# EDGAR Filing Document

**Accession Number:** 0000741375
**File Stem:** 0001752724-23-041513
**Filing Date:** 2023-2
**Character Count:** 1178988
**Document Hash:** 5908282b74e3bd817d611b2a8d6ddff6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041513.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041513

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY INSTITUTIONAL FUND TRUST
- **CENTRAL INDEX KEY:** 0000741375
- **IRS NUMBER:** 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:** 23671491

**BUSINESS ADDRESS:**
- **STREET 1:** 522 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 800-548-7786

**MAIL ADDRESS:**
- **STREET 1:** 522 FIFTH AVENUE
- **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

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

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

## Nport-Ex

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**Amount**<br>**(000)** | <br>**Value**<br>**(000)** |
| **Fixed Income Securities (98.4%)** |  |  |
| **Agency Fixed Rate Mortgages (20.8%)** |  |  |
| Federal Home Loan Mortgage Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 10/1/51 | $409 | $319 |
| &nbsp;&nbsp;&nbsp;Conventional Pools: |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 11/1/49 | 616 | 532 |
| &nbsp;&nbsp;&nbsp;3.00%, 11/1/49 – 12/1/49 | 414 | 361 |
| &nbsp;&nbsp;&nbsp;3.50%, 8/1/49 | 156 | 141 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/49 – 11/1/49 | 563 | 533 |
| &nbsp;&nbsp;&nbsp;4.50%, 2/1/49 | 328 | 321 |
| &nbsp;&nbsp;&nbsp;Gold Pools: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 3/1/47 – 6/1/49 | 1191 | 1070 |
| &nbsp;&nbsp;&nbsp;3.50%, 1/1/44 – 4/1/49 | 796 | 744 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/44 – 1/1/48 | 308 | 297 |
| &nbsp;&nbsp;&nbsp;5.41%, 7/1/37 – 8/1/37 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;5.44%, 1/1/37 – 2/1/38 | 40 | 41 |
| &nbsp;&nbsp;&nbsp;5.46%, 5/1/37 – 1/1/38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp;5.48%, 8/1/37 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;5.50%, 8/1/37 – 11/1/37 | 40 | 42 |
| &nbsp;&nbsp;&nbsp;5.52%, 10/1/37 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;5.62%, 12/1/36 – 8/1/37 | 45 | 47 |
| &nbsp;&nbsp;&nbsp;6.00%, 10/1/36 – 8/1/38 | 41 | 43 |
| &nbsp;&nbsp;&nbsp;6.50%, 12/1/25 – 8/1/33 | 49 | 52 |
| &nbsp;&nbsp;&nbsp;7.00%, 6/1/28 – 11/1/31 | 19 | 20 |
| Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 11/1/51 | 2170 | 1715 |
| &nbsp;&nbsp;&nbsp;2.50%, 1/1/52 – 2/1/52 | 4668 | 3851 |
| &nbsp;&nbsp;&nbsp;Conventional Pools: |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 2/1/50 | 734 | 633 |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/40 – 1/1/50 | 3020 | 2682 |
| &nbsp;&nbsp;&nbsp;3.50%, 8/1/45 – 1/1/50 | 3057 | 2806 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/41 – 9/1/49 | 2587 | 2482 |
| &nbsp;&nbsp;&nbsp;4.50%, 3/1/41 – 8/1/49 | 1002 | 982 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/41 | 79 | 80 |
| &nbsp;&nbsp;&nbsp;5.50%, 6/1/35 – 1/1/37 | 29 | 30 |
| &nbsp;&nbsp;&nbsp;5.62%, 12/1/36 | 17 | 18 |
| &nbsp;&nbsp;&nbsp;6.50%, 4/1/24 – 1/1/34 | 417 | 437 |
| &nbsp;&nbsp;&nbsp;7.00%, 5/1/28 – 12/1/33 | 62 | 67 |
| &nbsp;&nbsp;&nbsp;9.50%, 4/1/30 | 14 | 15 |
| &nbsp;&nbsp;&nbsp;January TBA: |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 1/1/53 (a) | 6825 | 5787 |
| &nbsp;&nbsp;&nbsp;3.50%, 1/1/53 (a) | 28200 | 25651 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/53 (a) | 10475 | 9835 |
| &nbsp;&nbsp;&nbsp;4.50%, 1/1/53 (a) | 25225 | 24318 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/53 (a) | 8925 | 8802 |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/53 (a) | 18475 | 18533 |
| Government National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;January TBA: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 1/20/53 (a) | 8800 | 7839 |
| &nbsp;&nbsp;&nbsp;Various Pools: |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 11/20/40 – 7/20/49 | 799 | 748 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/20/41 – 11/20/49 | 2140 | 2045 |
| &nbsp;&nbsp;&nbsp;4.50%, 4/20/49 – 7/20/49 | 222 | 213 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/20/48 – 2/20/49 | 26 | 26 |
| &nbsp;&nbsp;&nbsp;6.50%, 5/15/40 | 217 | 227 |
|  |  | 124449 |

