N-CSR 1 tm2227756d1_ncsr.htm N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03980

Morgan Stanley Institutional Fund Trust

(Exact name of registrant as specified in charter)

522 Fifth Avenue, New York, New York	10036
(Address of principal executive offices)	(Zip code)

John H. Gernon

522 Fifth Avenue, New York, New York 10036

(Name and address of agent for service)

Registrant's telephone number, including area code: 212-296-0289

Date of fiscal year end: September 30,

Date of reporting period: September 30, 2022

Item 1 - Report to Shareholders

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Annual Report

September 30, 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Table of Contents (unaudited)

Shareholders' Letter					2
Expense Example					3
Investment Overview					4
Portfolio of Investments					7
Statement of Assets and Liabilities					18
Statement of Operations					20
Statements of Changes in Net Assets					21
Financial Highlights					23
Notes to Financial Statements					28
Report of Independent Registered Public Accounting Firm					40
Investment Advisory Agreement Approval					41
Liquidity Risk Management Program					43
Federal Tax Notice					44
U.S. Customer Privacy Notice					45
Trustee and Officer Information					48

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of the Morgan Stanley Institutional Fund Trust. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 548-7786. Please read the prospectuses carefully before you invest or send money.

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

Market forecasts provided in this report may not necessarily come to pass. There is no guarantee that any sectors mentioned will continue to perform as discussed herein or that securities in such sectors will be held by the Fund in the future. 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

Annual Report — September 30, 2022

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Annual Report, in which you will learn how your investment in Core Plus Fixed Income Portfolio (the "Fund") performed during the latest twelve-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

October 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Expense Example (unaudited)

Core Plus Fixed Income Portfolio

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

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended September 30, 2022 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 4/1/22		Actual Ending Account Value 9/30/22		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Core Plus Fixed Income Portfolio Class I	$	1,000.00	$	898.10	$	1,023.01	$	1.95	$	2.08		0.41	%
Core Plus Fixed Income Portfolio Class A		1,000.00		897.70		1,021.51		3.38		3.60		0.71
Core Plus Fixed Income Portfolio Class L		1,000.00		895.70		1,020.00		4.80		5.11		1.01
Core Plus Fixed Income Portfolio Class C		1,000.00		894.50		1,017.80		6.89		7.33		1.45
Core Plus Fixed Income Portfolio Class R6⁽¹⁾		1,000.00		899.20		1,023.26		1.71		1.83		0.36

* 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 183/365 (to reflect the most recent one-half year period).

** Annualized.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited)

Core Plus Fixed Income Portfolio

The Fund seeks above-average total return over a market cycle of three to five years.

Performance

For the fiscal year ended September 30, 2022, the Fund's Class I shares had a total return based on net asset value and reinvestment of distributions per share of –15.58%, net of fees. The Fund's Class I shares underperformed against the Fund's benchmark, the Bloomberg U.S. Aggregate Indexⁱ (the "Index"), which returned –14.60%.

Factors Affecting Performance

• Government bond yields rose significantly over the period in the U.S. and throughout the world as central banks turned hawkish in their fight against inflation. This had a positive impact on performance as the Fund held a short duration position (i.e., less sensitivity to interest rate movements) in the U.S. versus the Index.

• Over the period, the portfolio's investment grade corporate bond positioning and allocation to high yield corporate bonds detracted from relative performance as credit spreads continued to widen over the period. The allocation to convertible bonds also detracted on the back of weaker equities, rising yields and widening spreads.

• Overall securitized sector positioning detracted from relative performance during the period as securitized spreads widened amid an increasingly challenging and volatile market. The allocation to non-agency residential mortgage-backed securities (RMBS) and the overweight positioning to asset-backed securities (ABS) were the main detractors. The non-agency commercial mortgage-backed securities (CMBS) overweight also detracted. However, our agency RMBS underweight helped relative performance as they also underperformed similar duration Treasuries.

• With regard to currencies, the portfolio's long positions in emerging markets currencies (particularly Egyptian pound, Hungarian forint, Polish zloty, South African rand, Russian ruble and Czech koruna) detracted as the currencies

depreciated versus the U.S. dollar over the year against a weakening economic outlook and geopolitical turmoil in Eastern Europe.

Management Strategies

• The broad message from central banks during September 2022 was that a pivot (where they reverse course and start cutting interest rates) is not coming anytime soon. They are committed to fulfilling their promise to bring inflation down. Despite concerns regarding a slowdown in economic growth, they indicated that they will not waver from their tightening policy, as long as inflation remains well above their targets. Therefore, it seems increasingly likely that an economic slowdown, and maybe even a recession, is ahead for the U.S. economy. As a result, interest rates are likely to remain higher for longer, but volatility across markets is likely to continue as uncertainty remains.

• Looking forward, market valuations appear to be pricing a very negative outcome for corporate downgrades and defaults. Our base case view is that we are well compensated to own credit, as we view corporate fundamentals to be relatively resilient. Companies have built liquidity in recent quarters and implemented cost efficiencies under the COVID-era. We expect profit margins to be pressured and top-line revenue to be challenging, but given the starting point, we believe corporates can manage a slowdown without significant downgrades or defaults. Our base case scenario is low defaults and a mild recession. Risk management remains focused on the tail risk, seeking to avoid exposure to large, unexpected risks. We believe catalysts for a rally in corporate spreads from these levels will likely be driven by a change in sentiment if central banks pivot to a more balanced policy where growth is given increased consideration alongside the current singular focus on containing inflation.

• Agency mortgage-backed securities (MBS) spreads continue to widen and now look attractive from both a historical and fundamental value perspective

ⁱ "Bloomberg^®" and the Bloomberg Index/Indices used are service marks of Bloomberg Finance L.P. and its affiliates, and have been licensed for use for certain purposes by Morgan Stanley Investment Management (MSIM). Bloomberg is not affiliated with MSIM, does not approve, endorse, review, or recommend any product, and does not guarantee the timeliness, accurateness, or completeness of any data or information relating to any product.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited) (cont'd)

Core Plus Fixed Income Portfolio

in our view, but credit spreads on many securitized credit sectors have widened even further this year and also look compelling. Overall, we believe agency MBS represent fair to potentially cheap value at current spreads. However, markets tend to overshoot, and we believe agency MBS spreads could widen further in 2022 as the Federal Reserve lets its balance sheet run off.

• Our fundamental outlook on securitized credit remains positive, and we believe spreads now offer attractive premiums for risk. Credit spreads for many securitized sectors remain at levels last seen at the depths of the pandemic, but credit conditions appear materially better today than during that period. We believe the large majority of spread widening in 2022 has been due to supply-demand dynamics, with near-record issuance during the first half of the year and tepid investor demand given rising rates and declining asset values, rather than fundamental credit concerns. The U.S. housing market remains strong, up 16% over the past year and up more than 35% over the past two years.ⁱⁱ We believe U.S. home prices will remain stable in the near future given the strong supply-demand dynamics, but we could be seeing near-term home price peaks currently. We favor multi-family housing, logistics, high-quality office buildings and high credit quality within the CMBS sector. In ABS we favor mortgage-servicing assets, collateralized loan obligations and aircraft, as wider spreads look more compelling.

• The macro environment remains quite challenging for emerging markets debt, with hawkish monetary policy from most central banks, slowing global growth, a strong U.S. dollar, China slowing and the ongoing Russia-Ukraine war. We expect the macro environment to continue to drive market sentiment. That said, valuations across the emerging markets

debt universe seem to be pricing in these risks more aggressively than many other areas of global capital markets. Commodity prices eased on the heels of a large pullback in oil prices and remain an important factor for the global economy and emerging markets debt, in particular. The Russia-Ukraine war continues to represent a large-scale humanitarian tragedy. The direction of the conflict — further escalation, peace talks and everything in between — will continue to weigh on all markets. China's zero-COVID policy and ongoing stress in its property sector continue to represent notable challenges for the world's second largest economy. We expect markets to place an emphasis on differentiation among countries and credits.

* Minimum Investment

In accordance with SEC regulations, the Fund's performance shown assumes that all recurring fees (including management fees) were deducted and all dividends and distributions were reinvested. The performance of Class A, Class L, Class C and Class R6 shares will vary from the performance of Class I shares based upon their different inception dates and will be negatively impacted by additional fees assessed to those classes (where applicable).

ⁱⁱ Source: S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. Data as of September 30, 2022.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited) (cont'd)

Core Plus Fixed Income Portfolio

Performance Compared to the Bloomberg U.S. Aggregate Index¹ and the Lipper Core Plus Bond Funds Index²

	Period Ended September 30, 2022 Total Returns⁽³⁾
				Average Annual
	One Year			Five Years			Ten Years			Since Inception⁽⁹⁾
Fund — Class I Shares w/o sales charges⁽⁴⁾		–15.58	%		0.13	%		2.58	%		6.35	%
Fund — Class A Shares w/o sales charges⁽⁵⁾		–15.75			–0.19			2.23			3.92
Fund — Class A Shares with maximum 3.25% sales charges⁽⁵⁾		–18.51			–0.86			1.90			3.78
Fund — Class L Shares w/o sales charges⁽⁶⁾		–16.05			–0.47			1.98			2.33
Fund — Class C Shares w/o sales charges⁽⁷⁾		–16.32			–0.88			—			1.05
Fund — Class C Shares with maximum 1.00% deferred sales charges⁽⁷⁾		–17.14			–0.88			—			1.05
Fund — Class R6 Shares w/o sales charges⁽⁸⁾		–15.46			—			—			0.42
Bloomberg U.S. Aggregate Index		–14.60			–0.27			0.89			6.06
Lipper Core Plus Bond Funds Index		–15.38			0.02			1.38			—

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Performance assumes that all dividends and distributions, if any, were reinvested. For the most recent month-end performance figures, please visit www.morganstanley.com/im/shareholderreports. Investment returns and principal value will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of share classes will vary due to differences in sales charges and expenses. The Fund returns are calculated based on the net asset value as of the last business day of the period.

⁽¹⁾ The Bloomberg U.S. Aggregate Index tracks the performance of U.S. government agency and Treasury securities, investment-grade corporate debt securities, agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

⁽²⁾ The Lipper Core Plus Bond Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Core Plus Bond Funds classification. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. As of the date of this report, the Fund was in the Lipper Core Plus Bond Funds classification.

⁽³⁾ Total returns for the Fund reflect expenses waived and/or reimbursed, if applicable, by the Adviser. Without such waivers and/or reimbursements, total returns would have been lower.

⁽⁴⁾ Commenced operations on November 14, 1984.

⁽⁵⁾ Commenced offering on November 7, 1996.

⁽⁶⁾ Commenced offering on April 27, 2012.

⁽⁷⁾ Commenced offering on April 30, 2015.

⁽⁸⁾ Commenced offering on June 15, 2018. Effective April 29,2022, Class IS shares were renamed to Class R6 shares.

⁽⁹⁾ For comparative purposes, average annual since inception returns listed for the Indexes refer to the inception date of Class I of the Fund, not the inception of the Indexes.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (99.1%)
Agency Adjustable Rate Mortgage (0.0%) (a)
Federal Home Loan Mortgage Corporation, Conventional Pool: 12 Month USD LIBOR + 1.63%, 3.39%, 7/1/45	$	6	$	6
Agency Fixed Rate Mortgages (20.8%)
Federal Home Loan Mortgage Corporation,
Conventional Pools:
2.00%, 10/1/51		411		325
2.50%, 11/1/49		621		526
3.00%, 11/1/49 - 12/1/49		422		365
3.50%, 8/1/49		166		149
4.00%, 4/1/49 - 11/1/49		579		541
4.50%, 2/1/49		338		326
Gold Pools:
3.00%, 3/1/47 - 6/1/49		1,224		1,087
3.50%, 1/1/44 - 4/1/49		818		751
4.00%, 6/1/44 - 1/1/48		316		301
5.41%, 7/1/37 - 8/1/37		11		11
5.44%, 1/1/37 - 2/1/38		40		40
5.46%, 5/1/37 - 1/1/38		39		39
5.48%, 8/1/37		10		10
5.50%, 8/1/37 - 11/1/37		46		47
5.52%, 10/1/37		5		5
5.62%, 12/1/36 - 8/1/37		46		46
6.00%, 10/1/36 - 8/1/38		46		47
6.50%, 12/1/25 - 8/1/33		51		53
7.00%, 6/1/28 - 11/1/31		21		21
Federal National Mortgage Association,
Conventional Pools:
2.00%, 11/1/51		2,196		1,732
2.50%, 2/1/50 - 2/1/52		5,472		4,520
3.00%, 6/1/40 - 1/1/50		3,025		2,652
3.50%, 8/1/45 - 1/1/50		3,173		2,899
4.00%, 11/1/41 - 9/1/49		2,666		2,519
4.50%, 3/1/41 - 8/1/49		1,066		1,022
5.00%, 3/1/41		83		81
5.50%, 6/1/35 - 1/1/37		31		32
5.62%, 12/1/36		18		18
6.50%, 4/1/24 - 1/1/34		435		449
7.00%, 5/1/28 - 12/1/33		65		67
9.50%, 4/1/30		18		18
October TBA:
2.50%, 10/1/52 (b)		7,550		6,337
3.50%, 10/1/52 (b)		30,000		27,007
4.00%, 10/1/52 (b)		11,250		10,442
4.50%, 10/1/52 (b)		38,575		36,758
5.00%, 10/1/52 (b)		9,325		9,086
5.50%, 10/1/52 (b)		13,625		13,546
Government National Mortgage Association,
October TBA:
3.00%, 10/20/52 (b)		9,475		8,377

	Face Amount (000)		Value (000)
Various Pools:
3.50%, 11/20/40 - 7/20/49	$	819	$	753
4.00%, 8/20/41 - 11/20/49		2,223		2,101
4.50%, 4/20/49 - 7/20/49		266		254
5.00%, 12/20/48 - 2/20/49		27		26
6.50%, 5/15/40		234		246
				135,632
Asset-Backed Securities (13.0%)
AASET 2018-2 US Ltd.,
4.45%, 11/18/38 (c)		2,452		2,034
AIMCO CLO,
Series 2018-B
3 Month USD LIBOR + 1.10%, 3.61%, 1/15/32 (c)(d)		3,600		3,504
Allegro CLO XI Ltd.,
3 Month USD LIBOR + 1.39%, 4.13%, 1/19/33 (c)(d)		2,150		2,095
American Homes 4 Rent Trust,
6.07%, 10/17/52 (c)		1,001		992
Aqua Finance Trust,
3.47%, 7/16/40 (c)		900		838
BCMSC Trust,
7.51%, 1/15/29 (d)		1,301		1,174
Benefit Street Partners CLO XX Ltd.,
3 Month USD LIBOR + 1.17%, 3.68%, 7/15/34 (c)(d)		3,685		3,543
Blackbird Capital Aircraft,
2.44%, 7/15/46 (c)		1,382		1,118
Blackbird Capital Aircraft Lease Securitization Ltd.,
5.68%, 12/16/41 (c)		711		545
Cascade MH Asset Trust,
4.00%, 11/25/44 (c)(d)		1,162		1,091
Cologix Data Centers US Issuer LLC,
3.30%, 12/26/51 (c)	CAD	2,125		1,899
4.94%, 1/25/52 (c)	$	3,600		2,415
Conn's Receivables Funding LLC,
2.87%, 5/15/26 (c)		1,300		1,268
9.52%, 12/15/26 (c)		3,500		3,490
Consumer Loan Underlying Bond Credit Trust,
4.41%, 10/15/26 (c)		763		759
4.66%, 7/15/26 (c)		399		394
ContiMortgage Home Equity Loan Trust,
8.10%, 8/15/25		18		14
Diamond Resorts Owner Trust,
4.02%, 2/20/32 (c)		452		436
ELFI Graduate Loan Program LLC,
4.51%, 8/26/47 (c)		1,590		1,534
Falcon Aerospace Ltd.,
3.60%, 9/15/39 (c)		719		573
FCI Funding LLC,
3.63%, 2/18/31 (c)		33		33

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Asset-Backed Securities (cont'd)
Foundation Finance Trust,
3.86%, 11/15/34 (c)	$	202	$	198
FREED ABS Trust,
5.39%, 6/18/26 (c)		967		967
GAIA Aviation Ltd.,
7.00%, 12/15/44 (c)		1,462		818
GCI Funding I LLC,
2.82%, 10/18/45 (c)		795		705
Golub Capital Partners ABS Funding Ltd.,
2.77%, 4/20/29 (c)		875		819
Class A2
3.21%, 1/22/29 (c)		3,290		3,015
Goodgreen Trust,
5.53%, 4/15/55 (c)		2,004		1,646
5.74%, 10/15/56 (c)		2,909		2,550
JOL Air Ltd.,
4.95%, 4/15/44 (c)		241		168
Lunar Aircraft Ltd.,
3.38%, 2/15/45 (c)		390		316
MACH 1 Cayman Ltd.,
3.47%, 10/15/39 (c)		828		730
MAPS Ltd.,
4.21%, 5/15/43 (c)		437		390
METAL LLC,
4.58%, 10/15/42 (c)		606		375
Mosaic Solar Loan Trust,
2.10%, 4/20/46 (c)		588		508
New Residential Mortgage LLC,
5.44%, 6/25/25 - 7/25/25 (c)		4,332		4,101
Newtek Small Business Loan Trust,
Daily U.S. Prime Rate - 0.55%, 5.70%, 2/25/44 (c)(d)		308		304
NRZ Excess Spread-Collateralized Notes,
Class A
3.47%, 11/25/26 (c)		2,177		1,918
NYCTL Trust,
2.19%, 11/10/32 (c)		147		146
Octagon Investment Partners 51 Ltd.,
3 Month USD LIBOR + 1.15%, 3.86%, 7/20/34 (c)(d)		5,225		5,005
Oxford Finance Funding LLC,
5.44%, 2/15/27 (c)		254		250
PMT FMSR Issuer Trust,
1 Month USD LIBOR + 3.00%, 6.08%, 3/25/26 (c)(d)		3,900		3,651
PNMAC FMSR Issuer Trust,
1 Month USD LIBOR + 2.35%, 5.43%, 4/25/23 (c)(d)		2,000		1,918
PNMAC GMSR Issuer Trust,
SOFR30A + 4.19%, 6.49%, 6/25/27 (c)(d)		2,700		2,605
SOFR30A + 4.25%, 6.53%, 5/25/27 (c)(d)		2,725		2,604

	Face Amount (000)		Value (000)
PRET 2021-NPL6 LLC,
2.49%, 7/25/51 (c)	$	1,616	$	1,511
Progress Residential Trust,
2.31%, 5/17/38 (c)		650		560
Raptor Aircraft Finance I LLC,
4.21%, 8/23/44 (c)		2,159		1,505
ReadyCap Lending Small Business Loan Trust,
Daily U.S. Prime Rate - 0.50%, 5.75%, 12/27/44 (c)(d)		421		405
Republic Finance Issuance Trust,
3.54%, 11/20/30 (c)		1,385		1,267
S-Jets Ltd.,
3.97%, 8/15/42 (c)		2,821		2,274
Sculptor CLO XXVI Ltd.,
3 Month USD LIBOR + 1.27%, 3.98%, 7/20/34 (c)(d)		4,900		4,709
START Ireland,
4.09%, 3/15/44 (c)		274		243
Start Ltd.,
4.09%, 5/15/43 (c)		3,003		2,401
Sunbird Engine Finance LLC,
3.67%, 2/15/45 (c)		932		743
Theorem Funding Trust,
3.95%, 10/15/26 (c)		267		267
Tricon American Homes Trust,
5.10%, 1/17/36 (c)		3,500		3,420
				84,761
Collateralized Mortgage Obligations — Agency Collateral Series (0.0%) (a)
Federal Home Loan Mortgage Corporation,
IO REMIC
6.00% - 1 Month USD LIBOR, 3.18%, 11/15/43 (e)		437		35
IO STRIPS
7.50%, 12/15/29		12		2
Federal National Mortgage Association,
IO PAC REMIC
8.00%, 9/18/27		30		3
IO REMIC
6.00%, 7/25/33		30		4
IO STRIPS
6.50%, 9/25/29 - 12/25/29		143		13
8.00%, 4/25/24		1		—	@
8.50%, 10/25/25		8		1
9.00%, 11/25/26		7		1
REMIC
7.00%, 9/25/32		100		106
Government National Mortgage Association,
IO
5.00%, 2/16/41		85		17
				182

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Commercial Mortgage-Backed Securities (14.9%)
BAMLL Commercial Mortgage Securities Trust,
SOFR + 3.00%, 5.85%, 1/15/39 (c)(d)	$	3,175	$	3,033
BANK 2019-BNK21,
IO
0.97%, 10/17/52 (d)		13,116		577
BANK 2020-BNK30,
3.02%, 12/15/53 (d)		4,200		2,857
Benchmark Mortgage Trust,
3.76%, 7/15/53 (c)		2,000		1,696
IO
0.99%, 9/15/48 (c)(d)		31,000		926
BF Mortgage Trust,
1 Month USD LIBOR + 1.70%, 4.52%, 12/15/35 (c)(d)		2,500		2,308
BPR Trust,
SOFR + 3.00%, 5.85%, 5/15/39 (c)(d)		3,170		3,128
BX Trust BX 2022 VAMF,
SOFR + 2.70%, 5.55%, 1/15/39 (c)(d)		3,630		3,416
BXP Trust,
1 Month USD LIBOR + 3.00%, 5.82%, 11/15/34 (c)(d)		1,150		970
CG-CCRE Commercial Mortgage Trust,
1 Month USD LIBOR + 1.85%, 4.67%, 11/15/31 (c)(d)		545		526
Citigroup Commercial Mortgage Trust,
3.62%, 12/10/41 (c)(d)		1,100		715
IO
0.87%, 11/10/48 (d)		2,351		42
1.03%, 9/10/58 (d)		4,217		87
Commercial Mortgage Trust,
IO
0.04%, 7/10/45 (d)		8,051		1
0.82%, 10/10/47 (d)		2,333		24
1.15%, 7/15/47 (d)		2,643		34
3.51%, 8/15/57 (c)(d)		1,400		1,249
Credit Suisse Mortgage Trust,
1 Month USD LIBOR + 3.97%, 6.79%, 4/15/23 (c)(d)		2,909		2,804
CSMC 2020-TMIC,
Class A
1 Month USD LIBOR + 3.00%, 5.82%, 12/15/35 (c)(d)		5,275		5,256
CSWF Commercial Mortgage Trust,
1 Month USD LIBOR + 1.57%, 4.38%, 6/15/34 (c)(d)		2,680		2,510
DROP Mortgage Trust,
1 Month USD LIBOR + 1.15%, 3.97%, 10/15/43 (c)(d)		3,525		3,403
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates,
2.98%, 1/25/49 (d)		7,514		1,436
3.08%, 1/25/32 (d)		5,775		1,142
3.32%, 5/25/32 (d)		11,220		2,456

	Face Amount (000)		Value (000)
3.69%, 7/25/32 (d)	$	6,549	$	1,538
4.29%, 8/25/54 (d)		5,300		1,457
Federal Home Loan Mortgage Corporation,
IO
2.83%, 8/25/48 (d)		5,484		871
Federal Home Loan Mortgage Corporation,
1 Month USD LIBOR + 4.35%, 6.90%, 12/25/26 (c)(d)		61		60
1 Month USD LIBOR + 5.25%, 7.80%, 7/25/26 (c)(d)		45		45
IO
0.46%, 11/25/27 (d)		23,446		337
2.72%, 1/25/49 (d)		21,291		3,425
2.75%, 2/25/49 (d)		9,522		1,553
2.82%, 9/25/48 (d)		16,800		2,735
3.17%, 11/25/36 (d)		4,400		1,172
3.20%, 4/25/39 (d)		3,200		841
3.57%, 10/25/38 (d)		3,500		978
3.92%, 6/25/50 (d)		8,000		1,964
GS Mortgage Securities Trust,
4.88%, 8/10/46 (c)(d)		500		471
IO
0.84%, 9/10/47 (d)		4,645		50
1.37%, 10/10/48 (d)		4,689		134
Highways 2021 PLC,
3.50%, 12/18/31 (c)	GBP	2,775		3,037
Jackson Park Trust,
3.35%, 10/14/39 (c)(d)	$	1,700		1,167
JP Morgan Chase Commercial Mortgage Securities Trust,
1 Month USD LIBOR + 2.45%, 5.27%, 4/15/38 (c)(d)		2,400		2,263
IO
0.65%, 4/15/46 (d)		6,956		19
0.72%, 12/15/49 (d)		3,666		64
0.96%, 7/15/47 (d)		4,160		32
JPMBB Commercial Mortgage Securities Trust,
4.81%, 4/15/47 (c)(d)		775		710
IO
1.10%, 8/15/47 (d)		2,878		36
Last Mile Logistics Pan Euro Finance DAC,
3 Month EURIBOR + 1.90%, 2.24%, 8/17/33 (c)(d)	EUR	747		679
Manhattan West Mortgage Trust,
2.41%, 9/10/39 (c)(d)	$	1,500		1,187
MF1 2021-W10X,
SOFR + 2.82%, 5.67%, 12/15/34 (c)(d)		4,350		4,222
MFT Mortgage Trust,
3.39%, 8/10/40 (c)(d)		1,000		743
MFT Trust,
3.59%, 2/10/42 (c)(d)		800		594
MKT 2020-525M Mortgage Trust,
3.04%, 2/12/40 (c)(d)		1,000		619

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Commercial Mortgage-Backed Securities (cont'd)
Multifamily Connecticut Avenue Securities Trust,
1 Month USD LIBOR + 1.95%, 5.03%, 3/25/50 (c)(d)	$	301	$	295
Natixis Commercial Mortgage Securities Trust,
4.27%, 5/15/39 (c)(d)		2,300		1,724
4.46%, 1/15/43 (c)(d)		800		652
1 Month USD LIBOR + 1.70%, 4.52%, 8/15/38 (c)(d)		3,250		3,050
1 Month USD LIBOR + 2.20%, 5.02%, 7/15/36 (c)(d)		2,300		2,243
Olympic Tower Mortgage Trust,
3.57%, 5/10/39 (c)		2,900		2,581
Real Estate Asset Liquidity Trust,
IO
1.17%, 2/12/31 (c)(d)	CAD	32,465		1,102
SG Commercial Mortgage Securities Trust,
3.85%, 3/15/37 (c)(d)	$	1,900		1,662
SLG Office Trust,
IO
0.26%, 7/15/41 (c)(d)		34,800		579
Taubman Centers Commercial Mortgage Trust,
SOFR + 2.19%, 5.03%, 5/15/37 (c)(d)		3,950		3,868
Vita Scientia 2022-1 DAC,
3 Month EURIBOR + 2.49%, 3.01%, 8/27/25 (c)(d)	EUR	2,125		1,953
VMC Finance 2021-HT1 LLC,
1 Month USD LIBOR + 1.65%, 4.64%, 1/18/37 (c)(d)	$	2,387		2,311
Wells Fargo Commercial Mortgage Trust,
1 Month USD LIBOR + 1.74%, 4.56%, 2/15/37 (c)(d)		900		869
WFRBS Commercial Mortgage Trust,
4.29%, 5/15/45 (c)(d)		425		408
				96,896
Corporate Bonds (26.2%)
Finance (9.4%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
3.00%, 10/29/28		2,500		2,007
4.13%, 7/3/23		1,150		1,141
Australia & New Zealand Banking Group Ltd.,
2.57%, 11/25/35 (c)		875		636
Avolon Holdings Funding Ltd.,
2.88%, 2/15/25 (c)		2,650		2,400
Banco de Credito e Inversiones SA,
2.88%, 10/14/31 (c)		2,275		1,762
Banco Santander Chile,
2.70%, 1/10/25 (c)		1,125		1,052
Banco Santander SA,
4.18%, 3/24/28		800		722
5.18%, 11/19/25		600		580
Bank Hapoalim BM,
3.26%, 1/21/32 (c)		2,075		1,734

	Face Amount (000)		Value (000)
Bank of America Corp.,
2.48%, 9/21/36	$	625	$	452
2.69%, 4/22/32		7,200		5,630
3.85%, 3/8/37		275		222
MTN
4.00%, 1/22/25		5		5
Bank of Ireland Group PLC,
2.03%, 9/30/27 (c)		2,500		2,071
Bank of Montreal,
3.09%, 1/10/37		1,725		1,289
Belrose Funding Trust,
2.33%, 8/15/30 (c)		1,225		926
BNP Paribas SA,
2.22%, 6/9/26 (c)		575		517
4.40%, 8/14/28 (c)		1,050		946
BPCE SA,
3.12%, 10/19/32 (c)		1,100		789
5.15%, 7/21/24 (c)		2,750		2,683
Citigroup, Inc.,
2.52%, 11/3/32		4,850		3,683
3.06%, 1/25/33		475		375
CNO Financial Group, Inc.,
5.25%, 5/30/29		885		826
Coinbase Global, Inc.,
3.38%, 10/1/28 (c)(f)		1,010		634
Credit Suisse Group AG,
6.54%, 8/12/33 (c)		1,550		1,395
Global Atlantic Fin Co.,
4.70%, 10/15/51 (c)		1,320		996
Goldman Sachs Group, Inc.,
2.62%, 4/22/32		3,150		2,445
Grupo Aval Ltd.,
4.38%, 2/4/30 (c)		770		559
HSBC Holdings PLC,
3.80%, 3/11/25		2,400		2,321
Intesa Sanpaolo SpA,
5.25%, 1/12/24		610		604
Jefferies Finance LLC/JFIN Co.-Issuer Corp.,
5.00%, 8/15/28 (c)		1,490		1,102
JPMorgan Chase & Co.,
1.95%, 2/4/32		1,025		760
JPMorgan Chase Bank NA,
0.00%, 12/28/23		1,000		938
Life Storage LP,
2.40%, 10/15/31		1,050		790
Macquarie Group Ltd.,
2.87%, 1/14/33 (c)		1,350		1,017
Marsh & McLennan Cos., Inc.,
5.88%, 8/1/33		1,029		1,041
Nationwide Building Society,
3.96%, 7/18/30 (c)		1,200		1,036
4.30%, 3/8/29 (c)		1,550		1,381

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Nordea Bank Abp,
5.38%, 9/22/27 (c)	$	1,200	$	1,171
Oversea-Chinese Banking Corp. Ltd.,
1.83%, 9/10/30 (c)		970		869
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
3.88%, 3/1/31 (c)		2,850		2,070
Societe Generale SA,
2.63%, 1/22/25 (c)		1,625		1,505
Sun Communities Operating LP,
4.20%, 4/15/32		2,000		1,678
SVB Financial Group,
1.80%, 2/2/31		1,275		914
4.10%, 2/15/31 (g)		970		666
United Overseas Bank Ltd.,
3.86%, 10/7/32 (c)		2,950		2,691
Westpac Banking Corp.,
2.67%, 11/15/35		775		571
				61,602
Industrials (14.7%)
Airbnb, Inc.,
0.00%, 3/15/26		1,015		846
Alibaba Group Holding Ltd.,
2.13%, 2/9/31 (f)		825		636
Altria Group, Inc.,
3.40%, 2/4/41		1,075		680
Amazon.com, Inc.,
2.70%, 6/3/60		1,075		637
Amgen, Inc.,
2.80%, 8/15/41		1,075		736
4.20%, 2/22/52		600		472
Anheuser-Busch InBev Worldwide, Inc.,
4.60%, 4/15/48		1,258		1,046
AT&T, Inc.,
3.55%, 9/15/55		1,400		923
BAT Capital Corp.,
2.26%, 3/25/28		2,000		1,594
Boeing Co.,
2.95%, 2/1/30		650		523
3.25%, 2/1/35		775		549
BP Capital Markets PLC,
4.38%, 6/22/25 (g)		700		649
4.88%, 3/22/30 (g)		700		604
Celanese U.S. Holdings LLC,
6.17%, 7/15/27		2,150		2,038
Charter Communications Operating LLC/ Charter Communications Operating Capital,
2.30%, 2/1/32		275		197
2.80%, 4/1/31		975		739
3.50%, 3/1/42		2,575		1,640
Children's Health System of Texas,
2.51%, 8/15/50		800		480

	Face Amount (000)		Value (000)
Dell International LLC/EMC Corp.,
3.45%, 12/15/51 (c)	$	2,575	$	1,470
Delta Air Lines Pass Through Trust,
Series AA
3.20%, 10/25/25		1,050		1,015
Dexcom, Inc.,
0.25%, 11/15/25 (f)		1,175		1,088
Dick's Sporting Goods, Inc.,
4.10%, 1/15/52		2,225		1,379
Duke University,
Series 2020
2.83%, 10/1/55		1,600		1,051
DXC Technology Co.,
1.80%, 9/15/26		3,450		2,960
Enbridge, Inc.,
2.50%, 8/1/33		1,375		1,032
Energy Transfer LP,
4.75%, 1/15/26		275		265
Enterprise Products Operating LLC,
3.30%, 2/15/53		825		539
EQM Midstream Partners LP,
7.50%, 6/1/27 (c)		155		148
Expedia Group, Inc.,
0.00%, 2/15/26		950		826
Ford Motor Co.,
3.25%, 2/12/32		525		379
Ford Motor Credit Co., LLC,
GMTN
4.39%, 1/8/26		800		725
Galaxy Pipeline Assets Bidco Ltd.,
1.75%, 9/30/27 (c)		2,477		2,255
GE Capital International Funding Co., Unlimited Co.,
4.42%, 11/15/35		1,762		1,581
General Motors Co.,
5.40%, 10/15/29		1,225		1,131
6.60%, 4/1/36		200		187
6.75%, 4/1/46		925		845
General Motors Financial Co., Inc.,
3.85%, 1/5/28		800		706
Glencore Funding LLC,
4.13%, 3/12/24 (c)		2,375		2,336
Global Partners LP/GLP Finance Corp.,
7.00%, 8/1/27		715		652
GLP Capital LP/GLP Financing II, Inc.,
3.25%, 1/15/32		350		264
5.38%, 4/15/26		1,250		1,197
Grifols SA,
2.25%, 11/15/27	EUR	630		483
HCA, Inc.,
5.25%, 6/15/49	$	1,525		1,244
Hyundai Capital America,
1.80%, 1/10/28 (c)		2,650		2,115

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Imperial Brands Finance PLC,
3.13%, 7/26/24 (c)	$	1,000	$	957
Intel Corp.,
2.80%, 8/12/41		1,675		1,131
JBS USA LUX SA/JBS USA Food Co./ JBS USA Finance, Inc.,
2.50%, 1/15/27 (c)		1,575		1,349
Johns Hopkins University,
Series A
2.81%, 1/1/60		1,170		728
Kimberly-Clark de Mexico SAB de CV,
2.43%, 7/1/31 (c)		1,375		1,102
Level 3 Financing, Inc.,
3.40%, 3/1/27 (c)		1,275		1,070
Lions Gate Capital Holdings LLC,
5.50%, 4/15/29 (c)		1,570		1,173
Lowe's Cos., Inc.,
5.80%, 9/15/62		525		483
Macy's Retail Holdings LLC,
5.88%, 3/15/30 (c)(f)		690		547
Magallanes, Inc. Co.,
5.05%, 3/15/42 (c)		925		694
5.14%, 3/15/52 (c)		1,475		1,075
Matador Resources Co.,
5.88%, 9/15/26		1,785		1,725
McLaren Health Care Corp.,
Series A
4.39%, 5/15/48		1,175		994
Medline Borrower LP,
3.88%, 4/1/29 (c)		1,410		1,133
MPLX LP,
4.95%, 3/14/52		1,675		1,315
NBN Co. Ltd.,
2.63%, 5/5/31 (c)		2,400		1,914
Newcastle Coal Infrastructure Group Pty Ltd.,
4.40%, 9/29/27 (c)		2,550		2,184
Nissan Motor Co. Ltd.,
3.04%, 9/15/23 (c)		2,400		2,334
NOVA Chemicals Corp.,
4.25%, 5/15/29 (c)(f)		1,510		1,182
ONEOK, Inc.,
3.10%, 3/15/30		1,250		1,017
3.40%, 9/1/29		375		315
Ooredoo International Finance Ltd.,
2.63%, 4/8/31 (c)		1,268		1,051
Peloton Interactive, Inc.,
0.00%, 2/15/26		2,115		1,438
Resorts World Las Vegas LLC/RWLV Capital, Inc.,
4.63%, 4/16/29 (c)		1,400		1,067
RingCentral, Inc.,
0.00%, 3/15/26		895		693

	Face Amount (000)		Value (000)
Rockies Express Pipeline LLC,
3.60%, 5/15/25 (c)	$	2,125	$	1,916
Rogers Communications, Inc.,
4.55%, 3/15/52 (c)		1,525		1,219
Seattle Children's Hospital,
Series 2021
2.72%, 10/1/50		2,750		1,733
Silgan Holdings, Inc.,
1.40%, 4/1/26 (c)		2,150		1,838
Splunk, Inc.,
1.13%, 6/15/27		1,200		950
Spotify USA, Inc.,
0.00%, 3/15/26		1,190		940
Standard Industries, Inc.,
2.25%, 11/21/26 (c)	EUR	575		445
Syngenta Finance NV,
4.89%, 4/24/25 (c)	$	975		944
T-Mobile USA, Inc.,
2.25%, 11/15/31		625		472
Take-Two Interactive Software, Inc.,
4.00%, 4/14/32		525		456
TotalEnergies SE,
Series FP
0.50%, 12/2/22		1,200		1,195
Uber Technologies, Inc.,
0.00%, 12/15/25 (f)		1,560		1,303
Union Pacific Corp.,
4.95%, 9/9/52		900		841
Verizon Communications, Inc.,
2.36%, 3/15/32		300		230
2.65%, 11/20/40		2,050		1,341
3.40%, 3/22/41		275		201
Volkswagen Group of America Finance LLC,
4.75%, 11/13/28 (c)		1,025		954
Vontier Corp.,
2.40%, 4/1/28		2,700		2,114
VTR Finance NV,
6.38%, 7/15/28 (c)		1,050		591
Warnermedia Holdings, Inc.,
4.28%, 3/15/32 (c)		1,750		1,442
Wayfair, Inc.,
0.63%, 10/1/25		1,675		1,131
Western Digital Corp.,
1.50%, 2/1/24		1,055		1,004
Ziff Davis, Inc.,
1.75%, 11/1/26 (c)		825		766
				95,559
Utilities (2.1%)
Duke Energy Indiana LLC,
2.75%, 4/1/50		460		287
Enel Finance International NV,
5.00%, 6/15/32 (c)		1,425		1,217

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Utilities (cont'd)
Fells Point Funding Trust,
3.05%, 1/31/27 (c)	$	2,275	$	2,030
Jersey Central Power & Light Co.,
2.75%, 3/1/32 (c)		1,400		1,113
Mississippi Power Co.,
3.95%, 3/30/28		2,325		2,147
NextEra Energy Capital Holdings, Inc.,
3.00%, 1/15/52		1,350		864
Niagara Mohawk Power Corp.,
2.76%, 1/10/32 (c)		2,700		2,113
Northern States Power Co.,
2.90%, 3/1/50		1,400		939
Piedmont Natural Gas Co., Inc.,
2.50%, 3/15/31		975		770
Public Service Enterprise Group, Inc.,
2.45%, 11/15/31		1,350		1,053
Virginia Electric and Power Co.,
2.95%, 11/15/51		1,375		894
				13,427
				170,588
Mortgages — Other (19.2%)
510 Asset Backed 2021-NPL1 Trust,
2.24%, 6/25/61 (c)		2,002		1,873
Adjustable Rate Mortgage Trust,
4.23%, 6/25/35 (d)		34		33
Ajax Mortgage Loan Trust,
1.70%, 5/25/59 (c)		1,473		1,318
2.35%, 9/25/65 (c)(d)		725		575
Alternative Loan Trust,
1 Month USD LIBOR + 0.36%, 3.44%, 5/25/47 (d)		72		61
Banc of America Alternative Loan Trust,
1 Month USD LIBOR + 0.65%, 3.73%, 7/25/46 (d)		106		86
6.36%, 10/25/36		406		124
Banc of America Funding Trust,
5.25%, 7/25/37		14		14
Bear Stearns ARM Trust,
2.71%, 2/25/34 (d)		451		431
BRAVO Residential Funding Trust,
2.00%, 5/25/59 (c)(d)		1,740		1,586
Brean Asset Backed Securities Trust,
1.40%, 10/25/63 (c)(d)		2,149		1,845
1.75%, 10/25/61 (c)(d)		2,240		1,959
Cascade Funding Mortgage Trust,
1.94%, 9/25/50 (c)(d)		4,289		3,852
2.72%, 12/26/30 (c)(d)		3,850		3,567
2.91%, 2/25/31 (c)(d)		3,800		3,502
3.25%, 9/25/37 (c)		1,840		1,430
3.73%, 6/25/36 (c)(d)		3,825		3,451
3.75%, 4/25/25 (c)(d)		2,650		2,371
4.00%, 10/25/68 (c)(d)		1,976		1,860

	Face Amount (000)		Value (000)
ChaseFlex Trust,
6.00%, 2/25/37	$	586	$	262
CIM Trust,
2.50%, 7/1/51 (c)(d)		3,584		2,863
COLT 2021-RPL1 Trust,
1.67%, 9/25/61 (c)(d)		1,449		1,312
E-MAC NL 2004-I BV,
3 Month EURIBOR + 0.18%, 2.41%, 7/25/36 (d)	EUR	330		306
Eurosail-NL 2007-2 BV,
3 Month EURIBOR + 1.80%, 1.80%, 10/17/40 (d)		700		671
Federal Home Loan Mortgage Corporation,
3.00%, 7/25/46 - 5/25/47	$	1,008		924
3.50%, 5/25/45 - 5/25/47		387		362
3.85%, 5/25/45 (c)(d)		2		2
4.00%, 5/25/45		8		7
1 Month USD LIBOR + 5.15%, 8.23%, 10/25/29 (d)		300		315
Flagstar Mortgage Trust,
2.50%, 9/25/51 (c)(d)		3,473		2,775
FMC GMSR Issuer Trust,
3.85%, 10/25/26 (c)(d)		2,600		2,105
4.45%, 1/25/26 (c)(d)		3,500		3,016
7.90%, 7/25/27 (c)		2,675		2,489
Freddie Mac STACR REMIC Trust,
SOFR30A + 2.20%, 4.48%, 5/25/42 (c)(d)		1,550		1,537
GCAT 2022-NQM3 Trust,
4.35%, 4/25/67 (c)(d)		4,624		4,454
Headlands Residential 2021-RPL1 LLC,
2.49%, 9/25/26 (c)(d)		3,320		3,066
Hundred Acre Wood Trust,
2.50%, 10/25/51 (c)(d)		8,542		6,825
IM Pastor 3 FTH,
3 Month EURIBOR + 0.14%, 1.24%, 3/22/43 (d)	EUR	335		298
Imperial Fund Mortgage Trust,
2.49%, 2/25/67 (c)(d)	$	2,706		2,396
JP Morgan Mortgage Trust,
3.45%, 6/25/37 (d)		59		48
6.00%, 6/25/37		7		19
Legacy Mortgage Asset Trust,
3.25%, 2/25/60 (c)		2,209		2,159
Lehman Mortgage Trust,
6.50%, 9/25/37		623		234
LHOME Mortgage Trust,
3.23%, 10/25/24 (c)		98		98
New Residential Mortgage Loan Trust,
3.94%, 9/25/57 (c)(d)		408		389
NYMT Loan Trust,
2.94%, 10/25/60 (c)(d)		2,564		2,474
OBX Trust,
3.50%, 10/25/59 - 2/25/60 (c)(d)		593		540

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Mortgages — Other (cont'd)
Pepper Residential Securities Trust,
1 Month USD LIBOR + 0.93%, 3.69%, 3/12/61 (c)(d)	$	308	$	307
PMC PLS ESR Issuer LLC,
5.11%, 2/25/27 (c)		2,573		2,447
PNMAC GMSR Issuer Trust,
1 Month USD LIBOR + 2.65%, 5.73%, 8/25/25 (c)(d)		1,400		1,373
1 Month USD LIBOR + 2.85%, 5.93%, 2/25/23 (c)(d)		1,000		993
Preston Ridge Partners LLC,
1.74%, 9/25/26 (c)(d)		2,081		1,910
2.36%, 10/25/26 (c)		2,350		2,181
5.56%, 6/25/27 (c)		2,410		2,329
Sage AR Funding PLC (SGSHR) No. 1,
3.81%, 11/17/51 (c)	GBP	3,625		3,790
Seasoned Credit Risk Transfer Trust,
3.00%, 9/25/55 - 5/25/60	$	12,649		11,416
4.00%, 7/25/56 (d)		291		285
4.00%, 8/25/56 (c)(d)		1,000		871
4.00%, 8/25/58 - 2/25/59		1,308		1,251
4.25%, 8/25/59 - 11/25/60 (c)(d)		6,550		5,648
4.50%, 6/25/57		1,182		1,159
4.75%, 7/25/56 - 6/25/57 (c)(d)		1,408		1,292
4.75%, 10/25/58 (d)		1,300		1,160
Stanwich Mortgage Loan Co. LLC,
2.74%, 10/16/26 (c)		2,438		2,282
Structured Asset Securities Corp. Reverse Mortgage Loan Trust,
1 Month USD LIBOR + 1.85%, 4.93%, 5/25/47 (c)(d)		1,535		1,419
TDA 27 FTA,
3 Month EURIBOR + 0.19%, 0.00%, 12/28/50 (d)	EUR	1,323		1,033
TVC Mortgage Trust,
3.47%, 9/25/24 (c)	$	336		335
United Wholesale Mortgage Trust,
2.50%, 8/25/51 (c)(d)		4,518		3,609
VOLT CV LLC,
2.49%, 11/27/51 (c)		1,667		1,535
VOLT XCIII LLC,
1.89%, 2/27/51 (c)		2,036		1,900
VOLT XCIV LLC,
2.24%, 2/27/51 (c)		2,470		2,302
				124,711
Municipal Bonds (0.7%)
Chicago O'Hare International Airport, IL,
O'Hare International Airport Revenue Series 2010B
6.40%, 1/1/40		255		282
City of New York, NY,
Series G-1
5.97%, 3/1/36		270		283

	Face Amount (000)		Value (000)
Illinois State Toll Highway Authority, IL,
Highway Revenue, Build America Bonds Series A
6.18%, 1/1/34	$	477	$	512
New York City, NY, Transitional Finance Authority Future Tax Secured Revenue Series A
5.27%, 5/1/27		320		321
Onondaga Civic Development Corp., NY,
3.07%, 12/1/55		2,925		1,874
University of Michigan, MI,
Series A
4.45%, 4/1/22		1,645		1,314
				4,586
Sovereign (4.1%)
Australia Government Bond,
1.25%, 5/21/32	AUD	7,350		3,715
Dominican Republic International Bond,
4.88%, 9/23/32 (c)	$	410		310
5.88%, 1/30/60 (c)		2,310		1,533
Ecuador Government International Bond,
1.50%, 7/31/40 (c)(h)		261		78
Egypt Government International Bond,
6.38%, 4/11/31 (c)	EUR	2,025		1,161
7.50%, 2/16/61 (c)	$	290		154
8.15%, 11/20/59 (c)		210		114
8.88%, 5/29/50 (c)		410		229
Export-Import Bank of India,
3.25%, 1/15/30 (c)		670		561
3.88%, 2/1/28 (c)		505		461
Hellenic Republic Government Bond,
2.00%, 4/22/27 (c)	EUR	1,208		1,087
Italy Buoni Poliennali Del Tesoro,
0.65%, 10/28/27 (c)		6,328		6,000
Ivory Coast Government International Bond,
4.88%, 1/30/32 (c)	$	1,360		897
Mexico Government International Bond,
3.25%, 4/16/30 (f)		750		627
3.75%, 4/19/71		850		496
Pertamina Persero PT,
6.50%, 11/7/48 (c)		1,325		1,220
Perusahaan Penerbit SBSN Indonesia III,
4.70%, 6/6/32 (c)		711		669
Petroleos Mexicanos,
6.70%, 2/16/32		1,557		1,095
6.95%, 1/28/60		350		194
7.69%, 1/23/50		536		329
Philippine Government International Bond,
4.20%, 3/29/47		420		328
Republic of South Africa Government Bond,
8.00%, 1/31/30	ZAR	22,750		1,077
8.25%, 3/31/32		92,280		4,197
				26,532

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Supranational (0.2%)
Banque Ouest Africaine de Developpement,
2.75%, 1/22/33 (c)	EUR	270	$	194
4.70%, 10/22/31 (c)	$	1,240		1,003
				1,197
Total Fixed Income Securities (Cost $737,046)				645,091
	Shares
Short-Term Investments (17.4%)
Investment Company (13.0%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $84,734)		84,734,278		84,734
Securities held as Collateral on Loaned Securities (0.4%)
Investment Company (0.4%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $2,900)		2,900,200		2,900
	Face Amount (000)
U.S. Treasury Securities (4.0%)
U.S. Treasury Bill,
3.84%, 3/16/23 (i)	$	7,803		7,672
U.S. Treasury Note,
0.13%, 12/31/22		18,500		18,350
Total U.S. Treasury Securities (Cost $26,150)				26,022
Total Short-Term Investments (Cost $113,784)				113,656
Total Investments (116.5%) (Cost $850,830) Including $5,065 of Securities Loaned (j)(k)				758,747
Liabilities in Excess of Other Assets (–16.5%)				(107,453	)
Net Assets (100.0%)			$	651,294

(a) Amount is less than 0.05%.

(b) Security is subject to delayed delivery.

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

(d) Floating or variable rate securities: The rates disclosed are as of September 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(e) Inverse Floating Rate Security — Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at September 30, 2022.

(f) All or a portion of this security was on loan at September 30, 2022.

(g) 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 September 30, 2022.

(h) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2022. Maturity date disclosed is the ultimate maturity date.

(i) Rate shown is the yield to maturity at September 30, 2022.

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

(k) At September 30, 2022, the aggregate cost for federal income tax purposes is approximately $846,635,000. The aggregate gross unrealized appreciation is approximately $436,000 and the aggregate gross unrealized depreciation is approximately $93,134,000, resulting in net unrealized depreciation of approximately $92,698,000.

@ Value is less than $500.

CLO Collateralized Loan Obligation.

EURIBOR Euro Interbank Offered Rate.

IO Interest Only.

LIBOR London Interbank Offered Rate.

MTN Medium Term Note.

PAC Planned Amortization Class.

PRIME Daily US Prime Rate.

REMIC Real Estate Mortgage Investment Conduit.

SOFR Secured Overnight Financing Rate.

STRIPS Separate Trading of Registered Interest and Principal of Securities.

TBA To Be Announced.

USD United States Dollar.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at September 30, 2022:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Australia & New Zealand Banking Group Ltd.	EUR	335	$	323	11/10/22	$	(6	)
BNP Paribas SA	CNY	24,384	$	3,626	11/10/22		184
Goldman Sachs International	$	1,737	BRL	9,071	11/10/22		(70	)
Royal Bank of Canada	EUR	16,204	$	16,620	11/10/22		698
Standard Chartered Bank	$	1,764	JPY	250,153	11/10/22		(30	)
UBS AG	AUD	6,040	$	4,248	11/10/22		383
UBS AG	CAD	5,160	$	3,995	11/10/22		259
UBS AG	GBP	6,182	$	7,490	11/10/22		582
UBS AG	$	35	CAD	46	11/10/22		(2	)
UBS AG	$	21	EUR	21	11/10/22		(1	)
UBS AG	$	343	EUR	352	11/10/22		4
UBS AG	$	32	GBP	27	11/10/22		(1	)
UBS AG	$	1,790	MXN	36,286	11/10/22		(—	@)
UBS AG	ZAR	100,945	$	6,097	11/10/22		539
						$	2,539

Futures Contracts:

The Fund had the following futures contracts open at September 30, 2022:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 10 yr. Note		110	Dec-22	$	11,000		$	12,327		$	(566	)
U.S. Treasury 10 yr. Ultra Note		198	Dec-22		19,800			23,460			(19	)
U.S. Treasury 5 yr. Note		288	Dec-22		28,800			30,962			(1,035	)
U.S. Treasury Long Bond		338	Dec-22		33,800			42,725			(3,127	)
U.S. Treasury Ultra Bond		229	Dec-22		22,900			31,373			(3,019	)
Short:
German Euro-OAT Index		11	Dec-22	EUR	(1,100	)		(1,424	)		99
Euro-BTP Italian Government Bond Index		28	Dec-22		(2,800	)		(3,073	)		165
Euro-Buxl 30yr. Bond		3	Dec-22		(300	)		(431	)		57
Japan 10 yr. Bond		9	Dec-22	JPY	(900,000	)		(9,222	)		21
U.S. Treasury 2 yr. Note		232	Dec-22	$	(46,400	)		(47,651	)		188
										$	(7,236	)

Credit Default Swap Agreement:

The Fund had the following credit default swap agreement open at September 30, 2022:

Swap Counterparty and Reference Obligation				Credit Rating of Reference Obligation† (unaudited)				Buy/Sell Protection				Pay/Receive Fixed Rate				Payment Frequency				Maturity Date				Notional Amount (000)				Value (000)				Upfront Payment Paid (000)				Unrealized Depreciation (000)
Morgan Stanley & Co. LLC* CDX.NA.HY.39				NR				Buy					5.00	%		Quarterly				12/20/27				$	15,000			$	606			$	701			$	(95	)

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

@ Value is less than $500.

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

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

BTP Buoni del Tesoro Poliennali.

OAT Obligations Assimilables du Trésor (Treasury Obligation).

NR Not rated.

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CNY — Chinese Yuan Renminbi

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

MXN — Mexican Peso

USD — United States Dollar

ZAR — South African Rand

Portfolio Composition*

Classification	Percentage of Total Investments
Agency Fixed Rate Mortgages		17.9	%
Mortgages — Other		16.5
Short-Term Investments		14.7
Commercial Mortgage-Backed Securities		12.8
Industrials		12.6
Asset-Backed Securities		11.2
Finance		8.2
Other**		6.1
Total Investments		100.0	%***

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.

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

**** Does not include open long/short futures contracts with a value of approximately $202,648,000 and net unrealized depreciation of approximately $7,236,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $2,539,000. Also does not include open swap agreement with total unrealized depreciation of approximately $95.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Core Plus Fixed Income Portfolio

Statement of Assets and Liabilities	September 30, 2022 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $763,196)	$	671,113
Investment in Security of Affiliated Issuer, at Value (Cost $87,634)		87,634
Total Investments in Securities, at Value (Cost $850,830)		758,747
Foreign Currency, at Value (Cost $323)		321
Cash		269
Receivable for Investments Sold		10,995
Receivable for Variation Margin on Futures Contracts		3,724
Interest Receivable		3,293
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		2,649
Receivable for Variation Margin on Swap Agreement		296
Receivable for Fund Shares Sold		284
Receivable from Affiliate		168
Tax Reclaim Receivable		9
Receivable from Securities Lending Income		4
Other Assets		79
Total Assets		780,838
Liabilities:
Payable for Investments Purchased		124,933
Collateral on Securities Loaned, at Value		2,900
Payable for Fund Shares Redeemed		795
Payable for Advisory Fees		236
Payable for Sub Transfer Agency Fees — Class I		146
Payable for Sub Transfer Agency Fees — Class A		16
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Sub Transfer Agency Fees — Class C		4
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		110
Payable for Professional Fees		82
Payable for Administration Fees		45
Payable for Custodian Fees		37
Payable for Shareholder Services Fees — Class A		13
Payable for Distribution and Shareholder Services Fees — Class L		—	@
Payable for Distribution and Shareholder Services Fees — Class C		13
Deferred Capital Gain Country Tax		25
Due to Broker		20
Payable for Transfer Agency Fees — Class I		5
Payable for Transfer Agency Fees — Class A		1
Payable for Transfer Agency Fees — Class L		1
Payable for Transfer Agency Fees — Class C		1
Payable for Transfer Agency Fees — Class R6*		1
Other Liabilities		160
Total Liabilities		129,544
Net Assets	$	651,294
Net Assets Consist of:
Paid-in-Capital	$	797,075
Total Accumulated Loss		(145,781	)
Net Assets	$	651,294

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Core Plus Fixed Income Portfolio

Statement of Assets and Liabilities (cont'd)	September 30, 2022 (000)
CLASS I:
Net Assets	$	470,728
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		49,799,044
Net Asset Value, Offering and Redemption Price Per Share	$	9.45
CLASS A:
Net Assets	$	61,429
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		6,487,383
Net Asset Value, Redemption Price Per Share	$	9.47
Maximum Sales Load		3.25	%
Maximum Sales Charge	$	0.32
Maximum Offering Price Per Share	$	9.79
CLASS L:
Net Assets	$	859
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		90,636
Net Asset Value, Offering and Redemption Price Per Share	$	9.48
CLASS C:
Net Assets	$	14,947
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,590,858
Net Asset Value, Offering and Redemption Price Per Share	$	9.40
CLASS R6:*
Net Assets	$	103,331
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		10,937,703
Net Asset Value, Offering and Redemption Price Per Share	$	9.45
⁽¹⁾ Including: Securities on Loan, at Value:	$	5,065

* Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Core Plus Fixed Income Portfolio

Statement of Operations	Year Ended September 30, 2022 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $27 of Foreign Taxes Withheld)	$	25,531
Dividends from Security of Affiliated Issuer (Note G)		504
Income from Securities Loaned — Net		46
Total Investment Income		26,081
Expenses:
Advisory Fees (Note B)		3,096
Sub Transfer Agency Fees — Class I		619
Sub Transfer Agency Fees — Class A		90
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		14
Administration Fees (Note C)		660
Shareholder Services Fees — Class A (Note D)		200
Distribution and Shareholder Services Fees — Class L (Note D)		5
Distribution and Shareholder Services Fees — Class C (Note D)		207
Professional Fees		172
Registration Fees		115
Pricing Fees		91
Shareholder Reporting Fees		77
Custodian Fees (Note F)		72
Transfer Agency Fees — Class I (Note E)		23
Transfer Agency Fees — Class A (Note E)		5
Transfer Agency Fees — Class L (Note E)		2
Transfer Agency Fees — Class C (Note E)		5
Transfer Agency Fees — Class R6* (Note E)		3
Trustees' Fees and Expenses		15
Other Expenses		38
Total Expenses		5,509
Waiver of Advisory Fees (Note B)		(1,282	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(340	)
Reimbursement of Class Specific Expenses — Class L (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class R6* (Note B)		(3	)
Rebate from Morgan Stanley Affiliate (Note G)		(66	)
Net Expenses		3,817
Net Investment Income		22,264
Realized Gain (Loss):
Investments Sold		(38,026	)
Foreign Currency Forward Exchange Contracts		4,744
Foreign Currency Translation		(113	)
Futures Contracts		(19,645	)
Swap Agreements		501
Net Realized Loss		(52,539	)
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Decrease in Deferred Capital Gain Country Tax of $39)		(99,708	)
Foreign Currency Forward Exchange Contracts		1,472
Foreign Currency Translation		(5	)
Futures Contracts		(5,626	)
Swap Agreements		(95	)
Net Change in Unrealized Appreciation (Depreciation)		(103,962	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(156,501	)
Net Decrease in Net Assets Resulting from Operations	$	(134,237	)

* Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Core Plus Fixed Income Portfolio

Statements of Changes in Net Assets	Year Ended September 30, 2022 (000)			Year Ended September 30, 2021 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	22,264		$	22,337
Net Realized Gain (Loss)		(52,539	)		4,125
Net Change in Unrealized Appreciation (Depreciation)		(103,962	)		(12,535	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(134,237	)		13,927
Dividends and Distributions to Shareholders:
Class I		(18,106	)		(36,951	)
Class A		(2,149	)		(5,666	)
Class L		(23	)		(44	)
Class C		(407	)		(1,035	)
Class R6*		(3,666	)		(4,825	)
Total Dividends and Distributions to Shareholders		(24,351	)		(48,521	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		196,934			419,671
Distributions Reinvested		17,880			36,609
Redeemed		(356,596	)		(365,067	)
Class A:
Subscribed		11,728			49,997
Distributions Reinvested		2,149			5,666
Redeemed		(35,681	)		(67,178	)
Class L:
Exchanged		41			413
Distributions Reinvested		23			43
Redeemed		(99	)		(152	)
Class C:
Subscribed		1,327			6,602
Distributions Reinvested		404			1,032
Redeemed		(8,945	)		(6,653	)
Class R6:*
Subscribed		16,068			33,661
Distributions Reinvested		3,243			4,333
Redeemed		(18,923	)		(4,217	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(170,447	)		114,760
Total Increase (Decrease) in Net Assets		(329,035	)		80,166
Net Assets:
Beginning of Period		980,329			900,163
End of Period	$	651,294		$	980,329

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Core Plus Fixed Income Portfolio

Statements of Changes in Net Assets (cont'd)	Year Ended September 30, 2022 (000)			Year Ended September 30, 2021 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		18,315			35,873
Shares Issued on Distributions Reinvested		1,657			3,138
Shares Redeemed		(33,337	)		(31,482	)
Net Increase (Decrease) in Class I Shares Outstanding		(13,365	)		7,529
Class A:
Shares Subscribed		1,069			4,257
Shares Issued on Distributions Reinvested		198			485
Shares Redeemed		(3,299	)		(5,812	)
Net Decrease in Class A Shares Outstanding		(2,032	)		(1,070	)
Class L:
Shares Exchanged		4			35
Shares Issued on Distributions Reinvested		2			4
Shares Redeemed		(9	)		(13	)
Net Increase (Decrease) in Class L Shares Outstanding		(3	)		26
Class C:
Shares Subscribed		120			566
Shares Issued on Distributions Reinvested		38			89
Shares Redeemed		(842	)		(574	)
Net Increase (Decrease) in Class C Shares Outstanding		(684	)		81
Class R6:*
Shares Subscribed		1,486			2,914
Shares Issued on Distributions Reinvested		302			372
Shares Redeemed		(1,863	)		(358	)
Net Increase (Decrease) in Class R6 Shares Outstanding		(75	)		2,928

* Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Core Plus Fixed Income Portfolio

	Class I
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	11.53		$	11.91		$	11.58		$	10.84		$	11.17
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.29			0.26			0.31			0.37			0.34
Net Realized and Unrealized Gain (Loss)		(2.06	)		(0.07	)		0.40			0.78			(0.38	)
Total from Investment Operations		(1.77	)		0.19			0.71			1.15			(0.04	)
Distributions from and/or in Excess of:
Net Investment Income		(0.28	)		(0.26	)		(0.30	)		(0.41	)		(0.29	)
Net Realized Gain		(0.03	)		(0.31	)		(0.08	)		—			—
Total Distributions		(0.31	)		(0.57	)		(0.38	)		(0.41	)		(0.29	)
Net Asset Value, End of Period	$	9.45		$	11.53		$	11.91		$	11.58		$	10.84
Total Return⁽²⁾		(15.58	)%		1.61	%		6.27	%		10.83	%⁽³⁾		(0.36	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	470,728		$	727,989		$	662,724		$	457,610		$	257,605
Ratio of Expenses Before Expense Limitation		0.63	%		0.62	%		0.64	%		0.67	%		0.70	%
Ratio of Expenses After Expense Limitation		0.41	%⁽⁴⁾		0.41	%⁽⁴⁾		0.40	%⁽⁴⁾		0.41	%⁽⁴⁾		0.40	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.40	%⁽⁴⁾		N/A			N/A
Ratio of Net Investment Income		2.74	%⁽⁴⁾		2.26	%⁽⁴⁾		2.63	%⁽⁴⁾		3.29	%⁽⁴⁾		3.09	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%		0.01	%		0.02	%		0.01	%		0.02	%
Portfolio Turnover Rate		266	%		434	%		287	%		217	%		248	%

(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) Performance was positively impacted by approximately 0.20% 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 10.63%.

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

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Core Plus Fixed Income Portfolio

	Class A
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	11.54		$	11.93		$	11.60		$	10.85		$	11.18
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.26			0.22			0.27			0.33			0.30
Net Realized and Unrealized Gain (Loss)		(2.05	)		(0.09	)		0.40			0.79			(0.38	)
Total from Investment Operations		(1.79	)		0.13			0.67			1.12			(0.08	)
Distributions from and/or in Excess of:
Net Investment Income		(0.25	)		(0.21	)		(0.26	)		(0.37	)		(0.25	)
Net Realized Gain		(0.03	)		(0.31	)		(0.08	)		—			—
Total Distributions		(0.28	)		(0.52	)		(0.34	)		(0.37	)		(0.25	)
Net Asset Value, End of Period	$	9.47		$	11.54		$	11.93		$	11.60		$	10.85
Total Return⁽²⁾		(15.75	)%		1.17	%		5.91	%		10.49	%⁽³⁾		(0.70	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	61,429		$	98,339		$	114,387		$	92,191		$	65,647
Ratio of Expenses Before Expense Limitation		0.89	%		0.90	%		0.92	%		0.97	%		1.00	%
Ratio of Expenses After Expense Limitation		0.73	%⁽⁴⁾		0.75	%⁽⁴⁾		0.74	%⁽⁴⁾		0.75	%⁽⁴⁾		0.75	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.74	%⁽⁴⁾		N/A			N/A
Ratio of Net Investment Income		2.41	%⁽⁴⁾		1.92	%⁽⁴⁾		2.29	%⁽⁴⁾		2.96	%⁽⁴⁾		2.73	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%		0.01	%		0.02	%		0.01	%		0.02	%
Portfolio Turnover Rate		266	%		434	%		287	%		217	%		248	%

(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.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Core Plus Fixed Income Portfolio

	Class L
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	11.56		$	11.94		$	11.61		$	10.86		$	11.17
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.23			0.19			0.24			0.30			0.27
Net Realized and Unrealized Gain (Loss)		(2.06	)		(0.07	)		0.40			0.78			(0.37	)
Total from Investment Operations		(1.83	)		0.12			0.64			1.08			(0.10	)
Distributions from and/or in Excess of:
Net Investment Income		(0.22	)		(0.19	)		(0.23	)		(0.33	)		(0.21	)
Net Realized Gain		(0.03	)		(0.31	)		(0.08	)		—			—
Total Distributions		(0.25	)		(0.50	)		(0.31	)		(0.33	)		(0.21	)
Net Asset Value, End of Period	$	9.48		$	11.56		$	11.94		$	11.61		$	10.86
Total Return⁽²⁾		(16.05	)%		1.00	%		5.63	%		10.12	%⁽³⁾		(0.95	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	859		$	1,082		$	812		$	720		$	464
Ratio of Expenses Before Expense Limitation		1.31	%		1.27	%		1.37	%		1.45	%		1.41	%
Ratio of Expenses After Expense Limitation		1.01	%⁽⁴⁾		1.01	%⁽⁴⁾		1.00	%⁽⁴⁾		1.01	%⁽⁴⁾		1.00	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			1.00	%⁽⁴⁾		N/A			N/A
Ratio of Net Investment Income		2.17	%⁽⁴⁾		1.67	%⁽⁴⁾		2.04	%⁽⁴⁾		2.70	%⁽⁴⁾		2.46	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%		0.01	%		0.02	%		0.01	%		0.02	%
Portfolio Turnover Rate		266	%		434	%		287	%		217	%		248	%

(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.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Core Plus Fixed Income Portfolio

	Class C
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	11.45		$	11.84		$	11.52		$	10.77		$	11.10
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.18			0.14			0.18			0.25			0.22
Net Realized and Unrealized Gain (Loss)		(2.03	)		(0.08	)		0.41			0.78			(0.37	)
Total from Investment Operations		(1.85	)		0.06			0.59			1.03			(0.15	)
Distributions from and/or in Excess of:
Net Investment Income		(0.17	)		(0.14	)		(0.19	)		(0.28	)		(0.18	)
Net Realized Gain		(0.03	)		(0.31	)		(0.08	)		—			—
Total Distributions		(0.20	)		(0.45	)		(0.27	)		(0.28	)		(0.18	)
Net Asset Value, End of Period	$	9.40		$	11.45		$	11.84		$	11.52		$	10.77
Total Return⁽²⁾		(16.32	)%		0.49	%		5.16	%		9.70	%⁽³⁾		(1.39	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	14,947		$	26,063		$	25,989		$	14,684		$	6,873
Ratio of Expenses Before Expense Limitation		1.62	%		1.60	%		1.62	%		1.68	%		1.73	%
Ratio of Expenses After Expense Limitation		1.45	%⁽⁴⁾		1.44	%⁽⁴⁾		1.43	%⁽⁴⁾		1.46	%⁽⁴⁾		1.50	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			1.43	%⁽⁴⁾		N/A			N/A
Ratio of Net Investment Income		1.69	%⁽⁴⁾		1.23	%⁽⁴⁾		1.60	%⁽⁴⁾		2.23	%⁽⁴⁾		2.01	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%		0.01	%		0.02	%		0.01	%		0.02	%
Portfolio Turnover Rate		266	%		434	%		287	%		217	%		248	%

(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.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Core Plus Fixed Income Portfolio

	Class R6⁽¹⁾
	Year Ended September 30,												Period from June 15, 2018⁽²⁾ to
Selected Per Share Data and Ratios	2022			2021			2020			2019			September 30, 2018
Net Asset Value, Beginning of Period	$	11.52		$	11.91		$	11.58		$	10.84		$	10.85
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.30			0.27			0.31			0.37			0.10
Net Realized and Unrealized Gain (Loss)		(2.05	)		(0.09	)		0.41			0.78			(0.04	)
Total from Investment Operations		(1.75	)		0.18			0.72			1.15			0.06
Distributions from and/or in Excess of:
Net Investment Income		(0.29	)		(0.26	)		(0.31	)		(0.41	)		(0.07	)
Net Realized Gain		(0.03	)		(0.31	)		(0.08	)		—			—
Total Distributions		(0.32	)		(0.57	)		(0.39	)		(0.41	)		(0.07	)
Net Asset Value, End of Period	$	9.45		$	11.52		$	11.91		$	11.58		$	10.84
Total Return⁽⁴⁾		(15.46	)%		1.66	%		6.24	%		10.89	%⁽⁵⁾		0.56	%⁽⁷⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	103,331		$	126,856		$	96,251		$	11		$	10
Ratio of Expenses Before Expense Limitation		0.53	%		0.52	%		0.54	%		18.96	%		18.71	%⁽⁸⁾
Ratio of Expenses After Expense Limitation		0.36	%⁽⁶⁾		0.36	%⁽⁶⁾		0.35	%⁽⁶⁾		0.35	%⁽⁶⁾		0.35	%⁽⁶⁾⁽⁸⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.35	%⁽⁶⁾		N/A			N/A
Ratio of Net Investment Income		2.83	%⁽⁶⁾		2.32	%⁽⁶⁾		2.67	%⁽⁶⁾		3.33	%⁽⁶⁾		3.17	%⁽⁶⁾⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%		0.01	%		0.02	%		0.01	%		0.02	%⁽⁸⁾
Portfolio Turnover Rate		266	%		434	%		287	%		217	%		248	%⁽⁷⁾

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

(2) Commencement of Offering.

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

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

(5) Performance was positively impacted by approximately 0.20% due to the receipt of proceeds from the settlement of a class action suit involving the Fund's past holdings. This was one-time settlement, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had this settlement not occurred, the total return for Class R6 shares would have been approximately 10.69%.

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

(7) Not annualized.

(8) Annualized.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

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 nine separate, active funds (individually referred to as a "Fund," collectively as the "Funds"). The Trust applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. All Funds are considered diversified for purposes of the Act.

The accompanying financial statements relate to the Core Plus Fixed Income Portfolio. The Fund seeks above-average total return over a market cycle of three to five years. The Fund offers five classes of shares — Class I, Class A, Class L, Class C and Class R6. Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

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.

settlement price is unavailable, at the last sale price on the exchange; (3) over-the-counter ("OTC") swaps may be valued by an outside pricing service approved by the Trustees or quotes from a broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (4) when market quotations are not readily available, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (5) 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 (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.

In connection with Rule 2a-5 of the Act, which became effective September 8, 2022, the Trustees have designated the Trust's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

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 September 30, 2022:

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Fixed Income Securities
Agency Adjustable Rate Mortgage	$	—		$	6		$	—	$	6
Agency Fixed Rate Mortgages		—			135,632			—		135,632
Asset-Backed Securities		—			84,761			—		84,761
Collateralized Mortgage Obligations — Agency Collateral Series		—			182			—		182
Commercial Mortgage-Backed Securities		—			96,896			—		96,896
Corporate Bonds		—			170,588			—		170,588
Mortgages — Other		—			124,711			—		124,711
Municipal Bonds		—			4,586			—		4,586
Sovereign		—			26,532			—		26,532
Supranational		—			1,197			—		1,197
Total Fixed Income Securities		—			645,091			—		645,091
Short-Term Investments
Investment Company		87,634			—			—		87,634
U.S. Treasury Securities		—			26,022			—		26,022
Total Short-Term Investments		87,634			26,022			—		113,656
Foreign Currency Forward Exchange Contracts		—			2,649			—		2,649
Futures Contracts		530			—			—		530
Total Assets		88,164			673,762			—		761,926
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(110	)		—		(110	)
Futures Contracts		(7,766	)		—			—		(7,766	)
Credit Default Swap Agreement		—			(95	)		—		(95	)
Total Liabilities		(7,766	)		(205	)		—		(7,971	)
Total	$	80,398		$	673,557		$	—	$	753,955

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

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

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

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

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

individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

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

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet earmarking or segregation requirements, pursuant to applicable Securities and Exchange Commission ("SEC") rules and regulations, or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

objectives, there is no assurance that the use of derivatives will achieve this result.

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

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.

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's use of swaps during the period included those based on the credit of an underlying security commonly referred to as "credit default swaps." The Fund may be either the buyer or seller in a credit default swap. Where the Fund is the buyer of a credit default swap contract, it would typically be entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract only in the event of a default or similar event by the issuer of the debt obligation. If no default occurs, the Fund would have paid to the counterparty a periodic stream of payments over the term of the contract and received no benefit from the contract. When the Fund is the seller of a credit default swap contract, it typically receives the stream of payments but is obligated to pay an amount equal to the par (or other agreed-upon) value of a referenced debt obligation upon the default or similar event by the issuer of the referenced debt obligation. The use of credit default swaps could result in losses to the Fund if the Adviser fails to correctly evaluate the creditworthiness of the issuer of the referenced debt obligation.

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

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

The 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.

The current credit rating of each individual issuer is listed in the table following the Portfolio of Investments and serves as an indicator of the current status of the payment/performance risk of the credit derivative. Alternatively, for credit default swaps on an index of credits, the quoted market prices and current values serve as an

indicator of the current status of the payment/performance risk of the credit derivative. Generally, lower credit ratings and increasing market values, in absolute terms, represent a deterioration of the credit and a greater likelihood of an adverse credit event of the issuer.

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

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

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

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 September 30, 2022:

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

2,649

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

530

(a)

Total

3,179

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

(110

)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(7,766

)(a)

Swap Agreement

Variation Margin on
Swap Agreement

Credit Risk

(95

)(a)

Total

(7,971

)

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

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the year ended September 30, 2022 in accordance with ASC 815:

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	4,744
Interest Rate Risk	Futures Contracts		(19,645	)
Credit Risk	Swap Agreements		506
Interest Rate Risk	Swap Agreements		(5	)
Total		$	(14,400	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	1,472
Interest Rate Risk	Futures Contracts		(5,626	)
Credit Risk	Swap Agreement		(95	)
Total		$	(4,249	)

At September 30, 2022, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Statement of Assets and Liabilities
Derivatives(b)	Assets(c) (000)		Liabilities(c) (000)
Foreign Currency Forward Exchange Contracts	$	2,649	$	(110	)

(b) Excludes exchange-traded derivatives.

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

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of September 30, 2022:

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(d) (000)			Net Amount (not less than $0) (000)
BNP Paribas SA	$	184	$	—		$	—		$	184
Royal Bank of Canada		698		—			—			698
UBS AG		1,767		(4	)		(1,763	)		0
Total	$	2,649	$	(4	)	$	(1,763	)	$	882
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(d) (000)			Net Amount (not less than $0) (000)
Australia & New Zealand Banking Group Ltd.	$	6	$	—		$	—		$	6
Goldman Sachs International		70		—			(70	)		0
Standard Chartered Bank		30		—			—			30
UBS AG		4		(4	)		—			0
Total	$	110	$	(4	)	$	(70	)	$	36

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

For the year ended September 30, 2022, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	90,282,000
Futures Contracts:
Average monthly notional value	$	284,765,000
Swap Agreements:
Average monthly notional amount	$	8,286,000

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

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

The Fund has the right under the 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 September 30, 2022:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amounts Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	5,065	(e)	$	—	$	(5,065	)(f)(g)	$	0

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

(f) The Fund received cash collateral of approximately $2,900,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $2,266,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

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 September 30, 2022:

Remaining Contractual Maturity of the Agreements
	Overnight and Continuous (000)		<30 days (000)		Between 30 & 90 days (000)		>90 days (000)		Total (000)
Securities Lending Transactions
Corporate Bonds	$	2,249	$	—	$	—	$	—	$	2,249
Sovereign		651		—		—		—		651
Total	$	2,900	$	—	$	—	$	—	$	2,900
Total Borrowings	$	2,900	$	—	$	—	$	—	$	2,900
Gross amount of recognized liabilities for securities lending transactions									$	2,900

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

7. Indemnifications: The Trust enters into contracts that contain a variety of indemnifications. The Trust's

maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

8. Dividends and Distributions to Shareholders: Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid 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 and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

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

First $1 billion				Over $1 billion
	0.375	%			0.300	%

For the year ended September 30, 2022, the advisory fee rate (net of waivers/rebate) was equivalent to an annual effective rate of 0.21% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses,

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.42% for Class I shares, 0.77% for Class A shares, 1.02% for Class L shares, 1.52% for Class C shares and 0.37% 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 year ended September 30, 2022, approximately $1,282,000 of advisory fees were waived and approximately $344,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

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

D. Distribution and Shareholder Services Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser, and an indirect subsidiary of Morgan Stanley, serves as the Trust's Distributor of Fund shares pursuant to a Distribution Agreement. The Trust has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

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

The Trust has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services

Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

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

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

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

G. Security Transactions and Transactions with Affiliates: For the year ended September 30, 2022, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $285,631,000 and $455,896,000, respectively. For the year ended September 30, 2022, purchases and sales of long-term U.S. Government securities were approximately $1,878,910,000 and $1,894,329,000, respectively.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the year ended September 30, 2022, advisory fees paid were reduced by approximately $66,000 relating to the Fund's investment in the Liquidity Funds.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

A summary of the Fund's transactions in shares of affiliated investments during the year ended September 30, 2022 is as follows:

Affiliated Investment Company				Value September 30, 2021 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	127,634			$	676,413			$	716,413			$	504

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value September 30, 2022 (000)
Liquidity Funds				$	—			$	—			$	87,634

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 year ended September 30, 2022, the Fund did not engage in any cross-trade transactions.

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

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

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

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended September 30, 2022 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 2022 and 2021 was as follows:

2022 Distributions Paid From:				2021 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	21,875	$	2,476	$	45,834	$	2,687

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, 2022.

At September 30, 2022, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	9,835			$	—

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

deemed to arise on the first day of the Fund's next taxable year. For the year ended September 30, 2022, the Fund intends to defer to October 1, 2022 for U.S. federal income tax purposes the following losses:

Qualified Late Year Ordinary Losses (000)				Post-October Capital Losses (000)
$	—			$	62,897

I. Credit Facility: The Trust and other Morgan Stanley funds participated in a $300,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate 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 year ended September 30, 2022, the Fund did not have any borrowings under the Facility.

J. Other: At September 30, 2022, 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 48.7%.

K. Market Risk: The outbreak of the coronavirus ("COVID-19") and the recovery responses could adversely impact the operations of the Fund and its service providers and financial performance of the Fund and the Fund's investments. The extent of such impact depends on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, (iv) government and regulatory responses, and (v) the effects on the economy overall as a result of developments such as disruption to consumer demand, economic output and supply chains. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact the Fund will also depend on 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) may be adversely affected because of these and similar types of factors and developments.

