# EDGAR Filing Document

**Accession Number:** 0000741375
**File Stem:** 0001104659-26-066211
**Filing Date:** 2026-5
**Character Count:** 488477
**Document Hash:** 33a149d04b19b8e47556d525438a95be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-066211.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0001104659-26-066211

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**EFFECTIVENESS DATE**: 20260526

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03980
- **FILM NUMBER:** 261018953

**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

### Corporate Bond Portfolio (Series ID: S000004118)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000011548 | Class A Shares | MIGAX           |
| C000011549 | Class I Shares | MPFDX           |
| C000065127 | Class L Shares | MGILX           |
| C000155931 | Class C        | MSBOX           |

### Global Strategist Portfolio (Series ID: S000004124)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000011555 | Class A Shares | MBAAX           |
| C000011556 | Class I Shares | MPBAX           |
| C000113792 | Class L        | MSDLX           |
| C000155933 | Class C        | MSSOX           |
| C000156275 | Class R6       | MGPOX           |

### Discovery Portfolio (Series ID: S000004127)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000011562 | Class A Shares | MACGX           |
| C000011563 | Class I Shares | MPEGX           |
| C000113795 | Class L        | MSKLX           |
| C000129401 | Class R6       | MMCGX           |
| C000155934 | Class C        | MSMFX           |

### Ultra Short Income Portfolio (Series ID: S000052013)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000163598 | Institutional Class | MUIIX           |
| C000163599 | Class IR            | MULSX           |
| C000163600 | Class A             | MUAIX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-03980

**<u>Morgan Stanley Institutional Fund Trust</u>**

(Exact Name of Registrant as Specified in Charter)

<u>1585 Broadway, New York, New York 10036</u>

(Address of Principal Executive Offices)

Deidre E. Walsh

<u>One Post Office Square, Boston, Massachusetts 02109</u>

(Name and Address of Agent for Services)

<u>(617) 482-8260</u>

(Registrant's Telephone Number)

<u>September 30</u>

Date of Fiscal Year End

<u>March 31, 2026</u>

Date of Reporting Period

**Item 1. Reports to Stockholders**

(a) **TABLE OF CONTENTS**

---

| |
|:---|
|  [Morgan Stanley Institutional Fund Trust - Corporate Bond Portfolio](#classname251693e3-746c-4a07-ad86-b480a6e1d43e)<br> **[Class A - MIGAX](#classname251693e3-746c-4a07-ad86-b480a6e1d43e)**  |
|  [Morgan Stanley Institutional Fund Trust - Corporate Bond Portfolio](#classname5394dfae-91d9-4ff2-a98a-fcfc28e30506)<br> **[Class C - MSBOX](#classname5394dfae-91d9-4ff2-a98a-fcfc28e30506)**  |
|  [Morgan Stanley Institutional Fund Trust - Corporate Bond Portfolio](#classnamed10e021b-0bfd-422b-a811-cd2224def399)<br> **[Class I - MPFDX](#classnamed10e021b-0bfd-422b-a811-cd2224def399)**  |
|  [Morgan Stanley Institutional Fund Trust - Corporate Bond Portfolio](#classname31fb05e5-6a22-4667-82fe-24174df97090)<br> **[Class L - MGILX](#classname31fb05e5-6a22-4667-82fe-24174df97090)**  |
|  [Morgan Stanley Institutional Fund Trust - Discovery Portfolio](#classname8b249190-c44b-40fb-afe6-7080384b27f2)<br> **[Class A - MACGX](#classname8b249190-c44b-40fb-afe6-7080384b27f2)**  |
|  [Morgan Stanley Institutional Fund Trust - Discovery Portfolio](#classname524d64a9-313a-4e7e-8c82-68a3f31e84df)<br> **[Class C - MSMFX](#classname524d64a9-313a-4e7e-8c82-68a3f31e84df)**  |
|  [Morgan Stanley Institutional Fund Trust - Discovery Portfolio](#classname0311bf4f-2ab0-4021-9bbb-ba232bd6f9d0)<br> **[Class I - MPEGX](#classname0311bf4f-2ab0-4021-9bbb-ba232bd6f9d0)**  |
|  [Morgan Stanley Institutional Fund Trust - Discovery Portfolio](#classname0169522c-bbe4-4540-8888-dd1cb8eaf9a7)<br> **[Class L - MSKLX](#classname0169522c-bbe4-4540-8888-dd1cb8eaf9a7)**  |
|  [Morgan Stanley Institutional Fund Trust - Discovery Portfolio](#classname399f08c9-3c1e-4ab5-9427-29f440d6487d)<br> **[Class R6 - MMCGX](#classname399f08c9-3c1e-4ab5-9427-29f440d6487d)**  |
|  [Morgan Stanley Institutional Fund Trust - Global Strategist Portfolio](#classnamee5531572-3a07-4d6b-a8f4-7685a3496f48)<br> **[Class A - MBAAX](#classnamee5531572-3a07-4d6b-a8f4-7685a3496f48)**  |
|  [Morgan Stanley Institutional Fund Trust - Global Strategist Portfolio](#classname583beb94-8e41-472c-a014-00ee12b7407e)<br> **[Class C - MSSOX](#classname583beb94-8e41-472c-a014-00ee12b7407e)**  |
|  [Morgan Stanley Institutional Fund Trust - Global Strategist Portfolio](#classnameafb34ca9-0ede-43f9-9503-db4a8056117f)<br> **[Class I - MPBAX](#classnameafb34ca9-0ede-43f9-9503-db4a8056117f)**  |
|  [Morgan Stanley Institutional Fund Trust - Global Strategist Portfolio](#classname84e55290-a07f-4916-8390-2fc8f01700e6)<br> **[Class L - MSDLX](#classname84e55290-a07f-4916-8390-2fc8f01700e6)**  |
|  [Morgan Stanley Institutional Fund Trust - Global Strategist Portfolio](#classname279cd670-907a-4ba8-9e77-3e838c452e47)<br> **[Class R6 - MGPOX](#classname279cd670-907a-4ba8-9e77-3e838c452e47)**  |
|  [Morgan Stanley Institutional Fund Trust - Ultra-Short Income Portfolio](#classname81d83501-29e5-4091-a24b-e21e7453d15d)<br> **[Class A - MUAIX](#classname81d83501-29e5-4091-a24b-e21e7453d15d)**  |
|  [Morgan Stanley Institutional Fund Trust - Ultra-Short Income Portfolio](#classnamebd0ad918-d9c7-41a8-9cb6-b8227355f2de)<br> **[Institutional Class - MUIIX](#classnamebd0ad918-d9c7-41a8-9cb6-b8227355f2de)**  |
|  [Morgan Stanley Institutional Fund Trust - Ultra-Short Income Portfolio](#classname7e41f1d6-fdec-4cf8-91bc-234de7237277)<br> **[Class IR - MULSX](#classname7e41f1d6-fdec-4cf8-91bc-234de7237277)**  |

---

# Morgan Stanley Institutional Fund Trust - Corporate Bond Portfolio

#### Class A MIGAX
![Image](tm2611124d1_tsrimg006.jpg)

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund Trust - Corporate Bond Portfolio for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $47 | 0.94%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $154502782 |
| # of Portfolio Holdings | 300 |
| Portfolio Turnover Rate | 70% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Credit Rating Chart](tm2611124d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Preferred Stocks | 0.2% |
| Short-Term Investments | 2.1% |
| Corporate Bonds | 97.7% |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](tm2611124d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | 0.0%<sup>Footnote Reference†</sup> |
| B | 1.0% |
| BB | 2.7% |
| BBB | 53.3% |
| A | 31.8% |
| AA | 10.8% |
| AAA | 0.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount is less than 0.05% |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Security ratings disclosed is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization. |

---

## Additional Information
![QR Code](tm2611124d1_tsrimg007.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# MIGAX -TSR-SAR

# Morgan Stanley Institutional Fund Trust - Corporate Bond Portfolio

#### Class C MSBOX
![Image](tm2611124d1_tsrimg006.jpg)

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund Trust - Corporate Bond Portfolio for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $87 | 1.75%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $154502782 |
| # of Portfolio Holdings | 300 |
| Portfolio Turnover Rate | 70% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Credit Rating Chart](tm2611124d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Preferred Stocks | 0.2% |
| Short-Term Investments | 2.1% |
| Corporate Bonds | 97.7% |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](tm2611124d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | 0.0%<sup>Footnote Reference†</sup> |
| B | 1.0% |
| BB | 2.7% |
| BBB | 53.3% |
| A | 31.8% |
| AA | 10.8% |
| AAA | 0.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount is less than 0.05% |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Security ratings disclosed is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization. |

---

## Additional Information
![QR Code](tm2611124d1_tsrimg007.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# MSBOX -TSR-SAR

# Morgan Stanley Institutional Fund Trust - Corporate Bond Portfolio

#### Class I MPFDX
![Image](tm2611124d1_tsrimg006.jpg)

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund Trust - Corporate Bond Portfolio for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $32 | 0.65%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $154502782 |
| # of Portfolio Holdings | 300 |
| Portfolio Turnover Rate | 70% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Credit Rating Chart](tm2611124d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Preferred Stocks | 0.2% |
| Short-Term Investments | 2.1% |
| Corporate Bonds | 97.7% |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](tm2611124d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | 0.0%<sup>Footnote Reference†</sup> |
| B | 1.0% |
| BB | 2.7% |
| BBB | 53.3% |
| A | 31.8% |
| AA | 10.8% |
| AAA | 0.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount is less than 0.05% |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Security ratings disclosed is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization. |

---

## Additional Information
![QR Code](tm2611124d1_tsrimg007.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# MPFDX -TSR-SAR

# Morgan Stanley Institutional Fund Trust - Corporate Bond Portfolio

#### Class L MGILX
![Image](tm2611124d1_tsrimg006.jpg)

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund Trust - Corporate Bond Portfolio for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $73 | 1.47%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $154502782 |
| # of Portfolio Holdings | 300 |
| Portfolio Turnover Rate | 70% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Credit Rating Chart](tm2611124d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Preferred Stocks | 0.2% |
| Short-Term Investments | 2.1% |
| Corporate Bonds | 97.7% |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](tm2611124d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | 0.0%<sup>Footnote Reference†</sup> |
| B | 1.0% |
| BB | 2.7% |
| BBB | 53.3% |
| A | 31.8% |
| AA | 10.8% |
| AAA | 0.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount is less than 0.05% |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Security ratings disclosed is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization. |

---

## Additional Information
![QR Code](tm2611124d1_tsrimg007.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# MGILX -TSR-SAR

# Morgan Stanley Institutional Fund Trust - Discovery Portfolio

#### Class A MACGX
![Image](tm2611124d1_tsrimg005.jpg)

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund Trust - Discovery Portfolio for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $47 | 1.04%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $744038302 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 27% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Country Chart](tm2611124d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer, Cyclical | 1.3% |
| Consumer, Non-Cyclical | 1.4% |
| Short-Term Investments | 3.7% |
| Real Estate | 4.9% |
| Communication Services | 5.0% |
| Financials | 10.1% |
| Industrials | 12.6% |
| Health Care | 20.9% |
| Information Technology | 40.1% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Cloudflare, Inc. | 14.0% |
| &nbsp;&nbsp;Roivant Sciences Ltd. | 9.8% |
| &nbsp;&nbsp;Royalty Pharma PLC | 8.6% |
| &nbsp;&nbsp;QXO, Inc. | 7.6% |
| &nbsp;&nbsp;Databricks, Inc. | 7.2% |
| &nbsp;&nbsp;ROBLOX Corp. | 4.6% |
| &nbsp;&nbsp;Aurora Innovation, Inc. | 4.6% |
| &nbsp;&nbsp;Affirm Holdings, Inc. | 4.5% |
| &nbsp;&nbsp;Opendoor Technologies, Inc. | 3.5% |
| &nbsp;&nbsp;IonQ, Inc. | 3.4% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;67.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2611124d1_tsrimg007.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# MACGX -TSR-SAR

# Morgan Stanley Institutional Fund Trust - Discovery Portfolio

#### Class C MSMFX
![Image](tm2611124d1_tsrimg005.jpg)

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund Trust - Discovery Portfolio for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $80 | 1.79%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $744038302 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 27% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Country Chart](tm2611124d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer, Cyclical | 1.3% |
| Consumer, Non-Cyclical | 1.4% |
| Short-Term Investments | 3.7% |
| Real Estate | 4.9% |
| Communication Services | 5.0% |
| Financials | 10.1% |
| Industrials | 12.6% |
| Health Care | 20.9% |
| Information Technology | 40.1% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Cloudflare, Inc. | 14.0% |
| &nbsp;&nbsp;Roivant Sciences Ltd. | 9.8% |
| &nbsp;&nbsp;Royalty Pharma PLC | 8.6% |
| &nbsp;&nbsp;QXO, Inc. | 7.6% |
| &nbsp;&nbsp;Databricks, Inc. | 7.2% |
| &nbsp;&nbsp;ROBLOX Corp. | 4.6% |
| &nbsp;&nbsp;Aurora Innovation, Inc. | 4.6% |
| &nbsp;&nbsp;Affirm Holdings, Inc. | 4.5% |
| &nbsp;&nbsp;Opendoor Technologies, Inc. | 3.5% |
| &nbsp;&nbsp;IonQ, Inc. | 3.4% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;67.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2611124d1_tsrimg007.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# MSMFX -TSR-SAR

# Morgan Stanley Institutional Fund Trust - Discovery Portfolio

#### Class I MPEGX
![Image](tm2611124d1_tsrimg005.jpg)

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund Trust - Discovery Portfolio for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $35 | 0.78%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $744038302 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 27% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Country Chart](tm2611124d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer, Cyclical | 1.3% |
| Consumer, Non-Cyclical | 1.4% |
| Short-Term Investments | 3.7% |
| Real Estate | 4.9% |
| Communication Services | 5.0% |
| Financials | 10.1% |
| Industrials | 12.6% |
| Health Care | 20.9% |
| Information Technology | 40.1% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Cloudflare, Inc. | 14.0% |
| &nbsp;&nbsp;Roivant Sciences Ltd. | 9.8% |
| &nbsp;&nbsp;Royalty Pharma PLC | 8.6% |
| &nbsp;&nbsp;QXO, Inc. | 7.6% |
| &nbsp;&nbsp;Databricks, Inc. | 7.2% |
| &nbsp;&nbsp;ROBLOX Corp. | 4.6% |
| &nbsp;&nbsp;Aurora Innovation, Inc. | 4.6% |
| &nbsp;&nbsp;Affirm Holdings, Inc. | 4.5% |
| &nbsp;&nbsp;Opendoor Technologies, Inc. | 3.5% |
| &nbsp;&nbsp;IonQ, Inc. | 3.4% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;67.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2611124d1_tsrimg007.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# MPEGX -TSR-SAR

# Morgan Stanley Institutional Fund Trust - Discovery Portfolio

#### Class L MSKLX
![Image](tm2611124d1_tsrimg005.jpg)

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund Trust - Discovery Portfolio for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $70 | 1.56%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $744038302 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 27% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Country Chart](tm2611124d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer, Cyclical | 1.3% |
| Consumer, Non-Cyclical | 1.4% |
| Short-Term Investments | 3.7% |
| Real Estate | 4.9% |
| Communication Services | 5.0% |
| Financials | 10.1% |
| Industrials | 12.6% |
| Health Care | 20.9% |
| Information Technology | 40.1% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Cloudflare, Inc. | 14.0% |
| &nbsp;&nbsp;Roivant Sciences Ltd. | 9.8% |
| &nbsp;&nbsp;Royalty Pharma PLC | 8.6% |
| &nbsp;&nbsp;QXO, Inc. | 7.6% |
| &nbsp;&nbsp;Databricks, Inc. | 7.2% |
| &nbsp;&nbsp;ROBLOX Corp. | 4.6% |
| &nbsp;&nbsp;Aurora Innovation, Inc. | 4.6% |
| &nbsp;&nbsp;Affirm Holdings, Inc. | 4.5% |
| &nbsp;&nbsp;Opendoor Technologies, Inc. | 3.5% |
| &nbsp;&nbsp;IonQ, Inc. | 3.4% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;67.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2611124d1_tsrimg007.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# MSKLX -TSR-SAR

# Morgan Stanley Institutional Fund Trust - Discovery Portfolio

#### Class R6 MMCGX
![Image](tm2611124d1_tsrimg005.jpg)

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund Trust - Discovery Portfolio for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $29 | 0.64%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $744038302 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 27% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Country Chart](tm2611124d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer, Cyclical | 1.3% |
| Consumer, Non-Cyclical | 1.4% |
| Short-Term Investments | 3.7% |
| Real Estate | 4.9% |
| Communication Services | 5.0% |
| Financials | 10.1% |
| Industrials | 12.6% |
| Health Care | 20.9% |
| Information Technology | 40.1% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Cloudflare, Inc. | 14.0% |
| &nbsp;&nbsp;Roivant Sciences Ltd. | 9.8% |
| &nbsp;&nbsp;Royalty Pharma PLC | 8.6% |
| &nbsp;&nbsp;QXO, Inc. | 7.6% |
| &nbsp;&nbsp;Databricks, Inc. | 7.2% |
| &nbsp;&nbsp;ROBLOX Corp. | 4.6% |
| &nbsp;&nbsp;Aurora Innovation, Inc. | 4.6% |
| &nbsp;&nbsp;Affirm Holdings, Inc. | 4.5% |
| &nbsp;&nbsp;Opendoor Technologies, Inc. | 3.5% |
| &nbsp;&nbsp;IonQ, Inc. | 3.4% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;67.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents. |

---

## Additional Information
![QR Code](tm2611124d1_tsrimg007.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# MMCGX -TSR-SAR

# Morgan Stanley Institutional Fund Trust - Global Strategist Portfolio

#### Class A MBAAX
![Image](tm2611124d1_tsrimg006.jpg)

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund Trust - Global Strategist Portfolio for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $51 | 1.02%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $557886569 |
| # of Portfolio Holdings | 1457 |
| Portfolio Turnover Rate | 34% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Credit Rating Chart](tm2611124d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Warrants | 0.0%<sup>Footnote Reference†</sup> |
| Municipal Bonds | 0.0%<sup>Footnote Reference†</sup> |
| Rights | 0.0%<sup>Footnote Reference†</sup> |
| Commercial Mortgage-Backed Securities | 0.7% |
| Asset-Backed Securities | 0.8% |
| Supranational | 0.9% |
| Mortgages - Other | 1.4% |
| Agency Fixed Rate Mortgages | 4.0% |
| Short-Term Investments | 4.7% |
| Corporate Bonds | 6.7% |
| U.S. Treasury Securities | 9.2% |
| Sovereign | 23.6% |
| Common Stocks | 48.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount is less than 0.05% |

---

### Geographic Allocation (% of total investments)
![Group By Asset Type Chart](tm2611124d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Africa | 0.1% |
| Multi National | 0.8% |
| Oceania | 2.4% |
| South America | 3.3% |
| Asia | 9.1% |
| Europe | 19.0% |
| North America | 65.3% |

---

## Additional Information
![QR Code](tm2611124d1_tsrimg007.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# MBAAX -TSR-SAR

# Morgan Stanley Institutional Fund Trust - Global Strategist Portfolio

#### Class C MSSOX
![Image](tm2611124d1_tsrimg006.jpg)

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund Trust - Global Strategist Portfolio for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $91 | 1.83%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $557886569 |
| # of Portfolio Holdings | 1457 |
| Portfolio Turnover Rate | 34% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Credit Rating Chart](tm2611124d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Warrants | 0.0%<sup>Footnote Reference†</sup> |
| Municipal Bonds | 0.0%<sup>Footnote Reference†</sup> |
| Rights | 0.0%<sup>Footnote Reference†</sup> |
| Commercial Mortgage-Backed Securities | 0.7% |
| Asset-Backed Securities | 0.8% |
| Supranational | 0.9% |
| Mortgages - Other | 1.4% |
| Agency Fixed Rate Mortgages | 4.0% |
| Short-Term Investments | 4.7% |
| Corporate Bonds | 6.7% |
| U.S. Treasury Securities | 9.2% |
| Sovereign | 23.6% |
| Common Stocks | 48.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount is less than 0.05% |

---

### Geographic Allocation (% of total investments)
![Group By Asset Type Chart](tm2611124d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Africa | 0.1% |
| Multi National | 0.8% |
| Oceania | 2.4% |
| South America | 3.3% |
| Asia | 9.1% |
| Europe | 19.0% |
| North America | 65.3% |

---

## Additional Information
![QR Code](tm2611124d1_tsrimg007.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# MSSOX -TSR-SAR

# Morgan Stanley Institutional Fund Trust - Global Strategist Portfolio

#### Class I MPBAX
![Image](tm2611124d1_tsrimg006.jpg)

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund Trust - Global Strategist Portfolio for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $36 | 0.73%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $557886569 |
| # of Portfolio Holdings | 1457 |
| Portfolio Turnover Rate | 34% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Credit Rating Chart](tm2611124d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Warrants | 0.0%<sup>Footnote Reference†</sup> |
| Municipal Bonds | 0.0%<sup>Footnote Reference†</sup> |
| Rights | 0.0%<sup>Footnote Reference†</sup> |
| Commercial Mortgage-Backed Securities | 0.7% |
| Asset-Backed Securities | 0.8% |
| Supranational | 0.9% |
| Mortgages - Other | 1.4% |
| Agency Fixed Rate Mortgages | 4.0% |
| Short-Term Investments | 4.7% |
| Corporate Bonds | 6.7% |
| U.S. Treasury Securities | 9.2% |
| Sovereign | 23.6% |
| Common Stocks | 48.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount is less than 0.05% |

---

### Geographic Allocation (% of total investments)
![Group By Asset Type Chart](tm2611124d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Africa | 0.1% |
| Multi National | 0.8% |
| Oceania | 2.4% |
| South America | 3.3% |
| Asia | 9.1% |
| Europe | 19.0% |
| North America | 65.3% |

---

## Additional Information
![QR Code](tm2611124d1_tsrimg007.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# MPBAX -TSR-SAR

# Morgan Stanley Institutional Fund Trust - Global Strategist Portfolio

#### Class L MSDLX
![Image](tm2611124d1_tsrimg006.jpg)

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund Trust - Global Strategist Portfolio for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $76 | 1.53%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $557886569 |
| # of Portfolio Holdings | 1457 |
| Portfolio Turnover Rate | 34% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Credit Rating Chart](tm2611124d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Warrants | 0.0%<sup>Footnote Reference†</sup> |
| Municipal Bonds | 0.0%<sup>Footnote Reference†</sup> |
| Rights | 0.0%<sup>Footnote Reference†</sup> |
| Commercial Mortgage-Backed Securities | 0.7% |
| Asset-Backed Securities | 0.8% |
| Supranational | 0.9% |
| Mortgages - Other | 1.4% |
| Agency Fixed Rate Mortgages | 4.0% |
| Short-Term Investments | 4.7% |
| Corporate Bonds | 6.7% |
| U.S. Treasury Securities | 9.2% |
| Sovereign | 23.6% |
| Common Stocks | 48.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount is less than 0.05% |

---

### Geographic Allocation (% of total investments)
![Group By Asset Type Chart](tm2611124d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Africa | 0.1% |
| Multi National | 0.8% |
| Oceania | 2.4% |
| South America | 3.3% |
| Asia | 9.1% |
| Europe | 19.0% |
| North America | 65.3% |

---

## Additional Information
![QR Code](tm2611124d1_tsrimg007.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# MSDLX -TSR-SAR

# Morgan Stanley Institutional Fund Trust - Global Strategist Portfolio

#### Class R6 MGPOX
![Image](tm2611124d1_tsrimg006.jpg)

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund Trust - Global Strategist Portfolio for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $33 | 0.66%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $557886569 |
| # of Portfolio Holdings | 1457 |
| Portfolio Turnover Rate | 34% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Credit Rating Chart](tm2611124d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Warrants | 0.0%<sup>Footnote Reference†</sup> |
| Municipal Bonds | 0.0%<sup>Footnote Reference†</sup> |
| Rights | 0.0%<sup>Footnote Reference†</sup> |
| Commercial Mortgage-Backed Securities | 0.7% |
| Asset-Backed Securities | 0.8% |
| Supranational | 0.9% |
| Mortgages - Other | 1.4% |
| Agency Fixed Rate Mortgages | 4.0% |
| Short-Term Investments | 4.7% |
| Corporate Bonds | 6.7% |
| U.S. Treasury Securities | 9.2% |
| Sovereign | 23.6% |
| Common Stocks | 48.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount is less than 0.05% |

---

### Geographic Allocation (% of total investments)
![Group By Asset Type Chart](tm2611124d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Africa | 0.1% |
| Multi National | 0.8% |
| Oceania | 2.4% |
| South America | 3.3% |
| Asia | 9.1% |
| Europe | 19.0% |
| North America | 65.3% |

---

## Additional Information
![QR Code](tm2611124d1_tsrimg007.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# MGPOX -TSR-SAR

# Morgan Stanley Institutional Fund Trust - Ultra-Short Income Portfolio

#### Class A MUAIX
![Image](tm2611124d1_tsrimg006.jpg)

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund Trust - Ultra-Short Income Portfolio for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $20 | 0.40%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $18261357133 |
| # of Portfolio Holdings | 219 |
| Portfolio Turnover Rate | 0% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Credit Rating Chart](tm2611124d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Sovereign | 0.3% |
| Corporate Bonds | 12.2% |
| Certificates of Deposit | 14.8% |
| Commercial Paper | 22.3% |
| Repurchase Agreements | 22.6% |
| Floating Rate Notes | 27.8% |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](tm2611124d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | 79.8% |
| BBB | 1.6% |
| A | 16.4% |
| AA | 2.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Security ratings disclosed is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization. |

---

## Additional Information
![QR Code](tm2611124d1_tsrimg007.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# MUAIX -TSR-SAR

# Morgan Stanley Institutional Fund Trust - Ultra-Short Income Portfolio

#### Institutional Class MUIIX
![Image](tm2611124d1_tsrimg006.jpg)

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund Trust - Ultra-Short Income Portfolio for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $15 | 0.30%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $18261357133 |
| # of Portfolio Holdings | 219 |
| Portfolio Turnover Rate | 0% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Credit Rating Chart](tm2611124d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Sovereign | 0.3% |
| Corporate Bonds | 12.2% |
| Certificates of Deposit | 14.8% |
| Commercial Paper | 22.3% |
| Repurchase Agreements | 22.6% |
| Floating Rate Notes | 27.8% |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](tm2611124d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | 79.8% |
| BBB | 1.6% |
| A | 16.4% |
| AA | 2.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Security ratings disclosed is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization. |

---

## Additional Information
![QR Code](tm2611124d1_tsrimg007.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# MUIIX -TSR-SAR

# Morgan Stanley Institutional Fund Trust - Ultra-Short Income Portfolio

#### Class IR MULSX
![Image](tm2611124d1_tsrimg006.jpg)

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Institutional Fund Trust - Ultra-Short Income Portfolio for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class IR | $13 | 0.25%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $18261357133 |
| # of Portfolio Holdings | 219 |
| Portfolio Turnover Rate | 0% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Credit Rating Chart](tm2611124d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Sovereign | 0.3% |
| Corporate Bonds | 12.2% |
| Certificates of Deposit | 14.8% |
| Commercial Paper | 22.3% |
| Repurchase Agreements | 22.6% |
| Floating Rate Notes | 27.8% |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](tm2611124d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | 79.8% |
| BBB | 1.6% |
| A | 16.4% |
| AA | 2.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Security ratings disclosed is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization. |

---

## Additional Information
![QR Code](tm2611124d1_tsrimg007.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# MULSX -TSR-SAR
(b) Not applicable.

**Item 2. Code of Ethics**

Not required in this filing.

**Item 3. Audit Committee Financial Expert**

Not required in this filing.

**Item 4. Principal Accountant Fees and Services**

Not required in this filing.

**Item 5. Audit Committee of Listed Registrants**

Not applicable.

**Item 6. Schedule of Investments**

(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

![](j26111242_aa001.jpg)

**Morgan Stanley Institutional Fund Trust**

**Semi-Annual Financial Statements and Additional Information \| March 31, 2026**

---

| |
|:---|
| Corporate Bond Portfolio |
| Discovery Portfolio |
| Global Strategist Portfolio |
| Ultra-Short Income Portfolio |

---

![](j26111242_aa002.jpg)

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

**Table of Contents**

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| Portfolio of Investments: | 2 |
| Corporate Bond Portfolio | 2 |
| Discovery Portfolio (consolidated) | 9 |
| Global Strategist Portfolio (consolidated) | 11 |
| Ultra-Short Income Portfolio | 36 |
| Statements of Assets and Liabilities | 41 |
| Statements of Operations | 44 |
| Statements of Changes in Net Assets | 47 |
| Financial Highlights | 51 |
| Notes to Financial Statements | 68 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

