		491
Transurban Finance Co. Pty. Ltd.,
2.00%, 8/28/25	EUR	350		370
Westpac Banking Corp.,
2.67%, 11/15/35	$	650		537
				2,315
Brazil (0.0%)‡
JBS USA LUX SA/JBS USA Food Co./ JBS USA Finance, Inc.,
2.50%, 1/15/27		350		323
Canada (1.0%)
Algonquin Power & Utilities Corp.,
5.37%, 6/15/26 (d)		275		274

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Canada (cont'd)
Province of Ontario Canada,
2.30%, 6/15/26	$	970	$	920
4.10%, 3/4/33	CAD	1,300		961
4.20%, 1/18/29	$	890		879
Province of Quebec Canada,
0.00%, 10/29/30	EUR	1,390		1,241
4.50%, 4/3/29 (e)	$	1,000		1,001
Rogers Communications, Inc.,
3.80%, 3/15/32		475		427
				5,703
China (0.1%)
Alibaba Group Holding Ltd.,
2.13%, 2/9/31		400		332
France (1.1%)
AXA SA,
3.25%, 5/28/49	EUR	500		518
Banque Federative du Credit Mutuel SA,
0.75%, 7/17/25		400		416
1.25%, 12/5/25	GBP	400		473
3.75%, 2/1/33	EUR	600		662
BNP Paribas SA,
1.13%, 6/11/26		485		497
1.25%, 7/13/31	GBP	200		196
4.38%, 1/13/29	EUR	400		444
BPCE SA,
4.00%, 11/29/32		400		450
5.15%, 7/21/24 (b)	$	925		921
5.75%, 6/1/33	EUR	500		572
Credit Agricole SA,
3.88%, 4/20/31		700		780
Orange SA,
5.00%, 10/1/26 (f)		250		275
				6,204
Germany (0.7%)
Kreditanstalt fuer Wiederaufbau,
0.38%, 4/23/30		2,290		2,160
RWE AG,
3.63%, 1/10/32		590		640
Volkswagen International Finance NV, Series 10Y
1.88%, 3/30/27		1,100		1,128
				3,928
Italy (0.1%)
Assicurazioni Generali SpA,
5.50%, 10/27/47		400		450
Japan (0.1%)
NTT Finance Corp.,
1.59%, 4/3/28 (b)	$	800		706
Korea, Republic of (0.3%)
Korea Electric Power Corp.,
2.50%, 6/24/24 (b)		810		804

	Face Amount (000)		Value (000)
Korea Southern Power Co. Ltd.,
0.75%, 1/27/26 (b)	$	730	$	674
				1,478
Luxembourg (0.1%)
Blackstone Property Partners Europe Holdings SARL,
1.25%, 4/26/27	EUR	400		391
Logicor Financing SARL,
1.50%, 7/13/26		300		305
				696
Netherlands (0.1%)
ASR Nederland NV,
5.00%, 9/30/24 (f)		425		460
Spain (0.2%)
Banco Santander SA,
3.13%, 1/19/27		400		425
5.18%, 11/19/25	$	800		792
				1,217
Supranational (0.3%)
Corp. Andina de Fomento,
5.00%, 1/24/29		770		767
MTN
5.30%, 2/19/29	AUD	1,670		1,093
				1,860
Sweden (0.1%)
Akelius Residential Property Financing BV,
1.13%, 1/11/29	EUR	400		369
United Arab Emirates (0.1%)
Galaxy Pipeline Assets Bidco Ltd.,
2.63%, 3/31/36 (b)	$	650		530
United Kingdom (0.6%)
BAT Capital Corp.,
3.56%, 8/15/27		903		855
HSBC Holdings PLC,
2.26%, 11/13/26	GBP	300		361
2.63%, 11/7/25	$	525		515
5.55%, 3/4/30		425		428
Lloyds Banking Group PLC,
2.25%, 10/16/24	GBP	400		496
National Grid Electricity Distribution West Midlands PLC,
5.75%, 4/16/32		200		263
NGG Finance PLC,
5.63%, 6/18/73		350		438
				3,356
United States (4.3%)
Air Lease Corp.,
3.13%, 12/1/30	$	200		176
Amazon.com, Inc.,
3.10%, 5/12/51		250		180
3.88%, 8/22/37		325		294

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
United States (cont'd)
Aon North America, Inc.,
5.45%, 3/1/34	$	675	$	683
AT&T, Inc.,
1.80%, 9/5/26	EUR	400		416
2.90%, 12/4/26	GBP	350		419
3.65%, 6/1/51	$	625		459
Bank of America Corp.,
4.38%, 4/27/28		575		561
5.47%, 1/23/35		1,200		1,208
Bank of New York Mellon Corp., MTN
5.19%, 3/14/35		550		548
Bristol-Myers Squibb Co.,
5.55%, 2/22/54		225		232
Celanese U.S. Holdings LLC,
6.17%, 7/15/27		950		968
Centene Corp.,
2.50%, 3/1/31		1,050		865
Charles Schwab Corp.,
5.85%, 5/19/34		710		727
Charter Communications Operating LLC/Charter Communications Operating Capital,
6.38%, 10/23/35		200		198
Chubb INA Holdings, Inc.,
0.88%, 6/15/27	EUR	400		400
Citigroup, Inc.,
3.06%, 1/25/33	$	1,300		1,106
Comcast Corp.,
2.89%, 11/1/51		325		211
Enterprise Products Operating LLC,
3.95%, 1/31/60		275		214
4.85%, 1/31/34		175		172
Foundry JV Holdco LLC,
5.88%, 1/25/34 (b)		275		276
Georgia-Pacific LLC,
2.30%, 4/30/30 (b)		950		817
Global Payments, Inc.,
4.45%, 6/1/28		625		605
Goldman Sachs Group, Inc.,
2.38%, 7/21/32		775		636
Jersey Central Power & Light Co.,
2.75%, 3/1/32 (b)		975		813
JPMorgan Chase & Co.,
6.25%, 10/23/34		1,450		1,550
Medtronic Global Holdings SCA,
1.00%, 7/2/31	EUR	250		232
Metropolitan Life Global Funding I,
2.95%, 4/9/30 (b)	$	575		511
Microsoft Corp.,
1.35%, 9/15/30 (b)		1,225		1,012
New York Life Global Funding,
5.00%, 1/9/34 (b)		275		272

	Face Amount (000)		Value (000)
NextEra Energy Capital Holdings, Inc.,
2.75%, 11/1/29	$	1,225	$	1,095
ONEOK, Inc.,
6.05%, 9/1/33		450		469
Pfizer Investment Enterprises Pte. Ltd.,
5.34%, 5/19/63		75		74
PNC Financial Services Group, Inc.,
6.88%, 10/20/34		925		1,013
Prologis Euro Finance LLC,
1.88%, 1/5/29	EUR	300		301
Republic Services, Inc.,
5.00%, 4/1/34	$	275		273
Thermo Fisher Scientific Finance I BV,
2.00%, 10/18/51	EUR	100		78
Thermo Fisher Scientific, Inc.,
0.88%, 10/1/31		650		596
1.88%, 10/1/49		100		78
U.S. Bancorp,
5.84%, 6/12/34	$	462		471
Upjohn Finance BV,
1.91%, 6/23/32	EUR	550		501
Verizon Communications, Inc.,
1.13%, 11/3/28	GBP	300		327
2.36%, 3/15/32	$	575		473
3.40%, 3/22/41		375		293
Vontier Corp.,
2.40%, 4/1/28		250		222
Warnermedia Holdings, Inc.,
4.28%, 3/15/32		775		693
5.05%, 3/15/42		125		107
Wells Fargo & Co., MTN
5.57%, 7/25/29		425		430
Williams Cos., Inc.,
5.30%, 8/15/52		475		454
				24,709
				54,636
Mortgages — Other (1.1%)
Germany (0.0%)‡
Berg Finance DAC,
3 Month EURIBOR + 1.05%, 5.02%, 4/22/33 (c)	EUR	77		79
Ireland (0.0%)‡
Glenbeigh 2 Issuer 2021-2 DAC,
3 Month EURIBOR + 0.75%, 4.68%, 6/24/50 (b)(c)		266		287
Netherlands (0.1%)
E-MAC NL 2006-II BV,
3 Month EURIBOR + 0.13%, 5.17%, 1/25/39 (c)		351		351
United Kingdom (0.1%)
Great Hall Mortgages No. 1 PLC,
3 Month EURIBOR + 0.25%, 4.18%, 6/18/38 (c)		200		212

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
United Kingdom (cont'd)
Landmark Mortgage Securities No. 3 PLC,
3 Month GBP SONIA + 2.22%, 7.44%, 4/17/44 (c)	GBP	160	$	196
				408
United States (0.9%)
Banc of America Alternative Loan Trust,
6.36%, 10/25/36 (c)	$	21		6
Bayview Opportunity Master Fund VIA Trust,
3.00%, 1/25/52 (b)(c)		620		520
BX Commercial Mortgage Trust,
1 Month Term SOFR + 2.28%, 7.61%, 6/15/40 (b)(c)		400		402
ChaseFlex Trust,
6.00%, 2/25/37		20		8
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust,
3.00%, 9/25/45		45		38
3.00%, 7/25/46		16		13
3.00%, 12/25/46		57		48
3.00%, 5/25/47		104		89
3.50%, 5/25/45		18		15
3.50%, 9/25/45		39		33
3.50%, 7/25/46		24		20
4.00%, 5/25/45		4		4
GS Mortgage-Backed Securities Trust,
2.50%, 1/25/52 (b)(c)		499		402
GSR Mortgage Loan Trust,
5.75%, 1/25/37		7		4
Hundred Acre Wood Trust,
2.50%, 12/25/51 (b)(c)		428		346
JP Morgan Mortgage Trust,
3.00%, 4/25/52 (b)(c)		472		397
3.00%, 9/25/52 (b)(c)		509		428
3.25%, 7/25/52 (b)(c)		593		513
Lehman Mortgage Trust,
6.50%, 9/25/37		17		6
Mello Mortgage Capital Acceptance,
2.50%, 8/25/51 (b)(c)		499		404
Onslow Bay Financial LLC, Class A1
3.00%, 1/25/52 (b)(c)		477		401
PRKCM 2023-AFC1 Trust, Class A1
6.60%, 2/25/58 (b)(c)		317		321
PRMI Securitization Trust,
2.50%, 4/25/51 (b)(c)		575		464
Seasoned Credit Risk Transfer Trust,
3.00%, 7/25/58		217		187
3.00%, 10/25/58		25		21
4.00%, 10/25/58		24		22
				5,112
				6,237

	Face Amount (000)		Value (000)
Municipal Bond (0.0%)‡
Michigan (0.0%)‡
University of Michigan, MI,
Series A
4.45%, 4/1/2122 (Cost $300)	$	300	$	259
Sovereign (21.0%)
Australia (0.4%)
Australia Government Bond,
1.25%, 5/21/32	AUD	1,610		858
Treasury Corp. of Victoria,
MTN
5.25%, 9/15/38		1,990		1,319
				2,177
Austria (0.1%)
Republic of Austria Government Bond,
0.00%, 2/20/30	EUR	360		333
Belgium (0.2%)
Kingdom of Belgium Government Bond,
0.90%, 6/22/29		170		169
1.70%, 6/22/50		480		375
3.45%, 6/22/43		650		723
				1,267
Brazil (1.9%)
Brazil Notas do Tesouro Nacional,
10.00%, 1/1/27	BRL	55,213		10,965
Canada (0.6%)
Canada Government Bonds,
3.25%, 12/1/33	CAD	4,180		3,035
Canadian Government Bond,
2.00%, 12/1/51		100		56
OMERS Finance Trust,
4.75%, 3/26/31 (b)	$	560		561
				3,652
China (7.0%)
Agricultural Development Bank of China,
2.25%, 4/22/25	CNY	3,600		499
3.79%, 10/26/30		3,430		513
China Development Bank,
3.07%, 3/10/30		7,380		1,056
3.34%, 7/14/25		3,430		482
China Government Bond,
2.37%, 1/20/27		16,900		2,355
2.76%, 5/15/32		157,550		22,352
2.80%, 11/15/32		13,900		1,980
3.12%, 10/25/52		2,920		443
3.13%, 11/21/29		26,150		3,780
3.27%, 11/19/30		23,460		3,438
3.52%, 4/25/46		1,430		227
3.53%, 10/18/51		1,300		211
3.81%, 9/14/50		4,070		686
3.86%, 7/22/49		6,000		1,015

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
China (cont'd)
Export-Import Bank of China,
2.93%, 3/2/25	CNY	3,470	$	484
				39,521
Colombia (0.1%)
Colombian TES,
7.00%, 3/26/31	COP	1,634,000		364
Czech Republic (0.0%)‡
Czech Republic Government Bond,
1.20%, 3/13/31	CZK	6,000		216
Denmark (0.1%)
Denmark Government Bond,
0.50%, 11/15/27	DKK	3,000		406
Estonia (0.1%)
Estonia Government International Bonds,
3.25%, 1/17/34	EUR	380		406
Finland (0.1%)
Finland Government Bond,
1.13%, 4/15/34		370		342
France (1.5%)
Agence Francaise de Developpement EPIC,
1.50%, 10/31/34		700		646
French Republic Government Bond OAT,
0.00%, 11/25/29		7,130		6,649
2.00%, 5/25/48		930		802
SNCF Reseau,
1.88%, 3/30/34		400		384
				8,481
Germany (1.8%)
Bundesrepublik Deutschland Bundesanleihe,
0.00%, 8/15/31 - 5/15/36		3,930		3,597
0.25%, 2/15/29		1,580		1,547
1.70%, 8/15/32		1,820		1,884
4.25%, 7/4/39		1,330		1,759
State of North Rhine-Westphalia Germany,
1.65%, 2/22/38		1,500		1,386
				10,173
Greece (1.0%)
Hellenic Republic Government Bonds,
3.38%, 6/15/34		1,000		1,079
4.25%, 6/15/33		4,020		4,672
				5,751
Hong Kong (0.0%)‡
Hong Kong Government International Bond,
2.50%, 5/28/24 (b)	$	250		249
Hungary (0.1%)
Hungary Government Bond,
3.00%, 8/21/30	HUF	51,360		114
4.75%, 11/24/32		109,610		263
Hungary Government International Bonds,
4.00%, 7/25/29	EUR	229		247
				624

	Face Amount (000)		Value (000)
Indonesia (0.4%)
Indonesia Treasury Bond,
6.50%, 2/15/31	IDR	4,104,000	$	257
7.00%, 2/15/33		12,500,000		806
8.25%, 5/15/29		1,408,000		95
8.38%, 3/15/34		17,072,000		1,206
				2,364
Italy (0.8%)
Italy Buoni Poliennali Del Tesoro,
0.45%, 2/15/29	EUR	160		152
2.50%, 12/1/32		1,070		1,071
4.00%, 11/15/30		1,600		1,793
4.45%, 9/1/43		358		405
4.50%, 10/1/53		550		625
Republic of Italy Government International Bond,
0.88%, 5/6/24	$	745		741
				4,787
Japan (1.5%)
Japan Bank for International Cooperation,
4.38%, 1/24/31		460		456
Japan Government Ten Year Bond,
0.10%, 6/20/31	JPY	216,000		1,389
Japan Government Thirty Year Bond,
0.30%, 6/20/46		224,000		1,136
0.40%, 9/20/49		341,000		1,675
0.60%, 6/20/50		165,300		847
Japan Government Twenty Year Bond,
0.40%, 6/20/41		551,000		3,138
				8,641
Korea, Republic of (0.3%)
Export-Import Bank of Korea,
0.63%, 2/9/26	$	640		592
2.38%, 6/25/24		510		506
Korea Development Bank,
0.80%, 7/19/26		590		538
				1,636
Malaysia (0.2%)
Malaysia Government Bond,
3.58%, 7/15/32	MYR	1,870		388
3.89%, 8/15/29		2,330		498
				886
Mexico (0.2%)
Mexican Bonos,
7.50%, 6/3/27	MXN	6,000		341
7.75%, 5/29/31		5,000		277
8.50%, 5/31/29		5,900		344
				962
Netherlands (0.2%)
Nederlandse Waterschapsbank NV,
1.00%, 5/28/30 (b)	$	376		306

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Netherlands (cont'd)
Netherlands Government Bond,
0.00%, 7/15/30	EUR	970	$	897
2.75%, 1/15/47		90		99
				1,302
Nigeria (0.0%)‡
Africa Finance Corp.,
4.38%, 4/17/26 (b)	$	200		194
Norway (0.0%)‡
Norway Government Bond,
2.13%, 5/18/32	NOK	790		66
Poland (0.0%)‡
Republic of Poland Government Bond,
1.75%, 4/25/32	PLN	1,300		250
Singapore (0.1%)
Singapore Government Bond,
2.63%, 8/1/32	SGD	430		308
Slovenia (0.1%)
Slovenia Government International Bond,
5.00%, 9/19/33 (b)	$	700		703
Spain (0.9%)
Spain Government Bond,
0.00%, 1/31/28	EUR	540		524
2.70%, 10/31/48		410		375
2.80%, 5/31/26		1,000		1,074
3.45%, 7/30/66		120		121
Spain Government Bonds,
3.25%, 4/30/34		2,700		2,937
				5,031
Sweden (0.1%)
Sweden Government Bond,
1.75%, 11/11/33	SEK	5,100		452
Thailand (0.1%)
Thailand Government Bond,
2.00%, 12/17/31	THB	27,000		719
United Kingdom (1.1%)
United Kingdom Gilt,
0.38%, 10/22/30	GBP	820		834
0.63%, 10/22/50		2,170		1,143
0.88%, 7/31/33		1,600		1,547
1.25%, 10/22/41		500		396
1.63%, 10/22/28		550		632
3.50%, 10/22/25 - 1/22/45		1,360		1,613
				6,165
				119,393
Supranational (0.7%)
Asian Development Bank,
MTN
2.13%, 5/19/31	NZD	300		151
Banque Ouest Africaine de Developpement,
4.70%, 10/22/31	$	240		207
European Financial Stability Facility,
3.00%, 9/4/34	EUR	750		822

	Face Amount (000)		Value (000)
European Investment Bank,
0.00%, 1/14/31	EUR	1,200	$	1,082
International Bank for Reconstruction & Development,
4.25%, 9/18/30	CAD	2,080		1,570
				3,832
U.S. Treasury Securities (5.7%)
United States (5.7%)
U.S. Treasury Bonds,
1.13%, 5/15/40		5,850		3,657
1.75%, 8/15/41		1,770		1,195
2.50%, 2/15/45		410		300
2.75%, 8/15/47		920		689
2.88%, 5/15/49		44		34
U.S. Treasury Notes,
0.38%, 12/31/25		8,300		7,700
0.50%, 4/30/27		530		471
1.13%, 10/31/26		2,210		2,030
1.38%, 10/31/28 - 11/15/31		8,280		7,154
1.50%, 2/15/30		840		722
1.88%, 6/30/26 - 2/15/32		2,580		2,372
2.13%, 5/15/25		1,390		1,347
3.38%, 5/15/33		3,940		3,692
4.13%, 9/30/27		760		754
				32,117
Total Fixed Income Securities (Cost $259,664)				246,070
	Shares
Common Stocks (36.9%)
Australia (1.0%)
Ampol Ltd.		1,133		29
ANZ Group Holdings Ltd.		14,964		287
APA Group		6,186		34
Aristocrat Leisure Ltd.		2,796		78
ASX Ltd.		923		40
Aurizon Holdings Ltd.		8,681		23
BHP Group Ltd.		24,401		706
BlueScope Steel Ltd.		2,167		34
Brambles Ltd.		6,725		71
CAR Group Ltd.		1,721		41
Cochlear Ltd.		310		68
Coles Group Ltd.		6,387		71
Commonwealth Bank of Australia		7,998		627
Computershare Ltd.		2,568		44
CSL Ltd.		2,310		433
Dexus REIT		5,114		26
Endeavour Group Ltd.		7,007		25
Fortescue Ltd.		8,058		135
Goodman Group REIT		8,229		181
GPT Group REIT		9,182		27
IDP Education Ltd.		1,295		15
IGO Ltd.		3,332		15
Insurance Australia Group Ltd.		11,721		49

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Australia (cont'd)
James Hardie Industries PLC (g)		2,123	$	85
Lottery Corp. Ltd.		10,647		36
Macquarie Group Ltd.		1,763		229
Medibank Pvt Ltd.		13,164		32
Mineral Resources Ltd.		852		39
Mirvac Group REIT		19,097		29
National Australia Bank Ltd.		15,393		349
Northern Star Resources Ltd.		5,625		53
Orica Ltd.		2,174		26
Origin Energy Ltd.		8,300		50
Pilbara Minerals Ltd.		14,124		35
Qantas Airways Ltd. (g)		4,102		15
QBE Insurance Group Ltd.		7,176		85
Ramsay Health Care Ltd.		866		32
REA Group Ltd.		251		30
Reece Ltd.		1,078		20
Rio Tinto Ltd.		1,780		141
Santos Ltd.		15,484		78
Scentre Group REIT		24,793		55
SEEK Ltd.		1,725		28
Sonic Healthcare Ltd.		2,153		41
South32 Ltd.		22,023		43
Stockland REIT		11,416		36
Suncorp Group Ltd.		6,094		65
Telstra Group Ltd.		19,436		49
Transurban Group (Units)		14,746		128
Treasury Wine Estates Ltd.		3,816		31
Vicinity Ltd. REIT		18,501		26
Washington H Soul Pattinson & Co. Ltd.		1,107		24
Wesfarmers Ltd.		5,379		240
Westpac Banking Corp.		16,807		286
WiseTech Global Ltd.		790		48
Woodside Energy Group Ltd.		8,966		179
Woolworths Group Ltd.		5,811		126
Xero Ltd. (g)		694		60
				5,888
Austria (0.1%)
Erste Group Bank AG		7,461		333
OMV AG		808		38
Verbund AG		374		27
Voestalpine AG		630		18
				416
Belgium (0.2%)
Ageas SA		782		36
Anheuser-Busch InBev SA		4,221		257
Argenx SE (g)		282		111
D'ieteren Group		105		23
Elia Group SA		144		15
Groupe Bruxelles Lambert NV		431		33
KBC Group NV		5,278		396
Lotus Bakeries NV		2		19

	Shares		Value (000)
Sofina SA		74	$	17
Syensqo SA (g)		381		36
UCB SA		612		76
Umicore SA		1,028		22
Warehouses De Pauw CVA REIT		862		25
				1,066
Canada (1.7%)
Agnico Eagle Mines Ltd.		2,362		141
Air Canada (g)		861		13
Algonquin Power & Utilities Corp.		3,064		19
Alimentation Couche-Tard, Inc.		3,616		206
AltaGas Ltd.		1,401		31
ARC Resources Ltd.		2,916		52
Bank of Montreal		3,344		327
Bank of Nova Scotia		5,636		292
Barrick Gold Corp. (LSE)		6,366		106
Barrick Gold Corp. (NYSE)		1,893		31
BCE, Inc.		360		12
Brookfield Asset Management Ltd., Class A		1,720		72
Brookfield Corp.		6,590		276
Brookfield Renewable Corp., Class A		677		17
BRP, Inc.		173		12
CAE, Inc. (g)		1,564		32
Cameco Corp.		2,020		87
Canadian Apartment Properties REIT		404		14
Canadian Imperial Bank of Commerce		4,214		214
Canadian National Railway Co.		2,652		349
Canadian Natural Resources Ltd.		5,192		396
Canadian Pacific Kansas City Ltd.		4,239		374
Canadian Tire Corp. Ltd., Class A		259		26
Canadian Utilities Ltd., Class A		651		15
CCL Industries, Inc., Class B		733		37
Cenovus Energy, Inc.		6,811		136
CGI, Inc. (g)		1,017		112
Constellation Software, Inc.		99		270
Descartes Systems Group, Inc. (g)		410		38
Dollarama, Inc.		1,399		107
Element Fleet Management Corp.		1,948		32
Emera, Inc.		1,372		48
Empire Co. Ltd., Class A		706		17
Enbridge, Inc.		9,962		360
Fairfax Financial Holdings Ltd.		104		112
First Quantum Minerals Ltd.		2,740		29
FirstService Corp.		198		33
Fortis, Inc.		2,345		93
Franco-Nevada Corp.		979		117
George Weston Ltd.		306		41
GFL Environmental, Inc.		1,117		39
Gildan Activewear, Inc.		838		31
Great-West Lifeco, Inc.		1,366		44
Hydro One Ltd.		1,551		45
iA Financial Corp., Inc.		499		31

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Canada (cont'd)
IGM Financial, Inc.		410	$	11
Imperial Oil Ltd.		996		69
Intact Financial Corp.		881		143
Ivanhoe Mines Ltd., Class A (g)		2,800		33
Keyera Corp.		1,139		29
Kinross Gold Corp.		5,809		36
Loblaw Cos. Ltd.		773		86
Lundin Mining Corp.		3,060		31
Magna International, Inc.		1,349		74
Manulife Financial Corp.		8,293		207
MEG Energy Corp. (g)		1,429		33
Metro, Inc.		1,130		61
National Bank of Canada		1,668		140
Northland Power, Inc.		1,309		21
Nutrien Ltd.		2,281		124
Onex Corp.		336		25
Open Text Corp.		1,323		51
Pan American Silver Corp.		1,730		26
Parkland Corp.		704		22
Pembina Pipeline Corp.		2,615		92
Power Corp. of Canada		2,617		73
Quebecor, Inc., Class B		758		17
RB Global, Inc.		892		68
Restaurant Brands International, Inc.		1,393		111
RioCan Real Estate Investment Trust REIT		728		10
Rogers Communications, Inc., Class B		1,749		72
Royal Bank of Canada		6,547		660
Saputo, Inc.		1,243		24
Shopify, Inc., Class A (g)		5,668		437
Stantec, Inc.		546		45
Sun Life Financial, Inc.		2,781		152
Suncor Energy, Inc.		6,235		230
TC Energy Corp.		4,804		193
Teck Resources Ltd., Class B		2,157		99
TELUS Corp.		2,279		36
TFI International, Inc.		408		65
Thomson Reuters Corp.		776		121
TMX Group Ltd.		1,358		36
Toromont Industries Ltd.		405		39
Toronto-Dominion Bank		8,537		515
Tourmaline Oil Corp.		1,656		77
West Fraser Timber Co. Ltd.		283		24
Wheaton Precious Metals Corp.		2,162		102
WSP Global, Inc.		611		102
				9,508
China (0.0%)
China Common Rich Renewable Energy Investments Ltd. (g)		42,000		—
Denmark (0.5%)
AP Moller — Maersk AS Series B		39		50
Carlsberg AS Series B		463		63
Coloplast AS Series B		634		86

	Shares		Value (000)
Danske Bank AS		3,269	$	98
Demant AS (g)		479		24
DSV AS		876		142
Genmab AS (g)		325		98
Novo Nordisk AS, Class B		15,583		1,999
Novozymes AS Series B		1,735		102
Orsted AS (g)		876		49
Pandora AS		396		64
Rockwool AS, Class B (g)		45		15
Tryg AS		1,642		34
Vestas Wind Systems AS (g)		4,803		134
				2,958
Finland (0.3%)
Elisa OYJ		679		30
Fortum OYJ		2,193		27
Kesko OYJ, Class B		1,329		25
Kone OYJ, Class B		1,627		76
Metso OYJ		3,198		38
Neste OYJ		2,030		55
Nokia OYJ		25,644		91
Nordea Bank Abp		67,185		760
Orion OYJ, Class B		521		19
Sampo OYJ, Class A		2,177		93
Stora Enso OYJ, Class R		2,865		40
UPM-Kymmene OYJ		2,642		88
Wartsila OYJ Abp		2,311		35
				1,377
France (2.1%)
Accor SA		971		45
Aeroports de Paris SA		171		23
Air Liquide SA		2,578		536
Airbus SE		2,952		544
Alstom SA		1,439		22
Amundi SA		305		21
ArcelorMittal SA		2,494		68
Arkema SA		294		31
AXA SA		8,937		336
BioMerieux		205		23
BNP Paribas SA		22,162		1,578
Bollore SE		3,667		24
Bouygues SA		945		39
Bureau Veritas SA		1,450		44
Capgemini SE		769		177
Carrefour SA		2,849		49
Cie de Saint-Gobain SA		2,223		172
Cie Generale des Etablissements Michelin SCA		3,354		128
Covivio SA REIT		251		13
Credit Agricole SA		22,567		337
Danone SA		3,173		205
Dassault Aviation SA		103		23
Dassault Systemes SE		3,287		145
Edenred SE		1,237		66

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
France (cont'd)
Eiffage SA		362	$	41
Engie SA		9,037		151
EssilorLuxottica SA		1,452		328
Eurazeo SE		214		19
Eurofins Scientific SE		670		43
Euronext NV		421		40
Gecina SA REIT		229		23
Getlink SE		1,769		30
Hermes International SCA		156		399
Ipsen SA		187		22
Kering SA		365		145
Klepierre SA REIT		1,066		28
La Francaise des Jeux SAEM		518		21
Legrand SA		1,312		139
L'Oreal SA		1,185		561
LVMH Moet Hennessy Louis Vuitton SE		1,369		1,232
Orange SA		9,146		108
Pernod Ricard SA		1,012		164
Pluxee NV (g)		435		13
Publicis Groupe SA		1,125		123
Remy Cointreau SA		115		12
Renault SA		948		48
Safran SA		1,690		383
Sanofi SA		5,608		546
Sartorius Stedim Biotech (g)		138		39
Schneider Electric SE		2,685		607
SEB SA		123		16
Societe Generale SA		15,604		418
Sodexo SA		435		37
STMicroelectronics NV		3,374		145
Teleperformance SE		290		28
Thales SA		524		89
TotalEnergies SE		11,250		774
Unibail-Rodamco-Westfield REIT (g)		583		47
Veolia Environnement SA		3,337		109
Vinci SA		2,519		323
Vivendi SE		3,333		36
Worldline SA (g)		1,193		15
				11,951
Germany (1.3%)
adidas AG		801		179
Allianz SE (Registered)		2,001		600
BASF SE		4,381		250
Bayer AG (Registered)		4,897		150
Bayerische Motoren Werke AG		1,571		181
Bayerische Motoren Werke AG (Preference)		290		31
Bechtle AG		406		21
Beiersdorf AG		492		72
Brenntag SE		690		58
Carl Zeiss Meditec AG		184		23
Commerzbank AG		22,287		306
Continental AG		547		39

	Shares		Value (000)
Covestro AG (g)		961	$	53
Daimler Truck Holding AG		2,617		133
Delivery Hero SE (g)		899		26
Deutsche Bank AG (Registered)		9,578		151
Deutsche Boerse AG		940		192
Deutsche Lufthansa AG (Registered) (g)		2,971		23
Deutsche Post AG (Registered)		4,875		210
Deutsche Telekom AG (Registered)		15,984		388
Dr Ing hc F Porsche AG (Preference)		564		56
E.ON SE		11,042		154
Evonik Industries AG		1,145		23
Fresenius Medical Care AG		1,009		39
Fresenius SE & Co. KGaA		2,068		56
GEA Group AG		812		34
Hannover Rueck SE (Registered)		295		81
Heidelberg Materials AG		684		75
HelloFresh SE (g)		776		5
Henkel AG & Co. KGaA		509		37
Henkel AG & Co. KGaA (Preference)		828		67
Infineon Technologies AG		6,428		219
Knorr-Bremse AG		362		27
LEG Immobilien SE (g)		367		31
Mercedes-Benz Group AG (Registered)		3,952		315
Merck KGaA		654		115
MTU Aero Engines AG		273		69
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		674		329
Nemetschek SE		282		28
Porsche Automobil Holding SE (Preference)		756		40
Puma SE		523		24
QIAGEN NV (g)		1,100		47
Rational AG		25		22
Rheinmetall AG		216		121
RWE AG		3,106		106
SAP SE		5,175		1,008
Sartorius AG (Preference) (g)		130		52
Scout24 SE		366		28
Siemens AG (Registered)		3,761		718
Siemens Energy AG (g)		2,617		48
Siemens Healthineers AG (g)		1,389		85
Symrise AG		656		78
Talanx AG		315		25
Volkswagen AG		145		22
Volkswagen AG (Preference)		1,015		135
Vonovia SE		3,612		107
Wacker Chemie AG		91		10
Zalando SE (g)		1,116		32
				7,554
Hong Kong (0.3%)
AIA Group Ltd.		54,543		367
BOC Hong Kong Holdings Ltd.		17,841		48
Budweiser Brewing Co. APAC Ltd.		8,263		12
CK Asset Holdings Ltd.		9,096		38

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Hong Kong (cont'd)
CK Hutchison Holdings Ltd.		12,942	$	62
CK Infrastructure Holdings Ltd.		3,099		18
CLP Holdings Ltd.		7,633		61
ESR Group Ltd.		10,640		11
Futu Holdings Ltd. ADR (g)		267		14
Galaxy Entertainment Group Ltd.		10,955		55
Hang Lung Properties Ltd.		8,754		9
Hang Seng Bank Ltd.		3,560		39
Henderson Land Development Co. Ltd.		7,030		20
HKT Trust & HKT Ltd.		17,883		21
Hong Kong & China Gas Co. Ltd.		52,880		40
Hong Kong Exchanges & Clearing Ltd.		5,803		169
Hongkong Land Holdings Ltd.		5,268		16
Jardine Matheson Holdings Ltd.		793		30
Link REIT		12,441		54
MTR Corp. Ltd.		7,106		23
New World Development Co. Ltd.		7,389		8
Power Assets Holdings Ltd.		6,251		37
Sands China Ltd. (g)		11,490		32
Sino Land Co. Ltd.		18,462		19
SITC International Holdings Co. Ltd.		6,732		12
Sun Hung Kai Properties Ltd.		6,601		64
Swire Pacific Ltd., Class A		2,079		17
Swire Properties Ltd.		5,579		12
Techtronic Industries Co. Ltd.		6,180		84
WH Group Ltd.		40,224		27
Wharf Holdings Ltd.		5,390		18
Wharf Real Estate Investment Co. Ltd.		8,282		27
Xinyi Glass Holdings Ltd.		8,261		9
				1,473
Ireland (0.2%)
AIB Group PLC		32,751		166
Bank of Ireland Group PLC		21,998		225
CRH PLC		3,421		295
Flutter Entertainment PLC (g)		825		164
Kerry Group PLC, Class A		742		64
Kingspan Group PLC		722		66
Smurfit Kappa Group PLC		1,225		56
				1,036
Israel (0.1%)
Azrieli Group Ltd.		218		16
Bank Hapoalim BM		6,518		61
Bank Leumi Le-Israel BM		7,820		65
Check Point Software Technologies Ltd. (g)		481		79
CyberArk Software Ltd. (g)		215		57
Elbit Systems Ltd.		137		29
Global-e Online Ltd. (g)		464		17
ICL Group Ltd.		3,970		21
Israel Discount Bank Ltd., Class A		6,347		33
Mizrahi Tefahot Bank Ltd.		793		30
Monday.com Ltd. (g)		137		31
Nice Ltd. (g)		325		84