L. LIBOR Discontinuance or Unavailability Risk: LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The Financial Conduct Authority (the "FCA"), which is the regulatory authority that oversees financial services firms, financial markets in the U.K. and the administrator of LIBOR, announced that, after the end of 2021, one-week and two-month U.S. Dollar LIBOR and all non-U.S. Dollar LIBOR settings have either ended or are no longer representative of the underlying market they seek to measure. The FCA also announced that the most commonly used U.S. Dollar LIBOR settings, may continue to be provided on a representative basis until mid-2023. However, in connection with supervisory guidance from regulators, some regulated entities may no longer enter into most new LIBOR-based contracts. As a result of the foregoing, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain derivatives and other instruments or investments comprising some or all of the Fund's portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to establish new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of the Fund's investments and result in costs incurred in connection with closing out positions and entering into new trades.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

state and federal statutes have been enacted to address difficult LIBOR transition issues, the application and effect of these statutes are uncertain. In addition, a liquid market for newly-issued instruments that use a reference rate other than LIBOR is still developing. There may also be challenges for the Fund to enter into hedging transactions against such newly-issued instruments until a market for such hedging transactions develops. All of the aforementioned may adversely affect the Fund's investments (including their volatility, value and liquidity) and, as a result, the performance or NAV.

M. Results of Special Meeting of Shareholders (unaudited): On February 25, 2022, a special meeting of the Trust's shareholders was held for the purpose of voting on the following matter, the results of which were as follows:

Election of Trustees by all shareholders:

	For		Against
Frances L. Cashman		1,001,428,988		27,543,564
Nancy C. Everett		994,527,335		34,445,217
Eddie A. Grier		999,694,220		29,278,332
Jakki L. Haussler		997,669,902		31,302,650
Patricia A. Maleski		1,000,046,511		28,926,041

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Morgan Stanley Institutional Fund Trust —
Core Plus Fixed Income Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Core Plus Fixed Income Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund Trust (the "Trust")), including the portfolio of investments, as of September 30, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund Trust) at September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.
Boston, Massachusetts
November 29, 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

The Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Administrator under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, business management and planning, legal services and the provision of supplies, office space and utilities at the Adviser's expense. The Board also considered the Adviser's investment in personnel and infrastructure that benefits the Fund. (The Adviser and Administrator together are referred to as the "Adviser" and the advisory and administration agreements together are referred to as the "Management Agreement.") The Board also considered that the Adviser serves a variety of other investment advisory clients and has experience overseeing service providers. The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as prepared by Broadridge Financial Solutions, Inc. ("Broadridge").

The Board reviewed and considered the qualifications of the portfolio managers, the senior administrative managers and other key personnel of the Adviser who provide the advisory and administrative services to the Fund. The Board determined that the Adviser's portfolio managers and key personnel are well qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board concluded that the nature and extent of the advisory and administrative services provided were necessary and appropriate for the conduct of the business and investment activities of the Fund and supported its decision to approve the Management Agreement.

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2021, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one-, three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

The Board considered the size and growth prospects of the Fund and how that relates to the Fund's total expense ratio and particularly the Fund's management fee rate, which includes a breakpoint. In conjunction with its review of the Adviser's profitability, the Board discussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Fund and whether the management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and/or potential economies of scale of the Fund supports its decision to approve the Management Agreement.

Profitability of the Adviser and Affiliates

The Board considered information concerning the costs incurred and profits realized by the Adviser and its affiliates during the last year from their relationship with the Fund and during the last two years from their relationship with the Morgan Stanley Fund Complex and reviewed with the Adviser the cost allocation methodology used to determine the profitability of the Adviser and affiliates. The Board has determined that its review of the analysis of the Adviser's expenses and profitability supports its decision to approve the Management Agreement.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Advisory Agreement Approval (unaudited) (cont'd)

Other Benefits of the Relationship

The Board considered other direct and indirect benefits to the Adviser and/or its affiliates derived from their relationship with the Fund and other funds advised by the Adviser. These benefits may include, among other things, fees for trading, distribution and/or shareholder servicing and for transaction processing and reporting platforms used by securities lending agents, and research received by the Adviser generated from commission dollars spent on funds' portfolio trading. The Board reviewed with the Adviser these arrangements and the reasonableness of the Adviser's costs relative to the services performed. The Board has determined that its review of the other benefits received by the Adviser or its affiliates supports its decision to approve the Management Agreement.

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

The Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under the Management Agreement. The Board also reviewed and considered the historical relationship between the Fund and the Adviser, including the organizational structure of the Adviser, the policies and procedures formulated and adopted by the Adviser for managing the Fund's operations and the Board's confidence in the competence and integrity of the senior managers and key personnel of the Adviser. The Board concluded that the Adviser has the financial resources necessary to fulfill its obligations under the Management Agreement and that it is beneficial for the Fund to continue its relationship with the Adviser.

Other Factors and Current Trends

The Board considered the controls and procedures adopted and implemented by the Adviser and monitored by the Fund's Chief Compliance Officer and concluded that the conduct of business by the Adviser indicates a good faith effort on its part to adhere to high ethical standards in the conduct of the Fund's business.

As part of the Board's review, the Board received information from management on the impact of the COVID-19 pandemic on the firm generally and the Adviser and the Fund in particular including, among other information, the pandemic's current and expected impact on the Fund's performance and operations.

General Conclusion

After considering and weighing all of the above factors, with various written materials and verbal information presented by the Adviser, the Board concluded that it would be in the best interest of the Fund and its shareholders to approve renewal of the Management Agreement for another year. In reaching this conclusion the Board did not give particular weight to any single piece of information or factor referenced above. The Board considered these factors and information over the course of the year and in numerous meetings, some of which were in executive session with only the independent Board members and their counsel present. It is possible that individual Board members may have weighed these factors, and the information presented, differently in reaching their individual decisions to approve the Management Agreement.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Liquidity Risk Management Program (unaudited)

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 1-2, 2022, 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, 2021, through December 31, 2021, 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

Annual Report — September 30, 2022

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2022.

The Fund designated and paid approximately $2,476,000 as a long-term capital gain distribution.

The Fund designated approximately $3,487,000 of its distributions paid as business interest income.

The Fund designated approximately $2,705,000 of its distributions paid as qualified interest income.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) April 2021

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 investment management affiliates' everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) (cont'd) April 2021

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 Investment Management 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) (cont'd) April 2021

Definitions

Investment Management Affiliates				MSIM Investment Management Affiliates include registered investment advisers, registered broker/dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates				Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ 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

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

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited)

Independent Trustees:

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Frank L. Bowman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1944

Trustee

Since
August
2006

President, Strategic Decisions, LLC (consulting) (since February 2009); Director or Trustee of various Morgan Stanley Funds (since August 2006); Chairperson of the Compliance and Insurance Committee (since October 2015); formerly, Chairperson of the Insurance Sub-Committee of the Compliance and Insurance Committee (2007-2015); served as President and Chief Executive Officer of the Nuclear Energy Institute (policy organization) (February 2005-November 2008); retired as Admiral, U.S. Navy after serving over 38 years on active duty including 8 years as Director of the Naval Nuclear Propulsion Program in the Department of the Navy and the U.S. Department of Energy (1996-2004); served as Chief of Naval Personnel (July 1994-September 1996) and on the Joint Staff as Director of Political Military Affairs (June 1992-July 1994); knighted as Honorary Knight Commander of the Most Excellent Order of the British Empire; awarded the Officier de l'Orde National du Mèrite by the French Government; elected to the National Academy of Engineering (2009).

Director of Naval and Nuclear Technologies LLP; Director Emeritus of the Armed Services YMCA; Member of the National Security Advisory Council of the Center for U.S. Global Engagement and a member of the CNA Military Advisory Board; Chairman of Fairhaven United Methodist Church; Member of the Board of Advisors of the Dolphin Scholarship Foundation; Director of other various nonprofit organizations; formerly, Director of BP, plc (November 2010-May 2019).

Frances L. Cashman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1961

Trustee

Trustee
since
February
2022

Chief Executive Officer, Asset Management Division, Euromoney Institutional Investor PLC (financial information) (May 2021-Present); Executive Vice President and various other roles, Legg Mason & Co. (asset management) (2010-2020); Managing Director, Stifel Nicolaus (2005-2010).

Trustee and Investment Committee Member, GeorgiaTech Foundation (since June 2019); Trustee and Chair of Marketing Committee, Loyola Blakefield (Since September 2017); Trustee, MMI Gateway Foundation (since September 2017); Director and Investment Committee Member, Catholic Community Foundation Board (2012-2018); Director and Investment Committee Member, St. Ignatius Loyola Academy (2011-2017).

Kathleen A. Dennis
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1953

Trustee

Since
August
2006

Chairperson of the Governance Committee (since January 2021), Chairperson of the Liquidity and Alternatives Sub-Committee of the Investment Committee (2006-2020) and Director or Trustee of various Morgan Stanley Funds (since August 2006); President, Cedarwood Associates (mutual fund and investment management consulting) (since July 2006); formerly, Senior Managing Director of Victory Capital Management (1993-2006).

Board Member, University of Albany Foundation (2012-present); Board Member, Mutual Funds Directors Forum (2014-present); Director of various non-profit organizations.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Nancy C. Everett
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
January
2015

Chairperson of the Equity Investment Committee (since January 2021); Director or Trustee of various Morgan Stanley Funds (since January 2015); Chief Executive Officer, Virginia Commonwealth University Investment Company (since November 2015); Owner, OBIR, LLC (institutional investment management consulting) (since June 2014); formerly, Managing Director, BlackRock, Inc. (February 2011-December 2013) and Chief Executive Officer, General Motors Asset Management (a/k/a Promark Global Advisors, Inc.) (June 2005-May 2010).

Formerly, Member of Virginia Commonwealth University School of Business Foundation (2005-2016); Member of Virginia Commonwealth University Board of Visitors (2013-2015); Member of Committee on Directors for Emerging Markets Growth Fund, Inc. (2007-2010); Chairperson of Performance Equity Management, LLC (2006-2010); and Chairperson, GMAM Absolute Return Strategies Fund, LLC (2006-2010).

Eddie A. Grier
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Trustee
since
February
2022

Dean, Santa Clara University Leavey School of Business (since April 2021); Dean, Virginia Commonwealth University School of Business (2010-2021); President and various other roles, Walt Disney Company (entertainment and media) (1981-2010).

Director, Witt/Keiffer, Inc. (executive search) (since 2016); Director, NuStar GP, LLC (energy) (since August 2021); Director, Sonida Senior Living, Inc. (residential community operator) (2016-2021); Director, NVR, Inc. (homebuilding) (2013-2020); Director, Middleburg Trust Company (wealth management) (2014-2019); Director, Colonial Williamsburg Company (since 2012); Regent, University of Massachusetts Global (since 2021); Director and Chair, ChildFund International (2012-2021); Trustee, Brandman University (2010-2021); Director, Richmond Forum (2012-2019).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Jakki L. Haussler
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1957

Trustee

Since
January
2015

Director or Trustee of various Morgan Stanley Funds (since January 2015); Chairman, Opus Capital Group (since 1996); formerly, Chief Executive Officer, Opus Capital Group (1996-2019); Director, Capvest Venture Fund, LP (May 2000-December 2011); Partner, Adena Ventures, LP (July 1999-December 2010); Director, The Victory Funds (February 2005-July 2008).

Director, Barnes Group Inc. (since July 2021); Director of Cincinnati Bell Inc. and Member, Audit Committee and Chairman, Governance and Nominating Committee; Director of Service Corporation International and Member, Audit Committee and Investment Committee; Director of Northern Kentucky University Foundation and Member, Investment Committee; Member of Chase College of Law Transactional Law Practice Center Board of Advisors; Director of Best Transport; Director of Chase College of Law Board of Visitors; formerly, Member, University of Cincinnati Foundation Investment Committee; Member, Miami University Board of Visitors (2008-2011); Trustee of Victory Funds (2005-2008) and Chairman, Investment Committee (2007-2008) and Member, Service Provider Committee (2005-2008).

Dr. Manuel H. Johnson
c/o Johnson Smick
International, Inc.
220 I Street, NE
Suite 200
Washington, D.C. 20002
Birth Year: 1949

Trustee

Since
July
1991

Senior Partner, Johnson Smick International, Inc. (consulting firm); Chairperson of the Fixed Income, Liquidity and Alternatives Investment Committee (since January 2021), Chairperson of the Investment Committee (2006-2020) and Director or Trustee of various Morgan Stanley Funds (since July 1991); Co-Chairman and a founder of the Group of Seven Council (G7C) (international economic commission); formerly, Chairperson of the Audit Committee (July 1991-September 2006); Vice Chairman of the Board of Governors of the Federal Reserve System and Assistant Secretary of the U.S. Treasury.

Director of NVR, Inc. (home construction).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Joseph J. Kearns
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1942

Trustee

Since
August
1994

Senior Adviser, Kearns & Associates LLC (investment consulting); Chairperson of the Audit Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since August 1994); formerly, Deputy Chairperson of the Audit Committee (July 2003-September 2006) and Chairperson of the Audit Committee of various Morgan Stanley Funds (since August 1994); CFO of the J. Paul Getty Trust (1982-1999).

Director, Rubicon Investments (since February 2019); Prior to August 2016, Director of Electro Rent Corporation (equipment leasing); Prior to December 31, 2013, Director of The Ford Family Foundation.

Michael F. Klein
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1958

Trustee

Since
August
2006

Chairperson of the Risk Committee (since January 2021); Managing Director, Aetos Alternatives Management, LP (since March 2000); Co-President, Aetos Alternatives Management, LP (since January 2004) and Co-Chief Executive Officer of Aetos Alternatives Management, LP (since August 2013); Chairperson of the Fixed Income Sub-Committee of the Investment Committee (2006-2020) and Director or Trustee of various Morgan Stanley Funds (since August 2006); formerly, Managing Director, Morgan Stanley & Co. Inc. and Morgan Stanley Dean Witter Investment Management and President, various Morgan Stanley Funds (June 1998-March 2000); Principal, Morgan Stanley & Co. Inc. and Morgan Stanley Dean Witter Investment Management (August 1997-December 1999).

Director of certain investment funds managed or sponsored by Aetos Alternatives Management, LP; Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

Patricia A. Maleski
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1960

Trustee

Since
January
2017

Director or Trustee of various Morgan Stanley Funds (since January 2017); Managing Director, JPMorgan Asset Management (2004-2016); Oversight and Control Head of Fiduciary and Conflicts of Interest Program (2015-2016); Chief Control Officer—Global Asset Management (2013-2015); President, JPMorgan Funds (2010-2013); Chief Administrative Officer (2004-2013); various other positions including Treasurer and Board Liaison (since 2001).

Trustee, Nutley Family Service Bureau, Inc. (since January 2022).

W. Allen Reed
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1947

Chair of the Board and Trustee

Chair of the Board since August 2020 and Trustee since August 2006

Chair of the Boards of various Morgan Stanley Funds (since August 2020); Director or Trustee of various Morgan Stanley Funds (since August 2006); formerly, Vice Chair of the Boards of various Morgan Stanley Funds (January 2020-August 2020); President and Chief Executive Officer of General Motors Asset Management; Chairman and Chief Executive Officer of the GM Trust Bank and Corporate Vice President of General Motors Corporation (August 1994-December 2005).

Formerly, Director of Legg Mason, Inc. (2006-2019); and Director of the Auburn University Foundation (2010-2015).

* This is the earliest date the Trustee began serving the Morgan Stanley Funds. Each Trustee serves an indefinite term, until his or her successor is elected.

** The Fund Complex includes (as of December 31, 2021) all open-end and closed-end funds (including all of their portfolios) advised by Morgan Stanley Investment Management Inc. (the "Adviser") and any funds that have an adviser that is an affiliated person of the Adviser (including, but not limited to, Morgan Stanley AIP GP LP).

*** This includes any directorships at public companies and registered investment companies held by the Trustee at any time during the past five years.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Executive Officers:

Name, Address and Birth Year
of Executive Officer

Position(s) Held
with
Registrant

Length of
Time Served*

Principal Occupation(s) During Past 5 Years

John H. Gernon
522 Fifth Avenue
New York, NY 10036
Birth Year: 1963

President and Principal Executive Officer

Since
September
2013

President and Principal Executive Officer of the Equity and Fixed Income Funds and the Morgan Stanley AIP Funds (since September 2013) and the Liquidity Funds and various money market funds (since May 2014) in the Fund Complex; Managing Director of the Adviser.

Deidre A. Downes
1633 Broadway
New York, NY 10019
Birth Year: 1977

Chief Compliance Officer

Since November
2021

Executive Director of the Adviser (since January 2021) and Chief Compliance Officer of various Morgan Stanley Funds (since November 2021). Formerly, Vice President and Corporate Counsel at PGIM and Prudential Financial (October 2016-December 2020).

Francis J. Smith
522 Fifth Avenue
New York, NY 10036
Birth Year: 1965

Treasurer and Principal Financial Officer

Treasurer since July 2003 and Principal Financial Officer since September
2002

Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).

Mary E. Mullin
1633 Broadway
New York, NY 10019
Birth Year: 1967

Secretary

Since
June
1999

Managing Director of the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

Michael J. Key
522 Fifth Avenue
New York, NY 10036
Birth Year: 1979

Vice President

Since
June
2017

Vice President of the Equity and Fixed Income Funds, Liquidity Funds, various money market funds and the Morgan Stanley AIP Funds in the Fund Complex (since June 2017); Managing Director of the Adviser; Head of Product Development for Equity and Fixed Income Funds (since August 2013).

The Trust's statement of additional information includes further information about the Trust's Trustees and Officers, and is available without charge by visiting www.morganstanley.com/im/shareholderreports or upon request by calling 1 (800) 548-7786.

* This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves an indefinite term, until his or her successor is elected.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

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

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

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

Counsel to the Independent Trustees

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

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

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

Proxy Voting Policies and Procedures and Proxy Voting Record

You may obtain a copy of the Trust's Proxy Voting Policy and Procedures and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, without charge, upon request, by calling toll free 1 (800) 548-7786 or by visiting our website at www.morganstanley.com/im/shareholderreports. This information is also available on the SEC's website at www.sec.gov.

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable fund of Morgan Stanley Institutional Fund Trust, which describes in detail the fund's investment policies, risks, fees and expenses. Please read the prospectus carefully before you invest or send money. For additional information, including information regarding the investments comprising the Fund, please visit our website at www.morganstanley.com/im/shareholderreports or call toll free 1 (800) 548-7786.

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) 548-7786, 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.

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

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

IFTCPFIANN
5062059 EXP 11.30.23

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Annual Report

September 30, 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Table of Contents (unaudited)

Shareholders' Letter					2
Expense Example					3
Investment Overview					4
Portfolio of Investments					7
Statement of Assets and Liabilities					14
Statement of Operations					16
Statements of Changes in Net Assets					17
Financial Highlights					18
Notes to Financial Statements					22
Report of Independent Registered Public Accounting Firm					32
Investment Advisory Agreement Approval					33
Liquidity Risk Management Program					35
Federal Tax Notice					36
U.S. Customer Privacy Notice					37
Trustee and Officer Information					40

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Annual Report, in which you will learn how your investment in Corporate Bond Portfolio (the "Fund") performed during the latest twelve-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

October 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Expense Example (unaudited)

Corporate Bond Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended September 30, 2022 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 4/1/22		Actual Ending Account Value 9/30/22		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	$	874.20	$	1,021.56	$	3.29	$	3.55		0.70	%
Corporate Bond Portfolio Class A		1,000.00		872.80		1,019.85		4.88		5.27		1.04
Corporate Bond Portfolio Class L		1,000.00		870.70		1,017.55		7.03		7.59		1.50
Corporate Bond Portfolio Class C		1,000.00		870.10		1,016.04		8.44		9.10		1.80

** Annualized.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited)

Corporate Bond Portfolio

The Fund seeks above-average total return over a market cycle of three to five years.

Performance

For the fiscal year ended September 30, 2022, the Fund's Class I shares had a total return based on net asset value and reinvestment of distributions per share of –19.23%, net of fees. The Fund's Class I shares underperformed against the Fund's benchmark, the Bloomberg U.S. Corporate Indexⁱ (the "Index"), which returned –18.53%.

Factors Affecting Performance

• During the fiscal year, global credit markets experienced one of their worst 12-month performances on record. This weak performance was attributable to increasing recession fears while inflation remains historically high. The period also saw the omicron COVID-19 variant prolong supply chain issues, while Russia's invasion of Ukraine exacerbated commodity price rises. Central banks were slow to raise interest rates on what they considered to be "transitory" inflation, and to compensate they eventually began increasing rates aggressively. Clarity remains lacking as to where economies and markets will eventually end up, which led to a generally risk-off sentiment, significantly higher yields and wider credit spreads in the period.

• The key themes in the fourth quarter of 2021 were a hawkish shift by the Federal Reserve as inflation fears increased and a rapid rise in COVID-19 infections as the more contagious omicron variant spread.

• The first quarter of 2022 was one of the worst quarters since the 1980s for global fixed income markets, as central bankers, seemingly en masse, relinquished the idea of "transitory" inflation. Russia's invasion of Ukraine caused risky assets to sell off while also exacerbating inflation concerns due to economic sanctions imposed by Western nations and increasing commodity prices.

• Conditions worsened in the second quarter of 2022 as global credit markets experienced their worst first half of the year performance on record. COVID-19

remerged as a major headwind, with outbreaks in China sustaining supply chain disruptions. The tectonic plates of inflation and recession collided. The U.S. market saw this as a potential solution to the historically high inflation, leading to a pullback in yields and reduced rate hike expectations. This view was shared to a lesser degree in the European markets.

• The third quarter of 2022 began strong, as bond and credit markets reversed course dramatically in July, generating exceptionally strong performance while also showing the first positive monthly return of the year. Nevertheless, economic data and indicators continued to point to a likely slowdown.

• August 2022 saw July's rally in developed market interest rates reverse, with optimism for a "soft landing" in the economy seriously compromised. This led to growing conviction among investors that markets will have to contend with sticky core inflation, tight labor markets (particularly in the U.S.), the risk of a wage price spiral, and irascible central banks for the foreseeable future.

• September 2022 was everything except boring as yields broadly were higher, while volatility reached historic levels. Notably, the U.K. markets were in turmoil as the release of the new government's "mini-budget" caused U.K. gilts and sterling to sell off, starting a circular effect where U.K. pension funds became forced sellers into the market weakness to meet margin calls, which forced the Bank of England to respond with temporary stabilization measures.

• In this reporting period, the portfolio's overall investment grade credit positioning had a negative impact on performance. The portfolio is positioned to be overweight financials and underweight industrials when measured on a credit risk basis.

• One of the key strategy positions is the portfolio's overweight to subordinated financials. The financials sector is more sensitive to credit market movements and its skew toward lower quality bonds exacerbated the negative impact of the risk-off sentiment in the period. Therefore,

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited) (cont'd)

Corporate Bond Portfolio

positions within investment grade financials were the main drivers of negative performance, primarily the overweights to banking and insurance.

• The portfolio's key off-benchmark exposures to investment grade utility, high yield corporate bonds, government-related debt and convertible bonds all had a negative impact on performance during the period.

• Another key strategy position is the portfolio's underweight to industrials, which was a positive performance driver due to beneficial underweights to the consumer non-cyclical and industrial other subsectors.

• The Fund was positioned underweight duration (i.e., with less interest rate sensitivity) relative to the Index. In the rising rate environment, this position positively impacted performance. More recently, the Fund has moved to a neutral duration position.

Management Strategies

• Looking forward, market valuations appear to be pricing a very negative outcome for corporate downgrades and defaults. Our base case view is that we are compensated to own credit, as we view corporate fundamentals to be relatively resilient. We believe companies have built liquidity on their balance sheets in recent quarters and implemented cost efficiencies under the COVID-era. We expect profit margins to be pressured and top-line revenue to be challenging, but given the starting point we believe corporates can manage a slowdown without significant downgrades or defaults (our base case is low default and mild recession). Risk management remains focused on the tail risk, seeking to avoid exposure to large, unexpected risks. We believe catalysts for a rally in credit spreads from these levels will likely be driven by a change in sentiment, where central banks pivot to a more balanced policy where growth is given increased consideration alongside the current singular focus on containing inflation.

• The Fund remains positioned with an overweight to financials (banks and insurance) and a small overweight to BBB-rated non-financials. We remain underweight A or better non-financial bonds. The portfolio continues to hold small allocations to off-benchmark sectors such as convertible bonds, emerging market corporates and high yield corporates.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited) (cont'd)

Corporate Bond Portfolio

* Minimum Investment

In accordance with SEC regulations, the Fund's performance shown assumes that all recurring fees (including management fees) were deducted and all dividends and distributions were reinvested. The performance of Class A, Class L and Class C shares will vary from the performance of Class I shares based upon their different inception dates and will be negatively impacted by additional fees assessed to those classes.

Performance Compared to the Bloomberg U.S. Corporate Index⁽¹⁾ and the Lipper Corporate Debt Funds BBB-Rated Index⁽²⁾

	Period Ended September 30, 2022 Total Returns⁽³⁾
				Average Annual
	One Year			Five Years			Ten Years			Since Inception⁽⁸⁾
Fund — Class I Shares w/o sales charges⁽⁴⁾		–19.23	%		–0.35	%		2.54	%		5.43	%
Fund — Class A Shares w/o sales charges⁽⁵⁾		–19.45			–0.63			2.25			3.33
Fund — Class A Shares with maximum 3.25% sales charges⁽⁵⁾		–22.09			–1.28			1.91			3.17
Fund — Class L Shares w/o sales charges⁽⁶⁾		–19.83			–1.03			1.88			2.97
Fund — Class C Shares w/o sales charges⁽⁷⁾		–20.05			–1.43			—			0.87
Fund — Class C Shares with maximum 1.00% deferred sales charges⁽⁷⁾		–20.81			–1.43			—			0.87
Bloomberg U.S. Corporate Index		–18.53			–0.03			1.70			5.83
Lipper Corporate Debt Funds BBB-Rated Index		–19.86			–0.51			1.46			5.41

⁽¹⁾ The Bloomberg U.S. Corporate Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers that meet specified maturity, liquidity and quality requirements.The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

⁽²⁾ The Lipper Corporate Debt Funds BBB-Rated Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Corporate Debt Funds BBB-Rated Funds classification. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. As of the date of this report, the Fund was in the Lipper Corporate Debt Funds BBB-Rated Funds classification.

⁽³⁾ Total returns for the Fund reflect expenses waived and/or reimbursed, if applicable, by the Adviser and Distributor. Without such waivers and/or reimbursements, total returns would have been lower.

⁽⁴⁾ Commenced operations on August 31, 1990.

⁽⁵⁾ Commenced offering on May 20, 2002.

⁽⁶⁾ Commenced offering on June 16, 2008.

⁽⁷⁾ Commenced offering on April 30, 2015.

⁽⁸⁾ For comparative purposes, average annual since inception returns listed for the Indexes refer to the inception date of Class I of the Fund, not the inception of the Indexes.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (97.7%)
Corporate Bonds (95.9%)
Finance (35.6%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
1.65%, 10/29/24	$	625	$	572
2.88%, 8/14/24		175		165
3.00%, 10/29/28		1,200		963
Air Lease Corp.
4.63%, 10/1/28		1,250		1,123
Alexandria Real Estate Equities, Inc.
2.95%, 3/15/34		250		194
Ally Financial, Inc.
8.00%, 11/1/31		225		236
American National Group, Inc.
6.14%, 6/13/32 (a)		550		513
Aon Corp./Aon Global Holdings PLC
2.60%, 12/2/31		625		490
Australia & New Zealand Banking Group Ltd.
2.57%, 11/25/35 (a)		300		218
Avolon Holdings Funding Ltd.
2.88%, 2/15/25 (a)		550		498
Banco de Credito del Peru SA
2.70%, 1/11/25 (a)		325		303
Banco de Credito e Inversiones SA
2.88%, 10/14/31 (a)		200		155
Banco Santander SA,
1.72%, 9/14/27		1,000		828
4.18%, 3/24/28		600		542
Bank Hapoalim BM
3.26%, 1/21/32 (a)		1,350		1,128
Bank of America Corp.,
2.48%, 9/21/36		1,425		1,031
2.69%, 4/22/32		900		704
3.85%, 3/8/37		1,700		1,374
Bank of Ireland Group PLC
2.03%, 9/30/27 (a)		1,725		1,429
Belrose Funding Trust
2.33%, 8/15/30 (a)		475		359
BNP Paribas SA
4.40%, 8/14/28 (a)		375		338
BPCE SA,
3.12%, 10/19/32 (a)		375		269
3.65%, 1/14/37 (a)		500		371
5.15%, 7/21/24 (a)		1,025		1,000
Capital One Financial Corp.
3.27%, 3/1/30		850		712
Centene Corp.
2.50%, 3/1/31		125		94
Charles Schwab Corp.,
Series G
5.38%, 1/6/25 (b)		650		635

	Face Amount (000)		Value (000)
Citigroup, Inc.,
2.52%, 11/3/32	$	2,075	$	1,576
3.06%, 1/25/33		1,175		927
CNO Global Funding
1.75%, 10/7/26 (a)		550		477
Coinbase Global, Inc.
3.38%, 10/1/28 (a)(c)		190		119
Commonwealth Bank of Australia
3.31%, 3/11/41 (a)		250		167
Credit Suisse Group AG
6.54%, 8/12/33 (a)		1,200		1,080
Deutsche Bank AG,
3.70%, 5/30/24		100		97
6.12%, 7/14/26		450		437
Extra Space Storage LP Co.
3.90%, 4/1/29		750		669
First-Citizens Bank & Trust Co.
2.97%, 9/27/25		775		732
Global Atlantic Fin Co.
4.40%, 10/15/29 (a)		1,375		1,169
Goldman Sachs Group, Inc.
2.62%, 4/22/32		3,300		2,562
Grupo Aval Ltd.
4.38%, 2/4/30 (a)		375		272
High Street Funding Trust I
4.11%, 2/15/28 (a)(c)		850		788
HSBC Holdings PLC,
1.59%, 5/24/27		1,250		1,046
5.21%, 8/11/28		625		585
Intact Financial Corp.
5.46%, 9/22/32		850		828
Jefferies Group LLC/Jefferies Group Capital Finance, Inc.
2.63%, 10/15/31		450		327
JPMorgan Chase & Co.,
1.95%, 2/4/32		1,575		1,167
2.55%, 11/8/32		2,200		1,672
4.57%, 6/14/30		450		415
4.85%, 7/25/28		325		312
KKR Group Finance Co. XII LLC
4.85%, 5/17/32 (a)		400		369
LeasePlan Corp. NV
2.88%, 10/24/24 (a)		675		634
Life Storage LP
2.40%, 10/15/31		625		470
Macquarie Group Ltd.
2.87%, 1/14/33 (a)		575		433
Marsh & McLennan Cos., Inc.
5.88%, 8/1/33		350		354
Mizuho Financial Group, Inc.
5.41%, 9/13/28 (c)		325		318
National Australia Bank Ltd.
2.33%, 8/21/30 (a)		375		280

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Nordea Bank Abp
5.38%, 9/22/27 (a)	$	950	$	927
Radian Group, Inc.
6.63%, 3/15/25		884		863
Rexford Industrial Realty LP
2.13%, 12/1/30		750		574
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.
3.88%, 3/1/31 (a)		345		251
Sabra Health Care LP
3.20%, 12/1/31		825		607
Shinhan Bank Co., Ltd.
4.00%, 4/23/29 (a)		875		793
Societe Generale SA,
2.63%, 1/22/25 (a)		925		857
2.89%, 6/9/32 (a)		200		146
Stewart Information Services Corp.
3.60%, 11/15/31		500		386
Sun Communities Operating LP
4.20%, 4/15/32		775		650
SVB Financial Group,
1.80%, 2/2/31		650		466
4.10%, 2/15/31 (b)		123		85
Swedbank AB
5.34%, 9/20/27 (a)		750		728
Synchrony Bank
5.63%, 8/23/27		675		647
Synchrony Financial
4.88%, 6/13/25		175		169
Synovus Financial Corp.
5.20%, 8/11/25		475		466
UnitedHealth Group, Inc.
3.25%, 5/15/51		450		314
Wells Fargo & Co., MTN
2.88%, 10/30/30		950		782
4.81%, 7/25/28		350		334
Westpac Banking Corp.
2.67%, 11/15/35		225		166
				46,737
Industrials (49.6%)
AbbVie, Inc.,
4.05%, 11/21/39		300		242
4.25%, 11/21/49		350		281
Airbnb, Inc.
0.00%, 3/15/26		265		221
Alaska Airlines 2020-1 Class A Pass Through Trust
4.80%, 2/15/29 (a)		1,075		1,017
Alibaba Group Holding Ltd.
2.70%, 2/9/41		240		147
Altria Group, Inc.
3.40%, 2/4/41		350		221

	Face Amount (000)		Value (000)
Amazon.com, Inc.,
2.50%, 6/3/50	$	450	$	282
2.70%, 6/3/60		425		252
3.95%, 4/13/52		350		288
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.75%, 4/20/29 (a)		220		192
Amgen, Inc.,
2.80%, 8/15/41		475		325
4.20%, 2/22/52		275		216
Anheuser-Busch InBev Worldwide, Inc.,
4.35%, 6/1/40		750		637
4.60%, 4/15/48		600		499
Apple, Inc.,
2.38%, 2/8/41		600		417
2.65%, 5/11/50		375		248
2.95%, 9/11/49		400		283
3.95%, 8/8/52		175		146
AT&T, Inc.,
2.55%, 12/1/33		825		612
3.55%, 9/15/55		1,452		957
Baidu, Inc.
1.72%, 4/9/26		450		398
BAT Capital Corp.,
2.26%, 3/25/28		1,050		837
3.73%, 9/25/40		250		161
Boeing Co.,
2.95%, 2/1/30		675		543
3.25%, 2/1/35		600		425
5.15%, 5/1/30		500		463
BP Capital Markets PLC,
4.38%, 6/22/25 (b)		500		464
4.88%, 2/15/31 (b)		550		475
Braskem Netherlands Finance BV
4.50%, 1/31/30 (a)		340		275
Broadcom, Inc.,
3.19%, 11/15/36 (a)		550		377
3.42%, 4/15/33 (a)		225		172
Brunswick Corp.
5.10%, 4/1/52		425		296
Canadian Pacific Railway Co.
1.35%, 12/2/24		900		833
Cedars-Sinai Health System,
Series 2021
2.29%, 8/15/31		620		496
Celanese U.S. Holdings LLC
6.17%, 7/15/27		700		663
Charter Communications Operating LLC/Charter Communications Operating Capital,
2.80%, 4/1/31		275		208
3.50%, 3/1/42		975		621
5.13%, 7/1/49		500		368

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Comcast Corp.,
3.75%, 4/1/40	$	575	$	453
4.00%, 3/1/48		650		502
Consorcio Transmantaro SA
4.70%, 4/16/34 (a)		400		346
Continental Resources, Inc.,
2.27%, 11/15/26 (a)		275		235
2.88%, 4/1/32 (a)		875		642
Coterra Energy, Inc.
3.90%, 5/15/27 (a)		950		882
CVS Health Corp.,
1.75%, 8/21/30		625		479
5.05%, 3/25/48		75		66
Daimler Trucks Finance North America LLC
2.00%, 12/14/26 (a)		775		668
Dell International LLC/EMC Corp.
3.45%, 12/15/51 (a)		725		414
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.50%, 10/20/25 (a)		1,025		996
DH Europe Finance II Sarl
2.60%, 11/15/29		600		514
Diamondback Energy, Inc.
3.13%, 3/24/31		600		488
Dick's Sporting Goods, Inc.
4.10%, 1/15/52		450		279
DuPont de Nemours, Inc.
5.32%, 11/15/38		225		205
DXC Technology Co.
1.80%, 9/15/26		950		815
Eaton Corp.
4.15%, 3/15/33		375		339
Enbridge, Inc.
2.50%, 8/1/33		950		713
Energy Transfer LP,
5.00%, 5/15/50		125		98
5.40%, 10/1/47		100		81
Enterprise Products Operating LLC
3.30%, 2/15/53		625		408
EQM Midstream Partners LP
7.50%, 6/1/27 (a)		35		33
EQT Corp.
5.70%, 4/1/28		575		565
Exxon Mobil Corp.
3.45%, 4/15/51		600		448
Ferguson Finance PLC
4.65%, 4/20/32 (a)		300		265
Ford Motor Credit Co., LLC,
GMTN
4.39%, 1/8/26		315		286
GE Capital International Funding Co., Unlimited Co.
4.42%, 11/15/35		788		707

	Face Amount (000)		Value (000)
General Motors Co.,
6.60%, 4/1/36	$	325	$	305
6.75%, 4/1/46		125		114
Georgia-Pacific LLC
2.30%, 4/30/30 (a)		650		534
Glencore Funding LLC,
2.50%, 9/1/30 (a)(c)		600		460
4.13%, 3/12/24 (a)		475		467
Global Payments, Inc.
5.40%, 8/15/32		500		465
GLP Capital LP/GLP Financing II, Inc.,
3.25%, 1/15/32		175		132
4.00%, 1/15/30		350		293
Grifols SA
2.25%, 11/15/27 (a)	EUR	310		238
HCA, Inc.
5.25%, 6/15/49	$	800		652
HF Sinclair Corp.
5.88%, 4/1/26 (a)		500		491
Home Depot, Inc.
2.38%, 3/15/51		725		426
Hyatt Hotels Corp.
1.80%, 10/1/24		725		680
Hyundai Capital America
3.00%, 2/10/27 (a)(c)		1,200		1,068
Imperial Brands Finance PLC,
3.13%, 7/26/24 (a)		725		694
6.13%, 7/27/27 (a)		400		395
Intel Corp.,
2.80%, 8/12/41		550		371
3.25%, 11/15/49		300		200
International Business Machines Corp.
2.85%, 5/15/40		375		261
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
2.50%, 1/15/27 (a)		550		471
JDE Peet's NV
1.38%, 1/15/27 (a)		875		724
JetBlue Pass Through Trust,
Series AA
2.75%, 11/15/33		445		366
Kimberly-Clark de Mexico SAB de CV
2.43%, 7/1/31 (a)		275		220
Kinder Morgan, Inc.
3.60%, 2/15/51		200		130
Kyndryl Holdings, Inc.
2.05%, 10/15/26		1,075		865
Level 3 Financing, Inc.
3.40%, 3/1/27 (a)		625		525
Lowe's Cos., Inc.
5.80%, 9/15/62		750		690
Macy's Retail Holdings LLC
5.88%, 3/15/30 (a)(c)		405		321

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Marriott International, Inc.,
Series HH
2.85%, 4/15/31	$	1,075	$	846
McDonald's Corp.
4.45%, 9/1/48		350		293
MDGH GMTN (RSC) Ltd.
4.50%, 11/7/28 (a)		425		419
Micron Technology, Inc.
2.70%, 4/15/32		1,275		930
Microsoft Corp.
2.53%, 6/1/50		625		411
Midwest Connector Capital Co. LLC
4.63%, 4/1/29 (a)		600		536
Minsur SA
4.50%, 10/28/31 (a)		200		162
MPLX LP,
4.95%, 3/14/52		250		196
5.20%, 12/1/47		100		81
NBN Co. Ltd.
2.63%, 5/5/31 (a)		1,225		977
Newcastle Coal Infrastructure Group Pty Ltd.
4.40%, 9/29/27 (a)		1,125		964
Nissan Motor Co. Ltd.
3.52%, 9/17/25 (a)		1,025		944
NOVA Chemicals Corp.
4.88%, 6/1/24 (a)		300		282
ONEOK, Inc.,
3.10%, 3/15/30		1,125		916
3.40%, 9/1/29		275		231
Ooredoo International Finance Ltd.
2.63%, 4/8/31 (a)		520		431
Oracle Corp.,
3.60%, 4/1/50		525		329
3.85%, 7/15/36		225		169
Peloton Interactive, Inc.
0.00%, 2/15/26		415		282
Prosus NV
3.68%, 1/21/30 (a)		775		582
Q-Park Holding I BV
1.50%, 3/1/25 (a)	EUR	150		128
Resorts World Las Vegas LLC/RWLV Capital, Inc.
4.63%, 4/16/29 (a)	$	300		229
RingCentral, Inc.
0.00%, 3/15/26		175		135
Rockies Express Pipeline LLC
3.60%, 5/15/25 (a)		400		361
Rogers Communications, Inc.
4.55%, 3/15/52 (a)		550		440
Sabine Pass Liquefaction LLC
4.50%, 5/15/30		950		867
Sealed Air Corp.
1.57%, 10/15/26 (a)		800		671

	Face Amount (000)		Value (000)
Shell International Finance BV
3.13%, 11/7/49	$	550	$	378
Sigma Alimentos SA de CV
4.13%, 5/2/26		450		406
Silgan Holdings, Inc.
1.40%, 4/1/26 (a)		500		427
Smithfield Foods, Inc.
3.00%, 10/15/30 (a)		850		657
Sodexo, Inc.
2.72%, 4/16/31 (a)		675		527
Spotify USA, Inc.
0.00%, 3/15/26		165		130
Standard Industries, Inc.
2.25%, 11/21/26 (a)	EUR	100		77
Starbucks Corp.
2.55%, 11/15/30	$	225		184
Syngenta Finance NV
4.89%, 4/24/25 (a)		300		290
T-Mobile USA, Inc.,
2.25%, 11/15/31		725		548
3.30%, 2/15/51		250		163
Take-Two Interactive Software, Inc.
4.00%, 4/14/32		225		196
TD SYNNEX Corp.
2.38%, 8/9/28		250		202
Tencent Holdings Ltd.,
2.39%, 6/3/30 (a)		200		157
3.60%, 1/19/28 (a)		500		448
3.98%, 4/11/29 (a)		300		269
Transportadora de Gas Internacional SA ESP
5.55%, 11/1/28 (a)		400		358
Transurban Finance Co. Pty Ltd.
2.45%, 3/16/31 (a)		500		387
Uber Technologies, Inc.
0.00%, 12/15/25 (c)		150		125
Union Pacific Corp.
4.95%, 9/9/52		825		771
Verizon Communications, Inc.,
1.75%, 1/20/31		500		376
2.36%, 3/15/32		250		192
2.65%, 11/20/40		850		556
2.99%, 10/30/56		107		64
3.40%, 3/22/41		300		220
VICI Properties LP
4.75%, 2/15/28		300		276
VICI Properties LP/VICI Note Co., Inc.
3.88%, 2/15/29 (a)		850		715
Vontier Corp.
2.95%, 4/1/31		725		523
Walt Disney Co.,
2.75%, 9/1/49		109		69
3.50%, 5/13/40		450		348

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Warnermedia Holdings, Inc.
4.28%, 3/15/32 (a)	$	475	$	391
5.05%, 3/15/42 (a)		325		244
5.14%, 3/15/52 (a)		1,000		729
Western Digital Corp.
1.50%, 2/1/24		215		205
Williams Cos., Inc.
5.30%, 8/15/52		600		524
Ziff Davis, Inc.
1.75%, 11/1/26 (a)		200		186
				65,173
Utilities (10.7%)
Alliant Energy Finance Co.
3.60%, 3/1/32 (a)		725		620
Ameren Illinois Co.
1.55%, 11/15/30		475		364
APA Infrastructure Ltd.
4.20%, 3/23/25 (a)		300		288
Berkshire Hathaway Energy Co.,
2.85%, 5/15/51		350		216
4.60%, 5/1/53 (a)		150		127
Cleveland Electric Illuminating Co.
4.55%, 11/15/30 (a)		250		233
Consumers Energy Co.
2.50%, 5/1/60		325		180
Dominion Energy, Inc.
4.35%, 8/15/32		425		385
DTE Electric Co.
3.95%, 3/1/49		450		362
Duke Energy Corp.
5.00%, 8/15/52		725		619
Duke Energy Indiana LLC
2.75%, 4/1/50		580		362
Duke Energy Progress LLC
3.45%, 3/15/29		275		250
Enel Finance International NV
5.00%, 6/15/32 (a)		400		342
Entergy Texas, Inc.
3.55%, 9/30/49		200		141
Exelon Corp.
4.10%, 3/15/52 (a)		225		174
Fells Point Funding Trust
3.05%, 1/31/27 (a)		1,275		1,138
FirstEnergy Transmission LLC
4.55%, 4/1/49 (a)		350		274
Georgia Power Co.,
Series A
3.25%, 3/15/51		525		348
Interstate Power and Light Co.,
2.30%, 6/1/30		300		241
3.50%, 9/30/49		175		126

	Face Amount (000)		Value (000)
Jersey Central Power & Light Co.
2.75%, 3/1/32 (a)	$	375	$	298
NextEra Energy Capital Holdings, Inc.
3.00%, 1/15/52		475		304
Niagara Mohawk Power Corp.
2.76%, 1/10/32 (a)		800		626
Northern States Power Co.
2.90%, 3/1/50		350		235
NRG Energy, Inc.
3.88%, 2/15/32 (a)		300		235
Pacific Gas and Electric Co.
3.30%, 8/1/40		375		241
PacifiCorp
2.70%, 9/15/30		950		795
PECO Energy Co.
3.05%, 3/15/51		425		288
Piedmont Natural Gas Co., Inc.
2.50%, 3/15/31		475		375
Public Service Co. of Colorado,
Series 34
3.20%, 3/1/50		275		193
4.50%, 6/1/52		275		239
Public Service Enterprise Group, Inc.
2.45%, 11/15/31		525		409
Southern California Edison Co.
4.00%, 4/1/47		250		183
Southern Co.,
4.40%, 7/1/46		275		215
4.48%, 8/1/24 (d)		550		543
Tampa Electric Co.
5.00%, 7/15/52		400		369
Union Electric Co.
3.90%, 4/1/52		250		197
Virginia Electric and Power Co.,
2.45%, 12/15/50		275		162
Series A
2.88%, 7/15/29		350		304
2.95%, 11/15/51		375		244
Vistra Operations Co. LLC
4.88%, 5/13/24 (a)		900		878
				14,123
Mortgages — Other (1.8%)
CSMC Trust
5.99%, 9/15/35		1,100		1,095
J.P. Morgan Chase Commercial Mortgage Securities Trust
5.13%, 8/15/39		1,300		1,290
				2,385
Total Fixed Income Securities (Cost $150,543)				128,418

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Shares		Value (000)
Short-Term Investments (3.5%)
Investment Company (1.4%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $1,898)		1,898,343	$	1,898
Securities held as Collateral on Loaned Securities (0.7%)
Investment Company (0.7%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $901)		901,065		901
	Face Amount (000)
U.S. Treasury Security (1.4%)
U.S. Treasury Bill, 3.84%, 3/16/23 (e)(f) (Cost $1,833)	$	1,865		1,834
Total Short-Term Investments (Cost $4,632)				4,633
Total Investments (101.2%) (Cost $155,175) Including $1,070 of Securities Loaned (g)(h)				133,051
Liabilities in Excess of Other Assets (–1.2%)				(1,549	)
Net Assets (100.0%)			$	131,502

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

(b) 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 September 30, 2022.

(d) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2022. Maturity date disclosed is the ultimate maturity date.

(e) Rate shown is the yield to maturity at September 30, 2022.

(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, purchase of open foreign currency forward exchange contract and open futures contracts.

(h) At September 30, 2022, the aggregate cost for federal income tax purposes is approximately $155,720,000. The aggregate gross unrealized appreciation is approximately $1,194,000 and the aggregate gross unrealized depreciation is approximately $23,830,000, resulting in net unrealized depreciation of approximately $22,636,000.

MTN Medium Term Note.

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at September 30, 2022:

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Delivery Date	Unrealized Appreciation (Depreciation) (000)
Australia & New Zealand Banking Group Ltd.	EUR	2		$	2		11/10/22	$	(—	@)
Australia & New Zealand Banking Group Ltd.	EUR	2		$	2		11/10/22		—	@
Australia & New Zealand Banking Group Ltd.	EUR	—	@	$	—	@	11/10/22		—	@
HSBC Bank PLC	EUR	1		$	1		11/10/22		—	@
Royal Bank of Canada	EUR	534		$	548		11/10/22		23
UBS AG	$	9		EUR	9		11/10/22		(—	@)
UBS AG	EUR	1		$	1		11/10/22		—	@
								$	23

Futures Contracts:

The Fund had the following futures contracts open at September 30, 2022:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 2 yr. Note		69	Dec-22	$	13,800		$	14,172		$	(205	)
U.S. Treasury 5 yr. Note		10	Dec-22		1,000			1,075			(5	)
U.S. Treasury Long Bond		76	Dec-22		7,600			9,607			(699	)
U.S. Treasury Ultra Bond		21	Dec-22		2,100			2,877			(210	)
Short:
German Euro-BOBL Index		1	Dec-22	EUR	(100	)		(117	)		4
German Euro-Bund Index		1	Dec-22		(100	)		(136	)		8
U.S. Treasury 10 yr. Note		71	Dec-22	$	(7,100	)		(7,957	)		377
U.S. Treasury 10 yr. Ultra Note		114	Dec-22		(11,400	)		(13,507	)		766
										$	36

@ Value is less than $500.

EUR Euro

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

Portfolio Composition*

Classification	Percentage of Total Investments
Industrials		49.3	%
Finance		35.4
Utilities		10.7
Short-Term Investments		2.8
Other**		1.8
Total Investments		100.0	%***

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.

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

*** Does not include open long/short futures contracts with a value of approximately $49,448,000 and net unrealized appreciation of approximately $36,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $23,000.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Corporate Bond Portfolio

Statement of Assets and Liabilities	September 30, 2022 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $152,376)	$	130,252
Investment in Security of Affiliated Issuer, at Value (Cost $2,799)		2,799
Total Investments in Securities, at Value (Cost $155,175)		133,051
Foreign Currency, at Value (Cost $26)		20
Interest Receivable		1,286
Receivable for Investments Sold		491
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		23
Receivable from Affiliate		8
Receivable for Fund Shares Sold		1
Receivable from Securities Lending Income		1
Other Assets		94
Total Assets		134,975
Liabilities:
Payable for Investments Purchased		2,079
Collateral on Securities Loaned, at Value		901
Payable for Fund Shares Redeemed		150
Payable for Professional Fees		77
Payable for Advisory Fees		58
Payable for Trustees' Fees and Expenses		39
Payable for Sub Transfer Agency Fees — Class I		27
Payable for Sub Transfer Agency Fees — Class A		4
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Sub Transfer Agency Fees — Class C		1
Payable for Transfer Agency Fees — Class I		28
Payable for Transfer Agency Fees — Class A		1
Payable for Transfer Agency Fees — Class L		1
Payable for Transfer Agency Fees — Class C		1
Payable for Custodian Fees		17
Payable for Administration Fees		9
Deferred Capital Gain Country Tax		8
Payable for Variation Margin on Futures Contracts		4
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
Bank Overdraft		2
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		—	@
Other Liabilities		63
Total Liabilities		3,473
Net Assets	$	131,502
Net Assets Consist of:
Paid-in-Capital	$	165,246
Total Accumulated Loss		(33,744	)
Net Assets	$	131,502

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Corporate Bond Portfolio

Statement of Assets and Liabilities (cont'd)	September 30, 2022 (000)
CLASS I:
Net Assets	$	114,804
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		11,537,257
Net Asset Value, Offering and Redemption Price Per Share	$	9.95
CLASS A:
Net Assets	$	14,158
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,420,944
Net Asset Value, Redemption Price Per Share	$	9.96
Maximum Sales Load		3.25	%
Maximum Sales Charge	$	0.33
Maximum Offering Price Per Share	$	10.29
CLASS L:
Net Assets	$	1,049
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		105,396
Net Asset Value, Offering and Redemption Price Per Share	$	9.95
CLASS C:
Net Assets	$	1,491
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		150,844
Net Asset Value, Offering and Redemption Price Per Share	$	9.89
⁽¹⁾ Including: Securities on Loan, at Value:	$	1,070

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Corporate Bond Portfolio

Statement of Operations	Year Ended September 30, 2022 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $—@ of Foreign Taxes Withheld)	$	5,020
Dividends from Security of Affiliated Issuer (Note G)		16
Income from Securities Loaned — Net		8
Total Investment Income		5,044
Expenses:
Advisory Fees (Note B)		582
Professional Fees		155
Transfer Agency Fees — Class I (Note E)		120
Transfer Agency Fees — Class A (Note E)		4
Transfer Agency Fees — Class L (Note E)		2
Transfer Agency Fees — Class C (Note E)		3
Administration Fees (Note C)		124
Sub Transfer Agency Fees — Class I		101
Sub Transfer Agency Fees — Class A		20
Sub Transfer Agency Fees — Class L		1
Sub Transfer Agency Fees — Class C		2
Registration Fees		88
Shareholder Services Fees — Class A (Note D)		43
Distribution and Shareholder Services Fees — Class L (Note D)		6
Distribution and Shareholder Services Fees — Class C (Note D)		20
Shareholder Reporting Fees		39
Pricing Fees		33
Custodian Fees (Note F)		30
Trustees' Fees and Expenses		9
Other Expenses		23
Total Expenses		1,405
Reimbursement of Class Specific Expenses — Class I (Note B)		(220	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(2	)
Waiver of Shareholder Servicing Fees — Class A (Note D)		(17	)
Rebate from Morgan Stanley Affiliate (Note G)		(2	)
Net Expenses		1,164
Net Investment Income		3,880
Realized Gain (Loss):
Investments Sold		(11,928	)
Foreign Currency Forward Exchange Contracts		122
Foreign Currency Translation		(8	)
Futures Contracts		959
Net Realized Loss		(10,855	)
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Decrease in Deferred Capital Gain Country Tax of $10)		(24,683	)
Foreign Currency Forward Exchange Contracts		2
Foreign Currency Translation		(5	)
Futures Contracts		(315	)
Net Change in Unrealized Appreciation (Depreciation)		(25,001	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(35,856	)
Net Decrease in Net Assets Resulting from Operations	$	(31,976	)

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Corporate Bond Portfolio

Statements of Changes in Net Assets	Year Ended September 30, 2022 (000)			Year Ended September 30, 2021 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	3,880		$	3,699
Net Realized Gain (Loss)		(10,855	)		4,472
Net Change in Unrealized Appreciation (Depreciation)		(25,001	)		(5,736	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(31,976	)		2,435
Dividends and Distributions to Shareholders:
Class I		(7,373	)		(10,139	)
Class A		(866	)		(741	)
Class L		(56	)		(78	)
Class C		(91	)		(140	)
Total Dividends and Distributions to Shareholders		(8,386	)		(11,098	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		56,097			85,374
Distributions Reinvested		7,055			9,647
Redeemed		(74,705	)		(107,653	)
Class A:
Subscribed		5,672			18,261
Distributions Reinvested		866			741
Redeemed		(7,599	)		(9,655	)
Class L:
Exchanged		—			46
Distributions Reinvested		56			78
Redeemed		(132	)		(345	)
Class C:
Subscribed		121			1,036
Distributions Reinvested		90			138
Redeemed		(1,310	)		(1,178	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(13,789	)		(3,510	)
Total Decrease in Net Assets		(54,151	)		(12,173	)
Net Assets:
Beginning of Period		185,653			197,826
End of Period	$	131,502		$	185,653
(1) Capital Share Transactions:
Class I:
Shares Subscribed		5,109			6,504
Shares Issued on Distributions Reinvested		583			729
Shares Redeemed		(6,614	)		(8,272	)
Net Decrease in Class I Shares Outstanding		(922	)		(1,039	)
Class A:
Shares Subscribed		485			1,402
Shares Issued on Distributions Reinvested		71			56
Shares Redeemed		(653	)		(740	)
Net Increase (Decrease) in Class A Shares Outstanding		(97	)		718
Class L:
Shares Exchanged		—			3
Shares Issued on Distributions Reinvested		5			6
Shares Redeemed		(11	)		(26	)
Net Decrease in Class L Shares Outstanding		(6	)		(17	)
Class C:
Shares Subscribed		11			81
Shares Issued on Distributions Reinvested		7			10
Shares Redeemed		(109	)		(90	)
Net Increase (Decrease) in Class C Shares Outstanding		(91	)		1

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Corporate Bond Portfolio

	Class I
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	12.96		$	13.49		$	12.78		$	11.80		$	12.32
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.30			0.25			0.32			0.40			0.39
Net Realized and Unrealized Gain (Loss)		(2.69	)		(0.05	)		0.72			1.04			(0.58	)
Total from Investment Operations		(2.39	)		0.20			1.04			1.44			(0.19	)
Distributions from and/or in Excess of:
Net Investment Income		(0.27	)		(0.25	)		(0.33	)		(0.46	)		(0.33	)
Net Realized Gain		(0.35	)		(0.48	)		—			—			—
Total Distributions		(0.62	)		(0.73	)		(0.33	)		(0.46	)		(0.33	)
Net Asset Value, End of Period	$	9.95		$	12.96		$	13.49		$	12.78		$	11.80
Total Return⁽²⁾		(19.23	)%		1.44	%		8.19	%		12.64	%		(1.60	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	114,804		$	161,409		$	182,070		$	122,450		$	108,809
Ratio of Expenses Before Expense Limitation		0.86	%		0.79	%		0.86	%		1.01	%		0.97	%
Ratio of Expenses After Expense Limitation		0.70	%⁽³⁾		0.70	%⁽³⁾		0.70	%⁽³⁾		0.70	%⁽³⁾		0.70	%⁽³⁾
Ratio of Net Investment Income		2.55	%⁽³⁾		1.90	%⁽³⁾		2.49	%⁽³⁾		3.34	%⁽³⁾		3.29	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾
Portfolio Turnover Rate		110	%		125	%		133	%		64	%		37	%

(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) 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."

(4) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Corporate Bond Portfolio

	Class A
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	12.97		$	13.50		$	12.80		$	11.81		$	12.32
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.26			0.22			0.29			0.37			0.33
Net Realized and Unrealized Gain (Loss)		(2.68	)		(0.05	)		0.70			1.04			(0.56	)
Total from Investment Operations		(2.42	)		0.17			0.99			1.41			(0.23	)
Distributions from and/or in Excess of:
Net Investment Income		(0.24	)		(0.22	)		(0.29	)		(0.42	)		(0.28	)
Net Realized Gain		(0.35	)		(0.48	)		—			—			—
Total Distributions		(0.59	)		(0.70	)		(0.29	)		(0.42	)		(0.28	)
Net Asset Value, End of Period	$	9.96		$	12.97		$	13.50		$	12.80		$	11.81
Total Return⁽²⁾		(19.45	)%		1.22	%		7.88	%		12.25	%		(1.87	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	14,158		$	19,689		$	10,807		$	6,400		$	4,496
Ratio of Expenses Before Expense Limitation		1.09	%		1.02	%		1.10	%		1.21	%		1.29	%
Ratio of Expenses After Expense Limitation		0.99	%⁽³⁾		0.92	%⁽³⁾		0.99	%⁽³⁾		0.99	%⁽³⁾		1.01	%⁽³⁾
Ratio of Net Investment Income		2.28	%⁽³⁾		1.68	%⁽³⁾		2.20	%⁽³⁾		3.04	%⁽³⁾		2.78	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾
Portfolio Turnover Rate		110	%		125	%		133	%		64	%		37	%

(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) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Corporate Bond Portfolio

	Class L
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	12.96		$	13.49		$	12.79		$	11.79		$	12.30
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.21			0.17			0.24			0.32			0.29
Net Realized and Unrealized Gain (Loss)		(2.69	)		(0.05	)		0.70			1.04			(0.56	)
Total from Investment Operations		(2.48	)		0.12			0.94			1.36			(0.27	)
Distributions from and/or in Excess of:
Net Investment Income		(0.18	)		(0.17	)		(0.24	)		(0.36	)		(0.24	)
Net Realized Gain		(0.35	)		(0.48	)		—			—			—
Total Distributions		(0.53	)		(0.65	)		(0.24	)		(0.36	)		(0.24	)
Net Asset Value, End of Period	$	9.95		$	12.96		$	13.49		$	12.79		$	11.79
Total Return⁽²⁾		(19.83	)%		0.79	%		7.47	%		11.82	%		(2.19	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,049		$	1,444		$	1,727		$	1,671		$	1,499
Ratio of Expenses Before Expense Limitation		1.43	%		N/A			1.39	%		1.49	%		1.56	%
Ratio of Expenses After Expense Limitation		1.43	%⁽³⁾		1.33	%⁽³⁾		1.38	%⁽³⁾		1.38	%⁽³⁾		1.38	%⁽³⁾
Ratio of Net Investment Income		1.84	%⁽³⁾		1.27	%⁽³⁾		1.84	%⁽³⁾		2.67	%⁽³⁾		2.45	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾
Portfolio Turnover Rate		110	%		125	%		133	%		64	%		37	%

(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) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Corporate Bond Portfolio

	Class C
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	12.87		$	13.41		$	12.71		$	11.72		$	12.25
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.16			0.10			0.18			0.27			0.25
Net Realized and Unrealized Gain (Loss)		(2.65	)		(0.05	)		0.71			1.03			(0.57	)
Total from Investment Operations		(2.49	)		0.05			0.89			1.30			(0.32	)
Distributions from and/or in Excess of:
Net Investment Income		(0.14	)		(0.11	)		(0.19	)		(0.31	)		(0.21	)
Net Realized Gain		(0.35	)		(0.48	)		—			—			—
Total Distributions		(0.49	)		(0.59	)		(0.19	)		(0.31	)		(0.21	)
Net Asset Value, End of Period	$	9.89		$	12.87		$	13.41		$	12.71		$	11.72
Total Return⁽²⁾		(20.05	)%		0.28	%		7.09	%		11.34	%		(2.64	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,491		$	3,111		$	3,222		$	2,801		$	2,074
Ratio of Expenses Before Expense Limitation		1.92	%		1.81	%		1.90	%		2.01	%		2.15	%
Ratio of Expenses After Expense Limitation		1.80	%⁽³⁾		1.80	%⁽³⁾		1.80	%⁽³⁾		1.80	%⁽³⁾		1.80	%⁽³⁾
Ratio of Net Investment Income		1.40	%⁽³⁾		0.80	%⁽³⁾		1.42	%⁽³⁾		2.24	%⁽³⁾		2.10	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾
Portfolio Turnover Rate		110	%		125	%		133	%		64	%		37	%

(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) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements

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

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

exchange; (3) when market quotations are not readily available, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (4) 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.

2. Fair Value Measurement: Financial Accounting Standards Board ("FASB") ASC 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the price that

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

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.)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

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	$	—		$	126,033		$	—	$	126,033
Mortgages — Other		—			2,385			—		2,385
Total Fixed Income Securities		—			128,418			—		128,418
Short-Term Investments
Investment Company		2,799			—			—		2,799
U.S. Treasury Security		—			1,834			—		1,834
Total Short-Term Investments		2,799			1,834			—		4,633
Foreign Currency Forward Exchange Contracts		—			23			—		23
Futures Contracts		1,155			—			—		1,155
Total Assets		3,954			130,275			—		134,229
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(—	@)		—		(—	@)
Futures Contracts		(1,119	)		—			—		(1,119	)
Total Liabilities		(1,119	)		(—	@)		—		(1,119	)
Total	$	2,835		$	130,275		$	—	$	133,110

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

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances.

However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

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

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

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

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

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

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.

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.

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of September 30, 2022:

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

1,155

(a)

Total

1,178

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

(1,119

)(a)

Total

(1,119

)

@ Value is less than $500.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	122
Interest Rate Risk	Futures Contracts		959
Total		$	1,081
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	2
Interest Rate Risk	Futures Contracts		(315	)
Total		$	(313	)

At September 30, 2022, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Statement of Assets and Liabilities
Derivatives(b)	Assets(c) (000)		Liabilities(c) (000)
Foreign Currency Forward Exchange Contracts	$	23	$	(—	@)

(b) Excludes exchange-traded derivatives.

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

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 September 30, 2022:

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)
Australia & New Zealand Banking Group Ltd.	$	—	@	$	(—	@)	$	—	$	0
HSBC Bank PLC		—	@		—			—		—	@
Royal Bank of Canada		23			—			—		23
UBS AG		—	@		(—	@)		—		0
Total	$	23		$	(—	@)	$	—	$	23
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)
Australia & New Zealand Banking Group Ltd.	$	—	@	$	(—	@)	$	—	$	0
UBS AG		—	@		(—	@)		—		0
Total	$	—	@	$	(—	@)	$	—	$	0

@ Amount is less than $500.

For the year ended September 30, 2022, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	765,000
Futures Contracts:
Average monthly notional value	$	73,238,000

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

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 September 30, 2022:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amounts Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	1,070	(d)	$	—	$	(1,070	)(e)(f)	$	0

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

(e) The Fund received cash collateral of approximately $901,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $185,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

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

Remaining Contractual Maturity of the Agreements
	Overnight and Continuous (000)		<30 days (000)		Between 30 & 90 days (000)		>90 days (000)		Total (000)
Securities Lending Transactions
Corporate Bonds	$	901	$	—	$	—	$	—	$	901
Total Borrowings	$	901	$	—	$	—	$	—	$	901
Gross amount of recognized liabilities for securities lending transactions									$	901

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

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

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.

1.52% for Class L shares and 1.80% for Class C 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 year ended September 30, 2022, approximately $222,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

G. Security Transactions and Transactions with Affiliates: For the year ended September 30, 2022, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $168,364,000 and $187,377,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended September 30, 2022.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the year ended September 30, 2022, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the year ended September 30, 2022 is as follows:

Affiliated Investment Company				Value September 30, 2021 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	4,841			$	90,319			$	92,361			$	16

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value September 30, 2022 (000)
Liquidity Funds				$	—			$	—			$	2,799

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 year ended September 30, 2022, included in "Trustees' Fees and Expenses" in the Statement of Operations amounted to approximately $2,000. At September 30, 2022, the Fund had an accrued pension liability of approximately $39,000, which is reflected as "Payable for Trustees' Fees and Expenses" in the Statement of Assets and Liabilities.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

2022 Distributions Paid From:				2021 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	3,558	$	4,828	$	6,696	$	4,402

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2022.

At September 30, 2022, 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)
$	391			$	—

At September 30, 2022, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $6,287,000 and $5,167,000, respectively, that do not have an expiration date.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

supply chains. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact the Fund will also depend on 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) may be adversely affected because of these and similar types of factors and developments.

L. Results of Special Meeting of Shareholders (unaudited): On February 25, 2022, a special meeting of the Trust's shareholders was held for the purpose of voting on the following matter, the results of which were as follows:

Election of Trustees by all shareholders:

	For		Against
Frances L. Cashman		1,001,428,988		27,543,564
Nancy C. Everett		994,527,335		34,445,217
Eddie A. Grier		999,694,220		29,278,332
Jakki L. Haussler		997,669,902		31,302,650
Patricia A. Maleski		1,000,046,511		28,926,041

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Morgan Stanley Institutional Fund Trust —
Corporate Bond Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Corporate Bond Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund Trust (the "Trust")), including the portfolio of investments, as of September 30, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund Trust) at September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.
Boston, Massachusetts
November 29, 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2021, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was below its peer group average for the one-year period but better than its peer group average for the three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee was lower than its peer group average and total expense ratio was higher than but close to its peer group average. After discussion, the Board concluded that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

The Board considered the size and growth prospects of the Fund and how that relates to the Fund's total expense ratio and particularly the Fund's management fee rate, which does not include breakpoints. In conjunction with its review of the Adviser's profitability, the Board discussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Fund and whether the management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and/or potential economies of scale of the Fund supports its decision to approve the Management Agreement.

Profitability of the Adviser and Affiliates

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Advisory Agreement Approval (unaudited) (cont'd)

Other Benefits of the Relationship

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

Other Factors and Current Trends

General Conclusion

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Liquidity Risk Management Program (unaudited)

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2022.

The Fund designated and paid approximately $4,828,000 as a long-term capital gain distribution.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) April 2021

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 investment management affiliates' everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) (cont'd) April 2021

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 Investment Management 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) (cont'd) April 2021

Definitions

Investment Management Affiliates				MSIM Investment Management Affiliates include registered investment advisers, registered broker/dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates				Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ 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

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited)

Independent Trustees:

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Frank L. Bowman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1944

Trustee

Since
August
2006

Frances L. Cashman
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1961

Trustee

Trustee
since
February
2022

Kathleen A. Dennis
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1953

Trustee

Since
August
2006

Board Member, University of Albany Foundation (2012-present); Board Member, Mutual Funds Directors Forum (2014-present); Director of various non-profit organizations.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Nancy C. Everett
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
January
2015

Eddie A. Grier
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Trustee
since
February
2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Jakki L. Haussler
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1957

Trustee

Since
January
2015

Dr. Manuel H. Johnson
c/o Johnson Smick
International, Inc.
220 I Street, NE
Suite 200
Washington, D.C. 20002
Birth Year: 1949

Trustee

Since
July
1991

Director of NVR, Inc. (home construction).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Joseph J. Kearns
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1942

Trustee

Since
August
1994

Michael F. Klein
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1958

Trustee

Since
August
2006

Director of certain investment funds managed or sponsored by Aetos Alternatives Management, LP; Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

Patricia A. Maleski
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1960

Trustee

Since
January
2017

Trustee, Nutley Family Service Bureau, Inc. (since January 2022).

W. Allen Reed
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1947

Chair of the Board and Trustee

Chair of the Board since August 2020 and Trustee since August 2006

Formerly, Director of Legg Mason, Inc. (2006-2019); and Director of the Auburn University Foundation (2010-2015).

* This is the earliest date the Trustee began serving the Morgan Stanley Funds. Each Trustee serves an indefinite term, until his or her successor is elected.

*** This includes any directorships at public companies and registered investment companies held by the Trustee at any time during the past five years.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Executive Officers:

Name, Address and Birth Year
of Executive Officer

Position(s) Held
with
Registrant

Length of
Time Served*

Principal Occupation(s) During Past 5 Years

John H. Gernon
522 Fifth Avenue
New York, NY 10036
Birth Year: 1963

President and Principal Executive Officer

Since
September
2013

Deidre A. Downes
1633 Broadway
New York, NY 10019
Birth Year: 1977

Chief Compliance Officer

Since November
2021

Francis J. Smith
522 Fifth Avenue
New York, NY 10036
Birth Year: 1965

Treasurer and Principal Financial Officer

Treasurer since July 2003 and Principal Financial Officer since September
2002

Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).

Mary E. Mullin
1633 Broadway
New York, NY 10019
Birth Year: 1967

Secretary

Since
June
1999

Managing Director of the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

Michael J. Key
522 Fifth Avenue
New York, NY 10036
Birth Year: 1979

Vice President

Since
June
2017

* This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves an indefinite term, until his or her successor is elected.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

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

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

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

Counsel to the Independent Trustees

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

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

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

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

IFTCBANN
5062083 EXP 11.30.23

Morgan Stanley Institutional Fund Trust

Discovery Portfolio

Annual Report

September 30, 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Table of Contents (unaudited)

Shareholders' Letter					2
Consolidated Expense Example					3
Investment Overview					4
Consolidated Portfolio of Investments					7
Consolidated Statement of Assets and Liabilities					9
Consolidated Statement of Operations					11
Consolidated Statements of Changes in Net Assets					12
Consolidated Financial Highlights					14
Notes to Consolidated Financial Statements					19
Report of Independent Registered Public Accounting Firm					31
Investment Advisory Agreement Approval					32
Liquidity Risk Management Program					34
Federal Tax Notice					35
U.S. Customer Privacy Notice					36
Trustee and Officer Information					39

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Annual Report, in which you will learn how your investment in Discovery Portfolio (the "Fund") performed during the latest twelve-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

October 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Expense Example (unaudited)

Discovery Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended September 30, 2022 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 4/1/22		Actual Ending Account Value 9/30/22		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	$	596.10	$	1,021.26	$	3.04	$	3.85		0.76	%
Discovery Portfolio Class A		1,000.00		595.80		1,020.00		4.04		5.11		1.01
Discovery Portfolio Class L		1,000.00		594.40		1,017.25		6.24		7.89		1.56
Discovery Portfolio Class C		1,000.00		593.10		1,015.89		7.31		9.25		1.83
Discovery Portfolio Class R6⁽¹⁾		1,000.00		596.70		1,021.66		2.72		3.45		0.68

** Annualized.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited)

Discovery Portfolio

The Fund seeks long-term capital growth.

Performance

For the fiscal year ended September 30, 2022, the Fund's Class I shares had a total return based on net asset value and reinvestment of distributions per share of –61.26%, net of fees. The Fund's Class I shares underperformed against the Fund's benchmark, the Russell Midcap® Growth Index (the "Index"), which returned –29.50%.

Factors Affecting Performance

• Fear and uncertainty due to concerns about inflation, rising interest rates, geopolitical tensions and ongoing effects of the global pandemic resulted in overall greater market volatility and a sell-off in high growth equities. We believe this sell-off, which began in the fourth quarter of 2021, was driven primarily by non-fundamental factors. Fundamentals across portfolio holdings largely remained healthy and in line with our expectations. Despite market volatility, we continued to find many high quality companies with attractive end-game potential due to compelling fundamentals, strong balance sheets and multiple competitive advantages. While we opportunistically added to some positions and initiated new ones, overall we made few changes as we remain confident in the long-term prospects for the businesses we own.

• Counterpoint Global seeks high quality companies, which we define primarily as those with sustainable competitive advantages. We manage concentrated portfolios that are highly differentiated from the benchmark, with securities weighted on our assessment of the quality of the company and our conviction. The value added or detracted in any period of time will result from stock selection, given our philosophy and process.

• The long-term investment horizon and conviction-weighted investment approach embraced by the team since its inception in 1998 can result in periods of performance deviation from the benchmark and peers. The portfolio underperformed the benchmark this reporting period primarily due to adverse stock selection, with sector allocations detracting to a lesser extent.

• Mid-cap growth stocks declined 29.50% in the 12-month period, as measured by the Index. All

sectors in the Index had negative performance in the period, except energy, which posted a double-digit gain. Communication services was the weakest performing sector in the Index. Against this backdrop, our team continued to focus on stock selection and the long-term outlook for companies in the portfolio.

• Mixed stock selection in information technology and consumer discretionary had the largest negative impact on relative performance. A technology company specializing in consumer buy-now-pay-later point of sale financing and payment processing was the greatest detractor in the sector and across the whole portfolio. Its shares languished due to concerns about a tougher funding environment and macroeconomic weakness resulting in potentially greater consumer delinquencies and loan losses. A leader in selling used cars online in the U.S. was the sixth largest detractor in the portfolio and the greatest in the consumer discretionary sector. The company faced a more challenging macroeconomic environment that has weakened consumer demand for used cars.

• Most other sectors also detracted from relative performance over the period due to stock selection, including health care, financials, real estate and industrials. In health care, mixed stock selection was partly offset by the positive impact of an average sector overweight position. A health care platform provider to physicians was the top contributor in the health care sector and across the portfolio. Its shares outperformed due to solid revenue and profit growth that beat analysts' expectations.

• Stock selection in communication services contributed positively to performance. However, the relative gain was more than offset by overweight position in the sector, which detracted.

Management Strategies

• Counterpoint Global looks to own a portfolio of unique companies with diverse business drivers, strong competitive advantages and positioning, and healthy secular growth prospects whose market value we believe can increase significantly over the long-term for underlying fundamental reasons, independent of the macro or market environment. We find these companies through fundamental

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited) (cont'd)

Discovery Portfolio

research. Our emphasis is on secular growth, and as a result short-term market events are not as meaningful in the stock selection process.

• Counterpoint Global believes having a market outlook can be an anchor. We focus on assessing company prospects over a five-year investment horizon. Current portfolio positioning reflects what we believe are the best long-term investment opportunities.

* Minimum Investment

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited) (cont'd)

Discovery Portfolio

Performance Compared to the Russell Midcap^® Growth Index⁽¹⁾ and the Lipper Mid-Cap Growth Funds Index⁽²⁾

	Period Ended September 30, 2022 Total Returns⁽³⁾
				Average Annual
	One Year			Five Years			Ten Years			Since Inception⁽⁹⁾
Fund — Class I Shares w/o sales charges⁽⁴⁾		–61.26	%		8.86	%		8.81	%		11.35	%
Fund — Class A Shares w/o sales charges⁽⁵⁾		–61.35			8.56			8.51			9.03
Fund — Class A Shares with maximum 5.25% sales charges⁽⁵⁾		–63.38			7.40			7.93			8.80
Fund — Class L Shares w/o sales charges⁽⁶⁾		–61.52			8.05			7.94			8.05
Fund — Class C Shares w/o sales charges⁽⁸⁾		–61.66			7.70			—			7.73
Fund — Class C Shares with maximum 1.00% deferred sales charges⁽⁸⁾		–61.91			7.70			—			7.73
Fund — Class R6 Shares w/o sales charges⁽⁷⁾		–61.20			8.96			—			6.89
Russell Midcap^® Growth Index		–29.50			7.62			10.85			10.00
Lipper Mid-Cap Growth Funds Index		–31.45			6.85			9.99			9.42

⁽¹⁾ The Russell Midcap^® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap^® Index is a subset of the Russell 1000^® Index and includes approximately 800 of the smallest securities in the Russell 1000^® Index, which in turn consists of approximately 1,000 of the largest U.S. securities based on a combination of market capitalization and current index membership. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

⁽²⁾ The Lipper Mid-Cap Growth Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Mid-Cap Growth Funds classification. The index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. As of the date of this report, the Fund was in the Lipper Mid-Cap Growth Funds classification.

⁽³⁾ Total returns for the Fund reflect expenses waived and/or reimbursed, if applicable, by the Adviser. Without such waivers and/or reimbursements, total returns would have been lower.

⁽⁴⁾ Commenced operations on March 30, 1990.

⁽⁵⁾ Commenced offering on January 31, 1997.

⁽⁶⁾ Commenced offering on June 14, 2012.

⁽⁷⁾ Commenced offering on September 13, 2013. Effective April 29,2022, Class IS shares were renamed to Class R6 shares.

⁽⁸⁾ Commenced offering on May 31, 2017.

⁽⁹⁾ For comparative purposes, average annual since inception returns listed for the Indexes refer to the inception date of Class I of the Fund, not the inception of the Indexes.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments

Discovery Portfolio

	Shares		Value (000)
Common Stocks (95.4%)
Biotechnology (1.2%)
Intellia Therapeutics, Inc. (a)		124,701	$	6,978
ProKidney Corp. (a)		800,384		7,212
				14,190
Chemicals (0.6%)
Ginkgo Bioworks Holdings, Inc. (a)(b)		2,170,082		6,771
Commercial Services & Supplies (0.3%)
Aurora Innovation, Inc. (a)(b)		1,527,734		3,376
Consumer Finance (0.7%)
Upstart Holdings, Inc. (a)(b)		392,442		8,159
Entertainment (4.8%)
ROBLOX Corp., Class A (a)		1,559,055		55,876
Health Care Providers & Services (9.1%)
Agilon Health, Inc. (a)		3,914,855		91,686
Guardant Health, Inc. (a)		244,920		13,184
				104,870
Health Care Technology (4.3%)
Doximity, Inc., Class A (a)(b)		1,656,132		50,048
Information Technology Services (24.6%)
Adyen NV (Netherlands) (a)		20,883		26,044
Affirm Holdings, Inc. (a)(b)		1,975,888		37,068
Cloudflare, Inc., Class A (a)		1,391,753		76,978
MongoDB, Inc. (a)		263,716		52,363
Shopify, Inc., Class A (Canada) (a)		507,673		13,677
Snowflake, Inc., Class A (a)		463,159		78,719
				284,849
Interactive Media & Services (5.3%)
ZoomInfo Technologies, Inc., Class A (a)		1,478,508		61,595
Internet & Direct Marketing Retail (12.3%)
Chewy, Inc., Class A (a)(b)		1,194,319		36,690
Coupang, Inc. (a)		1,606,606		26,782
DoorDash, Inc., Class A (a)		904,556		44,730
Farfetch Ltd., Class A (a)		1,177,736		8,774
Global-e Online Ltd. (Israel) (a)		613,407		16,415
Wayfair, Inc., Class A (a)(b)		285,187		9,283
				142,674
Leisure Products (1.2%)
Peloton Interactive, Inc., Class A (a)		1,944,472		13,475
Life Sciences Tools & Services (1.2%)
10X Genomics, Inc., Class A (a)		473,079		13,473
Pharmaceuticals (6.2%)
Royalty Pharma PLC, Class A (United Kingdom)		1,791,886		71,998
Road & Rail (1.4%)
Grab Holdings Ltd., Class A (Singapore) (a)		6,346,433		16,691
Software (21.5%)
Bill.Com Holdings, Inc. (a)		467,169		61,839
Cipher Mining, Inc. (a)		2,392,437		3,014

	Shares		Value (000)
Datadog, Inc., Class A (a)		648,138	$	57,542
Gitlab, Inc., Class A (a)		353,055		18,084
MicroStrategy, Inc., Class A (a)(b)		25,205		5,350
Samsara, Inc., Class A (a)		1,005,186		12,133
Trade Desk, Inc., Class A (a)		1,342,296		80,202
Unity Software, Inc. (a)		361,116		11,505
				249,669
Specialty Retail (0.7%)
Carvana Co. (a)(b)		389,854		7,914
Total Common Stocks (Cost $1,816,144)				1,105,628
Preferred Stock (2.3%)
Software (2.3%)
Databricks, Inc. (a)(c)(d) (acquisition cost — $31,810 ; acquired 8/31/21) (Cost $31,810)		432,882		25,782
Investment Company (0.7%)
Grayscale Bitcoin Trust (a) (Cost $31,077)		727,381		8,299
	No. of Warrants
Warrant (0.0%) (e)
Chemicals (0.0%) (e)
Ginkgo Bioworks Holdings, Inc. expires 12/31/27 (a) (Cost $656)		196,782		142
	Shares
Short-Term Investments (5.4%)
Securities held as Collateral on Loaned Securities (3.8%)
Investment Company (3.2%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note G)		37,014,298		37,014
	Face Amount (000)
Repurchase Agreements (0.6%)
HSBC Securities USA, Inc., (2.97%, dated 9/30/22, due 10/3/22; proceeds $5,251; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $5,355)	$	5,251		5,251
Merrill Lynch & Co., Inc., (2.95%, dated 9/30/22, due 10/3/22; proceeds $1,575; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $1,607)		1,575		1,575
				6,826
Total Securities held as Collateral on Loaned Securities (Cost $43,840)				43,840

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

	Shares		Value (000)
Investment Company (1.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note G) (Cost $18,876)		18,876,048	$	18,876
Total Short-Term Investments (Cost $62,716)				62,716
Total Investments Excluding Purchased Options (103.8%) (Cost $1,942,403)				1,202,567
Total Purchased Options Outstanding (0.9%) (Cost $7,548)				10,531
Total Investments (104.7%) (Cost $1,949,951) Including $42,258 of Securities Loaned (f)(g)(h)				1,213,098
Liabilities in Excess of Other Assets (–4.7%)				(54,257	)
Net Assets (100.0%)			$	1,158,841

(a) Non-income producing security.