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

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Portfolio of Investments

**Corporate Bond Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| **Fixed Income Securities (98.3%)** | **Fixed Income Securities (98.3%)** | **Fixed Income Securities (98.3%)** |
| Corporate Bonds (98.3%) | Corporate Bonds (98.3%) | Corporate Bonds (98.3%) |
| Finance (39.4%) | Finance (39.4%) | Finance (39.4%) |
| ABN AMRO Bank NV, | ABN AMRO Bank NV, | ABN AMRO Bank NV, |
| 5.52%, 12/3/35 (a) | $800 | $811 |
| Aircastle Ltd./Aircastle Ireland DAC, | Aircastle Ltd./Aircastle Ireland DAC, | Aircastle Ltd./Aircastle Ireland DAC, |
| 5.25%, 3/15/30 (a) | 600 | 605 |
| 5.75%, 10/1/31 (a) | 550 | 563 |
| Ally Financial, Inc., | Ally Financial, Inc., | Ally Financial, Inc., |
| 5.55%, 7/31/33 | 625 | 614 |
| Series B | Series B | Series B |
| 4.70%, 5/15/26 (b) | 17 | 17 |
| American National Group, Inc., | American National Group, Inc., | American National Group, Inc., |
| 6.14%, 6/13/32 (a) | 725 | 741 |
| 7.00%, 12/1/55 | 475 | 451 |
| Apollo Global Management, Inc., | Apollo Global Management, Inc., | Apollo Global Management, Inc., |
| 5.70%, 3/30/36 | 175 | 175 |
| Aviation Capital Group LLC, | Aviation Capital Group LLC, | Aviation Capital Group LLC, |
| 4.88%, 1/28/33 (a) | 450 | 435 |
| Avolon Holdings Funding Ltd., | Avolon Holdings Funding Ltd., | Avolon Holdings Funding Ltd., |
| 4.85%, 4/1/33 (a) | 200 | 192 |
| 4.95%, 1/15/28 (a) | 650 | 652 |
| 5.75%, 11/15/29 (a) | 75 | 77 |
| Bain Capital Specialty Finance, Inc., | Bain Capital Specialty Finance, Inc., | Bain Capital Specialty Finance, Inc., |
| 5.95%, 3/1/31 | 775 | 740 |
| Banco Santander SA, | Banco Santander SA, | Banco Santander SA, |
| 4.18%, 3/24/28 | 600 | 598 |
| 5.13%, 11/6/35 | 400 | 390 |
| 5.44%, 7/15/31 | 800 | 823 |
| Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| 5.29%, 4/25/34 | 1175 | 1190 |
| 5.87%, 9/15/34 | 2950 | 3090 |
| Bank of New York Mellon Corp.,<br>Series J | Bank of New York Mellon Corp.,<br>Series J | Bank of New York Mellon Corp.,<br>Series J |
| 4.97%, 4/26/34 | 705 | 707 |
| Bank of Nova Scotia, | Bank of Nova Scotia, | Bank of Nova Scotia, |
| 4.81%, 2/2/34 | 500 | 493 |
| 8.00%, 1/27/84 | 475 | 498 |
| Barclays PLC, | Barclays PLC, | Barclays PLC, |
| 5.79%, 2/25/36 | 200 | 202 |
| BBVA Mexico SA Institucion De Banca <br>Multiple Grupo Financiero BBVA Mexico, | BBVA Mexico SA Institucion De Banca <br>Multiple Grupo Financiero BBVA Mexico, | BBVA Mexico SA Institucion De Banca <br>Multiple Grupo Financiero BBVA Mexico, |
| 7.63%, 2/11/35 (a) | 200 | 207 |
| 8.45%, 6/29/38 (a) | 200 | 215 |
| Belrose Funding Trust II, | Belrose Funding Trust II, | Belrose Funding Trust II, |
| 6.79%, 5/15/55 (a) | 600 | 603 |
| BNP Paribas SA, | BNP Paribas SA, | BNP Paribas SA, |
| 2.87%, 4/19/32 (a) | 400 | 363 |
| Brookfield Asset Management Ltd., | Brookfield Asset Management Ltd., | Brookfield Asset Management Ltd., |
| 6.08%, 9/15/55 | 150 | 148 |
| CaixaBank SA, | CaixaBank SA, | CaixaBank SA, |
| 6.04%, 6/15/35 (a) | 1000 | 1042 |
| Canadian Imperial Bank of Commerce, | Canadian Imperial Bank of Commerce, | Canadian Imperial Bank of Commerce, |
| 7.00%, 10/28/85 | 650 | 657 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Centene Corp., | Centene Corp., | Centene Corp., |
| 3.00%, 10/15/30 | $1275 | $1118 |
| Charles Schwab Corp., | Charles Schwab Corp., | Charles Schwab Corp., |
| 4.91%, 11/14/36 | 550 | 535 |
| Citadel LP, | Citadel LP, | Citadel LP, |
| 6.38%, 1/23/32 (a) | 350 | 363 |
| Citadel Securities Global Holdings LLC, | Citadel Securities Global Holdings LLC, | Citadel Securities Global Holdings LLC, |
| 5.13%, 1/27/32 (a) | 350 | 347 |
| 6.20%, 6/18/35 (a) | 348 | 356 |
| Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| 3.06%, 1/25/33 | 750 | 678 |
| 4.54%, 9/19/30 | 600 | 598 |
| Commonwealth Bank of Australia, | Commonwealth Bank of Australia, | Commonwealth Bank of Australia, |
| 3.61%, 9/12/34 (a) | 375 | 360 |
| COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, |
| 2.75%, 4/15/31 | 1275 | 1156 |
| CTR Partnership LP/CareTrust Capital Corp., | CTR Partnership LP/CareTrust Capital Corp., | CTR Partnership LP/CareTrust Capital Corp., |
| 3.88%, 6/30/28 (a) | 700 | 681 |
| Dai-ichi Life Insurance Co. Ltd., | Dai-ichi Life Insurance Co. Ltd., | Dai-ichi Life Insurance Co. Ltd., |
| 6.20%, 1/16/35 (a)(b) | 400 | 403 |
| Enact Holdings, Inc., | Enact Holdings, Inc., | Enact Holdings, Inc., |
| 6.25%, 5/28/29 | 825 | 850 |
| EPR Properties, | EPR Properties, | EPR Properties, |
| 4.75%, 11/15/30 | 750 | 732 |
| Essent Group Ltd., | Essent Group Ltd., | Essent Group Ltd., |
| 6.25%, 7/1/29 | 775 | 802 |
| Fortitude Group Holdings LLC, | Fortitude Group Holdings LLC, | Fortitude Group Holdings LLC, |
| 6.25%, 4/1/30 (a) | 540 | 550 |
| Global Atlantic Fin Co., | Global Atlantic Fin Co., | Global Atlantic Fin Co., |
| 6.75%, 3/15/54 (a) | 400 | 373 |
| 7.25%, 3/1/56 (a) | 244 | 230 |
| 7.95%, 10/15/54 (a) | 210 | 202 |
| Goldman Sachs Group, Inc., | Goldman Sachs Group, Inc., | Goldman Sachs Group, Inc., |
| 4.94%, 10/21/36 | 500 | 484 |
| 5.33%, 7/23/35 | 1225 | 1230 |
| 5.54%, 1/28/36 | 875 | 890 |
| HA Sustainable Infrastructure Capital, Inc.,  | HA Sustainable Infrastructure Capital, Inc.,  | HA Sustainable Infrastructure Capital, Inc.,  |
| 6.38%, 7/1/34 | 600 | 604 |
| 8.00%, 6/1/56 | 200 | 207 |
| HAT Holdings I LLC/HAT Holdings II LLC, | HAT Holdings I LLC/HAT Holdings II LLC, | HAT Holdings I LLC/HAT Holdings II LLC, |
| 3.38%, 6/15/26 (a) | 100 | 100 |
| HSBC Holdings PLC, | HSBC Holdings PLC, | HSBC Holdings PLC, |
| 2.87%, 11/22/32 | 200 | 179 |
| Intact Financial Corp., | Intact Financial Corp., | Intact Financial Corp., |
| 5.46%, 9/22/32 (a) | 1100 | 1120 |
| Intesa Sanpaolo SpA, | Intesa Sanpaolo SpA, | Intesa Sanpaolo SpA, |
| 4.95%, 6/1/42 (a) | 200 | 168 |
| Jefferies Financial Group, Inc., | Jefferies Financial Group, Inc., | Jefferies Financial Group, Inc., |
| 2.75%, 10/15/32 | 500 | 424 |
| 5.50%, 2/15/36 | 400 | 384 |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| 4.35%, 1/22/32 | 475 | 468 |
| 4.90%, 1/22/37 | 1025 | 1003 |
| 5.77%, 4/22/35 | 2875 | 2996 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**Corporate Bond Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Finance (cont'd) | Finance (cont'd) | Finance (cont'd) |
| KBC Group NV, | KBC Group NV, | KBC Group NV, |
| 4.45%, 9/23/31 (a) | $375 | $369 |
| KKR & Co., Inc., | KKR & Co., Inc., | KKR & Co., Inc., |
| 5.10%, 8/7/35 | 200 | 194 |
| Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., |
| 4.13%, 12/15/51 (a) | 900 | 879 |
| Lincoln Financial Global Funding, | Lincoln Financial Global Funding, | Lincoln Financial Global Funding, |
| 4.20%, 1/12/29 (a) | 200 | 198 |
| LPL Holdings, Inc., | LPL Holdings, Inc., | LPL Holdings, Inc., |
| 4.38%, 5/15/31 (a) | 550 | 527 |
| 4.90%, 4/3/28 | 425 | 427 |
| Macquarie Airfinance Holdings Ltd., | Macquarie Airfinance Holdings Ltd., | Macquarie Airfinance Holdings Ltd., |
| 6.40%, 3/26/29 (a) | 200 | 207 |
| 6.50%, 3/26/31 (a) | 600 | 629 |
| Marex Group PLC, | Marex Group PLC, | Marex Group PLC, |
| 6.40%, 11/4/29 | 485 | 500 |
| Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., |
| 5.00%, 3/15/35 | 190 | 189 |
| 5.40%, 3/15/55 | 425 | 399 |
| Midcap Financial Issuer Trust, | Midcap Financial Issuer Trust, | Midcap Financial Issuer Trust, |
| 5.37%, 4/15/29 (a) | 700 | 692 |
| Mitsubishi HC Finance America LLC, | Mitsubishi HC Finance America LLC, | Mitsubishi HC Finance America LLC, |
| 5.15%, 10/24/29 (a) | 600 | 610 |
| Nationwide Building Society, | Nationwide Building Society, | Nationwide Building Society, |
| 4.30%, 3/8/29 (a) | 625 | 621 |
| 5.54%, 7/14/36 (a) | 475 | 477 |
| Nippon Life Insurance Co., | Nippon Life Insurance Co., | Nippon Life Insurance Co., |
| 5.05%, 4/2/33 (a)(c) | 500 | 501 |
| Pacific Life Insurance Co., | Pacific Life Insurance Co., | Pacific Life Insurance Co., |
| 5.95%, 9/15/55 (a) | 625 | 615 |
| Phillips Edison Grocery Center Operating <br>Partnership I LP, | Phillips Edison Grocery Center Operating <br>Partnership I LP, | Phillips Edison Grocery Center Operating <br>Partnership I LP, |
| 4.75%, 3/15/33 | 725 | 708 |
| Pinnacle Financial Partners, Inc., | Pinnacle Financial Partners, Inc., | Pinnacle Financial Partners, Inc., |
| 6.17%, 11/1/30 | 1010 | 1030 |
| PNC Financial Services Group, Inc., | PNC Financial Services Group, Inc., | PNC Financial Services Group, Inc., |
| 5.40%, 7/23/35 | 850 | 861 |
| 5.58%, 1/29/36 | 350 | 358 |
| Progressive Corp., | Progressive Corp., | Progressive Corp., |
| 5.15%, 3/26/36 | 325 | 326 |
| Protective Life Corp., | Protective Life Corp., | Protective Life Corp., |
| 4.70%, 1/15/31 (a) | 400 | 397 |
| Raymond James Financial, Inc., | Raymond James Financial, Inc., | Raymond James Financial, Inc., |
| 5.65%, 9/11/55 | 525 | 497 |
| Rocket Mortgage LLC/Rocket Mortgage <br>Co-Issuer, Inc., | Rocket Mortgage LLC/Rocket Mortgage <br>Co-Issuer, Inc., | Rocket Mortgage LLC/Rocket Mortgage <br>Co-Issuer, Inc., |
| 3.88%, 3/1/31 (a) | 695 | 642 |
| Santander U.K. Group Holdings PLC, | Santander U.K. Group Holdings PLC, | Santander U.K. Group Holdings PLC, |
| 5.14%, 9/22/36 | 200 | 193 |
| SMBC Aviation Capital Finance DAC, | SMBC Aviation Capital Finance DAC, | SMBC Aviation Capital Finance DAC, |
| 2.30%, 6/15/28 (a) | 350 | 333 |
| 5.55%, 4/3/34 (a) | 325 | 327 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| State Street Corp., | State Street Corp., | State Street Corp., |
| 4.78%, 10/23/36 | 500 | 486 |
| Sumitomo Mitsui Financial Group, Inc., | Sumitomo Mitsui Financial Group, Inc., | Sumitomo Mitsui Financial Group, Inc., |
| 4.66%, 7/8/31 | 400 | 398 |
| Sumitomo Mitsui Trust Group, Inc., | Sumitomo Mitsui Trust Group, Inc., | Sumitomo Mitsui Trust Group, Inc., |
| 5.42%, 9/11/36 (a) | 625 | 615 |
| Toronto-Dominion Bank, | Toronto-Dominion Bank, | Toronto-Dominion Bank, |
| 8.13%, 10/31/82 | 600 | 619 |
| Travelers Cos., Inc., | Travelers Cos., Inc., | Travelers Cos., Inc., |
| 5.05%, 7/24/35 | 1000 | 1002 |
| Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| 4.60%, 1/27/32 | 375 | 371 |
| UBS Group AG, | UBS Group AG, | UBS Group AG, |
| 3.09%, 5/14/32 (a) | 1125 | 1032 |
| 4.84%, 11/6/33 (a) | 200 | 197 |
| 5.20%, 8/10/37 (a) | 575 | 562 |
| UniCredit SpA, | UniCredit SpA, | UniCredit SpA, |
| 5.46%, 6/30/35 (a) | 275 | 275 |
| UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |
| 6.05%, 2/15/63 | 700 | 700 |
| Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| 5.61%, 4/23/36 | 475 | 486 |
| MTN | MTN | MTN |
| 4.90%, 7/25/33 | 775 | 771 |
| 5.56%, 7/25/34 | 1275 | 1307 |
| Willis North America, Inc., | Willis North America, Inc., | Willis North America, Inc., |
| 4.55%, 3/15/31 | 500 | 493 |
|  |  | 60910 |
| Industrials (47.2%) | Industrials (47.2%) | Industrials (47.2%) |
| Abbott Laboratories, | Abbott Laboratories, | Abbott Laboratories, |
| 5.50%, 3/15/56 | 525 | 515 |
| AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |
| 4.50%, 5/14/35 | 700 | 677 |
| 5.40%, 3/15/54 | 225 | 215 |
| Alaska Airlines 2020-1 Class A <br>Pass-Through Trust, | Alaska Airlines 2020-1 Class A <br>Pass-Through Trust, | Alaska Airlines 2020-1 Class A <br>Pass-Through Trust, |
| 4.80%, 2/15/29 (a) | 555 | 555 |
| Allied Universal Holdco LLC, | Allied Universal Holdco LLC, | Allied Universal Holdco LLC, |
| 7.88%, 2/15/31 (a) | 350 | 361 |
| Amazon.com, Inc., | Amazon.com, Inc., | Amazon.com, Inc., |
| 2.50%, 6/3/50 | 475 | 278 |
| 5.80%, 3/13/56 | 300 | 300 |
| Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| 5.65%, 2/19/56 | 450 | 437 |
| Amphenol Corp., | Amphenol Corp., | Amphenol Corp., |
| 4.63%, 2/15/36 | 525 | 508 |
| Anheuser-Busch Cos. LLC/Anheuser-Busch <br>InBev Worldwide, Inc., | Anheuser-Busch Cos. LLC/Anheuser-Busch <br>InBev Worldwide, Inc., | Anheuser-Busch Cos. LLC/Anheuser-Busch <br>InBev Worldwide, Inc., |
| 4.90%, 2/1/46 | 500 | 451 |
| Apple, Inc., | Apple, Inc., | Apple, Inc., |
| 2.95%, 9/11/49 | 825 | 541 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**Corporate Bond Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Industrials (cont'd) | Industrials (cont'd) | Industrials (cont'd) |
| Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., |
| 3.10%, 12/1/51 | $175 | $108 |
| 5.15%, 9/13/34 | 375 | 383 |
| Arches Buyer, Inc., | Arches Buyer, Inc., | Arches Buyer, Inc., |
| 4.25%, 6/1/28 (a) | 400 | 387 |
| AS Mileage Plan IP Ltd., | AS Mileage Plan IP Ltd., | AS Mileage Plan IP Ltd., |
| 5.02%, 10/20/29 (a) | 425 | 421 |
| 5.31%, 10/20/31 (a) | 675 | 661 |
| AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| 3.80%, 12/1/57 | 1050 | 711 |
| 5.38%, 8/15/35 | 625 | 633 |
| 6.00%, 4/30/56 | 500 | 490 |
| Augusta SpinCo Corp., | Augusta SpinCo Corp., | Augusta SpinCo Corp., |
| 5.25%, 3/23/36 | 375 | 375 |
| BAT Capital Corp., | BAT Capital Corp., | BAT Capital Corp., |
| 3.73%, 9/25/40 | 175 | 140 |
| 4.63%, 3/22/33 | 1100 | 1077 |
| BHP Billiton Finance USA Ltd., | BHP Billiton Finance USA Ltd., | BHP Billiton Finance USA Ltd., |
| 5.75%, 9/5/55 | 425 | 426 |
| Biogen, Inc., | Biogen, Inc., | Biogen, Inc., |
| 6.45%, 5/15/55 | 150 | 156 |
| Boeing Co., | Boeing Co., | Boeing Co., |
| 5.81%, 5/1/50 | 610 | 590 |
| 5.93%, 5/1/60 | 175 | 168 |
| BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, |
| 4.88%, 3/22/30 (b) | 600 | 593 |
| Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| 3.19%, 11/15/36 (a) | 750 | 627 |
| 5.70%, 1/15/56 | 350 | 348 |
| Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, |
| 5.50%, 3/15/55 | 325 | 314 |
| Carnival Corp., | Carnival Corp., | Carnival Corp., |
| 5.75%, 8/1/32 (a) | 675 | 676 |
| CBRE Services, Inc., | CBRE Services, Inc., | CBRE Services, Inc., |
| 4.90%, 1/15/33 | 300 | 296 |
| CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., |
| 3.57%, 12/1/31 | 175 | 160 |
| Celanese U.S. Holdings LLC, | Celanese U.S. Holdings LLC, | Celanese U.S. Holdings LLC, |
| 6.85%, 11/15/28 | 374 | 389 |
| 7.20%, 11/15/33 | 366 | 391 |
| Charter Communications <br>Operating LLC/Charter Communications <br>Operating Capital, | Charter Communications <br>Operating LLC/Charter Communications <br>Operating Capital, | Charter Communications <br>Operating LLC/Charter Communications <br>Operating Capital, |
| 3.50%, 3/1/42 | 100 | 69 |
| 4.40%, 12/1/61 | 825 | 530 |
| 5.38%, 5/1/47 | 700 | 564 |
| Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, |
| 5.55%, 10/30/35 | 800 | 815 |
| CI Financial Corp., | CI Financial Corp., | CI Financial Corp., |
| 7.50%, 5/30/29 (a) | 995 | 1045 |
| Cisco Systems, Inc., | Cisco Systems, Inc., | Cisco Systems, Inc., |
| 5.50%, 1/15/40 | 275 | 280 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Comcast Corp., | Comcast Corp., | Comcast Corp., |
| 2.89%, 11/1/51 | $325 | $188 |
| 5.17%, 1/15/37 (a) | 1125 | 1096 |
| Concentrix Corp., | Concentrix Corp., | Concentrix Corp., |
| 6.65%, 8/2/26 | 144 | 145 |
| CRH America Finance, Inc., | CRH America Finance, Inc., | CRH America Finance, Inc., |
| 5.50%, 1/9/35 | 825 | 843 |
| CVS Health Corp., | CVS Health Corp., | CVS Health Corp., |
| 1.88%, 2/28/31 | 150 | 131 |
| 5.45%, 9/15/35 | 225 | 226 |
| 5.88%, 6/1/53 | 225 | 213 |
| 7.00%, 3/10/55 | 400 | 412 |
| Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |
| 4.75%, 10/20/28 (a) | 1123 | 1122 |
| Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., |
| 5.40%, 4/18/34 | 825 | 838 |
| DT Midstream, Inc., | DT Midstream, Inc., | DT Midstream, Inc., |
| 5.80%, 12/15/34 (a) | 650 | 668 |
| Eli Lilly & Co., | Eli Lilly & Co., | Eli Lilly & Co., |
| 5.20%, 8/14/64 | 275 | 250 |
| 5.65%, 10/15/65 | 225 | 221 |
| Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| 5.60%, 9/1/34 | 425 | 433 |
| Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |
| 3.30%, 2/15/53 | 275 | 182 |
| 5.20%, 1/15/36 | 650 | 654 |
| EQT Corp., | EQT Corp., | EQT Corp., |
| 4.50%, 1/15/29 | 162 | 162 |
| 4.75%, 1/15/31 | 1100 | 1095 |
| 7.50%, 6/1/30 | 246 | 268 |
| Ferrellgas LP/Ferrellgas Finance Corp., | Ferrellgas LP/Ferrellgas Finance Corp., | Ferrellgas LP/Ferrellgas Finance Corp., |
| 5.88%, 4/1/29 (a) | 400 | 383 |
| First Quantum Minerals Ltd., | First Quantum Minerals Ltd., | First Quantum Minerals Ltd., |
| 8.00%, 3/1/33 (a) | 355 | 370 |
| Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| 7.35%, 3/6/30 | 500 | 528 |
| Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |
| 6.10%, 1/25/36 (a) | 325 | 335 |
| General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| 5.45%, 1/8/36 (d) | 325 | 320 |
| Glencore Funding LLC, | Glencore Funding LLC, | Glencore Funding LLC, |
| 5.51%, 4/1/36 (a)(c) | 450 | 451 |
| GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., |
| 5.63%, 3/1/36 | 800 | 779 |
| HCA, Inc., | HCA, Inc., | HCA, Inc., |
| 4.63%, 3/15/52 | 350 | 280 |
| 5.45%, 4/1/31 | 350 | 359 |
| HEICO Corp., | HEICO Corp., | HEICO Corp., |
| 5.35%, 8/1/33 | 675 | 688 |
| Hexcel Corp., | Hexcel Corp., | Hexcel Corp., |
| 5.88%, 2/26/35 | 725 | 745 |
| Honeywell Aerospace, Inc., | Honeywell Aerospace, Inc., | Honeywell Aerospace, Inc., |
| 5.73%, 3/16/56 (a) | 450 | 445 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**Corporate Bond Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Industrials (cont'd) | Industrials (cont'd) | Industrials (cont'd) |
| Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| 4.25%, 9/18/28 (a) | $600 | $595 |
| 5.10%, 6/24/30 (a) | 825 | 832 |
| Icon Investments Six DAC, | Icon Investments Six DAC, | Icon Investments Six DAC, |
| 5.81%, 5/8/27 | 600 | 603 |
| Imperial Brands Finance PLC, | Imperial Brands Finance PLC, | Imperial Brands Finance PLC, |
| 5.88%, 7/1/34 (a) | 1125 | 1158 |
| Intel Corp., | Intel Corp., | Intel Corp., |
| 4.90%, 8/5/52 | 250 | 204 |
| Jacobs Solutions, Inc., | Jacobs Solutions, Inc., | Jacobs Solutions, Inc., |
| 4.75%, 3/3/31 | 425 | 419 |
| JBS NV/JBS USA Foods Group Holdings, <br>Inc./JBS USA Food Co. Holdings, | JBS NV/JBS USA Foods Group Holdings, <br>Inc./JBS USA Food Co. Holdings, | JBS NV/JBS USA Foods Group Holdings, <br>Inc./JBS USA Food Co. Holdings, |
| 5.95%, 4/20/35 | 825 | 857 |
| 6.25%, 3/1/56 | 150 | 147 |
| JDE Peet's NV, | JDE Peet's NV, | JDE Peet's NV, |
| 1.38%, 1/15/27 (a) | 775 | 756 |
| Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., |
| 5.85%, 6/1/35 (d) | 200 | 210 |
| Kraft Heinz Foods Co., | Kraft Heinz Foods Co., | Kraft Heinz Foods Co., |
| 4.38%, 6/1/46 | 125 | 98 |
| Kroger Co., | Kroger Co., | Kroger Co., |
| 5.00%, 9/15/34 | 775 | 765 |
| Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., |
| 3.90%, 8/8/29 | 225 | 217 |
| 5.63%, 6/15/28 | 550 | 557 |
| 5.90%, 6/1/27 | 625 | 633 |
| 6.00%, 6/14/30 | 100 | 103 |
| Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., |
| 3.88%, 6/1/29 (a) | 400 | 380 |
| Lowe's Cos., Inc., | Lowe's Cos., Inc., | Lowe's Cos., Inc., |
| 4.50%, 10/15/32 | 875 | 860 |
| Maple Parent Holdings Corp., | Maple Parent Holdings Corp., | Maple Parent Holdings Corp., |
| 5.05%, 3/26/31 (a)  | 650 | 647 |
| Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., |
| 4.50%, 5/1/33 | 650 | 628 |
| Mars, Inc., | Mars, Inc., | Mars, Inc., |
| 5.20%, 3/1/35 (a)  | 325 | 328 |
| 5.70%, 5/1/55 (a) | 150 | 146 |
| Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, |
| 5.25%, 10/1/29 (a) | 700 | 694 |
| Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| 5.40%, 8/15/54 | 250 | 227 |
| 5.75%, 11/15/65 | 475 | 442 |
| Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., |
| 6.05%, 11/1/35 | 300 | 324 |
| MPLX LP, | MPLX LP, | MPLX LP, |
| 5.30%, 4/1/36 | 800 | 789 |
| MSCI, Inc., | MSCI, Inc., | MSCI, Inc., |
| 3.63%, 9/1/30 (a) | 400 | 378 |
| New Flyer Holdings, Inc., | New Flyer Holdings, Inc., | New Flyer Holdings, Inc., |
| 9.25%, 7/1/30 (a) | 350 | 374 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Newcastle Coal Infrastructure <br>Group Pty. Ltd., | Newcastle Coal Infrastructure <br>Group Pty. Ltd., | Newcastle Coal Infrastructure <br>Group Pty. Ltd., |
| 4.40%, 9/29/27 (a) | $181 | $180 |
| Northern Natural Gas Co., | Northern Natural Gas Co., | Northern Natural Gas Co., |
| 5.63%, 2/1/54 (a) | 425 | 406 |
| Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., |
| 5.38%, 1/1/32 | 1175 | 1193 |
| 6.45%, 9/15/36 | 75 | 80 |
| ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| 5.38%, 6/1/29 | 275 | 280 |
| 5.40%, 10/15/35 | 1225 | 1217 |
| 5.65%, 9/1/34 | 200 | 204 |
| Oracle Corp., | Oracle Corp., | Oracle Corp., |
| 3.95%, 3/25/51 | 1450 | 919 |
| 5.20%, 9/26/35 | 203 | 190 |
| 5.70%, 2/4/36 | 1381 | 1328 |
| Orange SA, | Orange SA, | Orange SA, |
| 4.75%, 1/13/33 (a) | 600 | 593 |
| 5.00%, 1/13/36 (a) | 200 | 197 |
| O'Reilly Automotive, Inc., | O'Reilly Automotive, Inc., | O'Reilly Automotive, Inc., |
| 5.10%, 3/12/36 | 650 | 642 |
| Penske Truck Leasing Co. LP/PTL <br>Finance Corp., | Penske Truck Leasing Co. LP/PTL <br>Finance Corp., | Penske Truck Leasing Co. LP/PTL <br>Finance Corp., |
| 6.05%, 8/1/28 (a) | 300 | 309 |
| Perrigo Finance Unlimited Co., | Perrigo Finance Unlimited Co., | Perrigo Finance Unlimited Co., |
| 5.15%, 6/15/30 | 525 | 475 |
| Pfizer Investment Enterprises Pte. Ltd., | Pfizer Investment Enterprises Pte. Ltd., | Pfizer Investment Enterprises Pte. Ltd., |
| 5.34%, 5/19/63 | 975 | 886 |
| Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., |
| 5.38%, 2/15/33 | 450 | 463 |
| Qorvo, Inc., | Qorvo, Inc., | Qorvo, Inc., |
| 3.38%, 4/1/31 (a) | 1100 | 996 |
| Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |
| 5.38%, 1/15/36 | 175 | 172 |
| Royalty Pharma PLC, | Royalty Pharma PLC, | Royalty Pharma PLC, |
| 3.55%, 9/2/50 | 800 | 540 |
| RTX Corp., | RTX Corp., | RTX Corp., |
| 6.40%, 3/15/54 | 400 | 432 |
| Siemens Funding BV, | Siemens Funding BV, | Siemens Funding BV, |
| 5.90%, 5/28/65 (a) | 400 | 409 |
| SNF Group SACA, | SNF Group SACA, | SNF Group SACA, |
| 5.63%, 3/31/31 (a) | 1000 | 1012 |
| Stellantis Finance U.S., Inc., | Stellantis Finance U.S., Inc., | Stellantis Finance U.S., Inc., |
| 6.45%, 3/18/35 (a)(d) | 1025 | 1010 |
| Stellantis Financial Services U.S. Corp., | Stellantis Financial Services U.S. Corp., | Stellantis Financial Services U.S. Corp., |
| 5.40%, 9/15/30 (a) | 400 | 393 |
| Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |
| 4.35%, 4/15/31 | 525 | 514 |
| TELUS Corp., | TELUS Corp., | TELUS Corp., |
| 3.40%, 5/13/32 | 775 | 707 |
| 6.38%, 6/9/56 | 825 | 817 |
| T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| 5.13%, 5/15/32 | 575 | 583 |
| 5.75%, 1/15/54 | 300 | 288 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**Corporate Bond Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Industrials (cont'd) | Industrials (cont'd) | Industrials (cont'd) |
| TotalEnergies Capital SA, | TotalEnergies Capital SA, | TotalEnergies Capital SA, |
| 5.64%, 4/5/64 | 250 | 240 |
| Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, |
| 5.10%, 3/15/36 (a) | 375 | 372 |
| Transportadora de Gas Internacional SA ESP, | Transportadora de Gas Internacional SA ESP, | Transportadora de Gas Internacional SA ESP, |
| 5.55%, 11/1/28 (a) | 200 | 199 |
| Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., |
| 4.80%, 9/15/34 | 725 | 710 |
| United Airlines Holdings, Inc., | United Airlines Holdings, Inc., | United Airlines Holdings, Inc., |
| 4.88%, 3/1/29 | 500 | 490 |
| United Airlines Pass-Through Trust,<br>Series 2020-1 | United Airlines Pass-Through Trust,<br>Series 2020-1 | United Airlines Pass-Through Trust,<br>Series 2020-1 |
| 5.88%, 4/15/29 | 260 | 265 |
| Series 2024-1 | Series 2024-1 | Series 2024-1 |
| 5.45%, 8/15/38 | 446 | 456 |
| Var Energi ASA, | Var Energi ASA, | Var Energi ASA, |
| 5.88%, 5/22/30 (a) | 225 | 232 |
| 7.50%, 1/15/28 (a) | 600 | 628 |
| Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., |
| 2.36%, 3/15/32 | 1475 | 1288 |
| 4.78%, 2/15/35 | 500 | 484 |
| 5.88%, 11/30/55 | 500 | 487 |
| Viatris, Inc., | Viatris, Inc., | Viatris, Inc., |
| 2.30%, 6/22/27 | 775 | 752 |
| Videotron Ltd., | Videotron Ltd., | Videotron Ltd., |
| 3.63%, 6/15/29 (a) | 650 | 629 |
| Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, |
| 9.25%, 7/1/32 (a) | 350 | 364 |
|  |  | 72893 |
| Utilities (11.7%) | Utilities (11.7%) | Utilities (11.7%) |
| AEP Texas, Inc.,<br>Series Q | AEP Texas, Inc.,<br>Series Q | AEP Texas, Inc.,<br>Series Q |
| 5.20%, 4/15/36 | 300 | 295 |
| Ameren Corp., | Ameren Corp., | Ameren Corp., |
| 5.00%, 5/15/36 | 850 | 828 |
| American Electric Power Co., Inc.,<br>Series C | American Electric Power Co., Inc.,<br>Series C | American Electric Power Co., Inc.,<br>Series C |
| 5.80%, 3/15/56 | 175 | 173 |
| American Water Capital Corp., | American Water Capital Corp., | American Water Capital Corp., |
| 5.70%, 9/1/55 | 350 | 343 |
| Atmos Energy Corp., | Atmos Energy Corp., | Atmos Energy Corp., |
| 6.20%, 11/15/53 | 300 | 318 |
| Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., |
| 2.85%, 5/15/51 | 350 | 211 |
| Capital Power U.S. Holdings, Inc., | Capital Power U.S. Holdings, Inc., | Capital Power U.S. Holdings, Inc., |
| 5.26%, 6/1/28 (a) | 475 | 478 |
| CenterPoint Energy Houston Electric LLC,<br>Series AR | CenterPoint Energy Houston Electric LLC,<br>Series AR | CenterPoint Energy Houston Electric LLC,<br>Series AR |
| 4.85%, 4/1/36 | 125 | 122 |
| Cleveland Electric Illuminating Co., | Cleveland Electric Illuminating Co., | Cleveland Electric Illuminating Co., |
| 4.55%, 11/15/30 (a) | 400 | 395 |
| Commonwealth Edison Co., | Commonwealth Edison Co., | Commonwealth Edison Co., |
| 5.95%, 6/1/55 | 425 | 431 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., |
| 5.90%, 11/15/53 | $500 | $499 |
| Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., |
| 5.38%, 11/15/32 | 550 | 563 |
| 6.00%, 2/15/56 | 305 | 303 |
| DTE Electric Co.,<br>Series B | DTE Electric Co.,<br>Series B | DTE Electric Co.,<br>Series B |
| 5.55%, 3/1/56 | 300 | 290 |
| DTE Energy Co., | DTE Energy Co., | DTE Energy Co., |
| 5.05%, 10/1/35 | 425 | 419 |
| Duke Energy Florida LLC, | Duke Energy Florida LLC, | Duke Energy Florida LLC, |
| 6.20%, 11/15/53 | 650 | 681 |
| Duke Energy Indiana LLC, | Duke Energy Indiana LLC, | Duke Energy Indiana LLC, |
| 2.75%, 4/1/50 | 330 | 201 |
| Series DDDD | Series DDDD | Series DDDD |
| 4.95%, 3/15/36 | 400 | 394 |
| Exelon Corp., | Exelon Corp., | Exelon Corp., |
| 5.88%, 3/15/55 | 175 | 171 |
| Georgia Power Co.,<br>Series A | Georgia Power Co.,<br>Series A | Georgia Power Co.,<br>Series A |
| 3.25%, 3/15/51 | 275 | 184 |
| Indiana Michigan Power Co., | Indiana Michigan Power Co., | Indiana Michigan Power Co., |
| 5.60%, 3/15/56 | 650 | 627 |
| Liberty Utilities Co., | Liberty Utilities Co., | Liberty Utilities Co., |
| 5.58%, 1/31/29 (a) | 825 | 842 |
| MidAmerican Energy Co., | MidAmerican Energy Co., | MidAmerican Energy Co., |
| 3.15%, 4/15/50 | 275 | 182 |
| New England Power Co., | New England Power Co., | New England Power Co., |
| 5.94%, 11/25/52 (a) | 125 | 125 |
| NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |
| 4.00%, 5/15/56 | 290 | 324 |
| 4.50%, 5/15/56 | 260 | 290 |
| 5.90%, 3/15/55 | $300 | 295 |
| Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| 4.95%, 7/1/50 | 175 | 145 |
| 5.20%, 5/1/36 | 450 | 439 |
| 5.70%, 3/1/35 | 850 | 862 |
| 6.00%, 5/1/56 | 50 | 47 |
| PacifiCorp, | PacifiCorp, | PacifiCorp, |
| 4.15%, 2/15/50 | 250 | 183 |
| Public Service Co. of Colorado, | Public Service Co. of Colorado, | Public Service Co. of Colorado, |
| 5.15%, 9/15/35 | 525 | 523 |
| 5.35%, 5/15/34 | 350 | 357 |
| Puget Energy, Inc., | Puget Energy, Inc., | Puget Energy, Inc., |
| 7.25%, 9/15/56 (a) | 550 | 548 |
| San Diego Gas & Electric Co.,<br>Series EEEE | San Diego Gas & Electric Co.,<br>Series EEEE | San Diego Gas & Electric Co.,<br>Series EEEE |
| 5.95%, 3/15/56 | 100 | 100 |
| Snam SpA, | Snam SpA, | Snam SpA, |
| 5.00%, 5/28/30 (a) | 525 | 531 |
| 5.75%, 5/28/35 (a) | 425 | 434 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**Corporate Bond Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Utilities (cont'd) | Utilities (cont'd) | Utilities (cont'd) |
| Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., |
| 5.88%, 12/1/53 | 250 | 237 |
| Southern Co., | Southern Co., | Southern Co., |
| 4.85%, 3/15/35 | 350 | 341 |
| 5.70%, 3/15/34 | 550 | 570 |
| Trans-Allegheny Interstate Line Co., | Trans-Allegheny Interstate Line Co., | Trans-Allegheny Interstate Line Co., |
| 5.00%, 1/15/31 (a) | 775 | 788 |
| Virginia Electric & Power Co., | Virginia Electric & Power Co., | Virginia Electric & Power Co., |
| 5.05%, 8/15/34 | 350 | 350 |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| 4.30%, 10/15/28 (a) | 250 | 247 |
| 5.70%, 12/30/34 (a) | 775 | 780 |
| Xcel Energy, Inc., | Xcel Energy, Inc., | Xcel Energy, Inc., |
| 5.60%, 4/15/35 | 500 | 508 |
|  |  | 17974 |
| **Total Fixed Income Securities (Cost $152,831)** | **Total Fixed Income Securities (Cost $152,831)** | 151777 |
|  | **Shares** |  |
| **Preferred Stock (0.2%)** | **Preferred Stock (0.2%)** | **Preferred Stock (0.2%)** |
| Wireless Telecommunication Services (0.2%) | Wireless Telecommunication Services (0.2%) | Wireless Telecommunication Services (0.2%) |
| T-Mobile USA, Inc. (e)<br>(acquisition cost — $371;<br>acquired 10/14/26) <br>**(Cost $371)** | 14884 | 360 |
| **Short-Term Investments (2.1%)** | **Short-Term Investments (2.1%)** | **Short-Term Investments (2.1%)** |
| Investment Company (0.7%) | Investment Company (0.7%) | Investment Company (0.7%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 3.57% (See Note G) <br>**(Cost $1,007)** | 1006741 | 1007 |
| Securities held as Collateral on Loaned Securities (0.9%) | Securities held as Collateral on Loaned Securities (0.9%) | Securities held as Collateral on Loaned Securities (0.9%) |
| Investment Company (0.9%) | Investment Company (0.9%) | Investment Company (0.9%) |
| Morgan Stanley Institutional Liquidity <br>Funds — Government Portfolio — <br>Institutional Class, 3.57% (See Note G) <br>**(Cost $1,377)** | 1377250 | 1377 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| U.S. Treasury Security (0.5%) | U.S. Treasury Security (0.5%) | U.S. Treasury Security (0.5%) |
| U.S. Treasury Bill,<br>3.67%, 6/16/26 (f)(g) **(Cost $834)** | $840 | $833 |
| **Total Short-Term Investments (Cost $3,218)** | **Total Short-Term Investments (Cost $3,218)** | 3217 |
| **Total Investments (100.6%) (Cost $156,420)<br>including $1,353 of Securities Loaned (h)(i)** | **Total Investments (100.6%) (Cost $156,420)<br>including $1,353 of Securities Loaned (h)(i)** | 155354 |
| Liabilities in Excess of Other Assets (–0.6%) | Liabilities in Excess of Other Assets (–0.6%) | (851) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $154503 |

---

(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 March 31, 2026.

(c) When-issued security.

(d) All or a portion of this security was on loan at March 31, 2026.

(e) Non-income producing security.

(f) Rate shown is the yield to maturity at March 31, 2026.

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

(h) Securities are available for collateral in connection with purchase of when-issued securities, open foreign currency forward exchange contract and futures contracts

(i) At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,351,000 and the aggregate gross unrealized depreciation is approximately $2,710,000, resulting in net unrealized depreciation of approximately $1,359,000.

DAC Designated Activity Company.

MTN Medium Term Note.

**Foreign Currency Forward Exchange Contract:**

The Fund had the following Foreign Currency Forward Exchange Contract open at March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **Delivery<br>Date** | **Unrealized<br>Depreciation<br>(000)** |
| Barclays Bank PLC | EUR | 590 | $683 | 6/17/26 | $(1) |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**Corporate Bond Portfolio**

**Futures Contracts:**

The Fund had the following futures contracts open at March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** |
| U.S. Treasury 2 yr. Note (United States) | 94 | Jun-26 | $18800 | $19500 | $(123) |
| U.S. Treasury Long Bond (United States) | 144 | Jun-26 | 14400 | 16398 | (525) |
| Ultra U.S. Treasury Bond (United States) | 8 | Jun-26 | 800 | 932 | 2 |
| **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** |
| German Euro-Bobl Index (Germany) | 2 | Jun-26 | (200) | (267) | 5 |
| German Euro-Bund Index (Germany) | 2 | Jun-26 | (200) | (290) | 7 |
| U.S. Treasury 5 yr. Note (United States) | 57 | Jun-26 | $(5700) | (6166) | 33 |
| U.S. Treasury 10 yr. Note (United States) | 93 | Jun-26 | (9300) | (10327) | 195 |
| U.S. Treasury 10 yr. Ultra Note (United States) | 130 | Jun-26 | (13000) | (14757) | 114 |
|  |  |  |  |  | $(292) |

---

**Portfolio Composition\***

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** | **Percentage of<br>Total Investments** |
| Industrials | 47.3 | % |
| Finance | 39.6 |  |
| Utilities | 11.7 |  |
| Other\*\* | 1.4 |  |
| Total Investments | 100.0 | %\*\*\* |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2026.

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

\*\*\* Does not include open futures contracts with a value of approximately $68,637,000 and net unrealized depreciation of approximately $292,000. Also does not include open foreign currency forward exchange contracts with an unrealized depreciation of approximately $1,000.

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments

**Discovery Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (88.0%)** | **Common Stocks (88.0%)** | **Common Stocks (88.0%)** |
| Biotechnology (10.6%) | Biotechnology (10.6%) | Biotechnology (10.6%) |
| Immunovant, Inc. (a) | 157333 | $3908 |
| ProKidney Corp. (a)(b) | 820877 | 1469 |
| Roivant Sciences Ltd. (a) | 2660961 | 73709 |
|  |  | 79086 |
| Capital Markets (0.9%) | Capital Markets (0.9%) | Capital Markets (0.9%) |
| Twenty One Capital, Inc., Class A (a)(b) | 1076972 | 6893 |
| Entertainment (4.7%) | Entertainment (4.7%) | Entertainment (4.7%) |
| ROBLOX Corp., Class A (a) | 617250 | 34912 |
| Financial Services (7.0%) | Financial Services (7.0%) | Financial Services (7.0%) |
| Affirm Holdings, Inc. (a) | 741133 | 33959 |
| Federal National Mortgage Association (a) | 2441394 | 17724 |
|  |  | 51683 |
| Health Care Providers & Services (1.7%) | Health Care Providers & Services (1.7%) | Health Care Providers & Services (1.7%) |
| Agilon health, Inc. (a) | 237879 | 1881 |
| HealthEquity, Inc. (a) | 130966 | 10945 |
|  |  | 12826 |
| Hotels, Restaurants & Leisure (0.2%) | Hotels, Restaurants & Leisure (0.2%) | Hotels, Restaurants & Leisure (0.2%) |
| DraftKings, Inc., Class A (a) | 74613 | 1613 |
| Information Technology Services (15.8%) | Information Technology Services (15.8%) | Information Technology Services (15.8%) |
| Cloudflare, Inc., Class A (a) | 512847 | 105820 |
| MongoDB, Inc. (a) | 46651 | 11419 |
|  |  | 117239 |
| Machinery (1.7%) | Machinery (1.7%) | Machinery (1.7%) |
| Symbotic, Inc. (a) | 238898 | 12709 |
| Media (0.4%) | Media (0.4%) | Media (0.4%) |
| Trade Desk, Inc., Class A (a) | 141203 | 3204 |
| Passenger Airlines (0.9%) | Passenger Airlines (0.9%) | Passenger Airlines (0.9%) |
| Joby Aviation, Inc. (a) | 828595 | 6844 |
| Personal Care Products (1.4%) | Personal Care Products (1.4%) | Personal Care Products (1.4%) |
| Oddity Tech Ltd., Class A (Israel) (a) | 765291 | 10240 |
| Pharmaceuticals (8.9%) | Pharmaceuticals (8.9%) | Pharmaceuticals (8.9%) |
| Belite Bio, Inc. ADR (Cayman Islands) (a) | 10859 | 1731 |
| Royalty Pharma PLC, Class A | 1343329 | 64440 |
|  |  | 66171 |
| Real Estate Management & Development (4.9%) | Real Estate Management & Development (4.9%) | Real Estate Management & Development (4.9%) |
| Landbridge Co. LLC, Class A (b) | 154853 | 10693 |
| Opendoor Technologies, Inc. (a) | 5564533 | 26042 |
|  |  | 36735 |
| Software (14.1%) | Software (14.1%) | Software (14.1%) |
| Aurora Innovation, Inc. (a) | 8452815 | 34826 |
| BitMine Immersion Technologies, Inc. | 496794 | 9827 |
| Circle Internet Group, Inc. (a) | 196839 | 18781 |
| Figma, Inc., Class A (a) | 624656 | 13205 |
| Samsara, Inc., Class A (a) | 239959 | 7604 |
| Strategy, Inc., Class A (a) | 149794 | 18694 |
| Zoom Communications, Inc., Class A (a) | 25403 | 2042 |
|  |  | 104979 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Specialty Retail (1.1%) | Specialty Retail (1.1%) | Specialty Retail (1.1%) |
| Chewy, Inc., Class A (a) | 301519 | $8141 |
| Tech Hardware, Storage & Peripherals (3.5%) | Tech Hardware, Storage & Peripherals (3.5%) | Tech Hardware, Storage & Peripherals (3.5%) |
| IonQ, Inc. (a)(b) | 895154 | 25807 |
| Trading Companies & Distributors (10.2%) | Trading Companies & Distributors (10.2%) | Trading Companies & Distributors (10.2%) |
| Core & Main, Inc., Class A (a) | 374757 | 18513 |
| QXO, Inc. (a) | 2944767 | 57187 |
|  |  | 75700 |
| **Total Common Stocks (Cost $628,465)** | **Total Common Stocks (Cost $628,465)** | 654782 |
| **Preferred Stock (7.3%)** | **Preferred Stock (7.3%)** | **Preferred Stock (7.3%)** |
| Software (7.3%) | Software (7.3%) | Software (7.3%) |
| Databricks, Inc., Series H (a)(c)(d)<br>(acquisition cost — $24,713;<br>acquired 8/31/21) **(Cost $24,713)** | 336299 | 54635 |
| **Investment Company (2.3%)** | **Investment Company (2.3%)** | **Investment Company (2.3%)** |
| iShares Bitcoin Trust ETF (a) **(Cost $17,132)** | 442757 | 17011 |
|  | **No. of<br>Warrants** |  |
| **Warrants (0.0%)‡** | **Warrants (0.0%)‡** | **Warrants (0.0%)‡** |
| Real Estate Management & Development (0.0%)‡ | Real Estate Management & Development (0.0%)‡ | Real Estate Management & Development (0.0%)‡ |
| Opendoor Technologies, Inc.<br>expires 11/20/26 (a) **(Cost $—)** | 64624 | 65 |
|  | **Shares** |  |
| **Short-Term Investments (3.8%)** | **Short-Term Investments (3.8%)** | **Short-Term Investments (3.8%)** |
| Investment Company (2.5%) | Investment Company (2.5%) | Investment Company (2.5%) |
| Morgan Stanley Institutional Liquidity Funds — <br>Treasury Securities Portfolio — Institutional <br>Class, 3.52% (See Note G) **(Cost $18,283)** | 18282693 | 18283 |
| Securities held as Collateral on Loaned Securities (1.3%) | Securities held as Collateral on Loaned Securities (1.3%) | Securities held as Collateral on Loaned Securities (1.3%) |
| Investment Company (0.9%) | Investment Company (0.9%) | Investment Company (0.9%) |
| Morgan Stanley Institutional Liquidity Funds — <br>Treasury Securities Portfolio — Institutional <br>Class, 3.52% (See Note G) | 6672375 | 6672 |
|  | **Face<br>Amount<br>(000)** |  |
| Repurchase Agreements (0.4%) | Repurchase Agreements (0.4%) | Repurchase Agreements (0.4%) |
| Merrill Lynch & Co., Inc., (3.59%, dated <br>3/31/26, due 4/1/26; proceeds $1,038; <br>fully collateralized by U.S. Government <br>obligations; 0.00% — 1.00% <br>due 11/15/27 — 7/31/28; <br>valued at $1,058) | $1038 | 1038 |
| Merrill Lynch & Co., Inc., (3.66%, dated <br>3/31/26, due 4/1/26; proceeds $2,107; <br>fully collateralized by U.S. Government <br>obligations; 0.75% — 2.88% <br>due 2/15/45 - 11/15/47; <br>valued at $2,150) | 2107 | 2107 |
|  |  | 3145 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Discovery Portfolio**

---

| | |
|:---|:---|
| | **Value<br>(000)** |
| **Total Securities held as Collateral on Loaned <br>Securities (Cost $9,817)** | $9817 |
| **Total Short-Term Investments (Cost $28,100)** | 28100 |
| **Total Investments Excluding Purchased<br>Options (101.4%) (Cost $698,409)** | 754593 |
| **Total Purchased Options Outstanding (0.1%)<br>(Cost $5,013)** | 794 |
| **Total Investments (101.5%) (Cost $703,423)<br>including $9,732 of Securities Loaned (e)** | 755387 |
| Liabilities in Excess of Other Assets (–1.5%) | (11349) |
| **Net Assets (100.0%)** | $744038 |

---

‡ Amount is less than 0.05%.

(a) Non-income producing security.

(b) All or a portion of this security was on loan at March 31, 2026.

(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 March 31, 2026 amounts to approximately $54,635,000 and represents 7.3% of net assets.

(d) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

(e) At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $204,636,000 and the aggregate gross unrealized depreciation is approximately $152,672,000, resulting in net unrealized appreciation of approximately $51,964,000.

ADR American Depositary Receipt.

ETF Exchange Traded Fund.

**Call Options Purchased:**

The Fund had the following call options purchased open at March 31, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** | **Premiums<br>Paid<br>(000)** | **Unrealized<br>Depreciation<br>(000)** |
| Barclays Bank PLC | USD/CNH CNH | 7.20 | Feb-27 | 320966354 | $320966 | $513 |  | $842 | $(329) |
| Standard Chartered Bank | USD/CNH CNH | 7.32 | Dec-26 | 343514563 | 343515 | 257 |  | 973 | (716) |
| Standard Chartered Bank | USD/CNH CNH | 7.58 | Aug-26 | 383524759 | 383525 | 24 |  | 1255 | (1231) |
| Goldman Sachs & Co. LLC | USD/CNH CNH | 7.71 | May-26 | 265653233 | 265653 |  | @ | 1106 | (1106) |
| Standard Chartered Bank | USD/CNH CNH | 7.90 | Apr-26 | 172375736 | 172376 |  | @ | 837 | (837) |
|  |  |  |  |  |  | $794 |  | $5013 | $(4219) |

---

@&nbsp;&nbsp;&nbsp;&nbsp;Value is less than $500.

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Other\*\* | 26.2% |
| Software | 21.4 |
| Information Technology Services | 15.8 |
| Biotechnology | 10.6 |
| Trading Companies & Distributors | 10.2 |
| Pharmaceuticals | 8.9 |
| Financial Services | 6.9 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2026.