	Shares		Value (000)
Teva Pharmaceutical Industries Ltd. ADR (g)		5,763	$	81
Wix.com Ltd. (g)		279		38
				642
Italy (0.8%)
Amplifon SpA		599		22
Assicurazioni Generali SpA		4,962		126
Banco BPM SpA		25,351		169
Davide Campari-Milano NV		2,563		26
DiaSorin SpA		110		11
Enel SpA		39,588		261
Eni SpA		11,591		183
EXOR NV		974		108
Ferrari NV		616		269
FinecoBank Banca Fineco SpA		12,967		194
Infrastrutture Wireless Italiane SpA		1,659		19
Intesa Sanpaolo SpA		326,979		1,187
Leonardo SpA		1,985		50
Mediobanca Banca di Credito Finanziario SpA		11,646		174
Moncler SpA		1,005		75
Nexi SpA (g)		2,881		18
Poste Italiane SpA		2,553		32
Prysmian SpA		1,286		67
Recordati Industria Chimica e Farmaceutica SpA		505		28
Snam SpA		9,854		46
Stellantis NV		10,779		306
Telecom Italia SpA (Milano) (g)		49,137		12
Tenaris SA		2,314		46
Terna — Rete Elettrica Nazionale		6,808		56
UniCredit SpA		33,734		1,281
				4,766
Netherlands (1.0%)
ABN AMRO Bank NV CVA		10,079		173
Adyen NV (g)		109		184
Aegon Ltd.		8,090		49
AerCap Holdings NV (g)		1,001		87
Akzo Nobel NV		849		64
ASM International NV		233		143
ASML Holding NV		1,995		1,934
ASR Nederland NV		800		39
BE Semiconductor Industries NV		381		58
Coca-Cola Europacific Partners PLC		1,032		72
DSM BV (g)		890		92
DSM-Firmenich AG		922		105
Heineken Holding NV		643		52
Heineken NV		1,422		137
IMCD NV		284		50
ING Groep NV		76,667		1,262
JDE Peet's NV		481		10
Koninklijke Ahold Delhaize NV		4,778		143
Koninklijke KPN NV		16,673		62
Koninklijke Philips NV		3,885		78
NN Group NV		1,349		62
OCI NV		523		14

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Netherlands (cont'd)
Prosus NV (g)		7,306	$	229
Randstad NV		549		29
Universal Music Group NV		4,048		122
Wolters Kluwer NV		1,221		191
				5,441
New Zealand (0.0%)‡
Auckland International Airport Ltd.		6,820		34
EBOS Group Ltd.		799		16
Fisher & Paykel Healthcare Corp. Ltd.		3,061		47
Mercury NZ Ltd.		3,599		15
Meridian Energy Ltd.		6,516		23
Spark New Zealand Ltd.		9,458		27
				162
Norway (0.1%)
Adevinta ASA (g)		1,664		17
Aker BP ASA		1,514		38
DNB Bank ASA		4,384		87
Equinor ASA		4,294		115
Gjensidige Forsikring ASA		946		14
Kongsberg Gruppen ASA		415		29
Mowi ASA		2,182		40
Norsk Hydro ASA		6,167		34
Orkla ASA		3,296		23
Salmar ASA		342		23
Telenor ASA		3,036		34
Yara International ASA		792		25
				479
Philippines (0.0%)‡
Aboitiz Equity Ventures, Inc.		3,187		3
Ayala Corp.		467		5
Ayala Land, Inc.		12,642		7
Bank of the Philippine Islands		3,620		8
BDO Unibank, Inc.		4,408		12
International Container Terminal Services, Inc.		1,941		11
JG Summit Holdings, Inc.		4,925		3
Jollibee Foods Corp.		825		4
Manila Electric Co.		531		3
Metropolitan Bank & Trust Co.		3,348		4
PLDT, Inc.		141		3
SM Investments Corp.		447		8
SM Prime Holdings, Inc.		18,855		11
Universal Robina Corp.		1,664		3
				85
Portugal (0.0%)‡
EDP — Energias de Portugal SA		14,743		58
EDP Renovaveis SA		1,461		20
Galp Energia SGPS SA		2,130		35
Jeronimo Martins SGPS SA		1,334		26
				139

	Shares		Value (000)
Singapore (0.2%)
CapitaLand Ascendas REIT		17,065	$	35
CapitaLand Integrated Commercial Trust REIT		24,415		36
CapitaLand Investment Ltd.		12,267		24
City Developments Ltd.		2,328		10
DBS Group Holdings Ltd.		8,296		221
Genting Singapore Ltd.		27,818		18
Grab Holdings Ltd., Class A (g)		8,737		28
Jardine Cycle & Carriage Ltd.		481		9
Keppel Ltd.		6,667		36
Mapletree Logistics Trust REIT		15,933		17
Mapletree Pan Asia Commercial Trust REIT		10,788		10
Oversea-Chinese Banking Corp. Ltd.		15,577		156
Sea Ltd. ADR (g)		1,767		95
Seatrium Ltd. (g)		204,528		12
Sembcorp Industries Ltd.		4,146		17
Singapore Airlines Ltd.		6,748		32
Singapore Exchange Ltd.		3,966		27
Singapore Technologies Engineering Ltd.		7,171		21
Singapore Telecommunications Ltd.		37,730		71
United Overseas Bank Ltd.		5,830		127
UOL Group Ltd.		2,176		9
Wilmar International Ltd.		9,083		23
				1,034
Spain (0.9%)
Acciona SA		122		15
ACS Actividades de Construccion y Servicios SA		1,010		42
Aena SME SA		368		73
Amadeus IT Group SA		2,216		142
Banco Bilbao Vizcaya Argentaria SA		125,740		1,497
Banco Santander SA		340,552		1,664
CaixaBank SA		87,004		422
Cellnex Telecom SA (g)		2,784		99
Corp. ACCIONA Energias Renovables SA		327		7
Enagas SA		1,215		18
Endesa SA		1,554		29
Ferrovial SE		2,510		99
Grifols SA (g)		1,462		13
Iberdrola SA		29,573		367
Industria de Diseno Textil SA		5,344		269
Naturgy Energy Group SA		616		13
Redeia Corp. SA		1,986		34
Repsol SA		6,299		105
Telefonica SA		25,267		112
				5,020
Sweden (0.4%)
Alfa Laval AB		1,374		54
Assa Abloy AB, Class B		4,775		137
Atlas Copco AB, Class A		20,306		327
Beijer Ref AB		1,845		27
Boliden AB		1,312		36
Epiroc AB, Class A		4,962		89
EQT AB		1,742		55

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Sweden (cont'd)
Essity AB, Class B		2,888	$	69
Evolution AB		875		109
Fastighets AB Balder, Class B (g)		3,149		23
Getinge AB, Class B		1,096		22
H & M Hennes & Mauritz AB, Class B		3,092		50
Hexagon AB, Class B		9,908		117
Holmen AB, Class B (g)		384		16
Husqvarna AB, Class B		1,674		14
Industrivarden AB, Class A		1,318		45
Indutrade AB (g)		1,314		36
Investment AB Latour, Class B		715		19
Investor AB, Class B		8,234		207
L E Lundbergforetagen AB, Class B		365		20
Lifco AB, Class B		1,120		29
Nibe Industrier AB, Class B		7,330		36
Saab AB, Class B		369		33
Sagax AB, Class B		953		25
Sandvik AB		5,116		114
Securitas AB, Class B		2,357		24
Skandinaviska Enskilda Banken AB, Class A		7,499		102
Skanska AB, Class B		1,630		29
SKF AB, Class B		1,619		33
Svenska Cellulosa AB SCA, Class B		2,978		46
Svenska Handelsbanken AB, Class A		6,911		70
Swedbank AB, Class A		4,030		80
Swedish Orphan Biovitrum AB (g)		924		23
Tele2 AB, Class B		2,540		21
Telefonaktiebolaget LM Ericsson, Class B		13,734		74
Telia Co. AB		11,259		29
Volvo AB, Class A		8,134		221
Volvo Car AB, Class B (g)		2,932		11
				2,472
Switzerland (1.3%)
ABB Ltd. (Registered)		7,561		351
Adecco Group AG (Registered)		755		30
Alcon, Inc.		2,334		193
Avolta AG (Registered) (g)		453		19
Bachem Holding AG		162		16
Baloise Holding AG (Registered)		215		34
Banque Cantonale Vaudoise (Registered)		143		17
Barry Callebaut AG (Registered)		18		26
BKW AG		99		15
Chocoladefabriken Lindt & Spruengli AG		5		60
Chocoladefabriken Lindt & Spruengli AG (Registered)		1		121
Cie Financiere Richemont SA, Class A (Registered)		2,463		375
Clariant AG (Registered) (g)		1,027		14
EMS-Chemie Holding AG (Registered)		33		25
Geberit AG (Registered)		157		93
Givaudan SA (Registered)		44		196
Helvetia Holding AG (Registered)		175		24
Holcim AG (g)		2,440		221
Julius Baer Group Ltd.		981		57

	Shares		Value (000)
Kuehne & Nagel International AG (Registered)		249	$	69
Logitech International SA (Registered)		768		69
Lonza Group AG (Registered)		347		207
Nestle SA (Registered)		12,547		1,333
Novartis AG (Registered)		9,646		934
Partners Group Holding AG		107		153
Roche Holding AG		151		41
Roche Holding AG (Genusschein)		3,292		840
Sandoz Group AG (g)		1,919		58
Schindler Holding AG		191		48
Schindler Holding AG (Registered)		109		27
SGS SA (Registered) (g)		706		69
SIG Group AG (g)		1,448		32
Sika AG (Registered)		715		213
Sonova Holding AG (Registered)		238		69
Straumann Holding AG (Registered)		517		82
Swatch Group AG		137		32
Swatch Group AG (Registered)		253		11
Swiss Life Holding AG (Registered)		139		97
Swiss Prime Site AG (Registered)		362		34
Swiss Re AG		1,423		183
Swisscom AG (Registered) (g)		120		73
Temenos AG (Registered)		300		21
UBS Group AG (Registered) (g)		15,553		479
VAT Group AG		126		65
Zurich Insurance Group AG		688		372
				7,498
United Kingdom (2.0%)
3i Group PLC		4,709		167
abrdn PLC		9,528		17
Admiral Group PLC		1,296		46
Anglo American PLC		6,261		154
Antofagasta PLC		1,886		48
Ashtead Group PLC		2,129		152
Associated British Foods PLC		1,666		53
AstraZeneca PLC		7,406		995
Auto Trader Group PLC		4,429		39
Aviva PLC		13,296		83
BAE Systems PLC		14,643		250
Barclays PLC		73,259		170
Barratt Developments PLC		4,744		28
Berkeley Group Holdings PLC		514		31
BP PLC		82,699		519
British American Tobacco PLC		10,313		313
BT Group PLC		32,332		45
Bunzl PLC		1,627		63
Burberry Group PLC		1,757		27
Centrica PLC		26,345		42
Coca-Cola HBC AG (g)		1,067		34
Compass Group PLC		8,187		240
Croda International PLC		677		42
DCC PLC		475		35
Diageo PLC		10,850		401

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United Kingdom (cont'd)
Endeavour Mining PLC		892	$	18
Entain PLC		3,083		31
Evraz PLC (g)		2,495		—
Experian PLC		4,433		193
G4S Ltd. (g)		6,437		20
Glencore PLC		50,555		277
GSK PLC		19,711		423
Haleon PLC		26,802		112
Halma PLC		1,836		55
Hargreaves Lansdown PLC		1,859		17
Hikma Pharmaceuticals PLC		797		19
HSBC Holdings PLC		94,289		737
Imperial Brands PLC		4,168		93
Informa PLC		6,661		70
InterContinental Hotels Group PLC		792		82
Intertek Group PLC		780		49
J Sainsbury PLC		7,984		27
JD Sports Fashion PLC		12,430		21
Kingfisher PLC		9,218		29
Land Securities Group PLC REIT		3,409		28
Legal & General Group PLC		28,664		92
Lloyds Banking Group PLC		310,281		203
London Stock Exchange Group PLC		2,013		241
M&G PLC		10,860		30
Melrose Industries PLC		6,568		56
Mondi PLC		2,195		39
National Grid PLC		17,714		239
NatWest Group PLC		28,147		94
Next PLC		581		68
Ocado Group PLC (g)		2,735		16
Paragon Offshore PLC (g)(h)		303		—
Pearson PLC		3,090		41
Persimmon PLC		1,552		26
Phoenix Group Holdings PLC		3,628		25
Prudential PLC		13,586		127
Reckitt Benckiser Group PLC		3,447		197
RELX PLC (LSE)		9,085		392
Rentokil Initial PLC		12,311		73
Rio Tinto PLC		5,350		338
Rolls-Royce Holdings PLC (g)		40,570		218
Sage Group PLC		4,962		79
Schroders PLC		3,922		19
Segro PLC REIT		5,686		65
Severn Trent PLC		1,311		41
Shell PLC		32,007		1,062
Smith & Nephew PLC		4,187		52
Smiths Group PLC		1,673		35
Spirax-Sarco Engineering PLC		359		46
SSE PLC		5,266		110
St. James's Place PLC		2,702		16
Standard Chartered PLC		11,190		95
Taylor Wimpey PLC		17,052		30

	Shares		Value (000)
Tesco PLC		34,407	$	129
Unilever PLC CVA		12,113		608
United Utilities Group PLC		3,327		43
Vodafone Group PLC		113,559		101
Whitbread PLC		930		39
Wise PLC Class A (g)		3,003		35
WPP PLC		5,201		49
				11,464
United States (22.4%)
3M Co.		1,566		166
A O Smith Corp.		345		31
Abbott Laboratories		4,676		531
AbbVie, Inc.		4,728		861
Accenture PLC, Class A		1,773		615
Adobe, Inc. (g)		1,279		645
Advanced Micro Devices, Inc. (g)		4,322		780
AECOM		368		36
AES Corp.		1,904		34
Aflac, Inc.		1,574		135
Agilent Technologies, Inc.		826		120
Air Products & Chemicals, Inc.		625		151
Airbnb, Inc., Class A (g)		1,227		202
Akamai Technologies, Inc. (g)		426		46
Albemarle Corp.		328		43
Albertsons Cos., Inc., Class A		988		21
Alexandria Real Estate Equities, Inc. REIT		476		61
Align Technology, Inc. (g)		208		68
Allegion PLC		248		33
Alliant Energy Corp.		717		36
Allstate Corp.		732		127
Ally Financial, Inc.		758		31
Alnylam Pharmaceuticals, Inc. (g)		349		52
Alphabet, Inc., Class A (g)		30,605		4,638
Altria Group, Inc.		4,804		210
Amazon.com, Inc. (g)		25,194		4,544
Amcor PLC		4,036		38
Ameren Corp.		749		55
American Electric Power Co., Inc.		1,462		126
American Express Co.		1,650		376
American Financial Group, Inc.		202		28
American Homes 4 Rent, Class A REIT		915		34
American International Group, Inc.		1,875		147
American Tower Corp. REIT		1,324		262
American Water Works Co., Inc.		551		67
Ameriprise Financial, Inc.		288		126
AMETEK, Inc.		641		117
Amgen, Inc.		1,499		426
Amphenol Corp., Class A		1,683		194
Analog Devices, Inc.		1,405		278
Annaly Capital Management, Inc. REIT		1,380		27
ANSYS, Inc. (g)		242		84
Aon PLC, Class A		570		190
APA Corp.		883		30

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Apollo Global Management, Inc.		1,108	$	125
Apple, Inc.		42,591		7,303
Applied Materials, Inc.		2,221		458
Aptiv PLC (g)		806		64
Arch Capital Group Ltd. (g)		1,041		96
Archer-Daniels-Midland Co.		1,524		96
Ares Management Corp., Class A		453		60
Arista Networks, Inc. (g)		730		212
Arthur J Gallagher & Co.		604		151
Aspen Technology, Inc. (g)		82		17
Assurant, Inc.		149		28
AT&T, Inc.		19,584		345
Atlassian Corp., Class A (g)		439		86
Atmos Energy Corp.		419		50
Autodesk, Inc. (g)		599		156
Automatic Data Processing, Inc.		1,156		289
AutoZone, Inc. (g)		50		158
AvalonBay Communities, Inc. REIT		399		74
Avantor, Inc. (g)		1,905		49
Avery Dennison Corp.		230		51
Axon Enterprise, Inc. (g)		198		62
Baker Hughes Co.		2,799		94
Ball Corp.		895		60
Bank of America Corp.		19,511		740
Bank of New York Mellon Corp.		2,076		120
Bath & Body Works, Inc.		602		30
Baxter International, Inc.		1,423		61
Becton Dickinson & Co.		816		202
Bentley Systems, Inc., Class B		601		31
Berkshire Hathaway, Inc., Class B (g)		3,565		1,499
Best Buy Co., Inc.		557		46
Bill Holdings, Inc. (g)		274		19
Biogen, Inc. (g)		406		88
BioMarin Pharmaceutical, Inc. (g)		525		46
Bio-Rad Laboratories, Inc., Class A (g)		62		21
Bio-Techne Corp.		443		31
BlackRock, Inc.		419		349
Blackstone, Inc.		1,902		250
Block, Inc., Class A (g)		1,542		130
Boeing Co. (g)		1,604		310
Booking Holdings, Inc.		100		363
Booz Allen Hamilton Holding Corp.		369		55
BorgWarner, Inc.		664		23
Boston Properties, Inc. REIT		430		28
Boston Scientific Corp. (g)		4,004		274
Bristol-Myers Squibb Co.		5,749		312
Broadcom, Inc.		1,211		1,605
Broadridge Financial Solutions, Inc.		329		67
Brown & Brown, Inc.		677		59
Brown-Forman Corp., Class B		879		45
Builders FirstSource, Inc. (g)		350		73
Bunge Global SA		427		44

	Shares		Value (000)
Burlington Stores, Inc. (g)		182	$	42
Cadence Design Systems, Inc. (g)		757		236
Caesars Entertainment, Inc. (g)		619		27
Camden Property Trust REIT		301		30
Campbell Soup Co.		541		24
Capital One Financial Corp.		1,057		157
Cardinal Health, Inc.		692		77
Carlisle Cos., Inc.		142		56
Carlyle Group, Inc.		609		29
CarMax, Inc. (g)		454		40
Carnival Corp. (g)		2,725		45
Carrier Global Corp.		2,260		131
Catalent, Inc. (g)		523		29
Caterpillar, Inc.		1,445		529
Cboe Global Markets, Inc.		295		54
CBRE Group, Inc., Class A (g)		879		85
CDW Corp.		374		96
Celanese Corp.		294		51
Celsius Holdings, Inc. (g)		434		36
Cencora, Inc.		480		117
Centene Corp. (g)		1,461		115
CenterPoint Energy, Inc.		1,688		48
CF Industries Holdings, Inc.		555		46
CH Robinson Worldwide, Inc.		331		25
Charles River Laboratories International, Inc. (g)		144		39
Charles Schwab Corp.		4,141		300
Charter Communications, Inc., Class A (g)		278		81
Cheniere Energy, Inc.		685		110
Chesapeake Energy Corp.		322		29
Chevron Corp.		4,978		785
Chipotle Mexican Grill, Inc. (g)		78		227
Chubb Ltd.		1,143		296
Church & Dwight Co., Inc.		690		72
Cigna Group		838		304
Cincinnati Financial Corp.		439		54
Cintas Corp.		258		177
Cisco Systems, Inc.		11,037		551
Citigroup, Inc.		5,254		332
Citizens Financial Group, Inc.		1,344		49
Cleveland-Cliffs, Inc. (g)		1,448		33
Clorox Co.		346		53
Cloudflare, Inc., Class A (g)		781		76
CME Group, Inc.		1,014		218
CMS Energy Corp.		828		50
CNH Industrial NV		2,767		36
Coca-Cola Co.		11,189		685
Cognizant Technology Solutions Corp., Class A		1,419		104
Coinbase Global, Inc., Class A (g)		476		126
Colgate-Palmolive Co.		2,207		199
Comcast Corp., Class A		11,202		486
Conagra Brands, Inc.		1,346		40
Confluent, Inc., Class A (g)		519		16
ConocoPhillips		3,316		422

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Consolidated Edison, Inc.		976	$	89
Constellation Brands, Inc., Class A		467		127
Constellation Energy Corp.		916		169
Cooper Cos., Inc.		556		56
Copart, Inc. (g)		2,337		135
Corning, Inc.		2,193		72
Corpay, Inc. (g)		198		61
Corteva, Inc.		2,033		117
CoStar Group, Inc. (g)		1,155		112
Costco Wholesale Corp.		1,244		911
Coterra Energy, Inc.		2,070		58
Crowdstrike Holdings, Inc., Class A (g)		632		203
Crown Castle, Inc. REIT		1,233		130
Crown Holdings, Inc.		344		27
CSX Corp.		5,462		202
Cummins, Inc.		402		118
CVS Health Corp.		3,511		280
Danaher Corp.		1,992		497
Darden Restaurants, Inc.		341		57
Darling Ingredients, Inc. (g)		457		21
Datadog, Inc., Class A (g)		717		89
DaVita, Inc. (g)		154		21
Dayforce, Inc. (g)		423		28
Deckers Outdoor Corp. (g)		74		70
Deere & Co.		779		320
Dell Technologies, Inc., Class C		719		82
Delta Air Lines, Inc.		445		21
Devon Energy Corp.		1,851		93
Dexcom, Inc. (g)		1,087		151
Diamondback Energy, Inc.		485		96
Dick's Sporting Goods, Inc.		174		39
Digital Realty Trust, Inc. REIT		858		124
Discover Financial Services		701		92
DocuSign, Inc. (g)		553		33
Dollar General Corp.		629		98
Dollar Tree, Inc. (g)		588		78
Dominion Energy, Inc.		2,283		112
Domino's Pizza, Inc.		99		49
DoorDash, Inc., Class A (g)		723		100
Dover Corp.		394		70
Dow, Inc.		1,902		110
DR Horton, Inc.		855		141
DraftKings, Inc., Class A (g)		1,181		54
Dropbox, Inc., Class A (g)		723		18
DTE Energy Co.		584		65
Duke Energy Corp.		2,082		201
DuPont de Nemours, Inc.		1,299		100
Dynatrace, Inc. (g)		698		32
Eastman Chemical Co.		336		34
Eaton Corp. PLC		1,115		349
eBay, Inc.		1,523		80
Ecolab, Inc.		722		167

	Shares		Value (000)
Edison International		1,090	$	77
Edwards Lifesciences Corp. (g)		1,696		162
Electronic Arts, Inc.		718		95
Elevance Health, Inc.		654		339
Eli Lilly & Co.		2,293		1,784
Emerson Electric Co.		1,608		182
Enphase Energy, Inc. (g)		410		50
Entegris, Inc.		423		59
Entergy Corp.		601		63
EOG Resources, Inc.		1,664		213
EPAM Systems, Inc. (g)		164		45
EQT Corp.		1,120		41
Equifax, Inc.		343		92
Equinix, Inc. REIT		262		216
Equitable Holdings, Inc.		969		37
Equity Lifestyle Properties, Inc. REIT		498		32
Equity Residential REIT		1,016		64
Erie Indemnity Co., Class A		71		28
Essential Utilities, Inc.		716		27
Essex Property Trust, Inc. REIT		181		44
Estee Lauder Cos., Inc., Class A		654		101
Etsy, Inc. (g)		343		24
Everest Group Ltd.		120		48
Evergy, Inc.		651		35
Eversource Energy		996		60
Exact Sciences Corp. (g)		510		35
Exelon Corp.		2,715		102
Expedia Group, Inc. (g)		397		55
Expeditors International of Washington, Inc.		417		51
Extra Space Storage, Inc. REIT		598		88
Exxon Mobil Corp.		11,080		1,288
F5, Inc. (g)		165		31
FactSet Research Systems, Inc.		108		49
Fair Isaac Corp. (g)		70		87
Fastenal Co.		1,507		116
FedEx Corp.		664		192
Ferguson PLC		576		126
Fidelity National Financial, Inc.		726		39
Fidelity National Information Services, Inc.		1,695		126
Fifth Third Bancorp		1,928		72
First Citizens BancShares, Inc., Class A		31		51
First Republic Bank (g)		501		—	@
First Solar, Inc. (g)		303		51
FirstEnergy Corp.		1,550		60
Fiserv, Inc. (g)		1,719		275
FMC Corp.		358		23
Ford Motor Co.		10,580		140
Fortinet, Inc. (g)		1,820		124
Fortive Corp.		988		85
Fortune Brands Innovations, Inc.		353		30
Fox Corp., Class A		1,116		33
Franklin Resources, Inc.		816		23
Freeport-McMoRan, Inc.		3,982		187

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Gaming and Leisure Properties, Inc. REIT		733	$	34
Garmin Ltd.		431		64
Gartner, Inc. (g)		220		105
GE HealthCare Technologies, Inc.		1,148		104
Gen Digital, Inc.		1,611		36
General Dynamics Corp.		652		184
General Electric Co.		2,933		515
General Mills, Inc.		1,636		114
General Motors Co.		3,746		170
Genuine Parts Co.		399		62
Gilead Sciences, Inc.		3,375		247
Global Payments, Inc.		731		98
Globe Life, Inc.		265		31
GoDaddy, Inc., Class A (g)		390		46
Goldman Sachs Group, Inc.		926		387
Graco, Inc.		476		44
Halliburton Co.		2,481		98
Hartford Financial Services Group, Inc.		852		88
Hasbro, Inc.		381		22
HCA Healthcare, Inc.		574		191
Healthpeak Properties, Inc. REIT		1,581		30
HEICO Corp.		332		55
Henry Schein, Inc. (g)		363		27
Hershey Co.		427		83
Hess Corp.		783		119
Hewlett Packard Enterprise Co.		3,566		63
HF Sinclair Corp.		459		28
Hilton Worldwide Holdings, Inc.		734		157
Hologic, Inc. (g)		687		54
Home Depot, Inc.		2,701		1,036
Honeywell International, Inc.		1,764		362
Hormel Foods Corp.		853		30
Host Hotels & Resorts, Inc. REIT		1,969		41
Howmet Aerospace, Inc.		1,096		75
HP, Inc.		2,412		73
Hubbell, Inc.		149		62
HubSpot, Inc. (g)		130		81
Humana, Inc.		348		121
Huntington Bancshares, Inc.		4,006		56
Huntington Ingalls Industries, Inc.		111		32
Hyatt Hotels Corp., Class A		130		21
IDEX Corp.		213		52
IDEXX Laboratories, Inc. (g)		231		125
Illinois Tool Works, Inc.		847		227
Illumina, Inc. (g)		449		62
Incyte Corp. (g)		494		28
Ingersoll Rand, Inc.		1,132		107
Insulet Corp. (g)		196		34
Intel Corp.		11,576		511
Intercontinental Exchange, Inc.		1,594		219
International Business Machines Corp.		2,433		465
International Flavors & Fragrances, Inc.		727		62

	Shares		Value (000)
International Paper Co.		948	$	37
Interpublic Group of Cos., Inc.		1,089		36
Intuit, Inc.		786		511
Intuitive Surgical, Inc. (g)		983		392
Invitation Homes, Inc. REIT		1,723		61
IQVIA Holdings, Inc. (g)		516		130
Iron Mountain, Inc. REIT		816		65
J M Smucker Co.		293		37
Jabil, Inc.		373		50
Jack Henry & Associates, Inc.		205		36
Jacobs Solutions, Inc.		355		55
Jazz Pharmaceuticals PLC (g)		169		20
JB Hunt Transport Services, Inc.		232		46
Johnson & Johnson		6,606		1,045
Johnson Controls International PLC		2,066		135
JPMorgan Chase & Co.		7,841		1,571
Juniper Networks, Inc.		902		33
Kellanova		775		44
Kenvue, Inc.		4,641		100
Keurig Dr Pepper, Inc.		2,867		88
KeyCorp		2,576		41
Keysight Technologies, Inc. (g)		498		78
Kimberly-Clark Corp.		950		123
Kimco Realty Corp. REIT		1,761		35
Kinder Morgan, Inc.		5,569		102
KKR & Co., Inc.		1,609		162
KLA Corp.		382		267
Knight-Swift Transportation Holdings, Inc.		452		25
Kraft Heinz Co.		2,297		85
Kroger Co.		1,858		106
L3Harris Technologies, Inc.		537		114
Laboratory Corp. of America Holdings		247		54
Lam Research Corp.		375		364
Lamb Weston Holdings, Inc.		406		43
Las Vegas Sands Corp.		1,068		55
Lattice Semiconductor Corp. (g)		382		30
Lear Corp.		167		24
Leidos Holdings, Inc.		368		48
Lennar Corp., Class A		702		121
Lennox International, Inc.		90		44
Liberty Broadband Corp., Class C (g)		342		20
Liberty Global Ltd., Class C (g)		633		11
Liberty Media Corp.-Liberty Formula One, Class C (g)		554		36
Liberty Media Corp.-Liberty SiriusXM, Class C (g)		459		14
Linde PLC		1,328		617
Live Nation Entertainment, Inc. (g)		449		47
LKQ Corp.		761		41
Lockheed Martin Corp.		630		287
Loews Corp.		537		42
Lowe's Cos., Inc.		1,619		412
LPL Financial Holdings, Inc.		210		55
Lucid Group, Inc. (g)		2,745		8
Lululemon Athletica, Inc. (g)		328		128

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
LyondellBasell Industries NV, Class A		739	$	76
M&T Bank Corp.		472		69
Manhattan Associates, Inc. (g)		174		44
Marathon Oil Corp.		1,657		47
Marathon Petroleum Corp.		1,138		229
Markel Group, Inc. (g)		36		55
MarketAxess Holdings, Inc.		106		23
Marriott International, Inc., Class A		717		181
Marsh & McLennan Cos., Inc.		1,381		284
Martin Marietta Materials, Inc.		172		106
Marvell Technology, Inc.		2,362		167
Masco Corp.		630		50
Mastercard, Inc., Class A		2,361		1,137
Match Group, Inc. (g)		790		29
McCormick & Co., Inc.		712		55
McDonald's Corp.		2,051		578
McKesson Corp.		379		203
Medtronic PLC		3,643		317
MercadoLibre, Inc. (g)		129		195
Merck & Co., Inc.		6,959		918
Meta Platforms, Inc., Class A		5,996		2,912
MetLife, Inc.		1,793		133
Mettler-Toledo International, Inc. (g)		62		83
MGM Resorts International (g)		797		38
Microchip Technology, Inc.		1,535		138
Micron Technology, Inc.		3,008		355
Microsoft Corp.		19,167		8,064
Mid-America Apartment Communities, Inc. REIT		328		43
Moderna, Inc. (g)		957		102
Molina Healthcare, Inc. (g)		160		66
Molson Coors Beverage Co., Class B		532		36
Mondelez International, Inc., Class A		3,737		262
MongoDB, Inc. (g)		201		72
Monolithic Power Systems, Inc.		127		86
Monster Beverage Corp. (g)		2,114		125
Moody's Corp.		464		182
Mosaic Co.		959		31
Motorola Solutions, Inc.		469		166
MSCI, Inc.		224		126
Nasdaq, Inc.		972		61
NetApp, Inc.		596		63
Netflix, Inc. (g)		1,243		755
Neurocrine Biosciences, Inc. (g)		268		37
Newmont Corp. (TSX)		3,214		115
News Corp., Class A		1,078		28
NextEra Energy, Inc.		5,680		363
NIKE, Inc., Class B		3,342		314
NiSource, Inc.		1,172		32
Nordson Corp.		144		40
Norfolk Southern Corp.		639		163
Northern Trust Corp.		584		52
Northrop Grumman Corp.		405		194

	Shares		Value (000)
NRG Energy, Inc.		638	$	43
Nucor Corp.		708		140
NVIDIA Corp.		6,705		6,058
NVR, Inc. (g)		9		73
NXP Semiconductors NV		727		180
Occidental Petroleum Corp.		1,923		125
Okta, Inc. (g)		425		44
Old Dominion Freight Line, Inc.		552		121
Omnicom Group, Inc.		555		54
ON Semiconductor Corp. (g)		1,239		91
ONEOK, Inc.		1,679		135
Oracle Corp.		5,039		633
O'Reilly Automotive, Inc. (g)		170		192
Otis Worldwide Corp.		1,155		115
Ovintiv, Inc.		751		39
Owens Corning		253		42
PACCAR, Inc.		1,476		183
Packaging Corp. of America		258		49
Palantir Technologies, Inc., Class A (g)		5,098		117
Palo Alto Networks, Inc. (g)		854		243
Paramount Global, Class B		1,444		17
Parker-Hannifin Corp.		360		200
Paychex, Inc.		914		112
Paycom Software, Inc.		153		30
Paylocity Holding Corp. (g)		128		22
PayPal Holdings, Inc. (g)		2,876		193
Pentair PLC		461		39
PepsiCo, Inc.		3,776		661
Pfizer, Inc.		15,433		428
PG&E Corp.		5,509		92
Philip Morris International, Inc.		4,312		395
Phillips 66		1,272		208
Pinterest, Inc., Class A (g)		1,500		52
Pioneer Natural Resources Co.		667		175
PNC Financial Services Group, Inc.		1,120		181
Pool Corp.		112		45
PPG Industries, Inc.		663		96
PPL Corp.		1,996		55
Principal Financial Group, Inc.		679		59
Procter & Gamble Co.		6,456		1,047
Progressive Corp.		1,643		340
Prologis, Inc. REIT		2,513		327
Prudential Financial, Inc.		1,014		119
PTC, Inc. (g)		335		63
Public Service Enterprise Group, Inc.		1,416		95
Public Storage REIT		454		132
PulteGroup, Inc.		619		75
Qorvo, Inc. (g)		276		32
QUALCOMM, Inc.		3,046		516
Quanta Services, Inc.		403		105
Quest Diagnostics, Inc.		308		41
Raymond James Financial, Inc.		556		71
Realty Income Corp. REIT		1,900		103

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Regency Centers Corp. REIT		470	$	28
Regeneron Pharmaceuticals, Inc. (g)		298		287
Regions Financial Corp.		2,577		54
Reliance, Inc.		167		56
Repligen Corp. (g)		147		27
Republic Services, Inc.		619		118
ResMed, Inc.		408		81
Revvity, Inc.		353		37
Rivian Automotive, Inc., Class A (g)		1,957		21
Robert Half, Inc.		303		24
Robinhood Markets, Inc., Class A (g)		1,212		24
ROBLOX Corp., Class A (g)		1,165		44
Rockwell Automation, Inc.		319		93
Roku, Inc. (g)		357		23
Rollins, Inc.		818		38
Roper Technologies, Inc.		299		168
Ross Stores, Inc.		956		140
Royal Caribbean Cruises Ltd. (g)		689		96
Royalty Pharma PLC, Class A		1,079		33
RPM International, Inc.		364		43
RTX Corp.		4,042		394
S&P Global, Inc.		916		390
Salesforce, Inc.		2,605		785
SBA Communications Corp. REIT		311		67
Schlumberger NV		3,939		216
Seagate Technology Holdings PLC		557		52
SEI Investments Co.		317		23
Sempra		1,769		127
ServiceNow, Inc. (g)		571		435
Sherwin-Williams Co.		684		238
Simon Property Group, Inc. REIT		926		145
Sirius XM Holdings, Inc.		2,041		8
Skyworks Solutions, Inc.		450		49
Snap, Inc., Class A (g)		2,752		32
Snap-on, Inc.		150		44
Snowflake, Inc., Class A (g)		790		128
Southern Co.		3,011		216
Southwest Airlines Co.		410		12
SS&C Technologies Holdings, Inc.		626		40
Stanley Black & Decker, Inc.		435		43
Starbucks Corp.		3,141		287
State Street Corp.		890		69
Steel Dynamics, Inc.		451		67
Steris PLC		279		63
Stryker Corp.		967		346
Sun Communities, Inc. REIT		352		45
Super Micro Computer, Inc. (g)		133		134
Synchrony Financial		1,163		50
Synopsys, Inc. (g)		422		241
Sysco Corp.		1,427		116
T Rowe Price Group, Inc.		629		77
Take-Two Interactive Software, Inc. (g)		468		69

	Shares		Value (000)
Targa Resources Corp.		613	$	69
Target Corp.		1,307		232
TE Connectivity Ltd.		889		129
Teledyne Technologies, Inc. (g)		133		57
Teleflex, Inc.		132		30
Teradyne, Inc.		435		49
Tesla, Inc. (g)		7,919		1,392
Texas Instruments, Inc.		2,491		434
Texas Pacific Land Corp.		54		31
Textron, Inc.		558		54
Thermo Fisher Scientific, Inc.		1,088		632
TJX Cos., Inc.		3,120		316
T-Mobile U.S., Inc.		1,475		241
Toast, Inc., Class A (g)		946		24
Toro Co.		296		27
Tractor Supply Co.		308		81
Trade Desk, Inc., Class A (g)		1,267		111
Tradeweb Markets, Inc., Class A		306		32
Trane Technologies PLC		644		193
TransDigm Group, Inc.		155		191
TransUnion		541		43
Travelers Cos., Inc.		640		147
Trimble, Inc. (g)		697		45
Truist Financial Corp.		3,683		144
Twilio, Inc., Class A (g)		483		30
Tyler Technologies, Inc. (g)		119		51
Tyson Foods, Inc., Class A		817		48
Uber Technologies, Inc. (g)		4,957		382
UDR, Inc. REIT		875		33
U-Haul Holding Co.		278		19
UiPath, Inc., Class A (g)		1,085		25
Ulta Beauty, Inc. (g)		137		72
Union Pacific Corp.		1,706		420
United Parcel Service, Inc., Class B		2,042		303
United Rentals, Inc.		190		137
United Therapeutics Corp. (g)		131		30
UnitedHealth Group, Inc.		2,504		1,239
Unity Software, Inc. (g)		690		18
Universal Health Services, Inc., Class B		175		32
US Bancorp		4,250		190
Vail Resorts, Inc.		109		24
Valero Energy Corp.		1,018		174
Veeva Systems, Inc., Class A (g)		431		100
Ventas, Inc. REIT		1,145		50
Veralto Corp.		666		59
VeriSign, Inc. (g)		258		49
Verisk Analytics, Inc.		408		96
Verizon Communications, Inc.		11,559		485
Vertex Pharmaceuticals, Inc. (g)		729		305
Vertiv Holdings Co., Class A		931		76
VF Corp.		957		15
Viatris, Inc.		3,285		39
VICI Properties, Inc. REIT		2,755		82

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Visa, Inc., Class A		4,301	$	1,200
Vistra Corp.		920		64
Vulcan Materials Co.		372		102
W R Berkley Corp.		574		51
Walgreens Boots Alliance, Inc.		2,061		45
Walmart, Inc.		12,146		731
Walt Disney Co.		4,993		611
Warner Bros Discovery, Inc. (g)		6,418		56
Waste Connections, Inc.		716		123
Waste Management, Inc.		1,130		241
Waters Corp. (g)		166		57
Watsco, Inc.		95		41
WEC Energy Group, Inc.		902		74
Wells Fargo & Co.		9,879		573
Welltower, Inc. REIT		1,456		136
West Pharmaceutical Services, Inc.		207		82
Western Digital Corp. (g)		907		62
Westinghouse Air Brake Technologies Corp.		505		74
Westlake Corp.		110		17
Westrock Co.		728		36
Weyerhaeuser Co. REIT		2,095		75
Williams Cos., Inc.		3,391		132
Willis Towers Watson PLC		295		81
Workday, Inc., Class A (g)		583		159
WP Carey, Inc. REIT		607		34
WW Grainger, Inc.		127		129
Wynn Resorts Ltd.		289		30
Xcel Energy, Inc.		1,560		84
Xylem, Inc.		676		87
Yum! Brands, Inc.		785		109
Zebra Technologies Corp., Class A (g)		145		44
Zillow Group, Inc., Class C (g)		421		21
Zimmer Biomet Holdings, Inc.		593		78
Zoetis, Inc.		1,292		219
Zoom Video Communications, Inc., Class A (g)		679		44
Zscaler, Inc. (g)		244		47
				127,469
Total Common Stocks (Cost $118,198)				209,898
	No. of Rights
Rights (0.0%)‡
United States (0.0%)‡
Contra Abiomed, Inc., expires 12/22/28 (g) (Cost $—@)		90		—	@
	No. of Warrants
Warrants (0.0%)
Canada (0.0%)
Constellation Software, Inc. expires 3/31/40 (g) (Cost $—)		95		—

	Face Amount (000)		Value (000)
Short-Term Investments (19.6%)
Commercial Paper (i) (1.1%)
ANZ New Zealand International Ltd.
5.86%, 4/8/24 (b)	$	1,050	$	1,049
BPCE SA
5.87%, 4/5/24 (b)		1,050		1,049
Skandinaviska Enskilda Banken AB
5.86%, 4/11/24 (b)		2,080		2,077
Suncorp-Metway Ltd.
5.92%, 4/2/24 (b)		2,080		2,080
Total Commercial Paper (Cost $6,255)				6,255
U.S. Treasury Securities (1.6%)
U.S. Treasury Bill,
5.31%, 8/1/24 (j)(k)		6,180		6,072
5.31%, 8/1/24 (j)(k)		3,141		3,086
Total U.S. Treasury Securities (Cost $9,158)				9,158
	Shares
Investment Company (16.9%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 5.22% (See Note G) (Cost $95,800)		95,800,438		95,800
Total Short-Term Investments (Cost $111,213)				111,213
Total Investments (99.8%) (Cost $489,075) (l)(m)(n)				567,181
Other Assets in Excess of Liabilities (0.2%)				1,126
Net Assets (100.0%)			$	568,307

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 March 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 March 31, 2024. Maturity date disclosed is the ultimate maturity date.