(b) All or a portion of this security was on loan at September 30, 2022.

(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 September 30, 2022 amounts to approximately $25,782,000 and represents 2.2% of net assets.

(d) At September 30, 2022, the Fund held a fair valued security at approximately $25,782,000, representing 2.2% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Trust's (as defined herein) Trustees.

(e) Amount is less than 0.05%.

(f) The approximate fair value and percentage of net assets, $26,044,000 and 2.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Consolidated Financial Statements.

(g) Securities are available for collateral in connection with purchased options.

(h) At September 30, 2022, the aggregate cost for federal income tax purposes is approximately $2,039,943,000. The aggregate gross unrealized appreciation is approximately $72,435,000 and the aggregate gross unrealized depreciation is approximately $899,280,000, resulting in net unrealized depreciation of approximately $826,845,000.

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2022:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Appreciation (000)
Goldman Sachs International	USD/CNH	CNH	7.27	Nov-22		994,884,991		994,885	$	5,096	$	4,776	$	320
JP Morgan Chase Bank NA	USD/CNH	CNH	7.53	Jul-23		279,968,319		279,968		2,585		1,390		1,195
Standard Chartered Bank	USD/CNH	CNH	7.57	Aug-23		309,556,026		309,556		2,850		1,382		1,468
									$	10,531	$	7,548	$	2,983

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

Portfolio Composition*

Classification	Percentage of Total Investments
Information Technology Services		24.2	%
Software		23.4
Others**		20.1
Internet & Direct Marketing Retail		12.1
Health Care Providers & Services		8.9
Pharmaceuticals		6.1
Interactive Media & Services		5.2
Total Investments		100.0	%

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022.

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

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Discovery Portfolio

Consolidated Statement of Assets and Liabilities	September 30, 2022 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value⁽¹⁾ (Cost $1,894,061)	$	1,157,208
Investment in Security of Affiliated Issuer, at Value (Cost $55,890)		55,890
Total Investments in Securities, at Value (Cost $1,949,951)		1,213,098
Foreign Currency, at Value (Cost $2)		2
Cash from Securities Lending		604
Receivable for Investments Sold		5,465
Receivable for Fund Shares Sold		957
Receivable from Securities Lending Income		147
Receivable from Affiliate		35
Other Assets		191
Total Assets		1,220,499
Liabilities:
Collateral on Securities Loaned, at Value		44,444
Due to Broker		11,123
Payable for Fund Shares Redeemed		2,550
Payable for Advisory Fees		1,691
Payable for Investments Purchased		707
Payable for Sub Transfer Agency Fees — Class I		270
Payable for Sub Transfer Agency Fees — Class A		224
Payable for Sub Transfer Agency Fees — Class L		2
Payable for Sub Transfer Agency Fees — Class C		9
Payable for Shareholder Services Fees — Class A		118
Payable for Distribution and Shareholder Services Fees — Class L		3
Payable for Distribution and Shareholder Services Fees — Class C		14
Payable for Professional Fees		85
Payable for Administration Fees		83
Payable for Transfer Agency Fees — Class I		15
Payable for Transfer Agency Fees — Class A		13
Payable for Transfer Agency Fees — Class L		2
Payable for Transfer Agency Fees — Class C		3
Payable for Transfer Agency Fees — Class R6*		6
Payable for Trustees' Fees and Expenses		38
Payable for Custodian Fees		29
Other Liabilities		229
Total Liabilities		61,658
Net Assets	$	1,158,841
Net Assets Consist of:
Paid-in-Capital	$	3,053,483
Total Accumulated Loss		(1,894,642	)
Net Assets	$	1,158,841

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Discovery Portfolio

Consolidated Statement of Assets and Liabilities (cont'd)	September 30, 2022 (000)
CLASS I:
Net Assets	$	416,283
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		34,514,857
Net Asset Value, Offering and Redemption Price Per Share	$	12.06
CLASS A:
Net Assets	$	527,685
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		64,286,940
Net Asset Value, Redemption Price Per Share	$	8.21
Maximum Sales Load		5.25	%
Maximum Sales Charge	$	0.45
Maximum Offering Price Per Share	$	8.66
CLASS L:
Net Assets	$	4,704
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		759,290
Net Asset Value, Offering and Redemption Price Per Share	$	6.20
CLASS C:
Net Assets	$	15,363
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		2,042,309
Net Asset Value, Offering and Redemption Price Per Share	$	7.52
CLASS R6:*
Net Assets	$	194,806
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		15,790,478
Net Asset Value, Offering and Redemption Price Per Share	$	12.34
⁽¹⁾ Including: Securities on Loan, at Value:	$	42,258

* Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Discovery Portfolio

Consolidated Statement of Operations	Year Ended September 30, 2022 (000)
Investment Income:
Income from Securities Loaned — Net	$	2,540
Dividends from Securities of Unaffiliated Issuers		1,697
Dividends from Security of Affiliated Issuer (Note G)		134
Total Investment Income		4,371
Expenses:
Advisory Fees (Note B)		11,952
Shareholder Services Fees — Class A (Note D)		2,693
Distribution and Shareholder Services Fees — Class L (Note D)		64
Distribution and Shareholder Services Fees — Class C (Note D)		333
Sub Transfer Agency Fees — Class I		1,160
Sub Transfer Agency Fees — Class A		1,573
Sub Transfer Agency Fees — Class L		6
Sub Transfer Agency Fees — Class C		36
Administration Fees (Note C)		1,912
Shareholder Reporting Fees		536
Registration Fees		443
Professional Fees		182
Transfer Agency Fees — Class I (Note E)		62
Transfer Agency Fees — Class A (Note E)		51
Transfer Agency Fees — Class L (Note E)		6
Transfer Agency Fees — Class C (Note E)		11
Transfer Agency Fees — Class R6* (Note E)		17
Custodian Fees (Note F)		57
Trustees' Fees and Expenses		40
Pricing Fees		4
Other Expenses		61
Total Expenses		21,199
Rebate from Morgan Stanley Affiliate (Note G)		(37	)
Net Expenses		21,162
Net Investment Loss		(16,791	)
Realized Loss:
Investments Sold		(1,135,078	)
Foreign Currency Translation		(9	)
Net Realized Loss		(1,135,087	)
Change in Unrealized Appreciation (Depreciation):
Investments		(1,014,509	)
Foreign Currency Translation		(—	@)
Derivative Contracts — PIPE		2,197
Net Change in Unrealized Appreciation (Depreciation)		(1,012,312	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(2,147,399	)
Net Decrease in Net Assets Resulting from Operations	$	(2,164,190	)

* Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Discovery Portfolio

Consolidated Statements of Changes in Net Assets	Year Ended September 30, 2022 (000)			Year Ended September 30, 2021 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Loss	$	(16,791	)	$	(31,334	)
Net Realized Gain (Loss)		(1,135,087	)		1,266,791
Net Change in Unrealized Appreciation (Depreciation)		(1,012,312	)		(722,786	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,164,190	)		512,671
Dividends and Distributions to Shareholders:
Class I		(386,320	)		(135,191	)
Class A		(575,714	)		(187,887	)
Class L		(5,061	)		(1,715	)
Class C		(19,087	)		(4,704	)
Class R6*		(129,368	)		(35,866	)
Total Dividends and Distributions to Shareholders		(1,115,550	)		(365,363	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		400,574			1,494,047
Distributions Reinvested		377,934			133,437
Redeemed		(865,913	)		(1,294,553	)
Class A:
Subscribed		203,921			1,891,356
Distributions Reinvested		568,915			186,773
Redeemed		(639,762	)		(1,552,599	)
Class L:
Exchanged		59			107
Distributions Reinvested		4,989			1,708
Redeemed		(1,076	)		(2,973	)
Class C:
Subscribed		5,755			39,697
Distributions Reinvested		17,813			4,528
Redeemed		(18,434	)		(17,607	)
Class R6:*
Subscribed		126,508			379,174
Distributions Reinvested		117,594			35,841
Redeemed		(145,532	)		(249,517	)
Net Increase in Net Assets Resulting from Capital Share Transactions		153,345			1,049,419
Total Increase (Decrease) in Net Assets		(3,126,395	)		1,196,727
Net Assets:
Beginning of Period		4,285,236			3,088,509
End of Period	$	1,158,841		$	4,285,236

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Discovery Portfolio

Consolidated Statements of Changes in Net Assets (cont'd)	Year Ended September 30, 2022 (000)			Year Ended September 30, 2021 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		19,793			34,209
Shares Issued on Distributions Reinvested		13,059			3,083
Shares Redeemed		(39,274	)		(29,946	)
Net Increase (Decrease) in Class I Shares Outstanding		(6,422	)		7,346
Class A:
Shares Subscribed		12,433			54,660
Shares Issued on Distributions Reinvested		28,820			5,631
Shares Redeemed		(37,499	)		(46,679	)
Net Increase in Class A Shares Outstanding		3,754			13,612
Class L:
Shares Exchanged		5			4
Shares Issued on Distributions Reinvested		333			61
Shares Redeemed		(88	)		(107	)
Net Increase (Decrease) in Class L Shares Outstanding		250			(42	)
Class C:
Shares Subscribed		362			1,195
Shares Issued on Distributions Reinvested		979			143
Shares Redeemed		(1,263	)		(549	)
Net Increase in Class C Shares Outstanding		78			789
Class R6:*
Shares Subscribed		5,864			8,508
Shares Issued on Distributions Reinvested		3,977			816
Shares Redeemed		(6,884	)		(5,636	)
Net Increase in Class IS Shares Outstanding		2,957			3,688

* Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Financial Highlights

Discovery Portfolio

	Class I
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020⁽¹⁾			2019⁽¹⁾			2018⁽¹⁾
Net Asset Value, Beginning of Period	$	42.00		$	38.19		$	19.92		$	23.30		$	22.30
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.14	)		(0.24	)		(0.15	)		(0.05	)		(0.07	)
Net Realized and Unrealized Gain (Loss)		(19.69	)		7.35			20.73			0.35			7.99
Total from Investment Operations		(19.83	)		7.11			20.58			0.30			7.92
Distributions from and/or in Excess of:
Net Realized Gain		(10.11	)		(3.30	)		(2.31	)		(3.68	)		(6.92	)
Net Asset Value, End of Period	$	12.06		$	42.00		$	38.19		$	19.92		$	23.30
Total Return⁽³⁾		(61.26	)%		18.36	%		115.34	%		4.71	%		47.85	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	416,283		$	1,719,520		$	1,282,828		$	374,736		$	304,179
Ratio of Expenses Before Expense Limitation		0.77	%		N/A			0.74	%		0.74	%		0.72	%
Ratio of Expenses After Expense Limitation		0.77	%⁽⁴⁾		0.72	%⁽⁴⁾		0.73	%⁽⁴⁾		0.73	%⁽⁴⁾		0.71	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			0.72	%⁽⁴⁾		0.73	%⁽⁴⁾		0.73	%⁽⁴⁾		0.71	%⁽⁴⁾
Ratio of Net Investment Loss		(0.58	)%⁽⁴⁾		(0.54	)%⁽⁴⁾		(0.57	)%⁽⁴⁾		(0.27	)%⁽⁴⁾		(0.35	)%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.01	%		0.01	%		0.01	%
Portfolio Turnover Rate		67	%		115	%		65	%		116	%		86	%

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

(5) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Financial Highlights

Discovery Portfolio

	Class A
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020⁽¹⁾			2019⁽¹⁾			2018⁽¹⁾
Net Asset Value, Beginning of Period	$	32.12		$	29.92		$	16.12		$	19.71		$	19.92
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.14	)		(0.27	)		(0.17	)		(0.09	)		(0.11	)
Net Realized and Unrealized Gain (Loss)		(13.66	)		5.77			16.28			0.18			6.82
Total from Investment Operations		(13.80	)		5.50			16.11			0.09			6.71
Distributions from and/or in Excess of:
Net Realized Gain		(10.11	)		(3.30	)		(2.31	)		(3.68	)		(6.92	)
Net Asset Value, End of Period	$	8.21		$	32.12		$	29.92		$	16.12		$	19.71
Total Return⁽³⁾		(61.35	)%		18.02	%		114.87	%		4.40	%		47.36	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	527,685		$	1,944,335		$	1,403,660		$	403,285		$	304,921
Ratio of Expenses Before Expense Limitation		1.03	%		N/A			1.01	%		1.00	%		1.02	%
Ratio of Expenses After Expense Limitation		1.03	%⁽⁴⁾		1.00	%⁽⁴⁾		1.00	%⁽⁴⁾		0.99	%⁽⁴⁾		1.01	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			1.00	%⁽⁴⁾		1.00	%⁽⁴⁾		0.99	%⁽⁴⁾		1.01	%⁽⁴⁾
Ratio of Net Investment Loss		(0.85	)%⁽⁴⁾		(0.81	)%⁽⁴⁾		(0.82	)%⁽⁴⁾		(0.52	)%⁽⁴⁾		(0.65	)%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.01	%		0.01	%		0.01	%
Portfolio Turnover Rate		67	%		115	%		65	%		116	%		86	%

(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) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Financial Highlights

Discovery Portfolio

	Class L
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020⁽¹⁾			2019⁽¹⁾			2018⁽¹⁾
Net Asset Value, Beginning of Period	$	27.00		$	25.69		$	14.21		$	17.96		$	18.79
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.16	)		(0.36	)		(0.21	)		(0.15	)		(0.18	)
Net Realized and Unrealized Gain (Loss)		(10.53	)		4.97			14.00			0.08			6.27
Total from Investment Operations		(10.69	)		4.61			13.79			(0.07	)		6.09
Distributions from and/or in Excess of:
Net Realized Gain		(10.11	)		(3.30	)		(2.31	)		(3.68	)		(6.92	)
Net Asset Value, End of Period	$	6.20		$	27.00		$	25.69		$	14.21		$	17.96
Total Return⁽³⁾		(61.52	)%		17.48	%		113.70	%		3.90	%		46.73	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	4,704		$	13,762		$	14,173		$	8,124		$	9,572
Ratio of Expenses Before Expense Limitation		1.51	%		N/A			1.50	%		1.51	%		1.51	%
Ratio of Expenses After Expense Limitation		1.51	%⁽⁴⁾		1.44	%⁽⁴⁾		1.49	%⁽⁴⁾		1.50	%⁽⁴⁾		1.50	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			1.44	%⁽⁴⁾		1.49	%⁽⁴⁾		1.50	%⁽⁴⁾		1.50	%⁽⁴⁾
Ratio of Net Investment Loss		(1.33	)%⁽⁴⁾		(1.26	)%⁽⁴⁾		(1.27	)%⁽⁴⁾		(1.06	)%⁽⁴⁾		(1.15	)%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.01	%		0.01	%		0.01	%
Portfolio Turnover Rate		67	%		115	%		65	%		116	%		86	%

(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) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Financial Highlights

Discovery Portfolio

	Class C
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020⁽¹⁾			2019⁽¹⁾			2018⁽¹⁾
Net Asset Value, Beginning of Period	$	30.51		$	28.74		$	15.67		$	19.42		$	19.85
Income (Loss) from Investment Operations:
Net Investment Loss⁽²⁾		(0.24	)		(0.49	)		(0.32	)		(0.22	)		(0.29	)
Net Realized and Unrealized Gain (Loss)		(12.64	)		5.56			15.70			0.15			6.78
Total from Investment Operations		(12.88	)		5.07			15.38			(0.07	)		6.49
Distributions from and/or in Excess of:
Net Realized Gain		(10.11	)		(3.30	)		(2.31	)		(3.68	)		(6.92	)
Net Asset Value, End of Period	$	7.52		$	30.51		$	28.74		$	15.67		$	19.42
Total Return⁽³⁾		(61.66	)%		17.21	%		113.21	%		3.55	%		46.08	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	15,363		$	59,936		$	33,781		$	6,518		$	536
Ratio of Expenses Before Expense Limitation		1.77	%		N/A			1.75	%		1.84	%		3.69	%
Ratio of Expenses After Expense Limitation		1.77	%⁽⁴⁾		1.71	%⁽⁴⁾		1.74	%⁽⁴⁾		1.83	%⁽⁴⁾		1.89	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			1.71	%⁽⁴⁾		1.74	%⁽⁴⁾		1.83	%⁽⁴⁾		1.89	%⁽⁴⁾
Ratio of Net Investment Loss		(1.59	)%⁽⁴⁾		(1.52	)%⁽⁴⁾		(1.59	)%⁽⁴⁾		(1.32	)%⁽⁴⁾		(1.58	)%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.01	%		0.01	%		0.01	%
Portfolio Turnover Rate		67	%		115	%		65	%		116	%		86	%

(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) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Financial Highlights

Discovery Portfolio

	Class R6⁽¹⁾
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020⁽²⁾			2019⁽²⁾			2018⁽²⁾
Net Asset Value, Beginning of Period	$	42.67		$	38.72		$	20.15		$	23.50		$	22.43
Income (Loss) from Investment Operations:
Net Investment Loss⁽³⁾		(0.10	)		(0.19	)		(0.12	)		(0.04	)		(0.06	)
Net Realized and Unrealized Gain (Loss)		(20.12	)		7.44			21.00			0.37			8.05
Total from Investment Operations		(20.22	)		7.25			20.88			0.33			7.99
Distributions from and/or in Excess of:
Net Realized Gain		(10.11	)		(3.30	)		(2.31	)		(3.68	)		(6.92	)
Net Asset Value, End of Period	$	12.34		$	42.67		$	38.72		$	20.15		$	23.50
Total Return⁽⁴⁾		(61.20	)%		18.47	%		115.65	%		4.77	%		47.89	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	194,806		$	547,683		$	354,067		$	130,653		$	93,005
Ratio of Expenses Before Expense Limitation		0.64	%		N/A			0.64	%		0.64	%		0.66	%
Ratio of Expenses After Expense Limitation		0.64	%⁽⁵⁾		0.61	%⁽⁵⁾		0.63	%⁽⁵⁾		0.63	%⁽⁵⁾		0.65	%⁽⁵⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			0.61	%⁽⁵⁾		0.63	%⁽⁵⁾		0.63	%⁽⁵⁾		0.65	%⁽⁵⁾
Ratio of Net Investment Loss		(0.45	)%⁽⁵⁾		(0.42	)%⁽⁵⁾		(0.44	)%⁽⁵⁾		(0.18	)%⁽⁵⁾		(0.30	)%⁽⁵⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.01	%		0.01	%		0.01	%
Portfolio Turnover Rate		67	%		115	%		65	%		116	%		86	%

(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) 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."

(6) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements

The accompanying consolidated financial statements relate to the Discovery Portfolio. The Fund seeks long-term capital growth. The Fund offers five classes of shares — Class I, Class A, Class L, Class C and Class R6. Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The Fund has suspended offering of Class L shares for sale to all investors. Class L shareholders of the Fund do not have the option of purchasing additional Class L shares. However, existing Class L shareholders may invest in additional Class L shares through reinvestment of dividends and distributions. 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 consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may, consistent with its principal investment strategies, invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, 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 September 30, 2022, the

Subsidiary represented approximately $11,142,000 or approximately 0.96% of the total 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. At this time, management is currently evaluating the impact of ASU 2022-03.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

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 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 brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; (5) when market quotations are not readily available, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are

valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (6) 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; (7) Private Investment in Public Equity ("PIPE") investments may be valued based on the underlying stock price less a discount until the commitment is fulfilled and shares are registered; and (8) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

2. Fair Value Measurement: FASB 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

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

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

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

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	$	14,190	$	—	$	—	$	14,190
Chemicals		6,771		—		—		6,771
Commercial Services & Supplies		3,376		—		—		3,376

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)
Consumer Finance	$	8,159	$	—	$	—	$	8,159
Entertainment		55,876		—		—		55,876
Health Care Providers & Services		104,870		—		—		104,870
Health Care Technology		50,048		—		—		50,048
Information Technology Services		258,805		26,044		—		284,849
Interactive Media & Services		61,595		—		—		61,595
Internet & Direct Marketing Retail		142,674		—		—		142,674
Leisure Products		13,475		—		—		13,475
Life Sciences Tools & Services		13,473		—		—		13,473
Pharmaceuticals		71,998		—		—		71,998
Road & Rail		16,691		—		—		16,691
Software		249,669		—		—		249,669
Specialty Retail		7,914		—		—		7,914
Total Common Stocks		1,079,584		26,044		—		1,105,628
Preferred Stock
Software		—		—		25,782		25,782
Investment Company		8,299		—		—		8,299
Warrant		142		—		—		142
Call Options Purchased		—		10,531		—		10,531
Short-Term Investments
Investment Company		55,890		—		—		55,890
Repurchase Agreements		—		6,826		—		6,826
Total Short-Term Investments		55,890		6,826		—		62,716
Total Assets	$	1,143,915	$	43,401	$	25,782	$	1,213,098

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)			Derivative Contract — PIPE (000)
Beginning Balance	$	31,810		$	(2,197	)
Purchases		—			—
Sales		—			—
PIPE transactions		—			2,197
Amortization of discount		—			—
Transfers in		—			—
Transfers out		—			—
Corporate actions		—			—
Change in unrealized appreciation (depreciation)		(6,028	)		—
Realized gains (losses)		—			—
Ending Balance	$	25,782		$	—
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022	$	(6,028	)	$	—

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2022:

Fair Value at
September 30, 2022
(000)

Valuation
Technique

Unobservable
Input

Amount*

Impact to
Valuation from an
Increase in Input**

Preferred Stock

25,782

Discounted Cash Flow

Weighted Average
Cost of Capital

13.5

Decrease

Perpetual Growth Rate

3.5

Increase

Market Comparable
Companies

Enterprise Value/
Revenue

22.8

Increase

Discount for Lack
of Marketability

14.0

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.

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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

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 and risks arising from margin requirements. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with

the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

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

Options: With respect to options, the Fund is subject to equity risk, interest rate risk and foreign currency exchange risk in the normal course of pursuing its 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

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.

Private Investment in Public Equity: The Fund may acquire equity securities of an issuer that are issued through a private investment in public equity transaction, including on a when-issued basis. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, typically at a discount to the market price of the company's securities. The Fund's PIPE investment represents an unfunded subscription agreement in a private investment in public equity.

As of September 30, 2022, the Fund did not have any open PIPE contract.

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of September 30, 2022:

Asset Derivatives Consolidated
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Purchased Options

Investments, at Value
(Purchased Options)

Currency Risk

10,531

(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)	$	(22,675	)(b)

(b) 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)	$	20,781	(c)
Equity Risk	Derivative Contract — PIPE		2,197
Total		$	22,978

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

At September 30, 2022, 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 (000)			Liabilities (000)
Purchased Options	$	10,531	(a)(d)	$	—

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

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

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 September 30, 2022:

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(e) (000)			Net Amount (not less than $0) (000)
Goldman Sachs International	$	5,096	$	—	$	(4,943	)	$	153
JP Morgan Chase Bank NA		2,585		—		(2,585	)		0
Standard Chartered Bank		2,850				(2,850	)		0
Total	$	10,531	$	—	$	(10,378	)	$	153

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

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

For the year ended September 30, 2022, the approximate average monthly amount outstanding for each derivative type is as follows:

Purchased Options:
Average monthly notional amount		3,095,300,000
Derivative Contract — PIPE:
Average monthly notional amount	$	5,300,000

6. Securities Lending: The Fund lends securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The

Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

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 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 September 30, 2022:

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Gross Asset Amounts Presented in the Consolidated Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	42,258	(f)	$	—	$	(42,258	)(g)(h)	$	0

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

(g) The Fund received cash collateral of approximately $44,444,000, of which approximately $43,840,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Consolidated Portfolio of Investments. As of September 30, 2022, there was uninvested cash of approximately $604,000. In addition, the Fund received non-cash collateral of approximately $6,000 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.

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

FASB ASC 860, "Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

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.

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	$	44,444	$	—	$	—	$	—	$	44,444
Total Borrowings	$	44,444	$	—	$	—	$	—	$	44,444
Gross amount of recognized liabilities for securities lending transactions									$	44,444

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 indemnifications. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

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

10. Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. 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 and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.50% of the average daily net assets of the Fund.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

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.

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

The 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.

G. Security Transactions and Transactions with Affiliates: For the year ended September 30, 2022, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $1,589,109,000 and $2,341,671,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended September 30, 2022.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the year ended September 30, 2022, advisory fees paid were reduced by approximately $37,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the year ended September 30, 2022 is as follows:

Affiliated Investment Company				Value September 30, 2021 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	294,470			$	1,059,496			$	1,298,076			$	134

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value September 30, 2022 (000)
Liquidity Funds				$	—			$	—			$	55,890

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

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 year ended September 30, 2022, included in "Trustees' Fees and Expenses" in the Consolidated Statement of Operations amounted to approximately $2,000. At September 30, 2022, the Fund had an accrued pension liability of approximately $38,000, which is reflected as "Payable for Trustees' Fees and Expenses" in the Consolidated Statement of Assets and Liabilities.

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.

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 consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended September 30, 2022 remains subject to examination by taxing authorities.

2022 Distributions Paid From:				2021 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	354,635	$	760,915	$	64,858	$	300,505

Permanent differences, due to a net operating loss, resulted in the following reclassifications among the components of net assets at September 30, 2022:

Total Accumulated Loss (000)				Paid-in- Capital (000)
$	7,447			$	(7,447	)

At September 30, 2022, the Fund had no distributable earnings on a tax basis.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

At September 30, 2022, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $537,518,000 and $498,111,000, respectively, that do not have an expiration date.

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, 2022, the Fund intends to defer to October 1, 2022 for U.S. federal income tax purposes the following losses:

Qualified Late Year Ordinary Losses (000)				Post-October Capital Losses (000)
$	32,037			$	—

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

Bitcoin: The Fund may have exposure to bitcoin 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), cryptocurrencies 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 outbreak of the coronavirus ("COVID-19") and the recovery responses could adversely impact the operations of the Fund and its service providers and financial performance of the Fund and the Fund's investments. The extent of such impact depends on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, (iv) government and regulatory responses, and (v) the effects on the economy overall as a result of developments such as disruption to consumer demand, economic output and supply chains. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact the Fund will also depend on 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) may be adversely affected because of these and similar types of factors and developments.

Special Purpose Acquisition Companies ("SPAC"): The Fund may invest in stock, warrants, and other securities of SPACs or similar special purpose entities. A SPAC is typically

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

a publicly traded company that raises investment capital via an initial public offering ("IPO") for the purpose of acquiring the equity securities of one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transactions. The Fund may acquire an interest in a SPAC in an IPO or a secondary market transaction.

Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. government securities, money market securities and cash. To the extent the SPAC is invested in cash or similar securities, this may negatively affect the Fund's performance. Because SPACs and similar entities are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions that are completed will be profitable. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. In addition, these securities, which are typically traded in the over-the-counter market, may be considered illiquid and/or be subject to restrictions on resale.

Other risks of investing in SPACs include that a significant portion of the monies raised by the SPAC may be expended during the search for a target transaction; an attractive transaction may not be identified at all (or any requisite approvals may not be obtained) and the SPAC may dissolve and be required to return any remaining monies to shareholders, causing the Fund to incur the opportunity cost of missed investment opportunities the Fund otherwise could have benefited from; a transaction once identified or effected may prove unsuccessful and an investment in the SPAC may lose value; the warrants or other rights with respect to the SPAC held by the Fund may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; and an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC. In addition, a SPAC target company may have limited operating experience, a smaller size, limited product lines, markets, distribution channels and financial and managerial resources. Investing in the securities of smaller companies involves greater risk, and portfolio price volatility.

Private Investment in Public Equity: The Fund may acquire equity securities of an issuer that are issued through a PIPE transaction, including on a when-issued basis. The Fund will generally earmark an amount of cash or high quality securities equal (on a daily mark to market basis) to the amount of its commitment to purchase the when-issued securities. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, including through a SPAC, typically at a discount to the market price of the company's securities. There is a risk that if the market price of the securities drops below a set threshold, the company may have to issue additional stock at a significantly reduced price, which may dilute the value of the Fund's investment. Shares in PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed. This restricted period can last many months. Until the public registration process is completed, PIPEs are restricted as to resale and the Fund cannot freely trade the securities. Generally, such restrictions cause the PIPEs to be illiquid during this time. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect.

Election of Trustees by all shareholders:

	For		Against
Frances L. Cashman		1,001,428,988		27,543,564
Nancy C. Everett		994,527,335		34,445,217
Eddie A. Grier		999,694,220		29,278,332
Jakki L. Haussler		997,669,902		31,302,650
Patricia A. Maleski		1,000,046,511		28,926,041

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Morgan Stanley Institutional Fund Trust —
Discovery Portfolio

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities of Discovery Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund Trust (the "Trust")), including the consolidated portfolio of investments, as of September 30, 2022, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund Trust) at September 30, 2022, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended and its consolidated financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.
Boston, Massachusetts
November 29, 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2021, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was below its peer group average for the one-year period but better than its peer group average for the three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

Profitability of the Adviser and Affiliates

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Advisory Agreement Approval (unaudited) (cont'd)

Other Benefits of the Relationship

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

Other Factors and Current Trends

General Conclusion

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Liquidity Risk Management Program (unaudited)

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2022. For corporate shareholders 0.19% of the dividends qualified for the dividends received deduction.

The Fund designated and paid approximately $760,915,000 as a long-term capital gain distribution.

For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended September 30, 2022. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $664,000 as taxable at this lower rate.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) April 2021

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 investment management affiliates' everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) (cont'd) April 2021

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 Investment Management 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) (cont'd) April 2021

Definitions

Investment Management Affiliates				MSIM Investment Management Affiliates include registered investment advisers, registered broker/dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates				Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ 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

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited)

Independent Trustees:

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Frank L. Bowman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1944

Trustee

Since
August
2006

Frances L. Cashman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1961

Trustee

Trustee
since
February
2022

Kathleen A. Dennis
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1953

Trustee

Since
August
2006

Board Member, University of Albany Foundation (2012-present); Board Member, Mutual Funds Directors Forum (2014-present); Director of various non-profit organizations.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Nancy C. Everett
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
January
2015

Eddie A. Grier
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Trustee
since
February
2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Jakki L. Haussler
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1957

Trustee

Since
January
2015

Dr. Manuel H. Johnson
c/o Johnson Smick
International, Inc.
220 I Street, NE
Suite 200
Washington, D.C. 20002
Birth Year: 1949

Trustee

Since
July
1991

Director of NVR, Inc. (home construction).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Joseph J. Kearns
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1942

Trustee

Since
August
1994

Michael F. Klein
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1958

Trustee

Since
August
2006

Director of certain investment funds managed or sponsored by Aetos Alternatives Management, LP; Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

Patricia A. Maleski
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1960

Trustee

Since
January
2017

Trustee, Nutley Family Service Bureau, Inc. (since January 2022).

W. Allen Reed
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1947

Chair of the Board and Trustee

Chair of the Board since August 2020 and Trustee since August 2006

Formerly, Director of Legg Mason, Inc. (2006-2019); and Director of the Auburn University Foundation (2010-2015).

* This is the earliest date the Trustee began serving the Morgan Stanley Funds. Each Trustee serves an indefinite term, until his or her successor is elected.

*** This includes any directorships at public companies and registered investment companies held by the Trustee at any time during the past five years.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Executive Officers:

Name, Address and Birth Year
of Executive Officer

Position(s) Held
with
Registrant

Length of
Time Served*

Principal Occupation(s) During Past 5 Years

John H. Gernon
522 Fifth Avenue
New York, NY 10036
Birth Year: 1963

President and Principal Executive Officer

Since
September
2013

Deidre A. Downes
1633 Broadway
New York, NY 10019
Birth Year: 1977

Chief Compliance Officer

Since November
2021

Francis J. Smith
522 Fifth Avenue
New York, NY 10036
Birth Year: 1965

Treasurer and Principal Financial Officer

Treasurer since July 2003 and Principal Financial Officer since September
2002

Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).

Mary E. Mullin
1633 Broadway
New York, NY 10019
Birth Year: 1967

Secretary

Since
June
1999

Managing Director of the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

Michael J. Key
522 Fifth Avenue
New York, NY 10036
Birth Year: 1979

Vice President

Since
June
2017

* This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves an indefinite term, until his or her successor is elected.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

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

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

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

Counsel to the Independent Trustees

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

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

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

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

IFTMCGANN
5062020 EXP 11.30.23

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Annual Report

September 30, 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Table of Contents (unaudited)

Shareholders' Letter					2
Expense Example					3
Investment Overview					4
Portfolio of Investments					7
Statement of Assets and Liabilities					12
Statement of Operations					13
Statements of Changes in Net Assets					14
Financial Highlights					15
Notes to Financial Statements					19
Report of Independent Registered Public Accounting Firm					27
Investment Advisory Agreement Approval					28
Liquidity Risk Management Program					30
Federal Tax Notice					31
U.S. Customer Privacy Notice					32
Trustee and Officer Information					35

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Annual Report, in which you will learn how your investment in Dynamic Value Portfolio (the "Fund") performed during the latest twelve-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

October 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Expense Example (unaudited)

Dynamic Value Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended September 30, 2022 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 4/1/22		Actual Ending Account Value 9/30/22		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	$	832.70	$	1,022.56	$	2.30	$	2.54		0.50	%
Dynamic Value Portfolio Class A		1,000.00		830.60		1,020.61		4.08		4.51		0.89
Dynamic Value Portfolio Class C		1,000.00		827.90		1,016.85		7.51		8.29		1.64
Dynamic Value Portfolio Class R6⁽¹⁾		1,000.00		831.80		1,022.61		2.25		2.48		0.49

** Annualized.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited)

Dynamic Value Portfolio

The Fund seeks capital appreciation.

Performance

For the fiscal year ended September 30, 2022, the Fund's Class I shares had a total return based on net asset value and reinvestment of distributions per share of –7.26%, net of fees. The Fund's Class I shares outperformed the Fund's benchmark, the Russell 1000® Value Index (the "Index"), which returned –11.36%.

Factors Affecting Performance

• During the period under review, the portfolio was on average 30% overweight a portfolio of Value stocks and –30% underweight a portfolio of Anti-Value stocks.⁽ⁱ⁾ Value outperformed Growth (which shares characteristics with our Anti-Value portfolio of stocks) over this time period, with the Index falling –11.36%, and the Russell 1000® Growth Index returning –22.6%.⁽ⁱⁱ⁾

• U.S. equities fell –15.5% (S&P 500® Index),⁽ⁱⁱⁱ⁾ entering a bear market in 2022 caused by rising policy rates as the U.S. Federal Reserve (Fed) started to fight inflation that proved to be more persistent than expected in 2021. Long-duration assets with high valuation multiples, such as the top-performing tech stocks of 2021, rapidly sold off as investors reassessed the companies' valuations in anticipation of higher discount rates. As several inflation reports came in higher than expected and the rate hiking cycle accelerated, market participants became increasingly worried that the Fed would be forced to tip the economy into recession and increase unemployment to bring inflation back down to its target (2%).

• The U.S. yield curve inverted during the period, with U.S. 2-year Treasury yields rising +400 basis points to 4.28%, 10-year yields rising +234 basis points to 3.83%, and 30-year yields rising +173 basis points to 3.78%,^(iv) as the Fed completed 300 basis points of rate hikes, with the market pricing a further 150 basis points of increases in the fourth quarter of 2022. The Fed increased its

hawkish stance several times during 2022 and convincingly communicated its intentions to keep rates higher for longer until inflation has been brought down to target, even at the expense of economic growth.

• With the yield curve inversion signaling a recession warning, market sentiment has turned increasingly bearish, leading market participants to closely observe quarterly earnings reports in expectation of an eventual slowdown in earnings and negative forward guidance by companies' management.

• The portfolio's average 30% overweight in a portfolio of Value stocks and –30% underweight in a portfolio of Anti-Value stocks contributed to performance during the period whereas security selection vs. the Index detracted from performance.

Management Strategies

• We believe Value stocks in the U.S. and globally have entered a structural bull market, in which they could potentially outperform growth stocks over the next several years.

• U.S. Value, as defined by the Global Multi Asset team, has outperformed U.S. Anti-Value (i.e., the most expensive quintile of stocks) by +43% since its low in April 2020.⁽ⁱ⁾ Nonetheless, U.S. Value remains nearly the cheapest it has ever been by our measures. From a valuation perspective, we believe U.S. Value continues to look attractive relative to U.S. Anti-Value globally, with U.S. Value extremely cheap on a relative basis. On our composite measure of valuation, relative to U.S. Anti-Value, U.S. Value stocks trade at a 31% discount to fair value, only cheaper 6% of the time in the past 50 years.^(v) Despite the recent outperformance of Value, U.S. Value stocks still trade at only 8x forward earnings, with U.S. Anti-Value stocks at 32x, well below the average historical relative discount of U.S. Value stocks to U.S. Anti-Value.^(iv) The likely drivers towards normalization continue to be above-target inflation

⁽ⁱ⁾ The Global Multi-Asset (GMA) Team identifies Value as the cheapest 20% and Anti-Value as the most expensive 20% of stocks for each industry group within the Russell 1000^® Index universe based on six valuation metrics, including forward price-to-earnings (P/E) ratio and free cash flow yield.

⁽ⁱⁱ⁾ The Russell 1000^® Growth Index is an index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The index is unmanaged and does not include any expenses, fees or sales charges. It is not possible to invest directly in an index.

⁽ⁱⁱⁱ⁾ The S&P 500^® Index measures the performance of the large-cap segment of the U.S. equities market, covering approximately 80% of the U.S. equities market. The Index includes 500 leading companies in leading industries of the U.S. economy. The S&P Index is one of the most widely used benchmarks of U.S. equity performance.

^(iv) Source: Bloomberg L.P. One basis point = 0.01%

^(v) Source: GMA team estimates.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited) (cont'd)

Dynamic Value Portfolio

and higher interest rates, which we believe could be favorable for U.S. Value stocks' fundamentals as well as their valuations relative to longer-duration U.S. Anti-Value stocks.

• As inflation has proven stickier than most expected, the Fed has turned more hawkish and now expects to raise rates above 4.5% in 2023 from a prior expected peak of 3.75%.^(vi) With the core consumer price index reaching a new high in September at 6.6% and unemployment surprisingly falling to 3.5%, a fourth 75 basis points hike in the November Federal Open Market Committee meeting seems likely, with odds of a fifth jumbo hike in December also increasing.^(vii) Although we continue to believe that underlying inflation is peaking and easing energy prices and lower gross domestic product (GDP) growth will likely help bring inflation down further, we also think that the labor market needs to cool off more (lower wage growth, higher unemployment) before inflation can return to target. In our view, the market is now fairly pricing the terminal rate at approximately 4.5% in 2023 and agree with the Fed's outlook that rates will need to stay at that level until significant progress has been made to reduce inflation.

• We remain skeptical, however, that the Fed can achieve a "soft landing" in the economy and therefore consider a "hard landing" in the U.S. to be our base case scenario in the first half of 2023. On an absolute basis this would negatively affect Value stocks as earnings estimates and GDP growth are revised lower. Relative to Anti-Value, however, Value stocks have outperformed 56% of the time during recessions since 1965, giving us further conviction that Value is likely to outperform Anti-Value over the next cycle.^(viii)

^(vi) Source: Federal Reserve Summary of Economic Projections, September 2022.

^(vii) Source: Bureau of Labor Statistics. Data as of September 30, 2022.

^(viii) The index performance is provided for illustrative purposes only and is not meant to depict the performance of a specific investment. Past performance is no guarantee of future results.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited) (cont'd)

Dynamic Value Portfolio

* Minimum Investment

** Commenced operations on March 19, 2021.

In accordance with SEC regulations, the Fund's performance shown assumes that all recurring fees (including management fees) were deducted and all dividends and distributions were reinvested. The performance of Class A, Class C and Class R6 shares will vary from the performance of Class I shares and will be negatively impacted and will be negatively impacted by additional fees assessed to those classes (where applicable).

Performance Compared to the Russell 1000^® Value Index⁽¹⁾ and the Lipper Mid-Cap Value Funds Index⁽²⁾

Period Ended September 30, 2022
Total Returns⁽³⁾

Average Annual

One
Year

Five
Years

Ten
Years

Since
Inception⁽⁵⁾

Fund — Class I Shares
w/o sales charges⁽⁴⁾

–7.26

—

–2.08

Fund — Class A Shares
w/o sales charges⁽⁴⁾

–7.70

—

–2.51

Fund — Class A Shares with
maximum 5.25% sales charges⁽⁴⁾

–12.56

—

–5.85

Fund — Class C Shares
w/o sales charges⁽⁴⁾

–8.32

—

–3.18

Fund — Class C Shares with
maximum 1.00% deferred
sales charges⁽⁴⁾

–9.20

—

–3.18

Fund — Class R6 Shares
w/o sales charges⁽⁴⁾

–7.35

—

–2.15

Russell 1000^® Value Index

–11.36

—

–4.51

Lipper Mid-Cap Value Funds Index

–11.02

—

–5.64

⁽¹⁾The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected and historical growth rates. The Russell 1000^® Index measures the performance of the largest 1000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

⁽²⁾ The Lipper Mid-Cap Value Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Mid-Cap Value Funds classification. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. As of the date of this report, the Fund was in the Lipper Mid-Cap Value Funds classification.

⁽³⁾ Total returns for the Fund reflect expenses waived and/or reimbursed, if applicable, by the Adviser. Without such waivers and/or reimbursements, total returns would have been lower.

⁽⁴⁾ Commenced operations on March 19, 2021. Effective April 29,2022, Class IS shares were renamed to Class R6 shares.

⁽⁵⁾ For comparative purposes, average annual since inception returns listed for the Indexes refer to the inception date of the Fund, not the inception of the Indexes.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments

Dynamic Value Portfolio

	Shares		Value (000)
Common Stocks (93.8%)
Aerospace & Defense (0.4%)
Textron, Inc.		7,194	$	419
Air Freight & Logistics (0.2%)
FedEx Corp.		1,712		254
Automobiles (0.9%)
General Motors Co.		13,830		444
Thor Industries, Inc.		6,134		429
				873
Banks (4.4%)
Citigroup, Inc.		16,961		707
Citizens Financial Group, Inc.		22,689		780
FNB Corp.		69,581		807
KeyCorp		46,041		737
PacWest Bancorp		31,108		703
Popular, Inc.		10,880		784
				4,518
Beverages (0.6%)
Molson Coors Beverage Co., Class B		12,678		608
Biotechnology (4.4%)
Biogen, Inc. (a)		4,182		1,116
Gilead Sciences, Inc.		13,319		822
Horizon Therapeutics PLC (a)		13,875		859
Moderna, Inc. (a)		5,899		697
Regeneron Pharmaceuticals, Inc. (a)		1,408		970
				4,464
Building Products (1.6%)
Builders FirstSource, Inc. (a)		7,260		428
Fortune Brands Home & Security, Inc.		7,158		384
Hayward Holdings, Inc. (a)		42,254		375
Owens Corning		5,366		422
				1,609
Capital Markets (3.6%)
Carlyle Group, Inc.		22,483		581
Franklin Resources, Inc.		27,724		597
Invesco Ltd.		42,458		582
Janus Henderson Group PLC		30,059		611
Jefferies Financial Group, Inc.		22,627		667
Virtu Financial, Inc., Class A		31,264		649
				3,687
Chemicals (2.1%)
Dow, Inc.		7,938		349
Huntsman Corp.		14,735		362
LyondellBasell Industries NV, Class A		4,894		368
Mosaic Co.		7,711		373
Olin Corp.		7,845		336
Westlake Chemical Corp.		4,146		360
				2,148

	Shares		Value (000)
Construction & Engineering (0.8%)
MasTec, Inc. (a)		5,666	$	360
MDU Resources Group, Inc.		14,924		408
				768
Consumer Finance (2.5%)
Ally Financial, Inc.		21,809		607
OneMain Holdings, Inc.		20,358		601
SLM Corp.		50,059		701
Synchrony Financial		22,040		621
				2,530
Containers & Packaging (0.3%)
WestRock Co.		10,654		329
Diversified Consumer Services (1.0%)
ADT, Inc.		46,728		350
Grand Canyon Education, Inc. (a)		4,281		352
H&R Block, Inc.		7,694		327
				1,029
Diversified Telecommunication Services (1.2%)
Lumen Technologies, Inc.		169,427		1,233
Electric Utilities (2.7%)
Edison International		10,767		609
Hawaiian Electric Industries, Inc.		18,122		628
NRG Energy, Inc.		17,828		682
PG&E Corp. (a)		63,721		797
				2,716
Electrical Equipment (0.8%)
Regal Rexnord Corp.		3,223		453
Sensata Technologies Holding PLC		11,030		411
				864
Electronic Equipment, Instruments & Components (1.8%)
Arrow Electronics, Inc. (a)		4,006		369
Avnet, Inc.		9,878		357
Jabil, Inc.		7,078		408
TD SYNNEX Corp.		4,308		350
Vontier Corp.		19,182		321
				1,805
Entertainment (0.6%)
Warner Bros Discovery, Inc. (a)		53,642		617
Equity Real Estate Investment Trusts (REITs) (5.6%)
Annaly Capital Management, Inc. REIT		28,602		491
Apartment Income Corp. REIT		10,395		401
Boston Properties, Inc. REIT		5,330		400
Cousins Properties, Inc. REIT		15,469		361
Highwoods Properties, Inc. REIT		13,764		371
Kimco Realty Corp. REIT		20,226		372
Medical Properties Trust, Inc. REIT		29,560		351
New Residential Investment Corp. REIT		75,849		555
Omega Healthcare Investors, Inc. REIT		13,684		403

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

	Shares		Value (000)
Equity Real Estate Investment Trusts (REITs) (cont'd)
SL Green Realty Corp. REIT		9,577	$	385
Spirit Realty Capital, Inc. REIT		10,585		383
STORE Capital Corp. REIT		16,114		505
VICI Properties, Inc. REIT		13,196		394
Weyerhaeuser Co. REIT		12,520		358
				5,730
Food & Staples Retailing (1.3%)
Albertsons Cos., Inc., Class A		26,347		655
Walgreens Boots Alliance, Inc.		19,909		625
				1,280
Food Products (2.9%)
Bunge Ltd.		6,952		574
Ingredion, Inc.		7,783		627
Pilgrim's Pride Corp. (a)		23,967		552
Seaboard Corp.		174		592
Tyson Foods, Inc., Class A		8,875		585
				2,930
Gas Utilities (1.2%)
National Fuel Gas Co.		10,328		636
UGI Corp.		18,462		597
				1,233
Health Care Equipment & Supplies (1.4%)
Dentsply Sirona, Inc.		16,095		456
Enovis Corp. (a)		10,438		481
QuidelOrtho Corp. (a)		6,535		467
				1,404
Health Care Providers & Services (4.8%)
Centene Corp. (a)		5,804		452
Cigna Corp.		1,928		535
CVS Health Corp.		5,459		521
DaVita, Inc. (a)		5,982		495
ENHABIT, Inc. (a)		35,073		492
Henry Schein, Inc. (a)		7,396		486
Laboratory Corp. of America Holdings		2,312		473
Quest Diagnostics, Inc.		4,245		521
Tenet Healthcare Corp. (a)		8,993		464
Universal Health Services, Inc., Class B		5,329		470
				4,909
Hotels, Restaurants & Leisure (1.4%)
Boyd Gaming Corp.		6,469		308
Marriott Vacations Worldwide Corp.		2,461		300
Penn National Gaming, Inc. (a)		10,852		298
Six Flags Entertainment Corp. (a)		14,721		261
Travel & Leisure Co.		7,931		271
				1,438
Household Durables (1.5%)
DR Horton, Inc.		3,795		256
Lennar Corp., Class A		3,368		251
Lennar Corp., Class B		4,221		251

	Shares		Value (000)
Mohawk Industries, Inc. (a)		2,447	$	223
Pulte Group, Inc.		6,720		252
Toll Brothers, Inc.		6,060		255
				1,488
Household Products (0.6%)
Reynolds Consumer Products, Inc.		24,907		648
Independent Power Producers & Energy Traders (1.3%)
AES Corp.		30,102		680
Vistra Corp.		30,520		641
				1,321
Information Technology Services (4.3%)
Akamai Technologies, Inc. (a)		3,466		278
Amdocs Ltd.		3,685		293
Cognizant Technology Solutions Corp., Class A		4,901		282
Concentrix Corp.		2,477		276
DXC Technology Co. (a)		12,886		315
Euronet Worldwide, Inc. (a)		3,424		259
Fidelity National Information Services, Inc.		3,386		256
Fiserv, Inc. (a)		3,052		286
FleetCor Technologies, Inc. (a)		1,418		250
Genpact Ltd.		6,827		299
Global Payments, Inc.		2,514		272
International Business Machines Corp.		2,401		285
Kyndryl Holdings, Inc. (a)		30,239		250
SS&C Technologies Holdings, Inc.		5,508		263
Western Union Co.		20,427		276
WEX, Inc. (a)		1,978		251
				4,391
Insurance (3.5%)
American International Group, Inc.		9,184		436
Axis Capital Holdings Ltd.		9,397		462
Everest Re Group Ltd.		1,828		480
Fidelity National Financial, Inc.		12,548		454
First American Financial Corp.		8,788		405
Lincoln National Corp.		10,349		455
Old Republic International Corp.		20,562		430
Unum Group		12,761		495
				3,617
Life Sciences Tools & Services (0.6%)
Syneos Health, Inc. (a)		13,309		628
Machinery (2.8%)
AGCO Corp.		4,210		405
Allison Transmission Holdings, Inc.		12,451		420
Esab Corp.		10,719		358
Gates Industrial Corp. PLC (a)		40,316		393
PACCAR, Inc.		5,143		430
Stanley Black & Decker, Inc.		5,048		380
Timken Co.		7,133		421
				2,807

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

	Shares		Value (000)
Media (4.3%)
Altice USA, Inc., Class A (a)		69,161	$	403
Comcast Corp., Class A		18,423		540
DISH Network Corp., Class A (a)		39,429		545
Fox Corp., Class A		19,880		610
Fox Corp., Class B		21,561		615
Nexstar Media Group, Inc., Class A		3,545		592
Paramount Global, Class B		28,003		533
ViacomCBS, Inc., Class A		24,903		536
				4,374
Metals & Mining (1.7%)
Alcoa Corp.		8,315		280
Cleveland-Cliffs, Inc. (a)		24,691		333
Nucor Corp.		3,212		344
Reliance Steel & Aluminum Co.		2,324		405
Steel Dynamics, Inc.		5,448		386
				1,748
Multi-Line Retail (0.6%)
Macy's, Inc.		19,957		313
Nordstrom, Inc.		16,610		278
				591
Oil, Gas & Consumable Fuels (6.5%)
Diamondback Energy, Inc.		6,742		812
HF Sinclair Corp.		17,080		920
Marathon Oil Corp.		35,435		800
Marathon Petroleum Corp.		8,803		874
Ovintiv, Inc.		17,369		799
PDC Energy, Inc.		13,751		795
Phillips 66		9,966		805
Valero Energy Corp.		7,461		797
				6,602
Personal Products (0.6%)
Coty, Inc., Class A (a)		96,940		613
Pharmaceuticals (3.6%)
Bristol-Myers Squibb Co.		11,655		829
Elanco Animal Health, Inc. (a)		52,324		649
Organon & Co.		28,348		663
Pfizer, Inc.		17,667		773
Viatris, Inc.		83,563		712
				3,626
Professional Services (1.3%)
CACI International, Inc., Class A (a)		1,105		288
Dun & Bradstreet Holdings, Inc.		20,695		256
Leidos Holdings, Inc.		3,107		272
ManpowerGroup, Inc.		4,060		263
Science Applications International Corp.		3,310		293
				1,372
Real Estate Management & Development (0.7%)
CBRE Group, Inc., Class A (a)		5,474		370
Jones Lang LaSalle, Inc. (a)		2,531		382
				752

	Shares		Value (000)
Road & Rail (1.6%)
Avis Budget Group, Inc. (a)		2,228	$	331
Hertz Global Holdings, Inc. (a)		19,832		323
Knight-Swift Transportation Holdings, Inc.		7,138		349
Schneider National, Inc., Class B		15,604		317
XPO Logistics, Inc. (a)		7,294		324
				1,644
Semiconductors & Semiconductor Equipment (2.3%)
Cirrus Logic, Inc. (a)		5,807		400
Intel Corp.		14,454		372
Micron Technology, Inc.		8,482		425
MKS Instruments, Inc.		4,632		383
Qorvo, Inc. (a)		4,971		395
Skyworks Solutions, Inc.		4,697		400
				2,375
Software (1.7%)
Aspen Technology, Inc. (a)		1,505		358
Dropbox, Inc., Class A (a)		14,278		296
NCR Corp. (a)		10,219		194
NortonLifeLock, Inc.		13,934		281
Oracle Corp.		4,234		259
Teradata Corp. (a)		9,469		294
				1,682
Specialty Retail (1.9%)
AutoNation, Inc. (a)		3,088		314
Dick's Sporting Goods, Inc.		3,467		363
Gap, Inc.		38,153		313
Lithia Motors, Inc., Class A		1,430		307
Penske Automotive Group, Inc.		3,244		319
Victoria's Secret & Co. (a)		10,051		293
				1,909
Tech Hardware, Storage & Peripherals (0.7%)
Hewlett Packard Enterprise Co.		30,484		365
Western Digital Corp. (a)		9,581		312
				677
Textiles, Apparel & Luxury Goods (0.2%)
PVH Corp.		4,226		189
Thrifts & Mortgage Finance (1.4%)
MGIC Investment Corp.		57,156		733
New York Community Bancorp, Inc.		83,417		711
				1,444
Trading Companies & Distributors (1.6%)
Air Lease Corp.		12,378		384
United Rentals, Inc. (a)		1,518		410
Univar Solutions, Inc. (a)		17,680		402
WESCO International, Inc. (a)		3,472		414
				1,610
Total Common Stocks (Cost $112,823)				95,503

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

	Shares		Value (000)
Short-Term Investment (5.1%)
Investment Company (5.1%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $5,171)		5,170,993	$	5,171
Total Investments (98.9%) (Cost $117,994) (b)(c)				100,674
Other Assets in Excess of Liabilities (1.1%)				1,125
Net Assets (100.0%)			$	101,799

(a) Non-income producing security.

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

(c) At September 30, 2022, the aggregate cost for federal income tax purposes is approximately $116,711,000. The aggregate gross unrealized appreciation is approximately $7,627,000 and the aggregate gross unrealized depreciation is approximately $25,404,000, resulting in net unrealized depreciation of approximately $17,777,000.

REIT Real Estate Investment Trust.

Total Return Swap Agreements:

The Fund had the following total return swap agreements open at September 30, 2022:

Swap Counterparty	Index	Pay/Receive Total Return of Referenced Index	Floating Rate	Payment Frequency	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (000)		Unrealized Appreciation (Depreciation) (000)
JPMorgan Chase Bank NA	JP Morgan Russell 1000 Anti-Value Index^††	Pay	SOFR + 0.15%	Quarterly	8/28/23	$	36,174	$	4,872		$	—	$	4,872
JPMorgan Chase Bank NA	JP Morgan Russell 1000 Value Index^††	Receive	SOFR + 0.15%	Quarterly	8/28/23		44,465		(6,612	)		—		(6,612	)
						$	80,639	$	(1,740	)	$	—	$	(1,740	)

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

The following table represents the equity basket holdings underlying the total return swap with JPM Russell 1000 Anti-Value Index as of September 30, 2022:

Security Description	Shares		Value (000)		Index Weight
JPM Russell 1000 Anti-Value Index
Agilon Health, Inc.		1,785	$	42		0.60	%
Albemarle Corp.		138		36		0.52
Aon PLC		137		37		0.52
Avalara, Inc.		428		39		0.56
Axon Enterprise, Inc.		318		37		0.53
Bank Of Hawaii Corp.		490		37		0.53
Brown & Brown, Inc.		602		36		0.52
Cheniere Energy, Inc.		231		38		0.55
Cognex Corp.		906		38		0.54
Commerce Bancshares, Inc.		559		37		0.53
Costar Group, Inc.		552		38		0.55
Coupa Software, Inc.		641		38		0.54
Cullen/Frost Bankers, Inc.		293		39		0.55
Deckers Outdoor Corp.		121		38		0.54
Dexcom, Inc.		456		37		0.52
Eli Lilly & Co.		123		40		0.57
Enphase Energy, Inc.		134		37		0.53
Erie Indemnity Co.		183		41		0.58
Etsy. Inc.		370		37		0.53
Freshpet, Inc.		831		42		0.59
Guardant Health, Inc.		785		42		0.60
Hershey Co.		169		37		0.53
IDEX Corp.		186		37		0.53
Ionis Pharmaceuticals, Inc.		878		39		0.55

Security Description	Shares		Value (000)		Index Weight
JPM Russell 1000 Anti-Value Index (cont'd)
Keysight Technologies, Inc.		230	$	36		0.52	%
Lamb Weston Holdings, Inc.		479		37		0.53
Linde PLC		134		36		0.52
Lpl Financial Holdings, Inc.		174		38		0.54
Monster Beverage Corp.		436		38		0.54
Nutanix, Inc.		2,084		43		0.62
O'Reilly Automotive, Inc.		55		39		0.55
Paylocity Holding Corp.		159		38		0.55
Penumbra, Inc.		245		46		0.66
Progressive Corp.		315		37		0.52
Rivian Automotive, Inc.		1,194		39		0.56
Rollins, Inc.		1,108		38		0.55
Royal Gold, Inc.		395		37		0.53
Sarepta Therapeutics, Inc.		343		38		0.54
Signify Health, Inc.		1,406		41		0.59
Smartsheet, Inc.		1,129		39		0.55
Snowflake, Inc.		246		42		0.60
Texas Pacific Land Corp.		22		39		0.55
T-Mobile US, Inc.		273		37		0.52
Trade Desk, Inc.		606		36		0.52
Twitter, Inc.		965		42		0.60
Uber Technologies, Inc.		1,366		36		0.52
Vulcan Materials Co.		230		36		0.52
White Mountains Insurance Group Ltd.		29		38		0.54
Wynn Resorts Ltd.		626		39		0.56
Zscaler, Inc.		238		39		0.56

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

The following table represents the equity basket holdings underlying the total return swap with JPM Russell 1000 Value Index as of September 30, 2022:

Security Description	Shares		Value (000)		Index Weight
JPM Russell 1000 Value Index
AES Corp.		3,045	$	69		0.79	%
Albertsons Cos, Inc.		2,725		68		0.77
Ally Financial, Inc.		2,235		62		0.71
Biogen Inc		451		120		1.38
Bristol-Myers Squibb Co.		1,254		89		1.02
Citigroup, Inc.		1,828		76		0.87
Citizens Financial Group, Inc.		2,457		84		0.97
Coty, Inc.		9,683		61		0.70
Diamondback Energy, Inc.		730		88		1.01
Edison International		1,121		63		0.73
Elanco Animal Health, Inc.		5,625		70		0.80
FNB Corp.		7,515		87		1.00
Fox Corp.		2,149		61		0.70
Franklin Resources, Inc.		2,867		62		0.71
Gilead Sciences, Inc.		1,432		88		1.01
Hawaiian Electric Industries, Inc.		1,900		66		0.75
Hf Sinclair Corp.		1,866		100		1.15
Horizon Therapeutics PLC		1,484		92		1.05
Ingredion, Inc.		802		65		0.74
Janus Henderson Group PLC		3,125		63		0.73
Jefferies Financial Group, Inc.		2,326		69		0.78
Keycorp		4,981		80		0.91
Lumen Technologies, Inc.		20,721		151		1.72
Marathon Oil Corp.		3,821		86		0.99

Security Description	Shares		Value (000)		Index Weight
JPM Russell 1000 Value Index (cont'd)
Marathon Petroleum Corp.		953	$	95		1.08	%
Mgic Investment Corp.		6,252		80		0.92
Moderna, Inc.		641		76		0.87
National Fuel Gas Co.		1,061		65		0.75
New York Community Bancorp, Inc.		8,995		77		0.88
Nrg Energy, Inc.		1,847		71		0.81
Onemain Holdings, Inc.		2,095		62		0.71
Organon & Co.		3,026		71		0.81
Ovintiv, Inc.		1,864		86		0.98
Pacwest Bancorp		3,341		76		0.86
Pdc Energy, Inc.		1,476		85		0.98
Pfizer, Inc.		1,912		84		0.96
PG&E Corp.		6,477		81		0.93
Phillips 66		1,084		87		1.00
Popular, Inc.		1,180		85		0.97
Regeneron Pharmaceuticals, Inc.		151		104		1.19
Reynolds Consumer Products, Inc.		2,550		66		0.76
Slm Corp.		5,211		73		0.83
Synchrony Financial		2,260		64		0.73
Syneos Health, Inc.		1,420		67		0.77
Ugi Corp.		1,923		62		0.71
Valero Energy Corp.		816		87		1.00
Viatris, Inc.		8,961		76		0.87
Virtu Financial, Inc.		3,233		67		0.77
Vistra Corp.		3,082		65		0.74
Walgreens Boots Alliance, Inc.		2,097		66		0.75

SOFR Secured Overnight Financing Rate.

Portfolio Composition

Classification	Percentage of Total Investments
Others*		82.6	%
Oil, Gas & Consumable Fuels		6.6
Equity Real Estate Investment Trusts (REITs)		5.7
Short-Term Investment		5.1
Total Investments		100.0	%**

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

** Does not include open swap agreements with net unrealized depreciation of approximately $1,740,000.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Dynamic Value Portfolio

Statement of Assets and Liabilities	September 30, 2022 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $112,823)	$	95,503
Investment in Security of Affiliated Issuer, at Value (Cost $5,171)		5,171
Total Investments in Securities, at Value (Cost $117,994)		100,674
Cash		960
Unrealized Appreciation on Swap Agreement		4,872
Due from Broker		1,770
Dividends Receivable		142
Due from Adviser		24
Receivable from Affiliate		12
Receivable for Fund Shares Sold		—	@
Other Assets		45
Total Assets		108,499
Liabilities:
Unrealized Depreciation on Swap Agreement		6,612
Payable for Professional Fees		35
Payable for Fund Shares Redeemed		8
Payable for Administration Fees		7
Payable for Custodian Fees		5
Payable for Transfer Agency Fees — Class I		—	@
Payable for Transfer Agency Fees — Class A		1
Payable for Transfer Agency Fees — Class C		—	@
Payable for Transfer Agency Fees — Class R6*		—	@
Payable for Shareholder Services Fees — Class A		—	@
Payable for Distribution and Shareholder Services Fees — Class C		2
Payable for Sub Transfer Agency Fees — Class I		—	@
Payable for Sub Transfer Agency Fees — Class A		—	@
Payable for Sub Transfer Agency Fees — Class C		—	@
Other Liabilities		30
Total Liabilities		6,700
Net Assets	$	101,799
Net Assets Consist of:
Paid-in-Capital	$	119,514
Total Accumulated Loss		(17,715	)
Net Assets	$	101,799
CLASS I:
Net Assets	$	9,763
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,054,794
Net Asset Value, Offering and Redemption Price Per Share	$	9.26
CLASS A:
Net Assets	$	1,379
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		149,571
Net Asset Value, Redemption Price Per Share	$	9.22
Maximum Sales Load		5.25	%
Maximum Sales Charge	$	0.51
Maximum Offering Price Per Share	$	9.73
CLASS C:
Net Assets	$	1,736
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		189,971
Net Asset Value, Offering and Redemption Price Per Share	$	9.14
CLASS R6:*
Net Assets	$	88,921
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		9,609,698
Net Asset Value, Offering and Redemption Price Per Share	$	9.25

* Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Dynamic Value Portfolio

Statement of Operations	Year Ended September 30, 2022 (000)
Investment Income:
Dividends from Securities of Unaffiliated Issuers (Net of $1 of Foreign Taxes Withheld)	$	843
Dividends from Security of Affiliated Issuer (Note G)		46
Total Investment Income		889
Expenses:
Advisory Fees (Note B)		104
Professional Fees		99
Offering Costs		98
Registration Fees		39
Custodian Fees (Note F)		25
Administration Fees (Note C)		24
Pricing Fees		18
Shareholder Reporting Fees		17
Shareholder Services Fees — Class A (Note D)		2
Distribution and Shareholder Services Fees — Class C (Note D)		9
Transfer Agency Fees — Class I (Note E)		2
Transfer Agency Fees — Class A (Note E)		2
Transfer Agency Fees — Class C (Note E)		2
Transfer Agency Fees — Class R6* (Note E)		2
Sub Transfer Agency Fees — Class I		—	@
Sub Transfer Agency Fees — Class A		1
Sub Transfer Agency Fees — Class C		—	@
Trustees' Fees and Expenses		1
Other Expenses		14
Total Expenses		459
Expenses Reimbursed by Adviser (Note B)		(188	)
Waiver of Advisory Fees (Note B)		(104	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(2	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class R6* (Note B)		(2	)
Rebate from Morgan Stanley Affiliate (Note G)		(4	)
Net Expenses		158
Net Investment Income		731
Realized Gain:
Investments Sold		842
Swap Agreements		9
Net Realized Gain		851
Change in Unrealized Appreciation (Depreciation):
Investments		(17,304	)
Swap Agreements		(1,806	)
Net Change in Unrealized Appreciation (Depreciation)		(19,110	)
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		(18,259	)
Net Decrease in Net Assets Resulting from Operations	$	(17,528	)

* Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Dynamic Value Portfolio

Statements of Changes in Net Assets	Year Ended September 30, 2022 (000)			Period from March 19, 2021^ to September 30, 2021 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	731		$	58
Net Realized Gain		851			165
Net Change in Unrealized Appreciation (Depreciation)		(19,110	)		50
Net Increase (Decrease) in Net Assets Resulting from Operations		(17,528	)		273
Dividends and Distributions to Shareholders:
Class I		(457	)		—
Class A		(1	)		—
Class C		(2	)		—
Class R6*		(—	@)		—
Total Dividends and Distributions to Shareholders		(460	)		—
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		292			10,027
Distributions Reinvested		457			—
Redeemed		(28	)		(10	)
Class A:
Subscribed		1,928			97
Distributions Reinvested		1			—
Redeemed		(338	)		(66	)
Class C:
Subscribed		3,417			35
Distributions Reinvested		2			—
Redeemed		(1,332	)		—
Class R6:*
Subscribed		105,023			10
Distributions Reinvested		—	@		—
Redeemed		(1	)		—
Net Increase in Net Assets Resulting from Capital Share Transactions		109,421			10,093
Total Increase in Net Assets		91,433			10,366
Net Assets:
Beginning of Period		10,366			—
End of Period	$	101,799		$	10,366
(1) Capital Share Transactions:
Class I:
Shares Subscribed		27			987
Shares Issued on Distributions Reinvested		45			—
Shares Redeemed		(3	)		(1	)
Net Increase in Class I Shares Outstanding		69			986
Class A:
Shares Subscribed		180			9
Shares Issued on Distributions Reinvested		—	@@		—
Shares Redeemed		(33	)		(6	)
Net Increase in Class A Shares Outstanding		147			3
Class C:
Shares Subscribed		318			3
Shares Issued on Distributions Reinvested		—	@@		—
Shares Redeemed		(131	)		—
Net Increase in Class C Shares Outstanding		187			3
Class R6:*
Shares Subscribed		9,609			1
Shares Issued on Distributions Reinvested		—	@@		—
Shares Redeemed		(—	@@)		—
Net Increase in Class R6 Shares Outstanding		9,609			1

^ Commencement of Operations.

* Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

@ 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

Annual Report — September 30, 2022

Financial Highlights

Dynamic Value Portfolio

	Class I
Selected Per Share Data and Ratios	Year Ended September 30, 2022			Period from March 19, 2021⁽¹⁾ to September 30, 2021
Net Asset Value, Beginning of Period	$	10.44		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.22			0.11
Net Realized and Unrealized Gain (Loss)		(0.94	)		0.33
Total from Investment Operations		(0.72	)		0.44
Distributions from and/or in Excess of:
Net Investment Income		(0.17	)		—
Net Realized Gain		(0.29	)		—
Total Distributions		(0.46	)		—
Net Asset Value, End of Period	$	9.26		$	10.44
Total Return⁽³⁾		(7.26	)%		4.40	%⁽⁶⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	9,763		$	10,295
Ratio of Expenses Before Expense Limitation		1.51	%		6.44	%⁽⁷⁾
Ratio of Expenses After Expense Limitation		0.51	%⁽⁴⁾		0.53	%⁽⁴⁾⁽⁷⁾
Ratio of Net Investment Income		2.00	%⁽⁴⁾		1.95	%⁽⁴⁾⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%		0.00	%⁽⁵⁾⁽⁷⁾
Portfolio Turnover Rate		125	%		82	%⁽⁶⁾

(1) Commencement of Operations.

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

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

(5) Amount is less than 0.005%.

(6) Not annualized.

(7) Annualized.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Dynamic Value Portfolio

	Class A
Selected Per Share Data and Ratios	Year Ended September 30, 2022			Period from March 19, 2021⁽¹⁾ to September 30, 2021
Net Asset Value, Beginning of Period	$	10.42		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.19			0.10
Net Realized and Unrealized Gain (Loss)		(0.95	)		0.32
Total from Investment Operations		(0.76	)		0.42
Distributions from and/or in Excess of:
Net Investment Income		(0.15	)		—
Net Realized Gain		(0.29	)		—
Total Distributions		(0.44	)		—
Net Asset Value, End of Period	$	9.22		$	10.42
Total Return⁽³⁾		(7.70	)%		4.20	%⁽⁶⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,379		$	27
Ratio of Expenses Before Expense Limitation		2.18	%		13.65	%⁽⁷⁾
Ratio of Expenses After Expense Limitation		0.89	%⁽⁴⁾		0.90	%⁽⁴⁾⁽⁷⁾
Ratio of Net Investment Income		1.81	%⁽⁴⁾		1.84	%⁽⁴⁾⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%		0.00	%⁽⁵⁾⁽⁷⁾
Portfolio Turnover Rate		125	%		82	%⁽⁶⁾

(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) Amount is less than 0.005%.

(6) Not annualized.

(7) Annualized.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Dynamic Value Portfolio

	Class C
Selected Per Share Data and Ratios	Year Ended September 30, 2022			Period from March 19, 2021⁽¹⁾ to September 30, 2021
Net Asset Value, Beginning of Period	$	10.38		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.11			0.06
Net Realized and Unrealized Gain (Loss)		(0.93	)		0.32
Total from Investment Operations		(0.82	)		0.38
Distributions from and/or in Excess of:
Net Investment Income		(0.13	)		—
Net Realized Gain		(0.29	)		—
Total Distributions		(0.42	)		—
Net Asset Value, End of Period	$	9.14		$	10.38
Total Return⁽³⁾		(8.32	)%		3.80	%⁽⁶⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,736		$	34
Ratio of Expenses Before Expense Limitation		2.77	%		15.35	%⁽⁷⁾
Ratio of Expenses After Expense Limitation		1.64	%⁽⁴⁾		1.65	%⁽⁴⁾⁽⁷⁾
Ratio of Net Investment Income		1.06	%⁽⁴⁾		1.04	%⁽⁴⁾⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%		0.00	%⁽⁵⁾⁽⁷⁾
Portfolio Turnover Rate		125	%		82	%⁽⁶⁾

(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) Amount is less than 0.005%.

(6) Not annualized.

(7) Annualized.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Dynamic Value Portfolio

	Class R6⁽¹⁾
Selected Per Share Data and Ratios	Year Ended September 30, 2022			Period from March 19, 2021⁽²⁾ to September 30, 2021
Net Asset Value, Beginning of Period	$	10.44		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.29			0.11
Net Realized and Unrealized Gain (Loss)		(1.02	)		0.33
Total from Investment Operations		(0.73	)		0.44
Distributions from and/or in Excess of:
Net Investment Income		(0.17	)		—
Net Realized Gain		(0.29	)		—
Total Distributions		(0.46	)		—
Net Asset Value, End of Period	$	9.25		$	10.44
Total Return⁽⁴⁾		(7.35	)%		4.40	%⁽⁷⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	88,921		$	10
Ratio of Expenses Before Expense Limitation		1.49	%		25.05	%⁽⁸⁾
Ratio of Expenses After Expense Limitation		0.49	%⁽⁵⁾		0.50	%⁽⁵⁾⁽⁸⁾
Ratio of Net Investment Income		2.85	%⁽⁵⁾		1.98	%⁽⁵⁾⁽⁸⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%		0.00	%⁽⁶⁾⁽⁸⁾
Portfolio Turnover Rate		125	%		82	%⁽⁷⁾

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

(6) Amount is less than 0.005%.

(7) Not annualized.

(8) Annualized.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements

The accompanying financial statements relate to the Dynamic Value Portfolio. The Fund seeks capital appreciation. The Fund offers four classes of shares — Class I, Class A, Class C and Class R6. Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

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) 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 brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; (4) OTC swaps may be valued by an outside pricing service approved by the Trustees or quotes from a broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange. 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, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

• 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 September 30, 2022:

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
Aerospace & Defense	$	419	$	—	$	—	$	419
Air Freight & Logistics		254		—		—		254
Automobiles		873		—		—		873
Banks		4,518		—		—		4,518
Beverages		608		—		—		608
Biotechnology		4,464		—		—		4,464
Building Products		1,609		—		—		1,609
Capital Markets		3,687		—		—		3,687
Chemicals		2,148		—		—		2,148
Construction & Engineering		768		—		—		768
Consumer Finance		2,530		—		—		2,530
Containers & Packaging		329		—		—		329
Diversified Consumer Services		1,029		—		—		1,029
Diversified Telecommunication Services		1,233		—		—		1,233
Electric Utilities		2,716		—		—		2,716
Electrical Equipment		864		—		—		864
Electronic Equipment, Instruments & Components		1,805		—		—		1,805
Entertainment		617		—		—		617
Equity Real Estate Investment Trusts (REITs)		5,730		—		—		5,730
Food & Staples Retailing		1,280		—		—		1,280
Food Products		2,930		—		—		2,930
Gas Utilities		1,233		—		—		1,233

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

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 (cont'd)
Health Care Equipment & Supplies	$	1,404	$	—		$	—	$	1,404
Health Care Providers & Services		4,909		—			—		4,909
Hotels, Restaurants & Leisure		1,438		—			—		1,438
Household Durables		1,488		—			—		1,488
Household Products		648		—			—		648
Independent Power Producers & Energy Traders		1,321		—			—		1,321
Information Technology Services		4,391		—			—		4,391
Insurance		3,617		—			—		3,617
Life Sciences Tools & Services		628		—			—		628
Machinery		2,807		—			—		2,807
Media		4,374		—			—		4,374
Metals & Mining		1,748		—			—		1,748
Multi-Line Retail		591		—			—		591
Oil, Gas & Consumable Fuels		6,602		—			—		6,602
Personal Products		613		—			—		613
Pharmaceuticals		3,626		—			—		3,626
Professional Services		1,372		—			—		1,372
Real Estate Management & Development		752		—			—		752
Road & Rail		1,644		—			—		1,644
Semiconductors & Semiconductor Equipment		2,375		—			—		2,375
Software		1,682		—			—		1,682
Specialty Retail		1,909		—			—		1,909
Tech Hardware, Storage & Peripherals		677		—			—		677
Textiles, Apparel & Luxury Goods		189		—			—		189
Thrifts & Mortgage Finance		1,444		—			—		1,444
Trading Companies & Distributors		1,610		—			—		1,610
Total Common Stocks		95,503		—			—		95,503
Short-Term Investment
Investment Company		5,171		—			—		5,171
Total Return Swap Agreement		—		4,872			—		4,872
Total Assets		100,674		4,872			—		105,546
Liabilities:
Total Return Swap Agreement		—		(6,612	)		—		(6,612	)
Total	$	100,674	$	(1,740	)	$	—	$	98,934

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

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

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.

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.

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 September 30, 2022:

Asset Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Swap Agreement

Unrealized Appreciation on
Swap Agreement

Equity Risk

4,872

Liability Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Swap Agreement

Unrealized Depreciation on
Swap Agreement

Equity Risk

(6,612

)

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Equity Risk	Swap Agreements	$	9
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Equity Risk	Swap Agreements	$	(1,806	)

At September 30, 2022, 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	$	4,872	$	(6,612	)

(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.

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 September 30, 2022:

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	$	4,872	$	(4,872	)	$	—		$	0
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(c) (000)			Net Amount (not less than $0) (000)
JPMorgan Chase Bank NA	$	6,612	$	(4,872	)	$	(1,740	)	$	0

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

For the year ended September 30, 2022, the approximate average monthly amount outstanding for each derivative type is as follows:

Swap Agreements:
Average monthly notional amount				$	9,039,000

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

5. Dividends and Distributions to Shareholders: 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.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. 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 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 0.35% of the daily net assets of the Fund.

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

D. Distribution and Shareholder Services Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Trust's Distributor of Fund shares pursuant to a Distribution Agreement. The Trust has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

G. Security Transactions and Transactions with Affiliates: For the year ended September 30, 2022, purchases and sales of investment securities for the Fund, other than

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

long-term U.S. Government securities and short-term investments were approximately $142,686,000 and $40,261,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended September 30, 2022.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the year ended September 30, 2022, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the year ended September 30, 2022 is as follows:

Affiliated Investment Company				Value September 30, 2021 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	236			$	125,841			$	120,906			$	46

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value September 30, 2022 (000)
Liquidity Funds				$	—			$	—			$	5,171

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 two-year period ended September 30, 2022, remains subject to examination by taxing authorities.

2022 Distributions Paid From:				2021 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	456	$	4	$	—	$	—

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

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, 2022.

