# EDGAR Filing Document

**Accession Number:** 0000741375
**File Stem:** 0001410368-26-018461
**Filing Date:** 2026-2
**Character Count:** 316604
**Document Hash:** 7aa4cdf139005b8cfe301e0379dbcb73
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-018461.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001410368-26-018461

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY INSTITUTIONAL FUND TRUST
- **CENTRAL INDEX KEY:** 0000741375

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03980
- **FILM NUMBER:** 26683289

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 800-548-7786

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MAS FUNDS /MA/
- **DATE OF NAME CHANGE:** 19960724

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MAS FUNDS INC
- **DATE OF NAME CHANGE:** 19931227

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MAS FUNDS
- **DATE OF NAME CHANGE:** 19930927

## Series and Classes Contracts Data

### High Yield Portfolio (Series ID: S000035938)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000110149 | Class I      | MSYIX           |
| C000110150 | Class A      | MSYPX           |
| C000110152 | Class L      | MSYLX           |
| C000138838 | Class R6     | MSHYX           |
| C000155936 | Class C      | MSHDX           |
| C000198829 | Class IR     | MRHYX           |

## Nport-Ex

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Portfolio of Investments

Corporate Bond Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Fixed Income Securities (94.5%)** |  |  |
| **Corporate Bonds (94.5%)** |  |  |
| **Finance (37.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;AIB Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 5/15/31 (a) | $575 | $594 |
| &nbsp;&nbsp;&nbsp;Aircastle Ltd./Aircastle Ireland DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 3/15/30 (a) | 450 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/1/31 (a) | 300 | 313 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54%, 1/17/31 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;American National Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14%, 6/13/32 (a) | 575 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/1/55 | 250 | 251 |
| &nbsp;&nbsp;&nbsp;Avolon Holdings Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 1/15/28 (a) | 650 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 5/30/30 (a) | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/29 (a) | 75 | 78 |
| &nbsp;&nbsp;&nbsp;Banco de Credito e Inversiones SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/14/31 (a) | 200 | 184 |
| &nbsp;&nbsp;&nbsp;Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 12/10/29 (a) | 200 | 208 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18%, 3/24/28 | 600 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 11/6/35 | 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44%, 7/15/31 | 800 | 840 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29%, 4/25/34 | 1175 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.87%, 9/15/34 | 2350 | 2509 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series J |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97%, 4/26/34 | 705 | 719 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 1/27/84 | 475 | 511 |
| &nbsp;&nbsp;&nbsp;Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.79%, 2/25/36 | 200 | 209 |
| &nbsp;&nbsp;&nbsp;BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 2/11/35 (a) | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.45%, 6/29/38 (a) | 200 | 221 |
| &nbsp;&nbsp;&nbsp;Belrose Funding Trust II, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.79%, 5/15/55 (a) | 300 | 313 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87%, 4/19/32 (a) | 200 | 183 |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.08%, 9/15/55 | 150 | 154 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84%, 9/13/34 (a) | 825 | 921 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/28/85 | 450 | 470 |
| &nbsp;&nbsp;&nbsp;Centene Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/30 | 1075 | 963 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91%, 11/14/36 | 400 | 397 |
| &nbsp;&nbsp;&nbsp;Citadel LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 1/23/32 (a) | 625 | 664 |
| &nbsp;&nbsp;&nbsp;Citadel Securities Global Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 6/18/35 (a) | 348 | 367 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06%, 1/25/33 | 575 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54%, 9/19/30 | 600 | 605 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 7/23/32 | 350 | 367 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61%, 9/12/34 (a) | 375 | 362 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 4/15/31 | 925 | 845 |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Insurance Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 1/16/35 (a)(b) | 400 | 419 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 5/28/29 | 925 | 969 |
| &nbsp;&nbsp;&nbsp;EPR Properties, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/15/30 | 675 | 670 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 7/1/29 | 775 | 809 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 4/1/29 | 900 | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/1/30 | 150 | 156 |
| &nbsp;&nbsp;&nbsp;Fortitude Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/6/28 (a) | 225 | 225 |
| &nbsp;&nbsp;&nbsp;Fortitude Group Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 4/1/30 (a) | 315 | 328 |
| &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 3/15/54 (a) | 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 3/1/56 (a) | 144 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95%, 10/15/54 (a) | 210 | 218 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33%, 7/23/35 | 925 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54%, 1/28/36 | 875 | 909 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 7/1/34 | 600 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 6/1/56 | 200 | 210 |
| &nbsp;&nbsp;&nbsp;Healthpeak OP LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 2/15/35 | 550 | 562 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87%, 11/22/32 | 200 | 182 |
| &nbsp;&nbsp;&nbsp;Intact Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.46%, 9/22/32 (a) | 1100 | 1138 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 6/1/42 (a) | 200 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 11/28/33 (a) | 575 | 657 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 10/15/32 | 500 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 4/14/34 | 100 | 106 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.77%, 4/22/35 | 2600 | 2772 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 8/7/35 | 275 | 275 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Finance (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Mutual Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 12/15/51 (a) | $675 | $666 |
| &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 4/3/28 | 425 | 431 |
| &nbsp;&nbsp;&nbsp;Macquarie Airfinance Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 3/26/29 (a) | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 3/26/31 (a) | 450 | 482 |
| &nbsp;&nbsp;&nbsp;Marex Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 11/4/29 | 485 | 503 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/15/35 | 190 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 3/15/55 | 425 | 409 |
| &nbsp;&nbsp;&nbsp;Mitsubishi HC Finance America LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 10/24/29 (a) | 600 | 616 |
| &nbsp;&nbsp;&nbsp;Nationwide Building Society, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 3/8/29 (a) | 625 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54%, 7/14/36 (a) | 475 | 491 |
| &nbsp;&nbsp;&nbsp;Pacific Life Insurance Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 9/15/55 (a) | 450 | 451 |
| &nbsp;&nbsp;&nbsp;Phillips Edison Grocery Center Operating Partnership I LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 11/15/31 | 700 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 8/15/32 | 250 | 256 |
| &nbsp;&nbsp;&nbsp;PNC Bank NA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43%, 7/21/28 | 275 | 277 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 7/23/35 | 850 | 880 |
| &nbsp;&nbsp;&nbsp;Protective Life Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 1/15/31 (a) | 250 | 251 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 9/11/55 | 450 | 441 |
| &nbsp;&nbsp;&nbsp;Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 3/1/31 (a) | 545 | 518 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.31%, 11/3/31 | 800 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 8/6/29 | 250 | 253 |
| &nbsp;&nbsp;&nbsp;Santander U.K. Group Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 9/22/36 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;SMBC Aviation Capital Finance DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 6/15/28 (a) | 350 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 4/3/34 (a) | 725 | 749 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 7/13/30 | 450 | 479 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 9/10/34 (a) | 700 | 703 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17%, 11/1/30 | 910 | 946 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93%, 10/15/35 | 625 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 10/31/82 | 350 | 369 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 7/24/35 | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 1/26/34 | 250 | 255 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08%, 5/15/31 | 550 | 567 |
| &nbsp;&nbsp;&nbsp;UBS Group AG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09%, 5/14/32 (a) | 1125 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84%, 11/6/33 (a) | 200 | 200 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.46%, 6/30/35 (a) | 275 | 280 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 7/15/54 | 1050 | 1031 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61%, 4/23/36 | 325 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 7/25/33 | 775 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.56%, 7/25/34 | 1275 | 1337 |
| &nbsp;&nbsp;&nbsp;Willis North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 3/15/31 | 275 | 275 |
|  |  | 53131 |
| **Industrials (45.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 5/14/35 | 400 | 393 |
| &nbsp;&nbsp;&nbsp;Alaska Airlines 2020-1 Class A Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 2/15/29 (a) | 593 | 597 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 2/9/41 | 440 | 324 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 6/3/50 | 475 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 11/20/55 | 300 | 293 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 2/15/36 | 375 | 368 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 2/1/46 | 400 | 370 |
| &nbsp;&nbsp;&nbsp;Apple, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 9/11/49 | 825 | 552 |
| &nbsp;&nbsp;&nbsp;Aptiv Swiss Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 12/1/51 | 175 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 9/13/34 | 375 | 379 |
| &nbsp;&nbsp;&nbsp;Arches Buyer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 6/1/28 (a) | 400 | 393 |
| &nbsp;&nbsp;&nbsp;AS Mileage Plan IP Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 10/20/29 (a) | 425 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31%, 10/20/31 (a) | 375 | 379 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 12/1/57 | 1050 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 8/15/35 | 625 | 641 |
| &nbsp;&nbsp;&nbsp;BAT Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26%, 3/25/28 | 575 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 9/25/40 | 175 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 3/22/33 | 1100 | 1094 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Industrials (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Biogen, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 5/15/55 | $225 | $237 |
| &nbsp;&nbsp;&nbsp;Boeing Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 5/1/50 | 610 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93%, 5/1/60 | 175 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26%, 5/1/27 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89%, 9/11/33 | 525 | 534 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 3/22/30 (b) | 600 | 597 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19%, 11/15/36 (a) | 575 | 488 |
| &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 3/15/55 | 325 | 321 |
| &nbsp;&nbsp;&nbsp;CBRE Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 1/15/33 | 300 | 302 |
| &nbsp;&nbsp;&nbsp;Celanese U.S. Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 11/15/28 | 374 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 11/15/33 | 366 | 387 |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 3/1/42 | 100 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 12/1/61 | 825 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 5/1/47 | 425 | 350 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 10/30/35 (a) | 700 | 716 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/15/40 | 275 | 285 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89%, 11/1/51 | 325 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 4/1/40 | 1050 | 866 |
| &nbsp;&nbsp;&nbsp;Concentrix Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 8/2/26 | 600 | 606 |
| &nbsp;&nbsp;&nbsp;CRH America Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/9/35 | 625 | 651 |
| &nbsp;&nbsp;&nbsp;CSL Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11%, 4/3/34 (a) | 750 | 771 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 2/28/31 | 150 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 9/15/35 | 225 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 6/1/53 | 225 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 3/10/55 | 250 | 262 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/20/28 (a) | 900 | 906 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 3/15/33 | 900 | 970 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 12/15/34 (a) | 650 | 675 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 8/14/64 | 275 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 10/15/65 | 225 | 227 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 9/1/34 | 425 | 438 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 2/15/53 | 275 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 1/15/36 | 650 | 662 |
| &nbsp;&nbsp;&nbsp;EQT Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/15/29 | 347 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 1/15/31 | 375 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 7/1/27 | 350 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 6/1/30 | 246 | 271 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 1/15/35 | 250 | 259 |
| &nbsp;&nbsp;&nbsp;Ferrellgas LP/Ferrellgas Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 4/1/29 (a) | 400 | 385 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 3/15/31 | 575 | 591 |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 3/6/26 | 1225 | 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35%, 3/6/30 | 500 | 537 |
| &nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 1/25/36 (a) | 325 | 340 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 3/1/46 | 750 | 680 |
| &nbsp;&nbsp;&nbsp;Glencore Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 4/4/34 (a) | 725 | 759 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 11/15/35 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;HCA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 11/15/30 | 375 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 3/15/52 | 350 | 286 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 2/26/35 | 625 | 656 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 3/30/28 | 475 | 484 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 9/18/28 (a) | 450 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 6/24/30 (a) | 825 | 845 |
| &nbsp;&nbsp;&nbsp;Icon Investments Six DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 5/8/27 | 600 | 613 |
| &nbsp;&nbsp;&nbsp;Imperial Brands Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 7/1/34 (a) | 650 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 7/27/27 (a) | 425 | 438 |
| &nbsp;&nbsp;&nbsp;Intel Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 8/5/52 | 250 | 207 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 3/1/56 (a) | 150 | 149 |
| &nbsp;&nbsp;&nbsp;JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 4/20/35 (a) | 675 | 710 |
| &nbsp;&nbsp;&nbsp;JDE Peet's NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 1/15/27 (a) | 1050 | 1018 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 6/1/35 | 200 | 212 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Industrials (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 6/1/46 | $125 | $103 |
| &nbsp;&nbsp;&nbsp;Kroger Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/15/34 | 625 | 629 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 6/15/28 | 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 6/1/27 | 625 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/15/29 - 6/14/30 | 310 | 324 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 6/1/29 (a) | 400 | 387 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/15/32 | 725 | 721 |
| &nbsp;&nbsp;&nbsp;LYB International Finance III LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 1/15/31 | 450 | 452 |
| &nbsp;&nbsp;&nbsp;Mars, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 3/1/35 (a) | 175 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 5/1/55 (a) | 100 | 100 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 11/15/55 | 250 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/65 | 475 | 453 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 1/15/31 | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 11/1/35 | 75 | 80 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 9/1/30 (a) | 650 | 621 |
| &nbsp;&nbsp;&nbsp;Newcastle Coal Infrastructure Group Pty. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 9/29/27 (a) | 182 | 182 |
| &nbsp;&nbsp;&nbsp;Newmont Corp./Newcrest Finance Pty. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 3/15/34 | 300 | 314 |
| &nbsp;&nbsp;&nbsp;Nexa Resources SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 4/9/34 (a)(c) | 200 | 214 |
| &nbsp;&nbsp;&nbsp;Northern Natural Gas Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 2/1/54 (a) | 425 | 410 |
| &nbsp;&nbsp;&nbsp;Novartis Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/20/45 | 375 | 315 |
| &nbsp;&nbsp;&nbsp;Nutrien Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 3/12/32 | 350 | 361 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 1/1/32 | 800 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 9/15/36 | 75 | 80 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 6/1/29 | 275 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 10/15/35 | 1025 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 9/1/34 | 200 | 207 |
| &nbsp;&nbsp;&nbsp;Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 4/1/50 | 1510 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 9/26/35 | 278 | 266 |
| &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 1/12/27 (a) | 625 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 8/1/28 (a) | 300 | 313 |
| &nbsp;&nbsp;&nbsp;Perrigo Finance Unlimited Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 6/15/30 | 525 | 508 |
| &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 5/19/63 | 900 | 836 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 10/29/32 | 625 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/29/35 | 350 | 343 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 4/1/31 (a) | 750 | 696 |
| &nbsp;&nbsp;&nbsp;Raizen Fuels Finance SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 1/17/35 (a) | 275 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 3/5/34 (a) | 206 | 168 |
| &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 3/14/65 | 400 | 413 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 1/15/36 | 175 | 176 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 9/2/50 | 525 | 363 |
| &nbsp;&nbsp;&nbsp;Siemens Funding BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 5/28/55 (a) | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 5/28/65 (a) | 200 | 210 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 4/1/26 (a) | 550 | 545 |
| &nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91%, 9/1/27 | 625 | 631 |
| &nbsp;&nbsp;&nbsp;Stellantis Finance U.S., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 3/18/35 (a) | 625 | 650 |
| &nbsp;&nbsp;&nbsp;Stellantis Financial Services U.S. Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 9/15/30 (a) | 400 | 406 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 9/15/30 | 600 | 612 |
| &nbsp;&nbsp;&nbsp;TELUS Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 6/9/56 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 1/31/34 | 975 | 1017 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 5/15/32 | 350 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 6/15/55 | 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 1/15/54 | 475 | 466 |
| &nbsp;&nbsp;&nbsp;TotalEnergies Capital SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64%, 4/5/64 | 250 | 242 |
| &nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 3/15/36 (a) | 375 | 378 |
| &nbsp;&nbsp;&nbsp;Transportadora de Gas Internacional SA ESP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 11/1/28 (a) | 200 | 203 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 9/15/34 | 725 | 725 |
| &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 4/15/29 | 272 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 8/15/38 | 458 | 473 |
| &nbsp;&nbsp;&nbsp;Var Energi ASA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 5/22/30 (a) | 225 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 1/15/28 (a) | 600 | 636 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Industrials (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 3/21/31 | $1675 | $1530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78%, 2/15/35 | 500 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/30/55 | 350 | 346 |
| &nbsp;&nbsp;&nbsp;VICI Properties LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 5/15/32 | 950 | 957 |
| &nbsp;&nbsp;&nbsp;Videotron Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 6/15/29 (a) | 650 | 633 |
|  |  | 64229 |
| **Utilities (10.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;AEP Transmission Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 3/15/53 | 450 | 438 |
| &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 6/15/26 (d) | 325 | 327 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 3/15/56 | 175 | 174 |
| &nbsp;&nbsp;&nbsp;American Water Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 9/1/55 | 350 | 351 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 11/15/53 | 300 | 325 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 5/15/51 | 350 | 218 |
| &nbsp;&nbsp;&nbsp;Capital Power U.S. Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26%, 6/1/28 (a) | 325 | 332 |
| &nbsp;&nbsp;&nbsp;Cleveland Electric Illuminating Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 11/15/30 (a) | 250 | 249 |
| &nbsp;&nbsp;&nbsp;Commonwealth Edison Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 6/1/55 | 425 | 442 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 11/15/53 | 500 | 510 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/32 | 550 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 2/15/56 | 155 | 156 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 6/1/34 | 650 | 693 |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 11/15/53 | 575 | 618 |
| &nbsp;&nbsp;&nbsp;Duke Energy Indiana LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 4/1/50 | 330 | 207 |
| &nbsp;&nbsp;&nbsp;Exelon Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 3/15/55 | 175 | 176 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/15/35 | 450 | 452 |
| &nbsp;&nbsp;&nbsp;Georgia Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 3/15/51 | 550 | 377 |
| &nbsp;&nbsp;&nbsp;Liberty Utilities Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 1/31/29 (a) | 825 | 853 |
| &nbsp;&nbsp;&nbsp;MidAmerican Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 4/15/50 | 275 | 187 |
| &nbsp;&nbsp;&nbsp;New England Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94%, 11/25/52 (a) | 125 | 128 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/15/56 | 290 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 5/15/56 | 260 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 9/1/27 | $250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 3/15/55 | 625 | 632 |
| &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 8/1/40 | 375 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 7/1/50 | 75 | 63 |
| &nbsp;&nbsp;&nbsp;PacifiCorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 2/15/50 | 250 | 186 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Colorado, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 9/15/35 | 525 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 5/15/34 | 350 | 360 |
| &nbsp;&nbsp;&nbsp;Snam SpA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/28/30 (a) | 525 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 5/28/35 (a) | 425 | 445 |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 12/1/53 | 250 | 240 |
| &nbsp;&nbsp;&nbsp;Southern Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 3/15/35 | 250 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 3/15/34 | 550 | 579 |
| &nbsp;&nbsp;&nbsp;Southern Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 10/1/30 | 375 | 374 |
| &nbsp;&nbsp;&nbsp;Trans-Allegheny Interstate Line Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/15/31 (a) | 775 | 797 |
| &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 8/15/34 | 350 | 355 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 10/15/28 (a) | 250 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/30/34 (a) | 700 | 723 |
|  |  | 15288 |
| &nbsp;&nbsp;&nbsp;**Total Fixed Income Securities (Cost $130,864)** |  | 132648 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Preferred Stock (0.3%)** |  |  |
| **Wireless Telecommunication Services (0.3%)** |  |  |
| T-Mobile USA, Inc. (e) (acquisition cost — $371; acquired 10/14/25) **(Cost $371)** | 14884 | 373 |
| **Short-Term Investments (3.8%)** |  |  |
| **Investment Company (3.1%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 3.71% (f) **(Cost $4,365)** | 4364932 | 4365 |
| **Securities held as Collateral on Loaned Securities (0.1%)** |  |  |
| **Investment Company (0.1%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 3.71% (f) **(Cost $202)** | 202215 | 202 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **U.S. Treasury Security (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.84%, 3/3/26 (g)(h) **(Cost $835)** | $840 | $835 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $5,402)** |  | 5402 |
| **Total Investments (98.6%) (Cost $136,637) including $199 of Securities Loaned (i)(j)** |  | 138423 |
| Other Assets in Excess of Liabilities (1.4%) |  | 1978 |
| **Net Assets (100.0%)** |  | $140401 |

---

---

| | |
|:---|:---|
| (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 December 31, 2025. |
| (c) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at December 31, 2025, were approximately $199,000 and $202,000, respectively. The Fund received cash collateral of approximately $202,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class as reported in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (d) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of December 31, 2025. Maturity date disclosed is the ultimate maturity date. |
| (e) | Non-income producing security. |
| (f) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended December 31, 2025, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Fund. |
| (g) | Rate shown is the yield to maturity at December 31, 2025. |
| (h) | All or a portion of the security was pledged to cover margin requirements for futures contracts. |
| (i) | Securities are available for collateral in connection with open foreign currency forward exchange contracts and open futures contracts. |
| (j) | At December 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,942,000 and the aggregate gross unrealized depreciation is approximately $1,200,000, resulting in net unrealized appreciation of approximately $1,742,000. |
| DAC | Designated Activity Company. |
| MTN | Medium Term Note. |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

**Foreign Currency Forward Exchange Contract:**

The Fund had the following foreign currency forward exchange contracts open at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Depreciation<br> (000)** |
| Standard Chartered Bank | EUR | 594 | $685 | 1/14/26 | $(14) |

---

**Futures Contracts:**

The Fund had the following futures contracts open at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| **Long:** | |  | | | |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2 yr. Note (United States) | 79 | Mar-26 | $15800 | $16494 | $(7) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond (United States) | 129 | Mar-26 | 12900 | 14912 | (161) |
| **Short:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;German Euro-Bobl Index (Germany) | 2 | Mar-26 | (200) | (273) | 1 |
| &nbsp;&nbsp;&nbsp;German Euro-Bund Index (Germany) | 2 | Mar-26 | (200) | (300) | 2 |
| &nbsp;&nbsp;&nbsp;Ultra U.S. Treasury Bond (United States) | 19 | Mar-26 | $(1900) | (2242) | 54 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5 yr. Note (United States) | 42 | Mar-26 | (4200) | (4591) | 14 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Note (United States) | 97 | Mar-26 | (9700) | (10906) | 64 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Ultra Note (United States) | 4 | Mar-26 | (400) | (460) | 3 |
|  |  |  |  |  | $(30) |

---

EUR — Euro

---

| | | |
|:---|:---|:---|
| **Portfolio Composition\***<br>**Classification** |<br>**Percentage of<br> Total Investments** |  |
| Industrials | 46.5 | % |
| Finance | 38.4 |  |
| Utilities | 11.1 |  |
| Other\*\* | 4.0 |  |
| Total Investments | 100.0 | %\*\*\* |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2025.

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

\*\*\* Does not include open futures contracts with a value of approximately $50,178,000 and net unrealized depreciation of approximately $30,000. Also does not include open foreign currency forward exchange contracts with an unrealized depreciation of approximately $14,000.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments

Discovery Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (90.1%)** |  |  |
| **Biotechnology (8.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. (a) | 4988 | $1983 |
| &nbsp;&nbsp;&nbsp;Argenx SE ADR (Belgium) (a) | 2476 | 2082 |
| &nbsp;&nbsp;&nbsp;Immunovant, Inc. (a) | 188312 | 4787 |
| &nbsp;&nbsp;&nbsp;ProKidney Corp. (a)(b) | 820877 | 1839 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences Ltd. (a) | 2893549 | 62790 |
|  |  | 73481 |
| **Broadline Retail (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Global-e Online Ltd. (Israel) (a) | 347298 | 13652 |
| **Capital Markets (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Twenty One Capital, Inc., Class A (a) | 1076972 | 9434 |
| **Entertainment (4.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A (a) | 531776 | 43090 |
| **Financial Services (10.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. (a) | 969747 | 72178 |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association (a) | 2275015 | 24411 |
|  |  | 96589 |
| **Health Care Providers & Services (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Agilon Health, Inc. (a) | 5946985 | 4096 |
| **Information Technology Services (18.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A (a) | 618204 | 121879 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc. (a) | 105594 | 44317 |
|  |  | 166196 |
| **Machinery (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Symbotic, Inc. (a) | 168411 | 10020 |
| **Personal Care Products (3.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Oddity Tech Ltd., Class A (Israel) (a) | 796091 | 31987 |
| **Pharmaceuticals (6.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 1424300 | 55035 |
| **Real Estate Management & Development (3.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Landbridge Co. LLC, Class A (b) | 352776 | 17282 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc. (a) | 2320384 | 13528 |
|  |  | 30810 |
| **Software (11.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Inc. (a) | 5815213 | 22331 |
| &nbsp;&nbsp;&nbsp;BitMine Immersion Technologies, Inc. | 526740 | 14301 |
| &nbsp;&nbsp;&nbsp;Circle Internet Group, Inc. (a) | 60100 | 4766 |
| &nbsp;&nbsp;&nbsp;Figma, Inc., Class A (a) | 662307 | 24750 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A (a) | 374969 | 13293 |
| &nbsp;&nbsp;&nbsp;Strategy, Inc., Class A (a) | 158823 | 24133 |
|  |  | 103574 |
| **Specialty Retail (5.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Carvana Co. (a) | 9573 | 4040 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A (a) | 739241 | 45012 |
|  |  | 49052 |
| **Tech Hardware, Storage & Peripherals (4.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;IonQ, Inc. (a) | 848157 | 38057 |
| **Trading Companies & Distributors (11.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A (a) | 838933 | 43599 |
| &nbsp;&nbsp;&nbsp;QXO, Inc. (a) | 3122268 | 60229 |
|  |  | 103828 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $704,298)** |  | 828901 |
| **Preferred Stock (6.7%)** |  |  |
| **Software (6.7%)** |  |  |
| Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $24,713; acquired 8/31/21) **(Cost $24,713)** | 336299 | 61866 |
| **Investment Company (2.6%)** |  |  |
| iShares Bitcoin Trust ETF (a) **(Cost $18,165)** | 469444 | 23308 |

---

---

| | | |
|:---|:---|:---|
|  | **No. of<br> Warrants** | |
| **Warrants (0.0%)‡** | | |
| **Real Estate Management & Development (0.0%)‡** |  |  |
| Opendoor Technologies, Inc. expires 11/20/26 (a) **(Cost $—)** | 108045 | 108 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investments (2.9%)** |  |  |
| **Investment Company (0.9%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.61% (e) **(Cost $8,012)** | 8011903 | 8012 |
| **Securities held as Collateral on Loaned Securities (2.0%)** |  |  |
| **Investment Company (1.5%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.61% (e) | 13715652 | 13716 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | |
| **Repurchase Agreements(0.5%)** |  |  |
| HSBC Securities USA, Inc., (3.83%, dated 12/31/25, due 1/2/26; proceeds $1,399; fully collateralized by a U.S. Government obligation; 0.00% due 8/15/26; valued at $1,428) | $1399 | 1399 |
| Merrill Lynch & Co., Inc., (3.82%, dated 12/31/25, due 1/2/26; proceeds $3,359; fully collateralized by U.S. Government obligations; 1.63% - 2.00% due 11/15/50 - 8/15/51; valued at $3,426) | 3359 | 3359 |
| Merrill Lynch & Co., Inc., (3.65%, dated 12/31/25, due 1/2/26; proceeds $434; fully collateralized by a U.S. Government obligation; 4.00% due 1/15/27; valued at $443) | 434 | 434 |
|  |  | 5192 |
| &nbsp;&nbsp;&nbsp;**Total Securities held as Collateral on Loaned Securities (Cost $18,908)** |  | 18908 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $26,920)** |  | 26920 |
| **Total Investments Excluding Purchased Options (102.3%) (Cost $774,096)** |  | 941103 |
| **Total Purchased Options Outstanding (0.1%) (Cost $5,253)** |  | 787 |
| **Total Investments (102.4%) (Cost $779,349) including $18,090 of Securities Loaned (f)(g)(h)** |  | 941890 |
| Liabilities in Excess of Other Assets (–2.4%) |  | (22187) |
| **Net Assets (100.0%)** |  | $919703 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

---

| | |
|:---|:---|
| ‡ | Amount is less than 0.05%. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at December 31, 2025, were approximately $18,090,000 and $18,908,000, respectively. The Fund received cash collateral of approximately $18,908,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (c) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contract (excluding 144A holdings) at December 31, 2025 amounts to approximately $61,866,000 and represents 6.7% of net assets. |
| (d) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended December 31, 2025, advisory fees paid were reduced by approximately $14,000 relating to the Fund's investment in the Liquidity Fund. |
| (f) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a "readily available market quotation" for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended December 31, 2025, the Fund did not engage in any cross-trade transactions. |
| (g) | Securities are available for collateral in connection with purchased options. |
| (h) | At December 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $249,620,000 and the aggregate gross unrealized depreciation is approximately $87,079,000, resulting in net unrealized appreciation of approximately $162,541,000. |
| ADR | American Depositary Receipt. |
| ETF | Exchange Traded Fund. |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

---

| |
|:---|
| **Call Options Purchased:** |
| The Fund had the following call options purchased open at December 31, 2025: |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Premiums<br> Paid<br> (000)** | **Unrealized<br> Depreciation<br> (000)** |
| Standard Chartered Bank | USD/CNH | 7.32 | Dec–26 | 343514563 | $343515 | $626 | $973 | $(347) |
| Standard Chartered Bank | USD/CNH | 7.58 | Aug–26 | 383524759 | 383525 | 138 | 1255 | (1117) |
| Goldman Sachs & Co. LLC | USD/CNH | 7.71 | May–26 | 265653233 | 265653 | 20 | 1106 | (1086) |
| JPMorgan Chase Bank NA | USD/CNH | 7.82 | Feb–26 | 262108699 | 262109 | 1 | 1082 | (1081) |
| Standard Chartered Bank | USD/CNH | 7.90 | Apr–26 | 172375736 | 172376 | 2 | 837 | (835) |
|  |  |  |  |  |  | $787 | $5253 | $(4466) |

---

CNH — Chinese Yuan Renminbi Offshore <br> USD — United States Dollar

---

| | |
|:---|:---|
| **Portfolio Composition**<br>**Classification\*** |<br>**Percentage of<br> Total Investments** |
| Other\*\* | 24.7% |
| Information Technology Services | 17.6 |
| Software | 17.6 |
| Trading Companies & Distributors | 11.0 |
| Financial Services | 10.3 |
| Biotechnology | 7.8 |
| Pharmaceuticals | 5.8 |
| Specialty Retail | 5.2 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2025.