---

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities (13.4%)** |  |  |
| AASET 2018-2 US Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, 11/18/38 (b) | 2355.0 | 1872.0 |
| AIMCO CLO, |  |  |
| &nbsp;&nbsp;Series 2018-B |  |  |
| &nbsp;&nbsp;&nbsp;3 Month USD LIBOR + 1.10%, 5.18%, 1/15/32 (b)(c) | 3600.0 | 3542.0 |
| Allegro CLO XI Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;3 Month USD LIBOR + 1.39%, 5.62%, 1/19/33 (b)(c) | 2150.0 | 2119.0 |
| American Homes 4 Rent Trust, |  |  |
| &nbsp;&nbsp;&nbsp;6.07%, 10/17/52 (b) | 1001.0 | 974.0 |
| Aqua Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;3.47%, 7/16/40 (b) | 900.0 | 840.0 |
| BCMSC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;7.51%, 1/15/29 (c) | 1294.0 | 1172.0 |
| Benefit Street Partners CLO XX Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;3 Month USD LIBOR + 1.17%, 5.25%, 7/15/34 (b)(c) | 3685.0 | 3599.0 |
| Blackbird Capital Aircraft, |  |  |
| &nbsp;&nbsp;&nbsp;2.44%, 7/15/46 (b) | 1337.0 | 1100.0 |
| Blackbird Capital Aircraft Lease Securitization Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;5.68%, 12/16/41 (b) | 694.0 | 459.0 |
| Cascade MH Asset Trust, |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/25/44 (b)(c) | 1128.0 | 1060.0 |
| Cologix Data Centers US Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;3.30%, 12/26/51 (b) | 2125.0 | 1862.0 |
| &nbsp;&nbsp;&nbsp;4.94%, 1/25/52 (b) | $3600.0 | 2430.0 |
| Conn's Receivables Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;2.87%, 5/15/26 (b) | 1300.0 | 1277.0 |
| &nbsp;&nbsp;&nbsp;9.52%, 12/15/26 (b) | 3500.0 | 3473.0 |
| ContiMortgage Home Equity Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;8.10%, 8/15/25 | 18.0 | 14.0 |
| Diamond Resorts Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;4.02%, 2/20/32 (b) | 389.0 | 378.0 |
| ELFI Graduate Loan Program LLC, |  |  |
| &nbsp;&nbsp;&nbsp;4.51%, 8/26/47 (b) | 1543.0 | 1463.0 |
| Falcon Aerospace Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 9/15/39 (b) | 704.0 | 572.0 |
| FCI Funding LLC, |  |  |
| &nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.63%, 2/18/31 (b) | 22.0 | 22.0 |
| GAIA Aviation Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 12/15/44 (b) | 1487.0 | 844.0 |
| GCI Funding I LLC, |  |  |
| &nbsp;&nbsp;&nbsp;2.82%, 10/18/45 (b) | 736.0 | 650.0 |
| Golub Capital Partners ABS Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;2.77%, 4/20/29 (b) | 875.0 | 792.0 |
| &nbsp;&nbsp;Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;3.21%, 1/22/29 (b) | 3290.0 | 3074.0 |
| Goodgreen Trust, |  |  |
| &nbsp;&nbsp;&nbsp;5.53%, 4/15/55 (b) | 1818.0 | 1519.0 |
| &nbsp;&nbsp;&nbsp;5.74%, 10/15/56 (b) | 2657.0 | 2109.0 |
| JOL Air Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, 4/15/44 (b) | 241.0 | 161.0 |
| Lunar Aircraft Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;3.38%, 2/15/45 (b) | 379.0 | 311.0 |
| MACH 1 Cayman Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;3.47%, 10/15/39 (b) | 815.0 | 660.0 |
| MAPS Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;4.21%, 5/15/43 (b) | 385.0 | 344.0 |
| METAL LLC, |  |  |
| &nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;4.58%, 10/15/42 (b) | 591.0 | 311.0 |

---

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Mosaic Solar Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;2.10%, 4/20/46 (b) | 564.0 | 490 |
| New Residential Mortgage LLC, |  |  |
| &nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;5.44%, 6/25/25 – 7/25/25 (b) | 4090.0 | 3855 |
| Newtek Small Business Loan Trust, |  |  |
| &nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;Daily U.S. Prime Rate - 0.55%, 6.95%, 2/25/44 (b)(c) | 277.0 | 273 |
| NRZ Excess Spread-Collateralized Notes, |  |  |
| &nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.47%, 11/25/26 (b) | 2058.0 | 1821 |
| Octagon Investment Partners 51 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;3 Month USD LIBOR + 1.15%, 5.39%, 7/20/34 (b)(c) | 5225.0 | 5096 |
| Oxford Finance Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;5.44%, 2/15/27 (b) | 198.0 | 193 |
| PMT FMSR Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 3.00%, 7.39%, 3/25/26 (b)(c) | 3900.0 | 3791 |
| PNMAC GMSR Issuer Trust, |  |  |
| &nbsp;&nbsp;1 Month USD LIBOR + 2.35%, 6.74%, 4/25/23 (b)(c) | 2000.0 | 1888 |
| &nbsp;&nbsp;&nbsp;SOFR30A + 4.19%, 8.13%, 6/25/27 (b)(c) | 2700.0 | 2598 |
| &nbsp;&nbsp;&nbsp;SOFR30A + 4.25%, 8.18%, 5/25/27 (b)(c) | 2725.0 | 2583 |
| PRET 2021-NPL6 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;2.49%, 7/25/51 (b) | 1468.0 | 1363 |
| Progress Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp;2.31%, 5/17/38 (b) | 650.0 | 547 |
| Raptor Aircraft Finance I LLC, |  |  |
| &nbsp;&nbsp;&nbsp;4.21%, 8/23/44 (b) | 2115.0 | 1543 |
| ReadyCap Lending Small Business Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Daily U.S. Prime Rate - 0.55%, 7.00%, 12/27/44 (b)(c) | 374.0 | 355 |
| Republic Finance Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;3.54%, 11/20/30 (b) | 1385.0 | 1269 |
| S-Jets Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;3.97%, 8/15/42 (b) | 2708.0 | 2105 |
| Sculptor CLO XXVI Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;3 Month USD LIBOR + 1.27%, 5.51%, 7/20/34 (b)(c) | 4900.0 | 4779 |
| START Ireland, |  |  |
| &nbsp;&nbsp;&nbsp;4.09%, 3/15/44 (b) | 270.0 | 231 |
| Start Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;4.09%, 5/15/43 (b) | 2685.0 | 2151 |
| Sunbird Engine Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;3.67%, 2/15/45 (b) | 921.0 | 736 |
| Tricon American Homes Trust, |  |  |
| &nbsp;&nbsp;&nbsp;5.10%, 1/17/36 (b) | 3500.0 | 3391 |
|  |  | 80061 |
| **Collateralized Mortgage Obligations - Agency Collateral Series (0.0%) (d)** |  |  |
| Federal Home Loan Mortgage Corporation, |  |  |
| &nbsp;&nbsp;IO REMIC |  |  |
| &nbsp;&nbsp;6.00% - 1 Month USD LIBOR, 1.68%, 11/15/43 (e) | 425.0 | 33 |
| &nbsp;&nbsp;IO STRIPS |  |  |
| &nbsp;&nbsp;7.50%, 12/15/29 | 11.0 | 2 |
| Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;IO PAC REMIC |  |  |
| &nbsp;&nbsp;8.00%, 9/18/27 | 28.0 | 3 |
| &nbsp;&nbsp;IO REMIC |  |  |
| &nbsp;&nbsp;6.00%, 7/25/33 | 30.0 | 5 |
| &nbsp;&nbsp;IO STRIPS |  |  |
| &nbsp;&nbsp;6.50%, 9/25/29 – 12/25/29 | 128.0 | 14 |
| &nbsp;&nbsp;8.50%, 10/25/25 | 7.0 | —@ |
| &nbsp;&nbsp;9.00%, 11/25/26 | 6.0 | —@ |