At September 30, 2022, 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)
$	48			$	44

Election of Trustees by all shareholders:

	For		Against
Frances L. Cashman		1,001,428,988		27,543,564
Nancy C. Everett		994,527,335		34,445,217
Eddie A. Grier		999,694,220		29,278,332
Jakki L. Haussler		997,669,902		31,302,650
Patricia A. Maleski		1,000,046,511		28,926,041

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Morgan Stanley Institutional Fund Trust —
Dynamic Value Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Dynamic Value Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund Trust (the "Trust")), including the portfolio of investments, as of September 30, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year ended September 30, 2022 and for the period from March 19, 2021 (commencement of operations) through September 20, 2021 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund Trust) at September 30, 2022, the results of its operations for the year then ended, the changes in its net assets and its financial highlights for the year ended September 30, 2022 and for the period from March 19, 2021 (commencement of operations) through September 20, 2021, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.
Boston, Massachusetts
November 29, 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2021, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was below its peer group average for the period since the end of March 2021, the month of the Fund's inception. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's performance was acceptable and management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

Profitability of the Adviser and Affiliates

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Advisory Agreement Approval (unaudited) (cont'd)

Other Benefits of the Relationship

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

Other Factors and Current Trends

General Conclusion

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Liquidity Risk Management Program (unaudited)

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2022. For corporate shareholders 41.37% of the dividends qualified for the dividends received deduction.

The Fund designated and paid approximately $4,000 as a long-term capital gain distribution.

The Fund designated approximately $23,000 of its distributions paid as qualified business income.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) April 2021

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 investment management affiliates' everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) (cont'd) April 2021

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 Investment Management 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) (cont'd) April 2021

Definitions

Investment Management Affiliates				MSIM Investment Management Affiliates include registered investment advisers, registered broker/dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates				Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ 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

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited)

Independent Trustees:

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Frank L. Bowman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1944

Trustee

Since
August
2006

Frances L. Cashman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1961

Trustee

Trustee
since
February
2022

Kathleen A. Dennis
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1953

Trustee

Since
August
2006

Board Member, University of Albany Foundation (2012-present); Board Member, Mutual Funds Directors Forum (2014-present); Director of various non-profit organizations.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Nancy C. Everett
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
January
2015

Eddie A. Grier
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Trustee
since
February
2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Jakki L. Haussler
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1957

Trustee

Since
January
2015

Dr. Manuel H. Johnson
c/o Johnson Smick
International, Inc.
220 I Street, NE
Suite 200
Washington, D.C. 20002
Birth Year: 1949

Trustee

Since
July
1991

Director of NVR, Inc. (home construction).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Joseph J. Kearns
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1942

Trustee

Since
August
1994

Michael F. Klein
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1958

Trustee

Since
August
2006

Director of certain investment funds managed or sponsored by Aetos Alternatives Management, LP; Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

Patricia A. Maleski
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1960

Trustee

Since
January
2017

Trustee, Nutley Family Service Bureau, Inc. (since January 2022).

W. Allen Reed
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1947

Chair of the Board and Trustee

Chair of the Board since August 2020 and Trustee since August 2006

Formerly, Director of Legg Mason, Inc. (2006-2019); and Director of the Auburn University Foundation (2010-2015).

* This is the earliest date the Trustee began serving the Morgan Stanley Funds. Each Trustee serves an indefinite term, until his or her successor is elected.

*** This includes any directorships at public companies and registered investment companies held by the Trustee at any time during the past five years.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Executive Officers:

Name, Address and Birth Year
of Executive Officer

Position(s) Held
with
Registrant

Length of
Time Served*

Principal Occupation(s) During Past 5 Years

John H. Gernon
522 Fifth Avenue
New York, NY 10036
Birth Year: 1963

President and Principal Executive Officer

Since
September
2013

Deidre A. Downes
1633 Broadway
New York, NY 10019
Birth Year: 1977

Chief Compliance Officer

Since November
2021

Francis J. Smith
522 Fifth Avenue
New York, NY 10036
Birth Year: 1965

Treasurer and Principal Financial Officer

Treasurer since July 2003 and Principal Financial Officer since September
2002

Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).

Mary E. Mullin
1633 Broadway
New York, NY 10019
Birth Year: 1967

Secretary

Since
June
1999

Managing Director of the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

Michael J. Key
522 Fifth Avenue
New York, NY 10036
Birth Year: 1979

Vice President

Since
June
2017

* This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves an indefinite term, until his or her successor is elected.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

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

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

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

Counsel to the Independent Trustees

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

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

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

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

IFTDYVANN
5063240 EXP 11.30.23

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Annual Report

September 30, 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Table of Contents (unaudited)

Shareholders' Letter					2
Consolidated Expense Example					3
Investment Overview					4
Consolidated Portfolio of Investments					9
Consolidated Statement of Assets and Liabilities					40
Consolidated Statement of Operations					42
Consolidated Statements of Changes in Net Assets					43
Consolidated Financial Highlights					45
Notes to Consolidated Financial Statements					50
Report of Independent Registered Public Accounting Firm					64
Investment Advisory Agreement Approval					65
Liquidity Risk Management Program					67
Federal Tax Notice					68
U.S. Customer Privacy Notice					69
Trustee and Officer Information					72

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Annual Report, in which you will learn how your investment in Global Strategist Portfolio (the "Fund") performed during the latest twelve-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

October 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Expense Example (unaudited)

Global Strategist Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended September 30, 2022 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 4/1/22		Actual Ending Account Value 9/30/22		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	$	798.40	$	1,021.51	$	3.20	$	3.60		0.71	%
Global Strategist Portfolio Class A		1,000.00		797.30		1,019.80		4.73		5.32		1.05
Global Strategist Portfolio Class L		1,000.00		795.40		1,017.10		7.16		8.04		1.59
Global Strategist Portfolio Class C		1,000.00		794.10		1,015.99		8.14		9.15		1.81
Global Strategist Portfolio Class R6⁽¹⁾		1,000.00		798.90		1,021.51		3.20		3.60		0.71

** Annualized.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited)

Global Strategist Portfolio

The Fund seeks above-average total return over a market cycle of three to five years.

Performance

For the fiscal year ended September 30, 2022, the Fund's Class I shares had a total return based on net asset value and reinvestment of distributions per share of –21.73%, net of fees. The Fund's Class I shares underperformed the Fund's primary benchmark, the MSCI All Country World Index, which returned –20.66%, and the Customized MSIM Global Allocation Index (the "Customized Index"), which returned –20.41%.

Factors Affecting Performanceⁱ

• During the 12-month period under review, equities and bonds both sold off, with the MSCI All Country World Index (ACWI) falling –20.7% and the J.P. Morgan Global Government Bond Index declining –21.0%.ⁱⁱ Commodities were the best performing asset class, as measured by the S&P GSCI Index, a broad index of commodity prices, which was up +23.6%. (Except where noted, equity market returns are represented by the MSCI regional, sector, or country index and are calculated in U.S. dollars [USD].)

• Equity markets entered a bear market in 2022 caused by rising policy rates as global central banks started to fight inflation that proved to be more persistent than expected in 2021. Long-duration assets with high valuation multiples, such as the top-performing tech stocks of 2021, rapidly sold off as investors reassessed the companies' valuations in anticipation of higher discount rates. As several inflation reports came in higher than expected and the rate hiking cycle accelerated, market participants became increasingly worried that central banks would be forced to tip their economies into recession and increase unemployment to bring inflation back down to their targets. Adding to the already severe market turmoil, Russia launched an invasion of Ukraine in the first quarter of 2022, which led to sharp increases in oil and natural gas prices as Western countries responded by sanctioning Russian energy exports.

• Global equities fell –20.7% (ACWI) during the period, led by technology-heavy sectors such as communication services (–38.6%), consumer discretionary (–27.8%), and information technology (–27.2%). Developed markets

ⁱ Certain of the Fund's investment themes may, in whole or part, be implemented through the use of derivatives, including the purchase and sale of futures, options, swaps, structured investments (including commodity-linked notes) and other related instruments and techniques. The Fund may also invest in foreign currency forward exchange contracts, which are also derivatives, in connection with its investments in foreign securities. The Fund may use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. As a result, the use of derivatives had a material effect on the Fund's performance during the period.

ⁱⁱ Data sources used in preparation of this commentary include FactSet and Bloomberg LP. data as of September 30, 2022. The following indexes are used in this report: The J.P. Morgan Global Government Bond Index is a market value weighted fixed income index comprised of government bonds in developed countries. The S&P GSCI Commodity Index is a composite index of commodity sector returns, representing an unleveraged, long only investment in commodity futures that is broadly diversified across the spectrum of commodities. The MSCI World Net Index is a free float-adjusted market capitalization weighted index that is designed to measure the global equity market performance of developed markets. The term "free float" represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The MSCI Emerging Markets Net Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index currently consists of 24 emerging-market country indices. The Standard & Poor's 500^® Index (S&P 500^®) measures the performance of the large cap segment of the U.S. equities market, covering approximately 80% of the U.S. equities market. The index includes 500 leading companies in leading industries of the U.S. economy. The MSCI Europe Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. The MSCI Japan Index is a free float-adjusted market capitalization weighted index that is designed to track the equity market performance of Japanese securities listed on the Tokyo Stock Exchange, Osaka Stock Exchange, JASDAQ and Nagoya Stock Exchange. The U.S. Dollar Index

(DXY) is an index of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners' currencies.The Bloomberg U.S. Corporate High Yield Index measures the market of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody's, Fitch, and S&P is Ba1/BB+/BB+ or below. The Index excludes emerging market debt. "Bloomberg^®" and the Bloomberg Index/Indices used are service marks of Bloomberg Finance L.P. and its affiliates, and have been licensed for use for certain purposes by Morgan Stanley Investment Management (MSIM). Bloomberg is not affiliated with MSIM, does not approve, endorse, review, or recommend any product, and does not guarantee the timeliness, accurateness, or completeness of any data or information relating to any product. The J.P. Morgan Emerging Markets Bond Index Global (EMBI Global) tracks total returns for traded external debt instruments in the emerging markets, and is an expanded version of the EMBI+. As with the EMBI+, the EMBI Global includes U.S. dollar-denominated Brady bonds, loans, and Eurobonds with an outstanding face value of at least $500 million. The S&P GSCI Agriculture Index, a sub-index of the S&P GSCI, measures investment performance in the agricultural commodity markets. S&P GSCI Industrial Metals Index, a sub-index of the S&P GSCI, measures investment performance in the industrial metals commodity markets. The J.P. Morgan Emerging Market Currency Index (EMCI) is a fixed weight tradable version of the Emerging Local Market Index (ELMI+ index), tracking 10 liquid currencies across Latin America, Asia and Central & Eastern Europe, Middle East, Africa (CEEMEA) vs. USD. The ELMI+ tracks total returns for local-currency denominated money market instruments in 23 emerging market countries. The ELMI+ employs a liquidity-sensitive weighting system, which uses exports plus imports as a base. The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. The Euro Stoxx 50 Index is a market capitalization-weighted stock index of 50 large, blue-chip European companies operating within Eurozone nations. The indexes do not include any expenses, fees or sales charges, which would have lower performance. The indexes are unmanaged and should not be considered an investment. It is not possible to invest directly in an index.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited) (cont'd)

Global Strategist Portfolio

outperformed, with the MSCI World Index returning –19.6% and the MSCI Emerging Markets Index returning –28.1%. Within developed markets, the U.S. (S&P 500® Index –15.5%) outperformed Europe and Japan (MSCI Europe Index –24.8%, MSCI Japan Index –29.3%), supported by a strong U.S. dollar, less exposure to the war in Ukraine than Europe, and greater independence from Russian oil. Emerging markets were held back by the surging U.S. dollar (DXY Index +19.0%), weaker growth from China, and tighter global monetary conditions.

• Government bond prices fell –21.0% (J.P. Morgan Global Government Bond Index) as central banks hiked rates and convincingly communicated their hawkish policy to keep rates higher for longer until inflation has been brought down to target, even at the expense of economic growth. The U.S. Federal Reserve (Fed) completed 300 basis points (bps) of rate hikes during the period while the European Central Bank (ECB) also launched its hiking cycle and completed 125 bps of hikes.ⁱⁱⁱ The U.S. yield curve inverted at the beginning of the third quarter of 2022 and remained inverted for the entire quarter with the 2-year Treasury yield rising 400 bps to 4.28% and the 10-year Treasury yield rising 234 bps to 3.83%. German bund yields also rose, with the 2-year yield rising 245 bps to 1.76% and the 10-year yield rising 231 bps to 2.11%. Corporate and emerging market sovereign bonds followed a similar pattern to equities, with credit spreads widening amid fears of a global recession. The Bloomberg U.S. Corporate High Yield Index spread widened 263 bps to 5.52% and emerging market hard currency bond spreads rose 143 bps 4.67% (J.P. Morgan Emerging Markets Bond Index Global).

• Commodity prices surged +23.6% (S&P GSCI Index), driven by oil prices (Brent +12.0%) and agriculture (S&P GSCI Agriculture Index +20.4%) as the war in Ukraine disrupted supply chains for agriculture and energy commodities. Russia ceased all gas deliveries to Europe through its NordStream pipeline while Europe placed import bans on Russian oil, driving up prices for both commodities.

However, fears of a potential recession weighed on the demand outlook for commodities, causing industrial metals to decline –13.2% (S&P GSCI Industrial Metals Index).

• The U.S. dollar was one of the few relative safe havens for investors, rising +19.0% (DXY Index) as an increasing policy rate differential between the Fed and other central banks worked in favor of the greenback. All other major currencies fell versus the dollar, as the yen fell –23.1%, the British pound –17.1%, and the euro –15.4%. Emerging market currencies declined –11.4% (J.P. Morgan Emerging Market Currency Index), pulled lower by the Turkish lira (–52.0%) and the Argentine peso (–32.7%).

• Regarding the Fund's overall performance relative to the Customized Index, the Fund's asset allocation mix of an average overweight to fixed income and a neutral allocation to equities had a negative impact on performance.

• Active positions within equities contributed negatively to performance. The main detractors from performance were overweight positions in developed market auto-parts manufacturers vs. developed market equities, and in eurozone equities vs. U.S. equities. An overweight position in U.S. banks vs. U.S. equities also detracted. The main contributors to performance included an overweight in U.S. exploration and production stocks vs. U.S. equities and in U.S. Value stocks vs. Anti-Value stocks.

• Active positions within fixed income contributed positively to performance. Overweights in Chinese 10-year bonds vs. U.S. 10-year Treasuries, Mexican 5-year bonds vs. U.S. 5-year Treasuries, and in Brazil 3-year bonds vs. U.S. 5-year Treasuries contributed to performance, while an overweight in Greek 10-year bonds vs. Italian 10-year bonds detracted from performance.

• Active positions within commodities had a positive impact on performance, as an underweight in Bitcoin^iv and an overweight in gold contributed to performance. Bitcoin is considered a commodity by the Commodity Futures Trading Commission and

ⁱⁱⁱ One basis point = 0.01%

^iv Cryptocurrency (notably, Bitcoin) operates as a decentralized, peer-to-peer financial exchange and value storage that is used like money. It is not backed by any government. Federal, state or foreign governments may restrict the use and exchange of cryptocurrency. Cryptocurrency may experience very high volatility.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited) (cont'd)

Global Strategist Portfolio

Securities and Exchange Commission. An overweight in aluminum detracted from performance.

• Active currency positions (implemented via currency forwards and futures) negatively impacted performance. The main detractors from performance were overweights in defensive currencies (euro, Japanese yen, British pound and Swiss franc) vs. the U.S. dollar and in the Thai baht vs. the Taiwan dollar. A directional overweight in the Chilean peso also detracted. Contributors included underweight positions in the New Zealand dollar vs. a diversified basket of global currencies (Australian dollar, Swiss franc, Japanese yen and Swedish krona) and in Chinese yuan vs. a trade-weighted currency basket.

Management Strategies

• After the Fed increased its terminal policy rate expectations several times in 2022 in response to surprisingly sticky inflation, we now believe that market pricing is approaching an appropriate peak policy rate of approximately 4.5%. As inflation and the market's fear of further rate hikes peak and market positioning becomes extreme, we believe that certain equity regions may be close to reaching a bottom, allowing for a potential tactical reversal, specifically in non-U.S. equities.

• At the asset class level, we are overweight equities via an overweight in eurozone (EMU) equities. We believe the market has overpriced the impact of a recession in Europe, and see upside from current price levels. While eurozone gross domestic product (GDP) growth is likely to slow, we believe the worst of the growth hit is largely behind us, when energy prices spiked in the third quarter of 2022. Looking forward we expect GDP growth to reaccelerate, leading to potentially strong earnings growth over the next year. Eurostoxx equities are trading at a 10.1x forward price-to-earnings (P/E) ratio, which is the lowest multiple since the eurozone sovereign debt crisis.

• We are also overweight bonds by holding an overweight in U.S. 10-year TIPS (Treasury

inflation-protected securities) and in Chinese 10-year bonds. We believe the market is now fairly pricing in the Fed's outlook, with the policy rate expected to reach approximately 4.5% by March 2023. Furthermore, forward real yields are now well into positive territory across all tenors with 10-year real yields at almost 1.5%, above our estimate of the neutral level of 0.5%. As the U.S. economy slows, we expect that 10-year real rates will decline closer to neutral levels. In China, we believe that more policy easing than expected by the market will be required to counteract the country's slowing growth prospects and troubled property sector.

• Within equities, we continue to allocate most of our risk exposure towards our Value Recovery theme, which includes overweights in U.S. and EMU Value vs. Anti-Value stocks, and in U.S banks vs. U.S. equities. From a valuation perspective, U.S. Value continues to look attractive relative to U.S. Anti-Value globally, with U.S. Value extremely cheap on a relative basis. On our composite measure of valuation, relative to U.S. Anti-Value, U.S. Value stocks trade at a 31% discount to average, only cheaper 6% of the time in the past 50 years.^v U.S. Value significantly outperformed U.S. Anti-Value in 2022 as sentiment for U.S. Anti-Value stocks weakened due to higher policy rates, but remains historically cheap on a relative forward P/E basis.^vi

• We expect regional divergences to arise in asset markets if the historic relative outperformance of the U.S. comes to an end and the rest of the world begins to outperform. We are overweight Japanese, EMU, and global (ex-U.S.) equities vs. U.S. equities on our view that fundamentals and valuations have reached a bottom relative to the U.S. and are set up for a potential turn.

• We see elevated risk of a housing bubble in Canada, New Zealand and Australia, which may lead to a large-scale housing downturn as central banks continue to raise rates. House prices in New Zealand are already down 8% from last year's peak and we believe this trend will likely accelerate. As a result, we are underweight the New Zealand dollar

^v Source: MSIM Global Multi-Asset (GMA) Team estimates

^vi Source: MSIM GMA Team and FactSet. Value and Anti-Value stocks are defined as the 20% cheapest and most expensive stocks in the Russell 1000 Index on a sector neutral basis, based on GMA team composite measures of value. Data as of September 30, 2022.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited) (cont'd)

Global Strategist Portfolio

and in Canadian banks vs. Japanese equities as these assets are sensitive to a slowdown in housing.

• Within currencies, we are underweight the U.S. dollar given our conviction that U.S. dollar outperformance will likely end in the near term. We believe that since the U.S. has raised interest rates ahead of other major economies the interest rate differential will likely move in favor of foreign currencies vs. the U.S. going forward. Additionally, persistently large trade deficits in the U.S. will negatively impact the dollar over time because the U.S. is a large debtor nation with growing liabilities that will need persistent foreign inflows to make up for its lack of savings. In China, we are underweight the Chinese yuan as we believe that hits to Chinese growth will require increasing policy easing to avoid a serious downturn, including measures such as policy rate cuts, increased liquidity provision by the People's Bank of China and more credit issuance. We are overweight the Brazilian real as it is currently the highest-yielding major currency in the world, with short-term nominal interest rates of 13.75% and real interest rates of almost 9% given inflation expectations of 5% for 2023. In addition, we also expect foreign direct investment inflows, which already more than exceed the 2% current account deficit, to rise further in 2023.

• We are neutral commodities but continue to hold a favorable view of oil, which is expressed via an overweight in U.S. exploration and production (E&P) stocks vs. U.S. equities. We still see strong fundamentals in both the short and medium term in the oil market and for E&P earnings. As a result, we view the recent sell-off in oil as a buying opportunity. The global oil market remains structurally undersupplied, and this undersupply is set to worsen over the next six months as Europe's ban on Russian oil further tightens the market. In addition, U.S. Strategic Petroleum Reserve releases will end, resulting in an even tighter physical market. At the same time, demand has continued to recover and, even assuming slower oil demand growth due to global growth deceleration, we believe supply will likely continue to undershoot demand and inventories will likely continue to drop. As such, we expect oil prices to remain elevated for an extended period of time.

• We see both upside and downside risks for markets in the coming months. On the upside, a normalization in labor supply and easing wage pressures may lead to a broad peak in inflation, allowing the Fed to ease its policy tightening to the benefit of equities and fixed income. On the downside, risks remain that the war in Ukraine may escalate into broader Europe, causing severe hits to European and global growth.

* Minimum Investment

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited) (cont'd)

Global Strategist Portfolio

Performance Compared to the MSCI All Country World Index⁽¹⁾, the Customized MSIM Global Allocation Index⁽²⁾ and the Lipper Flexible Portfolio Funds Index⁽³⁾

	Period Ended September 30, 2022 Total Returns⁽⁴⁾
				Average Annual
	One Year			Five Years			Ten Years			Since Inception⁽¹⁰⁾
Fund — Class I Shares w/o sales charges⁽⁵⁾		–21.73	%		1.09	%		3.63	%		6.30	%
Fund — Class A Shares w/o sales charges⁽⁶⁾		–21.99			0.79			3.30			5.21
Fund — Class A Shares with maximum 5.25% sales charges⁽⁶⁾		–26.10			–0.29			2.75			5.00
Fund — Class L Shares w/o sales charges⁽⁷⁾		–22.33			0.28			2.78			3.18
Fund — Class C Shares w/o sales charges⁽⁸⁾		–22.62			–0.02			—			0.86
Fund — Class C Shares with maximum 1.00% deferred sales charges⁽⁸⁾		–23.34			–0.02			—			0.86
Fund — Class R6 Shares w/o sales charges⁽⁹⁾		–21.67			1.13			—			2.20
MSCI All Country World Index		–20.66			4.44			7.28			7.18
Customized MSIM Global Allocation Index		–20.41			1.96			3.81			5.82
Lipper Flexible Portfolio Funds Index		–17.96			3.64			5.52			6.37

⁽¹⁾ The MSCI All Country World Index (ACWI) is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets. The term "free float" represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Returns, including periods prior to January 1, 2001, are calculated using the return data of the MSCI All Country World Index (gross dividends) through December 31, 2000 and the return data of the MSCI All Country World Index (net dividends) after December 31, 2000. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

⁽²⁾ The Customized MSIM Global Allocation Index is a performance linked benchmark comprised of 60% MSCI All Country World Index and 40% Bloomberg Global Aggregate Index for periods after May 31, 2017. Prior to May 31, 2017, the Customized MSIM Global Allocation Index consisted of 60% MSCI All Country World Index (benchmark that measures the equity market performance of developed and emerging markets), 30% Bloomberg Global Aggregate Index (benchmark that provides a broadbased measure of the global investment grade fixed-rate debt markets), 5% S&P GSCI Light Energy Index (benchmark for investment performance in the energy commodity market) and 5% ICE BofA U.S. Dollar 1-Month LIBID Average Index (benchmark that tracks the performance of a basket of synthetic assets paying LIBID to a stated maturity). The Customized MSIM Global Allocation Index was added as the Fund benchmark on October 2, 2013 and is provided for comparative purposes only. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

⁽³⁾ The Lipper Flexible Portfolio Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Flexible Portfolio Funds classification. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. As of the date of this report, the Fund was in the Lipper Flexible Portfolio Funds classification.

⁽⁴⁾ Total returns for the Fund reflect expenses waived and/or reimbursed, if applicable, by the Adviser. Without such waivers and/or reimbursements, total returns would have been lower.

⁽⁵⁾ Commenced operations on December 31, 1992.

⁽⁶⁾ Commenced offering on November 1, 1996.

⁽⁷⁾ Commenced offering on April 27, 2012.

⁽⁸⁾ Commenced offering on April 30, 2015.

⁽⁹⁾ Commenced offering on May 29, 2015. Effective April 29,2022, Class IS shares were renamed to Class R6 shares.

⁽¹⁰⁾ For comparative purposes, average annual since inception returns listed for the Indexes refer to the inception date of Class I of the Fund, not the inception of the Indexes.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (50.3%)
Agency Adjustable Rate Mortgage (0.0%) (a)
United States (0.0%) (a)
Federal Home Loan Mortgage Corporation Conventional Pool: 12 Month USD LIBOR + 1.63%, 3.39%, 7/1/45	$	7	$	7
Agency Fixed Rate Mortgages (4.2%)
United States (4.2%)
Federal Home Loan Mortgage Corporation,
Conventional Pools:
2.50%, 4/1/52		2,533		2,078
4.50%, 1/1/49		60		57
Gold Pools:
3.50%, 1/1/44 - 6/1/45		505		464
4.50%, 1/1/49		16		15
5.00%, 9/1/52		1,739		1,698
6.50%, 5/1/32 - 7/1/32		24		24
7.50%, 5/1/35		2		2
Federal National Mortgage Association,
Conventional Pools:
3.00%, 7/1/49		236		204
3.50%, 3/1/47 - 1/1/51		1,107		1,010
4.00%, 4/1/45 - 9/1/45		561		534
4.50%, 3/1/41 - 11/1/44		85		83
5.00%, 1/1/41 - 3/1/41		230		228
6.00%, 1/1/38		2		2
6.50%, 12/1/29		5		5
7.50%, 8/1/37		4		4
October TBA:
2.00%, 10/1/52 (b)		1,900		1,539
2.50%, 10/1/52 (b)		3,000		2,518
3.00%, 10/1/52 (b)		5,150		4,484
4.00%, 10/1/52 (b)		300		278
5.00%, 10/1/52 (b)		1,750		1,705
Government National Mortgage Association,
Various Pools:
4.00%, 8/20/41 - 11/20/42		135		129
4.50%, 6/20/49		33		32
5.00%, 2/20/49 - 6/20/49		65		64
5.50%, 8/15/39		15		15
				17,172
Asset-Backed Securities (0.3%)
United States (0.3%)
Harbor Group International, LLC,
1 Month USD LIBOR + 1.00%, 3.94%, 9/17/36 (c)(d)		500		478
Renaissance Home Equity Loan Trust,
1 Month USD LIBOR + 0.76%, 3.84%, 12/25/32 (d)		195		170
SASCO Mortgage Loan Trust,
1 Month USD LIBOR + 2.18%, 4.41%, 5/25/34 (d)		137		137

	Face Amount (000)		Value (000)
SLM Student Loan Trust,
3 Month EURIBOR + 0.55%, 0.70%, 7/25/39 (d)	EUR	356	$	336
				1,121
Commercial Mortgage-Backed Securities (0.6%)
United Kingdom (0.1%)
Taurus 2018-2 UK DAC,
3 Month GBP SONIA + 1.22%, 3.21%, 5/22/28 (d)	GBP	147		162
United States (0.5%)
Ashford Hospitality Trust,
1 Month USD LIBOR + 1.85%, 4.67%, 6/15/35 (c)(d)	$	250		240
Commercial Mortgage Trust,
3.28%, 1/10/46		305		304
4.91%, 7/15/47 (c)(d)		152		136
Life Mortgage Trust,
SOFR + 1.30%, 4.14%, 5/15/39 (c)(d)		500		487
Taubman Centers Commercial Mortgage Trust,
SOFR + 2.19%, 5.03%, 5/15/37 (c)(d)		500		490
UBS-Barclays Commercial Mortgage Trust,
3.53%, 5/10/63		8		8
WFRBS Commercial Mortgage Trust,
4.15%, 10/15/57 (c)(d)		200		177
5.15%, 9/15/46 (c)(d)		375		349
				2,191
				2,353
Corporate Bonds (10.8%)
Australia (0.5%)
Australia & New Zealand Banking Group Ltd.,
2.57%, 11/25/35 (c)		600		436
Commonwealth Bank of Australia,
1.94%, 10/3/29	EUR	400		368
Macquarie Group Ltd.,
4.15%, 3/27/24 (c)	$	225		224
NBN Co. Ltd.,
2.63%, 5/5/31 (c)		575		459
Transurban Finance Co. Pty Ltd.,
2.00%, 8/28/25	EUR	350		328
Westpac Banking Corp.,
2.67%, 11/15/35	$	650		479
				2,294
Canada (0.7%)
Enbridge, Inc.,
2.50%, 1/15/25		600		564
Province of Ontario Canada,
2.30%, 6/15/26		970		893
Province of Quebec Canada,
0.00%, 10/29/30	EUR	1,080		819
Rogers Communications, Inc.,
3.80%, 3/15/32 (c)	$	525		454
				2,730

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
China (0.1%)
Alibaba Group Holding Ltd.,
2.13%, 2/9/31	$	400	$	308
Colombia (0.2%)
Ecopetrol SA,
5.88%, 9/18/23		1,000		994
France (0.6%)
AXA SA,
3.25%, 5/28/49	EUR	500		426
Banque Federative du Credit Mutuel SA,
0.75%, 7/17/25		400		364
BNP Paribas SA,
1.13%, 6/11/26		485		428
1.25%, 7/13/31	GBP	200		142
BPCE SA,
5.15%, 7/21/24 (c)	$	925		903
Orange SA,
5.00%, 10/1/26 (e)	EUR	250		242
TotalEnergies SE,
2.71%, 5/5/23 (e)		100		96
				2,601
Germany (0.9%)
Bayer US Finance II LLC,
3.88%, 12/15/23 (c)	$	875		859
Daimler Finance North America LLC,
0.75%, 3/1/24 (c)		550		519
Deutsche Bank AG,
2.22%, 9/18/24		250		238
Series E
0.96%, 11/8/23		375		357
Deutsche Telekom International Finance BV,
4.38%, 6/21/28 (c)		625		590
Kreditanstalt fuer Wiederaufbau,
1.13%, 9/15/32	EUR	810		676
Volkswagen International Finance NV,
Series 10Y
1.88%, 3/30/27		500		443
				3,682
India (0.3%)
Indian Railway Finance Corp. Ltd.,
3.57%, 1/21/32 (c)	$	200		164
ONGC Videsh Vankorneft Pte Ltd.,
3.75%, 7/27/26		1,050		978
				1,142
Ireland (0.2%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
2.45%, 10/29/26		425		359
Avolon Holdings Funding Ltd.,
2.88%, 2/15/25 (c)		325		294
				653

	Face Amount (000)		Value (000)
Italy (0.1%)
Assicurazioni Generali SpA,
5.50%, 10/27/47	EUR	400	$	377
Japan (0.2%)
NTT Finance Corp.,
1.59%, 4/3/28 (c)	$	800		664
Korea, Republic of (0.5%)
Korea Electric Power Corp.,
2.50%, 6/24/24 (c)		810		779
Korea Hydro & Nuclear Power Co., Ltd.,
3.75%, 7/25/23 (c)		510		506
Korea Southern Power Co. Ltd.,
0.75%, 1/27/26 (c)		730		639
				1,924
Luxembourg (0.1%)
Blackstone Property Partners Europe Holdings Sarl,
1.25%, 4/26/27	EUR	400		318
Logicor Financing Sarl,
1.50%, 7/13/26		300		257
				575
Mexico (0.1%)
Fomento Economico Mexicano SAB de CV,
0.50%, 5/28/28		500		395
Netherlands (0.1%)
ASR Nederland NV,
5.00%, 9/30/24 (e)		425		404
Qatar (0.0%) (a)
Ooredoo International Finance Ltd.,
2.63%, 4/8/31 (c)	$	200		166
Spain (0.4%)
Banco Santander SA,
3.13%, 1/19/27	EUR	400		361
5.18%, 11/19/25	$	800		773
CaixaBank SA,
0.75%, 4/18/23	EUR	400		389
				1,523
Sweden (0.1%)
Akelius Residential Property Financing BV,
1.13%, 1/11/29		400		303
Switzerland (0.0%) (a)
Syngenta Finance NV,
4.44%, 4/24/23 (c)	$	200		199
United Arab Emirates (0.2%)
ADCB Finance Cayman Ltd.,
4.00%, 3/29/23 (c)		200		199
Galaxy Pipeline Assets Bidco Ltd.,
2.63%, 3/31/36 (c)		650		505
				704

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
United Kingdom (1.0%)
BAT Capital Corp.,
3.56%, 8/15/27	$	675	$	594
BP Capital Markets PLC,
2.50%, 11/6/22		350		349
HSBC Holdings PLC,
2.26%, 11/13/26	GBP	300		287
2.63%, 11/7/25	$	525		488
4.25%, 3/14/24		700		686
Lloyds Banking Group PLC,
1.75%, 9/7/28	EUR	330		310
2.25%, 10/16/24	GBP	400		411
Nationwide Building Society,
3.77%, 3/8/24 (c)	$	300		297
4.36%, 8/1/24 (c)		200		197
NGG Finance PLC,
5.63%, 6/18/73	GBP	350		348
Western Power Distribution West Midlands PLC,
5.75%, 4/16/32		200		210
				4,177
United States (4.5%)
Altria Group, Inc.,
2.45%, 2/4/32	$	425		301
Amazon.com, Inc.,
2.70%, 6/3/60		250		148
American Express Co.,
2.55%, 3/4/27		300		268
American Tower Corp.,
1.60%, 4/15/26		175		153
Aon Corp.,
2.80%, 5/15/30		250		208
AT&T, Inc.,
1.80%, 9/5/26	EUR	400		366
2.90%, 12/4/26	GBP	350		338
Bank of America Corp.,
2.69%, 4/22/32	$	325		254
3.71%, 4/24/28		225		205
3.85%, 3/8/37		250		202
MTN
4.00%, 1/22/25		675		654
Boeing Co.,
5.15%, 5/1/30		525		486
Broadcom, Inc.,
3.42%, 4/15/33 (c)		500		382
Capital One Financial Corp.,
3.30%, 10/30/24		425		410
CDW LLC/CDW Finance Corp.,
2.67%, 12/1/26		100		87
Celanese U.S. Holdings LLC,
6.17%, 7/15/27		550		521

	Face Amount (000)		Value (000)
Charter Communications Operating LLC/Charter Communications Operating Capital,
2.30%, 2/1/32	$	75	$	54
2.80%, 4/1/31		200		151
3.50%, 3/1/42		125		80
5.13%, 7/1/49		125		92
Chubb INA Holdings, Inc.,
0.88%, 6/15/27	EUR	400		344
Cigna Corp.,
3.88%, 10/15/47	$	200		147
Citigroup, Inc.,
2.52%, 11/3/32		725		550
3.06%, 1/25/33		300		237
Comcast Corp.,
1.95%, 1/15/31		675		525
Deere & Co.,
3.10%, 4/15/30		450		401
Energy Transfer LP,
2.90%, 5/15/25		775		723
Enterprise Products Operating LLC,
3.95%, 1/31/60		275		190
Georgia-Pacific LLC,
2.30%, 4/30/30 (c)		950		780
Global Payments, Inc.,
4.95%, 8/15/27		475		453
Goldman Sachs Group, Inc.,
2.62%, 4/22/32		775		602
HCA, Inc.,
5.25%, 6/15/49		250		204
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
2.50%, 1/15/27 (c)		350		300
Jersey Central Power & Light Co.,
2.75%, 3/1/32 (c)		500		397
JPMorgan Chase & Co.,
1.95%, 2/4/32		1,000		741
Level 3 Financing, Inc.,
3.40%, 3/1/27 (c)		550		462
Lowe's Cos., Inc.,
1.30%, 4/15/28		425		343
1.70%, 10/15/30		475		359
Magallanes, Inc. Co.,
5.05%, 3/15/42 (c)		125		94
McDonald's Corp.,
MTN
3.38%, 5/26/25		350		337
Metropolitan Life Global Funding I,
2.95%, 4/9/30 (c)		575		494
NextEra Energy Capital Holdings, Inc.,
2.75%, 11/1/29		525		442
NVIDIA Corp.,
2.85%, 4/1/30		900		773

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
United States (cont'd)
Occidental Petroleum Corp.,
3.20%, 8/15/26	$	40	$	37
5.55%, 3/15/26		350		351
PepsiCo, Inc.,
2.63%, 4/28/26	EUR	400		387
Prologis Euro Finance LLC,
1.88%, 1/5/29		300		258
Thermo Fisher Scientific Finance I BV,
2.00%, 10/18/51		100		62
Thermo Fisher Scientific, Inc.,
1.88%, 10/1/49		100		62
Union Pacific Corp.,
4.95%, 9/9/52	$	225		210
Upjohn Finance BV,
1.91%, 6/23/32	EUR	550		383
Verizon Communications, Inc.,
1.13%, 11/3/28	GBP	300		246
3.40%, 3/22/41	$	375		275
Vontier Corp.,
2.40%, 4/1/28		250		196
Walt Disney Co.,
2.65%, 1/13/31		200		166
3.80%, 3/22/30		100		91
Warnermedia Holdings, Inc.,
4.28%, 3/15/32 (c)		375		309
Wells Fargo & Co.,
MTN
2.88%, 10/30/30		375		309
				18,600
				44,415
Mortgages — Other (1.3%)
Germany (0.0%) (a)
Berg Finance,
1.18%, 4/22/33	EUR	145		139
Ireland (0.1%)
Glenbeigh 2 Issuer 2021-2 DAC,
3 Month EURIBOR + 0.75%, 1.87%, 6/24/50 (c)(d)		393		380
Netherlands (0.0%) (a)
E-MAC NL 2006-II BV,
3 Month EURIBOR + 0.13%, 1.75%, 1/25/39 (d)		147		133
United Kingdom (0.1%)
Great Hall Mortgages No. 1 PLC,
3 Month EURIBOR + 0.25%, 1.28%, 6/18/38 (d)		200		181
Landmark Mortgage Securities No. 3 PLC,
3 Month GBP LIBOR + 2.10%, 4.00%, 4/17/44 (d)	GBP	199		210
				391
United States (1.1%)
Banc of America Alternative Loan Trust,
6.36%, 10/25/36	$	22		7

	Face Amount (000)		Value (000)
Bayview MSR Opportunity Master Fund Trust,
3.00%, 1/25/52 (c)(d)	$	669	$	555
ChaseFlex Trust,
6.00%, 2/25/37		20		9
Federal Home Loan Mortgage Corporation,
3.00%, 9/25/45 - 5/25/47		251		232
3.50%, 5/25/45 - 7/25/46		89		84
4.00%, 5/25/45		5		4
GS Mortgage-Backed Securities Trust,
2.50%, 1/25/52 (c)(d)		532		425
GSR Mortgage Loan Trust,
5.75%, 1/25/37		7		5
Hundred Acre Wood Trust,
2.50%, 10/25/51 (c)(d)		470		375
JP Morgan Mortgage Trust,
3.00%, 4/25/52 - 9/25/52 (c)(d)		1,090		901
3.25%, 7/25/52 (c)(d)		657		559
Lehman Mortgage Trust,
6.50%, 9/25/37		17		6
Mello Mortgage Capital Acceptance,
2.50%, 8/25/51 (c)(d)		538		424
PRMI Securitization Trust,
2.50%, 4/25/51 (c)(d)		616		493
Seasoned Credit Risk Transfer Trust,
3.00%, 7/25/58 - 10/25/58		273		246
4.00%, 10/25/58		28		27
				4,352
				5,395
Municipal Bonds (0.1%)
United States (0.1%)
University of Michigan, MI,
Series A
4.45%, 4/1/22		400		320
Sovereign (27.2%)
Australia (1.1%)
Australia Government Bond,
0.25%, 11/21/25	AUD	3,450		1,990
1.25%, 5/21/32		3,110		1,572
2.50%, 5/21/30		390		228
2.75%, 11/21/29		1,110		664
3.25%, 4/21/25		240		152
				4,606
Austria (0.1%)
Republic of Austria Government Bond,
0.00%, 2/20/30 (c)	EUR	360		291
Belgium (0.3%)
Kingdom of Belgium Government Bond,
0.90%, 6/22/29 (c)		170		151
1.70%, 6/22/50 (c)		480		351
1.90%, 6/22/38 (c)		760		635
				1,137

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Canada (1.3%)
Canadian Government Bond,
1.25%, 6/1/30	CAD	2,710	$	1,703
2.00%, 12/1/51		100		57
2.25%, 6/1/29		5,220		3,567
				5,327
China (9.9%)
Agricultural Development Bank of China,
2.25%, 4/22/25	CNY	3,600		506
3.79%, 10/26/30		3,430		513
China Development Bank,
3.07%, 3/10/30		7,380		1,047
3.34%, 7/14/25		3,430		496
China Government Bond,
2.37%, 1/20/27		16,900		2,368
2.76%, 5/15/32		204,760		28,781
3.13%, 11/21/29		20,150		2,922
3.27%, 11/19/30		13,760		2,019
3.53%, 10/18/51		1,300		195
3.81%, 9/14/50		3,170		494
3.86%, 7/22/49		6,000		941
Export-Import Bank of China,
2.93%, 3/2/25		3,470		496
				40,778
Colombia (0.0%) (a)
Colombian TES Series B,
7.75%, 9/18/30	COP	618,000		102
Czech Republic (0.0%) (a)
Czech Republic Government Bond,
1.20%, 3/13/31	CZK	6,000		174
Denmark (0.1%)
Denmark Government Bond,
0.50%, 11/15/27	DKK	3,000		360
Finland (0.1%)
Finland Government Bond,
1.13%, 4/15/34 (c)	EUR	370		302
France (1.8%)
Agence Francaise de Developpement EPIC,
1.50%, 10/31/34		500		409
Banque Federative du Credit Mutuel SA,
1.25%, 12/5/25	GBP	400		383
French Republic Government Bond OAT,
0.00%, 11/25/29	EUR	6,580		5,433
2.00%, 5/25/48 (c)		860		694
SNCF Reseau,
1.88%, 3/30/34		400		345
				7,264
Germany (1.3%)
Bundesrepublik Deutschland Bundesanleihe,
0.00%, 5/15/36		110		80
0.25%, 2/15/29		3,860		3,395
4.25%, 7/4/39		620		779

	Face Amount (000)		Value (000)
State of North Rhine-Westphalia Germany,
1.65%, 2/22/38	EUR	1,320	$	1,067
				5,321
Greece (2.7%)
Hellenic Republic Government Bond,
0.75%, 6/18/31 (c)		15,708		11,063
Hong Kong (0.1%)
Hong Kong Government International Bond,
2.50%, 5/28/24 (c)	$	250		243
Hungary (0.0%) (a)
Hungary Government Bond,
3.00%, 8/21/30	HUF	24,000		36
Indonesia (0.2%)
Indonesia Government International Bond,
1.75%, 4/24/25	EUR	270		252
Indonesia Treasury Bond,
6.50%, 2/15/31	IDR	4,104,000		255
8.25%, 5/15/29		1,408,000		97
8.38%, 3/15/34		3,572,000		249
				853
Ireland (0.1%)
Ireland Government Bond,
0.20%, 10/18/30	EUR	410		336
Italy (1.1%)
Italy Buoni Poliennali Del Tesoro,
0.00%, 8/1/26		1,190		1,021
0.45%, 2/15/29		160		126
1.85%, 7/1/25 (c)		1,960		1,848
2.45%, 9/1/50 (c)		1,250		848
Republic of Italy Government International Bond,
0.88%, 5/6/24	$	745		692
				4,535
Japan (4.1%)
Japan Government Five Year Bond,
0.10%, 6/20/24	JPY	605,000		4,192
Japan Government Ten Year Bond,
0.10%, 6/20/26 - 6/20/31		550,000		3,774
Japan Government Thirty Year Bond,
0.30%, 6/20/46		207,000		1,173
0.40%, 9/20/49		131,000		716
0.60%, 6/20/50		143,300		821
1.70%, 6/20/33		447,800		3,522
Japan Government Twenty Year Bond,
0.40%, 6/20/41		415,000		2,593
				16,791
Korea, Republic of (0.5%)
Export-Import Bank of Korea,
0.63%, 2/9/26	$	640		564
2.38%, 6/25/24		510		492
Korea Development Bank,
0.80%, 7/19/26		590		512

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Korea, Republic of (cont'd)
Korea International Bond,
2.00%, 6/19/24	$	350	$	336
				1,904
Malaysia (0.3%)
Malaysia Government Bond,
3.89%, 8/15/29	MYR	2,330		488
Petronas Capital Ltd.,
3.50%, 3/18/25 (c)	$	875		852
				1,340
Mexico (0.2%)
Mexican Bonos,
Series M
7.50%, 6/3/27	MXN	6,000		273
8.50%, 5/31/29		5,900		276
Mexico Government International Bond,
4.50%, 4/22/29	$	530		491
				1,040
Netherlands (0.3%)
Nederlandse Waterschapsbank NV,
1.00%, 5/28/30 (c)	EUR	376		299
Netherlands Government Bond,
0.00%, 7/15/30 (c)		970		799
2.75%, 1/15/47 (c)		90		93
				1,191
Nigeria (0.0%) (a)
Africa Finance Corp.,
4.38%, 4/17/26 (c)	$	200		184
Norway (0.0%) (a)
Norway Government Bond,
2.13%, 5/18/32 (c)	NOK	790		66
Poland (0.0%) (a)
Republic of Poland Government Bond,
0.25%, 10/25/26	PLN	1,300		199
Russia (0.0%) (a)
Russian Federal Bond — OFZ,
7.95%, 10/7/26 (f)(g)(h)	RUB	12,000		59
Spain (0.5%)
Spain Government Bond,
0.00%, 1/31/28	EUR	540		458
0.70%, 4/30/32 (c)		399		311
1.25%, 10/31/30 (c)		955		819
2.70%, 10/31/48 (c)		410		341
3.45%, 7/30/66 (c)		120		111
				2,040
Sweden (0.1%)
Sweden Government Bond,
0.75%, 5/12/28	SEK	2,430		201
1.00%, 11/12/26		1,440		122
				323

	Face Amount (000)		Value (000)
United Kingdom (1.0%)
United Kingdom Gilt,
0.38%, 10/22/30	GBP	1,780	$	1,478
0.63%, 10/22/50		680		350
1.63%, 10/22/28		650		624
3.50%, 1/22/45		840		877
4.25%, 9/7/39		620		702
				4,031
				111,896
Supranational (1.3%)
Asian Development Bank,
2.13%, 5/19/31	NZD	300		134
European Investment Bank,
0.20%, 7/15/24	EUR	970		915
Series EARN
0.00%, 1/14/31		925		715
International Bank for Reconstruction & Development,
2.20%, 2/27/24	AUD	3,040		1,896
SOFR + 0.43%, 3.10%, 8/19/27 (d)	$	1,630		1,639
				5,299
U.S. Treasury Securities (4.5%)
United States (4.5%)
U.S. Treasury Bonds,
1.13%, 5/15/40		4,920		3,078
1.25%, 5/15/50		2,010		1,126
1.50%, 2/15/30		320		272
2.13%, 5/15/25		1,390		1,317
2.50%, 2/15/45		2,000		1,527
2.75%, 8/15/47		2,720		2,176
U.S. Treasury Notes,
0.50%, 4/30/27		3,160		2,689
1.13%, 10/31/26		2,210		1,960
1.38%, 11/15/31		430		349
1.88%, 6/30/26		1,950		1,796
2.50%, 5/15/24		2,480		2,409
				18,699
Total Fixed Income Securities (Cost $252,813)				206,677
	Shares
Common Stocks (31.9%)
Australia (1.1%)
Ampol Ltd.		1,111		21
APA Group		5,859		36
Aristocrat Leisure Ltd.		2,729		58
ASX Ltd.		891		41
Aurizon Holdings Ltd.		8,588		19
Australia & New Zealand Banking Group Ltd.		13,840		203
BHP Group Ltd.		23,383		581
BlueScope Steel Ltd.		2,184		21
Brambles Ltd.		6,563		48
Cochlear Ltd.		307		38

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Australia (cont'd)
Coles Group Ltd.		6,382	$	67
Commonwealth Bank of Australia		7,891		459
Computershare Ltd.		2,511		40
CSL Ltd.		2,264		412
Dexus REIT		4,905		24
Domino's Pizza Enterprises Ltd.		278		9
Endeavour Group Ltd. (Australia)		6,392		29
Evolution Mining Ltd.		8,641		11
Fortescue Metals Group Ltd.		7,763		83
Goodman Group REIT		7,611		77
GPT Group REIT		8,419		21
IDP Education Ltd.		947		16
Insurance Australia Group Ltd.		11,792		35
James Hardie Industries PLC CDI		2,012		39
Lendlease Corp Ltd. REIT		3,170		18
Lottery Corp. Ltd. (i)		10,320		28
Macquarie Group Ltd.		1,666		162
Medibank Pvt Ltd.		12,787		29
Mineral Resources Ltd.		768		32
Mirvac Group REIT		17,752		22
National Australia Bank Ltd.		14,958		277
Newcrest Mining Ltd.		4,092		45
Northern Star Resources Ltd.		5,441		27
OneMarket Ltd. (i)		390		—
Orica Ltd.		2,071		18
Origin Energy Ltd.		8,659		29
Qantas Airways Ltd. (i)		4,215		13
QBE Insurance Group Ltd.		7,000		52
Ramsay Health Care Ltd.		862		32
REA Group Ltd.		243		18
Reece Ltd.		1,048		9
Rio Tinto Ltd.		1,722		104
Santos Ltd.		15,065		70
Scentre Group REIT		23,781		39
SEEK Ltd.		1,549		19
Sonic Healthcare Ltd.		2,143		42
South32 Ltd.		21,370		51
Stockland REIT		10,958		23
Suncorp Group Ltd.		5,965		38
Telstra Corp., Ltd.		21,373		53
Transurban Group (Units)		14,109		111
Treasury Wine Estates Ltd.		3,400		27
Vicinity Centres REIT		17,828		20
Washington H Soul Pattinson & Co. Ltd.		995		17
Wesfarmers Ltd.		5,193		142
Westpac Banking Corp.		16,376		217
WiseTech Global Ltd.		662		22
Woodside Energy Group Ltd. (a)		8,761		179
Woolworths Group Ltd.		5,755		125
Xero Ltd. (i)		616		28
				4,526

	Shares		Value (000)
Austria (0.1%)
Erste Group Bank AG		6,383	$	140
OMV AG		587		21
Verbund AG		275		24
voestalpine AG		460		8
				193
Belgium (0.2%)
Ageas SA		795		29
Anheuser-Busch InBev SA		4,312		195
Argenx SE (i)		232		83
D'ieteren Group		119		17
Elia Group SA		168		20
Groupe Bruxelles Lambert SA		491		34
KBC Group NV		4,929		234
Proximus SADP		831		9
Sofina SA		75		13
Solvay SA		362		28
UCB SA		619		43
Umicore SA		1,014		30
Warehouses De Pauw CVA REIT		709		17
				752
Canada (2.0%)
Agnico Eagle Mines Ltd.		2,256		95
Air Canada (i)		810		10
Algonquin Power & Utilities Corp.		3,463		38
Alimentation Couche-Tard, Inc.		4,126		166
AltaGas Ltd.		1,385		27
ARC Resources Ltd.		3,290		40
Bank of Montreal		3,598		315
Bank of Nova Scotia		6,858		326
Barrick Gold Corp. (LSE)		6,493		101
Barrick Gold Corp. (NYSE)		1,893		28
Bausch Health Cos., Inc. (i)		1,236		9
BCE, Inc.		379		16
Blackberry Ltd. (i)		2,566		12
Brookfield Asset Management, Inc., Class A		6,894		282
Brookfield Renewable Corp., Class A		649		21
BRP, Inc.		177		11
CAE, Inc. (i)		1,489		23
Cameco Corp.		1,933		51
Canadian Apartment Properties REIT		397		12
Canadian Imperial Bank of Commerce		4,956		217
Canadian National Railway Co.		2,864		309
Canadian Natural Resources Ltd.		5,750		268
Canadian Pacific Railway Ltd. (NYSE)		492		33
Canadian Pacific Railway Ltd. (TSX)		4,486		299
Canadian Tire Corp., Ltd., Class A		254		27
Canadian Utilities Ltd., Class A		635		17
CCL Industries, Inc., Class B		688		33
Cenovus Energy, Inc.		6,986		107
CGI, Inc. (i)		1,016		76
Constellation Software, Inc.		94		131

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Canada (cont'd)
Dollarama, Inc.		1,309	$	75
Emera, Inc.		1,292		52
Empire Co., Ltd., Class A		784		19
Enbridge, Inc.		9,608		356
Fairfax Financial Holdings Ltd.		116		53
First Quantum Minerals Ltd.		2,793		47
FirstService Corp.		185		22
Fortis, Inc.		2,444		93
Franco-Nevada Corp.		898		107
George Weston Ltd.		347		36
GFL Environmental, Inc.		822		21
Gildan Activewear, Inc.		867		25
Great-West Lifeco, Inc.		1,383		30
Hydro One Ltd.		1,734		42
IA Financial Corp., Inc.		496		25
IGM Financial, Inc.		390		10
Imperial Oil Ltd.		1,092		47
Intact Financial Corp.		815		115
Ivanhoe Mines Ltd., Class A (i)		2,894		19
Keyera Corp.		1,026		21
Kinross Gold Corp.		6,057		23
Lightspeed Commerce, Inc. (i)		621		11
Loblaw Cos., Ltd.		790		63
Lundin Mining Corp.		3,116		16
Magna International, Inc.		1,327		63
Manulife Financial Corp.		9,168		144
Metro, Inc.		1,145		57
National Bank of Canada		1,926		121
Northland Power, Inc.		1,129		33
Nutrien Ltd.		2,618		218
Nuvei Corp. (i)		319		9
Onex Corp.		342		16
Open Text Corp.		1,361		36
Pan American Silver Corp.		997		16
Parkland Corp.		710		15
Pembina Pipeline Corp.		2,666		81
Power Corp. of Canada		2,679		60
Quebecor, Inc., Class B		745		14
Restaurant Brands International, Inc.		1,469		78
RioCan Real Estate Investment Trust		705		10
Ritchie Bros Auctioneers, Inc.		519		32
Rogers Communications, Inc., Class B		1,946		75
Royal Bank of Canada		7,819		704
Saputo, Inc.		1,191		28
Shaw Communications, Inc., Class B		2,314		56
Shopify, Inc., Class A (i)		5,558		150
Sun Life Financial, Inc.		2,812		112
Suncor Energy, Inc.		7,052		199
TC Energy Corp.		4,673		188
Teck Resources Ltd., Class B		2,274		69
TELUS Corp.		2,474		49
TFI International, Inc.		380		34

	Shares		Value (000)
Thomson Reuters Corp.		792	$	81
TMX Group Ltd.		257		24
Toromont Industries Ltd.		385		27
Toronto-Dominion Bank		9,812		602
Tourmaline Oil Corp.		1,563		81
West Fraser Timber Co., Ltd.		284		21
Wheaton Precious Metals Corp.		2,218		72
WSP Global, Inc.		548		60
				8,063
China (0.0%)
China Common Rich Renewable Energy Investments Ltd. (i)		42,000		—
Denmark (0.4%)
AP Moller — Maersk AS Series A		15		27
AP Moller — Maersk AS Series B		25		45
Carlsberg AS Series B		483		56
Chr Hansen Holding AS		490		24
Coloplast AS Series B		565		57
Danske Bank AS		3,272		41
Demant AS (i)		457		11
DSV AS		889		104
Genmab AS (i)		308		99
GN Store Nord AS		623		11
Novo Nordisk AS Series B		7,986		796
Novozymes AS Series B		948		48
Orsted AS		921		73
Pandora AS		439		21
ROCKWOOL AS, Class B		41		6
Tryg AS		1,676		35
Vestas Wind Systems AS		4,759		88
				1,542
Finland (0.1%)
Elisa Oyj		754		34
Fortum Oyj		2,211		30
Kesko Oyj, Class B		1,315		25
Kone Oyj, Class B		1,595		61
Neste Oyj		2,004		87
Nokia Oyj		25,730		111
Orion Oyj, Class B		506		21
Sampo Oyj, Class A		2,341		100
Stora Enso Oyj, Class R		2,623		33
UPM-Kymmene Oyj		2,518		80
Wartsila Oyj Abp		2,203		14
				596
France (1.8%)
Accor SA (i)		803		17
Aeroports de Paris (i)		140		16
Air Liquide SA		2,435		278
Airbus SE		2,773		239
Alstom SA		1,493		24
Amundi SA		287		12
ArcelorMittal SA		2,918		58

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
France (cont'd)
Arkema SA		281	$	21
AXA SA		9,147		200
BioMerieux		194		15
BNP Paribas SA		20,920		884
Bollore SA		4,193		19
Bouygues SA		1,086		28
Bureau Veritas SA		1,377		31
Capgemini SE		768		123
Carrefour SA		2,985		41
Cie de Saint-Gobain		2,343		84
Cie Generale des Etablissements Michelin SCA		3,206		72
Covivio REIT		220		11
Credit Agricole SA		23,869		194
Danone SA		3,119		148
Dassault Aviation SA		117		13
Dassault Systemes SE		3,094		107
Edenred		1,163		54
Eiffage SA		392		31
Electricite de France SA		2,279		26
Engie SA		9,217		106
EssilorLuxottica SA		1,335		181
Eurazeo SE		204		11
Eurofins Scientific SE		626		37
Euronext NV		400		25
Gecina SA REIT		216		17
Getlink SE		2,049		32
Hermes International		148		174
Ipsen SA		176		16
Kering SA		352		156
Klepierre SA REIT		1,013		18
L'Oreal SA		1,160		371
La Francaise des Jeux SAEM		495		15
Legrand SA		1,249		81
LVMH Moet Hennessy Louis Vuitton SE		1,306		770
Orange SA		10,575		96
Pernod Ricard SA		1,011		185
Publicis Groupe SA		1,072		51
Remy Cointreau SA		110		18
Renault SA (i)		910		25
Safran SA		1,585		144
Sanofi		5,423		413
Sartorius Stedim Biotech		130		40
Schneider Electric SE		2,534		286
SEB SA		118		7
Societe Generale SA		15,520		307
Sodexo SA		417		31
STMicroelectronics NV		3,173		99
Teleperformance		274		70
Thales SA		502		55
TotalEnergies SE		12,042		565
Ubisoft Entertainment SA (i)		440		12

	Shares		Value (000)
Unibail-Rodamco-Westfield REIT (i)		553	$	23
Valeo SA		993		15
Veolia Environnement SA		3,401		65
Vinci SA		2,512		203
Vivendi SE		3,401		26
Wendel SE		125		9
Worldline SA (i)		1,120		44
				7,545
Germany (1.1%)
Adidas AG		817		94
Allianz SE (Registered)		1,952		307
Aroundtown SA		4,719		10
BASF SE		4,344		167
Bayer AG (Registered)		4,757		219
Bayerische Motoren Werke AG		1,569		106
Bayerische Motoren Werke AG (Preference)		273		18
Bechtle AG		392		14
Beiersdorf AG		485		48
Brenntag SE		723		44
Carl Zeiss Meditec AG		191		20
Commerzbank AG (i)		20,766		148
Continental AG		530		24
Covestro AG		916		26
Daimler Truck Holding AG (i)		2,131		48
Delivery Hero SE (i)		761		28
Deutsche Bank AG (Registered)		9,872		73
Deutsche Boerse AG		869		142
Deutsche Lufthansa AG (Registered) (i)		2,744		16
Deutsche Post AG (Registered)		4,613		139
Deutsche Telekom AG (Registered)		17,185		293
E.ON SE		11,353		87
Evonik Industries AG		982		16
Fresenius Medical Care AG & Co., KGaA		973		27
Fresenius SE & Co., KGaA		1,993		42
GEA Group AG		723		23
Hannover Rueck SE (Registered)		282		42
HeidelbergCement AG		679		27
HelloFresh SE (i)		767		16
Henkel AG & Co., KGaA		497		28
Henkel AG & Co., KGaA (Preference)		851		51
Infineon Technologies AG		6,157		135
KION Group AG		340		7
Knorr-Bremse AG		343		15
LEG Immobilien SE		341		20
Mercedes-Benz Group AG (Registered)		3,809		193
Merck KGaA		608		98
MTU Aero Engines AG		247		37
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		659		159
Nemetschek SE		271		13
Porsche Automobil Holding SE (Preference)		726		41
Puma SE		498		33
QIAGEN NV (i)		1,092		45

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Germany (cont'd)
Rational AG		24	$	12
Rheinmetall AG		205		32
RWE AG		3,247		119
SAP SE		4,900		399
Sartorius AG (Preference)		114		39
Scout24 SE		371		19
Siemens AG (Registered)		3,606		352
Siemens Energy AG (i)		2,040		22
Siemens Healthineers AG		1,355		58
Symrise AG		612		60
Telefonica Deutschland Holding AG		5,584		11
Uniper SE		409		2
United Internet AG (Registered)		520		10
Volkswagen AG		139		23
Volkswagen AG (Preference)		871		106
Vonovia SE		3,290		71
Zalando SE (i)		1,052		21
				4,495
Hong Kong (0.4%)
AIA Group Ltd.		57,351		477
BOC Hong Kong Holdings Ltd.		20,370		68
Budweiser Brewing Co., APAC Ltd.		8,316		22
Chow Tai Fook Jewellery Group Ltd.		9,396		18
CK Asset Holdings Ltd.		9,450		57
CK Hutchison Holdings Ltd.		12,695		70
CK Infrastructure Holdings Ltd.		3,187		16
CLP Holdings Ltd.		8,200		62
ESR Group Ltd.		9,491		24
Futu Holdings Ltd. ADR (i)		275		10
Galaxy Entertainment Group Ltd.		10,306		61
Hang Lung Properties Ltd.		9,613		16
Hang Seng Bank Ltd.		4,184		64
Henderson Land Development Co., Ltd.		6,873		19
HK Electric Investments & HK Electric Investments Ltd.		13,302		9
HKT Trust & HKT Ltd.		19,927		23
Hong Kong & China Gas Co., Ltd.		55,349		49
Hong Kong Exchanges & Clearing Ltd.		5,688		194
Hongkong Land Holdings Ltd.		5,354		24
Jardine Matheson Holdings Ltd.		1,028		52
Link REIT		10,012		70
MTR Corp., Ltd.		7,327		34
New World Development Co. Ltd.		7,206		20
Power Assets Holdings Ltd.		6,946		35
Sands China Ltd. (i)		11,407		28
Sino Land Co., Ltd.		16,236		21
SITC International Holdings Co. Ltd.		6,759		12
Sun Hung Kai Properties Ltd.		6,836		75
Swire Pacific Ltd., Class A		2,306		17
Swire Properties Ltd.		5,503		12
Techtronic Industries Co., Ltd.		6,410		61
WH Group Ltd.		40,078		25

	Shares		Value (000)
Wharf Real Estate Investment Co., Ltd.		7,888	$	36
Xinyi Glass Holdings Ltd.		8,788		13
				1,794
Ireland (0.1%)
CRH PLC		3,717		119
Flutter Entertainment PLC (i)		813		90
Kerry Group PLC, Class A		792		71
Kingspan Group PLC		732		33
Smurfit Kappa Group PLC		1,213		35
				348
Israel (0.1%)
Azrieli Group Ltd.		203		14
Bank Hapoalim BM		7,073		60
Bank Leumi Le-Israel BM		8,616		73
Check Point Software Technologies Ltd. (i)		488		54
CyberArk Software Ltd. (i)		187		28
Elbit Systems Ltd.		127		24
ICL Group Ltd.		3,391		27
Israel Discount Bank Ltd., Class A		5,926		30
Kornit Digital Ltd. (i)		238		6
Mizrahi Tefahot Bank Ltd.		854		30
Nice Ltd. (i)		302		57
Teva Pharmaceutical Industries Ltd. ADR (i)		5,415		44
Tower Semiconductor Ltd. (i)		523		23
Wix.com Ltd. (i)		269		21
ZIM Integrated Shipping Services Ltd.		414		10
				501
Italy (0.5%)
Amplifon SpA		595		16
Assicurazioni Generali SpA		5,189		71
Atlantia SpA		2,323		51
CNH Industrial NV		4,798		54
Davide Campari-Milano NV		2,525		22
DiaSorin SpA		120		13
Enel SpA		40,771		167
Eni SpA		11,833		126
Ferrari NV		591		109
FinecoBank Banca Fineco SpA		11,737		145
Infrastrutture Wireless Italiane SpA		1,576		14
Intesa Sanpaolo SpA		320,587		530
Mediobanca Banca di Credito Finanziario SpA		11,805		92
Moncler SpA		962		39
Nexi SpA (i)		2,457		20
Poste Italiane SpA		2,448		19
Prysmian SpA		1,192		34
Recordati Industria Chimica e Farmaceutica SpA		498		18
Snam SpA		10,111		41
Stellantis NV		10,281		121
Telecom Italia SpA (Milano) (i)		46,492		9
Tenaris SA		2,214		29

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Italy (cont'd)
Terna — Rete Elettrica Nazionale		7,048	$	43
UniCredit SpA		40,508		410
				2,193
Japan (0.8%)
Aeon Co. Ltd.		89		2
Ajinomoto Co., Inc.		63		2
Asahi Group Holdings Ltd.		63		2
Asahi Intecc Co. Ltd.		17		—	@
Astellas Pharma, Inc.		147		2
Chiba Bank Ltd.		17,127		93
Chubu Electric Power Co., Inc.		206		2
Chugai Pharmaceutical Co. Ltd.		53		1
Concordia Financial Group Ltd.		35,220		109
Daiichi Sankyo Co. Ltd.		139		4
Eisai Co. Ltd.		20		1
Ito En Ltd.		7		—	@
Japan Post Bank Co. Ltd.		13,321		93
Kansai Electric Power Co., Inc.		223		2
Kao Corp.		64		3
KDDI Corp.		957		28
Kikkoman Corp.		19		1
Kirin Holdings Co., Ltd.		112		2
Kobayashi Pharmaceutical Co. Ltd.		7		—	@
Kobe Bussan Co. Ltd.		21		1
Kose Corp.		4		—	@
Kyowa Kirin Co. Ltd.		21		—	@
M3, Inc.		35		1
MEIJI Holdings Co. Ltd.		16		1
Mizuho Financial Group, Inc.		77,856		843
Nippon Telegraph & Telephone Corp.		708		19
Nisshin Seifun Group, Inc.		27		—	@
Nissin Foods Holdings Co. Ltd.		9		1
Olympus Corp.		96		2
Ono Pharmaceutical Co. Ltd.		29		1
Osaka Gas Co. Ltd.		120		2
Otsuka Holdings Co. Ltd.		30		1
Resona Holdings, Inc.		69,608		255
Seven & i Holdings Co. Ltd.		102		4
Shionogi & Co. Ltd.		21		1
Shiseido Co., Ltd.		55		2
Shizuoka Bank Ltd. (i)		14,468		89
SoftBank Corp.		1,714		17
SoftBank Group Corp.		716		24
Sumitomo Mitsui Financial Group, Inc.		42,178		1,168
Sumitomo Mitsui Trust Holdings, Inc.		10,933		311
Suntory Beverage & Food Ltd.		19		1
Sysmex Corp.		13		1
Takeda Pharmaceutical Co. Ltd.		115		3
Terumo Corp.		51		1
Tokyo Electric Power Co. Holdings, Inc. (i)		483		1
Tokyo Gas Co. Ltd.		125		2
Unicharm Corp.		56		2

	Shares		Value (000)
Welcia Holdings Co. Ltd.		13	$	—	@
Yakult Honsha Co. Ltd.		18		1
				3,102
Netherlands (0.7%)
ABN AMRO Bank NV CVA		8,296		74
Adyen NV (i)		102		127
Aegon NV		8,692		35
AerCap Holdings NV (i)		634		27
Akzo Nobel NV		853		48
ASM International NV		218		49
ASML Holding NV		1,895		785
Coca-Cola Europacific Partners PLC		990		42
EXOR NV		508		33
Heineken Holding NV		489		33
Heineken NV		1,252		109
IMCD NV		266		32
ING Groep NV		75,803		650
JDE Peet's NV		484		14
Just Eat Takeaway.com NV (i)		844		13
Koninklijke Ahold Delhaize NV		5,010		128
Koninklijke DSM NV		817		93
Koninklijke KPN NV		17,511		47
Koninklijke Philips NV		4,200		65
NN Group NV		1,416		55
OCI NV		497		18
Prosus NV		3,883		202
Randstad NV		573		25
Universal Music Group NV		3,393		64
Wolters Kluwer NV		1,227		119
				2,887
New Zealand (0.0%) (a)
Auckland International Airport Ltd. (i)		6,513		26
Fisher & Paykel Healthcare Corp., Ltd.		3,044		32
Mercury NZ Ltd.		3,829		12
Meridian Energy Ltd.		7,145		19
Spark New Zealand Ltd.		11,155		31
				120
Norway (0.1%)
Adevinta ASA (i)		1,359		8
Aker BP ASA		1,549		44
DNB Bank ASA		4,474		71
Equinor ASA		4,773		157
Gjensidige Forsikring ASA		945		16
Kongsberg Gruppen ASA		421		13
Mowi ASA		2,013		26
Norsk Hydro ASA		6,632		35
Orkla ASA		3,700		27
Salmar ASA		289		10
Telenor ASA		3,784		35
Yara International ASA		793		28
				470

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Portugal (0.0%) (a)
EDP — Energias de Portugal SA		12,615	$	55
EDP Renovaveis SA		1,299		27
Galp Energia SGPS SA		2,211		21
Jeronimo Martins SGPS SA		1,244		23
				126
Singapore (0.2%)
Ascendas REIT		15,300		28
CapitaLand Integrated Commercial Trust REIT		24,102		32
Capitaland Investment Ltd.		11,900		29
City Developments Ltd.		1,800		9
DBS Group Holdings Ltd.		9,666		224
Genting Singapore Ltd.		28,100		15
Grab Holdings Ltd., Class A (i)		5,000		13
Keppel Corp., Ltd.		6,700		32
Mapletree Commercial Trust REIT		10,600		13
Mapletree Logistics Trust REIT		14,700		16
Oversea-Chinese Banking Corp., Ltd.		17,827		146
Sea Ltd. ADR (i)		1,600		90
Singapore Airlines Ltd. (i)		6,100		21
Singapore Exchange Ltd.		3,900		26
Singapore Technologies Engineering Ltd.		7,200		18
Singapore Telecommunications Ltd.		42,049		78
United Overseas Bank Ltd.		6,143		111
UOL Group Ltd.		2,100		10
Venture Corp. Ltd.		1,200		14
Wilmar International Ltd.		9,156		24
				949
Spain (0.7%)
Acciona SA		123		22
ACS Actividades de Construccion y Servicios SA		1,113		25
Aena SME SA (i)		351		36
Amadeus IT Group SA (i)		2,105		98
Banco Bilbao Vizcaya Argentaria SA		130,496		585
Banco Santander SA		340,014		791
CaixaBank SA		87,812		283
Cellnex Telecom SA		2,861		88
Enagas SA		1,254		19
Endesa SA		1,600		24
Ferrovial SA		2,281		52
Grifols SA (i)		1,438		12
Iberdrola SA		29,817		278
Industria de Diseno Textil SA		5,125		106
Naturgy Energy Group SA		724		17
Red Electrica Corp., SA		2,027		31
Repsol SA (i)		7,101		81
Siemens Gamesa Renewable Energy SA (i)		1,126		20
Telefonica SA		28,920		96
Telepizza Group SA (i)		156		1
				2,665

	Shares		Value (000)
Sweden (0.5%)
Alfa Laval AB		1,412	$	35
Alleima AB (i)		1,019		3
Assa Abloy AB, Class B		4,797		90
Atlas Copco AB, Class A		12,929		120
Atlas Copco AB, Class B		7,514		62
Boliden AB		1,356		42
Electrolux AB		1,090		11
Embracer Group AB (i)		3,156		19
Epiroc AB, Class A		3,180		46
Epiroc AB, Class B		1,891		24
EQT AB		1,412		27
Essity AB, Class B		2,957		58
Evolution AB		886		70
Fastighets AB Balder (i)		3,124		13
Getinge AB, Class B		1,116		19
Hennes & Mauritz AB, Class B		3,546		33
Hexagon AB, Class B		9,323		87
Holmen AB, Class B		455		17
Husqvarna AB, Class B		2,002		11
Industrivarden AB, Class A		631		13
Industrivarden AB, Class C		744		15
Indutrade AB		1,318		21
Investment AB Latour, Class B		693		12
Investor AB, Class A		2,391		37
Investor AB, Class B		8,746		128
Kinnevik AB, Class B (i)		1,179		15
L E Lundbergforetagen AB, Class B		367		13
Lifco AB, Class B		1,110		15
Nibe Industrier AB, Class B		7,176		64
Nordea Bank Abp		16,069		138
Sagax AB		924		15
Sandvik AB		5,213		71
Securitas AB, Class B		1,503		10
Sinch AB (i)		2,740		4
Skandinaviska Enskilda Banken AB, Class A		9,172		87
Skanska AB, Class B		1,643		20
SKF AB, Class B		1,865		25
Svenska Cellulosa AB SCA, Class B		2,919		37
Svenska Handelsbanken AB, Class A		7,116		58
Swedbank AB, Class A		4,417		58
Swedish Match AB		7,670		76
Swedish Orphan Biovitrum AB (i)		844		16
Tele2 AB, Class B		3,099		27
Telefonaktiebolaget LM Ericsson, Class B		14,120		83
Telia Co., AB		14,456		42
Volvo AB, Class A		979		15
Volvo AB, Class B		7,374		104
Volvo Car AB (i)		2,915		13
				2,019

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Switzerland (1.5%)
ABB Ltd. (Registered)		7,997	$	206
Adecco Group AG (Registered)		799		22
Alcon, Inc.		2,467		143
Bachem Holding AG		144		9
Baloise Holding AG (Registered)		226		29
Barry Callebaut AG (Registered)		16		30
Chocoladefabriken Lindt & Sprungli AG		5		48
Cie Financiere Richemont SA (Registered)		2,541		240
Clariant AG (Registered)		1,029		16
Credit Suisse Group AG (Registered)		13,087		52
EMS-Chemie Holding AG (Registered)		33		21
Geberit AG (Registered)		173		74
Givaudan SA (Registered)		44		133
Holcim AG (Registered)		2,687		110
Julius Baer Group Ltd.		1,087		47
Kuehne & Nagel International AG (Registered)		262		53
Logitech International SA (Registered)		843		39
Lonza Group AG (Registered)		366		178
Nestle SA (Registered)		14,001		1,513
Novartis AG (Registered)		10,768		821
Partners Group Holding AG		111		89
Roche Holding AG		132		52
Roche Holding AG (Genusschein)		3,438		1,119
Schindler Holding AG		197		31
Schindler Holding AG (Registered)		114		17
SGS SA (Registered)		31		66
Sika AG (Registered)		696		140
Sonova Holding AG (Registered)		266		59
Straumann Holding AG (Registered)		544		50
Swatch Group AG		143		32
Swatch Group AG (Registered)		256		11
Swiss Life Holding AG (Registered)		154		68
Swiss Prime Site AG (Registered)		371		30
Swiss Re AG		1,473		109
Swisscom AG (Registered)		142		67
Temenos AG (Registered)		307		21
UBS Group AG (Registered)		17,223		250
VAT Group AG		130		26
Zurich Insurance Group AG		746		297
				6,318
United Kingdom (2.2%)
3i Group PLC		4,583		55
Aberdeen PLC		10,190		16
Admiral Group PLC		828		18
Anglo American PLC		6,094		183
Antofagasta PLC		1,888		23
Ashtead Group PLC		2,054		92
Associated British Foods PLC		1,717		24
AstraZeneca PLC		7,176		789
Auto Trader Group PLC		4,356		25
AVEVA Group PLC		562		19

	Shares		Value (000)
Aviva PLC		13,317	$	57
BAE Systems PLC		14,713		129
Barclays PLC		90,871		145
Barratt Developments PLC		4,850		18
Berkeley Group Holdings PLC		527		19
BP PLC		93,361		446
British American Tobacco PLC		10,075		361
British Land Co., PLC REIT		4,156		16
BT Group PLC		36,846		50
Bunzl PLC		1,551		47
Burberry Group PLC		1,861		37
Coca-Cola HBC AG		941		20
Compass Group PLC		8,340		166
Croda International PLC		643		46
DCC PLC		457		24
Diageo PLC		11,018		464
Entain PLC		2,707		32
Evraz PLC		2,495		—
Experian PLC		4,269		125
Ferguson PLC		1,008		105
G4S PLC (i)		6,437		18
Glencore PLC		47,212		248
GSK PLC		19,822		286
Haleon PLC (i)		25,452		79
Halma PLC		1,743		39
Hargreaves Lansdown PLC		1,656		16
Hikma Pharmaceuticals PLC		795		12
HSBC Holdings PLC		111,390		577
Imperial Brands PLC		4,216		87
Informa PLC		6,940		40
InterContinental Hotels Group PLC		855		41
Intertek Group PLC		750		31
Intu Properties PLC REIT (i)		5,299		—	@
J Sainsbury PLC		8,503		16
JD Sports Fashion PLC		12,082		13
Johnson Matthey PLC		878		18
Kingfisher PLC		9,501		23
Land Securities Group PLC REIT		3,261		19
Legal & General Group PLC		27,881		67
Lloyds Banking Group PLC		332,346		150
London Stock Exchange Group PLC		1,499		127
M&G PLC		12,287		23
Melrose Industries PLC		20,208		23
Mondi PLC		2,312		35
National Grid PLC		18,001		185
NatWest Group PLC		24,533		61
Next PLC		617		33
Ocado Group PLC (i)		2,781		14
Paragon Offshore PLC (f)(i)		303		—
Pearson PLC		3,183		30
Persimmon PLC		1,484		20
Phoenix Group Holdings PLC		3,535		21
Prudential PLC		12,953		127

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United Kingdom (cont'd)
Reckitt Benckiser Group PLC		3,402	$	225
RELX PLC		8,972		219
Rentokil Initial PLC		8,605		46
Rio Tinto PLC		5,380		291
Rolls-Royce Holdings PLC (i)		38,874		30
Sage Group PLC		4,709		36
Schroders PLC		3,494		15
Segro PLC REIT		5,531		46
Severn Trent PLC		1,247		33
Shell PLC		36,567		907
Smith & Nephew PLC		4,137		48
Smiths Group PLC		1,798		30
Spirax-Sarco Engineering PLC		342		39
SSE PLC		5,293		89
St. James's Place PLC		2,516		29
Standard Chartered PLC		14,364		90
Taylor Wimpey PLC		17,206		17
Tesco PLC		36,574		84
Unilever PLC CVA		11,882		522
United Utilities Group PLC		3,388		33
Vodafone Group PLC		126,435		141
Whitbread PLC		941		24
WPP PLC		5,290		44
				9,068
United States (17.3%)
3M Co.		1,218		135
Abbott Laboratories		3,877		375
AbbVie, Inc.		3,886		522
ABIOMED, Inc. (i)		102		25
Accenture PLC, Class A		1,336		344
Activision Blizzard, Inc.		1,647		122
Adobe, Inc. (i)		1,009		278
Advance Auto Parts, Inc.		126		20
Advanced Micro Devices, Inc. (i)		3,484		221
AES Corp.		1,632		37
Affirm Holdings, Inc. (i)		387		7
Aflac, Inc.		1,306		73
Agilent Technologies, Inc.		668		81
Air Products & Chemicals, Inc.		473		110
Airbnb, Inc., Class A (i)		716		75
Akamai Technologies, Inc. (i)		336		27
Albemarle Corp.		252		67
Alcoa Corp.		383		13
Alexandria Real Estate Equities, Inc. REIT		321		45
Align Technology, Inc. (i)		163		34
Alleghany Corp. (i)		29		24
Allegion PLC		185		17
Alliant Energy Corp.		609		32
Allstate Corp.		581		72
Ally Financial, Inc.		680		19
Alnylam Pharmaceuticals, Inc. (i)		263		53
Alphabet, Inc., Class A (i)		12,788		1,223