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

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Fixed Income Securities (45.0%)** | **Fixed Income Securities (45.0%)** | **Fixed Income Securities (45.0%)** |
| **Agency Fixed Rate Mortgages (4.2%)** |  |  |
| **United States (4.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corporation, Conventional Pools: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 5/1/51 | $1179 | $927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 4/1/52 | 2280 | 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/1/49 | 56 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/1/54 | 2124 | 2156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 9/1/54 | 860 | 885 |
| &nbsp;&nbsp;&nbsp;Gold Pools: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 1/1/44 - 6/1/45 | 384 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/1/49 | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 5/1/32 | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 5/1/35 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association, Conventional Pools: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 3/1/52 | 1609 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 9/1/52 | 2507 | 2131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 7/1/49 - 6/1/52 | 4026 | 3597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 3/1/47 - 1/1/51 | 804 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/45 - 9/1/45 | 436 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 3/1/41 - 11/1/44 | 59 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/41 - 3/1/41 | 151 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 8/1/55 | 2125 | 2162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/1/38 - 10/1/55 | 1005 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 12/1/29 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 8/1/37 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;February TBA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 2/1/56 (a) | 770 | 709 |
| &nbsp;&nbsp;&nbsp;January TBA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 1/1/56 (a) | 230 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/1/56 (a) | 820 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/1/55 (a) | 900 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/55 (a) | 3380 | 3372 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Various Pools: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/20/41 - 11/20/42 | 96 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 6/20/49 | 19 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/20/49 - 6/20/49 | 56 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 8/15/39 | 13 | 14 |
|  |  | 24045 |
| **Asset-Backed Securities (0.8%)** |  |  |
| **United States (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;AASET MT-1 Ltd., Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52%, 2/16/50 (b) | 385 | 389 |
| &nbsp;&nbsp;&nbsp;ACM Auto Trust, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 6/20/28 (b) | 568 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.40%, 1/21/31 (b) | 179 | 180 |
| &nbsp;&nbsp;&nbsp;DataBank Issuer II LLC, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18%, 9/27/55 (b) | 740 | 730 |
| &nbsp;&nbsp;&nbsp;Renaissance Home Equity Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 0.87%, 4.61%, 12/25/32 (c) | 405 | 388 |
| &nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Class A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/15/48 (b) | 700 | 698 |
| &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month EURIBOR + 0.55%, 2.62%, 7/25/39 (c) | 190 | 210 |
| &nbsp;&nbsp;&nbsp;STAR Trust, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 1.75%, 5.50%, 10/17/41 (b)(c) | $798 | 801 |
| &nbsp;&nbsp;&nbsp;VINE Trust, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 12/17/40 (b) | 880 | 877 |
|  |  | 4841 |
| **Commercial Mortgage-Backed Securities (0.5%)** |  |  |
| **Germany (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Berg Finance DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month EURIBOR + 1.05%, 3.07%, 4/22/33 (c) | 74 | 87 |
| **United States (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;BAMLL Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 2.35%, 6.10%, 8/15/39 (b)(c) | $800 | 803 |
| &nbsp;&nbsp;&nbsp;BPR Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 3.00%, 6.75%, 5/15/39 (b)(c) | 400 | 401 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 1.79%, 5.54%, 6/15/34 (b)(c) | 700 | 701 |
| &nbsp;&nbsp;&nbsp;JW Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 1.62%, 5.37%, 6/15/39 (b)(c) | 600 | 602 |
|  |  | 2507 |
|  |  | 2594 |
| **Corporate Bonds (6.7%)** |  |  |
| **Australia (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 11/25/35 (b) | 600 | 540 |
| &nbsp;&nbsp;&nbsp;NBN Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 5/5/31 (b) | 575 | 530 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%, 11/15/35 | 650 | 589 |
|  |  | 1659 |
| **Canada (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 6/15/26 (d) | 275 | 276 |
| &nbsp;&nbsp;&nbsp;Province of Quebec Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 10/29/30 | 1270 | 1306 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.31%, 11/3/31 | $275 | 274 |
|  |  | 1856 |
| **Denmark (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Danske Bank AS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 3/4/31 (b) | 475 | 485 |
| **France (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;AXA SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 5/28/49 | 400 | 469 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **France (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 6/11/26 | 285 | $333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 7/13/31 | 200 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 1/13/29 | 400 | 485 |
| &nbsp;&nbsp;&nbsp;BPCE SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/29/32 | 400 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 6/1/33 | 300 | 374 |
| &nbsp;&nbsp;&nbsp;Orange SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/26 (e) | 100 | 119 |
|  |  | 2488 |
| **Germany (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Allianz SE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 7/8/50 | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82%, 7/25/53 | 400 | 526 |
| &nbsp;&nbsp;&nbsp;RWE AG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 1/10/32 | 210 | 252 |
| &nbsp;&nbsp;&nbsp;Volkswagen International Finance NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 10Y |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 3/30/27 | 900 | 1047 |
|  |  | 1936 |
| **Ireland (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;AIB Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.87%, 3/28/35 (b) | $500 | 529 |
| **Japan (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;JT International Financial Services BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 4/11/34 | 400 | 464 |
| &nbsp;&nbsp;&nbsp;NTT Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 7/16/30 (b) | $525 | 535 |
|  |  | 999 |
| **Korea, Republic of (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Korea Southern Power Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 1/27/26 (b) | 730 | 728 |
| **Luxembourg (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Blackstone Property Partners Europe Holdings SARL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 4/26/27 | 400 | 462 |
| &nbsp;&nbsp;&nbsp;Logicor Financing SARL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 7/13/26 | 300 | 351 |
|  |  | 813 |
| **Netherlands (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Alliander NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 3/27/32 (e) | 120 | 146 |
| **Spain (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;CaixaBank SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/5/37 | 600 | 710 |
| **United Arab Emirates (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 3/31/36 (b) | $650 | 574 |
| **United Kingdom (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;BAT Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56%, 8/15/27 | 903 | 897 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87%, 11/22/32 | 300 | 273 |
| &nbsp;&nbsp;&nbsp;National Grid Electricity Distribution West Midlands PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 4/16/32 | 200 | 282 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 5/23/31 | $525 | 539 |
|  |  | 1991 |
| **United States (4.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Aon North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 3/1/34 | 675 | 702 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 12/4/26 | 350 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 6/1/51 | $625 | 440 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.87%, 9/15/34 | 1200 | 1281 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19%, 3/14/35 | 550 | 569 |
| &nbsp;&nbsp;&nbsp;Boeing Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 5/1/50 | 375 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26%, 5/1/27 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 5/1/29 | 200 | 212 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 5/19/34 | 710 | 761 |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 3/1/42 | 200 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 5/1/47 | 500 | 412 |
| &nbsp;&nbsp;&nbsp;Chubb INA Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 6/15/27 | 400 | 459 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06%, 1/25/33 | $1350 | 1237 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 1/31/60 | 275 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 1/15/36 | 175 | 178 |
| &nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/25/31 (b) | 550 | 568 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 10/15/53 | 225 | 224 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 3/23/32 | 520 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 4/25/35 | $525 | 558 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 6/24/29 (b) | 800 | 824 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 10/15/31 | 475 | 422 |
| &nbsp;&nbsp;&nbsp;Jersey Central Power & Light Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 1/15/31 (b) | 1100 | 1096 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/23/34 | 1450 | 1595 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 6/15/28 | 350 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 6/1/27 | 275 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/15/29 - 6/14/30 | 294 | 308 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Medtronic Global Holdings SCA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 7/2/31 | 250 | $263 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 11/15/55 | $375 | 360 |
| &nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 4/9/30 (b) | 575 | 546 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 1/15/31 | 250 | 259 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/1/29 | 375 | 357 |
| &nbsp;&nbsp;&nbsp;Nuveen LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 4/15/34 (b) | 225 | 237 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 11/1/34 | 600 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 9/1/30 (b) | 575 | 617 |
| &nbsp;&nbsp;&nbsp;Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 8/3/35 | 225 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 9/26/45 | 300 | 271 |
| &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 5/19/63 | 250 | 232 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/20/34 | 925 | 1047 |
| &nbsp;&nbsp;&nbsp;Prologis Euro Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 1/5/29 | 300 | 343 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Finance I BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/18/51 | 100 | 74 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 10/1/31 | 650 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 10/1/49 | 100 | 74 |
| &nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 3/15/48 | $550 | 480 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84%, 6/12/34 | 462 | 493 |
| &nbsp;&nbsp;&nbsp;Upjohn Finance BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91%, 6/23/32 | 550 | 568 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 9/19/30 | 150 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 3/21/31 | $625 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 10/27/36 | 150 | 168 |
| &nbsp;&nbsp;&nbsp;VICI Properties LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 5/15/32 | $600 | 604 |
| &nbsp;&nbsp;&nbsp;Vontier Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 4/1/28 | 250 | 240 |
|  |  | 23763 |
|  |  | 38677 |
| **Mortgages - Other (1.4%)** |  |  |
| **Netherlands (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;E-MAC NL 2006-II BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month EURIBOR + 0.13%, 3.29%, 1/25/39 (c) | 291 | 321 |
| **United Kingdom (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Great Hall Mortgages No. 1 PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month EURIBOR + 0.25%, 2.31%, 6/18/38 (c) | 93 | 109 |
| &nbsp;&nbsp;&nbsp;Landmark Mortgage Securities No. 3 PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 day GBP SONIA + 2.22%, 6.15%, 4/17/44 (c) | 134 | 174 |
|  |  | 283 |
| **United States (1.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 5/25/68 (b) | $676 | 679 |
| &nbsp;&nbsp;&nbsp;Banc of America Alternative Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.36%, 10/25/36 | 20 | 6 |
| &nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VI Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 1/25/52 (b)(c) | 553 | 484 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 8/25/55 (b)(c) | 574 | 579 |
| &nbsp;&nbsp;&nbsp;ChaseFlex Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 2/25/37 | 20 | 6 |
| &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 6/25/55 (b)(c) | 390 | 397 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 7/25/58 | 192 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/25/58 | 22 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/25/58 | 20 | 19 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Whole Loan Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 9/25/45 | 35 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 7/25/46 | 14 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/25/47 | 92 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 5/25/45 | 14 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 9/25/45 | 36 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 7/25/46 | 21 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/25/45 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/25/46 | 50 | 43 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 1/25/52 (b)(c) | 446 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 2/25/56 (b)(c) | 445 | 454 |
| &nbsp;&nbsp;&nbsp;Hundred Acre Wood Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/25/51 (b)(c) | 376 | 316 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 4/25/52 (b)(c) | 406 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 9/25/52 (b)(c) | 447 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 7/25/52 (b)(c) | 507 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 6/25/55 (b)(c) | 722 | 735 |
| &nbsp;&nbsp;&nbsp;Mello Mortgage Capital Acceptance, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 8/25/51 (b)(c) | 438 | 368 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 1/25/52 (b)(c) | 433 | 379 |
| &nbsp;&nbsp;&nbsp;PRKCM 2023-AFC1 Trust, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60%, 2/25/58 (b) | 583 | 583 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;PRMI Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 4/25/51 (b)(c) | $525 | $439 |
|  |  | 7443 |
|  |  | 8047 |
| **Municipal Bond (0.0%)‡** |  |  |
| **Michigan (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;University of Michigan, MI, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 4/1/2122 **(Cost $270)** | 270 | 211 |
| **Sovereign (20.6%)** |  |  |
| **Australia (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Australia Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 5/21/32 | 2240 | 1232 |
| &nbsp;&nbsp;&nbsp;Queensland Treasury Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 5/21/35 (b) | 130 | 151 |
| &nbsp;&nbsp;&nbsp;South Australian Government Financing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 5/24/34 | 1400 | 719 |
| &nbsp;&nbsp;&nbsp;Treasury Corp. of Victoria, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 9/17/35 | 2550 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 9/15/33 | 2963 | 1619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 9/10/31 | 1800 | 1006 |
|  |  | 5995 |
| **Austria (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Republic of Austria Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 2/20/30 | 360 | 382 |
| **Belgium (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Kingdom of Belgium Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%, 6/22/50 | 460 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 6/22/43 | 650 | 716 |
|  |  | 1053 |
| **Canada (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;British Columbia Investment Management Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/2/35 | 1590 | 1169 |
| &nbsp;&nbsp;&nbsp;Canadian Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/1/51 | 100 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 12/1/33 - 12/1/34 | 2660 | 1933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 12/1/57 | 1430 | 975 |
| &nbsp;&nbsp;&nbsp;OMERS Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 3/26/31 (b) | $560 | 580 |
| &nbsp;&nbsp;&nbsp;Province of Alberta Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 4/2/35 | 430 | 506 |
| &nbsp;&nbsp;&nbsp;Province of Ontario Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 7/3/35 | 220 | 256 |
| &nbsp;&nbsp;&nbsp;Province of Quebec Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 5/22/35 | 350 | 406 |
|  |  | 5876 |
| **Chile (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Chile Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 1/14/32 | 520 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 7/1/35 | 220 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 7/9/31 | 450 | 543 |
|  |  | 1424 |
| **China (3.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;China Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%, 1/25/30 | 15760 | 2244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04%, 11/25/34 | 13860 | 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37%, 1/20/27 | 16110 | 2331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 8/15/32 | 11730 | 1776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 11/15/32 | 18840 | 2884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 10/25/52 | 4620 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 11/21/29 | 19580 | 2982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27%, 11/19/30 | 24960 | 3884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52%, 4/25/46 | 460 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53%, 10/18/51 | 1240 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81%, 9/14/50 | 3890 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86%, 7/22/49 | 6430 | 1168 |
|  |  | 21049 |
| **Czech Republic (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Czech Republic Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%, 3/13/31 | 6000 | 253 |
| **Denmark (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Denmark Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 11/15/27 | 3000 | 461 |
| **Estonia (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Estonia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 1/17/34 | 390 | 455 |
| **Finland (0.2%)** |  |  |
| Finland Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 4/15/36 | 1450 | 1242 |
| **France (2.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Agence Francaise de Developpement EPIC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 10/31/34 | 700 | 692 |
| &nbsp;&nbsp;&nbsp;French Republic Government Bond OAT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/25/29 | 4900 | 5206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 2/25/31 | 4810 | 5613 |
| &nbsp;&nbsp;&nbsp;SNCF Reseau, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 3/30/34 | 400 | 412 |
|  |  | 11923 |
| **Germany (2.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Bundesobligation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%, 10/15/27 | 4400 | 5102 |
| &nbsp;&nbsp;&nbsp;Bundesrepublik Deutschland Bundesanleihe, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 8/15/31 | 2350 | 2406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 2/15/29 | 2210 | 2444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 8/15/54 | 1540 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 7/4/39 | 1230 | 1625 |
| &nbsp;&nbsp;&nbsp;State of North Rhine-Westphalia Germany, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%, 2/22/38 | 1420 | 1380 |
|  |  | 14452 |
| **Greece (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Hellenic Republic Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 7/18/38 | 250 | 315 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Hungary (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Hungary Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 8/21/30 | 51360 | $136 |
| &nbsp;&nbsp;&nbsp;Hungary Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 9/22/32 | $1120 | 1197 |
|  |  | 1333 |
| **Indonesia (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 3/15/34 | 11802000 | 808 |
| **Ireland (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Ireland Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%, 5/15/35 | 500 | 461 |
| **Italy (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/1/32 | 1020 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 7/1/34 | 940 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/30 | 1580 | 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 9/1/43 | 298 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/1/53 | 580 | 699 |
|  |  | 5328 |
| **Japan (3.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Japan Government Ten Year Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%, 3/20/34 | 476600 | 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%, 9/20/34 | 419000 | 2452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%, 6/20/34 | 177000 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 3/20/35 | 404250 | 2452 |
| &nbsp;&nbsp;&nbsp;Japan Government Thirty Year Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30%, 6/20/46 | 224000 | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%, 9/20/49 | 207750 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%, 12/20/51 | 225700 | 780 |
| &nbsp;&nbsp;&nbsp;Japan Government Twenty Year Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%, 6/20/41 | 413600 | 1892 |
| &nbsp;&nbsp;&nbsp;Japan Government Two Year Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 12/1/27 | 709000 | 4515 |
|  |  | 17503 |
| **Korea, Republic of (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Export-Import Bank of Korea, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 2/9/26 | $640 | 638 |
| &nbsp;&nbsp;&nbsp;Korea Development Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%, 7/19/26 | 590 | 580 |
|  |  | 1218 |
| **Lithuania (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Lithuania Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 7/3/31 | 1690 | 2031 |
| **Malaysia (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Malaysia Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58%, 7/15/32 | 3020 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89%, 8/15/29 | 2500 | 630 |
|  |  | 1383 |
| **Mexico (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Mexican Bonos, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 6/3/27 | 6000 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 5/29/31 - 11/23/34 | 9000 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 5/31/29 | 5900 | 331 |
| &nbsp;&nbsp;&nbsp;Mexico Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 9/19/29 | 370 | 434 |
|  |  | 1572 |
| **Netherlands (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Netherlands Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 7/15/30 | 1060 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 1/15/47 | 90 | 94 |
|  |  | 1208 |
| **New Zealand (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;New Zealand Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 5/15/34 - 5/15/36 | 258 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 5/15/35 | 180 | 104 |
| &nbsp;&nbsp;&nbsp;New Zealand Local Government Funding Agency Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 9/8/27 | 2130 | 1421 |
|  |  | 1673 |
| **Norway (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Norway Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 6/12/35 | 1080 | 104 |
| **Poland (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Republic of Poland Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 4/25/32 | 1400 | 329 |
| **Portugal (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Portugal Obrigacoes do Tesouro OT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 6/12/54 | 210 | 231 |
| **Romania (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Romanian Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 3/10/30 | 470 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/7/45 (b) | 150 | 176 |
|  |  | 755 |
| **Saudi Arabia (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 3/5/32 (b) | 600 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 1/13/28 (b) | $477 | 488 |
|  |  | 1197 |
| **Singapore (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Singapore Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 8/1/32 | 720 | 583 |
| **Slovakia (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Slovakia Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 2/27/40 | 860 | 982 |
| **Spain (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Spain Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 1/31/28 | 540 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 10/31/48 | 380 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/31/34 | 2300 | 2758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 5/31/29 | 1050 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/31/54 | 130 | 150 |
|  |  | 5157 |
| **Sweden (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Sweden Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 5/11/35 | 2860 | 298 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Switzerland (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Swiss Confederation Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 6/23/35 | 810 | $1021 |
| **Thailand (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Thailand Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59%, 12/17/35 | 15770 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/17/31 | 27070 | 893 |
|  |  | 1393 |
| **United Kingdom (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;United Kingdom Gilt, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38%, 10/22/30 | 490 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 10/22/50 | 2220 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 7/31/33 | 1900 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/22/53 | 740 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 7/31/34 | 910 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 6/7/28 | 690 | 946 |
|  |  | 6611 |
|  |  | 118059 |
| **Supranational (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Banque Ouest Africaine de Developpement, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 10/22/31 | $240 | 222 |
| &nbsp;&nbsp;&nbsp;Corp. Andina de Fomento, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/24/29 - 1/22/30 | 1010 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 2/19/29 | 4950 | 3302 |
|  |  | 4567 |
| **U.S. Treasury Securities (10.0%)** |  |  |
| **United States (10.0%)** |  |  |
| U.S. Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;1.13%, 5/15/40 | $&nbsp;&nbsp;&nbsp;5160 | 3276 |
| &nbsp;&nbsp;&nbsp;1.75%, 8/15/41 | 1770 | 1195 |
| &nbsp;&nbsp;&nbsp;4.88%, 8/15/45 | 2280 | 2303 |
| U.S. Treasury Inflation Indexed Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 7/15/35 | 27961 | 27894 |
| U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;1.38%, 10/31/28—11/15/31 | 7600 | 7052 |
| &nbsp;&nbsp;&nbsp;3.38%, 5/15/33 | 3590 | 3452 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/31/32—2/15/34 | 5250 | 5275 |
| &nbsp;&nbsp;&nbsp;4.13%, 8/31/30 | 6600 | 6717 |
|  |  | 57164 |
| &nbsp;&nbsp;&nbsp;**Total Fixed Income Securities (Cost $261,422)** |  | 258205 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Common Stocks (49.1%)** |  |  |
| **Australia (0.8%)** |  |  |
| ANZ Group Holdings Ltd. | 11319 | 274 |
| APA Group | 5007 | 30 |
| Aristocrat Leisure Ltd. | 2105 | 82 |
| ASX Ltd. | 744 | 26 |
| BHP Group Ltd. | 19264 | 581 |
| Brambles Ltd. | 5185 | 79 |
| CAR Group Ltd. | 1440 | 30 |
| Cochlear Ltd. | 250 | 44 |
| Coles Group Ltd. | 5160 | 74 |
| Commonwealth Bank of Australia | 6281 | 671 |
| Computershare Ltd. | 1989 | 45 |
| CSL Ltd. | 1868 | 215 |
| Evolution Mining Ltd. | 7777 | 65 |
| Fortescue Ltd. | 6522 | 95 |
| Goodman Group REIT | 7246 | 149 |
| Insurance Australia Group Ltd. | 8915 | 47 |
| Lottery Corp. Ltd. | 8505 | 29 |
| Lynas Rare Earths Ltd. (f) | 3453 | 28 |
| Macquarie Group Ltd. | 1366 | 185 |
| Medibank Pvt Ltd. | 10433 | 33 |
| National Australia Bank Ltd. | 11641 | 327 |
| Northern Star Resources Ltd. | 5247 | 92 |
| Origin Energy Ltd. | 6573 | 50 |
| Pro Medicus Ltd. | 211 | 31 |
| Qantas Airways Ltd. | 2811 | 20 |
| QBE Insurance Group Ltd. | 5680 | 75 |
| REA Group Ltd. | 200 | 24 |
| Rio Tinto Ltd. | 1406 | 137 |
| Santos Ltd. | 12376 | 51 |
| Scentre Group REIT | 19914 | 56 |
| SGH Ltd. | 777 | 24 |
| Sigma Healthcare Ltd. | 19792 | 39 |
| Sonic Healthcare Ltd. | 1781 | 27 |
| South32 Ltd. | 17161 | 41 |
| Stockland REIT | 9307 | 36 |
| Suncorp Group Ltd. | 4098 | 48 |
| Telstra Group Ltd. | 15176 | 49 |
| Transurban Group (Units) | 11863 | 112 |
| Vicinity Ltd. REIT | 14880 | 25 |
| Washington H Soul Pattinson & Co. Ltd. | 1294 | 32 |
| Wesfarmers Ltd. | 4289 | 231 |
| Westpac Banking Corp. | 12949 | 332 |
| WiseTech Global Ltd. | 756 | 34 |
| Woodside Energy Group Ltd. | 7205 | 112 |
| Woolworths Group Ltd. | 4686 | 92 |
| Xero Ltd. (f) | 636 | 48 |
|  |  | 4927 |
| **Austria (0.0%)‡** |  |  |
| Erste Group Bank AG | 1329 | 160 |
| OMV AG | 635 | 35 |
| Raiffeisen Bank International AG | 565 | 25 |
| Verbund AG | 1621 | 118 |
|  |  | 338 |
| **Belgium (0.2%)** |  |  |
| Ageas SA | 584 | 41 |
| Anheuser-Busch InBev SA | 3855 | 247 |
| Argenx SE (f) | 242 | 205 |
| D'ieteren Group | 85 | 15 |
| Elia Group SA | 1009 | 130 |
| Financiere de Tubize SA | 79 | 19 |
| Groupe Bruxelles Lambert NV | 314 | 28 |
| KBC Group NV | 909 | 118 |
| Lotus Bakeries NV | 2 | 18 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Belgium (cont'd)** |  |  |
| Sofina SA | 64 | $19 |
| Syensqo SA | 286 | 23 |
| UCB SA | 489 | 136 |
|  |  | 999 |
| **Canada (1.9%)** |  |  |
| Agnico Eagle Mines Ltd. | 1946 | 330 |
| Alamos Gold, Inc., Class A | 1629 | 63 |
| Alimentation Couche-Tard, Inc. | 2868 | 157 |
| AltaGas Ltd. | 1138 | 35 |
| ARC Resources Ltd. | 2240 | 42 |
| AtkinsRealis Group, Inc. | 638 | 41 |
| Bank of Montreal | 2729 | 354 |
| Bank of Nova Scotia | 4722 | 348 |
| Barrick Mining Corp. | 6555 | 286 |
| BCE, Inc. | 287 | 7 |
| Bombardier, Inc., Class B (f) | 332 | 57 |
| Brookfield Asset Management Ltd., Class A | 1577 | 83 |
| Brookfield Corp. | 7882 | 362 |
| Brookfield Renewable Corp. | 527 | 20 |
| CAE, Inc. (f) | 1166 | 35 |
| Cameco Corp. | 1639 | 150 |
| Canadian Imperial Bank of Commerce | 3557 | 322 |
| Canadian National Railway Co. | 2021 | 200 |
| Canadian Natural Resources Ltd. | 8010 | 271 |
| Canadian Pacific Kansas City Ltd. | 3500 | 258 |
| Canadian Tire Corp. Ltd., Class A | 191 | 24 |
| Canadian Utilities Ltd., Class A | 508 | 16 |
| CCL Industries, Inc., Class B | 553 | 35 |
| Celestica, Inc. (f) | 442 | 131 |
| Cenovus Energy, Inc. | 5504 | 93 |
| CGI, Inc. | 757 | 70 |
| Constellation Software, Inc. | 78 | 188 |
| Descartes Systems Group, Inc. (f) | 335 | 29 |
| Dollarama, Inc. | 1049 | 157 |
| Element Fleet Management Corp. | 1545 | 41 |
| Emera, Inc. | 1143 | 56 |
| Empire Co. Ltd., Class A | 481 | 17 |
| Enbridge, Inc. | 8311 | 398 |
| Fairfax Financial Holdings Ltd. | 79 | 151 |
| First Quantum Minerals Ltd. (f) | 2678 | 72 |
| FirstService Corp. | 157 | 24 |
| Fortis, Inc. | 1924 | 100 |
| Franco-Nevada Corp. | 744 | 154 |
| George Weston Ltd. | 665 | 46 |
| GFL Environmental, Inc. | 939 | 40 |
| Gildan Activewear, Inc. | 678 | 42 |
| Great-West Lifeco, Inc. | 1056 | 52 |
| Hydro One Ltd. | 1260 | 50 |
| iA Financial Corp., Inc. | 354 | 46 |
| IGM Financial, Inc. | 317 | 14 |
| Imperial Oil Ltd. | 665 | 57 |
| Intact Financial Corp. | 681 | 142 |
| Ivanhoe Mines Ltd., Class A (f) | 2903 | 33 |
| Keyera Corp. | 874 | 28 |
| Kinross Gold Corp. | 4700 | 132 |
| Loblaw Cos. Ltd. | 2287 | 103 |
| Lundin Gold, Inc. | 424 | 35 |
| Lundin Mining Corp. | 2604 | 56 |
| Magna International, Inc. | 1037 | 55 |
| Manulife Financial Corp. | 6485 | 236 |
| Metro, Inc. | 782 | 56 |
| National Bank of Canada | 1498 | 188 |
| Nutrien Ltd. | 1846 | 114 |
| Open Text Corp. | 984 | 32 |
| Pan American Silver Corp. | 1627 | 84 |
| Pembina Pipeline Corp. | 2207 | 84 |
| Power Corp. of Canada | 2128 | 113 |
| RB Global, Inc. | 718 | 74 |
| Restaurant Brands International, Inc. | 1219 | 83 |
| Rogers Communications, Inc., Class B | 1387 | 52 |
| Royal Bank of Canada | 5377 | 917 |
| Saputo, Inc. | 946 | 29 |
| Shopify, Inc., Class A (f) | 4730 | 762 |
| Stantec, Inc. | 437 | 41 |
| Sun Life Financial, Inc. | 2141 | 134 |
| Suncor Energy, Inc. | 4674 | 207 |
| TC Energy Corp. | 3939 | 217 |
| Teck Resources Ltd., Class B | 1690 | 81 |
| TELUS Corp. | 1959 | 26 |
| TFI International, Inc. | 301 | 31 |
| Thomson Reuters Corp. | 610 | 81 |
| TMX Group Ltd. | 1065 | 41 |
| Toromont Industries Ltd. | 313 | 38 |
| Toronto-Dominion Bank | 6477 | 610 |
| Tourmaline Oil Corp. | 1405 | 63 |
| Wheaton Precious Metals Corp. | 1756 | 206 |
| Whitecap Resources, Inc. | 4619 | 39 |
| WSP Global, Inc. | 498 | 90 |
|  |  | 10837 |
| **China (0.0%)** |  |  |
| China Common Rich Renewable Energy Investments Ltd. (f)(g) | 42000 |  |
| **Denmark (0.3%)** |  |  |
| AP Moller - Maersk AS Series B | 26 | 59 |
| Carlsberg AS Series B | 366 | 48 |
| Coloplast AS Series B | 494 | 42 |
| Danske Bank AS | 2616 | 131 |
| Demant AS (f) | 372 | 12 |
| DSV AS | 801 | 202 |
| Genmab AS (f) | 234 | 73 |
| Novo Nordisk AS, Class B | 11664 | 592 |
| Novonesis Novozymes B Series B | 1359 | 87 |
| Orsted AS (f) | 12414 | 237 |
| Pandora AS | 309 | 34 |
| Rockwool AS, Class B | 376 | 13 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Denmark (cont'd)** |  |  |
| Tryg AS | 1306 | $34 |
| Vestas Wind Systems AS | 3924 | 106 |
|  |  | 1670 |
| **Finland (0.2%)** |  |  |
| Elisa OYJ | 532 | 24 |
| Fortum OYJ | 10357 | 220 |
| Kesko OYJ, Class B | 1024 | 23 |
| Kone OYJ, Class B | 1270 | 90 |
| Metso OYJ | 2492 | 43 |
| Neste OYJ | 1583 | 36 |
| Nokia OYJ | 19844 | 128 |
| Nordea Bank Abp | 11665 | 219 |
| Orion OYJ, Class B | 411 | 31 |
| Sampo OYJ, Class A | 9083 | 110 |
| Stora Enso OYJ, Class R | 2186 | 27 |
| UPM-Kymmene OYJ | 1979 | 57 |
| Wartsila OYJ Abp | 1893 | 67 |
|  |  | 1075 |
| **France (1.7%)** |  |  |
| Accor SA | 755 | 43 |
| Aeroports de Paris SA | 134 | 17 |
| Air Liquide SA | 2217 | 417 |
| Airbus SE | 2278 | 529 |
| Alstom SA(f) | 1331 | 39 |
| Amundi SA | 236 | 19 |
| ArcelorMittal SA | 1812 | 83 |
| AXA SA | 6671 | 320 |
| BioMerieux | 160 | 21 |
| BNP Paribas SA | 3866 | 366 |
| Bollore SE | 2703 | 15 |
| Bouygues SA | 737 | 38 |
| Bureau Veritas SA | 1306 | 42 |
| Capgemini SE | 598 | 99 |
| Carrefour SA | 2275 | 38 |
| Cie de Saint-Gobain SA | 1719 | 175 |
| Cie Generale des Etablissements Michelin SCA | 2586 | 86 |
| Covivio SA REIT | 214 | 14 |
| Credit Agricole SA | 4110 | 85 |
| Danone SA | 2483 | 224 |
| Dassault Aviation SA | 76 | 24 |
| Dassault Systemes SE | 2567 | 72 |
| Edenred SE | 918 | 20 |
| Eiffage SA | 264 | 38 |
| Engie SA | 42458 | 1115 |
| EssilorLuxottica SA | 1165 | 368 |
| Eurofins Scientific SE | 455 | 33 |
