# EDGAR Filing Document

**Accession Number:** 0000741375
**File Stem:** 0001752724-25-199150
**Filing Date:** 2025-8
**Character Count:** 368289
**Document Hash:** 831a225da4bd60732506e22db4c4f203
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-199150.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0001752724-25-199150

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03980
- **FILM NUMBER:** 251244163

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Portfolio of Investments

Corporate Bond Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Fixed Income Securities (96.3%)** |  |  |
| **Corporate Bonds (96.1%)** |  |  |
| **Finance (38.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;AIB Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 5/15/31 (a) | $575 | $585 |
| &nbsp;&nbsp;&nbsp;Aircastle Ltd./Aircastle Ireland DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 3/15/30 (a) | 450 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/1/31 (a) | 300 | 309 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74%, 5/15/29 | 225 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18%, 7/26/35 | 150 | 153 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 5/7/35 | 675 | 693 |
| &nbsp;&nbsp;&nbsp;American National Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14%, 6/13/32 (a) | 575 | 590 |
| &nbsp;&nbsp;&nbsp;Athene Holding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 5/19/55 | 300 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 2/1/33 (b) | 275 | 298 |
| &nbsp;&nbsp;&nbsp;Avolon Holdings Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 1/15/28 (a) | 650 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 5/30/30 (a) | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/29 (a) | 75 | 77 |
| &nbsp;&nbsp;&nbsp;Banco de Credito e Inversiones SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/14/31 (a) | 200 | 180 |
| &nbsp;&nbsp;&nbsp;Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 12/10/29 (a) | 200 | 204 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18%, 3/24/28 | 600 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44%, 7/15/31 | 800 | 831 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52%, 10/25/35 | 950 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.87%, 9/15/34 | 2350 | 2481 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series J |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97%, 4/26/34 | 705 | 707 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 1/27/84 | 475 | 505 |
| &nbsp;&nbsp;&nbsp;Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.79%, 2/25/36 | 1225 | 1253 |
| &nbsp;&nbsp;&nbsp;BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 2/11/35 (a) | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.45%, 6/29/38 (a) | 200 | 212 |
| &nbsp;&nbsp;&nbsp;Belrose Funding Trust II, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.79%, 5/15/55 (a) | 300 | 307 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84%, 9/13/34 (a) | 625 | 687 |
| &nbsp;&nbsp;&nbsp;Centene Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/30 | 1075 | 961 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14%, 8/24/34 | 575 | 622 |
| &nbsp;&nbsp;&nbsp;Citadel LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 1/23/32 (a) | 625 | 653 |
| &nbsp;&nbsp;&nbsp;Citadel Securities Global Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 6/18/35 (a) | 348 | 357 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79%, 3/17/33 | 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54%, 9/19/30 | 1325 | 1319 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61%, 9/12/34 (a) | 375 | 355 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 4/15/31 | 925 | 819 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22%, 5/27/31 (a) | 300 | 306 |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Insurance Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 1/16/35 (a)(c) | 400 | 405 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04%, 5/28/32 | 175 | 157 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 5/28/29 | 925 | 960 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 7/1/29 | 775 | 803 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 4/1/29 | 900 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/1/30 | 150 | 156 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51%, 3/7/31 | 190 | 193 |
| &nbsp;&nbsp;&nbsp;Global Atlantic Fin Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 3/15/54 (a) | 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95%, 10/15/54 (a) | 325 | 339 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33%, 7/23/35 | 1825 | 1842 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 7/1/34 | 600 | 600 |
| &nbsp;&nbsp;&nbsp;Healthpeak OP LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 2/15/35 | 550 | 555 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87%, 11/22/32 | 200 | 177 |
| &nbsp;&nbsp;&nbsp;Intact Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.46%, 9/22/32 (a) | 875 | 896 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 11/28/33 (a) | 575 | 646 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 4/14/34 | 200 | 209 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.77%, 4/22/35 | 3225 | 3390 |
| &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 4/3/28 | 425 | 428 |
| &nbsp;&nbsp;&nbsp;Macquarie Airfinance Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 3/27/28 (a) | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 3/26/31 (a) | 450 | 477 |
| &nbsp;&nbsp;&nbsp;Marex Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 11/4/29 | 525 | 541 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 3/15/55 | 325 | 314 |
| &nbsp;&nbsp;&nbsp;Mitsubishi HC Finance America LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 10/24/29 (a) | 600 | 612 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Finance (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Nationwide Building Society, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 3/8/29 (a) | $625 | $621 |
| &nbsp;&nbsp;&nbsp;Phillips Edison Grocery Center Operating Partnership I LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 11/15/31 | 700 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 8/15/32 | 250 | 253 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 7/23/35 | 850 | 866 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11%, 2/15/28 (a) | 850 | 842 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 5/15/29 (b) | 200 | 208 |
| &nbsp;&nbsp;&nbsp;Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 3/1/31 (a) | 545 | 506 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97%, 5/2/31 | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 2/4/31 | 675 | 689 |
| &nbsp;&nbsp;&nbsp;SMBC Aviation Capital Finance DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 6/15/28 (a) | 350 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 4/3/34 (a) | 525 | 532 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 7/8/35 (a) | 550 | 505 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 7/13/30 | 450 | 476 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 9/10/34 (a) | 700 | 690 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 7/23/25 | 500 | 500 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17%, 11/1/30 | 735 | 754 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 10/31/82 | 350 | 366 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84%, 2/1/34 | 300 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08%, 5/15/31 | 550 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68%, 1/23/35 | 250 | 260 |
| &nbsp;&nbsp;&nbsp;UBS Group AG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09%, 5/14/32 (a) | 1125 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02%, 11/15/33 (a) | 500 | 618 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 7/15/54 | 1050 | 1019 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49%, 10/23/34 | 1200 | 1312 |
|  |  | 48168 |
| **Industrials (49.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 5/14/35 | 400 | 387 |
| &nbsp;&nbsp;&nbsp;Adventist Health System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 3/1/32 | 325 | 327 |
| &nbsp;&nbsp;&nbsp;Alaska Airlines 2020-1 Class A Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 2/15/29 (a) | 631 | 632 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 2/9/41 | 440 | 307 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 6/3/50 | 475 | 286 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 2/1/46 | 400 | 367 |
| &nbsp;&nbsp;&nbsp;Apple, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 9/11/49 | 825 | 554 |
| &nbsp;&nbsp;&nbsp;Arches Buyer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 6/1/28 (a) | 400 | 383 |
| &nbsp;&nbsp;&nbsp;AS Mileage Plan IP Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 10/20/29 (a) | 300 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31%, 10/20/31 (a) | 375 | 369 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 12/1/57 | 1050 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 5/15/35 | 675 | 644 |
| &nbsp;&nbsp;&nbsp;BAT Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26%, 3/25/28 | 575 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 9/25/40 | 175 | 138 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 5/15/55 | 225 | 232 |
| &nbsp;&nbsp;&nbsp;Boeing Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 5/1/50 | 560 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93%, 5/1/60 | 225 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26%, 5/1/27 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89%, 9/11/33 | 525 | 526 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 3/22/30 (c) | 600 | 596 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 2/22/64 | 475 | 462 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19%, 11/15/36 (a) | 575 | 477 |
| &nbsp;&nbsp;&nbsp;Brunswick Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 3/18/29 (b) | 300 | 309 |
| &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 3/15/55 | 225 | 223 |
| &nbsp;&nbsp;&nbsp;Celanese U.S. Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 11/15/28 | 600 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 11/15/33 | 366 | 389 |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 3/1/42 | 100 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 12/1/61 | 825 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48%, 10/23/45 | 400 | 397 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 10/30/35 (a)(d) | 700 | 706 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/15/40 | 275 | 284 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89%, 11/1/51 | 325 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 4/1/40 | 1050 | 872 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Industrials (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Concentrix Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 8/2/26 | $600 | $611 |
| &nbsp;&nbsp;&nbsp;Continental Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 4/1/32 (a) | 325 | 273 |
| &nbsp;&nbsp;&nbsp;CRH America Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/9/35 | 625 | 641 |
| &nbsp;&nbsp;&nbsp;CSL Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11%, 4/3/34 (a) | 550 | 559 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 2/28/31 | 150 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 6/1/53 | 225 | 215 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/20/28 (a) | 900 | 903 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 3/15/33 | 900 | 959 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 12/15/34 (a) | 550 | 561 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 8/14/64 | 275 | 261 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 6/20/35 | 825 | 839 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 5/15/34 | 425 | 431 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 2/15/52 | 275 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 1/31/33 | 825 | 855 |
| &nbsp;&nbsp;&nbsp;EQT Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/15/29 (a) | 347 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 1/15/31 (a) | 375 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 7/1/27 (a) | 350 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 6/1/30 (a) | 246 | 270 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 1/15/35 | 250 | 254 |
| &nbsp;&nbsp;&nbsp;Ferrellgas LP/Ferrellgas Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 4/1/29 (a) | 400 | 370 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 3/15/31 | 575 | 596 |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 3/6/26 | 1225 | 1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35%, 3/6/30 | 1450 | 1531 |
| &nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 1/25/36 (a) | 600 | 622 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 3/1/46 | 625 | 560 |
| &nbsp;&nbsp;&nbsp;Glencore Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 4/4/34 (a) | 525 | 535 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 8/15/52 | 55 | 53 |
| &nbsp;&nbsp;&nbsp;HCA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 7/15/51 | 125 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 3/1/55 | 375 | 378 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 2/26/35 | 625 | 636 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 1/15/31 | 625 | 640 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 6/25/34 | 600 | 608 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 3/30/28 | 475 | 480 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 6/24/30 (a) | 825 | 834 |
| &nbsp;&nbsp;&nbsp;Icon Investments Six DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 5/8/27 | 600 | 613 |
| &nbsp;&nbsp;&nbsp;Imperial Brands Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 7/1/35 (a)(d) | 600 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 7/27/27 (a) | 425 | 439 |
| &nbsp;&nbsp;&nbsp;Intel Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 8/5/52 | 850 | 704 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 1/15/27 | 625 | 608 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 3/1/56 (a)(d) | 150 | 151 |
| &nbsp;&nbsp;&nbsp;JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 4/20/35 (a) | 500 | 519 |
| &nbsp;&nbsp;&nbsp;JDE Peet's NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 1/15/27 (a) | 1050 | 999 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 6/1/35 | 200 | 207 |
| &nbsp;&nbsp;&nbsp;Kroger Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/15/34 | 625 | 621 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 2/20/34 (b) | 450 | 481 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 6/15/28 | 250 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 6/1/27 | 625 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/15/29 - 6/14/30 | 310 | 319 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 6/1/29 (a) | 400 | 382 |
| &nbsp;&nbsp;&nbsp;Mars, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 3/1/35 (a) | 350 | 354 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 3/15/32 | 550 | 566 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 8/15/64 | 75 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 5/15/63 | 375 | 379 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 9/1/30 (a) | 650 | 610 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 8/15/54 | 250 | 247 |
| &nbsp;&nbsp;&nbsp;Newcastle Coal Infrastructure Group Pty. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 9/29/27 (a) | 183 | 181 |
| &nbsp;&nbsp;&nbsp;Newmont Corp./Newcrest Finance Pty. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 3/15/34 | 300 | 308 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Industrials (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Nexa Resources SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 4/9/34 (a)(b) | $200 | $209 |
| &nbsp;&nbsp;&nbsp;Northern Natural Gas Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 2/1/54 (a) | 425 | 410 |
| &nbsp;&nbsp;&nbsp;Novartis Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 9/18/34 | 575 | 554 |
| &nbsp;&nbsp;&nbsp;Nutrien Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 3/12/32 | 350 | 357 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 1/1/32 | 800 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 10/1/34 (b) | 75 | 74 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 6/1/29 | 275 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 9/1/34 | 200 | 203 |
| &nbsp;&nbsp;&nbsp;Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 4/1/50 | 1135 | 795 |
| &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 8/1/28 (a) | 300 | 313 |
| &nbsp;&nbsp;&nbsp;Perrigo Finance Unlimited Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 6/15/30 | 525 | 517 |
| &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 5/19/63 | 900 | 835 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 2/15/33 | 600 | 620 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 4/1/31 (a) | 750 | 677 |
| &nbsp;&nbsp;&nbsp;Raizen Fuels Finance SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 1/17/35 (a) | 275 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 3/5/34 (a) | 206 | 206 |
| &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 3/14/65 | 400 | 402 |
| &nbsp;&nbsp;&nbsp;Siemens Funding BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 5/28/55 (a) | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 5/28/65 (a) | 200 | 207 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 4/1/26 (a) | 550 | 535 |
| &nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91%, 9/1/27 (a) | 350 | 352 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 9/15/30 | 600 | 605 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 1/31/34 | 575 | 591 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 5/15/32 | 350 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 6/15/55 | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 1/15/54 | 750 | 735 |
| &nbsp;&nbsp;&nbsp;TotalEnergies Capital SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64%, 4/5/64 | 250 | 243 |
| &nbsp;&nbsp;&nbsp;Transportadora de Gas Internacional SA ESP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 11/1/28 (a) | 200 | 204 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 1/15/30 | 225 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 9/15/34 | 725 | 713 |
| &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 4/15/29 | 318 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 8/15/38 | 471 | 477 |
| &nbsp;&nbsp;&nbsp;Var Energi ASA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 5/22/30 (a) | 225 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 1/15/28 (a) | 600 | 636 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 3/15/35 | 550 | 553 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36%, 3/15/32 | 700 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 3/21/31 | 1675 | 1503 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 6/22/30 | 500 | 446 |
| &nbsp;&nbsp;&nbsp;VICI Properties LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 11/15/31 | 1200 | 1202 |
| &nbsp;&nbsp;&nbsp;Videotron Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 6/15/29 (a) | 650 | 624 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28%, 3/15/32 | 378 | 320 |
|  |  | 61696 |
| **Utilities (8.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;AEP Transmission Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 3/15/53 | 450 | 434 |
| &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 6/15/26 (e) | 325 | 327 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 11/15/53 | 300 | 325 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 5/15/51 | 350 | 215 |
| &nbsp;&nbsp;&nbsp;Capital Power U.S. Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26%, 6/1/28 (a) | 325 | 329 |
| &nbsp;&nbsp;&nbsp;Cleveland Electric Illuminating Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 11/15/30 (a) | 250 | 246 |
| &nbsp;&nbsp;&nbsp;Commonwealth Edison Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 6/1/55 | 425 | 440 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 11/15/53 | 500 | 511 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Generation LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 3/15/54 | 350 | 343 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/32 | 550 | 564 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 6/1/34 | 650 | 680 |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 11/15/53 | 575 | 613 |
| &nbsp;&nbsp;&nbsp;Duke Energy Indiana LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 4/1/50 | 330 | 204 |
| &nbsp;&nbsp;&nbsp;Engie SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 4/10/29 (a) | 200 | 205 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Utilities (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/15/35 | $450 | $445 |
| &nbsp;&nbsp;&nbsp;Georgia Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 3/15/51 | 425 | 292 |
| &nbsp;&nbsp;&nbsp;Liberty Utilities Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 1/31/29 (a) | 825 | 849 |
| &nbsp;&nbsp;&nbsp;MidAmerican Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 4/15/50 | 275 | 186 |
| &nbsp;&nbsp;&nbsp;New England Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94%, 11/25/52 (a) | 125 | 127 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 3/15/35 | 775 | 790 |
| &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 8/1/40 | 375 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 7/1/50 | 425 | 343 |
| &nbsp;&nbsp;&nbsp;PacifiCorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 2/15/50 | 250 | 190 |
| &nbsp;&nbsp;&nbsp;Snam SpA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 5/28/35 (a) | 425 | 434 |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 12/1/53 | 250 | 229 |
| &nbsp;&nbsp;&nbsp;Trans-Allegheny Interstate Line Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/15/31 (a) | 775 | 789 |
| &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 8/15/34 | 350 | 351 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/30/34 (a) | 525 | 535 |
|  |  | 11265 |
|  |  | 121129 |
| **Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 3/13/27 | 302 | 300 |
| &nbsp;&nbsp;&nbsp;**Total Fixed Income Securities (Cost $119,762)** |  | 121429 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investments (4.4%)** |  |  |
| **Investment Company (2.4%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.25% (f)<br> **(Cost $3,059)** | 3059393 | 3059 |
| **Securities held as Collateral on Loaned Securities (1.3%)** |  |  |
| **Investment Company (1.3%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.25% (f)<br> **(Cost $1,634)** | 1633688 | 1634 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | |
| **U.S. Treasury Security (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill,<br> 4.32%, 8/5/25 (g)(h)<br> **(Cost $837)** | $840 | 837 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $5,530)** |  | 5530 |
| **Total Investments (100.7%) (Cost $125,292) including $1,606 of Securities Loaned (i)(j)** |  | 126959 |
| **Liabilities in Excess of Other Assets (–0.7%)** |  | (941) |
| **Net Assets (100.0%)** |  | $126018 |

---

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

(b) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at June 30, 2025, were approximately $1,606,000 and $1,634,000, respectively. The Fund received cash collateral of approximately $1,634,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class as reported in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

(c) Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of June 30, 2025.

(d) When-issued security.

(e) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of June 30, 2025. Maturity date disclosed is the ultimate maturity date.

(f) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended June 30, 2025, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Fund.

(g) Rate shown is the yield to maturity at June 30, 2025.

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

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

(j) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,060,000 and the aggregate gross unrealized depreciation is approximately $1,299,000, resulting in net unrealized appreciation of approximately $1,761,000.

DAC Designated Activity Company.

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

**Futures Contracts:**

The Fund had the following futures contracts open at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| **Long:** | |  | | | |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2 yr. Note (United States) | 78 | Sep-25 | $15600 | $16226 | $60 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond (United States) | 123 | Sep-25 | 12300 | 14203 | 503 |
| **Short:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5 yr. Note (United States) | 49 | Sep-25 | (4900) | (5341) | (42) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Note (United States) | 74 | Sep-25 | (7400) | (8297) | (176) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Ultra Note (United States) | 63 | Sep-25 | (6300) | (7199) | (203) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond (United States) | 15 | Sep-25 | (1500) | (1787) | (48) |
|  |  |  |  |  | $94 |

---

**Portfolio Composition\***

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |  |
| Industrials | 49.2 | % |
| Finance | 38.5 |  |
| Utilities | 9.0 |  |
| Other\*\* | 3.3 |  |
| Total Investments | 100.0 | %\*\*\* |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of June 30, 2025.

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

\*\*\* Does not include open futures contracts with a value of approximately $53,053,000 and net unrealized appreciation of approximately $94,000.

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Discovery Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (92.2%)** | **Common Stocks (92.2%)** | **Common Stocks (92.2%)** |
| **Automobiles (0.2%)** | **Automobiles (0.2%)** | **Automobiles (0.2%)** |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc., Class A (a) | 211238 | $2902 |
| **Beverages (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc. (a) | 143196 | 6643 |
| **Biotechnology (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. (a) | 8871 | 2893 |
| &nbsp;&nbsp;&nbsp;Argenx SE ADR (Belgium) (a) | 4398 | 2424 |
| &nbsp;&nbsp;&nbsp;ProKidney Corp. (a) | 733305 | 434 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences Ltd. (a) | 1400209 | 15781 |
|  |  | 21532 |
| **Broadline Retail (3.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Global-e Online Ltd. (Israel) (a) | 1300173 | 43608 |
| **Entertainment (5.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A (a) | 671207 | 70611 |
| **Financial Services (8.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. (a) | 1105168 | 76411 |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association (a) | 2480167 | 23661 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A (a) | 68441 | 3031 |
|  |  | 103103 |
| **Health Care Equipment & Supplies (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc. (a) | 69005 | 6023 |
| **Health Care Providers & Services (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Agilon Health, Inc. (a) | 6777455 | 15588 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc. (a) | 113943 | 11937 |
|  |  | 27525 |
| **Information Technology Services (15.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A (a) | 757487 | 148339 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A (a) | 195508 | 43749 |
|  |  | 192088 |
| **Leisure Products (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc., Class A (a) | 1626090 | 11285 |
| **Machinery (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Symbotic, Inc. (a)(b) | 211243 | 8207 |
| **Media (4.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A (a) | 824125 | 59329 |
| **Personal Care Products (3.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Oddity Tech Ltd., Class A (Israel) (a) | 573603 | 43290 |
| **Pharmaceuticals (4.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 1593877 | 57427 |
| **Real Estate Management & Development (2.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Landbridge Co. LLC, Class A (b) | 431539 | 29163 |
| **Software (12.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Inc. (a) | 7968400 | 41754 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Class A (a) | 175538 | 70958 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A (a) | 1021240 | 40625 |
|  |  | 153337 |
| **Specialty Retail (7.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Carvana Co. (a) | 126851 | 42744 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A (a) | 271547 | 11573 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A (a) | 490061 | 37225 |
|  |  | 91542 |
| **Tech Hardware, Storage & Peripherals (5.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;IonQ, Inc. (a) | 1411748 | 60663 |
| **Trading Companies & Distributors (11.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A (a) | 1014101 | 61201 |
| &nbsp;&nbsp;&nbsp;QXO, Inc. (a) | 3558279 | 76645 |
|  |  | 137846 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $817,385)** |  | 1126124 |
| **Preferred Stock (2.2%)** |  |  |
| **Software (2.2%)** |  |  |
| Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $24,713; acquired 8/31/21) **(Cost $24,713)** | 336299 | 27657 |
| **Investment Company (2.7%)** |  |  |
| iShares Bitcoin Trust ETF (a) **(Cost $20,701)** | 534999 | 32748 |
| **Short-Term Investments (3.2%)** |  |  |
| **Investment Company (3.1%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.09% (e) **(Cost $38,329)** | 38328828 | 38329 |
| **Securities held as Collateral on Loaned Securities (0.1%)** |  |  |
| **Investment Company (0.1%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.09% (e) | 582130 | 582 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | |
| **Repurchase Agreements(0.0%)‡** |  |  |
| Citigroup, Inc., (4.25%, dated 6/30/25, due 7/1/25; proceeds $47; fully collateralized by a U.S. Government obligation; 3.00% due 9/30/25; valued at $48) | 47 | 47 |
| Merrill Lynch & Co., Inc., (4.39%, dated 6/30/25, due 7/1/25; proceeds $103; fully collateralized by a U.S. Government obligation; 2.38% due 1/15/27; valued at $105) | 103 | 103 |
|  |  | 150 |
| &nbsp;&nbsp;&nbsp;**Total Securities held as Collateral on Loaned Securities (Cost $732)** |  | 732 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $39,061)** |  | 39061 |
| **Total Investments Excluding Purchased Options (100.3%)<br> (Cost $901,860)** |  | 1225590 |
| **Total Purchased Options Outstanding (0.1%)<br> (Cost $5,970)** |  | 1102 |
| **Total Investments (100.4%) (Cost $907,830)<br> including $8,213 of Securities Loaned (f)(g)(h)** |  | 1226692 |
| **Liabilities in Excess of Other Assets (–0.4%)** |  | (5370) |
| **Net Assets (100.0%)** |  | $1221322 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

The Fund had the following Derivative Contract - PIPE open at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Referenced<br> Obligation** | **Notional<br> Amount** | **Settlement<br> Date** | **Unrealized<br> Depreciation<br> (000)** | **% of<br> Net<br> Assets** |
| Cantor Equity Partners, Inc. | Twenty One Capital, Inc. (a)(c)(d)(i)(j) | $22616412 | 12/31/25 | $(918) | (0.08)% |

---

‡ Amount is less than 0.05%.

(a) Non-income producing security.

(b) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at June 30, 2025, were approximately $8,213,000 and $8,033,000, respectively. The Fund received cash collateral of approximately $732,114, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The remaining collateral of approximately $7,301,320 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

(c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contract (excluding 144A holdings) at June 30, 2025 amounts to approximately $26,739,000 and represents 2.2% of net assets.

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

(e) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended June 30, 2025, advisory fees paid were reduced by approximately $40,000 relating to the Fund's investment in the Liquidity Fund.

(f) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended June 30, 2025, the Fund did not engage in any cross-trade transactions.

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

(h) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $385,106,000 and the aggregate gross unrealized depreciation is approximately $67,162,000, resulting in net unrealized appreciation of approximately $317,944,000.

(i) Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy.

(j) Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 1,076,972 shares at $21.00 per share on the settlement date pursuant to the closing of the business combination between Twenty One Capital, Inc., and Cantor Equity Partners, Inc., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Cantor Equity Partners, Inc., and Twenty One Capital, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met the Fund is no longer obligated to fulfill its commitment to Cantor Equity Partners, Inc., and Twenty One Capital, Inc. The investment is restricted from resale until the settlement date.

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| ETF | Exchange Traded Fund. |
| PIPE | Private Investment in Public Equity. |
| SPAC | Special Purpose Acquisition Company. |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

**Call Options Purchased:**

The Fund had the following call options purchased open at June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Premiums<br> Paid<br> (000)** | **Unrealized<br> Depreciation<br> (000)** |
| JPMorgan Chase Bank NA | USD/CNH | 7.66 | Sep–25 | 103825529 | $103826 | $9 | $431 | $(422) |
| Goldman Sachs & Co. LLC | USD/CNH | 7.71 | May–26 | 265653233 | 265653 | 555 | 1106 | (551) |
| Standard Chartered Bank | USD/CNH | 7.77 | Oct–25 | 212383402 | 212383 | 55 | 924 | (869) |
| JPMorgan Chase Bank NA | USD/CNH | 7.77 | Jul–25 | 97459329 | 97459 | 1 | 424 | (423) |
| JPMorgan Chase Bank NA | USD/CNH | 7.82 | Feb–26 | 262108699 | 262109 | 251 | 1082 | (831) |
| Standard Chartered Bank | USD/CNH | 7.90 | Apr–26 | 172375736 | 172376 | 176 | 837 | (661) |
| Goldman Sachs & Co. LLC | USD/CNH | 8.02 | Dec–25 | 245910824 | 245911 | 55 | 1166 | (1111) |
|  |  |  |  |  |  | $1102 | $5970 | $(4868) |

---

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

**Portfolio Composition\***

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |  |
| Other\*\* | 36.7 | % |
| Information Technology Services | 15.7 |  |
| Software | 14.7 |  |
| Trading Companies & Distributors | 11.2 |  |
| Financial Services | 8.4 |  |
| Specialty Retail | 7.5 |  |
| Entertainment | 5.8 |  |
| Total Investments | 100.0 | %\*\*\* |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of June 30, 2025.

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

\*\*\* Does not include an open PIPE contract with unrealized depreciation of approximately $918,000.