	Shares		Value (000)
Alphabet, Inc., Class C (i)		12,071	$	1,161
Altria Group, Inc.		3,818		154
Amazon.com, Inc. (i)		19,100		2,158
AMC Entertainment Holdings, Inc., Class A (i)		1,042		7
Amcor PLC		3,143		34
AMERCO		20		10
Ameren Corp.		627		50
American Electric Power Co., Inc.		1,231		106
American Express Co.		1,368		185
American Financial Group, Inc.		152		19
American Homes 4 Rent, Class A REIT		665		22
American International Group, Inc.		1,710		81
American Tower Corp. REIT		976		210
American Water Works Co., Inc.		445		58
Ameriprise Financial, Inc.		232		58
AmerisourceBergen Corp.		341		46
AMETEK, Inc.		489		55
Amgen, Inc.		1,218		275
Amphenol Corp., Class A		1,271		85
Analog Devices, Inc.		1,118		156
Annaly Capital Management, Inc. REIT		913		16
ANSYS, Inc. (i)		188		42
AO Smith Corp.		275		13
Aon PLC, Class A		452		121
APA Corp.		737		25
Apollo Global Management, Inc.		852		40
Apple, Inc.		34,671		4,793
Applied Materials, Inc.		1,885		154
AppLovin Corp., Class A (i)		264		5
Aptiv PLC (i)		576		45
Aramark		487		15
Arch Capital Group Ltd. (i)		796		36
Archer-Daniels-Midland Co.		1,266		102
Arista Networks, Inc. (i)		519		59
Arrow Electronics, Inc. (i)		144		13
Arthur J Gallagher & Co.		442		76
Assurant, Inc.		115		17
AT&T, Inc.		19,271		296
Atmos Energy Corp.		331		34
Autodesk, Inc. (i)		467		87
Automatic Data Processing, Inc.		891		202
AutoZone, Inc. (i)		43		92
Avalara, Inc. (i)		186		17
AvalonBay Communities, Inc. REIT		296		55
Avantor, Inc. (i)		1,375		27
Avery Dennison Corp.		173		28
Baker Hughes Co.		2,064		43
Ball Corp.		669		32
Bank of America Corp.		20,669		624
Bank of New York Mellon Corp.		1,602		62
Bath & Body Works, Inc.		511		17
Baxter International, Inc.		1,110		60

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Becton Dickinson & Co.		623	$	139
Bentley Systems, Inc., Class B		408		12
Berkshire Hathaway, Inc., Class B (i)		2,699		721
Best Buy Co., Inc.		435		28
Bill.Com Holdings, Inc. (i)		205		27
Bio-Rad Laboratories, Inc., Class A (i)		50		21
Bio-Techne Corp.		89		25
Biogen, Inc. (i)		327		87
BioMarin Pharmaceutical, Inc. (i)		411		35
Black Knight, Inc. (i)		328		21
BlackRock, Inc.		320		176
Blackstone Group, Inc.		1,504		126
Block, Inc., Class A (i)		1,105		61
Boeing Co. (i)		1,161		141
Booking Holdings, Inc. (i)		86		141
Booz Allen Hamilton Holding Corp.		285		26
BorgWarner, Inc.		508		16
Boston Properties, Inc. REIT		314		24
Boston Scientific Corp. (i)		3,130		121
Bristol-Myers Squibb Co.		4,802		341
Broadcom, Inc.		878		390
Broadridge Financial Solutions, Inc.		250		36
Brown & Brown, Inc.		508		31
Brown-Forman Corp., Class B		697		46
Bunge Ltd.		323		27
Burlington Stores, Inc. (i)		132		15
Cable One, Inc.		12		10
Cadence Design Systems, Inc. (i)		591		97
Caesars Entertainment, Inc. (i)		447		14
Camden Property Trust REIT		207		25
Campbell Soup Co.		472		22
Capital One Financial Corp.		863		80
Cardinal Health, Inc.		604		40
Carlyle Group, Inc.		414		11
CarMax, Inc. (i)		330		22
Carnival Corp. (i)		1,983		14
Carrier Global Corp.		1,812		64
Carvana Co. (i)		184		4
Catalent, Inc. (i)		383		28
Caterpillar, Inc.		1,128		185
Cboe Global Markets, Inc.		225		26
CBRE Group, Inc., Class A (i)		711		48
CDW Corp.		285		44
Celanese Corp.		226		20
Centene Corp. (i)		1,293		101
CenterPoint Energy, Inc.		1,533		43
Ceridian HCM Holding, Inc. (i)		293		16
CF Industries Holdings, Inc.		433		42
CH Robinson Worldwide, Inc.		273		26
Charles River Laboratories International, Inc. (i)		113		22
Charles Schwab Corp.		3,025		217

	Shares		Value (000)
Charter Communications, Inc., Class A (i)		257	$	78
Cheniere Energy, Inc.		477		79
Chevron Corp.		4,143		595
Chewy, Inc., Class A (i)		194		6
Chipotle Mexican Grill, Inc. (i)		58		87
Chubb Ltd.		891		162
Church & Dwight Co., Inc.		544		39
Cigna Corp.		706		196
Cincinnati Financial Corp.		322		29
Cintas Corp.		199		77
Cisco Systems, Inc.		8,783		351
Citigroup, Inc.		5,795		241
Citizens Financial Group, Inc.		1,425		49
Citrix Systems, Inc.		267		28
Clarivate PLC (i)		662		6
Cleveland-Cliffs, Inc. (i)		1,094		15
Clorox Co.		277		36
Cloudflare, Inc., Class A (i)		547		30
CME Group, Inc.		754		134
CMS Energy Corp.		707		41
Coca-Cola Co.		9,238		518
Cognex Corp.		368		15
Cognizant Technology Solutions Corp., Class A		1,110		64
Coinbase Global, Inc., Class A (i)		247		16
Colgate-Palmolive Co.		1,786		125
Comcast Corp., Class A		9,651		283
Conagra Brands, Inc.		1,070		35
ConocoPhillips		9,938		1,017
Consolidated Edison, Inc.		866		74
Constellation Brands, Inc., Class A		369		85
Constellation Energy Corp.		798		66
Cooper Cos., Inc.		108		28
Copart, Inc. (i)		452		48
Corning, Inc.		1,687		49
Corteva, Inc.		1,529		87
CoStar Group, Inc. (i)		840		58
Costco Wholesale Corp.		984		465
Coterra Energy, Inc.		6,091		159
Coupa Software, Inc. (i)		162		10
Crowdstrike Holdings, Inc., Class A (i)		427		70
Crown Castle International Corp. REIT		924		134
Crown Holdings, Inc.		262		21
CSX Corp.		4,618		123
Cummins, Inc.		299		61
CVS Health Corp.		2,886		275
Danaher Corp.		1,508		389
Darden Restaurants, Inc.		266		34
Datadog, Inc., Class A (i)		491		44
DaVita, Inc. (i)		127		11
Deere & Co.		609		203
Dell Technologies, Inc., Class C		610		21
Delta Air Lines, Inc. (i)		334		9

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Dentsply Sirona, Inc.		489	$	14
Devon Energy Corp.		4,872		293
Dexcom, Inc. (i)		870		70
Diamondback Energy, Inc.		1,329		160
Digital Realty Trust, Inc. REIT		598		59
Discover Financial Services		593		54
DISH Network Corp., Class A (i)		541		7
DocuSign, Inc. (i)		428		23
Dollar General Corp.		484		116
Dollar Tree, Inc. (i)		473		64
Dominion Energy, Inc.		1,969		136
Domino's Pizza, Inc.		77		24
DoorDash, Inc., Class A (i)		424		21
Dover Corp.		303		35
Dow, Inc.		1,537		68
DR Horton, Inc.		713		48
Dropbox, Inc., Class A (i)		619		13
DTE Energy Co.		474		55
Duke Energy Corp.		1,867		174
Duke Realty Corp. REIT		814		39
DuPont de Nemours, Inc.		1,084		55
Dynatrace, Inc. (i)		432		15
Eastman Chemical Co.		271		19
Eaton Corp., PLC		841		112
eBay, Inc.		1,218		45
Ecolab, Inc.		547		79
Edison International		926		52
Edwards Lifesciences Corp. (i)		1,397		115
Elanco Animal Health, Inc. (i)		958		12
Electronic Arts, Inc.		584		68
Elevance Health, Inc.		531		241
Eli Lilly & Co.		1,797		581
Emerson Electric Co.		1,245		91
Enphase Energy, Inc. (i)		292		81
Entegris, Inc.		314		26
Entergy Corp.		496		50
EOG Resources, Inc.		1,249		140
EPAM Systems, Inc. (i)		121		44
EQT Corp.		690		28
Equifax, Inc.		264		45
Equinix, Inc. REIT		193		110
Equitable Holdings, Inc.		807		21
Equity Lifestyle Properties, Inc. REIT		375		24
Equity Residential REIT		756		51
Erie Indemnity Co., Class A		54		12
Essential Utilities, Inc.		590		24
Essex Property Trust, Inc. REIT		138		33
Estee Lauder Cos., Inc., Class A		524		113
Etsy, Inc. (i)		261		26
Everest Re Group Ltd.		82		22
Evergy, Inc.		562		33
Eversource Energy		838		65

	Shares		Value (000)
Exact Sciences Corp. (i)		407	$	13
Exelon Corp.		2,379		89
Expedia Group, Inc. (i)		311		29
Expeditors International of Washington, Inc.		360		32
Extra Space Storage, Inc. REIT		286		49
Exxon Mobil Corp.		9,054		790
F5 Networks, Inc. (i)		130		19
Factset Research Systems, Inc.		80		32
Fair Isaac Corp. (i)		55		23
Fastenal Co.		1,213		56
FedEx Corp.		519		77
Fidelity National Financial, Inc.		570		21
Fidelity National Information Services, Inc.		1,290		97
Fifth Third Bancorp		1,955		62
First Citizens BancShares, Inc., Class A		34		27
First Republic Bank		520		68
FirstEnergy Corp.		1,328		49
Fiserv, Inc. (i)		1,311		123
FleetCor Technologies, Inc. (i)		161		28
FMC Corp.		263		28
Ford Motor Co.		8,203		92
Fortinet, Inc. (i)		1,475		72
Fortive Corp.		719		42
Fortune Brands Home & Security, Inc.		280		15
Fox Corp., Class A		667		20
Fox Corp., Class B		313		9
Franklin Resources, Inc.		637		14
Freeport-McMoRan, Inc.		3,019		83
Garmin Ltd.		327		26
Gartner, Inc. (i)		173		48
Generac Holdings, Inc. (i)		137		24
General Dynamics Corp.		500		106
General Electric Co.		2,308		143
General Mills, Inc.		1,348		103
General Motors Co.		2,929		94
Genuine Parts Co.		299		45
Gilead Sciences, Inc.		2,764		171
Global Payments, Inc.		598		65
Globe Life, Inc.		199		20
GoDaddy, Inc., Class A (i)		351		25
Goldman Sachs Group, Inc.		720		211
Guidewire Software, Inc. (i)		170		10
Halliburton Co.		1,928		47
Hartford Financial Services Group, Inc.		693		43
Hasbro, Inc.		275		19
HCA Healthcare, Inc.		541		99
Healthcare Realty Trust, Inc. REIT		815		17
Healthpeak Properties, Inc. REIT		1,142		26
HEICO Corp.		92		13
HEICO Corp., Class A		154		18
Henry Schein, Inc. (i)		305		20
Hershey Co.		328		72
Hess Corp.		597		65

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Hewlett Packard Enterprise Co.		2,736	$	33
Hilton Worldwide Holdings, Inc.		585		71
Hologic, Inc. (i)		559		36
Home Depot, Inc.		2,111		583
Honeywell International, Inc.		1,447		242
Horizon Therapeutics PLC (i)		481		30
Hormel Foods Corp.		672		31
Host Hotels & Resorts, Inc. REIT		1,491		24
Howmet Aerospace, Inc.		799		25
HP, Inc.		2,224		55
HubSpot, Inc. (i)		99		27
Humana, Inc.		283		137
Huntington Bancshares, Inc.		4,089		54
Huntington Ingalls Industries, Inc.		84		19
IAC/InterActiveCorp (i)		166		9
IDEX Corp.		161		32
IDEXX Laboratories, Inc. (i)		190		62
Illinois Tool Works, Inc.		655		118
Illumina, Inc. (i)		359		68
Incyte Corp. (i)		414		28
Ingersoll Rand, Inc.		856		37
Insulet Corp. (i)		153		35
Intel Corp.		8,607		222
Intercontinental Exchange, Inc.		1,176		106
International Business Machines Corp.		1,878		223
International Flavors & Fragrances, Inc.		540		49
International Paper Co.		750		24
Interpublic Group of Cos., Inc.		830		21
Intuit, Inc.		572		222
Intuitive Surgical, Inc. (i)		798		150
Invesco Ltd.		728		10
Invitation Homes, Inc. REIT		1,287		43
IQVIA Holdings, Inc. (i)		427		77
Iron Mountain, Inc. REIT		620		27
Jack Henry & Associates, Inc.		154		28
Jacobs Solutions, Inc.		274		30
Jazz Pharmaceuticals PLC (i)		136		18
JB Hunt Transport Services, Inc.		178		28
JM Smucker Co.		240		33
Johnson & Johnson		5,727		936
Johnson Controls International PLC		1,475		73
JPMorgan Chase & Co.		8,434		881
Juniper Networks, Inc.		681		18
Kellogg Co.		577		40
Keurig Dr Pepper, Inc.		1,755		63
KeyCorp		2,679		43
Keysight Technologies, Inc. (i)		389		61
Kimberly-Clark Corp.		758		85
Kimco Realty Corp. REIT		1,300		24
Kinder Morgan, Inc.		4,303		72
KKR & Co., Inc.		1,182		51
KLA Corp.		320		97

	Shares		Value (000)
Knight-Swift Transportation Holdings, Inc.		332	$	16
Kraft Heinz Co.		1,649		55
Kroger Co.		1,531		67
L3Harris Technologies, Inc.		410		85
Laboratory Corp. of America Holdings		206		42
Lam Research Corp.		297		109
Las Vegas Sands Corp. (i)		736		28
Lear Corp.		126		15
Leidos Holdings, Inc.		283		25
Lennar Corp., Class A		552		41
Lennox International, Inc.		70		16
Liberty Broadband Corp., Class C (i)		288		21
Liberty Global PLC, Class A (i)		426		7
Liberty Global PLC Series C (i)		867		14
Liberty Media Corp-Liberty SiriusXM, Class A (i)		161		6
Liberty Media Corp-Liberty SiriusXM, Class C (i)		354		13
Liberty Media Corp.-Liberty Formula One, Class C (i)		410		24
Lincoln National Corp.		342		15
Linde PLC		1,086		293
Live Nation Entertainment, Inc. (i)		356		27
LKQ Corp.		572		27
Lockheed Martin Corp.		515		199
Loews Corp.		446		22
Lowe's Cos., Inc.		1,366		257
LPL Financial Holdings, Inc.		168		37
Lucid Group, Inc. (i)		867		12
Lululemon Athletica, Inc. (i)		248		69
Lumen Technologies, Inc.		2,467		18
Lyft, Inc., Class A (i)		651		9
LyondellBasell Industries NV, Class A		550		41
M&T Bank Corp.		509		90
Marathon Oil Corp.		5,746		130
Marathon Petroleum Corp.		1,188		118
Markel Corp. (i)		28		30
MarketAxess Holdings, Inc.		80		18
Marriott International, Inc., Class A		578		81
Marsh & McLennan Cos., Inc.		1,067		159
Martin Marietta Materials, Inc.		131		42
Marvell Technology, Inc.		1,816		78
Masco Corp.		502		23
Masimo Corp. (i)		108		15
Mastercard, Inc., Class A		1,865		530
Match Group, Inc. (i)		620		30
McCormick & Co., Inc.		559		40
McDonald's Corp.		1,574		363
McKesson Corp.		327		111
Medical Properties Trust, Inc. REIT		1,270		15
Medtronic PLC		2,951		238
MercadoLibre, Inc. (i)		99		82
Merck & Co., Inc.		5,566		479

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Meta Platforms, Inc., Class A (i)		4,919	$	667
MetLife, Inc.		1,478		90
Mettler-Toledo International, Inc. (i)		51		55
MGM Resorts International		735		22
Microchip Technology, Inc.		1,174		72
Micron Technology, Inc.		2,388		120
Microsoft Corp.		15,146		3,528
Mid-America Apartment Communities, Inc. REIT		244		38
Moderna, Inc. (i)		790		93
Mohawk Industries, Inc. (i)		109		10
Molina Healthcare, Inc. (i)		129		43
Molson Coors Beverage Co., Class B		407		20
Mondelez International, Inc., Class A		3,095		170
MongoDB, Inc. (i)		145		29
Monolithic Power Systems, Inc.		94		34
Monster Beverage Corp. (i)		894		78
Moody's Corp.		353		86
Mosaic Co.		764		37
Motorola Solutions, Inc.		356		80
MSCI, Inc.		174		73
Nasdaq, Inc.		735		42
NetApp, Inc.		468		29
Netflix, Inc. (i)		947		223
Neurocrine Biosciences, Inc. (i)		211		22
Newell Brands, Inc.		842		12
Newmont Corp.		1,693		71
News Corp., Class A		799		12
NextEra Energy, Inc.		4,815		378
NIKE, Inc., Class B		2,670		222
NiSource, Inc.		985		25
Nordson Corp.		111		24
Norfolk Southern Corp.		508		106
Northern Trust Corp.		418		36
Northrop Grumman Corp.		315		148
NortonLifeLock, Inc.		1,237		25
Novocure Ltd. (i)		209		16
NRG Energy, Inc.		584		22
Nucor Corp.		566		61
NVIDIA Corp.		5,294		643
NVR, Inc. (i)		7		28
NXP Semiconductors NV		558		82
O'Reilly Automotive, Inc. (i)		140		98
Oak Street Health, Inc. (i)		179		4
Occidental Petroleum Corp.		2,003		123
Okta, Inc. (i)		321		18
Old Dominion Freight Line, Inc.		209		52
Omnicom Group, Inc.		436		28
ON Semiconductor Corp. (i)		919		57
ONEOK, Inc.		953		49
Oracle Corp.		3,387		207
Otis Worldwide Corp.		901		57

	Shares		Value (000)
Owens Corning		207	$	16
PACCAR, Inc.		733		61
Packaging Corp. of America		195		22
Palantir Technologies, Inc., Class A (i)		3,563		29
Palo Alto Networks, Inc. (i)		633		104
Paramount Global, Class B		1,254		24
Parker Hannifin Corp.		272		66
Paychex, Inc.		690		77
Paycom Software, Inc. (i)		109		36
PayPal Holdings, Inc. (i)		2,331		201
PDC Energy, Inc.		509		29
Peloton Interactive, Inc., Class A (i)		589		4
Pentair PLC		348		14
PepsiCo, Inc.		3,110		508
PerkinElmer, Inc.		281		34
Pfizer, Inc.		12,363		541
PG&E Corp. (i)		3,636		45
Philip Morris International, Inc.		3,274		272
Phillips 66		1,019		82
Pinterest, Inc., Class A (i)		1,219		28
Pioneer Natural Resources Co.		1,829		396
Plug Power, Inc. (i)		1,114		23
PNC Financial Services Group, Inc.		1,198		179
Pool Corp.		84		27
PPG Industries, Inc.		497		55
PPL Corp.		1,784		45
Principal Financial Group, Inc.		554		40
Procter & Gamble Co.		5,363		677
Progressive Corp.		1,236		144
ProLogis, Inc. REIT		1,576		160
Prudential Financial, Inc.		793		68
PTC, Inc. (i)		237		25
Public Service Enterprise Group, Inc.		1,227		69
Public Storage REIT		338		99
Pulte Group, Inc.		523		20
Qorvo, Inc. (i)		231		18
QUALCOMM, Inc.		2,406		272
Quanta Services, Inc.		306		39
Quest Diagnostics, Inc.		263		32
Raymond James Financial, Inc.		410		41
Raytheon Technologies Corp.		3,190		261
Realty Income Corp. REIT		1,270		74
Regency Centers Corp. REIT		324		17
Regeneron Pharmaceuticals, Inc. (i)		233		161
Regions Financial Corp.		2,657		53
Republic Services, Inc.		466		63
ResMed, Inc.		323		71
RingCentral, Inc., Class A (i)		180		7
Rivian Automotive, Inc., Class A (i)		368		12
Robert Half International, Inc.		234		18
ROBLOX Corp., Class A (i)		780		28
Rockwell Automation, Inc.		245		53
Roku, Inc. (i)		250		14

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Rollins, Inc.		461	$	16
Roper Technologies, Inc.		225		81
Ross Stores, Inc.		719		61
Royal Caribbean Cruises Ltd. (i)		469		18
Royalty Pharma PLC, Class A		762		31
RPM International, Inc.		273		23
S&P Global, Inc.		756		231
Salesforce, Inc. (i)		2,107		303
SBA Communications Corp. REIT		236		67
Schlumberger NV		3,013		108
Seagate Technology Holdings PLC		442		24
Seagen, Inc. (i)		300		41
Sealed Air Corp.		313		14
SEI Investments Co.		228		11
Sempra Energy		767		115
Sensata Technologies Holding PLC		333		12
ServiceNow, Inc. (i)		432		163
Sherwin-Williams Co.		526		108
Signature Bank		186		28
Simon Property Group, Inc. REIT		690		62
Sirius XM Holdings, Inc.		1,704		10
Skyworks Solutions, Inc.		350		30
Snap, Inc., Class A (i)		2,255		22
Snap-On, Inc.		112		23
Snowflake, Inc., Class A (i)		473		80
SolarEdge Technologies, Inc. (i)		115		27
Southern Co.		2,576		175
Southwest Airlines Co. (i)		311		10
Splunk, Inc. (i)		340		26
SS&C Technologies Holdings, Inc.		493		24
Stanley Black & Decker, Inc.		338		25
Starbucks Corp.		2,428		205
State Street Corp.		772		47
Steel Dynamics, Inc.		400		28
Steris PLC		222		37
Stryker Corp.		745		151
Sun Communities, Inc. REIT		246		33
SVB Financial Group (i)		177		59
Synchrony Financial		1,096		31
Synopsys, Inc. (i)		329		101
Sysco Corp.		1,141		81
T Rowe Price Group, Inc.		481		51
T-Mobile US, Inc. (i)		1,702		228
Take-Two Interactive Software, Inc. (i)		322		35
Targa Resources Corp.		460		28
Target Corp.		966		143
TE Connectivity Ltd.		688		76
Teladoc Health, Inc. (i)		362		9
Teledyne Technologies, Inc. (i)		100		34
Teleflex, Inc.		104		21
Teradyne, Inc.		345		26
Tesla, Inc. (i)		5,610		1,488

	Shares		Value (000)
Texas Instruments, Inc.		1,969	$	305
Textron, Inc.		459		27
Thermo Fisher Scientific, Inc.		866		439
TJX Cos., Inc.		2,447		152
Tractor Supply Co.		231		43
Trade Desk, Inc., Class A (i)		951		57
Tradeweb Markets, Inc., Class A		228		13
Trane Technologies PLC		491		71
TransDigm Group, Inc.		112		59
TransUnion		409		24
Travelers Cos., Inc.		508		78
Trimble, Inc. (i)		533		29
Truist Financial Corp.		3,823		166
Twilio, Inc., Class A (i)		369		26
Twitter, Inc. (i)		1,692		74
Tyler Technologies, Inc. (i)		89		31
Tyson Foods, Inc., Class A		661		44
Uber Technologies, Inc. (i)		3,173		84
UDR, Inc. REIT		671		28
UGI Corp.		512		17
Ulta Beauty, Inc. (i)		112		45
Union Pacific Corp.		1,333		260
United Parcel Service, Inc., Class B		1,548		250
United Rentals, Inc. (i)		152		41
UnitedHealth Group, Inc.		2,068		1,044
Unity Software, Inc. (i)		412		13
Universal Health Services, Inc., Class B		152		13
Upstart Holdings, Inc. (i)		132		3
US Bancorp		4,062		164
Vail Resorts, Inc.		85		18
Valero Energy Corp.		853		91
Veeva Systems, Inc., Class A (i)		305		50
Ventas, Inc. REIT		853		34
VeriSign, Inc. (i)		210		36
Verisk Analytics, Inc.		344		59
Verizon Communications, Inc.		8,845		336
Vertex Pharmaceuticals, Inc. (i)		563		163
VF Corp.		688		21
Viatris, Inc.		2,664		23
VICI Properties, Inc. REIT		2,046		61
Visa, Inc., Class A		3,530		627
Vistra Corp.		1,068		22
VMware, Inc., Class A		444		47
Vornado Realty Trust REIT		342		8
Vulcan Materials Co.		280		44
Walgreens Boots Alliance, Inc.		1,634		51
Walmart, Inc.		3,265		423
Walt Disney Co. (i)		3,808		359
Warner Bros Discovery, Inc. (i)		4,508		52
Waste Connections, Inc.		539		73
Waste Management, Inc.		868		139
Waters Corp. (i)		135		36
Wayfair, Inc., Class A (i)		147		5

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Webster Financial Corp.		514	$	23
WEC Energy Group, Inc.		767		69
Wells Fargo & Co.		10,874		437
Welltower, Inc. REIT		966		62
West Pharmaceutical Services, Inc.		167		41
Western Digital Corp. (i)		665		22
Western Union Co.		837		11
Westinghouse Air Brake Technologies Corp.		371		30
Westlake Chemical Corp.		81		7
WestRock Co.		549		17
Weyerhaeuser Co. REIT		1,572		45
Whirlpool Corp.		120		16
Williams Cos., Inc.		2,526		72
Willis Towers Watson PLC		250		50
Workday, Inc., Class A (i)		420		64
WP Carey, Inc. REIT		406		28
WR Berkley Corp.		450		29
WW Grainger, Inc.		97		47
Wynn Resorts Ltd. (i)		234		15
Xcel Energy, Inc.		1,325		85
Xylem, Inc.		381		33
Yum! Brands, Inc.		610		65
Zebra Technologies Corp., Class A (i)		114		30
Zendesk, Inc. (i)		258		20
Zillow Group, Inc., Class C (i)		355		10
Zimmer Biomet Holdings, Inc.		461		48
Zoetis, Inc.		1,059		157
Zoom Video Communications, Inc., Class A (i)		483		36
ZoomInfo Technologies, Inc., Class A (i)		554		23
Zscaler, Inc. (i)		183		30
				71,048
Total Common Stocks (Cost $105,218)				131,310
Preferred Stocks (0.0%) (a)
United States (0.0%) (a)
AMC Entertainment Holdings, Inc. (i) (Cost $11)		1,042		3
	No. of Rights
Right (0.0%) (a)
Sweden (0.0%) (a)
Securitas AB (i) (Cost $4)		6,012		2
	Shares
Short-Term Investments (18.9%)
Investment Company (18.4%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $75,502)		75,501,673		75,502

	Face Amount (000)		Value (000)
U.S. Treasury Security (0.5%)
U.S. Treasury Bill,
3.84%, 3/16/23 (j)(k) (Cost $2,252)	$	2,291	$	2,253
Total Short-Term Investments (Cost $77,754)				77,755
Total Investments (101.1%) (Cost $435,800) (l)(m)(n)				415,747
Liabilities in Excess of Other Assets (–1.1%)				(4,683	)
Net Assets (100.0%)			$	411,064

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

(a) Amount is less than 0.05%.

(b) Security is subject to delayed delivery.

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

(d) Floating or variable rate securities: The rates disclosed are as of September 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments.

(e) Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of September 30, 2022.

(f) At September 30, 2022, the Fund held a fair valued security valued at approximately $59,000, representing less than 0.05% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Trust's (as defined herein) Trustees.

(g) Non-income producing security; bond in default.

(h) Issuer in bankruptcy.

(i) Non-income producing security.

(j) Rate shown is the yield to maturity at September 30, 2022.

(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 securities purchased on a forward commitment basis, foreign currency forward exchange contracts, futures contracts and swap agreements.

(m) The approximate fair value and percentage of net assets, $51,631,000 and 12.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Consolidated Financial Statements.

(n) At September 30, 2022, the aggregate cost for federal income tax purposes is approximately $443,815,000. The aggregate gross unrealized appreciation is approximately $26,950,000 and the aggregate gross unrealized depreciation is approximately $63,940,000, resulting in net unrealized depreciation of approximately $36,990,000.

@ Value is less than $500.

ADR American Depositary Receipt.

CDI CHESS Depositary Interest.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

CVA Certificaten Van Aandelen.

EURIBOR Euro Interbank Offered Rate.

LIBOR London Interbank Offered Rate.

LSE London Stock Exchange.

MTN Medium Term Note.

NYSE New York Stock Exchange.

OAT Obligations Assimilables du Trésor (Treasury Obligation).

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

REIT Real Estate Investment Trust.

SOFR Secured Overnight Financing Rate.

SONIA Sterling Overnight Index Average

TBA To Be Announced.

TSX Toronto Stock Exchange.

USD United States Dollar.

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at September 30, 2022:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Australia & New Zealand Banking Group Ltd.	DKK	508	$	70	11/10/22	$	3
Australia & New Zealand Banking Group Ltd.	JPY	49,546	$	375	11/10/22		31
Australia & New Zealand Banking Group Ltd.	$	886	CHF	832	11/10/22		(41	)
Australia & New Zealand Banking Group Ltd.	$	2,858	CNH	19,352	11/10/22		(147	)
Australia & New Zealand Banking Group Ltd.	$	74	HUF	29,662	11/10/22		(6	)
Australia & New Zealand Banking Group Ltd.	$	98	NOK	943	11/10/22		(11	)
Bank of America NA	CAD	279	$	203	11/10/22		1
Bank of America NA	CNH	10,096	$	1,449	12/15/22		33
Bank of America NA	EUR	110	$	110	12/15/22		3
Bank of America NA	PLN	252	$	53	12/15/22		3
Bank of America NA	$	146	ILS	496	12/15/22		(6	)
Bank of America NA	$	4,468	JPY	589,890	11/10/22		(378	)
Bank of America NA	$	188	JPY	25,846	11/10/22		(8	)
Bank of New York Mellon	EUR	47	$	47	12/15/22		1
Barclays Bank PLC	EUR	10	$	10	12/15/22		—	@
Barclays Bank PLC	EUR	2,150	$	2,142	12/15/22		24
Barclays Bank PLC	JPY	22,940	$	161	12/15/22		1
BNP Paribas SA	CAD	222	$	170	12/15/22		9
BNP Paribas SA	CNY	187,876	$	27,233	12/15/22		663
BNP Paribas SA	EUR	1,050	$	1,058	12/15/22		24
BNP Paribas SA	GBP	107	$	123	12/15/22		4
BNP Paribas SA	HKD	1,364	$	174	12/15/22		—	@
BNP Paribas SA	JPY	54,503	$	381	12/15/22		2
BNP Paribas SA	$	54	COP	242,881	12/15/22		(2	)
BNP Paribas SA	$	574	IDR	8,561,187	12/15/22		(14	)
BNP Paribas SA	$	595	INR	47,706	12/15/22		(12	)
BNP Paribas SA	$	2,379	JPY	339,763	12/15/22		(13	)
BNP Paribas SA	$	2,460	MXN	50,138	12/15/22		(3	)
BNP Paribas SA	$	154	NZD	272	12/15/22		(1	)
BNP Paribas SA	$	170	SEK	1,796	12/15/22		(7	)
BNP Paribas SA	$	413	SGD	569	11/10/22		(17	)
BNP Paribas SA	$	1,375	TWD	41,635	12/15/22		(57	)
Citibank NA	AUD	402	$	259	12/15/22		1
Citibank NA	$	9	CZK	229	12/15/22		(—	@)
Citibank NA	$	67	ILS	228	12/15/22		(3	)
Commonwealth Bank of Australia	EUR	18	$	19	12/15/22		—	@
Credit Suisse International	EUR	13	$	13	12/15/22		—	@
Goldman Sachs International	BRL	1,185	$	222	12/15/22		6
Goldman Sachs International	CAD	562	$	407	12/15/22		1
Goldman Sachs International	DKK	239	$	32	12/15/22		1
Goldman Sachs International	EUR	243	$	245	11/10/22		7
Goldman Sachs International	GBP	9	$	10	12/15/22		—	@
Goldman Sachs International	GBP	1,325	$	1,448	12/15/22		(32	)
Goldman Sachs International	GBP	355	$	396	12/15/22		(1	)
Goldman Sachs International	HKD	287	$	37	12/15/22		—	@
Goldman Sachs International	JPY	4,438	$	31	12/15/22		—	@
Goldman Sachs International	JPY	228,062	$	1,605	12/15/22		17

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

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)
Goldman Sachs International	JPY	96,240	$	670	12/15/22	$	(—	@)
Goldman Sachs International	NOK	642	$	64	12/15/22		5
Goldman Sachs International	NZD	10	$	6	12/15/22		—	@
Goldman Sachs International	SGD	97	$	69	12/15/22		1
Goldman Sachs International	$	23	AUD	33	11/10/22		(2	)
Goldman Sachs International	$	852	AUD	1,255	12/15/22		(48	)
Goldman Sachs International	$	896	BRL	4,656	12/15/22		(47	)
Goldman Sachs International	$	510	CHF	488	12/15/22		(11	)
Goldman Sachs International	$	82	CLP	74,031	12/15/22		(7	)
Goldman Sachs International	$	11	CZK	278	12/15/22		(—	@)
Goldman Sachs International	$	418	EUR	426	11/10/22		—	@
Goldman Sachs International	$	851	EUR	869	12/15/22		6
Goldman Sachs International	$	1,652	JPY	235,991	12/15/22		(9	)
Goldman Sachs International	$	1,414	KRW	1,907,437	12/15/22		(78	)
Goldman Sachs International	$	715	MXN	14,568	12/15/22		(1	)
Goldman Sachs International	$	372	MXN	7,590	12/15/22		(—	@)
Goldman Sachs International	$	105	PEN	411	11/10/22		(2	)
Goldman Sachs International	$	130	RON	632	11/10/22		(6	)
Goldman Sachs International	$	1,532	SEK	16,196	12/15/22		(66	)
JPMorgan Chase Bank NA	CAD	613	$	468	12/15/22		24
JPMorgan Chase Bank NA	CNH	120,914	$	17,353	12/15/22		397
JPMorgan Chase Bank NA	EUR	2,290	$	2,303	12/15/22		47
JPMorgan Chase Bank NA	GBP	115	$	133	12/15/22		5
JPMorgan Chase Bank NA	HKD	1,514	$	193	12/15/22		—	@
JPMorgan Chase Bank NA	JPY	32,135	$	223	11/10/22		—	@
JPMorgan Chase Bank NA	JPY	14,854	$	104	12/15/22		1
JPMorgan Chase Bank NA	NOK	449	$	45	12/15/22		3
JPMorgan Chase Bank NA	NZD	6,153	$	3,708	12/15/22		263
JPMorgan Chase Bank NA	SGD	225	$	160	12/15/22		3
JPMorgan Chase Bank NA	$	1,144	CAD	1,530	12/15/22		(36	)
JPMorgan Chase Bank NA	$	666	CHF	635	12/15/22		(18	)
JPMorgan Chase Bank NA	$	2,830	CNH	20,154	12/15/22		(4	)
JPMorgan Chase Bank NA	$	586	MXN	11,948	12/15/22		(1	)
JPMorgan Chase Bank NA	$	93	PLN	433	11/10/22		(6	)
JPMorgan Chase Bank NA	$	333	SEK	3,415	11/10/22		(25	)
Royal Bank of Canada	$	455	EUR	443	11/10/22		(19	)
UBS AG	AUD	6,932	$	4,875	11/10/22		439
UBS AG	CAD	462	$	358	11/10/22		23
UBS AG	CAD	193	$	147	11/10/22		7
UBS AG	CAD	1,513	$	1,114	12/15/22		19
UBS AG	CHF	485	$	498	12/15/22		2
UBS AG	CHF	352	$	360	12/15/22		1
UBS AG	DKK	370	$	50	12/15/22		1
UBS AG	EUR	8,555	$	8,623	12/15/22		194
UBS AG	EUR	7,316	$	7,154	12/15/22		(55	)
UBS AG	EUR	407	$	401	12/15/22		(—	@)
UBS AG	GBP	988	$	1,197	11/10/22		93
UBS AG	MXN	1,867	$	92	11/10/22		—	@
UBS AG	NZD	6,153	$	3,709	12/15/22		263
UBS AG	SEK	5,503	$	491	12/15/22		(7	)
UBS AG	THB	6,031	$	166	12/15/22		5
UBS AG	TRY	458	$	23	12/15/22		1
UBS AG	$	159	AUD	236	11/10/22		(8	)
UBS AG	$	2,023	AUD	2,981	12/15/22		(114	)
UBS AG	$	1,320	CHF	1,259	12/15/22		(35	)
UBS AG	$	23	EUR	22	11/10/22		(1	)
UBS AG	$	464	EUR	477	11/10/22		5
UBS AG	$	6,281	EUR	6,259	12/15/22		(114	)
UBS AG	$	3,932	EUR	3,953	12/15/22		(36	)

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

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	$	7,327	EUR	7,350	12/15/22	$	(85	)
UBS AG	$	1,520	GBP	1,337	12/15/22		(25	)
UBS AG	$	12	HUF	4,751	12/15/22		(1	)
UBS AG	$	108	IDR	1,589,201	11/10/22		(4	)
UBS AG	$	1,929	KRW	2,515,849	11/10/22		(169	)
UBS AG	$	1,065	MXN	21,716	12/15/22		(1	)
UBS AG	$	137	NZD	216	11/10/22		(17	)
UBS AG	$	74	SEK	783	12/15/22		(3	)
UBS AG	$	503	SEK	5,517	12/15/22		(4	)
UBS AG	$	586	THB	20,723	11/10/22		(35	)
UBS AG	ZAR	1,082	$	62	12/15/22		2
						$	786

Futures Contracts:

The Fund had the following futures contracts open at September 30, 2022:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
Euro Stoxx 50 Index (Germany)		193	Dec-22	EUR	2		$	6,270		$	(255	)
MSCI Emerging Market Index (United States)		21	Dec-22	$	1			915			(31	)
Nikkei 255 Index (Japan)		20	Dec-22	JPY	10			1,792			(80	)
SGX MSCI Singapore Index (Singapore)		2	Oct-22	SGD	—	@		39			(—	@)
South Korea 10 yr. Bond (Korea, Republic of)		24	Dec-22	KRW	2,400,000			1,799			(61	)
U.S. Treasury Ultra Bond (United States)		2	Dec-22	$	200			274			(27	)
Short:
CME Bitcoin Index (United States)		16	Oct-22		(—	@)		(1,554	)		(24	)
German Euro BTP Short-Term Index (Germany)		33	Dec-22	EUR	(3,300	)		(3,406	)		65
German Euro-BTP Index (Germany)		95	Dec-22		(9,500	)		(10,426	)		491
German Euro-Bund Index (Germany)		11	Dec-22		(1,100	)		(1,493	)		80
S&P 500 E Mini Index (United States)		103	Dec-22	$	(5	)		(18,548	)		986
U.S. Treasury 10 yr. Note (United States)		63	Dec-22		(6,300	)		(7,060	)		48
U.S. Treasury 10 yr. Ultra Note (United States)		4	Dec-22		(400	)		(474	)		27
U.S. Treasury 2 yr. Note (United States)		80	Dec-22		(16,000	)		(16,431	)		266
U.S. Treasury 5 yr. Note (United States)		171	Dec-22		(17,100	)		(18,384	)		29
										$	1,514

Interest Rate Swap Agreements:

The Fund had the following interest rate swap agreements open at September 30, 2022:

Swap Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Fixed Rate			Payment Frequency Paid/ Received	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (Received) (000)		Unrealized Appreciation (Depreciation) (000)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		5.92	%	Quarterly/ Quarterly	8/4/23	MXN	16,325	$	(30	)	$	—	$	(30	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		6.13		Quarterly/ Quarterly	7/5/23		114,391		(184	)		—		(184	)

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Interest Rate Swap Agreements: (cont'd)

Swap Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Fixed Rate			Payment Frequency Paid/ Received	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (Received) (000)			Unrealized Appreciation (Depreciation) (000)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		6.14	%	Quarterly/ Quarterly	7/3/23	MXN	114,391	$	(183	)	$	—		$	(183	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		6.14		Quarterly/ Quarterly	7/3/23		114,391		(184	)		—			(184	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		6.66		Quarterly/ Quarterly	7/1/26		32,653		(141	)		—			(141	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		6.68		Quarterly/ Quarterly	6/29/26		32,653		(140	)		—			(140	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		6.68		Quarterly/ Quarterly	6/29/26		32,653		(139	)		(1	)		(138	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		7.36		Quarterly/ Quarterly	12/22/26		57,377		(200	)		—			(200	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		7.30		Quarterly/ Quarterly	12/26/23		126,163		(244	)		—			(244	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		7.30		Quarterly/ Quarterly	12/27/23		128,075		(248	)		—			(248	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		7.31		Quarterly/ Quarterly	12/26/23		128,075		(247	)		—			(247	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		7.38		Quarterly/ Quarterly	12/22/26		57,377		(198	)		—			(198	)
Morgan Stanley & Co. LLC*	BRL-CDI	Pay		11.52		Semi-Annual/ Quarterly	1/4/27	BRL	20,097		(8	)		—			(8	)
Morgan Stanley & Co. LLC*	BRL-CDI	Pay		11.8		Semi-Annual/ Quarterly	1/2/25		7,053		11			—			11
Morgan Stanley & Co. LLC*	BRL-CDI	Pay		11.85		Semi-Annual/ Quarterly	1/2/25		24,077		45			—			45
Morgan Stanley & Co. LLC*	BRL-CDI	Pay		11.90		Semi-Annual/ Quarterly	1/2/25		24,077		52			—			52
										$	(2,038	)	$	(1	)	$	(2,037	)

Total Return Swap Agreements:

The Fund had the following total return swap agreements open at September 30, 2022:

Swap Counterparty	Index	Pay/Receive Total Return of Referenced Index	Floating Rate	Payment Frequency	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (000)		Unrealized Appreciation (Depreciation) (000)
BNP Paribas SA	MSCI Australia Banks Index	Pay	3 Month BBSW + 0.10%	Quarterly	9/12/23	AUD	2,081	$	28		$	—	$	28
Barclays Bank PLC	MSCI Australia Banks Gross Total Return Index	Pay	3 Month BBSW + 0.08%	Quarterly	8/22/23		5,746		255			—		255
BNP Paribas SA	BNP Custom U.S. Banks Index	Receive	SOFR + 0.40%	Quarterly	12/22/22	$	2,931		(286	)		—		(286	)
BNP Paribas SA	BNP European Growth Custom Index^††	Pay	ESTR + 0.04%	Quarterly	9/29/23	EUR	6,046		(28	)		—		(28	)
BNP Paribas SA	BNP European Value Custom Index††	Receive	ESTR + 0.42%	Quarterly	9/28/23		6,048		(86	)		—		(86	)
BNP Paribas SA	MSCI Canada Banks Index	Pay	CORRA + 0.27%	Quarterly	9/8/23	CAD	2,073		7			—		7
BNP Paribas SA	MSCI Japan Net Total Return Index	Receive	SOFR + 0.35%	Quarterly	2/10/23	JPY	15,792		(2,035	)		—		(2,035	)

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Total Return Swap Agreements: (cont'd)

Swap Counterparty	Index	Pay/Receive Total Return of Referenced Index	Floating Rate	Payment Frequency	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (000)		Unrealized Appreciation (Depreciation) (000)
Goldman Sachs International	MSCI Emerging Markets Net Total Return Index	Receive	SOFR + 0.24%	Quarterly	1/26/23	$	31,362	$	(3,490	)	$	—	$	(3,490	)
Goldman Sachs International	MSCI USA Index	Receive	SOFR + 0.35%	Quarterly	7/14/23		52,608		(3,220	)		—		(3,220	)
Goldman Sachs International	MSCI USA Index	Receive	SOFR + 0.30%	Quarterly	9/22/23		35,557		(581	)		—		(581	)
JPMorgan Chase Bank NA	JPM SPX 1500 Growth Custom Index^††	Pay	SOFR + 0.35%	Quarterly	9/8/23		16,653		1,286			—		1,286
JPMorgan Chase Bank NA	JPM SPX 1500 Value Custom Index^††	Receive	SOFR + 0.35%	Quarterly	9/8/23		16,792		(1,706	)		—		(1,706	)
JPMorgan Chase Bank NA	JPM SPX 500 Growth Custom Index^††	Pay	SOFR + 0.35%	Quarterly	9/8/23		6,235		510			—		510
JPMorgan Chase Bank NA	JPM SPX 500 Value Custom Index^††	Receive	SOFR + 0.35%	Quarterly	9/8/23		6,268		(659	)		—		(659	)
								$	(10,005	)	$	—	$	(10,005	)

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

The following table represents the equity basket holdings underlying the total return swap with BNP European Growth Custom Index as of September 30, 2022:

Security Description	Shares		Value (000)		Index Weight
BNP European Growth Custom Index
Acciona SA		116	$	21		2.08	%
Adyen NV		17		22		2.22
Aeroports de Paris		179		21		2.11
Air Liquide SA		184		21		2.15
Argenx SE		61		22		2.23
ASML Holding NV		49		21		2.12
Beiersdorf AG		219		22		2.19
Carl Zeiss Meditec AG		206		22		2.20
Cellnex Telecom SA		683		21		2.15
Credit Agricole SA		2,427		20		2.02
Dassault Systemes SE		621		22		2.20
Davide Campari-Milano NV		2,444		22		2.21
Delivery Hero SE		570		21		2.15
Deutsche Boerse AG		131		22		2.19
Elia Group SA		166		20		1.99
Euronext NV		342		22		2.21
Ferrari NV		114		21		2.18
Ferrovial SA		933		21		2.17
FinecoBank Banca Fineco SpA		1,756		22		2.22
Gecina SA		268		21		2.14
Getlink SE		1,349		21		2.13
Groupe Bruxelles Lambert NV		306		22		2.18
Hannover Rueck SE		141		21		2.15
Hermes International		19		22		2.24
Koninklijke DSM NV		191		22		2.22
L'Oreal SA		67		22		2.19
LVMH Moet Hennessy Louis Vuitton SE		36		22		2.18

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
BNP European Growth Custom Index (cont'd)
Neste Oyj		514	$	23		2.29	%
Prosus NV		407		22		2.18
Rational AG		53		26		2.62
Remy Cointreau SA		129		22		2.19
Safran SA		235		22		2.19
Sampo Oyj		485		21		2.11
Sartorius AG		61		21		2.15
Sartorius Stedim Biotech		69		21		2.18
Scout24 SE		393		20		2.02
Siemens Gamesa Renewable Energy SA		1,212		21		2.16
Symrise AG		215		21		2.14
Teleperformance		84		21		2.17
Terna — Rete Elettrica Nazionale		3,181		19		1.97
Universal Music Group NV		1,177		22		2.26
UPM-Kymmene Oyj		668		21		2.16
Vonovia SE		988		21		2.18
Warehouses De Pauw CVA		870		21		2.17
Wolters Kluwer NV		220		22		2.18
Zalando SE		1,112		22		2.23

The following table represents the equity basket holdings underlying the total return swap with BNP European value custom index as of September 30, 2022:

Security Description	Shares		Value (000)		Index Weight
BNP European Value Custom Index
ArcelorMittal SA		1,034	$	21		2.17	%
Banco Bilbao Vizcaya Argentaria SA		4,569		21		2.14
Banco Santander SA		8,611		20		2.10
Bayer AG		439		20		2.11
Bayerische Motoren Werke AG		324		21		2.20
Bayerische Motoren Werke AG (Preference)		305		21		2.16
Bouygues SA		799		21		2.18
Capgemini SE		140		23		2.36
Carrefour SA		1,468		20		2.12
Cie de Saint-Gobain SA		583		21		2.19
Cie Generale des Etablissements Michelin SCA		943		21		2.22
Covestro AG		750		22		2.25
Daimler Truck Holding AG		902		21		2.14
Deutsche Bank AG		2,518		19		1.96
Deutsche Lufthansa AG		3,831		22		2.30
Deutsche Post AG		721		22		2.28
E.ON SE		2,651		20		2.13
Eiffage SA		266		21		2.23
Enel SpA		4,681		19		2.01
Engie SA		1,740		20		2.09
Erste Group Bank AG		927		21		2.13
Fresenius Medical Care AG & Co. KGaA		740		21		2.18
Fresenius SE & Co. KGaA		995		21		2.22
HeidelbergCement AG		535		21		2.22
Heineken Holding NV		311		21		2.23
Infineon Technologies AG		947		21		2.18
Kesko Oyj		1,133		21		2.20
KION Group AG		1,078		21		2.17
Klepierre SA		1,233		22		2.24
Koninklijke Ahold Delhaize NV		812		21		2.15
Koninklijke Philips NV		1,334		21		2.17

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
BNP European Value Custom Index (cont'd)
LEG Immobilien SE		364	$	22		2.27	%
Mercedes-Benz Group AG		403		21		2.14
NN Group NV		539		21		2.19
Nokia Oyj		4,972		22		2.23
Orange SA		2,239		20		2.10
Proximus SADP		2,040		21		2.20
Publicis Groupe SA		445		21		2.21
Randstad NV		475		21		2.15
Repsol SA		1,914		22		2.29
SEB SA		349		22		2.29
Societe Generale SA		963		19		2.00
Stellantis NV		1,742		21		2.17
UniCredit SpA		2,013		21		2.14
Veolia Environnement SA		1,050		20		2.10
voestalpine AG		1,172		20		2.08

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Growth Custom Index as of September 30, 2022:

Security Description	Shares		Value (000)		Index Weight
JPM SPX 1500 Growth Custom Index
Aerovironment, Inc.		598	$	50		0.54	%
Albemarle Corp.		191		50		0.55
Autozone, Inc.		23		50		0.54
Axon Enterprise, Inc.		428		50		0.54
Badger Meter, Inc.		527		49		0.53
Cadence Design System, Inc.		295		48		0.52
Chart Industries, Inc.		272		50		0.54
Clearfield, Inc.		496		52		0.56
Cognex Corp.		1,183		49		0.53
Commerce Bancshares, Inc.		724		48		0.52
Cullen/Frost Bankers, Inc.		377		50		0.54
Cutera, Inc.		1,063		48		0.53
Cvb Financial Corp.		1,940		49		0.53
Deckers Outdoor Corp.		156		49		0.53
Dexcom, Inc.		604		49		0.53
Elf Beauty, Inc.		1,293		49		0.53
Eli Lilly & Co.		164		53		0.58
Enphase Energy, Inc.		178		49		0.53
First Finl Bankshares, Inc.		1,187		50		0.54
Firstcash Holdings, Inc.		662		49		0.53
Five Below		382		53		0.57
Glacier Bancorp, Inc.		1,003		49		0.53
Glaukos Corp.		1,015		54		0.59
Healthequity, Inc.		774		52		0.56
Hershey Co.		221		49		0.53
IDEX Corp.		248		49		0.54
Illumina, Inc.		253		48		0.52
Inari Medical, Inc.		742		54		0.59
Independent Bank Corp.		644		48		0.52
Kinsale Capital Group, Inc.		195		50		0.54
Lamb Weston Holdings, Inc.		633		49		0.53
Linde PLC		178		48		0.52
Livent Corp.		1,623		50		0.54
Manhattan Associates, Inc.		362		48		0.52
Option Care Health, Inc.		1,622		51		0.55

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM SPX 1500 Growth Custom Index (cont'd)
O'Reilly Automotive, Inc.		70	$	50		0.54	%
Palomar Holdings, Inc.		590		49		0.54
Paylocity Holding Corp.		210		51		0.55
Pdf Solutions, Inc.		1,982		49		0.53
Penumbra, Inc.		300		57		0.62
Progyny, Inc.		1,319		49		0.53
Rollins, Inc.		1,468		51		0.55
Royal Gold, Inc.		548		51		0.56
Shake Shack, Inc. — Class A		1,066		48		0.52
Tjx Companies, Inc.		780		48		0.53
Tractor Supply Company		264		49		0.53
Twitter, Inc.		1,282		56		0.61
Vericel Corp.		2,183		51		0.55
Wingstop, Inc.		409		51		0.56
Wynn Resorts Ltd.		837		53		0.57

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Value Custom Index as of September 30, 2022:

Security Description	Shares		Value (000)		Index Weight
JPM SPX 1500 Value Custom Index
Abercrombie & Fitch Co. — Class A		120,871	$	1,880		0.55	%
ACI Worldwide, Inc.		85,141		1,779		0.52
American Equity Investment Life Holding Company		51,499		1,920		0.56
Associated Banc-Corp		96,252		1,933		0.57
Bloomin' Brands,Inc.		97,803		1,793		0.53
Boise Cascade Co.		30,591		1,819		0.53
Brinker International. Inc.		74,871		1,870		0.55
Builders Firstsource, Inc.		32,726		1,928		0.57
Cars.Com, Inc.		161,438		1,857		0.54
Central Pacific Financial Co.		88,298		1,827		0.54
Century Communities, Inc.		42,417		1,815		0.53
Charles River Laboratories		9,442		1,858		0.54
Citizens Financial Group		52,890		1,817		0.53
Cno Financial Group, Inc.		105,839		1,902		0.56
Cohu, Inc.		70,151		1,808		0.53
Consensus Cloud Solution		38,509		1,821		0.53
Cross Country Healthcare, Inc.		76,052		2,158		0.63
Cvs Health Corp.		19,184		1,830		0.54
Edgewell Personal Care Co.		49,429		1,849		0.54
Emergent Biosolutions, Inc.		85,334		1,791		0.52
Enovis Corp.		38,907		1,792		0.53
FNB Corp.		165,268		1,917		0.56
Geo Group, Inc.		231,906		1,786		0.52
Hanmi Financial Corporation		79,090		1,873		0.55
HF Sinclair Corp.		35,326		1,902		0.56
Hologic, Inc.		27,888		1,799		0.53
Insteel Industries, Inc.		67,507		1,791		0.52
Ironwood Pharmaceuticals, Inc.		176,266		1,826		0.54
Jabil, Inc.		32,932		1,901		0.56
Juniper Networks, Inc.		67,775		1,770		0.52
Knight-Swift Transportation		38,391		1,878		0.55
Koppers Holdings, Inc.		85,489		1,776		0.52
Lincoln National Corp.		41,038		1,802		0.53
Maximus, Inc.		31,226		1,807		0.53
Moog Inc-Class A		25,204		1,773		0.52

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM SPX 1500 Value Custom Index (cont'd)
Mueller Industries, Inc.		30,596	$	1,819		0.53	%
Navient Corp.		132,728		1,950		0.57
OFG Bancorp		71,484		1,796		0.53
O-I Glass, Inc.		144,562		1,872		0.55
PBF Energy, Inc. — Class A		55,138		1,939		0.57
Sanmina Corp.		40,042		1,845		0.54
Taylor Morrison Home Corp.		78,693		1,835		0.54
Timkensteel Corp.		124,553		1,867		0.55
Titan International, Inc.		145,682		1,769		0.52
Trueblue, Inc.		94,321		1,800		0.53
Unum Group		50,153		1,946		0.57
Varex Imaging Corp.		90,334		1,910		0.56
Vishay Intertechnology, Inc.		100,093		1,781		0.52
Wells Fargo & Co.		44,066		1,772		0.52
Western Union Co.		131,017		1,769		0.52

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Growth Custom Index as of September 30, 2022:

Security Description	Shares		Value (000)		Index Weight
JPM SPX 500 Growth Custom Index
Abiomed, Inc.		5,369	$	1,319		1.01	%
Air Products & Chemicals, Inc.		5,715		1,330		1.01
Albemarle Corp.		5,334		1,411		1.08
Aon PLC — Class A		5,020		1,345		1.03
Arthur J Gallagher & Co.		7,791		1,334		1.02
Autodesk, Inc.		7,130		1,332		1.02
Brown & Brown, Inc.		22,259		1,346		1.03
Brown-Forman Corp. — Class B		19,765		1,316		1.00
Cadence Design System, Inc.		8,432		1,378		1.05
Ceridian Hcm Holding, Inc.		23,612		1,319		1.01
Chipotle Mexican Grill, Inc.		863		1,296		0.99
Cintas Corp.		3,436		1,334		1.02
Dexcom, Inc.		17,169		1,383		1.05
Edwards Lifesciences Corp.		15,879		1,312		1.00
Electronic Arts, Inc.		11,341		1,312		1.00
Eli Lilly & Co.		4,574		1,479		1.13
Enphase Energy, Inc.		4,805		1,333		1.02
Equifax, Inc.		7,550		1,294		0.99
Etsy, Inc.		13,565		1,358		1.04
Fortinet, Inc.		28,533		1,402		1.07
Hershey Co.		6,300		1,389		1.06
Hilton Worldwide Holdings, Inc.		11,248		1,357		1.03
IDEX Corp.		7,012		1,401		1.07
IDEXX Laboratories, Inc.		4,133		1,347		1.03
Illumina, Inc.		7,016		1,339		1.02
Intuitive Surgical, Inc.		6,981		1,309		1.00
Jack Henry & Associates, Inc.		7,252		1,322		1.01
Lamb Weston Holdings, Inc.		18,125		1,402		1.07
Linde PLC		5,097		1,374		1.05
Marsh & Mclennan Cos.		8,746		1,306		1.00
Monster Beverage Corp.		15,803		1,374		1.05
MSCI, Inc.		3,105		1,310		1.00
Nasdaq, Inc.		23,388		1,326		1.01
Nordson Corp.		6,274		1,332		1.02

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM SPX 500 Growth Custom Index (cont'd)
Paycom Software, Inc.		4,085	$	1,348		1.03	%
Progressive Corp.		11,507		1,337		1.02
Resmed, Inc.		6,420		1,401		1.07
Rollins, Inc.		39,687		1,376		1.05
Royal Caribbean Cruises Ltd.		34,430		1,305		1.00
Schlumberger Ltd.		37,850		1,359		1.04
Schwab (Charles) Corp.		20,016		1,439		1.10
Synopsys, Inc.		4,340		1,326		1.01
Tesla, Inc.		5,177		1,373		1.05
Twitter, Inc.		36,723		1,610		1.23
Tyler Technologies, Inc.		3,875		1,346		1.03
Vulcan Materials Co.		8,522		1,344		1.02
Waste Management, Inc.		8,349		1,338		1.02
Wynn Resorts Ltd.		24,294		1,531		1.17
Xylem, Inc.		15,274		1,334		1.02
Zoetis, Inc.		9,001		1,335		1.02

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Value Custom Index as of September 30, 2022:

Security Description	Shares		Value (000)		Index Weight
JPM SPX 500 Value Custom Index
3M Co.		782	$	86		1.03	%
American International Group		1,774		84		1.01
Archer-Daniels-Midland Co.		1,066		86		1.03
AT&T, Inc.		5,453		84		1.00
Boston Properties, Inc.		1,141		86		1.02
Capital One Financial Corp.		902		83		1.00
Cigna Corp.		323		90		1.07
Citizens Financial Group		2,584		89		1.06
Cognizant Tech Solutions — Class A		1,488		85		1.02
Conagra Brands, Inc.		2,714		89		1.06
Cummins, Inc.		435		89		1.06
Cvs Health Corp.		938		89		1.07
Davita, Inc.		1,047		87		1.04
Dow, Inc.		1,891		83		0.99
Dr Horton, Inc.		1,314		88		1.06
Dxc Technology Co.		3,466		85		1.02
Fortune Brands Home & Security		1,545		83		0.99
Gilead Sciences, Inc.		1,458		90		1.08
Hewlett Packard Enterprise		7,014		84		1.01
HP, Inc.		3,374		84		1.01
Huntington Ingalls Industries		402		89		1.07
Juniper Networks, Inc.		3,314		87		1.04
Keycorp		5,322		85		1.02
Laboratory Corporation of America Holdings		407		83		1.00
Leidos Holdings, Inc.		983		86		1.03
Lennar Corp. — Class A		1,205		90		1.08
Lincoln National Corp.		2,007		88		1.05
Lyondellbasell Industries -Class A		1,146		86		1.03
Metlife, Inc.		1,418		86		1.03
Micron Technology, Inc.		1,662		83		1.00
Moderna, Inc.		702		83		0.99
Molson Coors Beverage Co. — Class B		1,781		85		1.02
NRG Energy, Inc.		2,255		86		1.03
Paccar, Inc.		1,066		89		1.07
Pentair PLC		2,108		86		1.03

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
JPM SPX 500 Value Custom Index (cont'd)
Pfizer, Inc.		2,011	$	88		1.05	%
Phillips 66		1,057		85		1.02
Pultegroup, Inc.		2,317		87		1.04
Quest Diagnostics, Inc.		733		90		1.08
Regeneron Pharmaceuticals		158		109		1.30
Robert Half International, Inc.		1,205		92		1.10
Snap-on, Inc.		428		86		1.03
Synchrony Financial		2,966		84		1.00
Textron, Inc.		1,492		87		1.04
United Rentals, Inc.		317		86		1.02
Universal Health Services — Class B		960		85		1.01
Valero Energy Corp.		818		87		1.05
Vici Properties, Inc.		2,788		83		1.00
Warner Bros Discovery, Inc.		7,286		84		1.00
Wells Fargo & Co.		2,155		87		1.04

@ Value/Notional amount is less than $500.

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

BBSW Australia's Bank Bill Swap.

BTP Buoni del Tesoro Poliennali.

CDI Certificado de Depósito Interbancári.

CME Chicago Mercantile Exchange.

CORRA Canadian Overnight Repo Rate Average.

ESTR Euro short-Term Rate.

MSCI Morgan Stanley Capital International.

SGX Singapore Exchange Ltd.

TIIE Interbank Equilibrium Interest Rate.

WTI West Texas Intermediate.

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

RUB — Russian Ruble

SEK — Swedish Krona

SGD — Singapore Dollar

THB — Thai Baht

TRY — Turkish Lira

TWD — Taiwan Dollar

USD — United States Dollar

ZAR — South African Rand

Portfolio Composition

Classification	Percentage of Total Investments
Fixed Income Securities		49.7	%
Common Stocks		31.6
Short-Term Investments		18.7
Total Investments		100.0	%**

** Does not include open long/short futures contracts with a value of approximately $88,865,000 and net unrealized appreciation of approximately $1,514,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $786,000. Also does not include open swap agreements with net unrealized depreciation of approximately $12,042,000.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Global Strategist Portfolio

Consolidated Statement of Assets and Liabilities	September 30, 2022 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $360,298)	$	340,245
Investment in Security of Affiliated Issuer, at Value (Cost $75,502)		75,502
Total Investments in Securities, at Value (Cost $435,800)		415,747
Foreign Currency, at Value (Cost $2,837)		2,767
Due from Broker		10,571
Receivable for Variation Margin on Futures Contracts		4,459
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		2,645
Unrealized Appreciation on Swap Agreements		2,086
Interest Receivable		1,352
Receivable for Investments Sold		1,163
Dividends Receivable		204
Tax Reclaim Receivable		176
Receivable from Affiliate		162
Receivable for Fund Shares Sold		55
Other Assets		65
Total Assets		441,452
Liabilities:
Payable for Investments Purchased		12,876
Unrealized Depreciation on Swap Agreements		12,091
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		1,859
Due to Broker		1,640
Bank Overdraft		655
Payable for Advisory Fees		464
Payable for Professional Fees		157
Payable for Fund Shares Redeemed		141
Payable for Custodian Fees		127
Payable for Sub Transfer Agency Fees — Class I		5
Payable for Sub Transfer Agency Fees — Class A		52
Payable for Sub Transfer Agency Fees — Class L		3
Payable for Sub Transfer Agency Fees — Class C		1
Payable for Trustees' Fees and Expenses		38
Payable for Shareholder Services Fees — Class A		30
Payable for Distribution and Shareholder Services Fees — Class L		6
Payable for Distribution and Shareholder Services Fees — Class C		2
Payable for Administration Fees		29
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		1
Payable for Transfer Agency Fees — Class R6*		1
Deferred Capital Gain Country Tax		—	@
Other Liabilities		201
Total Liabilities		30,388
Net Assets	$	411,064
Net Assets Consist of:
Paid-in-Capital	$	465,577
Total Accumulated Loss		(54,513	)
Net Assets	$	411,064

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Global Strategist Portfolio

Consolidated Statement of Assets and Liabilities (cont'd)	September 30, 2022 (000)
CLASS I:
Net Assets	$	17,886
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,316,860
Net Asset Value, Offering and Redemption Price Per Share	$	13.58
CLASS A:
Net Assets	$	134,814
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		10,052,742
Net Asset Value, Redemption Price Per Share	$	13.41
Maximum Sales Load		5.25	%
Maximum Sales Charge	$	0.74
Maximum Offering Price Per Share	$	14.15
CLASS L:
Net Assets	$	9,674
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		734,297
Net Asset Value, Offering and Redemption Price Per Share	$	13.17
CLASS C:
Net Assets	$	1,771
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		136,623
Net Asset Value, Offering and Redemption Price Per Share	$	12.96
CLASS R6:*
Net Assets	$	246,919
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		18,172,359
Net Asset Value, Offering and Redemption Price Per Share	$	13.59

* Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Global Strategist Portfolio

Consolidated Statement of Operations	Year Ended September 30, 2022 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $5 of Foreign Taxes Withheld)	$	4,812
Dividends from Securities of Unaffiliated Issuers (Net of $278 of Foreign Taxes Withheld)		4,167
Dividends from Security of Affiliated Issuer (Note G)		576
Total Investment Income		9,555
Expenses:
Advisory Fees (Note B)		2,260
Shareholder Services Fees — Class A (Note D)		426
Distribution and Shareholder Services Fees — Class L (Note D)		91
Distribution and Shareholder Services Fees — Class C (Note D)		21
Administration Fees (Note C)		402
Custodian Fees (Note F)		339
Professional Fees		296
Sub Transfer Agency Fees — Class I		17
Sub Transfer Agency Fees — Class A		130
Sub Transfer Agency Fees — Class L		8
Sub Transfer Agency Fees — Class C		2
Pricing Fees		111
Registration Fees		76
Transfer Agency Fees — Class I (Note E)		12
Transfer Agency Fees — Class A (Note E)		25
Transfer Agency Fees — Class L (Note E)		5
Transfer Agency Fees — Class C (Note E)		3
Transfer Agency Fees — Class R6* (Note E)		3
Shareholder Reporting Fees		43
Trustees' Fees and Expenses		13
Other Expenses		33
Total Expenses		4,316
Rebate from Morgan Stanley Affiliate (Note G)		(79	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(21	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(2	)
Reimbursement of Class Specific Expenses — Class R6* (Note B)		(3	)
Waiver of Advisory Fees (Note B)		(5	)
Net Expenses		4,206
Net Investment Income		5,349
Realized Gain (Loss):
Investments Sold		(3,766	)
Foreign Currency Forward Exchange Contracts		(933	)
Foreign Currency Translation		2,749
Futures Contracts		12,350
Swap Agreements		(27,048	)
Net Realized Loss		(16,648	)
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Increase in Deferred Capital Gain Country Tax of $0)		(90,803	)
Foreign Currency Forward Exchange Contracts		659
Foreign Currency Translation		(180	)
Futures Contracts		(1,148	)
Swap Agreements		(12,626	)
Net Change in Unrealized Appreciation (Depreciation)		(104,098	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(120,746	)
Net Decrease in Net Assets Resulting from Operations	$	(115,397	)

* Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Global Strategist Portfolio

Consolidated Statements of Changes in Net Assets	Year Ended September 30, 2022 (000)			Year Ended September 30, 2021 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	5,349		$	3,866
Net Realized Gain (Loss)		(16,648	)		33,103
Net Change in Unrealized Appreciation (Depreciation)		(104,098	)		25,780
Net Increase (Decrease) in Net Assets Resulting from Operations		(115,397	)		62,749
Dividends and Distributions to Shareholders:
Class I		(2,005	)		(509	)
Class A		(13,571	)		(1,964	)
Class L		(926	)		(78	)
Class C		(150	)		(6	)
Class R6*		(23,348	)		(2,395	)
Total Dividends and Distributions to Shareholders		(40,000	)		(4,952	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		7,959			10,014
Distributions Reinvested		1,989			506
Redeemed		(11,328	)		(22,895	)
Class A:
Subscribed		6,232			7,534
Distributions Reinvested		13,341			1,928
Redeemed		(20,802	)		(19,556	)
Class L:
Exchanged		155			214
Distributions Reinvested		906			76
Redeemed		(1,016	)		(1,713	)
Class C:
Subscribed		668			963
Distributions Reinvested		150			6
Redeemed		(608	)		(412	)
Class R6:*
Subscribed		7,154			128,905
Distributions Reinvested		23,348			2,395
Redeemed		(127	)		(5,442	)
Net Increase in Net Assets Resulting from Capital Share Transactions		28,021			102,523
Total Increase (Decrease) in Net Assets		(127,376	)		160,320
Net Assets:
Beginning of Period		538,440			378,120
End of Period	$	411,064		$	538,440

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Global Strategist Portfolio

Consolidated Statements of Changes in Net Assets (cont'd)	Year Ended September 30, 2022 (000)			Year Ended September 30, 2021 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		461			553
Shares Issued on Distributions Reinvested		113			29
Shares Redeemed		(684	)		(1,270	)
Net Decrease in Class I Shares Outstanding		(110	)		(688	)
Class A:
Shares Subscribed		379			416
Shares Issued on Distributions Reinvested		764			111
Shares Redeemed		(1,256	)		(1,090	)
Net Decrease in Class A Shares Outstanding		(113	)		(563	)
Class L:
Shares Exchanged		10			12
Shares Issued on Distributions Reinvested		53			4
Shares Redeemed		(61	)		(99	)
Net Increase (Decrease) in Class L Shares Outstanding		2			(83	)
Class C:
Shares Subscribed		41			53
Shares Issued on Distributions Reinvested		9			—	@@
Shares Redeemed		(37	)		(22	)
Net Increase in Class C Shares Outstanding		13			31
Class R6:*
Shares Subscribed		445			6,688
Shares Issued on Distributions Reinvested		1,324			137
Shares Redeemed		(8	)		(306	)
Net Increase in Class R6 Shares Outstanding		1,761			6,519

* Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

@@ Amount is less than 500 shares.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Financial Highlights

Global Strategist Portfolio

	Class I
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	18.74		$	16.08		$	15.45		$	17.05		$	17.48
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.19			0.16			0.17			0.27			0.33
Net Realized and Unrealized Gain (Loss)		(3.94	)		2.73			0.74			0.17			0.35
Total from Investment Operations		(3.75	)		2.89			0.91			0.44			0.68
Distributions from and/or in Excess of:
Net Investment Income		(0.12	)		(0.22	)		(0.03	)		(0.58	)		(0.21	)
Net Realized Gain		(1.29	)		(0.01	)		(0.25	)		(1.46	)		(0.90	)
Total Distributions		(1.41	)		(0.23	)		(0.28	)		(2.04	)		(1.11	)
Net Asset Value, End of Period	$	13.58		$	18.74		$	16.08		$	15.45		$	17.05
Total Return⁽²⁾		(21.73	)%		18.10	%		5.93	%		3.74	%		3.94	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	17,886		$	26,745		$	34,031		$	57,532		$	62,998
Ratio of Expenses Before Expense Limitation		0.83	%		0.76	%		0.84	%		0.84	%		0.85	%
Ratio of Expenses After Expense Limitation		0.72	%⁽³⁾		0.73	%⁽³⁾		0.72	%⁽³⁾		0.72	%⁽³⁾		0.73	%⁽³⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			0.73	%⁽³⁾		N/A			N/A			N/A
Ratio of Net Investment Income		1.13	%⁽³⁾		0.90	%⁽³⁾		1.14	%⁽³⁾		1.80	%⁽³⁾		1.95	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%		0.01	%		0.02	%		0.02	%		0.01	%
Portfolio Turnover Rate		93	%		115	%		109	%		117	%		132	%

(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.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Financial Highlights

Global Strategist Portfolio

	Class A
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	18.53		$	15.91		$	15.30		$	16.90		$	17.32
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.14			0.12			0.13			0.23			0.28
Net Realized and Unrealized Gain (Loss)		(3.90	)		2.68			0.73			0.15			0.35
Total from Investment Operations		(3.76	)		2.80			0.86			0.38			0.63
Distributions from and/or in Excess of:
Net Investment Income		(0.07	)		(0.17	)		—			(0.52	)		(0.15	)
Net Realized Gain		(1.29	)		(0.01	)		(0.25	)		(1.46	)		(0.90	)
Total Distributions		(1.36	)		(0.18	)		(0.25	)		(1.98	)		(1.05	)
Net Asset Value, End of Period	$	13.41		$	18.53		$	15.91		$	15.30		$	16.90
Total Return⁽²⁾		(21.99	)%		17.72	%		5.65	%		3.38	%		3.68	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	134,814		$	188,317		$	170,643		$	197,271		$	221,707
Ratio of Expenses Before Expense Limitation		1.05	%		1.02	%		1.08	%		1.09	%		1.09	%
Ratio of Expenses After Expense Limitation		1.04	%⁽³⁾		1.01	%⁽³⁾		1.02	%⁽³⁾		1.03	%⁽³⁾		1.03	%⁽³⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			1.01	%⁽³⁾		N/A			N/A			N/A
Ratio of Net Investment Income		0.84	%⁽³⁾		0.67	%⁽³⁾		0.87	%⁽³⁾		1.49	%⁽³⁾		1.66	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%		0.01	%		0.02	%		0.02	%		0.01	%
Portfolio Turnover Rate		93	%		115	%		109	%		117	%		132	%

(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.

The accompanying notes are an integral part of the consolidated financial statements.
46

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Financial Highlights

Global Strategist Portfolio

	Class L
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	18.24		$	15.67		$	15.15		$	16.73		$	17.15
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.05			0.03			0.05			0.15			0.19
Net Realized and Unrealized Gain (Loss)		(3.83	)		2.64			0.72			0.16			0.34
Total from Investment Operations		(3.78	)		2.67			0.77			0.31			0.53
Distributions from and/or in Excess of:
Net Investment Income		—			(0.09	)		—			(0.43	)		(0.05	)
Net Realized Gain		(1.29	)		(0.01	)		(0.25	)		(1.46	)		(0.90	)
Total Distributions		(1.29	)		(0.10	)		(0.25	)		(1.89	)		(0.95	)
Net Asset Value, End of Period	$	13.17		$	18.24		$	15.67		$	15.15		$	16.73
Total Return⁽²⁾		(22.33	)%		17.09	%		5.10	%		2.87	%		3.13	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	9,674		$	13,359		$	12,773		$	13,356		$	17,665
Ratio of Expenses Before Expense Limitation		1.56	%		1.53	%		1.60	%		1.58	%		1.58	%
Ratio of Expenses After Expense Limitation		1.55	%⁽³⁾		1.52	%⁽³⁾		1.54	%⁽³⁾		1.53	%⁽³⁾		1.52	%⁽³⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			1.52	%⁽³⁾		N/A			N/A			N/A
Ratio of Net Investment Income		0.34	%⁽³⁾		0.16	%⁽³⁾		0.36	%⁽³⁾		0.97	%⁽³⁾		1.12	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%		0.01	%		0.02	%		0.02	%		0.01	%
Portfolio Turnover Rate		93	%		115	%		109	%		117	%		132	%

(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.

The accompanying notes are an integral part of the consolidated financial statements.
47

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Financial Highlights

Global Strategist Portfolio

	Class C
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	18.02		$	15.49		$	15.02		$	16.65		$	17.08
Income (Loss) from Investment Operations:
Net Investment Income (Loss)⁽¹⁾		0.02			(0.02	)		0.01			0.11			0.21
Net Realized and Unrealized Gain (Loss)		(3.79	)		2.61			0.71			0.15			0.27
Total from Investment Operations		(3.77	)		2.59			0.72			0.26			0.48
Distributions from and/or in Excess of:
Net Investment Income		—			(0.05	)		—			(0.43	)		(0.01	)
Net Realized Gain		(1.29	)		(0.01	)		(0.25	)		(1.46	)		(0.90	)
Total Distributions		(1.29	)		(0.06	)		(0.25	)		(1.89	)		(0.91	)
Net Asset Value, End of Period	$	12.96		$	18.02		$	15.49		$	15.02		$	16.65
Total Return⁽²⁾		(22.62	)%		16.79	%		4.81	%		2.55	%		2.83	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,771		$	2,236		$	1,435		$	1,906		$	1,885
Ratio of Expenses Before Expense Limitation		1.92	%		1.90	%		1.98	%		1.93	%		1.99	%
Ratio of Expenses After Expense Limitation		1.82	%⁽³⁾		1.83	%⁽³⁾		1.82	%⁽³⁾		1.82	%⁽³⁾		1.83	%⁽³⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			1.83	%⁽³⁾		N/A			N/A			N/A
Ratio of Net Investment Income (Loss)		0.11	%⁽³⁾		(0.11	)%⁽³⁾		0.07	%⁽³⁾		0.73	%⁽³⁾		1.28	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%		0.01	%		0.02	%		0.02	%		0.01	%
Portfolio Turnover Rate		93	%		115	%		109	%		117	%		132	%

(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) 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.
48

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Consolidated Financial Highlights

Global Strategist Portfolio

	Class R6⁽¹⁾
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	18.75		$	16.10		$	15.46		$	17.06		$	17.49
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.20			0.20			0.19			0.27			0.37
Net Realized and Unrealized Gain (Loss)		(3.94	)		2.69			0.74			0.17			0.31
Total from Investment Operations		(3.74	)		2.89			0.93			0.44			0.68
Distributions from and/or in Excess of:
Net Investment Income		(0.13	)		(0.23	)		(0.04	)		(0.58	)		(0.21	)
Net Realized Gain		(1.29	)		(0.01	)		(0.25	)		(1.46	)		(0.90	)
Total Distributions		(1.42	)		(0.24	)		(0.29	)		(2.04	)		(1.11	)
Net Asset Value, End of Period	$	13.59		$	18.75		$	16.10		$	15.46		$	17.06
Total Return⁽³⁾		(21.67	)%		18.07	%		6.02	%		3.77	%		3.98	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	246,919		$	307,783		$	159,238		$	151,242		$	166
Ratio of Expenses Before Expense Limitation		0.71	%		N/A			0.75	%		0.75	%		1.95	%
Ratio of Expenses After Expense Limitation		0.69	%⁽⁴⁾		0.68	%⁽⁴⁾		0.69	%⁽⁴⁾		0.69	%⁽⁴⁾		0.70	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			0.68	%⁽⁴⁾		N/A			N/A			N/A
Ratio of Net Investment Income		1.22	%⁽⁴⁾		1.06	%⁽⁴⁾		1.21	%⁽⁴⁾		1.76	%⁽⁴⁾		2.13	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%		0.01	%		0.02	%		0.02	%		0.01	%
Portfolio Turnover Rate		93	%		115	%		109	%		117	%		132	%

(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.