| Euronext NV | 293 | 44 |
| FDJ UNITED | 427 | 12 |
| Gecina SA REIT | 176 | 17 |
| Getlink SE | 1151 | 21 |
| Hermes International SCA | 122 | 303 |
| Ipsen SA | 144 | 20 |
| Kering SA | 287 | 100 |
| Klepierre SA REIT | 828 | 33 |
| Legrand SA | 1008 | 150 |
| L'Oreal SA | 924 | 397 |
| LVMH Moet Hennessy Louis Vuitton SE | 956 | 721 |
| Orange SA | 7096 | 118 |
| Pernod Ricard SA | 776 | 66 |
| Publicis Groupe SA | 884 | 92 |
| Renault SA | 747 | 31 |
| Rexel SA | 860 | 34 |
| Safran SA | 1384 | 482 |
| Sanofi SA | 4224 | 409 |
| Sartorius Stedim Biotech | 112 | 27 |
| Schneider Electric SE | 2104 | 576 |
| Societe Generale SA | 2725 | 219 |
| Sodexo SA | 339 | 17 |
| STMicroelectronics NV | 2593 | 68 |
| Thales SA | 359 | 97 |
| TotalEnergies SE | 7632 | 498 |
| Unibail-Rodamco-Westfield REIT | 466 | 51 |
| Veolia Environnement SA | 14654 | 510 |
| Vinci SA | 1918 | 270 |
|  |  | 9723 |
| **Germany (1.6%)** |  |  |
| adidas AG | 660 | 131 |
| Allianz SE (Registered) | 1481 | 685 |
| BASF SE | 3413 | 180 |
| Bayer AG (Registered) | 3736 | 162 |
| Bayerische Motoren Werke AG | 1082 | 117 |
| Bayerische Motoren Werke AG (Preference) | 212 | 23 |
| Beiersdorf AG | 371 | 41 |
| Brenntag SE | 470 | 27 |
| Commerzbank AG | 2822 | 119 |
| Continental AG | 424 | 34 |
| CTS Eventim AG & Co. KGaA | 240 | 22 |
| Daimler Truck Holding AG | 1833 | 79 |
| Delivery Hero SE (f) | 747 | 20 |
| Deutsche Bank AG (Registered) | 7112 | 274 |
| Deutsche Boerse AG | 717 | 189 |
| Deutsche Lufthansa AG (Registered) | 2331 | 23 |
| Deutsche Post AG (Registered) | 3690 | 201 |
| Deutsche Telekom AG (Registered) | 14035 | 457 |
| Dr. Ing hc F Porsche AG (Preference) | 437 | 23 |
| E.ON SE | 52143 | 987 |
| Evonik Industries AG | 978 | 15 |
| Fresenius Medical Care AG | 844 | 40 |
| Fresenius SE & Co. KGaA | 1622 | 93 |
| GEA Group AG | 566 | 38 |
| Hannover Rueck SE (Registered) | 230 | 72 |
| Heidelberg Materials AG | 510 | 132 |
| Henkel AG & Co. KGaA | 398 | 30 |
| Henkel AG & Co. KGaA (Preference) | 613 | 50 |
| Hensoldt AG | 245 | 21 |
| HOCHTIEF AG | 60 | 24 |
| Infineon Technologies AG | 4996 | 218 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Germany (cont'd)** |  |  |
| Knorr-Bremse AG | 280 | $31 |
| LEG Immobilien SE | 291 | 21 |
| Mercedes-Benz Group AG (Registered) | 2781 | 193 |
| Merck KGaA | 493 | 70 |
| MTU Aero Engines AG | 207 | 86 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 500 | 329 |
| Nemetschek SE | 223 | 24 |
| Porsche Automobil Holding SE (Preference) | 591 | 28 |
| Qiagen NV | 834 | 38 |
| Rational AG | 20 | 15 |
| Rheinmetall AG | 178 | 325 |
| RWE AG | 14765 | 782 |
| SAP SE | 4000 | 972 |
| Sartorius AG (Preference) | 101 | 29 |
| Scout24 SE | 289 | 29 |
| Siemens AG (Registered) | 2911 | 815 |
| Siemens Energy AG (f) | 2983 | 419 |
| Siemens Healthineers AG | 1303 | 68 |
| Symrise AG | 506 | 41 |
| Talanx AG | 248 | 33 |
| Volkswagen AG (Preference) | 798 | 97 |
| Vonovia SE | 2893 | 83 |
| Zalando SE (f) | 853 | 25 |
|  |  | 9080 |
| **Hong Kong (0.3%)** |  |  |
| AIA Group Ltd. | 40717 | 419 |
| BOC Hong Kong Holdings Ltd. | 14183 | 72 |
| CK Asset Holdings Ltd. | 7424 | 38 |
| CK Hutchison Holdings Ltd. | 10298 | 70 |
| CK Infrastructure Holdings Ltd. | 2429 | 18 |
| CLP Holdings Ltd. | 6329 | 57 |
| Futu Holdings Ltd. ADR (f) | 221 | 36 |
| Galaxy Entertainment Group Ltd. | 7596 | 37 |
| Hang Seng Bank Ltd. | 2908 | 57 |
| Henderson Land Development Co. Ltd. | 5665 | 20 |
| HKT Trust & HKT Ltd. | 14541 | 21 |
| Hong Kong & China Gas Co. Ltd. | 43213 | 39 |
| Hong Kong Exchanges & Clearing Ltd. | 4662 | 244 |
| Hongkong Land Holdings Ltd. | 4196 | 29 |
| Jardine Matheson Holdings Ltd. | 627 | 43 |
| Link REIT | 10452 | 47 |
| MTR Corp. Ltd. | 5976 | 23 |
| Power Assets Holdings Ltd. | 5340 | 38 |
| Sands China Ltd. | 9330 | 24 |
| Sino Land Co. Ltd. | 14105 | 19 |
| SITC International Holdings Co. Ltd. | 5129 | 18 |
| Sun Hung Kai Properties Ltd. | 5561 | 68 |
| Swire Pacific Ltd., Class A | 1340 | 11 |
| Techtronic Industries Co. Ltd. | 5625 | 65 |
| WH Group Ltd. | 32253 | 36 |
| Wharf Holdings Ltd. | 4128 | 11 |
| Wharf Real Estate Investment Co. Ltd. | 6431 | 20 |
|  |  | 1580 |
| **Ireland (0.1%)** |  |  |
| AIB Group PLC | 7780 | 83 |
| Bank of Ireland Group PLC | 3487 | 67 |
| Kerry Group PLC, Class A | 581 | 53 |
| Kingspan Group PLC | 552 | 47 |
| Ryanair Holdings PLC | 3035 | 105 |
|  |  | 355 |
| **Israel (0.1%)** |  |  |
| Azrieli Group Ltd. | 165 | 19 |
| Bank Hapoalim BM | 4870 | 110 |
| Bank Leumi Le-Israel BM | 5799 | 128 |
| Check Point Software Technologies Ltd. (f) | 335 | 62 |
| CyberArk Software Ltd. (f) | 197 | 88 |
| Elbit Systems Ltd. | 108 | 62 |
| ICL Group Ltd. | 3016 | 17 |
| Israel Discount Bank Ltd., Class A | 4764 | 51 |
| Mizrahi Tefahot Bank Ltd. | 607 | 42 |
| Monday.com Ltd. (f) | 169 | 25 |
| Nice Ltd. (f) | 240 | 27 |
| Nova Ltd. (f) | 115 | 38 |
| Phoenix Financial Ltd. | 891 | 37 |
| Teva Pharmaceutical Industries Ltd. ADR (f) | 4478 | 140 |
| Wix.com Ltd. (f) | 217 | 23 |
|  |  | 869 |
| **Italy (0.8%)** |  |  |
| Banca Mediolanum SpA | 857 | 19 |
| Banca Monte dei Paschi di Siena SpA | 7491 | 80 |
| Banco BPM SpA | 4346 | 66 |
| BPER Banca SpA | 5615 | 76 |
| Buzzi SpA | 295 | 18 |
| Davide Campari-Milano NV | 2340 | 15 |
| Enel SpA | 189598 | 1971 |
| Eni SpA | 7789 | 148 |
| Ferrari NV | 479 | 178 |
| FinecoBank Banca Fineco SpA | 2339 | 60 |
| Generali | 3241 | 135 |
| Infrastrutture Wireless Italiane SpA | 1057 | 10 |
| Intesa Sanpaolo SpA | 54442 | 376 |
| Leonardo SpA | 1537 | 88 |
| Moncler SpA | 891 | 57 |
| Nexi SpA | 1976 | 10 |
| Poste Italiane SpA | 1747 | 44 |
| Prysmian SpA | 1075 | 107 |
| Recordati Industria Chimica e Farmaceutica SpA | 433 | 24 |
| Snam SpA | 46938 | 312 |
| Stellantis NV | 7635 | 84 |
| Telecom Italia SpA (f) | 44450 | 27 |
| Tenaris SA | 1421 | 27 |
| Terna - Rete Elettrica Nazionale | 32801 | 349 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Italy (cont'd)** |  |  |
| UniCredit SpA | 5368 | $445 |
| Unipol Assicurazioni SpA | 1372 | 33 |
|  |  | 4759 |
| **Netherlands (0.7%)** |  |  |
| ABN AMRO Bank NV CVA | 2277 | 79 |
| Adyen NV (f) | 97 | 156 |
| Aegon Ltd. | 5110 | 40 |
| AerCap Holdings NV | 680 | 98 |
| Akzo Nobel NV | 655 | 46 |
| ASM International NV | 180 | 109 |
| ASML Holding NV | 1488 | 1603 |
| ASR Nederland NV | 603 | 43 |
| BE Semiconductor Industries NV | 281 | 44 |
| Coca-Cola Europacific Partners PLC | 800 | 72 |
| CVC Capital Partners PLC | 820 | 14 |
| DSM-Firmenich AG | 661 | 53 |
| EXOR NV | 360 | 31 |
| Heineken Holding NV | 498 | 36 |
| Heineken NV | 1106 | 91 |
| IMCD NV | 227 | 21 |
| ING Groep NV | 11742 | 330 |
| InPost SA (f) | 951 | 12 |
| JDE Peet's NV | 657 | 25 |
| Koninklijke Ahold Delhaize NV | 3450 | 141 |
| Koninklijke KPN NV | 14959 | 70 |
| Koninklijke Philips NV | 2981 | 81 |
| Magnum Ice Cream Co. NV (f) | 1898 | 30 |
| NN Group NV | 1033 | 80 |
| Prosus NV (f) | 5032 | 312 |
| Randstad NV | 416 | 16 |
| Universal Music Group NV | 4228 | 110 |
| Wolters Kluwer NV | 898 | 93 |
|  |  | 3836 |
| **New Zealand (0.0%)‡** |  |  |
| Auckland International Airport Ltd. | 5593 | 27 |
| Contact Energy Ltd. | 2854 | 15 |
| Fisher & Paykel Healthcare Corp. Ltd. | 1950 | 42 |
| Infratil Ltd. | 3039 | 20 |
| Meridian Energy Ltd. | 4299 | 14 |
|  |  | 118 |
| **Norway (0.1%)** |  |  |
| Aker BP ASA | 1286 | 33 |
| DNB Bank ASA | 3610 | 101 |
| Equinor ASA | 3111 | 73 |
| Gjensidige Forsikring ASA | 815 | 24 |
| Kongsberg Gruppen ASA | 1790 | 46 |
| Mowi ASA | 1906 | 46 |
| Norsk Hydro ASA | 5626 | 43 |
| Orkla ASA | 2829 | 32 |
| Salmar ASA | 278 | 17 |
| Telenor ASA | 2493 | 36 |
| Yara International ASA | 667 | 27 |
|  |  | 478 |
| **Portugal (0.1%)** |  |  |
| Banco Comercial Portugues SA, Class R | 33867 | 36 |
| EDP Renovaveis SA | 7533 | 106 |
| EDP SA | 74874 | 345 |
| Galp Energia SGPS SA | 1854 | 32 |
| Jeronimo Martins SGPS SA | 1251 | 30 |
|  |  | 549 |
| **Singapore (0.2%)** |  |  |
| CapitaLand Ascendas REIT (f) | 14727 | 32 |
| CapitaLand Integrated Commercial Trust REIT (f) | 23047 | 43 |
| CapitaLand Investment Ltd. | 8800 | 19 |
| DBS Group Holdings Ltd. | 7967 | 349 |
| Grab Holdings Ltd., Class A (f) | 9082 | 45 |
| Keppel Ltd. | 5461 | 44 |
| Oversea-Chinese Banking Corp. Ltd. | 12771 | 196 |
| Sea Ltd. ADR (f) | 1454 | 186 |
| Sembcorp Industries Ltd. | 3362 | 16 |
| Singapore Airlines Ltd. | 5900 | 29 |
| Singapore Exchange Ltd. | 3212 | 42 |
| Singapore Technologies Engineering Ltd. | 5856 | 38 |
| Singapore Telecommunications Ltd. | 28078 | 99 |
| United Overseas Bank Ltd. | 4716 | 129 |
| Wilmar International Ltd. | 7298 | 18 |
| Yangzijiang Shipbuilding Holdings Ltd. | 9753 | 26 |
|  |  | 1311 |
| **South Africa (0.0%)‡** |  |  |
| Valterra Platinum Ltd. | 537 | 45 |
| **Spain (1.1%)** |  |  |
| Acciona SA | 577 | 126 |
| ACS Actividades de Construccion y Servicios SA | 689 | 68 |
| Aena SME SA | 2901 | 81 |
| Amadeus IT Group SA | 1745 | 129 |
| Banco Bilbao Vizcaya Argentaria SA | 22533 | 529 |
| Banco de Sabadell SA | 19938 | 79 |
| Banco Santander SA | 57981 | 683 |
| Bankinter SA | 2621 | 43 |
| CaixaBank SA | 15125 | 185 |
| Cellnex Telecom SA | 1895 | 61 |
| Endesa SA | 7401 | 266 |
| Ferrovial SE | 2008 | 130 |
| Grifols SA | 1155 | 14 |
| Iberdrola SA | 148033 | 3205 |
| Industria de Diseno Textil SA | 4214 | 278 |
| International Consolidated Airlines Group SA | 4593 | 26 |
| Mapfre SA | 3573 | 18 |
| Naturgy Energy Group SA | 5602 | 171 |
| Redeia Corp. SA | 9502 | 169 |
| Repsol SA | 4407 | 82 |
| Telefonica SA | 14061 | 58 |
|  |  | 6401 |
| **Sweden (0.5%)** |  |  |
| AddTech AB, Class B | 985 | 35 |
| Alfa Laval AB | 1098 | 55 |
| Assa Abloy AB, Class B | 3802 | 147 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Sweden (cont'd)** |  |  |
| Atlas Copco AB, Class A | 16080 | $276 |
| Beijer Ref AB | 1549 | 25 |
| Boliden AB (f) | 1079 | 60 |
| Epiroc AB, Class A | 3994 | 87 |
| EQT AB | 1876 | 73 |
| Essity AB, Class B | 2286 | 66 |
| Evolution AB | 501 | 34 |
| Fastighets AB Balder, Class B (f) | 2710 | 20 |
| H & M Hennes & Mauritz AB, Class B | 1863 | 37 |
| Hexagon AB, Class B | 7889 | 93 |
| Holmen AB, Class B | 267 | 10 |
| Industrivarden AB, Class A | 1040 | 46 |
| Indutrade AB | 1043 | 27 |
| Investment AB Latour, Class B | 559 | 14 |
| Investor AB, Class B | 6895 | 246 |
| L E Lundbergforetagen AB, Class B | 288 | 16 |
| Lifco AB, Class B | 885 | 33 |
| Nibe Industrier AB, Class B | 5732 | 22 |
| Saab AB, Class B | 1190 | 69 |
| Sagax AB, Class B | 831 | 18 |
| Sandvik AB | 4049 | 131 |
| Securitas AB, Class B | 1872 | 30 |
| Skandinaviska Enskilda Banken AB, Class A | 5776 | 122 |
| Skanska AB, Class B | 1297 | 35 |
| SKF AB, Class B | 1300 | 34 |
| Spotify Technology SA (f) | 597 | 347 |
| Svenska Cellulosa AB SCA, Class B | 2304 | 30 |
| Svenska Handelsbanken AB, Class A | 5515 | 80 |
| Swedbank AB, Class A | 3221 | 112 |
| Swedish Orphan Biovitrum AB (f) | 751 | 27 |
| Tele2 AB, Class B | 2063 | 34 |
| Telefonaktiebolaget LM Ericsson, Class B | 10672 | 104 |
| Telia Co. AB | 8835 | 38 |
| Trelleborg AB, Class B | 768 | 32 |
| Volvo AB, Class B | 6041 | 192 |
|  |  | 2857 |
| **Switzerland (1.3%)** |  |  |
| ABB Ltd. (Registered) | 5945 | 438 |
| Alcon AG | 1905 | 151 |
| Avolta AG (Registered) | 337 | 20 |
| Banque Cantonale Vaudoise (Registered) | 114 | 14 |
| Barry Callebaut AG (Registered) | 14 | 23 |
| Belimo Holding AG (Registered) | 38 | 37 |
| BKW AG | 492 | 104 |
| Chocoladefabriken Lindt & Spruengli AG | 4 | 58 |
| Cie Financiere Richemont SA, Class A (Registered) | 2023 | 436 |
| EMS-Chemie Holding AG (Registered) | 27 | 19 |
| Galderma Group AG (f) | 590 | 120 |
| Geberit AG (Registered) | 129 | 100 |
| Givaudan SA (Registered) | 35 | 139 |
| Helvetia Baloise Holding AG (Registered) | 303 | 80 |
| Holcim AG (f) | 1935 | 188 |
| Julius Baer Group Ltd. | 783 | 61 |
| Kuehne & Nagel International AG (Registered) | 184 | 39 |
| Logitech International SA (Registered) | 583 | 59 |
| Lonza Group AG (Registered) | 266 | 179 |
| Nestle SA (Registered) | 9758 | 969 |
| Novartis AG (Registered) | 7131 | 983 |
| Partners Group Holding AG | 86 | 106 |
| Roche Holding AG | 121 | 51 |
| Roche Holding AG (Genusschein) | 2641 | 1091 |
| Sandoz Group AG | 1586 | 115 |
| Schindler Holding AG | 154 | 58 |
| Schindler Holding AG (Registered) | 89 | 32 |
| SGS SA (Registered) | 629 | 72 |
| Sika AG (Registered) (f) | 577 | 117 |
| Sonova Holding AG (Registered) | 193 | 50 |
| Straumann Holding AG (Registered) | 427 | 50 |
| Swatch Group AG | 109 | 23 |
| Swiss Life Holding AG (Registered) | 108 | 124 |
| Swiss Prime Site AG (Registered) (f) | 306 | 48 |
| Swiss Re AG | 1127 | 188 |
| Swisscom AG (Registered) | 98 | 71 |
| UBS Group AG (Registered) | 12020 | 555 |
| VAT Group AG | 102 | 49 |
| Zurich Insurance Group AG | 554 | 419 |
|  |  | 7436 |
| **United Kingdom (2.5%)** |  |  |
| 3i Group PLC | 3810 | 167 |
| Admiral Group PLC | 998 | 43 |
| Anglo American PLC | 4257 | 176 |
| Antofagasta PLC | 1501 | 66 |
| Ashtead Group PLC | 1635 | 111 |
| Associated British Foods PLC | 1228 | 35 |
| AstraZeneca PLC | 5911 | 1094 |
| Auto Trader Group PLC | 3336 | 26 |
| Aviva PLC | 11722 | 108 |
| BAE Systems PLC | 11661 | 268 |
| Barclays PLC | 53741 | 344 |
| Barratt Redrow PLC | 5193 | 27 |
| BP PLC | 60580 | 353 |
| British American Tobacco PLC | 8385 | 475 |
| BT Group PLC | 22850 | 57 |
| Bunzl PLC | 1240 | 35 |
| Centrica PLC | 110054 | 251 |
| Coca-Cola HBC AG (f) | 836 | 43 |
| Compass Group PLC | 6531 | 207 |
| DCC PLC | 380 | 24 |
| Diageo PLC | 8611 | 186 |
| Endeavour Mining PLC | 744 | 39 |
| Entain PLC | 2317 | 24 |
| Evraz PLC (f)(g) | 2495 |  |
| Experian PLC | 3503 | 158 |
| Fresnillo PLC | 851 | 38 |
| Glencore PLC (f) | 38334 | 210 |
| GSK PLC | 15556 | 381 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United Kingdom (cont'd)** |  |  |
| Haleon PLC | 34105 | $172 |
| Halma PLC | 1470 | 70 |
| Hikma Pharmaceuticals PLC | 634 | 13 |
| HSBC Holdings PLC | 66307 | 1043 |
| Imperial Brands PLC | 2944 | 124 |
| Informa PLC | 5001 | 59 |
| InterContinental Hotels Group PLC | 559 | 79 |
| Intertek Group PLC | 591 | 37 |
| J Sainsbury PLC | 6574 | 29 |
| JD Sports Fashion PLC | 9621 | 11 |
| Kingfisher PLC | 6654 | 28 |
| Land Securities Group PLC REIT | 2702 | 23 |
| Legal & General Group PLC | 21731 | 76 |
| Lloyds Banking Group PLC | 228409 | 302 |
| London Stock Exchange Group PLC | 1790 | 215 |
| M&G PLC | 8756 | 34 |
| Marks & Spencer Group PLC | 7889 | 35 |
| Melrose Industries PLC | 4848 | 38 |
| National Grid PLC | 115805 | 1776 |
| NatWest Group PLC | 31132 | 273 |
| Next PLC | 445 | 82 |
| Paragon Offshore PLC (f)(g) | 303 |  |
| Pearson PLC | 2212 | 31 |
| Phoenix Group Holdings PLC | 2690 | 27 |
| Prudential PLC | 9839 | 151 |
| Reckitt Benckiser Group PLC | 2592 | 210 |
| RELX PLC | 7015 | 283 |
| Rentokil Initial PLC | 9656 | 58 |
| Rio Tinto PLC | 4311 | 347 |
| Rolls-Royce Holdings PLC | 32402 | 501 |
| Sage Group PLC | 3696 | 54 |
| Schroders PLC | 2786 | 15 |
| Segro PLC REIT | 4915 | 48 |
| Severn Trent PLC | 6337 | 238 |
| Shell PLC | 22288 | 821 |
| Smith & Nephew PLC | 3098 | 52 |
| Smiths Group PLC | 1257 | 40 |
| Spirax Group PLC | 283 | 26 |
| SSE PLC | 28072 | 823 |
| Standard Chartered PLC | 7479 | 182 |
| Tesco PLC | 24902 | 148 |
| Unilever PLC | 8343 | 545 |
| United Utilities Group PLC | 15879 | 255 |
| Vodafone Group PLC | 73109 | 97 |
| Whitbread PLC | 665 | 23 |
| Wise PLC, Class A (f) | 2542 | 30 |
|  |  | 14470 |
| **United States (34.6%)** |  |  |
| 3M Co. | 1780 | 285 |
| Abbott Laboratories | 5799 | 727 |
| AbbVie, Inc. | 5863 | 1340 |
| Accenture PLC, Class A | 2061 | 553 |
| Adobe, Inc. (f) | 1399 | 490 |
| Advanced Micro Devices, Inc. (f) | 5392 | 1155 |
| AECOM | 441 | 42 |
| Affirm Holdings, Inc. (f) | 904 | 67 |
| Aflac, Inc. | 1693 | 187 |
| Agilent Technologies, Inc. | 947 | 129 |
| Air Products & Chemicals, Inc. | 741 | 183 |
| Airbnb, Inc., Class A (f) | 1429 | 194 |
| Alexandria Real Estate Equities, Inc. REIT | 511 | 25 |
| Allegion PLC | 285 | 45 |
| Alliant Energy Corp. | 850 | 55 |
| Allstate Corp. | 873 | 182 |
| Alnylam Pharmaceuticals, Inc. (f) | 439 | 175 |
| Alphabet, Inc., Class A | 35713 | 11191 |
| Altria Group, Inc. | 5580 | 322 |
| Amazon.com, Inc. (f) | 32133 | 7417 |
| Amcor PLC | 7600 | 63 |
| Ameren Corp. | 893 | 89 |
| American Electric Power Co., Inc. | 1773 | 204 |
| American Express Co. | 1878 | 695 |
| American Financial Group, Inc. | 222 | 30 |
| American Homes 4 Rent, Class A REIT | 1105 | 35 |
| American International Group, Inc. | 1844 | 158 |
| American Tower Corp. REIT | 1566 | 275 |
| American Water Works Co., Inc. | 646 | 84 |
| Ameriprise Financial, Inc. | 316 | 155 |
| AMETEK, Inc. | 769 | 158 |
| Amgen, Inc. | 1806 | 591 |
| Amphenol Corp., Class A | 4073 | 550 |
| Amrize Ltd. (f) | 1657 | 90 |
| Analog Devices, Inc. | 1645 | 446 |
| Annaly Capital Management, Inc. REIT | 2153 | 48 |
| Aon PLC, Class A | 682 | 241 |
| Apollo Global Management, Inc. | 1464 | 212 |
| Apple, Inc. | 49372 | 13422 |
| Applied Materials, Inc. | 2649 | 681 |
| AppLovin Corp., Class A (f) | 792 | 534 |
| Aptiv PLC (f) | 729 | 55 |
| Arch Capital Group Ltd. (f) | 1237 | 119 |
| Archer-Daniels-Midland Co. | 1593 | 92 |
| ARES Management Corp., Class A | 719 | 116 |
| Arista Networks, Inc. (f) | 3503 | 459 |
| Arthur J Gallagher & Co. | 848 | 219 |
| Astera Labs, Inc. (f) | 442 | 73 |
| AT&T, Inc. | 23608 | 586 |
| Atlassian Corp., Class A (f) | 553 | 90 |
| Atmos Energy Corp. | 531 | 89 |
| Autodesk, Inc. (f) | 708 | 210 |
| Automatic Data Processing, Inc. | 1347 | 346 |
| AutoZone, Inc. (f) | 56 | 190 |
| AvalonBay Communities, Inc. REIT | 473 | 86 |
| Avery Dennison Corp. | 260 | 47 |
| Axon Enterprise, Inc. (f) | 250 | 142 |
| Baker Hughes Co. | 3272 | 149 |
| Ball Corp. | 851 | 45 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| Bank of America Corp. | 23754 | $1306 |
| Bank of New York Mellon Corp. | 2348 | 273 |
| Baxter International, Inc. | 1722 | 33 |
| Becton Dickinson & Co. | 960 | 186 |
| Bentley Systems, Inc., Class B | 534 | 20 |
| Berkshire Hathaway, Inc., Class B (f) | 4572 | 2298 |
| Best Buy Co., Inc. | 683 | 46 |
| Biogen, Inc. (f) | 488 | 86 |
| Blackrock, Inc. | 491 | 526 |
| Blackstone, Inc. | 2454 | 378 |
| Block, Inc., Class A (f) | 1845 | 120 |
| Bloom Energy Corp., Class A (f) | 762 | 66 |
| Boeing Co. (f) | 2583 | 561 |
| Booking Holdings, Inc. | 108 | 578 |
| Booz Allen Hamilton Holding Corp. | 410 | 35 |
| Boston Scientific Corp. (f) | 4947 | 472 |
| Bristol-Myers Squibb Co. | 6818 | 368 |
| Broadcom, Inc. | 15056 | 5211 |
| Broadridge Financial Solutions, Inc. | 390 | 87 |
| Brown & Brown, Inc. | 963 | 77 |
| Brown-Forman Corp., Class B | 605 | 16 |
| Builders FirstSource, Inc. (f) | 373 | 38 |
| Bunge Global SA | 466 | 41 |
| Burlington Stores, Inc. (f) | 214 | 62 |
| BXP, Inc. REIT | 501 | 34 |
| Cadence Design Systems, Inc. (f) | 912 | 285 |
| Capital One Financial Corp. | 2160 | 523 |
| Cardinal Health, Inc. | 793 | 163 |
| Carlisle Cos., Inc. | 144 | 46 |
| Carlyle Group, Inc. | 791 | 47 |
| Carnival Corp. (f) | 3536 | 108 |
| Carrier Global Corp. | 2551 | 135 |
| Carvana Co. (f) | 440 | 186 |
| Caterpillar, Inc. | 1572 | 901 |
| Cboe Global Markets, Inc. | 349 | 88 |
| CBRE Group, Inc., Class A (f) | 994 | 160 |
| CDW Corp. | 440 | 60 |
| Cencora, Inc. | 616 | 208 |
| Centene Corp. (f) | 1626 | 67 |
| CenterPoint Energy, Inc. | 2156 | 83 |
| CF Industries Holdings, Inc. | 537 | 41 |
| CH Robinson Worldwide, Inc. | 395 | 63 |
| Charles Schwab Corp. | 5773 | 577 |
| Charter Communications, Inc., Class A (f) | 294 | 61 |
| Cheniere Energy, Inc. | 722 | 140 |
| Chevron Corp. | 6369 | 971 |
| Chipotle Mexican Grill, Inc. (f) | 4544 | 168 |
| Chubb Ltd. | 1257 | 392 |
| Church & Dwight Co., Inc. | 811 | 68 |
| Ciena Corp. (f) | 478 | 112 |
| Cigna Group | 889 | 245 |
| Cincinnati Financial Corp. | 519 | 85 |
| Cintas Corp. | 1207 | 227 |
| Cisco Systems, Inc. | 13244 | 1020 |
| Citigroup, Inc. | 6243 | 728 |
| Citizens Financial Group, Inc. | 1451 | 85 |
| Clorox Co. | 404 | 41 |
| Cloudflare, Inc., Class A (f) | 1052 | 207 |
| CME Group, Inc. | 1195 | 326 |
| CMS Energy Corp. | 989 | 69 |
| CNH Industrial NV | 2928 | 27 |
| Coca-Cola Co. | 13550 | 947 |
| Cognizant Technology Solutions Corp., Class A | 1636 | 136 |
| Coinbase Global, Inc., Class A (f) | 692 | 156 |
| Colgate-Palmolive Co. | 2558 | 202 |
| Comcast Corp., Class A | 12214 | 365 |
| Comfort Systems USA, Inc. | 119 | 111 |
| ConocoPhillips | 4122 | 386 |
| Consolidated Edison, Inc. | 1194 | 119 |
| Constellation Brands, Inc., Class A | 499 | 69 |
| Constellation Energy Corp. | 1042 | 368 |
| Cooper Cos., Inc. (f) | 666 | 55 |
| Copart, Inc. (f) | 3050 | 119 |
| Corebridge Financial, Inc. | 959 | 29 |
| CoreWeave, Inc., Class A (f) | 580 | 41 |
| Corning, Inc. | 2725 | 239 |
| Corpay, Inc. (f) | 224 | 67 |
| Corteva, Inc. | 2260 | 151 |
| CoStar Group, Inc. (f) | 1402 | 94 |
| Costco Wholesale Corp. | 1487 | 1282 |
| Coterra Energy, Inc. | 2514 | 66 |
| Credo Technology Group Holding Ltd. (f) | 522 | 75 |
| CRH PLC | 2272 | 284 |
| Crowdstrike Holdings, Inc., Class A (f) | 844 | 396 |
| Crown Castle, Inc. REIT | 1443 | 128 |
| CSX Corp. | 6203 | 225 |
| Cummins, Inc. | 463 | 236 |
| CVS Health Corp. | 4212 | 334 |
| Danaher Corp. | 2145 | 491 |
| Darden Restaurants, Inc. | 389 | 72 |
| Datadog, Inc., Class A (f) | 1028 | 140 |
| Deckers Outdoor Corp. (f) | 491 | 51 |
| Deere & Co. | 856 | 398 |
| Dell Technologies, Inc., Class C | 1096 | 138 |
| Delta Air Lines, Inc. | 557 | 39 |
| Devon Energy Corp. | 1974 | 72 |
| Dexcom, Inc. (f) | 1303 | 86 |
| Diamondback Energy, Inc. | 618 | 93 |
| Dick's Sporting Goods, Inc. | 230 | 45 |
| Digital Realty Trust, Inc. REIT | 1130 | 175 |
| Docusign, Inc. (f) | 675 | 46 |
| Dollar General Corp. | 730 | 97 |
| Dollar Tree, Inc. (f) | 645 | 79 |
| Dominion Energy, Inc. | 2817 | 165 |
| Domino's Pizza, Inc. | 108 | 45 |
| DoorDash, Inc., Class A (f) | 1290 | 292 |
| Dover Corp. | 459 | 90 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| Dow, Inc. | 2375 | $55 |
| DR Horton, Inc. | 900 | 130 |
| DraftKings, Inc., Class A (f) | 1505 | 52 |
| DTE Energy Co. | 686 | 88 |
| Duke Energy Corp. | 2573 | 302 |
| DuPont de Nemours, Inc. | 1415 | 57 |
| Dynatrace, Inc. (f) | 1009 | 44 |
| Eaton Corp. PLC | 1301 | 414 |
| eBay, Inc. | 1486 | 129 |
| EchoStar Corp., Class A (f) | 460 | 50 |
| Ecolab, Inc. | 853 | 224 |
| Edison International | 1263 | 76 |
| Edwards Lifesciences Corp. (f) | 1956 | 167 |
| Electronic Arts, Inc. | 793 | 162 |
| Elevance Health, Inc. | 754 | 264 |
| Eli Lilly & Co. | 2663 | 2862 |
| EMCOR Group, Inc. | 150 | 92 |
| Emerson Electric Co. | 1881 | 250 |
| Entegris, Inc. | 511 | 43 |
| Entergy Corp. | 1477 | 136 |
| EOG Resources, Inc. | 1798 | 189 |
| EQT Corp. | 2053 | 110 |
| Equifax, Inc. | 412 | 89 |
| Equinix, Inc. REIT | 325 | 249 |
| Equitable Holdings, Inc. | 998 | 48 |
| Equity LifeStyle Properties, Inc. REIT | 616 | 37 |
| Equity Residential REIT | 1206 | 76 |
| Erie Indemnity Co., Class A | 83 | 24 |
| Essential Utilities, Inc. | 927 | 36 |
| Essex Property Trust, Inc. REIT | 214 | 56 |
| Estee Lauder Cos., Inc., Class A | 790 | 83 |
| Everest Group Ltd. | 139 | 47 |
| Evergy, Inc. | 761 | 55 |
| Eversource Energy | 1227 | 83 |
| Exelon Corp. | 3339 | 146 |
| Expand Energy Corp. | 777 | 86 |
| Expedia Group, Inc. | 395 | 112 |
| Expeditors International of Washington, Inc. | 455 | 68 |
| Extra Space Storage, Inc. REIT | 708 | 92 |
| Exxon Mobil Corp. | 14026 | 1688 |
| F&G Annuities & Life, Inc. | 52 | 2 |
| F5, Inc. (f) | 194 | 49 |
| Fair Isaac Corp. (f) | 79 | 134 |
| Fastenal Co. | 3840 | 154 |
| FedEx Corp. | 757 | 219 |
| Ferguson Enterprises, Inc. | 658 | 146 |
| Fidelity National Financial, Inc. | 859 | 47 |
| Fidelity National Information Services, Inc. | 1728 | 115 |
| Fifth Third Bancorp | 2227 | 104 |
| First Citizens BancShares, Inc., Class A | 30 | 64 |
| First Solar, Inc. (f) | 341 | 89 |
| FirstEnergy Corp. | 1818 | 81 |
| Fiserv, Inc. (f) | 1821 | 122 |
| Flex Ltd. (f) | 1263 | 76 |
| Flutter Entertainment PLC (f) | 565 | 121 |
| Ford Motor Co. | 13046 | 171 |
| Fortinet, Inc. (f) | 2198 | 175 |
| Fortive Corp. | 1122 | 62 |
| Fox Corp., Class A | 1208 | 84 |
| Freeport-McMoRan, Inc. | 4900 | 249 |
| Gaming & Leisure Properties, Inc. REIT | 940 | 42 |
| Garmin Ltd. | 546 | 111 |
| Gartner, Inc. (f) | 251 | 63 |
| GE HealthCare Technologies, Inc. | 1527 | 125 |
| GE Vernova, Inc. | 906 | 592 |
| Gen Digital, Inc. | 1749 | 48 |
| General Dynamics Corp. | 765 | 258 |
| General Electric Co. | 3567 | 1099 |
| General Mills, Inc. | 1776 | 83 |
| General Motors Co. | 3177 | 258 |
| Genuine Parts Co. | 469 | 58 |
| Gilead Sciences, Inc. | 4137 | 508 |
| Global Payments, Inc. | 811 | 63 |
| GoDaddy, Inc., Class A (f) | 464 | 58 |
| Goldman Sachs Group, Inc. | 1020 | 897 |
| Graco, Inc. | 553 | 45 |
| Halliburton Co. | 2824 | 80 |
| Hartford Insurance Group, Inc. | 935 | 129 |
| HCA Healthcare, Inc. | 551 | 257 |
| Healthpeak Properties, Inc. REIT | 2312 | 37 |
| HEICO Corp. | 406 | 113 |
| Hershey Co. | 501 | 91 |
| Hewlett Packard Enterprise Co. | 4433 | 106 |
| Hilton Worldwide Holdings, Inc. | 789 | 227 |
| Hologic, Inc. (f) | 741 | 55 |
| Home Depot, Inc. | 3348 | 1152 |
| Honeywell International, Inc. | 2120 | 414 |
| Hormel Foods Corp. | 1011 | 24 |
| Howmet Aerospace, Inc. | 1287 | 264 |
| HP, Inc. | 3186 | 71 |
| Hubbell, Inc. | 178 | 79 |
| HubSpot, Inc. (f) | 166 | 67 |
| Humana, Inc. | 401 | 103 |
| Huntington Bancshares, Inc. | 5268 | 91 |
| Hyatt Hotels Corp., Class A | 143 | 23 |
| IDEX Corp. | 252 | 45 |
| IDEXX Laboratories, Inc. (f) | 268 | 181 |
| Illinois Tool Works, Inc. | 924 | 228 |
| Illumina, Inc. (f) | 516 | 68 |
| Incyte Corp. (f) | 561 | 55 |
| Ingersoll Rand, Inc. | 1329 | 105 |
| Insmed, Inc. (f) | 711 | 124 |
| Insulet Corp. (f) | 235 | 67 |
| Intel Corp. (f) | 14935 | 551 |
| Interactive Brokers Group, Inc., Class A | 1501 | 96 |
| Intercontinental Exchange, Inc. | 1899 | 308 |
| International Business Machines Corp. | 3080 | 912 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| International Flavors & Fragrances, Inc. | 851 | $57 |
| International Paper Co. | 1678 | 66 |
| Intuit, Inc. | 934 | 619 |
| Intuitive Surgical, Inc. (f) | 1200 | 680 |
| Invitation Homes, Inc. REIT | 1923 | 53 |
| IonQ, Inc. (f) | 1005 | 45 |
| IQVIA Holdings, Inc. (f) | 566 | 128 |
| Iron Mountain, Inc. REIT | 979 | 81 |
| J.M. Smucker Co. | 357 | 35 |
| Jabil, Inc. | 360 | 82 |
| Jack Henry & Associates, Inc. | 242 | 44 |
| Jacobs Solutions, Inc. | 399 | 53 |
| JB Hunt Transport Services, Inc. | 259 | 50 |
| Johnson & Johnson | 7993 | 1654 |
| Johnson Controls International PLC | 2188 | 262 |
| JPMorgan Chase & Co. | 9252 | 2981 |
| Kenvue, Inc. | 6368 | 110 |
| Keurig Dr. Pepper, Inc. | 4277 | 120 |
| KeyCorp | 3133 | 65 |
| Keysight Technologies, Inc. (f) | 571 | 116 |
| Kimberly-Clark Corp. | 1103 | 111 |
| Kimco Realty Corp. REIT | 2253 | 46 |
| Kinder Morgan, Inc. | 6596 | 181 |
| KKR & Co., Inc. | 2088 | 266 |
| KLA Corp. | 446 | 542 |
| Kraft Heinz Co. | 2927 | 71 |
| Kroger Co. | 2107 | 132 |
| L3Harris Technologies, Inc. | 624 | 183 |
| Labcorp Holdings, Inc. | 278 | 70 |
| Lam Research Corp. | 4258 | 729 |
| Las Vegas Sands Corp. | 1043 | 68 |
| Leidos Holdings, Inc. | 406 | 73 |
| Lennar Corp., Class A | 717 | 74 |
| Lennox International, Inc. | 106 | 51 |
| Liberty Media Corp.-Liberty Formula One, Class C (f) | 701 | 69 |
| Linde PLC | 1556 | 663 |
| Live Nation Entertainment, Inc. (f) | 545 | 78 |
| Lockheed Martin Corp. | 692 | 335 |
| Loews Corp. | 589 | 62 |
| Lowe's Cos., Inc. | 1879 | 453 |
| LPL Financial Holdings, Inc. | 269 | 96 |
| Lululemon Athletica, Inc. (f) | 354 | 74 |
| LyondellBasell Industries NV, Class A | 859 | 37 |
| M&T Bank Corp. | 526 | 106 |
| Marathon Petroleum Corp. | 1011 | 164 |
| Markel Group, Inc. (f) | 42 | 90 |
| Marriott International, Inc., Class A | 774 | 240 |
| Marsh & McLennan Cos., Inc. | 1633 | 303 |
| Martin Marietta Materials, Inc. | 204 | 127 |
| Marvell Technology, Inc. | 2903 | 247 |
| Masco Corp. | 702 | 45 |
| Mastercard, Inc., Class A | 2847 | 1625 |
| McCormick & Co., Inc. | 845 | 58 |
| McDonald's Corp. | 2392 | 731 |
| McKesson Corp. | 413 | 339 |
| Medtronic PLC | 4288 | 412 |
| MercadoLibre, Inc. (f) | 152 | 306 |
| Merck & Co., Inc. | 8319 | 876 |
| Meta Platforms, Inc., Class A | 7290 | 4812 |
| MetLife, Inc. | 1890 | 149 |
| Mettler-Toledo International, Inc. (f) | 69 | 96 |
| Microchip Technology, Inc. | 1817 | 116 |
| Micron Technology, Inc. | 3653 | 1043 |
| Microsoft Corp. | 23589 | 11408 |
| Mid-America Apartment Communities, Inc. REIT | 386 | 54 |
| Mondelez International, Inc., Class A | 4291 | 231 |
| MongoDB, Inc. (f) | 278 | 117 |
| Monolithic Power Systems, Inc. | 162 | 147 |
| Monster Beverage Corp. (f) | 2418 | 185 |
| Moody's Corp. | 538 | 275 |
| Motorola Solutions, Inc. | 556 | 213 |
| MSCI, Inc. | 258 | 148 |
| Nasdaq, Inc. | 1533 | 149 |
| Natera, Inc. (f) | 439 | 101 |
| NetApp, Inc. | 668 | 72 |
| Netflix, Inc. (f) | 14238 | 1335 |
| Neurocrine Biosciences, Inc. (f) | 334 | 47 |
| Newmont Corp. | 3880 | 387 |
| News Corp., Class A | 1252 | 33 |
| NextEra Energy, Inc. | 6816 | 547 |
| NIKE, Inc., Class B | 3952 | 252 |
| NiSource, Inc. | 1556 | 65 |
| Nordson Corp. | 178 | 43 |
| Norfolk Southern Corp. | 745 | 215 |
| Northern Trust Corp. | 639 | 87 |
| Northrop Grumman Corp. | 451 | 257 |
| NRG Energy, Inc. | 644 | 103 |
| Nucor Corp. | 771 | 126 |
| Nutanix, Inc., Class A (f) | 862 | 45 |
| NVIDIA Corp. | 82323 | 15353 |
| NVR, Inc. (f) | 9 | 66 |
| NXP Semiconductors NV | 851 | 185 |
| Occidental Petroleum Corp. | 2432 | 100 |
| Oklo, Inc. (f) | 380 | 27 |
| Okta, Inc. (f) | 566 | 49 |
| Old Dominion Freight Line, Inc. | 632 | 99 |
| Omnicom Group, Inc. | 1053 | 85 |
| ON Semiconductor Corp. (f) | 1390 | 75 |
| ONEOK, Inc. | 2072 | 152 |
| Oracle Corp. | 5778 | 1126 |
| O'Reilly Automotive, Inc. (f) | 2844 | 259 |
| Otis Worldwide Corp. | 1306 | 114 |
| PACCAR, Inc. | 1755 | 192 |
| Packaging Corp. of America | 300 | 62 |
| Palantir Technologies, Inc., Class A (f) | 7722 | 1373 |
| Palo Alto Networks, Inc. (f) | 2276 | 419 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| Parker-Hannifin Corp. | 421 | $370 |
| Paychex, Inc. | 1082 | 121 |
| Paycom Software, Inc. | 169 | 27 |
| PayPal Holdings, Inc. | 3059 | 179 |
| Pentair PLC | 547 | 57 |
| PepsiCo, Inc. | 4535 | 651 |
| Pfizer, Inc. | 18955 | 472 |
| PG&E Corp. | 7200 | 116 |
| Philip Morris International, Inc. | 5157 | 827 |
| Phillips 66 | 1342 | 173 |
| Pinterest, Inc., Class A (f) | 2022 | 52 |
| PNC Financial Services Group, Inc. | 1321 | 276 |
| PPG Industries, Inc. | 753 | 77 |
| PPL Corp. | 2444 | 86 |
| Principal Financial Group, Inc. | 745 | 66 |
| Procter & Gamble Co. | 7803 | 1118 |
| Progressive Corp. | 1943 | 442 |
| Prologis, Inc. REIT | 3105 | 396 |
| Prudential Financial, Inc. | 1179 | 133 |
| PTC, Inc. (f) | 401 | 70 |
| Public Service Enterprise Group, Inc. | 1651 | 133 |
| Public Storage REIT | 530 | 138 |
| PulteGroup, Inc. | 662 | 78 |
| Pure Storage, Inc., Class A (f) | 1052 | 70 |
| Qnity Electronics, Inc. | 702 | 57 |
| QUALCOMM, Inc. | 3605 | 617 |
| Quanta Services, Inc. | 498 | 210 |
| Quest Diagnostics, Inc. | 374 | 65 |
| Raymond James Financial, Inc. | 635 | 102 |
| Realty Income Corp. REIT | 3039 | 171 |
| Reddit, Inc., Class A (f) | 325 | 75 |
| Regency Centers Corp. REIT | 573 | 40 |
| Regeneron Pharmaceuticals, Inc. | 349 | 269 |
| Regions Financial Corp. | 2993 | 81 |
| Reliance, Inc. | 177 | 51 |
| Republic Services, Inc. | 724 | 153 |
| ResMed, Inc. | 489 | 118 |
| Rivian Automotive, Inc., Class A (f) | 2623 | 52 |
| Robinhood Markets, Inc., Class A (f) | 2480 | 280 |
| ROBLOX Corp., Class A (f) | 1965 | 159 |
| Rocket Cos., Inc., Class A | 3056 | 59 |
| Rocket Lab Corp. (f) | 1463 | 102 |
| Rockwell Automation, Inc. | 377 | 147 |
| Rollins, Inc. | 969 | 58 |
| Roper Technologies, Inc. | 359 | 160 |
| Ross Stores, Inc. | 1089 | 196 |
| Royal Caribbean Cruises Ltd. | 874 | 244 |
| Royalty Pharma PLC, Class A | 1372 | 53 |
| RPM International, Inc. | 429 | 45 |
| RTX Corp. | 4467 | 819 |
| S&P Global, Inc. | 1037 | 542 |
| Salesforce, Inc. | 3167 | 839 |
| Samsara, Inc., Class A (f) | 1169 | 41 |
| SBA Communications Corp. REIT | 356 | 69 |
| Seagate Technology Holdings PLC | 718 | 198 |
| Sempra | 2159 | 191 |
| ServiceNow, Inc. (f) | 3466 | 531 |
| Sherwin-Williams Co. | 789 | 256 |
| Simon Property Group, Inc. REIT | 1088 | 201 |
| SLB Ltd. | 4951 | 190 |
| Smithfield Foods, Inc. | 3 |  |
| Smurfit WestRock PLC | 1742 | 67 |
| Snap, Inc., Class A (f) | 3576 | 29 |
| Snap-on, Inc. | 174 | 60 |
| Snowflake, Inc., Class A (f) | 1074 | 236 |
| SoFi Technologies, Inc. (f) | 4010 | 105 |
| Solventum Corp. (f) | 520 | 41 |
| Southern Co. | 3626 | 316 |
| SS&C Technologies Holdings, Inc. | 734 | 64 |
| Starbucks Corp. | 3764 | 317 |
| State Street Corp. | 950 | 123 |
| Steel Dynamics, Inc. | 473 | 80 |
| STERIS PLC | 326 | 83 |
| Strategy, Inc., Class A (f) | 884 | 134 |
| Stryker Corp. | 1151 | 405 |
| Sun Communities, Inc. REIT | 417 | 52 |
| Super Micro Computer, Inc. (f) | 1795 | 53 |
| Synchrony Financial | 1252 | 104 |
| Synopsys, Inc. (f) | 617 | 290 |
| Sysco Corp. | 1590 | 117 |
| T. Rowe Price Group, Inc. | 733 | 75 |
| Take-Two Interactive Software, Inc. (f) | 615 | 157 |
| Tapestry, Inc. | 699 | 89 |
| Targa Resources Corp. | 712 | 131 |
| Target Corp. | 1534 | 150 |
| TE Connectivity PLC | 988 | 225 |
| Teledyne Technologies, Inc. (f) | 156 | 80 |
| Teradyne, Inc. | 535 | 104 |
| Tesla, Inc. (f) | 9657 | 4343 |
| Texas Instruments, Inc. | 3044 | 528 |
| Texas Pacific Land Corp. | 191 | 55 |
| Textron, Inc. | 601 | 52 |
| Thermo Fisher Scientific, Inc. | 1252 | 725 |
| TJX Cos., Inc. | 3730 | 573 |
| T-Mobile U.S., Inc. | 1663 | 338 |
| Toast, Inc., Class A (f) | 1530 | 54 |
| Tractor Supply Co. | 1794 | 90 |
| Trade Desk, Inc., Class A (f) | 1475 | 56 |
| Tradeweb Markets, Inc., Class A | 386 | 41 |
| Trane Technologies PLC | 740 | 288 |
| TransDigm Group, Inc. | 186 | 247 |
| TransUnion | 647 | 55 |
| Travelers Cos., Inc. | 751 | 218 |
| Trimble, Inc. (f) | 797 | 62 |
| Truist Financial Corp. | 4342 | 214 |
| Twilio, Inc., Class A (f) | 512 | 73 |
| Tyler Technologies, Inc. (f) | 144 | 65 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| Tyson Foods, Inc., Class A | 952 | $56 |
| U.S. Bancorp | 5223 | 279 |
| Uber Technologies, Inc. (f) | 6589 | 538 |
| UDR, Inc. REIT | 1042 | 38 |
| Ulta Beauty, Inc. (f) | 149 | 90 |
| Union Pacific Corp. | 1968 | 455 |
| United Airlines Holdings, Inc. (f) | 276 | 31 |
| United Parcel Service, Inc., Class B | 2477 | 246 |
| United Rentals, Inc. | 217 | 176 |
| United Therapeutics Corp. (f) | 144 | 70 |
| UnitedHealth Group, Inc. | 3037 | 1003 |
| Universal Health Services, Inc., Class B | 190 | 41 |
| Valero Energy Corp. | 1024 | 167 |
| Veeva Systems, Inc., Class A (f) | 520 | 116 |
| Ventas, Inc. REIT | 1517 | 117 |
| Veralto Corp. | 830 | 83 |
| VeriSign, Inc. | 282 | 68 |
| Verisk Analytics, Inc. | 456 | 102 |
| Verizon Communications, Inc. | 14036 | 572 |
| Vertex Pharmaceuticals, Inc. (f) | 863 | 391 |
| Vertiv Holdings Co., Class A | 1222 | 198 |
| VICI Properties, Inc. REIT | 3540 | 100 |
| Visa, Inc., Class A | 5671 | 1989 |
| Vistra Corp. | 1127 | 182 |
| Vulcan Materials Co. | 445 | 127 |
| W.R. Berkley Corp. | 1008 | 71 |
| Walmart, Inc. | 14526 | 1618 |
| Walt Disney Co. | 5951 | 677 |
| Warner Bros Discovery, Inc. (f) | 7819 | 225 |
| Waste Connections, Inc. | 853 | 150 |
| Waste Management, Inc. | 1332 | 293 |
| Waters Corp. (f) | 199 | 76 |
| Watsco, Inc. | 116 | 39 |
| WEC Energy Group, Inc. | 1066 | 112 |
| Wells Fargo & Co. | 10738 | 1001 |
| Welltower, Inc. REIT | 2219 | 412 |
| West Pharmaceutical Services, Inc. | 239 | 66 |
| Western Digital Corp. | 1166 | 201 |
| Westinghouse Air Brake Technologies Corp. | 575 | 123 |
| Weyerhaeuser Co. REIT | 2402 | 57 |
| Williams Cos., Inc. | 4045 | 243 |
| Williams-Sonoma, Inc. | 410 | 73 |
| Willis Towers Watson PLC | 325 | 107 |
| Workday, Inc., Class A (f) | 726 | 156 |
| WP Carey, Inc. REIT | 730 | 47 |
| WW Grainger, Inc. | 151 | 152 |
| Xcel Energy, Inc. | 1969 | 145 |
| Xylem, Inc. | 812 | 111 |
| Yum! Brands, Inc. | 930 | 141 |
| Zebra Technologies Corp., Class A (f) | 171 | 41 |
| Zillow Group, Inc., Class C (f) | 560 | 38 |
| Zimmer Biomet Holdings, Inc. | 662 | 59 |
| Zoetis, Inc. | 1476 | 186 |
| Zoom Communications, Inc., Class A (f) | 859 | 74 |
| Zscaler, Inc. (f) | 347 | 78 |
|  |  | 198597 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $135,398)** |  | 282310 |