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

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| **Fixed Income Securities (46.4%)** | **Fixed Income Securities (46.4%)** | **Fixed Income Securities (46.4%)** |
| Agency Fixed Rate Mortgages (4.0%) | Agency Fixed Rate Mortgages (4.0%) | Agency Fixed Rate Mortgages (4.0%) |
| United States (4.0%) | United States (4.0%) | United States (4.0%) |
| Federal Home Loan Mortgage Corporation,<br>Conventional Pools: | Federal Home Loan Mortgage Corporation,<br>Conventional Pools: | Federal Home Loan Mortgage Corporation,<br>Conventional Pools: |
| 2.00%, 5/1/51 | $1144 | $905 |
| 2.50%, 4/1/52 | 2264 | 1864 |
| 4.50%, 1/1/49 | 55 | 54 |
| 5.50%, 12/1/54 | 661 | 666 |
| 6.00%, 9/1/54 | 801 | 818 |
| Gold Pools: | Gold Pools: | Gold Pools: |
| 3.50%, 1/1/44 - 6/1/45 | 372 | 347 |
| 4.50%, 1/1/49 | 15 | 14 |
| 6.50%, 5/1/32 | 15 | 16 |
| 7.50%, 5/1/35 | 1 | 1 |
| Federal National Mortgage Association, <br>April TBA: | Federal National Mortgage Association, <br>April TBA: | Federal National Mortgage Association, <br>April TBA: |
| 3.00%, 4/1/56 (a) | 230 | 202 |
| 3.50%, 4/1/56 (a) | 770 | 706 |
| 4.50%, 4/1/56 (a) | 900 | 868 |
| 5.00%, 4/1/56 (a) | 3380 | 3332 |
| Conventional Pools: | Conventional Pools: | Conventional Pools: |
| 2.00%, 3/1/52 | 1583 | 1283 |
| 2.50%, 9/1/52 | 2480 | 2098 |
| 3.00%, 7/1/49 - 6/1/52 | 3919 | 3480 |
| 3.50%, 3/1/47 - 1/1/51 | 786 | 727 |
| 4.00%, 4/1/45 - 9/1/45 | 431 | 412 |
| 4.50%, 3/1/41 - 11/1/44 | 55 | 54 |
| 5.00%, 1/1/41 - 3/1/41 | 148 | 151 |
| 5.50%, 8/1/55 | 2018 | 2035 |
| 6.00%, 1/1/38 - 10/1/55 | 1002 | 1024 |
| 6.50%, 12/1/29 | 2 | 2 |
| 7.50%, 8/1/37 | 1 | 2 |
| June TBA: | June TBA: | June TBA: |
| 4.00%, 5/1/56 (a) | 820 | 772 |
| Government National Mortgage Association,<br>Various Pools: | Government National Mortgage Association,<br>Various Pools: | Government National Mortgage Association,<br>Various Pools: |
| 4.00%, 8/20/41 - 11/20/42 | 94 | 91 |
| 4.50%, 6/20/49 | 18 | 18 |
| 5.00%, 2/20/49 - 6/20/49 | 56 | 55 |
| 5.50%, 8/15/39 | 13 | 13 |
|  |  | 22010 |
| Asset-Backed Securities (0.8%) | Asset-Backed Securities (0.8%) | Asset-Backed Securities (0.8%) |
| United States (0.8%) | United States (0.8%) | United States (0.8%) |
| AASET MT-1 Ltd., Class A | AASET MT-1 Ltd., Class A | AASET MT-1 Ltd., Class A |
| 5.52%, 2/16/50 (b) | 379 | 378 |
| ACM Auto Trust, Class A | ACM Auto Trust, Class A | ACM Auto Trust, Class A |
| 5.55%, 6/20/28 (b) | 415 | 416 |
| DataBank Issuer II LLC, Class A2 | DataBank Issuer II LLC, Class A2 | DataBank Issuer II LLC, Class A2 |
| 5.18%, 9/27/55 (b) | 740 | 719 |
| Renaissance Home Equity Loan Trust,<br>1 Month Term SOFR + 0.87%, | Renaissance Home Equity Loan Trust,<br>1 Month Term SOFR + 0.87%, | Renaissance Home Equity Loan Trust,<br>1 Month Term SOFR + 0.87%, |
| 4.55%, 12/25/32 (c) | 399 | 382 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Retained Vantage Data Centers Issuer LLC, <br>Class A2A | Retained Vantage Data Centers Issuer LLC, <br>Class A2A | Retained Vantage Data Centers Issuer LLC, <br>Class A2A |
| 5.00%, 9/15/48 (b) | $700 | 699 |
| SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| 3 Month EURIBOR + 0.55%,<br>2.58%, 7/25/39 (c) | 182 | 199 |
| STAR Trust, Class A | STAR Trust, Class A | STAR Trust, Class A |
| 1 Month Term SOFR + 1.75%,<br>5.42%, 10/17/41 (b)(c) | $798 | 798 |
| VINE Trust, Class A | VINE Trust, Class A | VINE Trust, Class A |
| 4.75%, 12/17/40 (b) | 810 | 799 |
|  |  | 4390 |
| Commercial Mortgage-Backed Securities (0.7%) | Commercial Mortgage-Backed Securities (0.7%) | Commercial Mortgage-Backed Securities (0.7%) |
| Germany (0.0%)‡ | Germany (0.0%)‡ | Germany (0.0%)‡ |
| Berg Finance DAC,<br>3 Month EURIBOR + 1.05%, | Berg Finance DAC,<br>3 Month EURIBOR + 1.05%, | Berg Finance DAC,<br>3 Month EURIBOR + 1.05%, |
| 3.08%, 4/22/33 (c) | 74 | 86 |
| United States (0.7%) | United States (0.7%) | United States (0.7%) |
| BAMLL Trust, | BAMLL Trust, | BAMLL Trust, |
| 1 Month Term SOFR + 2.35%,<br>6.02%, 8/15/39 (b)(c) | $800 | 801 |
| BPR Trust, | BPR Trust, | BPR Trust, |
| 1 Month Term SOFR + 3.00%,<br>6.67%, 5/15/39 (b)(c) | 400 | 401 |
| CRSNT Trust, | CRSNT Trust, | CRSNT Trust, |
| 1 Month Term SOFR + 1.40%,<br>5.07%, 2/15/31 (b)(c) | 1000 | 997 |
| JW Commercial Mortgage Trust, | JW Commercial Mortgage Trust, | JW Commercial Mortgage Trust, |
| 1 Month Term SOFR + 1.62%,<br>5.29%, 6/15/39 (b)(c) | 1000 | 1001 |
| WMRK Commercial Mortgage Trust, | WMRK Commercial Mortgage Trust, | WMRK Commercial Mortgage Trust, |
| 1 Month Term SOFR + 3.44%,<br>7.11%, 11/15/27 (b)(c) | 700 | 702 |
|  |  | 3902 |
|  |  | 3988 |
| Corporate Bonds (6.6%) | Corporate Bonds (6.6%) | Corporate Bonds (6.6%) |
| Australia (0.2%) | Australia (0.2%) | Australia (0.2%) |
| Australia & New Zealand Banking Group Ltd., | Australia & New Zealand Banking Group Ltd., | Australia & New Zealand Banking Group Ltd., |
| 2.57%, 11/25/35 (b) | 600 | 537 |
| NBN Co. Ltd., | NBN Co. Ltd., | NBN Co. Ltd., |
| 2.63%, 5/5/31 (b) | 575 | 525 |
|  |  | 1062 |
| Canada (0.3%) | Canada (0.3%) | Canada (0.3%) |
| Algonquin Power & Utilities Corp., | Algonquin Power & Utilities Corp., | Algonquin Power & Utilities Corp., |
| 5.37%, 6/15/26 (d) | 275 | 275 |
| Province of Quebec Canada, | Province of Quebec Canada, | Province of Quebec Canada, |
| 0.00%, 10/29/30 | 1270 | 1279 |
|  |  | 1554 |
| Denmark (0.1%) | Denmark (0.1%) | Denmark (0.1%) |
| Danske Bank AS, | Danske Bank AS, | Danske Bank AS, |
| 5.02%, 3/4/31 (b) | $475 | 478 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| France (0.4%) | France (0.4%) | France (0.4%) |
| AXA SA, | AXA SA, | AXA SA, |
| 3.25%, 5/28/49 | 400 | $454 |
| BNP Paribas SA, | BNP Paribas SA, | BNP Paribas SA, |
| 1.13%, 6/11/26 | 285 | 329 |
| 1.25%, 7/13/31 | 200 | 215 |
| 4.38%, 1/13/29 | 400 | 470 |
| BPCE SA, | BPCE SA, | BPCE SA, |
| 4.00%, 11/29/32 | 400 | 469 |
| 5.75%, 6/1/33 | 300 | 360 |
| Orange SA, | Orange SA, | Orange SA, |
| 5.00%, 10/1/26 (e) | 100 | 117 |
|  |  | 2414 |
| Germany (0.3%) | Germany (0.3%) | Germany (0.3%) |
| Allianz SE, | Allianz SE, | Allianz SE, |
| 2.12%, 7/8/50 | 100 | 107 |
| 5.82%, 7/25/53 | 400 | 504 |
| RWE AG, | RWE AG, | RWE AG, |
| 3.63%, 1/10/32 | 210 | 245 |
| Volkswagen International Finance NV,<br>Series 10Y | Volkswagen International Finance NV,<br>Series 10Y | Volkswagen International Finance NV,<br>Series 10Y |
| 1.88%, 3/30/27 | 900 | 1029 |
|  |  | 1885 |
| Ireland (0.1%) | Ireland (0.1%) | Ireland (0.1%) |
| AIB Group PLC, | AIB Group PLC, | AIB Group PLC, |
| 5.87%, 3/28/35 (b) | $500 | 517 |
| Japan (0.1%) | Japan (0.1%) | Japan (0.1%) |
| JT International Financial Services BV, | JT International Financial Services BV, | JT International Financial Services BV, |
| 3.63%, 4/11/34 | 400 | 448 |
| Luxembourg (0.2%) | Luxembourg (0.2%) | Luxembourg (0.2%) |
| Blackstone Property Partners Europe <br>Holdings SARL, | Blackstone Property Partners Europe <br>Holdings SARL, | Blackstone Property Partners Europe <br>Holdings SARL, |
| 1.25%, 4/26/27 | 400 | 452 |
| Logicor Financing SARL, | Logicor Financing SARL, | Logicor Financing SARL, |
| 1.50%, 7/13/26 | 300 | 345 |
|  |  | 797 |
| Netherlands (0.0%)‡ | Netherlands (0.0%)‡ | Netherlands (0.0%)‡ |
| Alliander NV, | Alliander NV, | Alliander NV, |
| 4.50%, 3/27/32 (e) | 120 | 139 |
| Spain (0.1%) | Spain (0.1%) | Spain (0.1%) |
| CaixaBank SA, | CaixaBank SA, | CaixaBank SA, |
| 4.00%, 3/5/37 | 600 | 679 |
| United Arab Emirates (0.1%) | United Arab Emirates (0.1%) | United Arab Emirates (0.1%) |
| Galaxy Pipeline Assets Bidco Ltd., | Galaxy Pipeline Assets Bidco Ltd., | Galaxy Pipeline Assets Bidco Ltd., |
| 2.63%, 3/31/36 (b) | $650 | 554 |
| United Kingdom (0.4%) | United Kingdom (0.4%) | United Kingdom (0.4%) |
| BAT Capital Corp., | BAT Capital Corp., | BAT Capital Corp., |
| 3.56%, 8/15/27 | 903 | 893 |
| HSBC Holdings PLC, | HSBC Holdings PLC, | HSBC Holdings PLC, |
| 2.87%, 11/22/32 | 300 | 269 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| National Grid Electricity Distribution West <br>Midlands PLC, | National Grid Electricity Distribution West <br>Midlands PLC, | National Grid Electricity Distribution West <br>Midlands PLC, |
| 5.75%, 4/16/32 | 200 | 268 |
| NatWest Group PLC, | NatWest Group PLC, | NatWest Group PLC, |
| 5.12%, 5/23/31 | $525 | 530 |
|  |  | 1960 |
| United States (4.3%) | United States (4.3%) | United States (4.3%) |
| Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| 5.65%, 2/19/56 | 225 | 218 |
| Aon North America, Inc., | Aon North America, Inc., | Aon North America, Inc., |
| 5.45%, 3/1/34 | 675 | 690 |
| AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| 2.90%, 12/4/26 | 350 | 457 |
| 3.50%, 9/15/53 | $625 | 410 |
| Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| 5.87%, 9/15/34 | 1200 | 1257 |
| Bank of New York Mellon Corp., | Bank of New York Mellon Corp., | Bank of New York Mellon Corp., |
| 5.32%, 6/6/36 | 500 | 507 |
| Boeing Co., | Boeing Co., | Boeing Co., |
| 5.81%, 5/1/50 | 375 | 363 |
| 6.26%, 5/1/27 | 100 | 102 |
| 6.30%, 5/1/29 | 200 | 210 |
| Charles Schwab Corp., | Charles Schwab Corp., | Charles Schwab Corp., |
| 4.34%, 11/14/31 | 250 | 247 |
| 5.85%, 5/19/34 | 710 | 746 |
| Charter Communications Operating <br>LLC/Charter Communications <br>Operating Capital, | Charter Communications Operating <br>LLC/Charter Communications <br>Operating Capital, | Charter Communications Operating <br>LLC/Charter Communications <br>Operating Capital, |
| 3.50%, 3/1/42 | 200 | 137 |
| 5.38%, 5/1/47 | 500 | 403 |
| Chubb INA Holdings LLC, | Chubb INA Holdings LLC, | Chubb INA Holdings LLC, |
| 0.88%, 6/15/27 | 400 | 452 |
| Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| 3.06%, 1/25/33 | $1350 | 1221 |
| Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |
| 3.95%, 1/31/60 | 275 | 199 |
| 5.20%, 1/15/36 | 175 | 176 |
| Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |
| 5.50%, 1/25/31 (b) | 550 | 562 |
| GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., |
| 5.63%, 3/1/36 | 375 | 365 |
| Goldman Sachs Group, Inc., | Goldman Sachs Group, Inc., | Goldman Sachs Group, Inc., |
| 0.75%, 3/23/32 | 520 | 506 |
| 5.85%, 4/25/35 | $525 | 545 |
| Honeywell Aerospace, Inc., | Honeywell Aerospace, Inc., | Honeywell Aerospace, Inc., |
| 5.73%, 3/16/56 (b) | 450 | 445 |
| Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| 5.30%, 6/24/29 (b) | 800 | 813 |
| Jefferies Financial Group, Inc., | Jefferies Financial Group, Inc., | Jefferies Financial Group, Inc., |
| 2.63%, 10/15/31 | 475 | 414 |
| 5.50%, 2/15/36 | 150 | 144 |
| Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., |
| 4.40%, 1/15/31 (b) | 1100 | 1084 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| United States (cont'd) | United States (cont'd) | United States (cont'd) |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| 6.25%, 10/23/34 | $1450 | $1559 |
| Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., |
| 5.63%, 6/15/28 | 350 | 355 |
| 5.90%, 6/1/27 | 275 | 279 |
| 6.00%, 8/15/29 - 6/14/30 | 294 | 303 |
| Medtronic Global Holdings SCA, | Medtronic Global Holdings SCA, | Medtronic Global Holdings SCA, |
| 1.00%, 7/2/31 | 250 | 254 |
| Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| 5.63%, 11/15/55 | $375 | 352 |
| Metropolitan Life Global Funding I, | Metropolitan Life Global Funding I, | Metropolitan Life Global Funding I, |
| 2.95%, 4/9/30 (b) | 575 | 540 |
| Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., |
| 6.05%, 11/1/35 | 150 | 162 |
| NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |
| 2.75%, 11/1/29 | 375 | 355 |
| Nuveen LLC, | Nuveen LLC, | Nuveen LLC, |
| 5.85%, 4/15/34 (b) | 225 | 232 |
| ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| 5.05%, 11/1/34 | 600 | 584 |
| 6.50%, 9/1/30 (b) | 575 | 609 |
| Oracle Corp., | Oracle Corp., | Oracle Corp., |
| 5.70%, 2/4/36 | 225 | 216 |
| 5.88%, 9/26/45 | 300 | 259 |
| Pfizer Investment Enterprises Pte. Ltd., | Pfizer Investment Enterprises Pte. Ltd., | Pfizer Investment Enterprises Pte. Ltd., |
| 5.34%, 5/19/63 | 250 | 227 |
| PNC Financial Services Group, Inc., | PNC Financial Services Group, Inc., | PNC Financial Services Group, Inc., |
| 6.88%, 10/20/34 | 925 | 1022 |
| Prologis Euro Finance LLC, | Prologis Euro Finance LLC, | Prologis Euro Finance LLC, |
| 1.88%, 1/5/29 | 300 | 332 |
| Thermo Fisher Scientific Finance I BV, | Thermo Fisher Scientific Finance I BV, | Thermo Fisher Scientific Finance I BV, |
| 2.00%, 10/18/51 | 100 | 73 |
| Thermo Fisher Scientific, Inc., | Thermo Fisher Scientific, Inc., | Thermo Fisher Scientific, Inc., |
| 0.88%, 10/1/31 | 650 | 655 |
| 1.88%, 10/1/49 | 100 | 73 |
| Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, |
| 5.75%, 3/15/56 (b) | $450 | 439 |
| U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, |
| 5.84%, 6/12/34 | 462 | 482 |
| Upjohn Finance BV, | Upjohn Finance BV, | Upjohn Finance BV, |
| 1.91%, 6/23/32 | 550 | 556 |
| Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., |
| 1.88%, 9/19/30 | 150 | 173 |
| 2.36%, 3/15/32 | $550 | 480 |
| 3.38%, 10/27/36 | 150 | 158 |
| 4.25%, 8/15/56 | 220 | 246 |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| 5.70%, 12/30/34 (b) | $250 | 252 |
| Vontier Corp., | Vontier Corp., | Vontier Corp., |
| 2.40%, 4/1/28 | 250 | 240 |
|  |  | 24140 |
|  |  | 36627 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Mortgages — Other (1.3%) | Mortgages — Other (1.3%) | Mortgages — Other (1.3%) |
| Netherlands (0.1%) | Netherlands (0.1%) | Netherlands (0.1%) |
| E-MAC NL 2006-II BV,<br>3 Month EURIBOR + 0.13%, | E-MAC NL 2006-II BV,<br>3 Month EURIBOR + 0.13%, | E-MAC NL 2006-II BV,<br>3 Month EURIBOR + 0.13%, |
| 3.25%, 1/25/39 (c) | 273 | $295 |
| United Kingdom (0.0%) | United Kingdom (0.0%) | United Kingdom (0.0%) |
| Great Hall Mortgages No. 1 PLC,<br>3 Month EURIBOR + 0.25%, | Great Hall Mortgages No. 1 PLC,<br>3 Month EURIBOR + 0.25%, | Great Hall Mortgages No. 1 PLC,<br>3 Month EURIBOR + 0.25%, |
| 2.41%, 6/18/38 (c) | 71 | 81 |
| Landmark Mortgage Securities No. 3 PLC,<br>1 day GBP SONIA + 2.22%, | Landmark Mortgage Securities No. 3 PLC,<br>1 day GBP SONIA + 2.22%, | Landmark Mortgage Securities No. 3 PLC,<br>1 day GBP SONIA + 2.22%, |
| 5.96%, 4/17/44 (c) | 134 | 171 |
|  |  | 252 |
| United States (1.2%) | United States (1.2%) | United States (1.2%) |
| A&D Mortgage Trust, Class A1 | A&D Mortgage Trust, Class A1 | A&D Mortgage Trust, Class A1 |
| 6.13%, 5/25/68 (b) | $605 | 605 |
| Banc of America Alternative Loan Trust, | Banc of America Alternative Loan Trust, | Banc of America Alternative Loan Trust, |
| 6.36%, 10/25/36 | 20 | 5 |
| Bayview Opportunity Master Fund VI Trust, | Bayview Opportunity Master Fund VI Trust, | Bayview Opportunity Master Fund VI Trust, |
| 3.00%, 1/25/52 (b)(c) | 544 | 473 |
| Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |
| 5.50%, 8/25/55 (b)(c) | 494 | 493 |
| ChaseFlex Trust, | ChaseFlex Trust, | ChaseFlex Trust, |
| 6.00%, 2/25/37 | 20 | 6 |
| Citigroup Mortgage Loan Trust, Class A1 | Citigroup Mortgage Loan Trust, Class A1 | Citigroup Mortgage Loan Trust, Class A1 |
| 6.00%, 6/25/55 (b)(c) | 341 | 344 |
| Federal Home Loan Mortgage Corp. <br>Seasoned Credit Risk Transfer Trust, | Federal Home Loan Mortgage Corp. <br>Seasoned Credit Risk Transfer Trust, | Federal Home Loan Mortgage Corp. <br>Seasoned Credit Risk Transfer Trust, |
| 3.00%, 7/25/58 | 189 | 165 |
| 3.00%, 10/25/58 | 22 | 19 |
| 4.00%, 10/25/58 | 20 | 19 |
| Federal Home Loan Mortgage Corp. Whole <br>Loan Securities Trust, | Federal Home Loan Mortgage Corp. Whole <br>Loan Securities Trust, | Federal Home Loan Mortgage Corp. Whole <br>Loan Securities Trust, |
| 3.00%, 9/25/45 | 34 | 30 |
| 3.00%, 7/25/46 | 14 | 12 |
| 3.00%, 5/25/47 | 92 | 79 |
| 3.50%, 5/25/45 | 13 | 12 |
| 3.50%, 9/25/45 | 36 | 32 |
| 3.50%, 7/25/46 | 21 | 19 |
| 4.00%, 5/25/45 | 4 | 4 |
| 3.00%, 12/25/46 | 49 | 42 |
| GS Mortgage-Backed Securities Trust, Class A1 | GS Mortgage-Backed Securities Trust, Class A1 | GS Mortgage-Backed Securities Trust, Class A1 |
| 6.00%, 2/25/56 (b)(c) | 385 | 389 |
| Hundred Acre Wood Trust, | Hundred Acre Wood Trust, | Hundred Acre Wood Trust, |
| 2.50%, 12/25/51 (b)(c) | 369 | 307 |
| JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |
| 3.00%, 4/25/52 (b)(c) | 399 | 347 |
| 3.00%, 9/25/52 (b)(c) | 439 | 381 |
| 3.25%, 7/25/52 (b)(c) | 500 | 445 |
| 6.00%, 6/25/55 (b)(c) | 645 | 650 |
| Mello Mortgage Capital Acceptance, | Mello Mortgage Capital Acceptance, | Mello Mortgage Capital Acceptance, |
| 2.50%, 8/25/51 (b)(c) | 430 | 358 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| United States (cont'd) | United States (cont'd) | United States (cont'd) | United States (cont'd) |
| OBX Trust, Class A1 | OBX Trust, Class A1 | OBX Trust, Class A1 | OBX Trust, Class A1 |
| 3.00%, 1/25/52 (b)(c) | $| 426 | 371 |
| PRKCM 2023-AFC1 Trust, Class A1 | PRKCM 2023-AFC1 Trust, Class A1 | PRKCM 2023-AFC1 Trust, Class A1 | PRKCM 2023-AFC1 Trust, Class A1 |
| 6.60%, 2/25/58 (b) |  | 833 | 833 |
| PRMI Securitization Trust, | PRMI Securitization Trust, | PRMI Securitization Trust, | PRMI Securitization Trust, |
| 2.50%, 4/25/51 (b)(c) |  | 518 | 431 |
|  |  |  | 6871 |
|  |  |  | 7418 |
| Municipal Bond (0.1%)‡ | Municipal Bond (0.1%)‡ | Municipal Bond (0.1%)‡ | Municipal Bond (0.1%)‡ |
| Michigan (0.1%)‡ | Michigan (0.1%)‡ | Michigan (0.1%)‡ | Michigan (0.1%)‡ |
| University of Michigan, MI,<br>Series A<br>4.45%, 4/1/2122 (Cost $270) |  | 270 | 210 |
| Sovereign (23.1%) | Sovereign (23.1%) | Sovereign (23.1%) | Sovereign (23.1%) |
| Australia (0.8%) | Australia (0.8%) | Australia (0.8%) | Australia (0.8%) |
| Australia Government Bond, | Australia Government Bond, | Australia Government Bond, | Australia Government Bond, |
| 1.25%, 5/21/32 | AUD | 2240 | 1260 |
| Queensland Treasury Corp., | Queensland Treasury Corp., | Queensland Treasury Corp., | Queensland Treasury Corp., |
| 3.25%, 5/21/35 (b) | EUR | 130 | 148 |
| Treasury Corp. of Victoria, | Treasury Corp. of Victoria, | Treasury Corp. of Victoria, | Treasury Corp. of Victoria, |
| 2.00%, 9/17/35 | AUD | 2550 | 1292 |
| MTN | MTN | MTN | MTN |
| 1.50%, 9/10/31 |  | 1800 | 1028 |
| 2.25%, 11/20/41 |  | 2180 | 921 |
|  |  |  | 4649 |
| Austria (0.1%) | Austria (0.1%) | Austria (0.1%) | Austria (0.1%) |
| Republic of Austria Government Bond, | Republic of Austria Government Bond, | Republic of Austria Government Bond, | Republic of Austria Government Bond, |
| 0.00%, 2/20/30 | EUR | 360 | 373 |
| Belgium (0.2%) | Belgium (0.2%) | Belgium (0.2%) | Belgium (0.2%) |
| Kingdom of Belgium Government Bond, | Kingdom of Belgium Government Bond, | Kingdom of Belgium Government Bond, | Kingdom of Belgium Government Bond, |
| 1.70%, 6/22/50 |  | 460 | 330 |
| 3.45%, 6/22/43 |  | 650 | 693 |
|  |  |  | 1023 |
| Brazil (2.8%) | Brazil (2.8%) | Brazil (2.8%) | Brazil (2.8%) |
| Brazil Letras do Tesouro Nacional, | Brazil Letras do Tesouro Nacional, | Brazil Letras do Tesouro Nacional, | Brazil Letras do Tesouro Nacional, |
| 0.00%, 1/1/29 | BRL | 114343 | 15540 |
| Canada (0.9%) | Canada (0.9%) | Canada (0.9%) | Canada (0.9%) |
| British Columbia Investment Management <br>Corp., | British Columbia Investment Management <br>Corp., | British Columbia Investment Management <br>Corp., | British Columbia Investment Management <br>Corp., |
| 4.00%, 6/2/35 | CAD | 1590 | 1147 |
| Canadian Government Bond, | Canadian Government Bond, | Canadian Government Bond, | Canadian Government Bond, |
| 2.00%, 12/1/51 |  | 100 | 50 |
| 3.25%, 12/1/33 - 12/1/34 |  | 2660 | 1901 |
| 3.50%, 12/1/57 |  | 1430 | 957 |
| Province of Alberta Canada, | Province of Alberta Canada, | Province of Alberta Canada, | Province of Alberta Canada, |
| 3.38%, 4/2/35 | EUR | 430 | 494 |
| Province of Ontario Canada, | Province of Ontario Canada, | Province of Ontario Canada, | Province of Ontario Canada, |
| 3.25%, 7/3/35 |  | 220 | 251 |
| Province of Quebec Canada, | Province of Quebec Canada, | Province of Quebec Canada, | Province of Quebec Canada, |
| 3.25%, 5/22/35 |  | 350 | 398 |
|  |  |  | 5198 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Chile (0.3%) | Chile (0.3%) | Chile (0.3%) | Chile (0.3%) |
| Chile Government International Bond, | Chile Government International Bond, | Chile Government International Bond, | Chile Government International Bond, |
| 3.75%, 1/14/32 | EUR | 520 | $598 |
| 3.80%, 7/1/35 |  | 220 | 248 |
| 3.88%, 7/9/31 - 4/14/36 |  | 714 | 817 |
|  |  |  | 1663 |
| China (3.9%) | China (3.9%) | China (3.9%) | China (3.9%) |
| China Government Bond, | China Government Bond, | China Government Bond, | China Government Bond, |
| 1.43%, 1/25/30 | CNY | 15760 | 2282 |
| 2.04%, 11/25/34 |  | 18370 | 2723 |
| 2.37%, 1/20/27 |  | 16110 | 2356 |
| 2.69%, 8/15/32 |  | 11730 | 1803 |
| 2.80%, 11/15/32 |  | 18840 | 2933 |
| 3.12%, 10/25/52 |  | 4620 | 768 |
| 3.13%, 11/21/29 |  | 19580 | 3025 |
| 3.27%, 11/19/30 |  | 24960 | 3935 |
| 3.52%, 4/25/46 |  | 460 | 79 |
| 3.53%, 10/18/51 |  | 1240 | 220 |
| 3.81%, 9/14/50 |  | 3890 | 712 |
| 3.86%, 7/22/49 |  | 6430 | 1179 |
|  |  |  | 22015 |
| Czech Republic (0.0%)‡ | Czech Republic (0.0%)‡ | Czech Republic (0.0%)‡ | Czech Republic (0.0%)‡ |
| Czech Republic Government Bond, | Czech Republic Government Bond, | Czech Republic Government Bond, | Czech Republic Government Bond, |
| 1.20%, 3/13/31 | CZK | 6000 | 242 |
| Denmark (0.1%) | Denmark (0.1%) | Denmark (0.1%) | Denmark (0.1%) |
| Denmark Government Bond, | Denmark Government Bond, | Denmark Government Bond, | Denmark Government Bond, |
| 0.50%, 11/15/27 | DKK | 3000 | 451 |
| Estonia (0.1%) | Estonia (0.1%) | Estonia (0.1%) | Estonia (0.1%) |
| Estonia Government International Bond, | Estonia Government International Bond, | Estonia Government International Bond, | Estonia Government International Bond, |
| 3.25%, 1/17/34 | EUR | 390 | 444 |
| France (2.1%) | France (2.1%) | France (2.1%) | France (2.1%) |
| Agence Francaise de Developpement <br>EPIC, | Agence Francaise de Developpement <br>EPIC, | Agence Francaise de Developpement <br>EPIC, | Agence Francaise de Developpement <br>EPIC, |
| 1.50%, 10/31/34 |  | 700 | 675 |
| French Republic Government Bond OAT, | French Republic Government Bond OAT, | French Republic Government Bond OAT, | French Republic Government Bond OAT, |
| 0.00%, 11/25/29 |  | 4900 | 5086 |
| 2.70%, 2/25/31 |  | 4810 | 5448 |
| SNCF Reseau, | SNCF Reseau, | SNCF Reseau, | SNCF Reseau, |
| 1.88%, 3/30/34 |  | 400 | 403 |
|  |  |  | 11612 |
| Germany (2.5%) | Germany (2.5%) | Germany (2.5%) | Germany (2.5%) |
| Bundesobligation, | Bundesobligation, | Bundesobligation, | Bundesobligation, |
| 1.30%, 10/15/27 |  | 4400 | 4989 |
| Bundesrepublik Deutschland <br>Bundesanleihe, | Bundesrepublik Deutschland <br>Bundesanleihe, | Bundesrepublik Deutschland <br>Bundesanleihe, | Bundesrepublik Deutschland <br>Bundesanleihe, |
| 0.00%, 8/15/31 |  | 2350 | 2351 |
| 0.25%, 2/15/29 |  | 2210 | 2390 |
| 2.50%, 8/15/54 |  | 1540 | 1475 |
| 4.25%, 7/4/39 |  | 1230 | 1578 |
| State of North Rhine-Westphalia <br>Germany, | State of North Rhine-Westphalia <br>Germany, | State of North Rhine-Westphalia <br>Germany, | State of North Rhine-Westphalia <br>Germany, |
| 1.65%, 2/22/38 |  | 1420 | 1356 |
|  |  |  | 14139 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Greece (0.1%) | Greece (0.1%) | Greece (0.1%) |
| Hellenic Republic Government Bond, | Hellenic Republic Government Bond, | Hellenic Republic Government Bond, |
| 4.38%, 7/18/38 | 250 | $299 |
| Hungary (0.2%) | Hungary (0.2%) | Hungary (0.2%) |
| Hungary Government Bond, | Hungary Government Bond, | Hungary Government Bond, |
| 3.00%, 8/21/30 | 51360 | 131 |
| Hungary Government International Bond, | Hungary Government International Bond, | Hungary Government International Bond, |
| 6.25%, 9/22/32 | $1120 | 1169 |
|  |  | 1300 |
| Indonesia (0.1%) | Indonesia (0.1%) | Indonesia (0.1%) |
| Indonesia Treasury Bond, | Indonesia Treasury Bond, | Indonesia Treasury Bond, |
| 8.38%, 3/15/34 | 11802000 | 758 |
| Italy (1.0%) | Italy (1.0%) | Italy (1.0%) |
| Italy Buoni Poliennali Del Tesoro, | Italy Buoni Poliennali Del Tesoro, | Italy Buoni Poliennali Del Tesoro, |
| 2.50%, 12/1/32 | 1020 | 1111 |
| 3.85%, 7/1/34 | 1200 | 1401 |
| 4.00%, 11/15/30 | 1580 | 1886 |
| 4.45%, 9/1/43 | 298 | 350 |
| 4.50%, 10/1/53 | 580 | 666 |
|  |  | 5414 |
| Japan (3.0%) | Japan (3.0%) | Japan (3.0%) |
| Japan Government Ten Year Bond, | Japan Government Ten Year Bond, | Japan Government Ten Year Bond, |
| 0.80%, 3/20/34 | 476600 | 2711 |
| 0.90%, 9/20/34 | 419000 | 2378 |
| 1.10%, 6/20/34 | 177000 | 1027 |
| 1.40%, 3/20/35 | 358650 | 2104 |
| Japan Government Thirty Year Bond, | Japan Government Thirty Year Bond, | Japan Government Thirty Year Bond, |
| 0.30%, 6/20/46 | 224000 | 790 |
| 0.40%, 9/20/49 | 207750 | 662 |
| 0.70%, 12/20/51 | 225700 | 726 |
| Japan Government Twenty Year Bond, | Japan Government Twenty Year Bond, | Japan Government Twenty Year Bond, |
| 0.40%, 6/20/41 | 413600 | 1800 |
| Japan Government Two Year Bond, | Japan Government Two Year Bond, | Japan Government Two Year Bond, |
| 1.00%, 12/1/27 | 709000 | 4446 |
|  |  | 16644 |
| Korea, Republic of (0.1%) | Korea, Republic of (0.1%) | Korea, Republic of (0.1%) |
| Korea Development Bank, | Korea Development Bank, | Korea Development Bank, |
| 0.80%, 7/19/26 | $590 | 584 |
| Lithuania (0.4%) | Lithuania (0.4%) | Lithuania (0.4%) |
| Lithuania Government International Bond, | Lithuania Government International Bond, | Lithuania Government International Bond, |
| 3.50%, 7/3/31 | 1690 | 1968 |
| Malaysia (0.3%) | Malaysia (0.3%) | Malaysia (0.3%) |
| Malaysia Government Bond, | Malaysia Government Bond, | Malaysia Government Bond, |
| 3.58%, 7/15/32 | 3020 | 748 |
| 3.89%, 8/15/29 | 2500 | 628 |
|  |  | 1376 |
| Mexico (0.4%) | Mexico (0.4%) | Mexico (0.4%) |
| Mexican Bonos, | Mexican Bonos, | Mexican Bonos, |
| 7.50%, 6/3/27 | 6000 | 335 |
| 7.75%, 5/29/31 - 11/23/34 | 9000 | 470 |
| 8.50%, 5/31/29 | 5900 | 329 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Mexico Government International Bond, | Mexico Government International Bond, | Mexico Government International Bond, |
| 3.50%, 9/19/29 | 370 | 421 |
| 3.88%, 5/16/31 | 490 | 553 |
|  |  | 2108 |
| Netherlands (0.2%) | Netherlands (0.2%) | Netherlands (0.2%) |
| Netherlands Government Bond, | Netherlands Government Bond, | Netherlands Government Bond, |
| 0.00%, 7/15/30 | 1060 | 1090 |
| 2.75%, 1/15/47 | 90 | 93 |
|  |  | 1183 |
| New Zealand (0.3%) | New Zealand (0.3%) | New Zealand (0.3%) |
| New Zealand Government Bond, | New Zealand Government Bond, | New Zealand Government Bond, |
| 4.25%, 5/15/34 - 5/15/36 | 258 | 145 |
| 4.50%, 5/15/35 | 180 | 103 |
| New Zealand Local Government <br>Funding Agency Bond,<br>MTN | New Zealand Local Government <br>Funding Agency Bond,<br>MTN | New Zealand Local Government <br>Funding Agency Bond,<br>MTN |
| 4.40%, 9/8/27 | 2130 | 1459 |
|  |  | 1707 |
| Norway (0.0%)‡ | Norway (0.0%)‡ | Norway (0.0%)‡ |
| Norway Government Bond, | Norway Government Bond, | Norway Government Bond, |
| 3.75%, 6/12/35 | 1080 | 107 |
| Poland (0.1%) | Poland (0.1%) | Poland (0.1%) |
| Republic of Poland Government Bond, | Republic of Poland Government Bond, | Republic of Poland Government Bond, |
| 1.75%, 4/25/32 | 1400 | 307 |
| Republic of Poland Government <br>International Bond, | Republic of Poland Government <br>International Bond, | Republic of Poland Government <br>International Bond, |
| 2.88%, 1/15/31 | 390 | 442 |
|  |  | 749 |
| Portugal (0.0%)‡ | Portugal (0.0%)‡ | Portugal (0.0%)‡ |
| Portugal Obrigacoes do Tesouro OT, | Portugal Obrigacoes do Tesouro OT, | Portugal Obrigacoes do Tesouro OT, |
| 3.63%, 6/12/54 | 210 | 226 |
| Romania (0.1%) | Romania (0.1%) | Romania (0.1%) |
| Romanian Government International <br>Bond, | Romanian Government International <br>Bond, | Romanian Government International <br>Bond, |
| 5.25%, 3/10/30 | 470 | 554 |
| 6.50%, 10/7/45 (b) | 150 | 166 |
|  |  | 720 |
| Saudi Arabia (0.2%) | Saudi Arabia (0.2%) | Saudi Arabia (0.2%) |
| Saudi Government International Bond, | Saudi Government International Bond, | Saudi Government International Bond, |
| 3.38%, 3/5/32 (b) | 600 | 674 |
| 5.13%, 1/13/28 (b) | $477 | 482 |
|  |  | 1156 |
| Singapore (0.1%) | Singapore (0.1%) | Singapore (0.1%) |
| Singapore Government Bond, | Singapore Government Bond, | Singapore Government Bond, |
| 2.63%, 8/1/32 | 720 | 577 |
| Slovakia (0.2%) | Slovakia (0.2%) | Slovakia (0.2%) |
| Slovakia Government Bond, | Slovakia Government Bond, | Slovakia Government Bond, |
| 3.75%, 2/27/40 | 860 | 955 |
| Spain (0.9%) | Spain (0.9%) | Spain (0.9%) |
| Spain Government Bond, | Spain Government Bond, | Spain Government Bond, |
| 0.00%, 1/31/28 | 540 | 594 |
| 2.70%, 10/31/48 | 380 | 354 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Spain (cont'd) | Spain (cont'd) | Spain (cont'd) |
| 3.45%, 10/31/34 | 2300 | 2674 |
| 3.50%, 5/31/29 | 1050 | 1239 |
| 4.00%, 10/31/54 | 130 | 147 |
|  |  | 5008 |
| Sweden (0.1%) | Sweden (0.1%) | Sweden (0.1%) |
| Sweden Government Bond, | Sweden Government Bond, | Sweden Government Bond, |
| 2.25%, 5/11/35 | 2860 | 289 |
| Switzerland (0.2%) | Switzerland (0.2%) | Switzerland (0.2%) |
| Swiss Confederation Government <br>Bond, | Swiss Confederation Government <br>Bond, | Swiss Confederation Government <br>Bond, |
| 0.25%, 6/23/35 | 810 | 1006 |
| Thailand (0.2%) | Thailand (0.2%) | Thailand (0.2%) |
| Thailand Government Bond, | Thailand Government Bond, | Thailand Government Bond, |
| 1.59%, 12/17/35 | 15770 | 453 |
| 2.00%, 12/17/31 | 27070 | 831 |
|  |  | 1284 |
| United Kingdom (1.1%) | United Kingdom (1.1%) | United Kingdom (1.1%) |
| United Kingdom Gilt, | United Kingdom Gilt, | United Kingdom Gilt, |
| 0.38%, 10/22/30 | 490 | 544 |
| 0.63%, 10/22/50 | 2220 | 1023 |
| 0.88%, 7/31/33 | 1900 | 1926 |
| 3.75%, 10/22/53 | 740 | 731 |
| 4.25%, 7/31/34 | 910 | 1159 |
| 4.50%, 6/7/28 | 690 | 915 |
|  |  | 6298 |
|  |  | 129065 |
| Supranational (0.8%) | Supranational (0.8%) | Supranational (0.8%) |
| Banque Ouest Africaine de Developpement, | Banque Ouest Africaine de Developpement, | Banque Ouest Africaine de Developpement, |
| 4.70%, 10/22/31 | $240 | 220 |
| Corp. Andina de Fomento, | Corp. Andina de Fomento, | Corp. Andina de Fomento, |
| 5.00%, 1/24/29 - 1/22/30 | 1010 | 1037 |
| MTN | MTN | MTN |
| 5.30%, 2/19/29 | 4950 | 3364 |
|  |  | 4621 |
| U.S. Treasury Securities (9.0%) | U.S. Treasury Securities (9.0%) | U.S. Treasury Securities (9.0%) |
| United States (9.0%) | United States (9.0%) | United States (9.0%) |
| U.S. Treasury Bonds, | U.S. Treasury Bonds, | U.S. Treasury Bonds, |
| 1.13%, 5/15/40 | $5160 | 3252 |
| 1.75%, 8/15/41 | 1770 | 1184 |
| 4.88%, 8/15/45 | 2280 | 2273 |
| U.S. Treasury Inflation Indexed Bond, | U.S. Treasury Inflation Indexed Bond, | U.S. Treasury Inflation Indexed Bond, |
| 1.88%, 7/15/35 | 23700 | 23592 |
| U.S. Treasury Notes, | U.S. Treasury Notes, | U.S. Treasury Notes, |
| 1.38%, 10/31/28 - 11/15/31 | 6390 | 5898 |
| 3.38%, 5/15/33 | 3590 | 3420 |
| 4.00%, 7/31/32 - 2/15/34 | 5250 | 5220 |
| 4.13%, 8/31/30 | 5490 | 5533 |
|  |  | 50372 |
| **Total Fixed Income Securities (Cost $265,859)** | **Total Fixed Income Securities (Cost $265,859)** | 258701 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| **Common Stocks (47.0%)** | **Common Stocks (47.0%)** | **Common Stocks (47.0%)** |
| Australia (0.9%) | Australia (0.9%) | Australia (0.9%) |
| ANZ Group Holdings Ltd. | 11319 | $285 |
| APA Group | 5166 | 36 |
| Aristocrat Leisure Ltd. | 2105 | 67 |
| ASX Ltd. | 758 | 27 |
| BHP Group Ltd. | 19264 | 697 |
| Brambles Ltd. | 5185 | 81 |
| CAR Group Ltd. | 1440 | 23 |
| Cochlear Ltd. | 250 | 29 |
| Coles Group Ltd. | 5160 | 78 |
| Commonwealth Bank of Australia | 6281 | 736 |
| Computershare Ltd. | 1989 | 39 |
| CSL Ltd. | 1868 | 183 |
| Evolution Mining Ltd. | 7777 | 70 |
| Fortescue Ltd. | 6522 | 93 |
| Goodman Group REIT | 7246 | 130 |
| Insurance Australia Group Ltd. | 8915 | 45 |
| Lottery Corp. Ltd. | 8505 | 32 |
| Lynas Rare Earths Ltd. (f) | 3453 | 47 |
| Macquarie Group Ltd. | 1366 | 194 |
| Medibank Pvt Ltd. | 10433 | 32 |
| National Australia Bank Ltd. | 11641 | 337 |
| Northern Star Resources Ltd. | 5247 | 76 |
| Origin Energy Ltd. | 6573 | 57 |
| Pro Medicus Ltd. | 211 | 17 |
| Qantas Airways Ltd. | 2811 | 17 |
| QBE Insurance Group Ltd. | 5680 | 84 |
| REA Group Ltd. | 200 | 22 |
| Rio Tinto Ltd. | 1406 | 160 |
| Santos Ltd. | 12376 | 68 |
| Scentre Group REIT | 19914 | 46 |
| SGH Ltd. | 777 | 22 |
| Sigma Healthcare Ltd. | 19792 | 37 |
| Sonic Healthcare Ltd. | 1781 | 25 |
| South32 Ltd. | 17161 | 52 |
| Stockland REIT | 9460 | 28 |
| Suncorp Group Ltd. | 4098 | 46 |
| Telstra Group Ltd. | 15176 | 56 |
| Transurban Group (Units) | 11863 | 116 |
| Vicinity Ltd. REIT | 15263 | 25 |
| Washington H Soul Pattinson & Co. Ltd. | 1294 | 36 |
| Wesfarmers Ltd. | 4289 | 219 |
| Westpac Banking Corp. | 12949 | 358 |
| WiseTech Global Ltd. | 756 | 20 |
| Woodside Energy Group Ltd. | 7205 | 171 |
| Woolworths Group Ltd. | 4686 | 118 |
| Xero Ltd. (f) | 636 | 34 |
|  |  | 5171 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Austria (0.0%)‡ | Austria (0.0%)‡ | Austria (0.0%)‡ |
| BAWAG Group AG | 256 | $39 |
| Erste Group Bank AG | 1035 | 112 |
| OMV AG | 498 | 36 |
| Raiffeisen Bank International AG | 446 | 19 |
| Verbund AG | 230 | 18 |
|  |  | 224 |
| Belgium (0.2%) | Belgium (0.2%) | Belgium (0.2%) |
| Ageas SA | 545 | 40 |
| Anheuser-Busch InBev SA | 3631 | 251 |
| Argenx SE (f) | 227 | 165 |
| D'ieteren Group | 79 | 15 |
| Elia Group SA (f) | 161 | 25 |
| Financiere de Tubize SA | 73 | 18 |
| Groupe Bruxelles Lambert NV | 292 | 26 |
| KBC Group NV | 845 | 103 |
| Lotus Bakeries NV | 2 | 22 |
| Sofina SA | 61 | 15 |
| Syensqo SA | 268 | 16 |
| UCB SA | 461 | 139 |
|  |  | 835 |
| Canada (1.9%) | Canada (1.9%) | Canada (1.9%) |
| Agnico Eagle Mines Ltd. | 1859 | 377 |
| Alamos Gold, Inc., Class A | 1559 | 69 |
| Alimentation Couche-Tard, Inc. | 2757 | 156 |
| AltaGas Ltd. | 1107 | 38 |
| ARC Resources Ltd. | 2162 | 45 |
| AtkinsRealis Group, Inc. | 636 | 41 |
| Bank of Montreal | 2767 | 375 |
| Bank of Nova Scotia | 4713 | 327 |
| Barrick Mining Corp. | 6372 | 260 |
| BCE, Inc. | 273 | 7 |
| Bombardier, Inc., Class B (f) | 329 | 58 |
| Brookfield Asset Management Ltd., Class A | 1605 | 71 |
| Brookfield Corp. | 8079 | 327 |
| Brookfield Renewable Corp. | 538 | 22 |
| CAE, Inc. (f) | 1156 | 30 |
| Cameco Corp. | 1649 | 179 |
| Canadian Imperial Bank of Commerce | 3568 | 338 |
| Canadian National Railway Co. | 1942 | 200 |
| Canadian Natural Resources Ltd. | 7748 | 378 |
| Canadian Pacific Kansas City Ltd. | 3352 | 264 |
| Canadian Tire Corp. Ltd., Class A | 186 | 25 |
| Canadian Utilities Ltd., Class A | 491 | 17 |
| CCL Industries, Inc., Class B | 521 | 33 |
| Celestica, Inc. (f) | 441 | 124 |
| Cenovus Energy, Inc. | 5256 | 140 |
| CGI, Inc. | 731 | 54 |
| Constellation Software, Inc. | 77 | 135 |
| Descartes Systems Group, Inc. (f) | 331 | 24 |
| Dollarama, Inc. | 1020 | 125 |
| Element Fleet Management Corp. | 1554 | 34 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Emera, Inc. | 1099 | $57 |
| Empire Co. Ltd., Class A | 464 | 17 |
| Enbridge, Inc. | 7999 | 434 |
| Fairfax Financial Holdings Ltd. | 77 | 131 |
| First Quantum Minerals Ltd. (f) | 2694 | 64 |
| FirstService Corp. | 153 | 21 |
| Fortis, Inc. | 1855 | 104 |
| Franco-Nevada Corp. | 723 | 179 |
| George Weston Ltd. | 644 | 46 |
| GFL Environmental, Inc. | 909 | 38 |
| Gildan Activewear, Inc. | 674 | 38 |
| Great-West Lifeco, Inc. | 1037 | 49 |
| Hydro One Ltd. | 1226 | 51 |
| iA Financial Corp., Inc. | 347 | 39 |
| IGM Financial, Inc. | 315 | 15 |
| Imperial Oil Ltd. | 647 | 85 |
| Intact Financial Corp. | 659 | 119 |
| Ivanhoe Mines Ltd., Class A (f) | 2966 | 25 |
| Keyera Corp. | 847 | 33 |
| Kinross Gold Corp. | 4538 | 139 |
| Loblaw Cos. Ltd. | 2248 | 103 |
| Lundin Gold, Inc. | 406 | 31 |
| Lundin Mining Corp. | 2547 | 64 |
| Magna International, Inc. | 1025 | 57 |
| Manulife Financial Corp. | 6450 | 222 |
| Metro, Inc. | 756 | 52 |
| National Bank of Canada | 1480 | 192 |
| Nutrien Ltd. | 1773 | 134 |
| Open Text Corp. | 957 | 21 |
| Pan American Silver Corp. | 1577 | 86 |
| Pembina Pipeline Corp. | 2170 | 97 |
| Power Corp. of Canada | 2075 | 100 |
| RB Global, Inc. | 709 | 68 |
| Restaurant Brands International, Inc. | 1140 | 84 |
| Rogers Communications, Inc., Class B | 1359 | 52 |
| Royal Bank of Canada | 5347 | 864 |
| Saputo, Inc. | 907 | 28 |
| Shopify, Inc., Class A (f) | 4839 | 574 |
| Stantec, Inc. | 441 | 38 |
| Sun Life Financial, Inc. | 2081 | 130 |
| Suncor Energy, Inc. | 4464 | 295 |
| TC Energy Corp. | 3807 | 238 |
| Teck Resources Ltd., Class B | 1770 | 92 |
| TELUS Corp. | 1900 | 25 |
| TFI International, Inc. | 294 | 32 |
| Thomson Reuters Corp. | 610 | 55 |
| TMX Group Ltd. | 1070 | 38 |
| Toromont Industries Ltd. | 306 | 43 |
| Toronto-Dominion Bank | 6459 | 603 |
| Tourmaline Oil Corp. | 1355 | 65 |
| Wheaton Precious Metals Corp. | 1686 | 221 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| Canada (cont'd) | Canada (cont'd) | Canada (cont'd) | Canada (cont'd) |
| Whitecap Resources, Inc. | 4519 | $| 51 |
| WSP Global, Inc. | 510 |  | 79 |
|  |  |  | 10791 |
| China (0.0%) | China (0.0%) | China (0.0%) | China (0.0%) |
| China Common Rich Renewable Energy <br>Investments Ltd. (f)(g) | 42000 |  |  |
| Denmark (0.2%) | Denmark (0.2%) | Denmark (0.2%) | Denmark (0.2%) |
| AP Moller — Maersk AS Series B | 26 |  | 64 |
| Carlsberg AS Series B | 344 |  | 43 |
| Coloplast AS Series B | 460 |  | 31 |
| Danske Bank AS | 2406 |  | 119 |
| Demant AS (f) | 342 |  | 10 |
| DSV AS | 747 |  | 180 |
| Genmab AS (f) | 224 |  | 60 |
| Novo Nordisk AS, Class B | 12042 |  | 441 |
| Novonesis Novozymes B Series B | 1314 |  | 78 |
| Orsted AS (f) | 1915 |  | 48 |
| Pandora AS | 291 |  | 21 |
| Rockwool AS, Class B | 354 |  | 10 |
| Tryg AS | 1219 |  | 29 |
| Vestas Wind Systems AS | 3564 |  | 108 |
|  |  |  | 1242 |
| Finland (0.2%) | Finland (0.2%) | Finland (0.2%) | Finland (0.2%) |
| Elisa OYJ | 526 |  | 26 |
| Fortum OYJ | 1635 |  | 42 |
| Kesko OYJ, Class B | 1001 |  | 22 |
| Kone OYJ, Class B | 1260 |  | 80 |
| Metso OYJ | 2412 |  | 42 |
| Neste OYJ | 1554 |  | 50 |
| Nokia OYJ | 19712 |  | 158 |
| Nordea Bank Abp | 11243 |  | 194 |
| Orion OYJ, Class B | 397 |  | 32 |
| Sampo OYJ, Class A | 8794 |  | 94 |
| Stora Enso OYJ, Class R | 2133 |  | 25 |
| UPM-Kymmene OYJ | 1907 |  | 60 |
| Wartsila OYJ Abp | 1845 |  | 69 |
|  |  |  | 894 |
| France (1.4%) | France (1.4%) | France (1.4%) | France (1.4%) |
| Accor SA | 680 |  | 33 |
| Aeroports de Paris SA | 126 |  | 15 |
| Air Liquide SA | 2096 |  | 433 |
| Airbus SE | 2154 |  | 407 |
| Alstom SA (f) | 1210 |  | 35 |
| Amundi SA | 227 |  | 19 |
| ArcelorMittal SA | 1555 |  | 81 |
| AXA SA | 6037 |  | 277 |
| Ayvens SA | 1278 |  | 15 |
| BioMerieux | 150 |  | 16 |
| BNP Paribas SA | 3649 |  | 348 |
| Bollore SE | 2569 |  | 15 |
| Bouygues SA | 695 |  | 40 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| Bureau Veritas SA | 1293 | $| 39 |
| Capgemini SE | 542 |  | 64 |
| Carrefour SA | 2121 |  | 39 |
| Cie de Saint-Gobain SA | 1608 |  | 133 |
| Cie Generale des Etablissements Michelin SCA | 2366 |  | 81 |
| Covivio SA REIT | 202 |  | 12 |
| Credit Agricole SA | 3847 |  | 72 |
| Danone SA | 2355 |  | 188 |
| Dassault Aviation SA | 70 |  | 26 |
| Dassault Systemes SE | 2431 |  | 49 |
| Eiffage SA | 246 |  | 38 |
| Engie SA | 6671 |  | 215 |
| EssilorLuxottica SA | 1100 |  | 256 |
| Eurofins Scientific SE | 433 |  | 32 |
| Euronext NV | 279 |  | 45 |
| Gecina SA REIT | 167 |  | 13 |
| Getlink SE | 1065 |  | 23 |
| Hermes International SCA | 117 |  | 222 |
| Ipsen SA | 137 |  | 26 |
| Kering SA | 274 |  | 83 |
| Klepierre SA REIT | 779 |  | 29 |
| Legrand SA | 950 |  | 148 |
| L'Oreal SA | 876 |  | 358 |
| LVMH Moet Hennessy Louis Vuitton SE | 917 |  | 501 |
| Orange SA | 6705 |  | 137 |
| Pernod Ricard SA | 753 |  | 56 |
| Publicis Groupe SA | 828 |  | 69 |
| Renault SA | 694 |  | 24 |
| Rexel SA | 798 |  | 32 |
| Safran SA | 1282 |  | 419 |
| Sanofi SA | 3962 |  | 383 |
| Sartorius Stedim Biotech | 109 |  | 21 |
| Schneider Electric SE | 2003 |  | 546 |
| Societe Generale SA | 2510 |  | 183 |
| Sodexo SA | 322 |  | 16 |
| STMicroelectronics NV | 2480 |  | 84 |
| Thales SA | 332 |  | 97 |
| TotalEnergies SE | 7280 |  | 668 |
| Unibail-Rodamco-Westfield REIT | 441 |  | 49 |
| Veolia Environnement SA | 2275 |  | 87 |
| Vinci SA | 1778 |  | 267 |
|  |  |  | 7564 |
| Germany (1.2%) | Germany (1.2%) | Germany (1.2%) | Germany (1.2%) |
| adidas AG | 617 |  | 100 |