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Portfolio of Investments

Dynamic Value Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (96.1%)** |  |  |
| **Aerospace & Defense (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 197 | $48 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 601 | 48 |
|  |  | 96 |
| **Air Freight & Logistics (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 136 | 31 |
| **Automobile Components (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Lear Corp. | 257 | 24 |
| **Automobiles (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 488 | 24 |
| **Banks (7.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Bank OZK | 1928 | 91 |
| &nbsp;&nbsp;&nbsp;BOK Financial Corp. | 936 | 91 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 3879 | 91 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | 47 | 92 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | 6254 | 91 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 1191 | 93 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | 1795 | 93 |
|  |  | 642 |
| **Beverages (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 902 | 43 |
| **Biotechnology (1.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. (a) | 386 | 48 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 96 | 50 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp. (a) | 169 | 49 |
|  |  | 147 |
| **Broadline Retail (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. | 2381 | 20 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | 1744 | 21 |
|  |  | 41 |
| **Building Products (1.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. (a) | 413 | 48 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 931 | 48 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 354 | 49 |
|  |  | 145 |
| **Capital Markets (5.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 316 | 62 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 2578 | 62 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 3956 | 62 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | 1597 | 62 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 522 | 66 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 584 | 62 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 630 | 61 |
|  |  | 437 |
| **Chemicals (2.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Ashland, Inc. | 632 | 32 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. (a) | 1050 | 31 |
| &nbsp;&nbsp;&nbsp;Chemours Co. | 2870 | 33 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 412 | 31 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | 740 | 31 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 524 | 30 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | 1586 | 32 |
|  |  | 220 |
| **Commercial Services & Supplies (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Vestis Corp. | 2488 | 14 |
| **Construction & Engineering (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | 1765 | 48 |
| **Consumer Finance (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 1581 | 62 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | 1086 | 62 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 948 | 63 |
|  |  | 187 |
| **Consumer Staples Distribution & Retail (2.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | 3137 | 67 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 957 | 69 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 719 | 71 |
|  |  | 207 |
| **Containers & Packaging (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 1449 | 31 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | 1012 | 31 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | 705 | 31 |
|  |  | 93 |
| **Distributors (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 526 | 19 |
| **Diversified Consumer Services (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;ADT, Inc. | 2345 | 20 |
| **Diversified REITs (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. REIT | 483 | 30 |
| **Diversified Telecommunication Services (1.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 3818 | 165 |
| **Electric Utilities (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Edison International | 942 | 49 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 702 | 48 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 3378 | 47 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 532 | 48 |
|  |  | 192 |
| **Electrical Equipment (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 331 | 48 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 1647 | 50 |
|  |  | 98 |
| **Electronic Equipment, Instruments & Components (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. (a) | 256 | 33 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | 623 | 33 |
| &nbsp;&nbsp;&nbsp;Ingram Micro Holding Corp. | 1622 | 34 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 253 | 34 |
|  |  | 134 |
| **Energy Equipment & Services (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | 4861 | 61 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | 1298 | 65 |
|  |  | 126 |
| **Entertainment (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Playtika Holding Corp. | 5052 | 24 |
| **Financial Services (3.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc. | 1796 | 64 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 764 | 61 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 2170 | 60 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** | **Value<br> (000)** |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | 872 | $| 62 |
| &nbsp;&nbsp;&nbsp;Western Union Co. | 6863 |  | 58 |
|  |  |  | 305 |
| **Food Products (3.1%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 2051 |  | 42 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. | 452 |  | 44 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 1707 |  | 44 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 965 |  | 44 |
| &nbsp;&nbsp;&nbsp;Seaboard Corp. | 16 |  | 46 |
| &nbsp;&nbsp;&nbsp;Smithfield Foods, Inc. | 1882 |  | 44 |
|  |  |  | 264 |
| **Gas Utilities (1.1%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | 2952 |  | 49 |
| &nbsp;&nbsp;&nbsp;UGI Corp. | 1303 |  | 48 |
|  |  |  | 97 |
| **Ground Transportation (0.4%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | 203 |  | 32 |
| **Health Care Equipment & Supplies (1.1%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp. (a) | 1717 |  | 50 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | 406 |  | 48 |
|  |  |  | 98 |
| **Health Care Providers & Services (5.1%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc. (a) | 2220 |  | 50 |
| &nbsp;&nbsp;&nbsp;Centene Corp. (a) | 873 |  | 47 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 152 |  | 50 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 710 |  | 49 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 128 |  | 50 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 196 |  | 48 |
| &nbsp;&nbsp;&nbsp;Premier, Inc., Class A | 2162 |  | 48 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 157 |  | 49 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 276 |  | 50 |
|  |  |  | 441 |
| **Health Care REITs (0.7%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. REIT | 431 |  | 31 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. REIT | 833 |  | 31 |
|  |  |  | 62 |
| **Hotel & Resort REITs (0.7%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. REIT | 1956 |  | 30 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. REIT | 3010 |  | 31 |
|  |  |  | 61 |
| **Hotels, Restaurants & Leisure (1.9%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 252 |  | 20 |
| &nbsp;&nbsp;&nbsp;Carnival Corp. (a) | 805 |  | 23 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 116 |  | 19 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | 280 |  | 20 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International (a) | 563 |  | 19 |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc. (a) | 1116 |  | 20 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | 391 |  | 20 |
| &nbsp;&nbsp;&nbsp;Wendy's Co. | 1627 |  | 19 |
|  |  |  | 160 |
| **Household Durables (0.8%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 122 |  | 14 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class B | 127 |  | 13 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc. (a) | 128 |  | 13 |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | 2354 |  | 13 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | 137 |  | 14 |
|  |  |  | 67 |
| **Household Products (1.7%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products, Inc. | 3323 |  | 71 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | 1360 |  | 72 |
|  |  |  | 143 |
| **Independent Power & Renewable Electricity Producers (0.6%)** | **Independent Power & Renewable Electricity Producers (0.6%)** | **Independent Power & Renewable Electricity Producers (0.6%)** | **Independent Power & Renewable Electricity Producers (0.6%)** |
| &nbsp;&nbsp;&nbsp;AES Corp. | 4516 |  | 48 |
| **Information Technology Services (1.5%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. (a) | 267 |  | 21 |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 226 |  | 21 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 271 |  | 21 |
| &nbsp;&nbsp;&nbsp;DXC Technology Co. (a) | 1412 |  | 22 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc. (a) | 127 |  | 22 |
| &nbsp;&nbsp;&nbsp;Globant SA (a) | 235 |  | 21 |
|  |  |  | 128 |
| **Insurance (3.9%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | 480 |  | 42 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 404 |  | 42 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc. (a) | 701 |  | 38 |
| &nbsp;&nbsp;&nbsp;CNA Financial Corp. | 914 |  | 42 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 1247 |  | 43 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 465 |  | 43 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 169 |  | 41 |
| &nbsp;&nbsp;&nbsp;Unum Group | 524 |  | 42 |
|  |  |  | 333 |
| **Interactive Media & Services (0.5%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Angi, Inc. (a) | 1499 |  | 23 |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc. (a) | 1731 |  | 22 |
|  |  |  | 45 |
| **Life Sciences Tools & Services (0.6%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Avantor, Inc. (a) | 3624 |  | 49 |
| **Machinery (6.1%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | 452 |  | 47 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | 505 |  | 48 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | 3605 |  | 47 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 147 |  | 48 |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC (a) | 2111 |  | 49 |
| &nbsp;&nbsp;&nbsp;Middleby Corp. (a) | 327 |  | 47 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 425 |  | 48 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 510 |  | 48 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 717 |  | 49 |
| &nbsp;&nbsp;&nbsp;Timken Co. | 654 |  | 47 |
| &nbsp;&nbsp;&nbsp;Toro Co. | 670 |  | 47 |
|  |  |  | 525 |
| **Media (1.6%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A (a) | 59 |  | 24 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 657 |  | 24 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | 444 |  | 23 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc., Class A | 134 |  | 23 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 323 |  | 23 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. | 1046 |  | 24 |
|  |  |  | 141 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Metals & Mining (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | 1098 | $32 |
| **Mortgage Real Estate Investment (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp. REIT | 5200 | 59 |
| **Multi-Utilities (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Sempra | 634 | 48 |
| **Office REITs (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. REIT | 976 | 30 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. REIT | 877 | 30 |
|  |  | 60 |
| **Oil, Gas & Consumable Fuels (4.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;APA Corp. | 3290 | 60 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 640 | 62 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 2063 | 57 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 1943 | 62 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 1297 | 62 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 1605 | 61 |
|  |  | 364 |
| **Passenger Airlines (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc. (a) | 651 | 32 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 641 | 31 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. (a) | 410 | 33 |
|  |  | 96 |
| **Pharmaceuticals (4.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 1035 | 48 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC (a) | 453 | 48 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 618 | 49 |
| &nbsp;&nbsp;&nbsp;Organon & Co. | 5035 | 49 |
| &nbsp;&nbsp;&nbsp;Perrigo Co. PLC | 1846 | 49 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 2048 | 50 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 5542 | 49 |
|  |  | 342 |
| **Professional Services (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc. (a) | 671 | 16 |
| &nbsp;&nbsp;&nbsp;Clarivate PLC (a) | 3485 | 15 |
| &nbsp;&nbsp;&nbsp;Concentrix Corp. | 287 | 15 |
| &nbsp;&nbsp;&nbsp;Genpact Ltd. | 352 | 16 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup, Inc. | 379 | 15 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | 140 | 16 |
|  |  | 93 |
| **Real Estate Management & Development (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Howard Hughes Holdings, Inc. (a) | 452 | 31 |
| **Retail REITs (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. REIT | 721 | 31 |
| **Semiconductors & Semiconductor Equipment (3.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | 2106 | 44 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc. (a) | 405 | 42 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc. (a) | 285 | 47 |
| &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES, Inc. (a) | 1150 | 44 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. | 469 | 47 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 590 | 44 |
|  |  | 268 |
| **Software (2.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Docusign, Inc. (a) | 277 | 22 |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc., Class A | 286 | 21 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A (a) | 732 | 21 |
| &nbsp;&nbsp;&nbsp;Five9, Inc. (a) | 771 | 20 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 708 | 21 |
| &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A (a) | 764 | 22 |
| &nbsp;&nbsp;&nbsp;Teradata Corp. (a) | 952 | 21 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc., Class A (a) | 266 | 21 |
|  |  | 169 |
| **Specialized REITs (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Gaming & Leisure Properties, Inc. REIT | 659 | 31 |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Inc. REIT | 1090 | 31 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. REIT | 947 | 31 |
|  |  | 93 |
| **Specialty Retail (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc. (a) | 100 | 20 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 699 | 21 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 290 | 19 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | 926 | 20 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc., Class A | 59 | 20 |
|  |  | 100 |
| **Tech Hardware, Storage & Peripherals (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 1773 | 36 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 1310 | 32 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp. (a) | 701 | 32 |
|  |  | 100 |
| **Textiles, Apparel & Luxury Goods (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Carter's, Inc. | 420 | 13 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | 198 | 13 |
|  |  | 26 |
| **Trading Companies & Distributors (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. | 821 | 48 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | 260 | 48 |
|  |  | 96 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $8,335)** |  | 8214 |
| **Short-Term Investment (2.4%)** |  |  |
| **Investment Company (2.4%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.25% (b)<br> **(Cost $203)** | 202717 | 203 |
| **Total Investments (98.5%) (Cost $8,538) (c)(d)** |  | 8417 |
| **Other Assets in Excess of Liabilities (1.5%)** |  | 132 |
| **Net Assets (100.0%)** |  | $8549 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended June 30, 2025, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund. |
| (c) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended June 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (d) | At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $594,000 and the aggregate gross unrealized depreciation is approximately $715,000, resulting in net unrealized depreciation of approximately $121,000. |
| REIT | Real Estate Investment Trust. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Other\* | 75.8% |
| Banks | 7.6 |
| Machinery | 6.2 |
| Health Care Providers & Services | 5.2 |
| Capital Markets | 5.2 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**Amount**<br>**(000)** |<br>**Value**<br>**(000)** |
| **Fixed Income Securities (38.6%)** |  |  |
| **Agency Fixed Rate Mortgages (4.2%)** |  |  |
| **United States (4.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corporation, Conventional Pools: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 5/1/51 | $1209 | $936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 4/1/52 | 2309 | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/1/49 | 56 | 55 |
| &nbsp;&nbsp;&nbsp;Gold Pools: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 1/1/44 - 6/1/45 | 403 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/1/49 | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 5/1/32 | 17 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 5/1/35 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association, Conventional Pools: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 3/1/52 | 1664 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 9/1/52 | 2569 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 7/1/49 - 6/1/52 | 4250 | 3707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 3/1/47 - 1/1/51 | 845 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/1/45 - 9/1/45 | 456 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 3/1/41 - 11/1/44 | 61 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/41 - 3/1/41 | 156 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/1/38 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 12/1/29 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 8/1/37 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;July TBA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 7/1/54 (a) | 230 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 7/1/54 (a) | 770 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/1/54 (a) | 820 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 7/1/54 (a) | 900 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/54 (a) | 3380 | 3313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/1/54 (a) | 4320 | 4319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 7/1/54 (a) | 2030 | 2063 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Various Pools: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/20/41 - 11/20/42 | 102 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 6/20/49 | 21 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/20/49 - 6/20/49 | 57 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 8/15/39 | 14 | 14 |
|  |  | 24256 |
| **Asset-Backed Securities (0.9%)** |  |  |
| **United States (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;AASET MT-1 Ltd., Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52%, 2/16/50 (b) | 400 | 405 |
| &nbsp;&nbsp;&nbsp;ACM Auto Trust, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 6/20/28 (b) | 926 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.40%, 1/21/31 (b) | 435 | 443 |
| &nbsp;&nbsp;&nbsp;Renaissance Home Equity Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 0.87%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19%, 12/25/32 (c) | 419 | 395 |
| &nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC, Class A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/15/48 (b) | 700 | 695 |
| &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month EURIBOR + 0.55%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71%, 7/25/39 (c) | 202 | 224 |
| &nbsp;&nbsp;&nbsp;STAR Trust, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 1.75%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.06%, 10/17/41 (b)(c) | $799 | 804 |
| &nbsp;&nbsp;&nbsp;VINE Trust, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 12/17/40 (b) | 942 | 933 |
|  |  | 4826 |
| **Commercial Mortgage-Backed Securities (0.6%)** |  |  |
| **Germany (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Berg Finance DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month EURIBOR + 1.05%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29%, 4/22/33 (c) | 74 | 87 |
| **United States (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;BAMLL Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 2.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.66%, 8/15/39 (b)(c) | $800 | 806 |
| &nbsp;&nbsp;&nbsp;BPR Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 3.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.31%, 5/15/39 (b)(c) | 400 | 401 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 1.79%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 6/15/34 (b)(c) | 700 | 701 |
| &nbsp;&nbsp;&nbsp;JW Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 1.62%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93%, 6/15/39 (b)(c) | 600 | 601 |
| &nbsp;&nbsp;&nbsp;Life Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 1.30%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61%, 5/15/39 (b)(c) | 500 | 485 |
|  |  | 2994 |
|  |  | 3081 |
| **Corporate Bonds (7.5%)** |  |  |
| **Australia (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 11/25/35 (b) | 600 | 527 |
| &nbsp;&nbsp;&nbsp;NBN Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 5/5/31 (b) | 575 | 520 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%, 11/15/35 | 650 | 573 |
|  |  | 1620 |
| **Brazil (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 1/15/27 | 350 | 341 |
| **Canada (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 6/15/26 (d) | 275 | 277 |
| &nbsp;&nbsp;&nbsp;Province of Ontario Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 3/4/33 | 890 | 679 |
| &nbsp;&nbsp;&nbsp;Province of Quebec Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 10/29/30 | 1270 | 1300 |
| &nbsp;&nbsp;&nbsp;Rogers Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 3/15/32 | $625 | 581 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 2/4/31 | 300 | 306 |
|  |  | 3143 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**Amount**<br>**(000)** |<br>**Value**<br>**(000)** |
| **Denmark (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Danske Bank AS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 3/4/31 (b) | $475 | $480 |
| **France (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;AXA SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 5/28/49 | 400 | 472 |
| &nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 7/17/25 | 400 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 12/5/25 | 400 | 542 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 6/11/26 | 285 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 7/13/31 | 200 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 1/13/29 | 400 | 491 |
| &nbsp;&nbsp;&nbsp;BPCE SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/29/32 | 400 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 6/1/33 | 300 | 380 |
| &nbsp;&nbsp;&nbsp;Orange SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/26 (e) | 100 | 121 |
|  |  | 3524 |
| **Germany (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Allianz SE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 7/8/50 | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82%, 7/25/53 | 400 | 531 |
| &nbsp;&nbsp;&nbsp;Kreditanstalt fuer Wiederaufbau, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38%, 4/23/30 | 1260 | 1351 |
| &nbsp;&nbsp;&nbsp;RWE AG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 1/10/32 | 210 | 253 |
| &nbsp;&nbsp;&nbsp;Volkswagen International Finance NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 10Y |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 3/30/27 | 900 | 1048 |
|  |  | 3294 |
| **Ireland (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;AIB Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.87%, 3/28/35 (b) | $500 | 516 |
| **Japan (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;JT International Financial Services BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 4/11/34 | 400 | 466 |
| **Korea, Republic of (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Korea Southern Power Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 1/27/26 (b) | $730 | 715 |
| **Luxembourg (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Blackstone Property Partners Europe Holdings SARL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 4/26/27 | 400 | 458 |
| &nbsp;&nbsp;&nbsp;Logicor Financing SARL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 7/13/26 | 300 | 349 |
|  |  | 807 |
| **Netherlands (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Alliander NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 3/27/32 (e) | 120 | 145 |
| **Spain (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Santander SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18%, 11/19/25 | $800 | 801 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/5/37 | 600 | 706 |
|  |  | 1507 |
| **Sweden (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Akelius Residential Property Financing BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 1/11/29 | 200 | 219 |
| **United Arab Emirates (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 3/31/36 (b) | $650 | 554 |
| **United Kingdom (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;BAT Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56%, 8/15/27 | 903 | 889 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26%, 11/13/26 | 300 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87%, 11/22/32 | $300 | 265 |
| &nbsp;&nbsp;&nbsp;National Grid Electricity Distribution West Midlands PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 4/16/32 | 200 | 284 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96%, 8/15/30 | $625 | 632 |
|  |  | 2479 |
| **United States (4.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 12/1/30 | 650 | 601 |
| &nbsp;&nbsp;&nbsp;Aon North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 3/1/34 | 675 | 694 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 12/4/26 | 350 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 6/1/51 | $625 | 444 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.87%, 9/15/34 | 1200 | 1267 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19%, 3/14/35 | 550 | 557 |
| &nbsp;&nbsp;&nbsp;Boeing Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 5/1/50 | 375 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26%, 5/1/27 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 5/1/29 | 200 | 212 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 5/19/34 | 710 | 755 |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 3/1/42 | 200 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48%, 10/23/45 | 475 | 471 |
| &nbsp;&nbsp;&nbsp;Chubb INA Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 6/15/27 | 400 | 458 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79%, 3/17/33 | $1300 | 1216 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 9/26/32 | 450 | 528 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**Amount**<br>**(000)** |<br>**Value**<br>**(000)** |
| **United States (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 1/31/60 | $275 | $200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 2/15/35 | 175 | 175 |
| &nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/25/31 (b) | 800 | 821 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 11/15/64 | 200 | 197 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 3/23/32 | 520 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 4/25/35 | $525 | 551 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 6/24/29 (b) | 800 | 815 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 10/15/31 | 475 | 414 |
| &nbsp;&nbsp;&nbsp;Jersey Central Power & Light Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 3/1/32 (b) | 975 | 855 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/23/34 | 1450 | 1577 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 6/1/30 | 625 | 638 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 6/15/28 | 350 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 6/1/27 | 275 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/15/29 - 6/14/30 | 294 | 303 |
| &nbsp;&nbsp;&nbsp;Medtronic Global Holdings SCA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 7/2/31 | 250 | 262 |
| &nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 4/9/30 (b) | $575 | 538 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/1/29 | 375 | 350 |
| &nbsp;&nbsp;&nbsp;Nuveen LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 4/15/34 (b) | 225 | 234 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 11/1/34 | 175 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 9/1/33 | 450 | 472 |
| &nbsp;&nbsp;&nbsp;Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 8/3/35 | 225 | 230 |
| &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 5/19/63 | 250 | 232 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/20/34 | 925 | 1034 |
| &nbsp;&nbsp;&nbsp;Prologis Euro Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 1/5/29 | 300 | 342 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Finance I BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/18/51 | 100 | 76 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 10/1/31 | 650 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 10/1/49 | 100 | 76 |
| &nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 3/15/48 | $550 | 464 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84%, 6/12/34 | 462 | 486 |
| &nbsp;&nbsp;&nbsp;Upjohn Finance BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91%, 6/23/32 | 550 | 563 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 9/19/30 | 300 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 3/21/31 | $625 | 561 |
| &nbsp;&nbsp;&nbsp;Vontier Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 4/1/28 | 250 | 235 |
|  |  | 23345 |
|  |  | 43155 |
| **Mortgages - Other (1.3%)** |  |  |
| **Netherlands (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;E-MAC NL 2006-II BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month EURIBOR + 0.13%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 1/25/39 (c) | 306 | 333 |
| **United Kingdom (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Great Hall Mortgages No. 1 PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month EURIBOR + 0.25%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 6/18/38 (c) | 139 | 163 |
| &nbsp;&nbsp;&nbsp;Landmark Mortgage Securities No. 3 PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month GBP SONIA + 2.22%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53%, 4/17/44 (c) | 138 | 183 |
|  |  | 346 |
| **United States (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Banc of America Alternative Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.36%, 10/25/36 | $21 | 6 |
| &nbsp;&nbsp;&nbsp;Bayview Opportunity Master Fund VIA Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 1/25/52 (b)(c) | 575 | 490 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 8/25/55 (b)(c) | 760 | 757 |
| &nbsp;&nbsp;&nbsp;ChaseFlex Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 2/25/37 | 20 | 7 |
| &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 6/25/55 (b)(c) | 495 | 500 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 7/25/58 | 200 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/25/58 | 23 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/25/58 | 21 | 20 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. Whole Loan Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 9/25/45 | 41 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 7/25/46 | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/25/47 | 97 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 5/25/45 | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 9/25/45 | 37 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 7/25/46 | 22 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/25/45 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/25/46 | 53 | 46 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 1/25/52 (b)(c) | 462 | 377 |
| &nbsp;&nbsp;&nbsp;Hundred Acre Wood Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/25/51 (b)(c) | 387 | 317 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**Amount**<br>**(000)** |<br>**Value**<br>**(000)** |
| **United States (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 4/25/52 (b)(c) | $429 | $366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 9/25/52 (b)(c) | 467 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 7/25/52 (b)(c) | 536 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 6/25/55 (b)(c) | 873 | 882 |
| &nbsp;&nbsp;&nbsp;Mello Mortgage Capital Acceptance, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 8/25/51 (b)(c) | 455 | 372 |
| &nbsp;&nbsp;&nbsp;Onslow Bay Financial LLC, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 1/25/52 (b)(c) | 446 | 380 |
| &nbsp;&nbsp;&nbsp;PRKCM 2023-AFC1 Trust, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60%, 2/25/58 (b) | 682 | 685 |
| &nbsp;&nbsp;&nbsp;PRMI Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 4/25/51 (b)(c) | 540 | 441 |
|  |  | 6910 |
|  |  | 7589 |
| **Municipal Bond (0.0%)‡** |  |  |
| **Michigan (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;University of Michigan, MI, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 4/1/2122**(Cost $270)** | 270 | 212 |
| **Sovereign (18.2%)** |  |  |
| **Australia (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Australia Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 5/21/32 | 2240 | 1248 |
| &nbsp;&nbsp;&nbsp;Queensland Treasury Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 5/21/35 (b) | 130 | 153 |
| &nbsp;&nbsp;&nbsp;Treasury Corp. of Victoria, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 9/17/35 | 2550 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 9/15/33 | 2963 | 1636 |
|  |  | 4318 |
| **Austria (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Republic of Austria Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 2/20/30 | 360 | 381 |
| **Belgium (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Kingdom of Belgium Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%, 6/22/29 | 160 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%, 6/22/50 | 460 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 6/22/43 | 650 | 743 |
|  |  | 1276 |
| **Canada (1.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;British Columbia Investment Management Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/2/35 | 470 | 347 |
| &nbsp;&nbsp;&nbsp;Canadian Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/1/51 | 100 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 12/1/33 | 6040 | 4460 |
| &nbsp;&nbsp;&nbsp;OMERS Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 3/26/31 (b) | $560 | 576 |
| &nbsp;&nbsp;&nbsp;Province of Alberta Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 4/2/35 | 430 | 512 |
| &nbsp;&nbsp;&nbsp;Province of British Columbia Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 6/12/34 | $930 | 945 |
| &nbsp;&nbsp;&nbsp;Province of Ontario Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 7/3/35 (f) | 220 | 259 |
| &nbsp;&nbsp;&nbsp;Province of Quebec Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 5/22/35 | 350 | 411 |
|  |  | 7564 |
| **Chile (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Chile Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 1/14/32 | 520 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 7/1/35 (f) | 220 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 7/9/31 | 450 | 546 |
|  |  | 1429 |
| **China (3.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;China Development Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34%, 7/14/25 | 3150 | 440 |
| &nbsp;&nbsp;&nbsp;China Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%, 1/25/30 | 15760 | 2195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04%, 11/25/34 | 5670 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37%, 1/20/27 | 16110 | 2283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 8/15/32 | 11730 | 1755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 11/15/32 | 18840 | 2845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 10/25/52 | 4620 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 11/21/29 | 19580 | 2931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27%, 11/19/30 | 24960 | 3817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52%, 4/25/46 | 460 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53%, 10/18/51 | 1240 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81%, 9/14/50 | 3890 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86%, 7/22/49 | 6430 | 1228 |
|  |  | 20176 |
| **Colombia (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Colombian TES, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 3/26/31 | 1634000 | 325 |
| **Czech Republic (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Czech Republic Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%, 3/13/31 | 6000 | 248 |
| **Denmark (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Denmark Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 11/15/27 | 3000 | 461 |
| **Estonia (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Estonia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 1/17/34 | 390 | 462 |
| **Finland (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Finland Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 4/15/36 | 1450 | 1245 |
| **France (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Agence Francaise de Developpement EPIC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 10/31/34 | 700 | 707 |
| &nbsp;&nbsp;&nbsp;French Republic Government Bond OAT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/25/29 | 4900 | 5189 |
| &nbsp;&nbsp;&nbsp;SNCF Reseau, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 3/30/34 | 400 | 418 |
|  |  | 6314 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**Amount**<br>**(000)** |<br>**Value**<br>**(000)** |
| **Germany (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Bundesrepublik Deutschland Bundesanleihe, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 8/15/31 | 2070 | $2128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 2/15/29 | 2210 | 2447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 2/15/34 | 250 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 8/15/54 | 1270 | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 7/4/39 | 1230 | 1679 |
| &nbsp;&nbsp;&nbsp;State of North Rhine-Westphalia Germany, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%, 2/22/38 | 1420 | 1404 |
|  |  | 9275 |
| **Greece (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Hellenic Republic Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 7/18/38 | 250 | 317 |
| **Hungary (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Hungary Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 8/21/30 | 51360 | 130 |
| &nbsp;&nbsp;&nbsp;Hungary Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 9/12/33 | 115 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 9/22/32 | $525 | 549 |
|  |  | 825 |
| **Indonesia (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 3/15/34 | 11802000 | 808 |
| **Ireland (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Ireland Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%, 5/15/35 | 500 | 460 |
| **Italy (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/1/32 | 1020 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 7/1/34 | 1690 | 2077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/30 | 1580 | 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 9/1/43 | 298 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/1/53 | 580 | 710 |
|  |  | 6296 |
| **Japan (2.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Japan Government Ten Year Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%, 3/20/34 | 350500 | 2333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%, 9/20/34 | 419000 | 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%, 6/20/34 | 177000 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 3/20/35 | 367450 | 2545 |
| &nbsp;&nbsp;&nbsp;Japan Government Thirty Year Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30%, 6/20/46 | 224000 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%, 9/20/49 | 207750 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%, 12/20/51 | 249250 | 1075 |
| &nbsp;&nbsp;&nbsp;Japan Government Twenty Year Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%, 6/20/41 | 413600 | 2210 |
|  |  | 14059 |
| **Korea, Republic of (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Export-Import Bank of Korea, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 2/9/26 | $640 | 626 |
| &nbsp;&nbsp;&nbsp;Korea Development Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%, 7/19/26 | 590 | 570 |
|  |  | 1196 |
| **Lithuania (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Republic of Lithuania, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 7/3/31 | 290 | 353 |
| **Malaysia (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Malaysia Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58%, 7/15/32 | 3020 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89%, 8/15/29 | 2500 | 607 |
|  |  | 1333 |
| **Mexico (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Mexican Bonos, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 6/3/27 | 6000 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 5/29/31 - 11/23/34 | 9000 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 5/31/29 | 5900 | 313 |
|  |  | 1078 |
| **Netherlands (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Netherlands Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 7/15/30 | 1060 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 1/15/47 | 90 | 100 |
|  |  | 1213 |
| **New Zealand (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;New Zealand Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 5/15/34 | 240 | 144 |
| &nbsp;&nbsp;&nbsp;New Zealand Local Government Funding Agency Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 9/8/27 | 2130 | 1425 |
|  |  | 1569 |
| **Nigeria (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Africa Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 4/17/26 (b) | $200 | 199 |
| **Norway (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Norway Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 6/12/35 | 1080 | 107 |
| **Poland (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Bank Gospodarstwa Krajowego, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 3/18/30 | 340 | 406 |
| &nbsp;&nbsp;&nbsp;Republic of Poland Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 4/25/32 | 1400 | 314 |
| &nbsp;&nbsp;&nbsp;Republic of Poland Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 7/7/32 (f) | 420 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 7/7/37 (f) | 180 | 211 |
|  |  | 1424 |
| **Portugal (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Portugal Obrigacoes do Tesouro OT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 6/12/54 | 560 | 635 |
| **Romania (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Romanian Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 3/10/30 | 470 | 566 |
| **Saudi Arabia (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 3/5/32 (b) | 600 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 1/13/28 (b) | $477 | 485 |
|  |  | 1190 |
| **Singapore (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Singapore Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 8/1/32 | 720 | 585 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**Amount**<br>**(000)** |<br>**Value**<br>**(000)** |
| **Slovakia (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Slovakia Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 2/27/40 | 860 | $995 |
| **Slovenia (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Slovenia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/19/33 (b) | $700 | 710 |
| **Spain (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Spain Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 1/31/28 | 540 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 10/31/48 | 380 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/31/34 | 2300 | 2783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 5/31/29 | 1050 | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/31/54 | 130 | 153 |
|  |  | 5199 |
| **Sweden (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Sweden Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 5/11/35 | 2860 | 303 |
| **Switzerland (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Swiss Confederation Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 6/23/35 | 810 | 1005 |
| **Thailand (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Thailand Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59%, 12/17/35 | 8270 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/17/31 | 27070 | 860 |
|  |  | 1114 |