---

---

| | |
|:---|:---|
|  | **No. of<br> Rights** |
| **Rights (0.0%)‡** |  |
| **United States (0.0%)‡** |  |
| Abiomed, Inc., CVR expires 12/22/28 (f) **(Cost $—@)** | 90 |

---

---

| | |
|:---|:---|
|  | **No. of<br> Warrants** |
| **Warrants (0.0%)** |  |
| **Canada (0.0%)** |  |
| Constellation Software, Inc. expires 3/31/40 (f)(g) **(Cost $—)** | 95 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | |
| **Short-Term Investments (6.2%)** |  |  |
| **U.S. Treasury Security (0.1%)** |  |  |
| U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;3.82%, 3/03/26 (h) **(Cost $298)** | $300 | 298 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Investment Company (6.1%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 3.71% (i) **(Cost $35,339)** | 35339027 | 35339 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $35,637)** |  | 35637 |
| **Total Investments (100.3%) (Cost $432,457) (j)(k)(l)(m)** |  | 576152 |
| Liabilities in Excess of Other Assets (–0.3%) |  | (1596) |
| **Net Assets (100.0%)** |  | $574556 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

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

---

| | |
|:---|:---|
| @ | Value is less than $500. |
| ‡ | Amount is less than 0.05%. |
| (a) | Security is subject to delayed delivery. |
| (b) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (c) | Floating or variable rate securities: The rates disclosed are as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments. |
| (d) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of December 31, 2025. Maturity date disclosed is the ultimate maturity date. |

---

---

| | |
|:---|:---|
| (e) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of December 31, 2025. |
| (f) | Non-income producing security. |
| (g) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (h) | Rate shown is the yield to maturity at December 31, 2025. |
| (i) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended December 31, 2025, advisory fees paid were reduced by approximately $14,000 relating to the Fund's investment in the Liquidity Fund. |
| (j) | The approximate fair value and percentage of net assets, $71,724,000 and 12.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (k) | Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements. |
| (l) | 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"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a "readily available market quotation" for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended December 31, 2025, the Fund did not engage in any cross-trade transactions. |
| (m) | At December 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $162,490,000 and the aggregate gross unrealized depreciation is approximately $18,205,000, resulting in net unrealized appreciation of approximately $144,285,000. |
| ADR | American Depositary Receipt. |
| CVA | Certificaten Van Aandelen. |
| CVR | Contingent Value Rights. |
| DAC | Designated Activity Company. |
| EURIBOR | Euro Interbank Offered Rate. |
| ICE | Intercontinental Exchange. |
| MTN | Medium Term Note. |
| OAT | Obligations Assimilables du Trésor (French Treasury Obligation). |
| REIT | Real Estate Investment Trust. |
| SOFR | Secured Overnight Financing Rate. |
| SONIA | Sterling Overnight Index Average. |
| TBA | To Be Announced. |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

**Foreign Currency Forward Exchange Contracts:**

The Fund had the following foreign currency forward exchange contracts open at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Bank of America NA | 14509692 | $2074182 | 3/18/26 | $(15) |
| Bank of America NA | $3032257 | 2881785 | 1/6/26 | 355 |
| Bank of America NA | $77559 | 250194 | 3/18/26 | 1 |
| Barclays Bank PLC | 316258 | $31092 | 3/18/26 | (— |
| Barclays Bank PLC | 12070112 | $225969 | 4/6/26 | (37) |
| Barclays Bank PLC | 18797474 | $348780 | 4/6/26 | (60) |
| Barclays Bank PLC | 97859038 | $1868038 | 4/6/26 | (262) |
| Barclays Bank PLC | 14942617 | $290148 | 4/6/26 | (35) |
| Barclays Bank PLC | $1805 | 2472 | 3/18/26 |  |
| Barclays Bank PLC | $73684 | 101050 | 3/18/26 |  |
| Barclays Bank PLC | $367411 | 276060 | 3/18/26 | 5 |
| Barclays Bank PLC | $12786 | 41246 | 3/18/26 |  |
| Barclays Bank PLC | $459 | 8325 | 3/18/26 | (— |
| Barclays Bank PLC | $226713 | 997131 | 3/18/26 | 2 |
| Barclays Bank PLC | $473267 | 4393444 | 3/18/26 | 6 |
| Barclays Bank PLC | $185 | 237 | 3/18/26 | (— |
| Barclays Bank PLC | $2051053 | 119022580 | 4/6/26 | 540 |
| BNP Paribas SA | 200089 | $132860 | 3/18/26 | (1) |
| BNP Paribas SA | 93802 | $119093 | 3/18/26 | (— |
| BNP Paribas SA | 7289948 | $1042140 | 3/18/26 | (7) |
| BNP Paribas SA | 81117458 | $528318 | 3/18/26 | 7 |
| BNP Paribas SA | $80958 | 74030514 | 3/18/26 | 1 |
| BNP Paribas SA | $19702 | 76078855 | 3/18/26 | (— |
| BNP Paribas SA | $114719 | 2387000 | 3/18/26 | 2 |
| BNP Paribas SA | $73246 | 568534 | 3/18/26 | (— |
| BNP Paribas SA | $23664 | 395630920 | 3/11/26 |  |
| BNP Paribas SA | $3951 | 71588 | 3/18/26 | (— |
| BNP Paribas SA | $60514 | 614661 | 3/18/26 |  |
| BNP Paribas SA | $31615 | 54383 | 3/18/26 | (— |
| BNP Paribas SA | $303991 | 1104917 | 3/18/26 | 4 |
| BNP Paribas SA | $75343 | 2347165 | 3/18/26 | (— |
| Citibank NA | 181367 | $5794 | 3/18/26 |  |
| Citibank NA | $2087215 | 2878706 | 3/18/26 | 17 |
| Citibank NA | $35747 | 115312 | 3/18/26 |  |
| Citibank NA | $3026963 | 444042113 | 1/6/26 | (192) |
| Citibank NA | $2221252 | 3246204894 | 3/18/26 | 39 |
| Citibank NA | $121931 | 411443 | 3/18/26 |  |
| Goldman Sachs International | 338337 | $224660 | 3/18/26 | (1) |
| Goldman Sachs International | 44956 | $8102 | 3/18/26 |  |
| Goldman Sachs International | 678774 | $32918 | 3/18/26 | (— |
| Goldman Sachs International | 1238079 | $195816 | 3/18/26 |  |
| Goldman Sachs International | 157394 | $172831 | 1/6/26 | (12) |
| Goldman Sachs International | 4104859 | $4749273 | 1/6/26 | (75) |
| Goldman Sachs International | 1936075 | $2244278 | 4/28/26 | (43) |
| Goldman Sachs International | 1972293 | $2278499 | 4/28/26 | (51) |
| Goldman Sachs International | 300361 | $355083 | 3/18/26 | 1 |
| Goldman Sachs International | 6688767 | $46024 | 1/6/26 | 3 |
| Goldman Sachs International | 658581331 | $4752221 | 1/6/26 | 548 |
| Goldman Sachs International | 308956964 | $2242963 | 4/28/26 | 252 |
| Goldman Sachs International | 316856794 | $2270737 | 4/28/26 | 228 |
| Goldman Sachs International | 9093342 | $59225 | 3/18/26 | 1 |
| Goldman Sachs International | 689620825 | $471255 | 3/18/26 | (9) |
| Goldman Sachs International | 328709519 | $228636 | 3/18/26 | (— |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