The accompanying notes are an integral part of the consolidated financial statements.
49

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements

The accompanying consolidated financial statements relate to the Global Strategist Portfolio. The Fund seeks above-average total return over a market cycle of three to five years. The Fund offers five classes of shares — Class I, Class A, Class L, Class C and Class R6. Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

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

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

eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of September 30, 2022, the Subsidiary represented approximately $50,768,000 or approximately 12.35% of the total 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 brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) OTC swaps may be valued by an outside pricing service approved by the Trustees or quotes from a broker/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, including circumstances under which the Adviser or the Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that

are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (7) 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

Annual Report — September 30, 2022

Notes to Consolidated 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 September 30, 2022:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Fixed Income Securities
Agency Adjustable Rate Mortgage	$	—	$	7	$	—	$	7
Agency Fixed Rate Mortgages		—		17,172		—		17,172
Asset-Backed Securities		—		1,121		—		1,121
Commercial Mortgage-Backed Securities		—		2,353		—		2,353
Corporate Bonds		—		44,415		—		44,415
Mortgages — Other		—		5,395		—		5,395
Municipal Bond		—		320		—		320
Sovereign		—		111,837		59		111,896
Supranational		—		5,299		—		5,299
U.S. Treasury Securities		—		18,699		—		18,699
Total Fixed Income Securities		—		206,618		59		206,677

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	$	1,124	$	734	$	—		$	1,858
Air Freight & Logistics		385		243		—			628
Airlines		29		50		—			79
Auto Components		139		111		—			250
Automobiles		1,698		755		—			2,453
Banks		5,483		11,805		—			17,288
Beverages		1,360		1,156		—			2,516
Biotechnology		1,694		622		—			2,316
Building Products		308		364		—			672
Capital Markets		2,278		1,398		—			3,676
Chemicals		1,406		1,304		—			2,710
Commercial Banks		50		61		—			111
Commercial Services & Supplies		469		122		—			591
Communications Equipment		527		194		—			721
Construction & Engineering		99		359		—			458
Construction Materials		86		295		—			381
Consumer Finance		372		—		—			372
Containers & Packaging		225		35		—			260
Distributors		99		17		—			116
Diversified Consumer Services		—		16		—			16
Diversified Financial Services		782		344		—			1,126
Diversified Financials		16		—		—			16
Diversified Telecommunication Services		736		1,105		—			1,841
Electric Utilities		1,653		1,050		—			2,703
Electrical Equipment		370		737		—			1,107
Electronic Equipment, Instruments & Components		436		140		—			576
Energy Equipment & Services		198		29		—	†		227	†
Entertainment		1,049		114		—			1,163
Equity Real Estate Investment Trusts (REITs)		1,922		507		—			2,429
Food & Staples Retailing		1,428		575		—			2,003
Food Products		802		1,966		—			2,768
Gas Utilities		78		166		—			244
Health Care Equipment & Supplies		1,861		863		—			2,724
Health Care Providers & Services		2,455		159		—			2,614
Health Care Technology		59		1		—			60
Hotels, Restaurants & Leisure		1,397		686		—			2,083
Household Durables		201		92		—			293
Household Products		962		364		—			1,326
Independent Power Producers & Energy Traders		113		167		—			280
Industrial Conglomerates		520		627		—			1,147
Information Technology Services		3,343		520		—			3,863
Insurance		2,123		2,492		—			4,615

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

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)
Interactive Media & Services	$	3,237	$	89		$	—		$	3,326
Internet & Direct Marketing Retail		2,343		264			—			2,607
Leisure Products		34		—			—			34
Life Sciences Tools & Services		1,315		309			—			1,624
Machinery		1,052		966			—			2,018
Marine		10		137			—			147
Media		612		191			—			803
Metals & Mining		839		1,871			—			2,710
Multi-Line Retail		425		175			—			600
Multi-Utilities		732		443			—			1,175
Oil, Gas & Consumable Fuels		5,995		2,742			—			8,737
Paper & Forest Products		21		202			—			223
Personal Products		192		946			—			1,138
Pharmaceuticals		3,200		4,717			—			7,917
Professional Services		372		708			—			1,080
Real Estate Management & Development		80		560			—			640
Road & Rail		1,376		53			—			1,429
Semiconductors & Semiconductor Equipment		3,220		1,091			—			4,311
Software		6,388		706	†		—			7,094	†
Specialty Retail		1,437		193			—			1,630
Tech Hardware, Storage & Peripherals		4,977		39			—			5,016
Textiles, Apparel & Luxury Goods		337		1,597			—			1,934
Tobacco		426		524			—			950
Trading Companies & Distributors		198		329			—			527
Transportation Infrastructure		—		272			—			272
Water Utilities		82		66			—			148
Wireless Telecommunication Services		303		237			—			540
Total Common Stocks		79,538		51,772	†		—	†		131,310	†
Preferred Stock
Entertainment		3		—			—			3
Rights		2		—			—			2
Short-Term Investments
Investment Company		75,502		—			—			75,502
U.S. Treasury Security		—		2,253			—			2,253
Total Short-Term Investments		75,502		2,253			—			77,755
Foreign Currency Forward Exchange Contracts		—		2,645			—			2,645
Futures Contracts		1,992		—			—			1,992
Interest Rate Swap Agreements		—		108			—			108
Total Return Swap Agreements		—		2,086			—			2,086
Total Assets		157,037		265,482	†		59	†		422,578	†

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)			Total (000)
Liabilities:
Foreign Currency Forward Exchange Contracts	$	—		$	(1,859	)	$	—		$	(1,859	)
Futures Contracts		(478	)		—			—			(478	)
Interest Rate Swap Agreements		—			(2,145	)		—			(2,145	)
Total Return Swap Agreements		—			(12,091	)		—			(12,091	)
Total Liabilities		(478	)		(16,095	)		—			(16,573	)
Total	$	156,559		$	249,387	†	$	59	†	$	406,005	†

† 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:

	Fixed Income (000)		Common Stock (000)
Beginning Balance	$	—	$	—
Purchases		—		—
Sales		—		—
Amortization of discount		—		—
Transfers in		59		—	†
Transfers out		—		—
Corporate actions		—		—
Change in unrealized appreciation (depreciation)		—		—
Realized gains (losses)		—		—
Ending Balance	$	59	$	—	†
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022	$	—	$	—

† Includes a security valued at zero.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2022:

Fair Value at
September 30, 2022
(000)

Valuation
Technique

Unobservable
Input

Amount*

Impact to
Valuation from an
Increase in Input**

Sovereign

Market
Implied

Expected
Recovery Value

0.49

Increase

* Amount is indicative of the weighted average.

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.

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 Consolidated Statement of Operations.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments in 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated 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 and risks arising from margin requirements. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

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

the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin). A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return and the potential loss from futures contracts can exceed the Fund's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

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.

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.

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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

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

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of September 30, 2022:

Asset Derivatives
Consolidated Statement of
Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Foreign Currency
Forward Exchange
Contracts

Unrealized Appreciation on
Foreign Currency Forward
Exchange Contracts

Currency Risk

2,645

Futures Contract

Variation Margin on
Futures Contract

Equity Risk

986

(a)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

1,006

(a)

Swap Agreements

Variation Margin on
Swap Agreements

Interest Rate Risk

108

(a)

Swap Agreements

Unrealized Appreciation on
Swap Agreements

Equity Risk

2,086

Total

6,831

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

(1,859

)

Futures Contract

Variation Margin on
Futures Contract

Currency Risk

(24

)(a)

Futures Contracts

Variation Margin on
Futures Contracts

Equity Risk

(366

)(a)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

(88

)(a)

Swap Agreements

Variation Margin on
Swap Agreements

Interest Rate Risk

(2,145

)(a)

Swap Agreements

Unrealized Depreciation on
Swap Agreements

Equity Risk

(12,091

)

Total

(16,573

)

(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	$	(933	)
Commodity Risk	Futures Contracts		(330	)
Currency Risk	Futures Contracts		1,034
Equity Risk	Futures Contracts		3,165
Interest Rate Risk	Futures Contracts		8,481
Equity Risk	Swap Agreements		(27,640	)
Interest Rate Risk	Swap Agreements		592
Total		$	(15,631	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	659
Commodity Risk	Futures Contracts		(253	)
Currency Risk	Futures Contracts		(24	)
Equity Risk	Futures Contracts		(1,072	)
Interest Rate Risk	Futures Contracts		201
Equity Risk	Swap Agreements		(8,718	)
Interest Rate Risk	Swap Agreements		(3,908	)
Total		$	(13,115	)

At September 30, 2022, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Consolidated Statement of Assets and Liabilities
Derivatives(b)	Assets(c) (000)		Liabilities(c) (000)
Foreign Currency Forward Exchange Contracts	$	2,645	$	(1,859	)
Swap Agreements		2,086		(12,091	)
Total	$	4,731	$	(13,950	)

(b) Excludes exchange-traded derivatives.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

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

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of September 30, 2022:

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Consolidated Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Received(d) (000)			Net Amount (not less than $0) (000)
Australia & New Zealand Banking Group Ltd.	$	34		$	(34	)	$	—		$	0
Bank of America NA		40			(40	)		—			0
Bank of New York Mellon		1			—			—			1
Barclays Bank PLC		280			—			—			280
BNP Paribas SA		737			(161	)		(576	)		0
Citibank NA		1			(1	)		—			0
Commonwealth Bank of Australia		—	@		—			—			—	@
Credit Suisse International		—	@		—			—			—	@
Goldman Sachs International		44			(44	)		—			0
JPMorgan Chase Bank NA		2,539			(1,886	)		(653	)		0
UBS AG		1,055			(714	)		(296	)		45
Total	$	4,731		$	(2,880	)	$	(1,525	)	$	326

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in the Consolidated Statement of Assets and Liabilities (000)		Financial Instrument (000)			Collateral Pledged(d) (000)			Net Amount (not less than $0) (000)
Australia & New Zealand Banking Group Ltd.	$	205	$	(34	)	$	—		$	171
Bank of America NA		392		(40	)		—			352
BNP Paribas SA		2,561		(161	)		(2,400	)		0
Citibank NA		3		(1	)		—			2
Goldman Sachs International		7,601		(44	)		(3,902	)		3,655
JPMorgan Chase Bank NA		2,455		(1,886	)		(569	)		0
Royal Bank of Canada		19		—			—			19
UBS AG		714		(714	)		—			0
Total	$	13,950	$	(2,880	)	$	(6,871	)	$	4,199

@ Value is less than $500.

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

For the year ended September 30, 2022, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	180,544,000
Futures Contracts:
Average monthly notional value	$	154,323,000
Swap Agreements:
Average monthly notional amount	$	129,386,000

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

increase the impact that gains (losses) may have on the Fund.

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

7. Dividends and Distributions to Shareholders: Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid 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 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 and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

The Fund owns shares of real estate investment trusts ("REITs") which report information on the source of their distributions annually in the following calendar year. A portion of distributions received from REITs during the year is estimated to be a return of capital and is recorded as a reduction of their cost.

B. Advisory/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 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.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

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.

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 year ended September 30, 2022, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $193,885,000 and $237,990,000, respectively. For the year ended September 30, 2022, purchases and sales of long-term U.S. Government securities were approximately $246,254,000 and $241,277,000, respectively.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the year ended September 30, 2022, advisory fees paid were reduced by approximately $79,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the year ended September 30, 2022 is as follows:

Affiliated Investment Company				Value September 30, 2021 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	60,743			$	449,091			$	434,332			$	576

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value September 30, 2022 (000)
Liquidity Funds				$	—			$	—			$	75,502

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

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 year ended September 30, 2022, included in "Trustees' Fees and Expenses" in the Consolidated Statement of Operations amounted to approximately $2,000. At September 30, 2022, the Fund had an accrued pension liability of approximately $38,000, 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, 2022 remains subject to examination by taxing authorities.

2022 Distributions Paid From:				2021 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	35,063	$	4,937	$	4,952	$	—

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2022.

At September 30, 2022, the Fund had no distributable earnings on a tax basis.

At September 30, 2022, the Fund had available for federal income tax purposes unused short-term capital losses of approximately $15,815,000, that do not have an expiration date.

Qualified Late Year Ordinary Losses (000)				Post-October Capital Losses (000)
$	1,799			$	—

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

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

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-topeer 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.

LIBOR Discontinuance or Unavailability Risk: LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The Financial Conduct Authority (the "FCA"), which is the regulatory authority that oversees financial services firms, financial markets in the U.K. and the administrator of LIBOR, announced that, after the end of 2021, one-week and two-month U.S. Dollar LIBOR and all non-U.S. Dollar LIBOR settings have either ended or are no longer representative of the underlying market they seek to measure. The FCA also announced that the most commonly used U.S. Dollar LIBOR settings, may continue to be provided on a representative basis until mid-2023. However, in connection with supervisory guidance from regulators, some regulated entities may no longer enter into most new LIBOR-based contracts. As a result of the foregoing, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain derivatives and other instruments or investments comprising some or all of the Fund's portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to establish new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Consolidated Financial Statements (cont'd)

or unavailability, which may affect the value or liquidity or return on certain of the Fund's investments and result in costs incurred in connection with closing out positions and entering into new trades.

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Although state and federal statutes have been enacted to address difficult LIBOR transition issues, the application and effect of these statutes are uncertain. In addition, a liquid market for newly-issued instruments that use a reference rate other than LIBOR is still developing. There may also be challenges for the Fund to enter into hedging transactions against such newly-issued instruments until a market for such hedging transactions develops. All of the aforementioned may adversely affect the Fund's investments (including their volatility, value and liquidity) and, as a result, the performance or NAV.

Election of Trustees by all shareholders:

	For		Against
Frances L. Cashman		1,001,428,988		27,543,564
Nancy C. Everett		994,527,335		34,445,217
Eddie A. Grier		999,694,220		29,278,332
Jakki L. Haussler		997,669,902		31,302,650
Patricia A. Maleski		1,000,046,511		28,926,041

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Morgan Stanley Institutional Fund Trust —
Global Strategist Portfolio

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities of Global Strategist Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund Trust (the "Trust")), including the consolidated portfolio of investments, as of September 30, 2022, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund Trust) at September 30, 2022, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended and its consolidated financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.
Boston, Massachusetts
November 29, 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

The Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board reviewed similar information and factors regarding the Sub-Adviser, to the extent applicable. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Administrator under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, business management and planning, legal services and the provision of supplies, office space and utilities at the Adviser's expense. The Board also considered the Adviser's investment in personnel and infrastructure that benefits the Fund. (The Adviser, Sub-Adviser and Administrator together are referred to as the "Adviser" and the advisory, sub-advisory and administration agreements together are referred to as the "Management Agreement.") The Board also considered that the Adviser serves a variety of other investment advisory clients and has experience overseeing service providers. The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as prepared by Broadridge Financial Solutions, Inc. ("Broadridge").

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2021, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for three- and five-year periods but below its peer group average for the one-year period. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

Profitability of the Adviser and Affiliates

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Advisory Agreement Approval (unaudited) (cont'd)

Other Benefits of the Relationship

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

Other Factors and Current Trends

General Conclusion

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Liquidity Risk Management Program (unaudited)

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2022. For corporate shareholders 10.94% of the dividends qualified for the dividends received deduction.

The Fund designated and paid approximately $4,937,000 as a long-term capital gain distribution.

The Fund designated approximately $102,000 of its distributions paid as qualified business income.

The Fund designated approximately $717,000 of its distributions paid as qualified interest income.

The Fund designated approximately $2,519,000 of its distributions paid as business interest income.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) April 2021

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 investment management affiliates' everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) (cont'd) April 2021

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 Investment Management 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) (cont'd) April 2021

Definitions

Investment Management Affiliates				MSIM Investment Management Affiliates include registered investment advisers, registered broker/dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates				Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ 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

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited)

Independent Trustees:

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Frank L. Bowman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1944

Trustee

Since
August
2006

Frances L. Cashman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1961

Trustee

Trustee
since
February
2022

Kathleen A. Dennis
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1953

Trustee

Since
August
2006

Board Member, University of Albany Foundation (2012-present); Board Member, Mutual Funds Directors Forum (2014-present); Director of various non-profit organizations.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Nancy C. Everett
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
January
2015

Eddie A. Grier
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Trustee
since
February
2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Jakki L. Haussler
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1957

Trustee

Since
January
2015

Dr. Manuel H. Johnson
c/o Johnson Smick
International, Inc.
220 I Street, NE
Suite 200
Washington, D.C. 20002
Birth Year: 1949

Trustee

Since
July
1991

Director of NVR, Inc. (home construction).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Joseph J. Kearns
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1942

Trustee

Since
August
1994

Michael F. Klein
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1958

Trustee

Since
August
2006

Director of certain investment funds managed or sponsored by Aetos Alternatives Management, LP; Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

Patricia A. Maleski
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1960

Trustee

Since
January
2017

Trustee, Nutley Family Service Bureau, Inc. (since January 2022).

W. Allen Reed
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1947

Chair of the Board and Trustee

Chair of the Board since August 2020 and Trustee since August 2006

Formerly, Director of Legg Mason, Inc. (2006-2019); and Director of the Auburn University Foundation (2010-2015).

* This is the earliest date the Trustee began serving the Morgan Stanley Funds. Each Trustee serves an indefinite term, until his or her successor is elected.

*** This includes any directorships at public companies and registered investment companies held by the Trustee at any time during the past five years.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Executive Officers:

Name, Address and Birth Year
of Executive Officer

Position(s) Held
with
Registrant

Length of
Time Served*

Principal Occupation(s) During Past 5 Years

John H. Gernon
522 Fifth Avenue
New York, NY 10036
Birth Year: 1963

President and Principal Executive Officer

Since
September
2013

Deidre A. Downes
1633 Broadway
New York, NY 10019
Birth Year: 1977

Chief Compliance Officer

Since November
2021

Francis J. Smith
522 Fifth Avenue
New York, NY 10036
Birth Year: 1965

Treasurer and Principal Financial Officer

Treasurer since July 2003 and Principal Financial Officer since September
2002

Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).

Mary E. Mullin
1633 Broadway
New York, NY 10019
Birth Year: 1967

Secretary

Since
June
1999

Managing Director of the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

Michael J. Key
522 Fifth Avenue
New York, NY 10036
Birth Year: 1979

Vice President

Since
June
2017

* This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves an indefinite term, until his or her successor is elected.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Sub-Adviser

Morgan Stanley Investment Management Limited
25 Cabot Square, Canary Wharf
London, E14 4QA, England

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

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

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

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

Counsel to the Independent Trustees

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

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable fund of Morgan Stanley Institutional Fund Trust., which describes in detail the fund's investment policies, risks, fees and expenses. Please read the prospectus carefully before you invest or send money. For additional information, including information regarding the investments comprising the Fund, please visit our website at www.morganstanley.com/im/shareholderreports or call toll free 1 (800) 548-7786.

Householding Notice

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

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

IFTGSANN
5063288 EXP 11.30.23

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Annual Report

September 30, 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Table of Contents (unaudited)

Shareholders' Letter					2
Expense Example					3
Investment Overview					4
Portfolio of Investments					7
Statement of Assets and Liabilities					15
Statement of Operations					17
Statements of Changes in Net Assets					18
Financial Highlights					20
Notes to Financial Statements					27
Report of Independent Registered Public Accounting Firm					34
Investment Advisory Agreement Approval					35
Liquidity Risk Management Program					37
Federal Tax Notice					38
U.S. Customer Privacy Notice					39
Trustee and Officer Information					42

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Annual Report, in which you will learn how your investment in High Yield Portfolio (the "Fund") performed during the latest twelve-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

October 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Expense Example (unaudited)

High Yield Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended September 30, 2022 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 4/1/22		Actual Ending Account Value 9/30/22		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	$	886.80	$	1,021.81	$	3.07	$	3.29		0.65	%
High Yield Portfolio Class A		1,000.00		884.80		1,019.95		4.82		5.16		1.02
High Yield Portfolio Class L		1,000.00		883.80		1,018.80		5.90		6.33		1.25
High Yield Portfolio Class C		1,000.00		881.40		1,016.29		8.25		8.85		1.75
High Yield Portfolio Class R6⁽¹⁾		1,000.00		887.10		1,021.96		2.93		3.14		0.62
High Yield Portfolio Class IR		1,000.00		887.10		1,021.96		2.93		3.14		0.62
High Yield Portfolio Class W		1,000.00		889.70		1,025.07		0.00		0.00		0.00

** Annualized.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited)

High Yield Portfolio

The Fund seeks total return.

Performance

For the fiscal year ended September 30, 2022, the Fund's Class I shares had a total return based on net asset value and reinvestment of distributions per share of –14.27%, net of fees. The Fund's Class I shares underperformed against the Fund's benchmark, the Bloomberg U.S. Corporate High Yield Indexⁱ (the "Index"), which returned –14.14%.

Factors Affecting Performance

• As of September 30, 2022, the Index returned –14.14% during the one-year period. The yield-to-worst and spread-to-worst both increased during the period, rising by 564 basis points (bps) and 230 bps to 9.68% and 562 bps, respectively.ⁱⁱ

• The U.S. and global high yield markets began the period strong as the world began to emerge from the COVID-19 pandemic on the back of successful vaccination program rollouts across much of the developed world. Markets were also supported by continued supportive central bank policy as well as a robust economic rebound. However, volatility picked up in the second half of 2021, marked by the spread of the delta and omicron variants, elevated inflation readings and subsequent responses from global central banks, as well as concern over a potential slowdown in China. Despite these challenges, global economic growth remained above trend and corporate earnings releases underscored a sustained improvement in the average fundamentals of global high yield issuers. High yield markets were remarkably resilient against this unique backdrop.

• The high yield markets were put to the test in 2022 and contended with multiple bouts of pervasive weakness. A hawkish shift from multiple central banks in response to the highest inflation readings in the U.S. in approximately 40 yearsⁱ and the first major war in Europe in 80 years prompted a dramatic increase in volatility and a sell-off across global risk markets. These events led to the U.S. and global high yield markets recording their second-worst start to the year on record, second

only to the first quarter of 2020.ⁱ The negative environment continued for much of the remaining period, with the exception of July 2022 where the high yield market posted its strongest one-month return since 2011.ⁱ The Federal Reserve's aggressive rate increases and the increasingly hawkish narrative prompted growing concern over the probability of recession as the disparity between the current inflation picture and the Federal Reserve's goals undermined the perceived likelihood of a "soft landing" in the U.S. economy. The risk and uncertainty of the ongoing war in Ukraine and the precarious energy situation in Western Europe further unsettled investors.

• For the Fund, from a sector perspective, challenging credit selection in the media & entertainment sector was the primary detractor from relative returns during the period. Negative performance within the sector was driven by the Fund's overweight position in a national radio company. Depressed spending on terrestrial radio advertising continued to pressure earnings. Credit selection in the metals & mining sector also hurt relative performance but was offset by the Fund's positioning within the independent energy sector, which benefited from an increase in oil prices during the period.

• From a ratings perspective, the Fund's overweight position and challenging credit selection in CCC-rated bonds hurt performance as the lower quality segments of the market generally underperformed during the period. One of the top detractors in the segment was the portfolio's overweight position in an in-theater movie advertising company. Third quarter 2022 earnings are expected to be soft due to a weaker box office. Additionally, an existing contract with a key partner is in jeopardy due to the partner firm's recent bankruptcy filing. Challenging selection in this rating segment, however, was offset by the Fund's credit selection in split BBB-BB rated bonds. Positive performance within this ratings segment was driven by the Fund's lack of exposure to a multinational telecommunication services business that has operations in Russia and Ukraine.

ⁱ "Bloomberg^®" and the Bloomberg Index/Indices used are service marks of Bloomberg Finance L.P. and its affiliates, and have been licensed for use for certain purposes by Morgan Stanley Investment Management (MSIM). Bloomberg is not affiliated with MSIM, does not approve, endorse, review, or recommend any product, and. does not guarantee the timeliness, accurateness, or completeness of any data or information relating to any product.

ⁱⁱ Source: Bloomberg L.P. Data based on the Bloomberg U.S. Corporate High Yield Index as of September 30, 2022. One basis point = 0.01%

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited) (cont'd)

High Yield Portfolio

Management Strategies

• We are cautious on the U.S. high yield market as we enter the fourth quarter of 2022. Volatility across risk markets leapt late in the third quarter, and the U.S. Treasury yield curves grew more inverted as investors' faith in the Federal Reserve's ability to engineer a soft economic landing faded. Liquidity and financial conditions are expected to tighten at an elevated pace moving forward, real economic activity is slowing, the health of corporate fundamentals should begin to decline and geopolitical risk is elevated, as Europe heads towards winter and the Russian bear grows increasingly agitated amid recent losses and a depleted, though dangerous quiver of remaining options.

• We remain inclined to reduce exposure to cyclicals and segments exhibiting asymmetric risk/return characteristics and to add exposure to more defensive sectors trading at valuations wide of historic norms. We are looking to trim our underweight in BB-rated credit and add to situations with durable free cash flow, particularly within high margin, service-based segments with high recurring revenue.

* Minimum Investment

In accordance with SEC regulations, the Fund's performance shown assumes that all recurring fees (including management fees) were deducted and all dividends and distributions were reinvested. The performance of Class A, Class L, Class C, Class R6, Class IR and Class W shares will vary from the performance of Class I shares based upon their different inception dates and will be negatively impacted by additional fees assessed to those classes (where applicable).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited) (cont'd)

High Yield Portfolio

Performance Compared to the Bloomberg U.S. Corporate High Yield Index⁽¹⁾ and the Lipper High Current Yield Bond Funds Index⁽²⁾

	Period Ended September 30, 2022 Total Returns⁽³⁾
				Average Annual
	One Year			Five Years			Ten Years			Since Inception⁽⁹⁾
Fund — Class I Shares w/o sales charges⁽⁴⁾		–14.27	%		1.00	%		4.27	%		5.04	%
Fund — Class A Shares w/o sales charges⁽⁴⁾		–14.69			0.64			3.90			4.67
Fund — Class A Shares with maximum 3.25% sales charges⁽⁴⁾		–17.43			–0.03			3.56			4.35
Fund — Class L Shares w/o sales charges⁽⁴⁾		–14.92			0.39			3.65			4.41
Fund — Class C Shares w/o sales charges⁽⁶⁾		–15.27			–0.09			—			1.47
Fund — Class C Shares with maximum 1.00% deferred sales charges⁽⁶⁾		–16.08			–0.09			—			1.47
Fund — Class R6 Shares w/o sales charges⁽⁵⁾		–14.30			1.03			—			2.53
Fund — Class IR Shares w/o sales charges⁽⁷⁾		–14.30			—			—			0.50
Fund — Class W Shares w/o sales charges⁽⁸⁾		–13.80			—			—			–3.57
Bloomberg U.S. Corporate High Yield Index		–14.14			1.57			3.94			4.45
Lipper High Current Yield Bond Funds Index		–13.11			1.34			3.53			3.99

⁽¹⁾ The Bloomberg U.S. Corporate High Yield Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody's, Fitch, and S&P is Ba1/BB+/BB+ or below. The index excludes emerging market debt. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

⁽²⁾ The Lipper High Current Yield Bond Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper High Current Yield Bond Funds classification. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. As of the date of this report, the Fund was in the Lipper High Current Yield Bond Funds classification.

⁽³⁾ Total returns for the Fund reflect expenses waived and/or reimbursed, if applicable, by the Adviser. Without such waivers and/or reimbursements, total returns would have been lower.

⁽⁴⁾ Commenced operations on February 7, 2012.

⁽⁵⁾ Commenced offering on March 28, 2014. Effective April 29,2022, Class IS shares were renamed to Class R6 shares.

⁽⁶⁾ Commenced offering on April 30, 2015.

⁽⁷⁾ Commenced offering on June 15, 2018.

⁽⁸⁾ Commenced offering on November 16, 2020.

⁽⁹⁾ For comparative purposes, average annual since inception returns listed for the Indexes refer to the inception date of Class I of the Fund, not the inception of the Indexes.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments

High Yield Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (97.2%)
Corporate Bonds (94.2%)
Basic Materials (6.1%)
ASP Unifrax Escrow Issuer Corp.
5.25%, 9/30/28 (a)	$	300	$	231
Avient Corp.
7.13%, 8/1/30 (a)		300		278
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV,
3.38%, 2/15/29 (a)		250		196
4.75%, 6/15/27 (a)		225		201
Diamond BC BV
4.63%, 10/1/29 (a)		500		349
Eldorado Gold Corp.
6.25%, 9/1/29 (a)		500		382
First Quantum Minerals Ltd.,
6.88%, 10/15/27 (a)		250		225
7.50%, 4/1/25 (a)		750		723
HB Fuller Co.
4.25%, 10/15/28		520		439
Herens Holdco Sarl
4.75%, 5/15/28 (a)		600		482
Hudbay Minerals, Inc.,
4.50%, 4/1/26 (a)		250		208
6.13%, 4/1/29 (a)		250		202
IAMGOLD Corp.
5.75%, 10/15/28 (a)		550		260
Innophos Holdings, Inc.
9.38%, 2/15/28 (a)		700		675
Iris Holding, Inc.
10.00%, 12/15/28 (a)		325		268
Kaiser Aluminum Corp.,
4.50%, 6/1/31 (a)		250		183
4.63%, 3/1/28 (a)		300		245
Minerals Technologies, Inc.
5.00%, 7/1/28 (a)		500		436
NOVA Chemicals Corp.
4.25%, 5/15/29 (a)		300		235
Novelis Corp.
4.75%, 1/30/30 (a)		500		411
Nufarm Australia Ltd./Nufarm Americas Inc.
5.00%, 1/27/30 (a)		500		417
Tacora Resources, Inc.
8.25%, 5/15/26 (a)		500		427
TMS International Corp.
6.25%, 4/15/29 (a)		1,150		819
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.
5.13%, 4/1/29 (a)		525		311
				8,603

	Face Amount (000)		Value (000)
Communications (9.9%)
Altice Financing SA,
5.00%, 1/15/28 (a)	$	350	$	270
5.75%, 8/15/29 (a)		500		384
Altice France SA
5.13%, 7/15/29 (a)		600		450
Arches Buyer, Inc.
6.13%, 12/1/28 (a)		200		155
Audacy Capital Corp.
6.50%, 5/1/27 (a)		900		222
Block Communications, Inc.
4.88%, 3/1/28 (a)		943		819
C&W Senior Financing DAC
6.88%, 9/15/27 (a)		250		205
Cable One, Inc.
4.00%, 11/15/30 (a)		250		195
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00%, 2/1/28 (a)		550		475
Ciena Corp.
4.00%, 1/31/30 (a)		225		188
Clear Channel Outdoor Holdings, Inc.
7.75%, 4/15/28 (a)		475		359
Clear Channel Worldwide Holdings, Inc.
5.13%, 8/15/27 (a)		250		212
CSC Holdings LLC
5.75%, 1/15/30 (a)		500		356
GCI LLC
4.75%, 10/15/28 (a)		300		250
Gray Escrow II, Inc.
5.38%, 11/15/31 (a)		500		393
iHeartCommunications, Inc.
5.25%, 8/15/27 (a)		500		428
Iliad Holding SASU
7.00%, 10/15/28 (a)		400		343
Lamar Media Corp.
4.00%, 2/15/30		500		420
LCPR Senior Secured Financing DAC
6.75%, 10/15/27 (a)		720		599
Level 3 Financing, Inc.
4.63%, 9/15/27 (a)		500		415
Lumen Technologies, Inc.
4.00%, 2/15/27 (a)		250		210
Midcontinent Communications/Midcontinent Finance Corp.
5.38%, 8/15/27 (a)		900		803
National CineMedia LLC
5.75%, 8/15/26		600		132
Nexstar Media, Inc.
5.63%, 7/15/27 (a)		600		553
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.63%, 3/15/30 (a)		500		390

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Communications (cont'd)
Radiate Holdco LLC/Radiate Finance, Inc.
6.50%, 9/15/28 (a)	$	750	$	525
Sable International Finance Ltd.
5.75%, 9/7/27 (a)		249		218
Sirius XM Radio, Inc.
4.00%, 7/15/28 (a)		325		277
TEGNA, Inc.,
4.63%, 3/15/28		300		278
5.00%, 9/15/29		300		277
Townsquare Media, Inc.
6.88%, 2/1/26 (a)		500		458
TripAdvisor, Inc.
7.00%, 7/15/25 (a)		175		170
Univision Communications, Inc.,
4.50%, 5/1/29 (a)		350		286
6.63%, 6/1/27 (a)		300		284
UPC Broadband Finco BV
4.88%, 7/15/31 (a)		300		233
UPC Holding BV
5.50%, 1/15/28 (a)		250		210
Urban One, Inc.
7.38%, 2/1/28 (a)		800		681
Virgin Media Finance PLC
5.00%, 7/15/30 (a)		650		479
Ziggo Bond Co. BV
5.13%, 2/28/30 (a)		300		215
Ziggo BV
4.88%, 1/15/30 (a)		350		277
				14,094
Consumer, Cyclical (24.2%)
AAG FH LP/AAG FH Finco, Inc.
9.75%, 7/15/24 (a)		550		555
Air Canada
3.88%, 8/15/26 (a)		300		258
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.75%, 4/20/29 (a)		750		656
American Axle & Manufacturing, Inc.
6.88%, 7/1/28		500		431
American Builders & Contractors Supply Co., Inc.
3.88%, 11/15/29 (a)		250		196
Aramark Services, Inc.
6.38%, 5/1/25 (a)		200		196
Arko Corp.
5.13%, 11/15/29 (a)		675		528
Asbury Automotive Group, Inc.,
4.63%, 11/15/29 (a)		225		180
4.75%, 3/1/30		250		196
Ashton Woods USA LLC/Ashton Woods Finance Co.
4.63%, 4/1/30 (a)		500		359
At Home Group Inc.,
4.88%, 7/15/28 (a)		175		123
7.13%, 7/15/29 (a)		450		266

	Face Amount (000)		Value (000)
Avient Corp.
5.75%, 5/15/25 (a)	$	300	$	290
Banijay Entertainment SASU
5.38%, 3/1/25 (a)		425		400
Bath & Body Works, Inc.
6.95%, 3/1/33		500		403
Beacon Roofing Supply, Inc.
4.13%, 5/15/29 (a)		300		243
Beazer Homes USA, Inc.
5.88%, 10/15/27		500		387
Bloomin' Brands, Inc./OSI Restaurant Partners LLC
5.13%, 4/15/29 (a)		400		334
Boyd Gaming Corp.,
4.75%, 12/1/27		200		177
4.75%, 6/15/31 (a)		200		162
Boyne USA, Inc.
4.75%, 5/15/29 (a)		750		629
Caesars Entertainment, Inc.
4.63%, 10/15/29 (a)		500		383
Carrols Restaurant Group, Inc.
5.88%, 7/1/29 (a)		500		335
CCM Merger, Inc.
6.38%, 5/1/26 (a)		750		686
CD&R Smokey Buyer, Inc.
6.75%, 7/15/25 (a)		600		547
CDI Escrow Issuer, Inc.
5.75%, 4/1/30 (a)		425		372
Clarios Global LP/Clarios US Finance Co
8.50%, 5/15/27 (a)		500		478
Dana, Inc.
4.25%, 9/1/30		300		220
Dealer Tire LLC/DT Issuer LLC
8.00%, 2/1/28 (a)		575		508
Everi Holdings, Inc.
5.00%, 7/15/29 (a)		500		411
Ferrellgas LP/Ferrellgas Finance Corp.
5.88%, 4/1/29 (a)		700		576
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
6.75%, 1/15/30 (a)		575		438
Ford Motor Credit Co. LLC
4.13%, 8/17/27		1,000		863
Forestar Group, Inc.
5.00%, 3/1/28 (a)		500		402
Foundation Building Materials, Inc.
6.00%, 3/1/29 (a)		450		329
G-III Apparel Group Ltd.
7.88%, 8/15/25 (a)		400		364
GYP Holdings III Corp.
4.63%, 5/1/29 (a)		250		191
Hawaiian Brand Intellectual Property Ltd/ HawaiianMiles Loyalty Ltd
5.75%, 1/20/26 (a)		600		530

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Consumer, Cyclical (cont'd)
Hilton Domestic Operating Co., Inc.
3.63%, 2/15/32 (a)	$	250	$	192
Installed Building Products, Inc.
5.75%, 2/1/28 (a)		450		405
Interface, Inc.
5.50%, 12/1/28 (a)		200		171
International Game Technology PLC
5.25%, 1/15/29 (a)		375		333
IRB Holding Corp.
7.00%, 6/15/25 (a)		250		249
Jacobs Entertainment, Inc.
6.75%, 2/15/29 (a)		300		257
JB Poindexter & Co., Inc.
7.13%, 4/15/26 (a)		750		695
Ken Garff Automotive LLC
4.88%, 9/15/28 (a)		275		225
LBM Acquisition LLC
6.25%, 1/15/29 (a)		550		374
LCM Investments Holdings II LLC
4.88%, 5/1/29 (a)		375		291
LGI Homes, Inc.
4.00%, 7/15/29 (a)		500		371
Lindblad Expeditions LLC
6.75%, 2/15/27 (a)		300		265
Lions Gate Capital Holdings LLC
5.50%, 4/15/29 (a)		500		373
Lithia Motors, Inc.
4.63%, 12/15/27 (a)		250		218
Macy's Retail Holdings LLC
5.88%, 3/15/30 (a)		225		178
Marriott Ownership Resorts, Inc.
4.50%, 6/15/29 (a)		250		198
Mattamy Group Corp.
5.25%, 12/15/27 (a)		250		208
Mclaren Finance PLC
7.50%, 8/1/26 (a)		450		368
MGM Resorts International,
5.50%, 4/15/27		327		294
6.75%, 5/1/25		150		148
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp
4.88%, 5/1/29 (a)		500		413
Mohegan Gaming & Entertainment
8.00%, 2/1/26 (a)		550		460
Murphy Oil USA, Inc.
3.75%, 2/15/31 (a)		250		201
New Home Co., Inc.
7.25%, 10/15/25 (a)		500		406
Park River Holdings, Inc.
5.63%, 2/1/29 (a)		525		342
Patrick Industries, Inc.
4.75%, 5/1/29 (a)		500		373

	Face Amount (000)		Value (000)
Penn National Gaming, Inc.
4.13%, 7/1/29 (a)	$	300	$	230
PetSmart, Inc./PetSmart Finance Corp.,
4.75%, 2/15/28 (a)		250		214
7.75%, 2/15/29 (a)		250		224
Picasso Finance Sub, Inc.
6.13%, 6/15/25 (a)		406		398
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.88%, 9/1/31 (a)		850		575
Raptor Acquisition Corp./Raptor Co-Issuer LLC
4.88%, 11/1/26 (a)		450		388
Real Hero Merger Sub 2, Inc.
6.25%, 2/1/29 (a)		475		344
Rite Aid Corp.,
7.50%, 7/1/25 (a)		206		157
8.00%, 11/15/26 (a)		380		270
Scientific Games Holdings LP/Scientific Games US FinCo Inc
6.63%, 3/1/30 (a)		250		201
Scientific Games International, Inc.
7.00%, 5/15/28 (a)		400		378
Speedway Motorsports LLC/Speedway Funding II, Inc.
4.88%, 11/1/27 (a)		725		631
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.
8.00%, 9/20/25 (a)		300		302
SRS Distribution, Inc.
4.63%, 7/1/28 (a)		500		430
Station Casinos LLC
4.50%, 2/15/28 (a)		500		411
Sugarhouse HSP Gaming Prop Mezz LP/ Sugarhouse HSP Gaming Finance Corp.
5.88%, 5/15/25 (a)		810		751
Superior Plus LP/Superior General Partner, Inc.
4.50%, 3/15/29 (a)		400		331
Taylor Morrison Communities, Inc.
5.88%, 6/15/27 (a)		250		233
Tempur Sealy International, Inc.,
3.88%, 10/15/31 (a)		250		184
4.00%, 4/15/29 (a)		200		158
Tenneco, Inc.,
5.13%, 4/15/29 (a)		325		322
7.88%, 1/15/29 (a)		325		318
Thor Industries, Inc.
4.00%, 10/15/29 (a)		450		339
Titan International, Inc.
7.00%, 4/30/28		975		887
Travel & Leisure Co.
4.63%, 3/1/30 (a)		250		198
United Airlines Holdings, Inc.
4.88%, 1/15/25		250		233

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Consumer, Cyclical (cont'd)
United Airlines, Inc.
4.63%, 4/15/29 (a)	$	475	$	394
Vail Resorts, Inc.
6.25%, 5/15/25 (a)		575		568
Victoria's Secret & Co.
4.63%, 7/15/29 (a)		500		379
Wheel Pros, Inc.
6.50%, 5/15/29 (a)		600		276
White Cap Buyer LLC
6.88%, 10/15/28 (a)		500		409
Winnebago Industries, Inc.
6.25%, 7/15/28 (a)		550		510
Wolverine World Wide, Inc.
4.00%, 8/15/29 (a)		125		96
				34,349
Consumer, Non-Cyclical (13.5%)
AdaptHealth LLC,
4.63%, 8/1/29 (a)		675		542
6.13%, 8/1/28 (a)		400		359
AHP Health Partners, Inc.
5.75%, 7/15/29 (a)		600		467
Air Methods Corp.
8.00%, 5/15/25 (a)		800		403
Akumin, Inc.
7.00%, 11/1/25 (a)		500		411
Albertsons Cos., Inc./Safeway, Inc./ New Albertson's, Inc./Albertson's LLC
5.88%, 2/15/28 (a)		250		231
Alta Equipment Group, Inc.
5.63%, 4/15/26 (a)		500		420
AMN Healthcare, Inc.
4.00%, 4/15/29 (a)		350		296
APi Escrow Corp.
4.75%, 10/15/29 (a)		200		166
APi Group DE, Inc.
4.13%, 7/15/29 (a)		350		278
Bellring Brands, Inc.
7.00%, 3/15/30 (a)		250		229
Cano Health LLC
6.25%, 10/1/28 (a)		750		710
Carriage Services, Inc.
4.25%, 5/15/29 (a)		250		198
Catalent Pharma Solutions, Inc.
3.13%, 2/15/29 (a)		250		193
Central Garden & Pet Co.
5.13%, 2/1/28		300		272
Cheplapharm Arzneimittel GmbH
5.50%, 1/15/28 (a)		350		290
Chobani LLC/Chobani Finance Corp., Inc.,
4.63%, 11/15/28 (a)		270		230
7.50%, 4/15/25 (a)		550		504

	Face Amount (000)		Value (000)
CoreLogic, Inc.
4.50%, 5/1/28 (a)	$	250	$	170
CPI CG, Inc.
8.63%, 3/15/26 (a)		468		438
Darling Ingredients, Inc.
6.00%, 6/15/30 (a)		580		553
Edgewell Personal Care Co.
5.50%, 6/1/28 (a)		500		448
FAGE International SA/FAGE USA Dairy Industry, Inc.
5.63%, 8/15/26 (a)		371		330
Garda World Security Corp.
9.50%, 11/1/27 (a)		650		571
Grifols Escrow Issuer SA
4.75%, 10/15/28 (a)		325		252
H-Food Holdings LLC/Hearthside Finance Co., Inc.
8.50%, 6/1/26 (a)		500		318
Hadrian Merger Sub, Inc.
8.50%, 5/1/26 (a)		600		551
Ingles Markets, Inc.
4.00%, 6/15/31 (a)		500		409
Lannett Co., Inc.
7.75%, 4/15/26 (a)		500		143
Medline Borrower LP
5.25%, 10/1/29 (a)		500		378
Metis Merger Sub LLC
6.50%, 5/15/29 (a)		600		469
ModivCare Escrow Issuer, Inc.
5.00%, 10/1/29 (a)		600		489
Nathan's Famous, Inc.
6.63%, 11/1/25 (a)		750		747
Nielsen Finance LLC/Nielsen Finance Co.
5.63%, 10/1/28 (a)		500		497
P&L Development LLC/PLD Finance Corp.
7.75%, 11/15/25 (a)		650		489
Performance Food Group, Inc.
5.50%, 10/15/27 (a)		500		456
Perrigo Finance Unlimited Co.
3.90%, 12/15/24		500		468
PROG Holdings, Inc.
6.00%, 11/15/29 (a)		325		260
RP Escrow Issuer LLC
5.25%, 12/15/25 (a)		500		414
Service Corp. International
5.13%, 6/1/29		250		228
Signal Parent, Inc.
6.13%, 4/1/29 (a)		500		244
Simmons Foods Inc/Simmons Prepared Foods Inc/ Simmons Pet Food Inc/Simmons Feed
4.63%, 3/1/29 (a)		500		410
Sotheby's
7.38%, 10/15/27 (a)		450		414

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Consumer, Non-Cyclical (cont'd)
Spectrum Brands, Inc.,
3.88%, 3/15/31 (a)	$	250	$	171
5.00%, 10/1/29 (a)		250		199
Surgery Center Holdings, Inc.,
6.75%, 7/1/25 (a)		300		278
10.00%, 4/15/27 (a)		500		487
Tenet Healthcare Corp.
6.13%, 10/1/28 (a)		500		439
US Acute Care Solutions LLC
6.38%, 3/1/26 (a)		750		631
US Foods, Inc.
4.63%, 6/1/30 (a)		250		207
WASH Multifamily Acquisition, Inc.
5.75%, 4/15/26 (a)		500		462
				19,219
Energy (13.1%)
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 6/15/29 (a)		350		310
Archrock Partners LP/Archrock Partners Finance Corp.,
6.25%, 4/1/28 (a)		200		176
6.88%, 4/1/27 (a)		300		269
Baytex Energy Corp.
8.75%, 4/1/27 (a)		250		252
Blue Racer Midstream LLC/Blue Racer Finance Corp.
6.63%, 7/15/26 (a)		850		796
Colgate Energy Partners III LLC
5.88%, 7/1/29 (a)		900		805
Comstock Resources, Inc.,
5.88%, 1/15/30 (a)		350		306
6.75%, 3/1/29 (a)		750		694
CrownRock LP/CrownRock Finance, Inc.,
5.00%, 5/1/29 (a)		250		221
5.63%, 10/15/25 (a)		700		671
DT Midstream, Inc.
4.13%, 6/15/29 (a)		225		191
Endeavor Energy Resources LP/EER Finance, Inc.
5.75%, 1/30/28 (a)		650		620
Energy Ventures Gom LLC/EnVen Finance Corp.
11.75%, 4/15/26 (a)		720		742
Global Partners LP/GLP Finance Corp.
7.00%, 8/1/27		840		766
Hess Midstream Operations LP
4.25%, 2/15/30 (a)		300		243
Holly Energy Partners LP/Holly Energy Finance Corp.
6.38%, 4/15/27 (a)		450		430
ITT Holdings LLC
6.50%, 8/1/29 (a)		250		195
Kinetik Holdings LP
5.88%, 6/15/30 (a)		500		459

	Face Amount (000)		Value (000)
Magnolia Oil & Gas Operating LLC/ Magnolia Oil & Gas Finance Corp.
6.00%, 8/1/26 (a)	$	700	$	672
Martin Midstream Partners LP/Martin Midstream Finance Corp.,
10.00%, 2/29/24 (a)		218		220
11.50%, 2/28/25 (a)		992		970
Matador Resources Co.
5.88%, 9/15/26		1,000		966
Murphy Oil Corp.,
5.88%, 12/1/27		615		576
6.38%, 7/15/28		37		35
NuStar Logistics LP
6.38%, 10/1/30		750		643
Occidental Petroleum Corp.,
3.20%, 8/15/26		520		483
6.13%, 1/1/31		1,405		1,388
Oceaneering International, Inc.
6.00%, 2/1/28		875		695
Parkland Corp.,
4.50%, 10/1/29 (a)		250		202
4.63%, 5/1/30 (a)		250		203
Rockcliff Energy II LLC
5.50%, 10/15/29 (a)		450		395
Rockies Express Pipeline LLC
3.60%, 5/15/25 (a)		300		271
Southwestern Energy Co.
4.75%, 2/1/32		300		252
Sunoco LP/Sunoco Finance Corp.
4.50%, 5/15/29		200		166
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
6.00%, 12/31/30 (a)		500		426
7.50%, 10/1/25 (a)		250		246
Vermilion Energy, Inc.
5.63%, 3/15/25 (a)		900		850
Viper Energy Partners LP
5.38%, 11/1/27 (a)		830		766
				18,571
Finance (8.3%)
AG TTMT Escrow Issuer LLC
8.63%, 9/30/27 (a)		400		376
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
6.75%, 10/15/27 (a)		500		432
AmWINS Group, Inc.
4.88%, 6/30/29 (a)		125		104
BroadStreet Partners, Inc.
5.88%, 4/15/29 (a)		450		355
Brookfield Property REIT, Inc./BPR Cumulus LLC/ BPR Nimbus LLC/GGSI Sellco LL
4.50%, 4/1/27 (a)		550		452

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Compass Group Diversified Holdings LLC
5.25%, 4/15/29 (a)	$	500	$	393
CTR Partnership LP/CareTrust Capital Corp.
3.88%, 6/30/28 (a)		225		185
Cushman & Wakefield US Borrower LLC
6.75%, 5/15/28 (a)		250		232
Enact Holdings, Inc.
6.50%, 8/15/25 (a)		350		335
Freedom Mortgage Corp.,
7.63%, 5/1/26 (a)		325		243
8.25%, 4/15/25 (a)		191		158
Global Net Lease, Inc./Global Net Lease Operating Partnership LP
3.75%, 12/15/27 (a)		400		313
GTCR AP Finance, Inc.
8.00%, 5/15/27 (a)		300		277
Howard Hughes Corp.
4.13%, 2/1/29 (a)		400		310
HUB International Ltd.
7.00%, 5/1/26 (a)		307		292
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%, 2/1/29		250		202
Iron Mountain, Inc.
5.25%, 7/15/30 (a)		300		249
Jane Street Group/JSG Finance, Inc.
4.50%, 11/15/29 (a)		500		431
Jefferies Finance LLC/JFIN Co.-Issuer Corp.
5.00%, 8/15/28 (a)		500		370
Jefferson Capital Holdings LLC
6.00%, 8/15/26 (a)		500		419
LD Holdings Group LLC,
6.13%, 4/1/28 (a)		250		130
6.50%, 11/1/25 (a)		350		210
LPL Holdings, Inc.
4.00%, 3/15/29 (a)		350		301
MGIC Investment Corp.
5.25%, 8/15/28		500		448
Oxford Finance LLC/Oxford Finance Co-Issuer II Inc.
6.38%, 2/1/27 (a)		750		703
PennyMac Financial Services, Inc.
5.38%, 10/15/25 (a)		400		342
PRA Group, Inc.
5.00%, 10/1/29 (a)		310		252
Radian Group, Inc.
4.88%, 3/15/27		500		444
RHP Hotel Properties LP/RHP Finance Corp.,
4.50%, 2/15/29 (a)		250		208
4.75%, 10/15/27		250		218
RLJ Lodging Trust LP
3.75%, 7/1/26 (a)		250		214
Ryan Specialty Group LLC
4.38%, 2/1/30 (a)		225		191

	Face Amount (000)		Value (000)
SBA Communications Corp.,
Series WI
3.88%, 2/15/27	$	300	$	267
SLM Corp.
3.13%, 11/2/26		250		207
StoneX Group, Inc.
8.63%, 6/15/25 (a)		899		910
United Wholesale Mortgage LLC
5.50%, 4/15/29 (a)		300		229
Uniti Group LP/Uniti Group Finance, Inc./ CSL Capital LLC
4.75%, 4/15/28 (a)		275		218
VistaJet Malta Finance PLC/XO Management Holding, Inc.
6.38%, 2/1/30 (a)		250		205
				11,825
Industrials (15.4%)
Brand Industrial Services, Inc.
8.50%, 7/15/25 (a)		750		543
Brundage-Bone Concrete Pumping Holdings, Inc.
6.00%, 2/1/26 (a)		500		452
Builders FirstSource, Inc.
5.00%, 3/1/30 (a)		250		213
Cargo Aircraft Management, Inc.
4.75%, 2/1/28 (a)		500		431
Carriage Purchaser, Inc.
7.88%, 10/15/29 (a)		575		430
Clean Harbors, Inc.
4.88%, 7/15/27 (a)		135		123
Covanta Holding Corp.
4.88%, 12/1/29 (a)		450		364
CP Atlas Buyer, Inc.
7.00%, 12/1/28 (a)		800		597
Dycom Industries, Inc.
4.50%, 4/15/29 (a)		250		211
EnerSys
4.38%, 12/15/27 (a)		350		310
EnPro Industries, Inc.
5.75%, 10/15/26		750		725
Fly Leasing Ltd.
7.00%, 10/15/24 (a)		880		662
FXI Holdings, Inc.
7.88%, 11/1/24 (a)		538		426
GFL Environmental, Inc.
4.75%, 6/15/29 (a)		300		253
Graham Packaging Co., Inc.
7.13%, 8/15/28 (a)		550		443
Great Lakes Dredge & Dock Corp.
5.25%, 6/1/29 (a)		500		386
Griffon Corp.
5.75%, 3/1/28		750		646
Harsco Corp.
5.75%, 7/31/27 (a)		250		157

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Hillenbrand, Inc.
3.75%, 3/1/31	$	250	$	194
II-VI, Inc.
5.00%, 12/15/29 (a)		450		373
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC
6.00%, 9/15/28 (a)		500		399
JPW Industries Holding Corp.
9.00%, 10/1/24 (a)		1,050		917
Koppers, Inc.
6.00%, 2/15/25 (a)		750		673
Manitowoc Co., Inc.
9.00%, 4/1/26 (a)		750		684
Mauser Packaging Solutions Holding Co.
7.25%, 4/15/25 (a)		1,000		881
MIWD Holdco II LLC/MIWD Finance Corp.
5.50%, 2/1/30 (a)		600		445
Moog, Inc.
4.25%, 12/15/27 (a)		500		443
Mueller Water Products, Inc.
4.00%, 6/15/29 (a)		550		469
New Enterprise Stone & Lime Co., Inc.,
5.25%, 7/15/28 (a)		450		373
9.75%, 7/15/28 (a)		500		423
OI European Group BV
4.75%, 2/15/30 (a)		250		199
Owens-Brockway Glass Container, Inc.
6.63%, 5/13/27 (a)		188		171
PGT Innovations, Inc.
4.38%, 10/1/29 (a)		600		493
Roller Bearing Co. of America, Inc.
4.38%, 10/15/29 (a)		250		211
Seaspan Corp.
5.50%, 8/1/29 (a)		500		386
SRM Escrow Issuer LLC
6.00%, 11/1/28 (a)		400		326
Standard Industries, Inc.
5.00%, 2/15/27 (a)		250		222
Stevens Holding Co., Inc.
6.13%, 10/1/26 (a)		250		245
Summit Materials LLC/Summit Materials Finance Corp.
5.25%, 1/15/29 (a)		250		220
TK Elevator US Newco, Inc.
5.25%, 7/15/27 (a)		550		469
TopBuild Corp.,
3.63%, 3/15/29 (a)		250		198
4.13%, 2/15/32 (a)		150		115
TransDigm, Inc.
5.50%, 11/15/27		550		480
Trident TPI Holdings, Inc.
6.63%, 11/1/25 (a)		750		649

	Face Amount (000)		Value (000)
TriMas Corp.
4.13%, 4/15/29 (a)	$	400	$	338
Triumph Group, Inc.,
6.25%, 9/15/24 (a)		700		639
8.88%, 6/1/24 (a)		222		220
Trivium Packaging Finance BV
8.50%, 8/15/27 (a)		500		442
TTM Technologies, Inc.
4.00%, 3/1/29 (a)		250		202
Victors Merger Corp.
6.38%, 5/15/29 (a)		750		450
VM Consolidated, Inc.
5.50%, 4/15/29 (a)		325		280
Waste Pro USA, Inc.
5.50%, 2/15/26 (a)		475		418
Watco Cos. LLC/Watco Finance Corp.
6.50%, 6/15/27 (a)		750		684
XPO Logistics, Inc.
6.25%, 5/1/25 (a)		136		137
				21,840
Technology (3.3%)
Booz Allen Hamilton, Inc.
4.00%, 7/1/29 (a)		250		214
Boxer Parent Co., Inc.
7.13%, 10/2/25 (a)		600		589
Clarivate Science Holdings Corp.
4.88%, 7/1/29 (a)		375		294
Crowdstrike Holdings, Inc.
3.00%, 2/15/29		145		122
Diebold Nixdorf, Inc.
9.38%, 7/15/25 (a)		325		248
Dun & Bradstreet Corp.
5.00%, 12/15/29 (a)		300		248
KBR, Inc.
4.75%, 9/30/28 (a)		330		284
Minerva Merger Sub, Inc.
6.50%, 2/15/30 (a)		500		396
NCR Corp.
5.13%, 4/15/29 (a)		250		188
ON Semiconductor Corp.
3.88%, 9/1/28 (a)		400		343
Playtika Holding Corp.
4.25%, 3/15/29 (a)		500		401
Rackspace Technology Global, Inc.
5.38%, 12/1/28 (a)		625		295
Rocket Software, Inc.
6.50%, 2/15/29 (a)		500		371
Unisys Corp.
6.88%, 11/1/27 (a)		375		293
Ziff Davis, Inc.
4.63%, 10/15/30 (a)		502		413
				4,699

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)			Value (000)
Utilities (0.4%)
Calpine Corp.
5.13%, 3/15/28 (a)	$	600		$	517
					133,717
Variable Rate Senior Loan Interests (3.0%)
Communication Services (0.5%)
CommScope, Inc.,
2019 Term Loan B 1 Month USD LIBOR + 3.25%, 6.37%, 4/6/26 (b)		340			314
Communications (1.1%)
CMG Media Corporation,
2021 Term Loan 1 Month USD LIBOR + 3.50%, 6.62%, 12/17/26 (b)		689			647
DirecTV Financing, LLC,
Term Loan 1 Month USD LIBOR + 5.00%, 8.12%, 8/2/27 (b)		910			850
					1,497
Consumer, Cyclical (0.7%)
Playa Resorts Holding B.V.,
2017 Term Loan B 1 Month USD LIBOR + 2.75%, 5.87%, 4/29/24 (b)		586			566
TopGolf International, Inc.,
Term Loan B 1 Month USD LIBOR + 6.25%, 9.33%, 2/9/26 (b)		483			480
					1,046
Consumer, Non-Cyclical (0.4%)
H Food Holdings LLC,
2018 Term Loan B 1 Month USD LIBOR + 3.69%, 6.80%, 5/23/25 (b)		646			510
Industrials (0.3%)
Associated Asphalt Partners, LLC,
2017 Term Loan B 1 Month USD LIBOR + 5.25%, 8.06%, 4/5/24 (b)		—	@		—	@
Peloton Interactive, Inc.,
Term Loan SOFR + 6.50%, 8.35%, 5/25/27 (b)		399			391
Titan Acquisition Limited,
2018 Term Loan B 6 Month USD LIBOR + 3.00%, 5.88%, 3/28/25 (b)		501			451
					842
					4,209
Total Fixed Income Securities (Cost $163,679)					137,926
	Shares
Common Stocks (0.0%) (c)
Auto Components (0.0%)
Exide Technologies (d)		592			—
Equity Real Estate Investment Trusts (REITs) (0.0%) (c)
American Gilsonite Co. (d)		500			4

	Shares		Value (000)
Machinery (0.0%) (c)
Iracore International Holdings, Inc., Class A (d)(e)		470	$	11
Semiconductors & Semiconductor Equipment (0.0%) (c)
UC Holdings, Inc. (d)		2,826		24
Total Common Stocks (Cost $151)				39
Short-Term Investment (0.5%)
Investment Company (0.5%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $740)		740,459		740
Total Investments (97.7%) (Cost $164,570) (f)				138,705
Other Assets in Excess of Liabilities (2.3%)				3,277
Net Assets (100.0%)			$	141,982

(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 September 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(d) Non-income producing security.

(e) At September 30, 2022, the Fund held a fair valued security valued at $11,000, representing 0.01% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Trust's Trustees.

(f) At September 30, 2022, the aggregate cost for federal income tax purposes is approximately $164,750,000. The aggregate gross unrealized appreciation is approximately $1,268,000 and the aggregate gross unrealized depreciation is approximately $27,314,000, resulting in net unrealized depreciation of approximately $26,046,000.

@ Amount is less than $500.

CDI CHESS Depositary Interest.

LIBOR London Interbank Offered Rate.

REITs Real Estate Investment Trusts.

SOFR Secured Overnight Financing Rate.

USD United States Dollar.

Portfolio Composition

Classification	Percentage of Total Investments
Consumer, Cyclical		24.8	%
Industrials		15.7
Consumer, Non-Cyclical		13.9
Energy		13.4
Communications		10.2
Finance		8.5
Others*		7.3
Basic Materials		6.2
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.
14

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

High Yield Portfolio

Statement of Assets and Liabilities	September 30, 2022 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $163,830)	$	137,965
Investment in Security of Affiliated Issuer, at Value (Cost $740)		740
Total Investments in Securities, at Value (Cost $164,570)		138,705
Cash		16
Interest Receivable		2,872
Receivable for Investments Sold		737
Receivable for Fund Shares Sold		20
Receivable from Affiliate		1
Other Assets		67
Total Assets		142,418
Liabilities:
Payable for Fund Shares Redeemed		144
Payable for Professional Fees		73
Payable for Advisory Fees		59
Payable for Investments Purchased		35
Payable for Sub Transfer Agency Fees — Class I		24
Payable for Sub Transfer Agency Fees — Class A		4
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Sub Transfer Agency Fees — Class C		2
Payable for Administration Fees		10
Payable for Custodian Fees		7
Payable for Transfer Agency Fees — Class I		3
Payable for Transfer Agency Fees — Class A		1
Payable for Transfer Agency Fees — Class L		1
Payable for Transfer Agency Fees — Class C		1
Payable for Transfer Agency Fees — Class R6*		1
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		4
Other Liabilities		65
Total Liabilities		436
Net Assets	$	141,982
Net Assets Consist of:
Paid-in-Capital	$	184,570
Total Accumulated Loss		(42,588	)
Net Assets	$	141,982

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

High Yield Portfolio

Statement of Assets and Liabilities (cont'd)	September 30, 2022 (000)
CLASS I:
Net Assets	$	117,898
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		15,045,553
Net Asset Value, Offering and Redemption Price Per Share	$	7.84
CLASS A:
Net Assets	$	11,573
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,479,702
Net Asset Value, Redemption Price Per Share	$	7.82
Maximum Sales Load		3.25	%
Maximum Sales Charge	$	0.26
Maximum Offering Price Per Share	$	8.08
CLASS L:
Net Assets	$	222
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		28,379
Net Asset Value, Offering and Redemption Price Per Share	$	7.83
CLASS C:
Net Assets	$	4,121
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		527,680
Net Asset Value, Offering and Redemption Price Per Share	$	7.81
CLASS R6:*
Net Assets	$	8,149
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,039,453
Net Asset Value, Offering and Redemption Price Per Share	$	7.84
CLASS IR:
Net Assets	$	10
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,241
Net Asset Value, Offering and Redemption Price Per Share	$	7.84
CLASS W:
Net Assets	$	9
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,192
Net Asset Value, Offering and Redemption Price Per Share	$	7.84

* Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

High Yield Portfolio

Statement of Operations	Year Ended September 30, 2022 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	10,844
Dividends from Security of Affiliated Issuer (Note G)		7
Total Investment Income		10,851
Expenses:
Advisory Fees (Note B)		1,034
Sub Transfer Agency Fees — Class I		186
Sub Transfer Agency Fees — Class A		16
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		5
Professional Fees		167
Administration Fees (Note C)		138
Registration Fees		107
Shareholder Services Fees — Class A (Note D)		36
Distribution and Shareholder Services Fees — Class L (Note D)		2
Distribution and Shareholder Services Fees — Class C (Note D)		55
Pricing Fees		39
Shareholder Reporting Fees		33
Transfer Agency Fees — Class I (Note E)		11
Transfer Agency Fees — Class A (Note E)		3
Transfer Agency Fees — Class L (Note E)		2
Transfer Agency Fees — Class C (Note E)		3
Transfer Agency Fees — Class R6* (Note E)		3
Transfer Agency Fees — Class IR (Note E)		2
Transfer Agency Fees — Class W (Note E)		2
Custodian Fees (Note F)		13
Trustees' Fees and Expenses		7
Other Expenses		24
Total Expenses		1,888
Waiver of Advisory Fees (Note B)		(494	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(153	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class L (Note B)		(2	)
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)		(2	)
Reimbursement of Class Specific Expenses — Class W (Note B)		(2	)
Rebate from Morgan Stanley Affiliate (Note G)		(1	)
Net Expenses		1,230
Net Investment Income		9,621
Realized Loss:
Investments Sold		(5,151	)
Change in Unrealized Appreciation (Depreciation):
Investments		(30,555	)
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(35,706	)
Net Decrease in Net Assets Resulting from Operations	$	(26,085	)

* Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

High Yield Portfolio

Statements of Changes in Net Assets	Year Ended September 30, 2022 (000)			Year Ended September 30, 2021 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	9,621		$	10,301
Net Realized Gain (Loss)		(5,151	)		3,014
Net Change in Unrealized Appreciation (Depreciation)		(30,555	)		6,998
Net Increase (Decrease) in Net Assets Resulting from Operations		(26,085	)		20,313
Dividends and Distributions to Shareholders:
Class I		(8,231	)		(8,915	)
Class A		(784	)		(808	)
Class L		(17	)		(21	)
Class C		(258	)		(327	)
Class R6*		(455	)		(363	)
Class IR		(1	)		(1	)
Class W		(1	)		(1	)
Total Dividends and Distributions to Shareholders		(9,747	)		(10,436	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		43,321			33,597
Distributions Reinvested		8,101			8,915
Redeemed		(64,717	)		(45,362	)
Class A:
Subscribed		12,087			8,230
Distributions Reinvested		784			806
Redeemed		(15,535	)		(7,339	)
Class L:
Distributions Reinvested		17			21
Redeemed		(110	)		(85	)
Class C:
Subscribed		608			1,752
Distributions Reinvested		258			325
Redeemed		(2,039	)		(3,688	)
Class R6:*
Subscribed		9,619			2,465
Distributions Reinvested		455			363
Redeemed		(3,540	)		(5,059	)
Class IR:
Distributions Reinvested		1			1
Class W:
Subscribed		—			10	(a)
Distributions Reinvested		1			1	(a)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(10,689	)		(5,047	)
Total Increase (Decrease) in Net Assets		(46,521	)		4,830
Net Assets:
Beginning of Period		188,503			183,673
End of Period	$	141,982		$	188,503

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

High Yield Portfolio

Statements of Changes in Net Assets (cont'd)	Year Ended September 30, 2022 (000)			Year Ended September 30, 2021 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		4,876			3,499
Shares Issued on Distributions Reinvested		906			935
Shares Redeemed		(7,365	)		(4,736	)
Net Decrease in Class I Shares Outstanding		(1,583	)		(302	)
Class A:
Shares Subscribed		1,381			863
Shares Issued on Distributions Reinvested		88			85
Shares Redeemed		(1,760	)		(769	)
Net Increase (Decrease) in Class A Shares Outstanding		(291	)		179
Class L:
Shares Issued on Distributions Reinvested		2			2
Shares Redeemed		(13	)		(9	)
Net Decrease in Class L Shares Outstanding		(11	)		(7	)
Class C:
Shares Subscribed		65			183
Shares Issued on Distributions Reinvested		29			34
Shares Redeemed		(231	)		(386	)
Net Decrease in Class C Shares Outstanding		(137	)		(169	)
Class R6:*
Shares Subscribed		1,056			256
Shares Issued on Distributions Reinvested		52			38
Shares Redeemed		(432	)		(526	)
Net Increase (Decrease) in Class R6 Shares Outstanding		676			(232	)
Class IR:
Shares Issued on Distributions Reinvested		—	@@		—	@@
Class W:
Shares Subscribed		—			1	(a)
Shares Issued on Distributions Reinvested		—	@@		—	@@(a)
Net Increase in Class W Shares Outstanding		—	@@		1	(a)

* Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(a) For the period November 16, 2020 to September 30, 2021.

@@ Amount is less than 500 shares.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

High Yield Portfolio

	Class I
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.68		$	9.19		$	9.78		$	9.96		$	10.15
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.50			0.53			0.57			0.63			0.65
Net Realized and Unrealized Gain (Loss)		(1.83	)		0.49			(0.57	)		(0.19	)		(0.16	)
Total from Investment Operations		(1.33	)		1.02			0.00			0.44			0.49
Distributions from and/or in Excess of:
Net Investment Income		(0.51	)		(0.53	)		(0.59	)		(0.62	)		(0.68	)
Net Asset Value, End of Period	$	7.84		$	9.68		$	9.19		$	9.78		$	9.96
Total Return⁽²⁾		(14.27	)%		11.38	%		0.15	%		4.68	%		5.01	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	117,898		$	161,038		$	155,539		$	176,483		$	149,683
Ratio of Expenses Before Expense Limitation		1.04	%		1.03	%		1.02	%		0.98	%		1.00	%
Ratio of Expenses After Expense Limitation		0.65	%⁽³⁾		0.65	%⁽³⁾		0.65	%⁽³⁾		0.65	%⁽³⁾		0.65	%⁽³⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			0.65	%⁽³⁾		0.65	%⁽³⁾		0.65	%⁽³⁾		0.65	%⁽³⁾
Ratio of Net Investment Income		5.64	%⁽³⁾		5.50	%⁽³⁾		6.20	%⁽³⁾		6.51	%⁽³⁾		6.49	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾
Portfolio Turnover Rate		28	%		54	%		69	%		42	%		39	%

(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) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

High Yield Portfolio

	Class A
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.67		$	9.17		$	9.76		$	9.94		$	10.13
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.47			0.49			0.55			0.60			0.61
Net Realized and Unrealized Gain (Loss)		(1.84	)		0.51			(0.58	)		(0.20	)		(0.16	)
Total from Investment Operations		(1.37	)		1.00			(0.03	)		0.40			0.45
Distributions from and/or in Excess of:
Net Investment Income		(0.48	)		(0.50	)		(0.56	)		(0.58	)		(0.64	)
Net Asset Value, End of Period	$	7.82		$	9.67		$	9.17		$	9.76		$	9.94
Total Return⁽²⁾		(14.69	)%		11.14	%		(0.22	)%		4.28	%		4.64	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	11,573		$	17,116		$	14,595		$	24,401		$	30,242
Ratio of Expenses Before Expense Limitation		1.29	%		1.27	%		1.31	%		1.23	%		1.29	%
Ratio of Expenses After Expense Limitation		1.00	%⁽³⁾		0.99	%⁽³⁾		1.00	%⁽³⁾		0.99	%⁽³⁾		1.00	%⁽³⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			0.99	%⁽³⁾		1.00	%⁽³⁾		0.99	%⁽³⁾		1.00	%⁽³⁾
Ratio of Net Investment Income		5.27	%⁽³⁾		5.16	%⁽³⁾		5.87	%⁽³⁾		6.17	%⁽³⁾		6.14	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾
Portfolio Turnover Rate		28	%		54	%		69	%		42	%		39	%

(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) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

High Yield Portfolio

	Class L
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.67		$	9.17		$	9.76		$	9.94		$	10.13
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.45			0.47			0.52			0.57			0.59
Net Realized and Unrealized Gain (Loss)		(1.84	)		0.51			(0.58	)		(0.19	)		(0.16	)
Total from Investment Operations		(1.39	)		0.98			(0.06	)		0.38			0.43
Distributions from and/or in Excess of:
Net Investment Income		(0.45	)		(0.48	)		(0.53	)		(0.56	)		(0.62	)
Net Asset Value, End of Period	$	7.83		$	9.67		$	9.17		$	9.76		$	9.94
Total Return⁽²⁾		(14.92	)%		10.84	%		(0.46	)%		4.06	%		4.37	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	222		$	383		$	425		$	468		$	504
Ratio of Expenses Before Expense Limitation		2.16	%		1.98	%		1.91	%		1.86	%		1.91	%
Ratio of Expenses After Expense Limitation		1.25	%⁽³⁾		1.25	%⁽³⁾		1.25	%⁽³⁾		1.25	%⁽³⁾		1.25	%⁽³⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			1.25	%⁽³⁾		1.25	%⁽³⁾		1.25	%⁽³⁾		1.25	%⁽³⁾
Ratio of Net Investment Income		5.02	%⁽³⁾		4.90	%⁽³⁾		5.60	%⁽³⁾		5.93	%⁽³⁾		5.90	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾
Portfolio Turnover Rate		28	%		54	%		69	%		42	%		39	%

(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) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

High Yield Portfolio

	Class C
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.65		$	9.16		$	9.75		$	9.93		$	10.12
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.40			0.42			0.46			0.52			0.54
Net Realized and Unrealized Gain (Loss)		(1.83	)		0.50			(0.56	)		(0.19	)		(0.16	)
Total from Investment Operations		(1.43	)		0.92			(0.10	)		0.33			0.38
Distributions from and/or in Excess of:
Net Investment Income		(0.41	)		(0.43	)		(0.49	)		(0.51	)		(0.57	)
Net Asset Value, End of Period	$	7.81		$	9.65		$	9.16		$	9.75		$	9.93
Total Return⁽²⁾		(15.27	)%		10.20	%		(0.93	)%		3.55	%		3.91	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	4,121		$	6,418		$	7,633		$	5,226		$	5,811
Ratio of Expenses Before Expense Limitation		2.05	%		2.01	%		2.02	%		1.98	%		2.01	%
Ratio of Expenses After Expense Limitation		1.75	%⁽³⁾		1.74	%⁽³⁾		1.74	%⁽³⁾		1.74	%⁽³⁾		1.73	%⁽³⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			1.74	%⁽³⁾		1.74	%⁽³⁾		1.74	%⁽³⁾		1.73	%⁽³⁾
Ratio of Net Investment Income		4.51	%⁽³⁾		4.41	%⁽³⁾		5.06	%⁽³⁾		5.43	%⁽³⁾		5.41	%⁽³⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾
Portfolio Turnover Rate		28	%		54	%		69	%		42	%		39	%

(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) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

High Yield Portfolio

	Class R6⁽¹⁾
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.69		$	9.19		$	9.78		$	9.96		$	10.15
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.51			0.53			0.55			0.64			0.65
Net Realized and Unrealized Gain (Loss)		(1.84	)		0.50			(0.55	)		(0.20	)		(0.16	)
Total from Investment Operations		(1.33	)		1.03			0.00			0.44			0.49
Distributions from and/or in Excess of:
Net Investment Income		(0.52	)		(0.53	)		(0.59	)		(0.62	)		(0.68	)
Net Asset Value, End of Period	$	7.84		$	9.69		$	9.19		$	9.78		$	9.96
Total Return⁽³⁾		(14.30	)%		11.49	%		0.18	%		4.71	%		5.04	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	8,149		$	3,526		$	5,471		$	301		$	865
Ratio of Expenses Before Expense Limitation		0.94	%		0.94	%		0.94	%		1.11	%		1.15	%
Ratio of Expenses After Expense Limitation		0.62	%⁽⁴⁾		0.62	%⁽⁴⁾		0.62	%⁽⁴⁾		0.62	%⁽⁴⁾		0.62	%⁽⁴⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			0.62	%⁽⁴⁾		0.62	%⁽⁴⁾		0.62	%⁽⁴⁾		0.62	%⁽⁴⁾
Ratio of Net Investment Income		5.82	%⁽⁴⁾		5.54	%⁽⁴⁾		6.20	%⁽⁴⁾		6.55	%⁽⁴⁾		6.52	%⁽⁴⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾
Portfolio Turnover Rate		28	%		54	%		69	%		42	%		39	%

(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) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

High Yield Portfolio

	Class IR
	Year Ended September 30,												Period from June 15, 2018⁽¹⁾ to
Selected Per Share Data and Ratios	2022			2021			2020			2019			September 30, 2018
Net Asset Value, Beginning of Period	$	9.69		$	9.19		$	9.78		$	9.96		$	9.93
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.48			0.50			0.52			0.56			0.16
Net Realized and Unrealized Gain (Loss)		(1.81	)		0.53			(0.52	)		(0.12	)		0.03
Total from Investment Operations		(1.33	)		1.03			0.00			0.44			0.19
Distributions from and/or in Excess of:
Net Investment Income		(0.52	)		(0.53	)		(0.59	)		(0.62	)		(0.16	)
Net Asset Value, End of Period	$	7.84		$	9.69		$	9.19		$	9.78		$	9.96
Total Return⁽³⁾		(14.30	)%		11.49	%		0.18	%		4.71	%		1.92	%⁽⁶⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period, (Thousands)	$	10		$	11		$	10		$	10		$	10
Ratio of Expenses Before Expense Limitation		19.61	%		18.97	%		20.43	%		20.17	%		18.62	%⁽⁷⁾
Ratio of Expenses After Expense Limitation		0.62	%⁽⁴⁾		0.62	%⁽⁴⁾		0.62	%⁽⁴⁾		0.62	%⁽⁴⁾		0.62	%⁽⁴⁾⁽⁷⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			0.62	%⁽⁴⁾		0.62	%⁽⁴⁾		0.62	%⁽⁴⁾		0.62	%⁽⁴⁾⁽⁷⁾
Ratio of Net Investment Income		5.38	%⁽⁴⁾		5.26	%⁽⁴⁾		5.70	%⁽⁴⁾		5.80	%⁽⁴⁾		5.75	%⁽⁴⁾⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾⁽⁷⁾
Portfolio Turnover Rate		28	%		54	%		69	%		42	%		39	%⁽⁶⁾

(1) Commencement of Offering.

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

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

(5) Amount is less than 0.005%.

(6) Not annualized.

(7) Annualized.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

High Yield Portfolio

	Class W
Selected Per Share Data and Ratios	Year Ended September 30, 2022			Period from November 16, 2020⁽¹⁾ to September 30, 2021
Net Asset Value, Beginning of Period	$	9.69		$	9.42
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.56			0.51
Net Realized and Unrealized Gain (Loss)		(1.84	)		0.26
Total from Investment Operations		(1.28	)		0.77
Distributions from and/or in Excess of:
Net Investment Income		(0.57	)		(0.50	)
Net Asset Value, End of Period	$	7.84		$	9.69
Total Return⁽³⁾		(13.80	)%		8.39	%⁽⁶⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	9		$	11
Ratio of Expenses Before Expense Limitation		20.44	%		20.81	%⁽⁷⁾
Ratio of Expenses After Expense Limitation		0.00	%⁽⁴⁾		0.00	%⁽⁴⁾⁽⁷⁾
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			0.00	%⁽⁴⁾⁽⁷⁾
Ratio of Net Investment Income		6.27	%⁽⁴⁾		6.09	%⁽⁴⁾⁽⁷⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁵⁾		0.00	%⁽⁵⁾⁽⁷⁾
Portfolio Turnover Rate		28	%		54	%⁽⁶⁾

(1) Commencement of Offering.

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

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

(5) Amount is less than 0.005%.

(6) Not annualized.

(7) Annualized.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements

The accompanying financial statements relate to the High Yield Portfolio. The Fund seeks total return. The Fund offers seven classes of shares — Class I, Class A, Class L, Class C, Class R6, Class IR and Class W. Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (4) certain senior collateralized loans ("Senior Loans") are valued based on quotations received from an independent pricing service; (5) when market quotations are not readily available, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

• 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 September 30, 2022:

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	$	—	$	133,717		$	—	$	133,717
Variable Rate Senior Loan Interests		—		4,209	†		—		4,209	†
Total Fixed Income Securities		—		137,926	†		—		137,926	†
Common Stocks
Auto Components		—		—	†		—		—	†
Equity Real Estate Investment Trusts (REITs)		—		4			—		4
Machinery		—		—			11		11
Semiconductors & Semiconductor Equipment		—		24			—		24
Total Common Stocks		—		28	†		11		39	†
Short-Term Investment
Investment Company		740		—			—		740
Total Assets	$	740	$	137,954	†	$	11	$	138,705	†

† 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

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

	Common Stock (000)
Beginning Balance	$	—	†
Purchases		—
Sales		—
Amortization of discount		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		11
Realized gains (losses)		—
Ending Balance	$	11
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022	$	11

† Includes one or more securities valued at zero.

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2022:

Fair Value at
September 30, 2022
(000)

Valuation
Technique

Unobservable
Input

Amount*

Impact to
Valuation from an
Increase in Input**

Common Stock

Market Comparable
Companies

Enterprise Value/
Revenue

0.4

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. Structured Investments: The Fund invested a portion of its assets in structured investments. A structured investment is a derivative security designed to offer a return linked to a particular underlying security, currency, commodity or market. Structured investments may come in various forms including notes (such as exchange-traded

notes), warrants and options to purchase securities. The Fund will typically use structured investments to gain exposure to a permitted underlying security, currency, commodity or market when direct access to a market is limited or inefficient from a tax or cost standpoint. There can be no assurance that structured investments will trade at the same price or have the same value as the underlying security, currency, commodity or market. Investments in structured investments involve risks including issuer risk, counterparty risk and market risk. Holders of structured investments bear risks of the underlying investment and are subject to issuer or counterparty risk because the Fund is relying on the creditworthiness of such issuer or counterparty and has no rights with respect to the underlying investment. Certain structured investments may be thinly traded or have a limited trading market and may have the effect of increasing the Fund's illiquidity to the extent that

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

the Fund, at a particular time, may be unable to find qualified buyers for these securities.

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

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

7. Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. When the Fund buys an interest in a Senior Loan, it may receive a commitment fee which is paid to lenders on an ongoing basis based upon the undrawn portion committed by the lenders of the underlying Senior Loan. The Fund accrues the commitment fee over the expected term of the loan. When the Fund sells an interest in a Senior Loan, it may be required to pay fees or commissions to the purchaser of the interest. Fees received in connection with loan amendments are accrued as earned. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. 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 and sub transfer agency fees) and realized and unrealized gains or losses are

allocated to each class of shares based upon their relative net assets.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.60% of the average daily net assets of the Fund.

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. The Adviser, is contractually obligated to waive 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 0.00% for Class W. The Adviser expects this obligation to remain in effect indefinitely, unless changed or terminated by the Trustees of the Trust. For the year ended September 30, 2022, approximately $494,000 of advisory fees were waived and approximately $163,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

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 year ended September 30, 2022, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $46,390,000 and $59,266,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended September 30, 2022.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the year ended September 30, 2022, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the year ended September 30, 2022 is as follows:

Affiliated Investment Company				Value September 30, 2021 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	489			$	57,836			$	57,585			$	7

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value September 30, 2022 (000)
Liquidity Funds				$	—			$	—			$	740

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

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.