---

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;REMIC |  |  |
| &nbsp;&nbsp;7.00%, 9/25/32 | 95.0 | 99 |
| Government National Mortgage Association, |  |  |
| &nbsp;&nbsp;IO |  |  |
| &nbsp;&nbsp;5.00%, 2/16/41 | 85.0 | 19 |
|  |  | 175 |
| **Commercial Mortgage-Backed Securities (15.9%)** |  |  |
| BAMLL Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;1 Month Term SOFR + 3.00%, 7.34%, 1/15/39 (b)(c) | 3175.0 | 2986 |
| BANK 2019-BNK21, |  |  |
| &nbsp;&nbsp;IO |  |  |
| &nbsp;&nbsp;0.85%, 10/17/52 (c) | 13116.0 | 546 |
| BANK 2020-BNK30, |  |  |
| &nbsp;&nbsp;2.92%, 12/15/53 (c) | 4200.0 | 2677 |
| Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;3.76%, 7/15/53 (b) | 2000.0 | 1694 |
| &nbsp;&nbsp;IO |  |  |
| &nbsp;&nbsp;0.88%, 9/15/48 (b)(c) | 31000.0 | 871 |
| BF Mortgage Trust, |  |  |
| &nbsp;&nbsp;1 Month USD LIBOR + 1.70%, 6.02%, 12/15/35 (b)(c) | 2500.0 | 2225 |
| BPR Trust, |  |  |
| &nbsp;&nbsp;1 Month Term SOFR + 3.00%, 7.34%, 5/15/39 (b)(c) | 3170.0 | 3146 |
| BX Trust, |  |  |
| &nbsp;&nbsp;1 Month Term SOFR + 2.70%, 7.04%, 1/15/39 (b)(c) | 3630.0 | 3390 |
| BXP Trust, |  |  |
| &nbsp;&nbsp;1 Month USD LIBOR + 3.00%, 7.32%, 11/15/34 (b)(c) | 1150.0 | 921 |
| CG-CCRE Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;1 Month USD LIBOR + 1.85%, 6.17%, 11/15/31 (b)(c) | 541.0 | 514 |
| Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;3.50%, 12/10/41 (b)(c) | 1100.0 | 715 |
| &nbsp;&nbsp;IO |  |  |
| &nbsp;&nbsp;0.72%, 11/10/48 (c) | 2342.0 | 38 |
| &nbsp;&nbsp;0.87%, 9/10/58 (c) | 4244.0 | 80 |
| Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;3.40%, 8/15/57 (b)(c) | 1400.0 | 1233 |
| &nbsp;&nbsp;IO |  |  |
| &nbsp;&nbsp;0.03%, 7/10/45 (c) | 7291.0 | —@ |
| &nbsp;&nbsp;0.66%, 10/10/47 (c) | 2438.0 | 22 |
| &nbsp;&nbsp;0.98%, 7/15/47 (c) | 2643.0 | 28 |
| Credit Suisse Mortgage Trust, |  |  |
| &nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;1 Month USD LIBOR + 3.00%, 7.82%, 12/15/35 (b)(c) | 5275.0 | 5263 |
| &nbsp;&nbsp;1 Month USD LIBOR + 3.97%, 8.29%, 4/15/23 (b)(c) | 2844.0 | 2779 |
| CSWF Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;1 Month USD LIBOR + 1.57%, 5.88%, 6/15/34 (b)(c) | 2680.0 | 2521 |
| DROP Mortgage Trust, |  |  |
| &nbsp;&nbsp;1 Month USD LIBOR + 1.15%, 5.47%, 10/15/43 (b)(c) | 3525.0 | 3371 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, |  |  |
| &nbsp;&nbsp;2.88%, 1/25/49 (c) | 7514.0 | 1345 |
| &nbsp;&nbsp;2.98%, 1/25/32 (c) | 5775.0 | 1075 |
| &nbsp;&nbsp;3.21%, 5/25/32 (c) | 11220.0 | 2334 |
| &nbsp;&nbsp;3.56%, 6/25/54 (c) | 6549.0 | 1512 |
| &nbsp;&nbsp;4.15%, 8/25/54 (c) | 5300.0 | 1422 |
| Federal Home Loan Mortgage Corporation, |  |  |
| &nbsp;&nbsp;IO |  |  |
| &nbsp;&nbsp;2.74%, 8/25/48 (c) | 5484.0 | 827 |
| Federal Home Loan Mortgage Corporation, |  |  |
| &nbsp;&nbsp;1 Month USD LIBOR + 4.35%, 8.49%, 12/25/26 (b)(c) | 61.0 | 58 |