| Allianz SE (Registered) | 1378 |  | 582 |
| BASF SE | 3281 |  | 202 |
| Bayer AG (Registered) | 3546 |  | 164 |
| Bayerische Motoren Werke AG | 1025 |  | 95 |
| Bayerische Motoren Werke AG (Preference) | 200 |  | 18 |
| Beiersdorf AG | 352 |  | 32 |
| Brenntag SE | 442 |  | 30 |
| Commerzbank AG | 2629 |  | 96 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| Germany (cont'd) | Germany (cont'd) | Germany (cont'd) | Germany (cont'd) |
| Continental AG | 399 | $| 28 |
| CTS Eventim AG & Co. KGaA | 227 |  | 13 |
| Daimler Truck Holding AG | 1665 |  | 82 |
| Delivery Hero SE (f) | 736 |  | 14 |
| Deutsche Bank AG (Registered) | 6578 |  | 196 |
| Deutsche Boerse AG | 674 |  | 197 |
| Deutsche Lufthansa AG (Registered) | 2174 |  | 18 |
| Deutsche Post AG (Registered) | 3339 |  | 176 |
| Deutsche Telekom AG (Registered) | 13306 |  | 497 |
| Dr. Ing hc F Porsche AG (Preference) | 413 |  | 19 |
| E.ON SE | 8121 |  | 178 |
| Evonik Industries AG | 929 |  | 18 |
| Fresenius Medical Care AG | 801 |  | 36 |
| Fresenius SE & Co. KGaA | 1542 |  | 80 |
| GEA Group AG | 529 |  | 38 |
| Hannover Rueck SE (Registered) | 219 |  | 69 |
| Heidelberg Materials AG | 487 |  | 103 |
| Henkel AG & Co. KGaA | 377 |  | 27 |
| Henkel AG & Co. KGaA (Preference) | 580 |  | 45 |
| Hensoldt AG | 223 |  | 20 |
| HOCHTIEF AG | 55 |  | 25 |
| Infineon Technologies AG | 4712 |  | 214 |
| Knorr-Bremse AG | 264 |  | 30 |
| LEG Immobilien SE | 276 |  | 18 |
| Mercedes-Benz Group AG (Registered) | 2602 |  | 160 |
| Merck KGaA | 469 |  | 60 |
| MTU Aero Engines AG | 193 |  | 70 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br>in Muenchen (Registered) | 471 |  | 297 |
| Nemetschek SE | 208 |  | 16 |
| Porsche Automobil Holding SE (Preference) | 556 |  | 20 |
| Qiagen NV | 750 |  | 30 |
| Rational AG | 18 |  | 13 |
| Rheinmetall AG | 164 |  | 277 |
| RWE AG | 2272 |  | 153 |
| SAP SE | 3781 |  | 645 |
| Sartorius AG (Preference) | 95 |  | 24 |
| Scout24 SE | 270 |  | 21 |
| Siemens AG (Registered) | 2762 |  | 673 |
| Siemens Energy AG | 2838 |  | 489 |
| Siemens Healthineers AG | 1231 |  | 52 |
| Symrise AG | 485 |  | 41 |
| Talanx AG | 233 |  | 29 |
| Volkswagen AG (Preference) | 746 |  | 76 |
| Vonovia SE | 2783 |  | 70 |
| Zalando SE (f) | 808 |  | 20 |
|  |  |  | 6696 |
| Hong Kong (0.3%) | Hong Kong (0.3%) | Hong Kong (0.3%) | Hong Kong (0.3%) |
| AIA Group Ltd. | 40717 |  | 452 |
| BOC Hong Kong Holdings Ltd. | 14183 |  | 78 |
| CK Asset Holdings Ltd. | 7424 |  | 42 |
| CK Hutchison Holdings Ltd. | 10298 |  | 79 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| CK Infrastructure Holdings Ltd. | 2429 | $| 20 |
| CLP Holdings Ltd. | 6329 |  | 60 |
| Futu Holdings Ltd. ADR (f) | 221 |  | 30 |
| Galaxy Entertainment Group Ltd. | 7596 |  | 34 |
| Henderson Land Development Co. Ltd. | 5665 |  | 21 |
| HKT Trust & HKT Ltd. | 14541 |  | 23 |
| Hong Kong & China Gas Co. Ltd. | 43213 |  | 39 |
| Hong Kong Exchanges & Clearing Ltd. | 4662 |  | 235 |
| Hongkong Land Holdings Ltd. | 4196 |  | 33 |
| Jardine Matheson Holdings Ltd. | 627 |  | 45 |
| Link REIT | 10452 |  | 48 |
| MTR Corp. Ltd. | 5976 |  | 25 |
| Power Assets Holdings Ltd. | 5340 |  | 42 |
| Sands China Ltd. | 9330 |  | 20 |
| Sino Land Co. Ltd. | 14105 |  | 21 |
| SITC International Holdings Co. Ltd. | 5129 |  | 22 |
| Sun Hung Kai Properties Ltd. | 5561 |  | 93 |
| Swire Pacific Ltd., Class A | 1340 |  | 15 |
| Techtronic Industries Co. Ltd. | 5625 |  | 75 |
| WH Group Ltd. | 32253 |  | 42 |
| Wharf Holdings Ltd. | 4128 |  | 11 |
| Wharf Real Estate Investment Co. Ltd. | 6431 |  | 19 |
|  |  |  | 1624 |
| Ireland (0.1%) | Ireland (0.1%) | Ireland (0.1%) | Ireland (0.1%) |
| AIB Group PLC | 7926 |  | 85 |
| Bank of Ireland Group PLC | 3611 |  | 65 |
| Kerry Group PLC, Class A | 612 |  | 49 |
| Kingspan Group PLC | 576 |  | 49 |
| Ryanair Holdings PLC | 3174 |  | 89 |
|  |  |  | 337 |
| Israel (0.2%) | Israel (0.2%) | Israel (0.2%) | Israel (0.2%) |
| Azrieli Group Ltd. | 154 |  | 21 |
| Bank Hapoalim BM | 4552 |  | 107 |
| Bank Leumi Le-Israel BM | 5395 |  | 121 |
| Check Point Software Technologies Ltd. (f) | 312 |  | 45 |
| CyberArk Software Ltd. (f) | 197 |  | 9 |
| Elbit Systems Ltd. | 101 |  | 85 |
| ICL Group Ltd. | 2819 |  | 14 |
| Israel Discount Bank Ltd., Class A | 4453 |  | 45 |
| Mizrahi Tefahot Bank Ltd. | 568 |  | 41 |
| Monday.com Ltd. (f) | 157 |  | 11 |
| Nice Ltd. (f) | 225 |  | 25 |
| Nova Ltd. (f) | 108 |  | 48 |
| Phoenix Financial Ltd. | 830 |  | 44 |
| Teva Pharmaceutical Industries Ltd. ADR (f) | 4172 |  | 126 |
| Tower Semiconductor Ltd. (f) | 907 |  | 155 |
|  |  |  | 897 |
| Italy (0.4%) | Italy (0.4%) | Italy (0.4%) | Italy (0.4%) |
| Banca Mediolanum SpA | 816 |  | 17 |
| Banca Monte dei Paschi di Siena SpA | 7235 |  | 63 |
| Banco BPM SpA | 4084 |  | 57 |
| BPER Banca SpA | 5314 |  | 70 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| Italy (cont'd) | Italy (cont'd) | Italy (cont'd) | Italy (cont'd) |
| Buzzi SpA | 276 | $| 14 |
| Davide Campari-Milano NV | 2263 |  | 16 |
| Enel SpA | 29695 |  | 325 |
| Eni SpA | 7489 |  | 213 |
| Ferrari NV | 467 |  | 158 |
| FinecoBank Banca Fineco SpA | 2208 |  | 49 |
| Generali | 3084 |  | 124 |
| Intesa Sanpaolo SpA | 50555 |  | 306 |
| Italgas SpA | 2197 |  | 26 |
| Leonardo SpA | 1447 |  | 98 |
| Moncler SpA | 855 |  | 51 |
| Poste Italiane SpA | 1651 |  | 39 |
| Prysmian SpA | 1020 |  | 120 |
| Recordati Industria Chimica e Farmaceutica SpA | 421 |  | 24 |
| Snam SpA | 7338 |  | 56 |
| Stellantis NV | 7380 |  | 53 |
| Telecom Italia SpA (f) | 63518 |  | 47 |
| Tenaris SA | 1365 |  | 40 |
| Terna - Rete Elettrica Nazionale | 5155 |  | 59 |
| UniCredit SpA | 5031 |  | 361 |
| Unipol Assicurazioni SpA | 1307 |  | 30 |
|  |  |  | 2416 |
| Netherlands (0.7%) | Netherlands (0.7%) | Netherlands (0.7%) | Netherlands (0.7%) |
| ABN AMRO Bank NV CVA | 2087 |  | 66 |
| Adyen NV (f) | 93 |  | 93 |
| Aegon Ltd. | 4507 |  | 33 |
| AerCap Holdings NV | 610 |  | 84 |
| Akzo Nobel NV | 625 |  | 36 |
| ASM International NV | 172 |  | 130 |
| ASML Holding NV | 1417 |  | 1884 |
| ASR Nederland NV | 564 |  | 39 |
| BE Semiconductor Industries NV | 265 |  | 57 |
| Coca-Cola Europacific Partners PLC | 758 |  | 69 |
| CSG NV (f) | 727 |  | 19 |
| CVC Capital Partners PLC | 775 |  | 10 |
| DSM-Firmenich AG | 634 |  | 45 |
| EXOR NV | 340 |  | 26 |
| Heineken Holding NV | 469 |  | 33 |
| Heineken NV | 1043 |  | 80 |
| ING Groep NV | 10516 |  | 273 |
| InPost SA (f) | 910 |  | 16 |
| JDE Peet's NV | 622 |  | 23 |
| Koninklijke Ahold Delhaize NV | 3233 |  | 151 |
| Koninklijke KPN NV | 13800 |  | 77 |
| Koninklijke Philips NV | 2809 |  | 77 |
| Magnum Ice Cream Co. NV (f) | 1823 |  | 27 |
| Nebius Group NV, Class A (f) | 778 |  | 81 |
| NN Group NV | 943 |  | 74 |
| Prosus NV (f) | 4714 |  | 218 |
| Randstad NV | 411 |  | 11 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| Universal Music Group NV | 3968 | $| 77 |
| Wolters Kluwer NV | 828 |  | 62 |
|  |  |  | 3871 |
| New Zealand (0.0%)‡ | New Zealand (0.0%)‡ | New Zealand (0.0%)‡ | New Zealand (0.0%)‡ |
| Auckland International Airport Ltd. | 5593 |  | 26 |
| Contact Energy Ltd. | 2911 |  | 15 |
| Fisher & Paykel Healthcare Corp. Ltd. | 1950 |  | 42 |
| Infratil Ltd. | 3039 |  | 21 |
| Meridian Energy Ltd. | 4356 |  | 14 |
|  |  |  | 118 |
| Norway (0.1%) | Norway (0.1%) | Norway (0.1%) | Norway (0.1%) |
| Aker BP ASA | 1152 |  | 43 |
| DNB Bank ASA | 3138 |  | 98 |
| Equinor ASA | 2783 |  | 119 |
| Gjensidige Forsikring ASA | 708 |  | 18 |
| Kongsberg Gruppen ASA | 1556 |  | 66 |
| Mowi ASA | 1677 |  | 38 |
| Norsk Hydro ASA | 4990 |  | 53 |
| Orkla ASA | 2490 |  | 31 |
| Salmar ASA | 239 |  | 14 |
| Telenor ASA | 2202 |  | 39 |
| Yara International ASA | 591 |  | 35 |
|  |  |  | 554 |
| Portugal (0.0%)‡ | Portugal (0.0%)‡ | Portugal (0.0%)‡ | Portugal (0.0%)‡ |
| Banco Comercial Portugues SA, Class R | 26687 |  | 26 |
| EDP Renovaveis SA | 1159 |  | 18 |
| EDP SA | 11469 |  | 61 |
| Galp Energia SGPS SA | 1537 |  | 37 |
| Jeronimo Martins SGPS SA | 1033 |  | 25 |
|  |  |  | 167 |
| Singapore (0.2%) | Singapore (0.2%) | Singapore (0.2%) | Singapore (0.2%) |
| CapitaLand Ascendas REIT | 14727 |  | 28 |
| CapitaLand Integrated Commercial Trust REIT (f) | 23047 |  | 41 |
| CapitaLand Investment Ltd. | 8800 |  | 19 |
| DBS Group Holdings Ltd. | 7967 |  | 355 |
| Grab Holdings Ltd., Class A (f) | 9082 |  | 33 |
| Keppel Ltd. | 5461 |  | 50 |
| Oversea-Chinese Banking Corp. Ltd. | 12771 |  | 219 |
| Sea Ltd. ADR (f) | 1454 |  | 120 |
| Sembcorp Industries Ltd. | 3362 |  | 18 |
| Singapore Airlines Ltd. | 5900 |  | 30 |
| Singapore Exchange Ltd. | 3212 |  | 49 |
| Singapore Technologies Engineering Ltd. | 5856 |  | 50 |
| Singapore Telecommunications Ltd. | 28078 |  | 108 |
| United Overseas Bank Ltd. | 4716 |  | 135 |
| Wilmar International Ltd. | 7298 |  | 22 |
| Yangzijiang Shipbuilding Holdings Ltd. | 9753 |  | 29 |
|  |  |  | 1306 |
| South Africa (0.0%)‡ | South Africa (0.0%)‡ | South Africa (0.0%)‡ | South Africa (0.0%)‡ |
| Valterra Platinum Ltd. | 537 |  | 44 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Spain (0.5%) | Spain (0.5%) | Spain (0.5%) |
| Acciona SA | 88 | $23 |
| ACS Actividades de Construccion y Servicios SA | 632 | 77 |
| Aena SME SA | 2709 | 80 |
| Amadeus IT Group SA | 1629 | 93 |
| Banco Bilbao Vizcaya Argentaria SA | 20508 | 443 |
| Banco de Sabadell SA | 18046 | 65 |
| Banco Santander SA | 53070 | 595 |
| Bankinter SA | 2452 | 39 |
| CaixaBank SA | 13956 | 167 |
| Cellnex Telecom SA | 1680 | 54 |
| Endesa SA | 1145 | 48 |
| Ferrovial SE | 1849 | 120 |
| Grifols SA | 1078 | 11 |
| Iberdrola SA | 23249 | 532 |
| Indra Sistemas SA | 279 | 15 |
| Industria de Diseno Textil SA | 3960 | 231 |
| International Consolidated Airlines Group SA | 4249 | 20 |
| Mapfre SA | 3291 | 15 |
| Naturgy Energy Group SA | 971 | 29 |
| Redeia Corp. SA | 1462 | 25 |
| Repsol SA | 4028 | 113 |
| Telefonica SA | 13171 | 58 |
|  |  | 2853 |
| Sweden (0.5%) | Sweden (0.5%) | Sweden (0.5%) |
| AddTech AB, Class B | 940 | 32 |
| Alfa Laval AB | 1047 | 57 |
| Assa Abloy AB, Class B | 3599 | 130 |
| Atlas Copco AB, Class A | 15348 | 259 |
| Beijer Ref AB | 1473 | 20 |
| Boliden AB (f) | 1006 | 53 |
| Epiroc AB, Class A | 3742 | 88 |
| EQT AB | 1769 | 55 |
| Essity AB, Class B | 2173 | 56 |
| Evolution AB | 479 | 30 |
| Fastighets AB Balder, Class B (f) | 2561 | 15 |
| H & M Hennes & Mauritz AB, Class B | 1758 | 33 |
| Hexagon AB, Class B | 7477 | 73 |
| Holmen AB, Class B | 256 | 9 |
| Industrivarden AB, Class A | 943 | 47 |
| Indutrade AB | 982 | 23 |
| Investment AB Latour, Class B | 526 | 11 |
| Investor AB, Class B | 6535 | 248 |
| L E Lundbergforetagen AB, Class B | 272 | 15 |
| Lifco AB, Class B | 836 | 25 |
| Nibe Industrier AB, Class B | 5418 | 23 |
| Saab AB, Class B | 1154 | 76 |
| Sagax AB, Class B | 785 | 14 |
| Sandvik AB | 3787 | 146 |
| Securitas AB, Class B | 1766 | 30 |
| Skandinaviska Enskilda Banken AB, Class A | 5415 | 100 |
| Skanska AB, Class B | 1213 | 33 |
| SKF AB, Class B | 1209 | 29 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| Spotify Technology SA (f) | 568 | $| 275 |
| Svenska Cellulosa AB SCA, Class B | 2195 |  | 25 |
| Svenska Handelsbanken AB, Class A | 5198 |  | 69 |
| Swedbank AB, Class A | 3040 |  | 104 |
| Swedish Orphan Biovitrum AB (f) | 708 |  | 30 |
| Tele2 AB, Class B | 1956 |  | 40 |
| Telefonaktiebolaget LM Ericsson, Class B | 10088 |  | 115 |
| Telia Co. AB | 8457 |  | 43 |
| Trelleborg AB, Class B | 726 |  | 27 |
| Verisure PLC (f) | 934 |  | 10 |
| Volvo AB, Class B | 5698 |  | 187 |
|  |  |  | 2655 |
| Switzerland (1.2%) | Switzerland (1.2%) | Switzerland (1.2%) | Switzerland (1.2%) |
| ABB Ltd. (Registered) | 5656 |  | 460 |
| Alcon AG | 1829 |  | 138 |
| Avolta AG (Registered) (f) | 318 |  | 19 |
| Banque Cantonale Vaudoise (Registered) | 109 |  | 18 |
| Barry Callebaut AG (Registered) | 13 |  | 23 |
| Belimo Holding AG (Registered) | 36 |  | 29 |
| BKW AG | 77 |  | 15 |
| Chocoladefabriken Lindt & Spruengli AG | 3 |  | 42 |
| Cie Financiere Richemont SA, Class A <br>(Registered) | 1960 |  | 346 |
| EMS-Chemie Holding AG (Registered) | 27 |  | 21 |
| Galderma Group AG (f) | 667 |  | 131 |
| Geberit AG (Registered) | 123 |  | 83 |
| Givaudan SA (Registered) | 34 |  | 115 |
| Helvetia Baloise Holding AG (Registered) | 286 |  | 74 |
| Holcim AG (f) | 1864 |  | 154 |
| Julius Baer Group Ltd. | 748 |  | 55 |
| Kuehne & Nagel International AG (Registered) | 174 |  | 40 |
| Logitech International SA (Registered) | 551 |  | 51 |
| Lonza Group AG (Registered) | 253 |  | 162 |
| Nestle SA (Registered) | 9329 |  | 915 |
| Novartis AG (Registered) | 6870 |  | 1055 |
| Partners Group Holding AG | 82 |  | 88 |
| Roche Holding AG | 2667 |  | 1066 |
| Sandoz Group AG | 1499 |  | 118 |
| Schindler Holding AG | 148 |  | 49 |
| Schindler Holding AG (Registered) | 85 |  | 27 |
| SGS SA (Registered) | 609 |  | 64 |
| Sika AG (Registered) (f) | 555 |  | 92 |
| Sonova Holding AG (Registered) | 182 |  | 42 |
| Straumann Holding AG (Registered) | 403 |  | 42 |
| Swatch Group AG | 104 |  | 23 |
| Swiss Life Holding AG (Registered) | 103 |  | 112 |
| Swiss Prime Site AG (Registered) (f) | 293 |  | 50 |
| Swiss Re AG | 1080 |  | 181 |
| Swisscom AG (Registered) | 94 |  | 79 |
| UBS Group AG (Registered) | 11256 |  | 439 |
| VAT Group AG | 98 |  | 61 |
| Zurich Insurance Group AG | 530 |  | 375 |
|  |  |  | 6854 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| United Kingdom (2.1%) | United Kingdom (2.1%) | United Kingdom (2.1%) |
| 3i Group PLC | 3756 | $122 |
| Admiral Group PLC | 999 | 42 |
| Airtel Africa PLC | 3546 | 16 |
| Anglo American PLC | 4261 | 183 |
| Antofagasta PLC | 1475 | 66 |
| Associated British Foods PLC | 1212 | 30 |
| AstraZeneca PLC | 5981 | 1170 |
| Autotrader Group PLC | 3191 | 20 |
| Aviva PLC | 11641 | 93 |
| BAE Systems PLC | 11288 | 331 |
| Barclays PLC | 52854 | 277 |
| Barratt Redrow PLC | 5099 | 18 |
| BP PLC | 60101 | 470 |
| British American Tobacco PLC | 8386 | 487 |
| BT Group PLC | 22385 | 63 |
| Bunzl PLC | 1232 | 37 |
| Centrica PLC | 17556 | 50 |
| Coca-Cola HBC AG (f) | 832 | 47 |
| Compass Group PLC | 6491 | 181 |
| Diageo PLC | 8641 | 161 |
| Endeavour Mining PLC | 729 | 44 |
| Entain PLC | 2307 | 17 |
| Evraz PLC (f)(g) | 2495 |  |
| Experian PLC | 3526 | 122 |
| Fresnillo PLC | 828 | 37 |
| Glencore PLC (f) | 37840 | 287 |
| GSK PLC | 15631 | 431 |
| Haleon PLC | 34362 | 170 |
| Halma PLC | 1455 | 74 |
| HSBC Holdings PLC | 65905 | 1082 |
| Imperial Brands PLC | 2894 | 117 |
| Informa PLC | 4967 | 50 |
| InterContinental Hotels Group PLC | 556 | 73 |
| Intertek Group PLC | 595 | 29 |
| J Sainsbury PLC | 6547 | 29 |
| JD Sports Fashion PLC | 9306 | 9 |
| Kingfisher PLC | 6441 | 24 |
| Land Securities Group PLC REIT | 2695 | 20 |
| Legal & General Group PLC | 21709 | 71 |
| Lloyds Banking Group PLC | 224080 | 278 |
| London Stock Exchange Group PLC | 1732 | 205 |
| M&G PLC | 8764 | 32 |
| Marks & Spencer Group PLC | 7777 | 35 |
| Melrose Industries PLC | 4805 | 33 |
| National Grid PLC | 19068 | 322 |
| NatWest Group PLC | 30527 | 226 |
| Next PLC | 442 | 75 |
| Paragon Offshore PLC (f)(g) | 303 |  |
| Pearson PLC | 2163 | 29 |
| Prudential PLC | 9788 | 136 |
| Reckitt Benckiser Group PLC | 2444 | 164 |
| RELX PLC | 6981 | 229 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| Rentokil Initial PLC | 9733 | $| 60 |
| Rio Tinto PLC | 4297 |  | 399 |
| Rolls-Royce Holdings PLC | 32225 |  | 490 |
| Sage Group PLC | 3624 |  | 41 |
| Schroders PLC | 2793 |  | 21 |
| Segro PLC REIT | 4957 |  | 42 |
| Severn Trent PLC | 1038 |  | 43 |
| Shell PLC | 21806 |  | 1010 |
| Smith & Nephew PLC | 3123 |  | 49 |
| Smiths Group PLC | 1219 |  | 37 |
| Spirax Group PLC | 284 |  | 25 |
| SSE PLC | 4566 |  | 158 |
| Standard Chartered PLC | 7327 |  | 153 |
| Standard Life PLC | 2699 |  | 24 |
| Sunbelt Rentals Holdings, Inc. | 1605 |  | 102 |
| Tesco PLC | 24198 |  | 152 |
| Unilever PLC | 8423 |  | 462 |
| United Utilities Group PLC | 2616 |  | 46 |
| Vodafone Group PLC | 70780 |  | 107 |
| Whitbread PLC | 648 |  | 20 |
| Wise PLC, Class A (f) | 2551 |  | 31 |
|  |  |  | 11786 |
| United States (34.7%) | United States (34.7%) | United States (34.7%) | United States (34.7%) |
| 3M Co. | 1734 |  | 252 |
| Abbott Laboratories | 5627 |  | 578 |
| AbbVie, Inc. | 5560 |  | 1209 |
| Accenture PLC, Class A | 2004 |  | 397 |
| Adobe, Inc. (f) | 1340 |  | 326 |
| Advanced Micro Devices, Inc. (f) | 5388 |  | 1096 |
| AECOM | 436 |  | 37 |
| Affirm Holdings, Inc. (f) | 948 |  | 43 |
| Aflac, Inc. | 1643 |  | 180 |
| Agilent Technologies, Inc. | 910 |  | 104 |
| Air Products & Chemicals, Inc. | 720 |  | 209 |
| Airbnb, Inc., Class A (f) | 1410 |  | 178 |
| Alexandria Real Estate Equities, Inc. REIT | 510 |  | 24 |
| Allegion PLC | 275 |  | 40 |
| Alliant Energy Corp. | 820 |  | 59 |
| Allstate Corp. | 846 |  | 175 |
| Alnylam Pharmaceuticals, Inc. (f) | 422 |  | 140 |
| Alphabet, Inc., Class A | 34578 |  | 9932 |
| Altria Group, Inc. | 5396 |  | 356 |
| Amazon.com, Inc. (f) | 30850 |  | 6425 |
| Amcor PLC | 1478 |  | 59 |
| Ameren Corp. | 864 |  | 95 |
| American Electric Power Co., Inc. | 1703 |  | 223 |
| American Express Co. | 1932 |  | 584 |
| American Financial Group, Inc. | 215 |  | 27 |
| American Homes 4 Rent, Class A REIT | 1082 |  | 30 |
| American International Group, Inc. | 1791 |  | 135 |
| American Tower Corp. REIT | 1475 |  | 255 |
| American Water Works Co., Inc. | 618 |  | 84 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| United States (cont'd) | United States (cont'd) | United States (cont'd) |
| Ameriprise Financial, Inc. | 316 | $140 |
| AMETEK, Inc. | 746 | 160 |
| Amgen, Inc. | 1700 | 598 |
| Amphenol Corp., Class A | 4052 | 512 |
| Amrize Ltd. (f) | 1606 | 90 |
| Analog Devices, Inc. | 1608 | 512 |
| Annaly Capital Management, Inc. REIT | 2068 | 44 |
| Aon PLC, Class A | 649 | 209 |
| Apollo Global Management, Inc. | 1535 | 171 |
| Apple, Inc. | 49105 | 12462 |
| Applied Materials, Inc. | 2586 | 884 |
| AppLovin Corp., Class A (f) | 772 | 307 |
| Aptiv PLC (f) | 725 | 50 |
| Arch Capital Group Ltd. (f) | 1199 | 115 |
| Archer-Daniels-Midland Co. | 1521 | 111 |
| ARES Management Corp., Class A | 742 | 81 |
| Arista Networks, Inc. (f) | 3429 | 421 |
| Arthur J Gallagher & Co. | 818 | 177 |
| Astera Labs, Inc. (f) | 453 | 50 |
| AT&T, Inc. | 22730 | 659 |
| Atlassian Corp., Class A (f) | 560 | 38 |
| Atmos Energy Corp. | 510 | 94 |
| Autodesk, Inc. (f) | 651 | 156 |
| Automatic Data Processing, Inc. | 1326 | 269 |
| AutoZone, Inc. (f) | 53 | 179 |
| AvalonBay Communities, Inc. REIT | 468 | 76 |
| Avery Dennison Corp. | 248 | 43 |
| Axon Enterprise, Inc. (f) | 247 | 105 |
| Baker Hughes Co. | 3160 | 193 |
| Ball Corp. | 828 | 49 |
| Bank of America Corp. | 23851 | 1163 |
| Bank of New York Mellon Corp. | 2334 | 277 |
| Baxter International, Inc. | 1669 | 28 |
| Becton Dickinson & Co. | 920 | 145 |
| Bentley Systems, Inc., Class B | 522 | 18 |
| Berkshire Hathaway, Inc., Class B (f) | 4444 | 2130 |
| Best Buy Co., Inc. | 658 | 42 |
| Biogen, Inc. (f) | 464 | 85 |
| Blackrock, Inc. | 489 | 470 |
| Blackstone, Inc. | 2482 | 285 |
| Block, Inc., Class A (f) | 1549 | 93 |
| Bloom Energy Corp., Class A (f) | 785 | 106 |
| Boeing Co. (f) | 2556 | 509 |
| Booking Holdings, Inc. | 106 | 446 |
| Booz Allen Hamilton Holding Corp. | 399 | 31 |
| Boston Scientific Corp. (f) | 4740 | 297 |
| Bristol-Myers Squibb Co. | 6417 | 389 |
| Broadcom, Inc. | 14694 | 4548 |
| Broadridge Financial Solutions, Inc. | 372 | 60 |
| Brown & Brown, Inc. | 927 | 60 |
| Brown-Forman Corp., Class B | 572 | 15 |
| Builders FirstSource, Inc. (f) | 362 | 30 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Bunge Global SA | 449 | $57 |
| Burlington Stores, Inc. (f) | 205 | 67 |
| BXP, Inc. REIT | 501 | 26 |
| Cadence Design Systems, Inc. (f) | 882 | 245 |
| Capital One Financial Corp. | 2197 | 401 |
| Cardinal Health, Inc. | 762 | 161 |
| Carlisle Cos., Inc. | 138 | 46 |
| Carlyle Group, Inc. | 795 | 38 |
| Carnival Corp. | 3531 | 91 |
| Carrier Global Corp. | 2421 | 136 |
| Carvana Co. (f) | 456 | 143 |
| Caterpillar, Inc. | 1543 | 1093 |
| Cavco Industries, Inc. (f) | 209 | 101 |
| Cboe Global Markets, Inc. | 328 | 92 |
| CBRE Group, Inc., Class A (f) | 978 | 132 |
| CDW Corp. | 429 | 52 |
| Cencora, Inc. | 588 | 185 |
| Centene Corp. (f) | 15237 | 499 |
| CenterPoint Energy, Inc. | 2094 | 90 |
| Century Communities, Inc. | 687 | 39 |
| CF Industries Holdings, Inc. | 510 | 66 |
| CH Robinson Worldwide, Inc. | 380 | 63 |
| Champion Homes, Inc. (f) | 1497 | 111 |
| Charles Schwab Corp. | 5722 | 538 |
| Charter Communications, Inc., Class A (f) | 278 | 60 |
| Cheniere Energy, Inc. | 701 | 199 |
| Chevron Corp. | 6151 | 1273 |
| Chipotle Mexican Grill, Inc. (f) | 4464 | 143 |
| Chubb Ltd. | 1214 | 396 |
| Church & Dwight Co., Inc. | 777 | 73 |
| Ciena Corp. (f) | 451 | 175 |
| Cigna Group | 4365 | 1164 |
| Cincinnati Financial Corp. | 511 | 80 |
| Cintas Corp. | 1149 | 194 |
| Cisco Systems, Inc. | 12624 | 980 |
| Citigroup, Inc. | 6287 | 713 |
| Citizens Financial Group, Inc. | 1479 | 89 |
| Clorox Co. | 389 | 40 |
| Cloudflare, Inc., Class A (f) | 1044 | 215 |
| CME Group, Inc. | 1156 | 341 |
| CMS Energy Corp. | 954 | 74 |
| CNH Industrial NV | 2810 | 31 |
| Coca-Cola Co. | 13058 | 993 |
| Cognizant Technology Solutions Corp., Class A | 1590 | 98 |
| Coinbase Global, Inc., Class A (f) | 692 | 121 |
| Colgate-Palmolive Co. | 2442 | 208 |
| Comcast Corp., Class A | 11803 | 339 |
| Comfort Systems USA, Inc. | 116 | 160 |
| ConocoPhillips | 3954 | 522 |
| Consolidated Edison, Inc. | 1147 | 130 |
| Constellation Brands, Inc., Class A | 473 | 71 |
| Constellation Energy Corp. | 998 | 279 |
| Cooper Cos., Inc. (f) | 643 | 46 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| United States (cont'd) | United States (cont'd) | United States (cont'd) |
| Copart, Inc. (f) | 2919 | $97 |
| Corebridge Financial, Inc. | 997 | 24 |
| CoreWeave, Inc., Class A (f) | 697 | 54 |
| Corning, Inc. | 2658 | 361 |
| Corpay, Inc. (f) | 223 | 65 |
| Corteva, Inc. | 2176 | 182 |
| CoStar Group, Inc. (f) | 1388 | 56 |
| Costco Wholesale Corp. | 1407 | 1402 |
| Coterra Energy, Inc. | 2421 | 85 |
| Credo Technology Group Holding Ltd. (f) | 517 | 49 |
| CRH PLC | 2195 | 231 |
| Crowdstrike Holdings, Inc., Class A (f) | 844 | 330 |
| Crown Castle, Inc. REIT | 1359 | 111 |
| CSX Corp. | 6022 | 247 |
| Cummins, Inc. | 450 | 242 |
| CVS Health Corp. | 14295 | 1027 |
| Danaher Corp. | 2088 | 396 |
| Darden Restaurants, Inc. | 378 | 74 |
| Datadog, Inc., Class A (f) | 1038 | 123 |
| Deckers Outdoor Corp. (f) | 487 | 49 |
| Deere & Co. | 822 | 463 |
| Dell Technologies, Inc., Class C | 864 | 142 |
| Delta Air Lines, Inc. | 565 | 38 |
| Devon Energy Corp. | 1912 | 96 |
| Dexcom, Inc. (f) | 1282 | 81 |
| Diamondback Energy, Inc. | 587 | 116 |
| Dick's Sporting Goods, Inc. | 219 | 43 |
| Digital Realty Trust, Inc. REIT | 1095 | 197 |
| Docusign, Inc. (f) | 657 | 31 |
| Dollar General Corp. | 701 | 83 |
| Dollar Tree, Inc. (f) | 634 | 69 |
| Dominion Energy, Inc. | 2765 | 171 |
| Domino's Pizza, Inc. | 103 | 37 |
| DoorDash, Inc., Class A (f) | 1264 | 190 |
| Dover Corp. | 449 | 94 |
| Dow, Inc. | 2247 | 94 |
| DR Horton, Inc. | 8253 | 1132 |
| DraftKings, Inc., Class A (f) | 1446 | 31 |
| Dream Finders Homes, Inc., Class A (f) | 774 | 11 |
| DTE Energy Co. | 665 | 97 |
| Duke Energy Corp. | 2477 | 324 |
| DuPont de Nemours, Inc. | 1368 | 63 |
| Dynatrace, Inc. (f) | 978 | 36 |
| Eaton Corp. PLC | 1265 | 452 |
| eBay, Inc. | 1448 | 132 |
| EchoStar Corp., Class A (f) | 463 | 54 |
| Ecolab, Inc. | 823 | 219 |
| Edison International | 1240 | 91 |
| Edwards Lifesciences Corp. (f) | 1885 | 151 |
| Electronic Arts, Inc. | 768 | 157 |
| Elevance Health, Inc. | 3988 | 1167 |
| Eli Lilly & Co. | 2564 | 2358 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| EMCOR Group, Inc. | 149 | $110 |
| Emerson Electric Co. | 1855 | 243 |
| Entegris, Inc. | 493 | 58 |
| Entergy Corp. | 1432 | 161 |
| EOG Resources, Inc. | 1722 | 249 |
| EQT Corp. | 1958 | 125 |
| Equifax, Inc. | 397 | 71 |
| Equinix, Inc. REIT | 310 | 304 |
| Equitable Holdings, Inc. | 1006 | 37 |
| Equity LifeStyle Properties, Inc. REIT | 595 | 37 |
| Equity Residential REIT | 1184 | 70 |
| Erie Indemnity Co., Class A | 83 | 21 |
| Essential Utilities, Inc. | 886 | 36 |
| Essex Property Trust, Inc. REIT | 213 | 52 |
| Estee Lauder Cos., Inc., Class A | 783 | 56 |
| Everest Group Ltd. | 136 | 44 |
| Evergy, Inc. | 736 | 60 |
| Everpure, Inc., Class A (f) | 1032 | 61 |
| Eversource Energy | 1181 | 82 |
| Exelon Corp. | 3199 | 157 |
| Expand Energy Corp. | 752 | 83 |
| Expedia Group, Inc. | 384 | 89 |
| Expeditors International of Washington, Inc. | 435 | 62 |
| Extra Space Storage, Inc. REIT | 669 | 88 |
| Exxon Mobil Corp. | 13447 | 2281 |
| F5, Inc. (f) | 190 | 55 |
| Fair Isaac Corp. (f) | 77 | 82 |
| Fastenal Co. | 3663 | 170 |
| FedEx Corp. | 718 | 256 |
| Ferguson Enterprises, Inc. | 644 | 150 |
| Fidelity National Financial, Inc. | 827 | 38 |
| Fidelity National Information Services, Inc. | 1698 | 80 |
| Fifth Third Bancorp | 3068 | 143 |
| First Citizens BancShares, Inc., Class A | 31 | 58 |
| First Solar, Inc. (f) | 334 | 66 |
| FirstEnergy Corp. | 1752 | 89 |
| Fiserv, Inc. (f) | 1752 | 98 |
| Flex Ltd. (f) | 1220 | 80 |
| Flutter Entertainment PLC (f) | 632 | 64 |
| Ford Motor Co. | 12859 | 148 |
| Fortinet, Inc. (f) | 2120 | 173 |
| Fortive Corp. | 1099 | 61 |
| Fox Corp., Class A | 1177 | 66 |
| Freeport-McMoRan, Inc. | 4701 | 276 |
| Gaming & Leisure Properties, Inc. REIT | 907 | 40 |
| Garmin Ltd. | 530 | 123 |
| Gartner, Inc. (f) | 245 | 39 |
| GE HealthCare Technologies, Inc. | 1468 | 105 |
| GE Vernova, Inc. | 892 | 779 |
| Gen Digital, Inc. | 1705 | 32 |
| General Dynamics Corp. | 731 | 251 |
| General Electric Co. | 3446 | 978 |
| General Mills, Inc. | 1701 | 63 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| United States (cont'd) | United States (cont'd) | United States (cont'd) |
| General Motors Co. | 3150 | $235 |
| Genuine Parts Co. | 442 | 47 |
| Gilead Sciences, Inc. | 3844 | 536 |
| Global Payments, Inc. | 795 | 54 |
| GoDaddy, Inc., Class A (f) | 447 | 37 |
| Goldman Sachs Group, Inc. | 1052 | 890 |
| Graco, Inc. | 532 | 45 |
| Green Brick Partners, Inc. (f) | 821 | 53 |
| Halliburton Co. | 2736 | 107 |
| Hartford Insurance Group, Inc. | 910 | 123 |
| HCA Healthcare, Inc. | 524 | 248 |
| Healthpeak Properties, Inc. REIT | 2198 | 36 |
| HEICO Corp. | 378 | 89 |
| Hershey Co. | 468 | 97 |
| Hewlett Packard Enterprise Co. | 4119 | 98 |
| Hilton Worldwide Holdings, Inc. | 780 | 237 |
| Hologic, Inc. (f) | 717 | 54 |
| Home Depot, Inc. | 3181 | 1046 |
| Honeywell International, Inc. | 2027 | 458 |
| Hormel Foods Corp. | 940 | 21 |
| Howmet Aerospace, Inc. | 1238 | 285 |
| HP, Inc. | 2996 | 58 |
| Hubbell, Inc. | 177 | 87 |
| HubSpot, Inc. (f) | 166 | 41 |
| Humana, Inc. | 3360 | 583 |
| Huntington Bancshares, Inc. | 6852 | 107 |
| Hyatt Hotels Corp., Class A | 144 | 21 |
| IDEX Corp. | 246 | 47 |
| IDEXX Laboratories, Inc. (f) | 259 | 146 |
| Illinois Tool Works, Inc. | 891 | 232 |
| Illumina, Inc. (f) | 474 | 58 |
| Incyte Corp. (f) | 531 | 50 |
| Ingersoll Rand, Inc. | 1297 | 104 |
| Insmed, Inc. (f) | 688 | 113 |
| Installed Building Products, Inc. | 611 | 162 |
| Insulet Corp. (f) | 231 | 48 |
| Intel Corp. (f) | 14729 | 650 |
| Interactive Brokers Group, Inc., Class A | 1525 | 102 |
| Intercontinental Exchange, Inc. | 1831 | 288 |
| International Business Machines Corp. | 3045 | 738 |
| International Flavors & Fragrances, Inc. | 815 | 59 |
| International Paper Co. | 1599 | 57 |
| Intuit, Inc. | 880 | 381 |
| Intuitive Surgical, Inc. (f) | 1170 | 539 |
| Invitation Homes, Inc. REIT | 1876 | 47 |
| IonQ, Inc. (f) | 1055 | 30 |
| IQVIA Holdings, Inc. (f) | 528 | 90 |
| Iron Mountain, Inc. REIT | 951 | 97 |
| J.M. Smucker Co. | 348 | 34 |
| Jabil, Inc. | 356 | 95 |
| Jack Henry & Associates, Inc. | 232 | 37 |
| Jacobs Solutions, Inc. | 392 | 50 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| JB Hunt Transport Services, Inc. | 245 | $52 |
| Johnson & Johnson | 7629 | 1865 |
| Johnson Controls International PLC | 2106 | 276 |
| JPMorgan Chase & Co. | 9150 | 2692 |
| KB Home | 1745 | 90 |
| Kenvue, Inc. | 6155 | 106 |
| Keurig Dr. Pepper, Inc. | 4154 | 109 |
| KeyCorp | 3185 | 64 |
| Keysight Technologies, Inc. (f) | 566 | 160 |
| Kimberly-Clark Corp. | 1061 | 102 |
| Kimco Realty Corp. REIT | 2181 | 49 |
| Kinder Morgan, Inc. | 6415 | 215 |
| KKR & Co., Inc. | 2172 | 201 |
| KLA Corp. | 428 | 630 |
| Kraft Heinz Co. | 2832 | 64 |
| Kroger Co. | 2000 | 145 |
| L3Harris Technologies, Inc. | 592 | 204 |
| Labcorp Holdings, Inc. | 267 | 71 |
| Lam Research Corp. | 4136 | 884 |
| Las Vegas Sands Corp. | 990 | 53 |
| Leidos Holdings, Inc. | 394 | 61 |
| Lennar Corp., Class A | 6527 | 567 |
| Lennox International, Inc. | 97 | 45 |
| LGI Homes, Inc. (f) | 547 | 22 |
| Liberty Media Corp.-Liberty Formula One, <br>Class C (f) | 640 | 54 |
| Linde PLC | 1488 | 738 |
| Live Nation Entertainment, Inc. (f) | 505 | 77 |
| Lockheed Martin Corp. | 664 | 401 |
| Loews Corp. | 566 | 60 |
| Lowe's Cos., Inc. | 1813 | 428 |
| LPL Financial Holdings, Inc. | 277 | 83 |
| Lululemon Athletica, Inc. (f) | 351 | 54 |
| LyondellBasell Industries NV, Class A | 816 | 66 |
| M&T Bank Corp. | 524 | 108 |
| M/I Homes, Inc. (f) | 704 | 86 |
| Marathon Petroleum Corp. | 1003 | 245 |
| Markel Group, Inc. (f) | 41 | 78 |
| Marriott International, Inc., Class A | 764 | 250 |
| Marsh & McLennan Cos., Inc. | 1578 | 274 |
| Martin Marietta Materials, Inc. | 196 | 115 |
| Marvell Technology, Inc. | 2753 | 273 |
| Masco Corp. | 679 | 41 |
| Mastercard, Inc., Class A | 2761 | 1380 |
| McCormick & Co., Inc. | 802 | 40 |
| McDonald's Corp. | 2267 | 705 |
| McKesson Corp. | 399 | 345 |
| Medtronic PLC | 4109 | 356 |
| MercadoLibre, Inc. (f) | 146 | 252 |
| Merck & Co., Inc. | 7773 | 935 |
| Meritage Homes Corp. | 1892 | 117 |
| Meta Platforms, Inc., Class A | 7179 | 4107 |
| MetLife, Inc. | 1911 | 135 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| United States (cont'd) | United States (cont'd) | United States (cont'd) |
| Mettler-Toledo International, Inc. (f) | 67 | $85 |
| Microchip Technology, Inc. | 1781 | 115 |
| Micron Technology, Inc. | 3705 | 1252 |
| Microsoft Corp. | 23289 | 8621 |
| Mid-America Apartment Communities, Inc. REIT | 383 | 47 |
| Molina Healthcare, Inc. (f) | 3414 | 455 |
| Mondelez International, Inc., Class A | 4077 | 235 |
| MongoDB, Inc. (f) | 274 | 67 |
| Monolithic Power Systems, Inc. | 161 | 176 |
| Monster Beverage Corp. (f) | 2367 | 172 |
| Moody's Corp. | 525 | 229 |
| Motorola Solutions, Inc. | 530 | 230 |
| MSCI, Inc. | 250 | 135 |
| Nasdaq, Inc. | 1505 | 128 |
| Natera, Inc. (f) | 445 | 89 |
| NetApp, Inc. | 648 | 66 |
| Netflix, Inc. (f) | 12200 | 1173 |
| Neurocrine Biosciences, Inc. (f) | 317 | 42 |
| Newmont Corp. | 3481 | 377 |
| News Corp., Class A | 1214 | 30 |
| NextEra Energy, Inc. | 6612 | 614 |
| NIKE, Inc., Class B | 3968 | 210 |
| NiSource, Inc. | 1507 | 70 |
| Nordson Corp. | 174 | 46 |
| Norfolk Southern Corp. | 721 | 207 |
| Northern Trust Corp. | 640 | 89 |
| Northrop Grumman Corp. | 431 | 294 |
| NRG Energy, Inc. | 642 | 94 |
| Nucor Corp. | 745 | 126 |
| Nutanix, Inc., Class A (f) | 859 | 33 |
| NVIDIA Corp. | 81293 | 14178 |
| NVR, Inc. (f) | 85 | 560 |
| NXP Semiconductors NV | 837 | 165 |
| Occidental Petroleum Corp. | 2321 | 151 |
| Oklo, Inc. (f) | 395 | 20 |
| Okta, Inc. (f) | 568 | 45 |
| Old Dominion Freight Line, Inc. | 598 | 117 |
| Omnicom Group, Inc. | 1034 | 78 |
| ON Semiconductor Corp. (f) | 1369 | 85 |
| ONEOK, Inc. | 2047 | 185 |
| Oracle Corp. | 5816 | 856 |
| O'Reilly Automotive, Inc. (f) | 2669 | 246 |
| Otis Worldwide Corp. | 1263 | 97 |
| PACCAR, Inc. | 1678 | 194 |
| Packaging Corp. of America | 291 | 62 |
| Palantir Technologies, Inc., Class A (f) | 7411 | 1084 |
| Palo Alto Networks, Inc. (f) | 3065 | 491 |
| Parker-Hannifin Corp. | 414 | 371 |
| Paychex, Inc. | 1050 | 97 |
| Paycom Software, Inc. | 169 | 21 |
| PayPal Holdings, Inc. | 2905 | 131 |
| Pentair PLC | 534 | 47 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| PepsiCo, Inc. | 4363 | $678 |
| Pfizer, Inc. | 18116 | 509 |
| PG&E Corp. | 7088 | 125 |
| Philip Morris International, Inc. | 5024 | 831 |
| Phillips 66 | 1301 | 237 |
| Pinnacle Financial Partners, Inc. | 523 | 45 |
| Pinterest, Inc., Class A (f) | 2020 | 37 |
| PNC Financial Services Group, Inc. | 1333 | 277 |
| PPG Industries, Inc. | 734 | 78 |
| PPL Corp. | 2362 | 90 |
| Principal Financial Group, Inc. | 736 | 66 |
| Procter & Gamble Co. | 7435 | 1074 |
| Progressive Corp. | 1884 | 373 |
| Prologis, Inc. REIT | 2979 | 394 |
| Prudential Financial, Inc. | 1180 | 115 |
| PTC, Inc. (f) | 389 | 55 |
| Public Service Enterprise Group, Inc. | 1618 | 131 |
| Public Storage REIT | 500 | 135 |
| PulteGroup, Inc. | 5893 | 693 |
| Qnity Electronics, Inc. | 685 | 79 |
| QUALCOMM, Inc. | 3544 | 456 |
| Quanta Services, Inc. | 489 | 268 |
| Quest Diagnostics, Inc. | 359 | 70 |
| Raymond James Financial, Inc. | 639 | 93 |
| Realty Income Corp. REIT | 2906 | 178 |
| Reddit, Inc., Class A (f) | 343 | 46 |
| Regency Centers Corp. REIT | 553 | 42 |
| Regeneron Pharmaceuticals, Inc. | 330 | 255 |
| Regions Financial Corp. | 3028 | 79 |
| Reliance, Inc. | 170 | 52 |
| Republic Services, Inc. | 694 | 152 |
| ResMed, Inc. | 473 | 106 |
| Rivian Automotive, Inc., Class A (f) | 2588 | 39 |
| Robinhood Markets, Inc., Class A (f) | 2503 | 173 |
| ROBLOX Corp., Class A (f) | 1953 | 110 |
| Rocket Cos., Inc., Class A (f) | 2921 | 42 |
| Rocket Lab Corp. (f) | 1568 | 101 |
| Rockwell Automation, Inc. | 370 | 133 |
| Rollins, Inc. | 930 | 50 |
| Roper Technologies, Inc. | 351 | 124 |
| Ross Stores, Inc. | 1044 | 226 |
| Royal Caribbean Cruises Ltd. | 854 | 235 |
| Royalty Pharma PLC, Class A | 1303 | 63 |
| RPM International, Inc. | 413 | 41 |
| RTX Corp. | 4259 | 822 |
| S&P Global, Inc. | 1001 | 426 |
| Salesforce, Inc. | 3143 | 587 |
| Samsara, Inc., Class A (f) | 1137 | 36 |
| SBA Communications Corp. REIT | 334 | 57 |
| Seagate Technology Holdings PLC | 693 | 271 |
| Sempra | 2089 | 203 |
| ServiceNow, Inc. (f) | 3389 | 354 |
| Sherwin-Williams Co. | 765 | 245 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value<br>(000)** | **Value<br>(000)** |
| United States (cont'd) | United States (cont'd) | United States (cont'd) | United States (cont'd) |
| Simon Property Group, Inc. REIT | 1042 | $194 |  |
| SLB Ltd. | 4836 | 249 |  |
| Smithfield Foods, Inc. | 3 |  | @ |
| Smurfit Westrock PLC | 1676 | 67 |  |
| Snap, Inc., Class A (f) | 3583 | 16 |  |
| Snap-on, Inc. | 169 | 61 |  |
| Snowflake, Inc., Class A (f) | 1085 | 164 |  |
| SoFi Technologies, Inc. (f) | 4223 | 67 |  |
| Solventum Corp. (f) | 527 | 34 |  |
| Southern Co. | 3501 | 338 |  |
| SS&C Technologies Holdings, Inc. | 710 | 48 |  |
| Starbucks Corp. | 3679 | 330 |  |
| State Street Corp. | 943 | 119 |  |
| Steel Dynamics, Inc. | 454 | 82 |  |
| STERIS PLC | 319 | 71 |  |
| Strategy, Inc., Class A (f) | 874 | 109 |  |
| Stryker Corp. | 1108 | 364 |  |
| Sun Communities, Inc. REIT | 401 | 51 |  |
| Super Micro Computer, Inc. (f) | 1736 | 40 |  |
| Synchrony Financial | 1292 | 88 |  |
| Synopsys, Inc. (f) | 620 | 246 |  |
| Sysco Corp. | 1516 | 108 |  |
| T. Rowe Price Group, Inc. | 727 | 66 |  |
| Take-Two Interactive Software, Inc. (f) | 597 | 118 |  |
| Tapestry, Inc. | 699 | 99 |  |
| Targa Resources Corp. | 684 | 172 |  |
| Target Corp. | 1492 | 181 |  |
| Taylor Morrison Home Corp. (f) | 2615 | 152 |  |
| TE Connectivity PLC | 975 | 204 |  |
| Teledyne Technologies, Inc. (f) | 152 | 92 |  |
| Teradyne, Inc. | 545 | 162 |  |
| Tesla, Inc. (f) | 9352 | 3477 |  |
| Texas Instruments, Inc. | 2980 | 579 |  |
| Texas Pacific Land Corp. | 185 | 88 |  |
| Textron, Inc. | 575 | 50 |  |
| Thermo Fisher Scientific, Inc. | 1221 | 600 |  |
| TJX Cos., Inc. | 3565 | 569 |  |
| T-Mobile U.S., Inc. | 1614 | 339 |  |
| Toast, Inc., Class A (f) | 1515 | 40 |  |
| Toll Brothers, Inc. | 2558 | 349 |  |
| TopBuild Corp. (f) | 750 | 263 |  |
| Tractor Supply Co. | 1699 | 77 |  |
| Trade Desk, Inc., Class A (f) | 1446 | 33 |  |
| Tradeweb Markets, Inc., Class A | 372 | 44 |  |
| Trane Technologies PLC | 714 | 298 |  |
| TransDigm Group, Inc. | 183 | 212 |  |
| TransUnion | 626 | 43 |  |
| Travelers Cos., Inc. | 720 | 210 |  |
| Tri Pointe Homes, Inc. (f) | 2297 | 107 |  |
| Trimble, Inc. (f) | 785 | 51 |  |
| Truist Financial Corp. | 4356 | 200 |  |
| Twilio, Inc., Class A (f) | 497 | 63 |  |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| Tyler Technologies, Inc. (f) | 140 | $48 |
| Tyson Foods, Inc., Class A | 907 | 58 |
| U.S. Bancorp | 5266 | 274 |
| Uber Technologies, Inc. (f) | 6372 | 458 |
| UDR, Inc. REIT | 1030 | 35 |
| Ulta Beauty, Inc. (f) | 146 | 76 |
| Union Pacific Corp. | 1916 | 465 |
| United Airlines Holdings, Inc. (f) | 286 | 26 |
| United Parcel Service, Inc., Class B | 2379 | 234 |
| United Rentals, Inc. | 213 | 155 |
| United Therapeutics Corp. (f) | 140 | 83 |
| UnitedHealth Group, Inc. | 6177 | 1671 |
| Universal Health Services, Inc., Class B | 179 | 32 |
| Valero Energy Corp. | 1005 | 248 |
| Veeva Systems, Inc., Class A (f) | 503 | 88 |
| Ventas, Inc. REIT | 1465 | 120 |
| Veralto Corp. | 814 | 72 |
| VeriSign, Inc. | 269 | 67 |
| Verisk Analytics, Inc. | 437 | 83 |
| Verizon Communications, Inc. | 13342 | 670 |
| Vertex Pharmaceuticals, Inc. (f) | 802 | 358 |
| Vertiv Holdings Co., Class A | 1218 | 305 |
| VICI Properties, Inc. REIT | 3384 | 92 |
| Visa, Inc., Class A | 5479 | 1656 |
| Vistra Corp. | 1121 | 169 |
| Vulcan Materials Co. | 428 | 117 |
| W.R. Berkley Corp. | 980 | 65 |
| Walmart, Inc. | 13794 | 1714 |
| Walt Disney Co. | 5806 | 560 |
| Warner Bros Discovery, Inc. (f) | 7737 | 212 |
| Waste Connections, Inc. | 819 | 133 |
| Waste Management, Inc. | 1268 | 291 |
| Waters Corp. (f) | 320 | 95 |
| Watsco, Inc. | 112 | 41 |
| WEC Energy Group, Inc. | 1028 | 119 |
| Wells Fargo & Co. | 11007 | 876 |
| Welltower, Inc. REIT | 2159 | 427 |
| West Pharmaceutical Services, Inc. | 229 | 57 |
| Western Digital Corp. | 1118 | 302 |
| Westinghouse Air Brake Technologies Corp. | 557 | 139 |
| Weyerhaeuser Co. REIT | 2331 | 57 |
| Williams Cos., Inc. | 3929 | 286 |
| Williams-Sonoma, Inc. | 402 | 73 |
| Willis Towers Watson PLC | 317 | 92 |
| Workday, Inc., Class A (f) | 729 | 95 |
| WP Carey, Inc. REIT | 695 | 47 |
| WW Grainger, Inc. | 142 | 155 |
| Xcel Energy, Inc. | 1908 | 152 |
| Xylem, Inc. | 805 | 96 |
| Yum! Brands, Inc. | 879 | 137 |
| Zebra Technologies Corp., Class A (f) | 172 | 36 |
| Zillow Group, Inc., Class C (f) | 561 | 23 |
| Zimmer Biomet Holdings, Inc. | 644 | 58 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br>(000)** |
| United States (cont'd) | United States (cont'd) | United States (cont'd) |
| Zoetis, Inc. | 1409 | $167 |
| Zoom Communications, Inc., Class A (f) | 829 | 67 |
| Zscaler, Inc. (f) | 383 | 54 |
|  |  | 193430 |
| **Total Common Stocks (Cost $128,011)** | **Total Common Stocks (Cost $128,011)** | 262329 |
|  | **No. of<br>Rights** |  |
| **Rights (0.0%)‡** | **Rights (0.0%)‡** | **Rights (0.0%)‡** |
| Italy (0.0%)‡ | Italy (0.0%)‡ | Italy (0.0%)‡ |
| Telecom Italia SpA, | Telecom Italia SpA, | Telecom Italia SpA, |
| expires 4/30/26 (f) | 44450 |  |
| Singapore (0.0%)‡ | Singapore (0.0%)‡ | Singapore (0.0%)‡ |
| CapitaLand Ascendas REIT, | CapitaLand Ascendas REIT, | CapitaLand Ascendas REIT, |
| expires 4/15/26 (f) | 412 |  |
| United States (0.0%)‡ | United States (0.0%)‡ | United States (0.0%)‡ |
| Abiomed, Inc., | Abiomed, Inc., | Abiomed, Inc., |
| CVR expires 12/22/28 (f)(g)(h) | 90 |  |
| **Total Rights (Cost $—@)** | **Total Rights (Cost $—@)** |  |
|  | **No. of<br>Warrants** |  |
| **Warrants (0.0%)** | **Warrants (0.0%)** | **Warrants (0.0%)** |
| Canada (0.0%) | Canada (0.0%) | Canada (0.0%) |
| Constellation Software, Inc. | Constellation Software, Inc. | Constellation Software, Inc. |
| expires 3/31/40 (f)(g) **(Cost $—)** | 95 |  |
|  | **Shares** |  |
| **Short-Term Investment (4.6%)** | **Short-Term Investment (4.6%)** | **Short-Term Investment (4.6%)** |
| Investment Company (4.6%) | Investment Company (4.6%) | Investment Company (4.6%) |
| Morgan Stanley Institutional Liquidity Funds —<br>Government Portfolio — Institutional Class,<br>3.57% (See Note G) <br>**(Cost $25,880)** | 25880025 | 25880 |
| **Total Investments (98.0%) (Cost $419,750) (i)(j)(k)** | **Total Investments (98.0%) (Cost $419,750) (i)(j)(k)** | 546910 |
| Other Assets in Excess of Liabilities (2.0%)  | Other Assets in Excess of Liabilities (2.0%)  | 10977 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $557887 |