(e) When-issued security.

(f) Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of March 31, 2024.

(g) Non-income producing security.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

(h) At March 31, 2024, the Fund held a fair valued security at $0, representing 0.0% 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.

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

(j) Rate shown is the yield to maturity at March 31, 2024.

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

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

(m) The approximate fair value and percentage of net assets, $72,189,000 and 12.7%, 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.

(n) At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $109,090,000 and the aggregate gross unrealized depreciation is approximately $24,467,000, resulting in net unrealized appreciation of approximately $84,623,000.

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.

Foreign Currency Forward Exchange Contracts:

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

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Australia & New Zealand Banking Group Ltd.	$	313,782	NZD	517,468	4/30/24	$	(5	)
Bank of America NA	CNH	3,537,979	$	495,851	6/20/24		7
Bank of America NA	EUR	1,825,672	$	1,967,410	4/30/24		(4	)
Bank of America NA	GBP	430,502	$	540,724	4/30/24		(3	)
Bank of America NA	MXN	4,882,544	$	280,694	4/30/24		(12	)
Bank of America NA	PLN	251,986	$	64,107	6/20/24		1
Bank of America NA	$	113,071	ILS	412,788	6/20/24		(—	@)
Bank of America NA	$	164,239	JPY	23,894,262	6/20/24		(5	)
Bank of New York Mellon	$	13,218	DKK	89,813	6/20/24		(—	@)
Barclays Bank PLC	AUD	1,664,389	$	1,083,014	4/30/24		(2	)
Barclays Bank PLC	AUD	6,496	$	4,299	6/20/24		—	@
Barclays Bank PLC	CNY	2,510,000	$	352,825	4/30/24		5
Barclays Bank PLC	EUR	580,742	$	630,756	4/30/24		3
Barclays Bank PLC	HKD	3,173	$	407	6/20/24		—	@
Barclays Bank PLC	$	4,994,025	EUR	4,554,170	6/20/24		(65	)
Barclays Bank PLC	$	18,643	ILS	68,050	6/20/24		(—	@)
Barclays Bank PLC	$	351,330	JPY	51,112,833	6/20/24		(10	)
Barclays Bank PLC	$	341,181	MXN	5,830,466	6/20/24		5
BNP Paribas SA	AUD	7,054	$	4,669	6/20/24		—	@
BNP Paribas SA	CAD	354,875	$	261,728	4/30/24		(—	@)
BNP Paribas SA	CNH	1,335,590	$	187,168	6/20/24		3
BNP Paribas SA	COP	602,165,000	$	150,664	4/30/24		(4	)
BNP Paribas SA	DKK	478,419	$	69,517	4/30/24		—	@
BNP Paribas SA	EUR	8,289	$	8,934	4/30/24		(—	@)
BNP Paribas SA	EUR	2,200,653	$	2,412,248	6/20/24		31
BNP Paribas SA	HKD	214,710	$	27,517	6/20/24		—	@
BNP Paribas SA	IDR	23,749,786,679	$	1,511,570	4/30/24		15
BNP Paribas SA	INR	457,454,589	$	5,513,879	6/20/24		42
BNP Paribas SA	INR	13,507,053	$	161,597	6/20/24		—	@
BNP Paribas SA	$	3,265,184	CAD	4,389,778	4/30/24		(23	)
BNP Paribas SA	$	75,192	CLP	74,030,514	6/21/24		—	@
BNP Paribas SA	$	2,877,033	CNY	20,486,204	4/30/24		(35	)
BNP Paribas SA	$	60,909	COP	242,881,489	6/20/24		1

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 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	$	34,689	IDR	544,312,539	4/30/24	$	(—	@)
BNP Paribas SA	$	214,984	IDR	3,395,742,034	6/20/24		(1	)
BNP Paribas SA	$	13,119,229	JPY	1,924,196,534	4/30/24		(354	)
BNP Paribas SA	$	1,489,568	JPY	222,341,445	4/30/24		(15	)
BNP Paribas SA	$	7,116,483	JPY	1,035,317,982	6/20/24		(194	)
BNP Paribas SA	$	2,934,039	MXN	50,138,331	6/20/24		45
BNP Paribas SA	$	136,754	RON	631,531	4/30/24		—	@
BNP Paribas SA	$	227,310	SEK	2,379,759	4/30/24		(5	)
BNP Paribas SA	$	109,113	SGD	146,026	4/30/24		(1	)
BNP Paribas SA	$	198,913	THB	7,063,007	6/20/24		(4	)
Citibank NA	$	1,048,088	CHF	900,097	4/30/24		(47	)
Citibank NA	$	9,885	CZK	228,953	6/20/24		(—	@)
Citibank NA	$	52,119	ILS	190,250	6/20/24		(—	@)
Goldman Sachs International	BRL	39,662,499	$	7,965,477	6/20/24		116
Goldman Sachs International	EUR	446,612	$	489,553	6/20/24		6
Goldman Sachs International	JPY	39,374,000	$	261,293	4/30/24		—	@
Goldman Sachs International	NOK	583,174	$	55,520	6/20/24		2
Goldman Sachs International	NZD	11,239	$	6,911	6/20/24		—	@
Goldman Sachs International	TRY	101,428,691	$	2,396,708	12/23/24		65
Goldman Sachs International	$	11,998	CZK	277,842	6/20/24		(—	@)
Goldman Sachs International	$	224,368	JPY	32,643,063	6/20/24		(6	)
Goldman Sachs International	$	358,016	JPY	53,484,918	6/20/24		(—	@)
Goldman Sachs International	$	1,693,789	MXN	28,946,009	6/20/24		26
Goldman Sachs International	$	211,935	MXN	3,560,960	6/20/24		(—	@)
Goldman Sachs International	$	176,736	MYR	826,327	6/20/24		(1	)
Goldman Sachs International	$	2,592,095	TRY	101,428,691	12/23/24		(260	)
Goldman Sachs International	$	1,112,077	TWD	34,731,263	6/20/24		(17	)
JPMorgan Chase Bank NA	CAD	814,510	$	604,254	6/20/24		2
JPMorgan Chase Bank NA	EUR	4,870,776	$	5,338,986	6/20/24		67
JPMorgan Chase Bank NA	GBP	217,356	$	278,044	6/20/24		4
JPMorgan Chase Bank NA	HKD	201,814	$	25,866	6/20/24		—	@
JPMorgan Chase Bank NA	HUF	73,613,697	$	205,061	4/30/24		4
JPMorgan Chase Bank NA	NOK	446,572	$	42,517	6/20/24		1
JPMorgan Chase Bank NA	NZD	247,911	$	152,426	6/20/24		4
JPMorgan Chase Bank NA	SGD	211,017	$	159,021	6/20/24		2
JPMorgan Chase Bank NA	THB	4,257,197	$	120,200	4/30/24		3
JPMorgan Chase Bank NA	$	69,089	CHF	60,049	6/20/24		(2	)
JPMorgan Chase Bank NA	$	101,004	CLP	96,240,000	4/30/24		(3	)
JPMorgan Chase Bank NA	$	455,148	CNY	3,230,000	4/30/24		(7	)
JPMorgan Chase Bank NA	$	64,794	DKK	440,279	6/20/24		(1	)
JPMorgan Chase Bank NA	$	19,055	ILS	69,542	6/20/24		(—	@)
JPMorgan Chase Bank NA	$	353,662	JPY	51,452,884	6/20/24		(10	)
JPMorgan Chase Bank NA	$	1,324,149	MXN	22,628,857	6/20/24		20
JPMorgan Chase Bank NA	$	32,574	SEK	332,182	6/20/24		(1	)
Standard Chartered Bank	AUD	1,298,175	$	844,404	4/30/24		(2	)
Standard Chartered Bank	EUR	119,446	$	129,686	4/30/24		1
Standard Chartered Bank	NZD	13,200	$	8,116	6/20/24		—	@
State Street Bank & Trust Co.	EUR	143,716	$	157,537	6/20/24		2
State Street Bank & Trust Co.	$	110,158	SEK	1,123,369	6/20/24		(5	)
UBS AG	AUD	10,136	$	6,708	6/20/24		—	@
UBS AG	CAD	3,551,513	$	2,636,236	4/30/24		13
UBS AG	CAD	43,107	$	31,979	6/20/24		—	@
UBS AG	CNY	136,770,962	$	19,285,246	6/20/24		212
UBS AG	EUR	187,511	$	203,458	4/30/24		1
UBS AG	EUR	429,513	$	465,191	4/30/24		1
UBS AG	EUR	1,930,867	$	2,116,530	6/20/24		27
UBS AG	EUR	849,022	$	919,894	6/20/24		1
UBS AG	HKD	365,732	$	46,874	6/20/24		—	@
UBS AG	TRY	457,638	$	12,617	6/20/24		(—	@)

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 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)
UBS AG	$	1,186,725	AUD	1,817,925	4/30/24	$	(1	)
UBS AG	$	467,421	AUD	715,195	4/30/24		(1	)
UBS AG	$	64,983	CAD	88,155	4/30/24		—	@
UBS AG	$	12,914	HUF	4,751,041	6/20/24		—	@
UBS AG	$	330,475	JPY	48,947,000	4/30/24		(6	)
UBS AG	$	2,267,556	KRW	3,014,239,394	4/30/24		(25	)
UBS AG	$	602,432	KRW	794,957,190	6/20/24		(9	)
UBS AG	$	1,409,634	MXN	24,089,517	6/20/24		21
UBS AG	$	90,507	NOK	960,145	4/30/24		(2	)
UBS AG	$	107,141	PEN	411,443	4/30/24		3
UBS AG	$	127,696	PLN	512,541	4/30/24		1
UBS AG	ZAR	1,081,726	$	57,468	6/20/24		1
Westpac Banking Corp.	JPY	47,220,000	$	323,947	4/30/24		11
						$	(373	)

Futures Contracts:

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

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
CME Bitcoin Index (United States)		3	Apr-24	$	—	@	$	1,073		$	102
Euro-Buxl 30 yr. Bond Index (Germany)		8	Jun-24	EUR	800			1,172			30
German Euro-Bobl Index (Germany)		3	Jun-24		300			383			(1	)
German Euro-BTP Index (Germany)		13	Jun-24		1,300			1,669			34
German Euro-Schatz Index (Germany)		101	Jun-24		10,100			11,517			—	@
ICE Brent Crude Oil Index (United States)		11	Apr-24	$	11			957			8
KFE 10 yr. Treasury Bond Index (Korea, Republic of)		30	Jun-24	KRW	3,000,000			2,527			4
KFE KOSPI 200 Index (Korea, Republic of)		10	Jun-24		2,500			700			30
MDE Kuala Lumpur Composite Index (Malaysia)		11	Apr-24	MYR	1			179			—	@
MSCI Emerging Market EMEA Index (United States)		57	Jun-24	$	6			1,717			1
MSCI Emerging Market Latin America Index (United States)		19	Jun-24		2			1,184			23
MSCI Indonesia Index (United States)		14	Jun-24		—	@		263			(7	)
SGX FTSE Taiwan Index (United States)		17	Apr-24		1			1,185			12
SGX MSCI Singapore Index (Singapore)		2	Apr-24	SGD	—	@		43			—	@
TEF SET50 Index (Thailand)		47	Jun-24	THB	9			216			(—	@)
U.S. Treasury Long Bond (United States)		18	Jun-24	$	1,800			2,168			42
U.S. Treasury 2 yr. Note (United States)		11	Jun-24		2,200			2,249			(9	)
U.S. Treasury 5 yr. Note (United States)		77	Jun-24		7,700			8,240			16
U.S. Treasury 10 yr. Note (United States)		102	Jun-24		10,200			11,301			28
U.S. Treasury 10 yr. Ultra Note (United States)		101	Jun-24		10,100			11,576			(37	)
Short:
Euro Stoxx 50 Index (Germany)		210	Jun-24	EUR	(2	)		(11,430	)		(307	)
FTSE 100 Index (United Kingdom)		1	Jun-24	GBP	(—	@)		(101	)		(4	)
German Euro-BTP Index (Germany)		38	Jun-24	EUR	(3,800	)		(4,879	)		(58	)
German Euro-Bund Index (Germany)		86	Jun-24		(8,600	)		(12,375	)		(89	)
IFSC NIFTY 50 Index (United States)		124	Apr-24	$	(—	@)		(5,577	)		(47	)
Montreal Exchange S&P/TSX 60 Index (Canada)		1	Jun-24	CAD	(—	@)		(198	)		(—	@)
MSCI Emerging Market Index (United States)		13	Jun-24	$	(1	)		(682	)		(1	)
Nikkei 225 Index (Japan)		4	Jun-24	JPY	(2	)		(533	)		(5	)
S&P 500 E Mini Index (United States)		43	Jun-24	$	(2	)		(11,413	)		(246	)
SFE 10 yr. Australian Bond Index (Australia)		13	Jun-24	AUD	(1,300	)		(988	)		(3	)
TSE Japanese 10 yr. Bond index (Japan)		55	Jun-24	JPY	(5,500,000	)		(52,925	)		(75	)

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 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)
U.S. Treasury Ultra Long Bond (United States)		10	Jun-24	$	(1,000	)	$	(1,290	)	$	(13	)
U.S. Treasury 5 yr. Note (United States)		53	Jun-24		(5,300	)		(5,672	)		(9	)
U.S. Treasury 10 yr. Ultra Note (United States)		42	Jun-24		(4,200	)		(4,814	)		(44	)
										$	(625	)

Centrally Cleared Interest Rate Swap Agreements:

The Fund had the following centrally cleared interest rate swap agreements open at March 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 CNRR	Pay		2.38	%	Quarterly/ Quarterly	11/3/28	CNY	54,609	$	95		$	—	$	95
Morgan Stanley & Co. LLC	1 Month CNRR	Pay		2.38		Quarterly/ Quarterly	11/3/28		54,609		95			—		95
Morgan Stanley & Co. LLC	1 Week CNY	Pay		2.56		Quarterly/ Quarterly	5/16/28		70,937		194			—		194
Morgan Stanley & Co. LLC	1 Week CNY	Pay		2.56		Quarterly/ Quarterly	5/16/28		70,937		194			—		194
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Pay		2.17		Maturity/ Maturity	1/15/34	EUR	4,378		(3	)		—		(3	)
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Pay		2.17		Maturity/ Maturity	1/15/34		4,739		(4	)		—		(4	)
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Pay		2.17		Maturity/ Maturity	1/15/34		4,378		(4	)		—		(4	)
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Pay		2.17		Maturity/ Maturity	1/15/34		3,502		(3	)		—		(3	)
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Pay		2.17		Maturity/ Maturity	1/15/34		4,378		(4	)		—		(4	)
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Pay		2.18		Maturity/ Maturity	1/15/34		4,378		—	@		—		—	@
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Pay		2.42		Maturity/ Maturity	1/15/54		1,578		(28	)		—		(28	)
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Pay		2.42		Maturity/ Maturity	1/15/54		1,578		(28	)		—		(28	)
Morgan Stanley & Co. LLC	Euro-stat Eurozone HICP ex Tobacco Index	Pay		2.42		Maturity/ Maturity	1/15/54		1,554		(29	)		—		(29	)
										$	475		$	—	$	475

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Total Return Swap Agreements:

The Fund had the following total return swap agreements open at March 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)
Bank of America NA	MSCI USA Index	Receive	SOFR + 0.45%	Quarterly	7/16/24	$	(23,203	)	$	2,082		$	—	$	2,082
Barclays Bank PLC	MSCI Japan Net Total Return USD Index	Receive	SOFR + 0.14%	Quarterly	2/11/25		(16,767	)		1,092			—		1,092
Barclays Bank PLC	MSCI USA Index	Receive	SOFR + 0.47%	Quarterly	10/4/24		(14,151	)		1,389			—		1,389
BNP Paribas SA	EMU Anti-Value + Quality Index	Pay	ESTR + 0.02%	Quarterly	9/18/24	EUR	1,000			(29	)		—		(29	)
BNP Paribas SA	EMU Anti-Value + Quality Index	Pay	ESTR + 0.02%	Quarterly	9/18/24		1,003			(31	)		—		(31	)
BNP Paribas SA	EMU Anti-Value + Quality Index	Pay	ESTR + 0.02%	Quarterly	9/18/24		1,006			(32	)		—		(32	)
BNP Paribas SA	EMU Anti-Value + Quality Index	Pay	ESTR + 0.02%	Quarterly	9/18/24		1,005			(27	)		—		(27	)
BNP Paribas SA	EMU Anti-Value + Quality Index	Pay	ESTR + 0.02%	Quarterly	9/18/24		989			(15	)		—		(15	)
BNP Paribas SA	EMU Anti-Value 5 Index	Pay	ESTR + 0.02%	Quarterly	9/18/24		759			(14	)		—		(14	)
BNP Paribas SA	EMU Anti-Value 5 Index	Pay	ESTR + 0.02%	Quarterly	9/18/24		759			(17	)		—		(17	)
BNP Paribas SA	EMU Anti-Value 5 Index	Pay	ESTR + 0.02%	Quarterly	9/18/24		762			(17	)		—		(17	)
BNP Paribas SA	EMU Anti-Value 5 Index	Pay	ESTR + 0.02%	Quarterly	9/18/24		762			(13	)		—		(13	)
BNP Paribas SA	EMU Anti-Value 5 Index	Pay	ESTR + 0.02%	Quarterly	9/18/24		748			(7	)		—		(7	)
BNP Paribas SA	EMU Domestics Index^††	Receive	ESTR + 0.21%	Quarterly	1/15/25		(10,165	)		1,308			—		1,308
BNP Paribas SA	EMU Domestics Index^††	Receive	ESTR + 0.21%	Quarterly	1/15/25		(2,994	)		196			—		196
BNP Paribas SA	EMU Value + Quality Index	Receive	ESTR + 0.35%	Quarterly	9/18/24		(1,010	)		40			—		40
BNP Paribas SA	EMU Value + Quality Index	Receive	ESTR + 0.35%	Quarterly	9/18/24		(1,003	)		41			—		41
BNP Paribas SA	EMU Value + Quality Index	Receive	ESTR + 0.35%	Quarterly	9/18/24		(1,009	)		38			—		38
BNP Paribas SA	EMU Value + Quality Index	Receive	ESTR + 0.35%	Quarterly	9/18/24		(1,003	)		36			—		36
BNP Paribas SA	EMU Value + Quality Index	Receive	ESTR + 0.35%	Quarterly	9/18/24		(984	)		24			—		24
BNP Paribas SA	EMU Value 5 Index	Receive	ESTR + 0.35%	Quarterly	9/18/24		(765	)		35			—		35
BNP Paribas SA	EMU Value 5 Index	Receive	ESTR + 0.35%	Quarterly	9/18/24		(763	)		32			—		32
BNP Paribas SA	EMU Value 5 Index	Receive	ESTR + 0.35%	Quarterly	9/18/24		(763	)		30			—		30
BNP Paribas SA	EMU Value 5 Index	Receive	ESTR + 0.35%	Quarterly	9/18/24		(761	)		28			—		28
BNP Paribas SA	EMU Value 5 Index	Receive	ESTR + 0.35%	Quarterly	9/18/24		(738	)		17			—		17
BNP Paribas SA	U.S. Domestics Index^††	Pay	SOFR + 0.38%	Quarterly	1/15/25	$	10,962			(974	)		—		(974	)
BNP Paribas SA	U.S. Domestics Index^††	Pay	SOFR + 0.38%	Quarterly	1/15/25		3,252			(101	)		—		(101	)
Goldman Sachs MSCI Emerging International	Markets Net Total Return Index	Receive	SOFR + 0.00%	Quarterly	1/28/25		(32,858	)		1,766			—		1,766
JPMorgan Chase Japan Bank NA	Growth Index^††	Pay	SOFR + 0.30%	Quarterly	10/23/24		1,986			(291	)		—		(291	)
JPMorgan Chase Japan Bank NA	Growth Index^††	Pay	SOFR + 0.19%	Quarterly	3/18/25		4,414			(29	)		—		(29	)
JPMorgan Chase Japan Bank NA	Value Index	Receive	SOFR + 0.00%	Quarterly	3/18/25		(4,447	)		171			—		171
JPMorgan Chase Korea Bank NA	Value Index	Receive	SOFR + 0.16%	Quarterly	3/18/25		(2,239	)		(92	)		—		(92	)
JPMorgan Chase MSCI Japan Net Total Bank NA	Return USD Index	Receive	SOFR + 0.18%	Quarterly	10/8/24		(1,378	)		160			—		160
JPMorgan Chase U.S. High Earnings Bank NA	Revisions Index^††	Pay	SOFR + 0.40%	Quarterly	3/17/25		3,263			(82	)		—		(82	)
JPMorgan Chase U.S. High Earnings Bank NA	Revisions Index^††	Pay	SOFR + 0.40%	Quarterly	3/17/25		4,849			(184	)		—		(184	)

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 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)
JPMorgan Chase U.S. Value Bank NA	Quality Index^††	Receive	SOFR + 0.40%	Quarterly	3/17/25	$	(3,260	)	$	68	$	—	$	68
JPMorgan Chase U.S. Value Bank NA	Quality Index^††	Receive	SOFR + 0.40%	Quarterly	3/17/25		(4,838	)		189		—		189
UBS AG	MSCI USA Index	Receive	SOFR + 0.46%	Quarterly	9/24/24		(59,924	)		253		—		253
									$	7,040	$	—	$	7,040

†† 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 EMU Domestics Index as of March 31, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
EMU Domestics Index
ADP		249	$	32		0.01	%
Aena SME SA		263		48		0.01
Basic-Fit NV		326		7		0.00	‡
Bechtle AG		477		23		0.00	‡
Bouygues SA		957		36		0.01
Capgemini SE		406		87		0.02
Compagnie De Saint Gobain		1,181		85		0.01
Deutsche Lufthansa — Reg		3,894		28		0.00	‡
D'Ieteren Group		134		28		0.00	‡
Eiffage		356		37		0.01
Exclusive Networks SA		89		2		0.00	‡
Fraport Ag Frankfurt Airport		313		15		0.00	‡
Getlink SE		1,986		31		0.01
Indra Sistemas SA		958		18		0.00	‡
Industria de Diseno Textil SA		2,512		117		0.02
Iveco Group NV		2,828		39		0.01
Kingspan Group PLC		577		49		0.01
La Francaise des Jeux SAEM		504		19		0.00	‡
Prosiebensat.1 Media SE		1,885		12		0.00	‡
Randstad NV		627		31		0.01
Rheinmetall AG		150		78		0.01
Scout24 SE		461		32		0.01
Smurfit Kappa Group PLC		1,090		46		0.01
Stora Enso OYJ — Class R		2,879		37		0.01
Vinci SA		1,089		129		0.02
Vivendi SE		3,420		35		0.01
Zalando SE		1,570		42		0.01

The following table represents the equity basket top 50 individual holdings underlying the total return swap with U.S. Domestics Index as of March 31, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. Domestics Index
Arista Networks, Inc.		66	$	19		0.00	%‡
Automatic Data Processing		105		26		0.00	‡
Autozone, Inc.		5		14		0.00	‡
CDW Corp.		34		9		0.00	‡
Charter Communications, Inc. — Class A		25		7		0.00	‡

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. Domestics Index (cont'd)
Cintas Corp.		23	$	16		0.00	%‡
Cognizant Tech Solutions — Class A		128		9		0.00	‡
Comcast Corp. — Class A		1,047		45		0.01
Copart, Inc.		215		12		0.00	‡
Crowdstrike Holdings, Inc. — Class A		53		17		0.00	‡
CSX Corp.		507		19		0.00	‡
Datadog, Inc. — Class A		64		8		0.00	‡
Doordash, Inc. — Class A		61		8		0.00	‡
DR Horton, Inc.		76		12		0.00	‡
Equifax, Inc.		31		8		0.00	‡
Fair Isaac Corp.		6		8		0.00	‡
Fastenal Co.		143		11		0.00	‡
Fedex Corp.		60		17		0.00	‡
Hilton Worldwide Holdings, Inc.		66		14		0.00	‡
Home Depot, Inc.		247		95		0.02
Lennar Corp. — Class A		61		11		0.00	‡
Lowe's Cos, Inc.		144		37		0.01
Lululemon Athletica, Inc.		30		12		0.00	‡
Marriott International — Class A		64		16		0.00	‡
Martin Marietta Materials		16		10		0.00	‡
Norfolk Southern Corp.		58		15		0.00	‡
NVR, Inc.		1		7		0.00	‡
Old Dominion Freight Line		50		11		0.00	‡
O'Reilly Automotive, Inc.		15		17		0.00	‡
Pultegroup, Inc.		55		7		0.00	‡
Quanta Services, Inc.		37		10		0.00	‡
Republic Services, Inc.		56		11		0.00	‡
Roper Technologies, Inc.		27		15		0.00	‡
Ross Stores, Inc.		85		13		0.00	‡
Sherwin-Williams Co.		62		22		0.00	‡
Snowflake, Inc. — Class A		70		11		0.00	‡
Starbucks Corp.		292		27		0.00	‡
TJX Companies, Inc.		286		29		0.01
Tractor Supply Company		28		7		0.00	‡
Trane Technologies PLC		57		17		0.00	‡
Union Pacific Corp.		155		38		0.01
United Parcel Service — Class B		182		27		0.00	‡
United Rentals, Inc.		17		12		0.00	‡
Verisk Analytics, Inc.		36		9		0.00	‡
Vulcan Materials Co.		33		9		0.00	‡
Walt Disney Co.		475		58		0.01

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. Domestics Index (cont'd)
Waste Connections, Inc.		65	$	11		0.00	%‡
Waste Management, Inc.		102		22		0.00	‡
Workday, Inc. — Class A		52		14		0.00	‡
WW Grainger, Inc.		11		12		0.00	‡

The following table represents the equity basket holdings underlying the total return swap with Japan Growth Index as of March 31, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
Japan Growth Index
Advantest Corp.		52,311	$	2,357		0.41	%
Asahi Intecc Co. Ltd.		118,978		2,071		0.36
Capcom Co. Ltd.		118,160		2,183		0.38
Daifuku Co. Ltd.		107,455		2,545		0.45
Daiichi Sankyo Co. Ltd.		75,686		2,389		0.42
Daikin Industries Ltd.		17,207		2,343		0.41
Disco Corp.		7,120		2,691		0.47
Fanuc Corp.		81,681		2,259		0.40
Fast Retailing Co. Ltd.		8,273		2,577		0.45
Hoshizaki Corp.		70,317		2,613		0.46
Hoya Corp.		18,719		2,318		0.41
Japan Exchange Group, Inc.		87,760		2,384		0.42
Japan Real Estate Investment		669		2,378		0.42
JSR Corp.		81,680		2,339		0.41
Keisei Electric Railway Co.		56,953		2,318		0.41
Keyence Corp.		5,124		2,355		0.41
Kikkoman Corp.		183,047		2,382		0.42
Kobe Bussan Co. Ltd.		85,841		2,120		0.37
Lasertec Corp.		9,045		2,499		0.44
Makita Corp.		89,424		2,523		0.44
Mcdonald's Holdings Co.		51,671		2,342		0.41
Monotaro Co. Ltd.		224,611		2,698		0.47
MS&AD Insurance Group Holdings, Inc.		136,200		2,440		0.43
Nintendo Co. Ltd.		42,466		2,300		0.40
Nippon Building Fund, Inc.		613		2,423		0.43
Nippon Prologis REIT, Inc.		1,459		2,594		0.46
Nissan Chemical Corp.		59,963		2,269		0.40
Nitori Holdings Co. Ltd.		15,095		2,354		0.41
Nomura Research Institute Ltd.		83,706		2,347		0.41
Obic Co. Ltd.		15,462		2,327		0.41
Oriental Land Co. Ltd.		71,215		2,282		0.40
Osaka Gas Co. Ltd.		107,227		2,404		0.42
Rakuten Group, Inc.		434,948		2,443		0.43
Recruit Holdings Co. Ltd.		55,324		2,452		0.43
Secom Co. Ltd.		31,306		2,267		0.40
Shin-Etsu Chemical Co. Ltd.		53,983		2,349		0.41
SMC Corp.		4,126		2,313		0.41
T&D Holdings. Inc.		135,482		2,326		0.41
Tokio Marine Holdings, Inc.		79,684		2,477		0.44
Tokyo Electron Ltd.		9,475		2,478		0.44
Unicharm Corp.		72,740		2,324		0.41
Yaskawa Electric Corp.		56,470		2,367		0.42
Zozo, Inc.		95,111		2,392		0.42

The following table represents the equity basket holdings underlying the total return swap with U.S. High Earnings Revisions Index as of March 31, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. High Earnings Revisions Index
Acadia Realty Trust		4,752	$	81		0.01	%
American Eagle Outfitters		2,296		59		0.01
Ani Pharmaceuticals, Inc.		917		63		0.01
Applied Industrial Tech, Inc.		286		57		0.01
Ashland, Inc.		665		65		0.01
Carlisle Cos, Inc.		146		57		0.01
Casey's General Stores, Inc.		180		57		0.01
Cencora, Inc.		262		64		0.01
Century Communities, Inc.		597		58		0.01
Chemed Corp.		95		61		0.01
Community Healthcare Trust		3,922		104		0.02
Constellation Energy		315		58		0.01
Dorman Products, Inc.		584		56		0.01
Ecolab, Inc.		282		65		0.01
Emcor Group, Inc.		163		57		0.01
Encompass Health Corp.		804		66		0.01
Enerpac Tool Group Corp.		1,595		57		0.01
Ensign Group, Inc.		499		62		0.01
Equitrans Midstream Corp.		4,625		58		0.01
GAP, Inc.		2,291		63		0.01
Griffon Corp.		775		57		0.01
Haemonetics Corp.		685		58		0.01
Hannon Armstrong Sustainable		2,029		58		0.01
HCA Healthcare, Inc.		191		64		0.01
Innospec, Inc.		510		66		0.01
Installed Building Products		220		57		0.01
Interface, Inc.		3,420		58		0.01
Kemper Corp.		928		58		0.01
Ligand Pharmaceuticals		828		61		0.01
Macerich Co.		4,863		84		0.01
Mercury General Corp.		1,145		59		0.01
Micron Technology, Inc.		567		67		0.01
Minerals Technologies, Inc.		875		66		0.01
Myers Industries, Inc.		2,475		57		0.01
Northern Trust Corp.		643		57		0.01
Openlane, Inc.		3,345		58		0.01
OSI Systems, Inc.		406		58		0.01
PACCAR, Inc.		458		57		0.01
PRA Group, Inc.		2,175		57		0.01
Progressive Corp.		272		56		0.01
PVH Corp.		401		56		0.01
Radnet, Inc.		1,366		66		0.01
Sherwin-Williams Co.		187		65		0.01
Sl Green Realty Corp.		1,020		56		0.01
SPX Technologies, Inc.		455		56		0.01
Tennant Co.		471		57		0.01
UMB Financial Corp.		657		57		0.01
Viad Corp.		1,472		58		0.01
Wisdomtree, Inc.		6,199		57		0.01
World Acceptance Corp.		400		58		0.01

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with U.S. Value Quality Index as of March 31, 2024:

Security Description	Shares		Value (000)		Percentage of Net Assets
U.S. Value Quality Index
ABM Industries, Inc.		1,251	$	56		0.01	%
Affiliated Managers Group		331		55		0.01
Agco Corp.		454		56		0.01
AMN Healthcare Services, Inc.		887		55		0.01
Archer-Daniels-Midland Co.		903		57		0.01
Bank OZK		1,222		56		0.01
Borgwarner, Inc.		1,613		56		0.01
Boyd Gaming Corp.		839		56		0.01
Buckle, Inc.		1,389		56		0.01
Bunge Global SA		559		57		0.01
Chord Energy Corp.		322		57		0.01
Comerica, Inc.		1,016		56		0.01
Commercial Metals Co.		1,002		59		0.01
Consensus Cloud Solution		3,868		61		0.01
CVS Health Corp.		701		56		0.01
Delta Air Lines, Inc.		1,201		57		0.01
Encore Wire Corp.		237		62		0.01
FedEx Corp.		207		60		0.01
Fox Corp. — Class B		1,951		56		0.01
GEO Group, Inc.		4,312		61		0.01
GMS, Inc.		575		56		0.01
Green Brick Partners, Inc.		966		58		0.01
Group 1 Automotive, Inc.		198		58		0.01
Highwoods Properties, Inc.		2,130		56		0.01
Invesco Ltd.		3,363		56		0.01
Jackson Financial, Inc. — Class A		859		57		0.01
Marriott Vacations World		544		59		0.01
Medical Properties Trust, Inc.		11,917		56		0.01
Meritage Homes Corp.		326		57		0.01
Mgic Investment Corp.		2,506		56		0.01
Monarch Casino & Resort, Inc.		738		55		0.01
National Presto Industries, Inc.		688		58		0.01
Newmarket Corp.		87		55		0.01
NMI Holdings, Inc. — Class A		1,746		56		0.01
Oshkosh Corp.		458		57		0.01
Pediatrix Medical Group, Inc.		5,623		56		0.01
Polaris, Inc.		577		58		0.01
Preferred Bank		723		56		0.01
Pultegroup, Inc.		466		56		0.01
Ryder System, Inc.		465		56		0.01
Site Centers Corp.		4,199		62		0.01
Standard Motor Products		1,710		57		0.01
State Street Corp.		719		56		0.01
Terex Corp.		904		58		0.01
Urban Edge Properties		3,502		60		0.01
Valero Energy Corp.		333		57		0.01
Valmont Industries, Inc.		246		56		0.01
Vestis Corp.		2,876		55		0.01
Wabash National Corp.		1,936		58		0.01
Worthington Steel, Inc.		1,710		61		0.01

@ Value/Notional amount is less than $500.