---

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1 Month USD LIBOR + 5.25%, 9.39%, 7/25/26 (b)(c) | 45.0 | 43.0 |
| &nbsp;&nbsp;IO |  |  |
| &nbsp;&nbsp;0.33%, 11/25/27 (c) | 23351.0 | 324.0 |
| &nbsp;&nbsp;2.63%, 1/25/49(c) | 21291.0 | 3287.0 |
| &nbsp;&nbsp;2.65%, 2/25/49 (c) | 9522.0 | 1454.0 |
| &nbsp;&nbsp;2.73%, 9/25/48 (c) | 16800.0 | 2547.0 |
| &nbsp;&nbsp;3.07%, 11/25/36 (c) | 4400.0 | 1192.0 |
| &nbsp;&nbsp;3.09%, 4/25/39 (c) | 3200.0 | 846.0 |
| &nbsp;&nbsp;3.46%, 10/25/38 (c) | 3500.0 | 1006.0 |
| &nbsp;&nbsp;3.79%, 6/25/50 (c) | 8000.0 | 1931.0 |
| GS Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;4.72%, 8/10/46 (b)(c) | 500.0 | 404.0 |
| &nbsp;&nbsp;IO |  |  |
| &nbsp;&nbsp;0.71%, 9/10/47 (c) | 4430.0 | 40.0 |
| &nbsp;&nbsp;1.20%, 10/10/48 (c) | 4587.0 | 123.0 |
| Highways 2021 PLC, |  |  |
| &nbsp;&nbsp;4.68%, 12/18/31 (b) | 2775.0 | 3217.0 |
| Jackson Park Trust, |  |  |
| &nbsp;&nbsp;3.24%, 10/14/39 (b)(c) | $1700.0 | 1233.0 |
| JP Morgan Chase Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;1 Month USD LIBOR + 2.45%, 6.77%, 4/15/38 (b)(c) | 2400.0 | 2283.0 |
| &nbsp;&nbsp;IO |  |  |
| &nbsp;&nbsp;0.58%, 4/15/46 (c) | 6956.0 | 10.0 |
| &nbsp;&nbsp;0.59%, 12/15/49 (c) | 3572.0 | 62.0 |
| &nbsp;&nbsp;0.81%, 7/15/47 (c) | 4160.0 | 25.0 |
| JPMBB Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;4.65%, 4/15/47 (b)(c) | 775.0 | 703.0 |
| &nbsp;&nbsp;IO |  |  |
| &nbsp;&nbsp;0.94%, 8/15/47 (c) | 2878.0 | 27.0 |
| Last Mile Logistics Pan Euro Finance DAC, |  |  |
| &nbsp;&nbsp;3 Month EURIBOR + 1.90%, 3.70%, 8/17/33 (b)(c) | 747.0 | 718.0 |
| Manhattan West Mortgage Trust, |  |  |
| &nbsp;&nbsp;2.34%, 9/10/39 (b)(c) | $1500.0 | 1198.0 |
| MF1 2021-W10X, |  |  |
| &nbsp;&nbsp;1 Month Term SOFR + 2.82%, 7.16%, 12/15/34 (b)(c) | 4350.0 | 4155.0 |
| MFT Mortgage Trust, |  |  |
| &nbsp;&nbsp;3.28%, 8/10/40 (b)(c) | 1000.0 | 710.0 |
| MFT Trust, |  |  |
| &nbsp;&nbsp;3.48%, 2/10/42 (b)(c) | 800.0 | 497.0 |
| MKT 2020-525M Mortgage Trust, |  |  |
| &nbsp;&nbsp;2.94%, 2/12/40 (b)(c) | 1000.0 | 539.0 |
| Multifamily Connecticut Avenue Securities Trust, |  |  |
| &nbsp;&nbsp;1 Month USD LIBOR + 1.95%, 6.34%, 3/25/50 (b)(c) | 219.0 | 217.0 |
| Natixis Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;4.13%, 5/15/39(b)(c) | 2300.0 | 1822.0 |
| &nbsp;&nbsp;4.32%, 1/15/43 (b)(c) | 800.0 | 636.0 |
| &nbsp;&nbsp;1 Month USD LIBOR + 1.70%, 6.02%, 8/15/38 (b)(c) | 3250.0 | 3080.0 |
| &nbsp;&nbsp;1 Month Term SOFR + 2.20%, 6.52%, 7/15/36 (b)(c) | 2300.0 | 2098.0 |
| Olympic Tower Mortgage Trust, |  |  |
| &nbsp;&nbsp;3.57%, 5/10/39 (b) | 2900.0 | 2578.0 |
| Real Estate Asset Liquidity Trust, |  |  |
| &nbsp;&nbsp;IO |  |  |
| &nbsp;&nbsp;1.14%, 2/12/31 (b)(c) | 32273.0 | 1072.0 |
| SG Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;3.73%, 3/15/37 (b)(c) | $1900.0 | 1662.0 |
| SLG Office Trust, |  |  |
| &nbsp;&nbsp;IO |  |  |
| &nbsp;&nbsp;0.26%, 7/15/41 (b)(c) | 34800.0 | 560.0 |
| Taubman Centers Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;1 Month Term SOFR + 2.19%, 6.52%, 5/15/37 (b)(c) | 3950.0 | 3845.0 |

---

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Vita Scientia 2022-1 DAC, |  |  |
| &nbsp;&nbsp;3 Month EURIBOR + 2.49%, 4.41%, 8/27/25 (b)(c) | 2125.0 | 1984 |
| VMC Finance 2021-HT1 LLC, |  |  |
| &nbsp;&nbsp;1 Month USD LIBOR + 1.65%, 5.99%, 1/18/37 (b)(c) | $2387.0 | 2311 |
| Wells Fargo Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;1 Month USD LIBOR + 1.74%, 6.06%, 2/15/37 (b)(c) | 900.0 | 863 |
| WFRBS Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;4.15%, 5/15/45 (b)(c) | 425.0 | 403 |
|  |  | 95298 |
| **Corporate Bonds (26.8%)** |  |  |
| **Finance (10.7%)** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 10/29/28 | 1925.0 | 1616 |
| &nbsp;&nbsp;&nbsp;4.13%, 7/3/23 | 1150.0 | 1142 |
| Air Lease Corp., |  |  |
| &nbsp;&nbsp;&nbsp;2.10%, 9/1/28 | 600.0 | 490 |
| Australia & New Zealand Banking Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;2.57%, 11/25/35 (b) | 875.0 | 644 |
| Avolon Holdings Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;2.88%, 2/15/25 (b) | 2650.0 | 2450 |
| Banco de Credito e Inversiones SA, |  |  |
| &nbsp;&nbsp;&nbsp;2.88%, 10/14/31 (b) | 2275.0 | 1896 |
| Banco Santander Chile, |  |  |
| &nbsp;&nbsp;&nbsp;2.70%, 1/10/25 (b) | 1125.0 | 1069 |
| Banco Santander SA, |  |  |
| &nbsp;&nbsp;&nbsp;4.18%, 3/24/28 | 800.0 | 743 |
| &nbsp;&nbsp;&nbsp;5.18%, 11/19/25 | 600.0 | 591 |
| Bank Hapoalim BM, |  |  |
| &nbsp;&nbsp;&nbsp;3.26%, 1/21/32 (b) | 2075.0 | 1794 |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;2.69%, 4/22/32 | 7200.0 | 5780 |
| &nbsp;&nbsp;&nbsp;3.85%, 3/8/37 | 125.0 | 104 |
| &nbsp;&nbsp;&nbsp;5.02%, 7/22/33 | 125.0 | 119 |
| Bank of Ireland Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;2.03%, 9/30/27 (b) | 2500.0 | 2114 |
| Bank of Montreal, |  |  |
| &nbsp;&nbsp;&nbsp;3.09%, 1/10/37 | 1725.0 | 1308 |
| Belrose Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;2.33%, 8/15/30 (b) | 1225.0 | 930 |
| BNP Paribas SA, |  |  |
| &nbsp;&nbsp;&nbsp;2.22%, 6/9/26 (b) | 575.0 | 528 |
| &nbsp;&nbsp;&nbsp;4.40%, 8/14/28 (b) | 1050.0 | 995 |
| BPCE SA, |  |  |
| &nbsp;&nbsp;&nbsp;3.12%, 10/19/32 (b) | 1100.0 | 805 |
| &nbsp;&nbsp;&nbsp;5.15%, 7/21/24 (b) | 2750.0 | 2694 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.52%, 11/3/32 | 4850.0 | 3784 |
| &nbsp;&nbsp;&nbsp;3.06%, 1/25/33 | 475.0 | 385 |
| CNO Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 5/30/29 | 885.0 | 845 |
| Coinbase Global, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.38%, 10/1/28 (b) | 1010.0 | 535 |
| Credit Suisse Group AG, |  |  |
| &nbsp;&nbsp;&nbsp;6.54%, 8/12/33 (b) | 1550.0 | 1364 |
| Global Atlantic Fin Co., |  |  |
| &nbsp;&nbsp;&nbsp;4.70%, 10/15/51 (b) | 1320.0 | 1008 |
| Goldman Sachs Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.62%, 4/22/32 | 3150.0 | 2520 |