---

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

@ Value is less than $500.

‡ Amount is less than 0.05%.

(a) Security is subject to delayed delivery.

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

(c) Floating or variable rate securities: The rates disclosed are as of March 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments.

(d) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of March 31, 2026. 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 March 31, 2026.

(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) Restricted security. Total market value of the restricted security amounts to less than $500, which represents less than 0.05% of the net assets of the Fund as of March 31, 2026.

(i) The approximate fair value and percentage of net assets, $56,912,000 and 10.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Consolidated Financial Statements.

(j) 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.

(k) At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $151,243,000 and the aggregate gross unrealized depreciation is approximately $28,962,000, resulting in net unrealized appreciation of approximately $122,281,000.

ADR American Depositary Receipt.

CVA Certificaten Van Aandelen.

CVR Contingent Value Rights.

DAC Designated Activity Company.

EURIBOR Euro Interbank Offered Rate.

MTN Medium Term Note.

OAT Obligations Assimilables du TrÃ<sup>©</sup>sor (French Treasury Obligation).

REIT Real Estate Investment Trust.

SOFR Secured Overnight Financing Rate.

SONIA Sterling Overnight Index Average.

TBA To Be Announced.

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to <br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **Delivery<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| Bank of America NA | 14509692 | $2117219 | 6/17/26 | $(1 |
| Bank of America NA | $80321 | 250194 | 6/17/26 | (1 |
| Barclays Bank PLC | 10162652 | $11766573 | 6/17/26 | (21 |
| Barclays Bank PLC | 2366500 | $605398 | 6/18/26 | 20 |
| Barclays Bank PLC | 316258 | $32629 | 6/17/26 | (— |
| Barclays Bank PLC | 12070112 | $225969 | 4/6/26 | (44 |
| Barclays Bank PLC | 18797474 | $348780 | 4/6/26 | (72 |
| Barclays Bank PLC | 97859038 | $1868038 | 4/6/26 | (324 |
| Barclays Bank PLC | 14942617 | $290148 | 4/6/26 | (45 |
| Barclays Bank PLC | $842071 | 5752310 | 6/17/26 | (3 |
| Barclays Bank PLC | $13239 | 41246 | 6/17/26 | (— |
| Barclays Bank PLC | $889025 | 140174803 | 6/17/26 | (— |
| Barclays Bank PLC | $464 | 8325 | 6/17/26 | (— |
| Barclays Bank PLC | $225324 | 997131 | 6/17/26 | (— |
| Barclays Bank PLC | $480855 | 4393444 | 6/17/26 | (15 |
| Barclays Bank PLC | $187 | 237 | 6/17/26 | (— |
| Barclays Bank PLC | $2051053 | 119022580 | 4/6/26 | 616 |
| BNP Paribas SA | 11859389 | $8492555 | 6/17/26 | 319 |
| BNP Paribas SA | 164766 | $116111 | 6/17/26 | 3 |
| BNP Paribas SA | 93802 | $120092 | 6/17/26 | 2 |
| BNP Paribas SA | 7289948 | $1063799 | 6/17/26 | (— |
| BNP Paribas SA | 57290000 | $362404 | 6/17/26 | (1 |
| BNP Paribas SA | 7505997 | $420478 | 6/17/26 | 4 |
| BNP Paribas SA | $220455 | 170010 | 6/17/26 | (6 |
| BNP Paribas SA | $82725 | 74030514 | 6/17/26 | (3 |
| BNP Paribas SA | $20234 | 76078855 | 6/17/26 |  |
| BNP Paribas SA | $113773 | 2387000 | 6/17/26 | (1 |
| BNP Paribas SA | $323754 | 280000 | 6/17/26 | 1 |
| BNP Paribas SA | $1182127 | 884160 | 6/17/26 | (12 |
| BNP Paribas SA | $72926 | 568534 | 6/17/26 | (— |
| BNP Paribas SA | $355523 | 56200755 | 6/17/26 | 1 |
| BNP Paribas SA | $2215968 | 3246204894 | 6/17/26 | (92 |
| BNP Paribas SA | $3994 | 71588 | 6/17/26 | (— |
| BNP Paribas SA | $31893 | 54383 | 6/17/26 | (1 |
| BNP Paribas SA | $73620 | 2347165 | 6/17/26 |  |
| Citibank NA | 181367 | $5584 | 6/17/26 |  |
| Citibank NA | $37012 | 115312 | 6/17/26 | (— |
| Citibank NA | $119909 | 411443 | 6/17/26 | (2 |
| Goldman Sachs International | 44956 | $8537 | 6/17/26 |  |
| Goldman Sachs International | 678774 | $31915 | 6/17/26 | (— |
| Goldman Sachs International | 457029 | $70610 | 6/17/26 | (— |
| Goldman Sachs International | 1936075 | $2244278 | 4/28/26 | 4 |
| Goldman Sachs International | 1972293 | $2278499 | 4/28/26 | (4 |
| Goldman Sachs International | 2793462 | $3222149 | 6/17/26 | (18 |
| Goldman Sachs International | 308956964 | $2242963 | 4/28/26 | 292 |
| Goldman Sachs International | 316856794 | $2270737 | 4/28/26 | 270 |
| Goldman Sachs International | 1018330344 | $692045 | 6/17/26 | 26 |
| Goldman Sachs International | 54192 | $13836 | 6/18/26 |  |
| Goldman Sachs International | 388811 | $40118 | 6/17/26 | (— |
| Goldman Sachs International | 742202130 | $22723024 | 4/28/26 | 173 |
| Goldman Sachs International | 8548423 | $156164 | 4/6/26 | (35 |
| Goldman Sachs International | 59201111 | $1131520 | 4/6/26 | (195 |
| Goldman Sachs International | 320395129 | $6397666 | 4/6/26 | (781 |
| Goldman Sachs International | 193079221 | $3237954 | 1/25/27 | 6 |
| Goldman Sachs International | 186538999 | $3072118 | 1/25/27 | (50 |
| Goldman Sachs International | $1680052 | 11488192 | 6/17/26 | (8 |
| Goldman Sachs International | $4547850 | 3908367 | 4/28/26 | (25 |
| Goldman Sachs International | $23241 | 395630920 | 6/17/26 | (— |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to <br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **Delivery<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| Goldman Sachs International | $4558720 | 625813758 | 4/28/26 | $(607 |
| Goldman Sachs International | $301013 | 1104917 | 6/17/26 | (3 |
| Goldman Sachs International | $11766679 | 373414366 | 4/28/26 | (422 |
| Goldman Sachs International | $11534985 | 368787764 | 4/28/26 | (330 |
| Goldman Sachs International | $2182534 | 125604824 | 4/6/26 | 632 |
| Goldman Sachs International | $2125693 | 115743984 | 4/6/26 | 468 |
| Goldman Sachs International | $2488780 | 138500580 | 4/6/26 | 614 |
| Goldman Sachs International | $580987 | 32941937 | 4/6/26 | 157 |
| Goldman Sachs International | $6276756 | 379618220 | 1/25/27 | 77 |
| JPMorgan Chase Bank NA | 416725 | $480682 | 6/17/26 | (3 |
| JPMorgan Chase Bank NA | 260138 | $346012 | 6/17/26 | 2 |
| JPMorgan Chase Bank NA | 695415 | $7491 | 6/17/26 |  |
| JPMorgan Chase Bank NA | 297737 | $30717 | 6/17/26 | (— |
| JPMorgan Chase Bank NA | 137244 | $36881 | 6/17/26 | (— |
| JPMorgan Chase Bank NA | $2204419 | 2979756 | 6/17/26 | (55 |
| JPMorgan Chase Bank NA | $51474 | 331171 | 6/17/26 | (— |
| JPMorgan Chase Bank NA | $50465 | 393437 | 6/17/26 | (— |
| JPMorgan Chase Bank NA | $132130 | 411626 | 6/17/26 | (1 |
| JPMorgan Chase Bank NA | $97449 | 1746753 | 6/17/26 | (1 |
| JPMorgan Chase Bank NA | $85989 | 800711 | 6/17/26 | (1 |
| JPMorgan Chase Bank NA | $3994 | 5076 | 6/17/26 | (— |
| JPMorgan Chase Bank NA | 998270 | $59108 | 6/17/26 |  |
| Royal Bank of Canada | 87508 | $100939 | 6/17/26 | (1 |
| Royal Bank of Canada | $63674 | 614661 | 6/17/26 | (— |
| Standard Chartered Bank | 147159 | $107966 | 6/17/26 | 2 |
| Standard Chartered Bank | 15289259 | $483230 | 6/17/26 | 17 |
| UBS AG | 258825 | $186336 | 6/17/26 | (— |
| UBS AG | 3702445 | $4290309 | 6/17/26 | (4 |
| UBS AG | 183406 | $242628 | 6/17/26 | (— |
| UBS AG | 906349134 | $53573 | 6/17/26 |  |
| UBS AG | 104817 | $82812 | 6/17/26 | 1 |
| UBS AG | 457638 | $9471 | 6/17/26 |  |
| UBS AG | $324298 | 257524 | 6/17/26 |  |
| UBS AG | $78099 | 26286121 | 6/17/26 | 1 |
| UBS AG | $13858 | 4751041 | 6/17/26 |  |
| UBS AG | $1919 | 34395 | 6/17/26 | (— |
| UBS AG | $119502 | 201051 | 6/17/26 | (4 |
|  |  |  |  | $516 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

**Futures Contracts:**

The Fund had the following futures contracts open at March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount<br>(000)** | **Value<br>(000)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** |
| Euro-Buxl 30 yr. Bond Index (Germany) | 5 | Jun-26 | 500 | $637 | $(13) |
| German Euro-Bund Index (Germany) | 16 | Jun-26 | 1600 | 2319 | (6) |
| KFE 10 yr. Treasury Bond Index (Korea, Republic of) | 33 | Jun-26 | 3300000 | 2340 | (31) |
| Long Gilt Index (United Kingdom) | 2 | Jun-26 | 200 | 232 | (12) |
| Montreal Exchange 10 yr. Canadian Bond Index (Canada) | 6 | Jun-26 | 600 | 518 | (7) |
| MSCI Emerging Market Index (United States) | 2 | Jun-26 | $— | 146 | (4) |
| Nikkei 225 Index (Japan) | 1 | Jun-26 | 1 | 167 | (4) |
| S&P 500 E Mini Index (United States) | 10 | Jun-26 | $1 | 3285 | (93) |
| U.S. Treasury 2 yr. Note (United States) | 95 | Jun-26 | 19000 | 19707 | (68) |
| U.S. Treasury 5 yr. Note (United States) | 26 | Jun-26 | 2600 | 2813 | (9) |
| U.S. Treasury 10 yr. Note (United States) | 286 | Jun-26 | 28600 | 31759 | 228 |
| U.S. Treasury 10 yr. Ultra Note (United States) | 28 | Jun-26 | 2800 | 3178 | (55) |
| U.S. Treasury Long Bond (United States) | 2 | Jun-26 | 200 | 228 | (4) |
| Ultra U.S. Treasury Bond (United States) | 34 | Jun-26 | 3400 | 3963 | (130) |
| **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** |
| Eurex MSCI Japan Index (United States) | 46 | Jun-26 | (— | (5114) | 96 |
| Euro Stoxx 50 Index (Germany) | 26 | Jun-26 | (— | (1651) | 61 |
| French Government Bond Index (Germany) | 1 | Jun-26 | (100 | (137) | 5 |
| FTSE 100 Index (United Kingdom) | 4 | Jun-26 | (— | (540) | 11 |
| German Euro-Bobl Index (Germany) | 66 | Jun-26 | (6600 | (8806) | 175 |
| MSCI Canada Index (United States) | 82 | Jun-26 | $(1 | (14330) | 487 |
| MSCI Europe Index (Germany) | 297 | Jun-26 | (30 | (13690) | 446 |
| MSCI USA Index (United States) | 46 | Jun-26 | $(— | (13800) | 624 |
| S&P/TSX 60 Index (Canada) | 1 | Jun-26 | (— | (274) | 1 |
| TSE Japanese 10 yr. Bond Index (Japan) | 1 | Jun-26 | (100000 | (821) | 11 |
| SFE 3 yr. Australian Bond Index (Australia) | 35 | Jun-26 | (3500 | (2503) | 6 |
| SFE 10 yr. Australian Bond Index (Australia) | 38 | Jun-26 | (3800 | (2825) | 3 |
| German Euro-Schatz Index (Germany) | 1 | Jun-26 | (100 | (122) | 1 |
| U.S. Treasury 10 yr. Note (United States) | 46 | Jun-26 | $(4600 | (5108) | 105 |
|  |  |  |  |  | $1824 |

---

**Total Return Swap Agreements:**

The Fund had the following total return swap agreements open at March 31, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty** | **Index** | **Pay/Receive<br>Total Return<br>of Reference<br>Index** | **Floating <br>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- <br>Aggregate Total Return <br>Index Value Hedged <br>USD Index | Receive | SOFR – 0.22% | Quarterly | 9/30/26 | $82431 | $607 | $— | $607 |
| Barclays Bank PLC | Bloomberg Global-<br>Aggregate Total Return <br>Index Value Hedged <br>USD Index | Receive | SOFR – 0.24% | Quarterly | 9/30/26 | 22724 | 204 |  | 204 |
| Barclays Bank PLC | Bloomberg Global-<br>Aggregate Total Return <br>Index Value Hedged <br>USD Index | Receive | SOFR – 0.26% | Quarterly | 3/31/27 | 57783 | (9) |  | (9) |
| Barclays Bank PLC | Bloomberg U.S. MBS <br>Index Total Return Value <br>Unhedged USD Index | Pay | SOFR + 0.45% | Quarterly | 10/1/26 | 15173 | 83 |  | 83 |
| Barclays Bank PLC | Bloomberg US Mortgage-<br>Backed Securities Total <br>Return Index | Pay | SOFR + 0.53% | Quarterly | 10/1/26 | 16880 | (116) |  | (116) |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

**Total Return Swap Agreements: (cont'd)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty** | **Index** | **Pay/Receive<br>Total Return<br>of Reference<br>Index** | **Floating <br>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)** |
| BNP Paribas SA | Bloomberg US Mortgage-<br>Backed Securities Total<br>Return Index | Pay | SOFR + 3.77% | Quarterly | 9/20/26 | $11448 | $21 | $— | $21 |
| BNP Paribas SA | BNP EU Utilities Index†† | Pay | SOFR + 0.02% | Quarterly | 8/6/26 | 12300 | 168 |  | 168 |
| BNP Paribas SA | BNP EU Utilities Index†† | Pay | SOFR + 0.02% | Quarterly | 8/6/26 | 6494 | (106) |  | (106) |
| BNP Paribas SA | iBoxx EUR Liquid High <br>Yield Index | Pay | 3 Month <br>EURIBOR + 2.04% | Quarterly | 9/20/26 | 5010 | (138) |  | (138) |
| BNP Paribas SA | Japanese Bank Index | Pay | SOFR + 0.25% | Quarterly | 7/30/26 | $5341 | (261) |  | (261) |
| BNP Paribas SA | MSCI Total Return Net <br>USA Index | Pay | SOFR + 0.45% | Quarterly | 10/2/26 | 2490 | (214) |  | (214) |
| BNP Paribas SA | MSCI Total Return Net <br>USA Index | Pay | SOFR + 0.31% | Quarterly | 12/21/26 | 13256 | (581) |  | (581) |
| Goldman Sachs <br>International | MSCI Emerging Markets <br>Net Total Return Index | Pay | SOFR + 0.40% | Quarterly | 1/28/27 | 40146 | (3153) |  | (3153) |
| JPMorgan Chase <br>Bank NA | AI Defense Index†† | Pay | SOFR + 0.45% | Quarterly | 12/21/26 | 15840 | (1320) |  | (1320) |
| JPMorgan Chase<br>Bank NA | iBoxx USD Liquid <br>High Yield Index | Pay | SOFR + 0.00% | Quarterly | 9/20/26 | 23430 | (369) |  | (369) |
| JPMorgan Chase <br>Bank NA | J.P. Morgan EMBI Global <br>Core Index | Pay | SOFR + 0.70% | Quarterly | 10/1/26 | 5674 | (52) |  | (52) |
| JPMorgan Chase <br>Bank NA | J.P. Morgan EMBI Global <br>Core Index | Pay | SOFR + 0.83% | Quarterly | 10/1/26 | 26368 | (222) |  | (222) |
| JPMorgan Chase <br>Bank NA | MSCI Daily Total Return <br>Net Australia USD Index | Receive | SOFR + 0.23% | Quarterly | 6/22/26 | 6121 | 316 |  | 316 |
| JPMorgan Chase <br>Bank NA | S&P 1000 <br>Total Return Index | Pay | SOFR + 0.20% | Quarterly | 6/23/26 | 4544 | 57 |  | 57 |
| JPMorgan Chase <br>Bank NA | S&P Reduced Tech Index | Receive | SOFR + 0.43% | Quarterly | 6/23/26 | 4527 | 98 |  | 98 |
| JPMorgan Chase <br>Bank NA | U.S. Policy Index†† | Pay | SOFR + 0.38% | Quarterly | 12/21/26 | 6318 | (27) |  | (27) |
| JPMorgan Chase <br>Bank NA | U.S. Regional Banks Index | Pay | SOFR – 0.05% | Quarterly | 12/21/26 | 3463 | 154 |  | 154 |
| UBS AG | EU Banks Index†† | Pay | SOFR – 0.01% | Quarterly | 6/23/26 | 8354 | (259) |  | (259) |
| UBS AG | German Stimulus Index†† | Pay | SOFR + 0.30% | Quarterly | 6/23/26 | 13269 | (473) |  | (473) |
| UBS AG | MSCI Daily Total Return <br>Net Australia USD Index | Receive | SOFR + 0.20% | Quarterly | 4/10/26 | 2174 | (58) |  | (58) |
| UBS AG | MSCI Japan Net Total <br>Return USD | Pay | SOFR + 0.30% | Quarterly | 2/10/27 | 17684 | (1260) |  | (1260) |
| UBS AG | MSCI Total Return Net <br>Europe Index | Receive | SOFR + 0.13% | Quarterly | 6/23/26 | 21242 | 694 |  | 694 |
| UBS AG | MSCI Total Return Net <br>Europe Index | Receive | SOFR + 0.13% | Quarterly | 6/23/26 | 4590 | 150 |  | 150 |
| UBS AG | MSCI USA Index | Pay | SOFR + 0.78% | Quarterly | 10/23/26 | 23748 | (1504) |  | (1504) |
| UBS AG | MSCI World Net Total <br>Return USD Index | Receive | SOFR + 0.22% | Quarterly | 6/23/26 | 9655 | 189 |  | 189 |
| UBS AG | MSCI World Net Total <br>Return USD Index | Receive | SOFR + 0.16% | Quarterly | 4/10/26 | 2919 | 162 |  | 162 |
|  |  |  |  |  |  |  | $(7219) | $— | $(7219) |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

The following table represents the equity basket holdings underlying the total return swap with BNP EU Utilities Index as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of**<br> **Net Assets** | **Percentage of**<br> **Net Assets** |
| **BNP EU Utilities Index** | **BNP EU Utilities Index** | **BNP EU Utilities Index** | **BNP EU Utilities Index** | **BNP EU Utilities Index** |
| Acciona SA | 36 | $9 | 0.00 | %‡ |
| BKW AG | 31 | 6 | 0.00 | ‡ |
| Centrica PLC | 6855 | 19 | 0.00 | ‡ |
| E.ON SE | 3265 | 71 | 0.01 |  |
| EDP Renovaveis SA | 459 | 7 | 0.00 | ‡ |
| EDP SA | 4575 | 24 | 0.00 | ‡ |
| Elia Group SA | 63 | 10 | 0.00 | ‡ |
| Endesa SA | 463 | 19 | 0.00 | ‡ |
| Enel SpA | 11836 | 128 | 0.02 |  |
| Engie SA | 2658 | 85 | 0.02 |  |
| Fortum OYJ | 653 | 16 | 0.00 | ‡ |
| Iberdrola SA | 9360 | 213 | 0.04 |  |
| National Grid PLC | 7217 | 121 | 0.02 |  |
| Naturgy Energy Group SA | 353 | 11 | 0.00 | ‡ |
| Orsted A/S | 769 | 19 | 0.00 | ‡ |
| Redeia Corp SA | 588 | 10 | 0.00 | ‡ |
| RWE AG | 919 | 61 | 0.01 |  |
| Severn Trent PLC | 395 | 16 | 0.00 | ‡ |
| Snam SpA | 2928 | 22 | 0.00 | ‡ |
| SSE PLC | 1755 | 60 | 0.01 |  |
| Terna-Rete Elettrica Naziona | 2045 | 23 | 0.00 | ‡ |
| United Utilities Group PLC | 990 | 17 | 0.00 | ‡ |
| Veolia Environnement | 917 | 35 | 0.01 |  |
| Verbund AG | 98 | 7 | 0.00 | ‡ |

---

The following table represents the equity basket holdings underlying the total return swap with AI Defense Index as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **AI Defense Index** | **AI Defense Index** | **AI Defense Index** | **AI Defense Index** |
| Aerovironment, Inc. | 460 | $84 | 0.02% |
| BAE Systems PLC | 29325 | 853 | 0.15 |
| Bigbear.AI Holdings, Inc. | 22395 | 79 | 0.01 |
| Blacksky Technology, Inc. | 7407 | 186 | 0.03 |
| C3.AI, Inc. — Class A | 8452 | 71 | 0.01 |
| CACI International, <br>Inc. — Class A | 290 | 158 | 0.03 |
| Chemring Group PLC | 18367 | 123 | 0.02 |
| Cohort PLC | 7578 | 122 | 0.02 |
| Droneshield Ltd. | 47233 | 124 | 0.02 |
| Elbit Systems Ltd. | 488 | 414 | 0.07 |
| Electro Optic Systems <br>Holdings, Inc. | 21536 | 119 | 0.02 |
| Hensoldt AG | 1124 | 98 | 0.02 |
| Huntington Ingalls Industries, Inc. | 505 | 192 | 0.03 |
| IPG Photonics Corp. | 1833 | 210 | 0.04 |
| Karman Holdings, Inc. | 2047 | 164 | 0.03 |
| Kratos Defense & Security | 1586 | 112 | 0.02 |
| L3Harris Technologies, Inc. | 1876 | 647 | 0.12 |
| Leidos Holdings, Inc. | 1362 | 212 | 0.04 |
| Leonardo DRS, Inc. | 3234 | 144 | 0.03 |
| Leonardo SpA | 5900 | 395 | 0.07 |
| Lockheed Martin Corp. | 1736 | 1049 | 0.19 |
| Mercury Systems, Inc. | 1888 | 138 | 0.02 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **AI Defense Index (cont'd)** | **AI Defense Index (cont'd)** | **AI Defense Index (cont'd)** | **AI Defense Index (cont'd)** |
| Next Vision Stabilized <br>Systems, Ltd. | 3095 | $300 | 0.05% |
| Nlight, Inc. | 4885 | 278 | 0.05 |
| Northrop Grumman Corp. | 1417 | 967 | 0.17 |
| Ondas, Inc. | 19159 | 173 | 0.03 |
| Palantir Technologies, <br>Inc. — Class A | 3244 | 474 | 0.09 |
| Parsons Corp. | 1751 | 95 | 0.02 |
| Red Cat Holdings, Inc. | 14874 | 195 | 0.03 |
| Rheinmetall AG | 374 | 623 | 0.11 |
| RTX Corp. | 5185 | 1000 | 0.18 |
| Saab AB — Series B | 5657 | 368 | 0.07 |
| Science Applications <br>International corp. | 1439 | 137 | 0.02 |
| Teledyne Technologies, Inc. | 488 | 295 | 0.05 |
| Thales SA | 1936 | 563 | 0.10 |
| TTM Technologies | 2587 | 252 | 0.05 |

---

The following table represents the equity basket holdings underlying the total return swap with U.S. Policy Index as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **U.S. Policy Index** | **U.S. Policy Index** | **U.S. Policy Index** | **U.S. Policy Index** |
| Air Products & Chemicals, Inc. | 1449 | $421 | 0.08% |
| ATS Corp. | 3792 | 107 | 0.02 |
| Carrier Global Corp. | 5810 | 327 | 0.06 |
| Caterpillar, Inc. | 1057 | 749 | 0.13 |
| Circle Internet Group, Inc. | 661 | 63 | 0.01 |
| Cognex Corp. | 2245 | 110 | 0.02 |
| Coinbase Global, Inc. — Class A | 353 | 62 | 0.01 |
| Cummins, Inc. | 819 | 441 | 0.08 |
| Donaldson Co., Inc. | 1229 | 104 | 0.02 |
| Dover Corp. | 942 | 196 | 0.04 |
| Eagle Materials, Inc. | 446 | 85 | 0.02 |
| Eaton Corp. PLC | 1331 | 476 | 0.09 |
| Emcor Group, Inc. | 279 | 206 | 0.04 |
| Emerson Electric Co. | 3556 | 466 | 0.08 |
| Fastenal Co. | 7019 | 326 | 0.06 |
| Fortive Corp. | 2205 | 122 | 0.02 |
| GE Vernova, Inc. | 420 | 367 | 0.07 |
| Honeywell International, Inc. | 2267 | 512 | 0.09 |
| Hubbell, Inc. | 351 | 172 | 0.03 |
| Ingersoll-Rand, Inc. | 2430 | 195 | 0.03 |
| Jacobs Solutions, Inc. | 723 | 92 | 0.02 |
| Johnson Controls Internation | 3917 | 513 | 0.09 |
| Kennametal, Inc. | 4871 | 176 | 0.03 |
| Lincoln Electric Holdings, Inc. | 420 | 105 | 0.02 |
| Linde PLC | 1028 | 510 | 0.09 |
| Martin Marietta Materials | 377 | 222 | 0.04 |
| Mirion Technologies, Inc. | 4791 | 89 | 0.02 |
| Nvent Electric PLC | 1039 | 123 | 0.02 |
| Parker Hannifin Corp. | 654 | 586 | 0.10 |
| Quanta Services, Inc. | 854 | 469 | 0.08 |
| Repligen Corp. | 745 | 88 | 0.02 |
| Rockwell Automation, Inc. | 675 | 242 | 0.04 |
| Sempra | 3618 | 352 | 0.06 |
| Solstice Adv Materials, Inc. | 575 | 44 | 0.01 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **U.S. Policy Index (cont'd)** | **U.S. Policy Index (cont'd)** | **U.S. Policy Index (cont'd)** | **U.S. Policy Index (cont'd)** |
| Terex Corp. | 2039 | $121 | 0.02% |
| Timken Co. | 1323 | 133 | 0.02 |
| Trane Technologies PLC | 1173 | 489 | 0.09 |
| United Rentals, Inc. | 411 | 300 | 0.05 |
| Vulcan Materials Co. | 782 | 213 | 0.04 |
| WW Grainger, Inc. | 317 | 346 | 0.06 |

---

The following table represents the equity basket holdings underlying the total return swap with EU Banks Index as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **EU Banks Index** | **EU Banks Index** | **EU Banks Index** | **EU Banks Index** |
| ABN AMRO Bank NV — CVA | 3707 | $116 | 0.02% |
| AIB Group PLC | 12940 | 135 | 0.02 |
| Alpha Bank SA | 32410 | 119 | 0.02 |
| Banca Generali SpA | 370 | 22 | 0.00<br>‡ |
| Banca Monte Dei Paschi Siena | 14394 | 123 | 0.02 |
| Banco Bilbao Vizcaya Argenta | 36468 | 768 | 0.14 |
| Banco BPM SpA | 8115 | 111 | 0.02 |
| Banco Comercial <br>Portugues — Class R | 57716 | 55 | 0.01 |
| Banco De Sabadell SA | 37237 | 131 | 0.02 |
| Banco Santander SA | 88469 | 969 | 0.17 |
| Bank Of Ireland Group PLC | 5458 | 97 | 0.02 |
| Bankinter SA | 4488 | 69 | 0.01 |
| Bawag Group AG | 472 | 71 | 0.01 |
| BNP Paribas | 13988 | 1307 | 0.23 |
| Bper Banca SpA | 8244 | 106 | 0.02 |
| Caixabank SA | 21940 | 257 | 0.05 |
| Commerzbank AG | 4975 | 177 | 0.03 |
| Credit Agricole SA | 16230 | 298 | 0.05 |
| Deutsche Bank AG — Registered | 13933 | 404 | 0.07 |
| Erste Group Bank AG | 1798 | 192 | 0.03 |
| Eurobank SA | 51076 | 201 | 0.04 |
| Finecobank SpA | 4223 | 92 | 0.02 |
| ING Groep NV | 18996 | 485 | 0.09 |
| Intesa Sanpaolo | 103164 | 614 | 0.11 |
| Kbc Ancora | 231 | 19 | 0.00<br>‡ |
| Kbc Group NV | 1411 | 170 | 0.03 |
| National Bank of Greece | 12718 | 194 | 0.03 |
| Nordea Bank Abp | 21101 | 357 | 0.06 |
| Piraeus Bank SA | 17492 | 141 | 0.03 |
| Raiffeisen Bank International AG | 719 | 30 | 0.01 |
| Societe Generale SA | 9371 | 668 | 0.12 |
| Unicaja Banco SA | 7060 | 21 | 0.00<br>‡ |
| Unicredit SpA | 9956 | 699 | 0.13 |

---

The following table represents the equity basket holdings underlying the total return swap with German Stimulus Index as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **German Stimulus Index** | **German Stimulus Index** | **German Stimulus Index** | **German Stimulus Index** |
| ABB Ltd. — Reg | 9864 | $779 | 0.14% |
| Alstom SA | 12110 | 339 | 0.06 |
| Atlas Copco AB — A Shares | 35728 | 613 | 0.11 |
| Bilfinger SE | 2433 | 275 | 0.05 |
| Buzzi SpA | 5543 | 276 | 0.05 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| **German Stimulus Index (cont'd)** | **German Stimulus Index (cont'd)** | **German Stimulus Index (cont'd)** | **German Stimulus Index (cont'd)** |
| E.ON SE | 28389 | $621 | 0.11% |
| Gea Group AG | 4215 | 298 | 0.05 |
| Geberit AG — Reg | 532 | 354 | 0.06 |
| Georg Fischer AG — Reg | 3590 | 181 | 0.03 |
| Heidelberg Materials AG | 2335 | 481 | 0.09 |
| Holcim Ltd. | 6379 | 517 | 0.09 |
| Kingspan Group PLC | 3933 | 327 | 0.06 |
| Kion Group AG | 4299 | 221 | 0.04 |
| Knorr-Bremse AG | 3656 | 410 | 0.07 |
| Nordex SE | 10639 | 559 | 0.10 |
| Rockwool A/S — B Shares | 6933 | 189 | 0.03 |
| Siemens AG — Reg | 2649 | 629 | 0.11 |
| Siemens Energy AG | 6160 | 1011 | 0.18 |
| Spie SA | 5507 | 272 | 0.05 |
| Ssab AB — B Shares | 44818 | 346 | 0.06 |
| Thyssenkrupp AG | 21021 | 180 | 0.03 |
| Tkms Ag& Co KGaA | 1038 | 94 | 0.02 |
| United Internet AG — Reg | 8401 | 267 | 0.05 |
| Volvo AB — B Shares | 19660 | 632 | 0.11 |

---

@ Value/Notional amount is less than $500.

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

‡ Amount is less than 0.05%.

CVA Certificaten Van Aandelen.

EUR Euro

EURIBOR Euro Interbank Offered Rate.

FTSE Financial Times Stock Exchange.

KFE Korean Futures Exchange.

MSCI Morgan Stanley Capital International.

SFE Sydney Futures Exchange.

SOFR Secured Overnight Financing Rate.

TSE&nbsp;&nbsp;&nbsp;&nbsp;Tokyo Stock Exchange.

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

CNH — Chinese Yuan Renminbi Offshore

CNY — Chinese Yuan Renminbi

COP — Colombian Peso

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

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

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Consolidated Portfolio of Investments (cont'd)

**Global Strategist Portfolio**

SGD — Singapore Dollar

THB — Thai Baht

TRY — Turkish Lira

TWD — Taiwan Dollar

ZAR — South African Rand

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** | **Percentage of<br>Total Investments** |
| Common Stocks | 48.0 | % |
| Sovereign | 23.6 |  |
| Other\* | 12.5 |  |
| U.S. Treasury Securities | 9.2 |  |
| Corporate Bonds | 6.7 |  |
| 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 $141,013,000 and net unrealized appreciation of approximately $1,824,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $516,000. Also does not include open swap agreements with net unrealized depreciation of approximately $7,219,000.