2022 Distributions Paid From: Ordinary Income (000)				2021 Distributions Paid From: Ordinary Income (000)
$	9,747			$	10,436

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.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2022.

At September 30, 2022, 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)
$	892			$	—

At September 30, 2022, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $2,049,000 and $15,381,000, respectively, that do not have an expiration date.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

The extent of such impact depends on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, (iv) government and regulatory responses, and (v) the effects on the economy overall as a result of developments such as disruption to consumer demand, economic output and supply chains. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact the Fund will also depend on 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) may be adversely affected because of these and similar types of factors and developments.

Election of Trustees by all shareholders:

	For		Against
Frances L. Cashman		1,001,428,988		27,543,564
Nancy C. Everett		994,527,335		34,445,217
Eddie A. Grier		999,694,220		29,278,332
Jakki L. Haussler		997,669,902		31,302,650
Patricia A. Maleski		1,000,046,511		28,926,041

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Morgan Stanley Institutional Fund Trust —
High Yield Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of High Yield Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund Trust (the "Trust")), including the portfolio of investments, as of September 30, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund Trust) at September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.
Boston, Massachusetts
November 29, 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2021, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was below its peer group average for the three-year period but better than its peer group average for the one- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's contractual management fee was higher than but close to its peer group average and the actual management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

Profitability of the Adviser and Affiliates

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Advisory Agreement Approval (unaudited) (cont'd)

Other Benefits of the Relationship

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

Other Factors and Current Trends

General Conclusion

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Liquidity Risk Management Program (unaudited)

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2022.

The Fund designated approximately $840,000 of its distributions paid as qualified interest income.

The Fund designated approximately $962,000 of its distributions paid as business interest income.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) April 2021

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 investment management affiliates' everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) (cont'd) April 2021

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 Investment Management 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) (cont'd) April 2021

Definitions

Investment Management Affiliates				MSIM Investment Management Affiliates include registered investment advisers, registered broker/dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates				Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ 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

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited)

Independent Trustees:

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Frank L. Bowman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1944

Trustee

Since
August
2006

Frances L. Cashman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1961

Trustee

Trustee
since
February
2022

Kathleen A. Dennis
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1953

Trustee

Since
August
2006

Board Member, University of Albany Foundation (2012-present); Board Member, Mutual Funds Directors Forum (2014-present); Director of various non-profit organizations.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Nancy C. Everett
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
January
2015

Eddie A. Grier
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Trustee
since
February
2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Jakki L. Haussler
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1957

Trustee

Since
January
2015

Dr. Manuel H. Johnson
c/o Johnson Smick
International, Inc.
220 I Street, NE
Suite 200
Washington, D.C. 20002
Birth Year: 1949

Trustee

Since
July
1991

Director of NVR, Inc. (home construction).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Joseph J. Kearns
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1942

Trustee

Since
August
1994

Michael F. Klein
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1958

Trustee

Since
August
2006

Director of certain investment funds managed or sponsored by Aetos Alternatives Management, LP; Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

Patricia A. Maleski
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1960

Trustee

Since
January
2017

Trustee, Nutley Family Service Bureau, Inc. (since January 2022).

W. Allen Reed
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1947

Chair of the Board and Trustee

Chair of the Board since August 2020 and Trustee since August 2006

Formerly, Director of Legg Mason, Inc. (2006-2019); and Director of the Auburn University Foundation (2010-2015).

* This is the earliest date the Trustee began serving the Morgan Stanley Funds. Each Trustee serves an indefinite term, until his or her successor is elected.

*** This includes any directorships at public companies and registered investment companies held by the Trustee at any time during the past five years.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Executive Officers:

Name, Address and Birth Year
of Executive Officer

Position(s) Held
with
Registrant

Length of
Time Served*

Principal Occupation(s) During Past 5 Years

John H. Gernon
522 Fifth Avenue
New York, NY 10036
Birth Year: 1963

President and Principal Executive Officer

Since
September
2013

Deidre A. Downes
1633 Broadway
New York, NY 10019
Birth Year: 1977

Chief Compliance Officer

Since November
2021

Francis J. Smith
522 Fifth Avenue
New York, NY 10036
Birth Year: 1965

Treasurer and Principal Financial Officer

Treasurer since July 2003 and Principal Financial Officer since September
2002

Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).

Mary E. Mullin
1633 Broadway
New York, NY 10019
Birth Year: 1967

Secretary

Since
June
1999

Managing Director of the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

Michael J. Key
522 Fifth Avenue
New York, NY 10036
Birth Year: 1979

Vice President

Since
June
2017

* This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves an indefinite term, until his or her successor is elected.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

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

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

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

Counsel to the Independent Trustees

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

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

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

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

IFTHYANN
5062103 EXP 11.30.23

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Annual Report

September 30, 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Table of Contents (unaudited)

Shareholders' Letter					2
Expense Example					3
Investment Overview					4
Portfolio of Investments					7
Statement of Assets and Liabilities					15
Statement of Operations					17
Statements of Changes in Net Assets					18
Financial Highlights					20
Notes to Financial Statements					25
Report of Independent Registered Public Accounting Firm					33
Investment Advisory Agreement Approval					34
Liquidity Risk Management Program					36
Federal Tax Notice					37
U.S. Customer Privacy Notice					38
Trustee and Officer Information					41

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Annual Report, in which you will learn how your investment in Short Duration Income Portfolio (the "Fund") performed during the latest twelve-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

October 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Expense Example (unaudited)

Short Duration Income Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended September 30, 2022 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 4/1/22		Actual Ending Account Value 9/30/22		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	$	976.80	$	1,023.56	$	1.49	$	1.52		0.30	%
Short Duration Income Portfolio Class A		1,000.00		974.40		1,022.31		2.72		2.79		0.55
Short Duration Income Portfolio Class L		1,000.00		973.10		1,021.06		3.96		4.05		0.80
Short Duration Income Portfolio Class C		1,000.00		971.80		1,018.55		6.43		6.58		1.30
Short Duration Income Portfolio Class R6⁽¹⁾		1,000.00		975.80		1,023.82		1.24		1.27		0.25

** Annualized.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited)

Short Duration Income Portfolio

The Fund seeks above-average total return over a market cycle of three to five years.

Performance

For the fiscal year ended September 30, 2022, the Fund's Class I shares had a total return based on net asset value and reinvestment of distributions per share of –5.62%, net of fees. The Fund's Class I shares underperformed against the Fund's benchmark, the Bloomberg 1-3 Year U.S. Government/Credit Indexⁱ (the "Index"), which returned –5.07%.

Factors Affecting Performance

• Over the fiscal year, central banks across the globe became increasingly hawkish, rapidly hiking rates to rein in persistently high inflation. Against this backdrop, the Fund's short duration position (i.e., less sensitivity to interest rate movements) versus the Index helped relative performance as government bond yields rose significantly over the period.

• The portfolio's overweight to investment grade corporate bonds detracted from relative performance. Credit spreads have widened significantly over the period amid volatile market conditions brought about by weakening economic outlooks, inflationary pressures and geopolitical turmoil.

• The portfolio's exposure to securitized credit — namely non-agency residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS), as well as asset-backed securities (ABS) — also detracted from relative performance as securitized spreads widened significantly over the period, particularly in the latter half of the fiscal year.

Management Strategies

• The broad message from central banks during September 2022 was that a pivot (where they reverse course and start cutting interest rates) is not coming anytime soon. They are committed to

fulfilling their promise to bring inflation down. Despite concerns regarding a slowdown in economic growth, they indicated that they will not waver from their tightening policy, as long as inflation remains well above their targets. Therefore, it seems increasingly likely that an economic slowdown, and maybe even a recession, is ahead for the U.S. economy. As a result, interest rates are likely to remain higher for longer, but volatility across markets is likely to continue as uncertainty remains.

• Our fundamental outlook on securitized credit remains positive, and we believe spreads now offer attractive risk premiums for risk. Credit spreads for many securitized sectors remain at levels last seen at the depths of the pandemic, but credit conditions appear materially better today than during that period. We believe the large majority of spread widening in 2022 has been due to supply-demand dynamics, with near-record issuance during the first half of the year and tepid investor demand given rising rates and declining asset values, rather than

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited) (cont'd)

Short Duration Income Portfolio

fundamental credit concerns. The U.S. housing market remains strong, up 16% over the past year and up more than 35% over the past two years.ⁱⁱ We believe U.S. home prices will remain stable in the near future given the strong supply-demand dynamics, but we could be seeing near-term home price peaks currently. We favor multi-family housing, logistics, high-quality office buildings and high credit quality within the CMBS sector. In ABS we favor mortgage-servicing assets, collateralized loan obligations and aircraft, as wider spreads look more compelling.

* Minimum Investment

ⁱⁱ Source: S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. Data as of September 30, 2022.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited) (cont'd)

Short Duration Income Portfolio

Performance Compared to the Bloomberg 1-3 Year U.S. Government/Credit Index⁽¹⁾, the Short Duration Income Blend Index⁽²⁾ and the Lipper Short Investment Grade Debt Funds Index⁽³⁾

	Period Ended September 30, 2022 Total Returns⁽⁴⁾
				Average Annual
	One Year			Five Years			Ten Years			Since Inception⁽¹⁰⁾
Fund — Class I Shares w/o sales charges⁽⁵⁾		–5.62	%		0.91	%		1.73	%		2.76	%
Fund — Class A Shares w/o sales charges⁽⁶⁾		–5.85			0.66			1.46			0.23
Fund — Class A Shares with maximum 2.25% sales charges⁽⁶⁾		–7.94			0.20			1.23			0.08
Fund — Class L Shares w/o sales charges⁽⁷⁾		–6.21			0.38			1.16			1.21
Fund — Class C Shares w/o sales charges⁽⁸⁾		–6.46			–0.11			—			0.80
Fund — Class C Shares with maximum 1.00% deferred sales charges⁽⁸⁾		–7.40			–0.11			—			0.80
Fund — Class R6 Shares w/o sales charges⁽⁹⁾		–5.69			0.96			—			2.16
Bloomberg 1-3 Year U.S. Government/Credit Index		–5.07			0.70			0.81			3.49
Short Duration Income Blend Index		–5.07			0.64			0.69			3.45
Lipper Short Investment Grade Debt Funds Index		–5.54			0.97			1.12			3.37

⁽¹⁾ The Bloomberg 1-3 Year U.S. Government/Credit Index tracks the securities in the 1-3 year maturity range of the Bloomberg U.S. Government/Credit Index which tracks investment-grade (BBB-/Baa3) or higher publicly traded fixed rate U.S. government, U.S. agency, and corporate issues. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

⁽²⁾ The Short Duration Income Blend Index is a performance linked benchmark of the old benchmarks represented by Bloomberg 1-3 Year U.S. Government/Credit Index for periods from the Fund's inception to January 8, 2016, the ICE BofA 1-Year U.S. Treasury Note Index (benchmark that tracks one-year U.S. government securities) from January 9, 2016 to July 31, 2019 and the new benchmark represented by Bloomberg 1-3 Year U.S. Government/Credit index for periods thereafter. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

⁽³⁾ The Lipper Short Investment Grade Debt Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Short Investment Grade Debt Funds classification. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. As of the date of this report, the Fund was in the Lipper Short Investment Grade Debt Funds classification.

⁽⁴⁾ Total returns for the Fund reflect expenses waived and/or reimbursed, if applicable, by the Adviser. Without such waivers and/or reimbursements, total returns would have been lower.

⁽⁵⁾ Commenced operations on March 31, 1992.

⁽⁶⁾ Commenced offering on September 28, 2007.

⁽⁷⁾ Commenced offering on April 27, 2012.

⁽⁸⁾ Commenced offering on April 30, 2015.

⁽⁹⁾ Commenced offering on January 11, 2016. Effective April 29,2022, Class IS shares were renamed to Class R6 shares.

⁽¹⁰⁾ For comparative purposes, average annual since inception returns listed for the Indexes refer to the inception date of Class I of the Fund, not the inception of the Indexes.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments

Short Duration Income Portfolio

	Face Amount (000)			Value (000)
Fixed Income Securities (97.7%)
Agency Adjustable Rate Mortgages (0.1%)
Federal Home Loan Mortgage Corporation, Conventional Pools:
1 Year CMT + 2.34%, 2.89%, 1/1/36	$	141		$	145
1 Year CMT + 2.18%, 2.92%, 6/1/38		63			64
1 Year CMT + 2.33%, 3.03%, 7/1/38		136			139
1 Year CMT + 2.31%, 3.29%, 3/1/37		156			160
					508
Agency Bond — Consumer Discretionary (U.S. Government Guaranteed) (0.0%) (a)
Safina Ltd.
2.00%, 12/30/23		114			112
Agency Fixed Rate Mortgages (0.1%)
Federal Home Loan Mortgage Corporation,
Gold Pools:
4.50%, 12/1/24		42			42
6.50%, 4/1/24		—	@		—	@
7.50%, 5/1/35		11			11
8.00%, 8/1/32		6			6
8.50%, 8/1/31		8			8
Federal National Mortgage Association,
Conventional Pools:
4.50%, 6/1/24 - 7/1/24		74			72
5.00%, 12/1/23 - 12/1/24		41			41
6.00%, 9/1/37		25			27
6.50%, 2/1/28 - 10/1/32		93			95
7.00%, 7/1/29 - 3/1/37		109			112
7.50%, 8/1/37		14			15
8.00%, 4/1/33		25			27
8.50%, 10/1/32		13			14
Government National Mortgage Association,
Various Pools:
6.00%, 11/15/38		49			53
8.50%, 7/15/30		6			6
					529
Asset-Backed Securities (18.2%)
Affirm Asset Securitization Trust
4.55%, 6/15/27 (c)		1,147			1,125
AIMCO CLO,
Series 2018-B
3 Month USD LIBOR + 1.10%, 3.61%, 1/15/32 (b)(c)		1,725			1,679
AMSR Trust
2.11%, 9/17/37 (c)		975			874
Aqua Finance Trust,
1.54%, 7/17/46 (c)		631			572
3.14%, 7/16/40 (c)		89			84
Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd.
1 Month USD LIBOR + 1.07%, 3.89%, 8/15/34 (b)(c)		1,200			1,153

	Face Amount (000)		Value (000)
Blackbird Capital Aircraft
2.44%, 7/15/46 (c)	$	730	$	591
Carlyle U.S. CLO Ltd.
3 Month USD LIBOR + 1.05%, 3.76%, 7/20/31 (b)(c)		2,225		2,154
Cologix Data Centers US Issuer LLC
3.30%, 12/26/51 (c)		1,225		1,095
Commonbond Student Loan Trust
1.20%, 3/25/52 (c)		1,088		905
Credit Acceptance Auto Loan Trust
1.26%, 10/15/30 (c)		680		636
Dryden 58 CLO Ltd.
3.74%, 7/17/31 (c)		750		731
ECMC Group Student Loan Trust,
Class A1B
1 Month USD LIBOR + 1.00%, 4.08%, 1/27/70 (b)(c)		726		723
ELFI Graduate Loan Program 2021-A LLC
1.53%, 12/26/46 (c)		1,551		1,356
Elmwood CLO IV Ltd.
3 Month USD LIBOR + 1.24%, 3.75%, 4/15/33 (b)(c)		2,200		2,138
Falcon Aerospace Ltd.
3.60%, 9/15/39 (c)		300		239
FCI Funding 2021-1 LLC
1.13%, 4/15/33 (c)		311		302
FCI Funding 2019-1 LLC
3.63%, 2/18/31 (c)		21		21
FHF Trust,
0.83%, 12/15/26 (c)		504		479
1.27%, 3/15/27 (c)		300		287
Ford Credit Auto Owner Trust
1.06%, 4/15/33 (c)		3,840		3,404
Foundation Finance Trust
3.86%, 11/15/34 (c)		127		124
GAIA Aviation Ltd.
3.97%, 12/15/44 (c)		474		385
GCI Funding I LLC
2.82%, 10/18/45 (c)		1,113		986
Golub Capital Partners ABS Funding Ltd.,
2.77%, 4/20/29 (c)		1,725		1,615
Class A2
3.21%, 1/22/29 (c)		1,360		1,246
Kubota Credit Owner Trust
0.59%, 10/15/24 (c)		527		514
LCM 38 Ltd.
1 Month Term SOFR + 2.10%, 4.59%, 7/15/34 (b)(c)		2,000		1,961
Loanpal Solar Loan Ltd.,
2.22%, 3/20/48 (c)		1,363		1,087
2.29%, 1/20/48 (c)		1,057		869
Lunar 2021-1 Structured Aircraft Portfolio Notes
2.64%, 10/15/46 (c)		1,669		1,382

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Asset-Backed Securities (cont'd)
MACH 1 Cayman Ltd.
3.47%, 10/15/39 (c)	$	380	$	334
Madison Park Funding XXIV Ltd.
SOFR + 1.42%, 3.90%, 10/20/29 (b)(c)		2,230		2,204
MAPS Trust
2.52%, 6/15/46 (c)		868		713
Marlin Receivables 2022-1 LLC
5.02%, 9/20/29 (c)		1,775		1,735
Mercedes-Benz Auto Receivables Trust
0.55%, 2/18/25		156		153
Mercury Financial Credit Card Master Trust
1.54%, 3/20/26 (c)		1,725		1,639
MFA 2021-NPL1 LLC
2.36%, 3/25/60 (c)		962		923
Monroe Capital ABS Funding 2021-1 Ltd.
2.82%, 4/22/31 (c)		1,625		1,496
Mosaic Solar Loan Trust,
2.05%, 12/20/46 (c)		980		773
2.10%, 4/20/46 (c)		214		185
Navient Private Education Refi Loan Trust
0.94%, 7/15/69 (c)		1,082		931
Nelnet Student Loan Trust
1.32%, 4/20/62 (c)		1,023		914
Neuberger Berman Loan Advisers CLO 31 Ltd.
3 Month USD LIBOR + 1.04%, 3.75%, 4/20/31 (b)(c)		2,475		2,415
New Residential Advance Receivables Trust Advance Receivables Backed
1.43%, 8/15/53 (c)		1,170		1,119
New Residential Advance Receivables Trust Advance Receivables Backed Notes
1.03%, 12/16/52 (c)		470		465
Newday Funding Master Issuer PLC,
SOFR + 0.95%, 3.62%, 7/15/29 (b)(c)		1,175		1,146
SOFR + 1.10%, 3.77%, 3/15/29 (b)(c)		1,760		1,728
NRZ Advance Receivables Trust,
1.32%, 10/15/52 (c)		270		270
1.48%, 9/15/53 (c)		1,380		1,318
NRZ Excess Spread-Collateralized Notes,
2.98%, 3/25/26 (c)		1,145		1,014
Class A
3.10%, 7/25/26 (c)		939		822
3.23%, 5/25/26 (c)		1,414		1,248
3.47%, 11/25/26 (c)		1,290		1,137
NRZ FHT Excess LLC,
Class A
4.21%, 11/25/25 (c)		419		383
NYCTL Trust
2.19%, 11/10/32 (c)		66		65
Octane Receivables Trust,
1.21%, 9/20/28 (c)		363		348
4.18%, 3/20/28 (c)		1,183		1,163

	Face Amount (000)		Value (000)
Option One Mortgage Loan Trust Asset-Backed Certificates
1 Month USD LIBOR + 0.50%, 3.49%, 8/20/30 (b)	$	39	$	38
Oxford Finance Funding LLC
3.10%, 2/15/28 (c)		204		202
Palmer Square CLO 2018-2 Ltd.
3 Month USD LIBOR + 1.10%, 3.84%, 7/16/31 (b)(c)		1,225		1,193
PFS Financing Corp.,
0.77%, 8/15/26 (c)		1,310		1,205
0.97%, 2/15/26 (c)		960		906
4.27%, 8/15/27 (c)		2,225		2,158
PNMAC FMSR Issuer Trust
1 Month USD LIBOR + 2.35%, 5.43%, 4/25/23 (b)(c)		1,000		959
PRET 2021-NPL6 LLC
2.49%, 7/25/51 (c)		940		879
ReadyCap Lending Small Business Loan Trust
Daily US Prime Rate – 0.50%, 5.75%, 12/27/44 (b)(c)		126		121
Republic Finance Issuance Trust
2.47%, 11/20/30 (c)		500		472
S-Jets Ltd.
3.97%, 8/15/42 (c)		1,442		1,162
SMB Private Education Loan Trust,
1.34%, 3/17/53 (c)		707		622
1.68%, 2/15/51 (c)		806		722
Southwick Park CLO LLC
3 Month USD LIBOR + 1.06%, 3.77%, 7/20/32 (b)(c)		2,000		1,932
SPS Servicer Advance Receivables Trust
1.83%, 11/15/55 (c)		2,100		1,851
START Ireland
4.09%, 3/15/44 (c)		648		575
Start Ltd.
4.09%, 5/15/43 (c)		1,441		1,152
Theorem Funding Trust,
Class A
1.21%, 12/15/27 (c)		543		529
VCP RRL ABS I Ltd.,
Class A
2.15%, 10/20/31 (c)		407		370
Verizon Owner Trust
0.47%, 2/20/25		836		823
				75,229
Collateralized Mortgage Obligations — Agency Collateral Series (0.1%)
Federal Home Loan Mortgage Corporation,
REMIC
7.50%, 9/15/29		171		181
Government National Mortgage Association,
1 Month USD LIBOR + 0.28%, 2.64%, 5/20/63 (b)		5		5

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Collateralized Mortgage Obligations — Agency Collateral Series (cont'd)
1 Month USD LIBOR + 0.60%, 2.96%, 1/20/64 (b)	$	75	$	75
REMIC
1 Month USD LIBOR + 0.50%, 2.86%, 3/20/61 (b)		79		78
1 Month USD LIBOR + 0.56%, 2.92%, 9/20/62 (b)		207		206
				545
Commercial Mortgage-Backed Securities (5.5%)
Alen 2021-ACEN Mortgage Trust
1 Month USD LIBOR + 1.15%, 3.97%, 4/15/34 (b)(c)		1,200		1,151
Angel Oak SB Commercial Mortgage Trust
2.07%, 5/25/50 (b)(c)		740		708
BX Commercial Mortgage Trust,
Class A
1 Month USD LIBOR + 0.70%, 3.52%, 4/15/34 (b)(c)		2,100		2,011
BX Trust BX 2022 VAMF
1 Month Term SOFR + 1.58%, 4.43%, 1/15/39 (b)(c)		820		781
Credit Suisse Mortgage Capital Certificates
3.53%, 8/15/37 (c)		575		520
CSMC 2020-TMIC,
Class A
1 Month USD LIBOR + 3.00%, 5.82%, 12/15/35 (b)(c)		2,125		2,117
CSMC 2022-MARK
1 Month Term SOFR + 2.70%, 5.54%, 6/15/39 (b)(c)		1,570		1,568
CSWF Commercial Mortgage Trust
1 Month USD LIBOR + 0.97%, 3.78%, 6/15/34 (b)(c)		1,787		1,727
DROP Mortgage Trust
1 Month USD LIBOR + 1.15%, 3.97%, 10/15/43 (b)(c)		1,700		1,641
HPLY Trust
1 Month USD LIBOR + 2.35%, 5.17%, 11/15/36 (b)(c)		383		363
J.P. Morgan Chase Commercial Mortgage Securities Trust,
4.13%, 7/5/31 (c)		1,100		1,075
Class A
1 Month USD LIBOR + 1.12%, 3.93%, 11/15/38 (b)(c)		2,450		2,342
Natixis Commercial Mortgage Securities Trust,
1 Month USD LIBOR + 0.95%, 3.77%, 8/15/38 (b)(c)		2,080		1,986
1 Month USD LIBOR + 2.20%, 5.02%, 7/15/36 (b)(c)		850		829
Silver Hill Trust
3.10%, 11/25/49 (b)(c)		448		422

	Face Amount (000)		Value (000)
TPGI Trust,
Class A
1 Month USD LIBOR + 0.70%, 3.52%, 6/15/26 (b)(c)	$	1,175	$	1,127
TTAN 2021-MHC,
Class A
1 Month USD LIBOR + 0.85%, 3.67%, 3/15/38 (b)(c)		847		819
VMC Finance 2021-HT1 LLC
1 Month USD LIBOR + 1.65%, 4.64%, 1/18/37 (b)(c)		1,380		1,336
				22,523
Corporate Bonds (58.8%)
Finance (28.4%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
1.65%, 10/29/24		2,000		1,829
2.45%, 10/29/26		850		718
Air Lease Corp.
0.80%, 8/18/24		2,895		2,639
Athene Global Funding
2.75%, 6/25/24 (c)		2,280		2,162
Australia & New Zealand Banking Group Ltd.
4.40%, 5/19/26 (c)		2,500		2,377
Avolon Holdings Funding Ltd.
2.88%, 2/15/25 (c)		625		566
Banco Bilbao Vizcaya Argentaria SA
0.88%, 9/18/23		1,600		1,538
Banco Santander Chile
2.70%, 1/10/25 (c)		800		748
Bank of America Corp.
3.38%, 4/2/26		2,310		2,183
Bank of Nova Scotia
1.05%, 3/2/26		5,050		4,407
Banque Federative du Credit Mutuel SA,
2.38%, 11/21/24 (c)		3,480		3,271
4.52%, 7/13/25 (c)		3,210		3,123
Barclays PLC
5.30%, 8/9/26		2,000		1,923
BNP Paribas SA
2.22%, 6/9/26 (c)		3,150		2,835
BPCE SA
2.38%, 1/14/25 (c)		2,635		2,435
Canadian Imperial Bank of Commerce,
2.25%, 1/28/25		1,130		1,060
3.30%, 4/7/25		2,270		2,169
Citigroup, Inc.,
3.11%, 4/8/26		2,000		1,876
3.35%, 4/24/25		6,770		6,533
Corebridge Financial, Inc.
3.50%, 4/4/25 (c)		2,280		2,168
Deutsche Bank AG,
Series E
0.96%, 11/8/23		3,950		3,760

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Elevance Health, Inc.,
1.50%, 3/15/26	$	2,830	$	2,514
2.38%, 1/15/25		1,000		945
Equitable Financial Life Global Funding
1.40%, 7/7/25 (c)		3,300		2,975
GA Global Funding Trust
1.63%, 1/15/26 (c)		4,070		3,572
Goldman Sachs Group, Inc.
3.50%, 1/23/25		1,750		1,684
Guardian Life Global Funding
0.88%, 12/10/25 (c)		2,450		2,141
HSBC Holdings PLC,
2.63%, 11/7/25		1,850		1,719
3.80%, 3/11/25		3,350		3,240
JPMorgan Chase & Co.,
2.01%, 3/13/26		2,000		1,833
4.08%, 4/26/26		4,500		4,336
LeasePlan Corp. NV
2.88%, 10/24/24 (c)		1,275		1,197
Lloyds Banking Group PLC
0.70%, 5/11/24		2,105		2,039
Macquarie Bank Ltd.
2.30%, 1/22/25 (c)		3,475		3,273
Macquarie Group Ltd.
1.34%, 1/12/27 (c)		3,060		2,622
Nordea Bank Abp
1.50%, 9/30/26 (c)		5,075		4,332
Royal Bank of Canada
1.20%, 4/27/26		7,020		6,119
Santander UK Group Holdings PLC
4.80%, 11/15/24		5,510		5,436
Societe Generale SA
2.63%, 1/22/25 (c)		1,175		1,089
Standard Chartered PLC
0.99%, 1/12/25 (c)		4,795		4,495
Sumitomo Mitsui Financial Group, Inc.
2.35%, 1/15/25		6,480		6,075
Suncorp-Metway Ltd.
3.30%, 4/15/24 (c)		1,980		1,924
Synchrony Bank
5.40%, 8/22/25		1,480		1,444
Wells Fargo & Co.
3.91%, 4/25/26		1,975		1,889
				117,213
Industrials (27.7%)
Altria Group, Inc.
2.35%, 5/6/25		1,500		1,391
American Tower Corp.
1.60%, 4/15/26		450		393
AT&T, Inc.
1.70%, 3/25/26		2,840		2,528

	Face Amount (000)		Value (000)
Baxalta, Inc.
4.00%, 6/23/25	$	1,075	$	1,044
Baxter International, Inc.
1.92%, 2/1/27		4,230		3,686
Bayer US Finance LLC
3.38%, 10/8/24 (c)		1,740		1,677
Boeing Co.
5.04%, 5/1/27		1,475		1,423
CDW LLC/CDW Finance Corp.
2.67%, 12/1/26		250		217
Celanese U.S. Holdings LLC
6.17%, 7/15/27		1,110		1,052
Charter Communications Operating LLC/Charter Communications Operating Capital
4.91%, 7/23/25		850		830
Cigna Corp.
4.50%, 2/25/26		3,025		2,956
Continental Resources, Inc.
2.27%, 11/15/26 (c)		1,000		855
Daimler Finance North America LLC
3.30%, 5/19/25 (c)		2,510		2,396
Daimler Trucks Finance North America LLC,
1.13%, 12/14/23 (c)		575		548
2.00%, 12/14/26 (c)		2,025		1,745
Dell International LLC/EMC Corp.
5.45%, 6/15/23		523		524
DuPont de Nemours, Inc.
4.49%, 11/15/25		875		860
Eastern Energy Gas Holdings LLC
3.55%, 11/1/23		2,050		2,021
Energy Transfer LP,
2.90%, 5/15/25		4,130		3,854
4.75%, 1/15/26		325		313
Enterprise Products Operating LLC
3.90%, 2/15/24		1,200		1,179
Fox Corp.
4.03%, 1/25/24		1,200		1,186
General Motors Financial Co., Inc.,
1.50%, 6/10/26		2,890		2,459
3.95%, 4/13/24		1,250		1,220
Genuine Parts Co.
1.75%, 2/1/25		740		684
Georgia-Pacific LLC
1.75%, 9/30/25 (c)		4,080		3,714
Glencore Funding LLC
4.13%, 3/12/24 (c)		1,225		1,205
Global Payments, Inc.
4.95%, 8/15/27		1,250		1,193
GSK Consumer Healthcare Co.
3.02%, 3/24/24 (c)		750		726
HCA, Inc.
5.00%, 3/15/24		1,600		1,590

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Hyundai Capital America,
1.25%, 9/18/23 (c)	$	1,380	$	1,328
1.30%, 1/8/26 (c)		2,780		2,408
2.38%, 2/10/23 (c)		590		585
Hyundai Capital Services, Inc.
2.13%, 4/24/25 (c)		1,000		917
Imperial Brands Finance PLC
3.13%, 7/26/24 (c)		2,015		1,929
International Flavors & Fragrances, Inc.
1.23%, 10/1/25 (c)		2,250		1,973
JDE Peet's NV
0.80%, 9/24/24 (c)		3,025		2,771
Kinder Morgan, Inc.
1.75%, 11/15/26		2,640		2,290
Mitsubishi Corp.
1.13%, 7/15/26 (c)		2,610		2,276
Mondelez International Holdings Netherlands BV,
1.25%, 9/24/26 (c)		2,910		2,499
2.25%, 9/19/24 (c)		950		899
NBN Co. Ltd.
1.45%, 5/5/26 (c)		2,770		2,420
Nissan Motor Co. Ltd.
3.04%, 9/15/23 (c)		2,640		2,568
NongHyup Bank
1.25%, 7/20/25 (c)		690		623
NTT Finance Corp.
1.16%, 4/3/26 (c)		6,790		5,938
Nucor Corp.
2.00%, 6/1/25		975		901
NXP BV/NXP Funding LLC/NXP USA, Inc.
2.70%, 5/1/25		1,540		1,430
PerkinElmer, Inc.
0.85%, 9/15/24		4,440		4,121
Pioneer Natural Resources Co.
1.13%, 1/15/26		4,490		3,930
Royalty Pharma PLC
1.20%, 9/2/25		1,475		1,305
Sabine Pass Liquefaction LLC
5.63%, 4/15/23		1,320		1,321
Sealed Air Corp.
1.57%, 10/15/26 (c)		1,725		1,446
Siemens Financieringsmaatschappij NV
3.25%, 5/27/25 (c)		2,740		2,625
Silgan Holdings, Inc.
1.40%, 4/1/26 (c)		1,875		1,603
Skyworks Solutions, Inc.
0.90%, 6/1/23		1,750		1,698
Sonoco Products Co.
1.80%, 2/1/25		1,460		1,354
Spectra Energy Partners LP
4.75%, 3/15/24		750		746

	Face Amount (000)		Value (000)
Take-Two Interactive Software, Inc.
3.30%, 3/28/24	$	780	$	761
TD SYNNEX Corp.
1.25%, 8/9/24		5,815		5,351
TSMC Global Ltd.
0.75%, 9/28/25 (c)		1,575		1,396
VICI Properties LP
4.38%, 5/15/25		1,880		1,792
Warnermedia Holdings, Inc.
3.43%, 3/15/24 (c)		2,110		2,040
Williams Cos., Inc.
4.30%, 3/4/24		1,330		1,312
Zimmer Biomet Holdings, Inc.
1.45%, 11/22/24		2,400		2,221
				114,246
Utilities (2.7%)
Ameren Corp.
2.50%, 9/15/24		2,510		2,385
American Electric Power Co., Inc.,
Series N
1.00%, 11/1/25		1,500		1,316
Dominion Energy, Inc.,
Series A
1.45%, 4/15/26		2,355		2,070
Eversource Energy
4.20%, 6/27/24		1,840		1,816
NextEra Energy Capital Holdings, Inc.
1.88%, 1/15/27		2,825		2,455
Southern Co.
4.48%, 8/1/24 (d)		1,175		1,161
				11,203
				242,662
Mortgages — Other (13.7%)
Ajax Mortgage Loan Trust,
1.07%, 9/25/65 (b)(c)		775		685
1.70%, 5/25/59 (c)		561		502
2.24%, 6/25/66 (c)		757		700
BRAVO Residential Funding Trust
2.00%, 5/25/59 (b)(c)		726		662
Brean Asset Backed Securities Trust,
1.40%, 10/25/63 (b)(c)		1,779		1,527
1.75%, 10/25/61 (b)(c)		1,845		1,613
Bunker Hill Loan Depositary Trust
1.72%, 2/25/55 (b)(c)		262		251
Cascade Funding Mortgage Trust,
0.90%, 6/25/36 (b)(c)		1,354		1,292
1.37%, 2/25/31 (b)(c)		1,600		1,495
1.94%, 9/25/50 (b)(c)		1,711		1,536
2.72%, 12/26/30 (b)(c)		1,625		1,506
2.80%, 6/25/69 (b)(c)		276		269
4.00%, 10/25/68 (b)(c)		287		278

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Mortgages — Other (cont'd)
Cascade MH Asset Trust
4.25%, 8/25/54 (c)	$	1,587	$	1,388
CHL Mortgage Pass-Through Trust
5.50%, 5/25/34		46		44
CIM Trust 2021-NR2,
2.57%, 7/25/59 (c)		1,088		1,030
CIM Trust,
3.00%, 4/25/57 (b)(c)		20		20
Credit Suisse Mortgage Capital Certificates,
0.94%, 5/25/66 (b)(c)		949		739
1.18%, 2/25/66 (b)(c)		857		747
Finance of America HECM Buyout
4.00%, 12/25/24 (b)(c)		2,580		2,522
FMC GMSR Issuer Trust,
3.85%, 10/25/26 (b)(c)		1,700		1,377
4.45%, 1/25/26 (b)(c)		1,500		1,292
7.90%, 7/25/27 (c)		1,600		1,489
Class A
3.62%, 7/25/26 (b)(c)		1,550		1,232
Freddie Mac
SOFR30A + 1.30%, 3.58%, 2/25/42 (b)(c)		742		729
Headlands Residential 2021-RPL1 LLC
2.49%, 9/25/26 (b)(c)		1,940		1,791
Homeward Opportunities Fund Trust
3.23%, 8/25/25 (c)		750		750
Imperial Fund Mortgage Trust,
1.38%, 10/25/55 (b)(c)		482		444
1.60%, 11/25/56 (b)(c)		927		772
2.49%, 2/25/67 (b)(c)		1,419		1,256
Lanark Master Issuer PLC
2.28%, 12/22/69 (b)(c)		360		359
Legacy Mortgage Asset Trust
3.25%, 2/25/60 (c)		939		918
LHOME Mortgage Trust,
2.09%, 9/25/26 (b)(c)		700		675
3.23%, 10/25/24 (c)		34		34
New Residential Mortgage Loan Trust,
3.75%, 5/28/52 - 8/25/55 (b)(c)		124		116
3.94%, 9/25/57 (b)(c)		234		223
NewRez Warehouse Securitization Trust
1 Month USD LIBOR + 0.75%, 3.83%, 5/25/55 (b)(c)		1,275		1,249
NYMT Loan Trust
2.94%, 10/25/60 (b)(c)		1,602		1,546
Oceanview Mortgage Loan Trust
1.73%, 5/28/50 (b)(c)		295		281
Pepper Residential Securities Trust,
1 Month USD LIBOR + 0.93%, 3.69%, 3/12/61 (b)(c)		119		119
1 Month USD LIBOR + 0.88%, 3.82%, 1/16/60 (b)(c)		40		40
1 Month USD LIBOR + 0.95%, 3.94%, 8/18/60 (b)(c)		71		71

	Face Amount (000)		Value (000)
1 Month USD LIBOR + 1.00%, 3.99%, 6/20/60 (b)(c)	$	64	$	64
Preston Ridge Partners LLC,
1.74%, 9/25/26 (b)(c)		1,085		996
1.87%, 8/25/26 (c)		1,506		1,387
2.12%, 1/25/26 - 3/25/26 (b)(c)		1,251		1,170
2.36%, 10/25/26 (c)		1,410		1,309
Pretium Mortgage Credit Partners I LLC
2.24%, 9/27/60 (c)		586		557
Residential Mortgage Loan Trust
1.65%, 5/25/60 (b)(c)		305		300
RESIMAC Bastille Trust,
1 Month USD LIBOR + 0.85%, 3.48%, 12/5/59 (b)(c)		45		45
1 Month USD LIBOR + 0.93%, 3.56%, 9/5/57 (b)(c)		97		97
RESIMAC Premier Trust
1 Month USD LIBOR + 0.95%, 3.71%, 2/10/51 (b)(c)		114		114
RMF Buyout Issuance Trust
1.72%, 10/25/50 (b)(c)		1,875		1,771
RMF Proprietary Issuance Trust,
2.13%, 9/25/61 (b)(c)		1,605		1,367
4.00%, 8/25/62 (b)(c)		2,225		2,000
Seasoned Credit Risk Transfer Trust
3.00%, 2/25/59		575		536
Sequoia Mortgage Trust
1 Month USD LIBOR + 0.62%, 3.61%, 8/20/34 (b)		99		93
Stanwich Mortgage Loan Co. LLC
2.74%, 10/16/26 (c)		1,564		1,464
Towd Point HE Trust
0.92%, 2/25/63 (b)(c)		1,091		1,030
Towd Point Mortgage Trust,
1.75%, 10/25/60 (c)		576		516
2.75%, 4/25/57 (b)(c)		16		16
1 Month USD LIBOR + 0.60%, 3.68%, 2/25/57 (b)(c)		80		79
TVC Mortgage Trust
3.47%, 9/25/24 (c)		119		118
VCAT Asset Securitization, 2021-NPL6 LLC
1.92%, 9/25/51 (c)		1,664		1,554
Verus Securitization Trust
1.03%, 2/25/66 (b)(c)		680		568
VOLT XCIII LLC
1.89%, 2/27/51 (c)		895		835
VOLT XCIV LLC
2.24%, 2/27/51 (c)		1,029		959
VOLT XCIX LLC
2.12%, 4/25/51 (c)		1,349		1,254
VOLT XCVI LLC
2.12%, 3/27/51 (c)		985		908
				56,676

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Municipal Bond (0.1%)
Golden State Tobacco Securitization Corp., CA
1.85%, 6/1/31	$	195	$	194
Sovereign (0.4%)
Korea National Oil Corp.
0.88%, 10/5/25 (c)		1,680		1,481
Supranational (0.7%)
Corp. Andina de Fomento,
1.63%, 9/23/25		1,750		1,588
2.38%, 5/12/23		1,170		1,155
				2,743
Total Fixed Income Securities (Cost $436,568)				403,202
	Shares
Short-Term Investments (2.7%)
Investment Company (2.3%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $9,373)		9,372,557		9,373
	Face Amount (000)
U.S. Treasury Security (0.4%)
U.S. Treasury Bill, 3.84%, 3/16/23 (e) (Cost $1,504)	$	1,530		1,504
Total Short-Term Investments (Cost $10,877)				10,877
Total Investments (100.4%) (Cost $447,445) (f)(g)				414,079
Liabilities in Excess of Other Assets (–0.4%)				(1,499	)
Net Assets (100.0%)			$	412,580

(a) Amount is less than 0.05%.

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

(d) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2022. Maturity date disclosed is the ultimate maturity date.

(e) Rate shown is the yield to maturity at September 30, 2022.

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

(g) At September 30, 2022, the aggregate cost for federal income tax purposes is approximately $449,072,000. The aggregate gross unrealized appreciation is approximately $806,000 and the aggregate gross unrealized depreciation is approximately $34,145,000, resulting in net unrealized depreciation of approximately $33,339,000.

@ Amount is less than $500.

CLO Collateralized Loan Obligation.

CMT Constant Maturity Treasury Note Rate.

LIBOR London Interbank Offered Rate.

REMIC Real Estate Mortgage Investment Conduit.

SOFR Secured Overnight Financing Rate.

USD United States Dollar.

Futures Contracts:

The Fund had the following futures contracts open at September 30, 2022:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 2 yr. Note (United States)		239	Dec-22	$	47,800		$	49,088		$	(799	)
Short:
U.S. Treasury 5 yr. Note (United States)		519	Dec-22		(51,900	)		(55,796	)		1,995
U.S. Treasury 10 yr. Note (United States)		80	Dec-22		(8,000	)		(8,965	)		460
										$	1,656

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

Portfolio Composition

Classification	Percentage of Total Investments
Finance		28.3	%
Industrials		27.6
Asset-Backed Securities		18.2
Mortgages — Other		13.7
Commercial Mortgage-Backed Securities		5.4
Other*		4.2
Short-Term Investments		2.6
Total Investments		100.0	%**

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

** Does not include open long/short futures contracts with a value of approximately $113,849,000 and net unrealized appreciation of approximately $1,656,000.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Short Duration Income Portfolio

Statement of Assets and Liabilities	September 30, 2022 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $438,072)	$	404,706
Investment in Security of Affiliated Issuer, at Value (Cost $9,373)		9,373
Total Investments in Securities, at Value (Cost $447,445)		414,079
Foreign Currency, at Value (Cost —@)		—	@
Cash		20
Interest and Paydown Receivable		2,034
Receivable for Fund Shares Sold		331
Receivable for Variation Margin on Futures Contracts		134
Receivable from Affiliate		7
Other Assets		78
Total Assets		416,683
Liabilities:
Payable for Fund Shares Redeemed		2,897
Payable for Investments Purchased		737
Payable for Sub Transfer Agency Fees — Class I		46
Payable for Sub Transfer Agency Fees — Class A		66
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Sub Transfer Agency Fees — Class C		1
Payable for Professional Fees		92
Payable for Shareholder Services Fees — Class A		49
Payable for Distribution and Shareholder Services Fees — Class L		—	@
Payable for Distribution and Shareholder Services Fees — Class C		3
Payable for Advisory Fees		50
Payable for Trustees' Fees and Expenses		38
Payable for Administration Fees		28
Payable for Custodian Fees		11
Payable for Transfer Agency Fees — Class I		1
Payable for Transfer Agency Fees — Class A		2
Payable for Transfer Agency Fees — Class L		—	@
Payable for Transfer Agency Fees — Class C		1
Payable for Transfer Agency Fees — Class R6*		—	@
Other Liabilities		81
Total Liabilities		4,103
Net Assets	$	412,580
Net Assets Consist of:
Paid-in-Capital	$	444,328
Total Accumulated Loss		(31,748	)
Net Assets	$	412,580

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Short Duration Income Portfolio

Statement of Assets and Liabilities (cont'd)	September 30, 2022 (000)
CLASS I:
Net Assets	$	178,175
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		22,999,287
Net Asset Value, Offering and Redemption Price Per Share	$	7.75
CLASS A:
Net Assets	$	229,782
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		29,579,690
Net Asset Value, Redemption Price Per Share	$	7.77
Maximum Sales Load		2.25	%
Maximum Sales Charge	$	0.16
Maximum Offering Price Per Share	$	7.95
CLASS L:
Net Assets	$	973
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		125,670
Net Asset Value, Offering and Redemption Price Per Share	$	7.74
CLASS C:
Net Assets	$	3,639
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		471,588
Net Asset Value, Offering and Redemption Price Per Share	$	7.72
CLASS R6:*
Net Assets	$	11
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,395
Net Asset Value, Offering and Redemption Price Per Share	$	7.75

* Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Short Duration Income Portfolio

Statement of Operations	Year Ended September 30, 2022 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	8,141
Dividends from Securities of Unaffiliated Issuers		153
Dividends from Security of Affiliated Issuer (Note G)		36
Total Investment Income		8,330
Expenses:
Advisory Fees (Note B)		946
Shareholder Services Fees — Class A (Note D)		674
Distribution and Shareholder Services Fees — Class L (Note D)		5
Distribution and Shareholder Services Fees — Class C (Note D)		34
Administration Fees (Note C)		378
Sub Transfer Agency Fees — Class I		143
Sub Transfer Agency Fees — Class A		170
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		3
Professional Fees		183
Registration Fees		102
Pricing Fees		38
Shareholder Reporting Fees		30
Custodian Fees (Note F)		25
Transfer Agency Fees — Class I (Note E)		4
Transfer Agency Fees — Class A (Note E)		6
Transfer Agency Fees — Class L (Note E)		2
Transfer Agency Fees — Class C (Note E)		3
Transfer Agency Fees — Class R6* (Note E)		2
Trustees' Fees and Expenses		13
Other Expenses		30
Total Expenses		2,791
Waiver of Advisory Fees (Note B)		(563	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(48	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(41	)
Reimbursement of Class Specific Expenses — Class L (Note B)		(2	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(3	)
Reimbursement of Class Specific Expenses — Class R6* (Note B)		(2	)
Rebate from Morgan Stanley Affiliate (Note G)		(6	)
Net Expenses		2,126
Net Investment Income		6,204
Realized Gain (Loss):
Investments Sold		(7,184	)
Futures Contracts		7,708
Net Realized Gain		524
Change in Unrealized Appreciation (Depreciation):
Investments		(34,649	)
Foreign Currency Translation		(—	@)
Futures Contracts		952
Net Change in Unrealized Appreciation (Depreciation)		(33,697	)
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		(33,173	)
Net Decrease in Net Assets Resulting from Operations	$	(26,969	)

* Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Short Duration Income Portfolio

Statements of Changes in Net Assets	Year Ended September 30, 2022 (000)			Year Ended September 30, 2021 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	6,204		$	5,497
Net Realized Gain		524			3,305
Net Change in Unrealized Appreciation (Depreciation)		(33,697	)		(2,747	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(26,969	)		6,055
Dividends and Distributions to Shareholders:
Class I		(2,861	)		(3,299	)
Class A		(3,120	)		(2,396	)
Class L		(9	)		(7	)
Class C		(16	)		(3	)
Class R6*		(—	@)		(—	@)
Total Dividends and Distributions to Shareholders		(6,006	)		(5,705	)
Capital Share Transactions:⁽¹⁾
Class I:
Subscribed		103,422			201,573
Distributions Reinvested		2,861			3,182
Redeemed		(169,590	)		(183,295	)
Class A:
Subscribed		138,289			295,015
Distributions Reinvested		3,110			2,392
Redeemed		(213,622	)		(125,672	)
Class L:
Exchanged		343			103
Distributions Reinvested		9			7
Redeemed		(117	)		(132	)
Class C:
Subscribed		6,127			3,655
Distributions Reinvested		16			3
Redeemed		(4,918	)		(1,020	)
Class R6:*
Subscribed		—			—	@
Distributions Reinvested		—	@		—	@
Redeemed		—			(3	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(134,070	)		195,808
Total Increase (Decrease) in Net Assets		(167,045	)		196,158
Net Assets:
Beginning of Period		579,625			383,467
End of Period	$	412,580		$	579,625

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Short Duration Income Portfolio

Statements of Changes in Net Assets (cont'd)	Year Ended September 30, 2022 (000)			Year Ended September 30, 2021 (000)
(1) Capital Share Transactions:
Class I:
Shares Subscribed		12,879			24,172
Shares Issued on Distributions Reinvested		355			382
Shares Redeemed		(20,928	)		(21,983	)
Net Increase (Decrease) in Class I Shares Outstanding		(7,694	)		2,571
Class A:
Shares Subscribed		17,097			35,271
Shares Issued on Distributions Reinvested		385			286
Shares Redeemed		(26,278	)		(15,027	)
Net Increase (Decrease) in Class A Shares Outstanding		(8,796	)		20,530
Class L:
Shares Exchanged		42			12
Shares Issued on Distributions Reinvested		1			1
Shares Redeemed		(14	)		(16	)
Net Increase (Decrease) in Class L Shares Outstanding		29			(3	)
Class C:
Shares Subscribed		753			440
Shares Issued on Distributions Reinvested		2			—	@@
Shares Redeemed		(605	)		(123	)
Net Increase in Class C Shares Outstanding		150			317
Class R6:*
Shares Subscribed		—			—	@@
Shares Issued on Distributions Reinvested		—	@@		—	@@
Shares Redeemed		—			(—	@@)
Net Increase (Decrease) in Class R6 Shares Outstanding		—	@@		(—	@@)

* Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

@ Amount is less than $500.

@@ Amount is less than 500 shares.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Short Duration Income Portfolio

	Class I
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	8.33		$	8.31		$	8.24		$	8.13		$	8.15
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.12			0.10			0.17			0.21			0.17
Net Realized and Unrealized Gain (Loss)		(0.58	)		0.03			0.09			0.10			(0.03	)
Total from Investment Operations		(0.46	)		0.13			0.26			0.31			0.14
Distributions from and/or in Excess of:
Net Investment Income		(0.12	)		(0.11	)		(0.19	)		(0.20	)		(0.16	)
Net Asset Value, End of Period	$	7.75		$	8.33		$	8.31		$	8.24		$	8.13
Total Return⁽²⁾		(5.62	)%		1.57	%		3.20	%		3.93	%⁽³⁾		1.79	%⁽⁴⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	178,175		$	255,659		$	233,816		$	174,909		$	118,810
Ratio of Expenses Before Expense Limitation		0.44	%		0.45	%		0.53	%		0.49	%		0.50	%
Ratio of Expenses After Expense Limitation		0.30	%⁽⁵⁾		0.30	%⁽⁵⁾		0.29	%⁽⁵⁾		0.30	%⁽⁵⁾		0.28	%⁽⁵⁾
Ratio of Net Investment Income		1.48	%⁽⁵⁾		1.25	%⁽⁵⁾		2.12	%⁽⁵⁾		2.55	%⁽⁵⁾		2.13	%⁽⁵⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.01	%		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾
Portfolio Turnover Rate		53	%		53	%		74	%		64	%		40	%

(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) Performance was positively impacted by approximately 0.13% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. This was a one-time settlement, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had this settlement not occurred, the total return for Class I shares would have been approximately 3.80%.

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

(6) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Short Duration Income Portfolio

	Class A
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	8.35		$	8.34		$	8.26		$	8.15		$	8.17
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.10			0.08			0.15			0.19			0.15
Net Realized and Unrealized Gain (Loss)		(0.59	)		0.02			0.10			0.10			(0.03	)
Total from Investment Operations		(0.49	)		0.10			0.25			0.29			0.12
Distributions from and/or in Excess of:
Net Investment Income		(0.09	)		(0.09	)		(0.17	)		(0.18	)		(0.14	)
Net Asset Value, End of Period	$	7.77		$	8.35		$	8.34		$	8.26		$	8.15
Total Return⁽²⁾		(5.85	)%		1.20	%		3.06	%		3.66	%⁽³⁾		1.51	%⁽⁴⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	229,782		$	320,477		$	148,771		$	83,111		$	68,517
Ratio of Expenses Before Expense Limitation		0.68	%		0.69	%		0.77	%		0.76	%		0.80	%
Ratio of Expenses After Expense Limitation		0.55	%⁽⁵⁾		0.55	%⁽⁵⁾		0.54	%⁽⁵⁾		0.55	%⁽⁵⁾		0.55	%⁽⁵⁾
Ratio of Net Investment Income		1.22	%⁽⁵⁾		0.98	%⁽⁵⁾		1.84	%⁽⁵⁾		2.30	%⁽⁵⁾		1.85	%⁽⁵⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.01	%		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾
Portfolio Turnover Rate		53	%		53	%		74	%		64	%		40	%

(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 0.13% 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 A shares would have been approximately 3.53%.

(6) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Short Duration Income Portfolio

	Class L
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	8.33		$	8.31		$	8.24		$	8.12		$	8.15
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.08			0.06			0.13			0.17			0.13
Net Realized and Unrealized Gain (Loss)		(0.59	)		0.03			0.09			0.11			(0.04	)
Total from Investment Operations		(0.51	)		0.09			0.22			0.28			0.09
Distributions from and/or in Excess of:
Net Investment Income		(0.08	)		(0.07	)		(0.15	)		(0.16	)		(0.12	)
Net Asset Value, End of Period	$	7.74		$	8.33		$	8.31		$	8.24		$	8.12
Total Return⁽²⁾		(6.21	)%		1.06	%		2.69	%		3.52	%⁽³⁾		1.14	%⁽⁴⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	973		$	808		$	829		$	795		$	382
Ratio of Expenses Before Expense Limitation		1.15	%		1.17	%		1.26	%		1.25	%		1.52	%
Ratio of Expenses After Expense Limitation		0.80	%⁽⁵⁾		0.80	%⁽⁵⁾		0.79	%⁽⁵⁾		0.80	%⁽⁵⁾		0.80	%⁽⁵⁾
Ratio of Net Investment Income		1.00	%⁽⁵⁾		0.76	%⁽⁵⁾		1.64	%⁽⁵⁾		2.07	%⁽⁵⁾		1.61	%⁽⁵⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.01	%		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾
Portfolio Turnover Rate		53	%		53	%		74	%		64	%		40	%

(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.

(6) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Short Duration Income Portfolio

	Class C
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	8.29		$	8.29		$	8.22		$	8.10		$	8.13
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.04			0.01			0.09			0.13			0.09
Net Realized and Unrealized Gain (Loss)		(0.57	)		0.02			0.09			0.11			(0.04	)
Total from Investment Operations		(0.53	)		0.03			0.18			0.24			0.05
Distributions from and/or in Excess of:
Net Investment Income		(0.04	)		(0.03	)		(0.11	)		(0.12	)		(0.08	)
Net Asset Value, End of Period	$	7.72		$	8.29		$	8.29		$	8.22		$	8.10
Total Return⁽²⁾		(6.46	)%		0.41	%		2.16	%		3.01	%⁽³⁾		0.64	%⁽⁴⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	3,639		$	2,670		$	37		$	36		$	52
Ratio of Expenses Before Expense Limitation		1.52	%		1.72	%		7.65	%		6.34	%		5.69	%
Ratio of Expenses After Expense Limitation		1.30	%⁽⁵⁾		1.30	%⁽⁵⁾		1.29	%⁽⁵⁾		1.30	%⁽⁵⁾		1.30	%⁽⁵⁾
Ratio of Net Investment Income		0.53	%⁽⁵⁾		0.17	%⁽⁵⁾		1.14	%⁽⁵⁾		1.55	%⁽⁵⁾		1.11	%⁽⁵⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.01	%		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾
Portfolio Turnover Rate		53	%		53	%		74	%		64	%		40	%

(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.

(6) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Short Duration Income Portfolio

	Class R6⁽¹⁾
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	8.34		$	8.32		$	8.24		$	8.13		$	8.15
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.12			0.11			0.18			0.21			0.18
Net Realized and Unrealized Gain (Loss)		(0.59	)		0.02			0.09			0.11			(0.03	)
Total from Investment Operations		(0.47	)		0.13			0.27			0.32			0.15
Distributions from and/or in Excess of:
Net Investment Income		(0.12	)		(0.11	)		(0.19	)		(0.21	)		(0.17	)
Net Asset Value, End of Period	$	7.75		$	8.34		$	8.32		$	8.24		$	8.13
Total Return⁽³⁾		(5.69	)%		1.62	%		3.37	%		3.98	%⁽⁴⁾		1.83	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	11		$	11		$	14		$	16		$	11
Ratio of Expenses Before Expense Limitation		19.49	%		19.98	%		12.15	%		17.44	%		18.54	%
Ratio of Expenses After Expense Limitation		0.25	%⁽⁶⁾		0.24	%⁽⁶⁾		0.24	%⁽⁶⁾		0.24	%⁽⁶⁾		0.25	%⁽⁶⁾
Ratio of Net Investment Income		1.54	%⁽⁶⁾		1.32	%⁽⁶⁾		2.21	%⁽⁶⁾		2.61	%⁽⁶⁾		2.16	%⁽⁶⁾
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾		0.01	%		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾
Portfolio Turnover Rate		53	%		53	%		74	%		64	%		40	%

(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.

(4) 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 IS shares would have been approximately 3.85%.

(5) Performance was positively impacted by approximately 0.25% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class IS shares would have been approximately 1.58%.

(7) Amount is less than 0.005%.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

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 offers five classes of shares — Class I, Class A, Class L, Class C and Class R6. Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

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

from 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, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (4) 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

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

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

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

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:

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	$	—		$	508	$	—	$	508
Agency Bond — Consumer Discretionary (U.S. Government Guaranteed)		—			112		—		112
Agency Fixed Rate Mortgages		—			529		—		529
Asset-Backed Securities		—			75,229		—		75,229
Collateralized Mortgage Obligations — Agency Collateral Series		—			545		—		545
Commercial Mortgage- Backed Securities		—			22,523		—		22,523
Corporate Bonds		—			242,662		—		242,662
Mortgages — Other		—			56,676		—		56,676
Municipal Bond		—			194		—		194
Sovereign		—			1,481		—		1,481
Supranational		—			2,743		—		2,743
Total Fixed Income Securities		—			403,202		—		403,202
Short-Term Investments
Investment Company		9,373			—		—		9,373
U.S. Treasury Security		—			1,504		—		1,504
Total Short-Term Investments		9,373			1,504		—		10,877
Futures Contracts		2,455			—		—		2,455
Total Assets		11,828			404,706		—		416,534
Liabilities:
Futures Contract		(799	)		—		—		(799	)
Total	$	11,029		$	404,706	$	—	$	415,735

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

Annual Report — September 30, 2022

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.

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

Annual Report — September 30, 2022

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 tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of September 30, 2022:

Asset Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Futures Contracts

Variation Margin on
Futures Contracts

Interest Rate Risk

2,455

(a)

Liability Derivatives
Statement of Assets and
Liabilities Location

Primary Risk
Exposure

Value
(000)

Futures Contract

Variation Margin on
Futures Contract

Interest Rate Risk

(799

)(a)

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Interest Rate Risk	Futures Contracts	$	7,708
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Interest Rate Risk	Futures Contracts	$	952

For the year ended September 30, 2022, the approximate average monthly amount outstanding for each derivative type is as follows:

Futures Contracts:
Average monthly notional value				$	176,957,000

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

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

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.20% of the average daily net assets of the Fund.

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

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.

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

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

G. Security Transactions and Transactions with Affiliates: For the year ended September 30, 2022, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $199,687,000 and $330,633,000, respectively. For the year ended September 30, 2022, purchases and sales of long-term U.S. Government securities were approximately $44,330,000 and $44,250,000, respectively.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the year ended September 30, 2022, advisory fees paid were reduced by approximately $6,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the year ended September 30, 2022 is as follows:

Affiliated Investment Company				Value September 30, 2021 (000)				Purchases at Cost (000)				Proceeds from Sales (000)				Dividend Income (000)
Liquidity Funds				$	1,314			$	266,739			$	258,680			$	36

Affiliated Investment Company (cont'd)				Realized Gain (Loss) (000)				Change in Unrealized Appreciation (Depreciation) (000)				Value September 30, 2022 (000)
Liquidity Funds				$	—			$	—			$	9,373

compensation after July 31, 2003. Aggregate pension costs for the year ended September 30, 2022, included in "Trustees' Fees and Expenses" in the Statement of Operations amounted to approximately $2,000. At September 30, 2022, the Fund had an accrued pension liability of approximately $38,000, 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2022 and 2021 was as follows:

2022 Distributions Paid From: Ordinary Income (000)				2021 Distributions Paid From: Ordinary Income (000)
$	6,006			$	5,705

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2022.

At September 30, 2022, 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)
$	1,192			$	449

During the year ended September 30, 2022, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $739,000.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of the Fund's investments and result in costs incurred in connection with closing out positions and entering into new trades.

Election of Trustees by all shareholders:

	For		Against
Frances L. Cashman		1,001,428,988		27,543,564
Nancy C. Everett		994,527,335		34,445,217
Eddie A. Grier		999,694,220		29,278,332
Jakki L. Haussler		997,669,902		31,302,650
Patricia A. Maleski		1,000,046,511		28,926,041

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Morgan Stanley Institutional Fund Trust —
Short Duration Income Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Short Duration Income Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund Trust (the "Trust")), including the portfolio of investments, as of September 30, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund Trust) at September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.
Boston, Massachusetts
November 29, 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2021, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was below its peer group average for the one- and three-year periods but better than its peer group average for the five-year period. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

Profitability of the Adviser and Affiliates

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Advisory Agreement Approval (unaudited) (cont'd)

Other Benefits of the Relationship

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

Other Factors and Current Trends

General Conclusion

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Liquidity Risk Management Program (unaudited)

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2022.

The Fund designated approximately $555,000 of its distributions paid as qualified interest income.

The Fund designated approximately $712,000 of its distributions paid as business interest income.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) April 2021

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 investment management affiliates' everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) (cont'd) April 2021

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 Investment Management 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) (cont'd) April 2021

Definitions

Investment Management Affiliates				MSIM Investment Management Affiliates include registered investment advisers, registered broker/dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates				Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ 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

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited)

Independent Trustees:

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Frank L. Bowman
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1944

Trustee

Since
August
2006

Frances L. Cashman
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1961

Trustee

Trustee
since
February
2022

Kathleen A. Dennis
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1953

Trustee

Since
August
2006

Board Member, University of Albany Foundation (2012-present); Board Member, Mutual Funds Directors Forum (2014-present); Director of various non-profit organizations.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Nancy C. Everett
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
January
2015

Eddie A. Grier
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Trustee
since
February
2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Jakki L. Haussler
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1957

Trustee

Since
January
2015

Dr. Manuel H. Johnson
c/o Johnson Smick
International, Inc.
220 I Street, NE
Suite 200
Washington, D.C. 20002
Birth Year: 1949

Trustee

Since
July
1991

Director of NVR, Inc. (home construction).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Joseph J. Kearns
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1942

Trustee

Since
August
1994

Michael F. Klein
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1958

Trustee

Since
August
2006

Director of certain investment funds managed or sponsored by Aetos Alternatives Management, LP; Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

Patricia A. Maleski
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1960

Trustee

Since
January
2017

Trustee, Nutley Family Service Bureau, Inc. (since January 2022).

W. Allen Reed
c/o Perkins Coie LLP
Counsel to the Independent
Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1947

Chair of the Board and Trustee

Chair of the Board since
August
2020 and
Trustee since
August
2006

Formerly, Director of Legg Mason, Inc. (2006-2019); and Director of the Auburn University Foundation (2010-2015).

* This is the earliest date the Trustee began serving the Morgan Stanley Funds. Each Trustee serves an indefinite term, until his or her successor is elected.

*** This includes any directorships at public companies and registered investment companies held by the Trustee at any time during the past five years.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Executive Officers:

Name, Address and Birth Year
of Executive Officer

Position(s) Held
with
Registrant

Length of
Time Served*

Principal Occupation(s) During Past 5 Years

John H. Gernon
522 Fifth Avenue
New York, NY 10036
Birth Year: 1963

President and Principal Executive Officer

Since
September
2013

Deidre A. Downes
1633 Broadway
New York, NY 10019
Birth Year: 1977

Chief Compliance Officer

Since
November
2021

Francis J. Smith
522 Fifth Avenue
New York, NY 10036
Birth Year: 1965

Treasurer and Principal Financial Officer

Treasurer since July 2003 and Principal Financial Officer since September
2002

Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).

Mary E. Mullin
1633 Broadway
New York, NY 10019
Birth Year: 1967

Secretary

Since
June
1999

Managing Director of the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

Michael J. Key
522 Fifth Avenue
New York, NY 10036
Birth Year: 1979

Vice President

Since
June
2017

* This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves an indefinite term, until his or her successor is elected.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

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

Co-Transfer Agent

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

Custodian

State Street Bank and Trust Company

One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

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

Counsel to the Independent Trustees

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

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Fund Trust, which describes in detail the Fund's investment policies, risks, fees and expenses. Please read the prospectus carefully before you invest or send money. For additional information, including information regarding the investments comprising the Fund, please visit our website at www.morganstanley.com/im/shareholderreports or call toll free 1 (800) 548-7786.

Householding Notice

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

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

IFTLDANN
5062130 EXP 11.30.23

Morgan Stanley Institutional Fund Trust

Ultra-Short Income Portfolio

Annual Report

September 30, 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Table of Contents (unaudited)

Shareholders' Letter					2
Expense Example					3
Investment Overview					4
Portfolio of Investments					8
Statement of Assets and Liabilities					12
Statement of Operations					13
Statements of Changes in Net Assets					14
Financial Highlights					15
Notes to Financial Statements					18
Report of Independent Registered Public Accounting Firm					23
Investment Advisory Agreement Approval					24
Liquidity Risk Management Program					26
Federal Tax Notice					27
U.S. Customer Privacy Notice					28
Trustee and Officer Information					31

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Annual Report, in which you will learn how your investment in Ultra-Short Income Portfolio (the "Fund") performed during the latest twelve-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

October 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Expense Example (unaudited)

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 September 30, 2022 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 4/1/22		Actual Ending Account Value 9/30/22		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	$	1,008.10	$	1,024.13	$	1.22	$	1.23		0.24	%
Ultra-Short Income Portfolio Institutional Class		1,000.00		1,007.80		1,023.87		1.48		1.49		0.29
Ultra-Short Income Portfolio Class A		1,000.00		1,007.50		1,023.57		1.78		1.79		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 185***/365 (to reflect the most recent one-half year period).

** Annualized.

*** Adjusted to reflect non-business days accruals.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited)

Ultra-Short Income Portfolio

The Fund seeks current income with capital preservation while maintaining liquidity.

Performance

For the fiscal year ended September 30, 2022, the Fund's Institutional Share Class had a total return based on net asset value and reinvestment of distributions per share of 0.74%, net of fees. The Fund's Institutional Share Class outperformed against the Fund's benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index (the "Index"), which returned 0.62%. For the seven-day period ended September 30, 2022, the Fund's Institutional Share Class provided an annualized current yield of 3.12% (subsidized) and 3.08% (non-subsidized), while its 30-day moving average annualized yield was 2.68% (subsidized) and 2.64% (non-subsidized). The 30-day SEC yield was 2.61% (subsidized) and 2.57% (non-subsidized). The non-subsidized yield reflects what the yield would have been had a fee and/or expense waiver not been in place during the period shown. Past performance is no guarantee of future results.

Factors Affecting Performance

• The Federal Open Market Committee (FOMC or Committee) voted unanimously to keep the federal funds rate unchanged at a range of 0.00% to 0.25% at the conclusion of its November 2021 meeting. In line with market expectations, the Committee announced it would start to taper its bond purchases in November 2021. To start, the Federal Reserve (Fed) reduced purchases of Treasury securities by $10 billion and mortgage-backed securities by $5 billion per month. Purchases were anticipated to be reduced each month, but the Committee "is prepared to adjust the pace of purchases if warranted by changes in the economic outlook." Additionally in November 2021, Jerome Powell was reappointed as chair of the Board of Governors of the Federal Reserve System for a second term.

• At the December 2021 meeting, the FOMC voted unanimously to keep the federal funds rate unchanged at a range of 0.00% to 0.25%. Of particular note, and in line with market

expectations at the time, the FOMC announced that it would accelerate the winding down of its asset purchase program, increasing the reduction from $15 billion to $30 billion a month. This put the FOMC on pace to conclude the program around March 2022.

• The December 2021 meeting included an update of the FOMC's summary of economic projections. The 2022 "dot plot" showed all 18 voting members believed a rate hike was appropriate in 2022, an increase from nine members in the September 2021 projection. The median expectation for the federal funds rate was 1.6% and 2.1% at the end of 2023 and 2024, respectively. The FOMC downgraded its 2021 real gross domestic product (GDP) forecast to 5.5% from 5.9% estimated in September 2021. The downgrade in GDP was attributed to rising COVID-19 case counts and supply chain bottlenecks. Additionally, the Committee increased its personal consumption expenditures (PCE) inflation projections to 5.3% for 2021, up from its September 2021 forecast of 4.2%. The 2022 PCE projections increased 40 basis points to 2.6%.ⁱ In addition, the FOMC estimated core PCE rising to 4.4% for 2021, higher than the 3.7% forecast in September 2021, but ultimately leveling out marginally above 2% in the years following.

• Fourth quarter 2021 GDP growth picked up from the third quarter to an annualized rate of 6.9%, as consumers shopped early for the holiday season and businesses rebuilt inventories to meet pent-up demand, while the highly contagious omicron variant didn't begin spreading in the U.S. until the end of the quarter.ⁱⁱ Monthly non-farm payrolls averaged 435,000 in the fourth quarter of 2021.ⁱⁱⁱ Headline consumer price index (CPI) inflation rose 7.0% in the 12 months ended December 2021, a level not seen since 1982.^iv

• The FOMC voted unanimously to keep the federal funds rate unchanged at a range of 0.00% to 0.25% at the conclusion of its January 2022 meeting. With inflation running higher than expected, Chair Powell and the Committee signaled higher rates were on the horizon, saying, "it will soon be

ⁱ One basis point = 0.01%

ⁱⁱ Source for GDP data used in this report: Bureau of Economic Analysis and Bloomberg L.P.

ⁱⁱⁱ Source for labor market data used in this report: Bureau of Labor Statistics and Bloomberg L.P.

^iv Source for consumer price index (CPI) inflation data used in this report: Bureau of Labor Statistics.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited) (cont'd)

Ultra-Short Income Portfolio

appropriate to raise the target range." Market data at the time expected the first interest rate hike in March 2022. In his press release, the chairman illustrated that the Federal Reserve's balance sheet was larger than it needed to be. While the FOMC stated the federal funds rate would be its main policy driver, it also was expected to reduce the size of the balance sheet later in the year. At the prior meeting in December 2021, the FOMC accelerated winding down its asset purchase program, and this was still expected to be completed in March 2022.

• Fed Chair Powell and the FOMC did not meet in February 2022. Minutes from the January 2022 FOMC meeting, released in February, indicated that officials were concerned about the longer-term impacts to financial stability with continued accommodative monetary policy. Participants expressed that if inflation were to persist it's likely "appropriate" to tighten monetary policy at a "faster pace" than anticipated. At the time, some members believed reducing the balance sheet would also be "appropriate" in 2022.

• The FOMC voted 8-1 to increase the federal funds target range by 0.25% to a range of 0.25% to 0.50% at the conclusion of its March 2022 meeting, the first increase since 2018. James Bullard was the only member voting against the 0.25% increase as he preferred an increase of 0.50%. The Fed noted that the Russia-Ukraine conflict is likely to cause "additional upward pressure" on inflation and weigh on GDP. The FOMC noted that job growth and economic activity "continue to strengthen," but acknowledged inflation is too high.

• The March 2022 meeting included an update of the Fed's summary of economic projections. The Fed's dot plot showed officials' median projection for the benchmark rate at the end of 2022 is approximately 1.9%, and then is expected to rise to approximately 2.5% in 2023. The 2022 median GDP growth projection was downgraded to 2.8% in March 2022 from 4.0% in December 2021. The 2023 and 2024 GDP growth forecasts remain unchanged at 2.2% and 2.0%, respectively. The 2022 and 2023 unemployment rate estimates were unchanged in March 2022 from December 2021. The Fed increased its median 2022 PCE inflation forecast to 4.3% from 2.6% in December 2021. The 2023 PCE forecast was also increased, to 2.7% from 2.3%.

• In the first quarter of 2022, U.S. GDP growth declined 1.6% (annualized) after a period of strong post-pandemic growth in 2021. While consumer spending was relatively resilient amid another surge of COVID-19 infections early in the year and rising inflation pressures, the economy was dragged down by slower inventory investment, a growing trade deficit and weaker government spending. However, the labor market remained remarkably strong, with non-farm payrolls averaging 539,000 in the first three months of 2022 and the unemployment rate at 3.6% as of March 31, 2022.

• The FOMC voted unanimously to increase the federal funds target range by 0.50% to a range of 0.75% to 1.00% at the conclusion of its May 2022 meeting, as expected. (There was no April 2022 policy meeting.) Additionally, the FOMC announced it would begin reducing its balance sheet on June 1, 2022. It planned to start by reducing $47.5 billion of Treasury securities, agency debt and agency mortgage-backed securities for the next three months, then increase it to $95 billion per month thereafter. Chair Powell insisted that inflation was "much too high" and that rate increases were needed "expeditiously." He also downplayed the possibility of a 0.75% increase in the future but indicated another 0.50% hike was on the table at the June 2022 meeting.

• Despite Chair Powell's previous comments that a larger magnitude rate hike was unlikely, expectations shifted as the June 2022 meeting approached. The FOMC voted 10-1 to increase the federal funds target range by 0.75% to a range of 1.50% to 1.75% at the conclusion of its June meeting, as expected. Additionally, the FOMC began reducing its balance sheet by $47.5 billion in June. The press release noted that inflation has remained "elevated." Looking forward, Chair Powell suggested that an increase between 50 and 75 basis points was "likely" at the July 2022 meeting.

• The June 2022 meeting included an update of the Fed's summary of economic projections. The Fed's dot plot showed officials' median projection for the benchmark rate at the end of 2022 is approximately 3.4%. The 2022 median GDP growth projection was downgraded to 1.7% as of June 2022, from 2.8% in March 2022. The 2023 and 2024 GDP growth forecasts were downgraded as well, to 1.7%

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited) (cont'd)

Ultra-Short Income Portfolio

and 1.9%, respectively. The 2022 and 2023 unemployment rate estimates were increased 20 and 40 basis points, respectively. The Fed increased its median 2022 PCE inflation forecast to 5.2% in June 2022, from 4.3% in March 2022. The 2023 PCE forecast was decreased, to 2.6% from 2.7%.

• U.S. GDP shrank for the second consecutive quarter, falling 0.6% (annualized) in the second quarter of 2022. While this fact alone does not meet the government's official definition of recession, downside risks to the economy were increasing. Consumer spending was subdued in the second quarter, with the headline CPI annual inflation rate at 9.1% as of June 2022. However, jobs growth continued to be surprisingly strong. Monthly non-farm payrolls averaged 384,000 in the second quarter of 2022, and the unemployment rate fell to 3.5% as of July 2022, matching its pre-pandemic low.

• The FOMC voted unanimously to increase the federal funds target range by 0.75% to a range of 2.25% to 2.50% at the conclusion of its July 2022 meeting, as expected. The Fed noted it worked expeditiously to get policy rates back to a "neutral" setting (generally considered to be around 2.50%). The Fed also expressed future rate increases are appropriate. Regarding economic conditions, the Committee downgraded its outlook, saying, "recent indicators of spending and production have softened" and that the housing sector had weakened. Consistent with prior meetings, the FOMC continued to view inflation as "elevated" while job growth remained "robust."

• At the annual August 2022 Jackson Hole conference, Chair Powell signaled that the Fed will continue to raise interest rates and leave them elevated to ensure that inflation is brought back under control, pushing back on those in the market who believed a dovish pivot was likely in 2023. Chair Powell stressed that "restoring price stability will likely require maintaining a restrictive policy stance for some time." On the back of this hawkish rhetoric, the market increased the probability of another 75 basis point increase at the following

month's FOMC meeting. The August 2022 CPI figure, released in early September, was firmer than anticipated and solidified the market's expectations of another outsized rate hike at the next FOMC in September 2022.

• As widely anticipated, for the third consecutive meeting, Fed officials raised interest rates by 75 basis points at the September 2022 policy meeting, bringing the target for the fed funds rate to a range of 3% to 3.25%. Updated dot plot forecasts showed that officials expect the fed funds rate to increase to 4.4% by year-end and 4.6% by 2023, as they try and curb inflation that remains stubbornly elevated at the highest levels since the 1980s. In the released statement, officials reiterated "ongoing increases in the target range will be appropriate," and that the Fed is "strongly committed to returning inflation to its 2% objective." As of September 2022 month-end, the market is pricing in another 75 basis point rate hike at the upcoming November 2022 FOMC meeting followed by another 50 basis point increase in December 2022. Following the September 2022 meeting, the 2-year Treasury note sold off and exceeded a yield of 4% for the first time since 2007, touching a recent high on September 26, 2022 of 4.34%.^v

• Positive factors affecting the Fund's performance in the period were its high allocations to daily resetting SOFR (secured overnight financing rate) and OBFR (overnight bank fund rate) floating-rate notes, along with elevated levels of daily and weekly liquidity, which resulted in a short duration profile. This positioning allowed the portfolio to reset quickly as the Fed raised interest rates in large increments throughout 2022.

• However, steepening in the short end of the yield curve due to aggressive Fed expectations along with spread widening that began in March 2022 due to geopolitical shocks put downward pressure on the Fund's net asset value (NAV), from $9.98 at the beginning of the period to $9.97 as of September 30, 2022, which resulted in negative contribution to performance.

^v Source: Bloomberg L.P.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited) (cont'd)

Ultra-Short Income Portfolio

Management Strategies

• We remain comfortable managing the portfolio with elevated levels of daily and weekly liquidity.

• High allocations to SOFR and OBFR floating-rate notes (FRNs) helped contribute to minimal volatility in the Fund's NAV throughout the period. As of September 30, 2022, 52% of portfolio is allocated to SOFR and OBFR FRNs. SOFR and OBFR FRNs reset daily and immediately reprice following each subsequent interest rate hike.

• Portfolio composition remains high rated and liquid, with no exposure to China and minimal exposure to asset-backed commercial paper.

• We continue to maximize the Fund's allowable exposure to A2/P2 rated securities. We believe these securities remain attractive given their yield pickup over A1/P1 paper and diversification away from the financial sector that dominates the commercial paper/certificates of deposit A1/P1 market.^vi

* Minimum Investment

** Commenced operations on April 28, 2016.

In accordance with SEC regulations, the Fund's performance shown assumes and distributions were reinvested. The performance of Class A and Class IR shares will vary from the performance of Institutional Class shares and will be negatively impacted by additional fees assessed to those classes (where applicable).

Performance Compared to the ICE BofA 3-Month U.S. Treasury Bill Index⁽¹⁾ and the Lipper Ultra Short Obligations Funds Index⁽²⁾

	Period Ended September 30, 2022 Total Returns⁽³⁾
				Average Annual
	One Year			Five Years			Ten Years		Since Inception⁽⁵⁾
Fund — Class IR Shares w/o sales charges⁽⁴⁾		0.79	%		1.29	%		—		1.22	%
Fund — Institutional Class Shares w/o sales charges⁽⁴⁾		0.74			1.24			—		1.17
Fund — Class A Shares w/o sales charges⁽⁴⁾		0.67			1.09			—		1.01
ICE BofA 3-Month U.S. Treasury Bill Index		0.62			1.15			—		1.02
Lipper Ultra Short Obligations Funds Index		–1.07			1.19			—		1.25

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Performance assumes that all dividends and distributions, if any, were reinvested. For the most recent month-end performance figures, please visit www.morganstanley.com/im/shareholderreports. Investment returns and principal value will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of share classes will vary due to differences in expenses. The Fund returns are calculated based on the net asset value as of the last business day of the period.