---

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Grupo Aval Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;4.38%, 2/4/30 (b) | 770.0 | 625 |
| HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;3.80%, 3/11/25 | 2400.0 | 2334 |
| Intesa Sanpaolo SpA, |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 1/12/24 | 610.0 | 605 |
| Jefferies Finance LLC/JFIN Co.-Issuer Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/28 (b) | 1490.0 | 1218 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;1.95%, 2/4/32 | 1025.0 | 786 |
| JPMorgan Chase Bank NA, |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 12/28/23 | 1000.0 | 951 |
| Life Storage LP, |  |  |
| &nbsp;&nbsp;&nbsp;2.40%, 10/15/31 | 1050.0 | 810 |
| Macquarie Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;2.87%, 1/14/33 (b) | 1350.0 | 1039 |
| Marsh & McLennan Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 8/1/33 | 1029.0 | 1088 |
| Nationwide Building Society, |  |  |
| &nbsp;&nbsp;&nbsp;3.96%, 7/18/30 (b) | 1200.0 | 1041 |
| &nbsp;&nbsp;&nbsp;4.30%, 3/8/29 (b) | 1550.0 | 1401 |
| Nordea Bank Abp, |  |  |
| &nbsp;&nbsp;&nbsp;5.38%, 9/22/27 (b) | 1200.0 | 1208 |
| Oversea-Chinese Banking Corp. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;1.83%, 9/10/30 (b)(c) | 970.0 | 871 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.88%, 3/1/31 (b) | 2850.0 | 2182 |
| Societe Generale SA, |  |  |
| &nbsp;&nbsp;&nbsp;2.63%, 1/22/25 (b) | 1625.0 | 1529 |
| Sun Communities Operating LP, |  |  |
| &nbsp;&nbsp;&nbsp;4.20%, 4/15/32 | 2000.0 | 1767 |
| SVB Financial Group, |  |  |
| &nbsp;&nbsp;&nbsp;1.80%, 2/2/31 (g) | 1275.0 | 933 |
| &nbsp;&nbsp;&nbsp;4.10%, 2/15/31 (f) | 970.0 | 560 |
| Toronto-Dominion Bank, |  |  |
| &nbsp;&nbsp;&nbsp;8.13%, 10/31/82 | 1625.0 | 1694 |
| United Overseas Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;3.86%, 10/7/32 (b) | 2950.0 | 2723 |
| Westpac Banking Corp., |  |  |
| &nbsp;&nbsp;&nbsp;2.67%, 11/15/35 | 775.0 | 578 |
|  |  | 64196 |
| **Industrials (13.8%)** |  |  |
| Airbnb, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 3/15/26 | 1015.0 | 838 |
| Alibaba Group Holding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;2.13%, 2/9/31 (g) | 825.0 | 659 |
| Anheuser-Busch InBev Worldwide, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, 4/15/48 | 914.0 | 799 |
| AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.55%, 9/15/55 | 1400.0 | 940 |
| BAT Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;2.26%, 3/25/28 | 2000.0 | 1663 |
| Boeing Co., |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 2/1/35 | 775.0 | 592 |
| BP Capital Markets PLC, |  |  |
| &nbsp;&nbsp;&nbsp;4.38%, 6/22/25 (f) | 700.0 | 670 |
| &nbsp;&nbsp;&nbsp;4.88%, 3/22/30 (f) | 700.0 | 615 |
| Celanese U.S. Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;6.17%, 7/15/27 | 2150.0 | 2124 |