| **United Kingdom (1.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;United Kingdom Gilt, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38%, 10/22/30 | 490 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 10/22/50 | 2220 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 7/31/33 | 1900 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/22/25 | 780 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 7/31/34 | 305 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 6/7/28 | 690 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/22/43 | 790 | 1037 |
|  |  | 7169 |
|  |  | 104182 |
| **Supranational (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Asian Development Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 5/19/31 | 300 | 164 |
| &nbsp;&nbsp;&nbsp;Banque Ouest Africaine de Developpement, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 10/22/31 | $240 | 219 |
| &nbsp;&nbsp;&nbsp;Corp. Andina de Fomento, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/24/29 - 1/22/30 | 1010 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 2/19/29 | 1570 | 1057 |
| &nbsp;&nbsp;&nbsp;European Financial Stability Facility, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 9/4/34 | 680 | 808 |
| &nbsp;&nbsp;&nbsp;European Investment Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 1/14/31 | 1050 | 1079 |
|  |  | 4366 |
| **U.S. Treasury Securities (5.1%)** |  |  |
| **United States (5.1%)** |  |  |
| U.S. Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;1.13%, 5/15/40 | $5160 | 3210 |
| &nbsp;&nbsp;&nbsp;1.75%, 8/15/41 | 1770 | 1176 |
| U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;0.38%, 12/31/25 | 5450 | 5347 |
| &nbsp;&nbsp;&nbsp;1.13%, 10/31/26 | 7070 | 6819 |
| &nbsp;&nbsp;&nbsp;1.38%, 10/31/28—11/15/31 | 7770 | 7096 |
| &nbsp;&nbsp;&nbsp;3.38%, 5/15/33 | 3590 | 3423 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/34 | 450 | 445 |
| &nbsp;&nbsp;&nbsp;4.13%, 9/30/27 | 1540 | 1554 |
|  |  | 29070 |
| &nbsp;&nbsp;&nbsp;**Total Fixed Income Securities (Cost $221,180)** |  | 220737 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Common Stocks (45.9%)** |  |  |
| **Australia (0.9%)** |  |  |
| ANZ Group Holdings Ltd. | 12035 | 231 |
| APA Group | 5378 | 29 |
| Aristocrat Leisure Ltd. | 2340 | 100 |
| ASX Ltd. | 801 | 37 |
| BHP Group Ltd. | 21134 | 508 |
| BlueScope Steel Ltd. | 1808 | 28 |
| Brambles Ltd. | 5713 | 88 |
| CAR Group Ltd. | 1558 | 38 |
| Cochlear Ltd. | 270 | 53 |
| Coles Group Ltd. | 5554 | 76 |
| Commonwealth Bank of Australia | 6779 | 825 |
| Computershare Ltd. | 2154 | 57 |
| CSL Ltd. | 2019 | 319 |
| Evolution Mining Ltd. | 8328 | 43 |
| Fortescue Ltd. | 7143 | 72 |
| Goodman Group REIT | 8342 | 188 |
| Insurance Australia Group Ltd. | 9748 | 58 |
| James Hardie Industries PLC (g) | 1748 | 47 |
| Lottery Corp. Ltd. | 9103 | 32 |
| Macquarie Group Ltd. | 1476 | 222 |
| Medibank Pvt Ltd. | 11350 | 38 |
| National Australia Bank Ltd. | 12527 | 325 |
| Northern Star Resources Ltd. | 5748 | 71 |
| Origin Energy Ltd. | 7087 | 50 |
| Pro Medicus Ltd. | 239 | 45 |
| Qantas Airways Ltd. | 3032 | 21 |
| QBE Insurance Group Ltd. | 6183 | 95 |
| REA Group Ltd. | 219 | 35 |
| Reece Ltd. | 917 | 9 |
| Rio Tinto Ltd. | 1539 | 109 |
| Santos Ltd. | 13544 | 68 |
| Scentre Group REIT | 21466 | 50 |
| SGH Ltd. | 824 | 29 |
| Sigma Healthcare Ltd. | 19091 | 38 |
| Sonic Healthcare Ltd. | 1886 | 33 |
| South32 Ltd. | 19122 | 37 |
| Stockland REIT | 9961 | 35 |
| Suncorp Group Ltd. | 4422 | 63 |
| Telstra Group Ltd. | 16764 | 53 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Australia (cont'd)** |  |  |
| Transurban Group (Units) | 12901 | $119 |
| Vicinity Ltd. REIT | 15984 | 26 |
| Washington H Soul Pattinson & Co. Ltd. | 985 | 27 |
| Wesfarmers Ltd. | 4671 | 261 |
| Westpac Banking Corp. | 14006 | 312 |
| WiseTech Global Ltd. | 830 | 60 |
| Woodside Energy Group Ltd. | 7877 | 122 |
| Woolworths Group Ltd. | 5068 | 104 |
| Xero Ltd. (g) | 599 | 71 |
|  |  | 5357 |
| **Austria (0.0%)‡** |  |  |
| Erste Group Bank AG | 1355 | 115 |
| OMV AG | 644 | 35 |
| Verbund AG | 298 | 23 |
|  |  | 173 |
| **Belgium (0.1%)** |  |  |
| Ageas SA | 615 | 42 |
| Anheuser-Busch InBev SA | 4062 | 279 |
| Argenx SE (g) | 252 | 139 |
| D'ieteren Group | 88 | 19 |
| Elia Group SA | 199 | 23 |
| Groupe Bruxelles Lambert NV | 341 | 29 |
| KBC Group NV | 948 | 98 |
| Lotus Bakeries NV | 2 | 19 |
| Sofina SA | 62 | 21 |
| Syensqo SA | 298 | 23 |
| UCB SA | 523 | 103 |
|  |  | 795 |
| **Canada (1.7%)** |  |  |
| Agnico Eagle Mines Ltd. | 2185 | 260 |
| Alamos Gold, Inc., Class A | 1754 | 47 |
| Alimentation Couche-Tard, Inc. | 3156 | 157 |
| AltaGas Ltd. | 1216 | 35 |
| ARC Resources Ltd. | 2408 | 51 |
| Bank of Montreal | 2956 | 328 |
| Bank of Nova Scotia | 5102 | 282 |
| Barrick Mining Corp. | 7263 | 151 |
| BCE, Inc. | 301 | 7 |
| Brookfield Asset Management Ltd., Class A | 1672 | 93 |
| Brookfield Corp. | 5526 | 342 |
| Brookfield Renewable Corp. | 563 | 18 |
| CAE, Inc. (g) | 1187 | 35 |
| Cameco Corp. | 1810 | 134 |
| Canadian Imperial Bank of Commerce | 3873 | 275 |
| Canadian National Railway Co. | 2199 | 229 |
| Canadian Natural Resources Ltd. | 8703 | 274 |
| Canadian Pacific Kansas City Ltd. | 3862 | 307 |
| Canadian Tire Corp. Ltd., Class A | 211 | 29 |
| Canadian Utilities Ltd., Class A | 549 | 15 |
| CCL Industries, Inc., Class B | 604 | 35 |
| Celestica, Inc. (g) | 468 | 73 |
| Cenovus Energy, Inc. | 5652 | 77 |
| CGI, Inc. | 827 | 87 |
| Constellation Software, Inc. | 82 | 301 |
| Descartes Systems Group, Inc. (g) | 347 | 35 |
| Dollarama, Inc. | 1145 | 161 |
| Element Fleet Management Corp. | 1655 | 41 |
| Emera, Inc. | 1215 | 56 |
| Empire Co. Ltd., Class A | 523 | 22 |
| Enbridge, Inc. | 9000 | 408 |
| Fairfax Financial Holdings Ltd. | 81 | 146 |
| First Quantum Minerals Ltd. (g) | 2937 | 52 |
| FirstService Corp. | 166 | 29 |
| Fortis, Inc. | 2041 | 97 |
| Franco-Nevada Corp. | 809 | 133 |
| George Weston Ltd. | 239 | 48 |
| GFL Environmental, Inc. | 866 | 44 |
| Gildan Activewear, Inc. | 579 | 29 |
| Great-West Lifeco, Inc. | 1138 | 43 |
| Hydro One Ltd. | 1362 | 49 |
| iA Financial Corp., Inc. | 381 | 42 |
| IGM Financial, Inc. | 341 | 11 |
| Imperial Oil Ltd. | 745 | 59 |
| Intact Financial Corp. | 732 | 170 |
| Ivanhoe Mines Ltd., Class A (g) | 3096 | 23 |
| Keyera Corp. | 946 | 31 |
| Kinross Gold Corp. | 5380 | 84 |
| Loblaw Cos. Ltd. | 619 | 102 |
| Lundin Gold, Inc. | 484 | 26 |
| Lundin Mining Corp. | 2901 | 31 |
| Magna International, Inc. | 1087 | 42 |
| Manulife Financial Corp. | 7041 | 225 |
| Metro, Inc. | 854 | 67 |
| National Bank of Canada | 1596 | 165 |
| Nutrien Ltd. | 1994 | 116 |
| Open Text Corp. | 1063 | 31 |
| Pan American Silver Corp. | 1548 | 44 |
| Pembina Pipeline Corp. | 2411 | 91 |
| Power Corp. of Canada | 2282 | 89 |
| Quebecor, Inc., Class B | 644 | 20 |
| RB Global, Inc. | 751 | 80 |
| Restaurant Brands International, Inc. | 1280 | 85 |
| Rogers Communications, Inc., Class B | 1482 | 44 |
| Royal Bank of Canada | 5791 | 763 |
| Saputo, Inc. | 1025 | 21 |
| Shopify, Inc., Class A (g) | 4911 | 566 |
| Stantec, Inc. | 463 | 50 |
| Sun Life Financial, Inc. | 2318 | 154 |
| Suncor Energy, Inc. | 5108 | 191 |
| TC Energy Corp. | 4160 | 203 |
| Teck Resources Ltd., Class B | 1955 | 79 |
| TELUS Corp. | 2057 | 33 |
| TFI International, Inc. | 322 | 29 |
| Thomson Reuters Corp. | 641 | 129 |
| TMX Group Ltd. | 1149 | 49 |
| Toromont Industries Ltd. | 333 | 30 |
| Toronto-Dominion Bank | 7186 | 529 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Canada (cont'd)** |  |  |
| Tourmaline Oil Corp. | 1450 | $70 |
| West Fraser Timber Co. Ltd. | 224 | 16 |
| Wheaton Precious Metals Corp. | 1918 | 172 |
| Whitecap Resources, Inc. | 5066 | 34 |
| WSP Global, Inc. | 532 | 109 |
|  |  | 9940 |
| **China (0.0%)** |  |  |
| China Common Rich Renewable Energy Investments Ltd. (g)(h) | 42000 |  |
| **Denmark (0.3%)** |  |  |
| AP Moller - Maersk AS Series B | 29 | 53 |
| Carlsberg AS Series B | 394 | 56 |
| Coloplast AS Series B | 516 | 49 |
| Danske Bank AS | 2846 | 116 |
| Demant AS (g) | 351 | 15 |
| DSV AS | 845 | 203 |
| Genmab AS (g) | 261 | 54 |
| Novo Nordisk AS, Class B | 13275 | 920 |
| Novonesis Novozymes B Series B | 1449 | 104 |
| Orsted AS (g) | 689 | 30 |
| Pandora AS | 341 | 60 |
| Rockwool AS, Class B | 383 | 18 |
| Tryg AS | 1397 | 36 |
| Vestas Wind Systems AS | 4066 | 61 |
|  |  | 1775 |
| **Finland (0.2%)** |  |  |
| Elisa OYJ | 563 | 32 |
| Fortum OYJ | 1812 | 34 |
| Kesko OYJ, Class B | 1105 | 27 |
| Kone OYJ, Class B | 1369 | 90 |
| Metso OYJ | 2478 | 32 |
| Neste OYJ | 1706 | 23 |
| Nokia OYJ | 22155 | 115 |
| Nordea Bank Abp | 12671 | 188 |
| Orion OYJ, Class B | 439 | 33 |
| Sampo OYJ, Class A | 9752 | 105 |
| Stora Enso OYJ, Class R | 2286 | 25 |
| UPM-Kymmene OYJ | 2110 | 58 |
| Wartsila OYJ Abp | 2038 | 48 |
|  |  | 810 |
| **France (1.5%)** |  |  |
| Accor SA | 812 | 43 |
| Aeroports de Paris SA | 143 | 18 |
| Air Liquide SA | 2377 | 490 |
| Airbus SE | 2415 | 505 |
| Alstom SA (g) | 1435 | 34 |
| Amundi SA | 252 | 21 |
| ArcelorMittal SA | 1905 | 61 |
| Arkema SA | 231 | 17 |
| AXA SA | 7291 | 358 |
| BioMerieux | 171 | 24 |
| BNP Paribas SA | 4158 | 373 |
| Bollore SE | 2914 | 18 |
| Bouygues SA | 773 | 35 |
| Bureau Veritas SA | 1301 | 44 |
| Capgemini SE | 666 | 114 |
| Carrefour SA | 2440 | 34 |
| Cie de Saint-Gobain SA | 1825 | 214 |
| Cie Generale des Etablissements Michelin SCA | 2817 | 105 |
| Covivio SA REIT | 227 | 14 |
| Credit Agricole SA | 4324 | 82 |
| Danone SA | 2669 | 218 |
| Dassault Aviation SA | 80 | 28 |
| Dassault Systemes SE | 2779 | 101 |
| Edenred SE | 939 | 29 |
| Eiffage SA | 280 | 39 |
| Engie SA | 7457 | 175 |
| EssilorLuxottica SA | 1244 | 342 |
| Eurazeo SE | 166 | 12 |
| Eurofins Scientific SE | 480 | 34 |
| Euronext NV | 317 | 54 |
| FDJ UNITED | 459 | 18 |
| Gecina SA REIT | 189 | 21 |
| Getlink SE | 1234 | 24 |
| Hermes International SCA | 131 | 355 |
| Ipsen SA | 153 | 18 |
| Kering SA | 305 | 67 |
| Klepierre SA REIT (g) | 889 | 35 |
| Legrand SA | 1074 | 144 |
| L'Oreal SA | 1006 | 431 |
| LVMH Moet Hennessy Louis Vuitton SE | 1135 | 594 |
| Orange SA | 7616 | 116 |
| Pernod Ricard SA | 824 | 82 |
| Publicis Groupe SA | 942 | 106 |
| Renault SA | 800 | 37 |
| Rexel SA | 915 | 28 |
| Safran SA | 1468 | 479 |
| Sanofi SA | 4550 | 441 |
| Sartorius Stedim Biotech | 117 | 28 |
| Schneider Electric SE | 2249 | 604 |
| Societe Generale SA | 2976 | 170 |
| Sodexo SA | 361 | 22 |
| STMicroelectronics NV | 2716 | 83 |
| Teleperformance SE | 219 | 21 |
| Thales SA | 374 | 111 |
| TotalEnergies SE | 8392 | 513 |
| Unibail-Rodamco-Westfield REIT | 495 | 48 |
| Veolia Environnement SA | 2540 | 91 |
| Vinci SA | 2016 | 297 |
|  |  | 8620 |
| **Germany (1.4%)** |  |  |
| adidas AG | 707 | 165 |
| Allianz SE (Registered) | 1583 | 642 |
| BASF SE | 3670 | 181 |
| Bayer AG (Registered) | 4050 | 122 |
| Bayerische Motoren Werke AG | 1187 | 106 |
| Bayerische Motoren Werke AG (Preference) | 229 | 19 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Germany (cont'd)** |  |  |
| Beiersdorf AG | 407 | $51 |
| Brenntag SE | 495 | 33 |
| Commerzbank AG | 3654 | 115 |
| Continental AG | 454 | 40 |
| Covestro AG (g) | 738 | 52 |
| CTS Eventim AG & Co. KGaA | 259 | 32 |
| Daimler Truck Holding AG | 1935 | 92 |
| Delivery Hero SE (g) | 789 | 21 |
| Deutsche Bank AG (Registered) | 7543 | 224 |
| Deutsche Boerse AG | 764 | 250 |
| Deutsche Lufthansa AG (Registered) | 2469 | 21 |
| Deutsche Post AG (Registered) | 3943 | 183 |
| Deutsche Telekom AG (Registered) | 14348 | 525 |
| Dr. Ing hc F Porsche AG (Preference) | 466 | 23 |
| E.ON SE | 9148 | 168 |
| Evonik Industries AG | 1059 | 22 |
| Fresenius Medical Care AG | 901 | 52 |
| Fresenius SE & Co. KGaA | 1734 | 87 |
| GEA Group AG | 602 | 42 |
| Hannover Rueck SE (Registered) | 250 | 79 |
| Heidelberg Materials AG | 550 | 129 |
| Henkel AG & Co. KGaA | 424 | 31 |
| Henkel AG & Co. KGaA (Preference) | 690 | 54 |
| Infineon Technologies AG | 5286 | 226 |
| Knorr-Bremse AG | 296 | 29 |
| LEG Immobilien SE | 304 | 27 |
| Mercedes-Benz Group AG (Registered) | 2999 | 175 |
| Merck KGaA | 522 | 68 |
| MTU Aero Engines AG | 222 | 99 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 554 | 360 |
| Nemetschek SE | 237 | 34 |
| Porsche Automobil Holding SE (Preference) | 636 | 25 |
| Qiagen NV (g) | 868 | 42 |
| Rational AG | 21 | 18 |
| Rheinmetall AG | 176 | 373 |
| RWE AG | 2599 | 109 |
| SAP SE | 4318 | 1320 |
| Sartorius AG (Preference) | 106 | 27 |
| Scout24 SE | 309 | 43 |
| Siemens AG (Registered) | 3106 | 798 |
| Siemens Energy AG (g) | 2766 | 323 |
| Siemens Healthineers AG | 1393 | 77 |
| Symrise AG | 542 | 57 |
| Talanx AG | 266 | 34 |
| Volkswagen AG (Preference) | 856 | 90 |
| Vonovia SE | 3034 | 108 |
| Zalando SE (g) | 915 | 30 |
|  |  | 8053 |
| **Hong Kong (0.3%)** |  |  |
| AIA Group Ltd. | 42983 | 389 |
| BOC Hong Kong Holdings Ltd. | 14928 | 65 |
| CK Asset Holdings Ltd. | 7642 | 34 |
| CK Hutchison Holdings Ltd. | 10845 | 67 |
| CK Infrastructure Holdings Ltd. | 2508 | 17 |
| CLP Holdings Ltd. | 6620 | 56 |
| Futu Holdings Ltd. ADR | 237 | 29 |
| Galaxy Entertainment Group Ltd. | 8594 | 38 |
| Hang Seng Bank Ltd. | 3035 | 45 |
| Henderson Land Development Co. Ltd. | 5643 | 20 |
| HKT Trust & HKT Ltd. | 15473 | 23 |
| Hong Kong & China Gas Co. Ltd. | 45338 | 38 |
| Hong Kong Exchanges & Clearing Ltd. | 4809 | 259 |
| Hongkong Land Holdings Ltd. | 4401 | 25 |
| Jardine Matheson Holdings Ltd. | 642 | 31 |
| Link REIT | 10378 | 56 |
| MTR Corp. Ltd. | 6276 | 23 |
| Power Assets Holdings Ltd. | 5588 | 36 |
| Sands China Ltd. | 9305 | 19 |
| Sino Land Co. Ltd. | 14300 | 15 |
| SITC International Holdings Co. Ltd. | 5621 | 18 |
| Sun Hung Kai Properties Ltd. | 5692 | 66 |
| Swire Pacific Ltd., Class A | 1423 | 12 |
| Techtronic Industries Co. Ltd. | 5962 | 66 |
| WH Group Ltd. | 33738 | 32 |
| Wharf Holdings Ltd. | 4262 | 13 |
| Wharf Real Estate Investment Co. Ltd. | 6664 | 19 |
|  |  | 1511 |
| **Ireland (0.1%)** |  |  |
| AIB Group PLC | 8376 | 69 |
| Bank of Ireland Group PLC | 3957 | 56 |
| Kerry Group PLC, Class A | 667 | 74 |
| Kingspan Group PLC | 623 | 53 |
| Ryanair Holdings PLC | 3392 | 96 |
|  |  | 348 |
| **Israel (0.1%)** |  |  |
| Azrieli Group Ltd. | 171 | 16 |
| Bank Hapoalim BM | 5061 | 97 |
| Bank Leumi Le-Israel BM | 6048 | 113 |
| Check Point Software Technologies Ltd. (g) | 352 | 78 |
| CyberArk Software Ltd. (g) | 191 | 78 |
| Elbit Systems Ltd. | 108 | 48 |
| ICL Group Ltd. | 3123 | 21 |
| Israel Discount Bank Ltd., Class A | 4958 | 49 |
| Mizrahi Tefahot Bank Ltd. | 627 | 41 |
| Monday.com Ltd. (g) | 165 | 52 |
| Nice Ltd. (g) | 255 | 43 |
| Teva Pharmaceutical Industries Ltd. ADR (g) | 4653 | 78 |
| Wix.com Ltd. (g) | 215 | 34 |
|  |  | 748 |
| **Italy (0.4%)** |  |  |
| Banca Mediolanum SpA | 913 | 16 |
| Banco BPM SpA | 4689 | 55 |
| BPER Banca SpA | 4126 | 37 |
| Davide Campari-Milano NV | 2528 | 17 |
| DiaSorin SpA | 91 | 10 |
| Enel SpA | 33440 | 317 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Italy (cont'd)** |  |  |
| Eni SpA | 9037 | $146 |
| Ferrari NV | 521 | 255 |
| FinecoBank Banca Fineco SpA | 2509 | 56 |
| Generali | 3549 | 126 |
| Infrastrutture Wireless Italiane SpA | 1133 | 14 |
| Intesa Sanpaolo SpA | 62346 | 359 |
| Leonardo SpA | 1628 | 92 |
| Mediobanca Banca di Credito Finanziario SpA | 2068 | 48 |
| Moncler SpA | 976 | 56 |
| Nexi SpA | 1958 | 12 |
| Poste Italiane SpA | 1866 | 40 |
| Prysmian SpA | 1152 | 82 |
| Recordati Industria Chimica e Farmaceutica SpA | 468 | 29 |
| Snam SpA | 8254 | 50 |
| Stellantis NV | 8338 | 83 |
| Telecom Italia SpA (g) | 43306 | 21 |
| Tenaris SA | 1673 | 31 |
| Terna - Rete Elettrica Nazionale | 5759 | 59 |
| UniCredit SpA | 5777 | 388 |
| Unipol Assicurazioni SpA | 1494 | 30 |
|  |  | 2429 |
| **Netherlands (0.7%)** |  |  |
| ABN AMRO Bank NV CVA | 1896 | 52 |
| Adyen NV (g) | 105 | 193 |
| Aegon Ltd. | 5438 | 39 |
| AerCap Holdings NV | 767 | 90 |
| Akzo Nobel NV | 703 | 49 |
| ASM International NV | 194 | 124 |
| ASML Holding NV | 1644 | 1317 |
| ASR Nederland NV | 611 | 41 |
| BE Semiconductor Industries NV | 333 | 50 |
| Coca-Cola Europacific Partners PLC | 960 | 89 |
| CVC Capital Partners PLC | 844 | 17 |
| DSM-Firmenich AG | 771 | 82 |
| EXOR NV | 366 | 37 |
| Heineken Holding NV | 536 | 40 |
| Heineken NV | 1192 | 104 |
| IMCD NV | 243 | 33 |
| ING Groep NV | 13009 | 285 |
| InPost SA (g) | 912 | 15 |
| JDE Peet's NV | 704 | 20 |
| Koninklijke Ahold Delhaize NV | 3799 | 159 |
| Koninklijke KPN NV | 15897 | 78 |
| Koninklijke Philips NV | 3427 | 82 |
| NN Group NV | 1107 | 74 |
| Prosus NV (g) | 5444 | 305 |
| Randstad NV | 439 | 20 |
| Universal Music Group NV | 4486 | 146 |
| Wolters Kluwer NV | 987 | 165 |
|  |  | 3706 |
| **New Zealand (0.0%)‡** |  |  |
| Auckland International Airport Ltd. | 8224 | 39 |
| Contact Energy Ltd. | 3848 | 21 |
| Fisher & Paykel Healthcare Corp. Ltd. | 2809 | 62 |
| Infratil Ltd. | 4497 | 29 |
| Meridian Energy Ltd. | 6285 | 22 |
|  |  | 173 |
| **Norway (0.1%)** |  |  |
| Aker BP ASA | 1384 | 35 |
| DNB Bank ASA | 3893 | 108 |
| Equinor ASA | 3654 | 92 |
| Gjensidige Forsikring ASA | 877 | 22 |
| Kongsberg Gruppen ASA | 1890 | 73 |
| Mowi ASA | 2024 | 39 |
| Norsk Hydro ASA | 6012 | 34 |
| Orkla ASA | 3076 | 34 |
| Salmar ASA | 292 | 13 |
| Telenor ASA | 2701 | 42 |
| Yara International ASA | 744 | 28 |
|  |  | 520 |
| **Portugal (0.0%)‡** |  |  |
| EDP Renovaveis SA | 1128 | 13 |
| EDP SA | 11273 | 49 |
| Galp Energia SGPS SA | 1494 | 27 |
| Jeronimo Martins SGPS SA | 1016 | 26 |
|  |  | 115 |
| **Singapore (0.2%)** |  |  |
| CapitaLand Ascendas REIT | 15146 | 32 |
| CapitaLand Integrated Commercial Trust REIT | 23674 | 40 |
| CapitaLand Investment Ltd. | 9443 | 20 |
| DBS Group Holdings Ltd. | 8600 | 304 |
| Genting Singapore Ltd. | 24407 | 14 |
| Grab Holdings Ltd., Class A (g) | 9913 | 50 |
| Keppel Ltd. | 5920 | 34 |
| Oversea-Chinese Banking Corp. Ltd. | 13739 | 176 |
| Sea Ltd. ADR (g) | 1563 | 250 |
| Sembcorp Industries Ltd. | 3638 | 20 |
| Singapore Airlines Ltd. | 6034 | 33 |
| Singapore Exchange Ltd. | 3361 | 39 |
| Singapore Technologies Engineering Ltd. | 6250 | 38 |
| Singapore Telecommunications Ltd. | 30446 | 92 |
| United Overseas Bank Ltd. | 5080 | 144 |
| Wilmar International Ltd. | 7863 | 18 |
| Yangzijiang Shipbuilding Holdings Ltd. | 10644 | 18 |
|  |  | 1322 |
| **South Africa (0.0%)‡** |  |  |
| Valterra Platinum Ltd. (g) | 537 | 24 |
| **Spain (0.5%)** |  |  |
| Acciona SA | 102 | 18 |
| ACS Actividades de Construccion y Servicios SA | 725 | 50 |
| Aena SME SA | 3121 | 83 |
| Amadeus IT Group SA | 1875 | 158 |
| Banco Bilbao Vizcaya Argentaria SA | 23771 | 366 |
| Banco de Sabadell SA | 22284 | 71 |
| Banco Santander SA | 62999 | 522 |
| Bankinter SA | 2818 | 37 |
| CaixaBank SA | 16439 | 142 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Spain (cont'd)** |  |  |
| Cellnex Telecom SA | 2030 | $79 |
| Endesa SA | 1311 | 42 |
| Ferrovial SE | 2119 | 113 |
| Grifols SA (g) | 1202 | 15 |
| Iberdrola SA | 23907 | 460 |
| Industria de Diseno Textil SA | 4541 | 237 |
| International Consolidated Airlines Group SA | 5141 | 24 |
| Redeia Corp. SA | 1668 | 36 |
| Repsol SA | 4810 | 70 |
| Telefonica SA | 15296 | 81 |
|  |  | 2604 |
| **Sweden (0.5%)** |  |  |
| AddTech AB, Class B | 1054 | 36 |
| Alfa Laval AB | 1200 | 51 |
| Assa Abloy AB, Class B | 4145 | 130 |
| Atlas Copco AB, Class A | 17727 | 274 |
| Beijer Ref AB | 1570 | 25 |
| Boliden AB (g) | 1135 | 35 |
| Epiroc AB, Class A | 4288 | 89 |
| EQT AB | 1469 | 49 |
| Essity AB, Class B | 2502 | 69 |
| Evolution AB | 608 | 48 |
| Fastighets AB Balder, Class B (g) | 2888 | 22 |
| H & M Hennes & Mauritz AB, Class B | 2244 | 32 |
| Hexagon AB, Class B | 8534 | 86 |
| Holmen AB, Class B | 310 | 12 |
| Industrivarden AB, Class A | 1130 | 41 |
| Indutrade AB | 1118 | 30 |
| Investment AB Latour, Class B | 604 | 16 |
| Investor AB, Class B | 7183 | 213 |
| L E Lundbergforetagen AB, Class B | 313 | 16 |
| Lifco AB, Class B | 956 | 39 |
| Nibe Industrier AB, Class B | 6224 | 27 |
| Saab AB, Class B | 1275 | 71 |
| Sagax AB, Class B | 891 | 20 |
| Sandvik AB | 4352 | 100 |
| Securitas AB, Class B | 2025 | 30 |
| Skandinaviska Enskilda Banken AB, Class A | 6552 | 114 |
| Skanska AB, Class B | 1393 | 32 |
| SKF AB, Class B | 1388 | 32 |
| Spotify Technology SA (g) | 635 | 487 |
| Svenska Cellulosa AB SCA, Class B | 2468 | 32 |
| Svenska Handelsbanken AB, Class A | 6037 | 81 |
| Swedbank AB, Class A | 3503 | 93 |
| Swedish Orphan Biovitrum AB (g) | 809 | 25 |
| Tele2 AB, Class B | 2253 | 33 |
| Telefonaktiebolaget LM Ericsson, Class B | 11444 | 98 |
| Telia Co. AB | 9749 | 35 |
| Trelleborg AB, Class B | 834 | 31 |
| Volvo AB, Class B | 6551 | 184 |
|  |  | 2838 |
| **Switzerland (1.4%)** |  |  |
| ABB Ltd. (Registered) | 7305 | 438 |
| Alcon AG | 2290 | 203 |
| Amrize Ltd. (g) | 2450 | 122 |
| Avolta AG (Registered) | 364 | 20 |
| Baloise Holding AG (Registered) | 171 | 40 |
| Banque Cantonale Vaudoise (Registered) | 124 | 14 |
| Barry Callebaut AG (Registered) | 15 | 16 |
| BKW AG | 87 | 19 |
| Chocoladefabriken Lindt & Spruengli AG | 4 | 67 |
| Cie Financiere Richemont SA, Class A (Registered) | 2494 | 472 |
| EMS-Chemie Holding AG (Registered) | 29 | 22 |
| Galderma Group AG | 483 | 70 |
| Geberit AG (Registered) | 153 | 121 |
| Givaudan SA (Registered) | 44 | 213 |
| Helvetia Holding AG (Registered) | 153 | 36 |
| Holcim AG (g) | 2439 | 181 |
| Julius Baer Group Ltd. | 839 | 57 |
| Kuehne & Nagel International AG (Registered) | 224 | 49 |
| Logitech International SA (Registered) | 705 | 64 |
| Lonza Group AG (Registered) | 331 | 237 |
| Nestle SA (Registered) | 11994 | 1193 |
| Novartis AG (Registered) | 8669 | 1052 |
| Partners Group Holding AG | 103 | 135 |
| Roche Holding AG | 130 | 45 |
| Roche Holding AG (Genusschein) | 3194 | 1043 |
| Sandoz Group AG | 1717 | 94 |
| Schindler Holding AG | 167 | 62 |
| Schindler Holding AG (Registered) | 96 | 35 |
| SGS SA (Registered) | 664 | 68 |
| SIG Group AG (g) | 1257 | 23 |
| Sika AG (Registered) (g) | 701 | 191 |
| Sonova Holding AG (Registered) | 231 | 69 |
| Straumann Holding AG (Registered) | 461 | 60 |
| Swatch Group AG | 120 | 20 |
| Swiss Life Holding AG (Registered) | 131 | 133 |
| Swiss Prime Site AG (Registered) (g) | 329 | 49 |
| Swiss Re AG | 1388 | 240 |
| Swisscom AG (Registered) | 118 | 84 |
| Temenos AG (Registered) | 240 | 17 |
| UBS Group AG (Registered) | 14847 | 504 |
| VAT Group AG | 111 | 47 |
| Zurich Insurance Group AG | 672 | 470 |
|  |  | 8095 |
| **United Kingdom (2.0%)** |  |  |
| 3i Group PLC | 3831 | 217 |
| Admiral Group PLC | 1083 | 49 |
| Anglo American PLC | 4335 | 128 |
| Antofagasta PLC | 1552 | 39 |
| Ashtead Group PLC | 1754 | 112 |
| Associated British Foods PLC | 1324 | 37 |
| AstraZeneca PLC | 6410 | 892 |
| Auto Trader Group PLC | 3608 | 41 |
| Aviva PLC | 10998 | 94 |
| BAE Systems PLC | 12092 | 314 |
| Barclays PLC | 58690 | 271 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United Kingdom (cont'd)** |  |  |
| Barratt Redrow PLC | 5699 | $36 |
| BP PLC | 65294 | 325 |
| British American Tobacco PLC | 8297 | 394 |
| BT Group PLC | 24289 | 65 |
| Bunzl PLC | 1346 | 43 |
| Centrica PLC | 20767 | 46 |
| Coca-Cola HBC AG (g) | 892 | 47 |
| Compass Group PLC | 7032 | 238 |
| Croda International PLC | 549 | 22 |
| DCC PLC | 396 | 26 |
| Diageo PLC | 9096 | 229 |
| Entain PLC | 2403 | 30 |
| Evraz PLC (g)(h) | 2495 |  |
| Experian PLC | 3838 | 198 |
| Glencore PLC (g) | 40125 | 156 |
| GSK PLC | 16882 | 322 |
| Haleon PLC | 37494 | 193 |
| Halma PLC | 1542 | 68 |
| Hikma Pharmaceuticals PLC | 695 | 19 |
| HSBC Holdings PLC | 73391 | 888 |
| Imperial Brands PLC | 3194 | 126 |
| Informa PLC | 5440 | 60 |
| InterContinental Hotels Group PLC | 611 | 70 |
| Intertek Group PLC | 663 | 43 |
| J Sainsbury PLC | 7267 | 29 |
| JD Sports Fashion PLC | 10273 | 13 |
| Kingfisher PLC | 7283 | 29 |
| Land Securities Group PLC REIT | 2870 | 25 |
| Legal & General Group PLC | 24032 | 84 |
| Lloyds Banking Group PLC | 246872 | 260 |
| London Stock Exchange Group PLC | 1975 | 289 |
| M&G PLC | 9338 | 33 |
| Marks & Spencer Group PLC | 8454 | 41 |
| Melrose Industries PLC | 5330 | 39 |
| Mondi PLC | 1780 | 29 |
| National Grid PLC | 20094 | 295 |
| NatWest Group PLC | 33203 | 233 |
| Next PLC | 480 | 82 |
| Paragon Offshore PLC (g)(h) | 303 |  |
| Pearson PLC | 2469 | 36 |
| Phoenix Group Holdings PLC | 2862 | 26 |
| Prudential PLC | 10589 | 133 |
| Reckitt Benckiser Group PLC | 2832 | 193 |
| RELX PLC | 7658 | 415 |
| Rentokil Initial PLC | 10306 | 50 |
| Rio Tinto PLC | 4541 | 264 |
| Rolls-Royce Holdings PLC | 34667 | 459 |
| Sage Group PLC | 4042 | 69 |
| Schroders PLC | 2966 | 15 |
| Segro PLC REIT | 5259 | 49 |
| Severn Trent PLC | 1097 | 41 |
| Shell PLC | 24414 | 852 |
| Smith & Nephew PLC | 3416 | 52 |
| Smiths Group PLC | 1368 | 42 |
| Spirax Group PLC | 295 | 24 |
| SSE PLC | 4579 | 115 |
| Standard Chartered PLC | 8276 | 137 |
| Tesco PLC | 27626 | 152 |
| Unilever PLC CVA | 10468 | 639 |
| United Utilities Group PLC | 2773 | 44 |
| Vodafone Group PLC | 81475 | 87 |
| Whitbread PLC | 722 | 28 |
| Wise PLC, Class A (g) | 2728 | 39 |
| WPP PLC | 4429 | 31 |
|  |  | 11311 |
| **United States (33.5%)** |  |  |
| 3M Co. | 1906 | 290 |
| Abbott Laboratories | 6170 | 839 |
| AbbVie, Inc. | 6360 | 1181 |
| Accenture PLC, Class A | 2244 | 671 |
| Adobe, Inc. (g) | 1510 | 584 |
| Advanced Micro Devices, Inc. (g) | 5796 | 822 |
| AECOM | 474 | 54 |
| Aflac, Inc. | 1834 | 193 |
| Agilent Technologies, Inc. | 1018 | 120 |
| Air Products & Chemicals, Inc. | 792 | 223 |
| Airbnb, Inc., Class A (g) | 1555 | 206 |
| Akamai Technologies, Inc. (g) | 522 | 42 |
| Albertsons Cos., Inc., Class A | 1337 | 29 |
| Alexandria Real Estate Equities, Inc. REIT | 558 | 41 |
| Align Technology, Inc. (g) | 248 | 47 |
| Allegion PLC | 307 | 44 |
| Alliant Energy Corp. | 916 | 55 |
| Allstate Corp. | 941 | 189 |
| Alnylam Pharmaceuticals, Inc. (g) | 462 | 151 |
| Alphabet, Inc., Class A | 38620 | 6826 |
| Altria Group, Inc. | 6043 | 354 |
| Amazon.com, Inc. (g) | 33904 | 7438 |
| Amcor PLC | 8146 | 75 |
| Ameren Corp. | 963 | 93 |
| American Electric Power Co., Inc. | 1897 | 197 |
| American Express Co. | 1965 | 627 |
| American Financial Group, Inc. | 238 | 30 |
| American Homes 4 Rent, Class A REIT | 1191 | 43 |
| American International Group, Inc. | 2084 | 178 |
| American Tower Corp. REIT | 1666 | 368 |
| American Water Works Co., Inc. | 698 | 97 |
| Ameriprise Financial, Inc. | 339 | 181 |
| AMETEK, Inc. | 820 | 148 |
| Amgen, Inc. | 1925 | 538 |
| Amphenol Corp., Class A | 4281 | 423 |
| Analog Devices, Inc. | 1773 | 422 |
| Annaly Capital Management, Inc. REIT | 2135 | 40 |
| ANSYS, Inc. (g) | 308 | 108 |
| Aon PLC, Class A | 694 | 248 |
| Apollo Global Management, Inc. | 1391 | 197 |
| Apple, Inc. | 53456 | 10968 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| Applied Materials, Inc. | 2914 | $533 |
| AppLovin Corp., Class A (g) | 835 | 292 |
| Aptiv PLC (g) | 811 | 55 |
| Arch Capital Group Ltd. | 1343 | 122 |
| Archer-Daniels-Midland Co. | 1750 | 92 |
| ARES Management Corp., Class A | 713 | 124 |
| Arista Networks, Inc. (g) | 3872 | 396 |
| Arthur J Gallagher & Co. | 912 | 292 |
| AT&T, Inc. | 25643 | 742 |
| Atlassian Corp., Class A (g) | 569 | 116 |
| Atmos Energy Corp. | 567 | 87 |
| Autodesk, Inc. (g) | 756 | 234 |
| Automatic Data Processing, Inc. | 1449 | 447 |
| AutoZone, Inc. (g) | 58 | 215 |
| AvalonBay Communities, Inc. REIT | 505 | 103 |
| Avantor, Inc. (g) | 2453 | 33 |
| Avery Dennison Corp. | 282 | 50 |
| Axon Enterprise, Inc. (g) | 256 | 212 |
| Baker Hughes Co. | 3575 | 137 |
| Ball Corp. | 963 | 54 |
| Bank of America Corp. | 25928 | 1227 |
| Bank of New York Mellon Corp. | 2534 | 231 |
| Baxter International, Inc. | 1841 | 56 |
| Becton Dickinson & Co. | 1017 | 175 |
| Bentley Systems, Inc., Class B | 572 | 31 |
| Berkshire Hathaway, Inc., Class B (g) | 4766 | 2315 |
| Best Buy Co., Inc. | 724 | 49 |
| Biogen, Inc. (g) | 524 | 66 |
| BioMarin Pharmaceutical, Inc. (g) | 673 | 37 |
| Blackrock, Inc. | 519 | 545 |
| Blackstone, Inc. | 2546 | 381 |
| Block, Inc., Class A (g) | 1954 | 133 |
| Boeing Co. (g) | 2560 | 536 |
| Booking Holdings, Inc. | 115 | 666 |
| Booz Allen Hamilton Holding Corp. | 454 | 47 |
| Boston Scientific Corp. (g) | 5175 | 556 |
| Bristol-Myers Squibb Co. | 7289 | 337 |
| Broadcom, Inc. | 15963 | 4400 |
| Broadridge Financial Solutions, Inc. | 417 | 101 |
| Brown & Brown, Inc. | 1042 | 116 |
| Brown-Forman Corp., Class B | 643 | 17 |
| Builders FirstSource, Inc. (g) | 399 | 47 |
| Bunge Global SA | 488 | 39 |
| Burlington Stores, Inc. (g) | 222 | 52 |
| BXP, Inc. REIT | 532 | 36 |
| Cadence Design Systems, Inc. (g) | 968 | 298 |
| Camden Property Trust REIT | 381 | 43 |
| Campbell's Co. | 695 | 21 |
| Capital One Financial Corp. | 2270 | 483 |
| Cardinal Health, Inc. | 853 | 143 |
| Carlisle Cos., Inc. | 159 | 59 |
| Carlyle Group, Inc. | 824 | 42 |
| Carnival Corp. (g) | 3605 | 101 |
| Carrier Global Corp. | 2732 | 200 |
| Carvana Co. (g) | 416 | 140 |
| Caterpillar, Inc. | 1688 | 655 |
| Cboe Global Markets, Inc. | 370 | 86 |
| CBRE Group, Inc., Class A (g) | 1060 | 149 |
| CDW Corp. | 470 | 84 |
| Cencora, Inc. | 650 | 195 |
| Centene Corp. (g) | 1759 | 96 |
| CenterPoint Energy, Inc. | 2333 | 86 |
| CF Industries Holdings, Inc. | 595 | 55 |
| CH Robinson Worldwide, Inc. | 409 | 39 |
| Charles Schwab Corp. | 6086 | 555 |
| Charter Communications, Inc., Class A (g) | 325 | 133 |
| Cheniere Energy, Inc. | 807 | 197 |
| Chevron Corp. | 5972 | 855 |
| Chipotle Mexican Grill, Inc. (g) | 4771 | 268 |
| Chubb Ltd. | 1348 | 391 |
| Church & Dwight Co., Inc. | 882 | 85 |
| Cigna Group | 967 | 320 |
| Cincinnati Financial Corp. | 559 | 83 |
| Cintas Corp. | 1295 | 289 |
| Cisco Systems, Inc. | 14235 | 988 |
| Citigroup, Inc. | 6719 | 572 |
| Citizens Financial Group, Inc. | 1553 | 70 |
| Clorox Co. | 437 | 52 |
| Cloudflare, Inc., Class A (g) | 1086 | 213 |
| CME Group, Inc. | 1285 | 354 |
| CMS Energy Corp. | 1068 | 74 |
| CNH Industrial NV | 3106 | 40 |
| Coca-Cola Co. | 14436 | 1021 |
| Cognizant Technology Solutions Corp., Class A | 1772 | 138 |
| Coinbase Global, Inc., Class A (g) | 757 | 265 |
| Colgate-Palmolive Co. | 2729 | 248 |
| Comcast Corp., Class A | 13377 | 477 |
| Conagra Brands, Inc. | 1711 | 35 |
| ConocoPhillips | 4551 | 408 |
| Consolidated Edison, Inc. | 1291 | 130 |
| Constellation Brands, Inc., Class A | 581 | 95 |
| Constellation Energy Corp. | 1122 | 362 |
| Cooper Cos., Inc. (g) | 695 | 49 |
| Copart, Inc. (g) | 3262 | 160 |
| Corebridge Financial, Inc. | 880 | 31 |
| Corning, Inc. | 2896 | 152 |
| Corpay, Inc. (g) | 237 | 79 |
| Corteva, Inc. | 2442 | 182 |
| CoStar Group, Inc. (g) | 1518 | 122 |
| Costco Wholesale Corp. | 1572 | 1556 |
| Coterra Energy, Inc. | 2766 | 70 |
| CRH PLC | 2361 | 217 |
| Crowdstrike Holdings, Inc., Class A (g) | 890 | 453 |
| Crown Castle, Inc. REIT | 1547 | 159 |
| Crown Holdings, Inc. | 420 | 43 |
| CSX Corp. | 6740 | 220 |
| Cummins, Inc. | 490 | 160 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| CVS Health Corp. | 4488 | $310 |
| Danaher Corp. | 2320 | 458 |
| Darden Restaurants, Inc. | 419 | 91 |
| Datadog, Inc., Class A (g) | 1013 | 136 |
| DaVita, Inc. (g) | 156 | 22 |
| Deckers Outdoor Corp. (g) | 529 | 55 |
| Deere & Co. | 916 | 466 |
| Dell Technologies, Inc., Class C | 1174 | 144 |
| Delta Air Lines, Inc. | 573 | 28 |
| Devon Energy Corp. | 2229 | 71 |
| Dexcom, Inc. (g) | 1374 | 120 |
| Diamondback Energy, Inc. | 687 | 94 |
| Dick's Sporting Goods, Inc. | 192 | 38 |
| Digital Realty Trust, Inc. REIT | 1191 | 208 |
| Docusign, Inc. (g) | 714 | 56 |
| Dollar General Corp. | 772 | 88 |
| Dollar Tree, Inc. (g) | 724 | 72 |
| Dominion Energy, Inc. | 3010 | 170 |
| Domino's Pizza, Inc. | 119 | 54 |
| DoorDash, Inc., Class A (g) | 1271 | 313 |
| Dover Corp. | 489 | 90 |
| Dow, Inc. | 2528 | 67 |
| DR Horton, Inc. | 1002 | 129 |
| DraftKings, Inc., Class A (g) | 1588 | 68 |
| DTE Energy Co. | 739 | 98 |
| Duke Energy Corp. | 2756 | 325 |
| DuPont de Nemours, Inc. | 1502 | 103 |
| Dynatrace, Inc. (g) | 1057 | 58 |
| Eaton Corp. PLC | 1375 | 491 |
| eBay, Inc. | 1666 | 124 |
| Ecolab, Inc. | 905 | 244 |
| Edison International | 1373 | 71 |
| Edwards Lifesciences Corp. (g) | 2071 | 162 |
| Electronic Arts, Inc. | 881 | 141 |
| Elevance Health, Inc. | 792 | 308 |
| Eli Lilly & Co. | 2930 | 2284 |
| EMCOR Group, Inc. | 157 | 84 |
| Emerson Electric Co. | 2006 | 267 |
| Entegris, Inc. | 546 | 44 |
| Entergy Corp. | 1529 | 127 |
| EOG Resources, Inc. | 1977 | 236 |
| EQT Corp. | 2019 | 118 |
| Equifax, Inc. | 462 | 120 |
| Equinix, Inc. REIT | 332 | 264 |
| Equitable Holdings, Inc. | 1101 | 62 |
| Equity LifeStyle Properties, Inc. REIT | 657 | 41 |
| Equity Residential REIT | 1218 | 82 |
| Erie Indemnity Co., Class A | 92 | 32 |
| Essential Utilities, Inc. | 935 | 35 |
| Essex Property Trust, Inc. REIT | 231 | 65 |
| Estee Lauder Cos., Inc., Class A | 819 | 66 |
| Everest Group Ltd. | 153 | 52 |
| Evergy, Inc. | 818 | 56 |
| Eversource Energy | 1308 | 83 |
| Exelon Corp. | 3573 | 155 |
| Expand Energy Corp. | 746 | 87 |
| Expedia Group, Inc. | 434 | 73 |
| Expeditors International of Washington, Inc. | 486 | 56 |
| Extra Space Storage, Inc. REIT | 752 | 111 |
| Exxon Mobil Corp. | 15561 | 1678 |
| F5, Inc. (g) | 201 | 59 |
| FactSet Research Systems, Inc. | 134 | 60 |
| Fair Isaac Corp. (g) | 89 | 163 |
| Fastenal Co. | 4049 | 170 |
| FedEx Corp. | 790 | 180 |
| Ferguson Enterprises, Inc. | 711 | 155 |
| Fidelity National Financial, Inc. | 928 | 52 |
| Fidelity National Information Services, Inc. | 1884 | 153 |
| Fifth Third Bancorp | 2393 | 98 |
| First Citizens BancShares, Inc., Class A | 34 | 67 |
| First Solar, Inc. (g) | 373 | 62 |
| FirstEnergy Corp. | 1957 | 79 |
| Fiserv, Inc. (g) | 1982 | 342 |
| Flutter Entertainment PLC (g) | 619 | 177 |
| Ford Motor Co. | 13725 | 149 |
| Fortinet, Inc. (g) | 2335 | 247 |
| Fortive Corp. | 1210 | 63 |
| Fox Corp., Class A | 1279 | 70 |
| Freeport-McMoRan, Inc. | 5189 | 225 |
| Gaming & Leisure Properties, Inc. REIT | 981 | 46 |
| Garmin Ltd. | 542 | 113 |
| Gartner, Inc. (g) | 276 | 112 |
| GE HealthCare Technologies, Inc. | 1642 | 122 |
| GE Vernova, Inc. | 937 | 496 |
| Gen Digital, Inc. | 1882 | 55 |
| General Dynamics Corp. | 817 | 238 |
| General Electric Co. | 3712 | 955 |
| General Mills, Inc. | 1948 | 101 |
| General Motors Co. | 3415 | 168 |
| Genuine Parts Co. | 491 | 60 |
| Gilead Sciences, Inc. | 4330 | 480 |
| Global Payments, Inc. | 876 | 70 |
| GoDaddy, Inc., Class A (g) | 499 | 90 |
| Goldman Sachs Group, Inc. | 1104 | 781 |
| Graco, Inc. | 599 | 52 |
| Halliburton Co. | 3089 | 63 |
| Hartford Insurance Group, Inc. | 1018 | 129 |
| HCA Healthcare, Inc. | 653 | 250 |
| Healthpeak Properties, Inc. REIT | 2496 | 44 |
| HEICO Corp. | 422 | 120 |
| Hershey Co. | 525 | 87 |
| Hess Corp. | 1059 | 147 |
| Hewlett Packard Enterprise Co. | 4677 | 96 |
| Hilton Worldwide Holdings, Inc. | 835 | 222 |
| Hologic, Inc. (g) | 802 | 52 |
| Home Depot, Inc. | 3504 | 1285 |
| Honeywell International, Inc. | 2296 | 535 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| Hormel Foods Corp. | 1073 | $32 |
| Howmet Aerospace, Inc. | 1325 | 247 |
| HP, Inc. | 3367 | 82 |
| Hubbell, Inc. | 190 | 78 |
| HubSpot, Inc. (g) | 177 | 99 |
| Humana, Inc. | 427 | 104 |
| Huntington Bancshares, Inc. | 5210 | 87 |
| Hyatt Hotels Corp., Class A | 150 | 21 |
| IDEX Corp. | 269 | 47 |
| IDEXX Laboratories, Inc. (g) | 286 | 153 |
| Illinois Tool Works, Inc. | 988 | 244 |
| Illumina, Inc. (g) | 561 | 54 |
| Incyte Corp. (g) | 604 | 41 |
| Ingersoll Rand, Inc. | 1447 | 120 |
| Insulet Corp. (g) | 249 | 78 |
| Intel Corp. | 15482 | 347 |
| Interactive Brokers Group, Inc., Class A | 1538 | 85 |
| Intercontinental Exchange, Inc. | 2043 | 375 |
| International Business Machines Corp. | 3323 | 980 |
| International Flavors & Fragrances, Inc. | 909 | 67 |
| International Paper Co. | 1756 | 82 |
| Intuit, Inc. | 985 | 776 |
| Intuitive Surgical, Inc. (g) | 1262 | 686 |
| Invitation Homes, Inc. REIT | 2084 | 68 |
| IQVIA Holdings, Inc. (g) | 631 | 99 |
| Iron Mountain, Inc. REIT | 1039 | 107 |
| J.M. Smucker Co. | 380 | 37 |
| Jabil, Inc. | 380 | 83 |
| Jack Henry & Associates, Inc. | 259 | 47 |
| Jacobs Solutions, Inc. | 437 | 57 |
| JB Hunt Transport Services, Inc. | 282 | 41 |
| Johnson & Johnson | 8575 | 1310 |
| Johnson Controls International PLC | 2339 | 247 |
| JPMorgan Chase & Co. | 10050 | 2914 |
| Juniper Networks, Inc. | 1189 | 48 |
| Kellanova | 982 | 78 |
| Kenvue, Inc. | 6896 | 144 |
| Keurig Dr. Pepper, Inc. | 4635 | 153 |
| KeyCorp | 3317 | 58 |
| Keysight Technologies, Inc. (g) | 620 | 102 |
| Kimberly-Clark Corp. | 1173 | 151 |
| Kimco Realty Corp. REIT | 2429 | 51 |
| Kinder Morgan, Inc. | 7127 | 210 |
| KKR & Co., Inc. | 2180 | 290 |
| KLA Corp. | 479 | 429 |
| Kraft Heinz Co. | 3221 | 83 |
| Kroger Co. | 2237 | 160 |
| L3Harris Technologies, Inc. | 670 | 168 |
| Labcorp Holdings, Inc. | 294 | 77 |
| Lam Research Corp. | 4561 | 444 |
| Las Vegas Sands Corp. | 1249 | 54 |
| Leidos Holdings, Inc. | 436 | 69 |
| Lennar Corp., Class A | 823 | 91 |
| Lennox International, Inc. | 113 | 65 |
| Liberty Media Corp.-Liberty Formula One, Class C (g) | 755 | 79 |
| Linde PLC | 1693 | 794 |
| Live Nation Entertainment, Inc. (g) | 571 | 86 |
| LKQ Corp. | 920 | 34 |
| Lockheed Martin Corp. | 754 | 349 |
| Loews Corp. | 637 | 58 |
| Lowe's Cos., Inc. | 1972 | 438 |
| LPL Financial Holdings, Inc. | 282 | 106 |
| Lululemon Athletica, Inc. (g) | 389 | 92 |
| LyondellBasell Industries NV, Class A | 921 | 53 |
| M&T Bank Corp. | 578 | 112 |
| Marathon Petroleum Corp. | 1120 | 186 |
| Markel Group, Inc. (g) | 46 | 92 |
| Marriott International, Inc., Class A | 824 | 225 |
| Marsh & McLennan Cos., Inc. | 1750 | 383 |
| Martin Marietta Materials, Inc. | 215 | 118 |
| Marvell Technology, Inc. | 3191 | 247 |
| Masco Corp. | 754 | 49 |
| Mastercard, Inc., Class A | 2868 | 1612 |
| McCormick & Co., Inc. | 916 | 69 |
| McDonald's Corp. | 2511 | 734 |
| McKesson Corp. | 441 | 323 |
| Medtronic PLC | 4577 | 399 |
| MercadoLibre, Inc. (g) | 164 | 429 |
| Merck & Co., Inc. | 9016 | 714 |
| Meta Platforms, Inc., Class A | 7763 | 5730 |
| MetLife, Inc. | 2057 | 165 |
| Mettler-Toledo International, Inc. (g) | 75 | 88 |
| Microchip Technology, Inc. | 1924 | 135 |
| Micron Technology, Inc. | 4035 | 497 |
| Microsoft Corp. | 25236 | 12553 |
| MicroStrategy, Inc., Class A (g) | 871 | 352 |
| Mid-America Apartment Communities, Inc. REIT | 415 | 61 |
| Molina Healthcare, Inc. (g) | 191 | 57 |
| Molson Coors Beverage Co., Class B | 633 | 30 |
| Mondelez International, Inc., Class A | 4623 | 312 |
| MongoDB, Inc. (g) | 290 | 61 |
| Monolithic Power Systems, Inc. | 171 | 125 |
| Monster Beverage Corp. (g) | 2628 | 165 |
| Moody's Corp. | 570 | 286 |
| Motorola Solutions, Inc. | 591 | 249 |
| MSCI, Inc. | 274 | 158 |
| Nasdaq, Inc. | 1530 | 137 |
| Natera, Inc. (g) | 457 | 77 |
| NetApp, Inc. | 729 | 78 |
| Netflix, Inc. (g) | 1508 | 2019 |
| Neurocrine Biosciences, Inc. (g) | 354 | 45 |
| Newmont Corp. | 4203 | 245 |
| News Corp., Class A | 1350 | 40 |
| NextEra Energy, Inc. | 7377 | 512 |
| NIKE, Inc., Class B | 3641 | 259 |
| NiSource, Inc. | 1669 | 67 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| Nordson Corp. | 193 | $41 |
| Norfolk Southern Corp. | 807 | 207 |
| Northern Trust Corp. | 690 | 88 |
| Northrop Grumman Corp. | 488 | 244 |
| NRG Energy, Inc. | 710 | 114 |
| Nucor Corp. | 822 | 107 |
| Nutanix, Inc., Class A (g) | 908 | 69 |
| NVIDIA Corp. | 85875 | 13567 |
| NVR, Inc. (g) | 10 | 74 |
| NXP Semiconductors NV | 908 | 198 |
| Occidental Petroleum Corp. | 2548 | 107 |
| Okta, Inc. (g) | 590 | 59 |
| Old Dominion Freight Line, Inc. | 674 | 109 |
| Omnicom Group, Inc. | 696 | 50 |
| ON Semiconductor Corp. (g) | 1525 | 80 |
| ONEOK, Inc. | 2229 | 182 |
| Oracle Corp. | 6003 | 1312 |
| O'Reilly Automotive, Inc. (g) | 3025 | 273 |
| Otis Worldwide Corp. | 1416 | 140 |
| Owens Corning | 303 | 42 |
| PACCAR, Inc. | 1869 | 178 |
| Packaging Corp. of America | 318 | 60 |
| Palantir Technologies, Inc., Class A (g) | 7921 | 1080 |
| Palo Alto Networks, Inc. (g) | 2383 | 488 |
| Parker-Hannifin Corp. | 454 | 317 |
| Paychex, Inc. | 1141 | 166 |
| Paycom Software, Inc. | 185 | 43 |
| PayPal Holdings, Inc. (g) | 3352 | 249 |
| Pentair PLC | 583 | 60 |
| PepsiCo, Inc. | 4789 | 632 |
| Pfizer, Inc. | 20251 | 491 |
| PG&E Corp. | 7884 | 110 |
| Philip Morris International, Inc. | 5538 | 1009 |
| Phillips 66 | 1466 | 175 |
| Pinterest, Inc., Class A (g) | 2085 | 75 |
| PNC Financial Services Group, Inc. | 1406 | 262 |
| Pool Corp. | 135 | 39 |
| PPG Industries, Inc. | 808 | 92 |
| PPL Corp. | 2641 | 90 |
| Principal Financial Group, Inc. | 797 | 63 |
| Procter & Gamble Co. | 8345 | 1330 |
| Progressive Corp. | 2077 | 554 |
| Prologis, Inc. REIT | 3255 | 342 |
| Prudential Financial, Inc. | 1261 | 136 |
| PTC, Inc. (g) | 430 | 74 |
| Public Service Enterprise Group, Inc. | 1768 | 149 |
| Public Storage REIT | 557 | 163 |
| PulteGroup, Inc. | 713 | 75 |
| Pure Storage, Inc., Class A (g) | 1101 | 63 |
| QUALCOMM, Inc. | 3938 | 627 |
| Quanta Services, Inc. | 526 | 199 |
| Quest Diagnostics, Inc. | 396 | 71 |
| Ralliant Corp. (g) | 420 | 20 |
| Raymond James Financial, Inc. | 691 | 106 |
| Realty Income Corp. REIT | 3181 | 183 |
| Reddit, Inc., Class A (g) | 248 | 37 |
| Regency Centers Corp. REIT | 614 | 44 |
| Regeneron Pharmaceuticals, Inc. | 383 | 201 |
| Regions Financial Corp. | 3226 | 76 |
| Reliance, Inc. | 188 | 59 |
| Republic Services, Inc. | 783 | 193 |
| ResMed, Inc. | 528 | 136 |
| Revvity, Inc. | 433 | 42 |
| Rivian Automotive, Inc., Class A (g) | 2876 | 40 |
| Robinhood Markets, Inc., Class A (g) | 2649 | 248 |
| ROBLOX Corp., Class A (g) | 1912 | 201 |
| Rockwell Automation, Inc. | 399 | 133 |
| Rollins, Inc. | 1031 | 58 |
| Roper Technologies, Inc. | 384 | 218 |
| Ross Stores, Inc. | 1157 | 148 |
| Royal Caribbean Cruises Ltd. | 882 | 276 |
| Royalty Pharma PLC, Class A | 1304 | 47 |
| RPM International, Inc. | 454 | 50 |
| RTX Corp. | 4718 | 689 |
| S&P Global, Inc. | 1118 | 590 |
| Salesforce, Inc. | 3420 | 933 |
| Samsara, Inc., Class A (g) | 1010 | 40 |
| SBA Communications Corp. REIT | 384 | 90 |
| Schlumberger NV | 4843 | 164 |
| Seagate Technology Holdings PLC | 750 | 108 |
| Sempra | 2311 | 175 |
| ServiceNow, Inc. (g) | 726 | 746 |
| Sherwin-Williams Co. | 843 | 289 |
| Simon Property Group, Inc. REIT | 1165 | 187 |
| Smithfield Foods, Inc. | 3 | —@ |
| Smurfit WestRock PLC | 1843 | 80 |
| Snap, Inc., Class A (g) | 3666 | 32 |
| Snap-on, Inc. | 187 | 58 |
| Snowflake, Inc., Class A (g) | 1132 | 253 |
| Solventum Corp. (g) | 522 | 40 |
| Southern Co. | 3884 | 357 |
| SS&C Technologies Holdings, Inc. | 788 | 65 |
| Starbucks Corp. | 4044 | 371 |
| State Street Corp. | 1027 | 109 |
| Steel Dynamics, Inc. | 510 | 65 |
| Steris PLC | 351 | 84 |
| Stryker Corp. | 1214 | 480 |
| Sun Communities, Inc. REIT | 458 | 58 |
| Super Micro Computer, Inc. (g) | 1844 | 90 |
| Synchrony Financial | 1381 | 92 |
| Synopsys, Inc. (g) | 541 | 277 |
| Sysco Corp. | 1741 | 132 |
| T. Rowe Price Group, Inc. | 794 | 77 |
| Take-Two Interactive Software, Inc. (g) | 629 | 153 |
| Targa Resources Corp. | 786 | 137 |
| Target Corp. | 1595 | 157 |
| TE Connectivity PLC | 1072 | 181 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **United States (cont'd)** |  |  |
| Teledyne Technologies, Inc. (g) | 167 | $86 |
| Teradyne, Inc. | 580 | 52 |
| Tesla, Inc. (g) | 10415 | 3308 |
| Texas Instruments, Inc. | 3238 | 672 |
| Texas Pacific Land Corp. | 71 | 75 |
| Textron, Inc. | 648 | 52 |
| Thermo Fisher Scientific, Inc. | 1352 | 548 |
| TJX Cos., Inc. | 3953 | 488 |
| T-Mobile U.S., Inc. | 1601 | 381 |
| Toast, Inc., Class A (g) | 1531 | 68 |
| Tractor Supply Co. | 1885 | 99 |
| Trade Desk, Inc., Class A (g) | 1574 | 113 |
| Tradeweb Markets, Inc., Class A | 409 | 60 |
| Trane Technologies PLC | 792 | 346 |
| TransDigm Group, Inc. | 197 | 300 |
| TransUnion | 732 | 64 |
| Travelers Cos., Inc. | 807 | 216 |
| Trimble, Inc. (g) | 873 | 66 |
| Truist Financial Corp. | 4660 | 200 |
| Twilio, Inc., Class A (g) | 512 | 64 |
| Tyler Technologies, Inc. (g) | 151 | 90 |
| Tyson Foods, Inc., Class A | 1016 | 57 |
| U.S. Bancorp | 5546 | 251 |
| Uber Technologies, Inc. (g) | 6875 | 641 |
| UDR, Inc. REIT | 1123 | 46 |
| U-Haul Holding Co. | 345 | 19 |
| Ulta Beauty, Inc. (g) | 162 | 76 |
| Union Pacific Corp. | 2128 | 490 |
| United Airlines Holdings, Inc. (g) | 285 | 23 |
| United Parcel Service, Inc., Class B | 2608 | 263 |
| United Rentals, Inc. | 230 | 173 |
| United Therapeutics Corp. (g) | 153 | 44 |
| UnitedHealth Group, Inc. | 3214 | 1003 |
| Universal Health Services, Inc., Class B | 204 | 37 |
| Valero Energy Corp. | 1146 | 154 |
| Veeva Systems, Inc., Class A (g) | 548 | 158 |
| Ventas, Inc. REIT | 1566 | 99 |
| Veralto Corp. | 886 | 89 |
| VeriSign, Inc. | 298 | 86 |
| Verisk Analytics, Inc. | 497 | 155 |
| Verizon Communications, Inc. | 15059 | 652 |
| Vertex Pharmaceuticals, Inc. (g) | 912 | 406 |
| Vertiv Holdings Co., Class A | 1257 | 161 |
| VICI Properties, Inc. REIT | 3757 | 123 |
| Visa, Inc., Class A | 6081 | 2159 |
| Vistra Corp. | 1186 | 230 |
| Vulcan Materials Co. | 463 | 121 |
| W.R. Berkley Corp. | 1085 | 80 |
| Walmart, Inc. | 15499 | 1516 |
| Walt Disney Co. | 6403 | 794 |
| Warner Bros Discovery, Inc. (g) | 8188 | 94 |
| Waste Connections, Inc. | 928 | 173 |
| Waste Management, Inc. | 1429 | 327 |
| Waters Corp. (g) | 213 | 74 |
| Watsco, Inc. | 123 | 54 |
| WEC Energy Group, Inc. | 1142 | 119 |
| Wells Fargo & Co. | 11695 | 937 |
| Welltower, Inc. REIT | 2325 | 357 |
| West Pharmaceutical Services, Inc. | 259 | 57 |
| Western Digital Corp. | 1239 | 79 |
| Westinghouse Air Brake Technologies Corp. | 607 | 127 |
| Weyerhaeuser Co. REIT | 2625 | 67 |
| Williams Cos., Inc. | 4360 | 274 |
| Williams-Sonoma, Inc. | 435 | 71 |
| Willis Towers Watson PLC | 353 | 108 |
| Workday, Inc., Class A (g) | 764 | 183 |
| WP Carey, Inc. REIT | 782 | 49 |
| WW Grainger, Inc. | 162 | 169 |
| Xcel Energy, Inc. | 2052 | 140 |
| Xylem, Inc. | 878 | 114 |
| Yum! Brands, Inc. | 988 | 146 |
| Zebra Technologies Corp., Class A (g) | 182 | 56 |
| Zillow Group, Inc., Class C (g) | 577 | 40 |
| Zimmer Biomet Holdings, Inc. | 705 | 64 |
| Zoetis, Inc. | 1589 | 248 |
| Zoom Communications, Inc., Class A (g) | 885 | 69 |
| Zscaler, Inc. (g) | 355 | 111 |
|  |  | 191814 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $137,999)** |  | 263081 |