**Foreign Currency Forward Exchange Contracts: (cont'd)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Goldman Sachs International | 2366500 | $578112 | 3/18/26 | $(6) |
| Goldman Sachs International | 54192 | $13264 | 3/18/26 | (— |
| Goldman Sachs International | 388811 | $38225 | 3/18/26 | (— |
| Goldman Sachs International | 254906942 | $7514945 | 1/6/26 | (576) |
| Goldman Sachs International | 246077768 | $7371129 | 1/6/26 | (440) |
| Goldman Sachs International | 258666324 | $7607833 | 1/6/26 | (603) |
| Goldman Sachs International | 742202130 | $22723024 | 4/28/26 | (1037) |
| Goldman Sachs International | 8548423 | $156164 | 4/6/26 | (30) |
| Goldman Sachs International | 59201111 | $1131520 | 4/6/26 | (157) |
| Goldman Sachs International | 320395129 | $6397666 | 4/6/26 | (576) |
| Goldman Sachs International | 193079221 | $3237954 | 1/25/27 | (127) |
| Goldman Sachs International | 186538999 | $3072118 | 1/25/27 | (179) |
| Goldman Sachs International | $250464 | 373660 | 3/18/26 | (1) |
| Goldman Sachs International | $19422 | 26596 | 3/18/26 |  |
| Goldman Sachs International | $1320715 | 9274510 | 3/18/26 | 14 |
| Goldman Sachs International | $1637778 | 11488192 | 3/18/26 | 11 |
| Goldman Sachs International | $1527409 | 1380468 | 1/6/26 | 95 |
| Goldman Sachs International | $4547850 | 3908367 | 4/28/26 | 69 |
| Goldman Sachs International | $4558720 | 625813758 | 4/28/26 | (525) |
| Goldman Sachs International | $44879 | 1501217 | 1/6/26 | 3 |
| Goldman Sachs International | $23101646 | 758149817 | 1/6/26 | 963 |
| Goldman Sachs International | $11766679 | 373414366 | 4/28/26 | 187 |
| Goldman Sachs International | $11534985 | 368787764 | 4/28/26 | 271 |
| Goldman Sachs International | $2182534 | 125604824 | 4/6/26 | 551 |
| Goldman Sachs International | $2125693 | 115743984 | 4/6/26 | 394 |
| Goldman Sachs International | $2488780 | 138500580 | 4/6/26 | 526 |
| Goldman Sachs International | $580987 | 32941937 | 4/6/26 | 136 |
| Goldman Sachs International | $6276756 | 379618220 | 1/25/27 | 339 |
| JPMorgan Chase Bank NA | 416725 | $492641 | 3/18/26 | 1 |
| JPMorgan Chase Bank NA | 439727 | $589734 | 3/18/26 | (3) |
| JPMorgan Chase Bank NA | 695415 | $7654 | 3/18/26 | (— |
| JPMorgan Chase Bank NA | 708472328 | $4615494 | 3/18/26 | 64 |
| JPMorgan Chase Bank NA | 7505997 | $408462 | 3/18/26 | (5) |
| JPMorgan Chase Bank NA | 297737 | $29272 | 3/18/26 | (— |
| JPMorgan Chase Bank NA | 137244 | $38283 | 3/18/26 |  |
| JPMorgan Chase Bank NA | $51639 | 70710 | 3/18/26 |  |
| JPMorgan Chase Bank NA | $103966 | 96240000 | 3/18/26 | 3 |
| JPMorgan Chase Bank NA | $49554 | 316171 | 3/18/26 |  |
| JPMorgan Chase Bank NA | $47250 | 298311 | 3/18/26 | (— |
| JPMorgan Chase Bank NA | $50685 | 393437 | 3/18/26 | (— |
| JPMorgan Chase Bank NA | $79219 | 26286121 | 3/18/26 | 1 |
| JPMorgan Chase Bank NA | $127592 | 411626 | 3/18/26 | 2 |
| JPMorgan Chase Bank NA | $5477404 | 848647131 | 3/18/26 | (26) |
| JPMorgan Chase Bank NA | $96397 | 1746753 | 3/18/26 | (— |
| JPMorgan Chase Bank NA | $116791 | 201051 | 3/18/26 | (1) |
| JPMorgan Chase Bank NA | $86650 | 800711 | 3/18/26 | 1 |
| JPMorgan Chase Bank NA | $3964 | 5076 | 3/18/26 |  |
| JPMorgan Chase Bank NA | 998270 | $59271 | 3/18/26 | (1) |
| Royal Bank of Canada | 87508 | $103451 | 3/18/26 |  |
| Royal Bank of Canada | 243527 | $287459 | 3/18/26 |  |
| Standard Chartered Bank | 617096 | $452522 | 3/18/26 | 1 |
| UBS AG | 11440339 | $7590516 | 3/18/26 | (45) |
| UBS AG | 8903837 | $10415931 | 3/18/26 | (83) |
| UBS AG | 906349134 | $54211 | 3/17/26 | (— |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

**Foreign Currency Forward Exchange Contracts: (cont'd)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| UBS AG | 104817 | $81403 | 3/18/26 | $(1) |
| UBS AG | 15289259 | $482750 | 3/18/26 | (5) |
| UBS AG | 457638 | $9990 | 3/18/26 | (— |
| UBS AG | $29369 | 40216 | 3/18/26 |  |
| UBS AG | $213753 | 170010 | 3/18/26 | 3 |
| UBS AG | $76462 | 482739 | 3/18/26 | (— |
| UBS AG | $2376 | 15000 | 3/18/26 | (— |
| UBS AG | $1810506 | 1531802 | 3/18/26 | (4) |
| UBS AG | $816342 | 608100 | 3/18/26 | 3 |
| UBS AG | $14432 | 4751041 | 3/18/26 |  |
| UBS AG | $1537002 | 221227985 | 1/6/26 | (125) |
| UBS AG | $1898 | 34395 | 3/18/26 | (— |
|  |  |  |  | $294 |

---

**Futures Contracts:**

The Fund had the following futures contracts open at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| **Long:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Euro-Buxl 30 yr. Bond Index (Germany) | 1 | Mar-26 | 100 | $129 | $(3) |
| &nbsp;&nbsp;&nbsp;German Euro-Bund Index (Germany) | 1 | Mar-26 | 100 | 150 | (— |
| &nbsp;&nbsp;&nbsp;KFE 10 yr. Treasury Bond Index (Korea, Republic of) | 37 | Mar-26 | 3700000 | 2900 | 7 |
| &nbsp;&nbsp;&nbsp;Long Gilt Index (United Kingdom) | 1 | Mar-26 | 100 | 123 | 1 |
| &nbsp;&nbsp;&nbsp;Montreal Exchange 10 Year Canadian Bond Index (Canada) | 4 | Mar-26 | 400 | 352 | (4) |
| &nbsp;&nbsp;&nbsp;Ultra U.S. Treasury Bond (United States) | 3 | Mar-26 | $300 | 354 | (6) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2 yr. Note (United States) | 60 | Mar-26 | 12000 | 12527 | (7) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Note (United States) | 13 | Mar-26 | 1300 | 1462 | (3) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Ultra Note (United States) | 39 | Mar-26 | 3900 | 4486 | (26) |
| **Short:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Euro Stoxx 50 Index (Germany) | 19 | Mar-26 | (— | (1304) | (13) |
| &nbsp;&nbsp;&nbsp;French Government Bond Index (France) | 1 | Mar-26 | (100) | (142) | 1 |
| &nbsp;&nbsp;&nbsp;FTSE 100 Index (United Kingdom) | 3 | Mar-26 | (— | (402) | (4) |
| &nbsp;&nbsp;&nbsp;German Euro-Bobl Index (Germany) | 65 | Mar-26 | (6500) | (8873) | 44 |
| &nbsp;&nbsp;&nbsp;German Euro-Schatz Index (Germany) | 1 | Mar-26 | (100) | (125) | (— |
| &nbsp;&nbsp;&nbsp;MSCI Canada Index (United States) | 82 | Mar-26 | $(1) | (14433) | (300) |
| &nbsp;&nbsp;&nbsp;MSCI Emerging Market Index (United States) | 15 | Mar-26 | (1) | (1059) | (6) |
| &nbsp;&nbsp;&nbsp;MSCI USA Index (United States) | 6 | Mar-26 | (— | (1933) | (38) |
| &nbsp;&nbsp;&nbsp;Nikkei 225 Index (Japan) | 5 | Mar-26 | (3) | (806) |  |
| &nbsp;&nbsp;&nbsp;S&P 500 E Mini Index (United States) | 2 | Mar-26 | $(— | (689) | 7 |
| &nbsp;&nbsp;&nbsp;S&P/TSX 60 Index (Canada) | 1 | Mar-26 | (— | (271) | 2 |
| &nbsp;&nbsp;&nbsp;SFE 3 yr. Australian Bond Index (Australia) | 35 | Mar-26 | (3500) | (2452) | 3 |
| &nbsp;&nbsp;&nbsp;SFE 10 yr. Australian Bond Index (Australia) | 49 | Mar-26 | (4900) | (3580) | 3 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5 yr. Note (United States) | 9 | Mar-26 | $(900) | (984) | 3 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Note (United States) | 8 | Mar-26 | (800) | (899) | 2 |
|  |  |  |  |  | $(337 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

**Total Return Swap Agreements:**

The Fund had the following total return swap agreements open at December 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty** | **Index** | **Pay/<br> Receive<br> Total Return<br> of Reference<br> Index** | **Floating Rate** | **Payment<br> Frequency** | **Maturity<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Upfront<br> Payment<br> Paid<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Barclays Bank PLC | Bloomberg Global-Aggregate Total Return Index Value Hedged USD Index | Receive | SOFR - 0.22% | Quarterly | 9/30/26 | $83606 | $191 | $— | $191 |
| Barclays Bank PLC | Bloomberg Global-Aggregate Total Return Index Value Hedged USD Index | Receive | SOFR - 0.24% | Quarterly | 9/30/26 | 22724 | (44) |  | (44) |
| Barclays Bank PLC | Bloomberg U.S. MBS Index Total Return Value Unhedged USD Index | Pay | SOFR + 0.45% | Quarterly | 10/1/26 | 15173 | 45 |  | 45 |
| Barclays Bank PLC | Bloomberg US Mortgage-Backed Securities Total Return Index | Pay | SOFR + 0.00% | Quarterly | 9/20/26 | 11448 | 191 |  | 191 |
| Barclays Bank PLC | Bloomberg US Mortgage-Backed Securities Total Return Index | Pay | SOFR + 0.53% | Quarterly | 10/1/26 | 16880 | 18 |  | 18 |
| Barclays Bank PLC | Markit iBoxx USD Liquid Investment Grade Index Total Return Index | Pay | 3 Month EURIBOR + 0.00% | Quarterly | 9/20/26 | 9924 | 53 |  | 53 |
| BNP Paribas SA | iBoxx EUR Liquid High Yield Index | Pay | 3 Month EURIBOR + 0.00% | Quarterly | 9/20/26 | 14505 | (52) |  | (52) |
| BNP Paribas SA | MSCI Daily Total Return Net Australia USD Index | Receive | SOFR + 0.48% | Quarterly | 1/12/26 | $2184 | 36 |  | 36 |
| BNP Paribas SA | MSCI Japan Net Total Return USD Index | Pay | SOFR + 0.36% | Quarterly | 2/10/26 | 17607 | (122) |  | (122) |
| BNP Paribas SA | MSCI Total Return Net USA Index | Pay | SOFR + 0.45% | Quarterly | 10/2/26 | 2435 | 40 |  | 40 |
| BNP Paribas SA | MSCI Total Return Net USA Index | Pay | SOFR + 0.31% | Quarterly | 12/21/26 | 13557 | 124 |  | 124 |
| Goldman Sachs & Co. LLC | MSCI Emerging Markets Net Total Return Index | Pay | SOFR + 0.38% | Quarterly | 1/28/26 | 38576 | 228 |  | 228 |
| Goldman Sachs International | MSCI Total Return Net Europe Index | Receive | SOFR + 0.67% | Quarterly | 1/12/26 | 7045 | (285) |  | (285) |
| Goldman Sachs International | MSCI World Net Total Return USD Index | Receive | SOFR + 0.61% | Quarterly | 1/12/26 | 2835 | (45) |  | (45) |
| JPMorgan Chase Bank NA | AI Defense Index†† | Pay | SOFR + 0.45% | Quarterly | 12/21/26 | 12616 | 319 |  | 319 |
| JPMorgan Chase Bank NA | J.P. Morgan EMBI Global Core Index | Pay | SOFR + 0.70% | Quarterly | 10/1/26 | 5674 | 73 |  | 73 |
| JPMorgan Chase Bank NA | MSCI Daily Total Return Net Australia USD Index | Receive | SOFR + 0.23% | Quarterly | 6/22/26 | 5499 | (122) |  | (122) |
| JPMorgan Chase Bank NA | US Policy Index†† | Pay | SOFR + 0.38% | Quarterly | 12/21/26 | 5758 | 8 |  | 8 |
| JPMorgan Chase Bank NA | US Regional Banks Index | Pay | SOFR - 0.05% | Quarterly | 12/21/26 | 3727 | (131) |  | (131) |
| UBS AG | EU Banks Index†† | Pay | SOFR - 0.01% | Quarterly | 6/23/26 | 13724 | 168 |  | 168 |
| UBS AG | German Stimulus Index†† | Pay | SOFR + 0.30% | Quarterly | 6/23/26 | 13152 | 170 |  | 170 |
| UBS AG | MSCI Total Return Net Europe Index | Receive | SOFR + 0.13% | Quarterly | 6/23/26 | 27044 | (388) |  | (388) |
| UBS AG | MSCI Total Return Net Europe Index | Receive | SOFR + 0.13% | Quarterly | 6/23/26 | 4569 | (44) |  | (44) |
| UBS AG | MSCI USA Index | Pay | SOFR + 0.78% | Quarterly | 10/23/26 | 22995 | 301 |  | 301 |
| UBS AG | MSCI World Net Total Return USD Index | Receive | SOFR + 0.22% | Quarterly | 6/23/26 | 9721 | (99) |  | (99) |
|  |  |  |  |  |  |  | $633 | $— | $633 |

---

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

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with AI Defense Index as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **AI Defense Index** |  |  |  |
| Aerovironment, Inc. | 460 | $111 | 0.02% |
| BAE Systems PLC | 29325 | 676 | 0.12 |
| Bigbear.AI Holdings, Inc. | 22395 | 121 | 0.02 |
| Blacksky Technology, Inc. | 7407 | 139 | 0.02 |
| C3.AI, Inc. - Class A | 8452 | 114 | 0.02 |
| CACI International, Inc. - Class A | 290 | 155 | 0.03 |
| Chemring Group PLC | 18367 | 117 | 0.02 |
| Cohort PLC | 7578 | 92 | 0.02 |
| Droneshield Ltd. | 47233 | 97 | 0.02 |
| Elbit Systems Ltd. | 488 | 282 | 0.05 |
| Electro Optic Systems Holdings, Inc. | 21536 | 136 | 0.02 |
| Hensoldt AG | 1124 | 97 | 0.02 |
| Huntington Ingalls Industries, Inc. | 505 | 172 | 0.03 |
| IPG Photonics Corp. | 1833 | 131 | 0.02 |
| Karman Holdings, Inc. | 2047 | 150 | 0.03 |
| Kratos Defense & Security | 1586 | 120 | 0.02 |
| L3Harris Technologies, Inc. | 1876 | 551 | 0.10 |
| Leidos Holdings, Inc. | 1362 | 246 | 0.04 |
| Leonardo DRS, Inc. | 3234 | 110 | 0.02 |
| Leonardo SpA | 5900 | 340 | 0.06 |
| Lockheed Martin Corp. | 1736 | 840 | 0.15 |
| Mercury Systems, Inc. | 1888 | 138 | 0.02 |
| Next Vision Stabilized Systems, Ltd. | 3095 | 204 | 0.04 |
| Nlight, Inc. | 4885 | 183 | 0.03 |
| Northrop Grumman Corp. | 1417 | 808 | 0.14 |
| Ondas Holdings, Inc. | 19159 | 187 | 0.03 |
| Palantir Technologies, Inc. - Class A | 3244 | 577 | 0.10 |
| Parsons Corp. | 1751 | 108 | 0.02 |
| Red Cat Holdings, Inc. | 14874 | 118 | 0.02 |
| Rheinmetall AG | 374 | 685 | 0.12 |
| RTX Corp. | 5185 | 951 | 0.17 |
| Saab AB - Series B | 5657 | 330 | 0.06 |
| Science Applications International corp. | 1439 | 145 | 0.03 |
| Teledyne Technologies, Inc. | 488 | 249 | 0.04 |
| Thales SA | 1936 | 522 | 0.09 |
| TTM Technologies | 2587 | 179 | 0.03 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with US Policy Index as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **US Policy Index** |  |  |  |
| Air Products & Chemicals, Inc. | 1449 | $358 | 0.06% |
| ATS Corp. | 3792 | 104 | 0.02 |
| Carrier Global Corp. | 5810 | 307 | 0.05 |
| Caterpillar, Inc. | 1057 | 605 | 0.11 |
| Circle Internet Group, Inc. | 661 | 52 | 0.01 |
| Cognex Corp. | 2245 | 81 | 0.01 |
| Coinbase Global, Inc. - Class A | 353 | 80 | 0.01 |
| Cummins, Inc. | 819 | 418 | 0.07 |
| Donaldson Co., Inc. | 1229 | 109 | 0.02 |
| Dover Corp. | 942 | 184 | 0.03 |
| Eagle Materials, Inc. | 446 | 92 | 0.02 |
| Eaton Corp. PLC | 1331 | 424 | 0.07 |
| Emcor Group, Inc. | 279 | 170 | 0.03 |
| Emerson Electric Co. | 3556 | 472 | 0.08 |
| Fastenal Co. | 7019 | 282 | 0.05 |
| Fortive Corp. | 2205 | 122 | 0.02 |
| GE Vernova, Inc. | 420 | 275 | 0.05 |
| Honeywell International, Inc. | 2267 | 442 | 0.08 |
| Hubbell, Inc. | 351 | 156 | 0.03 |
| Ingersoll-Rand, Inc. | 2430 | 193 | 0.03 |
| Jacobs Solutions, Inc. | 723 | 96 | 0.02 |
| Johnson Controls International PLC | 3917 | 469 | 0.08 |
| Kennametal, Inc. | 4871 | 138 | 0.02 |
| Lincoln Electric Holdings, Inc. | 420 | 101 | 0.02 |
| Linde PLC | 1028 | 439 | 0.08 |
| Martin Marietta Materials | 377 | 234 | 0.04 |
| Mirion Technologies, Inc. | 4791 | 112 | 0.02 |
| Nvent Electric PLC | 1039 | 106 | 0.02 |
| Parker Hannifin Corp. | 654 | 575 | 0.10 |
| Quanta Services, Inc. | 854 | 360 | 0.06 |
| Repligen Corp. | 745 | 122 | 0.02 |
| Rockwell Automation, Inc. | 675 | 262 | 0.05 |
| Sempra | 3618 | 319 | 0.06 |
| Solstice Adv Materials, Inc. | 575 | 28 | 0.00‡ |
| Terex Corp. | 2039 | 109 | 0.02 |
| Timken Co. | 1323 | 111 | 0.02 |
| Trane Technologies PLC | 1173 | 456 | 0.08 |
| United Rentals, Inc. | 411 | 333 | 0.06 |
| Vulcan Materials Co. | 782 | 223 | 0.04 |
| WW Grainger, Inc. | 317 | 320 | 0.06 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with EU Banks Index as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **EU Banks Index** |  |  |  |
| ABN AMRO Bank NV - CVA | 3870 | $135 | 0.02% |
| AIB Group PLC | 14051 | 152 | 0.03 |
| Banca Generali SpA | 378 | 25 | 0.00‡ |
| Banca Monte Dei Paschi Siena | 13966 | 150 | 0.03 |
| Banco Bilbao Vizcaya Argenta | 38461 | 905 | 0.16 |
| Banco BPM SpA | 7333 | 112 | 0.02 |
| Banco Comercial Portugues - Class R | 59009 | 62 | 0.01 |
| Banco De Sabadell SA | 34159 | 135 | 0.02 |
| Banco Santander SA | 96915 | 1145 | 0.20 |
| Bank Of Ireland Group PLC | 5788 | 111 | 0.02 |
| Bankinter SA | 4381 | 73 | 0.01 |
| Bawag Group AG | 529 | 80 | 0.01 |
| BNP Paribas | 17646 | 1673 | 0.29 |
| Bper Banca SpA | 8762 | 119 | 0.02 |
| Caixabank SA | 23345 | 286 | 0.05 |
| Commerzbank AG | 5025 | 213 | 0.04 |
| Credit Agricole SA | 16487 | 340 | 0.06 |
| Deutsche Bank AG - Reg | 12941 | 503 | 0.09 |
| Erste Group Bank AG | 1963 | 237 | 0.04 |
| Finecobank SpA | 3945 | 103 | 0.02 |
| ING Groep NV | 20086 | 566 | 0.10 |
| Intesa Sanpaolo | 94001 | 653 | 0.11 |
| Kbc Ancora | 245 | 21 | 0.00‡ |
| Kbc Group NV | 1428 | 186 | 0.03 |
| Nordea Bank Abp | 21651 | 409 | 0.07 |
| Raiffeisen Bank International AG | 898 | 40 | 0.01 |
| Societe Generale SA | 11206 | 904 | 0.16 |
| Unicaja Banco SA | 7437 | 24 | 0.00‡ |
| Unicredit SpA | 10128 | 843 | 0.15 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with German Stimulus Index as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **German Stimulus Index** |  |  |  |
| ABB Ltd. - Reg | 9864 | $736 | 0.13% |
| Alstom SA | 12110 | 358 | 0.06 |
| Atlas Copco AB - A Shares | 35728 | 643 | 0.11 |
| Bilfinger SE | 2433 | 307 | 0.05 |
| Buzzi SpA | 5543 | 338 | 0.06 |
| E.ON SE | 28389 | 537 | 0.09 |
| Gea Group AG | 4215 | 286 | 0.05 |
| Geberit AG - Reg | 532 | 416 | 0.07 |
| Georg Fischer AG - Reg | 3590 | 243 | 0.04 |
| Heidelberg Materials AG | 2335 | 611 | 0.11 |
| Holcim Ltd. | 6379 | 625 | 0.11 |
| Kingspan Group PLC | 3933 | 342 | 0.06 |
| Kion Group AG | 4299 | 344 | 0.06 |
| Knorr-Bremse AG | 3656 | 408 | 0.07 |
| Nordex SE | 10639 | 364 | 0.06 |
| Rockwool A/S - B Shares | 6933 | 246 | 0.04 |
| Siemens AG - Reg | 2649 | 743 | 0.13 |
| Siemens Energy AG | 6160 | 870 | 0.15 |
| Spie SA | 5507 | 318 | 0.06 |
| Ssab AB - B Shares | 44818 | 339 | 0.06 |
| Thyssenkrupp AG | 21021 | 229 | 0.04 |
| Tkms Ag& Co KGaA | 1038 | 81 | 0.01 |
| United Internet AG - Reg | 8401 | 273 | 0.05 |
| Volvo AB - B Shares | 19660 | 631 | 0.11 |

---

---

| | |
|:---|:---|
| @ | Value is less than $500. |
| ‡ | Amount is less than 0.05%. |
| CVA | Certificaten Van Aandelen. |
| FTSE | Financial Times Stock Exchange. |
| KFE | Korean Futures Exchange. |
| MSCI | Morgan Stanley Capital International. |
| SFE | Sydney Futures Exchange. |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Yuan Renminbi Offshore |
| CNY | Chinese Yuan Renminbi |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian Nuevo Sol |
| PLN | Polish Zloty |
| RON | Romanian New Leu |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | Taiwan Dollar |
| ZAR | South African Rand |

---

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |  |
| Common Stocks | 49.0 | % |
| Sovereign | 20.5 |  |
| U.S. Treasury Securities | 9.9 |  |
| Other\* | 7.7 |  |
| Corporate Bonds | 6.7 |  |
| Short-Term Investments | 6.2 |  |
| Total Investments | 100.0 | %\*\* |

---

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

\*\* Does not include open futures contracts with a value of approximately $60,435,000 and net unrealized depreciation of approximately $337,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $294,000. Also does not include open swap agreements with net unrealized appreciation of approximately $633,000.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Portfolio of Investments