---

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |
| &nbsp;&nbsp;&nbsp;2.80%, 4/1/31 | 1275.0 | 995.0 |
| &nbsp;&nbsp;&nbsp;3.50%, 3/1/42 | 2575.0 | 1658.0 |
| Children's Health System of Texas, |  |  |
| &nbsp;&nbsp;&nbsp;2.51%, 8/15/50 | 800.0 | 481.0 |
| CVS Health Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, 3/25/48 | 1450.0 | 1309.0 |
| Dell International LLC/EMC Corp., |  |  |
| &nbsp;&nbsp;&nbsp;3.45%, 12/15/51 (b) | 2575.0 | 1586.0 |
| Delta Air Lines Pass Through Trust, |  |  |
| &nbsp;&nbsp;Series AA |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, 10/25/25 | 1050.0 | 1024.0 |
| Dexcom, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;0.25%, 11/15/25 (g) | 1175.0 | 1284.0 |
| Dick's Sporting Goods, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.10%, 1/15/52 | 2225.0 | 1443.0 |
| Duke University, |  |  |
| &nbsp;&nbsp;Series 2020 |  |  |
| &nbsp;&nbsp;&nbsp;2.83%, 10/1/55 | 1600.0 | 1087.0 |
| DXC Technology Co., |  |  |
| &nbsp;&nbsp;&nbsp;1.80%, 9/15/26 | 3450.0 | 3009.0 |
| Enterprise Products Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;3.30%, 2/15/53 | 825.0 | 552.0 |
| Expedia Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 2/15/26 | 950.0 | 832.0 |
| Ford Motor Co., |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 2/12/32 | 525.0 | 395.0 |
| Ford Motor Credit Co., LLC, |  |  |
| &nbsp;&nbsp;GMTN |  |  |
| &nbsp;&nbsp;&nbsp;4.39%, 1/8/26 | 800.0 | 747.0 |
| Galaxy Pipeline Assets Bidco Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 9/30/27 (b) | 2477.0 | 2298.0 |
| General Motors Co., |  |  |
| &nbsp;&nbsp;&nbsp;5.40%, 10/15/29 | 1225.0 | 1172.0 |
| &nbsp;&nbsp;&nbsp;6.75%, 4/1/46 | 925.0 | 891.0 |
| Global Partners LP/GLP Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 8/1/27 | 715.0 | 680.0 |
| GLP Capital LP/GLP Financing II, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.38%, 4/15/26 | 1250.0 | 1228.0 |
| Grifols SA, |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, 11/15/27 | 630.0 | 591.0 |
| HCA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 3/15/52 (b) | $500.0 | 391.0 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/49 | 1025.0 | 878.0 |
| Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;1.80%, 1/10/28 (b) | 2650.0 | 2177.0 |
| Imperial Brands Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;3.13%, 7/26/24 (b) | 1000.0 | 957.0 |
| Intel Corp., |  |  |
| &nbsp;&nbsp;&nbsp;2.80%, 8/12/41 | 1675.0 | 1176.0 |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 1/15/27 (b) | 1575.0 | 1380.0 |
| Johns Hopkins University, |  |  |
| &nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;2.81%, 1/1/60 | 1170.0 | 736.0 |
| Kimberly-Clark de Mexico SAB de CV, |  |  |
| &nbsp;&nbsp;&nbsp;2.43%, 7/1/31 (b) | 1375.0 | 1102.0 |
| Level 3 Financing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, 3/1/27 (b) | 1275.0 | 1080.0 |

---

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Lions Gate Capital Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 4/15/29 (b) | 1570.0 | 912.0 |
| Lowe's Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.80%, 9/15/62 | 525.0 | 506.0 |
| Macy's Retail Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 3/15/30 (b) | 690.0 | 600.0 |
| Magallanes, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.14%, 3/15/52 (b) | 1475.0 | 1078.0 |
| Matador Resources Co., |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 9/15/26 | 1785.0 | 1719.0 |
| McLaren Health Care Corp., |  |  |
| &nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.39%, 5/15/48 | 1175.0 | 984.0 |
| Medline Borrower LP, |  |  |
| &nbsp;&nbsp;&nbsp;3.88%, 4/1/29 (b) | 1410.0 | 1139.0 |
| NBN Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;2.63%, 5/5/31 (b) | 2400.0 | 1906.0 |
| Newcastle Coal Infrastructure Group Pty Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, 9/29/27 (b) | 2550.0 | 2200.0 |
| Nissan Motor Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;3.04%, 9/15/23 (b) | 2400.0 | 2352.0 |
| NOVA Chemicals Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 5/15/29 (b)(g) | 1510.0 | 1237.0 |
| ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.10%, 3/15/30 | 1250.0 | 1050.0 |
| &nbsp;&nbsp;&nbsp;3.40%, 9/1/29 | 375.0 | 325.0 |
| Ooredoo International Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;2.63%, 4/8/31 (b) | 1268.0 | 1093.0 |
| Peloton Interactive, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 2/15/26 | 2115.0 | 1510.0 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 4/16/29 (b) | 1400.0 | 995.0 |
| RingCentral, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 3/15/26 | 895.0 | 707.0 |
| Rockies Express Pipeline LLC, |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 5/15/25 (b) | 2125.0 | 2010.0 |
| Rogers Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, 3/15/52 (b) | 1525.0 | 1189.0 |
| Seattle Children's Hospital, |  |  |
| &nbsp;&nbsp;Series 2021 |  |  |
| &nbsp;&nbsp;&nbsp;2.72%, 10/1/50 | 2750.0 | 1745.0 |
| Silgan Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;1.40%, 4/1/26 (b) | 2150.0 | 1899.0 |
| Splunk, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;1.13%, 6/15/27 | 1200.0 | 1018.0 |
| Spotify USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 3/15/26 | 1190.0 | 964.0 |
| Standard Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, 11/21/26 (b) | 575.0 | 529.0 |
| Syngenta Finance NV, |  |  |
| &nbsp;&nbsp;&nbsp;4.89%, 4/24/25 (b) | $975.0 | 945.0 |
| Uber Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 12/15/25 (g) | 1560.0 | 1322.0 |
| Var Energi ASA, |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 1/15/28 (b) | 1025.0 | 1046.0 |
| Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.36%, 3/15/32 | 300.0 | 239.0 |
| &nbsp;&nbsp;&nbsp;2.65%, 11/20/40 | 2050.0 | 1391.0 |
| &nbsp;&nbsp;&nbsp;3.40%, 3/22/41 | 275.0 | 208.0 |
| Vontier Corp., |  |  |
| &nbsp;&nbsp;&nbsp;2.40%, 4/1/28 | 2700.0 | 2167.0 |