---

---

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

---

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | |
| **Short-Term Investments (15.4%)** |  |  |
| **U.S. Treasury Security (3.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32%, 8/05/25 (i) **(Cost $17,300)** | $17371 | 17299 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Investment Company (12.4%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.25% (j) **(Cost $70,655)** | 70654761 | 70655 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $87,955)** |  | 87954 |
| **Total Investments (99.9%) (Cost $447,134) (k)(l)(m)(n)** |  | 571772 |
| **Other Assets in Excess of Liabilities (0.1%)** |  | 718 |
| **Net Assets (100.0%)** |  | $572490 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

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

---

| | |
|:---|:---|
| @ | Value is less than $500. |
| ‡ | Amount is less than 0.05%. |
| (a) | Security is subject to delayed delivery. |
| (b) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (c) | Floating or variable rate securities: The rates disclosed are as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments. |
| (d) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of June 30, 2025. Maturity date disclosed is the ultimate maturity date. |
| (e) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of June 30, 2025. |
| (f) | When-issued security. |
| (g) | Non-income producing security. |
| (h) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (i) | Rate shown is the yield to maturity at June 30, 2025. |
| (j) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended June 30, 2025, advisory fees paid were reduced by approximately $85,000 relating to the Fund's investment in the Liquidity Fund. |
| (k) | The approximate fair value and percentage of net assets, $59,867,000 and 10.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
| (l) | Securities are available for collateral in connection with purchase of when-issued securities, securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements. |
| (m) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended June 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (n) | At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $147,283,000 and the aggregate gross unrealized depreciation is approximately $15,997,000, resulting in net unrealized appreciation of approximately $131,286,000. |
| ADR | American Depositary Receipt. |
| CVA | Certificaten Van Aandelen. |
| DAC | Designated Activity Company. |
| EURIBOR | Euro Interbank Offered Rate. |
| MTN | Medium Term Note. |
| OAT | Obligations Assimilables du Trésor (French Treasury Obligation). |
| REIT | Real Estate Investment Trust. |
| SOFR | Secured Overnight Financing Rate. |
| SONIA | Sterling Overnight Index Average. |
| TBA | To Be Announced. |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

**Foreign Currency Forward Exchange Contracts:**

The Fund had the following foreign currency forward exchange contracts open at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Bank of America NA | 20591664 | $2887400 | 9/17/25 | $(6) |
| Bank of America NA | $3032257 | 2881785 | 1/6/26 | 403 |
| Bank of America NA | $71846 | 250194 | 9/17/25 | 2 |
| Bank of America NA | $197110 | 28103596 | 9/17/25 | (—@) |
| Barclays Bank PLC | 313765 | $40268 | 9/17/25 | —@ |
| Barclays Bank PLC | 1283367968 | $942586 | 9/17/25 | (13) |
| Barclays Bank PLC | 474351 | $47876 | 9/17/25 | 1 |
| Barclays Bank PLC | 3373 | $2055 | 9/17/25 | (—@) |
| Barclays Bank PLC | 317868 | $250124 | 9/17/25 | (1) |
| Barclays Bank PLC | 4299259 | $131823 | 9/25/25 | (1) |
| Barclays Bank PLC | 12070112 | $225969 | 4/6/26 | (15) |
| Barclays Bank PLC | 18797474 | $348780 | 4/6/26 | (27) |
| Barclays Bank PLC | 97859038 | $1868038 | 4/6/26 | (87) |
| Barclays Bank PLC | 14942617 | $290148 | 4/6/26 | (8) |
| Barclays Bank PLC | $52146 | 70393 | 9/17/25 | (—@) |
| Barclays Bank PLC | $120740 | 96258 | 9/17/25 | 2 |
| Barclays Bank PLC | $566359 | 485631 | 9/17/25 | 9 |
| Barclays Bank PLC | $1790189 | 1531399 | 9/17/25 | 23 |
| Barclays Bank PLC | $319438 | 233099 | 9/17/25 | 1 |
| Barclays Bank PLC | $11846 | 41246 | 9/17/25 | —@ |
| Barclays Bank PLC | $190881 | 257061379 | 9/17/25 | —@ |
| Barclays Bank PLC | $3328 | 63476 | 9/17/25 | —@ |
| Barclays Bank PLC | $4451 | 7374 | 9/17/25 | —@ |
| Barclays Bank PLC | $457673 | 4393444 | 9/25/25 | 9 |
| Barclays Bank PLC | $266283 | 339134 | 9/17/25 | 2 |
| Barclays Bank PLC | $2051053 | 119022580 | 4/6/26 | 327 |
| BNP Paribas SA | 1335590 | $187308 | 9/17/25 | (—@) |
| BNP Paribas SA | 578895 | $74294 | 9/17/25 | —@ |
| BNP Paribas SA | 46799980 | $327155 | 9/17/25 | (1) |
| BNP Paribas SA | 114267 | $89430 | 9/25/25 | (1) |
| BNP Paribas SA | 11137777 | $378283 | 9/17/25 | (5) |
| BNP Paribas SA | $584951 | 799400 | 9/25/25 | 5 |
| BNP Paribas SA | $79056 | 74030514 | 9/17/25 | —@ |
| BNP Paribas SA | $17939 | 76078855 | 9/17/25 | —@ |
| BNP Paribas SA | $1278837 | 1102780 | 9/17/25 | 27 |
| BNP Paribas SA | $884866 | 749727 | 9/17/25 | 3 |
| BNP Paribas SA | $170921 | 1332868 | 9/17/25 | (—@) |
| BNP Paribas SA | $24011 | 395630920 | 9/25/25 | —@ |
| BNP Paribas SA | $7012839 | 1012617412 | 9/25/25 | 86 |
| BNP Paribas SA | $28623 | 545854 | 9/17/25 | —@ |
| BNP Paribas SA | $226829 | 997131 | 9/25/25 | 3 |
| Citibank NA | 2268144 | $70387 | 9/17/25 | —@ |
| Citibank NA | $465 | 342 | 9/17/25 | —@ |
| Citibank NA | $33118 | 115312 | 9/17/25 | 1 |
| Citibank NA | $3026963 | 444042113 | 1/6/26 | 119 |
| Citibank NA | $919827 | 131147001 | 9/17/25 | (1) |
| Deutsche Bank AG | 421929 | $65671 | 9/25/25 | (1) |
| Deutsche Bank AG | $72610 | 121094 | 9/25/25 | 1 |
| Goldman Sachs International | 1830352 | $323138 | 9/17/25 | (7) |
| Goldman Sachs International | 678774 | $31816 | 9/17/25 | (1) |
| Goldman Sachs International | 157394 | $172831 | 1/6/26 | (15) |
| Goldman Sachs International | 4104859 | $4749273 | 1/6/26 | (144) |
| Goldman Sachs International | 1936075 | $2244278 | 4/28/26 | (77) |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Goldman Sachs International | 1972293 | $2278499 | 4/28/26 | $(86) |
| Goldman Sachs International | 6688767 | $46024 | 1/6/26 | (1) |
| Goldman Sachs International | 658581331 | $4752221 | 1/6/26 | 86 |
| Goldman Sachs International | 308956964 | $2242963 | 4/28/26 | 32 |
| Goldman Sachs International | 316856794 | $2270737 | 4/28/26 | 3 |
| Goldman Sachs International | 54192 | $12887 | 9/17/25 | (—@) |
| Goldman Sachs International | 1892500 | $447178 | 9/25/25 | (4) |
| Goldman Sachs International | 583174 | $58858 | 9/17/25 | 1 |
| Goldman Sachs International | 15215 | $9270 | 9/17/25 | (—@) |
| Goldman Sachs International | 254906942 | $7514945 | 1/6/26 | (440) |
| Goldman Sachs International | 246077768 | $7371129 | 1/6/26 | (309) |
| Goldman Sachs International | 258666324 | $7607833 | 1/6/26 | (465) |
| Goldman Sachs International | 742202130 | $22723024 | 4/28/26 | (614) |
| Goldman Sachs International | 12571346 | $389841 | 9/17/25 | 1 |
| Goldman Sachs International | 8548423 | $156164 | 4/6/26 | (15) |
| Goldman Sachs International | 59201111 | $1131520 | 4/6/26 | (51) |
| Goldman Sachs International | 320395129 | $6397666 | 4/6/26 | (5) |
| Goldman Sachs International | 193079221 | $3237954 | 1/25/27 | 145 |
| Goldman Sachs International | 186538999 | $3072118 | 1/25/27 | 84 |
| Goldman Sachs International | $32050 | 49280 | 9/17/25 | —@ |
| Goldman Sachs International | $498948 | 673518 | 9/17/25 | (2) |
| Goldman Sachs International | $54195 | 74186 | 9/17/25 | —@ |
| Goldman Sachs International | $456822 | 620870 | 9/17/25 | 1 |
| Goldman Sachs International | $111285 | 2387000 | 9/25/25 | 3 |
| Goldman Sachs International | $1527409 | 1380468 | 1/6/26 | 118 |
| Goldman Sachs International | $4547850 | 3908367 | 4/28/26 | 138 |
| Goldman Sachs International | $70350 | 24745321 | 9/25/25 | 2 |
| Goldman Sachs International | $4558720 | 625813758 | 4/28/26 | (81) |
| Goldman Sachs International | $14042 | 267804 | 9/17/25 | —@ |
| Goldman Sachs International | $60865 | 614661 | 9/25/25 | —@ |
| Goldman Sachs International | $113919 | 411443 | 9/25/25 | 2 |
| Goldman Sachs International | $298001 | 1104917 | 9/25/25 | 8 |
| Goldman Sachs International | $44879 | 1501217 | 1/6/26 | 2 |
| Goldman Sachs International | $23101646 | 758149817 | 1/6/26 | 559 |
| Goldman Sachs International | $11766679 | 373414366 | 4/28/26 | (26) |
| Goldman Sachs International | $11534985 | 368787764 | 4/28/26 | 61 |
| Goldman Sachs International | $2182534 | 125604824 | 4/6/26 | 327 |
| Goldman Sachs International | $2125693 | 115743984 | 4/6/26 | 187 |
| Goldman Sachs International | $2488780 | 138500580 | 4/6/26 | 279 |
| Goldman Sachs International | $580987 | 32941937 | 4/6/26 | 77 |
| Goldman Sachs International | $6276756 | 379618220 | 1/25/27 | (196) |
| JPMorgan Chase Bank NA | 111196 | $138732 | 9/17/25 | (3) |
| JPMorgan Chase Bank NA | 487785000 | $117938 | 9/25/25 | (—@) |
| JPMorgan Chase Bank NA | 682173 | $920270 | 9/25/25 | (17) |
| JPMorgan Chase Bank NA | 446572 | $45073 | 9/17/25 | 1 |
| JPMorgan Chase Bank NA | 247911 | $151050 | 9/17/25 | (—@) |
| JPMorgan Chase Bank NA | 137244 | $37168 | 9/17/25 | (1) |
| JPMorgan Chase Bank NA | 436199 | $46409 | 9/17/25 | —@ |
| JPMorgan Chase Bank NA | 211017 | $166050 | 9/17/25 | (1) |
| JPMorgan Chase Bank NA | $411057 | 627405 | 9/17/25 | 3 |
| JPMorgan Chase Bank NA | $101558 | 96240000 | 9/25/25 | 2 |
| JPMorgan Chase Bank NA | $1933081 | 13781710 | 9/25/25 | 5 |
| JPMorgan Chase Bank NA | $46678 | 298311 | 9/17/25 | 1 |
| JPMorgan Chase Bank NA | $4462091 | 3825894 | 9/17/25 | 68 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| JPMorgan Chase Bank NA | $1240 | 911 | 9/17/25 | $—@ |
| JPMorgan Chase Bank NA | $66887 | 521764 | 9/17/25 | —@ |
| JPMorgan Chase Bank NA | $120914 | 411626 | 9/17/25 | 1 |
| JPMorgan Chase Bank NA | $2035126 | 2775830194 | 9/25/25 | 33 |
| JPMorgan Chase Bank NA | $130696 | 1236910 | 9/17/25 | 1 |
| JPMorgan Chase Bank NA | 998270 | $55798 | 9/17/25 | (—@) |
| Royal Bank of Canada | 3547858 | $4113316 | 9/25/25 | (89) |
| Royal Bank of Canada | $878164 | 644267 | 9/17/25 | 7 |
| Standard Chartered Bank | 13200 | $8043 | 9/17/25 | (—@) |
| UBS AG | 5245190 | $3394566 | 9/25/25 | (64) |
| UBS AG | 906349134 | $55519 | 9/17/25 | (—@) |
| UBS AG | 18820873 | $129007 | 9/25/25 | (3) |
| UBS AG | 7505997 | $388218 | 9/25/25 | (8) |
| UBS AG | 457638 | $10600 | 9/17/25 | (—@) |
| UBS AG | $210467 | 170010 | 9/25/25 | 6 |
| UBS AG | $4179251 | 29869109 | 9/17/25 | 20 |
| UBS AG | $75667 | 482739 | 9/17/25 | 1 |
| UBS AG | $1506203 | 1291548 | 9/17/25 | 23 |
| UBS AG | $13669 | 4751041 | 9/17/25 | —@ |
| UBS AG | $2713039 | 232909009 | 9/17/25 | (6) |
| UBS AG | $297211 | 25551068 | 9/17/25 | (—@) |
| UBS AG | $1537002 | 221227985 | 1/6/26 | 31 |
| UBS AG | $1933168 | 275629374 | 9/17/25 | (3) |
| UBS AG | $573054 | 82653596 | 9/17/25 | 6 |
| UBS AG | $13754 | 262261 | 9/17/25 | —@ |
| UBS AG | $49392 | 501291 | 9/17/25 | —@ |
|  |  |  |  | $448 |

---

**Futures Contracts:**

The Fund had the following futures contracts open at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| **Long:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Eurex MSCI Indonesia Index (United States) | 390 | Sep-25 | $4 | $5990 | $(152) |
| &nbsp;&nbsp;&nbsp;Euro Stoxx 50 Index (Germany) | 26 | Sep-25 | —@ | 1632 | 5 |
| &nbsp;&nbsp;&nbsp;FTSE 100 Index (United Kingdom) | 10 | Sep-25 | —@ | 1207 | (17) |
| &nbsp;&nbsp;&nbsp;German Euro-Bobl Index (Germany) | 7 | Sep-25 | 700 | 970 | (2) |
| &nbsp;&nbsp;&nbsp;German Euro-Schatz Index (Germany) | 53 | Sep-25 | 5300 | 6696 | (9) |
| &nbsp;&nbsp;&nbsp;IFSC NIFTY 50 Index (United States) | 65 | Jul-25 | $—@ | 3328 | 35 |
| &nbsp;&nbsp;&nbsp;KFE 10 yr. Treasury Bond Index (Korea, Republic of) | 34 | Sep-25 | 3400000 | 2984 | 10 |
| &nbsp;&nbsp;&nbsp;Long Gilt Index (United Kingdom) | 4 | Sep-25 | 400 | 511 | 13 |
| &nbsp;&nbsp;&nbsp;Montreal Exchange 10 Year Canadian Bond Index (Canada) | 5 | Sep-25 | 500 | 448 | 2 |
| &nbsp;&nbsp;&nbsp;Nikkei 225 Index (Japan) | 8 | Sep-25 | 4 | 1119 | 58 |
| &nbsp;&nbsp;&nbsp;S&P/TSX 60 Index (Canada) | 5 | Sep-25 | 1 | 1175 | 15 |
| &nbsp;&nbsp;&nbsp;SFE S&P ASX Share Price Index (Australia) | 5 | Sep-25 | —@ | 702 | 1 |
| &nbsp;&nbsp;&nbsp;SGX MSCI Singapore Index (Singapore) | 1 | Jul-25 | —@ | 32 | 1 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2 yr. Note (United States) | 13 | Sep-25 | $2600 | 2704 | 12 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5 yr. Note (United States) | 71 | Sep-25 | 7100 | 7739 | 96 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Note (United States) | 43 | Sep-25 | 4300 | 4821 | 73 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

**Futures Contracts: (cont'd)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Ultra Note (United States) | 88 | Sep-25 | $8800 | $10055 | $192 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond (United States) | 21 | Sep-25 | 2100 | 2425 | 89 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond (United States) | 12 | Sep-25 | 1200 | 1430 | 57 |
| **Short:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Euro-BTP Italian Bond Index (Germany) | 6 | Sep-25 | (600) | (855) | (3) |
| &nbsp;&nbsp;&nbsp;French Government Bond Index (Germany) | 11 | Sep-25 | (1100) | (1605) | 9 |
| &nbsp;&nbsp;&nbsp;German Euro-Bund Index (Germany) | 34 | Sep-25 | (3400) | (5212) | 26 |
| &nbsp;&nbsp;&nbsp;MSCI Emerging Market Index (United States) | 102 | Sep-25 | $(5) | (6291) | (98) |
| &nbsp;&nbsp;&nbsp;S&P 500 E Mini Index (United States) | 45 | Sep-25 | (2) | (14071) | (476) |
| &nbsp;&nbsp;&nbsp;SFE 10 yr. Australian Bond Index (Australia) | 37 | Sep-25 | (3700) | (2791) | (18) |
| &nbsp;&nbsp;&nbsp;TSE TOPIX Index (Japan) | 20 | Sep-25 | (200) | (3966) | (87) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Ultra Note (United States) | 22 | Sep-25 | $(2200) | (2514) | (45) |
|  |  |  |  |  | $(213) |