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Portfolio of Investments

**Ultra-Short Income Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| **Certificates of Deposit (14.7%)** | **Certificates of Deposit (14.7%)** | **Certificates of Deposit (14.7%)** |
| Domestic Bank (0.1%) | Domestic Bank (0.1%) | Domestic Bank (0.1%) |
| Bank of America NA  | Bank of America NA  | Bank of America NA  |
| 3.83%, 4/5/27 | $18000 | $17961 |
| International Banks (14.6%) | International Banks (14.6%) | International Banks (14.6%) |
| Banco Bilbao Vizcaya Argentaria SA, | Banco Bilbao Vizcaya Argentaria SA, | Banco Bilbao Vizcaya Argentaria SA, |
| 3.95%, 7/1/26 | 200000 | 200014 |
| 4.10%, 5/18/26 - 5/19/26 | 269000 | 269074 |
| Banco Santander SA, | Banco Santander SA, | Banco Santander SA, |
| 3.75%, 3/22/27 | 88000 | 87688 |
| 3.92%, 3/4/27 | 140000 | 139759 |
| 4.44%, 7/10/26 | 80000 | 80095 |
| Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
| 3.85%, 1/6/27 | 190000 | 189950 |
| Bayerische Landesbank, | Bayerische Landesbank, | Bayerische Landesbank, |
| 3.76%, 6/9/26 | 5500 | 5499 |
| 3.79%, 9/16/26 | 30000 | 29977 |
| 3.83%, 2/4/27 | 180500 | 180143 |
| 3.85%, 1/28/27 | 95500 | 95329 |
| Credit Industriel ET Commercial SA | Credit Industriel ET Commercial SA | Credit Industriel ET Commercial SA |
| 3.84%, 2/12/27 | 177000 | 176664 |
| Deutsche Bank AG, | Deutsche Bank AG, | Deutsche Bank AG, |
| 3.90%, 1/22/27 | 175000 | 174737 |
| 4.40%, 8/7/26 | 222000 | 222278 |
| Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
| 4.05%, 7/7/26 | 30000 | 30000 |
| National Bank of Kuwait, | National Bank of Kuwait, | National Bank of Kuwait, |
| 4.00%, 10/27/26 | 37000 | 36946 |
| 4.04%, 12/22/26 | 90000 | 89850 |
| 4.08%, 1/8/27 | 100000 | 99838 |
| 4.19%, 9/15/26 | 80000 | 79973 |
| 4.20%, 10/1/26 | 5000 | 4999 |
| 4.21%, 10/1/26 | 55000 | 54989 |
| 4.55%, 4/1/26 | 20250 | 20250 |
| Qatar National Bank, | Qatar National Bank, | Qatar National Bank, |
| 3.91%, 7/7/26 (a) | 80000 | 79141 |
| 3.95%, 7/14/26 - 8/5/26 (a) | 105000 | 103620 |
| 4.11%, 6/1/26 (a) | 125000 | 124167 |
| Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
| 3.88%, 4/10/26 - 4/15/26 | 94000 | 94003 |
|  |  | 2668983 |
| **Total Certificates of Deposit (Cost $2,688,723)** | **Total Certificates of Deposit (Cost $2,688,723)** | 2686944 |
| **Commercial Paper (22.2%)** | **Commercial Paper (22.2%)** | **Commercial Paper (22.2%)** |
| Asset-Backed Diversified Financial Services (2.6%) | Asset-Backed Diversified Financial Services (2.6%) | Asset-Backed Diversified Financial Services (2.6%) |
| Bay Square Funding LLC, | Bay Square Funding LLC, | Bay Square Funding LLC, |
| 0.00%, 4/8/26 - 5/4/26 (a) | 61250 | 61104 |
| 3.83%, 5/5/26 (a) | 50000 | 49814 |
| 3.84%, 5/28/26 (a) | 125000 | 124229 |
| 3.95%, 4/16/26 (a) | 96000 | 95841 |
| 4.01%, 4/2/26 (a) | 39180 | 39172 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| LMA Americas LLC | LMA Americas LLC | LMA Americas LLC |
| 3.98%, 6/18/26 (a) | 92000 | 91207 |
| Podium Funding Trust | Podium Funding Trust | Podium Funding Trust |
| 4.15%, 5/7/26 (a) | 20000 | 19922 |
|  |  | 481289 |
| Automobiles (1.9%) | Automobiles (1.9%) | Automobiles (1.9%) |
| General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| 4.06%, 8/26/26 (a)(b) | 10000 | 9826 |
| 4.27%, 7/7/26 (a) | 8000 | 7909 |
| 4.64%, 5/20/26 - 6/8/26 (a) | 60000 | 59569 |
| 4.64%, 6/9/26 (a)(b) | 37500 | 37198 |
| 4.65%, 6/10/26 (a) | 15000 | 14877 |
| Toyota Credit de Puerto Rico Corp., | Toyota Credit de Puerto Rico Corp., | Toyota Credit de Puerto Rico Corp., |
| 3.90%, 10/5/26 (a) | 25000 | 24481 |
| 4.30%, 4/30/26 (a) | 50000 | 49843 |
| 4.32%, 5/1/26 (a) | 5000 | 4984 |
| 4.46%, 4/7/26 (a) | 10000 | 9993 |
| VW Credit, Inc., | VW Credit, Inc., | VW Credit, Inc., |
| 4.25%, 9/3/26 (a)(b) | 25250 | 24794 |
| 4.25%, 9/24/26 (a) | 60000 | 58769 |
| 4.30%, 7/2/26 (a)(b) | 35000 | 34623 |
| 4.31%, 6/23/26 (a)(b) | 18000 | 17825 |
|  |  | 354691 |
| Basic Materials (0.1%) | Basic Materials (0.1%) | Basic Materials (0.1%) |
| BASF SE, | BASF SE, | BASF SE, |
| 3.92%, 6/30/26 (a) | 12000 | 11876 |
| 3.95%, 6/29/26 (a) | 12000 | 11877 |
|  |  | 23753 |
| Computer Technology (0.1%) | Computer Technology (0.1%) | Computer Technology (0.1%) |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 4.36%, 7/24/26 (a) | 15000 | 14788 |
| Diversified Financial Services (1.4%) | Diversified Financial Services (1.4%) | Diversified Financial Services (1.4%) |
| Brookfield Infrastructure Holdings Canada, Inc. | Brookfield Infrastructure Holdings Canada, Inc. | Brookfield Infrastructure Holdings Canada, Inc. |
| 4.17%, 5/20/26 - 5/21/26 (a) | 177476 | 176420 |
| Equitable Short Term Funding LLC | Equitable Short Term Funding LLC | Equitable Short Term Funding LLC |
| 4.21%, 12/18/26 (a)(b) | 76800 | 74638 |
|  |  | 251058 |
| Domestic Banks (4.8%) | Domestic Banks (4.8%) | Domestic Banks (4.8%) |
| Bank of America Securities, Inc. | Bank of America Securities, Inc. | Bank of America Securities, Inc. |
| 3.90%, 12/2/26 (a) | 35000 | 34064 |
| HSBC USA, Inc., | HSBC USA, Inc., | HSBC USA, Inc., |
| 0.00%, 11/5/26 (a) | 50000 | 48787 |
| 3.92%, 12/23/26 (a)(b) | 150000 | 145551 |
| 3.92%, 1/4/27 - 2/3/27 (a) | 65000 | 62933 |
| 3.94%, 3/3/27 (a) | 45000 | 43309 |
| 3.95%, 1/21/27 - 1/27/27 (a) | 82000 | 79272 |
| 3.96%, 6/23/26 - 1/13/27 (a)(b) | 155000 | 151524 |
| 3.98%, 12/4/26 (a)(b) | 78000 | 75853 |
| 4.12%, 9/9/26 (a) | 50000 | 49107 |
| 4.50%, 7/6/26 (a) | 75000 | 74203 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**Ultra-Short Income Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Domestic Banks (cont'd) | Domestic Banks (cont'd) | Domestic Banks (cont'd) |
| 4.54%, 6/3/26 (a) | 40000 | 39722 |
| 4.57%, 5/14/26 (a) | 35000 | 34834 |
| 4.58%, 7/30/26 (a) | 35000 | 34534 |
|  |  | 873693 |
| Finance (1.7%) | Finance (1.7%) | Finance (1.7%) |
| Barclays Capital, Inc., | Barclays Capital, Inc., | Barclays Capital, Inc., |
| 3.89%, 1/27/27 - 2/3/27 (a) | 170000 | 164307 |
| 3.95%, 3/5/27 (a) | 60000 | 57753 |
| 4.32%, 3/25/27 (a) | 25000 | 24009 |
| 4.47%, 7/31/26 (a) | 55000 | 54275 |
|  |  | 300344 |
| International Banks (9.6%) | International Banks (9.6%) | International Banks (9.6%) |
| Barclays Bank PLC, | Barclays Bank PLC, | Barclays Bank PLC, |
| 3.81%, 8/17/26 (a) | 100000 | 98495 |
| 4.06%, 9/25/26 (a) | 50000 | 49024 |
| 4.07%, 9/24/26 (a) | 100000 | 98060 |
| Federation Des Caisses Desjardins | Federation Des Caisses Desjardins | Federation Des Caisses Desjardins |
| 3.84%, 3/4/27 (a) | 125000 | 120418 |
| Macquarie Group Ltd., | Macquarie Group Ltd., | Macquarie Group Ltd., |
| 3.93%, 5/12/26 (a) | 10000 | 9952 |
| 4.11%, 3/9/27 (a) | 130000 | 124909 |
| 4.13%, 12/15/26 (a)(b) | 50000 | 48522 |
| 4.17%, 3/11/27 (a)(b) | 50000 | 48031 |
| National Bank of Kuwait, | National Bank of Kuwait, | National Bank of Kuwait, |
| 4.43%, 5/5/26 (a) | 43000 | 42841 |
| 4.44%, 5/1/26 (a)(b) | 405000 | 403674 |
| Norddeutsche Landesbank, | Norddeutsche Landesbank, | Norddeutsche Landesbank, |
| 4.28%, 3/25/27 (a) | 39000 | 37449 |
| 4.29%, 7/2/26 (a) | 100000 | 98985 |
| 4.44%, 7/31/26 (a) | 140000 | 138140 |
| Norddeutsche Landesbank Girozentra | Norddeutsche Landesbank Girozentra | Norddeutsche Landesbank Girozentra |
| 4.54%, 5/28/26 (a)(b) | 145000 | 144096 |
| Royal Bank of Canada, | Royal Bank of Canada, | Royal Bank of Canada, |
| 4.19%, 3/19/27 - 3/22/27 (a) | 202000 | 194213 |
| 4.20%, 3/23/27 (a) | 100000 | 96117 |
|  |  | 1752926 |
| **Total Commercial Paper (Cost $4,053,748)** | **Total Commercial Paper (Cost $4,053,748)** | 4052542 |
| **Corporate Bonds (12.1%)** | **Corporate Bonds (12.1%)** | **Corporate Bonds (12.1%)** |
| Automobiles (1.7%) | Automobiles (1.7%) | Automobiles (1.7%) |
| BMW U.S. Capital LLC, | BMW U.S. Capital LLC, | BMW U.S. Capital LLC, |
| 2.80%, 4/11/26 (b) | 8000 | 7996 |
| 4.90%, 4/2/27 (b) | 37813 | 38048 |
| General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| 1.50%, 6/10/26 | 9118 | 9065 |
| 4.35%, 1/17/27 | 2346 | 2343 |
| Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| 1.50%, 6/15/26 (b) | 59471 | 59115 |
| 1.65%, 9/17/26 (b) | 12000 | 11847 |
| 2.75%, 9/27/26 (b) | 5000 | 4963 |
| 3.50%, 11/2/26 | 10000 | 9942 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Face<br>Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** |
| 5.25%, 1/8/27 (b) | $| 53446 | $| 53755 |
| 5.30%, 3/19/27 (b) |  | 5084 |  | 5124 |
| 5.45%, 6/24/26 (b) |  | 13710 |  | 13737 |
| 5.65%, 6/26/26 (b) |  | 40347 |  | 40459 |
| 5.95%, 9/21/26 (b) |  | 8145 |  | 8196 |
| Volkswagen Group of America Finance LLC, | Volkswagen Group of America Finance LLC, | Volkswagen Group of America Finance LLC, | Volkswagen Group of America Finance LLC, | Volkswagen Group of America Finance LLC, |
| 3.20%, 9/26/26 (b) |  | 5106 |  | 5075 |
| 4.90%, 8/14/26 (b) |  | 1000 |  | 1002 |
| 5.30%, 3/22/27 (b) |  | 10000 |  | 10085 |
| 5.70%, 9/12/26 (b) |  | 14000 |  | 14076 |
| 6.00%, 11/16/26 (b) |  | 13474 |  | 13604 |
|  |  |  |  | 308432 |
| Computer Technology (0.1%) | Computer Technology (0.1%) | Computer Technology (0.1%) | Computer Technology (0.1%) | Computer Technology (0.1%) |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| 4.90%, 10/1/26 |  | 2530 |  | 2534 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 4.45%, 9/25/26 |  | 17430 |  | 17447 |
|  |  |  |  | 19981 |
| Consumer, Cyclical (0.0%)‡ | Consumer, Cyclical (0.0%)‡ | Consumer, Cyclical (0.0%)‡ | Consumer, Cyclical (0.0%)‡ | Consumer, Cyclical (0.0%)‡ |
| Target Corp. | Target Corp. | Target Corp. | Target Corp. | Target Corp. |
| 1.95%, 1/15/27 |  | 1595 |  | 1570 |
| Consumer, Non-Cyclical (0.0%)‡ | Consumer, Non-Cyclical (0.0%)‡ | Consumer, Non-Cyclical (0.0%)‡ | Consumer, Non-Cyclical (0.0%)‡ | Consumer, Non-Cyclical (0.0%)‡ |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| 3.25%, 2/27/27 |  | 1431 |  | 1421 |
| Diageo Capital PLC | Diageo Capital PLC | Diageo Capital PLC | Diageo Capital PLC | Diageo Capital PLC |
| 5.38%, 10/5/26 |  | 3000 |  | 3014 |
|  |  |  |  | 4435 |
| Diversified Financial Services (0.9%) | Diversified Financial Services (0.9%) | Diversified Financial Services (0.9%) | Diversified Financial Services (0.9%) | Diversified Financial Services (0.9%) |
| AerCap Ireland Capital Designated Activity Co. | AerCap Ireland Capital Designated Activity Co. | AerCap Ireland Capital Designated Activity Co. | AerCap Ireland Capital Designated Activity Co. | AerCap Ireland Capital Designated Activity Co. |
| 2.45%, 10/29/26 |  | 169302 |  | 167464 |
| Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
| 1.65%, 7/14/26 |  | 3404 |  | 3380 |
|  |  |  |  | 170844 |
| Domestic Bank (0.5%) | Domestic Bank (0.5%) | Domestic Bank (0.5%) | Domestic Bank (0.5%) | Domestic Bank (0.5%) |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 3.00%, 10/23/26 |  | 89905 |  | 89299 |
| Finance (1.2%) | Finance (1.2%) | Finance (1.2%) | Finance (1.2%) | Finance (1.2%) |
| Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| 3.20%, 10/21/26 |  | 50000 |  | 49731 |
| 3.40%, 5/1/26 |  | 165278 |  | 165240 |
|  |  |  |  | 214971 |
| Insurance (0.2%) | Insurance (0.2%) | Insurance (0.2%) | Insurance (0.2%) | Insurance (0.2%) |
| Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
| 1.70%, 11/12/26 (b) |  | 25800 |  | 25403 |
| Pricoa Global Funding I | Pricoa Global Funding I | Pricoa Global Funding I | Pricoa Global Funding I | Pricoa Global Funding I |
| 5.55%, 8/28/26 (b) |  | 3150 |  | 3166 |
| Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
| 1.62%, 4/15/26 (b) |  | 350 |  | 349 |
|  |  |  |  | 28918 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**Ultra-Short Income Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| International Banks (7.0%) | International Banks (7.0%) | International Banks (7.0%) |
| ASB Bank Ltd. | ASB Bank Ltd. | ASB Bank Ltd. |
| 1.63%, 10/22/26 (b) | $5495 | $5416 |
| Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
| 2.95%, 3/11/27 (c) | 10677 | 10551 |
| Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
| 1.60%, 10/4/26 (b) | 69926 | 68980 |
| BPCE SA | BPCE SA | BPCE SA |
| 5.20%, 1/18/27 (b) | 16783 | 16898 |
| Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
| 3.85%, 1/26/27 | 7600 | 7577 |
| HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
| 3.90%, 5/25/26 | 3700 | 3699 |
| ING Groep NV | ING Groep NV | ING Groep NV |
| 3.95%, 3/29/27 (c) | 78002 | 77782 |
| Korea Development Bank | Korea Development Bank | Korea Development Bank |
| 5.38%, 10/23/26 | 730 | 735 |
| Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
| 3.48%, 4/12/26 (b) | 19000 | 18994 |
| NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
| 4.80%, 4/5/26 | 57754 | 57752 |
| Sumitomo Mitsui Financial Group, Inc., | Sumitomo Mitsui Financial Group, Inc., | Sumitomo Mitsui Financial Group, Inc., |
| 1.40%, 9/17/26 | 74288 | 73401 |
| 2.17%, 1/14/27 | 630 | 620 |
| 2.63%, 7/14/26 | 142005 | 141347 |
| 3.01%, 10/19/26 | 135325 | 134614 |
| Sumitomo Mitsui Trust Bank Ltd., | Sumitomo Mitsui Trust Bank Ltd., | Sumitomo Mitsui Trust Bank Ltd., |
| 1.35%, 9/16/26 (b) | 5000 | 4935 |
| 5.65%, 9/14/26 (b) | 3045 | 3064 |
| Toronto-Dominion Bank, | Toronto-Dominion Bank, | Toronto-Dominion Bank, |
| 2.80%, 3/10/27 (c) | 9018 | 8904 |
| 5.53%, 7/17/26 | 167335 | 168056 |
| UBS Group AG, | UBS Group AG, | UBS Group AG, |
| 4.13%, 4/15/26 (b) | 237001 | 236997 |
| 4.55%, 4/17/26 | 235118 | 235118 |
|  |  | 1275440 |
| Technology (0.5%) | Technology (0.5%) | Technology (0.5%) |
| Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., |
| 3.20%, 7/1/26 | 42142 | 42018 |
| 5.15%, 3/15/27 | 50434 | 50690 |
|  |  | 92708 |
| Wireless Telecom Services (0.0%)‡ | Wireless Telecom Services (0.0%)‡ | Wireless Telecom Services (0.0%)‡ |
| Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 3.30%, 4/1/27 | 4457 | 4414 |
| **Total Corporate Bonds (Cost $2,211,772)** | **Total Corporate Bonds (Cost $2,211,772)** | 2211012 |
| **Floating Rate Notes (d) (27.8%)** | **Floating Rate Notes (d) (27.8%)** | **Floating Rate Notes (d) (27.8%)** |
| Automobiles (2.8%) | Automobiles (2.8%) | Automobiles (2.8%) |
| American Honda Finance Corp., | American Honda Finance Corp., | American Honda Finance Corp., |
| MTN | MTN | MTN |
| SOFR + 0.60%, 4.27%, 10/6/26 | 175000 | 175014 |
| SOFR + 0.75%, 4.42%, 1/15/27 | 93000 | 93091 |
| SOFR + 0.65%, 4.32%, 7/15/26 | 195000 | 195041 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| SOFR + 1.50%, 5.19%, 1/8/27 (b) | 890 | 896 |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |
| MTN |  |  |
| SOFR + 0.30%, 3.93%, 2/12/27 | 43000 | 42965 |
|  |  | 507007 |
| Automobiles Manufacturing (0.1%) | Automobiles Manufacturing (0.1%) | Automobiles Manufacturing (0.1%) |
| Mercedes-Benz Finance North America LLC, | Mercedes-Benz Finance North America LLC, | Mercedes-Benz Finance North America LLC, |
| SOFR + 0.78%, 4.46%, 4/1/27 (b) | 20000 | 20035 |
| Diversified Financial Services (2.2%) | Diversified Financial Services (2.2%) | Diversified Financial Services (2.2%) |
| CDP Financial, Inc., | CDP Financial, Inc., | CDP Financial, Inc., |
| SOFR + 0.30%, 3.93%, 5/27/26 (b) | 20000 | 20005 |
| Mizuho Markets Cayman LP, | Mizuho Markets Cayman LP, | Mizuho Markets Cayman LP, |
| MTN |  |  |
| SOFR + 0.52%, 4.13%, 12/10/26 (b) | 200000 | 200222 |
| SOFR + 0.52%, 4.13%, 12/21/26 (b) | 189000 | 189206 |
|  |  | 409433 |
| Finance (2.2%) | Finance (2.2%) | Finance (2.2%) |
| Citigroup Global Markets, Inc., | Citigroup Global Markets, Inc., | Citigroup Global Markets, Inc., |
| MTN |  |  |
| SOFR + 0.50%, 4.15%, 1/4/27 | 397500 | 397753 |
| Industrials (0.0%)‡ | Industrials (0.0%)‡ | Industrials (0.0%)‡ |
| John Deere Capital Corp., | John Deere Capital Corp., | John Deere Capital Corp., |
| MTN |  |  |
| SOFR + 0.79%, 4.44%, 6/8/26 | 2000 | 2002 |
| Insurance (0.1%) | Insurance (0.1%) | Insurance (0.1%) |
| Pricoa Short Term Funding LLC, | Pricoa Short Term Funding LLC, | Pricoa Short Term Funding LLC, |
| SOFR + 0.25%, 3.88%, 5/26/26 (b) | 15000 | 15003 |
| International Banks (20.4%) | International Banks (20.4%) | International Banks (20.4%) |
| ASB Bank Ltd., | ASB Bank Ltd., | ASB Bank Ltd., |
| SOFR + 0.32%, 3.95%, 9/4/26 (b) | 5000 | 5002 |
| SOFR + 0.35%, 3.98%, 9/24/26 (b) | 50000 | 50027 |
| 4.01%, 12/15/26 (b) | 150000 | 150043 |
| Banco Santander SA, | Banco Santander SA, | Banco Santander SA, |
| SOFR + 0.34%, 3.97%, 2/2/27 | 100000 | 99971 |
| SOFR + 0.40%, 4.03%, 12/24/26 | 200000 | 200043 |
| Bank of Montreal, | Bank of Montreal, | Bank of Montreal, |
| SOFR + 1.16%, 4.80%, 12/11/26 | 47969 | 48170 |
| Barclays Bank PLC, | Barclays Bank PLC, | Barclays Bank PLC, |
| SOFR + 0.40%, 4.03%, 11/9/26 (b) | 165000 | 165101 |
| SOFR + 0.42%, 4.05%, 12/18/26 | 124000 | 124042 |
| Bayerische Landesbank, | Bayerische Landesbank, | Bayerische Landesbank, |
| SOFR + 0.42%, 4.05%, 1/6/27 | 200000 | 200095 |
| SOFR + 0.53%, 4.16%, 4/29/26 - 5/5/26 | 144000 | 144055 |
| Canadian Imperial Bank of Commerce, | Canadian Imperial Bank of Commerce, | Canadian Imperial Bank of Commerce, |
| SOFR + 0.40%, 4.03%, 12/14/26 | 40000 | 40007 |
| Credit Industriel ET Commercial SA, | Credit Industriel ET Commercial SA, | Credit Industriel ET Commercial SA, |
| SOFR + 0.42%, 4.05%, 12/15/26 | 513000 | 513523 |
| Deutsche Bank AG, | Deutsche Bank AG, | Deutsche Bank AG, |
| SOFR + 0.40%, 4.07%, 1/6/27 | 125000 | 125040 |
| Macquarie Bank Ltd., | Macquarie Bank Ltd., | Macquarie Bank Ltd., |
| SOFR + 0.39%, 4.02%, 12/23/26 (b) | 225000 | 224985 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**Ultra-Short Income Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Face<br>Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** |
| International Banks (cont'd) | International Banks (cont'd) | International Banks (cont'd) | International Banks (cont'd) | International Banks (cont'd) |
| SOFR + 0.40%, 4.03%, 1/8/27 - 1/11/27 (b) | $| 400000 | $| 399985 |
| National Bank of Canada, | National Bank of Canada, | National Bank of Canada, | National Bank of Canada, | National Bank of Canada, |
| SOFR + 0.31%, 3.94%, 1/28/27 (b) |  | 200000 |  | 199936 |
| SOFR + 0.32%, 3.95%, 2/23/27 (b) |  | 250000 |  | 249891 |
| SOFR + 0.40%, 4.35%, 12/29/26 (b) |  | 350000 |  | 350185 |
| National Bank of Kuwait, | National Bank of Kuwait, | National Bank of Kuwait, | National Bank of Kuwait, | National Bank of Kuwait, |
| SOFR + 0.47%, 4.10%, 9/3/26 |  | 10000 |  | 10005 |
| Sumitomo Mitsui Banking Corp., | Sumitomo Mitsui Banking Corp., | Sumitomo Mitsui Banking Corp., | Sumitomo Mitsui Banking Corp., | Sumitomo Mitsui Banking Corp., |
| SOFR + 0.40%, 4.03%, 12/4/26 (b) |  | 300000 |  | 300050 |
| Toronto-Dominion Bank, | Toronto-Dominion Bank, | Toronto-Dominion Bank, | Toronto-Dominion Bank, | Toronto-Dominion Bank, |
| SOFR + 0.40%, 4.03%, 12/14/26 |  | 100000 |  | 100041 |
| SOFR + 0.73%, 4.41%, 4/5/27 |  | 27289 |  | 27342 |
|  |  |  |  | 3727539 |
| **Total Floating Rate Notes (Cost $5,077,304)** | **Total Floating Rate Notes (Cost $5,077,304)** | **Total Floating Rate Notes (Cost $5,077,304)** |  | 5078772 |
| **Repurchase Agreements (22.5%)** | **Repurchase Agreements (22.5%)** | **Repurchase Agreements (22.5%)** | **Repurchase Agreements (22.5%)** | **Repurchase Agreements (22.5%)** |
| Bank of America Securities, Inc., (4.16% (e), <br>dated 6/30/25, due 6/29/26; proceeds <br>$234,453; fully collateralized by various <br>Common Stocks and Preferred Stocks; <br>valued at $236,250) (f) |  | 225000 |  | 225000 |
| Bank of America Securities, Inc., (4.16% (e), <br>dated 10/24/25, due 6/29/26; proceeds <br>$102,862; fully collateralized by various <br>Common Stocks and Preferred Stocks; <br>valued at $105,000) (f) |  | 100000 |  | 100000 |
| Bank of America Securities, Inc., (4.16% (e), <br>dated 11/5/25, due 6/29/26; proceeds <br>$102,724; fully collateralized by various <br>Common Stocks and Preferred Stocks; <br>valued at $105,000) (f) |  | 100000 |  | 100000 |
| Bank of Nova Scotia, (3.76%, dated 3/31/26, <br>due 4/1/26; proceeds $205,021; <br>fully collateralized by various Common <br>Stocks; valued at $215,250) (f) |  | 205000 |  | 205000 |
| Bank of Nova Scotia, (3.74%, dated 3/31/26, <br>due 4/1/26; proceeds $500,052; fully <br>collateralized by various Corporate Bonds, <br>1.38% - 8.38% due 7/15/26 - 5/15/56; <br>valued at $525,000) |  | 500000 |  | 500000 |
| BNP Paribas Prime Brokerage, Inc., (3.78%, <br>dated 3/25/26, due 4/1/26; proceeds <br>$245,180; fully collateralized by various <br>Common Stocks; valued at $257,439) (f) |  | 245000 |  | 245000 |
| BNP Paribas Prime Brokerage, Inc., (3.76%, <br>dated 3/31/26, due 4/1/26; proceeds <br>$24,003; fully collateralized by various <br>Common Stocks; valued at $25,203) (f) |  | 24000 |  | 24000 |
| BNP Paribas SA, (3.80% (e), dated 10/9/25, <br>due 4/7/26; proceeds $234,370; fully <br>collateralized by various Corporate Bonds, <br>3.75% - 12.75% due 1/15/27 - 1/15/36; <br>valued at $243,800) (f) |  | 230000 |  | 230000 |
| Credit Agricole Corporate and Investment Bank, <br>(3.72% (e), dated 8/14/25, due 4/7/26; <br>proceeds $204,877; fully collateralized by <br>various Corporate Bonds, 0.75% - 7.88% <br>due 4/15/26 - 10/27/81; valued at <br>$210,000) (f) |  | 200000 |  | 200000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Credit Agricole Corporate and Investment Bank, <br>(3.70%, dated 3/27/26, due 4/2/26; <br>proceeds $70,043; fully collateralized by <br>various Corporate Bonds, 1.65% - 7.75% <br>due 6/27/26 - 3/13/56; valued at $73,500) (f) | $70000 | $70000 |
| HSBC Securities USA, Inc., (3.74%, dated <br>3/31/26, due 4/1/26; proceeds $59,006; <br>fully collateralized by various Corporate Bonds, <br>2.25% - 8.38% due 2/25/27 - 12/15/67 and <br>U.S. Government obligations, 1.50% - 7.00% <br>due 1/1/27 - 4/1/56; valued at $61,947) | 59000 | 59000 |
| JP Morgan Clearing Corp., (3.81% (e), dated <br>9/17/25, due 4/7/26; proceeds $306,414; <br>fully collateralized by various Corporate Bonds, <br>3.32% - 12.75% due 7/31/26 - 12/1/79; <br>valued at $318,151) (f) | 300000 | 300000 |
| JP Morgan Securities LLC, (3.89% (e), dated <br>11/17/21, due 4/7/26; proceeds $82,117; <br>fully collateralized by Common Stocks and <br>Preferred Stocks; valued at $73,738) (f) | 70000 | 70000 |
| JP Morgan Securities LLC, (3.86% (e), dated <br>10/7/25, due 4/7/26; proceeds $198,801; <br>fully collateralized by Common Stocks and <br>Preferred Stocks; valued at $205,407) (f) | 195000 | 195000 |
| Mizuho Securities USA LLC, (4.03% (e), dated <br>12/16/25, due 5/5/26; proceeds $38,596; <br>fully collateralized by U.S. Government <br>obligations, 2.75% - 4.88% due <br>2/15/27 - 10/31/30; valued at $38,760) | 38000 | 38000 |
| MUFG Securities Americas, Inc., (4.06% (e), <br>dated 11/25/25, due 5/5/26; proceeds <br>$76,362; fully collateralized by various <br>Common Stocks; valued at $81,362) (f) | 75000 | 75000 |
| MUFG Securities Americas, Inc., (3.73%, dated <br>3/31/26, due 4/1/26; proceeds $145,015; <br>fully collateralized by various Common Stocks; <br>valued at $152,266) (f) | 145000 | 145000 |
| Pershing LLC, (3.96%, dated 3/31/26, due <br>4/1/26; proceeds $25,003; fully collateralized <br>by various Corporate Bonds, 2.05% - 10.75% <br>due 5/12/26 - 8/1/69, a U.S. Government <br>agency security, 5.40% due 3/10/39, <br>U.S. Government obligations, 0.00% - 5.14% <br>due 4/23/26 - 2/20/56 and Commercial Papers, <br>0.00% - 3.90% due 4/7/26 - 3/19/27; <br>valued at $26,280) (f) | 25000 | 25000 |
| Societe Generale SA, (3.74%, dated 3/31/26, <br>due 4/1/26; proceeds $412,043; fully <br>collateralized by various Corporate Bonds, <br>1.92% - 11.75% due 5/15/26 - 5/15/87; <br>valued at $436,235) (f) | 412000 | 412000 |
| TD Securities USA LLC, (3.73%, dated 3/31/26, <br>due 4/1/26; proceeds $280,029; fully <br>collateralized by various Corporate Bonds, <br>1.73% - 8.75% due 9/25/26 - 11/1/64; <br>valued at $294,000) | 280000 | 280000 |
| TD Securities USA LLC, (3.74%, dated 3/31/26, <br>due 4/1/26; proceeds $200,021; fully <br>collateralized by various Corporate Bonds, <br>4.38% - 9.75% due 7/31/26 - 4/30/36; <br>valued at $212,001) | 200000 | 200000 |

---

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

------

**Morgan Stanley Institutional Fund Trust**

**March 31, 2026 (unaudited)**

Portfolio of Investments (cont'd)

**Ultra-Short Income Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| **Repurchase Agreements (cont'd)** | **Repurchase Agreements (cont'd)** | **Repurchase Agreements (cont'd)** | **Repurchase Agreements (cont'd)** |
| Wells Fargo Securities LLC, (4.03% (e), dated <br>12/9/25, due 6/29/26; proceeds $122,710; <br>fully collateralized by various Common Stocks <br>and Preferred Stocks; valued at $126,000) (f) | $| 120000 | $120000 |
| Wells Fargo Securities LLC, (4.03% (e), dated <br>12/16/25, due 6/29/26; proceeds $209,475; <br>fully collateralized by various Corporate Bonds, <br>1.38% - 8.50% due 4/6/26 - 12/31/79; <br>valued at $215,251) |  | 205000 | 205000 |
| Wells Fargo Securities LLC, (4.01% (e), dated <br>9/17/25, due 6/29/26; proceeds $96,984; <br>fully collateralized by various Corporate Bonds, <br>1.75% - 6.45% due 4/1/26 - 12/31/79; <br>valued at $98,700) (f) |  | 94000 | 94000 |
| **Total Repurchase Agreements (Cost $4,117,000)** | **Total Repurchase Agreements (Cost $4,117,000)** | **Total Repurchase Agreements (Cost $4,117,000)** | 4117000 |
| **Sovereign (0.3%)** | **Sovereign (0.3%)** | **Sovereign (0.3%)** | **Sovereign (0.3%)** |
| Saudi Government International Bond, | Saudi Government International Bond, | Saudi Government International Bond, | Saudi Government International Bond, |
| 3.25%, 10/26/26 (b) |  | 25000 | 24835 |
| 3.25%, 10/26/26 |  | 25000 | 24836 |
| **Total Sovereign (Cost $49,784)** | **Total Sovereign (Cost $49,784)** | **Total Sovereign (Cost $49,784)** | 49671 |
| **Total Investments (99.6%) (Cost $18,198,331) (g)(h)** | **Total Investments (99.6%) (Cost $18,198,331) (g)(h)** | **Total Investments (99.6%) (Cost $18,198,331) (g)(h)** | 18195941 |
| Other Assets in Excess of Liabilities (0.4%) | Other Assets in Excess of Liabilities (0.4%) | Other Assets in Excess of Liabilities (0.4%) | 65416 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $18261357 |

---

‡ 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 March 31, 2026. 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) 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 March 31, 2026.

(g) Securities are available for collateral in connection with securities purchased on a forward commitment basis.

(h) At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $4,022,000 and the aggregate gross unrealized depreciation is approximately $6,412,000, resulting in net unrealized depreciation of approximately $2,390,000.

MTN Medium Term Note.

SOFR Secured Overnight Financing Rate.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Floating Rate Notes | 27.9% |
| Repurchase Agreements | 22.6 |
| Commercial Paper | 22.3 |
| Certificates of Deposit | 14.8 |
| Corporate Bonds | 12.1 |
| Other\* | 0.3 |
| Total Investments | 100.0% |

---

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

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

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Statements of Assets and Liabilities

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Corporate<br>Bond<br>Portfolio<br>(000)** | **Discovery<br>Portfolio<br>(consolidated)<br>(000)** | **Global<br>Strategist<br>Portfolio<br>(consolidated)<br>(000)** | **Global<br>Strategist<br>Portfolio<br>(consolidated)<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Cost | $154036 | $678468 | $393870 |  |
| Investments in Securities of Affiliated Issuers, at Cost | 2384 | 24955 | 25880 |  |
| Total Investments in Securities, at Cost | 156420 | 703423 | 419750 |  |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> | 152970 | 730432 | 521030 |  |
| Investments in Securities of Affiliated Issuers, at Value | 2384 | 24955 | 25880 |  |
| Total Investments in Securities, at Value | 155354 | 755387 | 546910 |  |
| Foreign Currency, at Value (Cost of $1, $2 and $7,671, respectively) | 6 | 2 | 7522 |  |
| Due from Broker |  |  | 9397 |  |
| Unrealized Appreciation on Swap Agreements |  |  | 2903 |  |
| Receivable for Variation Margin on Futures Contracts |  |  | 4516 |  |
| Receivable for Investments Sold | 398 |  | 3860 |  |
| Unrealized Appreciation on Foreign Currency Forward Exchange Contracts |  |  | 3708 |  |
| Interest Receivable | 1857 |  | 1746 |  |
| Cash | 554 | 614 |  |  |
| Receivable for Fund Shares Sold | 21 | 1207 | 2 |  |
| Dividends Receivable |  |  | 339 |  |
| Tax Reclaim Receivable |  |  | 245 |  |
| Receivable from Affiliate | 4 | 47 | 71 |  |
| Receivable from Securities Lending Income |  | 37 |  |  |
| Receivable for Variation Margin on Swap Agreements |  |  | 12 |  |
| Other Assets | 57 | 156 | 89 |  |
| **Total Assets** | 158251 | 757450 | 581320 |  |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Collateral on Securities Loaned, at Value | 1377 | 9817 |  |  |
| Unrealized Depreciation on Swap Agreements |  |  | 10122 |  |
| Payable for Investments Purchased | 2032 | 96 | 7834 |  |
| Unrealized Depreciation on Foreign Currency Forward Exchange Contracts | 1 |  | 3192 |  |
| Due to Broker |  | 1260 | 1250 |  |
| Payable for Advisory Fees | 45 | 1030 | 629 |  |
| Payable for Fund Shares Redeemed | 110 | 612 | 31 |  |
| Payable for Sub Transfer Agency Fees — Class I | 21 | 110 | 2 |  |
| Payable for Sub Transfer Agency Fees — Class A | 2 | 95 | 26 |  |
| Payable for Sub Transfer Agency Fees — Class L |  | 1 | 2 |  |
| Payable for Sub Transfer Agency Fees — Class C |  | 3 |  | @ |
| Payable for Custodian Fees | 10 | 27 | 104 |  |
| Payable for Professional Fees | 40 | 38 | 56 |  |
| Payable for Shareholder Services Fees — Class A | 1 | 73 | 29 |  |
| Payable for Distribution and Shareholder Services Fees — Class L |  | 3 | 7 |  |
| Payable for Distribution and Shareholder Services Fees — Class C | 1 | 9 | 1 |  |
| Payable for Administration Fees | 10 | 53 | 39 |  |
| Payable for Trustees' Fees and Expenses | 34 | 33 | 33 |  |
| Payable for Transfer Agency Fees — Class I | 7 | 2 |  |  |
| Payable for Transfer Agency Fees — Class A |  | 2 |  |  |
| Payable for Transfer Agency Fees — Class L | 1 | 1 |  | @ |
| Payable for Transfer Agency Fees — Class C | 1 | 1 |  | @ |
| Payable for Transfer Agency Fees — Class R6 |  | 1 |  | @ |
| Deferred Capital Gain Country Tax | 14 |  |  |  |
| Payable for Variation Margin on Futures Contracts | 11 |  |  |  |
| Payable to Bank |  |  | 2 |  |
| Other Liabilities | 30 | 145 | 74 |  |
| **Total Liabilities** | 3748 | 13412 | 23433 |  |
| **Net Assets** | $154503 | $744038 | $557887 |  |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $182151 | $2028566 | $431553 |  |
| Total Distributable Earnings (Accumulated Loss) | (27648 | (1284528) | 126334 |  |
| **Net Assets** | $154503 | $744038 | $557887 |  |

---

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

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Statements of Assets and Liabilities (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| | **Corporate<br>Bond<br>Portfolio<br>(000)** | **Discovery<br>Portfolio<br>(consolidated)<br>(000)** | **Global<br>Strategist<br>Portfolio<br>(consolidated)<br>(000)** |
| **CLASS I:** | **CLASS I:** | **CLASS I:** | **CLASS I:** |
| **Net Assets** | $141201 | $243994 | $16496 |
| **Shares Outstanding** (unlimited number of shares authorized, no par value) (not in 000's) | 13378022 | 11184377 | 866431 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $10.55 | $21.82 | $19.04 |
| **CLASS A:** | **CLASS A:** | **CLASS A:** | **CLASS A:** |
| **Net Assets** | $10879 | $332656 | $132658 |
| **Shares Outstanding** (unlimited number of shares authorized, no par value) (not in 000's) | 1028999 | 22616995 | 7095277 |
| **Net Asset Value, Redemption Price Per Share** | $10.57 | $14.71 | $18.70 |
| **Maximum Sales Load** | 3.25% | 5.25% | 5.25% |
| **Maximum Sales Charge** | $0.36 | $0.82 | $1.04 |
| **Maximum Offering Price Per Share** | $10.93 | $15.53 | $19.74 |
| **CLASS L:** | **CLASS L:** | **CLASS L:** | **CLASS L:** |
| **Net Assets** | $808 | $4552 | $10413 |
| **Shares Outstanding** (unlimited number of shares authorized, no par value) (not in 000's) | 76529 | 417740 | 572289 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $10.56 | $10.90 | $18.20 |
| **CLASS C:** | **CLASS C:** | **CLASS C:** | **CLASS C:** |
| **Net Assets** | $1615 | $10464 | $680 |
| **Shares Outstanding** (unlimited number of shares authorized, no par value) (not in 000's) | 154113 | 797525 | 37997 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $10.48 | $13.12 | $17.89 |
| **CLASS R6:** | **CLASS R6:** | **CLASS R6:** | **CLASS R6:** |
| **Net Assets** | $— | $152372 | $397640 |
| **Shares Outstanding** (unlimited number of shares authorized, no par value) (not in 000's) |  | 6800825 | 20864275 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $22.40 | $19.06 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Securities on Loan, at Value: | $1353 | $9732 | $— |

---

@ Amount is less than $500.

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

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Statements of Assets and Liabilities (cont'd)

---

| | |
|:---|:---|
| | **Ultra-Short<br>Income<br>Portfolio<br>(000)** |
| **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Cost | $18198331 |
| Investments in Securities of Unaffiliated Issuers, at Value<sup>(1)</sup> | 18195941 |
| Receivable for Fund Shares Sold | 130141 |
| Interest Receivable | 83164 |
| Other Assets | 1234 |
| **Total Assets** | 18410480 |
| **Liabilities:** | **Liabilities:** |
| Payable for Fund Shares Redeemed | 89736 |
| Payable for Investments Purchased | 46394 |
| Payable for Advisory Fees | 6825 |
| Dividends Payable | 3461 |
| Payable for Administration Fees | 1210 |
| Payable for Shareholder Services Fees — Institutional Class | 37 |
| Payable for Shareholder Services Fees — Class A | 606 |
| Payable for Custodian Fees | 130 |
| Payable to Bank | 106 |
| Payable for Professional Fees | 45 |
| Payable for Transfer Agency Fees — Class IR | 5 |
| Payable for Transfer Agency Fees — Institutional Class | 2 |
| Payable for Transfer Agency Fees — Class A | 1 |
| Other Liabilities | 565 |
| **Total Liabilities** | 149123 |
| **Net Assets** | $18261357 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $18323198 |
| Total Accumulated Loss | (61841) |
| **Net Assets** | $18261357 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Repurchase Agreements, at Value | $4117000 |
| **CLASS IR:** | **CLASS IR:** |
| **Net Assets** | $12450735 |
| **Shares Outstanding** (unlimited number of shares authorized, no par value) (not in 000's) | 1247322733 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $9.98 |
| **INSTITUTIONAL CLASS:** | **INSTITUTIONAL CLASS:** |
| **Net Assets** | $936378 |
| **Shares Outstanding** (unlimited number of shares authorized, no par value) (not in 000's) | 93789996 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $9.98 |
| **CLASS A:** | **CLASS A:** |
| **Net Assets** | $4874244 |
| **Shares Outstanding** (unlimited number of shares authorized, no par value) (not in 000's) | 488405697 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $9.98 |

---

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

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Statements of Operations

---

| | | | |
|:---|:---|:---|:---|
| | **Corporate<br>Bond<br>Portfolio<br>(000)** | **Discovery<br>Portfolio<br>(consolidated)<br>(000)** | **Global<br>Strategist<br>Portfolio<br>(consolidated)<br>(000)** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Interest from Securities of Unaffiliated Issuers (Net of Foreign Taxes Withheld of $—, $— and $2, respectively) | $3631 | $— | $4403 |
| Dividends from Security of Affiliated Issuer (Note G) | 47 | 408 | 644 |
| Dividends from Securities of Unaffiliated Issuers (Net of Foreign Taxes Withheld of $—, $— and $97, respectively) | 12 | 727 | 2264 |
| Income from Securities Loaned — Net | 2 | 769 |  |
| Total Investment Income | 3692 | 1904 | 7311 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 265 | 2401 | 1294 |
| Professional Fees | 116 | 115 | 126 |
| Transfer Agency Fees — Class I (Note E) | 62 | 12 | 5 |
| Transfer Agency Fees — Class A (Note E) | 2 | 25 | 10 |
| Transfer Agency Fees — Class L (Note E) | 1 | 2 | 2 |
| Transfer Agency Fees — Class C (Note E) | 1 | 2 | 1 |
| Transfer Agency Fees — Class R6 (Note E) |  | 3 | 1 |
| Sub Transfer Agency Fees — Class I | 51 | 248 | 7 |
| Sub Transfer Agency Fees — Class A | 6 | 300 | 68 |
| Sub Transfer Agency Fees — Class L |  | 3 | 5 |
| Sub Transfer Agency Fees — Class C | 1 | 9 |  |
| Administration Fees (Note C) | 56 | 384 | 230 |
| Registration Fees | 29 | 44 | 33 |
| Shareholder Services Fees — Class A (Note D) | 14 | 515 | 175 |
| Distribution and Shareholder Services Fees — Class L (Note D) | 2 | 20 | 41 |
| Distribution and Shareholder Services Fees — Class C (Note D) | 8 | 66 | 4 |
| Shareholder Reporting Fees | 15 | 36 | 16 |
| Custodian Fees (Note F) | 11 | 19 | 148 |
| Trustees' Fees and Expenses | 3 | 9 | 6 |
| Pricing Fees |  | 2 | 51 |
| Interest Expenses |  | 10 |  |
| Other Expenses | 11 | 30 | 21 |
| Total Expenses | 654 | 4255 | 2244 |
| Reimbursement of Class Specific Expenses — Class I (Note B) | (113 |  | (5 |
| Reimbursement of Class Specific Expenses — Class L (Note B) | (— |  |  |
| Reimbursement of Class Specific Expenses — Class C (Note B) | (1 |  | (1 |
| Waiver of Advisory Fees (Note B) | (48 |  |  |
| Waiver of Shareholder Services Fees — Class A (Note D) | (6 |  |  |
| Rebate from Morgan Stanley Affiliate (Note G) | (2 | (21) | (25 |
| Net Expenses | 484 | 4234 | 2213 |
| **Net Investment Income (Loss)** | 3208 | (2330) | 5098 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold (Net of Capital Gain Country Tax of $6, $— and $—, respectively) | 532 | 53783 | 3256 |
| Foreign Currency Forward Exchange Contracts | 9 |  | (758 |
| Foreign Currency Transaction |  |  | 34 |
| Futures Contracts | 401 |  | (107 |
| Swap Agreements |  |  | 11614 |
| Net Realized Gain | 942 | 53783 | 14039 |

---

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

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Statements of Operations (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| | **Corporate<br>Bond<br>Portfolio<br>(000)** | **Discovery<br>Portfolio<br>(consolidated)<br>(000)** | **Global<br>Strategist<br>Portfolio<br>(consolidated)<br>(000)** |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments (Net of Increase in Deferred Capital Gain Country Tax of $5, $— and $1, respectively) | $(3992) | $(267173 | $(11919) |
| Foreign Currency Forward Exchange Contracts | (1) |  | 360 |
| Foreign Currency Translation | (10) |  | (183) |
| Futures Contracts | (490) |  | 1837 |
| Swap Agreements |  |  | (10123) |
| Derivative Contracts — PIPE |  | 5142 |  |
| Net Change in Unrealized Appreciation (Depreciation) | (4493) | (262031 | (20028) |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | (3551) | (208248 | (5989) |
| Net Decrease in Net Assets Resulting from Operations | $(343) | $(210578 | $(891) |

---

@ Amount is less than $500.

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

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Statements of Operations (cont'd)

---

| | |
|:---|:---|
| | **Ultra-Short<br>Income<br>Portfolio<br>(000)** |
| **Investment Income:** | **Investment Income:** |
| Interest from Securities of Unaffiliated Issuers | $357838 |
| Total Investment Income | 357838 |
| **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 16958 |
| Administration Fees (Note C) | 6783 |
| Shareholder Services Fees — Class A (Note D) | 6188 |
| Shareholder Services Fees — Institutional Class (Note D) | 235 |
| Registration Fees | 402 |
| Custodian Fees (Note F) | 137 |
| Professional Fees | 129 |
| Trustees' Fees and Expenses | 101 |
| Shareholder Reporting Fees | 36 |
| Transfer Agency Fees — Class A (Note E) | 3 |
| Transfer Agency Fees — Class IR (Note E) | 15 |
| Transfer Agency Fees — Institutional Class (Note E) | 7 |
| Pricing Fees | 5 |
| Interest Expenses | 1 |
| Other Expenses | 324 |
| Total Expenses | 31324 |
| Waiver of Advisory Fees (Note B) | (3679) |
| Waiver of Shareholder Services Fees — Class A (Note D) | (2475) |
| Reimbursement of Class Specific Expenses — Class IR (Note B) | (15) |
| Reimbursement of Class Specific Expenses — Institutional Class (Note B) | (7) |
| Reimbursement of Class Specific Expenses — Class A (Note B) | (3) |
| Net Expenses | 25145 |
| **Net Investment Income** | 332693 |
| **Realized Gain:** | **Realized Gain:** |
| Investments Sold | 436 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments | (14208) |
| **Net Realized Gain and Change in Unrealized Appreciation (Depreciation)** | (13772) |
| Net Increase in Net Assets Resulting from Operations | $318921 |

---

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Corporate Bond Portfolio** | **Corporate Bond Portfolio** | **Discovery Portfolio (consolidated)** | **Discovery Portfolio (consolidated)** |
| | **Six Months Ended<br>March 31, 2026<br>(unaudited)<br>(000)** | **Year Ended<br>September 30, 2025<br>(000)** | **Six Months Ended<br>March 31, 2026<br>(unaudited)<br>(000)** | **Year Ended<br>September 30, 2025<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income (Loss) | $3208 | $6115 | $(2330) | $(6557) |
| Net Realized Gain (Loss) | 942 | (989) | 53783 | 245113 |
| Net Change in Unrealized Appreciation (Depreciation) | (4493) | (513) | (262031) | 219722 |
| Net Increase (Decrease) in Net Assets Resulting <br>from Operations | (343) | 4613 | (210578) | 458278 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (2824) | (5545) |  |  |
| **Class A** | (235) | (494) |  |  |
| **Class L** | (15) | (33) |  |  |
| **Class C** | (26) | (51) |  |  |
| Total Dividends and Distributions to Shareholders | (3100) | (6123) |  |  |
| **Capital Share Transactions, including direct exchanges<br>pursuant to share class conversions for all periods<br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges<br>pursuant to share class conversions for all periods<br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges<br>pursuant to share class conversions for all periods<br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges<br>pursuant to share class conversions for all periods<br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges<br>pursuant to share class conversions for all periods<br>presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 38275 | 45268 | 42887 | 264212 |
| Distributions Reinvested | 2755 | 5391 |  |  |
| Redeemed | (14023) | (42049) | (228542) | (269438) |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 3850 | 3537 | 14381 | 54024 |
| Distributions Reinvested | 235 | 494 |  |  |
| Redeemed | (4408) | (4451) | (80269) | (152798) |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested | 15 | 33 |  |  |
| Redeemed | (12) | (70) | (528) | (997) |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 503 | 212 | 197 | 1424 |
| Distributions Reinvested | 26 | 51 |  |  |
| Redeemed | (186) | (463) | (2821) | (4999) |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed |  |  | 17252 | 45199 |
| Redeemed |  |  | (39144) | (62568) |
| Net Increase (Decrease) in Net Assets Resulting from <br>Capital Share Transactions | 27030 | 7953 | (276587) | (125941) |
| Total Increase (Decrease) in Net Assets | 23587 | 6443 | (487165) | 332337 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 130916 | 124473 | 1231203 | 898866 |
| End of Period | $154503 | $130916 | $744038 | $1231203 |

---

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Corporate Bond Portfolio** | **Corporate Bond Portfolio** | **Discovery Portfolio (consolidated)** | **Discovery Portfolio (consolidated)** |
| | **Six Months Ended<br>March 31, 2026<br>(unaudited)<br>(000)** | **Year Ended<br>September 30, 2025<br>(000)** | **Six Months Ended<br>March 31, 2026<br>(unaudited)<br>(000)** | **Year Ended<br>September 30, 2025<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 3562 | 4297 | 1713 | 11741 |
| Shares Issued on Distributions Reinvested | 257 | 509 |  |  |
| Shares Redeemed | (1308 | (4006) | (9303) | (12091) |
| Net Increase (Decrease) in Class I Shares Outstanding | 2511 | 800 | (7590) | (350) |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 358 | 333 | 847 | 3337 |
| Shares Issued on Distributions Reinvested | 22 | 47 |  |  |
| Shares Redeemed | (410 | (423) | (4792) | (9875) |
| Net Decrease in Class A Shares Outstanding | (30 | (43) | (3945) | (6538) |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested | 1 | 3 |  |  |
| Shares Redeemed | (1 | (7) | (43) | (83) |
| Net Increase (Decrease) in Class L Shares Outstanding |  | (4) | (43) | (83) |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 47 | 20 | 13 | 98 |
| Shares Issued on Distributions Reinvested | 2 | 5 |  |  |
| Shares Redeemed | (17 | (44) | (189) | (361) |
| Net Increase (Decrease) in Class C Shares Outstanding | 32 | (19) | (176) | (263) |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed |  |  | 675 | 1902 |
| Shares Redeemed |  |  | (1557) | (2694) |
| Net Decrease in Class R6 Shares Outstanding |  |  | (882) | (792) |

---

@ Amount is less than 500 shares.