---

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| VTR Finance NV, |  |  |
| &nbsp;&nbsp;&nbsp;6.38%, 7/15/28 (b) | 1050.0 | 407 |
| Warnermedia Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.28%, 3/15/32 (b) | 1750.0 | 1446 |
| &nbsp;&nbsp;&nbsp;5.05%, 3/15/42 (b) | 925.0 | 711 |
| Wayfair, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;0.63%, 10/1/25 | 1675.0 | 1100 |
|  |  | 82688 |
| **Utilities (2.3%)** |  |  |
| Duke Energy Indiana LLC, |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 4/1/50 | 460.0 | 291 |
| Enel Finance International NV, |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/32 (b) | 1275.0 | 1152 |
| Fells Point Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;3.05%, 1/31/27 (b) | 2275.0 | 2074 |
| Jersey Central Power & Light Co., |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 3/1/32 (b) | 1400.0 | 1134 |
| Mississippi Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;3.95%, 3/30/28 | 2325.0 | 2185 |
| NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 1/15/52 | 1350.0 | 887 |
| Niagara Mohawk Power Corp., |  |  |
| &nbsp;&nbsp;&nbsp;2.76%, 1/10/32 (b) | 2700.0 | 2198 |
| Northern States Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;2.90%, 3/1/50 | 1400.0 | 964 |
| Piedmont Natural Gas Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 3/15/31 | 975.0 | 798 |
| Public Service Enterprise Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, 11/15/31 | 1350.0 | 1082 |
| Virginia Electric and Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;2.95%, 11/15/51 | 1375.0 | 910 |
|  |  | 13675 |
|  |  | 160559 |
| **Mortgages - Other (17.2%)** |  |  |
| 510 Asset Backed 2021-NPL1 Trust, |  |  |
| &nbsp;&nbsp;&nbsp;2.24%, 6/25/61 (b) | 1861.0 | 1709 |
| Adjustable Rate Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;4.78%, 6/25/35 (c) | 34.0 | 32 |
| Ajax Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;1.70%, 5/25/59 (b) | 1432.0 | 1208 |
| &nbsp;&nbsp;&nbsp;2.35%, 9/25/65 (b)(c) | 725.0 | 563 |
| Alternative Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.36%, 4.75%, 5/25/47 (c) | 70.0 | 59 |
| Banc of America Alternative Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.65%, 5.04%, 7/25/46 (c) | 99.0 | 80 |
| &nbsp;&nbsp;&nbsp;6.36%, 10/25/36 | 401.0 | 122 |
| Banc of America Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 7/25/37 | 13.0 | 13 |
| Barclays Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;0.46%, 12/15/55 | 18450.0 | 739 |
| Bear Stearns ARM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;3.37%, 2/25/34 (c) | 436.0 | 397 |
| BRAVO Residential Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 5/25/59 (b)(c) | 1675.0 | 1471 |
| Brean Asset Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;1.40%, 10/25/63 (b)(c) | 2112.0 | 1809 |
| &nbsp;&nbsp;&nbsp;1.75%, 10/25/61 (b)(c) | 2206.0 | 1937 |

---

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Cascade Funding Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;1.94%, 9/25/50 (b)(c) | 3543 | 3195 |
| &nbsp;&nbsp;&nbsp;2.72%, 12/26/30 (b)(c) | 3850 | 3578 |
| &nbsp;&nbsp;&nbsp;2.91%, 2/25/31 (b)(c) | 3800 | 3522 |
| &nbsp;&nbsp;&nbsp;3.73%, 6/25/36 (b)(c) | 3825 | 3468 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/25/68 (b)(c) | 1996 | 1888 |
| CFMT 2022-HB8 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 4/25/25 (b)(c) | 2650 | 2288 |
| CFMT LLC, |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 9/25/37 (b)(c) | 1840 | 1438 |
| ChaseFlex Trust, |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 2/25/37 | 587 | 241 |
| COLT 2021-RPL1 Trust, |  |  |
| &nbsp;&nbsp;&nbsp;1.67%, 9/25/61 (b)(c) | 1386 | 1215 |
| E-MAC NL 2004-I BV, |  |  |
| &nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;3 Month EURIBOR + 0.18%, 3.80%, 7/25/36 (c) | 319 | 313 |
| Eurosail-NL 2007-2 BV, |  |  |
| &nbsp;&nbsp;&nbsp;3 Month EURIBOR + 1.80%, 3.18%, 10/17/40 (c) | 700 | 738 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;0.15%, 11/25/55 | $7625 | 2133 |
| Federal Home Loan Mortgage Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 7/25/46 – 5/25/47 | 979 | 840 |
| &nbsp;&nbsp;&nbsp;3.50%, 5/25/45 – 5/25/47 | 378 | 331 |
| &nbsp;&nbsp;&nbsp;3.85%, 5/25/45 (b)(c) | 1 | 1 |
| &nbsp;&nbsp;&nbsp;4.00%, 5/25/45 | 8 | 7 |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 5.15%, 9.54%, 10/25/29 (c) | 300 | 319 |
| FMC GMSR Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;3.85%, 10/25/26 (b)(c) | 2600 | 2092 |
| &nbsp;&nbsp;&nbsp;4.45%, 1/25/26 (b)(c) | 3500 | 3066 |
| &nbsp;&nbsp;&nbsp;7.90%, 7/25/27 (b) | 2675 | 2525 |
| GCAT 2022-NQM3 Trust, |  |  |
| &nbsp;&nbsp;&nbsp;4.35%, 4/25/67 (b)(c) | 4556 | 4419 |
| Headlands Residential 2021-RPL1 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;2.49%, 9/25/26 (b)(c) | 3320 | 3104 |
| IM Pastor 3 FTH, |  |  |
| &nbsp;&nbsp;&nbsp;3 Month EURIBOR + 0.14%, 2.22%, 3/22/43 (c) | 319 | 271 |
| Imperial Fund Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;2.49%, 2/25/67 (b)(c) | $2629 | 2288 |
| JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;3.46%, 6/25/37 (c) | 57 | 46 |
| &nbsp;&nbsp;&nbsp;6.00%, 6/25/37 | 7 | 10 |
| Legacy Mortgage Asset Trust, |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 2/25/60 (b) | 2096 | 2058 |
| Lehman Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 9/25/37 | 623 | 228 |
| NYMT Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;2.94%, 10/25/60 (b)(c) | 2484 | 2396 |
| OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 2/25/60 (b)(c) | 384 | 335 |
| Pepper Residential Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.93%, 5.20%, 3/12/61 (b)(c) | 252 | 252 |
| PMC PLS ESR Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;5.11%, 2/25/27 (b) | 2362 | 2226 |
| PNMAC GMSR Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 2.65%, 7.04%, 8/25/25 (b)(c) | 1400 | 1397 |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 2.85%, 7.24%, 2/25/23 (b)(c) | 1000 | 1003 |
| Preston Ridge Partners LLC, |  |  |
| &nbsp;&nbsp;&nbsp;1.74%, 9/25/26 (b)(c) | 1978 | 1764 |
| &nbsp;&nbsp;&nbsp;2.36%, 10/25/26 (b) | 2227 | 2022 |