---

---

| |
|:---|
| **Centrally Cleared Interest Rate Swap Agreements:** |
| The Fund had the following centrally cleared interest rate swap agreements open at June 30, 2025: |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Floating<br> Rate<br> Index** | **Pay/<br> Receive<br> Floating<br> Rate** | **Fixed<br> Rate** | **Payment<br> Frequency<br> Paid/<br> Received** | **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)** |
| Morgan Stanley & Co. LLC | 12 Months U.S. Consumer Price Index | Receive | 2.35% | Maturity/Maturity | 4/15/35 | $5049 | $47 | $— | $47 |
| Morgan Stanley & Co. LLC | 12 Months U.S. Consumer Price Index | Receive | 2.34 | Maturity/Maturity | 4/15/35 | 5049 | 55 |  | 55 |
| Morgan Stanley & Co. LLC | BRL-CDI | Pay | 13.49 | Maturity/Maturity | 1/3/28 | 20769 | 20 |  | 20 |
| Morgan Stanley & Co. LLC | BRL-CDI | Pay | 13.56 | Maturity/Maturity | 1/3/28 | 44245 | 61 |  | 61 |
| Morgan Stanley & Co. LLC | BRL-CDI | Pay | 14.99 | Maturity/Maturity | 1/3/28 | 39726 | 331 | 35 | 297 |
| Morgan Stanley & Co. LLC | SOFR | Receive | 3.53 | Annual/Annual | 4/4/30 | $7160 | (19) |  | (19) |
| Morgan Stanley & Co. LLC | THOR | Pay | 1.75 | Quarterly/Quarterly | 3/12/30 | 569000 | 387 |  | 387 |
| Morgan Stanley & Co. LLC | TONAR | Receive | 2.02 | Annual/Annual | 3/12/55 | 32543 | 8 |  | 8 |
| Morgan Stanley & Co. LLC | TONAR | Receive | 1.89 | Annual/Annual | 1/8/55 | 35812 | 16 |  | 15 |
| Morgan Stanley & Co. LLC | TONAR | Receive | 1.83 | Annual/Annual | 1/30/55 | 10877 | 6 |  | 6 |
| Morgan Stanley & Co. LLC | TONAR | Receive | 1.82 | Annual/Annual | 1/30/55 | 10893 | 6 |  | 6 |
| Morgan Stanley & Co. LLC | TONAR | Receive | 1.80 | Annual/Annual | 1/31/55 | 21803 | 12 |  | 12 |
| Morgan Stanley & Co. LLC | TONAR | Receive | 1.74 | Annual/Annual | 11/12/54 | 64696 | 42 |  | 42 |
|  |  |  |  |  |  |  | $972 | $35 | $937 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

**Total Return Swap Agreements:**

The Fund had the following total return swap agreements open at June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty** | **Index** | **Pay/<br> Receive<br> Total Return<br> of Reference<br> Index** | **Floating Rate** | **Payment<br> Frequency** | **Maturity<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Upfront<br> Payment<br> Paid<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Barclays Bank PLC | Barclays Japan REITs Index†† | Pay | TONAR + 0.02% | Quarterly | 11/11/25 | 669485 | $189 | $— | $189 |
| Barclays Bank PLC | Barclays Japan REITs Index†† | Pay | TONAR + 0.05% | Quarterly | 11/11/25 | 411740 | 116 |  | 116 |
| Barclays Bank PLC | Barclays Japan REITs Index†† | Pay | TONAR + 0.20% | Quarterly | 11/11/25 | 219789 | 61 |  | 61 |
| Barclays Bank PLC | Barclays Japan REITs Index†† | Pay | TONAR + 0.20% | Quarterly | 11/11/25 | 220580 | 62 |  | 62 |
| Barclays Bank PLC | Barclays Japan REITs Index†† | Pay | TONAR + 0.20% | Quarterly | 11/11/25 | 282238 | 79 |  | 79 |
| Barclays Bank PLC | U.S. Cyclicals Index†† | Receive | SOFR + 0.60% | Quarterly | 5/20/26 | $5114 | (8) |  | (8) |
| Barclays Bank PLC | U.S. Cyclicals Index†† | Receive | SOFR + 0.00% | Quarterly | 5/20/26 | 5301 | (80) |  | (80) |
| Barclays Bank PLC | U.S. Defensives Index†† | Pay | SOFR + 0.60% | Quarterly | 5/20/26 | 5115 | (25) |  | (25) |
| Barclays Bank PLC | U.S. Defensives Index†† | Pay | SOFR + 0.00% | Quarterly | 5/20/26 | 5273 | (15) |  | (15) |
| BNP Paribas SA | BNP EMU Domestic Index†† | Pay | ESTR + 0.05% | Quarterly | 12/15/25 | 3299 | (39) |  | (39) |
| BNP Paribas SA | BNP EMU Domestic Index†† | Pay | ESTR + 0.05% | Quarterly | 12/15/25 | 3048 | (36) |  | (36) |
| BNP Paribas SA | BNP EMU Domestic Index†† | Pay | ESTR + 0.05% | Quarterly | 12/15/25 | 3645 | (44) |  | (44) |
| BNP Paribas SA | BNP EMU Growth Index | Receive | ESTR + 0.00% | Quarterly | 9/18/25 | 4246 | (46) |  | (46) |
| BNP Paribas SA | BNP EMU Growth Quality Index | Receive | ESTR + 0.00% | Quarterly | 9/18/25 | 3739 | (60) |  | (60) |
| BNP Paribas SA | BNP EMU Value Index | Pay | ESTR + 0.00% | Quarterly | 9/18/25 | 4237 | 10 |  | 10 |
| BNP Paribas SA | BNP EMU Value Quality Index | Pay | ESTR + 0.00% | Quarterly | 9/18/25 | 3743 | (3) |  | (3) |
| BNP Paribas SA | BNP U.S. Domestics Index†† | Receive | SOFR + 0.85% | Quarterly | 12/12/25 | $1154 | (12) |  | (12) |
| BNP Paribas SA | BNP U.S. Domestics Index†† | Receive | SOFR + 0.85% | Quarterly | 12/12/25 | 1635 | (17) |  | (17) |
| BNP Paribas SA | BNP U.S. Domestics Index†† | Receive | SOFR + 0.85% | Quarterly | 12/12/25 | 320 | (3) |  | (3) |
| BNP Paribas SA | BNP U.S. Domestics Index†† | Receive | SOFR + 0.85% | Quarterly | 12/12/25 | 3709 | (41) |  | (41) |
| BNP Paribas SA | BNP U.S. Domestics Index†† | Receive | SOFR + 0.53% | Quarterly | 12/12/25 | 4221 | (47) |  | (47) |
| BNP Paribas SA | EM Value + Quality Index†† | Pay | SOFR + 0.65% | Quarterly | 5/21/26 | 8497 | 704 |  | 704 |
| BNP Paribas SA | Japanese Domestics Index | Pay | TONAR + 0.00% | Quarterly | 4/16/26 | 482505 | 276 |  | 276 |
| BNP Paribas SA | MSCI Emerging Markets ex China Gross Return USD Index | Receive | SOFR + 0.53% | Quarterly | 5/21/26 | $11607 | (742) |  | (742) |
| BNP Paribas SA | MSCI Japan Net Total Return USD Index | Pay | SOFR + 0.36% | Quarterly | 2/10/26 | 16217 | 672 |  | 672 |
| Goldman Sachs International | MSCI Emerging Markets Net Total Return Index | Pay | SOFR + 0.38% | Quarterly | 1/28/26 | 31879 | 3736 |  | 3736 |
| JPMorgan Chase Bank NA | EM Anti-Value + Quality + Korea Short Index†† | Receive | SOFR + 2.0% | Quarterly | 5/26/26 | 11335 | (919) |  | (919) |
| JPMorgan Chase Bank NA | EM Value + Quality + Korea Long Index†† | Pay | SOFR + 0.72% | Quarterly | 5/26/26 | 11344 | 801 |  | 801 |
| JPMorgan Chase Bank NA | JPM Japan Growth Index†† | Receive | SOFR + 0.00% | Quarterly | 6/18/26 | 10997 | (352) |  | (352) |
| JPMorgan Chase Bank NA | JPM Japan Value Index†† | Pay | SOFR + 0.00% | Quarterly | 6/18/26 | 10980 | 243 |  | 243 |
| JPMorgan Chase Bank NA | JPM U.S. Anti-Value Index | Receive | SOFR + 0.00% | Quarterly | 6/18/26 | 3493 | (70) |  | (70) |
| JPMorgan Chase Bank NA | JPM U.S. Value Index | Pay | SOFR + 0.00% | Quarterly | 6/18/26 | 3491 | 65 |  | 65 |
| UBS AG | MSCI Emerging Markets ex China Index | Pay | SOFR + 0.44% | Quarterly | 3/26/26 | 1728 | 27 |  | 27 |
| UBS AG | MSCI Emerging Markets ex China Index | Pay | SOFR + 0.44% | Quarterly | 3/26/26 | 1120 | 17 |  | 17 |
| UBS AG | MSCI USA Index | Pay | SOFR + 0.75% | Quarterly | 9/23/25 | 29562 | 977 |  | 977 |
|  |  |  |  |  |  |  | $5476 | $— | $5476 |

---

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

The following table represents the equity basket individual holdings underlying the total return swap with Barclays Japan REITs Index as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **Barclays Japan REITs Index** |  |  |  |
| Activia Properties, Inc. | 1068 | $909 | 0.16% |
| Daiwa House REIT Investment Corp. | 1037 | 1752 | 0.31 |
| Daiwa Office Investment Corp. | 431 | 956 | 0.17 |
| Fukuoka REIT Corp. | 398 | 476 | 0.08 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **Barclays Japan REITs Index (cont'd)** |  |  |  |
| Global One Real Estate Investment Corp. | 451 | $428 | 0.07% |
| Hankyu Hanshin REIT, Inc. | 312 | 338 | 0.06 |
| Heiwa Real Estate REIT, Inc. | 535 | 502 | 0.09 |
| Honeys Holdings Co. Ltd. | 12600 | 138 | 0.02 |
| Hulic REIT, Inc. | 643 | 696 | 0.12 |
| Ichigo Office REIT Investmentment corp. | 696 | 443 | 0.08 |
| Japan Excellent, Inc. | 591 | 548 | 0.10 |
| Japan Metropolitan Fund Investment corp. | 3236 | 2291 | 0.40 |
| Japan Prime Realty Investmentment corp. | 1804 | 1159 | 0.20 |
| Japan Real Estate Investment Corp. | 3215 | 2631 | 0.46 |
| Kdx Realty Investment Corp. | 1817 | 1968 | 0.34 |
| Mirai Corp. | 865 | 265 | 0.05 |
| Mori Hills REIT Investment Corp. | 866 | 804 | 0.14 |
| Mori Trust REIT, Inc. | 1599 | 766 | 0.13 |
| Nippon Building Fund, Inc. | 3938 | 3632 | 0.63 |
| Nippon REIT Investment Corp. | 804 | 493 | 0.09 |
| Nomura Real Estate Master Fund, Inc. | 2102 | 2147 | 0.38 |
| NTT UD REIT Investment Corp. | 662 | 588 | 0.10 |
| One REIT, Inc. | 123 | 220 | 0.04 |
| Orix JREIT, Inc. | 1242 | 1619 | 0.28 |
| Sekisui House REIT, Inc. | 1961 | 1033 | 0.18 |
| Star Asia Investment Corp. | 1212 | 481 | 0.08 |
| Takara Leben Real Estate Investment Corp. | 412 | 258 | 0.05 |
| Tokyu REIT, Inc. | 441 | 596 | 0.10 |
| Tosei REIT Investment Corp. | 170 | 159 | 0.03 |
| United Urban Investment Corp. | 1393 | 1499 | 0.26 |
| Xymax REIT Investment Corp. | 112 | 88 | 0.02 |

---

The following table represents the equity basket top 50 holdings underlying the total return swap with U.S. Cyclicals Index as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **U.S. Cyclicals Index** |  |  |  |
| 3M Co. | 8002 | $1218 | 0.21% |
| Air Products & Chemicals, Inc. | 3287 | 927 | 0.16 |
| Airbnb, Inc. - Class A | 6469 | 856 | 0.15 |
| Automatic Data Processing | 5951 | 1835 | 0.32 |
| Autozone, Inc. | 243 | 902 | 0.16 |
| Booking Holdings, Inc. | 487 | 2819 | 0.49 |
| Carrier Global Corp. | 11876 | 869 | 0.15 |
| Caterpillar, Inc. | 7106 | 2759 | 0.48 |
| Chipotle Mexican Grill, Inc. | 20020 | 1124 | 0.20 |
| Cintas Corp. | 5020 | 1119 | 0.20 |
| Corteva, Inc. | 10068 | 750 | 0.13 |
| CSX Corp. | 28669 | 935 | 0.16 |
| Deere & Co. | 3742 | 1903 | 0.33 |
| Doordash, Inc. - Class A | 4976 | 1227 | 0.21 |
| Eaton Corp. PLC | 5862 | 2093 | 0.37 |
| Ecolab, Inc. | 3676 | 990 | 0.17 |
| Emerson Electric Co. | 8360 | 1115 | 0.19 |
| Fastenal Co. | 16864 | 708 | 0.12 |
| Fedex Corp. | 3318 | 754 | 0.13 |
| Freeport-Mcmoran, Inc. | 20906 | 906 | 0.16 |
| GE Vernova, Inc. | 3971 | 2101 | 0.37 |
| General Motors Co. | 14773 | 727 | 0.13 |
| Hilton Worldwide Holdings, Inc. | 3534 | 941 | 0.16 |
| Home Depot, Inc. | 14683 | 5383 | 0.94 |
| Honeywell International, Inc. | 9541 | 2222 | 0.39 |
| Illinois Tool Works, Inc. | 3933 | 972 | 0.17 |
| Johnson Controls International PLC | 9720 | 1027 | 0.18 |
| Linde PLC | 7006 | 3287 | 0.57 |
| Lowe's Cos, Inc. | 8320 | 1846 | 0.32 |
| Marriott International - Class A | 3382 | 924 | 0.16 |
| Mcdonald's Corp. | 10495 | 3066 | 0.54 |
| Newmont Corp. | 16613 | 968 | 0.17 |
| Nike, Inc. - Class B | 17902 | 1272 | 0.22 |
| Norfolk Southern Corp. | 3372 | 863 | 0.15 |
| O'Reilly Automotive, Inc. | 12570 | 1133 | 0.20 |
| PACCAR, Inc. | 7732 | 735 | 0.13 |
| Parker Hannifin Corp. | 1910 | 1334 | 0.23 |
| Quanta Services, Inc. | 2180 | 824 | 0.14 |
| Republic Services, Inc. | 2962 | 730 | 0.13 |
| Royal Caribbean Cruises Ltd. | 3662 | 1147 | 0.20 |
| Sherwin-Williams Co. | 3444 | 1183 | 0.21 |
| Starbucks Corp. | 16950 | 1553 | 0.27 |
| TJX Companies, Inc. | 16481 | 2035 | 0.36 |
| Trane Technologies PLC | 3303 | 1445 | 0.25 |
| Uber Technologies, Inc. | 30920 | 2885 | 0.50 |
| Union Pacific Corp. | 9008 | 2073 | 0.36 |
| United Parcel Service - Class B | 11081 | 1119 | 0.20 |
| United Rentals, Inc. | 968 | 729 | 0.13 |
| Waste Management, Inc. | 5340 | 1222 | 0.21 |
| WW Grainger, Inc. | 654 | 680 | 0.12 |

---

The following table represents the equity basket top 50 holdings underlying the total return swap with U.S. Defensives Index as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **U.S. Defensives Index** |  |  |  |
| Abbott Laboratories | 28445 | $3869 | 0.68% |
| Abbvie, Inc. | 28137 | 5223 | 0.91 |
| American Electric Power Co., Inc. | 17001 | 1764 | 0.31 |
| Amgen, Inc. | 8331 | 2326 | 0.41 |
| AT&T, Inc. | 440271 | 12741 | 2.23 |
| Boston Scientific Corp. | 25165 | 2703 | 0.47 |
| Bristol-Myers Squibb Co. | 31615 | 1463 | 0.26 |
| Coca-Cola Co. | 82163 | 5813 | 1.02 |
| Colgate-Palmolive Co. | 17189 | 1562 | 0.27 |
| Consolidated Edison, Inc. | 11087 | 1113 | 0.19 |
| Constellation Energy | 9922 | 3202 | 0.56 |
| Costco Wholesale Corp. | 9541 | 9445 | 1.65 |
| CVS Health Corp. | 20185 | 1392 | 0.24 |
| Danaher Corp. | 10169 | 2009 | 0.35 |
| Dominion Energy, Inc. | 26728 | 1511 | 0.26 |
| Duke Energy Corp. | 24649 | 2909 | 0.51 |
| Elevance Health, Inc. | 3903 | 1518 | 0.27 |
| Eli Lilly & Co. | 12322 | 9605 | 1.68 |
| Entergy Corp. | 13670 | 1136 | 0.20 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **U.S. Defensives Index (cont'd)** |  |  |  |
| Exelon Corp. | 32243 | $1400 | 0.24% |
| Gilead Sciences, Inc. | 19319 | 2142 | 0.37 |
| HCA Healthcare, Inc. | 3042 | 1165 | 0.20 |
| Intuitive Surgical, Inc. | 6068 | 3297 | 0.58 |
| Johnson & Johnson | 38440 | 5872 | 1.03 |
| Kroger Co. | 14504 | 1040 | 0.18 |
| Mckesson Corp. | 2073 | 1519 | 0.27 |
| Medtronic PLC | 20659 | 1801 | 0.31 |
| Merck & Co. Inc. | 39449 | 3123 | 0.55 |
| Mondelez International, Inc. - Class A | 27087 | 1827 | 0.32 |
| Nextera Energy, Inc. | 65985 | 4581 | 0.80 |
| NRG Energy, Inc. | 6582 | 1057 | 0.18 |
| Pepsico, Inc. | 29211 | 3857 | 0.67 |
| Pfizer, Inc. | 88467 | 2144 | 0.37 |
| PG&E Corp. | 74813 | 1043 | 0.18 |
| Procter & Gamble Co. | 49921 | 7953 | 1.39 |
| Public Service Enterprise Group | 15822 | 1332 | 0.23 |
| Sempra | 20297 | 1538 | 0.27 |
| Southern Co. | 34722 | 3189 | 0.56 |
| Stryker Corp. | 5689 | 2251 | 0.39 |
| The Cigna Group | 4522 | 1495 | 0.26 |
| Thermo Fisher Scientific, Inc. | 6214 | 2520 | 0.44 |
| T-Mobile US, Inc. | 29666 | 7068 | 1.23 |
| Unitedhealth Group, Inc. | 14594 | 4553 | 0.80 |
| Verizon Communications, Inc. | 259232 | 11217 | 1.96 |
| Vertex Pharmaceuticals, Inc. | 4096 | 1824 | 0.32 |
| Vistra Corp. | 10614 | 2057 | 0.36 |
| Walmart, Inc. | 92712 | 9065 | 1.58 |
| Wec Energy Group, Inc. | 10125 | 1055 | 0.18 |
| Xcel Energy, Inc. | 18585 | 1266 | 0.22 |
| Zoetis, Inc. | 7186 | 1121 | 0.20 |

---

The following table represents the equity basket holdings underlying the total return swap with BNP EMU Domestic Index as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **BNP EMU Domestic Index** |  |  |  |
| ADP | 212 | $23 | 0.00% |
| Aena SME SA | 2054 | 47 | 0.01 |
| Basic-Fit NV | 885 | 23 | 0.00‡ |
| Bechtle AG | 707 | 28 | 0.00‡ |
| Bouygues SA | 927 | 36 | 0.01 |
| Canal SA | 3237 | 9 | 0.00‡ |
| Capgemini SE | 346 | 50 | 0.01 |
| Compagnie De Saint Gobain | 928 | 92 | 0.02 |
| Deutsche Lufthansa - Reg | 3770 | 27 | 0.00‡ |
| D'Ieteren Group | 149 | 27 | 0.00‡ |
| Eiffage | 324 | 39 | 0.01 |
| FDJ United | 646 | 21 | 0.00‡ |
| Fraport Ag Frankfurt Airport | 411 | 26 | 0.00‡ |
| Getlink SE | 1623 | 27 | 0.00‡ |
| Havas NV | 3176 | 5 | 0.00‡ |
| Indra Sistemas SA | 1192 | 44 | 0.01 |
| Industria de Diseno Textil SA | 2028 | 90 | 0.02 |
| Iveco Group NV | 2167 | 36 | 0.01 |
| Kingspan Group PLC | 521 | 38 | 0.01 |
| Louis Hachette Group | 3234 | 6 | 0.00‡ |
| Prosiebensat.1 Media SE | 3570 | 26 | 0.00‡ |
| Randstad NV | 636 | 25 | 0.00‡ |
| Rheinmetall AG | 24 | 44 | 0.01 |
| Scout24 SE | 329 | 38 | 0.01 |
| Smurfit Westrock PLC | 1155 | 42 | 0.01 |
| Stora Enso OYJ - Class R | 2767 | 26 | 0.00‡ |
| Vinci SA | 954 | 119 | 0.02 |
| Vivendi SE | 3176 | 9 | 0.00‡ |
| Zalando SE | 866 | 24 | 0.00‡ |

---

The following table represents the equity basket to 50 individual holdings underlying the total return swap with BNP U.S. Domestics Index as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **BNP U.S. Domestics Index** |  |  |  |
| Arista Networks, Inc. | 232 | $24 | 0.00 |
| Automatic Data Processing | 88 | 27 | 0.00 |
| Autozone, Inc. | 4 | 14 | 0.00 |
| Broadridge Financial Solutions | 25 | 6 | 0.00 |
| Charter Communications, Inc. - Class A | 20 | 8 | 0.00 |
| Cintas Corp. | 79 | 18 | 0.00 |
| Cognizant Tech Solutions - Class A | 108 | 8 | 0.00 |
| Comcast Corp. - Class A | 838 | 30 | 0.01 |
| Copart, Inc. | 188 | 9 | 0.00 |
| Crowdstrike Holdings, Inc. - Class A | 50 | 26 | 0.00 |
| CSX Corp. | 421 | 14 | 0.00 |
| Darden Restaurants, Inc. | 25 | 6 | 0.00 |
| Datadog, Inc. - Class A | 61 | 8 | 0.00 |
| Doordash, Inc. - Class A | 67 | 16 | 0.00 |
| DR Horton, Inc. | 64 | 8 | 0.00 |
| Equifax, Inc. | 27 | 7 | 0.00 |
| Fair Isaac Corp. | 5 | 10 | 0.00 |
| Fastenal Co. | 248 | 10 | 0.00 |
| Fedex Corp. | 50 | 11 | 0.00 |
| Hilton Worldwide Holdings, Inc. | 53 | 14 | 0.00 |
| Home Depot, Inc. | 215 | 79 | 0.01 |
| Lennar Corp. - Class A | 52 | 6 | 0.00 |
| Lowe's Cos, Inc. | 123 | 27 | 0.00 |
| Lululemon Athletica, Inc. | 24 | 6 | 0.00 |
| Marriott International - Class A | 52 | 14 | 0.00 |
| Martin Marietta Materials | 13 | 7 | 0.00 |
| Norfolk Southern Corp. | 49 | 13 | 0.00 |
| Old Dominion Freight Line | 42 | 7 | 0.00 |
| O'Reilly Automotive, Inc. | 189 | 17 | 0.00 |
| Quanta Services, Inc. | 32 | 12 | 0.00 |
| Republic Services, Inc. | 48 | 12 | 0.00 |
| Roper Technologies, Inc. | 23 | 13 | 0.00 |
| Ross Stores, Inc. | 72 | 9 | 0.00 |
| Sherwin-Williams Co. | 52 | 18 | 0.00 |
| Snowflake, Inc. | 65 | 15 | 0.00 |
| Starbucks Corp. | 246 | 23 | 0.00 |
| TJX Companies, Inc. | 245 | 30 | 0.01 |
| Tractor Supply Company | 117 | 6 | 0.00 |
| Trane Technologies PLC | 49 | 21 | 0.00 |
| Tyler Technologies, Inc. | 9 | 5 | 0.00 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **BNP U.S. Domestics Index (cont'd)** |  |  |  |
| Union Pacific Corp. | 132 | $30 | 0.01% |
| United Parcel Service - Class B | 159 | 16 | 0.00‡ |
| United Rentals, Inc. | 14 | 11 | 0.00‡ |
| Verisk Analytics, Inc. | 31 | 10 | 0.00‡ |
| Vulcan Materials Co. | 29 | 7 | 0.00‡ |
| Walt Disney Co. | 393 | 49 | 0.01 |
| Waste Connections, Inc. | 56 | 10 | 0.00‡ |
| Waste Management, Inc. | 87 | 20 | 0.00‡ |
| Workday, Inc. - Class A | 46 | 11 | 0.00‡ |
| WW Grainger, Inc. | 10 | 10 | 0.00‡ |

---

The following table represents the equity basket to 50 holdings underlying the total return swap with EM Value + Quality Index as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **EM Value + Quality Index** |  |  |  |
| Absa Group Ltd. | 961 | $10 | 0.00 |
| Akbank T.A.S. | 3407 | 6 | 0.00 |
| Arca Continental SAB de CV | 906 | 10 | 0.00 |
| Astra International Tbk. PT | 25267 | 7 | 0.00 |
| Banco Do Brasil SA | 2252 | 9 | 0.00 |
| Bank Mandiri Persero Tbk. PT | 39866 | 12 | 0.00 |
| Bank Pekao SA | 206 | 11 | 0.00 |
| Bidvest Group Ltd. | 444 | 6 | 0.00 |
| Cemex SAB-CPO | 10132 | 7 | 0.00 |
| Cia Saneamento Basico do Estado de Sao Paulo | 603 | 13 | 0.00 |
| Compal Electronics | 10994 | 11 | 0.00 |
| Dubai Islamic Bank | 4725 | 12 | 0.00 |
| Emaar Properties PJSC | 3533 | 13 | 0.00 |
| Emirates NBD PJSC | 1975 | 12 | 0.00 |
| Emirates Telecom Group Co. | 4562 | 22 | 0.00 |
| Eurobank Ergasias Services and Holdings SA | 2840 | 10 | 0.00 |
| Evergreen Marine Corp. Ltd. | 1345 | 9 | 0.00 |
| Fubon Financial Holding Co. | 9221 | 28 | 0.00 |
| Gold Fields Ltd. | 580 | 14 | 0.00 |
| Grupo Financiero Banorte | 2835 | 26 | 0.00 |
| Grupo Mexico SAB de CV - Ser B | 2082 | 13 | 0.00 |
| Hyundai Mobis Co. Ltd. | 61 | 13 | 0.00 |
| Itau Unibanco Holding SA - Pref | 5839 | 40 | 0.01 |
| Itausa SA | 6326 | 13 | 0.00 |
| JBS NV | 681 | 10 | 0.00 |
| Kia Corp. | 235 | 17 | 0.00 |
| Largan Precision Co. Ltd. | 161 | 13 | 0.00 |
| LG Electronics, Inc. | 107 | 6 | 0.00 |
| LG Innotek Co. Ltd. | 97 | 11 | 0.00 |
| MOL Hungarian Oil and Gas PLC | 1180 | 10 | 0.00 |
| National Bank of Greece | 957 | 12 | 0.00 |
| Nedbank Group Ltd. | 521 | 7 | 0.00 |
| OTP Bank PLC | 247 | 20 | 0.00 |
| Pegatron Corp. | 3949 | 10 | 0.00 |
| PTT Exploration & Production Public Company Ltd. | 4046 | 13 | 0.00 |
| Realtek Semiconductor Corp. | 709 | 14 | 0.00 |
| Richter Gedeon Nyrt | 357 | 10 | 0.00 |
| Samsung Electro-Mechanics Co. | 127 | 13 | 0.00 |
| Samsung Electronics - Pref | 755 | 28 | 0.00 |
| Samsung Electronics Co. Ltd. | 4402 | 194 | 0.03 |
| Samsung Fire & Marine Insurance | 34 | 11 | 0.00 |
| Samsung SDS Co. Ltd. | 112 | 14 | 0.00 |
| SK Hynix, Inc. | 236 | 51 | 0.01 |
| Sk Square Co. Ltd. | 123 | 17 | 0.00 |
| Standard Bank Group Ltd. | 1510 | 19 | 0.00 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1026 | 37 | 0.01 |
| Telkom Indonesia Persero Tbk. PT | 61593 | 11 | 0.00 |
| Ultrapar Participacoes SA | 2080 | 7 | 0.00 |
| Vale SA | 2438 | 24 | 0.00 |
| Zhen Ding Technology Holding Ltd. | 3040 | 10 | 0.00 |

---

The following table represents the equity basket top 50 holdings underlying the total return swap with EM Anti-Value + Quality + Korea Short Index as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **EM Anti-Value + Quality + Korea Short Index** |  |  |  |
| Alchip Technologies Ltd. | 11519 | $1220 | 0.21% |
| Alfa S.A.B. - Class A | 1788283 | 1317 | 0.23 |
| Amman Mineral Internasional | 2707270 | 1416 | 0.25 |
| Axiata Group Berhad | 2350319 | 1290 | 0.23 |
| Barito Pacific Tbk.Pt | 19061394 | 1960 | 0.34 |
| Bid Corp. Ltd. | 50769 | 1339 | 0.23 |
| Boubyan Bank K.S.C | 529398 | 1247 | 0.22 |
| Capitec Bank Holdings Ltd. | 6014 | 1205 | 0.21 |
| Celltrion, Inc. | 10497 | 1238 | 0.22 |
| Cencosud SA | 394528 | 1342 | 0.23 |
| Chang Hwa Commercial Bank | 1884118 | 1205 | 0.21 |
| Co For Cooperative Insurance | 30941 | 1303 | 0.23 |
| Coca-Cola Femsa Sab De CV | 140087 | 1354 | 0.24 |
| CP Axtra PCL | 2186135 | 1205 | 0.21 |
| Doosan Enerbility Co. Ltd. | 40425 | 2043 | 0.36 |
| E Ink Holdings, Inc. | 160781 | 1216 | 0.21 |
| E.Sun Financial Holding Co. | 1162341 | 1306 | 0.23 |
| Elite Material Co. Ltd. | 47676 | 1438 | 0.25 |
| Embraer SA | 95765 | 1357 | 0.24 |
| First Financial Holding Co. | 1276670 | 1269 | 0.22 |
| Fomento Economico Mexica-UBD | 123856 | 1272 | 0.22 |
| Gulf Bank | 1049454 | 1232 | 0.22 |
| Hanjin Kal Corp. | 14201 | 1240 | 0.22 |
| HD Hyundai Heavy Industries | 3961 | 1254 | 0.22 |
| Hybe Co. Ltd. | 5665 | 1293 | 0.23 |
| Impala Platinum Holdings Ltd. | 149827 | 1344 | 0.23 |
| Jentech Precision Industrial Co. Ltd. | 26204 | 1354 | 0.24 |
| Kakao Corp. | 42206 | 1871 | 0.33 |
| Kakaobank Corp. | 70466 | 1562 | 0.27 |
| Kuwait Finance House | 482182 | 1265 | 0.22 |
| LG Display Co. Ltd. | 190435 | 1261 | 0.22 |
| Mabanee Co KPSC | 554945 | 1587 | 0.28 |
| Mirae Asset Securities Co. Ltd. | 119002 | 1886 | 0.33 |
| Motiva Infraestrutura de Mobilidade SA | 479466 | 1216 | 0.21 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **EM Anti-Value + Quality + Korea Short Index (cont'd)** |  |  |  |
| MTN Group Ltd. | 168345 | $1338 | 0.23% |
| Naver Corp. | 8553 | 1659 | 0.29 |
| Ncsoft Corp. | 10165 | 1551 | 0.27 |
| Nu Holdings Ltd. | 97015 | 1331 | 0.23 |
| Outsurance Group Ltd. | 280018 | 1238 | 0.22 |
| Qatar Gas Transport | 1009426 | 1374 | 0.24 |
| Rumo SA | 357866 | 1220 | 0.21 |
| Samsung Heavy Industries | 106152 | 1314 | 0.23 |
| Samsung SDI Co. Ltd. | 9769 | 1247 | 0.22 |
| Sinopac Financial Holdings | 1517082 | 1256 | 0.22 |
| SK Innovation Co. Ltd. | 22332 | 2019 | 0.35 |
| SKC Co. Ltd. | 16923 | 1378 | 0.24 |
| S-Oil Corp. | 36987 | 1637 | 0.29 |
| Taiwan Business Bank | 2351986 | 1235 | 0.22 |
| Trust Fibra UNO | 1164377 | 1604 | 0.28 |
| Unimicron Technology Corp. | 334895 | 1306 | 0.23 |

---

The following table represents the equity basket top 50 individual holdings underlying the total return swap with EM Value + Quality + Korea Long Index as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **EM Value + Quality + Korea Long Index** |  |  |  |
| Absa Group Ltd. | 124263 | $1234 | 0.22% |
| Akbank T.A.S. | 863801 | 1479 | 0.26 |
| Bank Pekao SA | 24350 | 1248 | 0.22 |
| Cia Energetica Minas Ger - Pref | 715968 | 1422 | 0.25 |
| Cia Saneamento Basico do Estado de Sao Paulo | 63975 | 1402 | 0.24 |
| CJ Cheiljedang Corp. | 7051 | 1297 | 0.23 |
| Commercial International Bank | 727124 | 1236 | 0.22 |
| Compal Electronics | 1203822 | 1194 | 0.21 |
| Coway Co. Ltd. | 17587 | 1258 | 0.22 |
| CPFL Energia SA | 188685 | 1418 | 0.25 |
| DB Insurance Co. Ltd. | 16677 | 1519 | 0.27 |
| Doosan Bobcat, Inc. | 34035 | 1463 | 0.26 |
| Dubai Islamic Bank | 537168 | 1327 | 0.23 |
| Energisa SA | 161898 | 1439 | 0.25 |
| Eurobank Ergasias Services and Holdings SA | 387344 | 1329 | 0.23 |
| Fubon Financial Holding Co. | 431952 | 1290 | 0.23 |
| Gerdau SA - Pref | 418172 | 1231 | 0.21 |
| Gold Fields Ltd. | 51687 | 1213 | 0.21 |
| Grupo Financiero Banorte | 132301 | 1206 | 0.21 |
| Grupo Mexico SAB de CV - Ser B | 210152 | 1269 | 0.22 |
| Hankook Tire & Technology Co. | 41303 | 1213 | 0.21 |
| Hyundai Glovis Co. Ltd. | 14906 | 1484 | 0.26 |
| Hyundai Mobis Co. Ltd. | 6417 | 1361 | 0.24 |
| Hyundai Motor Co. Ltd. - 2nd Pref | 10580 | 1242 | 0.22 |
| Itau Unibanco Holding SA - Pref | 175830 | 1195 | 0.21 |
| Kia Corp. | 17413 | 1247 | 0.22 |
| Largan Precision Co. Ltd. | 15227 | 1240 | 0.22 |
| Latam Airlines Group SA | 63791327 | 1289 | 0.23 |
| LG Electronics, Inc. | 22590 | 1232 | 0.22 |
| LG Innotek Co. Ltd. | 10983 | 1196 | 0.21 |
| LG Uplus Corp. | 122162 | 1291 | 0.23 |
| Meritz Financial Group, Inc. | 14473 | 1203 | 0.21 |
| Nahdi Medical Co. | 36185 | 1232 | 0.22 |
| National Bank of Greece | 97662 | 1244 | 0.22 |
| Piraeus Financial Holdings SA | 178692 | 1236 | 0.22 |
| Ptt Explor & Prod PCL | 365214 | 1231 | 0.22 |
| Realtek Semiconductor Corp. | 65694 | 1274 | 0.22 |
| Reinet Investments SCA | 43099 | 1401 | 0.24 |
| Samsung Electro-Mechanics Co. | 13157 | 1309 | 0.23 |
| Samsung Electronics - Pref | 34486 | 1261 | 0.22 |
| Samsung Electronics Co. Ltd. | 28512 | 1260 | 0.22 |
| Samsung Fire & Marine Insurance | 4340 | 1392 | 0.24 |
| Samsung SDS Co. Ltd. | 11799 | 1478 | 0.26 |
| SK Hynix, Inc. | 7921 | 1709 | 0.30 |
| Sk Square Co. Ltd. | 16207 | 2191 | 0.38 |
| SK Telecom | 30777 | 1289 | 0.23 |
| Tim SA | 325362 | 1320 | 0.23 |
| Turkiye Is Bankasi - Class C | 4122685 | 1382 | 0.24 |
| Ultrapar Participacoes SA | 389924 | 1258 | 0.22 |
| Yapi Ve Kredi Bankasi | 1704870 | 1357 | 0.24 |