High Yield Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face <br> Amount<br> (000)** | **Value<br> (000)** |
| **Fixed Income Securities (97.2%)** |  |  |
| **Corporate Bonds (92.5%)** |  |  |
| **Basic Materials (3.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Cerdia Finanz GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 10/3/31 (a) | $482 | $501 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 12/1/27 (a) | 56 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 7/1/30 (a) | 292 | 306 |
| &nbsp;&nbsp;&nbsp;Eldorado Gold Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 9/1/29 (a) | 405 | 410 |
| &nbsp;&nbsp;&nbsp;HB Fuller Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 10/15/28 | 240 | 238 |
| &nbsp;&nbsp;&nbsp;JW Aluminum Continuous Cast Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 4/1/30 (a) | 367 | 384 |
|  |  | 1895 |
| **Communications (7.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Arches Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 12/1/28 (a) | 275 | 268 |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/1/28 (a) | 275 | 276 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 2/1/31 (a) | 510 | 469 |
| &nbsp;&nbsp;&nbsp;Ciena Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/31/30 (a) | 175 | 169 |
| &nbsp;&nbsp;&nbsp;CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 2/1/28 (a) | 200 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25%, 5/15/28 (a) | 200 | 159 |
| &nbsp;&nbsp;&nbsp;Getty Images, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 11/15/30 (a) | 87 | 88 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 3/31/34 (a) | 112 | 115 |
| &nbsp;&nbsp;&nbsp;Midcontinent Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 8/15/32 (a) | 230 | 236 |
| &nbsp;&nbsp;&nbsp;Sable International Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 10/15/32 (a) | 200 | 203 |
| &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 2/15/33 (a) | 264 | 276 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/1/29 (a) | 460 | 441 |
| &nbsp;&nbsp;&nbsp;Windstream Services LLC/Windstream Escrow Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 10/1/31 (a) | 240 | 252 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/15/30 (a) | 525 | 501 |
|  |  | 3598 |
| **Consumer, Cyclical (25.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Acushnet Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 12/1/33 (a) | 75 | 76 |
| &nbsp;&nbsp;&nbsp;Allwyn Entertainment Financing U.K. PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 4/30/29 (a) | 219 | 228 |
| &nbsp;&nbsp;&nbsp;Ashton Woods USA LLC/Ashton Woods Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 4/1/30 (a) | 228 | 219 |
| &nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00% Cash, 10.75% PIK, 20.75%, 7/15/33 (a)(b) | 760 | 839 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 9/15/33 (a) | 230 | 233 |
| &nbsp;&nbsp;&nbsp;Champ Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 12/1/31 (a) | 280 | 303 |
| &nbsp;&nbsp;&nbsp;Cougar JV Subsidiary LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 5/15/32 (a) | 250 | 268 |
| &nbsp;&nbsp;&nbsp;Dealer Tire LLC/DT Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 2/1/28 (a) | 135 | 136 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 9/15/30 (a) | 125 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 8/15/28 (a) | 190 | 196 |
| &nbsp;&nbsp;&nbsp;Ferrellgas LP/Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 4/1/29 (a) | 610 | 587 |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 11/7/33 | 200 | 215 |
| &nbsp;&nbsp;&nbsp;Genting New York LLC/GENNY Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 10/1/29 (a) | 600 | 616 |
| &nbsp;&nbsp;&nbsp;Global Auto Holdings Ltd./AAG FH U.K. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 1/15/29 (a) | 200 | 197 |
| &nbsp;&nbsp;&nbsp;Great Canadian Gaming Corp./Raptor LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 11/15/29 (a) | 313 | 316 |
| &nbsp;&nbsp;&nbsp;JB Poindexter & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 12/15/31 (a) | 545 | 571 |
| &nbsp;&nbsp;&nbsp;K Hovnanian Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 4/1/31 (a) | 160 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 10/1/33 (a) | 160 | 163 |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 1/15/29 (a) | 80 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 6/15/31 (a) | 95 | 99 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/15/29 (a) | 135 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 11/15/32 (a) | 125 | 120 |
| &nbsp;&nbsp;&nbsp;Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/15/34 | 435 | 395 |
| &nbsp;&nbsp;&nbsp;Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 5/1/29 (a) | 485 | 477 |
| &nbsp;&nbsp;&nbsp;New Flyer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 7/1/30 (a) | 320 | 346 |
| &nbsp;&nbsp;&nbsp;New Home Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 11/1/30 (a) | 148 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/1/29 (a) | 595 | 622 |
| &nbsp;&nbsp;&nbsp;Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 3/15/31 (a) | 210 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 12/31/30 (a) | 80 | 79 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 5/1/29 (a) | 385 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/1/32 (a) | 115 | 118 |
| &nbsp;&nbsp;&nbsp;PetSmart LLC/PetSmart Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 9/15/32 (a) | 250 | 255 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face <br> Amount<br> (000)** | **Value<br> (000)** |
| **Consumer, Cyclical (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/15/30 (a) | $130 | $133 |
| &nbsp;&nbsp;&nbsp;Specialty Building Products Holdings LLC/SBP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/15/29 (a) | 351 | 343 |
| &nbsp;&nbsp;&nbsp;Speedway Motorsports LLC/Speedway Funding II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/1/27 (a) | 465 | 465 |
| &nbsp;&nbsp;&nbsp;Starz Capital Holdings 1, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 4/15/30 (a) | 250 | 240 |
| &nbsp;&nbsp;&nbsp;STL Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 2/15/29 (a) | 410 | 433 |
| &nbsp;&nbsp;&nbsp;Superior Plus LP/Superior General Partner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 3/15/29 (a) | 415 | 405 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/29 (a) | 505 | 487 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 7/15/30 (a) | 289 | 290 |
| &nbsp;&nbsp;&nbsp;VistaJet Malta Finance PLC/Vista Management Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 2/1/30 (a) | 106 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 6/1/28 (a) | 425 | 441 |
| &nbsp;&nbsp;&nbsp;Voyager Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 7/1/32 (a) | 471 | 500 |
| &nbsp;&nbsp;&nbsp;White Cap Supply Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 11/15/30 (a) | 142 | 147 |
|  |  | 12896 |
| **Consumer, Non-Cyclical (14.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 3/1/28 (a) | 295 | 295 |
| &nbsp;&nbsp;&nbsp;AHP Health Partners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 7/15/29 (a) | 482 | 480 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/29 (a) | 270 | 258 |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 8/1/32 (a) | 175 | 185 |
| &nbsp;&nbsp;&nbsp;Champions Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 2/15/29 (a) | 72 | 71 |
| &nbsp;&nbsp;&nbsp;Chobani Holdco II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75% Cash or 9.50% PIK, 18.25%, 10/1/29 (a)(b) | 477 | 511 |
| &nbsp;&nbsp;&nbsp;Esc Cb National Cineme |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 8/15/26 (c)(d)(e) | 600 |  |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 7/1/30 (a) | 156 | 160 |
| &nbsp;&nbsp;&nbsp;Global Medical Response, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 10/1/32 (a) | 138 | 144 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/1/29 (a) | 185 | 182 |
| &nbsp;&nbsp;&nbsp;Heartland Dental LLC/Heartland Dental Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 4/30/28 (a) | 109 | 114 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/15/31 (a) | 420 | 399 |
| &nbsp;&nbsp;&nbsp;LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 1/15/29 (a) | 258 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 6/1/32 (a) | 185 | 197 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 11/15/30 - 5/15/32 (a) | 201 | 183 |
| &nbsp;&nbsp;&nbsp;NESCO Holdings II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/15/29 (a) | 600 | 592 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/31/29 (a) | 325 | 319 |
| &nbsp;&nbsp;&nbsp;P&L Development LLC/PLD Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00% Cash, 3.50% PIK, 12.50%, 5/15/29 (a)(b) | 442 | 451 |
| &nbsp;&nbsp;&nbsp;Signal Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 4/1/29 (a) | 350 | 135 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 3/15/31 (a) | 190 | 156 |
| &nbsp;&nbsp;&nbsp;Surgery Center Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 4/15/32 (a) | 400 | 405 |
| &nbsp;&nbsp;&nbsp;Synergy Infrastructure Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 12/1/30 (a) | 130 | 135 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 3/1/29 (a) | 485 | 460 |
| &nbsp;&nbsp;&nbsp;U.S. Acute Care Solutions LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 5/15/29 (a) | 450 | 454 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 10/15/27 (a) | 218 | 223 |
| &nbsp;&nbsp;&nbsp;VM Consolidated, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/15/29 (a) | 286 | 286 |
| &nbsp;&nbsp;&nbsp;VT Topco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 8/15/30 (a) | 294 | 309 |
|  |  | 7358 |
| **Energy (6.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;CNX Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 4/15/30 (a) | 375 | 365 |
| &nbsp;&nbsp;&nbsp;DBR Land Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 12/1/30 (a) | 115 | 118 |
| &nbsp;&nbsp;&nbsp;Enerflex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 1/15/31 (a) | 120 | 123 |
| &nbsp;&nbsp;&nbsp;Global Partners LP/GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 1/15/29 | 320 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 7/1/33 (a) | 74 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 1/15/32 (a) | 225 | 238 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 2/15/29 (a) | 215 | 224 |
| &nbsp;&nbsp;&nbsp;Kraken Oil & Gas Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 8/15/29 (a) | 405 | 401 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 12/1/32 (a) | 295 | 305 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face <br> Amount<br> (000)** | **Value<br> (000)** |
| **Energy (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;NGL Energy Operating LLC/NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 2/15/29 (a) | $120 | $124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 2/15/32 (a) | 34 | 35 |
| &nbsp;&nbsp;&nbsp;Prairie Acquiror LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 8/1/29 (a) | 175 | 183 |
| &nbsp;&nbsp;&nbsp;Vermilion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 5/1/30 (a) | 390 | 386 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 4/15/32 (a) | 230 | 227 |
|  |  | 3130 |
| **Finance (9.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;AmWINS Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 6/30/29 (a) | 170 | 167 |
| &nbsp;&nbsp;&nbsp;Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 7/15/33 (a) | 745 | 758 |
| &nbsp;&nbsp;&nbsp;Azorra Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 1/15/31 (a) | 126 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 4/15/30 (a) | 450 | 477 |
| &nbsp;&nbsp;&nbsp;CrossCountry Intermediate HoldCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/1/30 (a) | 290 | 296 |
| &nbsp;&nbsp;&nbsp;Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 9/15/31 (a) | 340 | 350 |
| &nbsp;&nbsp;&nbsp;Greystar Real Estate Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 9/1/30 (a) | 105 | 111 |
| &nbsp;&nbsp;&nbsp;Hightower Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 4/15/29 (a) | 235 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 1/31/30 (a) | 190 | 202 |
| &nbsp;&nbsp;&nbsp;Phoenix Aviation Capital Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 7/15/30 (a) | 541 | 577 |
| &nbsp;&nbsp;&nbsp;Stonebriar ABF Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 12/15/30 (a) | 370 | 381 |
| &nbsp;&nbsp;&nbsp;TrueNoord Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 3/1/30 (a) | 120 | 127 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 4/1/33 (a) | 400 | 412 |
| &nbsp;&nbsp;&nbsp;XHR LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 6/1/29 (a) | 460 | 454 |
|  |  | 4679 |
| **Industrials (18.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;AAR Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 3/15/29 (a) | 368 | 381 |
| &nbsp;&nbsp;&nbsp;AmeriTex HoldCo Intermediate LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 8/15/33 (a) | 575 | 607 |
| &nbsp;&nbsp;&nbsp;Artera Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 2/15/31 (a) | 350 | 291 |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 6/1/31 (a) | 350 | 336 |
| &nbsp;&nbsp;&nbsp;Brundage-Bone Concrete Pumping Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 2/1/32 (a) | 348 | 355 |
| &nbsp;&nbsp;&nbsp;Calderys Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25%, 6/1/28 (a) | 400 | 425 |
| &nbsp;&nbsp;&nbsp;Carriage Purchaser, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 10/15/29 (a) | 480 | 461 |
| &nbsp;&nbsp;&nbsp;CP Atlas Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 7/15/30 (a) | 275 | 285 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 4/15/29 (a) | 405 | 400 |
| &nbsp;&nbsp;&nbsp;Enpro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 6/1/33 (a) | 425 | 440 |
| &nbsp;&nbsp;&nbsp;Enviri Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 7/31/27 (a) | 766 | 767 |
| &nbsp;&nbsp;&nbsp;Goat Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 2/1/32 (a) | 270 | 278 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 6/1/29 (a) | 615 | 603 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 7/15/32 (a) | 270 | 280 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/15/29 (a) | 210 | 205 |
| &nbsp;&nbsp;&nbsp;New Enterprise Stone & Lime Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 7/15/28 (a) | 367 | 368 |
| &nbsp;&nbsp;&nbsp;Reworld Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 12/1/29 (a) | 245 | 236 |
| &nbsp;&nbsp;&nbsp;Seaspan Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 8/1/29 (a) | 405 | 385 |
| &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 3/15/32 (a) | 435 | 461 |
| &nbsp;&nbsp;&nbsp;TMS International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 4/15/29 (a) | 285 | 277 |
| &nbsp;&nbsp;&nbsp;Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 5/15/30 (a) | 575 | 575 |
| &nbsp;&nbsp;&nbsp;Trident TPI Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.75%, 12/31/28 (a) | 190 | 195 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/29 (a) | 195 | 191 |
| &nbsp;&nbsp;&nbsp;Waste Pro USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 2/1/33 (a) | 425 | 438 |
| &nbsp;&nbsp;&nbsp;Watco Cos. LLC/Watco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 8/1/32 (a) | 295 | 309 |
|  |  | 9549 |
| **Technology (4.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;AthenaHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 2/15/30 (a) | 405 | 404 |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 9/30/29 (a) | 340 | 354 |
| &nbsp;&nbsp;&nbsp;Dye & Durham Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 4/15/29 (a) | 511 | 482 |
| &nbsp;&nbsp;&nbsp;Rocket Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 2/15/29 (a) | 267 | 263 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Technology (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 4/1/28 (a) | $370 | $370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/1/33 (a) | 270 | 274 |
|  |  | 2147 |
| **Utilities (4.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Alpha Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/15/32 (a) | 290 | 300 |
| &nbsp;&nbsp;&nbsp;Atlantica Sustainable Infrastructure Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 6/15/28 (a) | 339 | 330 |
| &nbsp;&nbsp;&nbsp;Leeward Renewable Energy Operations LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 7/1/29 (a) | 721 | 690 |
| &nbsp;&nbsp;&nbsp;Pattern Energy Operations LP/Pattern Energy Operations, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 8/15/28 (a) | 500 | 493 |
| &nbsp;&nbsp;&nbsp;TransAlta Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 2/1/34 | 110 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 3/15/40 | 180 | 181 |
|  |  | 2105 |
|  |  | 47357 |
| **Senior Loan Interests (4.7%)** |  |  |
| **Consumer, Cyclical (2.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024 Incremental Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month SOFR + 3.75%, 7.58%, 6/6/31 (f) | 210 | 197 |
| &nbsp;&nbsp;&nbsp;Ontario Gaming GTA LP |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 4.25%, 7.92%, 8/1/30 (f) | 200 | 185 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month SOFR + 5.50%, 9.22%, 5/30/29 (f) | 453 | 458 |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 3.25%, 7.18%, 3/3/28 (f) | 460 | 456 |
| &nbsp;&nbsp;&nbsp;Specialty Building Products Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month SOFR + 3.75%, 7.57%, 10/15/28 (f) | 138 | 129 |
|  |  | 1425 |
| **Consumer, Non-Cyclical (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Crash Champions LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 4.75%, 8.57%, 2/23/29 (f) | 70 | 66 |
| &nbsp;&nbsp;&nbsp;LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2024 1st Lien Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 3.75%, 7.65%, 5/19/31 (f) | 97 | 97 |
| &nbsp;&nbsp;&nbsp;Team Health Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 4.50%, 8.34%, 6/30/28 (f) | 99 | 100 |
|  |  | 263 |
| **Industrials (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;IRIS Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 4.75%, 8.69%, 6/28/28 (f) | 589 | 573 |
| **Technology (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Athenahealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2022 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month SOFR + 2.75%, 6.47%, 2/15/29 (f) | 149 | 150 |
|  |  | 2411 |
| &nbsp;&nbsp;&nbsp;**Total Fixed Income Securities (Cost $48,409)** |  | 49768 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Common Stocks (0.0%)‡** |  |  |
| **Automobile Components (0.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Exide Technologies LLC (e)(g) | 592 |  |
| **Diversified REITs (0.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;American Gilsonite Co. REIT (e)(g) | 500 |  |
| **Machinery (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Iracore Investment Holdings, Inc., Class A (e)(g) | 470 | 2 |
| **Semiconductors & Semiconductor Equipment (0.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;UC Holdings, Inc. (g) | 2826 |  |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $150)** |  | 2 |
| **Short-Term Investment (1.8%)** |  |  |
| **Investment Company (1.8%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 3.71% (h) **(Cost $902)** | 902124 | 902 |
| **Total Investments (99.0%) (Cost $49,461) (i)** |  | 50672 |
| Other Assets in Excess of Liabilities (1.0%) |  | 505 |
| **Net Assets (100.0%)** |  | $51177 |

---

---

| | |
|:---|:---|
| ‡ | Amount is less than 0.05%. |
| (a) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (b) | Income may be paid in additional securities and/or cash at the discretion of the issuer. |
| (c) | Issuer in bankruptcy. |
| (d) | Non-income producing security; bond in default. |
| (e) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (f) | Floating or variable rate securities: The rates disclosed are as of December 31, 2025. 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. |
| (g) | Non-income producing security. |
| (h) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended December 31, 2025, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Fund. |
| (i) | At December 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,690,000 and the aggregate gross unrealized depreciation is approximately $479,000, resulting in net unrealized appreciation of approximately $1,211,000. |
| DAC | Designated Activity Company. |
| PIK | Payment-in-Kind. |
| REIT | Real Estate Investment Trust. |
| SOFR | Secured Overnight Financing Rate. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of <br> Total Investments** |
| Consumer, Cyclical | 28.3% |
| Industrials | 20.0 |
| Consumer, Non-Cyclical | 15.0 |
| Other\* | 14.2 |
| Finance | 9.2 |
| Communications | 7.1 |
| Energy | 6.2 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Portfolio of Investments

Ultra-Short Income Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Certificates of Deposit (10.1%)** |  |  |
| **International Banks (10.1%)** |  |  |
| Banco Bilbao Vizcaya Argentaria SA, |  |  |
| &nbsp;&nbsp;&nbsp;3.95%, 7/1/26 | $200000 | $200008 |
| &nbsp;&nbsp;&nbsp;4.10%, 5/18/26 - 5/19/26 | 269000 | 269237 |
| &nbsp;&nbsp;&nbsp;4.40%, 3/2/26 | 60000 | 60054 |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;4.44%, 7/10/26 | 80000 | 80236 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;3.85%, 1/6/27 | 190000 | 190518 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, 8/7/26 | 222000 | 222636 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;4.15%, 3/25/26 | 1000 | 1000 |
| National Bank of Kuwait, |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/27/26 | 37000 | 37009 |
| &nbsp;&nbsp;&nbsp;4.04%, 12/22/26 | 90000 | 90083 |
| &nbsp;&nbsp;&nbsp;4.08%, 1/8/27 | 100000 | 100129 |
| &nbsp;&nbsp;&nbsp;4.19%, 9/15/26 | 80000 | 80113 |
| &nbsp;&nbsp;&nbsp;4.20%, 10/1/26 | 5000 | 5008 |
| &nbsp;&nbsp;&nbsp;4.21%, 10/1/26 | 55000 | 55093 |
| &nbsp;&nbsp;&nbsp;4.55%, 4/1/26 | 20250 | 20274 |
| Qatar National Bank, |  |  |
| &nbsp;&nbsp;&nbsp;4.11%, 6/1/26 | 125000 | 122970 |
| &nbsp;&nbsp;&nbsp;4.62%, 1/13/26 | 90000 | 89872 |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.88%, 4/10/26 - 4/15/26 | 94000 | 94013 |
| &nbsp;&nbsp;&nbsp;**Total Certificates of Deposit (Cost $1,716,020)** |  | 1718253 |
| **Commercial Paper(a) (18.7%)** |  |  |
| **Asset-Backed Diversified Financial Services (1.4%)** |  |  |
| Bay Square Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;3.95%, 4/16/26 | 96000 | 94926 |
| &nbsp;&nbsp;&nbsp;4.01%, 4/2/26 | 39180 | 38803 |
| LMA Americas LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.98%, 6/18/26 | 92000 | 90385 |
| Podium Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.15%, 5/7/26 | 20000 | 19736 |
|  |  | 243850 |
| **Automobiles (2.0%)** |  |  |
| General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.27%, 7/7/26 | 8000 | 7832 |
| &nbsp;&nbsp;&nbsp;4.41%, 2/26/26 | 25000 | 24846 |
| &nbsp;&nbsp;&nbsp;4.64%, 5/20/26 - 6/8/26 | 60000 | 58972 |
| &nbsp;&nbsp;&nbsp;4.64%, 6/9/26 (b) | 37500 | 36827 |
| &nbsp;&nbsp;&nbsp;4.65%, 6/10/26 | 15000 | 14729 |
| Toyota Credit de Puerto Rico Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.30%, 4/30/26 | 50000 | 49358 |
| &nbsp;&nbsp;&nbsp;4.32%, 5/1/26 | 5000 | 4935 |
| &nbsp;&nbsp;&nbsp;4.46%, 4/7/26 | 10000 | 9898 |
| VW Credit, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 9/3/26 (b) | 25250 | 24587 |
| &nbsp;&nbsp;&nbsp;4.25%, 9/24/26 | 60000 | 58295 |
| &nbsp;&nbsp;&nbsp;4.30%, 7/2/26 (b) | 35000 | 34312 |
| &nbsp;&nbsp;&nbsp;4.31%, 6/23/26 (b) | 18000 | 17663 |
|  |  | 342254 |
| **Basic Materials (0.1%)** |  |  |
| Glencore PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.20%, 2/27/26 | 8000 | 7949 |
| **Diversified Financial Services (1.0%)** |  |  |
| Brookfield Infrastructure Holdings Canada, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.17%, 5/20/26 - 5/21/26 | 177476 | 174614 |
| Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.88%, 1/20/26 | 1000 | 998 |
|  |  | 175612 |
| **Domestic Banks (4.7%)** |  |  |
| Bank of America Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.90%, 12/2/26 | 35000 | 33812 |
| HSBC USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 11/5/26 | 50000 | 48395 |
| &nbsp;&nbsp;&nbsp;3.92%, 12/23/26 (b) | 150000 | 144475 |
| &nbsp;&nbsp;&nbsp;3.96%, 6/23/26 (b) | 65000 | 63791 |
| &nbsp;&nbsp;&nbsp;3.98%, 12/4/26 (b) | 78000 | 75273 |
| &nbsp;&nbsp;&nbsp;4.12%, 9/9/26 | 50000 | 48678 |
| &nbsp;&nbsp;&nbsp;4.50%, 3/5/26 - 7/6/26 | 125000 | 123162 |
| &nbsp;&nbsp;&nbsp;4.54%, 6/3/26 | 40000 | 39343 |
| &nbsp;&nbsp;&nbsp;4.57%, 5/14/26 | 35000 | 34498 |
| &nbsp;&nbsp;&nbsp;4.58%, 7/30/26 | 35000 | 34216 |
| &nbsp;&nbsp;&nbsp;4.69%, 1/15/26 | 121000 | 120807 |
| &nbsp;&nbsp;&nbsp;4.79%, 1/27/26 | 25000 | 24928 |
|  |  | 791378 |
| **Energy (1.5%)** |  |  |
| Saudi Arabian Oil Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.98%, 1/22/26 | 250000 | 249434 |
| **Finance (0.9%)** |  |  |
| Barclays Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.47%, 7/31/26 | 55000 | 53782 |
| &nbsp;&nbsp;&nbsp;4.67%, 1/30/26 | 100000 | 99682 |
|  |  | 153464 |
| **International Banks (6.6%)** |  |  |
| Barclays Bank PLC, |  |  |
| &nbsp;&nbsp;&nbsp;4.06%, 9/25/26 | 50000 | 48624 |
| &nbsp;&nbsp;&nbsp;4.07%, 9/24/26 | 100000 | 97258 |
| Macquarie Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;4.06%, 4/10/26 | 40000 | 39569 |
| &nbsp;&nbsp;&nbsp;4.17%, 3/3/26 - 3/23/26 | 102000 | 101176 |
| &nbsp;&nbsp;&nbsp;4.27%, 1/15/26 | 18000 | 17971 |
| National Bank of Kuwait, |  |  |
| &nbsp;&nbsp;&nbsp;4.43%, 5/5/26 | 43000 | 42435 |
| &nbsp;&nbsp;&nbsp;4.44%, 5/1/26 (b) | 405000 | 399842 |
| Norddeutsche Landesbank, |  |  |
| &nbsp;&nbsp;&nbsp;4.29%, 7/2/26 | 100000 | 98084 |
| &nbsp;&nbsp;&nbsp;4.44%, 7/31/26 | 140000 | 136906 |
| Norddeutsche Landesbank Girozentra |  |  |
| &nbsp;&nbsp;&nbsp;4.54%, 5/28/26 (b) | 145000 | 142752 |
|  |  | 1124617 |
| **Multi-Media (0.4%)** |  |  |
| The Walt Disney Company |  |  |
| &nbsp;&nbsp;&nbsp;3.96%, 5/28/26 | 75000 | 73892 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Portfolio of Investments (cont'd) <br> Ultra-Short Income Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Commercial Paper (cont'd)** |  |  |
| **Wireless Telecom Services (0.1%)** |  |  |
| Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp;4.19%, 3/2/26 | $6500 | $6458 |
| &nbsp;&nbsp;&nbsp;**Total Commercial Paper (Cost $3,165,779)** |  | 3168908 |
| **Corporate Bonds (17.4%)** |  |  |
| **Automobiles (2.6%)** |  |  |
| American Honda Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, 1/9/26 | 58675 | 58686 |
| &nbsp;&nbsp;&nbsp;2.35%, 1/8/27 | 28866 | 28442 |
| BMW U.S. Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.80%, 4/11/26 (b) | 8000 | 7974 |
| General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 6/10/26 | 9118 | 9016 |
| &nbsp;&nbsp;&nbsp;5.25%, 3/1/26 | 3206 | 3209 |
| Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;1.30%, 1/8/26 (b) | 35887 | 35870 |
| &nbsp;&nbsp;&nbsp;1.50%, 6/15/26 (b) | 59471 | 58792 |
| &nbsp;&nbsp;&nbsp;1.65%, 9/17/26 (b) | 12000 | 11807 |
| &nbsp;&nbsp;&nbsp;2.75%, 9/27/26 (b) | 5000 | 4951 |
| &nbsp;&nbsp;&nbsp;3.50%, 11/2/26 | 10000 | 9954 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/8/27 (b) | 28469 | 28804 |
| &nbsp;&nbsp;&nbsp;5.45%, 6/24/26 (b) | 13710 | 13796 |
| &nbsp;&nbsp;&nbsp;5.50%, 3/30/26 (b) | 92433 | 92741 |
| &nbsp;&nbsp;&nbsp;5.65%, 6/26/26 (b) | 35299 | 35562 |
| &nbsp;&nbsp;&nbsp;5.95%, 9/21/26 (b) | 6235 | 6317 |
| Hyundai Capital Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.25%, 2/8/26 (b) | 1100 | 1097 |
| Volkswagen Group of America Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, 9/26/26 (b) | 5106 | 5072 |
| &nbsp;&nbsp;&nbsp;4.90%, 8/14/26 (b) | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;5.70%, 9/12/26 (b) | 14000 | 14150 |
| &nbsp;&nbsp;&nbsp;6.00%, 11/16/26 (b) | 13474 | 13697 |
|  |  | 440941 |
| **Automobiles Manufacturing (0.5%)** |  |  |
| Daimler Truck Finance North America LLC, |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 12/14/26 (b) | 46405 | 45594 |
| &nbsp;&nbsp;&nbsp;5.15%, 1/16/26 (b) | 9325 | 9328 |
| Mercedes-Benz Finance North America LLC, |  |  |
| &nbsp;&nbsp;&nbsp;1.45%, 3/2/26 (b) | 5438 | 5416 |
| &nbsp;&nbsp;&nbsp;3.45%, 1/6/27 (b) | 16782 | 16707 |
| &nbsp;&nbsp;&nbsp;4.80%, 1/11/27 (b) | 4960 | 5002 |
|  |  | 82047 |
| **Basic Materials (0.0%)‡** |  |  |
| Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;1.63%, 4/27/26 (b) | 6550 | 6497 |
| **Communications (0.2%)** |  |  |
| T-Mobile USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 2/15/26 | 26060 | 25976 |
| &nbsp;&nbsp;&nbsp;2.25%, 2/15/26 | 6719 | 6704 |
|  |  | 32680 |
| **Computer Technology (0.2%)** |  |  |
| Fidelity National Information Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.15%, 3/1/26 | 701 | 698 |
| Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 4/1/26 | 1000 | 993 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.65%, 7/15/26 | 32311 | 32052 |
|  |  | 33743 |
| **Consumer, Cyclical (0.0%)‡** |  |  |
| Home Depot, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.13%, 9/15/26 | 5003 | 4946 |
| **Consumer, Non-Cyclical (0.1%)** |  |  |
| Diageo Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;5.38%, 10/5/26 | 3000 | 3031 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 1/15/26 | 5290 | 5291 |
|  |  | 8322 |
| **Diversified Financial Services (1.0%)** |  |  |
| AerCap Ireland Capital Designated Activity Co., |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 1/30/26 | 2890 | 2885 |
| &nbsp;&nbsp;&nbsp;2.45%, 10/29/26 | 169302 | 167047 |
| Nomura Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.65%, 7/14/26 | 3404 | 3363 |
|  |  | 173295 |
| **Domestic Bank (0.6%)** |  |  |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 10/23/26 | 109905 | 109123 |
| **Finance (1.6%)** |  |  |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, 10/21/26 | 108458 | 107846 |
| &nbsp;&nbsp;&nbsp;3.40%, 5/1/26 | 165278 | 164984 |
|  |  | 272830 |
| **Insurance (0.4%)** |  |  |
| Athene Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp;1.45%, 1/8/26 (b) | 850 | 849 |
| &nbsp;&nbsp;&nbsp;5.68%, 2/23/26 (b) | 39818 | 39901 |
| Equitable Financial Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.21%, 1/9/26 (b) | 21386 | 21374 |
| Pricoa Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;5.55%, 8/28/26 (b) | 3150 | 3180 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 3/10/26 | 4000 | 3982 |
|  |  | 69286 |
| **International Banks (9.9%)** |  |  |
| ABN AMRO Bank NV |  |  |
| &nbsp;&nbsp;&nbsp;4.72%, 1/22/27 (b) | 40000 | 40356 |
| ASB Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;1.63%, 10/22/26 (b) | 5495 | 5398 |
| Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;5.27%, 12/11/26 | 37897 | 38390 |
| Bank of Nova Scotia, |  |  |
| &nbsp;&nbsp;&nbsp;1.05%, 3/2/26 | 2805 | 2793 |
| &nbsp;&nbsp;&nbsp;5.35%, 12/7/26 | 18578 | 18831 |
| Banque Federative du Credit Mutuel SA |  |  |
| &nbsp;&nbsp;&nbsp;1.60%, 10/4/26 (b) | 102946 | 101173 |
| BPCE SA, |  |  |
| &nbsp;&nbsp;&nbsp;4.71%, 1/20/26 (b) | 30193 | 30147 |
| &nbsp;&nbsp;&nbsp;5.20%, 1/18/27 (b) | 2687 | 2720 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Portfolio of Investments (cont'd) <br> Ultra-Short Income Portfolio