‡ Amount is less than 0.05%.

CNRR China Reverse Repo Rate.

EMU European Economic and Monetary Union.

ESTR Euro Short-Term Rate

FTSE Financial Times Stock Exchange.

ICE Intercontinental Exchange.

KFE Korean Futures Exchange.

MSCI Morgan Stanley Capital International.

REIT Real Estate Investment Trust.

SFE Sydney Futures Exchange.

SGX Singapore Exchange Ltd.

SOFR Secured Overnight Financing Rate.

TSE Toronto 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

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		43.4	%
Common Stocks		37.0
Short-Term Investments		19.6
Total Investments		100.0	%*

* Does not include open futures contracts with a value of approximately $173,196,000 and net unrealized depreciation of approximately $625,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $373,000. Also does not include open swap agreements with net unrealized appreciation of approximately $7,515,000.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Global Strategist Portfolio

Consolidated Statement of Assets and Liabilities	March 31, 2024 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $393,275)	$	471,381
Investment in Security of Affiliated Issuer, at Value (Cost $95,800)		95,800
Total Investments in Securities, at Value (Cost $489,075)		567,181
Foreign Currency, at Value (Cost $3,722)		3,150
Cash		328
Unrealized Appreciation on Swap Agreements		8,995
Receivable for Variation Margin on Futures Contracts		3,734
Due from Broker		2,952
Receivable for Investments Sold		2,311
Interest Receivable		2,139
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		775
Receivable for Variation Margin on Swap Agreements		613
Dividends Receivable		346
Receivable from Affiliate		385
Tax Reclaim Receivable		229
Receivable for Fund Shares Sold		1
Other Assets		81
Total Assets		593,220
Liabilities:
Payable for Investments Purchased		13,907
Due to Broker		6,885
Unrealized Depreciation on Swap Agreements		1,955
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		1,148
Payable for Advisory Fees		590
Payable for Professional Fees		82
Payable for Custodian Fees		59
Payable for Administration Fees		38
Payable for Shareholder Services Fees Class A		30
Payable for Distribution and Shareholder Services Fees — Class L		7
Payable for Distribution and Shareholder Services Fees — Class C		1
Payable for Trustees' Fees and Expenses		36
Payable for Sub Transfer Agency Fees — Class I		2
Payable for Sub Transfer Agency Fees — Class A		21
Payable for Sub Transfer Agency Fees — Class L		2
Payable for Sub Transfer Agency Fees — Class C		—	@
Payable for Fund Shares Redeemed		13
Payable for Transfer Agency Fees — Class I		3
Payable for Transfer Agency Fees — Class A		5
Payable for Transfer Agency Fees — Class L		1
Payable for Transfer Agency Fees — Class C		—	@
Payable for Transfer Agency Fees — Class R6		—	@
Deferred Capital Gain Country Tax		1
Other Liabilities		127
Total Liabilities		24,913
Net Assets	$	568,307
Net Assets Consist of:
Paid-in-Capital	$	502,271
Total Distributable Earnings		66,036
Net Assets	$	568,307

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Global Strategist Portfolio

Consolidated Statement of Assets and Liabilities (cont'd)	March 31, 2024 (000)
CLASS I:
Net Assets	$	17,752
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,020,874
Net Asset Value, Offering and Redemption Price Per Share	$	17.39
CLASS A:
Net Assets	$	141,122
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		8,249,382
Net Asset Value, Redemption Price Per Share	$	17.11
Maximum Sales Load		5.25	%
Maximum Sales Charge	$	0.95
Maximum Offering Price Per Share	$	18.06
CLASS L:
Net Assets	$	10,616
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		635,938
Net Asset Value, Offering and Redemption Price Per Share	$	16.69
CLASS C:
Net Assets	$	1,477
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		90,280
Net Asset Value, Offering and Redemption Price Per Share	$	16.36
CLASS R6:
Net Assets	$	397,340
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		22,829,706
Net Asset Value, Offering and Redemption Price Per Share	$	17.40

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Global Strategist Portfolio

Consolidated Statement of Operations	Six Months Ended March 31, 2024 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $5 of Foreign Taxes Withheld)	$	4,907
Dividends from Securities of Unaffiliated Issuers (Net of $106 of Foreign Taxes Withheld)		1,936
Dividends from Security of Affiliated Issuer (Note G)		1,816
Total Investment Income		8,659
Expenses:
Advisory Fees (Note B)		1,216
Shareholder Services Fees — Class A (Note D)		172
Distribution and Shareholder Services Fees — Class L (Note D)		38
Distribution and Shareholder Services Fees — Class C (Note D)		7
Administration Fees (Note C)		216
Custodian Fees (Note F)		172
Professional Fees		92
Pricing Fees		65
Sub Transfer Agency Fees — Class I		5
Sub Transfer Agency Fees — Class A		46
Sub Transfer Agency Fees — Class L		3
Sub Transfer Agency Fees — Class C		1
Registration Fees		26
Transfer Agency Fees — Class I (Note E)		7
Transfer Agency Fees — Class A (Note E)		12
Transfer Agency Fees — Class L (Note E)		2
Transfer Agency Fees — Class C (Note E)		1
Transfer Agency Fees — Class R6 (Note E)		1
Shareholder Reporting Fees		20
Trustees' Fees and Expenses		5
Other Expenses		17
Total Expenses		2,124
Reimbursement of Transfer Agency and Sub Transfer Agency Fees (Note B)		(152	)
Rebate from Morgan Stanley Affiliate (Note G)		(53	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(6	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(1	)
Net Expenses		1,912
Net Investment Income		6,747
Realized Gain (Loss):
Investments Sold		(3,015	)
Foreign Currency Forward Exchange Contracts		(1,632	)
Foreign Currency Translation		(64	)
Futures Contracts		(1,261	)
Swap Agreements		5,820
Net Realized Loss		(152	)
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Decrease in Deferred Capital Gain Country Tax of $1)		52,958
Foreign Currency Forward Exchange Contracts		54
Foreign Currency Translation		(311	)
Futures Contracts		(1,109	)
Swap Agreements		9,200
Net Change in Unrealized Appreciation (Depreciation)		60,792
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		60,640
Net Increase in Net Assets Resulting from Operations	$	67,387

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Global Strategist Portfolio

Consolidated Statements of Changes in Net Assets	Six Months Ended March 31, 2024 (unaudited) (000)			Year Ended September 30, 2023 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	6,747		$	10,124
Net Realized Loss		(152	)		(7,549	)
Net Change in Unrealized Appreciation (Depreciation)		60,792			53,190
Net Increase in Net Assets Resulting from Operations		67,387			55,765
Dividends and Distributions to Shareholders:
Class I		—			(112	)
Class A		—			(771	)
Class L		—			(44	)
Class C		—			(7	)
Class R6		—			(1,669	)
Total Dividends and Distributions to Shareholders		—			(2,603	)
Capital Share Transactions, including direct exchanges pursuant to share class conversions for all periods presented, were as follows:⁽¹⁾
Class I:
Subscribed		1,151			2,442
Distributions Reinvested		—			111
Redeemed		(2,405	)		(5,813	)
Class A:
Subscribed		486			2,101
Distributions Reinvested		—			760
Redeemed		(10,619	)		(20,524	)
Class L:
Exchanged		—	@		92
Distributions Reinvested		—			43
Redeemed		(391	)		(1,225	)
Class C:
Subscribed		19			132
Distributions Reinvested		—			7
Redeemed		(164	)		(660	)
Class R6:
Subscribed		21			70,059
Distributions Reinvested		—			1,669
Redeemed		(31	)		(567	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(11,933	)		48,627
Total Increase in Net Assets		55,454			101,789
Net Assets:
Beginning of Period		512,853			411,064
End of Period	$	568,307		$	512,853

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Global Strategist Portfolio

Consolidated Statements of Changes in Net Assets (cont'd)	Six Months Ended March 31, 2024 (unaudited) (000)			Year Ended September 30, 2023 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		70			160
Shares Issued on Distributions Reinvested		—			7
Shares Redeemed		(150	)		(383	)
Net Decrease in Class I Shares Outstanding		(80	)		(216	)
Class A:
Shares Subscribed		30			141
Shares Issued on Distributions Reinvested		—			51
Shares Redeemed		(659	)		(1,366	)
Net Decrease in Class A Shares Outstanding		(629	)		(1,174	)
Class L:
Shares Exchanged		—	@@		6
Shares Issued on Distributions Reinvested		—			3
Shares Redeemed		(25	)		(83	)
Net Decrease in Class L Shares Outstanding		(25	)		(74	)
Class C:
Shares Subscribed		1			9
Shares Issued on Distributions Reinvested		—			1
Shares Redeemed		(11	)		(46	)
Net Decrease in Class C Shares Outstanding		(10	)		(36	)
Class R6:
Shares Subscribed		1			4,585
Shares Issued on Distributions Reinvested		—			111
Shares Redeemed		(2	)		(38	)
Net Increase (Decrease) in Class R6 Shares Outstanding		(1	)		4,658

@ Amount is less than $500.

@@ Amount is less than 500 shares.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Consolidated Financial Highlights

Global Strategist Portfolio

	Class I
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	15.34		$	13.58		$	18.74		$	16.08		$	15.45		$	17.05
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.21			0.34			0.19			0.16			0.17			0.27
Net Realized and Unrealized Gain (Loss)		1.84			1.51			(3.94	)		2.73			0.74			0.17
Total from Investment Operations		2.05			1.85			(3.75	)		2.89			0.91			0.44
Distributions from and/or in Excess of:
Net Investment Income		—			(0.09	)		(0.12	)		(0.22	)		(0.03	)		(0.58	)
Net Realized Gain		—			—			(1.29	)		(0.01	)		(0.25	)		(1.46	)
Total Distributions		—			(0.09	)		(1.41	)		(0.23	)		(0.28	)		(2.04	)
Net Asset Value, End of Period	$	17.39		$	15.34		$	13.58		$	18.74		$	16.08		$	15.45
Total Return⁽²⁾		13.29	%⁽³⁾⁽⁴⁾		13.72	%		(21.73	)%		18.10	%		5.93	%		3.74	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	17,752		$	16,888		$	17,886		$	26,745		$	34,031		$	57,532
Ratio of Expenses Before Expense Limitation		0.81	%⁽⁵⁾		0.85	%		0.83	%		0.76	%		0.84	%		0.84	%
Ratio of Expenses After Expense Limitation		0.66	%^(5)(6)(7)		0.72	%⁽⁷⁾		0.72	%⁽⁷⁾		0.73	%⁽⁷⁾		0.72	%⁽⁷⁾		0.72	%⁽⁷⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			0.73	%⁽⁷⁾		N/A			N/A
Ratio of Net Investment Income		2.54	%^(5)(6)(7)		2.23	%⁽⁷⁾		1.13	%⁽⁷⁾		0.90	%⁽⁷⁾		1.14	%⁽⁷⁾		1.80	%⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽⁵⁾		0.02	%		0.02	%		0.01	%		0.02	%		0.02	%
Portfolio Turnover Rate		47	%⁽⁴⁾		91	%		93	%		115	%		109	%		117	%

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

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

(3) Refer to Note B in the Notes to Consolidated Financial Statements for discussion of prior period transfer agency and sub transfer agency fees that were reimbursed in the current period. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(4) Not annualized.

(5) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					0.72	%			2.48	%

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Consolidated Financial Highlights

Global Strategist Portfolio

	Class A
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	15.12		$	13.41		$	18.53		$	15.91		$	15.30		$	16.90
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.18			0.29			0.14			0.12			0.13			0.23
Net Realized and Unrealized Gain (Loss)		1.81			1.50			(3.90	)		2.68			0.73			0.15
Total from Investment Operations		1.99			1.79			(3.76	)		2.80			0.86			0.38
Distributions from and/or in Excess of:
Net Investment Income		—			(0.08	)		(0.07	)		(0.17	)		—			(0.52	)
Net Realized Gain		—			—			(1.29	)		(0.01	)		(0.25	)		(1.46	)
Total Distributions		—			(0.08	)		(1.36	)		(0.18	)		(0.25	)		(1.98	)
Net Asset Value, End of Period	$	17.11		$	15.12		$	13.41		$	18.53		$	15.91		$	15.30
Total Return⁽²⁾		13.10	%⁽³⁾⁽⁴⁾		13.35	%		(21.99	)%		17.72	%		5.65	%		3.38	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	141,122		$	134,213		$	134,814		$	188,317		$	170,643		$	197,271
Ratio of Expenses Before Expense Limitation		1.01	%⁽⁵⁾		1.04	%		1.05	%		1.02	%		1.08	%		1.09	%
Ratio of Expenses After Expense Limitation		0.93	%^(5)(6)(7)		1.01	%⁽⁷⁾		1.04	%⁽⁷⁾		1.01	%⁽⁷⁾		1.02	%⁽⁷⁾		1.03	%⁽⁷⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			1.01	%⁽⁷⁾		N/A			N/A
Ratio of Net Investment Income		2.27	%^(5)(6)(7)		1.93	%⁽⁷⁾		0.84	%⁽⁷⁾		0.67	%⁽⁷⁾		0.87	%⁽⁷⁾		1.49	%⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽⁵⁾		0.02	%		0.02	%		0.01	%		0.02	%		0.02	%
Portfolio Turnover Rate		47	%⁽⁴⁾		91	%		93	%		115	%		109	%		117	%

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

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

(4) Not annualized.

(5) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					0.99	%			2.21	%

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Consolidated Financial Highlights

Global Strategist Portfolio

	Class L
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	14.79		$	13.17		$	18.24		$	15.67		$	15.15		$	16.73
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.14			0.21			0.05			0.03			0.05			0.15
Net Realized and Unrealized Gain (Loss)		1.76			1.47			(3.83	)		2.64			0.72			0.16
Total from Investment Operations		1.90			1.68			(3.78	)		2.67			0.77			0.31
Distributions from and/or in Excess of:
Net Investment Income		—			(0.06	)		—			(0.09	)		—			(0.43	)
Net Realized Gain		—			—			(1.29	)		(0.01	)		(0.25	)		(1.46	)
Total Distributions		—			(0.06	)		(1.29	)		(0.10	)		(0.25	)		(1.89	)
Net Asset Value, End of Period	$	16.69		$	14.79		$	13.17		$	18.24		$	15.67		$	15.15
Total Return⁽²⁾		12.85	%⁽³⁾⁽⁴⁾		12.69	%		(22.33	)%		17.09	%		5.10	%		2.87	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	10,616		$	9,768		$	9,674		$	13,359		$	12,773		$	13,356
Ratio of Expenses Before Expense Limitation		1.53	%⁽⁵⁾		1.56	%		1.56	%		1.53	%		1.60	%		1.58	%
Ratio of Expenses After Expense Limitation		1.45	%^(5)(6)(7)		1.54	%⁽⁷⁾		1.55	%⁽⁷⁾		1.52	%⁽⁷⁾		1.54	%⁽⁷⁾		1.53	%⁽⁷⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			1.52	%⁽⁷⁾		N/A			N/A
Ratio of Net Investment Income		1.75	%^(5)(6)(7)		1.40	%⁽⁷⁾		0.34	%⁽⁷⁾		0.16	%⁽⁷⁾		0.36	%⁽⁷⁾		0.97	%⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽⁵⁾		0.02	%		0.02	%		0.01	%		0.02	%		0.02	%
Portfolio Turnover Rate		47	%⁽⁴⁾		91	%		93	%		115	%		109	%		117	%

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

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

(4) Not annualized.

(5) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					1.51	%			1.69	%

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Consolidated Financial Highlights

Global Strategist Portfolio

	Class C
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	14.52		$	12.96		$	18.02		$	15.49		$	15.02		$	16.65
Income (Loss) from Investment Operations:
Net Investment Income (Loss)⁽¹⁾		0.11			0.16			0.02			(0.02	)		0.01			0.11
Net Realized and Unrealized Gain (Loss)		1.73			1.45			(3.79	)		2.61			0.71			0.15
Total from Investment Operations		1.84			1.61			(3.77	)		2.59			0.72			0.26
Distributions from and/or in Excess of:
Net Investment Income		—			(0.05	)		—			(0.05	)		—			(0.43	)
Net Realized Gain		—			—			(1.29	)		(0.01	)		(0.25	)		(1.46	)
Total Distributions		—			(0.05	)		(1.29	)		(0.06	)		(0.25	)		(1.89	)
Net Asset Value, End of Period	$	16.36		$	14.52		$	12.96		$	18.02		$	15.49		$	15.02
Total Return⁽²⁾		12.67	%⁽³⁾⁽⁴⁾		12.45	%		(22.62	)%		16.79	%		4.81	%		2.55	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,477		$	1,457		$	1,771		$	2,236		$	1,435		$	1,906
Ratio of Expenses Before Expense Limitation		1.97	%⁽⁵⁾		1.97	%		1.92	%		1.90	%		1.98	%		1.93	%
Ratio of Expenses After Expense Limitation		1.76	%^(5)(6)(7)		1.82	%⁽⁷⁾		1.82	%⁽⁷⁾		1.83	%⁽⁷⁾		1.82	%⁽⁷⁾		1.82	%⁽⁷⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			1.83	%⁽⁷⁾		N/A			N/A
Ratio of Net Investment Income (Loss)		1.44	%^(5)(6)(7)		1.13	%⁽⁷⁾		0.11	%⁽⁷⁾		(0.11	)%⁽⁷⁾		0.07	%⁽⁷⁾		0.73	%⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽⁵⁾		0.02	%		0.02	%		0.01	%		0.02	%		0.02	%
Portfolio Turnover Rate		47	%⁽⁴⁾		91	%		93	%		115	%		109	%		117	%

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

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

(4) Not annualized.

(5) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					1.82	%			1.38	%

(7) The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

The accompanying notes are an integral part of the consolidated financial statements.
39

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Consolidated Financial Highlights

Global Strategist Portfolio

	Class R6⁽¹⁾
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	15.35		$	13.59		$	18.75		$	16.10		$	15.46		$	17.06
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.21			0.35			0.20			0.20			0.19			0.27
Net Realized and Unrealized Gain (Loss)		1.84			1.50			(3.94	)		2.69			0.74			0.17
Total from Investment Operations		2.05			1.85			(3.74	)		2.89			0.93			0.44
Distributions from and/or in Excess of:
Net Investment Income		—			(0.09	)		(0.13	)		(0.23	)		(0.04	)		(0.58	)
Net Realized Gain		—			—			(1.29	)		(0.01	)		(0.25	)		(1.46	)
Total Distributions		—			(0.09	)		(1.42	)		(0.24	)		(0.29	)		(2.04	)
Net Asset Value, End of Period	$	17.40		$	15.35		$	13.59		$	18.75		$	16.10		$	15.46
Total Return⁽³⁾		13.36	%⁽⁴⁾⁽⁵⁾		13.64	%		(21.67	)%		18.07	%		6.02	%		3.77	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	397,340		$	350,527		$	246,919		$	307,783		$	159,238		$	151,242
Ratio of Expenses Before Expense Limitation		0.68	%⁽⁶⁾		0.70	%		0.71	%		N/A			0.75	%		0.75	%
Ratio of Expenses After Expense Limitation		0.60	%^(6)(7)(8)		0.68	%⁽⁸⁾		0.69	%⁽⁸⁾		0.68	%⁽⁸⁾		0.69	%⁽⁸⁾		0.69	%⁽⁸⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			0.68	%⁽⁸⁾		N/A			N/A
Ratio of Net Investment Income		2.60	%^(6)(7)(8)		2.26	%⁽⁸⁾		1.22	%⁽⁸⁾		1.06	%⁽⁸⁾		1.21	%⁽⁸⁾		1.76	%⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%⁽⁶⁾		0.02	%		0.02	%		0.01	%		0.02	%		0.02	%
Portfolio Turnover Rate		47	%⁽⁵⁾		91	%		93	%		115	%		109	%		117	%

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

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

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

(5) Not annualized.

(6) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					0.66	%			2.54	%

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements

The Trust applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Consolidated Statement of Assets and Liabilities through the date that the financial statements were issued.

The accompanying consolidated financial statements relate to the Global Strategist Portfolio. The Fund seeks above-average total return over a market cycle of three to five years. The Fund has issued five classes of shares — Class I, Class A, Class L, Class C and Class R6. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased.

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

The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, Global Strategist Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest, directly or indirectly through the use of derivatives, in securities, commodities, commodity related instruments and other investments, primarily futures, swaps and notes. The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered

to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of March 31, 2024, the Subsidiary represented approximately $53,285,000 or approximately 9.38% of the net assets of the Fund.

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

1. 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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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-thecounter ("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) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) OTC swaps may be valued by an outside pricing service approved by the Trustees or quotes from a reputable broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange. Total return swaps may also be fair valued using direct accrual/return calculations if prices on the reference asset on the total return leg of the swap are available from a pricing service/vendor for such instrument. In the event that the reference asset on the total return leg of the swap is a benchmark index, then price of such reference asset may be obtained from a pricing service provider or from the benchmark index sponsor; (6) 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. Each business day, the Fund uses a third-party pricing service approved by the Trustees to assist with the valuation of foreign equity securities. Events

occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (7) 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 (8) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

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

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

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

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Fixed Income Securities
Agency Fixed Rate Mortgages	$	—	$	22,871	$	—	$	22,871
Asset-Backed Securities		—		3,222		—		3,222
Commercial Mortgage-Backed Securities		—		3,503		—		3,503
Corporate Bonds		—		54,636		—		54,636
Mortgages — Other		—		6,237		—		6,237
Municipal Bond		—		259		—		259
Sovereign		—		119,393		—		119,393
Supranational		—		3,832		—		3,832
U.S. Treasury Securities		—		32,117		—		32,117
Total Fixed Income Securities		—		246,070		—		246,070

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)			Total (000)
Common Stocks
Aerospace & Defense	$	1,984	$	1,915		$	—		$	3,899
Air Freight & Logistics		571		352			—			923
Automobile Components		185		167			—			352
Automobiles		1,731		1,414			—			3,145
Banks		6,271		16,648			—			22,919
Beverages		1,875		1,189			—			3,064
Biotechnology		2,544		678			—			3,222
Broadline Retail		4,993		537			—			5,530
Building Products		818		528			—			1,346
Capital Markets		4,091		2,090			—			6,181
Chemicals		2,146		1,978			—			4,124
Commercial Services & Supplies		1,043		188			—			1,231
Communications Equipment		993		165			—			1,158
Construction & Engineering		288		573			—			861
Construction Materials		208		676			—			884
Consumer Finance		706		—			—			706
Consumer Staples Distribution & Retail		2,749		642			—			3,391
Containers & Packaging		335		88			—			423
Distributors		148		23			—			171
Diversified Consumer Services		—		56			—			56
Diversified REITs		34		133			—			167
Diversified Telecommunication Services		906		1,179			—			2,085
Electric Utilities		1,968		1,247			—			3,215
Electrical Equipment		879		1,346			—			2,225
Electronic Equipment, Instruments & Components		765		172			—			937
Energy Equipment & Services		408		46			—	†		454	†
Entertainment		1,831		146			—			1,977
Financial Services		4,941		821			—			5,762
Food Products		1,050		2,030			—			3,080
Gas Utilities		81		151			—			232
Ground Transportation		2,194		46			—			2,240
Health Care Equipment & Supplies		3,129		1,191			—			4,320
Health Care Providers & Services		3,227		206			—			3,433
Health Care REITs		216		—			—			216
Health Care Technology		100		—			—			100
Hotel & Resort REITs		41		—			—			41
Hotels, Restaurants & Leisure		2,866		1,159	†		—			4,025	†
Household Durables		474		131			—			605
Household Products		1,494		370			—			1,864
Independent Power & Renewable Electricity Producers		136		156			—			292
Industrial Conglomerates		1,043		992			—			2,035
Industrial REITs		327		323			—			650
Information Technology Services		2,412		198			—			2,610
Insurance		3,618		3,537			—			7,155
Interactive Media & Services		7,663		183			—			7,846

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (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)
Investment Companies	$	—	$	—	†	$	—		$	—	†
Leisure Products		34		—			—			34
Life Sciences Tools & Services		1,867		404			—			2,271
Machinery		2,440		1,557			—			3,997
Marine Transportation		—		131			—			131
Media		888		278			—			1,166
Metals & Mining		1,318		2,223	†		—			3,541	†
Mortgage Real Estate Investment		27		—			—			27
Multi-Utilities		781		712			—			1,493
Office REITs		89		49			—			138
Oil, Gas & Consumable Fuels		6,554		3,210			—			9,764
Paper & Forest Products		63		190			—			253
Passenger Airlines		46		70			—			116
Personal Care Products		201		1,353			—			1,554
Pharmaceuticals		4,908		6,265			—			11,173
Professional Services		1,122		1,069			—			2,191
Real Estate Management & Development		251		556			—			807
Residential REITs		474		—			—			474
Retail REITs		321		256			—			577
Semiconductors & Semiconductor Equipment		12,608		2,499			—			15,107
Software		14,167		1,473			—			15,640
Specialized REITs		1,275		—			—			1,275
Specialty Retail		2,604		420			—			3,024
Tech Hardware, Storage & Peripherals		7,832		69			—			7,901
Textiles, Apparel & Luxury Goods		558		2,563			—			3,121
Tobacco		605		406			—			1,011
Trading Companies & Distributors		675		370			—			1,045
Transportation Infrastructure		—		299			—			299
Water Utilities		94		84			—			178
Wireless Telecommunication Services		313		125			—			438
Total Common Stocks		137,597		72,301	†		—	†		209,898	†
Warrants		—		—	†		—			—	†
Rights		—		—	@		—			—	@
Short-Term Investments
Commercial Paper		—		6,255			—			6,255
Investment Company		95,800		—			—			95,800
U.S. Treasury Securities		—		9,158			—			9,158
Total Short-Term Investments		95,800		15,413			—			111,213
Foreign Currency Forward Exchange Contracts		—		775			—			775
Futures Contracts		330		—			—			330

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)			Total (000)
Centrally Cleared Interest Rate Swap Agreements	$	—		$	578		$	—		$	578
Total Return Swap Agreements		—			8,995			—			8,995
Total Assets		233,727			344,132	†		—	†		577,859	†
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(1,148	)		—			(1,148	)
Futures Contracts		(955	)		—			—			(955	)
Centrally Cleared Interest Rate Swap Agreements		—			(103	)		—			(103	)
Total Return Swap Agreements		—			(1,955	)		—			(1,955	)
Total Liabilities		(955	)		(3,206	)		—			(4,161	)
Total	$	232,772		$	340,926	†	$	—	†	$	573,698	†

† Includes one or more securities valued at zero.

@ Value is less than $500.

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

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

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

† Includes a security valued at zero.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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

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

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

rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Fund's obligations or rights under a swap contract entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each party. Cleared swap transactions may help reduce counterparty credit risk. In a cleared swap, the Fund's ultimate counterparty is a clearinghouse rather than a swap dealer, bank or other financial institution. OTC swap agreements are not entered into or traded on exchanges and often there is no central clearing or guaranty function for OTC swaps. These OTC swaps are often subject to credit risk or the risk of default or non-performance by the counterparty. Both OTC and cleared swaps could result in losses if interest rates, foreign currency exchange rates or other factors are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected. During the period swap agreements are open, payments are received from or made to the counterparty or clearing-house based on changes in the value of the contract or variation margin, respectively. The Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulatory developments require the clearing and exchange-trading of certain standardized swap transactions. Mandatory exchange-trading and clearing is occurring on a phased-in basis based on the type of market participant and U.S. Commodities Futures Trading Commission ("CFTC") approval of contracts for central clearing and exchange trading.

exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Total return swaps may effectively add leverage to the Fund's portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. Total return swaps are subject to the risk that a counterparty will default on its payment obligations to the Fund thereunder, and conversely, that the Fund will not be able to meet its obligation to the counterparty.

The Fund may enter into interest rate swaps which is an agreement between two parties to exchange their respective commitments to pay or receive interest. Interest rate swaps are generally entered into on a net basis. Interest rate swaps do not involve the delivery of securities, other underlying assets, or principal. Accordingly, the risk of market loss with respect to interest rate swaps is typically limited to the net amount of interest payments that the Fund is contractually obligated to make.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of March 31, 2024:

Asset Derivatives
Consolidated Statement of
Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward Exchange
Contracts

Unrealized Appreciation on
Foreign Currency Forward
Exchange Contracts

Currency Risk

775

Futures Contracts

Variation Margin on
Futures Contracts

Commodity Risk

(a)

Futures Contracts

Variation Margin on
Futures Contracts

Equity Risk

(a)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

154

(a)

Futures Contracts

Variation Margin on
Futures Contracts

Currency Risk

102

(a)

Swap Agreements

Variation Margin on
Swap Agreements

Interest Rate Risk

578

(a)

Swap Agreements

Unrealized Appreciation on
Swap Agreements

Equity Risk

8,995

Total

10,678

Liability Derivatives
Consolidated Statement of
Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward Exchange
Contracts

Unrealized Depreciation on
Foreign Currency Forward
Exchange Contracts

Currency Risk

(1,148

)

Futures Contracts

Variation Margin on
Futures Contracts

Equity Risk

(617

)(a)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(338

)(a)

Swap Agreements

Variation Margin on
Swap Agreements

Interest Rate Risk

(103

)(a)

Swap Agreements

Unrealized Depreciation on
Swap Agreements

Equity Risk

(1,955

)

Total

(4,161

)

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

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(1,632	)
Commodity Risk	Futures Contracts		744
Equity Risk	Futures Contracts		(204	)
Interest Rate Risk	Futures Contracts		(2,034	)
Currency Risk	Futures Contracts		233
Equity Risk	Swap Agreements		9,361
Interest Rate Risk	Swap Agreements		(3,541	)
Total		$	2,927

Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	54
Commodity Risk	Futures Contracts		(743	)
Equity Risk	Futures Contracts		(414	)
Interest Rate Risk	Futures Contracts		(54	)
Currency Risk	Futures Contracts		102
Equity Risk	Swap Agreements		8,890
Interest Rate Risk	Swap Agreements		310
Total		$	8,145

At March 31, 2024, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Consolidated Statement of Assets and Liabilities
Derivatives(a)	Assets(b) (000)		Liabilities(b) (000)
Foreign Currency Forward Exchange Contracts	$	775	$	(1,148	)
Swap Agreements		8,995		(1,955	)
Total	$	9,770	$	(3,103	)

(a) Excludes exchange-traded derivatives.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2024:

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Consolidated Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Received(a) (000)			Net Amount (not less than $0) (000)
Bank of America NA	$	2,090		$	(8	)	$	(1,965	)	$	117
Barclays Bank PLC		2,494			(13	)		(2,481	)		0
BNP Paribas SA		1,962			(1,414	)		(548	)		0
Goldman Sachs International		1,981			(215	)		(1,760	)		6
JPMorgan Chase Bank NA		695			(612	)		—			83
Standard Chartered Bank		1			(1	)		—			0
State Street Bank & Trust Co.		2			(2	)		—			0
UBS AG		534			(44	)		(299	)		191
Westpac Banking Corp.		11			—			—			11
Total	$	9,770		$	(2,309	)	$	(7,053	)	$	408
Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in the Consolidated Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Pledged(a) (000)			Net Amount (not less than $0) (000)
Australia & New Zealand Banking Group Ltd.	$	5		$	—		$	—		$	5
Bank of America NA		24			(8	)		—			16
Bank of New York Mellon		—	@		—			—			—	@
Barclays Bank PLC		77			(13	)		—			64
BNP Paribas SA		1,913			(1,414	)		—			499
Citibank NA		47			—			—			47
Goldman Sachs International		284			(215	)		(1	)		68
JPMorgan Chase Bank NA		702			(612	)		(90	)		0
Standard Chartered Bank		2			(1	)		—			1
State Street Bank & Trust Co.		5			(2	)		—			3
UBS AG		44			(44	)		—			0
Total	$	3,103		$	(2,309	)	$	(91	)	$	703

@ Value is less than $500.

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

For the six months ended March 31, 2024, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	151,569,000
Futures Contracts:
Average monthly notional value	$	162,407,000
Swap Agreements:
Average monthly notional amount	$	136,074,000

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

6. Indemnifications: The Trust enters into contracts that contain a variety of indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

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

8. Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

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

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

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.74% for Class I shares, 1.09% for Class A shares, 1.59% for Class L shares, 1.84% for Class C shares and 0.71% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended March 31, 2024, approximately $7,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Fund with advisory services subject to the overall supervision of the Adviser and the Fund's Officers and Trustees. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

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

The Trust has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.50% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the six months ended March 31, 2024, co-transfer agency fees and expenses incurred to EVM, included in "Transfer Agency Fees" in the Consolidated Statement of Operations, amounted to approximately $2,000.

investments were approximately $92,492,000 and $95,670,000, respectively. For the six months ended March 31, 2024, purchases and sales of long-term U.S. Government securities were approximately $145,973,000 and $138,078,000, respectively.