---

The following table represents the equity basket individual holdings underlying the total return swap with JPM Japan Growth Index as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **JPM Japan Growth Index** |  |  |  |
| Advantest Corp. | 308331 | $22778 | 3.98% |
| Ajinomoto Co., Inc. | 778635 | 21103 | 3.69 |
| Asics Corp. | 846401 | 21596 | 3.77 |
| Capcom Co. Ltd. | 622510 | 21291 | 3.72 |
| Chugai Pharmaceutical Co. Ltd. | 385278 | 20101 | 3.51 |
| Disco Corp. | 82669 | 24434 | 4.27 |
| Fanuc Corp. | 748061 | 20435 | 3.57 |
| Fast Retailing Co. Ltd. | 61189 | 21009 | 3.67 |
| Fujikura Ltd. | 418928 | 21991 | 3.84 |
| Hikari Tsushin, Inc. | 69263 | 20438 | 3.57 |
| Hitachi Ltd. | 717364 | 20915 | 3.65 |
| IHI Corp. | 180977 | 19625 | 3.43 |
| Japan Exchange Group, Inc. | 1828237 | 18513 | 3.23 |
| Kao Corp. | 430100 | 19255 | 3.36 |
| Keyence Corp. | 49384 | 19804 | 3.46 |
| Kobe Bussan Co. Ltd. | 613103 | 19035 | 3.33 |
| M3, Inc. | 1428825 | 19669 | 3.44 |
| Mitsubishi Heavy Industries | 803837 | 20120 | 3.51 |
| Monotaro Co. Ltd. | 1001625 | 19757 | 3.45 |
| Nintendo Co. Ltd. | 240545 | 23149 | 4.04 |
| Nippon Building Fund, Inc. | 21591 | 19895 | 3.48 |
| Nippon Paint Holdings Co. Ltd. | 2593093 | 20855 | 3.64 |
| Nippon Sanso Holdings Corp. | 547400 | 20734 | 3.62 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **JPM Japan Growth Index (cont'd)** |  |  |  |
| Obic Co. Ltd. | 527208 | $20510 | 3.58% |
| Oracle Corp. Japan | 166353 | 19821 | 3.46 |
| Oriental Land Co. Ltd. | 902976 | 20810 | 3.64 |
| Rakuten Group, Inc. | 3559264 | 19653 | 3.43 |
| Recruit Holdings Co. Ltd. | 362258 | 21437 | 3.74 |
| Resona Holdings, Inc. | 2178427 | 20118 | 3.51 |
| Sanrio Co. Ltd. | 424514 | 20509 | 3.58 |
| Smc Corp. | 56324 | 20322 | 3.55 |
| T&D Holdings, Inc. | 884358 | 19437 | 3.40 |
| Terumo Corp. | 1107947 | 20357 | 3.56 |
| Tokio Marine Holdings, Inc. | 485069 | 20552 | 3.59 |

---

The following table represents the equity basket holdings underlying the total return swap with JPM Japan Value Index as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value<br> (000)** | **Percentage of<br> Net Assets** |
| **JPM Japan Value Index** |  |  |  |
| AGC, Inc. | 623625 | $18277 | 3.19% |
| Ana Holdings, Inc. | 956983 | 18728 | 3.27 |
| Asahi Kasei Corp. | 2759287 | 19648 | 3.43 |
| Astellas Pharma, Inc. | 1900524 | 18665 | 3.26 |
| Canon, Inc. | 622436 | 18078 | 3.16 |
| Daiwa House Industry Co. Ltd. | 542153 | 18622 | 3.25 |
| Honda Motor Co. Ltd. | 1835511 | 17747 | 3.10 |
| Isuzu Motors Ltd. | 1459897 | 18528 | 3.24 |
| Japan Airlines Co. Ltd. | 946139 | 19296 | 3.37 |
| Kawasaki Kisen Kaisha Ltd. | 1257007 | 17814 | 3.11 |
| KDDI Corp. | 1079588 | 18563 | 3.24 |
| Kirin Holdings Co. Ltd. | 1279182 | 17911 | 3.13 |
| Kubota Corp. | 1672626 | 18810 | 3.29 |
| Meiji Holdings Co. Ltd. | 820936 | 18140 | 3.17 |
| Mitsubishi HC Capital, Inc. | 2500636 | 18387 | 3.21 |
| Mitsui Osk Lines Ltd. | 527781 | 17638 | 3.08 |
| Nippon Steel Corp. | 916132 | 17360 | 3.03 |
| Nippon Yusen Kabushiki Kaisha | 512695 | 18442 | 3.22 |
| Nomura Holdings, Inc. | 2965337 | 19573 | 3.42 |
| NTT, Inc. | 16990197 | 18140 | 3.17 |
| Omron Corp. | 689055 | 18603 | 3.25 |
| Ono Pharmaceutical Co. Ltd. | 1685930 | 18223 | 3.18 |
| Orix Corp. | 851057 | 19236 | 3.36 |
| Otsuka Holdings Co. Ltd. | 364799 | 18087 | 3.16 |
| Panasonic Holdings Corp. | 1751002 | 18884 | 3.30 |
| Renesas Electronics Corp. | 1411969 | 17514 | 3.06 |
| Ricoh Co. Ltd. | 2063957 | 19541 | 3.41 |
| SBI Holdings, Inc. | 581327 | 20274 | 3.54 |
| Screen Holdings Co. Ltd. | 253582 | 20676 | 3.61 |
| Subaru Corp. | 1052966 | 18365 | 3.21 |
| Sumitomo Corp. | 726559 | 18785 | 3.28 |
| Suntory Beverage & Food Ltd. | 567765 | 18147 | 3.17 |
| Suzuki Motor Corp. | 1546795 | 18693 | 3.27 |
| Toyota Tsusho Corp. | 877018 | 19878 | 3.47 |

---

---

| | |
|:---|:---|
| @ | Value/Notional amount is less than $500. |
| ‡ | Amount is less than 0.05%. |
| ASX | Australian Securities Exchange. |
| CDI | CHESS Depositary Interest. |
| FTSE | Financial Times Stock Exchange. |
| KFE | Korean Futures Exchange. |
| MSCI | Morgan Stanley Capital International. |
| PJSC | Public Joint Stock Company. |
| REIT | Real Estate Investment Trust. |
| SFE | Sydney Futures Exchange. |
| SGX | Singapore Exchange Ltd. |
| SOFR | Secured Overnight Financing Rate. |
| THOR | Thai Overnight Repurchase Rate. |
| TONAR | Tokyo Overnight Average Rate. |
| TSE | Tokyo Stock Exchange. |
| TSX | Toronto Stock Exchange. |
| AUD — | Australian Dollar |
| BRL — | Brazilian Real |
| CAD — | Canadian Dollar |
| CHF — | Swiss Franc |
| CLP — | Chilean Peso |
| CNH — | Chinese Yuan Renminbi Offshore |
| CNY — | Chinese Yuan Renminbi |
| COP — | Colombian Peso |
| CZK — | Czech Koruna |
| DKK — | Danish Krone |
| EUR — | Euro |
| GBP — | British Pound |
| HKD — | Hong Kong Dollar |
| HUF — | Hungarian Forint |
| IDR — | Indonesian Rupiah |
| ILS — | Israeli Shekel |
| INR — | Indian Rupee |
| JPY — | Japanese Yen |
| KRW — | South Korean Won |
| MXN — | Mexican Peso |
| MYR — | Malaysian Ringgit |
| NOK — | Norwegian Krone |
| NZD — | New Zealand Dollar |
| PEN — | Peruvian Nuevo Sol |
| PLN — | Polish Zloty |
| RON — | Romanian New Leu |
| SEK — | Swedish Krona |
| SGD — | Singapore Dollar |
| THB — | Thai Baht |
| TRY — | Turkish Lira |
| TWD — | Taiwan Dollar |
| ZAR — | South African Rand |

---

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |  |
| Common Stocks | 46.0 | % |
| Sovereign | 18.2 |  |
| Short-Term Investments | 15.4 |  |
| Other\* | 7.7 |  |
| Corporate Bonds | 7.6 |  |
| U.S. Treasury Securities | 5.1 |  |
| 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 $93,273,000 and net unrealized depreciation of approximately $213,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $448,000. Also does not include open swap agreements with net unrealized appreciation of approximately $6,413,000.

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Portfolio of Investments

High Yield Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Fixed Income Securities (97.0%)** |  |  |
| **Corporate Bonds (94.7%)** |  |  |
| **Basic Materials (5.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Cerdia Finanz GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 10/3/31 (a) | $600 | $623 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 12/1/27 (a) | 61 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 7/1/30 (a) | 322 | 333 |
| &nbsp;&nbsp;&nbsp;Eldorado Gold Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 9/1/29 (a) | 445 | 446 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 3/1/29 (a) | 400 | 425 |
| &nbsp;&nbsp;&nbsp;HB Fuller Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 10/15/28 | 260 | 252 |
| &nbsp;&nbsp;&nbsp;Herens Holdco SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 5/15/28 (a) | 490 | 440 |
| &nbsp;&nbsp;&nbsp;JW Aluminum Continuous Cast Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 4/1/30 (a) | 407 | 411 |
| &nbsp;&nbsp;&nbsp;Nufarm Australia Ltd./Nufarm Americas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/27/30 (a) | 132 | 122 |
| &nbsp;&nbsp;&nbsp;TMS International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 4/15/29 (a) | 315 | 300 |
|  |  | 3414 |
| **Communications (9.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Arches Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 12/1/28 (a) | 930 | 856 |
| &nbsp;&nbsp;&nbsp;C&W Senior Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 1/15/33 (a) | 200 | 205 |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/1/28 (a) | 305 | 306 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 2/1/31 (a) | 710 | 664 |
| &nbsp;&nbsp;&nbsp;Ciena Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 1/31/30 (a) | 190 | 180 |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 4/15/28 (a) | 370 | 350 |
| &nbsp;&nbsp;&nbsp;CMG Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 6/18/29 (a) | 113 | 107 |
| &nbsp;&nbsp;&nbsp;CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 2/1/28 (a) | 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/15/27 (a) | 430 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25%, 5/15/28 (a) | 200 | 199 |
| &nbsp;&nbsp;&nbsp;LCPR Senior Secured Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/15/27 (a) | 520 | 351 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 6/15/29 (a) | 450 | 422 |
| &nbsp;&nbsp;&nbsp;Midcontinent Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 8/15/32 (a) | 400 | 424 |
| &nbsp;&nbsp;&nbsp;Sable International Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 10/15/32 (a) | 200 | 201 |
| &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 12/31/32 (a) | 18 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 2/15/33 (a) | 294 | 297 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/1/29 (a) | 505 | 472 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/15/30 (a) | 455 | 425 |
|  |  | 6066 |
| **Consumer, Cyclical (21.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Allwyn Entertainment Financing U.K. PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 4/30/29 (a) | 245 | 256 |
| &nbsp;&nbsp;&nbsp;Ashton Woods USA LLC/Ashton Woods Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 8/1/29 - 4/1/30 (a) | 420 | 401 |
| &nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00% Cash, 10.75% PIK, 20.75%, 7/15/33 (a)(b)(c) | 760 | 790 |
| &nbsp;&nbsp;&nbsp;Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 2/15/30 (a) | 90 | 94 |
| &nbsp;&nbsp;&nbsp;Cougar JV Subsidiary LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 5/15/32 (a) | 280 | 299 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 8/15/31 (a) | 430 | 388 |
| &nbsp;&nbsp;&nbsp;Dealer Tire LLC/DT Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 2/1/28 (a) | 563 | 544 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 8/15/28 (a) | 205 | 214 |
| &nbsp;&nbsp;&nbsp;Evergreen Acqco 1 LP/TVI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 4/26/28 (a) | 379 | 397 |
| &nbsp;&nbsp;&nbsp;Everi Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/15/29 (a) | 265 | 268 |
| &nbsp;&nbsp;&nbsp;Ferrellgas LP/Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 4/1/29 (a) | 715 | 662 |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 11/7/33 | 200 | 208 |
| &nbsp;&nbsp;&nbsp;Foundation Building Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 3/1/29 (a) | 150 | 138 |
| &nbsp;&nbsp;&nbsp;Full House Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 2/15/28 (a) | 275 | 267 |
| &nbsp;&nbsp;&nbsp;Genting New York LLC/GENNY Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 10/1/29 (a) | 600 | 623 |
| &nbsp;&nbsp;&nbsp;Global Auto Holdings Ltd./AAG FH U.K. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.50%, 8/15/29 (a) | 400 | 392 |
| &nbsp;&nbsp;&nbsp;JB Poindexter & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 12/15/31 (a) | 585 | 596 |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 1/15/29 (a) | 6 | 5 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 5/15/28 (a) | 274 | 286 |
| &nbsp;&nbsp;&nbsp;Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/15/34 | 480 | 384 |
| &nbsp;&nbsp;&nbsp;Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 5/1/29 (a) | 535 | 516 |
| &nbsp;&nbsp;&nbsp;New Flyer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 7/1/30 (a) | 173 | 183 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Consumer, Cyclical (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;New Home Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 11/1/30 (a) | $135 | $138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/1/29 (a) | 565 | 586 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 5/1/29 (a) | 425 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/1/32 (a) | 125 | 125 |
| &nbsp;&nbsp;&nbsp;Real Hero Merger Sub 2, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 2/1/29 (a) | 680 | 492 |
| &nbsp;&nbsp;&nbsp;Specialty Building Products Holdings LLC/SBP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/15/29 (a) | 420 | 413 |
| &nbsp;&nbsp;&nbsp;Speedway Motorsports LLC/Speedway Funding II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/1/27 (a) | 715 | 710 |
| &nbsp;&nbsp;&nbsp;STL Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 2/15/29 (a) | 400 | 419 |
| &nbsp;&nbsp;&nbsp;Superior Plus LP/Superior General Partner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 3/15/29 (a) | 460 | 443 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/29 (a) | 555 | 521 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 7/15/30 (a) | 319 | 324 |
| &nbsp;&nbsp;&nbsp;VistaJet Malta Finance PLC/Vista Management Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 2/1/30 (a) | 360 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 6/1/28 (a) | 470 | 483 |
| &nbsp;&nbsp;&nbsp;Voyager Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 7/1/32 (a) | 521 | 542 |
| &nbsp;&nbsp;&nbsp;White Cap Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/15/28 (a) | 415 | 415 |
|  |  | 14273 |
| **Consumer, Non-Cyclical (15.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;AHP Health Partners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 7/15/29 (a) | 532 | 519 |
| &nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC/Allied Universal Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 6/1/29 (a) | 595 | 579 |
| &nbsp;&nbsp;&nbsp;Alta Equipment Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 6/1/29 (a) | 220 | 205 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/29 (a) | 300 | 278 |
| &nbsp;&nbsp;&nbsp;APi Group DE, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 7/15/29 (a) | 205 | 196 |
| &nbsp;&nbsp;&nbsp;Chobani Holdco II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75% Cash, 9.50% PIK, 18.25%, 10/1/29 (a)(c) | 503 | 540 |
| &nbsp;&nbsp;&nbsp;EquipmentShare.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 5/15/28 (a) | 160 | 169 |
| &nbsp;&nbsp;&nbsp;Esc Cb National Cineme |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 8/15/26 (d)(e)(f) | 600 |  |
| &nbsp;&nbsp;&nbsp;Fiesta Purchaser, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 9/15/32 (a) | 220 | 233 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 7/1/30 (a) | 134 | 121 |
| &nbsp;&nbsp;&nbsp;Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 8/1/32 (a) | 255 | 262 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/1/29 (a) | 200 | 195 |
| &nbsp;&nbsp;&nbsp;Heartland Dental LLC/Heartland Dental Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 4/30/28 (a) | 554 | 586 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/15/31 (a) | 465 | 435 |
| &nbsp;&nbsp;&nbsp;LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 1/15/29 (a) | 288 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 8/15/30 (a) | 145 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 6/1/32 (a) | 200 | 207 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 11/15/30 - 5/15/32 (a) | 247 | 226 |
| &nbsp;&nbsp;&nbsp;NESCO Holdings II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/15/29 (a) | 535 | 522 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/31/29 (a) | 360 | 347 |
| &nbsp;&nbsp;&nbsp;OT Midco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 2/15/30 (a) | 200 | 155 |
| &nbsp;&nbsp;&nbsp;P&L Development LLC/PLD Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00% Cash, 3.50% PIK, 12.50%, 5/15/29 (a)(c) | 479 | 486 |
| &nbsp;&nbsp;&nbsp;Primo Water Holdings, Inc./Triton Water Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 4/1/29 (a) | 325 | 327 |
| &nbsp;&nbsp;&nbsp;Signal Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 4/1/29 (a) | 350 | 141 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 3/15/31 (a) | 205 | 165 |
| &nbsp;&nbsp;&nbsp;Surgery Center Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 4/15/32 (a) | 405 | 413 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 3/1/29 (a) | 535 | 503 |
| &nbsp;&nbsp;&nbsp;U.S. Acute Care Solutions LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 5/15/29 (a) | 495 | 511 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 10/15/27 (a) | 218 | 221 |
| &nbsp;&nbsp;&nbsp;Viking Baked Goods Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 11/1/31 (a) | 120 | 118 |
| &nbsp;&nbsp;&nbsp;VM Consolidated, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/15/29 (a) | 340 | 334 |
| &nbsp;&nbsp;&nbsp;VT Topco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 8/15/30 (a) | 370 | 390 |
| &nbsp;&nbsp;&nbsp;WASH Multifamily Acquisition, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 4/15/26 (a) | 395 | 394 |
|  |  | 10204 |
| **Energy (10.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Aris Water Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 4/1/30 (a) | 467 | 482 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Energy (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Blue Racer Midstream LLC/Blue Racer Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 7/15/32 (a) | $245 | $260 |
| &nbsp;&nbsp;&nbsp;CNX Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 4/15/30 (a) | 415 | 393 |
| &nbsp;&nbsp;&nbsp;Global Partners LP/GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 1/15/29 | 355 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 7/1/33 (a) | 79 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 1/15/32 (a) | 245 | 258 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 2/15/29 (a) | 235 | 243 |
| &nbsp;&nbsp;&nbsp;Kraken Oil & Gas Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 8/15/29 (a) | 450 | 442 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 12/1/32 (a) | 330 | 333 |
| &nbsp;&nbsp;&nbsp;Martin Midstream Partners LP/Martin Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.50%, 2/15/28 (a) | 440 | 464 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 4/15/33 (a) | 495 | 493 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 2/1/28 | 375 | 378 |
| &nbsp;&nbsp;&nbsp;Prairie Acquiror LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 8/1/29 (a) | 190 | 198 |
| &nbsp;&nbsp;&nbsp;Sitio Royalties Operating Partnership LP/Sitio Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 11/1/28 (a) | 265 | 278 |
| &nbsp;&nbsp;&nbsp;Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/31/30 (a) | 450 | 442 |
| &nbsp;&nbsp;&nbsp;Vermilion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 5/1/30 (a) | 430 | 414 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 4/15/32 (a) | 368 | 315 |
| &nbsp;&nbsp;&nbsp;XPLR Infrastructure LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/15/25 (a) | 810 | 791 |
|  |  | 6625 |
| **Finance (8.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;AmWINS Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 6/30/29 (a) | 185 | 180 |
| &nbsp;&nbsp;&nbsp;Azorra Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 1/15/31 (a)(b) | 136 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 4/15/30 (a) | 495 | 517 |
| &nbsp;&nbsp;&nbsp;Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 9/15/31 (a) | 375 | 383 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc./Global Net Lease Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/15/27 (a) | 425 | 407 |
| &nbsp;&nbsp;&nbsp;Greystar Real Estate Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 9/1/30 (a) | 115 | 122 |
| &nbsp;&nbsp;&nbsp;HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 9/15/30 (a) | 560 | 514 |
| &nbsp;&nbsp;&nbsp;Hightower Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 4/15/29 (a) | 205 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 1/31/30 (a) | 210 | 224 |
| &nbsp;&nbsp;&nbsp;Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 5/15/27 | 165 | 160 |
| &nbsp;&nbsp;&nbsp;Jefferies Finance LLC/JFIN Co-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/15/28 (a) | 560 | 542 |
| &nbsp;&nbsp;&nbsp;Jefferson Capital Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/15/26 (a) | 239 | 238 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 12/15/26 | 175 | 166 |
| &nbsp;&nbsp;&nbsp;Phoenix Aviation Capital Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 7/15/30 (a) | 446 | 462 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 3/1/31 (a) | 295 | 309 |
| &nbsp;&nbsp;&nbsp;TrueNoord Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 3/1/30 (a) | 130 | 135 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 4/1/33 (a) | 440 | 453 |
| &nbsp;&nbsp;&nbsp;XHR LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 6/1/29 (a) | 510 | 495 |
|  |  | 5650 |
| **Industrials (16.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;AAR Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 3/15/29 (a) | 240 | 249 |
| &nbsp;&nbsp;&nbsp;AmeriTex HoldCo Intermediate LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 10/15/28 (a) | 427 | 453 |
| &nbsp;&nbsp;&nbsp;Artera Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 2/15/31 (a) | 385 | 321 |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 6/1/31 (a) | 385 | 357 |
| &nbsp;&nbsp;&nbsp;Brundage-Bone Concrete Pumping Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 2/1/32 (a) | 383 | 380 |
| &nbsp;&nbsp;&nbsp;Calderys Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25%, 6/1/28 (a) | 400 | 425 |
| &nbsp;&nbsp;&nbsp;Carriage Purchaser, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 10/15/29 (a) | 410 | 365 |
| &nbsp;&nbsp;&nbsp;Coherent Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/29 (a) | 205 | 201 |
| &nbsp;&nbsp;&nbsp;CP Atlas Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/1/28 (a) | 464 | 430 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 4/15/29 (a) | 450 | 438 |
| &nbsp;&nbsp;&nbsp;EnerSys |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 12/15/27 (a) | 395 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 1/15/32 (a) | 69 | 71 |
| &nbsp;&nbsp;&nbsp;Enpro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 6/1/33 (a) | 470 | 482 |
| &nbsp;&nbsp;&nbsp;Enviri Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 7/31/27 (a) | 846 | 836 |
| &nbsp;&nbsp;&nbsp;Esab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 4/15/29 (a) | 130 | 133 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Industrials (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Goat Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 2/1/32 (a) | $300 | $305 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 6/1/29 (a) | 675 | 649 |
| &nbsp;&nbsp;&nbsp;Moog, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 12/15/27 (a) | 215 | 210 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 6/15/29 (a) | 230 | 221 |
| &nbsp;&nbsp;&nbsp;New Enterprise Stone & Lime Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 7/15/28 (a) | 407 | 408 |
| &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 3/1/32 (a) | 211 | 217 |
| &nbsp;&nbsp;&nbsp;Reworld Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 12/1/29 (a) | 270 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/30 | 165 | 156 |
| &nbsp;&nbsp;&nbsp;Seaspan Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 8/1/29 (a) | 450 | 428 |
| &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 3/15/32 (a) | 480 | 509 |
| &nbsp;&nbsp;&nbsp;Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 5/15/30 (a) | 450 | 460 |
| &nbsp;&nbsp;&nbsp;Trident TPI Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.75%, 12/31/28 (a) | 205 | 218 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 4/15/29 (a) | 635 | 604 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/29 (a) | 215 | 206 |
| &nbsp;&nbsp;&nbsp;Waste Pro USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 2/1/33 (a) | 470 | 489 |
| &nbsp;&nbsp;&nbsp;Watco Cos. LLC/Watco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 8/1/32 (a) | 295 | 309 |
|  |  | 11177 |
| **Technology (4.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;AthenaHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 2/15/30 (a) | 450 | 443 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 6/15/33 (a) | 175 | 181 |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 9/30/29 (a) | 430 | 446 |
| &nbsp;&nbsp;&nbsp;Dye & Durham Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 4/15/29 (a) | 445 | 466 |
| &nbsp;&nbsp;&nbsp;Ellucian Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 12/1/29 (a) | 387 | 397 |
| &nbsp;&nbsp;&nbsp;Playtika Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 3/15/29 (a) | 390 | 354 |
| &nbsp;&nbsp;&nbsp;Rackspace Technology Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/1/28 (a) | 340 | 82 |
| &nbsp;&nbsp;&nbsp;Rocket Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 2/15/29 (a) | 297 | 288 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 4/1/28 (a) | 410 | 404 |
|  |  | 3061 |
| **Utilities (3.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Atlantica Sustainable Infrastructure Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 6/15/28 (a) | 444 | 425 |
| &nbsp;&nbsp;&nbsp;Leeward Renewable Energy Operations LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 7/1/29 (a) | 791 | 739 |
| &nbsp;&nbsp;&nbsp;Pattern Energy Operations LP/Pattern Energy Operations, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 8/15/28 (a) | 550 | 533 |
| &nbsp;&nbsp;&nbsp;Pike Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 1/31/31 (a) | 125 | 136 |
| &nbsp;&nbsp;&nbsp;TransAlta Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 3/15/40 | 195 | 189 |
|  |  | 2022 |
|  |  | 62492 |
| **Senior Loan Interests (2.3%)** |  |  |
| **Consumer, Cyclical (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 5.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.83%, 5/23/29 (g) | 455 | 463 |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 3.25%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.81%, 3/3/28 (g) | 475 | 439 |
|  |  | 902 |
| **Industrials (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;IRIS Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 4.75%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 6/28/28 (g) | 592 | 577 |
|  |  | 1479 |
| &nbsp;&nbsp;&nbsp;**Total Fixed Income Securities (Cost $62,895)** |  | 63971 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Common Stocks (0.0%)‡** |  |  |
| **Automobile Components (0.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Exide Technologies (f)(h) | 592 |  |
| **Diversified REITs (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;American Gilsonite Co. (h) | 500 | 4 |
| **Machinery (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Iracore Investment Holdings, Inc., Class A (f)(h) | 470 | 17 |
| **Semiconductors & Semiconductor Equipment (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;UC Holdings, Inc. (h) | 2826 | 19 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $151)** |  | 40 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Short-Term Investment (1.9%)** |  | |
| **Investment Company (1.9%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.25% (i) **(Cost $1,247)** | 1247262 | $1247 |
| **Total Investments (98.9%) (Cost $64,293) (j)(k)** |  | 65258 |
| **Other Assets in Excess of Liabilities (1.1%)** |  | 717 |
| **Net Assets (100.0%)** |  | $65975 |

---

---

| | |
|:---|:---|
| ‡ | Amount is less than 0.05%. |
| (a) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (b) | When-issued security. |
| (c) | Income may be paid in additional securities and/or cash at the discretion of the issuer. |
| (d) | Issuer in bankruptcy. |
| (e) | Non-income producing security; bond in default. |
| (f) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (g) | Floating or variable rate securities: The rates disclosed are as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments. |
| (h) | Non-income producing security. |
| (i) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended June 30, 2025, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Fund. |
| (j) | Securities are available for collateral in connection with purchase of when-issued securities. |
| (k) | At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,970,000 and the aggregate gross unrealized depreciation is approximately $1,005,000, resulting in net unrealized appreciation of approximately $965,000. |
| DAC | Designated Activity Company. |
| PIK | Payment-in-Kind. |
| SOFR | Secured Overnight Financing Rate. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Consumer, Cyclical | 23.3% |
| Industrials | 18.0 |
| Consumer, Non-Cyclical | 15.6 |
| Energy | 10.1 |
| Other\* | 9.8 |
| Communications | 9.3 |
| Finance | 8.7 |
| Basic Materials | 5.2 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Portfolio of Investments