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **International Banks (cont'd)** |  |  |  |
| Goldman Sachs Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 11/16/26 | $— | 67323 | $67107 |
| HSBC Holdings PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.30%, 3/8/26 |  | 17000 | 17008 |
| Korea Development Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;5.38%, 10/23/26 |  | 730 | 739 |
| Lloyds Banking Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 1/11/27 (c) |  | 20203 | 20177 |
| Mizuho Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.48%, 4/12/26 (b) |  | 19000 | 18975 |
| NatWest Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, 4/5/26 |  | 57754 | 57902 |
| QNB Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, 1/26/26 |  | 14700 | 14672 |
| Royal Bank of Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;MTN |  |  |  |
| &nbsp;&nbsp;&nbsp;0.88%, 1/20/26 |  | 20000 | 19971 |
| Sumitomo Mitsui Financial Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;0.95%, 1/12/26 |  | 17769 | 17754 |
| &nbsp;&nbsp;&nbsp;1.40%, 9/17/26 |  | 131588 | 129305 |
| &nbsp;&nbsp;&nbsp;2.17%, 1/14/27 |  | 5010 | 4921 |
| &nbsp;&nbsp;&nbsp;2.63%, 7/14/26 |  | 142005 | 141040 |
| &nbsp;&nbsp;&nbsp;3.01%, 10/19/26 |  | 135325 | 134389 |
| &nbsp;&nbsp;&nbsp;3.45%, 1/11/27 |  | 35607 | 35452 |
| &nbsp;&nbsp;&nbsp;3.78%, 3/9/26 |  | 7322 | 7320 |
| Sumitomo Mitsui Trust Bank Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;1.35%, 9/16/26 (b) |  | 5000 | 4911 |
| &nbsp;&nbsp;&nbsp;5.65%, 3/9/26 - 9/14/26 (b) |  | 18862 | 18952 |
| Swedbank AB |  |  |  |
| &nbsp;&nbsp;&nbsp;1.54%, 11/16/26 (b) |  | 14448 | 14157 |
| Toronto-Dominion Bank, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.57%, 12/17/26 |  | 42799 | 43075 |
| &nbsp;&nbsp;&nbsp;0.75%, 1/6/26 |  | 15663 | 15658 |
| &nbsp;&nbsp;&nbsp;1.20%, 6/3/26 |  | 6000 | 5932 |
| &nbsp;&nbsp;&nbsp;5.53%, 7/17/26 |  | 167335 | 168738 |
| UBS Group AG, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.13%, 4/15/26 (b) |  | 237001 | 237122 |
| &nbsp;&nbsp;&nbsp;4.55%, 4/17/26 |  | 235118 | 235527 |
|  |  |  | 1670612 |
| **Technology (0.2%)** |  |  |  |
| Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, 7/1/26 |  | 42142 | 41968 |
| **Wireless Telecom Services (0.1%)** |  |  |  |
| Comcast Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.35%, 1/15/27 (c) |  | 5000 | 4924 |
| &nbsp;&nbsp;&nbsp;3.30%, 2/1/27 (c) |  | 5000 | 4973 |
|  |  |  | 9897 |
| **Total Corporate Bonds (Cost $2,953,223)** |  |  | 2956187 |
| **Floating Rate Notes(d) (31.6%)** |  |  |  |
| **Automobiles (2.7%)** |  |  |  |
| American Honda Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;MTN |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.60%, 4.42%, 10/6/26 (c) |  | 175000 | 175289 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.75%, 4.57%, 1/15/27 |  | 93000 | 93245 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.65%, 4.46%, 7/15/26 |  | 195000 | 195395 |
| Hyundai Capital America, |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.50%, 5.34%, 1/8/27 (b) |  | 890 | 897 |
|  |  |  | 464826 |
| **Diversified Financial Services (2.4%)** |  |  |  |
| CDP Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.30%, 4.07%, 5/27/26 (b) |  | 20000 | 20007 |
| Mizuho Markets Cayman LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;MTN |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.52%, 4.27%, 12/21/26 (b) |  | 189000 | 189084 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.52%, 4.28%, 12/10/26 (b) |  | 200000 | 200071 |
|  |  |  | 409162 |
| **Finance (2.4%)** |  |  |  |
| Citigroup Global Markets, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;MTN |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.50%, 4.25%, 1/4/27 |  | 397500 | 397570 |
| **Insurance (3.2%)** |  |  |  |
| Athene Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.67%, 4.47%, 2/6/26 (b) |  | 277000 | 277090 |
| Equitable Financial Life Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.47%, 4.28%, 2/4/26 (b) |  | 249500 | 249712 |
| Pricoa Short Term Funding LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.25%, 4.02%, 5/26/26 (b) |  | 15000 | 15005 |
|  |  |  | 541807 |
| **International Banks (20.9%)** |  |  |  |
| ASB Bank Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.32%, 4.09%, 1/7/26 - 9/4/26 (b) |  | 40300 | 40303 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.35%, 4.12%, 9/24/26 (b) |  | 50000 | 50009 |
| Banco Santander SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.40%, 4.17%, 12/24/26 |  | 200000 | 200065 |
| Barclays Bank PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.40%, 4.11%, 11/9/26 (b) |  | 165000 | 165031 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.42%, 4.19%, 12/18/26 |  | 124000 | 124033 |
| Bayerische Landesbank, |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.39%, 4.16%, 1/28/26 |  | 128000 | 128031 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.41%, 4.18%, 2/5/26 - 2/6/26 |  | 250000 | 250076 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.42%, 4.19%, 1/6/27 |  | 200000 | 200113 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.53%, 4.30%, 4/29/26 - 5/5/26 |  | 144000 | 144169 |
| Canadian Imperial Bank of Commerce, |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.40%, 4.11%, 12/14/26 |  | 40000 | 40004 |
| Credit Industriel ET Commercial SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.42%, 4.13%, 12/15/26 |  | 513000 | 513288 |
| Deutsche Bank AG, |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.41%, 4.20%, 2/13/26 |  | 100000 | 100028 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.41%, 4.22%, 1/7/26 |  | 150000 | 150010 |
| Macquarie Bank Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.39%, 4.16%, 12/23/26 (b) |  | 225000 | 225031 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.40%, 4.17%, 1/8/27 - 1/11/27 (b) |  | 400000 | 400058 |
| Mizuho Bank Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.35%, 4.12%, 1/30/26 |  | 50000 | 50011 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Portfolio of Investments (cont'd) <br> Ultra-Short Income Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **International Banks (cont'd)** |  |  |
| National Bank of Canada, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.40%, 4.11%, 12/29/26 (b) | $350000 | $350074 |
| National Bank of Kuwait, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.47%, 4.18%, 9/3/26 | 10000 | 10003 |
| Sumitomo Mitsui Banking Corp., |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.40%, 4.11%, 12/4/26 (b) | 300000 | 300043 |
| Toronto-Dominion Bank, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.40%, 4.17%, 12/14/26 | 100000 | 100036 |
|  |  | 3540416 |
| &nbsp;&nbsp;&nbsp;**Total Floating Rate Notes (Cost $5,351,481)** |  | 5353781 |
| **Repurchase Agreements (21.5%)** |  |  |
| Bank of America Securities, Inc., (4.29% (e), dated 6/30/25, due 3/31/26; proceeds $232,347; fully collateralized by various Common Stocks and Preferred Stocks; valued at $236,250) (f) | 225000 | 225000 |
| Bank of America Securities, Inc., (4.29% (e), dated 10/24/25, due 3/31/26; proceeds $101,883; fully collateralized by various Common Stocks and Preferred Stocks; valued at $105,000) (f) | 100000 | 100000 |
| Bank of America Securities, Inc., (4.29% (e), dated 11/5/25, due 3/31/26; proceeds $101,740; fully collateralized by various Common Stocks and Preferred Stocks; valued at $105,000) (f) | 100000 | 100000 |
| Bank of Nova Scotia, (3.84%, dated 12/31/25, due 1/2/26; proceeds $99,021; fully collateralized by various Common Stocks; valued at $103,950) (f) | 99000 | 99000 |
| Bank of Nova Scotia, (3.83%, dated 12/31/25, due 1/2/26; proceeds $474,101; fully collateralized by various Corporate Bonds, 1.60% - 8.60% due 8/9/26 - 12/31/79; valued at $497,700) | 474000 | 474000 |
| BNP Paribas Prime Brokerage, Inc., (3.78%, dated 12/26/25, due 1/2/26; proceeds $119,087; fully collateralized by various Common Stocks and Preferred Stocks; valued at $125,042) (f) | 119000 | 119000 |
| BNP Paribas Prime Brokerage, Inc., (3.82%, dated 12/31/25, due 1/7/26; proceeds $245,182; fully collateralized by various Common Stocks and Preferred Stocks; valued at $257,441) (f) | 245000 | 245000 |
| BNP Paribas Prime Brokerage, Inc., (3.86%, dated 12/31/25, due 1/2/26; proceeds $80,017; fully collateralized by various Common Stocks and Preferred Stocks; valued at $84,018) (f) | 80000 | 80000 |
| BNP Paribas SA, (3.88% (e), dated 10/9/25, due 1/7/26; proceeds $232,231; fully collateralized by various Corporate Bonds, 2.55% - 13.50% due 12/1/26 - 3/31/55; valued at $243,781) (f) | 230000 | 230000 |
| Credit Agricole Corporate and Investment Bank, (3.86% (e), dated 8/14/25, due 1/7/26; proceeds $203,131; fully collateralized by various Corporate Bonds, 0.95% - 9.25% due 12/1/26 - 11/15/54 and a U.S. Government obligation, 4.63% due 4/30/29; valued at $209,997) (f) | 200000 | 200000 |
| Credit Agricole Corporate and Investment Bank, (3.80%, dated 12/31/25, due 1/7/26; proceeds $35,026; fully collateralized by various Corporate Bonds, 1.60% - 7.75% due 4/1/26 - 10/21/36; valued at $36,751) (f) | 35000 | 35000 |
| JP Morgan Clearing Corp., (3.95% (e), dated 9/17/25, due 1/7/26; proceeds $303,687; fully collateralized by various Corporate Bonds, 0.00% - 12.25% due 2/1/26 - 12/31/79; valued at $316,998) (f) | 300000 | 300000 |
| JP Morgan Securities LLC, (3.89% (e), dated 11/17/21, due 1/7/26; proceeds $81,437; fully collateralized by various Convertible Bond, 0.00% - 8.00% due 2/15/26 - 6/1/31; valued at $79,380) | 70000 | 70000 |
| JP Morgan Securities LLC, (3.99% (e), dated 10/7/25, due 1/7/26; proceeds $196,988; fully collateralized by various Convertible Bond, 0.00% - 8.00% due 2/15/26 - 6/1/54; valued at $221,130) | 195000 | 195000 |
| Mizuho Securities USA LLC, (4.11% (e), dated 12/16/25, due 2/4/26; proceeds $38,217; fully collateralized by a U.S. Government obligation, 3.63% due 9/30/30; valued at $38,760) | 38000 | 38000 |
| Mizuho Securities USA LLC, (4.39% (e), dated 10/17/25, due 2/17/26; proceeds $177,625; fully collateralized by various Common Stocks; valued at $183,750) (f) | 175000 | 175000 |
| MUFG Securities Americas, Inc., (4.14% (e), dated 11/25/25, due 2/4/26; proceeds $75,612; fully collateralized by various Common Stocks; valued at $82,242) (f) | 75000 | 75000 |
| Pershing LLC, (3.96%, dated 12/31/25, due 1/2/26; proceeds $25,006; fully collateralized by various Corporate Bonds, 3.42% - 9.75% due 11/16/26 - 12/31/79 and a Commercial Paper, 0.00% due 3/18/26; valued at $26,388) (f) | 25000 | 25000 |
| Societe Generale SA, (3.87%, dated 12/31/25, due 1/2/26; proceeds $43,009; fully collateralized by various Corporate Bonds, 3.15% - 12.25% due 4/15/27 - 7/15/46 and a U.S. Government obligation, 0.00% due 5/15/38; valued at $45,541) (f) | 43000 | 43000 |
| TD Securities USA LLC, (3.85%, dated 12/31/25, due 1/2/26; proceeds $201,043; fully collateralized by various Corporate Bonds, 2.87% - 5.58% due 5/26/28 - 5/15/37; valued at $211,050) | 201000 | 201000 |
| TD Securities USA LLC, (3.86%, dated 12/31/25, due 1/2/26; proceeds $200,043; fully collateralized by various Corporate Bonds, 5.50% - 12.25% due 9/30/27 - 9/15/33; valued at $212,001) | 200000 | 200000 |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Portfolio of Investments (cont'd) <br> Ultra-Short Income Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| Repurchase Agreements (cont'd) |  |  |
| Wells Fargo Securities LLC, (4.30% (e), dated 12/9/25, due 3/31/26; proceeds $121,523; fully collateralized by various Common Stocks and Preferred Stocks; valued at $126,000) (f) | $120000 | $120000 |
| Wells Fargo Securities LLC, (4.11% (e), dated 12/16/25, due 3/31/26; proceeds $207,457; fully collateralized by various Corporate Bonds, 1.59% - 7.37% due 1/15/26 - 7/16/70; valued at $215,251) | 205000 | 205000 |
| Wells Fargo Securities LLC, (4.09% (e), dated 9/17/25, due 3/31/26; proceeds $96,082; fully collateralized by various Corporate Bonds, 1.70% - 7.88% due 1/13/26 - 6/15/56; valued at $98,701) | 94000 | 94000 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements (Cost $3,648,000)** |  | 3648000 |
| **Sovereign (0.3%)** |  |  |
| Saudi Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 10/26/26 (b) | 25000 | 24880 |
| &nbsp;&nbsp;&nbsp;3.25%, 10/26/26 | 25000 | 24881 |
| &nbsp;&nbsp;&nbsp;**Total Sovereign (Cost $49,692)** |  | 49761 |
| **Total Investments (99.6%) (Cost $16,884,195) (g)(h)** |  | 16894890 |
| Other Assets in Excess of Liabilities (0.4%) |  | 63053 |
| **Net Assets (100.0%)** |  | $16957943 |

---

---

| | |
|:---|:---|
| ‡ | Amount is less than 0.05%. |
| (a) | The rates shown are the effective yields at the date of purchase. |
| (b) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (c) | All or a portion of the security is subject to delayed delivery. |
| (d) | Floating or variable rate securities: The rates disclosed are as of December 31, 2025. 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) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
| (f) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of December 31, 2025. |
| (g) | Securities are available for collateral in connection with securities purchased on a forward commitment basis. |
| (h) | At December 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $10,796,000 and the aggregate gross unrealized depreciation is approximately $101,000, resulting in net unrealized appreciation of approximately $10,695,000. |
| MTN | Medium Term Note. |
| SOFR | Secured Overnight Financing Rate. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Floating Rate Notes | 31.7% |
| Repurchase Agreements | 21.6 |
| Commercial Paper | 18.7 |
| Corporate Bonds | 17.5 |
| Certificates of Deposit | 10.2 |
| Other\* | 0.3 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Notes to the Portfolio of Investments

**Security Valuation:** (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited("MSIM Limited") (the "Sub-Adviser"), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or is unable to provide a price, prices from reputable brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from reputable brokers/dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (4) certain senior collateralized loans ("Senior Loans") are valued based on quotations received from an independent pricing service; (5) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (6) OTC swaps may be valued by an outside pricing service approved by the Trustees or quotes from a reputable broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (7) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a reputable broker/dealer or valued by a pricing service/vendor; (8) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (9) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; (10) PIPE investments may be valued based on the underlying stock price less a discount until the commitment is fulfilled and shares are registered; and (11) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

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

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

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

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

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

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

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> Quoted<br> prices<br> (000)** | **Level 2<br> Other<br> Significant<br> Observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> Unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Corporate Bond** | **Corporate Bond** | **Corporate Bond** | **Corporate Bond** | **Corporate Bond** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Fixed Income Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $132648 | $— | $132648 |
| **Preferred Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wireless Telecommunication Services | 373 |  |  | 373 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| &nbsp;&nbsp;&nbsp;Investment Company | 4567 |  |  | 4567 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Security |  | 835 |  | 835 |
| **Total Short-Term Investments** | **4567** | **835** | **—** | **5402** |
| **Futures Contracts** | 138 |  |  | 138 |
| **Total Assets** | **5078** | **133483** | **—** | **138561** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Foreign Currency Forward Exchange Contract** |  | (14) |  | (14) |
| **Futures Contracts** | (168) |  |  | (168) |
| **Total Liabilities** | **(168)** | **(14)** | **—** | **(182)** |
| **Total** | $**4910** | $**133469** | $**—** | $**138379** |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> Quoted<br> prices<br> (000)** | **Level 2<br> Other<br> Significant<br> Observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> Unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Discovery** | **Discovery** | **Discovery** | **Discovery** | **Discovery** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | $828901<sup>(1)</sup> | $— | $— | $828901 |
| **Preferred Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Software |  |  | 61866 | 61866 |
| **Investment Company** | 23308 |  |  | 23308 |
| **Warrants** | 108 |  |  | 108 |
| **Call Options Purchased** |  | 787 |  | 787 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| &nbsp;&nbsp;&nbsp;Investment Company | 21728 |  |  | 21728 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 5192 |  | 5192 |
| **Total Short-Term Investments** | **21728** | **5192** | **—** | **26920** |
| **Total Assets** | $**874045** | $**5979** | $**61866** | $**941890** |

---

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

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| **Discovery** | **Preferred<br> Stock<br> (000)** | **Derivative<br> Contract —<br> PIPE<br> (000)** |
| **Beginning Balance** | $37992 | $(5142) |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |
| &nbsp;&nbsp;&nbsp;Sales |  |  |
| &nbsp;&nbsp;&nbsp;PIPE transactions |  | 5142 |
| &nbsp;&nbsp;&nbsp;Transfers in |  |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 23874 |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |  |
| **Ending Balance** | $61866 | $— |
| Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2025 | $23874 | $— |

---

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Discovery** | **Fair Value at<br> December 31, 2025<br> (000)** | **Valuation<br> Technique** | **Unobservable<br> Input** | **Amount** | **Impact to<br> Valuation from an<br> Increase in Input\*** |
| Preferred Stock | $61866 | Market Transaction Method | Precedent Transaction | $183.96 | Increase |

---

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

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> Quoted<br> prices<br> (000)** | **Level 2<br> Other<br> Significant<br> Observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> Unobservable<br> inputs<br> (000)** |  | **Total<br> (000)** |  |
| **Global Strategist** | **Global Strategist** | **Global Strategist** | **Global Strategist** | **Global Strategist** | **Global Strategist** | **Global Strategist** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Fixed Income Securities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency Fixed Rate Mortgages | $— | $24045 | $— |  | $24045 |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 4841 |  |  | 4841 |  |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 2594 |  |  | 2594 |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 38677 |  |  | 38677 |  |
| &nbsp;&nbsp;&nbsp;Mortgages - Other |  | 8047 |  |  | 8047 |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond |  | 211 |  |  | 211 |  |
| &nbsp;&nbsp;&nbsp;Sovereign |  | 118059 |  |  | 118059 |  |
| &nbsp;&nbsp;&nbsp;Supranational |  | 4567 |  |  | 4567 |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities |  | 57164 |  |  | 57164 |  |
| **Total Fixed Income Securities** | **—** | **258205** | **—** |  | **258205** |  |
| **Common Stocks** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | 4524 | 2674 |  |  | 7198 |  |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics | 596 | 415 |  |  | 1011 |  |
| &nbsp;&nbsp;&nbsp;Automobile Components | 110 | 120 |  |  | 230 |  |
| &nbsp;&nbsp;&nbsp;Automobiles | 4824 | 774 |  |  | 5598 |  |
| &nbsp;&nbsp;&nbsp;Banks | 10120 | 9970 |  |  | 20090 |  |
| &nbsp;&nbsp;&nbsp;Beverages | 2060 | 732 |  |  | 2792 |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | 3757 | 534 |  |  | 4291 |  |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 8219 | 625 |  |  | 8844 |  |
| &nbsp;&nbsp;&nbsp;Building Products | 910 | 541 |  |  | 1451 |  |
| &nbsp;&nbsp;&nbsp;Capital Markets | 6663 | 2229 |  |  | 8892 |  |
| &nbsp;&nbsp;&nbsp;Chemicals | 1960 | 1181 |  |  | 3141 |  |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 1238 | 167 |  |  | 1405 |  |
| &nbsp;&nbsp;&nbsp;Communications Equipment | 1853 | 232 |  |  | 2085 |  |
| &nbsp;&nbsp;&nbsp;Construction & Engineering | 627 | 603 |  |  | 1230 |  |
| &nbsp;&nbsp;&nbsp;Construction Materials | 628 | 338 |  |  | 966 |  |
| &nbsp;&nbsp;&nbsp;Consumer Finance | 1427 |  |  |  | 1427 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 3854 | 610 |  |  | 4464 |  |
| &nbsp;&nbsp;&nbsp;Containers & Packaging | 385 |  |  |  | 385 |  |
| &nbsp;&nbsp;&nbsp;Distributors | 58 | 15 |  |  | 73 |  |
| &nbsp;&nbsp;&nbsp;Diversified Consumer Services |  | 31 |  |  | 31 |  |
| &nbsp;&nbsp;&nbsp;Diversified REITs | 47 | 116 |  |  | 163 |  |
| &nbsp;&nbsp;&nbsp;Diversified Telecommunication Services | 1191 | 1196 |  |  | 2387 |  |
| &nbsp;&nbsp;&nbsp;Electric Utilities | 3052 | 8004 |  |  | 11056 |  |
| &nbsp;&nbsp;&nbsp;Electrical Equipment | 1904 | 1796 |  |  | 3700 |  |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components | 1662 | 163 |  |  | 1825 |  |
| &nbsp;&nbsp;&nbsp;Energy Equipment & Services | 419 | 27 |  | † | 446 | † |
| &nbsp;&nbsp;&nbsp;Entertainment | 3209 | 147 |  |  | 3356 |  |
| &nbsp;&nbsp;&nbsp;Financial Services | 7091 | 751 |  |  | 7842 |  |
| &nbsp;&nbsp;&nbsp;Food Products | 841 | 1554 |  |  | 2395 |  |
| &nbsp;&nbsp;&nbsp;Gas Utilities | 124 | 552 |  |  | 676 |  |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 2116 | 23 |  |  | 2139 |  |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 3952 | 981 |  |  | 4933 |  |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 3159 | 199 |  |  | 3358 |  |
| &nbsp;&nbsp;&nbsp;Health Care REITs | 591 |  |  |  | 591 |  |
| &nbsp;&nbsp;&nbsp;Health Care Technology | 116 | 31 |  |  | 147 |  |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 3816 | 760 |  |  | 4576 |  |
| &nbsp;&nbsp;&nbsp;Household Durables | 459 | 27 |  |  | 486 |  |
| &nbsp;&nbsp;&nbsp;Household Products | 1540 | 356 |  |  | 1896 |  |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> Quoted<br> prices<br> (000)** | **Level 2<br> Other<br> Significant<br> Observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> Unobservable<br> inputs<br> (000)** |  | **Total<br> (000)** |  |
| **Assets: (cont'd)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Independent Power & Renewable Electricity Producers | $202 | $1139 | $— |  | $1341 |  |
| &nbsp;&nbsp;&nbsp;Industrial Conglomerates | 699 | 1094 |  |  | 1793 |  |
| &nbsp;&nbsp;&nbsp;Industrial REITs | 396 | 229 |  |  | 625 |  |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 3368 | 99 |  |  | 3467 |  |
| &nbsp;&nbsp;&nbsp;Insurance | 4454 | 3872 |  |  | 8326 |  |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 16159 | 109 |  |  | 16268 |  |
| &nbsp;&nbsp;&nbsp;Investment Company |  |  |  | † |  | † |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 1779 | 306 |  |  | 2085 |  |
| &nbsp;&nbsp;&nbsp;Machinery | 3207 | 1492 |  |  | 4699 |  |
| &nbsp;&nbsp;&nbsp;Marine Transportation |  | 116 |  |  | 116 |  |
| &nbsp;&nbsp;&nbsp;Media | 734 | 151 |  |  | 885 |  |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 2425 | 2146 |  | † | 4571 | † |
| &nbsp;&nbsp;&nbsp;Mortgage Real Estate Investment | 48 |  |  |  | 48 |  |
| &nbsp;&nbsp;&nbsp;Multi-Utilities | 1130 | 4655 |  |  | 5785 |  |
| &nbsp;&nbsp;&nbsp;Office REITs | 34 | 17 |  |  | 51 |  |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 6816 | 2274 |  |  | 9090 |  |
| &nbsp;&nbsp;&nbsp;Paper & Forest Products |  | 124 |  |  | 124 |  |
| &nbsp;&nbsp;&nbsp;Passenger Airlines | 70 | 203 |  |  | 273 |  |
| &nbsp;&nbsp;&nbsp;Personal Care Products | 193 | 983 |  |  | 1176 |  |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 6611 | 5483 |  |  | 12094 |  |
| &nbsp;&nbsp;&nbsp;Professional Services | 1133 | 746 |  |  | 1879 |  |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 316 | 433 |  |  | 749 |  |
| &nbsp;&nbsp;&nbsp;Residential REITs | 487 |  |  |  | 487 |  |
| &nbsp;&nbsp;&nbsp;Retail REITs | 458 | 212 |  |  | 670 |  |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 28067 | 2080 |  |  | 30147 |  |
| &nbsp;&nbsp;&nbsp;Software | 20531 | 1231 |  |  | 21762 |  |
| &nbsp;&nbsp;&nbsp;Specialized REITs | 1406 |  |  |  | 1406 |  |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 3415 | 399 |  |  | 3814 |  |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 14376 | 59 |  |  | 14435 |  |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 508 | 1805 |  |  | 2313 |  |
| &nbsp;&nbsp;&nbsp;Tobacco | 1149 | 599 |  |  | 1748 |  |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 803 | 312 |  |  | 1115 |  |
| &nbsp;&nbsp;&nbsp;Transportation Infrastructure |  | 258 |  |  | 258 |  |
| &nbsp;&nbsp;&nbsp;Water Utilities | 120 | 493 |  |  | 613 |  |
| &nbsp;&nbsp;&nbsp;Wireless Telecommunication Services | 390 | 131 |  |  | 521 |  |
| **Total Common Stocks** | $**210586** | $**71724** | $**—** | **†** | $**282310** | **†** |
| **Rights** |  | —@ |  |  | —@ |  |
| **Warrants** |  |  |  | † |  | † |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| &nbsp;&nbsp;&nbsp;Investment Company | 35339 |  |  |  | 35339 |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Security |  | 298 |  |  | 298 |  |
| **Total Short-Term Investments** | **35339** | **298** | **—** |  | **35637** |  |
| **Foreign Currency Forward Exchange Contracts** |  | 5650 |  |  | 5650 |  |
| **Futures Contracts** | 73 |  |  |  | 73 |  |
| **Total Return Swap Agreements** |  | 1965 |  |  | 1965 |  |
| **Total Assets** | **245998** | **337842** | **—** | **†** | **583840** | **†** |

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> Quoted<br> prices<br> (000)** | **Level 2<br> Other<br> Significant<br> Observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> Unobservable<br> inputs<br> (000)** |  | **Total<br> (000)** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Foreign Currency Forward Exchange Contracts** | $— | $(5356) | $— |  | $(5356) |
| **Futures Contracts** | (410) |  |  |  | (410) |
| **Total Return Swap Agreements** |  | (1332) |  |  | (1332 |
| **Total Liabilities** | **(410)** | **(6688)** | **—** |  | **(7098** |
| **Total** | $**245588** | $**331154** | $**—** | **†** | $**576742** |

---

---

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

---

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| **Global Strategist** | **Common Stock<br> (000)** | **Warrants<br> (000)** |
| **Beginning Balance** | $— | $— |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |
| &nbsp;&nbsp;&nbsp;Sales |  |  |
| &nbsp;&nbsp;&nbsp;Transfers in |  |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) |  |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |  |
| **Ending Balance** | $— | $— |
| Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2025 | $— | $— |

---

† Includes one
 or more securities valued at zero.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> Quoted<br> Prices<br> (000)** | **Level 2<br> Other<br> Significant<br> Observable<br> Inputs<br> (000)** | **Level 3<br> Significant<br> Unobservable<br> Inputs<br> (000)** |  | **Total<br> (000)** |  |
| **High Yield** | **High Yield** | **High Yield** | **High Yield** | **High Yield** | **High Yield** | **High Yield** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $47357 | $— | † | $47357 | † |
| &nbsp;&nbsp;&nbsp;Senior Loan Interests |  | 2411 |  |  | 2411 |  |
| **Total Fixed Income Securities** | **—** | **49768** | **—** | **†** | **49768** | **†** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Automobile Components |  |  |  | † |  | † |
| &nbsp;&nbsp;&nbsp;Diversified REITs |  |  |  | † |  | † |
| &nbsp;&nbsp;&nbsp;Machinery |  |  | 2 | † | 2 | † |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  |  |  |  |  |  |
| **Total Common Stocks** | **—** | **—** | **2** | **†** | **2** | **†** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 902 |  |  |  | 902 |  |
| **Total Assets** | $**902** | $**49768** | $**2** | **†** | $**50672** | **†** |

---

† Includes one
 or more securities valued at zero.

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| **High Yield** | **Fixed<br> Income<br> (000)** | **Common<br> Stock<br> (000)** |
| **Beginning Balance** | $— | $15 |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |
| &nbsp;&nbsp;&nbsp;Sales |  |  |
| &nbsp;&nbsp;&nbsp;Transfers in |  |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) |  | (13) |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |  |
| **Ending Balance** | $— | $2 |
| Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2025 | $— | $(13 |

---

† Includes one
 or more securities valued at zero.