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 six months ended March 31, 2024, advisory fees paid were reduced by approximately $53,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended March 31, 2024 is as follows:

Affiliated Investment Company				Value September 30, 2023 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Fund				$	74,041			$	157,780			$	136,021			$	1,816

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value March 31, 2024 (000)
Liquidity Fund				$	—			$	—			$	95,800

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

Operations amounted to approximately $1,000. At March 31, 2024, the Fund had an accrued pension liability of approximately $36,000, which is reflected as "Payable for Trustees' Fees and Expenses" in the Consolidated Statement of Assets and Liabilities.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded that there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended September 30, 2023 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for

tax purposes. The tax character of distributions paid during fiscal years 2023 and 2022 was as follows:

2023 Distributions Paid From:				2022 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	2,603	$	—	$	35,063	$	4,937

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2023.

At September 30, 2023, the Fund had no distributable earnings on a tax basis.

At September 30, 2023, the Fund had available for federal income tax purposes unused long-term capital losses of approximately $7,270,000, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended September 30, 2023, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $8,545,000.

Qualified Late Year Ordinary Losses (000)				Post-October Capital Losses (000)
$	5,367			$	—

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

K. Market Risk and Risks Relating to Certain Financial Instruments

Fund's investments, and exacerbate pre-existing risks to the Fund. The occurrence, duration and extent of these or other types of adverse economic and market conditions and uncertainty over the long term cannot be reasonably projected or estimated at this time. The ultimate impact of public health emergencies or other adverse economic or market developments and the extent to which the associated conditions impact the Fund and its investments will also depend on other future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. The financial performance of the Fund's investments (and, in turn, the Fund's investment results) as well as their liquidity may be adversely affected because of these and similar types of factors and developments, which may in turn impact valuation, the Fund's ability to sell securities and/or its ability to meet redemptions.

Bitcoin: The Fund may gain exposure to cryptocurrencies by investing in the Subsidiary. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. The value of Fund's investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The Fund's exposure to cryptocurrency could result in substantial losses to the Fund.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Liquidity Risk Management Program

At a meeting held on March 13-14, 2024, the Board reviewed a written report prepared by the LRS that addressed the Program's operation and assessed its adequacy, and effectiveness of implementation for the period from January 1, 2023, through December 31, 2023, as required under the Liquidity Rule.The report concluded that the Program operated effectively and was adequately and effectively implemented in all material aspects, and that the relevant controls and safeguards were appropriately designed to enable the LRS to administer the Program in compliance with the Liquidity Rule.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Important Notices

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

Tailored Shareholder Reports

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice February 2024

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice (cont'd) February 2024

To limit our sharing				Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?				Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Who we are

Who is providing this notice?

Morgan Stanley Investment Management Inc. and its investment management affiliates ("MSIM") (See Affiliates definition below.)

What we do

How does MSIM protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?				We collect your personal information, for example, when you ◼ open an account or make deposits or withdrawals from your account ◼ buy securities from us or make a wire transfer ◼ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?				Federal law gives you the right to limit only ◼ sharing for affiliates' everyday business purposes — information about your creditworthiness ◼ affiliates from using your information to market to you ◼ sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.)
What happens when I limit sharing for an account I hold jointly with someone else?				Your choices will apply to everyone on your account.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice (cont'd) February 2024

Definitions

Affiliates				Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include registered investment advisers such as Eaton Vance Management and Calvert Research and Management, registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc., and registered and unregistered funds sponsored by Morgan Stanley Investment Management such as the registered funds within Morgan Stanley Institutional Fund, Inc. (together, the "Investment Management Affiliates"); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Barney LLC and Morgan Stanley & Co. (the, "Morgan Stanley Affiliates").
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between non-affiliated financial companies that together market financial products or services to you. ◼ MSIM doesn't jointly market

Other important information

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Trustees and Officers Information

Trustees

Frank L. Bowman
Frances L. Cashman
Kathleen A. Dennis
Nancy C. Everett
Eddie A. Grier
Jakki L. Haussler
Dr. Manuel H. Johnson
Michael F. Klein
Patricia A. Maleski
W. Allen Reed, Chair of the Board

Officers

Deidre A. Downes
Chief Compliance Officer

John H. Gernon
President and Principal Executive Officer

Michael J. Key
Vice President

Mary E. Mullin
Secretary and Chief Legal Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Adviser and Administrator

Morgan Stanley Investment Management Inc.
1585 Broadway
New York, New York 10036

Sub-Adviser

Morgan Stanley Investment Management Limited
25 Cabot Square, Canary Wharf
London, E14 4QA, England

Distributor

Morgan Stanley Distribution, Inc.
1585 Broadway
New York, New York 10036

Dividend Disbursing and Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.
333 W 11th Street
Kansas City, Missouri 64105

Co-Transfer Agent

Eaton Vance Management
One Post Office Square
Suite 1600
Boston, Massachusetts 02109

Custodian

State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114

Legal Counsel

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

Counsel to the Independent Trustees

Morgan, Lewis & Bockius LLP
One State Street
Hartford, Connecticut 06103

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

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

Morgan Stanley Investment Management Inc.
1585 Broadway
New York, New York 10036

IFTGSSAN
6574013 EXP 05.31.25

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Semi-Annual Report

March 31, 2024

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					11
Statement of Operations					13
Statements of Changes in Net Assets					14
Financial Highlights					16
Notes to Financial Statements					22
Liquidity Risk Management Program					29
Important Notices					30
U.S. Customer Privacy Notice					31
Trustees and Officers Information					34

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Shareholders' Letter

Dear Shareholders,

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

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

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2024

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Expense Example

High Yield Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2024 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/23		Actual Ending Account Value 3/31/24		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
High Yield Portfolio Class I	$	1,000.00	$	1,093.60	$	1,022.30	$	2.83	$	2.73		0.54	%
High Yield Portfolio Class A		1,000.00		1,092.00		1,020.70		4.50		4.34		0.86
High Yield Portfolio Class L		1,000.00		1,090.40		1,019.30		5.96		5.76		1.14
High Yield Portfolio Class C		1,000.00		1,086.70		1,016.80		8.56		8.27		1.64
High Yield Portfolio Class R6		1,000.00		1,093.70		1,022.35		2.77		2.68		0.53
High Yield Portfolio Class IR		1,000.00		1,093.80		1,022.35		2.77		2.68		0.53

Refer to Note B in the Notes to Financial Statements for discussion of prior period transfer agency and sub transfer agency fees that were reimbursed in the current period.

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments

High Yield Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (98.6%)
Corporate Bonds (94.2%)
Basic Materials (3.4%)
Eldorado Gold Corp.
6.25%, 9/1/29 (a)	$	640	$	616
First Quantum Minerals Ltd.
9.38%, 3/1/29 (a)		200		208
HB Fuller Co.
4.25%, 10/15/28		515		478
Herens Holdco SARL
4.75%, 5/15/28 (a)		800		701
Hudbay Minerals, Inc.
4.50%, 4/1/26 (a)		359		348
IAMGOLD Corp.
5.75%, 10/15/28 (a)		649		596
Kaiser Aluminum Corp.
4.50%, 6/1/31 (a)		250		221
4.63%, 3/1/28 (a)		175		164
Novelis Corp.
4.75%, 1/30/30 (a)		375		346
Nufarm Australia Ltd./Nufarm Americas, Inc.
5.00%, 1/27/30 (a)		500		459
				4,137
Communications (9.4%)
Arches Buyer, Inc.
6.13%, 12/1/28 (a)		910		763
Block Communications, Inc.
4.88%, 3/1/28 (a)		693		620
C&W Senior Finance Ltd.
6.88%, 9/15/27 (a)		490		463
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00%, 2/1/28 (a)		450		419
5.13%, 5/1/27 (a)		425		405
Ciena Corp.
4.00%, 1/31/30 (a)		785		703
Clear Channel Outdoor Holdings, Inc.
7.75%, 4/15/28 (a)		735		644
CSC Holdings LLC
4.63%, 12/1/30 (a)		325		165
5.38%, 2/1/28 (a)		400		345
5.50%, 4/15/27 (a)		400		358
7.50%, 4/1/28 (a)		250		169
11.25%, 5/15/28 (a)		280		278
Directv Financing LLC/Directv Financing Co.-Obligor, Inc.
5.88%, 8/15/27 (a)		375		355
GCI LLC
4.75%, 10/15/28 (a)		300		275
Lamar Media Corp.
4.00%, 2/15/30		200		182
LCPR Senior Secured Financing DAC
6.75%, 10/15/27 (a)		520		489

	Face Amount (000)		Value (000)
Midcontinent Communications/Midcontinent Finance Corp.
5.38%, 8/15/27 (a)	$	940	$	895
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.63%, 3/15/30 (a)		350		314
Sable International Finance Ltd.
5.75%, 9/7/27 (a)		249		241
Spotify USA, Inc.
0.00%, 3/15/26		250		230
TEGNA, Inc.
5.00%, 9/15/29		300		269
Townsquare Media, Inc.
6.88%, 2/1/26 (a)		940		917
Univision Communications, Inc.
8.00%, 8/15/28 (a)		475		484
Viavi Solutions, Inc.
3.75%, 10/1/29 (a)		700		601
Virgin Media Finance PLC
5.00%, 7/15/30 (a)		600		508
Ziff Davis, Inc.
4.63%, 10/15/30 (a)		250		226
Ziggo BV
4.88%, 1/15/30 (a)		350		315
				11,633
Consumer, Cyclical (22.3%)
Acushnet Co.
7.38%, 10/15/28 (a)		180		187
Allwyn Entertainment Financing UK PLC
7.88%, 4/30/29 (a)		445		458
American Airlines, Inc.
7.25%, 2/15/28 (a)		117		119
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.50%, 4/20/26 (a)		355		353
Arko Corp.
5.13%, 11/15/29 (a)		675		559
Ashton Woods USA LLC/Ashton Woods Finance Co.
4.63%, 4/1/30 (a)		500		457
Aston Martin Capital Holdings Ltd.
10.00%, 3/31/29 (a)		345		352
At Home Group, Inc.
4.88%, 7/15/28 (a)		255		123
BCPE Empire Holdings, Inc.
7.63%, 5/1/27 (a)		850		831
Boyne USA, Inc.
4.75%, 5/15/29 (a)		990		918
Caesars Entertainment, Inc.
4.63%, 10/15/29 (a)		540		493
Cars.com, Inc.
6.38%, 11/1/28 (a)		735		715
CCM Merger, Inc.
6.38%, 5/1/26 (a)		275		275

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Consumer, Cyclical (cont'd)
CD&R Smokey Buyer, Inc.
6.75%, 7/15/25 (a)	$	664	$	658
Dana, Inc.
4.25%, 9/1/30		350		310
Dave & Buster's, Inc.
7.63%, 11/1/25 (a)		440		444
Dealer Tire LLC/DT Issuer LLC
8.00%, 2/1/28 (a)		950		946
DraftKings Holdings, Inc.
0.00%, 3/15/28		465		403
Dream Finders Homes, Inc.
8.25%, 8/15/28 (a)		430		449
Evergreen Acqco 1 LP/TVI, Inc.
9.75%, 4/26/28 (a)		648		697
Everi Holdings, Inc.
5.00%, 7/15/29 (a)		470		466
Ferrellgas LP/Ferrellgas Finance Corp.
5.88%, 4/1/29 (a)		1,175		1,120
Ford Motor Co.
3.25%, 2/12/32		340		283
GYP Holdings III Corp.
4.63%, 5/1/29 (a)		260		242
Hanesbrands, Inc.
9.00%, 2/15/31 (a)		430		442
Hawaiian Brand Intellectual Property Ltd./ HawaiianMiles Loyalty Ltd.
5.75%, 1/20/26 (a)		249		234
Hilton Domestic Operating Co., Inc.
3.63%, 2/15/32 (a)		250		216
Jacobs Entertainment, Inc.
6.75%, 2/15/29 (a)		620		601
JB Poindexter & Co., Inc.
8.75%, 12/15/31 (a)		865		895
JetBlue Airways Corp.
0.50%, 4/1/26		700		615
LGI Homes, Inc.
4.00%, 7/15/29 (a)		605		529
Lindblad Expeditions Holdings, Inc.
9.00%, 5/15/28 (a)		199		211
Lindblad Expeditions LLC
6.75%, 2/15/27 (a)		605		610
Lithia Motors, Inc.
3.88%, 6/1/29 (a)		400		361
4.38%, 1/15/31 (a)		300		269
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.
4.88%, 5/1/29 (a)		400		371
NCL Corp. Ltd.
7.75%, 2/15/29 (a)		350		364
New Home Co., Inc.
9.25%, 10/1/29 (a)		860		865

	Face Amount (000)		Value (000)
NMG Holding Co., Inc./Neiman Marcus Group LLC
7.13%, 4/1/26 (a)	$	530	$	519
Patrick Industries, Inc.
4.75%, 5/1/29 (a)		650		608
Peloton Interactive, Inc.
0.00%, 2/15/26		945		801
PetSmart, Inc./PetSmart Finance Corp.
4.75%, 2/15/28 (a)		345		323
Phinia, Inc.
6.75%, 4/15/29 (a)(b)		35		35
Real Hero Merger Sub 2, Inc.
6.25%, 2/1/29 (a)		845		741
Resorts World Las Vegas LLC/RWLV Capital, Inc.
4.63%, 4/16/29		300		274
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC
6 Month Term SOFR + 6.03%, 11.49%, 10/15/26 (a)(c)		730		738
Speedway Motorsports LLC/Speedway Funding II, Inc.
4.88%, 11/1/27 (a)		900		857
STL Holding Co. LLC
8.75%, 2/15/29 (a)		580		596
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.
5.88%, 5/15/25 (a)		1,090		1,088
Thor Industries, Inc.
4.00%, 10/15/29 (a)		318		285
Titan International, Inc.
7.00%, 4/30/28		285		282
Viking Cruises Ltd.
5.88%, 9/15/27 (a)		630		619
VistaJet Malta Finance PLC/Vista Management Holding, Inc.
7.88%, 5/1/27 (a)		125		106
9.50%, 6/1/28 (a)		165		140
Wheel Pros, Inc.
6.50%, 5/15/29 (a)		600		184
White Cap Buyer LLC
6.88%, 10/15/28 (a)		400		393
ZF North America Capital, Inc.
6.88%, 4/14/28 (a)		385		400
				27,430
Consumer, Non-Cyclical (16.6%)
AHP Health Partners, Inc.
5.75%, 7/15/29 (a)		1,035		947
Alta Equipment Group, Inc.
5.63%, 4/15/26 (a)		868		851
AMN Healthcare, Inc.
4.00%, 4/15/29 (a)		450		405
APi Group DE, Inc.
4.13%, 7/15/29 (a)		350		316

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Consumer, Non-Cyclical (cont'd)
Block, Inc.
0.25%, 11/1/27	$	275	$	230
Carriage Services, Inc.
4.25%, 5/15/29 (a)		425		377
Chobani LLC/Chobani Finance Corp., Inc.
4.63%, 11/15/28 (a)		425		397
7.63%, 7/1/29 (a)		415		421
CoreLogic, Inc.
4.50%, 5/1/28 (a)		250		224
CPI CG, Inc.
8.63%, 3/15/26 (a)		448		447
EquipmentShare.com, Inc.
9.00%, 5/15/28 (a)		850		877
Esc Cb National Cineme
0.00%, 8/15/26 (d)(e)(f)		600		—
Fortrea Holdings, Inc.
7.50%, 7/1/30 (a)		525		543
Garda World Security Corp.
9.50%, 11/1/27 (a)		650		654
Grifols SA
4.75%, 10/15/28 (a)		425		352
HealthEquity, Inc.
4.50%, 10/1/29 (a)		245		226
Heartland Dental LLC/Heartland Dental Finance Corp.
8.50%, 5/1/26 (a)		591		587
10.50%, 4/30/28 (a)		460		489
Hertz Corp.
4.63%, 12/1/26 (a)		950		863
H-Food Holdings LLC/Hearthside Finance Co., Inc.
8.50%, 6/1/26 (a)		400		30
Ingles Markets, Inc.
4.00%, 6/15/31 (a)		675		590
Legacy LifePoint Health LLC
4.38%, 2/15/27 (a)		250		238
LifePoint Health, Inc.
5.38%, 1/15/29 (a)		988		815
Mavis Tire Express Services Topco Corp.
6.50%, 5/15/29 (a)		505		481
Medline Borrower LP
3.88%, 4/1/29 (a)		500		455
ModivCare Escrow Issuer, Inc.
5.00%, 10/1/29 (a)		700		508
ModivCare, Inc.
5.88%, 11/15/25 (a)		250		244
Nathan's Famous, Inc.
6.63%, 11/1/25 (a)		474		474
Option Care Health, Inc.
4.38%, 10/31/29 (a)		380		349
P&L Development LLC/PLD Finance Corp.
7.75%, 11/15/25 (a)		1,085		907

	Face Amount (000)		Value (000)
Performance Food Group, Inc.
4.25%, 8/1/29 (a)	$	300	$	275
PROG Holdings, Inc.
6.00%, 11/15/29 (a)		325		304
Signal Parent, Inc.
6.13%, 4/1/29 (a)		1,295		1,031
Sotheby's
7.38%, 10/15/27 (a)		450		420
Surgery Center Holdings, Inc.
7.25%, 4/15/32 (a)(b)		280		283
TriNet Group, Inc.
3.50%, 3/1/29 (a)		415		373
Triton Water Holdings, Inc.
6.25%, 4/1/29 (a)		327		298
U.S. Acute Care Solutions LLC
6.38%, 3/1/26 (a)		500		482
Varex Imaging Corp.
7.88%, 10/15/27 (a)		550		559
VT Topco, Inc.
8.50%, 8/15/30 (a)		475		502
Wand NewCo 3, Inc.
7.63%, 1/30/32 (a)		328		339
WASH Multifamily Acquisition, Inc.
5.75%, 4/15/26 (a)		500		489
ZipRecruiter, Inc.
5.00%, 1/15/30 (a)		835		736
				20,388
Energy (8.9%)
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 4/1/28 (a)		200		198
Baytex Energy Corp.
8.50%, 4/30/30 (a)		105		110
Cheniere Energy Partners LP
3.25%, 1/31/32		460		392
CITGO Petroleum Corp.
6.38%, 6/15/26 (a)		820		823
CNX Midstream Partners LP
4.75%, 4/15/30 (a)		450		402
Continental Resources, Inc.
2.88%, 4/1/32 (a)		375		306
CQP Holdco LP/BIP-V Chinook Holdco LLC
5.50%, 6/15/31 (a)		575		544
Global Partners LP/GLP Finance Corp.
6.88%, 1/15/29		505		501
8.25%, 1/15/32 (a)		90		93
Kodiak Gas Services LLC
7.25%, 2/15/29 (a)		295		301
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.
6.00%, 8/1/26 (a)		550		541
Martin Midstream Partners LP/Martin Midstream Finance Corp.
11.50%, 2/15/28 (a)		545		579

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Energy (cont'd)
Matador Resources Co.
5.88%, 9/15/26	$	274	$	274
6.50%, 4/15/32 (a)(b)		315		316
6.88%, 4/15/28 (a)		390		399
NextEra Energy Partners LP
0.00%, 11/15/25 (a)		1,260		1,123
Oceaneering International, Inc.
6.00%, 2/1/28		925		912
Permian Resources Operating LLC
8.00%, 4/15/27 (a)		260		268
Rockies Express Pipeline LLC
3.60%, 5/15/25 (a)		300		293
Sitio Royalties Operating Partnership LP/Sitio Finance Corp.
7.88%, 11/1/28 (a)		470		487
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 1/15/28 (a)		350		338
6.00%, 12/31/30 (a)		500		475
Vermilion Energy, Inc.
6.88%, 5/1/30 (a)		575		562
Vital Energy, Inc.
7.88%, 4/15/32 (a)		705		717
				10,954
Finance (10.3%)
AG TTMT Escrow Issuer LLC
8.63%, 9/30/27 (a)		200		207
AmWINS Group, Inc.
4.88%, 6/30/29 (a)		450		420
Castlelake Aviation Finance DAC
5.00%, 4/15/27 (a)		370		357
Compass Group Diversified Holdings LLC
5.25%, 4/15/29 (a)		685		652
CTR Partnership LP/CareTrust Capital Corp.
3.88%, 6/30/28 (a)		900		834
GGAM Finance Ltd.
6.88%, 4/15/29 (a)(b)		275		277
Global Net Lease, Inc./Global Net Lease Operating Partnership LP
3.75%, 12/15/27 (a)		500		428
Greystar Real Estate Partners LLC
7.75%, 9/1/30 (a)		425		440
HAT Holdings I LLC/HAT Holdings II LLC
3.75%, 9/15/30 (a)		375		315
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 5/15/26		475		459
6.38%, 12/15/25		60		60
Iron Mountain, Inc.
4.88%, 9/15/29 (a)		300		282
5.25%, 7/15/30 (a)		460		436

	Face Amount (000)		Value (000)
Jane Street Group/JSG Finance, Inc.
4.50%, 11/15/29 (a)	$	775	$	718
Jefferies Finance LLC/JFIN Co.-Issuer Corp.
5.00%, 8/15/28 (a)		900		829
Jefferson Capital Holdings LLC
6.00%, 8/15/26 (a)		606		595
LPL Holdings, Inc.
4.00%, 3/15/29 (a)		655		603
Macquarie Airfinance Holdings Ltd.
6.50%, 3/26/31 (a)		125		127
8.38%, 5/1/28 (a)		320		339
MGIC Investment Corp.
5.25%, 8/15/28		275		267
National Health Investors, Inc.
3.00%, 2/1/31		950		781
Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc.
6.38%, 2/1/27 (a)		382		363
Panther Escrow Issuer LLC
7.13%, 6/1/31 (a)(b)		245		249
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27		250		241
RLJ Lodging Trust LP
3.75%, 7/1/26 (a)		250		238
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.
3.88%, 3/1/31 (a)		535		467
Starwood Property Trust, Inc.
7.25%, 4/1/29 (a)		355		358
StoneX Group, Inc.
7.88%, 3/1/31 (a)		550		558
VistaJet Malta Finance PLC/Vista Management Holding, Inc.
6.38%, 2/1/30 (a)		1,075		794
				12,694
Industrials (17.0%)
AAR Escrow Issuer LLC
6.75%, 3/15/29 (a)		560		565
ACProducts Holdings, Inc.
6.38%, 5/15/29 (a)		625		486
AmeriTex HoldCo Intermediate LLC
10.25%, 10/15/28 (a)		537		577
Artera Services LLC
8.50%, 2/15/31 (a)		590		605
Ball Corp.
3.13%, 9/15/31		400		340
6.88%, 3/15/28		100		103
Bombardier, Inc.
6.00%, 2/15/28 (a)		900		886
7.25%, 7/1/31 (a)(b)		185		186
Brundage-Bone Concrete Pumping Holdings, Inc.
6.00%, 2/1/26 (a)		300		297

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Cargo Aircraft Management, Inc.
4.75%, 2/1/28 (a)	$	500	$	453
Carriage Purchaser, Inc.
7.88%, 10/15/29 (a)		935		834
Coherent Corp.
5.00%, 12/15/29 (a)		500		471
Covanta Holding Corp.
4.88%, 12/1/29 (a)		485		435
5.00%, 9/1/30		175		155
CP Atlas Buyer, Inc.
7.00%, 12/1/28 (a)		799		751
CryoPort, Inc.
0.75%, 12/1/26 (a)		680		600
Dycom Industries, Inc.
4.50%, 4/15/29 (a)		960		898
EMRLD Borrower LP/Emerald Co.-Issuer, Inc.
6.63%, 12/15/30 (a)		135		137
EnerSys
4.38%, 12/15/27 (a)		635		601
6.63%, 1/15/32 (a)		240		242
Enpro, Inc.
5.75%, 10/15/26		500		499
Enviri Corp.
5.75%, 7/31/27 (a)		1,292		1,218
Esab Corp.
6.25%, 4/15/29 (a)(b)		245		247
Great Lakes Dredge & Dock Corp.
5.25%, 6/1/29 (a)		1,155		1,029
Iris Holding, Inc.
10.00%, 12/15/28 (a)		300		270
Madison IAQ LLC
5.88%, 6/30/29 (a)		750		687
Manitowoc Co., Inc.
9.00%, 4/1/26 (a)		175		175
Moog, Inc.
4.25%, 12/15/27 (a)		500		472
Mueller Water Products, Inc.
4.00%, 6/15/29 (a)		450		409
New Enterprise Stone & Lime Co., Inc.
5.25%, 7/15/28 (a)		450		432
OI European Group BV
4.75%, 2/15/30 (a)		250		230
Owens-Brockway Glass Container, Inc.
7.25%, 5/15/31 (a)		220		224
RXO, Inc.
7.50%, 11/15/27 (a)		200		205
Seaspan Corp.
5.50%, 8/1/29 (a)		650		568
TK Elevator U.S. Newco, Inc.
5.25%, 7/15/27 (a)		325		314
TopBuild Corp.
3.63%, 3/15/29 (a)		250		227

	Face Amount (000)		Value (000)
Trident TPI Holdings, Inc.
12.75%, 12/31/28 (a)	$	350	$	374
TriMas Corp.
4.13%, 4/15/29 (a)		400		363
Trivium Packaging Finance BV
8.50%, 8/15/27 (a)		615		608
TTM Technologies, Inc.
4.00%, 3/1/29 (a)		450		409
VM Consolidated, Inc.
5.50%, 4/15/29 (a)		545		523
Vontier Corp.
2.95%, 4/1/31		675		565
Waste Pro USA, Inc.
5.50%, 2/15/26 (a)		675		665
Watco Cos. LLC/Watco Finance Corp.
6.50%, 6/15/27 (a)		580		574
				20,909
Technology (4.5%)
AthenaHealth Group, Inc.
6.50%, 2/15/30 (a)		650		595
Clarivate Science Holdings Corp.
4.88%, 7/1/29 (a)		450		417
Cloud Software Group, Inc.
9.00%, 9/30/29 (a)		500		480
Concentrix Corp.
6.60%, 8/2/28		475		481
Crowdstrike Holdings, Inc.
3.00%, 2/15/29		495		439
KBR, Inc.
4.75%, 9/30/28 (a)		555		511
Kyndryl Holdings, Inc.
2.70%, 10/15/28		590		523
Presidio Holdings, Inc.
8.25%, 2/1/28 (a)		725		724
Rackspace Technology Global, Inc.
5.38%, 12/1/28 (a)		675		177
ROBLOX Corp.
3.88%, 5/1/30 (a)		600		529
Rocket Software, Inc.
6.50%, 2/15/29 (a)		745		639
				5,515
Utilities (1.8%)
Leeward Renewable Energy Operations LLC
4.25%, 7/1/29 (a)		1,035		889
Pike Corp.
5.50%, 9/1/28 (a)		545		522
8.63%, 1/31/31 (a)		205		218
TransAlta Corp.
7.75%, 11/15/29		525		547
				2,176
				115,836

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Variable Rate Senior Loan Interests (4.4%)
Communications (0.3%)
PUG LLC 2024 Extended Term Loan B 3 Month USD SOFR + 4.75%, 10.08%, 3/15/30 (c)	$	425	$	426
Consumer, Cyclical (1.2%)
BCPE Empire Holdings, Inc. 2024 Term Loan 1 Month USD SOFR + 4.00%, 9.33%, 12/11/28 (c)		410		411
Hanesbrands, Inc. 2021 Term Loan 11/19/26 (g)		616		608
Peloton Interactive, Inc. Term Loan 6 Month USD SOFR + 7.00%, 12.48%, 5/25/27 (c)		393		396
				1,415
Consumer, Non-Cyclical (1.3%)
AlixPartners LLP 2021 USD Term Loan B 1 Month USD SOFR + 2.50%, 7.94%, 2/4/28 (c)		191		192
Bausch & Lomb Corp. Term Loan 1 Month USD SOFR + 3.25%, 8.68%, 5/10/27 (c)		782		776
Pluto Acquisition I, Inc. 2021 1st Lien Term Loan 3 Month USD SOFR + 4.00%, 9.32%, 6/22/26 (c)		597		516
2024 First Out Superpriority Term Loan 3 Month USD SOFR + 5.50%, 10.69%, 6/20/28 (c)		139		140
				1,624
Finance (1.0%)
NEXUS Buyer LLC Term Loan B 1 Month USD SOFR + 3.75%, 9.18%, 11/9/26 (c)		400		400
Truist Insurance Holdings LLC 2nd Lien Term Loan 3/8/32 (g)		795		801
				1,201
Industrials (0.6%)
Grinding Media, Inc. 2021 Term Loan B 3 Month USD SOFR + 4.00%, 9.59%, 10/12/28 (c)		695		693
				5,359
Total Fixed Income Securities (Cost $122,650)				121,195

	Shares		Value (000)
Common Stocks (0.1%)
Automobile Components (0.0%)
Exide Technologies (f)(h)		592	$	—
Diversified REITs (0.0%)‡
American Gilsonite Co. (h)		500		1
Machinery (0.1%)
Iracore Investment Holdings, Inc., Class A (f)(h)		470		87
Semiconductors & Semiconductor Equipment (0.0%)‡
UC Holdings, Inc. (h)		2,826		11
Total Common Stocks (Cost $151)				99
Short-Term Investment (2.3%)
Investment Company (2.3%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 5.22% (See Note G) (Cost $2,902)		2,902,475		2,902
Total Investments (101.0%) (Cost $125,703) (i)(j)				124,196
Liabilities in Excess of Other Assets (–1.0%)				(1,259	)
Net Assets (100.0%)			$	122,937

‡ Amount is less than 0.05%.

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

(b) When-issued security.

(c) Floating or variable rate securities: The rates disclosed are as of March 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.

(d) Issuer in bankruptcy.

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

(f) At March 31, 2024, the Fund held fair valued securities valued at $87,000, 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) Unsettled Position. The contract rate does not take effect until settlement date.

(h) Non-income producing security.

(i) Securities are available for collateral in connection with purchase of securities on a forward commitment basis.

(j) At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,363,000 and the aggregate gross unrealized depreciation is approximately $3,870,000, resulting in net unrealized depreciation of approximately $1,507,000.

DAC Designated Activity Company.

SOFR Secured Overnight Financing Rate.

USD United States Dollar.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

Portfolio Composition

Classification	Percentage of Total Investments
Consumer, Cyclical		23.2	%
Consumer, Non-Cyclical		17.7
Industrials		17.4
Other*		12.0
Finance		11.2
Communications		9.7
Energy		8.8
Total Investments		100.0	%

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

High Yield Portfolio

Statement of Assets and Liabilities	March 31, 2024 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $122,801)	$	121,294
Investment in Security of Affiliated Issuer, at Value (Cost $2,902)		2,902
Total Investments in Securities, at Value (Cost $125,703)		124,196
Interest Receivable		2,051
Receivable for Investments Sold		1,331
Receivable for Fund Shares Sold		157
Receivable from Affiliate		13
Cash		6
Other Assets		73
Total Assets		127,827
Liabilities:
Payable for Investments Purchased		4,557
Payable for Fund Shares Redeemed		153
Payable for Professional Fees		66
Payable for Advisory Fees		62
Payable for Administration Fees		8
Payable for Sub Transfer Agency Fees — Class I		6
Payable for Sub Transfer Agency Fees — Class A		2
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Sub Transfer Agency Fees — Class C		—	@
Payable for Transfer Agency Fees — Class I		2
Payable for Transfer Agency Fees — Class A		1
Payable for Transfer Agency Fees — Class L		—	@
Payable for Transfer Agency Fees — Class C		1
Payable for Transfer Agency Fees — Class R6		1
Payable for Transfer Agency Fees — Class IR		—	@
Payable for Custodian Fees		5
Payable for Shareholder Services Fees — Class A		2
Payable for Distribution and Shareholder Services Fees — Class L		—	@
Payable for Distribution and Shareholder Services Fees — Class C		3
Other Liabilities		21
Total Liabilities		4,890
Net Assets	$	122,937
Net Assets Consist of:
Paid-in-Capital	$	154,678
Total Accumulated Loss		(31,741	)
Net Assets	$	122,937

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

High Yield Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2024 (000)
CLASS I:
Net Assets	$	99,614
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		11,669,992
Net Asset Value, Offering and Redemption Price Per Share	$	8.54
CLASS A:
Net Assets	$	10,863
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,275,327
Net Asset Value, Redemption Price Per Share	$	8.52
Maximum Sales Load		3.25	%
Maximum Sales Charge	$	0.29
Maximum Offering Price Per Share	$	8.81
CLASS L:
Net Assets	$	172
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		20,191
Net Asset Value, Offering and Redemption Price Per Share	$	8.53
CLASS C:
Net Assets	$	3,498
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		411,332
Net Asset Value, Offering and Redemption Price Per Share	$	8.50
CLASS R6:
Net Assets	$	8,778
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,027,567
Net Asset Value, Offering and Redemption Price Per Share	$	8.54
CLASS IR:
Net Assets	$	12
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,375
Net Asset Value, Offering and Redemption Price Per Share	$	8.54

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

High Yield Portfolio

Statement of Operations	Six Months Ended March 31, 2024 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	4,104
Dividends from Security of Affiliated Issuer (Note G)		51
Total Investment Income		4,155
Expenses:
Advisory Fees (Note B)		333
Professional Fees		102
Registration Fees		46
Administration Fees (Note C)		44
Sub Transfer Agency Fees — Class I		35
Sub Transfer Agency Fees — Class A		4
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		1
Shareholder Services Fees — Class A (Note D)		14
Distribution and Shareholder Services Fees — Class L (Note D)		—	@
Distribution and Shareholder Services Fees — Class C (Note D)		18
Transfer Agency Fees — Class I (Note E)		6
Transfer Agency Fees — Class A (Note E)		2
Transfer Agency Fees — Class L (Note E)		1
Transfer Agency Fees — Class C (Note E)		2
Transfer Agency Fees — Class R6 (Note E)		2
Transfer Agency Fees — Class IR (Note E)		1
Shareholder Reporting Fees		12
Custodian Fees (Note F)		7
Pricing Fees		2
Trustees' Fees and Expenses		1
Other Expenses		11
Total Expenses		644
Waiver of Advisory Fees (Note B)		(215	)
Reimbursement of Transfer Agency and Sub Transfer Agency Fees (Note B)		(61	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(28	)
Reimbursement of Class Specific Expenses — Class L (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class R6 (Note B)		(2	)
Reimbursement of Class Specific Expenses — Class IR (Note B)		(1	)
Rebate from Morgan Stanley Affiliate (Note G)		(2	)
Net Expenses		333
Net Investment Income		3,822
Realized Loss:
Investments Sold		(2,252	)
Change in Unrealized Appreciation (Depreciation):
Investments		8,288
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		6,036
Net Increase in Net Assets Resulting from Operations	$	9,858

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

High Yield Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2024 (unaudited) (000)			Year Ended September 30, 2023 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	3,822		$	8,132
Net Realized Loss		(2,252	)		(12,076	)
Net Change in Unrealized Appreciation (Depreciation)		8,288			17,068
Net Increase in Net Assets Resulting from Operations		9,858			13,124
Dividends and Distributions to Shareholders:
Class I		(3,129	)		(6,936	)
Class A		(386	)		(752	)
Class L		(5	)		(10	)
Class C		(106	)		(214	)
Class R6		(206	)		(389	)
Class IR		(—	@)		(1	)
Class W*		—			(1	)
Total Dividends and Distributions to Shareholders		(3,832	)		(8,303	)
Capital Share Transactions, including direct exchanges pursuant to share class conversions for all periods presented, were as follows:⁽¹⁾
Class I:
Subscribed		20,177			28,162
Distributions Reinvested		2,932			6,642
Redeemed		(14,136	)		(71,061	)
Class A:
Subscribed		4,168			7,175
Distributions Reinvested		386			752
Redeemed		(5,485	)		(8,669	)
Class L:
Exchanged		—			37
Distributions Reinvested		5			10
Redeemed		(9	)		(110	)
Class C:
Subscribed		99			537
Distributions Reinvested		106			214
Redeemed		(435	)		(1,466	)
Class R6:
Subscribed		4,181			13
Distributions Reinvested		206			389
Redeemed		(872	)		(3,832	)
Class IR:
Distributions Reinvested		—	@		1
Class W:*
Distributions Reinvested		—			1
Redeemed		—			(10	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		11,323			(41,215	)
Total Increase (Decrease) in Net Assets		17,349			(36,394	)
Net Assets:
Beginning of Period		105,588			141,982
End of Period	$	122,937		$	105,588

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

High Yield Portfolio

Statements of Changes in Net Assets (cont'd)	Six Months Ended March 31, 2024 (unaudited) (000)			Year Ended September 30, 2023 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		2,435			3,470
Shares Issued on Distributions Reinvested		358			819
Shares Redeemed		(1,720	)		(8,737	)
Net Increase (Decrease) in Class I Shares Outstanding		1,073			(4,448	)
Class A:
Shares Subscribed		506			882
Shares Issued on Distributions Reinvested		47			93
Shares Redeemed		(664	)		(1,068	)
Net Decrease in Class A Shares Outstanding		(111	)		(93	)
Class L:
Shares Exchanged		—			5
Shares Issued on Distributions Reinvested		1			1
Shares Redeemed		(1	)		(14	)
Net Decrease in Class L Shares Outstanding		(—	@@)		(8	)
Class C:
Shares Subscribed		12			65
Shares Issued on Distributions Reinvested		13			27
Shares Redeemed		(53	)		(181	)
Net Decrease in Class C Shares Outstanding		(28	)		(89	)
Class R6:
Shares Subscribed		494			1
Shares Issued on Distributions Reinvested		25			48
Shares Redeemed		(105	)		(475	)
Net Increase (Decrease) in Class R6 Shares Outstanding		414			(426	)
Class IR:
Shares Issued on Distributions Reinvested		—	@@		—	@@
Class W:*
Shares Issued on Distributions Reinvested		—			—	@@
Shares Redeemed		—			(1	)
Net Decrease in Class W Shares Outstanding		—			(1	)

* Effective June 28, 2023, Class W shares were liquidated.