Ultra-Short Income Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Certificates of Deposit (5.1%)** |  |  |
| **International Banks (5.1%)** |  |  |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp; 4.44%, 7/10/26 | $80000 | $80114 |
| Credit Industriel ET Commercial SA |  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 11/26/25 | 115000 | 112957 |
| Deutsche Bank AG, |  |  |
| &nbsp;&nbsp;&nbsp;4.59%, 7/2/25 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;4.69%, 12/1/25 | 75000 | 75032 |
| National Bank of Kuwait, |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, 4/1/26 | 20250 | 20245 |
| &nbsp;&nbsp;&nbsp;4.60%, 9/18/25 | 40000 | 40001 |
| &nbsp;&nbsp;&nbsp;4.63%, 12/3/25 | 80000 | 79992 |
| &nbsp;&nbsp;&nbsp;4.79%, 12/5/25 | 100000 | 100014 |
| &nbsp;&nbsp;&nbsp;4.85%, 12/24/25 | 50000 | 50038 |
| Qatar National Bank, |  |  |
| &nbsp;&nbsp;&nbsp;4.62%, 1/13/26 | 90000 | 87860 |
| &nbsp;&nbsp;&nbsp;4.66%, 10/28/25 | 40000 | 39411 |
| &nbsp;&nbsp;&nbsp;**Total Certificates of Deposit (Cost $735,321)** |  | 735664 |
| **Commercial Paper (a) (18.5%)** |  |  |
| **Automobiles (0.1%)** |  |  |
| Toyota Credit de Puerto Rico Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.47%, 11/28/25 | 10000 | 9817 |
| **Basic Materials (1.0%)** |  |  |
| EI Du Pont De Nemours & Co., |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, 12/5/25 (b) | 10000 | 9806 |
| &nbsp;&nbsp;&nbsp;4.74%, 8/15/25 | 41000 | 40759 |
| Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.65%, 10/31/25 | 100000 | 98438 |
|  |  | 149003 |
| **Diversified Financial Services (1.0%)** |  |  |
| Brookfield Infrastructure Holdings Canada, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.91%, 12/3/25 - 12/4/25 | 142000 | 139035 |
| **Domestic Banks (4.2%)** |  |  |
| HSBC USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 3/5/26 | 50000 | 48523 |
| &nbsp;&nbsp;&nbsp;4.54%, 6/3/26 | 40000 | 38433 |
| &nbsp;&nbsp;&nbsp;4.57%, 5/14/26 | 35000 | 33702 |
| &nbsp;&nbsp;&nbsp;4.71%, 1/15/26 | 130000 | 126863 |
| &nbsp;&nbsp;&nbsp;4.79%, 1/27/26 | 25000 | 24364 |
| &nbsp;&nbsp;&nbsp;4.82%, 12/12/25 | 100000 | 97973 |
| &nbsp;&nbsp;&nbsp;4.88%, 12/5/25 (b) | 69000 | 67657 |
| &nbsp;&nbsp;&nbsp;5.39%, 8/1/25 | 4000 | 3984 |
| &nbsp;&nbsp;&nbsp;5.46%, 7/30/25 | 60000 | 59778 |
| &nbsp;&nbsp;&nbsp;5.57%, 7/15/25 - 7/23/25 (b) | 107000 | 106769 |
|  |  | 608046 |
| **Energy (1.4%)** |  |  |
| Total Energies Capital SA |  |  |
| &nbsp;&nbsp;&nbsp; 4.37%, 7/8/25 | 200000 | 199806 |
| **Finance (3.1%)** |  |  |
| Barclays Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.67%, 1/30/26 | 100000 | 97477 |
| &nbsp;&nbsp;&nbsp;4.74%, 10/28/25 | 100000 | 98543 |
| &nbsp;&nbsp;&nbsp;4.80%, 11/5/25 | 97500 | 95989 |
| &nbsp;&nbsp;&nbsp;4.85%, 11/20/25 | 70000 | 68793 |
| &nbsp;&nbsp;&nbsp;5.32%, 7/15/25 | 75000 | 74863 |
| &nbsp;&nbsp;&nbsp;5.36%, 7/22/25 | 7000 | 6981 |
|  |  | 442646 |
| **Health Care Services (0.3%)** |  |  |
| Catholic Health Initiatives |  |  |
| &nbsp;&nbsp;&nbsp;4.61%, 9/3/25 | 39700 | 39346 |
| **Industrials (1.2%)** |  |  |
| Parker-hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.65%, 10/21/25 | 2000 | 1972 |
| St. Engineering NA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.37%, 7/2/25 | 82000 | 81980 |
| STE TransCore Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.36%, 7/2/25 | 49000 | 48988 |
| &nbsp;&nbsp;&nbsp;4.37%, 7/1/25 | 40000 | 39995 |
|  |  | 172935 |
| **Insurance (0.5%)** |  |  |
| Pricoa Short Term Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;4.38%, 4/14/26 | 50000 | 48353 |
| &nbsp;&nbsp;&nbsp;4.55%, 10/21/25 | 27500 | 27123 |
|  |  | 75476 |
| **International Banks (5.7%)** |  |  |
| Barclays Bank U.K. PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.35%, 7/2/25 | 100000 | 99976 |
| Danske Bank AS |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, 1/13/26 | 100000 | 97661 |
| Federation des Caisses Desjardins du Quebec |  |  |
| &nbsp;&nbsp;&nbsp;4.35%, 7/2/25 | 75000 | 74982 |
| First Abu Dhabi Bank PJSC |  |  |
| &nbsp;&nbsp;&nbsp;4.54%, 10/21/25 | 140000 | 138075 |
| Macquarie Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 1/13/26 | 75000 | 73242 |
| Macquarie Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;4.57%, 10/10/25 | 100000 | 98740 |
| &nbsp;&nbsp;&nbsp;4.60%, 9/16/25 | 90000 | 89129 |
| Norddeutsche Landesbank Girozentra |  |  |
| &nbsp;&nbsp;&nbsp;4.54%, 5/28/26 (b) | 145000 | 139464 |
|  |  | 811269 |
| &nbsp;&nbsp;&nbsp;**Total Commercial Paper (Cost $2,646,425)** |  | 2647379 |
| **Corporate Bonds (24.2%)** |  |  |
| **Automobiles (3.5%)** |  |  |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, 1/9/26 | 58675 | 58811 |
| BMW U.S. Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;2.80%, 4/11/26 (b) | 8000 | 7902 |
| &nbsp;&nbsp;&nbsp;5.30%, 8/11/25 (b) | 4100 | 4103 |
| General Motors Financial Co. Inc., |  |  |
| &nbsp;&nbsp;&nbsp;1.25%, 1/8/26 | 12226 | 12003 |
| &nbsp;&nbsp;&nbsp;1.50%, 6/10/26 | 1000 | 971 |
| &nbsp;&nbsp;&nbsp;4.30%, 7/13/25 | 4967 | 4966 |
| &nbsp;&nbsp;&nbsp;5.25%, 3/1/26 | 3206 | 3212 |
| &nbsp;&nbsp;&nbsp;6.05%, 10/10/25 | 4424 | 4439 |
| Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;1.30%, 1/8/26 (b) | 35887 | 35268 |
| &nbsp;&nbsp;&nbsp;1.80%, 10/15/25 (b) | 13837 | 13722 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount <br> (000)** | **Value<br> (000)** |
| **Corporate Bonds (cont'd)** |  |  |
| **Automobiles (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;5.45%, 6/24/26 (b) | $6360 | $6412 |
| &nbsp;&nbsp;&nbsp;5.50%, 3/30/26 (b) | 67319 | 67746 |
| &nbsp;&nbsp;&nbsp;6.00%, 7/11/25 (b) | 12713 | 12717 |
| &nbsp;&nbsp;&nbsp;6.25%, 11/3/25 (b) | 6300 | 6326 |
| Hyundai Capital Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.25%, 2/8/26 (b) | 1100 | 1078 |
| Volkswagen Group of America Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;1.25%, 11/24/25 (b) | 47576 | 46932 |
| &nbsp;&nbsp;&nbsp;4.63%, 11/13/25 (b) | 18410 | 18397 |
| &nbsp;&nbsp;&nbsp;5.40%, 3/20/26 (b) | 6200 | 6230 |
| &nbsp;&nbsp;&nbsp;5.80%, 9/12/25 (b) | 191455 | 191742 |
|  |  | 502977 |
| **Automobiles Manufacturing (0.4%)** |  |  |
| Daimler Truck Finance North America LLC, |  |  |
| &nbsp;&nbsp;&nbsp;5.15%, 1/16/26 (b) | 9325 | 9354 |
| &nbsp;&nbsp;&nbsp;5.60%, 8/8/25 (b) | 10398 | 10409 |
| Mercedes-Benz Finance North America LLC, |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 8/3/25 (b) | 3000 | 2997 |
| &nbsp;&nbsp;&nbsp;4.80%, 3/30/26 (b) | 13001 | 13038 |
| &nbsp;&nbsp;&nbsp;5.38%, 11/26/25 (b) | 13940 | 13977 |
|  |  | 49775 |
| **Communications (0.2%)** |  |  |
| T-Mobile USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 2/15/26 | 26060 | 25553 |
| &nbsp;&nbsp;&nbsp;2.25%, 2/15/26 | 6719 | 6619 |
|  |  | 32172 |
| **Computer Technology (0.0%)‡** |  |  |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.80%, 11/10/25 | 1000 | 1004 |
| **Consumer, Non-Cyclical (3.0%)** |  |  |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, 5/14/26 | 127151 | 125966 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 1/15/26 | 5290 | 5291 |
| Mondelez International Holdings Netherlands BV |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 9/15/25 (b) | 1425 | 1424 |
| Pfizer Investment Enterprises Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, 5/19/26 | 182639 | 182877 |
| Pfizer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 6/3/26 | 113388 | 111898 |
|  |  | 427456 |
| **Domestic Banks (2.1%)** |  |  |
| Bank of America Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 4/19/26 | 39129 | 38865 |
| JP Morgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.90%, 7/15/25 | 11157 | 11153 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 4/22/26 | 258254 | 255451 |
|  |  | 305469 |
| **Finance (1.6%)** |  |  |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, 5/1/26 | 215278 | 213679 |
| &nbsp;&nbsp;&nbsp;3.70%, 1/12/26 | 12000 | 11959 |
|  |  | 225638 |
| **Health Care Services (0.3%)** |  |  |
| CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;1.55%, 10/1/25 | 43778 | 43427 |
| **Insurance (1.4%)** |  |  |
| Athene Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp;1.61%, 6/29/26 (b) | 7831 | 7618 |
| &nbsp;&nbsp;&nbsp;5.62%, 5/8/26 (b) | 41273 | 41651 |
| &nbsp;&nbsp;&nbsp;5.68%, 2/23/26 (b) | 128343 | 129247 |
| Equitable Financial Life Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp;1.40%, 7/7/25 (b) | 9189 | 9184 |
| &nbsp;&nbsp;&nbsp;4.67%, 1/9/26 (b) | 1012 | 994 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/2/25 (b) | 9058 | 9095 |
| Pricoa Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;0.80%, 9/1/25 (b) | 4662 | 4632 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 3/10/26 | 4000 | 3925 |
|  |  | 206346 |
| **International Banks (11.7%)** |  |  |
| Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;5.30%, 6/5/26 | 53500 | 53972 |
| Bank of Nova Scotia, |  |  |
| &nbsp;&nbsp;&nbsp;1.05%, 3/2/26 | 2805 | 2744 |
| &nbsp;&nbsp;&nbsp;1.35%, 6/24/26 | 23500 | 22836 |
| &nbsp;&nbsp;&nbsp;4.75%, 2/2/26 | 17257 | 17299 |
| Banque Federative du Credit Mutuel SA, |  |  |
| &nbsp;&nbsp;&nbsp;4.52%, 7/13/25 (b) | 6558 | 6557 |
| &nbsp;&nbsp;&nbsp;4.94%, 1/26/26 (b) | 65068 | 65244 |
| &nbsp;&nbsp;&nbsp;5.90%, 7/13/26 (b) | 6550 | 6651 |
| BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;4.71%, 1/20/26 (b) | 30193 | 29618 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;1.25%, 6/22/26 | 42477 | 41234 |
| Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;5.59%, 7/5/26 (b) | 27680 | 28017 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.30%, 3/8/26 | 10000 | 9993 |
| Macquarie Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.21%, 6/15/26 (b) | 16900 | 17057 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, 4/5/26 | 57754 | 57896 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;0.88%, 1/20/26 | 20000 | 19615 |
| Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;1.38%, 7/8/25 (b) | 1040 | 1039 |
| Sumitomo Mitsui Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;0.95%, 1/12/26 | 21260 | 20864 |
| &nbsp;&nbsp;&nbsp;1.47%, 7/8/25 | 315566 | 315378 |
| &nbsp;&nbsp;&nbsp;2.63%, 7/14/26 | 54538 | 53604 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value <br> (000)** |
| **Corporate Bonds (cont'd)** |  |  |
| **International Banks (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;3.78%, 3/9/26 | $66971 | $66753 |
| &nbsp;&nbsp;&nbsp;5.46%, 1/13/26 | 52659 | 52929 |
| Sumitomo Mitsui Trust Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;1.55%, 3/25/26 (b) | 13243 | 12976 |
| &nbsp;&nbsp;&nbsp;5.65%, 3/9/26 (b) | 3750 | 3782 |
| Swedbank AB |  |  |
| &nbsp;&nbsp;&nbsp;5.47%, 6/15/26 (b) | 15332 | 15492 |
| Toronto-Dominion Bank, |  |  |
| &nbsp;&nbsp;&nbsp;1.20%, 6/3/26 | 46243 | 44948 |
| &nbsp;&nbsp;&nbsp;5.10%, 1/9/26 | 17903 | 17960 |
| &nbsp;&nbsp;&nbsp;5.53%, 7/17/26 | 32555 | 32964 |
| &nbsp;&nbsp;&nbsp;0.75%, 1/6/26 | 15663 | 15369 |
| UBS AG London |  |  |
| &nbsp;&nbsp;&nbsp;1.25%, 6/1/26 | 11875 | 11545 |
| UBS Group AG, |  |  |
| &nbsp;&nbsp;&nbsp;4.13%, 9/24/25 - 4/15/26 (b) | 404716 | 403855 |
| &nbsp;&nbsp;&nbsp;4.55%, 4/17/26 | 225567 | 225639 |
|  |  | 1673830 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds (Cost $3,466,911)** |  | 3468094 |
| **Floating Rate Notes (c) (32.2%)** |  |  |
| **Asset-Backed Diversified Financial Services (5.9%)** |  |  |
| Bay Square Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.38%, 4.77%, 9/11/25 (b) | 35000 | 35015 |
| Chariot Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.45%, 4.85%, 12/11/25 (b) | 75000 | 75032 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.47%, 4.87%, 12/15/25 - 12/16/25 (b) | 475000 | 475241 |
| Collateralized Commercial Paper Flex, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.47%, 4.86%, 12/19/25 - 12/22/25 (b) | 105000 | 105054 |
| Paradelle Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.40%, 4.79%, 12/22/25 (b) | 150000 | 150104 |
|  |  | 840446 |
| **Automobiles (1.6%)** |  |  |
| American Honda Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.60%, 5.03%, 8/14/25 | 10008 | 10013 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.65%, 5.05%, 7/15/26 | 225000 | 225077 |
|  |  | 235090 |
| **Diversified Financial Services (3.2%)** |  |  |
| CDP Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.30%, 4.70%, 5/27/26 (b) | 20000 | 20002 |
| Mizuho Markets Cayman LP, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.50%, 4.86%, 9/23/25 (b) | 20000 | 20016 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.53%, 4.89%, 1/9/26 (b) | 141000 | 141092 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.60%, 4.97%, 11/28/25 | 125000 | 125118 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.60%, 5.05%, 10/6/25 (b) | 150000 | 150132 |
|  |  | 456360 |
| **Domestic Banks (0.8%)** |  |  |
| Bank of America Securities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.79%, 12/2/25 | 50000 | 50037 |
| Truist Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.46%, 4.26%, 7/28/26 | 65940 | 65915 |
|  |  | 115952 |
| **Finance (4.3%)** |  |  |
| Bayerische Landesbank, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.39%, 4.79%, 1/28/26 | 128000 | 128125 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.41%, 4.81%, 2/5/26 - 2/6/26 | 250000 | 250252 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.53%, 4.93%, 4/29/26 - 5/5/26 | 144000 | 144284 |
| Citigroup Global Markets, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.39%, 4.79%, 11/24/25 (b) | 85000 | 85058 |
|  |  | 607719 |
| **Insurance (5.0%)** |  |  |
| Athene Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.67%, 5.10%, 2/6/26 (b) | 277000 | 277248 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.85%, 5.29%, 5/8/26 (b) | 34000 | 34108 |
| Equitable Financial Life Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.47%, 4.92%, 2/4/26 (b) | 249500 | 249570 |
| New York Life Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.35%, 4.79%, 7/31/26 (b) | 160000 | 160000 |
|  |  | 720926 |
| **International Banks (11.4%)** |  |  |
| ASB Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.30%, 4.70%, 3/10/26 (b) | 5000 | 5000 |
| Banco Santander SA, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.37%, 4.77%, 5/22/26 | 236000 | 236120 |
| Bank of Montreal, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.95%, 5.35%, 9/25/25 | 20388 | 20421 |
| Deutsche Bank AG, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.41%, 4.84%, 2/13/26 | 100000 | 100089 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.41%, 4.86%, 1/7/26 | 150000 | 150125 |
| Macquarie Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.22%, 4.62%, 9/17/25 (b) | 90000 | 90015 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.40%, 4.80%, 12/11/25 (b) | 110000 | 110089 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.43%, 4.83%, 1/13/26 (b) | 150000 | 150151 |
| Mizuho Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.35%, 4.75%, 1/30/26 | 50000 | 50028 |
| National Bank of Canada, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.30%, 4.69%, 2/27/26 (b) | 80000 | 80014 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.33%, 4.72%, 2/6/26 (b) | 150000 | 150022 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.35%, 4.74%, 6/4/26 (b) | 135000 | 135014 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.36%, 4.75%, 5/13/26 - 5/15/26 (b) | 300000 | 300076 |
| Societe Generale SA, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.37%, 4.76%, 8/4/25 (b) | 16950 | 16954 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.38%, 4.77%, 8/14/25 (b) | 38500 | 38513 |
|  |  | 1632631 |
| &nbsp;&nbsp;&nbsp;**Total Floating Rate Notes (Cost $4,606,395)** |  | 4609124 |
| **Repurchase Agreements (21.3%)** |  |  |
| Bank of America Securities, Inc., (4.96% (c), dated 6/30/25, due 9/29/25; proceeds $227,781; fully collateralized by various Common Stocks and Preferred Stocks; valued at $236,250) (Demand 7/1/25) (d) | 225000 | 225000 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

---

| | | |
|:---|:---|:---|
|  | **Face <br> Amount <br> (000)** | **Value <br> (000)** |
| **Repurchase Agreements (cont'd)** |  |  |
| Bank of Nova Scotia, (4.45%, dated 6/30/25, due 7/1/25; proceeds $155,019; fully collateralized by various Common Stocks; valued at $162,751) (d) | $155000 | $155000 |
| Bank of Nova Scotia, (4.44%, dated 6/30/25, due 7/1/25; proceeds $472,058; fully collateralized by various Corporate Bonds, 0.55% - 8.25% due 10/1/25 - 5/15/55; valued at $495,600) | 472000 | 472000 |
| Barclays Bank PLC, (4.41%, dated 6/30/25, due 7/1/25; proceeds $125,015; fully collateralized by various Corporate Bonds, 1.15% - 8.00% due 7/15/25 - 9/15/63; valued at $131,266) | 125000 | 125000 |
| BNP Paribas Prime Brokerage, Inc., (4.45%, dated 6/30/25, due 7/1/25; proceeds $416,051; fully collateralized by various Common Stocks and Preferred Stocks; valued at $436,854) (d) | 416000 | 416000 |
| BNP Paribas SA, (4.54% (c), dated 6/29/22, due 7/7/25; proceeds $262,022; fully collateralized by various Corporate Bonds, 3.88% - 13.50% due 5/1/26 - 4/1/46; valued at $243,800) (Demand 7/1/25) (d) | 230000 | 230000 |
| ING Financial Markets LLC, (4.40%, dated 6/30/25, due 7/1/25; proceeds $31,004; fully collateralized by various Corporate Bonds, 4.75% - 4.88% due 6/25/27 - 1/17/28; valued at $32,551) | 31000 | 31000 |
| JP Morgan Securities LLC, (4.58% (c), dated 11/17/21, due 7/7/25; proceeds $81,827; fully collateralized by various Convertible Bonds 1.38% - 5.75% due 11/30/30 - 6/1/54, Common Stocks and Preferred Stocks; valued at $74,878) (Demand 7/1/25) (d) | 70000 | 70000 |
| JP Morgan Securities LLC, (4.78% (c), dated 5/1/25, due 9/29/25; proceeds $295,814; fully collateralized by various Corporate Bonds, 3.50% - 10.75% due 12/15/25 - 12/21/65; valued at $308,571) (Demand 7/1/25) (d) | 290000 | 290000 |
| JP Morgan Securities LLC, (4.78% (c), dated 12/17/24, due 12/17/25; proceeds $104,846; fully collateralized by various Corporate Bonds, 4.60% - 12.75% due 3/15/26 - 5/15/50; valued at $106,183) (Demand 7/1/25) (d) | 100000 | 100000 |
| Mizuho Securities USA LLC, (4.66%, dated 6/18/25, due 9/17/25; proceeds $75,883; fully collateralized by various Corporate Bonds, 2.50% - 11.75% due 5/23/26 - 1/15/84; valued at $79,471) (d) | 75000 | 75000 |
| MUFG Securities Americas, Inc., (4.83% (c), dated 12/13/24, due 12/12/25; proceeds $78,663; fully collateralized by various Common Stocks; valued at $80,789) (Demand 7/1/25) (d) | 75000 | 75000 |
| MUFG Securities Americas, Inc., (4.39%, dated 6/30/25, due 7/1/25; proceeds $26,003; fully collateralized by various Common Stocks; valued at $27,303) (d) | 26000 | 26000 |
| MUFG Securities Americas, Inc., (4.38%, dated 6/30/25, due 7/1/25; proceeds $15,002; fully collateralized by various Corporate Bonds, 4.15% - 7.75% due 11/8/26 - 11/1/52; valued at $15,752) | 15000 | 15000 |
| Pershing LLC, (4.65%, dated 6/30/25, due 7/1/25; proceeds $25,003; fully collateralized by various Corporate Bonds, 3.50% - 10.25% due 1/9/26 - 12/31/79 and a U.S. Government obligation, 1.75% due 8/15/41; valued at $26,429) (d) | 25000 | 25000 |
| RBC Capital Markets LLC, (4.42%, dated 6/24/25, due 7/1/25; proceeds $216,186; fully collateralized by various Corporate Bonds, 1.25% - 7.13% due 7/7/26 - 1/28/85; valued at $226,800) (d) | 216000 | 216000 |
| Societe Generale SA, (4.48%, dated 6/30/25, due 7/1/25; proceeds $109,014; fully collateralized by various Corporate Bonds, 3.52% - 10.25% due 9/17/25 - 3/16/33; valued at $115,555) | 109000 | 109000 |
| TD Securities USA LLC, (4.40%, dated 6/30/25, due 7/1/25; proceeds $329,040; fully collateralized by various Corporate Bonds, 1.38% - 6.60% due 12/15/25 - 6/1/53; valued at $345,451) | 329000 | 329000 |
| Wells Fargo Securities LLC, (4.63%, dated 6/16/25, due 9/12/25; proceeds $75,849; fully collateralized by various Corporate Bonds, 3.60% - 7.15% due 4/15/26 - 2/25/55; valued at $78,751) | 75000 | 75000 |
| &nbsp;&nbsp;&nbsp;**Total Repurchase Agreements (Cost $3,059,000)** |  | 3059000 |
| **Total Investments (101.3%) (Cost $14,514,052) (e)** |  | 14519261 |
| **Liabilities in Excess of Other Assets (–1.3%)** |  | (188161) |
| **Net Assets (100.0%)** |  | $14331100 |

---

‡ Amount is less than 0.05%.

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

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

(c) Floating or variable rate securities: The rates disclosed are as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(d) Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of June 30, 2025.

(e) At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $5,660,000 and the aggregate gross unrealized depreciation is approximately $451,000, resulting in net unrealized appreciation of approximately $5,209,000.

MTN Medium Term Note. <br> PJSC Public Joint Stock Company. <br> SOFR Secured Overnight Financing Rate.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Floating Rate Notes | 31.7% |
| Corporate Bonds | 23.9 |
| Repurchase Agreements | 21.1 |
| Commercial Paper | 18.2 |
| Certificates of Deposit | 5.1 |
| Total Investments | 100.0% |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Notes to the Portfolio of Investments

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

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

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

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

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

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

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

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Corporate Bond** |  |  |  |  |
| **Assets:** |  |  |  |  |
| **Fixed Income Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $121129 | $— | $121129 |
| &nbsp;&nbsp;&nbsp;Sovereign |  | 300 |  | 300 |
| **Total Fixed Income Securities** | **—** | **121429** | **—** | **121429** |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 4693 |  |  | 4693 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Security |  | 837 |  | 837 |
| **Total Short-Term Investments** | **4693** | **837** | **—** | **5530** |
| **Futures Contracts** | 563 |  |  | 563 |
| **Total Assets** | **5256** | **122266** | **—** | **127522** |
| **Liabilities:** |  |  |  |  |
| **Futures Contracts** | (469) |  |  | (469) |
| **Total** | $**4787** | $**122266** | $**—** | $**127053** |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Discovery** |  |  |  |  |
| **Assets:** |  |  |  |  |
| **Common Stocks** | $1126124 | $— | $— | $1126124 |
| **Preferred Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Software |  |  | 27657 | 27657 |
| **Investment Company** | 32748 |  |  | 32748 |
| **Call Options Purchased** |  | 1102 |  | 1102 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 38911 |  |  | 38911 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 150 |  | 150 |
| **Total Short-Term Investments** | **38911** | **150** | **—** | **39061** |
| **Total Assets** | **1197783** | **1252** | **27657** | **1226692** |
| **Liabilities:** |  |  |  |  |
| **Derivative Contract — PIPE** |  |  | (918) | (918) |
| **Total** | $**1197783** | $**1252** | $**26739** | $**1225774** |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| **Discovery** | **Preferred<br> Stock<br> (000)** | **Derivative<br> Contract —<br> PIPE<br> (000)** |
| **Beginning Balance** | $22468 | $— |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |
| &nbsp;&nbsp;&nbsp;Sales |  |  |
| &nbsp;&nbsp;&nbsp;PIPE transactions |  | (918) |
| &nbsp;&nbsp;&nbsp;Transfers in |  |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 5189 |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |  |
| **Ending Balance** | $27657 | $(918) |
| Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2025 | $5189 | $— |

---

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 June 30, 2025. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Discovery** | **Fair Value at<br> June 30, 2025<br> (000)** | **Valuation<br> Technique** | **Unobservable<br> Input** | **Amount** | **Impact to<br> Valuation from an<br> Increase in Input\*** |
| Preferred Stock | $27657 | Discounted Cash Flow | Weighted Average Cost of Capital | 15.0% | Decrease |
|  |  |  | Perpetual Growth Rate | 3.5% | Increase |
|  |  | Market Comparable Companies | Enterprise Value/Revenue | 14.8x | Increase |
|  |  |  | Discount for Lack of Marketability | 15.0% | Decrease |
| PIPE | $(918) | Market Implied | Discount for Lack of Marketability and Transaction Risk | 27.50% | 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.

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Dynamic Value** | **Dynamic Value** | **Dynamic Value** | **Dynamic Value** | **Dynamic Value** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | $96 | $— | $— | $96 |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics | 31 |  |  | 31 |
| &nbsp;&nbsp;&nbsp;Automobile Components | 24 |  |  | 24 |
| &nbsp;&nbsp;&nbsp;Automobiles | 24 |  |  | 24 |
| &nbsp;&nbsp;&nbsp;Banks | 642 |  |  | 642 |
| &nbsp;&nbsp;&nbsp;Beverages | 43 |  |  | 43 |
| &nbsp;&nbsp;&nbsp;Biotechnology | 147 |  |  | 147 |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 41 |  |  | 41 |
| &nbsp;&nbsp;&nbsp;Building Products | 145 |  |  | 145 |
| &nbsp;&nbsp;&nbsp;Capital Markets | 437 |  |  | 437 |
| &nbsp;&nbsp;&nbsp;Chemicals | 220 |  |  | 220 |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 14 |  |  | 14 |
| &nbsp;&nbsp;&nbsp;Construction & Engineering | 48 |  |  | 48 |
| &nbsp;&nbsp;&nbsp;Consumer Finance | 187 |  |  | 187 |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 207 |  |  | 207 |
| &nbsp;&nbsp;&nbsp;Containers & Packaging | 93 |  |  | 93 |
| &nbsp;&nbsp;&nbsp;Distributors | 19 |  |  | 19 |
| &nbsp;&nbsp;&nbsp;Diversified Consumer Services | 20 |  |  | 20 |
| &nbsp;&nbsp;&nbsp;Diversified REITs | 30 |  |  | 30 |
| &nbsp;&nbsp;&nbsp;Diversified Telecommunication Services | 165 |  |  | 165 |
| &nbsp;&nbsp;&nbsp;Electric Utilities | 192 |  |  | 192 |
| &nbsp;&nbsp;&nbsp;Electrical Equipment | 98 |  |  | 98 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components | 134 |  |  | 134 |
| &nbsp;&nbsp;&nbsp;Energy Equipment & Services | 126 |  |  | 126 |
| &nbsp;&nbsp;&nbsp;Entertainment | 24 |  |  | 24 |
| &nbsp;&nbsp;&nbsp;Financial Services | 305 |  |  | 305 |
| &nbsp;&nbsp;&nbsp;Food Products | 264 |  |  | 264 |
| &nbsp;&nbsp;&nbsp;Gas Utilities | 97 |  |  | 97 |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 32 |  |  | 32 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 98 |  |  | 98 |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 441 |  |  | 441 |
| &nbsp;&nbsp;&nbsp;Health Care REITs | 62 |  |  | 62 |
| &nbsp;&nbsp;&nbsp;Hotel & Resort REITs | 61 |  |  | 61 |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 160 |  |  | 160 |
| &nbsp;&nbsp;&nbsp;Household Durables | 67 |  |  | 67 |
| &nbsp;&nbsp;&nbsp;Household Products | 143 |  |  | 143 |
| &nbsp;&nbsp;&nbsp;Independent Power & Renewable Electricity Producers | 48 |  |  | 48 |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 128 |  |  | 128 |
| &nbsp;&nbsp;&nbsp;Insurance | 333 |  |  | 333 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 45 |  |  | 45 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 49 |  |  | 49 |
| &nbsp;&nbsp;&nbsp;Machinery | 525 |  |  | 525 |
| &nbsp;&nbsp;&nbsp;Media | 141 |  |  | 141 |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 32 |  |  | 32 |
| &nbsp;&nbsp;&nbsp;Mortgage Real Estate Investment | 59 |  |  | 59 |
| &nbsp;&nbsp;&nbsp;Multi-Utilities | 48 |  |  | 48 |
| &nbsp;&nbsp;&nbsp;Office REITs | 60 |  |  | 60 |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 364 |  |  | 364 |
| &nbsp;&nbsp;&nbsp;Passenger Airlines | 96 |  |  | 96 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 342 |  |  | 342 |
| &nbsp;&nbsp;&nbsp;Professional Services | 93 |  |  | 93 |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Assets: (cont'd)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | $31 | $— | $— | $31 |
| &nbsp;&nbsp;&nbsp;Retail REITs | 31 |  |  | 31 |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 268 |  |  | 268 |
| &nbsp;&nbsp;&nbsp;Software | 169 |  |  | 169 |
| &nbsp;&nbsp;&nbsp;Specialized REITs | 62 | 31 |  | 93 |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 100 |  |  | 100 |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 100 |  |  | 100 |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 26 |  |  | 26 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 96 |  |  | 96 |
| **Total Common Stocks** | **8183** | **31** | **—** | **8214** |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Company | 203 |  |  | 203 |
| **Total Assets** | $**8386** | $**31** | $**—** | $**8417** |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** |  | **Total<br> (000)** |  |
| **Global Strategist** | **Global Strategist** | **Global Strategist** | **Global Strategist** | **Global Strategist** | **Global Strategist** | **Global Strategist** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Fixed Income Securities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency Fixed Rate Mortgages | $— | $24256 | $— |  | $24256 |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 4826 |  |  | 4826 |  |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 3081 |  |  | 3081 |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 43155 |  |  | 43155 |  |
| &nbsp;&nbsp;&nbsp;Mortgages - Other |  | 7589 |  |  | 7589 |  |
| &nbsp;&nbsp;&nbsp;Municipal Bond |  | 212 |  |  | 212 |  |
| &nbsp;&nbsp;&nbsp;Sovereign |  | 104182 |  |  | 104182 |  |
| &nbsp;&nbsp;&nbsp;Supranational |  | 4366 |  |  | 4366 |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities |  | 29070 |  |  | 29070 |  |
| **Total Fixed Income Securities** | **—** | **220737** | **—** |  | **220737** |  |
| **Common Stocks** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense | 4145 | 2729 |  |  | 6874 |  |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics | 538 | 401 |  |  | 939 |  |
| &nbsp;&nbsp;&nbsp;Automobile Components | 97 | 145 |  |  | 242 |  |
| &nbsp;&nbsp;&nbsp;Automobiles | 3665 | 813 |  |  | 4478 |  |
| &nbsp;&nbsp;&nbsp;Banks | 9273 | 8726 |  |  | 17999 |  |
| &nbsp;&nbsp;&nbsp;Beverages | 2202 | 854 |  |  | 3056 |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | 3267 | 552 |  |  | 3819 |  |
| &nbsp;&nbsp;&nbsp;Broadline Retail | 8181 | 648 |  |  | 8829 |  |
| &nbsp;&nbsp;&nbsp;Building Products | 1099 | 563 |  |  | 1662 |  |
| &nbsp;&nbsp;&nbsp;Capital Markets | 6844 | 2389 |  |  | 9233 |  |
| &nbsp;&nbsp;&nbsp;Chemicals | 2335 | 1574 |  |  | 3909 |  |
| &nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 1454 | 168 |  |  | 1622 |  |
| &nbsp;&nbsp;&nbsp;Communications Equipment | 1740 | 213 |  |  | 1953 |  |
| &nbsp;&nbsp;&nbsp;Construction & Engineering | 496 | 566 |  |  | 1062 |  |
| &nbsp;&nbsp;&nbsp;Construction Materials | 578 | 357 |  |  | 935 |  |
| &nbsp;&nbsp;&nbsp;Consumer Finance | 1202 |  |  |  | 1202 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail | 4106 | 648 |  |  | 4754 |  |
| &nbsp;&nbsp;&nbsp;Containers & Packaging | 479 | 23 |  |  | 502 |  |
| &nbsp;&nbsp;&nbsp;Distributors | 133 | 19 |  |  | 152 |  |
| &nbsp;&nbsp;&nbsp;Diversified Consumer Services |  | 36 |  |  | 36 |  |
| &nbsp;&nbsp;&nbsp;Diversified REITs | 49 | 74 |  |  | 123 |  |
| &nbsp;&nbsp;&nbsp;Diversified Telecommunication Services | 1454 | 1340 |  |  | 2794 |  |
| &nbsp;&nbsp;&nbsp;Electric Utilities | 3035 | 1375 |  |  | 4410 |  |
| &nbsp;&nbsp;&nbsp;Electrical Equipment | 1774 | 1652 |  |  | 3426 |  |
| &nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components | 1326 | 154 |  |  | 1480 |  |
| &nbsp;&nbsp;&nbsp;Energy Equipment & Services | 364 | 31 |  | † | 395 | † |
| &nbsp;&nbsp;&nbsp;Entertainment | 4304 | 196 |  |  | 4500 |  |
| &nbsp;&nbsp;&nbsp;Financial Services | 7517 | 747 |  |  | 8264 |  |
| &nbsp;&nbsp;&nbsp;Food Products | 1064 | 1780 |  |  | 2844 |  |
| &nbsp;&nbsp;&nbsp;Gas Utilities | 122 | 117 |  |  | 239 |  |
| &nbsp;&nbsp;&nbsp;Ground Transportation | 2342 | 23 |  |  | 2365 |  |
| &nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 4298 | 1098 |  |  | 5396 |  |
| &nbsp;&nbsp;&nbsp;Health Care Providers & Services | 3316 | 210 |  |  | 3526 |  |
| &nbsp;&nbsp;&nbsp;Health Care REITs | 541 |  |  |  | 541 |  |
| &nbsp;&nbsp;&nbsp;Health Care Technology | 158 | 45 |  |  | 203 |  |
| &nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 4151 | 879 |  |  | 5030 |  |
| &nbsp;&nbsp;&nbsp;Household Durables | 482 | 36 |  |  | 518 |  |
| &nbsp;&nbsp;&nbsp;Household Products | 1866 | 347 |  |  | 2213 |  |
| &nbsp;&nbsp;&nbsp;Independent Power & Renewable Electricity Producers | 248 | 174 |  |  | 422 |  |
| &nbsp;&nbsp;&nbsp;Industrial Conglomerates | 825 | 1065 |  |  | 1890 |  |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** |  | **Total<br> (000)** |  |
| **Assets: (cont'd)** | | | |  | |  |
| &nbsp;&nbsp;&nbsp;Industrial REITs | $342 | $269 | $— |  | $611 |  |
| &nbsp;&nbsp;&nbsp;Information Technology Services | 3456 | 114 |  |  | 3570 |  |
| &nbsp;&nbsp;&nbsp;Insurance | 4831 | 3976 |  |  | 8807 |  |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | 12700 | 157 |  |  | 12857 |  |
| &nbsp;&nbsp;&nbsp;Investment Company |  |  |  | † |  | † |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 1573 | 368 |  |  | 1941 |  |
| &nbsp;&nbsp;&nbsp;Machinery | 2972 | 1428 |  |  | 4400 |  |
| &nbsp;&nbsp;&nbsp;Marine Transportation |  | 120 |  |  | 120 |  |
| &nbsp;&nbsp;&nbsp;Media | 883 | 197 |  |  | 1080 |  |
| &nbsp;&nbsp;&nbsp;Metals & Mining | 1827 | 1585 |  | † | 3412 | † |
| &nbsp;&nbsp;&nbsp;Mortgage Real Estate Investment | 40 |  |  |  | 40 |  |
| &nbsp;&nbsp;&nbsp;Multi-Utilities | 1176 | 795 |  |  | 1971 |  |
| &nbsp;&nbsp;&nbsp;Office REITs | 36 | 21 |  |  | 57 |  |
| &nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 7084 | 2308 |  |  | 9392 |  |
| &nbsp;&nbsp;&nbsp;Paper & Forest Products | 16 | 156 |  |  | 172 |  |
| &nbsp;&nbsp;&nbsp;Passenger Airlines | 51 | 195 |  |  | 246 |  |
| &nbsp;&nbsp;&nbsp;Personal Care Products | 210 | 1121 |  |  | 1331 |  |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | 5509 | 5464 |  |  | 10973 |  |
| &nbsp;&nbsp;&nbsp;Professional Services | 1463 | 1031 |  |  | 2494 |  |
| &nbsp;&nbsp;&nbsp;Real Estate Management & Development | 340 | 454 |  |  | 794 |  |
| &nbsp;&nbsp;&nbsp;Residential REITs | 610 |  |  |  | 610 |  |
| &nbsp;&nbsp;&nbsp;Retail REITs | 465 | 255 |  |  | 720 |  |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 23703 | 1800 |  |  | 25503 |  |
| &nbsp;&nbsp;&nbsp;Software | 22876 | 1715 |  |  | 24591 |  |
| &nbsp;&nbsp;&nbsp;Specialized REITs | 1706 |  |  |  | 1706 |  |
| &nbsp;&nbsp;&nbsp;Specialty Retail | 3372 | 361 |  |  | 3733 |  |
| &nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 11708 | 64 |  |  | 11772 |  |
| &nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 435 | 1789 |  |  | 2224 |  |
| &nbsp;&nbsp;&nbsp;Tobacco | 1363 | 520 |  |  | 1883 |  |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 841 | 348 |  |  | 1189 |  |
| &nbsp;&nbsp;&nbsp;Transportation Infrastructure |  | 283 |  |  | 283 |  |
| &nbsp;&nbsp;&nbsp;Water Utilities | 132 | 85 |  |  | 217 |  |
| &nbsp;&nbsp;&nbsp;Wireless Telecommunication Services | 425 | 120 |  |  | 545 |  |
| **Total Common Stocks** | **203215** | **59866** | **—** | **†** | **263081** | **†** |
| **Rights** |  | —@ |  |  | —@ |  |
| **Warrants** |  |  |  | † |  | † |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| &nbsp;&nbsp;&nbsp;Investment Company | 70655 |  |  |  | 70655 |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Security |  | 17299 |  |  | 17299 |  |
| **Total Short-Term Investments** | **70655** | **17299** | **—** |  | **87954** |  |
| **Foreign Currency Forward Exchange Contracts** |  | 3349 |  |  | 3349 |  |
| **Futures Contracts** | 694 |  |  |  | 694 |  |
| **Centrally Cleared Interest Rate Swap Agreements** |  | 956 |  |  | 956 |  |
| **Total Return Swap Agreements** |  | 8035 |  |  | 8035 |  |
| **Total Assets** | $**274564** | $**310242** | $**—** | **†** | $**584806** | **†** |

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** |  | **Total<br> (000)** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Foreign Currency Forward Exchange Contracts** | $— | $(2901) |  |  | $(2901) |
| **Futures Contracts** | (907) |  |  |  | (907) |
| **Centrally Cleared Interest Rate Swap Agreement** |  | (19) |  |  | (19) |
| **Total Return Swap Agreements** |  | (2559) |  |  | (2559 |
| **Total Liabilities** | **(907)** | **(5479)** | **—** |  | **(6386** |
| **Total** | $**273657** | $**304763** | $**—** | **†** | $**578420** |

---

---

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

---

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| **Global Strategist** | **Common Stock<br> (000)** | **Warrants<br> (000)** |
| **Beginning Balance** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |
| &nbsp;&nbsp;&nbsp;Sales |  |  |
| &nbsp;&nbsp;&nbsp;Transfers in |  |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) |  |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |  |
| **Ending Balance** | $— | $— |
| Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2025 | $— | $— |

---

† Includes one or
 more securities valued at zero.

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> Quoted<br> Prices<br> (000)** | **Level 2<br> Other<br> Significant<br> Observable<br> Inputs<br> (000)** | **Level 3<br> Significant<br> Unobservable<br> Inputs<br> (000)** |  | **Total<br> (000)** |  |
| **High Yield** | **High Yield** | **High Yield** | **High Yield** | **High Yield** | **High Yield** | **High Yield** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** | **Fixed Income Securities** |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $62492 | $— | † | $62492 | † |
| &nbsp;&nbsp;&nbsp;Senior Loan Interests |  | 1479 |  |  | 1479 |  |
| **Total Fixed Income Securities** | **—** | **63971** | **—** | **†** | **63971** | **†** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| &nbsp;&nbsp;&nbsp;Automobile Components |  |  |  | † |  | † |
| &nbsp;&nbsp;&nbsp;Diversified REITs |  | 4 |  |  | 4 |  |
| &nbsp;&nbsp;&nbsp;Machinery |  |  | 17 |  | 17 |  |
| &nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 19 |  |  | 19 |  |
| **Total Common Stocks** | **—** | **23** | **17** | **†** | **40** | **†** |
| **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** | **Short-Term Investment** |
| &nbsp;&nbsp;&nbsp;Investment Company | 1247 |  |  |  | 1247 |  |
| **Total Assets** | $**1247** | $**63994** | $**17** | **†** | $**65258** | **†** |

---

† Includes one or
 more securities valued at zero.

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

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

---

| | | |
|:---|:---|:---|
| **High Yield** | **Fixed<br> Income<br> (000)** | **Common<br> Stock<br> (000)** |
| **Beginning Balance** | $— | $83 |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |
| &nbsp;&nbsp;&nbsp;Sales |  |  |
| &nbsp;&nbsp;&nbsp;Transfers in |  |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) |  | (66) |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) |  |  |
| **Ending Balance** | $— | $17 |
| Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2025 | $— | $(66 |

---

† Includes one or
 more securities valued at zero.