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Strategist <br>Portfolio (consolidated)** | **Global Strategist <br>Portfolio (consolidated)** | **Ultra-Short Income Portfolio** | **Ultra-Short Income Portfolio** |
| | **Six Months Ended<br>March 31, 2026<br>(unaudited)<br>(000)** | **Year Ended<br>September 30, 2025<br>(000)** | **Six Months Ended<br>March 31, 2026<br>(unaudited)<br>(000)** | **Year Ended<br>September 30, 2025<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $5098 | $11204 | $332693 | $602103 |
| Net Realized Gain | 14039 | 18644 | 436 | 1200 |
| Net Change in Unrealized Appreciation (Depreciation) | (20028) | 28832 | (14208) | (8023) |
| Net Increase (Decrease) in Net Assets Resulting <br>from Operations | (891) | 58680 | 318921 | 595280 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Class I** | (1104) | (480) |  |  |
| **Class A** | (8714) | (3257) | (94828) | (224641) |
| **Class L** | (642) | (203) |  |  |
| **Class C** | (44) | (13) |  |  |
| **Class R6** | (26028) | (9822) |  |  |
| **Class IR** |  |  | (219466) | (333475) |
| **Institutional Class** |  |  | (18398) | (43988) |
| Total Dividends and Distributions to Shareholders | (36532) | (13775) | (332692) | (602104) |
| **Capital Share Transactions, including direct exchanges<br>pursuant to share class conversions for all periods<br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges<br>pursuant to share class conversions for all periods<br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges<br>pursuant to share class conversions for all periods<br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges<br>pursuant to share class conversions for all periods<br>presented, were as follows:<sup>(1)</sup>** | **Capital Share Transactions, including direct exchanges<br>pursuant to share class conversions for all periods<br>presented, were as follows:<sup>(1)</sup>** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Subscribed | 987 | 2883 |  |  |
| Distributions Reinvested | 1091 | 475 |  |  |
| Redeemed | (4188) | (3801) |  |  |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Subscribed | 843 | 2007 | 2000443 | 4528718 |
| Distributions Reinvested | 8584 | 3208 | 94805 | 224466 |
| Redeemed | (9957) | (18564) | (2266878) | (4424494) |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Distributions Reinvested | 625 | 198 |  |  |
| Redeemed | (527) | (1060) |  |  |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Subscribed | 27 | 127 |  |  |
| Distributions Reinvested | 44 | 13 |  |  |
| Redeemed | (176) | (446) |  |  |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Subscribed | 209 | 806 |  |  |
| Distributions Reinvested | 26027 | 9822 |  |  |
| Redeemed | (89) | (82815) |  |  |
| **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** |
| Subscribed |  |  | 10248344 | 11772805 |
| Distributions Reinvested |  |  | 202257 | 300268 |
| Redeemed |  |  | (7292093) | (8296364) |
| **Institutional Class:** | **Institutional Class:** | **Institutional Class:** | **Institutional Class:** | **Institutional Class:** |
| Subscribed |  |  | 760353 | 708927 |
| Distributions Reinvested |  |  | 18392 | 43991 |
| Redeemed |  |  | (676369) | (896769) |
| Net Increase (Decrease) in Net Assets Resulting from <br>Capital Share Transactions | 23500 | (87147) | 3089254 | 3961548 |
| Total Increase (Decrease) in Net Assets | (13923) | (42242) | 3075483 | 3954724 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 571810 | 614052 | 15185874 | 11231150 |
| End of Period | $557887 | $571810 | $18261357 | $15185874 |

---

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Strategist <br>Portfolio (consolidated)** | **Global Strategist <br>Portfolio (consolidated)** | **Ultra-Short Income Portfolio** | **Ultra-Short Income Portfolio** |
| | **Six Months Ended<br>March 31, 2026<br>(unaudited)<br>(000)** | **Year Ended<br>September 30, 2025<br>(000)** | **Six Months Ended<br>March 31, 2026<br>(unaudited)<br>(000)** | **Year Ended<br>September 30, 2025<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Class I:** | **Class I:** | **Class I:** | **Class I:** | **Class I:** |
| Shares Subscribed | 50 | 154 |  |  |
| Shares Issued on Distributions Reinvested | 56 | 26 |  |  |
| Shares Redeemed | (206) | (205) |  |  |
| Net Decrease in Class I Shares Outstanding | (100) | (25) |  |  |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| Shares Subscribed | 43 | 109 | 200267 | 453507 |
| Shares Issued on Distributions Reinvested | 448 | 178 | 9491 | 22478 |
| Shares Redeemed | (508) | (1017) | (226944) | (443100) |
| Net Increase (Decrease) in Class A Shares Outstanding | (17) | (730) | (17186) | 32885 |
| **Class L:** | **Class L:** | **Class L:** | **Class L:** | **Class L:** |
| Shares Issued on Distributions Reinvested | 33 | 11 |  |  |
| Shares Redeemed | (27) | (59) |  |  |
| Net Increase (Decrease) in Class L Shares Outstanding | 6 | (48) |  |  |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| Shares Subscribed | 1 | 7 |  |  |
| Shares Issued on Distributions Reinvested | 2 | 1 |  |  |
| Shares Redeemed | (10) | (26) |  |  |
| Net Decrease in Class C Shares Outstanding | (7) | (18) |  |  |
| **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** | **Class R6:** |
| Shares Subscribed | 11 | 43 |  |  |
| Shares Issued on Distributions Reinvested | 1335 | 537 |  |  |
| Shares Redeemed | (4) | (4392) |  |  |
| Net Increase (Decrease) in Class R6 Shares Outstanding | 1342 | (3812) |  |  |
| **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** | **Class IR:** |
| Shares Subscribed |  |  | 1025964 | 1178891 |
| Shares Issued on Distributions Reinvested |  |  | 20250 | 30068 |
| Shares Redeemed |  |  | (730058) | (830766) |
| Net Increase in Class IR Shares Outstanding |  |  | 316156 | 378193 |
| **Institutional Class:** | **Institutional Class:** | **Institutional Class:** | **Institutional Class:** | **Institutional Class:** |
| Shares Subscribed |  |  | 76118 | 70977 |
| Shares Issued on Distributions Reinvested |  |  | 1841 | 4404 |
| Shares Redeemed |  |  | (67710) | (89789) |
| Net Increase (Decrease) in Institutional Class Shares Outstanding |  |  | 10249 | (14408) |

---

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Financial Highlights

**Corporate Bond Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>March 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $10.80 | $10.93 | $9.97 | $9.95 | $12.96 | $13.49 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.25 | 0.50 | 0.56 | 0.45 | 0.30 | 0.25 |
| Net Realized and Unrealized Gain (Loss) | (0.30) | (0.13) | 0.96 | 0.00<br><sup>(2)</sup> | (2.69) | (0.05) |
| Total from Investment Operations | (0.05) | 0.37 | 1.52 | 0.45 | (2.39) | 0.20 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.20) | (0.50) | (0.56) | (0.43) | (0.27) | (0.25) |
| Net Realized Gain |  |  |  |  | (0.35) | (0.48) |
| Total Distributions | (0.20) | (0.50) | (0.56) | (0.43) | (0.62) | (0.73) |
| **Net Asset Value, End of Period** | $10.55 | $10.80 | $10.93 | $9.97 | $9.95 | $12.96 |
| **Total Return<sup>(3)</sup>** | (0.11)%<sup>(4)</sup> | 3.61% | 15.66%<sup>(5)</sup> | 4.51% | (19.23)% | 1.44% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $141201 | $117337 | $110018 | $102560 | $114804 | $161409 |
| Ratio of Expenses Before Expense Limitation | 0.90%<sup>(6)</sup> | 0.93% | 0.95% | 1.00% | 0.86% | 0.79% |
| Ratio of Expenses After Expense Limitation | 0.65%<sup>(6)(7)</sup> | 0.65%<sup>(7)</sup> | 0.20%<sup>(7)(8)</sup> | 0.69%<sup>(7)</sup> | 0.70%<sup>(7)</sup> | 0.70%<sup>(7)</sup> |
| Ratio of Net Investment Income | 4.59%<sup>(6)(7)</sup> | 4.75%<sup>(7)</sup> | 5.36%<sup>(7)(8)</sup> | 4.39%<sup>(7)</sup> | 2.55%<sup>(7)</sup> | 1.90%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 70%<sup>(4)</sup> | 117% | 183% | 134% | 110% | 125% |

---

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

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

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

(4) Not annualized.

(5) Reflects prior period transfer agency and/or sub transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(6) Annualized.

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

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

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| September 30, 2024 | 0.65% | 4.91% |

---

(9) Amount is less than 0.005%.

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Financial Highlights (cont'd)

**Corporate Bond Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>March 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $10.82 | $10.94 | $9.98 | $9.96 | $12.97 | $13.50 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.23 | 0.47 | 0.54 | 0.42 | 0.26 | 0.22 |
| Net Realized and Unrealized Gain (Loss) | (0.29) | (0.12) | 0.95 | 0.00<br><sup>(2)</sup> | (2.68) | (0.05) |
| Total from Investment Operations | (0.06) | 0.35 | 1.49 | 0.42 | (2.42) | 0.17 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.19) | (0.47) | (0.53) | (0.40) | (0.24) | (0.22) |
| Net Realized Gain |  |  |  |  | (0.35) | (0.48) |
| Total Distributions | (0.19) | (0.47) | (0.53) | (0.40) | (0.59) | (0.70) |
| **Net Asset Value, End of Period** | $10.57 | $10.82 | $10.94 | $9.98 | $9.96 | $12.97 |
| **Total Return<sup>(3)</sup>** | (0.26)%<sup>(4)</sup> | 3.37% | 15.34%<sup>(5)</sup> | 4.18% | (19.45)% | 1.22% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $10879 | $11448 | $12051 | $12849 | $14158 | $19689 |
| Ratio of Expenses Before Expense Limitation | 1.11%<sup>(6)</sup> | 1.15% | 1.12% | 1.21% | 1.09% | 1.02% |
| Ratio of Expenses After Expense Limitation | 0.94%<sup>(6)(7)</sup> | 0.96%<sup>(7)</sup> | 0.45%<sup>(7)(8)</sup> | 0.99%<sup>(7)</sup> | 0.99%<sup>(7)</sup> | 0.92%<sup>(7)</sup> |
| Ratio of Net Investment Income | 4.29%<sup>(6)(7)</sup> | 4.43%<sup>(7)</sup> | 5.10%<sup>(7)(8)</sup> | 4.08%<sup>(7)</sup> | 2.28%<sup>(7)</sup> | 1.68%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 70%<sup>(4)</sup> | 117% | 183% | 134% | 110% | 125% |

---

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

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

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

(4) Not annualized.

(5) Reflects prior period transfer agency and/or sub transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(6) Annualized.

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

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

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| September 30, 2024 | 0.90% | 4.65% |

---

(9) Amount is less than 0.005%.

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Financial Highlights (cont'd)

**Corporate Bond Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>March 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $10.80 | $10.93 | $9.97 | $9.95 | $12.96 | $13.49 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.20 | 0.41 | 0.48 | 0.37 | 0.21 | 0.17 |
| Net Realized and Unrealized Gain (Loss) | (0.28) | (0.12) | 0.95 | 0.00<br><sup>(2)</sup> | (2.69) | (0.05) |
| Total from Investment Operations | (0.08) | 0.29 | 1.43 | 0.37 | (2.48) | 0.12 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.16) | (0.42) | (0.47) | (0.35) | (0.18) | (0.17) |
| Net Realized Gain |  |  |  |  | (0.35) | (0.48) |
| Total Distributions | (0.16) | (0.42) | (0.47) | (0.35) | (0.53) | (0.65) |
| **Net Asset Value, End of Period** | $10.56 | $10.80 | $10.93 | $9.97 | $9.95 | $12.96 |
| **Total Return<sup>(3)</sup>** | (0.42)%<sup>(4)</sup> | 2.76% | 14.71%<sup>(5)</sup> | 3.68% | (19.83)% | 0.79% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $808 | $823 | $871 | $990 | $1049 | $1444 |
| Ratio of Expenses Before Expense Limitation | 1.55%<sup>(6)</sup> | 1.67% | 1.57% | 1.59% | 1.43% | N/A |
| Ratio of Expenses After Expense Limitation | 1.47%<sup>(6)(7)</sup> | 1.47%<sup>(7)</sup> | 0.93%<sup>(7)(8)</sup> | 1.47%<sup>(7)</sup> | 1.43%<sup>(7)</sup> | 1.33%<sup>(7)</sup> |
| Ratio of Net Investment Income | 3.77%<sup>(6)(7)</sup> | 3.93%<sup>(7)</sup> | 4.62%<sup>(7)(8)</sup> | 3.60%<sup>(7)</sup> | 1.84%<sup>(7)</sup> | 1.27%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 70%<sup>(4)</sup> | 117% | 183% | 134% | 110% | 125% |

---

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

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

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

(4) Not annualized.

(5) Reflects prior period transfer agency and/or sub transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class L shares.

(6) Annualized.

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

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

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| September 30, 2024 | 1.45% | 4.10% |

---

(9) Amount is less than 0.005%.

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Financial Highlights (cont'd)

**Corporate Bond Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>March 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $10.72 | $10.85 | $9.90 | $9.89 | $12.87 | $13.41 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.19 | 0.38 | 0.44 | 0.34 | 0.16 | 0.10 |
| Net Realized and Unrealized Gain (Loss) | (0.28) | (0.12) | 0.95 | (0.01) | (2.65) | (0.05) |
| Total from Investment Operations | (0.09) | 0.26 | 1.39 | 0.33 | (2.49) | 0.05 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.15) | (0.39) | (0.44) | (0.32) | (0.14) | (0.11) |
| Net Realized Gain |  |  |  |  | (0.35) | (0.48) |
| Total Distributions | (0.15) | (0.39) | (0.44) | (0.32) | (0.49) | (0.59) |
| **Net Asset Value, End of Period** | $10.48 | $10.72 | $10.85 | $9.90 | $9.89 | $12.87 |
| **Total Return<sup>(2)</sup>** | (0.56)%<sup>(3)</sup> | 2.49% | 14.39%<sup>(4)</sup> | 3.28% | (20.05)% | 0.28% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $1615 | $1308 | $1533 | $1174 | $1491 | $3111 |
| Ratio of Expenses Before Expense Limitation | 1.95%<sup>(5)</sup> | 2.08% | 2.02% | 2.08% | 1.92% | 1.81% |
| Ratio of Expenses After Expense Limitation | 1.75%<sup>(5)(6)</sup> | 1.75%<sup>(6)</sup> | 1.31%<sup>(6)(7)</sup> | 1.79%<sup>(6)</sup> | 1.80%<sup>(6)</sup> | 1.80%<sup>(6)</sup> |
| Ratio of Net Investment Income | 3.49%<sup>(5)(6)</sup> | 3.65%<sup>(6)</sup> | 4.25%<sup>(6)(7)</sup> | 3.29%<sup>(6)</sup> | 1.40%<sup>(6)</sup> | 0.80%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 70%<sup>(3)</sup> | 117% | 183% | 134% | 110% | 125% |

---

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

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

(3) Not annualized.

(4) Reflects prior period transfer agency and/or sub transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(5) Annualized.

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

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

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| September 30, 2024 | 1.75% | 3.81% |

---

(8) Amount is less than 0.005%.

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Consolidated Financial Highlights

**Discovery Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>March 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $27.11 | $17.54 | $12.39 | $12.06 | $42.00 | $38.19 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.05) | (0.11) | (0.07) | (0.03) | (0.14) | (0.24) |
| Net Realized and Unrealized Gain (Loss) | (5.24) | 9.68 | 5.22 | 0.36 | (19.69) | 7.35 |
| Total from Investment Operations | (5.29) | 9.57 | 5.15 | 0.33 | (19.83) | 7.11 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  |  | (10.11) | (3.30) |
| **Net Asset Value, End of Period** | $21.82 | $27.11 | $17.54 | $12.39 | $12.06 | $42.00 |
| **Total Return<sup>(2)</sup>** | (19.59)%<sup>(3)</sup> | 54.56% | 41.57%<sup>(4)</sup> | 2.74% | (61.26)% | 18.36% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $243994 | $509063 | $335470 | $294703 | $416283 | $1719520 |
| Ratio of Expenses Before Expense Limitation | 0.79%<sup>(5)</sup> | 0.75% | 0.76% | 0.74% | 0.77% | N/A |
| Ratio of Expenses After Expense Limitation | 0.78%<sup>(5)(6)</sup> | 0.74%<sup>(6)</sup> | 0.72%<sup>(6)(7)</sup> | 0.74%<sup>(6)</sup> | 0.77%<sup>(6)</sup> | 0.72%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.78%<sup>(5)(6)</sup> | N/A | N/A | N/A | N/A | 0.72%<sup>(6)</sup> |
| Ratio of Net Investment Loss | (0.38)%<sup>(5)(6)</sup> | (0.48)%<sup>(6)</sup> | (0.46)%<sup>(6)(7)</sup> | (0.28)%<sup>(6)</sup> | (0.58)%<sup>(6)</sup> | (0.54)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 27%<sup>(3)</sup> | 88% | 46% | 51% | 67% | 115% |

---

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

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

(3) Not annualized.

(4) Reflects prior period transfer agency and/or sub transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(5) Annualized.

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

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

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| September 30, 2024 | 0.76% | (0.50)% |

---

(8) Amount is less than 0.005%.

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Consolidated Financial Highlights (cont'd)

**Discovery Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>March 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $18.30 | $11.87 | $8.41 | $8.21 | $32.12 | $29.92 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.05) | (0.12) | (0.07) | (0.05) | (0.14) | (0.27) |
| Net Realized and Unrealized Gain (Loss) | (3.54) | 6.55 | 3.53 | 0.25 | (13.66) | 5.77 |
| Total from Investment Operations | (3.59) | 6.43 | 3.46 | 0.20 | (13.80) | 5.50 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  |  | (10.11) | (3.30) |
| **Net Asset Value, End of Period** | $14.71 | $18.30 | $11.87 | $8.41 | $8.21 | $32.12 |
| **Total Return<sup>(2)</sup>** | (19.67)%<sup>(3)</sup> | 54.17% | 41.14%<sup>(4)</sup> | 2.44% | (61.35)% | 18.02% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $332656 | $486165 | $392991 | $422575 | $527685 | $1944335 |
| Ratio of Expenses Before Expense Limitation | 1.04%<sup>(5)</sup> | 1.03% | 1.02% | 1.02% | 1.03% | N/A |
| Ratio of Expenses After Expense Limitation | 1.04%<sup>(5)(6)</sup> | 1.02%<sup>(6)</sup> | 0.98%<sup>(6)(7)</sup> | 1.01%<sup>(6)</sup> | 1.03%<sup>(6)</sup> | 1.00%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.04%<sup>(5)(6)</sup> | N/A | N/A | N/A | N/A | 1.00%<sup>(6)</sup> |
| Ratio of Net Investment Loss | (0.64)%<sup>(5)(6)</sup> | (0.76)%<sup>(6)</sup> | (0.73)%<sup>(6)(7)</sup> | (0.56)%<sup>(6)</sup> | (0.85)%<sup>(6)</sup> | (0.81)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 27%<sup>(3)</sup> | 88% | 46% | 51% | 67% | 115% |

---

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

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

(3) Not annualized.

(4) Reflects prior period transfer agency and/or sub transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(5) Annualized.

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

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

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| September 30, 2024 | 1.02% | (0.77)% |

---

(8) Amount is less than 0.005%.

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Consolidated Financial Highlights (cont'd)

**Discovery Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>March 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $13.60 | $8.87 | $6.31 | $6.20 | $27.00 | $25.69 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.07) | (0.15) | (0.09) | (0.07) | (0.16) | (0.36) |
| Net Realized and Unrealized Gain (Loss) | (2.63) | 4.88 | 2.65 | 0.18 | (10.53) | 4.97 |
| Total from Investment Operations | (2.70) | 4.73 | 2.56 | 0.11 | (10.69) | 4.61 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  |  | (10.11) | (3.30) |
| **Net Asset Value, End of Period** | $10.90 | $13.60 | $8.87 | $6.31 | $6.20 | $27.00 |
| **Total Return<sup>(2)</sup>** | (19.93)%<sup>(3)</sup> | 53.33% | 40.57%<sup>(4)</sup> | 1.77% | (61.52)% | 17.48% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $4552 | $6263 | $4818 | $4197 | $4704 | $13762 |
| Ratio of Expenses Before Expense Limitation | 1.57%<sup>(5)</sup> | 1.56% | 1.55% | 1.56% | 1.51% | N/A |
| Ratio of Expenses After Expense Limitation | 1.56%<sup>(5)(6)</sup> | 1.55%<sup>(6)</sup> | 1.51%<sup>(6)(7)</sup> | 1.55%<sup>(6)</sup> | 1.51%<sup>(6)</sup> | 1.44%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.56%<sup>(5)(6)</sup> | N/A | N/A | N/A | N/A | 1.44%<sup>(6)</sup> |
| Ratio of Net Investment Loss | (1.17)%<sup>(5)(6)</sup> | (1.28)%<sup>(6)</sup> | (1.26)%<sup>(6)(7)</sup> | (1.10)%<sup>(6)</sup> | (1.33)%<sup>(6)</sup> | (1.26)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 27%<sup>(3)</sup> | 88% | 46% | 51% | 67% | 115% |

---

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

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

(3) Not annualized.

(4) Reflects prior period transfer agency and/or sub transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class L shares.

(5) Annualized.

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

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

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| September 30, 2024 | 1.55% | (1.30)% |

---

(8) Amount is less than 0.005%.

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Consolidated Financial Highlights (cont'd)

**Discovery Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>March 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $16.39 | $10.71 | $7.65 | $7.52 | $30.51 | $28.74 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(1)</sup> | (0.10) | (0.21) | (0.14) | (0.10) | (0.24) | (0.49) |
| Net Realized and Unrealized Gain (Loss) | (3.17) | 5.89 | 3.20 | 0.23 | (12.64) | 5.56 |
| Total from Investment Operations | (3.27) | 5.68 | 3.06 | 0.13 | (12.88) | 5.07 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  |  | (10.11) | (3.30) |
| **Net Asset Value, End of Period** | $13.12 | $16.39 | $10.71 | $7.65 | $7.52 | $30.51 |
| **Total Return<sup>(2)</sup>** | (20.01)%<sup>(3)</sup> | 53.03% | 40.00%<sup>(4)</sup> | 1.73% | (61.66)% | 17.21% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $10464 | $15961 | $13248 | $13434 | $15363 | $59936 |
| Ratio of Expenses Before Expense Limitation | 1.80%<sup>(5)</sup> | 1.78% | 1.80% | 1.80% | 1.77% | N/A |
| Ratio of Expenses After Expense Limitation | 1.79%<sup>(5)(6)</sup> | 1.77%<sup>(6)</sup> | 1.76%<sup>(6)(7)</sup> | 1.79%<sup>(6)</sup> | 1.77%<sup>(6)</sup> | 1.71%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 1.79%<sup>(5)(6)</sup> | N/A | N/A | N/A | N/A | 1.71%<sup>(6)</sup> |
| Ratio of Net Investment Loss | (1.40)%<sup>(5)(6)</sup> | (1.51)%<sup>(6)</sup> | (1.51)%<sup>(6)(7)</sup> | (1.34)%<sup>(6)</sup> | (1.59)%<sup>(6)</sup> | (1.52)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(5)(8)</sup> | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| Portfolio Turnover Rate | 27%<sup>(3)</sup> | 88% | 46% | 51% | 67% | 115% |

---

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

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

(3) Not annualized.

(4) Reflects prior period transfer agency and/or sub transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(5) Annualized.

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

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

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| September 30, 2024 | 1.80% | (1.55)% |

---

(8) Amount is less than 0.005%.

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Consolidated Financial Highlights (cont'd)

**Discovery Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>March 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $27.82 | $17.98 | $12.69 | $12.34 | $42.67 | $38.72 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Loss<sup>(2)</sup> | (0.03) | (0.09) | (0.05) | (0.02) | (0.10) | (0.19) |
| Net Realized and Unrealized Gain (Loss) | (5.39) | 9.93 | 5.34 | 0.37 | (20.12) | 7.44 |
| Total from Investment Operations | (5.42) | 9.84 | 5.29 | 0.35 | (20.22) | 7.25 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Realized Gain |  |  |  |  | (10.11) | (3.30) |
| **Net Asset Value, End of Period** | $22.40 | $27.82 | $17.98 | $12.69 | $12.34 | $42.67 |
| **Total Return<sup>(3)</sup>** | (19.52)%<sup>(4)</sup> | 54.73% | 41.69%<sup>(5)</sup> | 2.84% | (61.20)% | 18.47% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $152372 | $213751 | $152339 | $170794 | $194806 | $547683 |
| Ratio of Expenses Before Expense Limitation | 0.64%<sup>(6)</sup> | 0.63% | 0.65% | 0.65% | 0.64% | N/A |
| Ratio of Expenses After Expense Limitation | 0.64%<sup>(6)(7)</sup> | 0.62%<sup>(7)</sup> | 0.61%<sup>(7)(8)</sup> | 0.64%<sup>(7)</sup> | 0.64%<sup>(7)</sup> | 0.61%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.64%<sup>(6)(7)</sup> | N/A | N/A | N/A | N/A | 0.61%<sup>(7)</sup> |
| Ratio of Net Investment Loss | (0.24)%<sup>(6)(7)</sup> | (0.36)%<sup>(7)</sup> | (0.36)%<sup>(7)(8)</sup> | (0.19)%<sup>(7)</sup> | (0.45)%<sup>(7)</sup> | (0.42)%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.00%<sup>(6)(9)</sup> | 0.01% | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> | 0.00%<sup>(9)</sup> |
| Portfolio Turnover Rate | 27%<sup>(4)</sup> | 88% | 46% | 51% | 67% | 115% |

---

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

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

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

(4) Not annualized.

(5) Reflects prior period transfer agency and/or sub transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(6) Annualized.

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

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

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Loss Ratio |
| September 30, 2024 | 0.65% | (0.40)% |

---

(9) Amount is less than 0.005%.

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Consolidated Financial Highlights

**Global Strategist Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>March 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $20.37 | $18.78 | $15.34 | $13.58 | $18.74 | $16.08 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.18 | 0.39 | 0.45 | 0.34 | 0.19 | 0.16 |
| Net Realized and Unrealized Gain (Loss) | (0.19) | 1.68 | 2.99 | 1.51 | (3.94) | 2.73 |
| Total from Investment Operations | (0.01) | 2.07 | 3.44 | 1.85 | (3.75) | 2.89 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.73) | (0.25) |  | (0.09) | (0.12) | (0.22) |
| Net Realized Gain | (0.59) | (0.23) |  |  | (1.29) | (0.01) |
| Total Distributions | (1.32) | (0.48) |  | (0.09) | (1.41) | (0.23) |
| **Net Asset Value, End of Period** | $19.04 | $20.37 | $18.78 | $15.34 | $13.58 | $18.74 |
| **Total Return<sup>(2)</sup>** | (0.15)%<sup>(3)</sup> | 11.25% | 22.35%<sup>(4)</sup> | 13.72% | (21.73)% | 18.10% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $16496 | $19691 | $18622 | $16888 | $17886 | $26745 |
| Ratio of Expenses Before Expense Limitation | 0.80%<sup>(5)</sup> | 0.83% | 0.81% | 0.85% | 0.83% | 0.76% |
| Ratio of Expenses After Expense Limitation | 0.73%<sup>(5)(6)</sup> | 0.72%<sup>(6)</sup> | 0.69%<sup>(6)(7)</sup> | 0.72%<sup>(6)</sup> | 0.72%<sup>(6)</sup> | 0.73%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | N/A | N/A | 0.73%<sup>(6)</sup> |
| Ratio of Net Investment Income | 1.85%<sup>(5)(6)</sup> | 2.11%<sup>(6)</sup> | 2.62%<sup>(6)(7)</sup> | 2.23%<sup>(6)</sup> | 1.13%<sup>(6)</sup> | 0.90%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(5)</sup> | 0.02% | 0.02% | 0.02% | 0.02% | 0.01% |
| Portfolio Turnover Rate | 34%<sup>(3)</sup> | 92% | 93% | 91% | 93% | 115% |

---

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

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

(3) Not annualized.

(4) Reflects prior period transfer agency and/or sub transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.

(5) Annualized.

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

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

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| September 30, 2024 | 0.72% | 2.59% |

---

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Consolidated Financial Highlights (cont'd)

**Global Strategist Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>March 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $19.99 | $18.45 | $15.12 | $13.41 | $18.53 | $15.91 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.15 | 0.33 | 0.39 | 0.29 | 0.14 | 0.12 |
| Net Realized and Unrealized Gain (Loss) | (0.18) | 1.64 | 2.94 | 1.50 | (3.90) | 2.68 |
| Total from Investment Operations | (0.03) | 1.97 | 3.33 | 1.79 | (3.76) | 2.80 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.67) | (0.20) |  | (0.08) | (0.07) | (0.17) |
| Net Realized Gain | (0.59) | (0.23) |  |  | (1.29) | (0.01) |
| Total Distributions | (1.26) | (0.43) |  | (0.08) | (1.36) | (0.18) |
| **Net Asset Value, End of Period** | $18.70 | $19.99 | $18.45 | $15.12 | $13.41 | $18.53 |
| **Total Return<sup>(2)</sup>** | (0.30)%<sup>(3)</sup> | 10.92% | 22.02%<sup>(4)</sup> | 13.35% | (21.99)% | 17.72% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $132658 | $142180 | $144645 | $134213 | $134814 | $188317 |
| Ratio of Expenses Before Expense Limitation | 1.03%<sup>(5)</sup> | 1.05% | 1.01% | 1.04% | 1.05% | 1.02% |
| Ratio of Expenses After Expense Limitation | 1.02%<sup>(5)(6)</sup> | 1.03%<sup>(6)</sup> | 0.96%<sup>(6)(7)</sup> | 1.01%<sup>(6)</sup> | 1.04%<sup>(6)</sup> | 1.01%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | N/A | N/A | 1.01%<sup>(6)</sup> |
| Ratio of Net Investment Income | 1.56%<sup>(5)(6)</sup> | 1.80%<sup>(6)</sup> | 2.34%<sup>(6)(7)</sup> | 1.93%<sup>(6)</sup> | 0.84%<sup>(6)</sup> | 0.67%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(5)</sup> | 0.02% | 0.02% | 0.02% | 0.02% | 0.01% |
| Portfolio Turnover Rate | 34%<sup>(3)</sup> | 92% | 93% | 91% | 93% | 115% |

---

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

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

(3) Not annualized.

(4) Reflects prior period transfer agency and/or sub transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(5) Annualized.

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

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

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| September 30, 2024 | 0.99% | 2.31% |

---

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Consolidated Financial Highlights (cont'd)

**Global Strategist Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** | **Class L** |
| | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>March 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $19.44 | $17.96 | $14.79 | $13.17 | $18.24 | $15.67 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.10 | 0.23 | 0.30 | 0.21 | 0.05 | 0.03 |
| Net Realized and Unrealized Gain (Loss) | (0.18) | 1.59 | 2.87 | 1.47 | (3.83) | 2.64 |
| Total from Investment Operations | (0.08) | 1.82 | 3.17 | 1.68 | (3.78) | 2.67 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.57) | (0.11) |  | (0.06) |  | (0.09) |
| Net Realized Gain | (0.59) | (0.23) |  |  | (1.29) | (0.01) |
| Total Distributions | (1.16) | (0.34) |  | (0.06) | (1.29) | (0.10) |
| **Net Asset Value, End of Period** | $18.20 | $19.44 | $17.96 | $14.79 | $13.17 | $18.24 |
| **Total Return<sup>(2)</sup>** | (0.55)%<sup>(3)</sup> | 10.34% | 21.43%<sup>(4)</sup> | 12.69% | (22.33)% | 17.09% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $10413 | $11008 | $11033 | $9768 | $9674 | $13359 |
| Ratio of Expenses Before Expense Limitation | 1.54%<sup>(5)</sup> | 1.58% | 1.53% | 1.56% | 1.56% | 1.53% |
| Ratio of Expenses After Expense Limitation | 1.53%<sup>(5)(6)</sup> | 1.56%<sup>(6)</sup> | 1.48%<sup>(6)(7)</sup> | 1.54%<sup>(6)</sup> | 1.55%<sup>(6)</sup> | 1.52%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | N/A | N/A | 1.52%<sup>(6)</sup> |
| Ratio of Net Investment Income | 1.05%<sup>(5)(6)</sup> | 1.27%<sup>(6)</sup> | 1.83%<sup>(6)(7)</sup> | 1.40%<sup>(6)</sup> | 0.34%<sup>(6)</sup> | 0.16%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(5)</sup> | 0.02% | 0.02% | 0.02% | 0.02% | 0.01% |
| Portfolio Turnover Rate | 34%<sup>(3)</sup> | 92% | 93% | 91% | 93% | 115% |

---

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

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

(3) Not annualized.

(4) Reflects prior period transfer agency and/or sub transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class L shares.

(5) Annualized.

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

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

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| September 30, 2024 | 1.51% | 1.80% |

---

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Consolidated Financial Highlights (cont'd)

**Global Strategist Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>March 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $19.09 | $17.57 | $14.52 | $12.96 | $18.02 | $15.49 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.07 | 0.18 | 0.24 | 0.16 | 0.02 | (0.02) |
| Net Realized and Unrealized Gain (Loss) | (0.18) | 1.57 | 2.81 | 1.45 | (3.79) | 2.61 |
| Total from Investment Operations | (0.11) | 1.75 | 3.05 | 1.61 | (3.77) | 2.59 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.50) |  |  | (0.05) |  | (0.05) |
| Net Realized Gain | (0.59) | (0.23) |  |  | (1.29) | (0.01) |
| Total Distributions | (1.09) | (0.23) |  | (0.05) | (1.29) | (0.06) |
| **Net Asset Value, End of Period** | $17.89 | $19.09 | $17.57 | $14.52 | $12.96 | $18.02 |
| **Total Return<sup>(2)</sup>** | (0.75)%<sup>(3)</sup> | 10.11% | 21.01%<sup>(4)</sup> | 12.45% | (22.62)% | 16.79% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $680 | $834 | $1076 | $1457 | $1771 | $2236 |
| Ratio of Expenses Before Expense Limitation | 2.04%<sup>(5)</sup> | 2.20% | 1.98% | 1.97% | 1.92% | 1.90% |
| Ratio of Expenses After Expense Limitation | 1.83%<sup>(5)(6)</sup> | 1.82%<sup>(6)</sup> | 1.79%<sup>(6)(7)</sup> | 1.82%<sup>(6)</sup> | 1.82%<sup>(6)</sup> | 1.83%<sup>(6)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | N/A | N/A | 1.83%<sup>(6)</sup> |
| Ratio of Net Investment Income (Loss) | 0.75%<sup>(5)(6)</sup> | 1.01%<sup>(6)</sup> | 1.52%<sup>(6)(7)</sup> | 1.13%<sup>(6)</sup> | 0.11%<sup>(6)</sup> | (0.11)%<sup>(6)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(5)</sup> | 0.02% | 0.02% | 0.02% | 0.02% | 0.01% |
| Portfolio Turnover Rate | 34%<sup>(3)</sup> | 92% | 93% | 91% | 93% | 115% |

---

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

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

(3) Not annualized.

(4) Reflects prior period transfer agency and/or sub transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.

(5) Annualized.

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

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

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| September 30, 2024 | 1.82% | 1.49% |

---

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Consolidated Financial Highlights (cont'd)

**Global Strategist Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** | **Class R6<sup>(1)</sup>** |
| | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>March 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $20.39 | $18.80 | $15.35 | $13.59 | $18.75 | $16.10 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(2)</sup> | 0.19 | 0.41 | 0.46 | 0.35 | 0.20 | 0.20 |
| Net Realized and Unrealized Gain (Loss) | (0.19) | 1.67 | 2.99 | 1.50 | (3.94) | 2.69 |
| Total from Investment Operations |  | 2.08 | 3.45 | 1.85 | (3.74) | 2.89 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.74) | (0.26) |  | (0.09) | (0.13) | (0.23) |
| Net Realized Gain | (0.59) | (0.23) |  |  | (1.29) | (0.01) |
| Total Distributions | (1.33) | (0.49) |  | (0.09) | (1.42) | (0.24) |
| **Net Asset Value, End of Period** | $19.06 | $20.39 | $18.80 | $15.35 | $13.59 | $18.75 |
| **Total Return<sup>(3)</sup>** | (0.13)%<sup>(4)</sup> | 11.35% | 22.48%<sup>(5)</sup> | 13.64% | (21.67)% | 18.07% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $397640 | $398097 | $438676 | $350527 | $246919 | $307783 |
| Ratio of Expenses Before Expense Limitation | 0.67%<sup>(6)</sup> | 0.68% | 0.68% | 0.70% | 0.71% | N/A |
| Ratio of Expenses After Expense Limitation | 0.66%<sup>(6)(7)</sup> | 0.66%<sup>(7)</sup> | 0.63%<sup>(7)(8)</sup> | 0.68%<sup>(7)</sup> | 0.69%<sup>(7)</sup> | 0.68%<sup>(7)</sup> |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | N/A | N/A | N/A | N/A | N/A | 0.68%<sup>(7)</sup> |
| Ratio of Net Investment Income | 1.92%<sup>(6)(7)</sup> | 2.17%<sup>(7)</sup> | 2.67%<sup>(7)(8)</sup> | 2.26%<sup>(7)</sup> | 1.22%<sup>(7)</sup> | 1.06%<sup>(7)</sup> |
| Ratio of Rebate from Morgan Stanley Affiliates | 0.01%<sup>(6)</sup> | 0.02% | 0.02% | 0.02% | 0.02% | 0.01% |
| Portfolio Turnover Rate | 34%<sup>(4)</sup> | 92% | 93% | 91% | 93% | 115% |

---

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

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

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

(4) Not annualized.

(5) Reflects prior period transfer agency and/or sub transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.

(6) Annualized.

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

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

---

| | | |
|:---|:---|:---|
| Period Ended | Expense<br>Ratio | Net Investment<br>Income Ratio |
| September 30, 2024 | 0.66% | 2.64% |

---

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Financial Highlights

**Ultra-Short Income Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** | **Class IR** |
| | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>March 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $9.99 | $10.00 | $9.98 | $9.97 | $9.98 | $9.99 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.20 | 0.46 | 0.55 | 0.48 | 0.10 | 0.02 |
| Net Realized and Unrealized Gain (Loss) | (0.01) | (0.01) | 0.02 | 0.01 | (0.02) | (0.01) |
| Total from Investment Operations | 0.19 | 0.45 | 0.57 | 0.49 | 0.08 | 0.01 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.20) | (0.46) | (0.55) | (0.48) | (0.09) | (0.02) |
| **Net Asset Value, End of Period** | $9.98 | $9.99 | $10.00 | $9.98 | $9.97 | $9.98 |
| **Total Return<sup>(2)</sup>** | 1.90%<sup>(3)</sup> | 4.61% | 5.93%<sup>(4)</sup> | 5.03% | 0.79% | 0.10% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $12450735 | $9301657 | $5527625 | $4879799 | $4945966 | $5014307 |
| Ratio of Expenses Before Expense Limitation | 0.29%<sup>(5)</sup> | 0.30% | 0.30% | 0.30% | 0.29% | 0.30% |
| Ratio of Expenses After Expense Limitation | 0.25%<sup>(5)</sup> | 0.25% | 0.25% | 0.25% | 0.20% | 0.18% |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.25%<sup>(5)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income | 3.97%<sup>(5)</sup> | 4.59% | 5.54% | 4.82% | 0.96% | 0.21% |
| Portfolio Turnover Rate | N/A<sup>(6)</sup> | N/A<sup>(6)</sup> | N/A<sup>(6)</sup> | N/A<sup>(6)</sup> | N/A<sup>(6)</sup> | N/A<sup>(6)</sup> |

---

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

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

(3) Not annualized.

(4) Reflects prior period transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class IR shares.

(5) Annualized.

(6) During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Financial Highlights (cont'd)

**Ultra-Short Income Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>March 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $9.99 | $10.00 | $9.98 | $9.97 | $9.98 | $9.99 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.20 | 0.45 | 0.55 | 0.47 | 0.08 | 0.02 |
| Net Realized and Unrealized Gain (Loss) | (0.01) | (0.00)<sup>(2)</sup> | 0.02 | 0.01 | (0.01) | (0.01) |
| Total from Investment Operations | 0.19 | 0.45 | 0.57 | 0.48 | 0.07 | 0.01 |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.20) | (0.46) | (0.55) | (0.47) | (0.08) | (0.02) |
| **Net Asset Value, End of Period** | $9.98 | $9.99 | $10.00 | $9.98 | $9.97 | $9.98 |
| **Total Return<sup>(3)</sup>** | 1.88%<sup>(4)</sup> | 4.56% | 5.88%<sup>(5)</sup> | 4.97% | 0.74% | 0.05% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $936378 | $834630 | $979257 | $1447215 | $2006592 | $1834410 |
| Ratio of Expenses Before Expense Limitation | 0.34%<sup>(6)</sup> | 0.35% | 0.35% | 0.35% | 0.34% | 0.35% |
| Ratio of Expenses After Expense Limitation | 0.30%<sup>(6)</sup> | 0.30% | 0.30% | 0.30% | 0.25% | 0.23% |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.30%<sup>(6)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income | 3.92%<sup>(6)</sup> | 4.54% | 5.50% | 4.77% | 0.79% | 0.16% |
| Portfolio Turnover Rate | N/A<sup>(7)</sup> | N/A<sup>(7)</sup> | N/A<sup>(7)</sup> | N/A<sup>(7)</sup> | N/A<sup>(7)</sup> | N/A<sup>(7)</sup> |

---

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

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

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

(4) Not annualized.

(5) Reflects prior period transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Institutional Class shares.

(6) Annualized.

(7) During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

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

------

**2026 Semi-Annual Report**

**March 31, 2026**

Financial Highlights (cont'd)

**Ultra-Short Income Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|<br>**Selected Per Share Data and Ratios** | **Six Months Ended<br>March 31, 2026**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | $9.99 | $9.99 | $9.98 | $9.97 | $9.98 | $9.99 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
| Net Investment Income<sup>(1)</sup> | 0.19 | 0.44 | 0.54 | 0.47 | 0.07 | 0.01 |
| Net Realized and Unrealized Gain (Loss) | (0.01) | 0.01 | 0.01 | 0.01 | 0.00<br><sup>(2)</sup> | (0.01) |
| Total from Investment Operations | 0.18 | 0.45 | 0.55 | 0.48 | 0.07 | (0.00)<sup>(2)</sup> |
| **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** | **Distributions from and/or in Excess of:** |
| Net Investment Income | (0.19) | (0.45) | (0.54) | (0.47) | (0.08) | (0.01) |
| **Net Asset Value, End of Period** | $9.98 | $9.99 | $9.99 | $9.98 | $9.97 | $9.98 |
| **Total Return<sup>(3)</sup>** | 1.83%<sup>(4)</sup> | 4.56% | 5.69%<sup>(5)</sup> | 4.92% | 0.67% | (0.03)% |
| **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** | **Ratios to Average Net Assets and Supplemental Data:** |
| Net Assets, End of Period (Thousands) | $4874244 | $5049587 | $4724268 | $4851003 | $4451324 | $5973299 |
| Ratio of Expenses Before Expense Limitation | 0.54%<sup>(6)</sup> | 0.55% | 0.55% | 0.55% | 0.54% | 0.55% |
| Ratio of Expenses After Expense Limitation | 0.40%<sup>(6)</sup> | 0.40% | 0.37% | 0.35% | 0.31% | 0.32% |
| Ratio of Expenses After Expense Limitation <br>Excluding Interest Expenses | 0.40%<sup>(6)</sup> | N/A | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income | 3.82%<sup>(6)</sup> | 4.44% | 5.42% | 4.72% | 0.70% | 0.08% |
| Portfolio Turnover Rate | N/A<sup>(7)</sup> | N/A<sup>(7)</sup> | N/A<sup>(7)</sup> | N/A<sup>(7)</sup> | N/A<sup>(7)</sup> | N/A<sup>(7)</sup> |

---

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

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

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

(4) Not annualized.

(5) Reflects prior period transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

(6) Annualized.

(7) During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

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

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements

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

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

Investment objectives of each Fund are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Basis of<br>Financial Statements** | **Fund Objective** | **Issued Classes** |
| **Corporate Bond Portfolio** |  | Seeks above-average total return over a market cycle of three to five years. | I, A, L, C |
| **Discovery Portfolio** | consolidated | Seeks long-term capital growth. | I, A, L, C, R6 |
| **Global Strategist Portfolio** | consolidated | Seeks above-average total return over a market cycle of three to five years. | I, A, L, C, R6 |
| **Ultra-Short Income Portfolio** |  | Seeks current income with capital preservation while maintaining liquidity. | IR, Institutional, A |

---

Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. On April 30, 2015, each Fund (except Ultra-Short Income) suspended offering of Class L shares. Existing Class L shareholders may invest through reinvestment of dividends and distributions. In addition, Class L shares of each Fund (except Ultra-Short Income) may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

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

Certain Funds may invest up to 25% of their total assets in a wholly-owned subsidiary organized as a company under the laws of the Cayman Islands, Discovery Cayman Portfolio, Ltd. and Global Strategist Cayman Portfolio, Ltd. (the "Subsidiary"). Discovery Cayman Portfolio, Ltd. may invest in bitcoin indirectly through cash settled futures or indirectly through investments in pooled investment vehicles and exchange-traded products that invest in bitcoin ("bitcoin ETFs"). Global Strategist Cayman Portfolio, Ltd. may invest directly or indirectly through the use of derivatives, in securities, commodities, commodity related instruments and other investments, primarily futures, swaps and notes. The Funds are the sole shareholder of their respective Subsidiaries in which they invest, and it is not currently expected that shares of each Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Funds and their respective Subsidiaries. All intercompany accounts and transactions of the Funds and their respective Subsidiaries have been eliminated in consolidation and all accounting policies of the respective Subsidiaries are consistent with those of the Funds. A Fund generally will not consolidate an investment in a company other than a wholly-owned or substantially wholly-owned investment company subsidiary or a controlled operating company whose business consists of providing services to a Fund. As of March 31, 2026, the following table represents the percentage of net assets of each Subsidiary.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Subsidiary** | **Net Asset<br>Value<br>(000)** | **% of Net<br>Asset Value** |
| **Discovery Portfolio** | Discovery Cayman Portfolio, Ltd. | $17007 | 2.29% |
| **Global Strategist Portfolio** | Global Strategist Cayman Portfolio, Ltd. | 14113 | 2.53 |

---

Investments in the Subsidiaries are expected to provide the Funds with exposure to the commodity or bitcoin within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of each

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

Fund's taxable income and distributions. If such changes occur, each Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

**1. Security Valuation:** (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (2) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (3) 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; (4) OTC swaps may be valued by an outside pricing service approved by the Trust's Board of Trustees (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; (5) 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; (6) PIPE investments may be valued based on the underlying stock price less a discount until the commitment is fulfilled and shares are registered; (7) fixed income securities may be valued by an outside pricing service/vendor approved by 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") (Global Strategist Portfolio) (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 the pricing service/vendor or exchange 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; (8) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or Sub-Adviser determine that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Each business day, the Funds use a third-party pricing service approved by the Trustees to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (9) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (10) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Trustees have designated the Trust's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust's

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

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.