⁽¹⁾ The ICE BofA (Intercontinental Exchange Bank of America) 3-Month U.S. Treasury Bill Index tracks the performance of U.S. Treasury bills with a remaining maturity of three months. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

⁽²⁾ The Lipper Ultra Short Obligations Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Ultra Short Obligations Funds classification. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. As of the date of this report, the Fund was in the Lipper Ultra Short Obligations' Funds classification.

⁽³⁾ Total returns for the Fund reflect expenses waived and/or reimbursed, if applicable, by the Adviser. Without such waivers and/or reimbursements, total returns would have been lower.

⁽⁴⁾ Commenced operations on April 28, 2016.

⁽⁵⁾ For comparative purposes, average annual since inception returns listed for the Indexes refer to the inception date of the Fund, not the inception of the Indexes.

^vi Diversification neither assures a profit nor guarantees against a loss in a declining market.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
Certificates of Deposit (10.0%)
Domestic Banks (6.2%)
Citibank NA,
2.30%, 12/15/22	$	60,000	$	59,816
3.85%, 7/28/23		150,000		148,874
First Republic Bank,
3.15%, 10/5/22		494,000		494,000
				702,690
International Banks (3.8%)
Credit Industriel ET Commercial
3.67%, 2/1/23		45,000		44,413
Qatar National Bank
1.10%, 1/31/23		110,000		108,432
Sumitomo Mitsui Banking Corp.
2.70%, 4/26/23		125,000		123,746
Svenska Handelsbanken AB
3.91%, 7/19/23		71,000		70,623
Toronto-Dominion Bank
2.61%, 5/22/23		90,000		88,862
				436,076
Total Certificates of Deposit (Cost $1,144,058)				1,138,766
Commercial Paper (a) (28.8%)
Asset-Backed Diversified Financial Services (0.4%)
Barton Capital SA,
2.33%, 12/14/22		20,000		19,849
3.17%, 11/3/22		25,000		24,925
				44,774
Automobile (1.1%)
Mercedes-Benz Finance North America LLC
3.51%, 10/26/22 (b)		115,000		114,711
Toyota Credit Canada Inc.
3.50%, 1/11/23		10,000		9,891
				124,602
Chemicals (0.4%)
Nutrien Ltd.
3.67%, 11/3/22		51,000		50,831
Communications (2.0%)
AT&T, Inc.
3.98%, 12/15/22		115,000		114,064
Verizon Communications, Inc.
3.98%, 12/12/22		110,000		109,131
				223,195
Computer Technology (3.8%)
Apple, Inc.,
3.11%, 11/3/22		380,000		378,913
Hewlett Packard Enterprise Co.
3.56%, 10/19/22		56,000		55,900
				434,813
Domestic Banks (3.7%)
HSBC USA, Inc.,
3.04%, 4/28/23		135,000		131,518

	Face Amount (000)		Value (000)
3.36%, 6/9/23	$	152,500	$	147,676
4.17%, 8/4/23		110,000		105,628
4.20%, 7/6/23		22,500		21,700
4.35%, 8/11/23		18,000		17,267
				423,789
Finance (6.6%)
Barclays Capital, Inc.,
4.17%, 7/19/23		67,500		64,974
CDP Financial, Inc.,
3.87%, 6/22/23		90,000		87,074
3.88%, 6/21/23		115,000		111,279
3.90%, 6/13/23		90,000		87,197
4.07%, 8/21/23		50,000		47,932
Citigroup Global Markets, Inc.,
2.31%, 12/15/22 (b)		115,000		114,122
4.00%, 5/17/23		1,000		973
PSP Capital Inc.,
4.01%, 8/16/23		150,000		144,141
4.04%, 8/17/23		96,000		92,237
				749,929
Food & Beverage (0.2%)
Mondelez Intl, Inc.
3.41%, 10/18/22		21,000		20,965
Health Care Services (0.0%) (c)
Catholic Health Initiatives
3.60%, 10/6/22		2,000		1,999
Industrials (0.1%)
Fiserv, Inc.
3.51%, 10/17/22		10,000		9,984
Waste Management, Inc.
3.51%, 10/24/22		2,000		1,995
				11,979
Insurance (2.1%)
Pricoa Short Term Funding LLC,
2.27%, 12/15/22		155,000		153,820
4.11%, 7/13/23		5,000		4,825
4.93%, 9/8/23		33,000		31,586
5.00%, 9/22/23		30,000		28,655
Prudential Financial, Inc.
3.10%, 10/3/22		25,000		24,993
				243,879
International Banks (8.4%)
Barclays Bank PLC,
2.56%, 4/20/23 (b)		100,000		98,618
3.34%, 12/14/22 (b)		95,000		94,328
Bayerische Landesbank Girozentrale
3.21%, 11/3/22		300,000		299,091
DBS Bank Ltd.
3.17%, 12/14/22		83,500		82,876
Landesbank Baden-Wuerttemberg
3.07%, 10/7/22		100,000		99,940

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
International Banks (cont'd)
National Australia Bank Ltd.
3.86%, 6/15/23	$	137,000	$	132,617
Sumitomo Mitsui Trust Bank Ltd.
3.18%, 12/12/22		100,000		99,297
Suncorp Group Ltd.
2.07%, 11/2/22		50,000		49,838
				956,605
Total Commercial Paper (Cost $3,296,417)				3,287,360
Corporate Bonds (1.5%)
Automobile (0.3%)
Volkswagen Group of America Finance LLC
0.75%, 11/23/22 (b)		35,860		35,696
Chemicals (0.5%)
Nutrien Ltd.
3.15%, 10/1/22		53,623		53,623
Diversified Financial Services (0.1%)
Sumitomo Mitsui Financial Group, Inc.
2.78%, 10/18/22		9,915		9,911
Health Care Services (0.3%)
CommonSpirit Health
2.95%, 11/1/22		35,295		35,260
Dignity Health
3.13%, 11/1/22		5,115		5,110
				40,370
International Bank (0.1%)
Mizuho Financial Group, Inc.
3.55%, 3/5/23		13,000		12,950
Multi-Media (0.2%)
TWDC Enterprises 18 Corp.
2.35%, 12/1/22		19,288		19,240
Total Corporate Bonds (Cost $171,981)				171,790
Floating Rate Notes (d) (43.7%)
Asset-Backed Diversified Financial Services (0.0%) (c)
Collateralized Commercial Paper FLEX Co. LLC,
SOFR + 0.38%, 3.34%, 3/23/23 (b)		5,000		5,000
Automobile (1.8%)
Toyota Motor Credit Corp.,
SOFR + 0.32%, 2.48%, 4/6/23		10,000		9,977
SOFR + 0.75%, 3.62%, 7/25/23		195,000		195,401
				205,378
Domestic Banks (0.5%)
Bank of America Securities, Inc.
3.56%, 3/3/23		20,000		20,015
Citibank NA,
SOFR + 0.63%, 3.59%, 9/26/23		36,000		36,001
				56,016
Finance (3.1%)
Citigroup Global Markets Holdings, Inc.,
SOFR + 0.78%, 3.77%, 7/10/23		175,000		175,140

	Face Amount (000)		Value (000)
Goldman Sachs Bank USA,
SOFR + 0.54%, 3.53%, 10/3/22	$	75,000	$	75,003
Old Line Funding LLC,
SOFR + 0.37%, 2.88%, 11/28/22 (b)		100,000		100,015
				350,158
Insurance (0.1%)
Met Tower Global Funding,
SOFR + 0.55%, 3.55%, 1/17/23 (b)		525		525
New York Life Global Funding,
SOFR + 0.19%, 3.19%, 6/30/23 (b)		6,802		6,787
SOFR + 0.22%, 3.21%, 2/2/23 (b)		6,550		6,543
				13,855
International Banks (38.2%)
Bank of Montreal,
SOFR + 0.26%, 3.22%, 12/22/22		125,000		124,998
SOFR + 0.28%, 3.24%, 12/21/22		75,000		75,002
SOFR + 0.27%, 3.27%, 4/14/23		2,078		2,073
SOFR + 0.68%, 3.67%, 3/10/23		315,839		315,835
Bank of Nova Scotia,
SOFR + 0.55%, 3.53%, 9/15/23		79,959		79,695
SOFR + 0.60%, 3.56%, 5/15/23		100,000		100,110
SOFR + 0.66%, 3.62%, 7/28/23		145,000		145,200
Barclays Bank PLC,
SOFR + 0.60%, 3.56%, 12/15/22		175,000		175,118
BNZ International Funding Ltd.,
SOFR + 0.72%, 3.72%, 4/21/23 (b)		95,500		95,598
SOFR + 0.72%, 3.73%, 7/12/23 (b)		75,000		75,058
Canadian Imperial Bank of Commerce,
SOFR + 0.25%, 3.21%, 12/23/22		425,000		425,021
SOFR + 0.34%, 3.32%, 6/22/23		4,980		4,969
SOFR + 0.80%, 3.76%, 3/17/23		91,751		91,751
DNB Bank ASA,
SOFR + 0.70%, 3.66%, 7/27/23 (b)		25,000		25,053
Macquarie Bank Ltd.,
SOFR + 0.30%, 3.28%, 12/1/22 (b)		175,000		175,023
SOFR + 0.33%, 3.31%, 12/15/22 (b)		90,000		90,018
SOFR + 0.77%, 3.75%, 8/2/23 (b)		148,000		148,287
Nordea Bank Abp,
SOFR + 0.52%, 3.48%, 5/12/23		140,000		140,108
Royal Bank of Canada,
SOFR + 0.45%, 3.43%, 10/26/23		27,162		27,068
SOFR + 0.50%, 3.46%, 3/3/23 (b)		400,000		400,281
Skandinaviska Enskilda Banken AB,
SOFR + 0.69%, 3.65%, 8/16/23		150,000		150,172
SOFR + 0.70%, 3.68%, 8/11/23 (b)		250,000		250,312
Sumitomo Mitsui Banking Corp.,
SOFR + 0.52%, 3.48%, 6/22/23		200,000		199,939
SOFR + 0.80%, 3.76%, 8/1/23		20,000		20,035
Swedbank AB,
SOFR + 0.49%, 3.45%, 12/15/22		200,000		200,094
SOFR + 0.50%, 3.46%, 12/15/22		105,000		105,052
SOFR + 0.70%, 3.66%, 7/14/23		27,500		27,553

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
International Banks (cont'd)
Toronto Dominion Bank,
SOFR + 0.24%, 3.24%, 1/6/23	$	13,475	$	13,462
SOFR + 0.48%, 3.48%, 1/27/23		6,466		6,465
SOFR + 0.22%, 3.21%, 6/2/23		51,500		51,324
SOFR + 0.45%, 3.43%, 9/28/23		22,400		22,351
3.48%, 3/30/23		150,000		150,096
3.58%, 12/19/22		241,000		241,225
UBS AG London,
SOFR + 0.64%, 3.60%, 6/21/23 (b)		190,000		190,181
Westpac Banking Corp.,
SOFR + 0.50%, 3.46%, 3/21/23 (b)		12,500		12,508
				4,357,035
Total Floating Rate Notes (Cost $4,984,549)				4,987,442
Repurchase Agreements (15.8%)
ABN Amro Securities LLC, (3.22%, dated 9/30/22, due 10/3/22; proceeds $158,801; fully collateralized by a U.S. Government agency security; 3.50% due 5/1/52 and various U.S Obligations; 0.75% - 3.00% due 5/15/23 - 5/15/52; valued at $153,590)		150,000		150,000
Bank of America Securities, Inc., (3.47% (d), dated 1/27/22, due 1/27/23; proceeds $310,555; fully collateralized by various Common Stocks and Preferred Stocks valued at $315,000) (Demand 10/3/22) (e)		300,000		300,000
BNP Paribas, (3.28% (d), dated 6/29/22, due 10/7/22; proceeds $230,021; fully collateralized by various Corporate Bonds; 2.95% - 11.50% due 2/15/23 - 3/10/52; valued at $243,786) (Demand 10/3/22) (e)		230,000		230,000
BNP Paribas, (3.34% (d), dated 5/16/22, due 10/7/22; proceeds $80,631; fully collateralized by various Corporate Bonds; 3.88% - 8.00% due 6/15/25 - 6/15/76; valued at $84,801) (Demand 10/3/22) (e)		80,000		80,000
JP Morgan Securities LLC, (3.32% (d), dated 11/17/21, due 10/7/22; proceeds $74,132; fully collateralized by various Common Stocks and Preferred Stocks valued at $73,683) (Demand 10/3/22) (e)		70,000		70,000
JP Morgan Securities LLC, (3.45% (d), dated 7/14/22, due 12/4/22; proceeds $296,448; fully collateralized by various Corporate Bonds, 3.00% - 11.00% due 1/15/23 - 11/23/81; valued at $308,155) (Demand 10/3/22) (e)		290,000		290,000
Pershing LLC, (3.38%, dated 9/30/22, due 10/3/22; proceeds $27,059; fully collateralized by various Corporate Bonds; 0.45% - 7.5% due 10/9/22 - 11/1/96; valued at $26,347)		25,000		25,000
Societe Generale, (3.19%, dated 9/29/22, due 10/6/22; proceeds $141,749; fully collateralized by various Common Stocks valued at $147,091) (e)		140,000		140,000

	Face Amount (000)		Value (000)
Societe Generale, (3.22%, dated 9/30/22, due 10/3/22; proceeds $354,032; fully collateralized by Corporate Bonds; 0.00% - 11.50% due 2/15/23 - 5/15/97; valued at $374,099) (e)	$	354,000	$	354,000
Wells Fargo Securities LLC, (3,48%, dated 9/12/22, due 12/9/22; proceeds $50,299; fully collateralized by various Corporate Bonds; 1.90% - 5.95% due 4/30/24 - 4/22/51; valued at $52,501) (e)		50,000		50,000
Wells Fargo Securities LLC, (3.48%, dated 9/12/22, due 12/9/22; proceeds $111,202; fully collateralized by various Common Stocks and Preferred Stocks; valued at $114,450) (e)		109,000		109,000
Total Repurchase Agreements (Cost $1,798,000)				1,798,000
Time Deposits (0.9%)
Domestic Bank (0.5%)
Barclays Bank PLC (New York Branch)
3.07%, 10/3/22		59,000		59,000
International Banks (0.4%)
Credit Agricole CIB (Grand Cayman)
3.06%, 10/3/22		1,000		1,000
National Bank of Canada (Montreal Branch)
3.05%, 10/3/22		46,000		46,000
				47,000
Total Time Deposits (Cost $106,000)				106,000
Total Investments (100.7%) (Cost $11,501,005) (f)				11,489,358
Liabilities in Excess of Other Assets (–0.7%)				(85,476	)
Net Assets (100.0%)			$	11,403,882

(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.

(f) At September 30, 2022, the aggregate cost for federal income tax purposes is approximately $11,501,005,000. The aggregate gross unrealized appreciation is approximately $3,336,000 and the aggregate gross unrealized depreciation is approximately $14,983,000, resulting in net unrealized depreciation of approximately $11,647,000.

SOFR Secured Overnight Financing Rate.

USD United States Dollar.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

Portfolio Composition

Classification	Percentage of Total Investments
Floating Rate Notes		43.4	%
Commercial Paper		28.6
Repurchase Agreements		15.7
Certificates of Deposit		9.9
Other*		2.4
Total Investments		100.0	%

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

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Ultra-Short Income Portfolio

Statement of Assets and Liabilities	September 30, 2022 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $11,501,005, including value of repurchases agreements of $1,798,000)	$	11,489,358
Receivable for Fund Shares Sold		39,518
Interest Receivable		24,412
Other Assets		1,209
Total Assets		11,554,497
Liabilities:
Payable for Fund Shares Redeemed		105,270
Payable for Investments Purchased		32,503
Dividends Payable		4,696
Payable for Advisory Fees		4,509
Bank Overdraft		1,743
Payable for Administration Fees		811
Payable for Shareholder Services Fees — Institutional Class		89
Payable for Shareholder Services Fees — Class A		394
Payable for Custodian Fees		107
Payable for Professional Fees		64
Payable for Transfer Agency Fees — Class IR		7
Payable for Transfer Agency Fees — Institutional Class		3
Payable for Transfer Agency Fees — Class A		3
Other Liabilities		416
Total Liabilities		150,615
Net Assets	$	11,403,882
Net Assets Consist of:
Paid-in-Capital	$	11,478,072
Total Accumulated Loss		(74,190	)
Net Assets	$	11,403,882
CLASS IR:
Net Assets	$	4,945,966
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		496,222,904
Net Asset Value, Offering and Redemption Price Per Share	$	9.97
Institutional Class:
Net Assets	$	2,006,592
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		201,304,903
Net Asset Value, Offering and Redemption Price Per Share	$	9.97
CLASS A:
Net Assets	$	4,451,324
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		446,654,102
Net Asset Value, Offering and Redemption Price Per Share	$	9.97

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Ultra-Short Income Portfolio

Statement of Operations	Year Ended September 30, 2022 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	119,757
Expenses:
Advisory Fees (Note B)		22,511
Shareholder Services Fees — Institutional Class (Note D)		995
Shareholder Services Fees — Class A (Note D)		12,540
Administration Fees (Note C)		9,004
Registration Fees		365
Custodian Fees (Note F)		219
Professional Fees		63
Trustees' Fees and Expenses		130
Shareholder Reporting Fees		103
Transfer Agency Fees — Class IR (Note E)		31
Transfer Agency Fees — Institutional Class (Note E)		13
Transfer Agency Fees — Class A (Note E)		12
Pricing Fees		31
Other Expenses		263
Total Expenses		46,280
Waiver of Advisory Fees (Note B)		(10,500	)
Reimbursement of Class Specific Expenses — Class IR (Note B)		(31	)
Reimbursement of Class Specific Expenses — Institutional Class (Note B)		(13	)
Waiver of Shareholder Services Fees — Class A (Note D)		(6,956	)
Net Expenses		28,780
Net Investment Income		90,977
Realized Gain:
Investments Sold		235
Change in Unrealized Appreciation (Depreciation):
Investments		(14,783	)
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)		(14,548	)
Net Increase in Net Assets Resulting from Operations	$	76,429

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Ultra-Short Income Portfolio

Statements of Changes in Net Assets	Year Ended September 30, 2022 (000)			Year Ended September 30, 2021 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	90,977		$	22,531
Net Realized Gain		235			3,037
Net Change in Unrealized Appreciation (Depreciation)		(14,783	)		(16,774	)
Net Increase in Net Assets Resulting from Operations		76,429			8,794
Dividends and Distributions to Shareholders:
Class IR		(40,463	)		(12,683	)
Institutional Class		(15,723	)		(3,472	)
Class A		(34,791	)		(6,376	)
Total Dividends and Distributions to Shareholders		(90,977	)		(22,531	)
Capital Share Transactions:⁽¹⁾
Class IR:
Subscribed		7,214,321			8,682,218
Distributions Reinvested		30,579			9,479
Redeemed		(7,307,703	)		(9,061,253	)
Institutional Class:
Subscribed		2,043,532			1,339,253
Distributions Reinvested		15,376			3,471
Redeemed		(1,884,107	)		(2,051,149	)
Class A:
Subscribed		2,260,850			3,337,749
Distributions Reinvested		34,037			6,374
Redeemed		(3,810,471	)		(7,287,532	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(1,403,586	)		(5,021,390	)
Total Decrease in Net Assets		(1,418,134	)		(5,035,127	)
Net Assets:
Beginning of Period		12,822,016			17,857,143
End of Period	$	11,403,882		$	12,822,016
(1) Capital Share Transactions:
Class IR:
Shares Subscribed		723,399			869,763
Shares Issued on Distributions Reinvested		3,067			950
Shares Redeemed		(732,632	)		(907,856	)
Net Decrease in Class IR Shares Outstanding		(6,166	)		(37,143	)
Institutional Class:
Shares Subscribed		204,843			134,186
Shares Issued on Distributions Reinvested		1,542			348
Shares Redeemed		(188,909	)		(205,506	)
Net Increase (Decrease) in Institutional Class Shares Outstanding		17,476			(70,972	)
Class A:
Shares Subscribed		226,710			334,415
Shares Issued on Distributions Reinvested		3,414			639
Shares Redeemed		(382,083	)		(730,189	)
Net Decrease in Class A Shares Outstanding		(151,959	)		(395,135	)

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Ultra-Short Income Portfolio

	Class IR
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.98		$	9.99		$	10.02		$	10.01		$	10.01
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.10			0.02			0.13			0.25			0.19
Net Realized and Unrealized Gain (Loss)		(0.02	)		(0.01	)		(0.03	)		0.01			(0.01	)
Total from Investment Operations		0.08			0.01			0.10			0.26			0.18
Distributions from and/or in Excess of:
Net Investment Income		(0.09	)		(0.02	)		(0.13	)		(0.25	)		(0.18	)
Net Realized Gain		—			—			—			—			(0.00	)⁽²⁾
Total Distributions		(0.09	)		(0.02	)		(0.13	)		(0.25	)		(0.18	)
Net Asset Value, End of Period	$	9.97		$	9.98		$	9.99		$	10.02		$	10.01
Total Return⁽³⁾		0.79	%		0.10	%		1.03	%		2.68	%		1.87	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	4,945,966		$	5,014,307		$	5,388,750		$	4,765,201		$	1,840,647
Ratio of Expenses Before Expense Limitation		0.29	%		0.30	%		0.31	%		0.30	%		0.30	%
Ratio of Expenses After Expense Limitation		0.20	%		0.18	%		0.24	%		0.24	%		0.23	%
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.24	%		0.24	%		N/A
Ratio of Net Investment Income		0.96	%		0.21	%		1.34	%		2.53	%		1.86	%
Portfolio Turnover Rate		N/A⁽⁴⁾			N/A⁽⁴⁾			N/A⁽⁴⁾			N/A⁽⁴⁾			N/A⁽⁴⁾

(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) 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.
15

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Ultra-Short Income Portfolio

	Institutional Class
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.98		$	9.99		$	10.02		$	10.01		$	10.01
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.08			0.02			0.14			0.25			0.18
Net Realized and Unrealized Gain (Loss)		(0.01	)		(0.01	)		(0.04	)		0.01			0.00	⁽²⁾
Total from Investment Operations		0.07			0.01			0.10			0.26			0.18
Distributions from and/or in Excess of:
Net Investment Income		(0.08	)		(0.02	)		(0.13	)		(0.25	)		(0.18	)
Net Realized Gain		—			—			—			—			(0.00	)⁽²⁾
Total Distributions		(0.08	)		(0.02	)		(0.13	)		(0.25	)		(0.18	)
Net Asset Value, End of Period	$	9.97		$	9.98		$	9.99		$	10.02		$	10.01
Total Return⁽³⁾		0.74	%		0.05	%		0.98	%		2.62	%		1.82	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	2,006,592		$	1,834,410		$	2,544,657		$	3,085,210		$	2,722,775
Ratio of Expenses Before Expense Limitation		0.34	%		0.35	%		0.36	%		0.34	%		0.35	%
Ratio of Expenses After Expense Limitation		0.25	%		0.23	%		0.29	%		0.29	%		0.28	%
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.29	%		0.29	%		N/A
Ratio of Net Investment Income		0.79	%		0.16	%		1.39	%		2.48	%		1.84	%
Portfolio Turnover Rate		N/A⁽⁴⁾			N/A⁽⁴⁾			N/A⁽⁴⁾			N/A⁽⁴⁾			N/A⁽⁴⁾

(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) 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.
16

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Ultra-Short Income Portfolio

	Class A
	Year Ended September 30,
Selected Per Share Data and Ratios	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.98		$	9.99		$	10.02		$	10.01		$	10.01
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.07			0.01			0.12			0.23			0.17
Net Realized and Unrealized Gain (Loss)		0.00	⁽²⁾		(0.01	)		(0.04	)		0.01			(0.01	)
Total from Investment Operations		0.07			(0.00	)⁽²⁾		0.08			0.24			0.16
Distributions from and/or in Excess of:
Net Investment Income		(0.08	)		(0.01	)		(0.11	)		(0.23	)		(0.16	)
Net Realized Gain		—			—			—			—			(0.00	)⁽²⁾
Total Distributions		(0.08	)		(0.01	)		(0.11	)		(0.23	)		(0.16	)
Net Asset Value, End of Period	$	9.97		$	9.98		$	9.99		$	10.02		$	10.01
Total Return⁽³⁾		0.67	%		(0.03	)%		0.80	%		2.42	%		1.61	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	4,451,324		$	5,973,299		$	9,923,736		$	10,784,226		$	6,266,177
Ratio of Expenses Before Expense Limitation		0.54	%		0.55	%		0.56	%		0.55	%		0.55	%
Ratio of Expenses After Expense Limitation		0.31	%		0.32	%		0.46	%		0.49	%		0.48	%
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.46	%		0.49	%		N/A
Ratio of Net Investment Income		0.70	%		0.08	%		1.16	%		2.29	%		1.68	%
Portfolio Turnover Rate		N/A⁽⁴⁾			N/A⁽⁴⁾			N/A⁽⁴⁾			N/A⁽⁴⁾			N/A⁽⁴⁾

(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) 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.
17

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

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 offers 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 brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; and (2) when market quotations are not readily available, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general

supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

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 September 30, 2022:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Short-Term Investments
Certificates of Deposit	$	—	$	1,138,766	$	—	$	1,138,766
Commercial Paper		—		3,287,360		—		3,287,360
Corporate Bonds		—		171,790		—		171,790
Floating Rate Notes		—		4,987,442		—		4,987,442
Repurchase Agreements		—		1,798,000		—		1,798,000
Time Deposits		—		106,000		—		106,000
Total Short-Term Investments		—		11,489,358		—		11,489,358
Total Assets	$	—	$	11,489,358	$	—	$	11,489,358

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

securities to be repurchased exceeds the repurchase price to be paid under the repurchase agreement reducing the net settlement amount to zero.

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.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.20% of the average daily net assets of the Fund.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses,

excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.25% for Class IR shares, 0.30% for Institutional Class shares and 0.45% for Class A shares. Effective May 2, 2022, the Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses will not exceed 0.40% for Class A shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. In addition, the Adviser may make additional voluntary fee waivers and/or expense reimbursements. The ratios of expenses to average net assets disclosed in the Fund's Financial Highlights may be lower than the maximum expense ratios due to these additional fee waivers and/or expense reimbursements. The Adviser may also waive additional advisory fees and/or reimburse expenses to enable the Fund to maintain a minimum level of daily net investment income. For the year ended September 30, 2022, approximately $10,500,000 of advisory fees were waived and approximately $44,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

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

D. Shareholder Services Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser, and an indirect subsidiary of Morgan Stanley, serves as the Trust's Distributor of Fund shares pursuant to a Distribution Agreement. The Trust has adopted a Shareholder Services Plan with respect to the Institutional Class shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.05% of the Fund's average daily net assets attributable to the Institutional Class shares.

The Trust has adopted a Shareholder Services Plan with respect to the Class A shares pursuant to Rule 12b-1 under the

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

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 0.15% of the average daily net assets of such shares on an annualized basis. Effective May 2, 2022, the Distributor has agreed to waive the 12b-1 fee 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 discontinue all or a portion of such waiver when it deems such action is appropriate. For the year ended September 30, 2022, this waiver amounted to approximately $5,938,000.

The Distributor has agreed to reduce its shareholder services fees to enable the Fund to maintain a minimum level of daily net investment income. For the year ended September 30, 2022, this waiver amounted to approximately $1,018,000.

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 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 year ended September 30, 2022, the Fund did not engage in any cross-trade transactions.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2022 and 2021 was as follows:

2022 Distributions Paid From: Ordinary Income (000)				2021 Distributions Paid From: Ordinary Income (000)
$	90,977			$	22,531

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2022.

At September 30, 2022, 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)
$	6,499			$	—

At September 30, 2022, the Fund had available for federal income tax purposes unused short-term capital losses of approximately $63,983,000 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, 2022, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $235,000.

the year ended September 30, 2022, the Fund did not have any borrowings under the Facility.

Election of Trustees by all shareholders:

	For		Against
Frances L. Cashman		1,001,428,988		27,543,564
Nancy C. Everett		994,527,335		34,445,217
Eddie A. Grier		999,694,220		29,278,332
Jakki L. Haussler		997,669,902		31,302,650
Patricia A. Maleski		1,000,046,511		28,926,041

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Morgan Stanley Institutional Fund Trust —
Ultra-Short Income Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Ultra-Short Income Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund Trust (the "Trust")), including the portfolio of investments, as of September 30, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund Trust) at September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.
Boston, Massachusetts
November 29, 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2021, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was below its peer group average for the three- and five-year periods but better than its peer group average for the one-year period. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's (i) performance was acceptable and (ii) management fee and total expense ratio were competitive with its peer group averages.

Economies of Scale

Profitability of the Adviser and Affiliates

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Advisory Agreement Approval (unaudited) (cont'd)

Other Benefits of the Relationship

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

Other Factors and Current Trends

General Conclusion

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Liquidity Risk Management Program (unaudited)

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2022.

The Fund designated approximately $49,448,000 of its distributions paid as qualified interest income.

The Fund designated approximately $90,617,000 of its distributions paid as business interest income.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) April 2021

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 investment management affiliates' everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) (cont'd) April 2021

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 Investment Management 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) (cont'd) April 2021

Definitions

Investment Management Affiliates				MSIM Investment Management Affiliates include registered investment advisers, registered broker/dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates				Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ 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

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited)

Independent Trustees:

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Frank L. Bowman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1944

Trustee

Since
August
2006

Frances L. Cashman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1961

Trustee

Trustee
since
February
2022

Kathleen A. Dennis
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1953

Trustee

Since
August
2006

Board Member, University of Albany Foundation (2012-present); Board Member, Mutual Funds Directors Forum (2014-present); Director of various non-profit organizations.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Nancy C. Everett
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
January
2015

Eddie A. Grier
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Trustee
since
February
2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Jakki L. Haussler
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1957

Trustee

Since
January
2015

Dr. Manuel H. Johnson
c/o Johnson Smick
International, Inc.
220 I Street, NE
Suite 200
Washington, D.C. 20002
Birth Year: 1949

Trustee

Since
July
1991

Director of NVR, Inc. (home construction).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Joseph J. Kearns
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1942

Trustee

Since
August
1994

Michael F. Klein
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1958

Trustee

Since
August
2006

Director of certain investment funds managed or sponsored by Aetos Alternatives Management, LP; Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

Patricia A. Maleski
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1960

Trustee

Since
January
2017

Trustee, Nutley Family Service Bureau, Inc. (since January 2022).

W. Allen Reed
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1947

Chair of the Board and Trustee

Chair of the Board since August 2020 and Trustee since August 2006

Formerly, Director of Legg Mason, Inc. (2006-2019); and Director of the Auburn University Foundation (2010-2015).

* This is the earliest date the Trustee began serving the Morgan Stanley Funds. Each Trustee serves an indefinite term, until his or her successor is elected.

*** This includes any directorships at public companies and registered investment companies held by the Trustee at any time during the past five years.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Executive Officers:

Name, Address and Birth Year
of Executive Officer

Position(s) Held
with
Registrant

Length of
Time Served*

Principal Occupation(s) During Past 5 Years

John H. Gernon
522 Fifth Avenue
New York, NY 10036
Birth Year: 1963

President and Principal Executive Officer

Since
September
2013

Deidre A. Downes
1633 Broadway
New York, NY 10019
Birth Year: 1977

Chief Compliance Officer

Since November
2021

Francis J. Smith
522 Fifth Avenue
New York, NY 10036
Birth Year: 1965

Treasurer and Principal Financial Officer

Treasurer since July 2003 and Principal Financial Officer since September
2002

Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).

Mary E. Mullin
1633 Broadway
New York, NY 10019
Birth Year: 1967

Secretary

Since
June
1999

Managing Director of the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

Michael J. Key
522 Fifth Avenue
New York, NY 10036
Birth Year: 1979

Vice President

Since
June
2017

* This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves an indefinite term, until his or her successor is elected.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

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

Co-Transfer Agent

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

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

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

Counsel to the Independent Trustees

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

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

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

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

IFTUSIANN
5063337 EXP 11.30.23

Morgan Stanley Institutional Fund Trust

Ultra-Short Municipal Income Portfolio

Annual Report

September 30, 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Table of Contents (unaudited)

Shareholders' Letter					2
Expense Example					3
Investment Overview					4
Portfolio of Investments					6
Statement of Assets and Liabilities					8
Statement of Operations					9
Statements of Changes in Net Assets					10
Financial Highlights					11
Notes to Financial Statements					14
Report of Independent Registered Public Accounting Firm					19
Investment Advisory Agreement Approval					20
Liquidity Risk Management Program					22
Federal Tax Notice					23
U.S. Customer Privacy Notice					24
Trustee and Officer Information					27

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Shareholders' Letter (unaudited)

Dear Shareholders,

We are pleased to provide this Annual Report, in which you will learn how your investment in Ultra-Short Municipal Income Portfolio (the "Fund") performed during the latest twelve-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

October 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Expense Example (unaudited)

Ultra-Short Municipal Income Portfolio

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended September 30, 2022 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 4/1/22		Actual Ending Account Value 9/30/22		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Ultra-Short Municipal Income Portfolio Class IR	$	1,000.00	$	1,005.20	$	1,024.68	$	0.66	$	0.67		0.13	%
Ultra-Short Municipal Income Portfolio Institutional Class		1,000.00		1,003.70		1,024.18		1.17		1.18		0.23
Ultra-Short Municipal Income Portfolio Class A		1,000.00		1,004.60		1,024.13		1.22		1.23		0.24

** Annualized.

*** Adjusted to reflect non-business days accruals.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited)

Ultra-Short Municipal Income Portfolio

The Fund seeks current income exempt from federal income tax and capital preservation while maintaining liquidity.

Performance

For the fiscal year ended September 30, 2022, the Fund's Institutional Class Share had a total return based on net asset value and reinvestment of distributions per share of 0.44%, net of fees. The Fund's Institutional Class Share underperformed against the Fund's benchmark, the Bloomberg BVAL Municipal AAA Yield Curve (Callable) 3 Month Index (the "Index"), which returned 0.84%. For the seven-day period ended September 30, 2022, the Fund's Institutional Class Share provided an annualized current yield of 2.20% (subsidized) and 1.80% (non-subsidized), while its 30-day moving average annualized yield was 1.62% (subsidized) and 1.24% (non-subsidized). The 30-day SEC yield was 1.54% (subsidized) and 1.16% (non-subsidized). The 30-day taxable equivalent SEC yield was 2.44% (subsidized) and 1.84% (non-subsidized). The non-subsidized yield reflects what the yield would have been had a fee and/or expense waiver not been in place during the period shown. Past performance is no guarantee of future results.

Factors Affecting Performance

• Heightened inflation and uncertainty around the Federal Reserve's (Fed) tightening path have been the focus of fixed income markets in this reporting period. Higher interest rates have caused U.S. fixed income asset classes to underperform, and municipal debt has not been spared, despite generally being considered a defensive asset class.

• At the short end of the municipal curve, yields for variable rate demand obligations (VRDOs) increased significantly during the first quarter of 2022 as dealer inventories rose.

• In April 2022, the Fed announced its intention to launch quantitative tightening monetary policy and then hiked its policy rate 50 basis points at its May 2022 meeting.⁽ⁱ⁾ In June 2022, the headline consumer price index (CPI) rose to a 40-year high, prompting the Fed to hike the target rate by 75 basis points. Another 75 basis point rate hike followed at the Fed's July 2022 policy meeting. Federal Reserve officials unanimously agreed that

interest rates need to keep rising for longer to prevent higher inflation from becoming entrenched, even if that tilts the U.S. economy into recession territory.

• While summer technicals brought some support to the municipal market mid-year, losses accelerated in September 2022, where the decline widened to –3.84% from –2.19% in August 2022, the single largest monthly loss since September 2008, and this brought year-to-date losses to –12.13%, per the Bloomberg U.S. Municipal Bond Index.⁽ⁱⁱ⁾

• The Fed implemented a third straight rate hike of 75 basis points in September 2022, bringing the fed funds target to a range of 3% to 3.25% as it continues to combat inflation. This pushed the 2-year U.S. Treasury yield above 4%.⁽ⁱⁱⁱ⁾ The post-meeting statement acknowledged upcoming rate hikes, saying the policy committee "anticipates that ongoing increases in the target range will be appropriate."

• With interest rates now meaningfully higher, municipalities are less likely to issue debt to finance projects or to refinance their outstanding debt. State and local debt sales saw a monthly decline of roughly 40% to about $24 billion in September, and year-to-date municipal bond sales total approximately $289 billion, a 15% year-over-year decrease, according to Bloomberg.^(iv)

• Positive contributors to the Fund's performance in the period included holdings with floating-rate/variable-rate exposure, which helped keep the Fund's price volatility low.

• However, uncertainty around Fed policy, Treasury market volatility and the geopolitical landscape weighed on Fund performance.

Management Strategies

• We believe the portfolio is well positioned for a rising rate environment, with a short duration profile and high allocations to VRDOs and floating-rate securities. We continue to hold a bias for higher quality assets overall and continue to advocate careful security selection.

⁽ⁱ⁾ One basis point = 0.01%

⁽ⁱⁱ⁾ The Bloomberg U.S. Municipal Bond Index is an index that covers the USD-denominated long-term, tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. It is composed of approximately 1,100 bonds.

⁽ⁱⁱⁱ⁾ Source: Bloomberg L.P. Data as of September 30, 2022.

^(iv) Source: Bloomberg.com, "Muni bond sales collapse 40% in September as issuance slumps," September 29, 2022.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Overview (unaudited) (cont'd)

Ultra-Short Municipal Income Portfolio

• Municipal credit quality has remained solid, and the asset class is generally considered more defensive than many other assets during times of economic stress. State and local governments budget in advance, and it takes some time for economic downturns to start affecting their balance sheets — even more so for local municipalities that rely heavily on property taxes. Housing tax receipts typically decline years after economic shocks, as it takes time for home values to be reassessed.

• Uncertainty around the Federal Reserve, Treasury market volatility and the geopolitical landscape will likely continue to weigh on the market. Municipal yield movements are closely tracking the Treasury market's high volatility, and it will likely require a calming of that volatility, as well as a more favorable technical municipal backdrop, to reignite persistent market conviction and sustained outperformance. As the Fed moves ahead with aggressive rate hikes based on potentially lagging economic data, the risk of a policy error grows.

* Minimum Investment

** Commenced operations on December 19, 2018.

In accordance with SEC regulations, the Fund's performance shown assumes that all recurring fees (including management fees) were deducted and all dividends and distributions were reinvested. The performance of Class A and Class IR shares will vary from the performance of Institutional Class shares and will be negatively impacted by additional fees assessed to those classes (where applicable).

Performance Compared to the Bloomberg BVAL Municipal AAA Yield Curve (Callable) 3 Month Index⁽¹⁾ and the Lipper Short Municipal Debt Funds Index⁽²⁾

	Period Ended September 30, 2022 Total Returns⁽³⁾
				Average Annual
	One Year			Five Years		Ten Years		Since Inception⁽⁵⁾
Fund — Class IR Shares w/o sales charges⁽⁴⁾		0.61	%		—		—		0.73	%
Fund — Institutional Class Shares w/o sales charges⁽⁴⁾		0.44			—		—		0.65
Fund — Class A Shares w/o sales charges⁽⁴⁾		0.53			—		—		0.61
Bloomberg BVAL Municipal AAA Yield Curve (Callable) 3 Month Index		0.84			—		—		0.68
Lipper Short Municipal Debt Funds Index		–3.22			—		—		0.35

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Performance assumes that all dividends and distributions, if any, were reinvested. For the most recent month-end performance figures, please visit www.morganstanley.com/im/shareholderreports. Investment returns and principal value will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of share classes will vary due to differences in expenses. The Fund returns are calculated based on the net asset value as of the last business day of the period.

⁽¹⁾ Bloomberg BVAL Municipal AAA Yield Curve (Callable) 3 Month Index is Bloomberg's evaluated pricing service, BVAL, provides a municipal "AAA" 5% coupon benchmark yield curve that is the baseline curve for BVAL tax-exempt municipals. It is populated with high quality U.S. municipal bonds with an average rating of "AAA" from Moody's and S&P. The yield curve is built using non-parametric fit of market data obtained from the Municipal Securities Rulemaking Board, new issues and other proprietary contributed prices. The benchmark is updated hourly and utilizes eligible "AAA" traded observations throughout the day and accessible on through Bloomberg services. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.

⁽²⁾ The Lipper Short Municipal Debt Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Short Municipal Debt Funds classification. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. As of the date of this report, the Fund was in the Lipper Short Municipal Debt Funds classification.

⁽³⁾ Total returns for the Fund reflect expenses waived and/or reimbursed, if applicable, by the Adviser. Without such waivers and/or reimbursements, total returns would have been lower.

⁽⁴⁾ Commenced operations on December 19, 2018.

⁽⁵⁾ For comparative purposes, average annual since inception returns listed for the Indexes refer to the inception date of the Fund, not the inception of the Indexes.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments

Ultra-Short Municipal Income Portfolio

	Face Amount (000)		Value (000)
Weekly Variable Rate Bonds (a) (61.8%)
County of Clark, NV, Airport Bonds, Ser 2008 A (AMT) 2.60%, 7/1/27	$	6,500	$	6,500
Nevada Industrial Development Revenue Bonds 2.50%, 3/1/38		6,500		6,500
County of Liberty, FL, Industrial Development Revenue Bonds Georgia Pacific Corp. Ser 2004 2.67%, 10/1/28 (b)		4,500		4,500
County of Perry, MS, Mississippi Pollution Control Refunding Revenue Bonds Leaf River Cellulose, LLC Project Series 2021 2.59%, 10/1/41 (b)		4,000		4,000
Daviess Country, KY, Solid Waste Disposal Facilities Revenue Ser 1993-A (AMT) 2.55%, 12/1/23		5,000		5,000
Iowa State Finance Authority, LA, Midwestern Disaster Area Revenue Bonds Archer-Daniels-Midland Company Project Ser 2012 2.55%, 12/1/45		3,500		3,500
Solid Waste Facilities Revenue Bonds Mid America Energy Company Project Ser 2016 B (AMT) 2.50%, 12/1/46		3,500		3,500
Ser 2017 (AMT) 2.33%, 12/1/47		3,000		3,000
Kentucky Economic Development Finance Authority, KY, Catholic Health Initiatives Ser 2004 C 2.50%, 5/1/34		5,000		5,000
Metropolitan Washington Airports Authority, DC, Airport System Subser 2011 A-1 2.55%, 10/1/39		5,800		5,800
New York State Energy Research & Development Authority, NY, Consolidated Edison Co Ser 2004 Subser C-3 (AMT) 2.25%, 11/1/39		2,000		2,000
Parish of St. James, LA, State of Louisiana Revenue Bonds, Nucor Steel Louisiana LLC Project, Gulf Opportunity Zone Bonds Ser 2010A-1 2.88%, 11/1/40		2,000		2,000
Ser 2010B-1 2.77%, 11/1/40		2,000		2,000
Port of Tacoma, WA, Subordinate Lien Revenue Refunding Bonds Ser 2008 (AMT) 2.55%, 12/1/35		7,000		7,000
RBC Municipal Products Inc Trust, CO, City and County of Denver Airport System — Subordinate Bonds Floater Certificates Ser 2019-G114 2.71%, 12/1/26 (b)		1,500		1,500
RBC Municipal Products Inc Trust, MO, Health and Educational Facilities Authority of The State of Missouri SSM Health Ser 2019 A Floater Certificates Ser 2019-C17 2.50%, 12/1/39 (b)		3,000		3,000

	Face Amount (000)		Value (000)
RBC Municipal Products Inc Trust, NY, New York City Variable Ser 2006 Subser I-5 Floater Certificates Ser 2019-E-133 2.49%, 5/1/23 (b)	$	4,000	$	4,000
RBC Municipal Products Inc Trust, TX, Various States Certificates E-140 2.49%, 10/1/24 (b)		2,000		2,000
E-141 2.49%, 12/1/23 (b)		2,000		2,000
E-150 2.49%, 5/1/27 (b)		4,000		4,000
Rochester, MN, Health Care Facilities Mayo Clinic, Ser 2008 A 2.45%, 11/15/38		5,000		5,000
Utah Water Finance Agency, UT, Ser 2008 B 2.50%, 10/1/37		6,000		6,000
Washington Country, NE, Nebraska Industrial Development Revenue Bonds, Ser 2010 B 2.49%, 12/1/40		3,500		3,500
Total Weekly Variable Rate Bonds (Cost $91,300)				91,300
Daily Variable Rate Bonds (a) (16.4%)
County of Bay, FL, Florida Industrial Development Revenue Bonds Gulf Power Company Project Ser 2020 (AMT) 2.85%, 6/1/50		5,500		5,500
JPMorgan Chase Putters/Drivers Trust, Various States Certificates 5032 2.98%, 12/15/34 (b)		4,000		4,000
Louisville and Jefferson County, KY, Regional Airport UPS Worldwide Forwarding, Ser 1999-C (AMT) 3.00%, 1/1/29		2,000		2,000
3.03%, 1/1/29		4,900		4,900
RBC Municipal Products Inc Trust, SC, Transportation Infrastructure Bank Ser 2017 A Floater Certificates Ser 2019-G109 2.66%, 10/1/25 (b)		1,000		1,000
West Jefferson, AL, Industrial Development Board Solid Waste Disposal Revenue Alabama Power-Miller Plant Ser 2008 (AMT) 2.98%, 12/1/38		6,900		6,900
Total Daily Variable Rate Bonds (Cost $24,300)				24,300
Floating Rate Notes (a) (9.3%)
Indiana Finance Authority, IN, Economic Development Refunding Revenue Bonds, Ser 2010A (AMT) 2.95%, 5/1/34		1,000		999
New York City Cultural Resources Trust, NY, American Museum of Natural History Ser 2014 B-1 2.61%, 4/1/44		3,700		3,699
New York State Environmental Facilities Corp., NY, Solid Waste Disposal Refunding Revenue Bonds Waste Management Inc. Project 2012 2.25%, 5/1/30		4,000		3,995

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Portfolio of Investments (cont'd)

Ultra-Short Municipal Income Portfolio

	Face Amount (000)		Value (000)
Floating Rate Notes (a) (cont'd)
Pennsylvania Economic Development Financing Authority, PA, Solid Waste Refunding Revenue Bonds, Ser 2019A (AMT) 2.00%, 4/1/34	$	2,000	$	1,999
The Industrial Development Authority of The City of Phoenix, AZ, Solid Waste Disposal Revenue Refunding Bonds Ser 2013 (AMT) 2.25%, 12/1/35		3,000		2,998
Total Floating Rate Notes (Cost $13,700)				13,690
Closed-End Investment Companies (a) (6.8%)
Nuveen AMT-Free Municipal Credit Income Fund, OT, MFP Share Ser B 2.91%, 3/1/29 (b)		5,000		5,000
Nuveen New York AMT-Free Quality Municipal Income Fund, 800 Ser E (AMT) 2.91%, 5/1/47 (b)		5,000		5,000
Total Closed-End Investment Companies (Cost $10,000)				10,000
Commercial Paper (c) (2.7%)
Mercer County Pollution Control Revenue IAM Commercial Paper 3/A2 Ser 1 ND 2.30%, 10/18/22 (Cost $4,000)		4,000		3,999
Quarterly Variable Rate Bonds (a) (1.3%)
Miami-Dade County, FL, Industrial Development Authority Solid Waste Waste Management Inc. of Florida Ser 2011 (AMT) 0.40%, 11/1/41 (Cost $2,000)		2,000		1,995
Total Investments (98.3%) (Cost $145,300) (d)				145,284
Other Assets in Excess of Liabilities (1.7%)				2,481
Net Assets (100.0%)			$	147,765

(a) Floating or variable rate securities: The rates disclosed are as of September 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

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

(d) At September 30, 2022, the aggregate cost for federal income tax purposes is approximately $145,300,000. The aggregate gross unrealized appreciation is approximately $0 and the aggregate gross unrealized depreciation is approximately $16,000, resulting in net unrealized depreciation of approximately $16,000.

AMT Alternative Minimum Tax.

MFP Municipal Fund Preferred.

PUTTERs Puttable Tax-Exempt Receipts.

RANs Revenue Anticipation Notes.

Portfolio Composition

Classification	Percentage of Total Investments
Weekly Variable Rate Bonds		62.8	%
Daily Variable Rate Bonds		16.7
Floating Rate Notes		9.4
Closed-End Investment Companies		6.9
Others*		4.2
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.
7

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Ultra-Short Municipal Income Portfolio

Statement of Assets and Liabilities	September 30, 2022 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $145,300)	$	145,284
Cash		11
Receivable for Investments Sold		1,500
Receivable for Fund Shares Sold		796
Interest Receivable		282
Due from Adviser		57
Other Assets		29
Total Assets		147,959
Liabilities:
Payable for Professional Fees		62
Payable for Fund Shares Redeemed		55
Dividends Payable		19
Payable for Administration Fees		10
Payable for Shareholder Services Fees — Institutional Class		1
Payable for Shareholder Services Fees — Class A		6
Payable for Custodian Fees		4
Payable for Transfer Agency Fees — Class IR		1
Payable for Transfer Agency Fees — Institutional Class		1
Payable for Transfer Agency Fees — Class A		1
Other Liabilities		34
Total Liabilities		194
Net Assets	$	147,765
Net Assets Consist of:
Paid-in-Capital	$	147,918
Total Accumulated Loss		(153	)
Net Assets	$	147,765
CLASS IR:
Net Assets	$	71,284
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		7,130,568
Net Asset Value, Offering and Redemption Price Per Share	$	10.00
INSTITUTIONAL CLASS:
Net Assets	$	10,477
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,047,653
Net Asset Value, Offering and Redemption Price Per Share	$	10.00
CLASS A:
Net Assets	$	66,004
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		6,601,563
Net Asset Value, Offering and Redemption Price Per Share	$	10.00

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Ultra-Short Municipal Income Portfolio

Statement of Operations	Year Ended September 30, 2022 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	1,006
Expenses:
Advisory Fees (Note B)		292
Shareholder Services Fees — Institutional Class (Note D)		6
Shareholder Services Fees — Class A (Note D)		153
Professional Fees		136
Administration Fees (Note C)		117
Registration Fees		54
Shareholder Reporting Fees		15
Pricing Fees		15
Custodian Fees (Note F)		7
Transfer Agency Fees — Class IR (Note E)		2
Transfer Agency Fees — Institutional Class (Note E)		2
Transfer Agency Fees — Class A (Note E)		3
Trustees' Fees and Expenses		7
Other Expenses		22
Total Expenses		831
Waiver of Advisory Fees (Note B)		(292	)
Expenses Reimbursed by Adviser (Note B)		(182	)
Reimbursement of Class Specific Expenses — Class IR (Note B)		(3	)
Reimbursement of Class Specific Expenses — Institutional Class (Note B)		(2	)
Waiver of Administration Fees (Note C)		(—	@)
Waiver of Shareholder Services Fees — Institutional Class (Note D)		(1	)
Waiver of Shareholder Services Fees — Class A (Note D)		(96	)
Net Expenses		255
Net Investment Income		751
Change in Unrealized Appreciation (Depreciation):
Investments		(18	)
Net Change in Unrealized Appreciation (Depreciation)		(18	)
Net Increase in Net Assets Resulting from Operations	$	733

@ Amount is less than $500.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Ultra-Short Municipal Income Portfolio

Statements of Changes in Net Assets	Year Ended September 30, 2022 (000)			Year Ended September 30, 2021 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	751		$	82
Net Realized Gain (Loss)		—			3
Net Change in Unrealized Appreciation (Depreciation)		(18	)		(25	)
Net Increase in Net Assets Resulting from Operations		733			60
Dividends and Distributions to Shareholders:
Class IR		(400	)		(68	)
Institutional Class		(48	)		(1	)
Class A		(377	)		(13	)
Total Dividends and Distributions to Shareholders		(825	)		(82	)
Capital Share Transactions:⁽¹⁾
Class IR:
Subscribed		53,684			77,789
Distributions Reinvested		390			68
Redeemed		(49,112	)		(129,826	)
Institutional Class:
Subscribed		10,000			5
Distributions Reinvested		47			1
Redeemed		(4,860	)		(4,710	)
Class A:
Subscribed		22,904			39,768
Distributions Reinvested		369			13
Redeemed		(47,416	)		(135,433	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(13,994	)		(152,325	)
Total Decrease in Net Assets		(14,086	)		(152,347	)
Net Assets:
Beginning of Period		161,851			314,198
End of Period	$	147,765		$	161,851
(1) Capital Share Transactions:
Class IR:
Shares Subscribed		5,368			7,779
Shares Issued on Distributions Reinvested		39			7
Shares Redeemed		(4,911	)		(12,983	)
Net Increase (Decrease) in Class IR Shares Outstanding		496			(5,197	)
Institutional Class:
Shares Subscribed		1,000			—	@@
Shares Issued on Distributions Reinvested		5			—	@@
Shares Redeemed		(485	)		(470	)
Net Increase (Decrease) in Institutional Class Shares Outstanding		520			(470	)
Class A:
Shares Subscribed		2,290			3,977
Shares Issued on Distributions Reinvested		37			1
Shares Redeemed		(4,742	)		(13,542	)
Net Decrease in Class A Shares Outstanding		(2,415	)		(9,564	)

@@ Amount is less than 500 shares.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Ultra-Short Municipal Income Portfolio

	Class IR
	Year Ended September 30,									Period from December 19, 2018⁽¹⁾ to
Selected Per Share Data and Ratios	2022			2021			2020			September 30, 2019
Net Asset Value, Beginning of Period	$	10.00		$	10.00		$	10.00		$	10.00
Income from Investment Operations:
Net Investment Income⁽²⁾		0.06			0.01			0.09			0.12
Net Realized and Unrealized Gain		0.00	⁽³⁾		0.00	⁽³⁾		0.00	⁽³⁾		0.00	⁽³⁾
Total from Investment Operations		0.06			0.01			0.09			0.12
Distributions from and/or in Excess of:
Net Investment Income		(0.06	)		(0.01	)		(0.09	)		(0.12	)
Net Realized Gain		(0.00	)⁽³⁾		—			—			—
Total Distributions		(0.06	)		(0.01	)		(0.09	)		(0.12	)
Net Asset Value, End of Period	$	10.00		$	10.00		$	10.00		$	10.00
Total Return⁽⁴⁾		0.61	%		0.06	%		0.91	%		1.19	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	71,284		$	66,358		$	118,335		$	67,174
Ratio of Expenses Before Expense Limitation		0.46	%		0.40	%		0.40	%		0.52	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		0.13	%		0.13	%		0.13	%		0.13	%⁽⁶⁾
Ratio of Net Investment Income		0.59	%		0.07	%		0.78	%		1.49	%⁽⁶⁾
Portfolio Turnover Rate		N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾

(1) Commencement of Operations.

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

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

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

(5) Not annualized.

(6) Annualized.

(7) During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Ultra-Short Municipal Income Portfolio

	Institutional Class
	Year Ended September 30,									Period from December 19, 2018⁽¹⁾ to
Selected Per Share Data and Ratios	2022			2021			2020			September 30, 2019
Net Asset Value, Beginning of Period	$	10.01		$	10.02		$	10.00		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income⁽²⁾		0.07			0.00	⁽³⁾		0.10			0.11
Net Realized and Unrealized Gain (Loss)		(0.03	)		(0.01	)		0.00	⁽³⁾		0.00	⁽³⁾
Total from Investment Operations		0.04			(0.01	)		0.10			0.11
Distributions from and/or in Excess of:
Net Investment Income		(0.05	)		(0.00	)⁽³⁾		(0.08	)		(0.11	)
Net Realized Gain		(0.00	)⁽³⁾		—			—			—
Total Distributions		(0.05	)		(0.00	)⁽³⁾		(0.08	)		(0.11	)
Net Asset Value, End of Period	$	10.00		$	10.01		$	10.02		$	10.00
Total Return⁽⁴⁾		0.44	%		(0.09	)%		1.01	%		1.11	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	10,477		$	5,292		$	9,997		$	40,250
Ratio of Expenses Before Expense Limitation		0.60	%		0.53	%		0.49	%		0.62	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		0.21	%		0.18	%		0.23	%		0.23	%⁽⁶⁾
Ratio of Net Investment Income (Loss)		0.74	%		(0.01	)%		1.03	%		1.39	%⁽⁶⁾
Portfolio Turnover Rate		N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾

(1) Commencement of Operations.

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

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

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

(5) Not annualized.

(6) Annualized.

(7) During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Financial Highlights

Ultra-Short Municipal Income Portfolio

	Class A
	Year Ended September 30,									Period from December 19, 2018⁽¹⁾ to
Selected Per Share Data and Ratios	2022			2021			2020			September 30, 2019
Net Asset Value, Beginning of Period	$	10.00		$	10.00		$	10.00		$	10.00
Income from Investment Operations:
Net Investment Income⁽²⁾		0.04			0.00	⁽³⁾		0.07			0.10
Net Realized and Unrealized Gain		0.01			0.00	⁽³⁾		0.00	⁽³⁾		0.00	⁽³⁾
Total from Investment Operations		0.05			0.00	⁽³⁾		0.07			0.10
Distributions from and/or in Excess of:
Net Investment Income		(0.05	)		(0.00	)⁽³⁾		(0.07	)		(0.10	)
Net Realized Gain		(0.00	)⁽³⁾		—			—			—
Total Distributions		(0.05	)		(0.00	)⁽³⁾		(0.07	)		(0.10	)
Net Asset Value, End of Period	$	10.00		$	10.00		$	10.00		$	10.00
Total Return⁽⁴⁾		0.53	%		0.01	%		0.73	%		1.04	%⁽⁵⁾
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	66,004		$	90,201		$	185,866		$	132,882
Ratio of Expenses Before Expense Limitation		0.66	%		0.60	%		0.59	%		0.72	%⁽⁶⁾
Ratio of Expenses After Expense Limitation		0.21	%		0.19	%		0.32	%		0.33	%⁽⁶⁾
Ratio of Net Investment Income (Loss)		0.44	%		(0.02	)%		0.68	%		1.30	%⁽⁶⁾
Portfolio Turnover Rate		N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾			N/A⁽⁷⁾

(1) Commencement of Operations.

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

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

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

(5) Not annualized.

(6) Annualized.

(7) During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements

The accompanying financial statements relate to the Ultra-Short Municipal Income Portfolio. The Fund seeks current income exempt from federal income tax and capital preservation while maintaining liquidity. The Fund offers three classes of shares — Class IR, Institutional Class and Class A.

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 brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; and (2) when market quotations are not readily available, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other

assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees.

2. Fair Value Measurement: Financial Accounting Standards Board ("FASB") ASC 820, "Fair Value Measurement" ("ASC 820"), defines fair value as 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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

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 September 30, 2022:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Short-Term Investments
Weekly Variable Rate Bonds	$	—	$	91,300	$	—	$	91,300
Daily Variable Rate Bonds		—		24,300		—		24,300
Floating Rate Notes		—		13,690		—		13,690
Closed-End Investment Companies		—		10,000		—		10,000
Commercial Paper		—		3,999		—		3,999
Quarterly Variable Rate Bonds		—		1,995		—		1,995
Total Short-Term Investments		—		145,284		—		145,284
Total Assets	$	—	$	145,284	$	—	$	145,284

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

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

4. Dividends and Distributions to Shareholders: Dividends and distributions to shareholders are recorded on the close of each business day. Dividends from net investment income are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually.

5. Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. 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 shareholder services and transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.20% of the average daily net assets of the Fund.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

expenses will not exceed 0.35% for Class A shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. In addition, the Adviser may make additional voluntary fee waivers and/or expense reimbursements. The ratios of expenses to average net assets disclosed in the Fund's Financial Highlights may be lower than the maximum expense ratios due to these additional fee waivers and/or expense reimbursements. The Adviser may also waive additional advisory fees and/or reimburse expenses to enable the Fund to maintain a minimum level of daily net investment income. For the year ended September 30, 2022, approximately $292,000 of advisory fees were waived and approximately $187,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

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

The Administrator has agreed to reduce its administration fees to enable the Fund to maintain a minimum level of daily net investment income. For the year ended September 30, 2022, this waiver amounted to less than $500.

D. Shareholder Services Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser, and an indirect subsidiary of Morgan Stanley, serves as the Trust's Distributor of Fund shares pursuant to a Distribution Agreement. The Trust has adopted a Shareholder Services Plan with respect to the Institutional Class shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.10% of the Fund's average daily net assets attributable to the Institutional Class shares.

The Trust has adopted a Shareholder Services Plan with respect to the Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the

Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.20% of the Fund's average daily net assets attributable to the Class A shares. The Distributor has agreed to waive the 12b-1 fee 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. Effective May 2, 2022, the Distributor has agreed to waive the 12b-1 fee 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 discontinue all or a portion of such waiver when it deems such action is appropriate. For the year ended September 30, 2022, this waiver amounted to approximately $53,000.

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

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

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 year ended September 30, 2022, the Fund engaged in cross-trade purchases of approximately $4,400,000 and sales of approximately $3,500,000, which resulted in no net realized gains or losses.

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, 2022, remains subject to examination by taxing authorities.

2022 Distributions Paid From:				2021 Distributions Paid From:
Ordinary Income (000)		Tax-Exempt Income (000)		Tax-Exempt Income (000)
$	133	$	692	$	82

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2022.

At September 30, 2022, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Tax-Exempt Income (000)				Undistributed Ordinary Income (000)				Undistributed Long-Term Capital Gain (000)
$	—			$	11			$	—

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Notes to Financial Statements (cont'd)

Election of Trustees by all shareholders:

	For		Against
Frances L. Cashman		1,001,428,988		27,543,564
Nancy C. Everett		994,527,335		34,445,217
Eddie A. Grier		999,694,220		29,278,332
Jakki L. Haussler		997,669,902		31,302,650
Patricia A. Maleski		1,000,046,511		28,926,041

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Morgan Stanley Institutional Fund Trust —
Ultra-Short Municipal Income Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Ultra-Short Municipal Income Portfolio (the "Fund") (one of the funds constituting Morgan Stanley Institutional Fund Trust (the "Trust")), including the portfolio of investments, as of September 30, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years then ended and the period from December 19, 2018 (commencement of operations) through September 30, 2019 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Morgan Stanley Institutional Fund Trust) at September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the three years then ended and the period from December 19, 2018 (commencement of operations) through September 30, 2019, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.
Boston, Massachusetts
November 29, 2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2021, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was below its peer group average for one- and three-year periods and the period since the middle of December 2018, the month of the Fund's inception. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded that the Fund's (i) performance was acceptable and (ii) management fee were competitive with its peer group averages.

Economies of Scale

The Board considered the size and growth prospects of the Fund and how that relates to the Fund's total expense ratio and particularly the Fund's management fee rate, which does not include a breakpoint. In conjunction with its review of the Adviser's profitability, the Board discussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Fund and whether the management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and/or potential economies of scale of the Fund supports its decision to approve the Management Agreement.

Profitability of the Adviser and Affiliates

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Investment Advisory Agreement Approval (unaudited) (cont'd)

Other Benefits of the Relationship

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

Other Factors and Current Trends

General Conclusion

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Liquidity Risk Management Program (unaudited)

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended September 30, 2022.

The Fund designated approximately $74,000 of its distributions paid as qualified interest income.

The Fund designated approximately $74,000 of its distributions paid as business interest income.

The Fund designated 84.17% of its income dividends as tax-exempt income dividends.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) April 2021

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 investment management affiliates' everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) (cont'd) April 2021

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 Investment Management 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.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

U.S. Customer Privacy Notice (unaudited) (cont'd) April 2021

Definitions

Investment Management Affiliates				MSIM Investment Management Affiliates include registered investment advisers, registered broker/dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates				Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Non-affiliates				Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ 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

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited)

Independent Trustees:

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Frank L. Bowman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1944

Trustee

Since
August
2006

Frances L. Cashman
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1961

Trustee

Trustee
since
February
2022

Kathleen A. Dennis
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1953

Trustee

Since
August
2006

Board Member, University of Albany Foundation (2012-present); Board Member, Mutual Funds Directors Forum (2014-present); Director of various non-profit organizations.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Nancy C. Everett
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Since
January
2015

Eddie A. Grier
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1955

Trustee

Trustee
since
February
2022

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Jakki L. Haussler
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1957

Trustee

Since
January
2015

Dr. Manuel H. Johnson
c/o Johnson Smick
International, Inc.
220 I Street, NE
Suite 200
Washington, D.C.20002
Birth Year: 1949

Trustee

Since
July
1991

Director of NVR, Inc. (home construction).

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Independent Trustees: (cont'd)

Name, Address and Birth Year
of Independent Trustee

Position(s)
Held with
Registrant

Length of Time
Served*

Principal Occupation(s) During Past 5 Years
and Other Relevant Professional Experience

Number of
Funds in
Fund Complex
Overseen by
Independent
Trustee**

Other Directorships
Held by Independent
Trustee During
Past 5 Years***

Joseph J. Kearns
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1942

Trustee

Since
August
1994

Michael F. Klein
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1958

Trustee

Since
August
2006

Director of certain investment funds managed or sponsored by Aetos Alternatives Management, LP; Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).

Patricia A. Maleski
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1960

Trustee

Since
January
2017

Trustee, Nutley Family Service Bureau, Inc. (since January 2022).

W. Allen Reed
c/o Perkins Coie LLP
Counsel to the Independent Trustees
1155 Avenue of the Americas
22nd Floor
New York, NY 10036
Birth Year: 1947

Chair of the Board and Trustee

Chair of the Board since August 2020 and Trustee since August 2006

Formerly, Director of Legg Mason, Inc. (2006-2019); and Director of the Auburn University Foundation (2010-2015).

* This is the earliest date the Trustee began serving the Morgan Stanley Funds. Each Trustee serves an indefinite term, until his or her successor is elected.

*** This includes any directorships at public companies and registered investment companies held by the Trustee at any time during the past five years.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Trustee and Officer Information (unaudited) (cont'd)

Executive Officers:

Name, Address and Birth Year
of Executive Officer

Position(s) Held
with
Registrant

Length of
Time Served*

Principal Occupation(s) During Past 5 Years

John H. Gernon
522 Fifth Avenue
New York, NY 10036
Birth Year: 1963

President and Principal Executive Officer

Since
September
2013

Deidre A. Downes
1633 Broadway
New York, NY 10019
Birth Year: 1977

Chief Compliance Officer

Since November
2021

Francis J. Smith
522 Fifth Avenue
New York, NY 10036
Birth Year: 1965

Treasurer and Principal Financial Officer

Treasurer since July 2003 and Principal Financial Officer since September
2002

Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).

Mary E. Mullin
1633 Broadway
New York, NY 10019
Birth Year: 1967

Secretary

Since
June
1999

Managing Director of the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).

Michael J. Key
522 Fifth Avenue
New York, NY 10036
Birth Year: 1979

Vice President

Since
June
2017

* This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves an indefinite term, until his or her successor is elected.

Morgan Stanley Institutional Fund Trust

Annual Report — September 30, 2022

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

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

Co-Transfer Agent

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

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

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

Counsel to the Independent Trustees

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

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Proxy Voting Policies and Procedures and Proxy Voting Record

Householding Notice

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

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

IFTUSMIANN
5063366 EXP 11.30.23

Item 2. Code of Ethics.

(a)            The registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b)	No information need be disclosed pursuant to this paragraph.

(c)	Not applicable.

(d)	Not applicable.

(e)	Not applicable.

(f)

(1)

The registrant’s Code of Ethics is attached hereto as Exhibit 13 A.

(2)

Not applicable.

(3)

Not applicable.

Item 3. Audit Committee Financial Expert.

The registrant's Board of Trustees has determined that Joseph J. Kearns, an “independent” Trustee, is an “audit committee financial expert" serving on its audit committee. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

(a)(b)(c)(d) and (g). Based on fees billed for the periods shown:

2022

	Registrant			Covered Entities⁽¹⁾
Audit Fees	$	586,943			N/A

Non-Audit Fees
Audit-Related Fees	$	—	⁽²⁾	$	—	⁽²⁾
Tax Fees	$	—	⁽³⁾	$	—	⁽⁴⁾
All Other Fees	$	—		$	13,150,465	⁽⁵⁾
Total Non-Audit Fees	$	—		$	13,150,465

Total	$	586,943		$	13,150,465

2021

	Registrant			Covered Entities⁽¹⁾
Audit Fees	$	611,440			N/A

Non-Audit Fees
Audit-Related Fees	$	—	⁽²⁾	$	—	⁽²⁾
Tax Fees	$	—	⁽³⁾	$	—	⁽⁴⁾
All Other Fees	$	—		$	30,000	⁽⁵⁾
Total Non-Audit Fees	$	—		$	30,000

Total	$	611,440		$	30,000

N/A- Not applicable, as not required by Item 4.

⁽¹⁾

Covered Entities include the Adviser (excluding sub-advisors) and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant.

⁽²⁾

Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the Covered Entities' and funds advised by the Adviser or its affiliates, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon procedures engagements.

⁽³⁾

Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the preparation and review of the Registrant’s tax returns.

⁽⁴⁾

Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of Covered Entities' tax returns.

⁽⁵⁾

The fees included under “All Other Fees” are for services provided by Ernst & Young LLP related to surprise examinations for certain investment accounts to satisfy SEC Custody Rules and consulting services related to merger integration for sister entity to the Adviser.

(e)(1) The audit committee’s pre-approval policies and procedures are as follows:

AUDIT COMMITTEE

AUDIT AND NON-AUDIT SERVICES

PRE-APPROVAL POLICY AND PROCEDURES

OF THE

MORGAN STANLEY FUNDS

AS ADOPTED AND AMENDED JULY 23, 2004 AND JUNE 12 AND 13, 2019³

1.	Statement of Principles

The Audit Committee of the Board is required to review and, in its sole discretion, pre-approve all Covered Services to be provided by the Independent Auditors to the Fund and Covered Entities in order to assure that services performed by the Independent Auditors do not impair the auditor’s independence from the Fund.

The SEC has issued rules specifying the types of services that an independent auditor may not provide to its audit client, as well as the audit committee’s administration of the engagement of the independent auditor. The SEC’s rules establish two different approaches to pre-approving services, which the SEC considers to be equally valid. Proposed services either: may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”); or require the specific pre-approval of the Audit Committee or its delegate (“specific pre-approval”). The Audit Committee believes that the combination of these two approaches in this Policy will result in an effective and efficient procedure to pre-approve services performed by the Independent Auditors. As set forth in this Policy, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee (or by any member of the Audit Committee to which pre-approval authority has been delegated) if it is to be provided by the Independent Auditors. Any proposed services exceeding pre-approved cost levels or budgeted amounts will also require specific pre-approval by the Audit Committee.

The appendices to this Policy describe the Audit, Audit-related, Tax and All Other services that have the general pre-approval of the Audit Committee. The term of any general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee considers and provides a different period and states otherwise. The Audit Committee will annually review and pre-approve the services that may be provided by the Independent Auditors without obtaining specific pre-approval from the Audit Committee. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of this Policy is to set forth the policy and procedures by which the Audit Committee intends to fulfill its responsibilities. It does not delegate the Audit Committee’s responsibilities to pre-approve services performed by the Independent Auditors to management.

The Fund’s Independent Auditors have reviewed this Policy and believes that implementation of the Policy will not adversely affect the Independent Auditors’ independence.

³ This Audit Committee Audit and Non-Audit Services Pre-Approval Policy and Procedures (the “Policy”), adopted as of the date above, supersedes and replaces all prior versions that may have been adopted from time to time.

Delegation

As provided in the Act and the SEC’s rules, the Audit Committee may delegate either type of pre-approval authority to one or more of its members. The member to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next scheduled meeting.

Audit Services

The annual Audit services engagement terms and fees are subject to the specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by the Independent Auditors to be able to form an opinion on the Fund’s financial statements. These other procedures include information systems and procedural reviews and testing performed in order to understand and place reliance on the systems of internal control, and consultations relating to the audit. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, Fund structure or other items.

In addition to the annual Audit services engagement approved by the Audit Committee, the Audit Committee may grant general pre-approval to other Audit services, which are those services that only the Independent Auditors reasonably can provide. Other Audit services may include statutory audits and services associated with SEC registration statements (on Forms N-1A, N-2, N-3, N-4, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

The Audit Committee has pre-approved the Audit services in Appendix A. All other Audit services not listed in Appendix A must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

Audit-related Services

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements and, to the extent they are Covered Services, the Covered Entities or that are traditionally performed by the Independent Auditors. Because the Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor and is consistent with the SEC’s rules on auditor independence, the Audit Committee may grant general pre-approval to Audit-related services. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Forms N-CEN and/or N-CSR.

The Audit Committee has pre-approved the Audit-related services in Appendix A. All other Audit-related services not listed in Appendix A must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

Tax Services

The Audit Committee believes that the Independent Auditors can provide Tax services to the Fund and, to the extent they are Covered Services, the Covered Entities, such as tax compliance, tax planning and tax advice without impairing the auditor’s independence, and the SEC has stated that the Independent Auditors may provide such services.

Pursuant to the preceding paragraph, the Audit Committee has pre-approved the Tax Services in Appendix A. All Tax services in Appendix A must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

All Other Services

The Audit Committee believes, based on the SEC’s rules prohibiting the Independent Auditors from providing specific non-audit services, that other types of non-audit services are permitted. Accordingly, the Audit Committee believes it may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, would not impair the independence of the auditor and are consistent with the SEC’s rules on auditor independence.

The Audit Committee has pre-approved the All Other services in Appendix A. Permissible All Other services not listed in Appendix A must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

Pre-Approval Fee Levels or Budgeted Amounts

Pre-approval fee levels or budgeted amounts for all services to be provided by the Independent Auditors will be established annually by the Audit Committee. Any proposed services exceeding these levels or amounts will require specific pre-approval by the Audit Committee. The Audit Committee is mindful of the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services.

Procedures

All requests or applications for services to be provided by the Independent Auditors that do not require specific approval by the Audit Committee will be submitted to the Fund’s Principal Financial and Accounting Officer and must include a detailed description of the services to be rendered. The Fund’s Principal Financial and Accounting Officer will determine whether such services are included within the list of services that have received the general pre-approval of the Audit Committee. The Audit Committee will be informed on a timely basis of any such services rendered by the Independent Auditors. Requests or applications to provide services that require specific approval by the Audit Committee or Chairperson of the Audit Committee will be submitted to the Audit Committee by the Fund's Principal Financial and Accounting Officer, who, after consultation with the Independent Auditors, will discuss whether, the request or application is consistent with the SEC’s rules on auditor independence.

The Audit Committee has designated the Fund’s Principal Financial and Accounting Officer to monitor the performance of all services provided by the Independent Auditors and to determine whether such services are in compliance with this Policy. The Fund’s Principal Financial and Accounting Officer will report to the Audit Committee on a periodic basis on the results of its monitoring. Both the Fund’s Principal Financial and Accounting Officer and management will immediately report to the Chairperson of the Audit Committee any breach of this Policy that comes to the attention of the Fund’s Principal Financial and Accounting Officer or any member of management.

Additional Requirements

The Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the Independent Auditors and to assure the auditor’s independence from the Fund, such as reviewing a formal written statement from the Independent Auditors delineating all relationships between the Independent Auditors and the Fund, consistent with the PCAOB’s Ethics and Independence Rule 3526, and discussing with the Independent Auditors its methods and procedures for ensuring independence.

10.

Covered Entities

Covered Entities include the Fund’s investment adviser(s) and any entity controlling, controlled by or under common control with the Fund’s investment adviser(s) that provides ongoing services to the Fund(s). Beginning with non-audit service contracts entered into on or after May 6, 2003, the Fund’s audit committee must pre-approve non-audit services provided not only to the Fund but also to the Covered Entities if the engagements relate directly to the operations and financial reporting of the Fund. This list of Covered Entities would include:

Morgan Stanley Funds

Morgan Stanley & Co. LLC

Morgan Stanley Investment Management Inc.

Morgan Stanley Investment Management Limited

Morgan Stanley Investment Management Private Limited

Morgan Stanley Asset & Investment Trust Management Co., Limited

Morgan Stanley Investment Management Company

Morgan Stanley Services Company, Inc.

Morgan Stanley Distribution, Inc.

Morgan Stanley AIP GP LP

Morgan Stanley Alternative Investment Partners LP

Morgan Stanley Smith Barney LLC

Morgan Stanley Capital Management LLC

Morgan Stanley Asia Limited

Morgan Stanley Services Group

(e)(2) Beginning with non-audit service contracts entered into on or after May 6, 2003, the audit committee also is required to pre-approve services to Covered Entities to the extent that the services are determined to have a direct impact on the operations or financial reporting of the Registrant. 100% of such services were pre-approved by the audit committee pursuant to the Audit Committee’s pre-approval policies and procedures (attached hereto).

(f) Not applicable.

(g) See table above.

(h) The audit committee of the Board of Trustees has considered whether the provision of services other than audit services performed by the auditors to the Registrant and Covered Entities is compatible with maintaining the auditors' independence in performing audit services.

APPENDIX A

Pre-Approved Audit Services

Service	Range of Fees
	The Fund(s)	Covered Entities
Statutory audits or financial audits for the Funds	For a complete list of fees, please contact the legal department**	N/A
Services associated with SEC registration statements (including new fund filings/seed audits), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end fund offerings, consents), and assistance in responding to SEC comment letters	*	*
Consultations by the Fund’s management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard setting bodies (Note: Under SEC rules, some consultations may be “audit related” services rather than “audit” services)	*	*

Pre-Approved Audit-Related Services

Service	Range of Fees
	The Fund(s)	Covered Entities
Attest procedures not required by statute or regulation	*	*
Due diligence services pertaining to potential fund mergers	*	*
Consultations by the Fund’s management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be “audit” services rather than “audit-related” services)	*	*
General assistance with implementation of the requirements of SEC rules or listing standards promulgated pursuant to the Sarbanes-Oxley Act	*	*

Pre-Approved Tax Services

Service	Range of Fees
	The Fund(s)	Covered Entities
U.S. federal, state and local tax planning and advice	*	*
U.S. federal, state and local tax compliance	*	*
International tax planning and advice	*	*
International tax compliance	*	*
Review/preparation of federal, state, local and international income, franchise, and other tax returns	$450,000 PwC	N/A
Identification of Passive Foreign Investment Companies	$175,000 PwC	*
PwC ITV Tool – assist in determining which Fund holdings have foreign capital gains tax exposure	$125,000 PwC	*
Foreign Tax Services - Preparation of local foreign tax returns and assistance with local tax compliance issues (including maintenance of transaction schedules, assistance in periodic tax remittances, tax registration, representing funds before foreign revenue authorities and assistance with assessment orders)	$500,000 PwC	*
Assistance with tax audits and appeals before the IRS and similar state, local and foreign agencies	*	*
Tax advice and assistance regarding statutory, regulatory or administrative developments (e.g., excise tax reviews, evaluation of Fund’s tax compliance function)	*	*

Pre-Approved All Other Services

Service	Range of Fees
	The Fund(s)	Covered Entities
Risk management advisory services, e.g., assessment and testing of security infrastructure controls	*	*

*Aggregate fees related to the pre-approved services will be limited to 10% of the 2022/2023 annual fees for audit and tax services (see fee schedule distributed by the Auditors).

** Audit and tax services for new funds/portfolios will be subject to the maximum audit and tax fee for a fund/portfolio on fee schedule distributed by the Auditors.

Prohibited Non-Audit Services

	•	Bookkeeping or other services related to the accounting records or financial statements of the audit client
	•	Financial information systems design and implementation
	•	Appraisal or valuation services, fairness opinions or contribution-in-kind reports
	•	Actuarial services
	•	Internal audit outsourcing services
	•	Management functions
	•	Human resources
	•	Broker-dealer, investment adviser or investment banking services
	•	Legal services
	•	Expert services unrelated to the audit

(i) Not Applicable.

(j) Not Applicable.

Item 5. Audit Committee of Listed Registrants.

(a) The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act whose members are:

Joseph J. Kearns, Nancy C. Everett and Jakki L. Haussler.

(b) Not applicable.

Item 6. Schedule of Investments

(a) Refer to Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Applicable only to reports filed by closed-end funds.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Applicable only to 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) The Code of Ethics for Principal Executive and Senior Financial Officers.

(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

November 16, 2022

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

November 16, 2022

/s/ Francis J. Smith

Francis J. Smith

Principal Financial Officer

November 16, 2022