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **High Yield** | **Fair Value at<br> June 30, 2025<br> (000)** | **Valuation<br> Technique** | **Unobservable<br> Input** | **Amount\*** | **Impact to<br> Valuation from an<br> Increase in Input\*\*** |
| Common Stock | $17 | Market Comparable Companies | Enterprise Value/Revenue | 0.3x | Increase |
|  |  |  | Discount for Lack of Marketability | 30.0% | Decrease |

---

\* Amount is indicative of the weighted average.

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

Morgan Stanley Institutional Fund Trust

Third Quarter Report — June 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> Quoted<br> Prices<br> (000)** | **Level 2<br> Other<br> Significant<br> Observable<br> Inputs<br> (000)** | **Level 3<br> Significant<br> Unobservable<br> Inputs<br> (000)** | **Total<br> (000)** |
| **Ultra-Short Income** | **Ultra-Short Income** | **Ultra-Short Income** | **Ultra-Short Income** | **Ultra-Short Income** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Certificates of Deposit | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $735664 | $— | $735664 |
| Commercial Paper |  | 2647379 |  | 2647379 |
| Corporate Bonds |  | 3468094 |  | 3468094 |
| Floating Rate Notes |  | 4609124 |  | 4609124 |
| Repurchase Agreements |  | 3059000 |  | 3059000 |
| **Total Assets** | $**—** | $**14519261** | $**—** | $**14519261** |

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 1585 Broadway

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $66937357.58

**Total Liabilities:** $995556.73

**Net Assets:** $65941800.85

**Delayed Delivery Securities:** $915366.19

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1.11000000 | **1-Year:** -76.84000000 | **5-Year:** -315.03000000 | **10-Year:** -79.70000000 | **30-Year:** 0.00000000

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

- **3-Month:** -295.43000000 | **1-Year:** -5889.05000000 | **5-Year:** -9805.47000000 | **10-Year:** -1229.86000000 | **30-Year:** -28.89000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000110152 | -0.08%               | 1.72%                | 1.94%                |
| Class ID C000110150 | -0.06%               | 1.62%                | 1.96%                |
| Class ID C000110149 | -0.03%               | 1.65%                | 1.99%                |
| Class ID C000198829 | -0.03%               | 1.65%                | 1.99%                |
| Class ID C000138838 | -0.15%               | 1.77%                | 1.99%                |
| Class ID C000155936 | -0.25%               | 1.68%                | 1.90%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-173663.18              | $-253373.48                                |
| Month 2  | $8318.19                 | $649360.97                                 |
| Month 3  | $-973.09                 | $908592.26                                 |

**Designated Index Information**

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

- **Index Identifier:** BBG_US_CORP_HY

### Schedule of Portfolio Investments

| Name                                  | Title                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HERENS HOLDCO SARL                    | Herens Holdco Sarl                                                  | CUSIP: 427169AA5<br>LEI: 2221002FZ55AMAUX4G64 | Long             | DBT              | CORP              | LU        |    490000 | PA      | $440157.20    | 0.67%             | 2028-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE              | Ashton Woods USA LLC / Ashton Woods Finance Co                      | CUSIP: 045086AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $62122.45     | 0.09%             | 2029-08-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS INC                   | Spectrum Brands Inc                                                 | CUSIP: 84762LAX3<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |    205000 | PA      | $165463.54    | 0.25%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| EVERI HOLDINGS INC                    | Everi Holdings Inc                                                  | CUSIP: 30034TAA1<br>LEI: 5299006DK5S7BG10K532 | Long             | DBT              | CORP              | US        |    265000 | PA      | $267946.80    | 0.41%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                   | New Home Co Inc/The                                                 | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    135000 | PA      | $137661.57    | 0.21%             | 2030-11-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MOOG INC                              | Moog Inc                                                            | CUSIP: 615394AM5<br>LEI: 549300WM2I4U7OBAHG07 | Long             | DBT              | CORP              | US        |    215000 | PA      | $210427.51    | 0.32%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU              | Sinclair Television Group Inc                                       | CUSIP: 829259BF6<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     18000 | PA      | $12661.92     | 0.02%             | 2032-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CIENA CORP                            | Ciena Corp                                                          | CUSIP: 171779AL5<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | DBT              | CORP              | US        |    190000 | PA      | $180191.43    | 0.27%             | 2030-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIAVI SOLUTIONS INC                   | Viavi Solutions Inc                                                 | CUSIP: 925550AF2<br>LEI: 5493006K3E3N1QOBF092 | Long             | DBT              | CORP              | US        |    505000 | PA      | $472382.56    | 0.72%             | 2029-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN              | Blue Racer Midstream LLC / Blue Racer Finance Corp                  | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    245000 | PA      | $259771.54    | 0.39%             | 2032-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VAREX IMAGING CORPORATIO              | Varex Imaging Corp                                                  | CUSIP: 92214XAC0<br>LEI: 549300CWYWPVCT8E9W67 | Long             | DBT              | CORP              | US        |    218000 | PA      | $221002.08    | 0.34%             | 2027-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING LLC                | Calderys Financing LLC                                              | CUSIP: 128786AA8<br>LEI: 254900ZIKDM74XNEFV84 | Long             | DBT              | CORP              | US        |    400000 | PA      | $424554.11    | 0.64%             | 2028-06-01      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| GENTING NY LLC/GENNY CAP              | Genting New York LLC / GENNY Capital Inc                            | CUSIP: 37255JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $622954.53    | 0.94%             | 2029-10-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN               | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp        | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $441963.63    | 0.67%             | 2030-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VERMILION ENERGY INC                  | Vermilion Energy Inc                                                | CUSIP: 923725AD7<br>LEI: WT03B8BB1IX8WI9ZGV02 | Long             | DBT              | CORP              | CA        |    430000 | PA      | $413772.27    | 0.63%             | 2030-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ZIFF DAVIS INC                        | Ziff Davis Inc                                                      | CUSIP: 48123VAF9<br>LEI: 5493008OJYGLHD7MXA18 | Long             | DBT              | CORP              | US        |    455000 | PA      | $425101.36    | 0.64%             | 2030-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC                         | Tidewater Inc                                                       | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17503.28     | 0.03%             | 2030-07-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| HRT DNT / HRT DNT FIN                 | Heartland Dental LLC / Heartland Dental Finance Corp                | CUSIP: 42239PAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    554000 | PA      | $585656.11    | 0.89%             | 2028-04-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| COUGAR JV SUBSIDIARY LLC              | Cougar JV Subsidiary LLC                                            | CUSIP: 22208WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $298736.76    | 0.45%             | 2032-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS               | VistaJet Malta Finance PLC / Vista Management Holding Inc           | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    470000 | PA      | $483429.08    | 0.73%             | 2028-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC                    | Voyager Parent LLC                                                  | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |    521000 | PA      | $542387.92    | 0.82%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| DYCOM INDUSTRIES INC                  | Dycom Industries Inc                                                | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |    450000 | PA      | $438332.81    | 0.66%             | 2029-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                 | Molina Healthcare Inc                                               | CUSIP: 60855RAL4<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    229000 | PA      | $208595.96    | 0.32%             | 2032-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                | EquipmentShare.com Inc                                              | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    160000 | PA      | $169228.80    | 0.26%             | 2028-05-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| NUFARM AUSTRALIA/AMERICA              | Nufarm Australia Ltd / Nufarm Americas Inc                          | CUSIP: 67052NAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    132000 | PA      | $121902.92    | 0.18%             | 2030-01-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L              | First Quantum Minerals Ltd                                          | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $425038.82    | 0.64%             | 2029-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC                       | Goat Holdco LLC                                                     | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $305242.50    | 0.46%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WALKER & DUNLOP INC                   | Walker & Dunlop Inc                                                 | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    440000 | PA      | $452585.30    | 0.69%             | 2033-04-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ELDORADO GOLD CORP                    | Eldorado Gold Corp                                                  | CUSIP: 284902AF0<br>LEI: 5493004PWQ01YDD1IH62 | Long             | DBT              | CORP              | CA        |    445000 | PA      | $446007.48    | 0.68%             | 2029-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DYE & DURHAM LIMITED                  | Dye & Durham Ltd                                                    | CUSIP: 267486AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    445000 | PA      | $466048.06    | 0.71%             | 2029-04-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| ENERSYS                               | EnerSys                                                             | CUSIP: 29275YAF9<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |     69000 | PA      | $70640.54     | 0.11%             | 2032-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| EVERGREEN ACQCO/TVI INC               | Evergreen Acqco 1 LP / TVI Inc                                      | CUSIP: 30015DAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    379000 | PA      | $396778.71    | 0.60%             | 2028-04-26      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL                      | Allied Universal Holdco LLC / Allied Universal Finance Corp         | CUSIP: 019576AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    595000 | PA      | $579221.02    | 0.88%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALTA EQUIPMENT GROUP                  | Alta Equipment Group Inc                                            | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |    220000 | PA      | $205330.18    | 0.31%             | 2029-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                 | Quikrete Holdings Inc                                               | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    211000 | PA      | $217107.38    | 0.33%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WASTE PRO USA INC                     | Waste Pro USA Inc                                                   | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |    470000 | PA      | $489090.46    | 0.74%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL NET LEASE/GLOBAL               | Global Net Lease Inc / Global Net Lease Operating Partnership LP    | CUSIP: 37892AAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |    425000 | PA      | $406839.67    | 0.62%             | 2027-12-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER              | Kraken Oil & Gas Partners LLC                                       | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |    450000 | PA      | $442471.91    | 0.67%             | 2029-08-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                      | CSC Holdings LLC                                                    | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    430000 | PA      | $410904.38    | 0.62%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SABLE INTL FINANCE LTD                | Sable International Finance Ltd                                     | CUSIP: 785712AK6<br>LEI: 2138009IE9A35LO5JS73 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $200705.40    | 0.30%             | 2032-10-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Exide Technologies                    | Exide Technologies                                                  | CUSIP: 302051404<br>LEI: 549300KITCGPNNNXQP63 | Long             | EC               | CORP              | US        |       592 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| JB POINDEXTER & CO INC                | JB Poindexter & Co Inc                                              | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |    585000 | PA      | $596085.07    | 0.90%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Iracore Investment Holdings Inc       | IRACORE INVSMNT HLDGS INC.                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |       470 | NS      | $16821.30     | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| FIESTA PURCHASER INC                  | Fiesta Purchaser Inc                                                | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $232686.96    | 0.35%             | 2032-09-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| C&W SENIOR FINANCE LTD                | C&W Senior Finance Ltd                                              | CUSIP: 12665MAA0<br>LEI: 213800CG16G1YMJRCG10 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $204757.48    | 0.31%             | 2033-01-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST               | Pebblebrook Hotel Trust                                             | CUSIP: 70509VAA8<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | DBT              |  | US        |    175000 | PA      | $165826.93    | 0.25%             | 2026-12-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| SUPERIOR PLUS/GEN PRTNR               | Superior Plus LP / Superior General Partner Inc                     | CUSIP: 86828LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    460000 | PA      | $442747.10    | 0.67%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JW ALUMINUM CONT CAST CO              | JW Aluminum Continuous Cast Co                                      | CUSIP: 46648XAB4<br>LEI: 5493008HJ8BWQC8XAF08 | Long             | DBT              | CORP              | US        |    407000 | PA      | $411420.14    | 0.62%             | 2030-04-01      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| INGLES MARKETS INC                    | Ingles Markets Inc                                                  | CUSIP: 457030AK0<br>LEI: 549300XH5RYBMYP8TF26 | Long             | DBT              | CORP              | US        |    465000 | PA      | $434538.55    | 0.66%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIKING BAKED GOODS ACQUI              | Viking Baked Goods Acquisition Corp                                 | CUSIP: 92676AAA5<br>LEI: 254900DBFD2H1FJK0893 | Long             | DBT              | CORP              | US        |    120000 | PA      | $117872.24    | 0.18%             | 2031-11-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS              | Focus Financial Partners LLC                                        | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |    375000 | PA      | $383039.63    | 0.58%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NEW FLYER HOLDINGS                    | New Flyer Holdings Inc                                              | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    173000 | PA      | $182658.89    | 0.28%             | 2030-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| REAL HERO MERGER SUB 2                | Real Hero Merger Sub 2 Inc                                          | CUSIP: 75602BAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    680000 | PA      | $492587.10    | 0.75%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COHERENT CORP                         | Coherent Corp                                                       | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |    205000 | PA      | $201550.28    | 0.31%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA              | Compass Minerals International Inc                                  | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    322000 | PA      | $332923.92    | 0.50%             | 2030-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE INC                    | AMN Healthcare Inc                                                  | CUSIP: 00175PAC7<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |    300000 | PA      | $278301.96    | 0.42%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ESAB CORP                             | Esab Corp                                                           | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133264.43    | 0.20%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VM CONSOLIDATED INC                   | VM Consolidated Inc                                                 | CUSIP: 91835HAA0<br>LEI: 549300GCTGJLEBXJUK89 | Long             | DBT              | CORP              | US        |    340000 | PA      | $334033.48    | 0.51%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US ACUTE CARE SOLUTIONS               | US Acute Care Solutions LLC                                         | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    495000 | PA      | $511180.56    | 0.78%             | 2029-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| RACKSPACE TECHNOLOGY                  | Rackspace Technology Global Inc                                     | CUSIP: 750098AA3<br>LEI: 549300QTYCKLMFSE8I97 | Long             | DBT              | CORP              | US        |    340000 | PA      | $81600.00     | 0.12%             | 2028-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                          | VT Topco Inc                                                        | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |    370000 | PA      | $390389.22    | 0.59%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SITIO ROYAL OP / SIT FIN              | Sitio Royalties Operating Partnership LP / Sitio Finance Corp       | CUSIP: 82983MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    265000 | PA      | $277639.07    | 0.42%             | 2028-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ENERSYS                               | EnerSys                                                             | CUSIP: 29275YAC6<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |    395000 | PA      | $389680.77    | 0.59%             | 2027-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC               | Kodiak Gas Services LLC                                             | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    235000 | PA      | $243236.99    | 0.37%             | 2029-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CARS.COM INC                          | Cars.com Inc                                                        | CUSIP: 14575EAA3<br>LEI: 5493002G6J07LNGX4M98 | Long             | DBT              | CORP              | US        |    305000 | PA      | $306017.48    | 0.46%             | 2028-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ARTERA SERVICES LLC                   | Artera Services LLC                                                 | CUSIP: 04302XAA2<br>LEI: 549300J2G34D0WX8Z443 | Long             | DBT              | CORP              | US        |    385000 | PA      | $320907.55    | 0.49%             | 2031-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| OT MIDCO LTD                          | OT Midco Ltd                                                        | CUSIP: 68877AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $154850.22    | 0.23%             | 2030-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS II INC                 | NESCO Holdings II Inc                                               | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |    535000 | PA      | $521582.04    | 0.79%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| XPLR INFRASTRUCTURE LP                | XPLR Infrastructure LP                                              | CUSIP: 65341BAD8<br>LEI: 5493008F4ZOQFNG3WN54 | Long             | DBT              | CORP              | US        |    810000 | PA      | $790762.65    | 1.20%             | 2025-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ENVIRI CORP                           | Enviri Corp                                                         | CUSIP: 415864AM9<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | DBT              | CORP              | US        |    846000 | PA      | $835680.92    | 1.27%             | 2027-07-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CNX MIDSTREAM PART LP                 | CNX Midstream Partners LP                                           | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    415000 | PA      | $393079.04    | 0.60%             | 2030-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                   | New Home Co Inc/The                                                 | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    565000 | PA      | $586456.44    | 0.89%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ARCHES BUYER INC                      | Arches Buyer Inc                                                    | CUSIP: 039524AB9<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |    930000 | PA      | $856164.14    | 1.30%             | 2028-12-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| OPTION CARE HEALTH INC                | Option Care Health Inc                                              | CUSIP: 68404LAA0<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | DBT              | CORP              | US        |    360000 | PA      | $346756.36    | 0.53%             | 2029-10-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LCPR SR SECURED FIN DAC               | LCPR Senior Secured Financing DAC                                   | CUSIP: 50201DAA1<br>LEI: 549300LE5FM8IKMXSP90 | Long             | DBT              | CORP              | IE        |    520000 | PA      | $350740.00    | 0.53%             | 2027-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MRT MID PART/MRT MID FIN              | Martin Midstream Partners LP / Martin Midstream Finance Corp        | CUSIP: 573334AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    440000 | PA      | $464282.72    | 0.70%             | 2028-02-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP                  | Reworld Holding Corp                                                | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |    270000 | PA      | $257076.13    | 0.39%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| DEALER TIRE LLC/DT ISSR               | Dealer Tire LLC / DT Issuer LLC                                     | CUSIP: 24229JAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    563000 | PA      | $544300.18    | 0.83%             | 2028-02-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                 | Molina Healthcare Inc                                               | CUSIP: 60855RAK6<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     18000 | PA      | $16753.68     | 0.03%             | 2030-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE               | Global Partners LP / GLP Finance Corp                               | CUSIP: 37954FAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    355000 | PA      | $360702.01    | 0.55%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHOBANI HOLDCO II LLC                 | Chobani Holdco II LLC                                               | CUSIP: 169918AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    503265 | PA      | $540190.06    | 0.82%             | 2029-10-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| WATCO COS LLC/FINANCE CO              | Watco Cos LLC / Watco Finance Corp                                  | CUSIP: 941130AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $308586.52    | 0.47%             | 2032-08-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| SPECIALTY BUILDING PRODU              | Specialty Building Products Holdings LLC / SBP Finance Corp         | CUSIP: 84749AAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    420000 | PA      | $413125.27    | 0.63%             | 2029-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| UC Holdings Inc.                      | UC HOLDINGS INC.                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2826 | NS      | $18369.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                | Cloud Software Group Inc                                            | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    430000 | PA      | $446105.82    | 0.68%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc | Petco Health and Wellness Company Inc 2021 Term Loan B              | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |    475000 | PA      | $438824.00    | 0.67%             | 2028-03-03      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| GREYSTAR REAL ESTATE PAR              | Greystar Real Estate Partners LLC                                   | CUSIP: 39807UAD8<br>LEI: 254900HGC806SXAS4M46 | Long             | DBT              | CORP              | US        |    115000 | PA      | $122155.76    | 0.19%             | 2030-09-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TRUENOORD CAPITAL DAC                 | TrueNoord Capital DAC                                               | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    130000 | PA      | $135096.39    | 0.20%             | 2030-03-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE              | Ashton Woods USA LLC / Ashton Woods Finance Co                      | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    355000 | PA      | $338948.78    | 0.51%             | 2030-04-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MUELLER WATER PRODUCTS                | Mueller Water Products Inc                                          | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |    230000 | PA      | $220977.93    | 0.34%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                | HAT Holdings I LLC / HAT Holdings II LLC                            | CUSIP: 418751AD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    560000 | PA      | $514260.04    | 0.78%             | 2030-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FOUNDATION BUILDING M                 | Foundation Building Materials Inc                                   | CUSIP: 350392AA4<br>LEI: 549300ZVE6MONHB01I28 | Long             | DBT              | CORP              | US        |    150000 | PA      | $137711.25    | 0.21%             | 2029-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS               | VistaJet Malta Finance PLC / Vista Management Holding Inc           | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    360000 | PA      | $337861.76    | 0.51%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CARRIAGE PURCHASER INC                | Carriage Purchaser Inc                                              | CUSIP: 14445LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    410000 | PA      | $364661.13    | 0.55%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| HIGHTOWER HOLDING LLC                 | Hightower Holding LLC                                               | CUSIP: 43118DAA8<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |    205000 | PA      | $204478.50    | 0.31%             | 2029-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                  | LifePoint Health Inc                                                | CUSIP: 53219LAU3<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    288000 | PA      | $268675.20    | 0.41%             | 2029-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                        | Azorra Finance Ltd                                                  | CUSIP: 05480AAA3<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    495000 | PA      | $516605.76    | 0.78%             | 2030-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AHP HEALTH PARTN                      | AHP Health Partners Inc                                             | CUSIP: 00150LAB7<br>LEI: 549300QMM8MQ6SM5KX05 | Long             | DBT              | CORP              | US        |    532000 | PA      | $519227.16    | 0.79%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS              | Ferrellgas LP / Ferrellgas Finance Corp                             | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    715000 | PA      | $662089.64    | 1.00%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PRAIRIE ACQUIROR LP                   | Prairie Acquiror LP                                                 | CUSIP: 73943NAA4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | DBT              | CORP              | US        |    190000 | PA      | $198044.81    | 0.30%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                | Patrick Industries Inc                                              | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125431.50    | 0.19%             | 2032-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN              | Clarios Global LP / Clarios US Finance Co                           | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     90000 | PA      | $93652.83     | 0.14%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                  | LifePoint Health Inc                                                | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    145000 | PA      | $157028.77    | 0.24%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE               | Global Partners LP / GLP Finance Corp                               | CUSIP: 37954FAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    245000 | PA      | $257861.77    | 0.39%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| American Gilsonite Co                 | American Gilsonite Co                                               | CUSIP: 02636P102<br>LEI: 54930088Q5PLU37BHF34 | Long             | EC               | CORP              | US        |       500 | NS      | $4250.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL              | Phoenix Aviation Capital Ltd                                        | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |    446000 | PA      | $462282.32    | 0.70%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                        | Azorra Finance Ltd                                                  | CUSIP: 05480AAB1<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    136000 | PA      | $139185.44    | 0.21%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT              | Science Applications International Corp                             | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    410000 | PA      | $403899.69    | 0.61%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ELLUCIAN HOLDINGS INC                 | Ellucian Holdings Inc                                               | CUSIP: 289178AA3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | DBT              | CORP              | US        |    387000 | PA      | $396750.08    | 0.60%             | 2029-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING CORP                 | Playtika Holding Corp                                               | CUSIP: 72815LAA5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | DBT              | CORP              | US        |    390000 | PA      | $354285.75    | 0.54%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                      | CSC Holdings LLC                                                    | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199401.30    | 0.30%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN              | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp  | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $332635.38    | 0.50%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK              | Global Auto Holdings Ltd/AAG FH UK Ltd                              | CUSIP: 00033YAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    400000 | PA      | $391793.54    | 0.59%             | 2029-08-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN              | Jefferson Capital Holdings LLC                                      | CUSIP: 472481AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    239000 | PA      | $238584.23    | 0.36%             | 2026-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU              | Sinclair Television Group Inc                                       | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    294000 | PA      | $297259.40    | 0.45%             | 2033-02-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| API GROUP DE INC                      | APi Group DE Inc                                                    | CUSIP: 001877AA7<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |    205000 | PA      | $195605.81    | 0.30%             | 2029-07-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| P&L DEV LLC/PLD FIN CORP              | P&L Development LLC / PLD Finance Corp                              | CUSIP: 69306RAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    478632 | PA      | $485878.49    | 0.74%             | 2029-05-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| ENPRO INC                             | Enpro Inc                                                           | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |    470000 | PA      | $481666.18    | 0.73%             | 2033-06-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO               | Beach Acquisition Bidco LLC                                         | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |    760000 | PA      | $789651.40    | 1.20%             | 2033-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK               | Great Lakes Dredge & Dock Corp                                      | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |    675000 | PA      | $649228.50    | 0.98%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC               | Macy's Retail Holdings LLC                                          | CUSIP: 55616XAM9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    480000 | PA      | $383885.76    | 0.58%             | 2034-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                      | CSC Holdings LLC                                                    | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $183282.22    | 0.28%             | 2028-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                 | Level 3 Financing Inc                                               | CUSIP: 527298CB7<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    450000 | PA      | $422437.50    | 0.64%             | 2029-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC                | CACI International Inc                                              | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |    175000 | PA      | $180809.65    | 0.27%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TMS INTERNATIONAL CORP                | TMS International Corp/DE                                           | CUSIP: 87261QAC7<br>LEI: 549300L4K0F1YF8WKF23 | Long             | DBT              | CORP              | US        |    315000 | PA      | $299764.21    | 0.45%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMED              | AmeriTex HoldCo Intermediate LLC                                    | CUSIP: 030727AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    427000 | PA      | $453492.04    | 0.69%             | 2028-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| SPEEDWAY MOT/SPEEDWAY FD              | Speedway Motorsports LLC / Speedway Funding II Inc                  | CUSIP: 84779MAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    715000 | PA      | $710285.93    | 1.08%             | 2027-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FORTREA HOLDINGS INC                  | Fortrea Holdings Inc                                                | CUSIP: 34965KAA5<br>LEI: 5493000FIVFABOVCDU97 | Long             | DBT              | CORP              | US        |    134000 | PA      | $121461.00    | 0.18%             | 2030-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                  | Garda World Security Corp                                           | CUSIP: 36485MAN9<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    255000 | PA      | $261901.07    | 0.40%             | 2032-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| THOR INDUSTRIES                       | Thor Industries Inc                                                 | CUSIP: 885160AA9<br>LEI: 254900XZO1228PDSG060 | Long             | DBT              | CORP              | US        |    555000 | PA      | $520792.58    | 0.79%             | 2029-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SEASPAN CORP                          | Seaspan Corp                                                        | CUSIP: 81254UAK2<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |    450000 | PA      | $428177.88    | 0.65%             | 2029-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HIGHTOWER HOLDING LLC                 | Hightower Holding LLC                                               | CUSIP: 43118DAB6<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |    210000 | PA      | $223763.01    | 0.34%             | 2030-01-31      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| IRIS Holdings Inc                     | IRIS Holdings Inc Term Loan                                         | CUSIP: 46271BAB6<br>LEI: 54930013SPZ2NB3I3V40 | Long             | LON              | CORP              | US        |    592386 | PA      | $577543.54    | 0.88%             | 2028-06-28      | Floating      | 9.13%                 | No            |                  2 | On Loan: No      |
| VITAL ENERGY INC                      | Vital Energy Inc                                                    | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    368000 | PA      | $314932.82    | 0.48%             | 2032-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC              | Morgan Stanley Institutional Liquidity Funds - Government Portfolio | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   1247262 | NS      | $1247261.90   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| UNDER ARMOUR INC                      | Under Armour Inc                                                    | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |    319000 | PA      | $323850.60    | 0.49%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| STONEX GROUP INC                      | StoneX Group Inc                                                    | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |    295000 | PA      | $309419.90    | 0.47%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TRIMAS CORP                           | TriMas Corp                                                         | CUSIP: 896215AH3<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | DBT              | CORP              | US        |    635000 | PA      | $603703.55    | 0.92%             | 2029-04-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                | CCO Holdings LLC / CCO Holdings Capital Corp                        | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    710000 | PA      | $663710.46    | 1.01%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                      | AmWINS Group Inc                                                    | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |    185000 | PA      | $179901.31    | 0.27%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC                   | Rocket Software Inc                                                 | CUSIP: 77314EAA6<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    297000 | PA      | $288467.64    | 0.44%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OCEANEERING INTL INC                  | Oceaneering International Inc                                       | CUSIP: 675232AD4<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30267.09     | 0.05%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALLWYN ENTERTAINMENT FIN              | Allwyn Entertainment Financing UK PLC                               | CUSIP: 02007VAA8<br>LEI: 315700J7ZTIN8XGCX365 | Long             | DBT              | CORP              | GB        |    245000 | PA      | $255801.74    | 0.39%             | 2029-04-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TransAlta Corp                        | TransAlta Corp                                                      | CUSIP: 89346DAE7<br>LEI: 984500EE2ADD850F1C96 | Long             | DBT              | CORP              | CA        |    195000 | PA      | $188316.53    | 0.29%             | 2040-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STL HOLDING CO LLC                    | STL Holding Co LLC                                                  | CUSIP: 861036AB7<br>LEI: 984500BC2I63E7F48656 | Long             | DBT              | CORP              | US        |    400000 | PA      | $419512.80    | 0.64%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CERDIA FINANZ GMBH                    | Cerdia Finanz GmbH                                                  | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |    600000 | PA      | $623382.00    | 0.95%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN              | Jefferies Finance LLC / JFIN Co-Issuer Corp                         | CUSIP: 47232MAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    560000 | PA      | $541752.90    | 0.82%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                  | LifePoint Health Inc                                                | CUSIP: 53219LAX7<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206583.00    | 0.31%             | 2032-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ARIS WATER HOLDINGS LLC               | Aris Water Holdings LLC                                             | CUSIP: 04041NAA0<br>LEI: 5493007AWQW8ZKCHVV46 | Long             | DBT              | CORP              | US        |    467000 | PA      | $482204.59    | 0.73%             | 2030-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TRINET GROUP INC                      | TriNet Group Inc                                                    | CUSIP: 896288AA5<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |    535000 | PA      | $503182.48    | 0.76%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MIDCONTINENT COMMUNICATI              | Midcontinent Communications                                         | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |    400000 | PA      | $423809.60    | 0.64%             | 2032-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LEEWARD RENEWABL                      | Leeward Renewable Energy Operations LLC                             | CUSIP: 524590AA4<br>LEI: 254900EVJU1A57NUX379 | Long             | DBT              | CORP              | US        |    791000 | PA      | $739067.55    | 1.12%             | 2029-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DREAM FINDERS HOMES INC               | Dream Finders Homes Inc                                             | CUSIP: 26154DAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    205000 | PA      | $213856.41    | 0.32%             | 2028-08-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & L              | New Enterprise Stone & Lime Co Inc                                  | CUSIP: 644274AH5<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    407000 | PA      | $408341.47    | 0.62%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE               | Global Partners LP / GLP Finance Corp                               | CUSIP: 37954FAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     79000 | PA      | $80164.76     | 0.12%             | 2033-07-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| MIDWEST GMNG BOR/MWG FIN              | Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp           | CUSIP: 59833DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    535000 | PA      | $515681.90    | 0.78%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE                | Brundage-Bone Concrete Pumping Holdings Inc                         | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    383000 | PA      | $379896.16    | 0.58%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC              | Trident TPI Holdings Inc                                            | CUSIP: 89616RAC3<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |    205000 | PA      | $217716.36    | 0.33%             | 2028-12-31      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP                  | Reworld Holding Corp                                                | CUSIP: 22282EAJ1<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |    165000 | PA      | $156307.04    | 0.24%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                  | Matador Resources Co                                                | CUSIP: 576485AH9<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |    495000 | PA      | $492578.01    | 0.75%             | 2033-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SIGNAL PARENT INC                     | Signal Parent Inc                                                   | CUSIP: 82666QAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $141514.62    | 0.21%             | 2029-04-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| AAR ESCROW ISSUER LLC                 | AAR Escrow Issuer LLC                                               | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $248877.12    | 0.38%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                | Patrick Industries Inc                                              | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    425000 | PA      | $413075.22    | 0.63%             | 2029-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WASH MULTIFAM ACQ INC                 | WASH Multifamily Acquisition Inc                                    | CUSIP: 93710WAA3<br>LEI: 549300AS7PRY5PHG6L12 | Long             | DBT              | CORP              | US        |    395000 | PA      | $393859.04    | 0.60%             | 2026-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ATLANTICA SUSTAIN INFRA               | Atlantica Sustainable Infrastructure Ltd                            | CUSIP: 04916WAA2<br>LEI: 549300ITBBGKJ651R879 | Long             | DBT              | CORP              | GB        |    444000 | PA      | $424789.85    | 0.64%             | 2028-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| OCEANEERING INTL INC                  | Oceaneering International Inc                                       | CUSIP: 675232AB8<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |    345000 | PA      | $348071.54    | 0.53%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| H.B. FULLER CO                        | HB Fuller Co                                                        | CUSIP: 40410KAA3<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |    260000 | PA      | $252041.45    | 0.38%             | 2028-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ESC CB NATIONAL CINEME                | ESC CB NATIONAL CINEME                                              | CUSIP: 635ESCAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $0.00         | 0.00%             | 2026-08-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| XHR LP                                | XHR LP                                                              | CUSIP: 98372MAC9<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              |  | US        |    510000 | PA      | $494586.98    | 0.75%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS HO               | Lindblad Expeditions Holdings Inc                                   | CUSIP: 535219AA7<br>LEI: 549300GSPW24GZE6R597 | Long             | DBT              | CORP              | US        |    274000 | PA      | $286590.57    | 0.43%             | 2028-05-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| HEALTHEQUITY INC                      | HealthEquity Inc                                                    | CUSIP: 42226AAA5<br>LEI: 529900LRJU1RAFQHM467 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194706.56    | 0.30%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                | AthenaHealth Group Inc                                              | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    450000 | PA      | $443346.98    | 0.67%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD              | Primo Water Holdings Inc / Triton Water Holdings Inc                | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $327535.18    | 0.50%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                      | GGAM Finance Ltd                                                    | CUSIP: 36170JAE6<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    360000 | PA      | $363456.00    | 0.55%             | 2030-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| STONEPEAK NILE PARENT                 | Stonepeak Nile Parent LLC                                           | CUSIP: 861932AA9<br>LEI: 254900TJV3VAFZD0GU41 | Long             | DBT              | CORP              | US        |    480000 | PA      | $509138.88    | 0.77%             | 2032-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TOUCAN FINCO LTD/CAN/US               | Toucan FinCo Ltd/Toucan FinCo Can Inc/Toucan FinCo US LLC           | CUSIP: 89157UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    450000 | PA      | $460384.98    | 0.70%             | 2030-05-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER INC                    | CP Atlas Buyer Inc                                                  | CUSIP: 12597YAA7<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |    464000 | PA      | $429848.23    | 0.65%             | 2028-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GYP HOLDINGS III CORP                 | GYP Holdings III Corp                                               | CUSIP: 36261NAA5<br>LEI: 549300055I1KJWZH9690 | Long             | DBT              | CORP              | US        |    135000 | PA      | $135409.92    | 0.21%             | 2029-05-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| WHITE CAP BUYER LLC                   | White Cap Buyer LLC                                                 | CUSIP: 96350RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    415000 | PA      | $414685.89    | 0.63%             | 2028-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PELOTON INTERACTIVE INC               | Peloton Interactive Inc 2024 Term Loan B                            | CUSIP: 70614EAG5<br>LEI: 5493002YS021166W0339 | Long             | LON              | CORP              | US        |    455400 | PA      | $463084.88    | 0.70%             | 2029-05-30      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC              | Ford Motor Credit Co LLC                                            | CUSIP: 345397D67<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207663.43    | 0.31%             | 2033-11-07      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO              | Clear Channel Outdoor Holdings Inc                                  | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    370000 | PA      | $349936.75    | 0.53%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA              | Compass Minerals International Inc                                  | CUSIP: 20451NAG6<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |     61000 | PA      | $61547.35     | 0.09%             | 2027-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                 | Icahn Enterprises LP / Icahn Enterprises Finance Corp               | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $160013.88    | 0.24%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC                | Full House Resorts Inc                                              | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |    275000 | PA      | $267401.53    | 0.41%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ATKORE INC                            | Atkore Inc                                                          | CUSIP: 047649AA6<br>LEI: 52990002TI38AM4RPV48 | Long             | DBT              | CORP              | US        |    385000 | PA      | $356551.62    | 0.54%             | 2031-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TTM TECHNOLOGIES INC                  | TTM Technologies Inc                                                | CUSIP: 87305RAK5<br>LEI: 549300SC4BDOIS008048 | Long             | DBT              | CORP              | US        |    215000 | PA      | $205615.77    | 0.31%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION                 | CMG Media Corp                                                      | CUSIP: 125773AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    113000 | PA      | $106803.46    | 0.16%             | 2029-06-18      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| CROCS INC                             | Crocs Inc                                                           | CUSIP: 227046AB5<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |    430000 | PA      | $387677.90    | 0.59%             | 2031-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                             | Pike Corp                                                           | CUSIP: 721283AB5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |    125000 | PA      | $136103.63    | 0.21%             | 2031-01-31      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| PATTERN ENERGY OP LP/PAT              | Pattern Energy Operations LP / Pattern Energy Operations Inc        | CUSIP: 70339PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $533217.47    | 0.81%             | 2028-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS               | Surgery Center Holdings Inc                                         | CUSIP: 86881WAF9<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |    405000 | PA      | $413206.14    | 0.63%             | 2032-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-18

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

**Signature:** Francis Smith

**Name of Signer:** Francis Smith

**Title:** Principal Financial Officer