**2. Fair Value Measurement:** Financial Accounting Standards Board ("FASB") ASC 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the price that would be received to sell an asset or paid 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 each Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

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

The following is a summary of the inputs used to value each Fund's investments as of March 31, 2026:

**Corporate Bond Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant <br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** |
| Corporate Bonds | $— | $151777 | $— | $151777 |
| **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** |
| Wireless Telecommunication Services | 360 |  |  | 360 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 2384 |  |  | 2384 |
| U.S. Treasury Security |  | 833 |  | 833 |
| **Total Short-Term Investments** | **2384** | **833** | **—** | **3217** |
| **Futures Contracts** | 356 |  |  | 356 |
| **Total Assets** | **3100** | **152610** | **—** | **155710** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Foreign Currency Forward Exchange Contract** |  | (1) |  | (1) |
| **Futures Contracts** | (648) |  |  | (648) |
| **Total Liabilities** | **(648)** | **(1)** | **—** | **(649)** |
| **Total** | $**2452** | $**152609** | $**—** | $**155061** |

---

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

**Discovery Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** | $654782 | $— | $— | $654782 |
| **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** |
| Software |  |  | 54635 | 54635 |
| **Investment Company** | 17011 |  |  | 17011 |
| **Warrants** | 65 |  |  | 65 |
| **Call Options Purchased** |  | 794 |  | 794 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Investment Company | 24955 |  |  | 24955 |
| Repurchase Agreements |  | 3145 |  | 3145 |
| **Total Short-Term Investments** | **24955** | **3145** | **—** | **28100** |
| **Total Assets** | $**696813** | $**3939** | $**54635** | $**755387** |

---

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

---

| | | |
|:---|:---|:---|
| | **Preferred<br>Stock<br>(000)** | **Derivative<br>Contract — <br>PIPE<br>(000)** |
| **Beginning Balance** | $37992 | $(5142) |
| Purchases |  |  |
| Sales |  |  |
| PIPE transactions |  |  |
| Transfers in |  |  |
| Transfers out |  |  |
| Corporate actions |  | 5142 |
| Change in unrealized appreciation (depreciation) | 16643 |  |
| Realized gains (losses) |  |  |
| **Ending Balance** | $54635 | $— |
| Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2026 | $16643 | $— |

---

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2026. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment's fair value as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at <br>March 31, 2026 <br>(000)** | **Valuation <br>Technique** | **Unobservable <br>Input** | **Amount** | **Amount** | **Impact to <br>Valuation from an <br>Increase in Input\*** |
| Preferred Stock | $54635 | Market Transaction <br>Method | Precedent Transaction | $190.00 |  | Increase |
|  |  | Discounted Cash <br>Flow | Weighted Average <br>Cost of Capital | 11.5 | % | Decrease |
|  |  |  | Perpetual Growth Rate | 3.5 | % | Increase |
|  |  | Market Comparable <br>Companies | Enterprise Value/<br>Revenue | 17.9 | x | Increase |
|  |  |  | Discount for Lack <br>of Marketability | 18.0 | % | Decrease |

---

\* 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.

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

**Global Strategist Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** | **Total<br>(000)** |
| **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** |
| Agency Fixed Rate Mortgages | $— | $22010 | $— |  | $22010 |  |
| Asset-Backed Securities |  | 4390 |  |  | 4390 |  |
| Commercial Mortgage-Backed Securities |  | 3988 |  |  | 3988 |  |
| Corporate Bonds |  | 36627 |  |  | 36627 |  |
| Mortgages — Other |  | 7418 |  |  | 7418 |  |
| Municipal Bond |  | 210 |  |  | 210 |  |
| Sovereign |  | 129065 |  |  | 129065 |  |
| Supranational |  | 4621 |  |  | 4621 |  |
| U.S. Treasury Securities |  | 50372 |  |  | 50372 |  |
| **Total Fixed Income Securities** | **—** | **258701** | **—** |  | **258701** |  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Aerospace & Defense | 4408 | 2545 |  |  | 6953 |  |
| Air Freight & Logistics | 615 | 372 |  |  | 987 |  |
| Automobile Components | 107 | 109 |  |  | 216 |  |
| Automobiles | 3899 | 623 |  |  | 4522 |  |
| Banks | 9626 | 9198 |  |  | 18824 |  |
| Beverages | 2107 | 687 |  |  | 2794 |  |
| Biotechnology | 3558 | 449 |  |  | 4007 |  |
| Broadline Retail | 7079 | 512 |  |  | 7591 |  |
| Building Products | 912 | 457 |  |  | 1369 |  |
| Capital Markets | 5930 | 1957 |  |  | 7887 |  |
| Chemicals | 2194 | 1146 |  |  | 3340 |  |
| Commercial Services & Supplies | 1139 | 171 |  |  | 1310 |  |
| Communications Equipment | 1861 | 273 |  |  | 2134 |  |
| Construction & Engineering | 733 | 600 |  |  | 1333 |  |
| Construction Materials | 553 | 271 |  |  | 824 |  |
| Consumer Finance | 1140 |  |  |  | 1140 |  |
| Consumer Staples Distribution & Retail | 4076 | 649 |  |  | 4725 |  |
| Containers & Packaging | 370 |  |  |  | 370 |  |
| Distributors | 47 | 15 |  |  | 62 |  |
| Diversified Consumer Services |  | 29 |  |  | 29 |  |
| Diversified REITs | 47 | 101 |  |  | 148 |  |
| Diversified Telecommunication Services | 1718 | 1289 |  |  | 3007 |  |
| Electric Utilities | 3170 | 1525 |  |  | 4695 |  |
| Electrical Equipment | 2265 | 1871 |  |  | 4136 |  |
| Electronic Equipment, Instruments & Components | 1716 | 147 |  |  | 1863 |  |
| Energy Equipment & Services | 549 | 40 |  | † | 589 | † |
| Entertainment | 2736 | 90 |  |  | 2826 |  |
| Financial Services | 6081 | 646 |  |  | 6727 |  |
| Food Products | 808 | 1466 |  |  | 2274 |  |
| Gas Utilities | 158 | 160 |  |  | 318 |  |
| Ground Transportation | 2090 | 25 |  |  | 2115 |  |
| Health Care Equipment & Supplies | 3207 | 784 |  |  | 3991 |  |
| Health Care Providers & Services | 7678 | 178 |  |  | 7856 |  |
| Health Care REITs | 607 |  |  |  | 607 |  |
| Health Care Technology | 88 | 17 |  |  | 105 |  |
| Hotels, Restaurants & Leisure | 3395 | 630 |  |  | 4025 |  |
| Household Durables | 4738 | 18 |  |  | 4756 |  |
| Household Products | 1497 | 292 |  |  | 1789 |  |
| Independent Power & Renewable Electricity Producers | 191 | 233 |  |  | 424 |  |
| Industrial Conglomerates | 710 | 935 |  |  | 1645 |  |
| Industrial REITs | 394 | 200 |  |  | 594 |  |
| Information Technology Services | 2636 | 64 |  |  | 2700 |  |
| Insurance | 4038 | 3561 |  |  | 7599 |  |
| Interactive Media & Services | 14138 | 86 |  |  | 14224 |  |
| Investment Company |  |  |  | † |  | † |
| Life Sciences Tools & Services | 1485 | 269 |  |  | 1754 |  |
| Machinery | 3463 | 1471 |  |  | 4934 |  |
| Marine Transportation |  | 126 |  |  | 126 |  |

---

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** | **Common Stocks (cont'd)** |
| Media | $321 | $119 | $— |  | $440 |
| Metals & Mining | 2520 | 2442 |  | † | 4962 |
| Mortgage Real Estate Investment | 44 |  |  |  | 44 |
| Multi-Utilities | 1197 | 870 |  |  | 2067 |
| Office REITs | 26 | 13 |  |  | 39 |
| Oil, Gas & Consumable Fuels | 8896 | 3013 |  |  | 11909 |
| Paper & Forest Products |  | 119 |  |  | 119 |
| Passenger Airlines | 64 | 174 |  |  | 238 |
| Personal Care Products | 162 | 852 |  |  | 1014 |
| Pharmaceuticals | 6412 | 5428 |  |  | 11840 |
| Professional Services | 889 | 595 |  |  | 1484 |
| Real Estate Management & Development | 232 | 447 |  |  | 679 |
| Residential REITs | 445 |  |  |  | 445 |
| Retail REITs | 463 | 197 |  |  | 660 |
| Semiconductors & Semiconductor Equipment | 27102 | 2417 |  |  | 29519 |
| Software | 15547 | 830 |  |  | 16377 |
| Specialized REITs | 1433 |  |  |  | 1433 |
| Specialty Retail | 3215 | 336 |  |  | 3551 |
| Tech Hardware, Storage & Peripherals | 13530 | 51 |  |  | 13581 |
| Textiles, Apparel & Luxury Goods | 450 | 1347 |  |  | 1797 |
| Tobacco | 1187 | 604 |  |  | 1791 |
| Trading Companies & Distributors | 798 | 275 |  |  | 1073 |
| Transportation Infrastructure |  | 260 |  |  | 260 |
| Water Utilities | 120 | 89 |  |  | 209 |
| Wireless Telecommunication Services | 407 | 147 |  |  | 554 |
| **Total Common Stocks** | **205417** | **56912** | **—** | **†** | **262329** |
| **Rights** |  |  |  | @ |  |
| **Warrants** |  |  |  | † |  |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| Investment Company | 25880 |  |  |  | 25880 |
| **Foreign Currency Forward Exchange Contracts** |  | 3708 |  |  | 3708 |
| **Futures Contracts** | 2260 |  |  |  | 2260 |
| **Total Return Swap Agreements** |  | 2903 |  |  | 2903 |
| **Total Assets** | **233557** | **322224** | **—** | **@†** | **555781** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Foreign Currency Forward Exchange Contracts** |  | (3192) |  |  | (3192 |
| **Futures Contracts** | (436) |  |  |  | (436 |
| **Total Return Swap Agreements** |  | (10122) |  |  | (10122 |
| **Total Liabilities** | **(436)** | **(13314)** | **—** |  | **(13750** |
| **Total** | $**233121** | $**308910** | $**—** | **@†** | $**542031** |

---

† Includes one or more securities valued at zero.

@ Value is less than $500.

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common<br>Stock<br>(000)** | **Common<br>Stock<br>(000)** | **Rights<br>(000)** | **Rights<br>(000)** | **Warrants<br>(000)** | **Warrants<br>(000)** |
| **Beginning Balance** | $— | † | $— |  | $— | † |
| Purchases |  |  |  |  |  |  |
| Sales |  |  |  |  |  |  |
| Transfers in |  |  |  | @ |  |  |
| Transfers out |  |  |  |  |  |  |
| Corporate actions |  |  |  |  |  |  |
| Change in unrealized appreciation (depreciation) |  |  |  |  |  |  |
| Realized gains (losses) |  |  |  |  |  |  |
| **Ending Balance** | $— | † | $— | @ | $— | † |
| Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2026 | $— |  | $— |  | $— |  |

---

† Includes one or more securities valued at zero.

@ Value is less than $500.

**Ultra-Short Income Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted prices<br>(000)** | **Level 2<br>Other significant<br>observable inputs<br>(000)** | **Level 3<br>Significant<br>unobservable inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Certificates of Deposit | $— | $2686944 | $— | $2686944 |
| Commercial Paper |  | 4052542 |  | 4052542 |
| Corporate Bonds |  | 2211012 |  | 2211012 |
| Floating Rate Notes |  | 5078772 |  | 5078772 |
| Repurchase Agreements |  | 4117000 |  | 4117000 |
| Sovereign |  | 49671 |  | 49671 |
| **Total Assets** | $**—** | $**18195941** | $**—** | $**18195941** |

---

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

**3. Repurchase Agreements:** Certain Funds may enter into repurchase agreements under which a Fund lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank as custodian for the Fund takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine that the value of the collateral does not decrease below the repurchase price plus accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Funds, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

Ultra-Short Income Portfolio may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian for investment companies advised by the Fund's Adviser. Ultra-Short Income Portfolio will participate on a pro rata basis with the other investment companies in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Repurchase agreements are subject to Master Repurchase Agreements which are agreements between the Fund and its counterparties that typically include provisions which provide for the net settlement of all transactions and collateral with

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statements of Assets and Liabilities are not net settlement amounts but gross. As indicated on the Portfolio of Investments, the cash or securities to be repurchased exceeds the repurchase price to be paid under the repurchase agreement reducing the net settlement amount to zero.

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

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

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

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

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

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

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

**5. Derivatives:** Certain Funds may, but are not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. The use of derivatives involves risks that are different from, and

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Funds' holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

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

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

**Options:** With respect to options, a Fund is subject to equity risk, interest rate risk and foreign currency exchange risk in the normal course of pursuing its investment objectives. If a Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or foreign currency, or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium paid by a Fund. A Fund may purchase and/or sell put and call options. Purchasing call options tends to increase a Fund's exposure to the underlying (or similar) instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying (or similar) instrument. When entering into purchased option contracts, a Fund bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, a Fund may not achieve the anticipated benefits of the purchased option contracts; however the risk of loss is limited to the premium paid. Purchased options are reported as part of "Total Investments in Securities" in the Statements of Assets and Liabilities. Upon the exercise or closing of a purchased call option, the premium paid is added to the cost of the security or financial instrument purchased. Upon the exercise or closing of a purchased put option, the premium paid is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. As the buyer of a call option, a Fund pays the premium to the option writer and has the right to purchase the underlying security from the option writer at the exercise price. If the market price of the underlying security rises above the exercise price, a Fund could exercise the option and acquire the underlying security at a below-market price, which could result in a gain to a Fund, minus the premium paid. As the buyer of a put option, a Fund pays the premium to the option writer and has the right to sell the underlying security to the option writer at the exercise price. If the market price of the underlying security declines below the exercise price, a Fund could exercise the option and sell the underlying security at an above-market price, which could result in a gain to a Fund, minus the premium paid. Premiums paid for purchasing options which expired are treated as realized losses. When options are purchased OTC, a Fund bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and a Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

**Foreign Currency Forward Exchange Contracts:** In connection with their investments in foreign securities, certain Funds also entered into contracts with banks and brokers/dealers to purchase or sell foreign currencies at a future date. A foreign currency forward exchange contract ("currency contract") is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Currency contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. To the extent hedged by the use of currency contracts, the precise matching of the currency contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date on which the

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

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

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

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

At March 31, 2026, the Fund did not have any Derivative Contract — PIPE in the Consolidated Portfolio of Investments.

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

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

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

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

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

Upfront payments paid or received by a Fund will be reflected as an asset or liability, respectively, in the Statements of Assets and Liabilities. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. For OTC swaps, once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swap agreement in the Statements Operations, in addition to any realized gains (loss) recorded upon the termination of swap agreements.

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

The following tables set forth the fair value of each Fund's derivative contracts by primary risk exposure as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Fund<br>Derivative** | **Asset Derivatives<br>Statements of Assets and<br>Liabilities Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| **Corporate Bond Portfolio** | **Corporate Bond Portfolio** | **Corporate Bond Portfolio** | **Corporate Bond Portfolio** |
| Futures Contracts | Variation Margin on<br>Futures Contracts | <br>Interest Rate Risk | $356<br> (a) |
| **Discovery Portfolio** | **Discovery Portfolio** | **Discovery Portfolio** | **Discovery Portfolio** |
| Purchased Options | Investments, at Value <br>(Purchased Options) | <br>Currency Risk | 794<br> (b) |
| **Global Strategist Portfolio** | **Global Strategist Portfolio** | **Global Strategist Portfolio** | **Global Strategist Portfolio** |
| Foreign Currency <br>Forward Exchange Contracts | Unrealized Appreciation on <br>Foreign Currency Forward <br>Exchange Contracts | <br>Currency Risk | 3708 |
| Futures Contracts | Variation Margin on <br>Futures Contracts | <br>Equity Risk | 1726<br> (a) |
| Futures Contracts | Variation Margin on<br>Futures Contracts | <br>Interest Rate Risk | 534<br> (a) |

---

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Fund<br>Derivative** | **Asset Derivatives<br>Statements of Assets and<br>Liabilities Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| **Global Strategist Portfolio (cont'd)** | **Global Strategist Portfolio (cont'd)** | **Global Strategist Portfolio (cont'd)** | **Global Strategist Portfolio (cont'd)** |
| Swap Agreements | Unrealized Appreciation<br>on Swap Agreements | <br>Equity Risk | $2903 |
| Total |  |  | $8871 |

---

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

(b) Amounts are included in Investments in Securities in the Statements of Assets and Liabilities.

---

| | | | |
|:---|:---|:---|:---|
| **Fund<br>Derivative** | **Liability Derivatives<br>Statements of Assets and<br>Liabilities Location** | **Primary Risk<br>Exposure** | **Value<br>(000)** |
| **Corporate Bond Portfolio** | **Corporate Bond Portfolio** | **Corporate Bond Portfolio** | **Corporate Bond Portfolio** |
| Foreign Currency<br>Forward Exchange Contracts | Unrealized Depreciation on <br>Foreign Currency Forward<br>Exchange Contracts | <br>Currency Risk | $(1) |
| Futures Contracts | Variation Margin on<br>Futures Contracts | <br>Interest Rate Risk | (648)(a) |
| Total |  |  | $(649) |
| **Global Strategist Portfolio** | **Global Strategist Portfolio** | **Global Strategist Portfolio** | **Global Strategist Portfolio** |
| Foreign Currency<br>Forward Exchange Contracts | Unrealized Depreciation on <br>Foreign Currency Forward <br>Exchange Contracts | <br>Currency Risk | (3192) |
| Futures Contracts | Variation Margin on<br>Futures Contracts | <br>Equity Risk | (101)(a) |
| Futures Contracts | Variation Margin on<br>Futures Contracts | <br>Interest Rate Risk | (335)(a) |
| Swap Agreements | Unrealized Depreciation on <br>Swap Agreements | <br>Equity Risk | (10122) |
| Total |  |  | $(13750) |

---

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

The following tables set forth by primary risk exposure each Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended March 31, 2026 in accordance with ASC 815:

---

| | | |
|:---|:---|:---|
| **Fund<br>Derivative** | **Primary Risk<br>Exposure** | **Realized<br>Gain (Loss)<br>(000)** |
| **Corporate Bond Portfolio** | **Corporate Bond Portfolio** | **Corporate Bond Portfolio** |
| Foreign Currency Forward Exchange Contracts | Currency Risk | $9 |
| Future Contracts | Interest Rate Risk | 401 |
| Total |  | $410 |
| **Discovery Portfolio** | **Discovery Portfolio** | **Discovery Portfolio** |
| Investments (Purchased Options) | Currency Risk | (3172)(a) |
| **Global Strategist Portfolio** | **Global Strategist Portfolio** | **Global Strategist Portfolio** |
| Foreign Currency Forward Exchange Contracts | Currency Risk | (758) |
| Future Contracts | Equity Risk | (93) |
| Future Contracts | Interest Rate Risk | (14) |
| Swap Agreements | Equity Risk | 11600 |
| Swap Agreements | Interest Rate Risk | 14 |
| Total |  | $10749 |

---

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

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | |
|:---|:---|:---|
| **Fund<br>Derivative** | **Primary Risk<br>Exposure** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** |
| **Corporate Bond Portfolio** | **Corporate Bond Portfolio** | **Corporate Bond Portfolio** |
| Foreign Currency Forward Exchange Contracts | Currency Risk | $(1) |
| Future Contracts | Interest Rate Risk | (490) |
| Total |  | $(491) |
| **Discovery Portfolio** | **Discovery Portfolio** | **Discovery Portfolio** |
| Investments (Purchased Options) | Currency Risk | 1551<br> (a) |
| Derivative Contracts — PIPE | Equity Risk | 5142 |
| Total |  | $6693 |
| **Global Strategist Portfolio** | **Global Strategist Portfolio** | **Global Strategist Portfolio** |
| Foreign Currency Forward Exchange Contracts | Currency Risk | 360 |
| Futures Contracts | Equity Risk | 1623 |
| Future Contracts | Interest Rate Risk | 214 |
| Swap Agreements | Equity Risk | (10123) |
| Total |  | $(7926) |

---

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

At March 31, 2026, each Fund's derivative assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| **Gross Amounts of Assets and Liabilities<br>Presented in the Statements of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities<br>Presented in the Statements of Assets and Liabilities** | **Gross Amounts of Assets and Liabilities<br>Presented in the Statements of Assets and Liabilities** |
| **Derivatives(a)** | **Assets(b)<br>(000)** | **Liabilities(b)<br>(000)** |
| **Corporate Bond Portfolio** | **Corporate Bond Portfolio** | **Corporate Bond Portfolio** |
| Foreign Currency Forward Exchange Contracts | $— | $(1) |
| **Discovery Portfolio** | **Discovery Portfolio** | **Discovery Portfolio** |
| Purchased Options | 794<br> (c) |  |
| **Global Strategist Portfolio** | **Global Strategist Portfolio** | **Global Strategist Portfolio** |
| Foreign Currency Forward Exchange Contracts | 3708 | (3192) |
| Swap Agreements | 2903 | (10122) |
| Total | $6611 | $(13314) |

---

(a) Excludes exchange-traded derivatives.

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

(c) Amounts are included in Investments in Securities in the Statements of Assets and Liabilities.

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

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2026:

**Corporate Bond Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** |
| **Counterparty** | **Gross Liability<br>Derivatives<br>Presented in<br>the Statements of<br>Assets and<br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Pledged<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| Barclays Bank PLC | $1 | $— | $— | $1 |

---

**Discovery Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in<br>the Statements of<br>Assets and<br>Liabilities (a)<br>(000)** | **Gross Asset<br>Derivatives<br>Presented in<br>the Statements of<br>Assets and<br>Liabilities (a)<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received(b)<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| Barclays Bank PLC | $513 |  | $— | $(513 | $0 |
| Goldman Sachs & Co. LLC |  | @ |  | (— | 0 |
| Standard Chartered Bank | 282 |  |  | (282 | 0 |
| Total | $795 |  | $— | $(795 | $0 |

---

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

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

**Global Strategist Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** |
| **Counterparty** | **Gross Asset<br>Derivatives<br>Presented in<br>the Statements of<br>Assets and<br>Liabilities<br>(000)** | **Gross Asset<br>Derivatives<br>Presented in<br>the Statements of<br>Assets and<br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received(a)<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| Barclays Bank PLC | $1530 |  | $(649 | $(881) | $0 |
| BNP Paribas SA | 519 |  | (305 |  | 214 |
| Citibank NA |  | @ | (— |  | 0 |
| Goldman Sachs International | 2719 |  | (2478 | (241) | 0 |
| JPMorgan Chase Bank NA | 627 |  | (627 |  | 0 |
| Standard Chartered Bank | 19 |  |  |  | 19 |
| UBS AG | 1197 |  | (1197 |  | 0 |
| Total | $6611 |  | $(5256 | $(1122) | $233 |
| **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** |
| **Counterparty** | **Gross Liability<br>Derivatives<br>Presented in<br>the Statements of<br>Assets and<br>Liabilities<br>(000)** | **Gross Liability<br>Derivatives<br>Presented in<br>the Statements of<br>Assets and<br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Pledged(a)<br>(000)** | **Net Amount<br>(not less<br>than $0)<br>(000)** |
| Bank of America NA | $2 |  | $— | $— | $2 |
| Barclays Bank PLC | 649 |  | (649 |  | 0 |
| BNP Paribas SA | 1416 |  | (305 | (1111) | 0 |
| Citibank NA | 2 |  | (— |  | 2 |
| Goldman Sachs International | 5631 |  | (2478 | (2760) | 393 |
| JPMorgan Chase Bank NA | 2051 |  | (627 | (1424) | 0 |
| Royal Bank of Canada | 1 |  |  |  | 1 |
| UBS AG | 3562 |  | (1197 | (2365) | 0 |
| Total | $13314 |  | $(5256 | $(7660) | $398 |

---

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

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

@ Value is less than $500.

For the six months ended March 31, 2026, the approximate average monthly amount outstanding for each derivative type is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Corporate<br>Bond<br>Portfolio<br>(000)** | **Discovery<br>Portfolio<br>(000)** | **Global<br>Strategist<br>Portfolio<br>(000)** |
| **Foreign Currency Forward Exchange Contracts:** | **Foreign Currency Forward Exchange Contracts:** | **Foreign Currency Forward Exchange Contracts:** | **Foreign Currency Forward Exchange Contracts:** |
| Average monthly principal amount | $572 | $— | $205297 |
| **Futures Contracts:** | **Futures Contracts:** | **Futures Contracts:** | **Futures Contracts:** |
| Average monthly notional value | $55211 | $— | $94062 |
| **Purchased Options:** | **Purchased Options:** | **Purchased Options:** | **Purchased Options:** |
| Average monthly notional amount |  | $1414262 |  |
| **Swap Agreements:** | **Swap Agreements:** | **Swap Agreements:** | **Swap Agreements:** |
| Average monthly notional amount | $— | $— | $147739 |

---

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

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

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

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

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

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

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

The following table presents financial instruments that are subject to enforceable netting arrangements as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross Amount Not Offset in the Statements of Assets and Liabilities** | **Gross Amount Not Offset in the Statements of Assets and Liabilities** | **Gross Amount Not Offset in the Statements of Assets and Liabilities** | **Gross Amount Not Offset in the Statements of Assets and Liabilities** | **Gross Amount Not Offset in the Statements of Assets and Liabilities** |
| **Fund** | **Gross Asset<br>Amount<br>Presented in<br>the Statements<br>of Assets and<br>Liabilities<br>(000)** | **Financial<br>Instrument<br>(000)** | **Collateral<br>Received<br>(000)** | **Net Amount<br>(not less <br>than $0)<br>(000)** |
| **Corporate Bond Portfolio** | $1353<br> (a) | $— | $(1353)(b)(c) | $0 |
| **Discovery Portfolio** | 9732<br> (a) |  | (9732)(c)(d) | 0 |

---

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

(b) The Fund received cash collateral of approximately $1,377,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments.

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

(d) The Fund received cash collateral of approximately $9,817,000,which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments.

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

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining contractual maturity of those transactions as of March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| **Fund** | **Overnight and<br>Continuous<br>(000)** | **<30 days<br>(000)** | **Between<br>30 & 90 days<br>(000)** | **>90 Days<br>(000)** | **Total<br>(000)** |
| **Corporate Bond Portfolio** | **Corporate Bond Portfolio** | **Corporate Bond Portfolio** | **Corporate Bond Portfolio** | **Corporate Bond Portfolio** | **Corporate Bond Portfolio** |
| **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** |
| Corporate Bonds | $1377 | $— | $— | $— | $1377 |
| **Total Borrowings** | $**1377** | $**—** | $**—** | $**—** | $**1377** |
| **Gross amount of recognized liabilities for securities lending transactions** |  |  |  |  | $**1377** |
| **Discovery Portfolio** | **Discovery Portfolio** | **Discovery Portfolio** | **Discovery Portfolio** | **Discovery Portfolio** | **Discovery Portfolio** |
| **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** |
| Common Stocks | $9817 | $— | $— | $— | $9817 |
| **Total Borrowings** | $**9817** | $**—** | $**—** | $**—** | $**9817** |
| **Gross amount of recognized liabilities for securities lending transactions** |  |  |  |  | $**9817** |

---

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

**10. Dividends and Distributions to Shareholders:** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared daily and paid monthly (Ultra-Short Income Portfolio), declared and paid monthly (Corporate Bond Portfolio) and annually (Discovery Portfolio and Global Strategist Portfolio). Net realized capital gains, if any, are distributed at least annually.

**11. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

foreign dividends which may be recorded as soon as the Funds are informed of such dividends) net of applicable withholding taxes. Interest income is recognized on the accrual basis except where collection is in doubt. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds are based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

Certain Funds owns shares of REITs which report information on the source of their distributions annually in the following calendar year. A portion of distributions received from REITs during the year is estimated to be a return of capital and is recorded as a reduction of their cost.

**12. Segment Reporting:** Each Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. The Funds' President acts as the Company's Chief Operating Decision Maker ("CODM"), who is responsible for assessing the performance of each Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in each Fund's Financial Statements.

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

The Adviser has agreed to reduce its advisory fees and/or reimburse each Fund so that total annual operating expenses excluding certain investments related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed the maximum expense ratios. The following table represents the annual advisory fee rates, the equivalent annual effective rates (net of waiver and/or rebate) and the maximum expense ratios at March 31, 2026.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** |
|<br>**Fund** | **Advisory Fee<br>Rates** | **Equivalent Annual<br>Effective Rates** | **Class I** | **Class A** | **Class L** | **Class C** | **Class R6** | **Class IR** | **Institutional<br>Class** |
| **Corporate Bond Portfolio** | 0.375% | 0.30% | 0.65% | 1.00% | 1.47% | 1.75% | —% | —% | —% |
| **Discovery Portfolio** | 0.50 | 0.50 | 0.80 | 1.15 | 1.65 | 1.90 | 0.73 |  |  |
| **Global Strategist Portfolio** | 0.45 | 0.44 | 0.74 | 1.09 | 1.59 | 1.84 | 0.71 |  |  |
| **Ultra-Short Income Portfolio** | 0.20 | 0.16 |  | 0.40 |  |  |  | 0.25 | 0.30 |

---

The fee waivers and/or expense reimbursements will continue for at least one year from the date of each Fund's prospectus or until such time as the Trustees act to discontinue all or a portion of such waivers and/or expense reimbursements when they deem such action is appropriate. For the six months ended March 31, 2026, the Funds had advisory fees waived and/or certain other expenses reimbursed as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Advisory Fees<br>Waived and/or<br>Reimbursed<br>(000)** | **Other expenses<br>were reimbursed<br>by the Adviser<br>(000)** |
| **Corporate Bond Portfolio** | $48 | $114 |
| **Global Strategist Portfolio** |  | 6 |
| **Ultra-Short Income Portfolio** | 3679 | 25 |

---

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

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

The Adviser has entered into Sub-Advisory Agreements with the Sub-Adviser (Global Strategist Portfolio), a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser, subject to the control and supervision of the Funds, its Officers, Trustees and the Adviser, and in accordance with the investment objectives, policies and restrictions of the Funds, make certain day-to-day investment

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

decisions for certain Funds and place certain of the Funds' purchase and sales orders. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Funds which receive these services.

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

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

**D. Distribution and Shareholder Services Fees:** Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Trust's Distributor of Fund share pursuant to a Distribution Agreement. The Trust has adopted a Shareholder Services Plan with respect to Class A shares (Corporate Bond, Discovery, Global Strategist and Ultra-Short Income Portfolios) and Institutional Class (Ultra-Short Income Portfolio) pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, each Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares and 0.05% attributable to the Institutional Class shares. The Distributor has agreed to waive the 12b-1 fees on Class A shares of Corporate Bond and Ultra-Short Income Portfolios to the extent they exceed 0.15% of the average daily net assets of such shares on an annualized basis. For the six months ended March 31, 2026, this waiver amounted to approximately $6,000 and $2,475,000, respectively.

The Trust has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, each Fund (except Ultra-Short Income Portfolio) pays the Distributor a distribution fee and a shareholder services fee, accrued daily and paid monthly of each Fund's average daily net assets attributable to Class L shares as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Distribution Fee<br>Ratio** | **Shareholder Services <br>Fee Ratio** |
| **Corporate Bond Portfolio** | 0.25% | 0.25% |
| **Discovery Portfolio** | 0.50 | 0.25 |
| **Global Strategist Portfolio** | 0.50 | 0.25 |

---

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

The Distributor, Adviser and Administrator may also waive the shareholder services fees, advisory fees, administration fees and/or reimburse expenses to enable Ultra-Short Income Portfolio to maintain a minimum level of daily net investment income. This arrangement had no effect for the six months ended March 31, 2026. The Distributor, Adviser and Administrator may discontinue these voluntary fee waivers and/or expense reimbursements at any time in the future.

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

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

Morgan Stanley Services Company Inc. serves as Co-Transfer Agent and provides certain transfer agency services to Ultra-Short Income Portfolio with respect to certain direct transactions with the Fund.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to each Fund (except Ultra-Short Income Portfolio) pursuant to a Co-Transfer Agency Services Agreement. At March 31, 2026, the following

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

Funds had co-transfer agency fees and expenses incurred to EVM, which is included in "Transfer Agency Fees" in the Statements of Operations.

---

| | |
|:---|:---|
| **Fund** | **Value<br>(000)** |
| **Corporate Bond Portfolio** | $8 |
| **Discovery Portfolio** | 5 |
| **Global Strategist Portfolio** | 2 |

---

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

**G. Security Transactions and Transactions with Affiliates:** During the six months ended March 31, 2026, purchases and sales of investment securities excluding short-term investments for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Purchases** | **Purchases** | **Sales** | **Sales** |
|<br>**Fund** | **Government<br>(000)** | **Non-Government<br>(000)** | **Government<br>(000)** | **Non-Government<br>(000)** |
| **Corporate Bond Portfolio** | $— | $124496 | $— | $97268 |
| **Discovery Portfolio** | 2655 | 254499 | 3206 | 532507 |
| **Global Strategist Portfolio** | 88108 | 120331 | 76308 | 111516 |

---

Certain Funds invest in the Institutional Class of portfolios within the Morgan Stanley Institutional Liquidity Funds (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly, and as a portion of the securities held as collateral on loaned securities. A summary of the Funds' transactions in shares of the Liquidity Funds during the six months ended March 31, 2026 were as follows:

**Investments in the Liquidity Funds — Government Portfolio<sup>(1)</sup> and Treasury Securities Portfolio<sup>(2)</sup> — Institutional Class**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>Fund** | **Value<br>September 30,<br>2025<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Proceeds<br>from Sales<br>(000)** | **Dividend<br>Income<br>(000)** | **Realized<br>Gain (Loss)<br>(000)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)** | **Value<br>March 31,<br>2026<br>(000)** |
| **Corporate Bond Portfolio<sup>(1)</sup>** | $2864 | $46737 | $47217 | $47 | $— | $— | $2384 |
| **Discovery Portfolio<sup>(2)</sup>** | 64358 | 246217 | 285620 | 408 |  |  | 24955 |
| **Global Strategist Portfolio<sup>(1)</sup>** | 66017 | 98195 | 138332 | 644 |  |  | 25880 |

---

Investment advisory fees paid by the Funds are reduced by an amount equal to their pro-rata share of the advisory and administrations fees paid by the Funds due to their investments in the Liquidity Funds ("Rebate"). For the six months ended March 31, 2026, advisory fees paid were reduced for each Fund as follows:

---

| | |
|:---|:---|
| **Fund** | **Rebate Value<br>(000)** |
| **Corporate Bond Portfolio** | $2 |
| **Discovery Portfolio** | 21 |
| **Global Strategist Portfolio** | 25 |

---

For the six months ended March 31, 2026, the following Fund incurred brokerage commissions with Morgan Stanley & Co. LLC, an affiliate of the Adviser/Administrator and Distributor, for portfolio transactions executed on behalf of the Funds.

---

| | |
|:---|:---|
| **Fund** | **Value<br>(000)** |
| **Discovery Portfolio** | $4 |

---

Certain Funds are 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 under

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

the Act, 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 Funds' Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the six months ended March 31, 2026, the Funds did not engage in any cross-trade transactions.

Certain Funds have an unfunded noncontributory defined benefit pension plan covering certain independent Trustees of the Funds who will have served as independent Trustees for at least five years at the time of retirement. Benefits under this plan are based on factors which include years of service and compensation. The Trustees voted to close the plan to new participants and eliminate the future benefits growth due to increases to compensation after July 31, 2003. Aggregate pension costs for the six months ended March 31, 2026, included in "Trustees' Fees and Expenses" in the Statements of Operations and accrued pension liability, which is reflected as "Payable for Trustees' Fees and Expenses" in the Statements of Assets and Liabilities were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Trustees Fees<br>and Expenses<br>(000)** | **Payable for Trustees'<br>Fees and Expenses<br>(000)** |
| **Corporate Bond Portfolio** | $1 | $34 |
| **Discovery Portfolio** | 1 | 33 |
| **Global Strategist Portfolio** | 1 | 33 |

---

Each Trustee receives an annual retainer fee for serving as a Trustee of the Morgan Stanley Funds. The aggregate compensation paid to each Trustee is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The fund also reimburses such Trustees for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

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

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

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

As a result of several court cases in certain countries across the European Union (EU), certain Funds filed additional tax reclaims for previously withheld taxes on dividends earned in those countries. Income recognized, if any, for EU reclaims is reflected as other income and any interest recognized is reflected in the Statements of Operations, and any related receivable, if any, is reflected as Tax Reclaim Receivable in the Statements of Assets and Liabilities. Any fees associated with these filings are reflected in professional fees in the Statements of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by a Fund, if any, may reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns. In the event that EU reclaims received by a Fund during a fiscal year exceed foreign withholding taxes paid by the Fund, and the Fund previously passed through to its shareholders foreign taxes incurred by the Fund to be used as a credit or deduction on a shareholder's income tax return, the Fund may be required to enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the Fund's shareholders.

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statements of Operations. Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed. The Funds' tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the state departments of revenue and by foreign tax authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2025 and 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
|<br>**Fund** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** | **Ordinary<br>Income<br>(000)** | **Long-Term<br>Capital Gain<br>(000)** |
| **Corporate Bond Portfolio** | $6123 | $— | $6208 | $— |
| **Discovery Portfolio** |  |  |  |  |
| **Global Strategist Portfolio** | 13775 |  |  |  |
| **Ultra-Short Income Portfolio** | 602104 |  | 624332 |  |

---

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

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

For the year ended September 30, 2025, the Funds listed below recorded permanent reclassifications primarily related to a net operating loss (Discovery Portfolio) and tax adjustments related to the Subsidiary (Discovery Portfolio and Global Strategist Portfolio).

---

| | | |
|:---|:---|:---|
| **Fund** | **Total<br>Distributable Earnings/<br>(Accumulated Loss)<br>(000)** | **Paid in Capital<br>(000)** |
| **Discovery Portfolio** | $3307 | $(3307) |
| **Global Strategist Portfolio** | 3156 | (3156) |

---

At September 30, 2025, the components of distributable earnings for each Fund on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Undistributed<br>Ordinary<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| **Corporate Bond Portfolio** | $616 | $— |
| **Discovery Portfolio** |  |  |
| **Global Strategist Portfolio** | 30483 |  |
| **Ultra-Short Income Portfolio** | 4330 |  |

---

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

At September 30, 2025, the following Funds had available for federal income tax purposes unused short-term and/or long-term capital losses that do not have an expiration date:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-term<br>Losses<br>(No Expiration)<br>(000)** | **Long-term<br>Losses<br>(No Expiration)<br>(000)** |
| **Corporate Bond Portfolio** | $7842 | $19842 |
| **Discovery Portfolio** | 511228 | 840005 |
| **Ultra-Short Income Portfolio** | 61328 |  |

---

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Funds for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended September 30, 2025, the following Funds utilized capital loss carryforwards for U.S. federal income tax purposes of approximately:

---

| | |
|:---|:---|
| **Fund** | **Capital Loss<br>Carryforward<br>Utilized<br>(000)** |
| **Discovery Portfolio** | $200092 |
| **Ultra-Short Income Portfolio** | 1199 |

---

Qualified late year losses are capital losses and specified ordinary losses, including currency losses, incurred after October 31 but within the taxable year that, if elected, are deemed to arise on the first day of the Funds' next taxable year. For the year ended September 30, 2025, the Fund listed below intends to defer to October 1, 2025 for U.S. federal income tax purposes the following losses:

---

| | | |
|:---|:---|:---|
| **Fund** | **Qualified<br>Late Year<br>Ordinary<br>Losses<br>(000)** | **Post-<br>October<br>Capital<br>Losses<br>(000)** |
| **Discovery Portfolio** | $4929 | $— |

---

**I. Credit Facility:** The Trust and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the six months ended March 31, 2026, the Funds did not have any borrowings under the Facility.

**J. Other:** At March 31, 2026, certain Funds had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Funds. These Funds and the aggregate percentage of such owners were as follows:

---

| | |
|:---|:---|
| **Fund** | **Percent of<br>Ownership** |
| **Corporate Bond Portfolio** | 67.3% |
| **Discovery Portfolio** | 62.1 |
| **Global Strategist Portfolio** | 90.7 |
| **Ultra-Short Income Portfolio** | 84.4 |

---

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

**Bitcoin:** Certain Funds may have exposure to cryptocurrencies indirectly through cash settled futures bitcoin exposure or indirectly through bitcoin ETFs. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrencies is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

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

**Special Purpose Acquisition Companies:** Certain Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is typically a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transactions. A Fund may acquire an interest in a SPAC in an IPO or a secondary market transaction.

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

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

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

------

**2026 Semi-Annual Report**

**March 31, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

**Market:** The value of an investment in each Fund is based on the values of the Fund's investments, which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity of a Fund's investments, which may in turn impact a Fund's ability to sell securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the threat or actual imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These types of events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance or value of a Fund's investments, adversely affect and increase the volatility of a Fund's share price and exacerbate preexisting risks to a Fund. The frequency and magnitude of resulting changes in the value of a Fund's investments cannot be predicted.

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Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2026 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j26111242_za003.jpg)

MSIFT-NCSR 3.31.26

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**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders**

There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund's Board of Trustees since the Fund last provided disclosure in response to this item.

**Item 16. Controls and Procedures**

(a) It is the conclusion of the registrant's principal executive officer
 and principal financial officer that the effectiveness of the registrant's current
 disclosure controls and procedures (such disclosure controls and procedures having been evaluated
 within 90 days of the date of this filing) provide reasonable assurance that the information
 required to be disclosed by the registrant has been recorded, processed, summarized and reported
 within the time period specified in the Commission's rules and forms and that
 the information required to be disclosed by the registrant has been accumulated and communicated
 to the registrant's principal executive officer and principal financial officer in
 order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant's internal controls
 over financial reporting during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control over
 financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation**

Not applicable.

**Item 19. Exhibits**

---

| | |
|:---|:---|
| (a)(1) | Registrant's Code of Ethics – Not applicable (please see Item 2). |
| [(a)(2)(i)](tm2611124d1_ex99-cert.htm#a_001) | [Principal Financial Officer's Section 302 certification.](tm2611124d1_ex99-cert.htm#a_001) |
| [(a)(2)(ii)](tm2611124d1_ex99-cert.htm#a_002) | [Principal Executive Officer's Section 302 certification.](tm2611124d1_ex99-cert.htm#a_002) |
| [(b)](tm2611124d1_ex99-906cert.htm) | [Combined Section 906 certification.](tm2611124d1_ex99-906cert.htm) |

---

**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Morgan Stanley Institutional Fund Trust

---

| | |
|:---|:---|
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |
| Date: | May 19, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |
| Date: | May 19, 2026 |
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |
| Date: | May 19, 2026 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**MORGAN STANLY Institutional Fund Trust**

**FORM N-CSR**

**Exhibit 19(a)(2)(i)**

**<u>CERTIFICATION</u>**

I, James F. Kirchner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Morgan Stanley
 Institutional Fund Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement
 of a material fact or omit to state a material fact necessary to make the statements made,
 in light of the circumstances under which such statements were made, not misleading with
 respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial
 information included in this report, fairly present in all material respects the financial
 condition, results of operations, changes in net assets, and cash flows (if the financial
 statements are required to include a statement of cash flows) of the registrant as of, and
 for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible
 for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
 have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such
 disclosure controls and procedures to be designed under our supervision, to ensure that material
 information relating to the registrant, including its consolidated subsidiaries, is made
 known to us by others within those entities, particularly during the period in which this
 report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused
 such internal control over financial reporting to be designed under our supervision, to provide
 reasonable assurance regarding the reliability of financial reporting and the preparation
 of financial statements for external purposes in accordance with generally accepted accounting
 principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls
 and procedures and presented in this report our conclusions about the effectiveness of the
 disclosure controls and procedures, as of a date within 90 days prior to the filing date
 of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal
 control over financial reporting that occurred during the period covered by this report that
 has materially affected, or is reasonably likely to materially affect, the registrant's internal
 control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed
 to the registrant's auditors and the audit committee of the registrant's board of trustees
 (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design
 or operation of internal control over financial reporting which are reasonably likely to
 adversely affect the registrant's ability to record, process, summarize, and report financial
 information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other
 employees who have a significant role in the registrant's internal control over financial
 reporting.

---

| | |
|:---|:---|
| Date: May 19, 2026 | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |

---

**MORGAN STANLEY Institutional Fund Trust**

**FORM N-CSR**

**Exhibit 19(a)(2)(ii)**

**<u>CERTIFICATION</u>**

I, John H. Gernon, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Morgan Stanley
 Institutional Fund Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement
 of a material fact or omit to state a material fact necessary to make the statements made,
 in light of the circumstances under which such statements were made, not misleading with
 respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial
 information included in this report, fairly present in all material respects the financial
 condition, results of operations, changes in net assets, and cash flows (if the financial
 statements are required to include a statement of cash flows) of the registrant as of, and
 for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible
 for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
 have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such
 disclosure controls and procedures to be designed under our supervision, to ensure that material
 information relating to the registrant, including its consolidated subsidiaries, is made
 known to us by others within those entities, particularly during the period in which this
 report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused
 such internal control over financial reporting to be designed under our supervision, to provide
 reasonable assurance regarding the reliability of financial reporting and the preparation
 of financial statements for external purposes in accordance with generally accepted accounting
 principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls
 and procedures and presented in this report our conclusions about the effectiveness of the
 disclosure controls and procedures, as of a date within 90 days prior to the filing date
 of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal
 control over financial reporting that occurred during the period covered by this report that
 has materially affected, or is reasonably likely to materially affect, the registrant's internal
 control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed
 to the registrant's auditors and the audit committee of the registrant's board of trustees
 (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design
 or operation of internal control over financial reporting which are reasonably likely to
 adversely affect the registrant's ability to record, process, summarize, and report financial
 information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other
 employees who have a significant role in the registrant's internal control over financial
 reporting.

---

| | |
|:---|:---|
| Date: May 19, 2026 | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Form N-CSR Item 19(b) Exhibit**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Morgan Stanley Institutional Fund Trust (the "Fund") that:

(a) the Semi-Annual Report of the Fund on Form N-CSR for the period ended
 March 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or
 15(d) of the Securities Exchange Act of 1934, as amended; and

(b) the information contained in the Report fairly presents, in all material
 respects, the financial condition and the results of operations of the Fund for such period.

**A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.**

---

| |
|:---|
| Morgan Stanley Institutional Fund Trust |
| Date: May 19, 2026 |
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |
| Date: May 19, 2026 |
| /s/ John H. Gernon |
| John H. Gernon |
| Principal Executive Officer |

---