@ Amount is less than $500.

@@ Amount is less than 500 shares.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

High Yield Portfolio

	Class I
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	8.09		$	7.84		$	9.68		$	9.19		$	9.78		$	9.96
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.29			0.54			0.50			0.53			0.57			0.63
Net Realized and Unrealized Gain (Loss)		0.45			0.26			(1.83	)		0.49			(0.57	)		(0.19	)
Total from Investment Operations		0.74			0.80			(1.33	)		1.02			0.00			0.44
Distributions from and/or in Excess of:
Net Investment Income		(0.29	)		(0.55	)		(0.51	)		(0.53	)		(0.59	)		(0.62	)
Net Asset Value, End of Period	$	8.54		$	8.09		$	7.84		$	9.68		$	9.19		$	9.78
Total Return⁽²⁾		9.36	%⁽³⁾⁽⁴⁾		10.34	%		(14.27	)%		11.38	%		0.15	%		4.68	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	99,614		$	85,713		$	117,898		$	161,038		$	155,539		$	176,483
Ratio of Expenses Before Expense Limitation		1.10	%⁽⁵⁾		1.19	%		1.04	%		1.03	%		1.02	%		0.98	%
Ratio of Expenses After Expense Limitation		0.54	%^(5)(6)(7)		0.65	%⁽⁷⁾		0.65	%⁽⁷⁾		0.65	%⁽⁷⁾		0.65	%⁽⁷⁾		0.65	%⁽⁷⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			0.65	%⁽⁷⁾		0.65	%⁽⁷⁾		0.65	%⁽⁷⁾
Ratio of Net Investment Income		6.94	%^(5)(6)(7)		6.66	%⁽⁷⁾		5.64	%⁽⁷⁾		5.50	%⁽⁷⁾		6.20	%⁽⁷⁾		6.51	%⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾
Portfolio Turnover Rate		34	%⁽⁴⁾		57	%		28	%		54	%		69	%		42	%

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

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

(3) Refer to Note B in the Notes to Financial Statements for discussion of prior period transfer agency and sub transfer agency fees that were reimbursed in the current period. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(4) Not annualized.

(5) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					0.65	%			6.83	%

(8) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

High Yield Portfolio

	Class A
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	8.07		$	7.82		$	9.67		$	9.17		$	9.76		$	9.94
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.27			0.51			0.47			0.49			0.55			0.60
Net Realized and Unrealized Gain (Loss)		0.46			0.26			(1.84	)		0.51			(0.58	)		(0.20	)
Total from Investment Operations		0.73			0.77			(1.37	)		1.00			(0.03	)		0.40
Distributions from and/or in Excess of:
Net Investment Income		(0.28	)		(0.52	)		(0.48	)		(0.50	)		(0.56	)		(0.58	)
Net Asset Value, End of Period	$	8.52		$	8.07		$	7.82		$	9.67		$	9.17		$	9.76
Total Return⁽²⁾		9.20	%⁽³⁾⁽⁴⁾		9.98	%		(14.69	)%		11.14	%		(0.22	)%		4.28	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	10,863		$	11,192		$	11,573		$	17,116		$	14,595		$	24,401
Ratio of Expenses Before Expense Limitation		1.37	%⁽⁵⁾		1.45	%		1.29	%		1.27	%		1.31	%		1.23	%
Ratio of Expenses After Expense Limitation		0.86	%^(5)(6)(7)		1.00	%⁽⁷⁾		1.00	%⁽⁷⁾		0.99	%⁽⁷⁾		1.00	%⁽⁷⁾		0.99	%⁽⁷⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			0.99	%⁽⁷⁾		1.00	%⁽⁷⁾		0.99	%⁽⁷⁾
Ratio of Net Investment Income		6.62	%^(5)(6)(7)		6.31	%⁽⁷⁾		5.27	%⁽⁷⁾		5.16	%⁽⁷⁾		5.87	%⁽⁷⁾		6.17	%⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾
Portfolio Turnover Rate		34	%⁽⁴⁾		57	%		28	%		54	%		69	%		42	%

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

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

(4) Not annualized.

(5) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					0.98	%			6.50	%

(8) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

High Yield Portfolio

	Class L
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	8.08		$	7.83		$	9.67		$	9.17		$	9.76		$	9.94
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.26			0.49			0.45			0.47			0.52			0.57
Net Realized and Unrealized Gain (Loss)		0.46			0.25			(1.84	)		0.51			(0.58	)		(0.19	)
Total from Investment Operations		0.72			0.74			(1.39	)		0.98			(0.06	)		0.38
Distributions from and/or in Excess of:
Net Investment Income		(0.27	)		(0.49	)		(0.45	)		(0.48	)		(0.53	)		(0.56	)
Net Asset Value, End of Period	$	8.53		$	8.08		$	7.83		$	9.67		$	9.17		$	9.76
Total Return⁽²⁾		9.04	%⁽³⁾⁽⁴⁾		9.76	%		(14.92	)%		10.84	%		(0.46	)%		4.06	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	172		$	166		$	222		$	383		$	425		$	468
Ratio of Expenses Before Expense Limitation		2.97	%⁽⁵⁾		3.18	%		2.16	%		1.98	%		1.91	%		1.86	%
Ratio of Expenses After Expense Limitation		1.14	%^(5)(6)(7)		1.25	%⁽⁷⁾		1.25	%⁽⁷⁾		1.25	%⁽⁷⁾		1.25	%⁽⁷⁾		1.25	%⁽⁷⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			1.25	%⁽⁷⁾		1.25	%⁽⁷⁾		1.25	%⁽⁷⁾
Ratio of Net Investment Income		6.34	%^(5)(6)(7)		6.05	%⁽⁷⁾		5.02	%⁽⁷⁾		4.90	%⁽⁷⁾		5.60	%⁽⁷⁾		5.93	%⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾
Portfolio Turnover Rate		34	%⁽⁴⁾		57	%		28	%		54	%		69	%		42	%

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

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

(4) Not annualized.

(5) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					1.25	%			6.23	%

(8) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

High Yield Portfolio

	Class C
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	8.06		$	7.81		$	9.65		$	9.16		$	9.75		$	9.93
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.24			0.45			0.40			0.42			0.46			0.52
Net Realized and Unrealized Gain (Loss)		0.45			0.26			(1.83	)		0.50			(0.56	)		(0.19	)
Total from Investment Operations		0.69			0.71			(1.43	)		0.92			(0.10	)		0.33
Distributions from and/or in Excess of:
Net Investment Income		(0.25	)		(0.46	)		(0.41	)		(0.43	)		(0.49	)		(0.51	)
Net Asset Value, End of Period	$	8.50		$	8.06		$	7.81		$	9.65		$	9.16		$	9.75
Total Return⁽²⁾		8.67	%⁽³⁾⁽⁴⁾		9.16	%		(15.27	)%		10.20	%		(0.93	)%		3.55	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	3,498		$	3,539		$	4,121		$	6,418		$	7,633		$	5,226
Ratio of Expenses Before Expense Limitation		2.17	%⁽⁵⁾		2.22	%		2.05	%		2.01	%		2.02	%		1.98	%
Ratio of Expenses After Expense Limitation		1.64	%^(5)(6)(7)		1.75	%⁽⁷⁾		1.75	%⁽⁷⁾		1.74	%⁽⁷⁾		1.74	%⁽⁷⁾		1.74	%⁽⁷⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			1.74	%⁽⁷⁾		1.74	%⁽⁷⁾		1.74	%⁽⁷⁾
Ratio of Net Investment Income		5.84	%^(5)(6)(7)		5.56	%⁽⁷⁾		4.51	%⁽⁷⁾		4.41	%⁽⁷⁾		5.06	%⁽⁷⁾		5.43	%⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾
Portfolio Turnover Rate		34	%⁽⁴⁾		57	%		28	%		54	%		69	%		42	%

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

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

(4) Not annualized.

(5) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					1.75	%			5.73	%

(8) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

High Yield Portfolio

	Class R6⁽¹⁾
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	8.09		$	7.84		$	9.69		$	9.19		$	9.78		$	9.96
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.29			0.54			0.51			0.53			0.55			0.64
Net Realized and Unrealized Gain (Loss)		0.45			0.26			(1.84	)		0.50			(0.55	)		(0.20	)
Total from Investment Operations		0.74			0.80			(1.33	)		1.03			0.00			0.44
Distributions from and/or in Excess of:
Net Investment Income		(0.29	)		(0.55	)		(0.52	)		(0.53	)		(0.59	)		(0.62	)
Net Asset Value, End of Period	$	8.54		$	8.09		$	7.84		$	9.69		$	9.19		$	9.78
Total Return⁽³⁾		9.37	%⁽⁴⁾⁽⁵⁾		10.35	%		(14.30	)%		11.49	%		0.18	%		4.71	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	8,778		$	4,967		$	8,149		$	3,526		$	5,471		$	301
Ratio of Expenses Before Expense Limitation		1.06	%⁽⁶⁾		1.10	%		0.94	%		0.94	%		0.94	%		1.11	%
Ratio of Expenses After Expense Limitation		0.53	%^(6)(7)(8)		0.62	%⁽⁸⁾		0.62	%⁽⁸⁾		0.62	%⁽⁸⁾		0.62	%⁽⁸⁾		0.62	%⁽⁸⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			0.62	%⁽⁸⁾		0.62	%⁽⁸⁾		0.62	%⁽⁸⁾
Ratio of Net Investment Income		6.95	%^(6)(7)(8)		6.69	%⁽⁸⁾		5.82	%⁽⁸⁾		5.54	%⁽⁸⁾		6.20	%⁽⁸⁾		6.55	%⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾
Portfolio Turnover Rate		34	%⁽⁵⁾		57	%		28	%		54	%		69	%		42	%

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

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

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

(5) Not annualized.

(6) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					0.62	%			6.86	%

(9) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

High Yield Portfolio

	Class IR
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	8.09		$	7.84		$	9.69		$	9.19		$	9.78		$	9.96
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.28			0.54			0.48			0.50			0.52			0.56
Net Realized and Unrealized Gain (Loss)		0.46			0.26			(1.81	)		0.53			(0.52	)		(0.12	)
Total from Investment Operations		0.74			0.80			(1.33	)		1.03			0.00			0.44
Distributions from and/or in Excess of:
Net Investment Income		(0.29	)		(0.55	)		(0.52	)		(0.53	)		(0.59	)		(0.62	)
Net Asset Value, End of Period	$	8.54		$	8.09		$	7.84		$	9.69		$	9.19		$	9.78
Total Return⁽²⁾		9.38	%⁽³⁾⁽⁴⁾		10.36	%		(14.30	)%		11.49	%		0.18	%		4.71	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	12		$	11		$	10		$	11		$	10		$	10
Ratio of Expenses Before Expense Limitation		17.92	%⁽⁵⁾		21.53	%		19.61	%		18.97	%		20.43	%		20.17	%
Ratio of Expenses After Expense Limitation		0.53	%^(5)(6)(7)		0.62	%⁽⁷⁾		0.62	%⁽⁷⁾		0.62	%⁽⁷⁾		0.62	%⁽⁷⁾		0.62	%⁽⁷⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			0.62	%⁽⁷⁾		0.62	%⁽⁷⁾		0.62	%⁽⁷⁾
Ratio of Net Investment Income		6.95	%^(5)(6)(7)		6.69	%⁽⁷⁾		5.38	%⁽⁷⁾		5.26	%⁽⁷⁾		5.70	%⁽⁷⁾		5.80	%⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾
Portfolio Turnover Rate		34	%⁽⁴⁾		57	%		28	%		54	%		69	%		42	%

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

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

(4) Not annualized.

(5) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					0.62	%			6.86	%

(8) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements

The accompanying financial statements relate to the High Yield Portfolio. The Fund seeks total return. The Fund has issued six classes of shares — Class I, Class A, Class L, Class C, Class R6 and Class IR. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. On June 28, 2023, Class W shares were liquidated as a share class of the Fund. Accordingly, no financial highlights have been presented for Class W.

tics. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor 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-thecounter ("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 loans ("Senior Loans") are valued based on quotations received from an independent pricing service; (5) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

procedures approved by and under the general supervision of the Trustees. Each business day, the Fund uses a third-party pricing service approved by the Trustees to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

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

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

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

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

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)			Total (000)
Assets:
Fixed Income Securities
Corporate Bonds	$	—	$	115,836	$	—	†	$	115,836	†
Variable Rate Senior Loan Interests		—		5,359		—			5,359
Total Fixed Income Securities		—		121,195		—			121,195

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (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
Automobile Components	$	—	$	—	$	—	†	$	—	†
Diversified REITs		—		1		—			1
Machinery		—		—		87			87
Semiconductors & Semiconductor Equipment		—		11		—			11
Total Common Stocks		—		12		87	†		99	†
Short-Term Investment
Investment Company		2,902		—		—			2,902
Total Assets	$	2,902	$	121,207	$	87	†	$	124,196	†

† Includes one or more securities valued at zero.

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

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

	Common Stock (000)
Beginning Balance	$	72
Purchases		—
Sales		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		15
Realized gains (losses)		—
Ending Balance	$	87
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024	$	15

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2024:

Fair Value at
March 31, 2024
(000)

Valuation
Technique

Unobservable
Input

Amount*

Impact to
Valuation from an
Increase in Input**

Common Stock

Market Comparable
Companies

Enterprise Value/
EBITDA

2.7

Increase

Enterprise Value/
Revenue

0.32

Increase

Discount for Lack
of Marketability

30.0

Decrease

* Amount is indicative of the weighted average.

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

4. When-Issued/Delayed Delivery Securities: The Fund purchases and sells when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price and yield, and no

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

increase the impact that gains (losses) may have on the Fund.

5. Indemnifications: The Trust enters into contracts that contain a variety of indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

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

7. Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. When the Fund buys an interest in a Senior Loan, it may receive a commitment fee which is paid to lenders on an ongoing basis based upon the undrawn portion committed by the lenders of the underlying Senior Loan. The Fund accrues the commitment fee over the expected term of the loan. When the Fund sells an interest in a Senior Loan, it may be required to pay fees or commissions to the purchaser of the interest. Fees received in connection with loan amendments are accrued as earned. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Fund can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency, co-transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

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

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.65% for Class I shares, 1.00% for Class A shares, 1.25% for Class L shares, 1.75% for Class C shares, 0.62% for Class R6 shares and 0.62% for Class IR shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended March 31, 2024, approximately $215,000 of advisory fees were waived and approximately $33,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

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

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $47,587,000 and $37,629,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended March 31, 2024.

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 six months ended March 31, 2024, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended March 31, 2024 is as follows:

Affiliated Investment Company				Value September 30, 2023 (000)				Purchases At Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Fund				$	—			$	30,821			$	27,919			$	51

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value March 31, 2024 (000)
Liquidity Fund				$	—			$	—			$	2,902

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

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

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended September 30, 2023 remains subject to examination by taxing authorities.

2023 Distributions Paid From: Ordinary Income (000)				2022 Distributions Paid From: Ordinary Income (000)
$	8,303			$	9,747

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2023.

At September 30, 2023, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	769			$	—

At September 30, 2023, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $2,257,000 and $27,298,000, respectively, that do not have an expiration date.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, and exacerbate pre-existing risks to the Fund. The occurrence, duration and extent of these or other types of adverse economic and market conditions and uncertainty over the long term cannot be reasonably projected or estimated at this time. The ultimate impact of public health emergencies or other adverse economic or market developments and the extent to which the associated conditions impact the Fund and its investments will also depend on other future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. The financial performance of the Fund's investments (and, in turn, the Fund's investment results) as well as their liquidity may be adversely affected because of these and similar types of factors and developments, which may in turn impact valuation, the Fund's ability to sell securities and/or its ability to meet redemptions.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Liquidity Risk Management Program

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Important Notices

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

Tailored Shareholder Reports

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice February 2024

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice (cont'd) February 2024

To limit our sharing				Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?				Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Who we are

Who is providing this notice?

Morgan Stanley Investment Management Inc. and its investment management affiliates ("MSIM") (See Affiliates definition below.)

What we do

How does MSIM protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?				We collect your personal information, for example, when you ◼ open an account or make deposits or withdrawals from your account ◼ buy securities from us or make a wire transfer ◼ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?				Federal law gives you the right to limit only ◼ sharing for affiliates' everyday business purposes — information about your creditworthiness ◼ affiliates from using your information to market to you ◼ sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.)
What happens when I limit sharing for an account I hold jointly with someone else?				Your choices will apply to everyone on your account.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice (cont'd) February 2024

Definitions

Affiliates				Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include registered investment advisers such as Eaton Vance Management and Calvert Research and Management, registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc., and registered and unregistered funds sponsored by Morgan Stanley Investment Management such as the registered funds within Morgan Stanley Institutional Fund, Inc. (together, the "Investment Management Affiliates"); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Barney LLC and Morgan Stanley & Co. (the, "Morgan Stanley Affiliates").
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between non-affiliated financial companies that together market financial products or services to you. ◼ MSIM doesn't jointly market

Other important information

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Trustees and Officers Information

Trustees

Frank L. Bowman
Frances L. Cashman
Kathleen A. Dennis
Nancy C. Everett
Eddie A. Grier
Jakki L. Haussler
Dr. Manuel H. Johnson
Michael F. Klein
Patricia A. Maleski
W. Allen Reed, Chair of the Board

Officers

Deidre A. Downes
Chief Compliance Officer

John H. Gernon
President and Principal Executive Officer

Michael J. Key
Vice President

Mary E. Mullin
Secretary and Chief Legal Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Adviser and Administrator

Morgan Stanley Investment Management Inc.
1585 Broadway
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
1585 Broadway
New York, New York 10036

Dividend Disbursing and Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.
333 W 11th Street
Kansas City, Missouri 64105

Co-Transfer Agent

Eaton Vance Management
One Post Office Square
Suite 1600
Boston, Massachusetts 02109

Custodian

State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114

Legal Counsel

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

Counsel to the Independent Trustees

Morgan, Lewis & Bockius LLP
One State Street
Hartford, Connecticut 06103

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

(This page has been left blank intentionally.)

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

Morgan Stanley Investment Management Inc.
1585 Broadway
New York, New York 10036

IFTHYSAN
6574182 EXP 05.31.25

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Semi-Annual Report

March 31, 2024

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					10
Statement of Operations					12
Statements of Changes in Net Assets					13
Financial Highlights					15
Notes to Financial Statements					19
Liquidity Risk Management Program					27
Important Notices					28
U.S. Customer Privacy Notice					29
Trustees and Officers Information					32

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Shareholders' Letter

Dear Shareholders,

We are pleased to provide this semi-annual report, in which you will learn how your investment in Short Duration Income Portfolio (the "Fund") performed during the latest six-month period.

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

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2024

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Expense Example

Short Duration Income Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2024 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 10/1/23		Actual Ending Account Value 3/31/24		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Short Duration Income Portfolio Class I	$	1,000.00	$	1,040.70	$	1,023.60	$	1.43	$	1.42		0.28	%
Short Duration Income Portfolio Class A		1,000.00		1,040.60		1,022.40		2.65		2.63		0.52
Short Duration Income Portfolio Class L		1,000.00		1,039.50		1,021.10		3.98		3.94		0.78
Short Duration Income Portfolio Class C		1,000.00		1,037.00		1,018.60		6.52		6.46		1.28

Refer to Note B in the Notes to Financial Statements for discussion of prior period transfer agency and sub transfer agency fees that were reimbursed in the current period.

** Annualized.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (99.2%)
Agency Adjustable Rate Mortgages (0.2%)
Federal Home Loan Mortgage Corporation,
Conventional Pools:
1 Year CMT + 2.18%, 5.37%, 6/1/38 (a)	$	46	$	47
1 Year CMT + 2.31%, 6.16%, 3/1/37 (a)		129		131
1 Year CMT + 2.33%, 5.85%, 1/1/36 (a)		105		106
1 Year CMT + 2.34%, 6.19%, 7/1/38 (a)		108		109
				393
Agency Fixed Rate Mortgages (0.1%)
Federal Home Loan Mortgage Corporation,
Gold Pools:
4.50%, 12/1/24		8		8
7.50%, 5/1/35		8		8
8.00%, 8/1/32		4		4
8.50%, 8/1/31		5		5
Federal National Mortgage Association,
Conventional Pools:
4.50%, 6/1/24 - 7/1/24		6		7
5.00%, 12/1/24		8		8
6.00%, 9/1/37		23		24
6.50%, 2/1/28 - 10/1/32		74		77
7.00%, 7/1/29 - 3/1/37		80		83
7.50%, 8/1/37		10		10
8.00%, 4/1/33		17		18
8.50%, 10/1/32		9		9
Government National Mortgage Association,
Various Pools:
6.00%, 11/15/38		43		44
8.50%, 7/15/30		1		1
				306
Asset-Backed Securities (18.5%)
Affirm Asset Securitization Trust,
4.55%, 6/15/27 (b)		259		257
AMSR Trust,
2.11%, 9/17/37 (b)		975		919
Amur Equipment Finance Receivables XII LLC,
Series 2023-1A Class A2
6.09%, 12/20/29 (b)		517		520
Aqua Finance Trust,
1.54%, 7/17/46 (b)		405		362
Auxilior Term Funding LLC,
Series 2023-1A Class A2
6.18%, 12/15/28 (b)		979		985
BHG Securitization Trust,
Series 2023-A Class A
5.55%, 4/17/36 (b)		1,139		1,133
Blackbird Capital II Aircraft Lease Ltd.,
2.44%, 7/15/46 (b)		620		547
Cartiga Asset Finance Trust LLC,
Series 2023-1 Class A
7.00%, 3/15/35 (b)		500		501

	Face Amount (000)		Value (000)
Cascade MH Asset Trust,
4.25%, 8/25/54 (a)(b)	$	1,474	$	1,341
Cologix Data Centers US Issuer LLC,
3.30%, 12/26/51 (b)		1,225		1,115
Commonbond Student Loan Trust,
1.20%, 3/25/52 (b)		852		708
Dext ABS LLC,
Series 2023-2 Class A2
6.56%, 5/15/34 (b)		1,373		1,378
ECMC Group Student Loan Trust,
Class A1B
SOFR30A + 1.11%,
6.43%, 1/27/70 (a)(b)		536		534
ELFI Graduate Loan Program 2021-A LLC,
1.53%, 12/26/46 (b)		1,232		1,067
Falcon Aerospace Ltd.,
3.60%, 9/15/39 (b)		198		181
FCI Funding LLC,
1.13%, 4/15/33 (b)		54		53
FHF Trust,
1.27%, 3/15/27 (b)		99		97
FMC GMSR Issuer Trust,
7.90%, 7/25/27 (b)		1,600		1,619
GAIA Aviation Ltd.,
3.97%, 12/15/44 (a)(b)		404		378
GCI Funding I LLC,
2.82%, 10/18/45 (b)		839		769
GLS Auto Select Receivables Trust,
Series 2024-1A Class A2
5.24%, 3/15/30 (b)		921		918
Golub Capital Partners ABS Funding Ltd.,
2.77%, 4/20/29 (b)		1,493		1,414
Class A2
3.21%, 1/22/29 (b)		758		730
Honda Auto Receivables Owner Trust,
Series 2024-1 Class A3
5.21%, 8/15/28		810		814
LAD Auto Receivables Trust,
Series 2024-1A Class A3
5.23%, 1/18/28 (b)		740		738
Lendbuzz Securitization Trust,
Series 2024-1A Class A2
6.19%, 8/15/29 (b)		1,260		1,259
Loanpal Solar Loan Ltd.,
2.22%, 3/20/48 (b)		1,202		937
2.29%, 1/20/48 (b)		918		738
Lunar 2021-1 Structured Aircraft Portfolio Notes,
2.64%, 10/15/46 (b)		1,489		1,323
MACH 1 Cayman Ltd.,
3.47%, 10/15/39 (b)		300		272
MAPS Trust,
2.52%, 6/15/46 (b)		424		379

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Asset-Backed Securities (cont'd)
Marlette Funding Trust,
Series 2023-1A Class A
6.07%, 4/15/33 (b)	$	664	$	664
MFA 2021-NPL1 LLC,
5.36%, 3/25/60 (a)(b)		492		487
Monroe Capital ABS Funding 2021-1 Ltd.,
2.82%, 4/22/31 (b)		1,440		1,325
Mosaic Solar Loan Trust,
2.05%, 12/20/46 (b)		804		633
2.10%, 4/20/46 (b)		170		148
Nelnet Student Loan Trust,
1.32%, 4/20/62 (b)		698		633
Newday Funding Master Issuer PLC,
SOFR + 0.95%,
6.28%, 7/15/29 (a)(b)		1,175		1,174
Newtek Small Business Loan Trust,
Class A
Daily U.S. Prime Rate – 0.50%,
8.00%, 7/25/50 (a)(b)		649		648
NextGear Floorplan Master Owner Trust,
Series 2024-1A Class A2
5.12%, 3/15/29 (b)		685		685
NRZ Excess Spread-Collateralized Notes,
Class A
3.10%, 7/25/26 (b)		439		410
3.23%, 5/25/26 (b)		877		825
3.47%, 11/25/26 (b)		475		443
NRZ FHT Excess LLC,
Class A
4.21%, 11/25/25 (b)		197		190
Octane Receivables Trust,
1.21%, 9/20/28 (b)		120		118
Series 2023-1A Class A
5.87%, 5/21/29 (b)		502		503
Option One Mortgage Loan Trust Asset-Backed Certificates,
1 Month Term SOFR + 0.61%,
5.94%, 8/20/30 (a)		26		26
Oscar U.S. Funding XV LLC,
Series 2023-1A Class A3
5.81%, 12/10/27 (b)		1,875		1,885
Oscar U.S. Funding XVI LLC,
Series 2024-1A Class A2
5.48%, 2/10/27 (b)		610		610
Oxford Finance Funding LLC,
3.10%, 2/15/28 (b)		66		64
PNMAC GMSR Issuer Trust,
Series 2024-GT1 Class A
1 Month Term SOFR + 3.20%,
8.53%, 3/25/29 (a)(b)		700		709

	Face Amount (000)			Value (000)
Post Road Equipment Finance LLC,
Series 2024-1A Class A2
5.59%, 11/15/29 (b)	$	645		$	644
Pretium Mortgage Credit Partners I LLC,
5.24%, 9/27/60 (a)(b)		396			392
Reach ABS Trust,
Series 2024-1A Class A
6.30%, 2/18/31 (b)		475			476
ReadyCap Lending Small Business Loan Trust,
Daily U.S. Prime Rate – 0.50%,
8.00%, 12/27/44 (a)(b)		64			64
Republic Finance Issuance Trust,
2.47%, 11/20/30 (b)		230			227
SMB Private Education Loan Trust,
1.68%, 2/15/51 (b)		511			463
Stanwich Mortgage Loan Co. LLC,
2.74%, 10/16/26 (a)(b)		1,075			1,045
Start II Ltd.,
4.09%, 3/15/44 (b)		555			514
Start Ltd.,
4.09%, 5/15/43 (b)		1,063			979
Theorem Funding Trust,
7.60%, 4/15/29 (b)		183			185
Series 2023-1A Class A
7.58%, 4/15/29 (b)		217			219
VCP RRL ABS I Ltd.,
Class A
2.15%, 10/20/31 (b)		321			302
VOLT XCIV LLC,
5.24%, 2/27/51 (a)(b)		616			603
VOLT XCVI LLC,
5.12%, 3/27/51 (a)(b)		539			528
					42,807
Collateralized Mortgage Obligations — Agency Collateral Series (0.3%)
Federal Home Loan Mortgage Corporation,
REMIC
7.50%, 9/15/29		102			103
Government National Mortgage Association,
1 Month Term SOFR + 0.56%, 5.50%, 5/20/62 (a)		—	@		—	@
1 Month Term SOFR + 0.71%, 6.04%, 1/20/64 (a)		28			28
Series 2015-H13
1 Month USD LIBOR + 0.39%, 5.72%, 5/20/63 (a)		3			3
REMIC
1 Month Term SOFR + 0.61%, 5.94%, 3/20/61 (a)		42			42
1 Month Term SOFR + 0.67%, 6.00%, 9/20/62 (a)		70			70
Seasoned Credit Risk Transfer Trust,
3.00%, 2/25/59		506			440
					686

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Commercial Mortgage-Backed Securities (5.6%)
Angel Oak SB Commercial Mortgage Trust,
2.07%, 5/25/50 (a)(b)	$	568	$	507
BX Commercial Mortgage Trust,
Class A
1 Month Term SOFR + 0.81%, 6.14%, 4/15/34 (a)(b)		2,100		2,082
BX Trust,
1 Month Term SOFR + 1.58%, 6.91%, 1/15/39 (a)(b)		820		811
CAMB Commercial Mortgage Trust,
Series 2019-LIFE
1 Month Term SOFR + 1.37%, 6.69%, 12/15/37 (a)(b)		1,210		1,212
Credit Suisse Mortgage Trust,
1 Month Term SOFR + 2.70%, 8.02%, 6/15/39 (a)(b)		1,570		1,576
CSMC Trust,
3.53%, 8/15/37 (b)		575		533
FS Commercial Mortgage Trust,
Series 2023-4SZN
7.07%, 11/10/39 (b)		1,220		1,275
Great Wolf Trust,
Series 2024-WOLF
1 Month Term SOFR + 1.54%, 6.84%, 3/15/39 (a)(b)		1,391		1,396
Natixis Commercial Mortgage Securities Trust,
1 Month Term SOFR + 2.28%, 7.61%, 7/15/36 (a)(b)		850		724
ORL Trust,
Series 2023-GLKS
1 Month Term SOFR + 2.35%, 7.68%, 10/19/36 (a)(b)		560		564
Silver Hill Trust,
3.10%, 11/25/49 (a)(b)		257		253
TYSN Mortgage Trust,
Series 2023-CRNR
6.58%, 12/10/33 (a)(b)		1,225		1,286
VMC Finance 2021-HT1 LLC,
1 Month Term SOFR + 1.76%, 7.09%, 1/18/37 (a)(b)		829		820
				13,039
Corporate Bonds (60.0%)
Finance (30.0%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
6.45%, 4/15/27 (b)		2,505		2,573
American Express Co.,
5.10%, 2/16/28		970		969
Aon North America, Inc.,
5.13%, 3/1/27		925		931
Athene Global Funding,
5.52%, 3/25/27 (b)		1,170		1,172

	Face Amount (000)		Value (000)
Australia & New Zealand Banking Group Ltd.,
4.40%, 5/19/26 (b)	$	1,775	$	1,732
Aviation Capital Group LLC,
6.25%, 4/15/28 (b)		1,750		1,787
Banco Santander SA,
6.61%, 11/7/28		1,200		1,269
Bank of America Corp.,
5.08%, 1/20/27		1,775		1,767
Bank of Ireland Group PLC,
6.25%, 9/16/26 (b)		990		997
Bank of Nova Scotia,
5.35%, 12/7/26		2,445		2,458
Banque Federative du Credit Mutuel SA,
4.52%, 7/13/25 (b)		1,835		1,818
5.09%, 1/23/27 (b)		1,700		1,699
Barclays PLC,
5.30%, 8/9/26		1,425		1,418
BNP Paribas SA,
2.22%, 6/9/26 (b)		2,250		2,164
BPCE SA,
2.38%, 1/14/25 (b)		1,885		1,836
Capital One Financial Corp.,
4.17%, 5/9/25		825		823
Charles Schwab Corp.,
5.88%, 8/24/26		1,200		1,220
Citigroup, Inc.,
5.61%, 9/29/26		400		401
Corebridge Financial, Inc.,
3.50%, 4/4/25		1,630		1,596
Credit Agricole SA,
5.13%, 3/11/27 (b)		2,760		2,763
Credit Suisse AG,
7.95%, 1/9/25		3,380		3,437
Danske Bank AS,
5.43%, 3/1/28 (b)		1,480		1,484
Enact Holdings, Inc.,
6.50%, 8/15/25 (b)		1,735		1,736
Equitable Financial Life Global Funding,
1.40%, 7/7/25 (b)		2,350		2,229
Fifth Third Bank NA,
5.85%, 10/27/25		1,160		1,159
GA Global Funding Trust,
1.63%, 1/15/26 (b)		2,895		2,685
GATX Corp.,
5.40%, 3/15/27		1,125		1,133
Goldman Sachs Bank USA,
5.28%, 3/18/27		1,730		1,730
Goldman Sachs Group, Inc.,
5.80%, 8/10/26		650		653
Guardian Life Global Funding,
0.88%, 12/10/25 (b)		1,750		1,628
HSBC Holdings PLC,
2.63%, 11/7/25		1,325		1,299

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
JPMorgan Chase & Co.,
2.08%, 4/22/26	$	2,000	$	1,928
5.04%, 1/23/28		1,575		1,570
5.55%, 12/15/25		770		770
LeasePlan Corp. NV,
2.88%, 10/24/24 (b)		1,275		1,254
Lseg U.S. Fin Corp.,
4.88%, 3/28/27 (b)		1,020		1,016
Macquarie Group Ltd.,
5.11%, 8/9/26 (b)		2,000		1,991
PNC Financial Services Group, Inc.,
5.30%, 1/21/28		1,112		1,114
Skandinaviska Enskilda Banken AB,
5.13%, 3/5/27 (b)		980		982
Societe Generale SA,
2.63%, 1/22/25 (b)		825		804
Swedbank AB,
6.14%, 9/12/26 (b)		1,330		1,354
Synchrony Bank,
5.40%, 8/22/25		1,480		1,467
Wells Fargo & Co.,
MTN
3.91%, 4/25/26		1,400		1,374
Westpac New Zealand Ltd.,
5.13%, 2/26/27 (b)		1,250		1,250
Woori Bank,
4.88%, 1/26/28 (b)		2,165		2,161
				69,601
Industrials (25.9%)
Altria Group, Inc.,
2.35%, 5/6/25		1,075		1,041
American Tower Corp.,
1.60%, 4/15/26		450		418
AT&T, Inc.,
1.65%, 2/1/28		1,585		1,404
BAE Systems PLC,
5.00%, 3/26/27 (b)		1,130		1,128
Bayer US Finance LLC,
3.38%, 10/8/24 (b)		1,240		1,222
Boeing Co.,
5.04%, 5/1/27		1,050		1,031
Bristol-Myers Squibb Co.,
4.90%, 2/22/27		635		637
Campbell Soup Co.,
5.20%, 3/19/27		720		722
Carrier Global Corp.,
5.80%, 11/30/25		1,810		1,823
Celanese U.S. Holdings LLC,
6.17%, 7/15/27		1,110		1,131
Charter Communications Operating LLC/Charter Communications Operating Capital,
4.91%, 7/23/25		600		593