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **High Yield** | **Fair Value at<br> December 31, 2025<br> (000)** | **Valuation<br> Technique** | **Unobservable<br> Input** | **Amount** | **Impact to<br> Valuation from an<br> Increase in Input\*** |
| Common Stock | $2 | Market Transaction Method | Precedent Transaction | $4.94 | Increase |

---

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

Morgan Stanley Institutional Fund Trust

First Quarter Report — December 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> Quoted<br> Prices<br> (000)** | **Level 2<br> Other<br> Significant<br> Observable<br> Inputs<br> (000)** | **Level 3<br> Significant<br> Unobservable<br> Inputs<br> (000)** | **Total<br> (000)** |
| **Ultra-Short Income** | **Ultra-Short Income** | **Ultra-Short Income** | **Ultra-Short Income** | **Ultra-Short Income** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Certificates of Deposit | $— | $1718253 | $— | $1718253 |
| Commercial Paper |  | 3168908 |  | 3168908 |
| Corporate Bonds |  | 2956187 |  | 2956187 |
| Floating Rate Notes |  | 5353781 |  | 5353781 |
| Repurchase Agreements |  | 3648000 |  | 3648000 |
| Sovereign |  | 49761 |  | 49761 |
| **Total Assets** | $**—** | $**16894890** | $**—** | $**16894890** |

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** MORGAN STANLEY INSTITUTIONAL FUND TRUST

- **b. Investment Company Act file number:** 811-03980

- **c. CIK number of Registrant:** 0000741375

- **d. LEI of Registrant:** BD1UNSIL1398DHGY2770

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1585 Broadway

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 800-869-6397

**Item A.2. Information about the Series.**

- **a. Name of Series:** High Yield Portfolio

- **b. EDGAR series identifier (if any):** S000035938

- **c. LEI of Series:** 7LVE3T6BJQQFSI1XKE41

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **Yes**

### Fund Information

**Total Assets:** $51669154.01

**Total Liabilities:** $52019.50

**Net Assets:** $51617134.51

**Delayed Delivery Securities:** $39771.81

**Cash Not Reported:** $1587.52

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -0.32000000 | **1-Year:** -6.10000000 | **5-Year:** -66.34000000 | **10-Year:** -58.89000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -256.41000000 | **1-Year:** -4552.83000000 | **5-Year:** -7091.11000000 | **10-Year:** -922.97000000 | **30-Year:** -24.79000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000110149 | 0.14%                | 0.59%                | 0.76%                |
| Class ID C000110150 | 0.12%                | 0.44%                | 0.83%                |
| Class ID C000110152 | 0.10%                | 0.53%                | 0.78%                |
| Class ID C000138838 | 0.15%                | 0.59%                | 0.77%                |
| Class ID C000155936 | 0.05%                | 0.50%                | 0.70%                |
| Class ID C000198829 | 0.15%                | 0.47%                | 0.89%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1356.05                 | $-260678.76                                |
| Month 2  | $186654.66               | $-256842.58                                |
| Month 3  | $-270429.94              | $389977.07                                 |

**Designated Index Information**

- **Index Name:** Bloomberg U.S. Corporate High Yield Index

- **Index Identifier:** BBG_US_CORP_HY

### Schedule of Portfolio Investments

| Name                                     | Title                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GLOBAL AUTO HO/AAG FH UK                 | Global Auto Holdings Ltd/AAG FH UK Ltd                              | CUSIP: 00033GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    200000 | PA      | $197115.00    | 0.38%             | 2029-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| AHP HEALTH PARTN                         | AHP Health Partners Inc                                             | CUSIP: 00150LAB7<br>LEI: 549300QMM8MQ6SM5KX05 | Long             | DBT              | CORP              | US        |    482000 | PA      | $480168.64    | 0.93%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE INC                       | AMN Healthcare Inc                                                  | CUSIP: 00175PAC7<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |    270000 | PA      | $258040.49    | 0.50%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AAR ESCROW ISSUER LLC                    | AAR Escrow Issuer LLC                                               | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    368000 | PA      | $381010.64    | 0.74%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ACUSHNET CO                              | Acushnet Co                                                         | CUSIP: 005095AB0<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76030.19     | 0.15%             | 2033-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ADTALEM GLOBAL EDUCATION                 | Adtalem Global Education Inc                                        | CUSIP: 00737WAA7<br>LEI: 549300Z467EZLMODV621 | Long             | DBT              | CORP              | US        |    295000 | PA      | $295376.18    | 0.57%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALLWYN ENTERTAINMENT FIN                 | Allwyn Entertainment Financing UK PLC                               | CUSIP: 02007VAA8<br>LEI: 315700J7ZTIN8XGCX365 | Long             | DBT              | CORP              | GB        |    219000 | PA      | $228061.65    | 0.44%             | 2029-04-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                     | Alpha Generation LLC                                                | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |    290000 | PA      | $300363.06    | 0.58%             | 2032-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| American Gilsonite Co                    | American Gilsonite Co                                               | CUSIP: 02636P102<br>LEI: 54930088Q5PLU37BHF34 | Long             | EC               | CORP              | US        |       500 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| AMERITEX HOLDCO INTERMED                 | AmeriTex HoldCo Intermediate LLC                                    | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    575000 | PA      | $607072.93    | 1.18%             | 2033-08-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                 | Amneal Pharmaceuticals LLC                                          | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |    175000 | PA      | $185073.00    | 0.36%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                         | AmWINS Group Inc                                                    | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |    170000 | PA      | $167321.65    | 0.32%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AMYNTA AGENCY/WARRANTY                   | Amynta Agency Borrower Inc and Amynta Warranty Borrower Inc         | CUSIP: 03238AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    745000 | PA      | $757688.84    | 1.47%             | 2033-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ARCHES BUYER INC                         | Arches Buyer Inc                                                    | CUSIP: 039524AB9<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |    275000 | PA      | $268475.92    | 0.52%             | 2028-12-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ARTERA SERVICES LLC                      | Artera Services LLC                                                 | CUSIP: 04302XAA2<br>LEI: 549300J2G34D0WX8Z443 | Long             | DBT              | CORP              | US        |    350000 | PA      | $290881.85    | 0.56%             | 2031-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                 | Ashton Woods USA LLC / Ashton Woods Finance Co                      | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    228000 | PA      | $218794.20    | 0.42%             | 2030-04-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Athenahealth Group Inc                   | Athenahealth Group Inc 2022 Term Loan B                             | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |    149248 | PA      | $149714.52    | 0.29%             | 2029-02-15      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| ATKORE INC                               | Atkore Inc                                                          | CUSIP: 047649AA6<br>LEI: 52990002TI38AM4RPV48 | Long             | DBT              | CORP              | US        |    350000 | PA      | $336195.09    | 0.65%             | 2031-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ATLANTICA SUSTAIN INFRA                  | Atlantica Sustainable Infrastructure Ltd                            | CUSIP: 04916WAA2<br>LEI: 549300ITBBGKJ651R879 | Long             | DBT              | CORP              | GB        |    339000 | PA      | $330302.72    | 0.64%             | 2028-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                           | Azorra Finance Ltd                                                  | CUSIP: 05480AAA3<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    450000 | PA      | $476902.80    | 0.92%             | 2030-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                           | Azorra Finance Ltd                                                  | CUSIP: 05480AAB1<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    126000 | PA      | $132525.21    | 0.26%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LBM ACQUISITION LLC                      | LBM Acquisition LLC                                                 | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |     80000 | PA      | $72074.02     | 0.14%             | 2029-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                  | Beach Acquisition Bidco LLC                                         | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |    760000 | PA      | $839521.08    | 1.63%             | 2033-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                   | CCO Holdings LLC / CCO Holdings Capital Corp                        | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    510000 | PA      | $468922.10    | 0.91%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER INC                       | CP Atlas Buyer Inc                                                  | CUSIP: 12597YAC3<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |    275000 | PA      | $285096.49    | 0.55%             | 2030-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                         | CSC Holdings LLC                                                    | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $145310.16    | 0.28%             | 2028-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                         | CSC Holdings LLC                                                    | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $159298.06    | 0.31%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| CNX MIDSTREAM PART LP                    | CNX Midstream Partners LP                                           | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    375000 | PA      | $365322.08    | 0.71%             | 2030-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING LLC                   | Calderys Financing LLC                                              | CUSIP: 128786AA8<br>LEI: 254900ZIKDM74XNEFV84 | Long             | DBT              | CORP              | US        |    400000 | PA      | $425238.80    | 0.82%             | 2028-06-01      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| CARRIAGE PURCHASER INC                   | Carriage Purchaser Inc                                              | CUSIP: 14445LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    480000 | PA      | $461120.64    | 0.89%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CARS.COM INC                             | Cars.com Inc                                                        | CUSIP: 14575EAA3<br>LEI: 5493002G6J07LNGX4M98 | Long             | DBT              | CORP              | US        |    275000 | PA      | $275553.30    | 0.53%             | 2028-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CENTURY COMMUNITIES                      | Century Communities Inc                                             | CUSIP: 156504AN2<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |    230000 | PA      | $232736.72    | 0.45%             | 2033-09-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| CERDIA FINANZ GMBH                       | Cerdia Finanz GmbH                                                  | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |    482000 | PA      | $500677.50    | 0.97%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CHAMP ACQUISITION CORP                   | Champ Acquisition Corp                                              | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $303129.12    | 0.59%             | 2031-12-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CHAMPIONS FINANCING INC                  | Champions Financing Inc                                             | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |     72000 | PA      | $71037.00     | 0.14%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Crash Champions LLC                      | Crash Champions LLC 2024 Term Loan B                                | CUSIP: 15870MAC0<br>LEI: 391200ZDD75EGEUJ7625 | Long             | LON              | CORP              | US        |     69911 | PA      | $66531.51     | 0.13%             | 2029-02-23      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| CHOBANI HOLDCO II LLC                    | Chobani Holdco II LLC                                               | CUSIP: 169918AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    477170 | PA      | $510522.44    | 0.99%             | 2029-10-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CIENA CORP                               | Ciena Corp                                                          | CUSIP: 171779AL5<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | DBT              | CORP              | US        |    175000 | PA      | $168925.38    | 0.33%             | 2030-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                   | Cloud Software Group Inc                                            | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    340000 | PA      | $354348.13    | 0.69%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA                 | Compass Minerals International Inc                                  | CUSIP: 20451NAG6<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |     56000 | PA      | $56230.03     | 0.11%             | 2027-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA                 | Compass Minerals International Inc                                  | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    292000 | PA      | $305791.74    | 0.59%             | 2030-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| COUGAR JV SUBSIDIARY LLC                 | Cougar JV Subsidiary LLC                                            | CUSIP: 22208WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $268202.75    | 0.52%             | 2032-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP                     | Reworld Holding Corp                                                | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |    245000 | PA      | $235714.40    | 0.46%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CROSSCOUNTRY INTER                       | CrossCountry Intermediate HoldCo LLC                                | CUSIP: 22757VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $296161.34    | 0.57%             | 2030-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DBR LAND HOLDINGS LLC                    | DBR Land Holdings LLC                                               | CUSIP: 24024BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $117702.50    | 0.23%             | 2030-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DEALER TIRE LLC/DT ISSR                  | Dealer Tire LLC / DT Issuer LLC                                     | CUSIP: 24229JAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $135725.90    | 0.26%             | 2028-02-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DREAM FINDERS HOMES INC                  | Dream Finders Homes Inc                                             | CUSIP: 26154DAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $196264.87    | 0.38%             | 2028-08-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| DREAM FINDERS HOMES INC                  | Dream Finders Homes Inc                                             | CUSIP: 26154DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $125790.00    | 0.24%             | 2030-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DYCOM INDUSTRIES INC                     | Dycom Industries Inc                                                | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |    405000 | PA      | $400374.61    | 0.78%             | 2029-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DYE & DURHAM LIMITED                     | Dye & Durham Ltd                                                    | CUSIP: 267486AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    511000 | PA      | $482338.71    | 0.93%             | 2029-04-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| ELDORADO GOLD CORP                       | Eldorado Gold Corp                                                  | CUSIP: 284902AF0<br>LEI: 5493004PWQ01YDD1IH62 | Long             | DBT              | CORP              | CA        |    405000 | PA      | $409848.13    | 0.79%             | 2029-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ENERFLEX INC                             | Enerflex Inc                                                        | CUSIP: 29281WAA6<br>LEI: 549300SQCOV1LC1GBK07 | Long             | DBT              | CORP              | US        |    120000 | PA      | $122753.03    | 0.24%             | 2031-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ENPRO INC                                | Enpro Inc                                                           | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |    425000 | PA      | $439618.30    | 0.85%             | 2033-06-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Exide Technologies                       | Exide Technologies                                                  | CUSIP: 302051404<br>LEI: 549300KITCGPNNNXQP63 | Long             | EC               | CORP              | US        |       592 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                 | Ferrellgas LP / Ferrellgas Finance Corp                             | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    610000 | PA      | $586654.41    | 1.14%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS                 | Focus Financial Partners LLC                                        | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |    340000 | PA      | $349757.53    | 0.68%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                 | Ford Motor Credit Co LLC                                            | CUSIP: 345397D67<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $214903.79    | 0.42%             | 2033-11-07      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| FORTREA HOLDINGS INC                     | Fortrea Holdings Inc                                                | CUSIP: 34965KAA5<br>LEI: 5493000FIVFABOVCDU97 | Long             | DBT              | CORP              | US        |    156000 | PA      | $159643.54    | 0.31%             | 2030-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GENTING NY LLC/GENNY CAP                 | Genting New York LLC / GENNY Capital Inc                            | CUSIP: 37255JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $615716.59    | 1.19%             | 2029-10-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC                         | Getty Images Inc                                                    | CUSIP: 374276AR4<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |     87000 | PA      | $87785.00     | 0.17%             | 2030-11-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                  | Global Partners LP / GLP Finance Corp                               | CUSIP: 37954FAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $325486.40    | 0.63%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                  | Global Partners LP / GLP Finance Corp                               | CUSIP: 37954FAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $237893.85    | 0.46%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                  | Global Partners LP / GLP Finance Corp                               | CUSIP: 37954FAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     74000 | PA      | $75638.95     | 0.15%             | 2033-07-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| GLOBAL MEDICAL RESPONSE                  | Global Medical Response Inc                                         | CUSIP: 37960BAD7<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |    138000 | PA      | $143710.28    | 0.28%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC                          | Goat Holdco LLC                                                     | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $277522.20    | 0.54%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GREAT CAN GAMING/RAPTOR                  | Great Canadian Gaming Corp/Raptor LLC                               | CUSIP: 389925AA6<br>LEI: 549300FU60SSFLTE0M84 | Long             | DBT              | CORP              | XX        |    313000 | PA      | $316388.05    | 0.61%             | 2029-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK                  | Great Lakes Dredge & Dock Corp                                      | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |    615000 | PA      | $602685.86    | 1.17%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GREYSTAR REAL ESTATE PAR                 | Greystar Real Estate Partners LLC                                   | CUSIP: 39807UAD8<br>LEI: 254900HGC806SXAS4M46 | Long             | DBT              | CORP              | US        |    105000 | PA      | $110754.53    | 0.21%             | 2030-09-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| H.B. FULLER CO                           | HB Fuller Co                                                        | CUSIP: 40410KAA3<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |    240000 | PA      | $238074.77    | 0.46%             | 2028-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ENVIRI CORP                              | Enviri Corp                                                         | CUSIP: 415864AM9<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | DBT              | CORP              | US        |    766000 | PA      | $766982.01    | 1.49%             | 2027-07-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HEALTHEQUITY INC                         | HealthEquity Inc                                                    | CUSIP: 42226AAA5<br>LEI: 529900LRJU1RAFQHM467 | Long             | DBT              | CORP              | US        |    185000 | PA      | $181974.27    | 0.35%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HRT DNT / HRT DNT FIN                    | Heartland Dental LLC / Heartland Dental Finance Corp                | CUSIP: 42239PAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    109000 | PA      | $114426.24    | 0.22%             | 2028-04-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| HIGHTOWER HOLDING LLC                    | Hightower Holding LLC                                               | CUSIP: 43118DAA8<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |    235000 | PA      | $234320.29    | 0.45%             | 2029-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HIGHTOWER HOLDING LLC                    | Hightower Holding LLC                                               | CUSIP: 43118DAB6<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |    190000 | PA      | $202212.82    | 0.39%             | 2030-01-31      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| INGLES MARKETS INC                       | Ingles Markets Inc                                                  | CUSIP: 457030AK0<br>LEI: 549300XH5RYBMYP8TF26 | Long             | DBT              | CORP              | US        |    420000 | PA      | $398893.49    | 0.77%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IRIS Holdings Inc                        | IRIS Holdings Inc Term Loan                                         | CUSIP: 46271BAB6<br>LEI: 54930013SPZ2NB3I3V40 | Long             | LON              | CORP              | US        |    589340 | PA      | $573136.18    | 1.11%             | 2028-06-28      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| JB POINDEXTER & CO INC                   | JB Poindexter & Co Inc                                              | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |    545000 | PA      | $571555.73    | 1.11%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| JW ALUMINUM CONT CAST CO                 | JW Aluminum Continuous Cast Co                                      | CUSIP: 46648XAB4<br>LEI: 5493008HJ8BWQC8XAF08 | Long             | DBT              | CORP              | US        |    367000 | PA      | $383806.77    | 0.74%             | 2030-04-01      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| ZIFF DAVIS INC                           | Ziff Davis Inc                                                      | CUSIP: 48123VAF9<br>LEI: 5493008OJYGLHD7MXA18 | Long             | DBT              | CORP              | US        |    525000 | PA      | $500789.63    | 0.97%             | 2030-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERPRISES                  | K Hovnanian Enterprises Inc                                         | CUSIP: 48251UAP3<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |    160000 | PA      | $163419.52    | 0.32%             | 2031-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERPRISES                  | K Hovnanian Enterprises Inc                                         | CUSIP: 48251UAQ1<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |    160000 | PA      | $162729.52    | 0.32%             | 2033-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                  | Kodiak Gas Services LLC                                             | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    215000 | PA      | $223803.61    | 0.43%             | 2029-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER                 | Kraken Oil & Gas Partners LLC                                       | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |    405000 | PA      | $401460.42    | 0.78%             | 2029-08-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| LBM Acquisition LLC                      | LBM Acquisition LLC 2024 Incremental Term Loan B                    | CUSIP: 50179JAH1<br>LEI: 549300FAEB3VWZL4NI86 | Long             | LON              | CORP              | US        |    210467 | PA      | $197991.22    | 0.38%             | 2031-06-06      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC                            | LGI Homes Inc                                                       | CUSIP: 50187TAF3<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |    135000 | PA      | $123148.61    | 0.24%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC                            | LGI Homes Inc                                                       | CUSIP: 50187TAK2<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |    125000 | PA      | $119598.39    | 0.23%             | 2032-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VITAL ENERGY INC                         | Vital Energy Inc                                                    | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    230000 | PA      | $226771.71    | 0.44%             | 2032-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| LBM ACQUISITION LLC                      | LBM Acquisition LLC                                                 | CUSIP: 52109SAB5<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |     95000 | PA      | $99150.55     | 0.19%             | 2031-06-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| LEEWARD RENEWABL                         | Leeward Renewable Energy Operations LLC                             | CUSIP: 524590AA4<br>LEI: 254900EVJU1A57NUX379 | Long             | DBT              | CORP              | US        |    721000 | PA      | $689659.79    | 1.34%             | 2029-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                    | Level 3 Financing Inc                                               | CUSIP: 527298CN1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    111985 | PA      | $115498.19    | 0.22%             | 2034-03-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                     | LifePoint Health Inc                                                | CUSIP: 53219LAU3<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    258000 | PA      | $254242.88    | 0.49%             | 2029-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                     | LifePoint Health Inc                                                | CUSIP: 53219LAX7<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    185000 | PA      | $196716.79    | 0.38%             | 2032-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| LIONS GATE CAPITAL HOL 1                 | Starz Capital Holdings 1 Inc                                        | CUSIP: 535939AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $239687.50    | 0.46%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                  | Macy's Retail Holdings LLC                                          | CUSIP: 55616XAM9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    435000 | PA      | $395278.22    | 0.77%             | 2034-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                 | Morgan Stanley Institutional Liquidity Funds - Government Portfolio | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    902124 | NS      | $902123.91    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN                 | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp  | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $304632.64    | 0.59%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MASTERBRAND INC                          | Masterbrand Inc                                                     | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |    270000 | PA      | $280052.10    | 0.54%             | 2032-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MIDCONTINENT COMMUNICATI                 | Midcontinent Communications                                         | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |    230000 | PA      | $235721.25    | 0.46%             | 2032-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MIDWEST GMNG BOR/MWG FIN                 | Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp           | CUSIP: 59833DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    485000 | PA      | $477403.83    | 0.92%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                   | AthenaHealth Group Inc                                              | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    405000 | PA      | $404125.40    | 0.78%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                    | Molina Healthcare Inc                                               | CUSIP: 60855RAK6<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12074.93     | 0.02%             | 2030-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                    | Molina Healthcare Inc                                               | CUSIP: 60855RAL4<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    188000 | PA      | $171101.11    | 0.33%             | 2032-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MUELLER WATER PRODUCTS                   | Mueller Water Products Inc                                          | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |    210000 | PA      | $205219.69    | 0.40%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                    | NGL Energy Operating LLC / NGL Energy Finance Corp                  | CUSIP: 62922LAC2<br>LEI: 5299005YSRP46BE8Z459 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124630.71    | 0.24%             | 2029-02-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                    | NGL Energy Operating LLC / NGL Energy Finance Corp                  | CUSIP: 62922LAD0<br>LEI: 5299005YSRP46BE8Z459 | Long             | DBT              | CORP              | US        |     34000 | PA      | $35231.48     | 0.07%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ESC CB NATIONAL CINEME                   | ESC CB NATIONAL CINEME                                              | CUSIP: 635ESCAA4<br>LEI: 5493000MOLIVSOGKEB48 | Long             | DBT              | CORP              | US        |    600000 | PA      | $0.00         | 0.00%             | 2026-08-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| NESCO HOLDINGS II INC                    | NESCO Holdings II Inc                                               | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |    600000 | PA      | $591514.02    | 1.15%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & L                 | New Enterprise Stone & Lime Co Inc                                  | CUSIP: 644274AH5<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    367000 | PA      | $367911.15    | 0.71%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW FLYER HOLDINGS                       | New Flyer Holdings Inc                                              | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $345565.44    | 0.67%             | 2030-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                      | New Home Co Inc/The                                                 | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    595000 | PA      | $621724.84    | 1.20%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                      | New Home Co Inc/The                                                 | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    148000 | PA      | $152603.24    | 0.30%             | 2030-11-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE                   | Brundage-Bone Concrete Pumping Holdings Inc                         | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    348000 | PA      | $355422.49    | 0.69%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| OPTION CARE HEALTH INC                   | Option Care Health Inc                                              | CUSIP: 68404LAA0<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | DBT              | CORP              | US        |    325000 | PA      | $318942.07    | 0.62%             | 2029-10-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| P&L DEV LLC/PLD FIN CORP                 | P&L Development LLC / PLD Finance Corp                              | CUSIP: 69306RAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    442008 | PA      | $451299.01    | 0.87%             | 2029-05-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS INC                  | Park River Holdings Inc                                             | CUSIP: 70082LAC1<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |    210000 | PA      | $217425.60    | 0.42%             | 2031-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS INC                  | Park River Holdings Inc                                             | CUSIP: 70082LAD9<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79100.00     | 0.15%             | 2030-12-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                   | Patrick Industries Inc                                              | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    385000 | PA      | $382658.82    | 0.74%             | 2029-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                   | Patrick Industries Inc                                              | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    115000 | PA      | $118083.04    | 0.23%             | 2032-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PATTERN ENERGY OP LP/PAT                 | Pattern Energy Operations LP / Pattern Energy Operations Inc        | CUSIP: 70339PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $493444.35    | 0.96%             | 2028-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PELOTON INTERACTIVE INC                  | Peloton Interactive Inc 2024 Term Loan B                            | CUSIP: 70614EAG5<br>LEI: 5493002YS021166W0339 | Long             | LON              | CORP              | US        |    453100 | PA      | $457631.00    | 0.89%             | 2029-05-30      | Floating      | 9.22%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc    | Petco Health and Wellness Company Inc 2021 Term Loan B              | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |    460112 | PA      | $456173.49    | 0.88%             | 2028-03-03      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| PETSMART LLC/PETSMART FI                 | PetSmart LLC / PetSmart Finance Corp                                | CUSIP: 71677KAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $254722.35    | 0.49%             | 2032-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL                 | Phoenix Aviation Capital Ltd                                        | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |    541000 | PA      | $576802.84    | 1.12%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| PRAIRIE ACQUIROR LP                      | Prairie Acquiror LP                                                 | CUSIP: 73943NAA4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | DBT              | CORP              | US        |    175000 | PA      | $182687.40    | 0.35%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                     | LifePoint Health Inc 2024 1st Lien Term Loan B                      | CUSIP: 75915TAK8<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |     96513 | PA      | $96937.22     | 0.19%             | 2031-05-19      | Floating      | 7.65%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE                        | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp        | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $132755.87    | 0.26%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC                      | Rocket Software Inc                                                 | CUSIP: 77314EAA6<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    267000 | PA      | $262903.61    | 0.51%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SABLE INTL FINANCE LTD                   | Sable International Finance Ltd                                     | CUSIP: 785712AK6<br>LEI: 2138009IE9A35LO5JS73 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $202862.40    | 0.39%             | 2032-10-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                 | Science Applications International Corp                             | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    370000 | PA      | $369399.34    | 0.72%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                 | Science Applications International Corp                             | CUSIP: 808625AB3<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    270000 | PA      | $273900.09    | 0.53%             | 2033-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SEASPAN CORP                             | Seaspan Corp                                                        | CUSIP: 81254UAK2<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |    405000 | PA      | $384969.69    | 0.75%             | 2029-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SIGNAL PARENT INC                        | Signal Parent Inc                                                   | CUSIP: 82666QAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $134750.00    | 0.26%             | 2029-04-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                 | Sinclair Television Group Inc                                       | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    264000 | PA      | $275911.68    | 0.53%             | 2033-02-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC 2021 Term Loan B           | CUSIP: 84748EAF7<br>LEI: 549300ICFD46O3KMJC06 | Long             | LON              | CORP              | US        |    137642 | PA      | $128850.58    | 0.25%             | 2028-10-16      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| SPECIALTY BUILDING PRODU                 | Specialty Building Products Holdings LLC / SBP Finance Corp         | CUSIP: 84749AAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    351000 | PA      | $342786.60    | 0.66%             | 2029-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS INC                      | Spectrum Brands Inc                                                 | CUSIP: 84762LAX3<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |    190000 | PA      | $156127.07    | 0.30%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SPEEDWAY MOT/SPEEDWAY FD                 | Speedway Motorsports LLC / Speedway Funding II Inc                  | CUSIP: 84779MAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    465000 | PA      | $464679.34    | 0.90%             | 2027-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| STL HOLDING CO LLC                       | STL Holding Co LLC                                                  | CUSIP: 861036AB7<br>LEI: 984500BC2I63E7F48656 | Long             | DBT              | CORP              | US        |    410000 | PA      | $432566.40    | 0.84%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| STONEBRIAR ABF LLC                       | Stonebriar ABF Issuer LLC                                           | CUSIP: 86177CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370000 | PA      | $381085.20    | 0.74%             | 2030-12-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| STONEPEAK NILE PARENT                    | Stonepeak Nile Parent LLC                                           | CUSIP: 861932AA9<br>LEI: 254900TJV3VAFZD0GU41 | Long             | DBT              | CORP              | US        |    435000 | PA      | $460876.41    | 0.89%             | 2032-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SUPERIOR PLUS/GEN PRTNR                  | Superior Plus LP / Superior General Partner Inc                     | CUSIP: 86828LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    415000 | PA      | $405363.04    | 0.79%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS                  | Surgery Center Holdings Inc                                         | CUSIP: 86881WAF9<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |    400000 | PA      | $405087.32    | 0.78%             | 2032-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SYNERGY INFRASTRUCTURE H                 | Synergy Infrastructure Holdings LLC                                 | CUSIP: 87191JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $135098.96    | 0.26%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TMS INTERNATIONAL CORP                   | TMS International Corp/DE                                           | CUSIP: 87261QAC7<br>LEI: 549300L4K0F1YF8WKF23 | Long             | DBT              | CORP              | US        |    285000 | PA      | $276553.12    | 0.54%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TTM TECHNOLOGIES INC                     | TTM Technologies Inc                                                | CUSIP: 87305RAK5<br>LEI: 549300SC4BDOIS008048 | Long             | DBT              | CORP              | US        |    195000 | PA      | $191192.91    | 0.37%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Team Health Holdings Inc                 | Team Health Holdings Inc 2025 Term Loan B                           | CUSIP: 87817JAH1<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | LON              | CORP              | US        |     99500 | PA      | $99958.70     | 0.19%             | 2028-06-30      | Floating      | 8.34%                 | No            |                  2 | On Loan: No      |
| THOR INDUSTRIES                          | Thor Industries Inc                                                 | CUSIP: 885160AA9<br>LEI: 254900XZO1228PDSG060 | Long             | DBT              | CORP              | US        |    505000 | PA      | $487022.66    | 0.94%             | 2029-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOUCAN FINCO LTD/CAN/US                  | Toucan FinCo Ltd/Toucan FinCo Can Inc/Toucan FinCo US LLC           | CUSIP: 89157UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    575000 | PA      | $574733.49    | 1.11%             | 2030-05-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| TRANSALTA CORP                           | TransAlta Corp                                                      | CUSIP: 89346DAE7<br>LEI: 984500EE2ADD850F1C96 | Long             | DBT              | CORP              | CA        |    180000 | PA      | $180653.81    | 0.35%             | 2040-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TRANSALTA CORP                           | TransAlta Corp                                                      | CUSIP: 89346DAL1<br>LEI: 984500EE2ADD850F1C96 | Long             | DBT              | CORP              | CA        |    110000 | PA      | $110823.90    | 0.21%             | 2034-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC                 | Trident TPI Holdings Inc                                            | CUSIP: 89616RAC3<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |    190000 | PA      | $194915.49    | 0.38%             | 2028-12-31      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| TRINET GROUP INC                         | TriNet Group Inc                                                    | CUSIP: 896288AA5<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |    485000 | PA      | $460275.14    | 0.89%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TRUENOORD CAPITAL DAC                    | TrueNoord Capital DAC                                               | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    120000 | PA      | $127292.28    | 0.25%             | 2030-03-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| US ACUTE CARE SOLUTIONS                  | US Acute Care Solutions LLC                                         | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $453899.17    | 0.88%             | 2029-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                         | Under Armour Inc                                                    | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |    289000 | PA      | $290003.03    | 0.56%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VM CONSOLIDATED INC                      | VM Consolidated Inc                                                 | CUSIP: 91835HAA0<br>LEI: 549300GCTGJLEBXJUK89 | Long             | DBT              | CORP              | US        |    286000 | PA      | $286380.38    | 0.55%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                             | VT Topco Inc                                                        | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |    294000 | PA      | $308447.75    | 0.60%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VAREX IMAGING CORPORATIO                 | Varex Imaging Corp                                                  | CUSIP: 92214XAC0<br>LEI: 549300CWYWPVCT8E9W67 | Long             | DBT              | CORP              | US        |    218000 | PA      | $223149.81    | 0.43%             | 2027-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| VERMILION ENERGY INC                     | Vermilion Energy Inc                                                | CUSIP: 923725AD7<br>LEI: 8945009D1HGCJC8M8A68 | Long             | DBT              | CORP              | CA        |    390000 | PA      | $386098.84    | 0.75%             | 2030-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VIAVI SOLUTIONS INC                      | Viavi Solutions Inc                                                 | CUSIP: 925550AF2<br>LEI: 5493006K3E3N1QOBF092 | Long             | DBT              | CORP              | US        |    460000 | PA      | $440739.72    | 0.85%             | 2029-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| UC Holdings Inc.                         | UC HOLDINGS INC.                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2826 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                  | VistaJet Malta Finance PLC / Vista Management Holding Inc           | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    106000 | PA      | $100955.32    | 0.20%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                  | VistaJet Malta Finance PLC / Vista Management Holding Inc           | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    425000 | PA      | $441131.30    | 0.85%             | 2028-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC                       | Voyager Parent LLC                                                  | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |    471000 | PA      | $500075.30    | 0.97%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| WALKER & DUNLOP INC                      | Walker & Dunlop Inc                                                 | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $412301.60    | 0.80%             | 2033-04-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| WASTE PRO USA INC                        | Waste Pro USA Inc                                                   | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |    425000 | PA      | $438521.64    | 0.85%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WATCO COS LLC/FINANCE CO                 | Watco Cos LLC / Watco Finance Corp                                  | CUSIP: 941130AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $309120.77    | 0.60%             | 2032-08-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Iracore Investment Holdings Inc          | IRACORE INVSMNT HLDGS INC.                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |       470 | NS      | $2321.80      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| WHITE CAP SUPPLY HOLDING                 | White Cap Supply Holdings LLC                                       | CUSIP: 96467GAC2<br>LEI: 254900L2N0T6GULCL366 | Long             | DBT              | CORP              | US        |    142000 | PA      | $147433.40    | 0.29%             | 2030-11-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES/ESCR                 | Windstream Services LLC / Windstream Escrow Finance Corp            | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $252170.30    | 0.49%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| XHR LP                                   | XHR LP                                                              | CUSIP: 98372MAC9<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              |  | US        |    460000 | PA      | $453889.91    | 0.88%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Ontario Gaming GTA LP                    | Ontario Gaming GTA LP Term Loan B                                   | CUSIP: 000000000<br>LEI: 894500EC9KLZLOC3V025 | Long             | LON              | CORP              | CA        |    200000 | PA      | $185571.00    | 0.36%             | 2030-08-01      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-23

**Name of Applicant:** MORGAN STANLEY INSTITUTIONAL FUND TRUST

**Signature:** Francis Smith

**Name of Signer:** Francis Smith

**Title:** Principal Financial Officer