	Face Amount (000)		Value (000)
Cigna Group,
4.50%, 2/25/26	$	1,398	$	1,382
Columbia Pipelines Holding Co. LLC,
6.04%, 8/15/28 (b)		800		818
6.06%, 8/15/26 (b)		195		197
Concentrix Corp.,
6.65%, 8/2/26		1,200		1,210
Continental Resources, Inc.,
2.27%, 11/15/26 (b)		725		667
DuPont de Nemours, Inc.,
4.49%, 11/15/25		625		617
Energy Transfer LP,
2.90%, 5/15/25		2,955		2,869
4.75%, 1/15/26		325		322
Fiserv, Inc.,
5.15%, 3/15/27		1,390		1,395
Ford Motor Credit Co. LLC,
6.95%, 6/10/26		2,520		2,575
General Mills, Inc.,
4.70%, 1/30/27		1,270		1,260
General Motors Financial Co., Inc.,
5.40%, 4/6/26 - 5/8/27		3,570		3,579
Genuine Parts Co.,
6.50%, 11/1/28		500		528
Global Payments, Inc.,
4.95%, 8/15/27		900		893
HCA, Inc.,
5.88%, 2/15/26		1,350		1,356
Hyatt Hotels Corp.,
5.75%, 1/30/27		900		914
Hyundai Capital America,
5.50%, 3/30/26 (b)		675		676
Hyundai Capital Services, Inc.,
2.13%, 4/24/25 (b)		1,000		964
Imperial Brands Finance PLC,
3.13%, 7/26/24 (b)		1,440		1,428
J M Smucker Co.,
5.90%, 11/15/28		1,285		1,333
JDE Peet's NV,
0.80%, 9/24/24 (b)		2,150		2,097
Marriott International, Inc.,
5.45%, 9/15/26		710		714
Mitsubishi Corp.,
1.13%, 7/15/26 (b)		1,860		1,701
National Fuel Gas Co.,
5.50%, 10/1/26		1,115		1,116
NBN Co. Ltd.,
1.45%, 5/5/26 (b)		2,770		2,565
Newmont Corp./Newcrest Finance Pty. Ltd.,
5.30%, 3/15/26 (b)		920		923
Nucor Corp.,
2.00%, 6/1/25		700		673

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
NXP BV/NXP Funding LLC/NXP USA, Inc.,
2.70%, 5/1/25	$	1,090	$	1,058
ONEOK, Inc.,
5.55%, 11/1/26		630		636
O'Reilly Automotive, Inc.,
5.75%, 11/20/26		790		803
Penske Truck Leasing Co. LP/PTL Finance Corp.,
5.35%, 1/12/27 (b)		500		501
5.75%, 5/24/26 (b)		1,300		1,310
Pfizer Investment Enterprises Pte. Ltd.,
4.45%, 5/19/26		1,205		1,193
Royalty Pharma PLC,
1.20%, 9/2/25		1,050		989
Silgan Holdings, Inc.,
1.40%, 4/1/26 (b)		1,325		1,215
Smith & Nephew PLC,
5.15%, 3/20/27		1,030		1,030
Tapestry, Inc.,
7.05%, 11/27/25		520		531
VICI Properties LP,
4.38%, 5/15/25		1,880		1,849
Volkswagen Group of America Finance LLC,
5.40%, 3/20/26 (b)		1,330		1,331
Vontier Corp.,
1.80%, 4/1/26		1,700		1,579
				59,947
Utilities (4.1%)
Algonquin Power & Utilities Corp.,
5.37%, 6/15/26 (c)		1,250		1,244
Ameren Corp.,
5.70%, 12/1/26		1,775		1,799
American Electric Power Co., Inc.,
Series N
1.00%, 11/1/25		1,075		1,003
Eversource Energy,
4.75%, 5/15/26		1,010		1,000
ITC Holdings Corp.,
4.95%, 9/22/27 (b)		1,395		1,387
NextEra Energy Capital Holdings, Inc.,
5.75%, 9/1/25		2,000		2,010
6.05%, 3/1/25		360		361
Southern Co.,
4.48%, 8/1/24 (c)		825		821
				9,625
				139,173
Mortgages — Other (5.9%)
Ajax Mortgage Loan Trust,
1.70%, 5/25/59 (a)(b)		460		421
BRAVO Residential Funding Trust,
2.00%, 5/25/59 (a)(b)		577		523

	Face Amount (000)		Value (000)
Brean Asset Backed Securities Trust,
1.75%, 10/25/61 (a)(b)	$	1,213	$	1,086
Brean Asset-Backed Securities Trust,
Series 2023-RM6 Class A1
5.25%, 1/25/63 (a)(b)		1,798		1,695
Bunker Hill Loan Depositary Trust,
1.72%, 2/25/55 (a)(b)		151		145
Cascade Funding Mortgage Trust,
2.80%, 6/25/69 (a)(b)		84		82
Class A
4.00%, 10/25/68 (a)(b)		202		199
CFMT LLC,
Series 2023-HB12 Class M1
4.25%, 4/25/33 (a)(b)		2,025		1,919
CHL Mortgage Pass-Through Trust,
5.50%, 5/25/34		30		30
CIM Trust,
5.57%, 7/25/59 (a)(b)		667		661
CSMC Trust,
Series 2022-RPL4 Class A1
3.90%, 4/25/62 (a)(b)		1,390		1,306
FMC GMSR Issuer Trust,
4.45%, 1/25/26 (a)(b)		1,500		1,395
Headlands Residential 2021-RPL1 LLC,
2.49%, 9/25/26 (a)(b)		1,727		1,648
New Residential Mortgage Loan Trust,
3.75%, 5/28/52 - 8/25/55 (a)(b)		96		90
3.86%, 9/25/57 (a)(b)		179		165
Oceanview Mortgage Loan Trust,
1.73%, 5/28/50 (a)(b)		219		198
Preston Ridge Partners Mortgage LLC,
5.12%, 3/25/26 (a)(b)		447		443
Residential Mortgage Loan Trust,
1.65%, 5/25/60 (a)(b)		104		102
RMF Proprietary Issuance Trust,
2.13%, 9/25/61 (a)(b)		1,434		1,216
Sequoia Mortgage Trust,
1 Month Term SOFR + 0.73%,
6.06%, 8/20/34 (a)		60		57
Towd Point Mortgage Trust,
1.75%, 10/25/60 (b)		464		409
1 Month Term SOFR + 0.71%,
6.04%, 2/25/57 (a)(b)		35		35
				13,825
Sovereign (1.4%)
Corp. Andina de Fomento,
1.63%, 9/23/25		1,750		1,654
Korea National Oil Corp.,
0.88%, 10/5/25 (b)		1,680		1,574
				3,228

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
U.S. Treasury Security (7.2%)
U.S. Treasury Note 5.00%, 8/31/25 (Cost $16,608)	$	16,570	$	16,608
Total Fixed Income Securities (Cost $234,876)				230,065
Short-Term Investments (3.5%)
Commercial Paper (0.8%)
Crown Castle, Inc.,
5.94%, 4/23/24 (b)(d) (Cost $1,893)		1,900		1,893
	Shares
Investment Company (2.0%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 5.22% (See Note G) (Cost $4,693)		4,692,861		4,693
U.S. Treasury Security (0.7%)
U.S. Treasury Bill, 5.31%, 8/1/24 (e)(f) (Cost $1,503)		1,530		1,503
Total Short-Term Investments (Cost $8,089)				8,089
Total Investments (102.7%) (Cost $242,965) (g)(h)				238,154
Liabilities in Excess of Other Assets (–2.7%)				(6,315	)
Net Assets (100.0%)			$	231,839

@ Value is less than $500.

(a) Floating or variable rate securities: The rates disclosed are as of March 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.

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

(c) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of March 31, 2024. Maturity date disclosed is the ultimate maturity date.

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

(e) Rate shown is the yield to maturity at March 31, 2024.

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

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

(h) At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $803,000 and the aggregate gross unrealized depreciation is approximately $5,760,000, resulting in net unrealized depreciation of approximately $4,957,000.

CMT Constant Maturity Treasury Note Rate.

LIBOR London Interbank Offered Rate.

MTN Medium Term Note.

REMIC Real Estate Mortgage Investment Conduit.

SOFR Secured Overnight Financing Rate.

SOFR30A 30-Day Average Secured Overnight Financing Rate.

USD United States Dollar.

Futures Contracts:

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

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Depreciation (000)
Long:
U.S. Treasury 2 yr. Note (United States)		409	Jun-24	$	81,800		$	83,634		$	(61	)
Short:
U.S. Treasury 5 yr. Note (United States)		205	Jun-24		(20,500	)		(21,938	)		(48	)
U.S. Treasury 10 yr. Note (United States)		69	Jun-24		(6,900	)		(7,645	)		(37	)
										$	(146	)

Portfolio Composition

Classification	Percentage of Total Investments
Finance		29.2	%
Industrials		25.2
Asset-Backed Securities		18.0
Other*		9.3
U.S. Treasury Security		7.0
Mortgages — Other		5.8
Commercial Mortgage-Backed Securities		5.5
Total Investments		100.0	%**

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

** Does not include open futures contracts with a value of approximately $113,217,000 and total unrealized depreciation of approximately $146,000.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Short Duration Income Portfolio

Statement of Assets and Liabilities	March 31, 2024 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $238,272)	$	233,461
Investment in Security of Affiliated Issuer, at Value (Cost $4,693)		4,693
Total Investments in Securities, at Value (Cost $242,965)		238,154
Receivable for Investments Sold		22,815
Interest Receivable		1,699
Receivable for Fund Shares Sold		166
Due from Adviser		60
Receivable from Affiliate		34
Foreign Currency, at Value (Cost $—@)		—	@
Receivable for Variation Margin on Futures Contracts		—	@
Other Assets		77
Total Assets		263,005
Liabilities:
Payable for Investments Purchased		24,510
Payable for Fund Shares Redeemed		6,291
Payable for Professional Fees		59
Payable for Sub Transfer Agency Fees — Class I		22
Payable for Sub Transfer Agency Fees — Class A		32
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Sub Transfer Agency Fees — Class C		1
Payable to Bank		42
Payable for Trustees' Fees and Expenses		36
Payable for Shareholder Services Fees — Class A		28
Payable for Distribution and Shareholder Services Fees — Class L		—	@
Payable for Distribution and Shareholder Services Fees — Class C		2
Payable for Administration Fees		19
Payable for Custodian Fees		9
Payable for Transfer Agency Fees — Class I		1
Payable for Transfer Agency Fees — Class A		1
Payable for Transfer Agency Fees — Class L		—	@
Payable for Transfer Agency Fees — Class C		—	@
Other Liabilities		113
Total Liabilities		31,166
Net Assets	$	231,839
Net Assets Consist of:
Paid-in-Capital	$	249,995
Total Accumulated Loss		(18,156	)
Net Assets	$	231,839

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Short Duration Income Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2024 (000)
CLASS I:
Net Assets	$	140,763
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		17,500,201
Net Asset Value, Offering and Redemption Price Per Share	$	8.04
CLASS A:
Net Assets	$	87,892
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		10,896,723
Net Asset Value, Redemption Price Per Share	$	8.07
Maximum Sales Load		2.25	%
Maximum Sales Charge	$	0.19
Maximum Offering Price Per Share	$	8.26
CLASS L:
Net Assets	$	978
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		121,620
Net Asset Value, Offering and Redemption Price Per Share	$	8.04
CLASS C:
Net Assets	$	2,206
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		275,393
Net Asset Value, Offering and Redemption Price Per Share	$	8.01

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Short Duration Income Portfolio

Statement of Operations	Six Months Ended March 31, 2024 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	5,781
Dividends from Security of Affiliated Issuer (Note G)		417
Total Investment Income		6,198
Expenses:
Advisory Fees (Note B)		348
Shareholder Services Fees — Class A (Note D)		237
Distribution and Shareholder Services Fees — Class L (Note D)		2
Distribution and Shareholder Services Fees — Class C (Note D)		12
Administration Fees (Note C)		139
Sub Transfer Agency Fees — Class I		60
Sub Transfer Agency Fees — Class A		64
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		1
Professional Fees		85
Reorganization Expense		70
Registration Fees		42
Shareholder Reporting Fees		15
Pricing Fees		15
Custodian Fees (Note F)		12
Transfer Agency Fees — Class I (Note E)		3
Transfer Agency Fees — Class A (Note E)		3
Transfer Agency Fees — Class L (Note E)		1
Transfer Agency Fees — Class C (Note E)		1
Transfer Agency Fees — Class R6 (Note E)		—	@
Trustees' Fees and Expenses		4
Other Expenses		18
Total Expenses		1,132
Waiver of Advisory Fees (Note B)		(263	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(47	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(46	)
Reimbursement of Class Specific Expenses — Class L (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(2	)
Reimbursement of Class Specific Expenses — Class R6 (Note B)		(—	@)
Reimbursement of Transfer Agency and Sub Transfer Agency Fees (Note B)		(36	)
Rebate from Morgan Stanley Affiliate (Note G)		(13	)
Net Expenses		724
Net Investment Income		5,474
Realized Loss:
Investments Sold		(8,087	)
Futures Contracts		(55	)
Net Realized Loss		(8,142	)
Change in Unrealized Appreciation (Depreciation):
Investments		17,166
Futures Contracts		(247	)
Net Change in Unrealized Appreciation (Depreciation)		16,919
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		8,777
Net Increase in Net Assets Resulting from Operations	$	14,251

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Short Duration Income Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2024 (unaudited) (000)			Year Ended September 30, 2023 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	5,474		$	10,394
Net Realized Loss		(8,142	)		(4,694	)
Net Change in Unrealized Appreciation (Depreciation)		16,919			9,834
Net Increase in Net Assets Resulting from Operations		14,251			15,534
Dividends and Distributions to Shareholders:
Class I		(2,484	)		(4,978	)
Class A		(2,986	)		(5,619	)
Class L		(13	)		(23	)
Class C		(26	)		(64	)
Class R6*		(—	@)		(—	@)
Total Dividends and Distributions to Shareholders		(5,509	)		(10,684	)
Capital Share Transactions, including direct exchanges pursuant to share class conversions for all periods presented, were as follows:⁽¹⁾
Class I:
Subscribed		16,575			63,693
Distributions Reinvested		2,484			4,976
Redeemed		(42,247	)		(88,761	)
Class A:
Subscribed		4,149			30,157
Distributions Reinvested		2,970			5,587
Redeemed		(130,319	)		(62,014	)
Class L:
Exchanged		—			29
Distributions Reinvested		13			23
Redeemed		(18	)		(78	)
Class C:
Subscribed		478			1,062
Distributions Reinvested		26			64
Redeemed		(794	)		(2,377	)
Class R6:*
Distributions Reinvested		—	@		—	@
Redeemed		(11	)		—
Net Decrease in Net Assets Resulting from Capital Share Transactions		(146,694	)		(47,639	)
Total Decrease in Net Assets		(137,952	)		(42,789	)
Net Assets:
Beginning of Period		369,791			412,580
End of Period	$	231,839		$	369,791

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Short Duration Income Portfolio

Statements of Changes in Net Assets (cont'd)	Six Months Ended March 31, 2024 (unaudited) (000)			Year Ended September 30, 2023 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		2,076			8,164
Shares Issued on Distributions Reinvested		314			638
Shares Redeemed		(5,295	)		(11,396	)
Net Decrease in Class I Shares Outstanding		(2,905	)		(2,594	)
Class A:
Shares Subscribed		521			3,867
Shares Issued on Distributions Reinvested		374			715
Shares Redeemed		(16,216	)		(7,944	)
Net Decrease in Class A Shares Outstanding		(15,321	)		(3,362	)
Class L:
Shares Exchanged		—			4
Shares Issued on Distributions Reinvested		2			3
Shares Redeemed		(3	)		(10	)
Net Decrease in Class L Shares Outstanding		(1	)		(3	)
Class C:
Shares Subscribed		61			137
Shares Issued on Distributions Reinvested		3			8
Shares Redeemed		(100	)		(305	)
Net Decrease in Class C Shares Outstanding		(36	)		(160	)
Class R6:*
Shares Issued on Distributions Reinvested		—	@@		—	@@
Shares Redeemed		(1	)		—
Net Increase (Decrease) in Class R6 Shares Outstanding		(1	)		—	@@

* Effective December 11, 2023, Class R6 shares were liquidated.

@ Amount is less than $500.

@@ Amount is less than 500 shares.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

Short Duration Income Portfolio

	Class I
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	7.85		$	7.75		$	8.33		$	8.31		$	8.24		$	8.13
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.13			0.22			0.12			0.10			0.17			0.21
Net Realized and Unrealized Gain (Loss)		0.19			0.10			(0.58	)		0.03			0.09			0.10
Total from Investment Operations		0.32			0.32			(0.46	)		0.13			0.26			0.31
Distributions from and/or in Excess of:
Net Investment Income		(0.13	)		(0.21	)		(0.12	)		(0.11	)		(0.19	)		(0.20	)
Net Realized Gain		—			(0.01	)		—			—			—			—
Total Distributions		(0.13	)		(0.22	)		(0.12	)		(0.11	)		(0.19	)		(0.20	)
Net Asset Value, End of Period	$	8.04		$	7.85		$	7.75		$	8.33		$	8.31		$	8.24
Total Return⁽²⁾		4.07	%⁽³⁾⁽⁴⁾		4.19	%		(5.62	)%		1.57	%		3.20	%		3.93	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	140,763		$	160,099		$	178,175		$	255,659		$	233,816		$	174,909
Ratio of Expenses Before Expense Limitation		0.52	%⁽⁶⁾		0.47	%		0.44	%		0.45	%		0.53	%		0.49	%
Ratio of Expenses After Expense Limitation		0.28	%^(6)(7)(8)		0.30	%⁽⁸⁾		0.30	%⁽⁸⁾		0.30	%⁽⁸⁾		0.29	%⁽⁸⁾		0.30	%⁽⁸⁾
Ratio of Net Investment Income		3.29	%^(6)(7)(8)		2.76	%⁽⁸⁾		1.48	%⁽⁸⁾		1.25	%⁽⁸⁾		2.12	%⁽⁸⁾		2.55	%⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁶⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.01	%		0.00	%⁽⁹⁾
Portfolio Turnover Rate		43	%⁽⁴⁾		26	%		53	%		53	%		74	%		64	%

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

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

(4) Not annualized.

(5) Performance was positively impacted by approximately 0.13% due to the receipt of proceeds from the settlement of a class action suit involving the Fund's past holdings. This was a one-time settlement, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had this settlement not occurred, the total return for Class I shares would have been approximately 3.80%.

(6) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					0.29	%			3.28	%

(9) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

Short Duration Income Portfolio

	Class A
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	7.87		$	7.77		$	8.35		$	8.34		$	8.26		$	8.15
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.12			0.20			0.10			0.08			0.15			0.19
Net Realized and Unrealized Gain (Loss)		0.20			0.10			(0.59	)		0.02			0.10			0.10
Total from Investment Operations		0.32			0.30			(0.49	)		0.10			0.25			0.29
Distributions from and/or in Excess of:
Net Investment Income		(0.12	)		(0.19	)		(0.09	)		(0.09	)		(0.17	)		(0.18	)
Net Realized Gain		—			(0.01	)		—			—			—			—
Total Distributions		(0.12	)		(0.20	)		(0.09	)		(0.09	)		(0.17	)		(0.18	)
Net Asset Value, End of Period	$	8.07		$	7.87		$	7.77		$	8.35		$	8.34		$	8.26
Total Return⁽²⁾		4.06	%⁽³⁾⁽⁴⁾		3.92	%		(5.85	)%		1.20	%		3.06	%		3.66	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	87,892		$	206,286		$	229,782		$	320,477		$	148,771		$	83,111
Ratio of Expenses Before Expense Limitation		0.75	%⁽⁶⁾		0.71	%		0.68	%		0.69	%		0.77	%		0.76	%
Ratio of Expenses After Expense Limitation		0.52	%^(6)(7)(8)		0.55	%⁽⁸⁾		0.55	%⁽⁸⁾		0.55	%⁽⁸⁾		0.54	%⁽⁸⁾		0.55	%⁽⁸⁾
Ratio of Net Investment Income		3.05	%^(6)(7)(8)		2.51	%⁽⁸⁾		1.22	%⁽⁸⁾		0.98	%⁽⁸⁾		1.84	%⁽⁸⁾		2.30	%⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁶⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.01	%		0.00	%⁽⁹⁾
Portfolio Turnover Rate		43	%⁽⁴⁾		26	%		53	%		53	%		74	%		64	%

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

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

(4) Not annualized.

(6) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					0.54	%			3.03	%

(9) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

Short Duration Income Portfolio

	Class L
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	7.84		$	7.74		$	8.33		$	8.31		$	8.24		$	8.12
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.11			0.18			0.08			0.06			0.13			0.17
Net Realized and Unrealized Gain (Loss)		0.20			0.10			(0.59	)		0.03			0.09			0.11
Total from Investment Operations		0.31			0.28			(0.51	)		0.09			0.22			0.28
Distributions from and/or in Excess of:
Net Investment Income		(0.11	)		(0.17	)		(0.08	)		(0.07	)		(0.15	)		(0.16	)
Net Realized Gain		—			(0.01	)		—			—			—			—
Total Distributions		(0.11	)		(0.18	)		(0.08	)		(0.07	)		(0.15	)		(0.16	)
Net Asset Value, End of Period	$	8.04		$	7.84		$	7.74		$	8.33		$	8.31		$	8.24
Total Return⁽²⁾		3.95	%⁽³⁾⁽⁴⁾		3.68	%		(6.21	)%		1.06	%		2.69	%		3.52	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	978		$	959		$	973		$	808		$	829		$	795
Ratio of Expenses Before Expense Limitation		1.24	%⁽⁶⁾		1.22	%		1.15	%		1.17	%		1.26	%		1.25	%
Ratio of Expenses After Expense Limitation		0.78	%^(6)(7)(8)		0.80	%⁽⁸⁾		0.80	%⁽⁸⁾		0.80	%⁽⁸⁾		0.79	%⁽⁸⁾		0.80	%⁽⁸⁾
Ratio of Net Investment Income		2.78	%^(6)(7)(8)		2.26	%⁽⁸⁾		1.00	%⁽⁸⁾		0.76	%⁽⁸⁾		1.64	%⁽⁸⁾		2.07	%⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁶⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.01	%		0.00	%⁽⁹⁾
Portfolio Turnover Rate		43	%⁽⁴⁾		26	%		53	%		53	%		74	%		64	%

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

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

(4) Not annualized.

(6) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					0.79	%			2.77	%

(9) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

Short Duration Income Portfolio

	Class C
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	7.81		$	7.72		$	8.29		$	8.29		$	8.22		$	8.10
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.09			0.14			0.04			0.01			0.09			0.13
Net Realized and Unrealized Gain (Loss)		0.20			0.09			(0.57	)		0.02			0.09			0.11
Total from Investment Operations		0.29			0.23			(0.53	)		0.03			0.18			0.24
Distributions from and/or in Excess of:
Net Investment Income		(0.09	)		(0.13	)		(0.04	)		(0.03	)		(0.11	)		(0.12	)
Net Realized Gain		—			(0.01	)		—			—			—			—
Total Distributions		(0.09	)		(0.14	)		(0.04	)		(0.03	)		(0.11	)		(0.12	)
Net Asset Value, End of Period	$	8.01		$	7.81		$	7.72		$	8.29		$	8.29		$	8.22
Total Return⁽²⁾		3.70	%⁽³⁾⁽⁴⁾		3.02	%		(6.46	)%		0.41	%		2.16	%		3.01	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	2,206		$	2,436		$	3,639		$	2,670		$	37		$	36
Ratio of Expenses Before Expense Limitation		1.65	%⁽⁶⁾		1.56	%		1.52	%		1.72	%		7.65	%		6.34	%
Ratio of Expenses After Expense Limitation		1.28	%^(6)(7)(8)		1.30	%⁽⁸⁾		1.30	%⁽⁸⁾		1.30	%⁽⁸⁾		1.29	%⁽⁸⁾		1.30	%⁽⁸⁾
Ratio of Net Investment Income		2.29	%^(6)(7)(8)		1.76	%⁽⁸⁾		0.53	%⁽⁸⁾		0.17	%⁽⁸⁾		1.14	%⁽⁸⁾		1.55	%⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%⁽⁶⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.00	%⁽⁹⁾		0.01	%		0.00	%⁽⁹⁾
Portfolio Turnover Rate		43	%⁽⁴⁾		26	%		53	%		53	%		74	%		64	%

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

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

(4) Not annualized.

(6) Annualized.

Period Ended				Expense Ratio				Net Investment Income Ratio
March 31, 2024					1.29	%			2.28	%

(9) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements

The accompanying financial statements relate to the Short Duration Income Portfolio. The Fund seeks above-average total return over a market cycle of three to five years. The Fund has issued four classes of shares — Class I, Class A, Class L and Class C. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. On December 11, 2023, Class R6 shares were liquidated as a share class of the Fund and there were no shares outstanding as of March 31, 2024. Accordingly, no financial highlights have been presented for Class R6.

The Fund has suspended offering Class L shares to all investors. Class L shareholders of the Fund do not have the option of purchasing additional Class L shares. However, existing Class L shareholders may invest in additional Class L shares through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor 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) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (3) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Each business day, the Fund uses a third-party pricing service approved by the Trustees to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (4) 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 (5) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

Valuation Committee provides administration and oversight of the Trust's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

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

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

The following is a summary of the inputs used to value the Fund's investments as of March 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)
Assets:
Fixed Income Securities
Agency Adjustable Rate Mortgages	$	—		$	393	$	—	$	393
Agency Fixed Rate Mortgages		—			306		—		306
Asset-Backed Securities		—			42,807		—		42,807
Collateralized Mortgage Obligations — Agency Collateral Series		—			686		—		686
Commercial Mortgage-Backed Securities		—			13,039		—		13,039
Corporate Bonds		—			139,173		—		139,173
Mortgages — Other		—			13,825		—		13,825
Sovereign		—			3,228		—		3,228
U.S. Treasury Security		—			16,608		—		16,608
Total Fixed Income Securities		—			230,065		—		230,065
Short-Term Investments
Commercial Paper		—			1,893		—		1,893
Investment Company		4,693			—		—		4,693
U.S. Treasury Security		—			1,503		—		1,503
Total Short-Term Investments		4,693			3,396		—		8,089
Total Assets		4,693			233,461		—		238,154
Liabilities:
Futures Contracts		(146	)		—		—		(146	)
Total	$	4,547		$	233,461	$	—	$	238,008

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

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

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency transactions for the period is reflected in the Statement of Operations.

violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

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

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of March 31, 2024:

Liability Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(146

)(a)

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Interest Rate Risk	Futures Contracts	$	(55	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Interest Rate Risk	Futures Contracts	$	(247	)

For the six months ended March 31, 2024, the approximate average monthly amount outstanding for each derivative type is as follows:

Futures Contracts:
Average monthly notional value				$	107,753,000

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

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

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.30% for Class I shares, 0.55% for Class A shares, 0.80% for Class L shares and 1.30% for Class C shares. The fee waivers and/or expense reimbursements will continue for at least one year until such time as the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended March 31, 2024, approximately $263,000 of advisory fees were waived and approximately $96,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

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

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2024, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $103,582,000 and $259,055,000, respectively. For the six months ended March 31, 2024, purchases and sales of long-term U.S. Government securities were approximately $36,547,000 and $20,077,000, respectively.

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 six months ended March 31, 2024, advisory fees paid were reduced by approximately $13,000 relating to the Fund's investment in the Liquidity Fund.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended March 31, 2024 is as follows:

Affiliated Investment Company				Value September 30, 2023 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Fund				$	9,819			$	117,686			$	122,812			$	417

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value March 31, 2024 (000)
Liquidity Fund				$	—			$	—			$	4,693

to approximately $1,000. At March 31, 2024, the Fund had an accrued pension liability of approximately $36,000, which is reflected as "Payable for Trustees' Fees and Expenses" in the Statement of Assets and Liabilities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

tax purposes. The tax character of distributions paid during fiscal years 2023 and 2022 was as follows:

2023 Distributions Paid From:				2022 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)
$	10,235	$	449	$	6,006

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2023.

At September 30, 2023, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	1,467			$	—

At September 30, 2023, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $1,148,000 and $5,161,000, respectively, that do not have an expiration date.

the six months ended March 31, 2024, the Fund did not have any borrowings under the Facility.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

L. Subsequent Event: At a special meeting of shareholders of the Fund (the "Acquired Fund") held on March 15, 2024, shareholders approved the reorganization of the Acquired Fund into Eaton Vance Short Duration Income ETF, a newly-created exchange-traded fund ("ETF") (the "Acquiring Fund"), which is a series of Morgan Stanley ETF Trust (the "Reorganization"). The Reorganization will be accomplished in accordance with an Agreement and Plan of Reorganization and is anticipated to occur (after the close of trading) on or about June 14, 2024 (the "Closing Date"). The Acquired Fund Shareholders will become shareholders of the Acquiring Fund, receiving shares of the Acquiring Fund with an aggregate value equal to the aggregate net asset value of their shares of the Acquired Fund held immediately prior to the Reorganization, except with respect to cash received in lieu of fractional shares of the Acquiring Fund, which cash payment may be taxable.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Liquidity Risk Management Program

At a meeting held on March 13-14, 2024, the Board reviewed a written report prepared by the LRS that addressed the Program's operation and assessed its adequacy, and effectiveness of implementation for the period from January 1, 2023, through December 31, 2023, as required under the Liquidity Rule.The report concluded that the Program operated effectively and was adequately and effectively implemented in all material aspects, and that the relevant controls and safeguards were appropriately designed to enable the LRS to administer the Program in compliance with the Liquidity Rule.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Important Notices

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

Tailored Shareholder Reports

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice February 2024

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice (cont'd) February 2024

To limit our sharing				Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?				Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Who we are

Who is providing this notice?

Morgan Stanley Investment Management Inc. and its investment management affiliates ("MSIM") (See Affiliates definition below.)

What we do

How does MSIM protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?				We collect your personal information, for example, when you ◼ open an account or make deposits or withdrawals from your account ◼ buy securities from us or make a wire transfer ◼ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?				Federal law gives you the right to limit only ◼ sharing for affiliates' everyday business purposes — information about your creditworthiness ◼ affiliates from using your information to market to you ◼ sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.)
What happens when I limit sharing for an account I hold jointly with someone else?				Your choices will apply to everyone on your account.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice (cont'd) February 2024

Definitions

Affiliates				Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include registered investment advisers such as Eaton Vance Management and Calvert Research and Management, registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc., and registered and unregistered funds sponsored by Morgan Stanley Investment Management such as the registered funds within Morgan Stanley Institutional Fund, Inc. (together, the "Investment Management Affiliates"); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Barney LLC and Morgan Stanley & Co. (the, "Morgan Stanley Affiliates").
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between non-affiliated financial companies that together market financial products or services to you. ◼ MSIM doesn't jointly market

Other important information

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Trustees and Officers Information

Trustees

Frank L. Bowman
Frances L. Cashman
Kathleen A. Dennis
Nancy C. Everett
Eddie A. Grier
Jakki L. Haussler
Dr. Manuel H. Johnson
Michael F. Klein
Patricia A. Maleski
W. Allen Reed, Chair of the Board

Officers

Deidre A. Downes
Chief Compliance Officer

John H. Gernon
President and Principal Executive Officer

Michael J. Key
Vice President

Mary E. Mullin
Secretary and Chief Legal Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Adviser and Administrator

Morgan Stanley Investment Management Inc.
1585 Broadway
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
1585 Broadway
New York, New York 10036

Dividend Disbursing and Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.
333 W 11th Street
Kansas City, Missouri 64105

Co-Transfer Agent

Eaton Vance Management
One Post Office Square
Suite 1600
Boston, Massachusetts 02109

Custodian

State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114

Legal Counsel

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

Counsel to the Independent Trustees

Morgan, Lewis & Bockius LLP
One State Street
Hartford, Connecticut 06103

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

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

Morgan Stanley Investment Management Inc.
1585 Broadway
New York, New York 10036

IFTLDSAN
6574264 EXP 05.31.25

Morgan Stanley Institutional Fund Trust

Ultra-Short Income Portfolio

Semi-Annual Report

March 31, 2024

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Table of Contents

Shareholders' Letter					2
Expense Example					3
Portfolio of Investments					4
Statement of Assets and Liabilities					9
Statement of Operations					10
Statements of Changes in Net Assets					11
Financial Highlights					12
Notes to Financial Statements					15
Liquidity Risk Management Program					20
Important Notices					21
U.S. Customer Privacy Notice					22
Trustees and Officers Information					25

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Shareholders' Letter

Dear Shareholders,

We are pleased to provide this semi-annual report, in which you will learn how your investment in Ultra-Short Income Portfolio (the "Fund") performed during the latest six-month period.

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

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2024

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Expense Example

Ultra-Short Income Portfolio

As a shareholder of the Fund, you may incur two types of costs: (1) transactional costs; and (2) ongoing costs, which may include advisory fees, administration fees, shareholder services fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2024 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value 10/1/23		Actual Ending Account Value 3/31/24		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Ultra-Short Income Portfolio Class IR	$	1,000.00	$	1,028.50	$	1,023.62	$	1.26	$	1.26		0.25	%
Ultra-Short Income Portfolio Institutional Class		1,000.00		1,028.30		1,023.37		1.51		1.51		0.30
Ultra-Short Income Portfolio Class A		1,000.00		1,028.00		1,023.12		1.76		1.76		0.35

* Expenses are calculated using each Fund Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period and multiplied by 182***/366 (to reflect the most recent one-half year period).

Refer to Note B in the Notes to Financial Statements for discussion of prior period transfer agency fees that were reimbursed in the current period.

** Annualized.

*** Adjusted to reflect non-business days accruals.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
Certificates of Deposit (12.7%)
Domestic Banks (2.8%)
Bank of America NA,
5.75%, 11/19/24	$	50,000	$	50,081
5.80%, 5/28/24		100,000		100,016
6.00%, 9/23/24		75,000		75,155
Citibank NA
5.79%, 7/8/24		97,000		97,043
				322,295
International Banks (9.9%)
Banco Santander SA,
5.90%, 4/1/24		75,000		75,004
6.05%, 9/11/24		100,000		100,214
Bank of New York Mellon Corp.
5.30%, 4/1/24		39,000		39,000
Canadian Imperial Bank of Commerce
5.77%, 6/12/24		150,000		150,049
National Bank Kuwait (New York Branch)
5.74%, 5/1/24		150,000		150,032
Natixis (New York Branch),
5.94%, 6/14/24		25,000		25,020
6.02%, 10/2/24		25,000		25,059
Qatar National Bank QPSC
6.20%, 9/23/24		125,000		121,455
Skandinaviska Enskilda Banken AB
6.01%, 8/9/24		102,000		102,163
Svenska Handelsbanken AB (New York)
5.89%, 7/24/24		100,000		100,144
Swedbank AB (New York)
6.01%, 8/9/24		75,000		75,100
Toronto-Dominion Bank,
5.80%, 5/16/24 - 7/15/24		86,000		86,024
5.88%, 6/14/24		75,000		75,048
6.00%, 9/20/24		25,000		25,049
				1,149,361
Total Certificates of Deposit (Cost $1,470,459)				1,471,656
Commercial Paper (a) (31.2%)
Asset-Backed Diversified Financial Services (0.8%)
Bay Square Funding LLC
6.05%, 9/18/24		50,000		48,712
Collateralized Commercial Paper V Co. LLC
6.03%, 6/28/24		10,000		10,011
Equitable Short Term Funding LLC
5.44%, 8/29/24		3,000		2,932
Starbird Funding Corp.
5.93%, 7/12/24 (b)		35,000		34,449
				96,104
Automobile (2.1%)
American Honda Finance Corp.
5.62%, 6/13/24		36,000		35,569
General Motors Financial Co., Inc.
6.02%, 6/17/24		50,000		49,370

	Face Amount (000)		Value (000)
Toyota Motor Credit Corp.
5.91%, 6/28/24	$	35,000	$	34,524
Volvo Group Treasury NA
5.41%, 11/15/24		25,000		24,111
VW Credit, Inc.
6.05%, 6/24/24		106,000		104,550
				248,124
Chemicals (0.4%)
Nutrien Ltd.,
5.63%, 6/14/24		20,000		19,760
5.63%, 6/21/24 (b)		30,000		29,609
				49,369
Communications (0.7%)
Bell Canada
5.87%, 7/2/24		86,500		85,248
Consumer, Non-Cyclical (5.4%)
Bristol Myers Squibb Co.
5.34%, 4/5/24		100,000		99,882
LVMH Moet Hennessy Louis Vuitton,
5.39%, 3/14/25 - 3/17/25		277,500		264,031
5.51%, 12/9/24 (b)		12,000		11,561
5.77%, 10/28/24		15,000		14,541
5.78%, 6/6/24 - 6/7/24		85,000		84,111
5.79%, 11/26/24		20,500		19,795
5.81%, 11/6/24		50,000		48,410
5.83%, 6/13/24 (b)		22,000		21,750
5.93%, 10/11/24		42,500		41,295
5.94%, 10/16/24		16,000		15,536
				620,912
Domestic Banks (6.7%)
Bank of America Securities, Inc.
5.36%, 3/24/25		95,000		95,000
HSBC USA, Inc.,
5.46%, 1/15/25		50,000		47,733
5.68%, 1/2/25		50,000		47,830
5.99%, 12/6/24		27,000		25,946
6.11%, 12/9/24 (b)		65,000		62,429
6.27%, 11/22/24		125,000		120,407
6.28%, 11/21/24		114,000		109,829
6.29%, 11/27/24		35,000		33,686
6.39%, 7/12/24		25,000		24,599
6.47%, 8/22/24		14,250		13,933
6.48%, 8/20/24 (b)		48,000		46,946
6.51%, 7/26/24		50,000		49,094
ING U.S. Funding LLC
5.43%, 12/23/24 (b)		100,000		96,104
				773,536
Finance (1.5%)
Barclays Capital, Inc.,
5.98%, 11/5/24		50,000		48,378
6.14%, 10/4/24		50,000		48,602

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
6.15%, 7/24/24	$	30,000	$	29,477
6.18%, 9/13/24		47,250		46,077
				172,534
Health Care Services (0.4%)
Catholic Health Initiatives,
5.75%, 11/1/24		15,030		14,483
5.92%, 6/4/24		28,864		28,528
				43,011
Industrials (0.2%)
Siemens Capital Co. LLC
5.81%, 10/2/24		20,000		19,461
Insurance (0.8%)
Pricoa Short Term Funding LLC,
5.92%, 6/17/24		75,000		74,097
5.94%, 7/17/24		23,000		22,622
				96,719
International Banks (12.2%)
Australia & New Zealand Banking Group Ltd.
5.85%, 4/22/24		4,000		3,985
Barclays Bank PLC,
5.40%, 2/12/25 - 3/12/25 (b)		200,000		190,413
5.98%, 7/9/24 (b)		10,000		9,846
BPCE SA
5.32%, 3/21/25		17,500		16,610
DNB Bank ASA
5.90%, 7/16/24		25,000		24,598
Lloyds Bank PLC,
5.94%, 10/11/24		19,000		18,448
5.95%, 6/28/24		4,000		3,945
Macquarie Bank Ltd.,
0.00%, 12/13/24		3,000		2,886
6.07%, 9/20/24		75,000		73,045
Macquarie International Finance Ltd.
5.99%, 5/10/24		20,000		19,871
National Australia Bank Ltd.
5.94%, 9/12/24		75,000		73,175
National Westminster Bank PLC
5.33%, 4/2/24		165,000		164,878
NRW. BANK
5.34%, 4/8/24		100,000		99,838
Oversea Chinese Banking Corp.
5.33%, 4/5/24		100,000		99,941
Societe Generale SA,
5.45%, 3/21/25 (b)		50,000		47,463
5.71%, 12/2/24 (b)		268,750		258,873
6.38%, 7/1/24 (b)		80,000		78,884
Suncorp-Metway Ltd.,
5.86%, 5/6/24		50,000		49,710
5.89%, 4/22/24 (b)		10,000		9,963
Toronto-Dominion Bank
6.00%, 8/23/24		52,500		51,357

	Face Amount (000)		Value (000)
UBS AG London,
5.34%, 4/3/24	$	15,685	$	15,671
5.85%, 11/19/24		10,000		9,653
6.13%, 7/31/24		13,000		12,759
Westpac Banking Corp.
5.93%, 9/6/24		70,000		68,356
				1,404,168
Total Commercial Paper (Cost $3,608,082)				3,609,186
Corporate Bonds (8.9%)
Automobile (1.5%)
BMW U.S. Capital LLC
3.90%, 4/9/25 (b)		500		493
General Motors Financial Co., Inc.
2.90%, 2/26/25		58,035		56,629
Hyundai Capital America,
0.88%, 6/14/24 (b)		10,140		10,037
2.65%, 2/10/25 (b)		14,172		13,818
3.40%, 6/20/24 (b)		23,194		23,061
5.74%, 9/17/24 (b)		70,630		69,107
				173,145
Consumer, Non-Cyclical (1.0%)
AbbVie, Inc.,
2.60%, 11/21/24		47,478		46,632
3.80%, 3/15/25		45,000		44,371
Thermo Fisher Scientific, Inc.
1.22%, 10/18/24		26,250		25,648
				116,651
Domestic Bank (0.3%)
American Express Co.,
2.25%, 3/4/25		30,331		29,488
3.00%, 10/30/24		145,130		143,054
3.38%, 5/3/24		21,336		21,291
Fiserv, Inc.
2.75%, 7/1/24		1,915		1,901
Wells Fargo & Co.
3.00%, 2/19/25		30,113		29,467
				195,734
Hospitality (0.0%)‡
Marriott International, Inc.
3.75%, 3/15/25		6,305		6,200
Insurance (0.3%)
Equitable Financial Life Global Funding
1.10%, 11/12/24 (b)		2,857		2,779
Marsh & Mclennan Co., Inc.
3.50%, 6/3/24		30,926		30,813
				33,592
International Banks (4.1%)
Banco Santander SA,
2.71%, 6/27/24		4,915		4,879
3.50%, 3/24/25		33,015		32,421

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
International Banks (cont'd)
Bank of Montreal,
4.25%, 9/14/24	$	107,269	$	106,623
1.50%, 1/10/25		8,950		8,687
Bank of Nova Scotia,
0.70%, 4/15/24		7,000		6,988
2.20%, 2/3/25		22,539		21,934
Banque Federative du Credit Mutuel SA
1.00%, 2/4/25 (b)		8,642		8,319
BPCE SA,
1.63%, 1/14/25 (b)		1,460		1,416
4.00%, 4/15/24		7,533		7,528
Credit Industriel et Commercial
5.46%, 2/14/25		100,000		95,419
Deutsche Bank AG (New York Branch)
0.90%, 5/28/24		25,365		25,179
Federation des Caisses Desjardins
0.70%, 5/21/24 (b)		45,788		45,485
Goldman Sachs Group, Inc.
3.50%, 4/1/25		20,090		19,715
Royal Bank of Canada,
2.25%, 11/1/24		47,051		46,170
5.66%, 10/25/24		37,641		37,674
Sumitomo Mitsui Financial Group, Inc.
2.45%, 9/27/24		6,683		6,583
Sumitomo Mitsui Trust Bank Ltd.
0.80%, 9/16/24 (b)		2,205		2,158
				477,178
Total Corporate Bonds (Cost $1,031,396)				1,031,967
Floating Rate Notes (c) (28.6%)
Asset-Backed Diversified Financial Services (1.6%)
Chariot Funding LLC,
SOFR + 0.25%, 5.57%, 9/24/24 (b)		185,000		185,000
Automobile (2.4%)
American Honda Finance Corp.,
MTN
SOFR + 0.55%, 5.91%, 2/12/25		87,000		87,164
SOFR + 0.70%, 6.06%, 11/22/24		123,620		123,978
BMW U.S. Capital LLC,
SOFR + 0.38%, 5.74%, 8/12/24 (b)		63,502		63,575
General Motors Financial Co., Inc.,
SOFR + 0.62%, 6.01%, 10/15/24		2,506		2,506
				277,223
Diversified Financial Services (0.6%)
Mizuho Markets Cayman MTN,
MTN
SOFR + 0.55%, 5.88%, 9/23/24		75,000		75,141
Domestic Banks (3.8%)
Bank of America Corp.,
MTN
SOFR + 0.41%, 5.74%, 6/14/24		25,000		25,005

	Face Amount (000)		Value (000)
Citibank NA,
SOFR + 0.60%, 5.92%, 10/29/24	$	90,000	$	90,193
SOFR + 0.68%, 6.00%, 6/12/24		55,000		55,062
Wells Fargo Bank NA,
SOFR + 0.60%, 5.92%, 11/1/24		150,000		150,318
SOFR + 0.65%, 5.98%, 7/3/24		114,500		114,670
				435,248
Finance (1.9%)
American Express Co.,
SOFR + 0.72%, 6.09%, 5/3/24		11,961		11,966
Citigroup, Inc.,
SOFR + 0.69%, 6.06%, 10/30/24		133,414		133,585
J.P Morgan Securities LLC,
SOFR + 0.65%, 5.97%, 6/7/24 (b)		70,000		70,078
				215,629
International Banks (18.3%)
Banco Santander SA,
SOFR + 1.24%, 6.60%, 5/24/24		9,441		9,455
Bank of Montreal,
MTN
SOFR + 0.32%, 5.71%, 7/9/24		5,370		5,372
Canadian Imperial Bank of Commerce,
SOFR + 0.66%, 6.64%, 6/7/24		140,000		140,167
SOFR + 0.70%, 6.72%, 4/5/24		165,000		165,023
Deutsche Bank AG (New York Branch),
SOFR + 0.57%, 5.90%, 9/16/24		250,000		250,446
Federation des Caisses Desjardins,
SOFR + 0.43%, 5.78%, 5/21/24 (b)		5,000		5,002
Goldman Sachs Group, Inc.,
SOFR + 0.51%, 5.84%, 9/10/24		141,020		141,112
SOFR + 0.50%, 5.84%, 9/10/24		5,985		5,988
SOFR + 0.49%, 5.87%, 10/21/24		361,977		362,221
SOFR + 0.49%, 5.87%, 10/21/24		9,729		9,732
MTN
3 Month Term SOFR + 1.56%, 6.88%, 11/23/24		23,000		23,001
Macquarie Bank Ltd.,
SOFR + 0.52%, 5.84%, 8/2/24 (b)		85,000		85,107
SOFR + 0.53%, 5.85%, 7/25/24 (b)		200,000		200,249
Natixis (New York Branch),
SOFR + 0.50%, 5.83%, 7/1/24		250,000		250,292
Skandinaviska Enskilda Banken AB,
SOFR + 0.65%, 5.97%, 6/12/24 (b)		131,000		131,155
Societe Generale SA,
SOFR + 0.68%, 6.01%, 6/27/24 (b)		35,000		35,056
Sumitomo Mitsui Banking Corp.,
SOFR + 0.70%, 6.03%, 6/6/24		100,000		100,113
Svenska Handelsbanken AB (New York),
SOFR + 0.67%, 5.99%, 4/5/24		183,000		183,023
Toronto-Dominion Bank,
MTN
SOFR + 0.35%, 5.69%, 9/10/24		8,984		8,989

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
International Banks (cont'd)
UBS AG London,
SOFR + 0.47%, 5.86%, 1/13/25 (b)	$	5,000	$	5,002
				2,116,505
Total Floating Rate Notes (Cost $3,300,334)				3,304,746
Repurchase Agreements (18.3%)
Bank of America Securities, Inc., (5.82% (c), dated 10/27/23, due 6/26/24; proceeds $233,839; fully collateralized by various Common Stocks and Prederred Stocks; valued at $236,250) (Demand 4/1/24) (d)		225,000		225,000
Barclays Bank PLC, (5.40%, dated 3/28/24, due 4/1/24; proceeds $10,006; fully collateralized by various Common Stocks and U.S. Government Obligation, 4.13% due 8/15/53; valued at $10,456) (d)		10,000		10,000
BMO Capital Markets Corp., (5.42%, dated 3/28/24, due 4/1/24; proceeds $1,001; fully collateralized by various Corporate Bonds, 1.50% - 9.50% due 12/6/24 - 2/15/54; valued at $1,051)		1,000		1,000
BNP Paribas SA, (5.53% (c), dated 6/29/22, due 4/4/24; proceeds $252,788; fully collateralized by various Corporate Bonds, 1.38% - 13.50% due 11/10/24 - 12/31/79; valued at $243,766) (Demand 4/1/24) (d)		230,000		230,000
Citigroup Global Markets, Inc., (5.96% (c), dated 11/14/22, due 7/1/24; proceeds $219,701; fully collateralized by various Corporate Bonds, 0.00% - 13.38% due 4/15/24 - 6/3/50 and U.S. Government Agency, 3.50% - 6.50% due 9/20/53 - 10/20/53; valued at $211,869) (Demand 4/1/24) (d)		200,000		200,000
ING Financial Markets LLC, (5.40%, dated 3/28/24, due 4/1/24; proceeds $5,033; fully collateralized by various Corporate Bonds, 1.65% - 7.50% due 9/22/27 - 12/4/51; valued at $5,250)		5,000		5,000
JP Morgan Securities LLC, (5.57% (c), dated 11/17/21, due 4/4/24; proceeds $79,412; fully collateralized by various Convertable Bond, 0.00% due 3/15/26; Common Stocks and Preferred Stocks; valued at $74,316) (Demand 4/1/24) (d)		70,000		70,000
JP Morgan Securities LLC, (5.74% (c), dated 12/18/23, due 6/26/24; proceeds $103,045; fully collateralized by various Corporate Bonds, 3.13% - 10.00% due 5/31/25 - 2/28/57; valued at $106,186) (Demand 4/1/24) (d)		100,000		100,000
JP Morgan Securities LLC, (5.77% (c), dated 1/5/23, due 6/26/24; proceeds $315,007; fully collateralized by various Corporate Bonds, 3.50% - 12.00% due 7/31/24 - 12/31/79; valued at $308,779) (Demand 4/1/24)		290,000		290,000
Mizuho Securities USA LLC, (5.64%, dated 3/14/24, due 6/12/24; proceeds $50,705; fully collateralized by various Corporate Bonds, 8.00% - 11.00% due 2/1/26 - 9/15/26 and various U.S. Government Obligations, 2.38% - 4.38% due 11/15/39 - 2/15/54; valued at $51,839)		50,000		50,000

	Face Amount (000)		Value (000)
Mizuho Securities USA LLC, (5.64%, dated 3/21/24, due 6/12/24; proceeds $10,130; fully collateralized by various U.S. Government Obligations, 1.25% - 2.25% due 8/15/46 - 2/15/52; valued at $10,200)	$	10,000	$	10,000
MUFG Securities Americas, Inc., (5.39%, dated 3/26/24, due 4/2/24; proceeds $250,262; fully collateralized by various Common Stocks; valued at $262,775) (d)		250,000		250,000
MUFG Securities Americas, Inc., (5.38%, dated 3/26/24, due 4/2/24; proceeds $200,209; fully collateralized by various Corporate Bonds, 1.65% - 8.75% due 7/1/24 - 6/15/54; valued at $210,220)		200,000		200,000
Pershing LLC, (5.64%, dated 3/28/24, due 4/1/24; proceeds $25,016; fully collateralized by various Corporate Bonds, 0.95% - 9.60% due 10/1/24 - 12/31/79; valued at $26,413) (d)		25,000		25,000
Societe Generale SA, (5.47%, dated 3/28/24, due 4/1/24; proceeds $150,091; fully collateralized by various Corporate Bonds, 0.97% - 13.38% due 4/1/24 - 12/31/79; valued at $159,001)		150,000		150,000
TD Securities USA LLC, (5.39%, dated 3/28/24, due 4/1/24; proceeds $294,176; fully collateralized by various Corporate Bonds, 1.45% - 7.62% due 10/24/24 - 3/22/54; valued at $308,701)		294,000		294,000
Total Repurchase Agreements (Cost $2,110,000)				2,110,000
Total Investments (99.7%) (Cost $11,520,271) (e)				11,527,555
Other Assets in Excess of Liabilities (0.3%)				30,345
Net Assets (100.0%)			$	11,557,900

‡ Amount is less than 0.05%.

(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) Floating or variable rate securities: The rates disclosed are as of March 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.

(d) Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of March 31, 2024.

(e) At March 31, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $8,442,000 and the aggregate gross unrealized depreciation is approximately $1,158,000, resulting in net unrealized appreciation of approximately $7,284,000.

GMTN Global Medium Term Note.

MTN Medium Term Note.

SOFR Secured Overnight Financing Rate.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

Portfolio Composition

Classification	Percentage of Total Investments
Commercial Paper		31.3	%
Floating Rate Notes		28.7
Repurchase Agreements		18.3
Certificates of Deposit		12.8
Corporate Bonds		8.9
Total Investments		100.0	%

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Ultra-Short Income Portfolio

Statement of Assets and Liabilities	March 31, 2024 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $11,520,271, including value of repurchase agreements of $2,110,000)	$	11,527,555
Cash		298
Interest Receivable		77,777
Receivable for Fund Shares Sold		31,569
Other Assets		1,209
Total Assets		11,638,408
Liabilities:
Payable for Fund Shares Redeemed		71,038
Payable for Advisory Fees		4,365
Dividends Payable		3,263
Payable for Administration Fees		788
Payable for Shareholder Services Fees — Institutional Class		58
Payable for Shareholder Services Fees — Class A		401
Payable for Custodian Fees		50
Payable for Professional Fees		46
Payable for Transfer Agency Fees — Class IR		10
Payable for Transfer Agency Fees — Institutional Class		5
Payable for Transfer Agency Fees — Class A		3
Other Liabilities		481
Total Liabilities		80,508
Net Assets	$	11,557,900
Net Assets Consist of:
Paid-in-Capital	$	11,612,396
Total Accumulated Loss		(54,496	)
Net Assets	$	11,557,900
CLASS IR:
Net Assets	$	5,380,220
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		538,854,337
Net Asset Value, Offering and Redemption Price Per Share	$	9.98
INSTITUTIONAL CLASS:
Net Assets	$	1,341,814
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		134,384,180
Net Asset Value, Offering and Redemption Price Per Share	$	9.98
CLASS A:
Net Assets	$	4,835,866
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		484,427,482
Net Asset Value, Offering and Redemption Price Per Share	$	9.98

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Ultra-Short Income Portfolio

Statement of Operations	Six Months Ended March 31, 2024 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	332,907
Expenses:
Advisory Fees (Note B)		11,329
Shareholder Services Fees — Institutional Class (Note D)		328
Shareholder Services Fees — Class A (Note D)		5,845
Administration Fees (Note C)		4,532
Registration Fees		451
Custodian Fees (Note F)		104
Trustees' Fees and Expenses		82
Professional Fees		72
Shareholder Reporting Fees		28
Transfer Agency Fees — Class IR (Note E)		12
Transfer Agency Fees — Institutional Class (Note E)		6
Transfer Agency Fees — Class A (Note E)		5
Pricing Fees		8
Other Expenses		252
Total Expenses		23,054
Waiver of Advisory Fees (Note B)		(2,696	)
Reimbursement of Transfer Agency Fees (Note B)		(61	)
Reimbursement of Class Specific Expenses — Class IR (Note B)		(12	)
Reimbursement of Class Specific Expenses — Institutional Class (Note B)		(7	)
Waiver of Shareholder Services Fees — Class A (Note D)		(3,507	)
Net Expenses		16,771
Net Investment Income		316,136
Realized Gain:
Investments Sold		655
Change in Unrealized Appreciation (Depreciation):
Investments		6,961
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		7,616
Net Increase in Net Assets Resulting from Operations	$	323,752

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Ultra-Short Income Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2024 (unaudited) (000)			Year Ended September 30, 2023 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	316,136		$	537,318
Net Realized Gain		655			46
Net Change in Unrealized Appreciation (Depreciation)		6,961			11,970
Net Increase in Net Assets Resulting from Operations		323,752			549,334
Dividends and Distributions to Shareholders:
Class IR		(150,216	)		(237,467	)
Institutional Class		(36,627	)		(75,947	)
Class A		(129,231	)		(223,904	)
Total Dividends and Distributions to Shareholders		(316,074	)		(537,318	)
Capital Share Transactions:⁽¹⁾
Class IR:
Subscribed		3,246,863			6,283,629
Distributions Reinvested		130,759			194,526
Redeemed		(2,880,755	)		(6,549,877	)
Institutional Class:
Subscribed		426,045			1,331,405
Distributions Reinvested		36,844			76,064
Redeemed		(569,144	)		(1,968,576	)
Class A:
Subscribed		1,707,220			3,934,159
Distributions Reinvested		129,890			223,899
Redeemed		(1,855,517	)		(3,763,110	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		372,205			(237,881	)
Total Increase (Decrease) in Net Assets		379,883			(225,865	)
Net Assets:
Beginning of Period		11,178,017			11,403,882
End of Period	$	11,557,900		$	11,178,017
(1) Capital Share Transactions:
Class IR:
Shares Subscribed		325,127			629,870
Shares Issued on Distributions Reinvested		13,095			19,501
Shares Redeemed		(288,442	)		(656,519	)
Net Increase (Decrease) in Class IR Shares Outstanding		49,780			(7,148	)
Institutional Class:
Shares Subscribed		42,659			133,403
Shares Issued on Distributions Reinvested		3,689			7,624
Shares Redeemed		(57,003	)		(197,293	)
Net Decrease in Institutional Class Shares Outstanding		(10,655	)		(56,266	)
Class A:
Shares Subscribed		170,982			394,450
Shares Issued on Distributions Reinvested		13,009			22,446
Shares Redeemed		(185,837	)		(377,277	)
Net Increase (Decrease) in Class A Shares Outstanding		(1,846	)		39,619

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

Ultra-Short Income Portfolio

	Class IR
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.98		$	9.97		$	9.98		$	9.99		$	10.02		$	10.01
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.28			0.48			0.10			0.02			0.13			0.25
Net Realized and Unrealized Gain (Loss)		(0.00	)⁽²⁾		0.01			(0.02	)		(0.01	)		(0.03	)		0.01
Total from Investment Operations		0.28			0.49			0.08			0.01			0.10			0.26
Distributions from and/or in Excess of:
Net Investment Income		(0.28	)		(0.48	)		(0.09	)		(0.02	)		(0.13	)		(0.25	)
Net Asset Value, End of Period	$	9.98		$	9.98		$	9.97		$	9.98		$	9.99		$	10.02
Total Return⁽³⁾		2.85	%⁽⁴⁾⁽⁵⁾		5.03	%		0.79	%		0.10	%		1.03	%		2.68	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	5,380,220		$	4,879,799		$	4,945,966		$	5,014,307		$	5,388,750		$	4,765,201
Ratio of Expenses Before Expense Limitation		0.30	%⁽⁶⁾		0.30	%		0.29	%		0.30	%		0.31	%		0.30	%
Ratio of Expenses After Expense Limitation		0.25	%⁽⁶⁾		0.25	%		0.20	%		0.18	%		0.24	%		0.24	%
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			N/A			0.24	%		0.24	%
Ratio of Net Investment Income		5.63	%⁽⁶⁾		4.82	%		0.96	%		0.21	%		1.34	%		2.53	%
Portfolio Turnover Rate		N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾

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

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

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

(4) Refer to Note B in the Notes to Financial Statements for discussion of prior period transfer agency fees that were reimbursed in the current period. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class IR shares.

(5) Not annualized.

(6) Annualized.

(7) During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

Ultra-Short Income Portfolio

	Institutional Class
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.98		$	9.97		$	9.98		$	9.99		$	10.02		$	10.01
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.28			0.47			0.08			0.02			0.14			0.25
Net Realized and Unrealized Gain (Loss)		(0.00	)⁽²⁾		0.01			(0.01	)		(0.01	)		(0.04	)		0.01
Total from Investment Operations		0.28			0.48			0.07			0.01			0.10			0.26
Distributions from and/or in Excess of:
Net Investment Income		(0.28	)		(0.47	)		(0.08	)		(0.02	)		(0.13	)		(0.25	)
Net Asset Value, End of Period	$	9.98		$	9.98		$	9.97		$	9.98		$	9.99		$	10.02
Total Return⁽³⁾		2.83	%⁽⁴⁾⁽⁵⁾		4.97	%		0.74	%		0.05	%		0.98	%		2.62	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,341,814		$	14,447,215		$	2,006,592		$	1,834,410		$	2,544,657		$	3,085,210
Ratio of Expenses Before Expense Limitation		0.35	%⁽⁶⁾		0.35	%		0.34	%		0.35	%		0.36	%		0.34	%
Ratio of Expenses After Expense Limitation		0.30	%⁽⁶⁾		0.30	%		0.25	%		0.23	%		0.29	%		0.29	%
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			N/A			0.29	%		0.29	%
Ratio of Net Investment Income		5.58	%⁽⁶⁾		4.77	%		0.79	%		0.16	%		1.39	%		2.48	%
Portfolio Turnover Rate		N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾

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

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

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

(5) Not annualized.

(6) Annualized.

(7) During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024

Financial Highlights

Ultra-Short Income Portfolio

	Class A
	Six Months Ended March 31, 2024			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period	$	9.98		$	9.97		$	9.98		$	9.99		$	10.02		$	10.01
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.27			0.47			0.07			0.01			0.12			0.23
Net Realized and Unrealized Gain (Loss)		(0.00	)⁽²⁾		0.01			0.00	⁽²⁾		(0.01	)		(0.04	)		0.01
Total from Investment Operations		0.27			0.48			0.07			(0.00	)⁽²⁾		0.08			0.24
Distributions from and/or in Excess of:
Net Investment Income		(0.27	)		(0.47	)		(0.08	)		(0.01	)		(0.11	)		(0.23	)
Net Asset Value, End of Period	$	9.98		$	9.98		$	9.97		$	9.98		$	9.99		$	10.02
Total Return⁽³⁾		2.80	%⁽⁴⁾⁽⁵⁾		4.92	%		0.67	%		(0.03	)%		0.80	%		2.42	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	4,835,866		$	4,851,003		$	4,451,324		$	5,973,299		$	9,923,736		$	10,784,226
Ratio of Expenses Before Expense Limitation		0.55	%⁽⁶⁾		0.55	%		0.54	%		0.55	%		0.56	%		0.55	%
Ratio of Expenses After Expense Limitation		0.35	%⁽⁶⁾		0.35	%		0.31	%		0.32	%		0.46	%		0.49	%
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			N/A			0.46	%		0.49	%
Ratio of Net Investment Income		5.53	%⁽⁶⁾		4.72	%		0.70	%		0.08	%		1.16	%		2.29	%
Portfolio Turnover Rate		N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾

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

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

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

(5) Not annualized.

(6) Annualized.

(7) During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements

The accompanying financial statements relate to the Ultra-Short Income Portfolio. The Fund seeks current income with capital preservation while maintaining liquidity. The Fund has issued three classes of shares — Class IR, Institutional Class and Class A.

1. 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") 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; and (2) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a

security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Each business day, the Fund uses a third-party pricing service approved by the Trustees to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

of the Fund's investments. The inputs are summarized in the three broad levels listed below:

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

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

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

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Certificates of Deposit	$	—	$	1,471,656	$	—	$	1,471,656
Commercial Paper		—		3,609,186		—		3,609,186
Corporate Bonds		—		1,031,967		—		1,031,967
Floating Rate Notes		—		3,304,746		—		3,304,746
Repurchase Agreements		—		2,110,000		—		2,110,000
Total Assets	$	—	$	11,527,555	$	—	$	11,527,555

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

3. Repurchase Agreements: The Fund may enter into repurchase agreements under which the Fund lends cash and takes possession of securities with an agreement that

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

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian for investment companies advised by the Fund's Adviser. The Fund will participate on a pro rata basis with the other investment companies in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Repurchase agreements are subject to Master Repurchase Agreements which are agreements between the Fund and its counterparties that typically include provisions which provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated on the Portfolio of Investments, the cash or securities to be repurchased exceeds the repurchase price to be paid under the repurchase agreement reducing the net settlement amount to zero.

4. Indemnifications: The Trust enters into contracts that contain a variety of indemnification clauses. The Trust's maximum exposure under these arrangements is unknown

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

as this would involve future claims that may be made against the Fund that have not yet occurred.

5. Dividends and Distributions to Shareholders: Dividends and distributions to shareholders are recorded on the close of each business day. Dividends from net investment income are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually.

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

waivers and/or reimbursements when they deem such action is appropriate. In addition, the Adviser may make additional voluntary fee waivers and/or expense reimbursements. The ratios of expenses to average net assets disclosed in the Fund's Financial Highlights may be lower than the maximum expense ratios due to these additional fee waivers and/or expense reimbursements. For the six months ended March 31, 2024, approximately $2,696,000 of advisory fees were waived and approximately $19,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

The Adviser agreed to reimburse the Fund for prior years overpayment of transfer agency fees. This was reflected as "Reimbursement of Transfer Agency Fees" in the Statement of Operations.

D. Shareholder Services Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser, and an indirect subsidiary of Morgan Stanley, serves as the Trust's Distributor of Fund shares pursuant to a Distribution Agreement. The Trust has adopted a Shareholder Services Plan with respect to the Institutional Class shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.05% of the Fund's average daily net assets attributable to the Institutional Class shares.

The Trust has adopted a Shareholder Services Plan with respect to the Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to the Class A shares. The Distributor has agreed to waive the 12b-1 fees on Class A shares of the Fund to the extent it exceeds 0.10% of the average daily net assets of such shares on an annualized basis. This waiver will continue for at least one year or until such time as the Trustees act to

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

discontinue all or a portion of such waiver when it deems such action is appropriate. For the six months ended March 31, 2024, this waiver amounted to approximately $3,507,000.

The Distributor, Adviser and Administrator may also waive the shareholder services fees, advisory fees, administration fees and/or reimburse expenses to enable the Fund to maintain a minimum level of daily net investment income. This arrangement had no effect for the six months ended March 31, 2024. The Distributor, Adviser and Administrator may discontinue these voluntary fee waivers and/or expense reimbursements at any time in the future.

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

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

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

2023 Distributions Paid From: Ordinary Income (000)				2022 Distributions Paid From: Ordinary Income (000)
$	537,318			$	90,977

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Notes to Financial Statements (cont'd)

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2023.

At September 30, 2023, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	6,217			$	—

At September 30, 2023, the Fund had available for federal income tax purposes unused short-term capital losses of approximately $63,937,000 that do not have an expiration date.

expectations for inflation), interest rates, global demand for particular products or resources, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, and exacerbate pre-existing risks to the Fund. The occurrence, duration and extent of these or other types of adverse economic and market conditions and uncertainty over the long term cannot be reasonably projected or estimated at this time. The ultimate impact of public health emergencies or other adverse economic or market developments and the extent to which the associated conditions impact the Fund and its investments will also depend on other future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. The financial performance of the Fund's investments (and, in turn, the Fund's investment results) as well as their liquidity may be adversely affected because of these and similar types of factors and developments, which may in turn impact valuation, the Fund's ability to sell securities and/or its ability to meet redemptions.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Liquidity Risk Management Program

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Important Notices

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

Tailored Shareholder Reports

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice February 2024

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

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

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice (cont'd) February 2024

To limit our sharing				Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?				Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Who we are

Who is providing this notice?

Morgan Stanley Investment Management Inc. and its investment management affiliates ("MSIM") (See Affiliates definition below.)

What we do

How does MSIM protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?				We collect your personal information, for example, when you ◼ open an account or make deposits or withdrawals from your account ◼ buy securities from us or make a wire transfer ◼ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?				Federal law gives you the right to limit only ◼ sharing for affiliates' everyday business purposes — information about your creditworthiness ◼ affiliates from using your information to market to you ◼ sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.)
What happens when I limit sharing for an account I hold jointly with someone else?				Your choices will apply to everyone on your account.

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

U.S. Customer Privacy Notice (cont'd) February 2024

Definitions

Affiliates				Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include registered investment advisers such as Eaton Vance Management and Calvert Research and Management, registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc., and registered and unregistered funds sponsored by Morgan Stanley Investment Management such as the registered funds within Morgan Stanley Institutional Fund, Inc. (together, the "Investment Management Affiliates"); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Barney LLC and Morgan Stanley & Co. (the, "Morgan Stanley Affiliates").
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ MSIM does not share with non-affiliates so they can market to you.
Joint marketing				A formal agreement between non-affiliated financial companies that together market financial products or services to you. ◼ MSIM doesn't jointly market

Other important information

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2024 (unaudited)

Trustees and Officers Information

Trustees

Frank L. Bowman
Frances L. Cashman
Kathleen A. Dennis
Nancy C. Everett
Eddie A. Grier
Jakki L. Haussler
Dr. Manuel H. Johnson
Michael F. Klein
Patricia A. Maleski
W. Allen Reed, Chair of the Board

Officers

Deidre A. Downes
Chief Compliance Officer

John H. Gernon
President and Principal Executive Officer

Michael J. Key
Vice President

Mary E. Mullin
Secretary and Chief Legal Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Adviser and Administrator

Morgan Stanley Investment Management Inc.
1585 Broadway
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
1585 Broadway
New York, New York 10036

Dividend Disbursing and Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.
333 W 11th Street
Kansas City, Missouri 64105

Co-Transfer Agent

Morgan Stanley Services Company, Inc.
1585 Broadway
New York, New York 10036

Custodian

State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114

Legal Counsel

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

Counsel to the Independent Trustees

Morgan, Lewis & Bockius LLP
One State Street
Hartford, Connecticut 06103

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

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

Morgan Stanley Investment Management Inc.
1585 Broadway
New York, New York 10036

IFTUSISAN
6574292 EXP 05.31.25

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semiannual reports.

Item 6.

(a) Refer to Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Applicable to annual reports filed by closed-end funds.

Item 9. Closed-End Fund Repurchases

Applicable only to reports filed by closed-end funds.

Item 10. Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item.

Item 11. Controls and Procedures

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable

Item 13. Exhibits

(a) Code of Ethics – Not applicable for semiannual reports.

(b) A separate certification for each principal executive officer and principal financial officer of the registrant as part of EX-99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Morgan Stanley Institutional Fund Trust

/s/ John H. Gernon
John H. Gernon Principal Executive Officer May 21, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ John H. Gernon
John H. Gernon Principal Executive Officer May 21, 2024

/s/ Francis J. Smith
Francis J. Smith Principal Financial Officer May 21, 2024

Morgan Stanley Institutional Fund Trust N-CSRSCertified semi-annual shareholder report (management investment company)