---

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;5.56%, 6/25/27 (b) | 2308 | 2207 |
| Sage AR Funding PLC (SGSHR) No. 1, |  |  |
| &nbsp;&nbsp;&nbsp;4.91%, 11/17/51 (b) | 3625.0 | 3974 |
| Seasoned Credit Risk Transfer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 9/25/55 – 2/25/59 | $9469.0 | 8374 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/25/56 (c) | 248.0 | 244 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/25/56 (b)(c) | 1000.0 | 889 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/25/58 – 2/25/59 | 1276.0 | 1199 |
| &nbsp;&nbsp;&nbsp;4.25%, 8/25/59 – 11/25/60(b)(c) | 6550.0 | 5536 |
| &nbsp;&nbsp;&nbsp;4.50%, 6/25/57 | 1151.0 | 1135 |
| &nbsp;&nbsp;&nbsp;4.75%, 7/25/56 – 6/25/57(b)(c) | 1408.0 | 1285 |
| &nbsp;&nbsp;&nbsp;4.75%, 10/25/58 (c) | 1300.0 | 1157 |
| Stanwich Mortgage Loan Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;2.74%, 10/16/26 (b) | 2260.0 | 2001 |
| Structured Asset Securities Corp. Reverse Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 1.85%, 6.24%, 5/25/47 (b)(c) | 1557.0 | 1384 |
| TDA 27 FTA, |  |  |
| &nbsp;&nbsp;&nbsp;3 Month EURIBOR + 0.19%, 2.33%, 12/28/50 (c) | 1270.0 | 1087 |
| TVC Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;3.47%, 9/25/24 (b) | $249.0 | 248 |
| VOLT CV LLC, |  |  |
| &nbsp;&nbsp;&nbsp;2.49%, 11/27/51 (b) | 1627.0 | 1437 |
| VOLT XCIII LLC, |  |  |
| &nbsp;&nbsp;&nbsp;1.89%, 2/27/51 (b) | 1982.0 | 1775 |
| VOLT XCIV LLC, |  |  |
| &nbsp;&nbsp;&nbsp;2.24%, 2/27/51 (b) | 2437.0 | 2215 |
|  |  | 103303 |
| **Municipal Bonds (0.8%)** |  |  |
| Chicago O'Hare International Airport, IL, |  |  |
| &nbsp;&nbsp;O'Hare International Airport Revenue Series 2010B |  |  |
| &nbsp;&nbsp;&nbsp;6.40%, 1/1/40 | 255.0 | 286 |
| City of New York, NY, |  |  |
| &nbsp;&nbsp;Series G-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.97%, 3/1/36 | 270.0 | 289 |
| Illinois State Toll Highway Authority, IL, |  |  |
| &nbsp;&nbsp;Highway Revenue, Build America Bonds Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.18%, 1/1/34 | 477.0 | 513 |
| New York City, NY, |  |  |
| &nbsp;&nbsp;Transitional Finance Authority Future Tax Secured Revenue Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.27%, 5/1/27 | 320.0 | 323 |
| Onondaga Civic Development Corp., NY, |  |  |
| &nbsp;&nbsp;&nbsp;3.07%, 12/1/55 | 2925.0 | 1808 |
| University of Michigan, MI, |  |  |
| &nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, 4/1/22 | 1645.0 | 1338 |
|  |  | 4557 |
| **Sovereign (3.2%)** |  |  |
| Dominican Republic International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 9/23/32 (b) | 410.0 | 342 |
| &nbsp;&nbsp;&nbsp;5.88%, 1/30/60 (b) | 2310.0 | 1703 |
| Ecuador Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 7/31/40 (b)(h) | 261.0 | 107 |
| Egypt Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;6.38%, 4/11/31 (b) | 2025.0 | 1514 |
| &nbsp;&nbsp;&nbsp;7.50%, 2/16/61 (b) | $290.0 | 180 |
| &nbsp;&nbsp;&nbsp;8.15%, 11/20/59 (b) | 210.0 | 138 |
| &nbsp;&nbsp;&nbsp;8.88%, 5/29/50 (b) | 410.0 | 279 |

---

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Export-Import Bank of India, |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 1/15/30 (b) | 670 | 582 |
| &nbsp;&nbsp;&nbsp;3.88%, 2/1/28 (b) | 505 | 470 |
| Hellenic Republic Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 4/22/27 (b) | 1208 | 1212 |
| Ivory Coast Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 1/30/32 (b) | $1360 | 1154 |
| Mexico Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 4/16/30 (g) | 750 | 655 |
| &nbsp;&nbsp;&nbsp;3.75%, 4/19/71 | 850 | 531 |
| Pertamina Persero PT, |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 11/7/48 (b) | 1325 | 1332 |
| Perusahaan Penerbit SBSN Indonesia III, |  |  |
| &nbsp;&nbsp;&nbsp;4.70%, 6/6/32 (b) | 711 | 701 |
| Petroleos Mexicanos, |  |  |
| &nbsp;&nbsp;&nbsp;6.70%, 2/16/32 | 2727 | 2147 |
| Philippine Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;4.20%, 3/29/47 | 420 | 361 |
| Republic of South Africa Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 1/31/30 | 22750 | 1194 |
| &nbsp;&nbsp;&nbsp;8.25%, 3/31/32 | 92280 | 4632 |
|  |  | 19234 |
| **Supranational (0.2%)** |  |  |
| Banque Ouest Africaine de Developpement, |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 1/22/33 (b) | 270 | 220 |
| &nbsp;&nbsp;&nbsp;4.70%, 10/22/31 (b) | $1240 | 1062 |
|  |  | 1282 |
| **Variable Rate Senior Loan Interest (0.1%)** |  |  |
| American Airlines, Inc., |  |  |
| &nbsp;&nbsp;2018 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 1.75%, 3.19%, 6/27/25 | 970 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Fixed Income Securities (Cost $663,385)** |  | 589832 |
|  | **Shares** |  |
| **Short-Term Investments (14.9%)** |  |  |
| **Investment Company (13.0%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (i) **(Cost $78,013)** | 78012978 | 78013 |
| **Securities held as Collateral on Loaned Securities (0.6%)** |  |  |
| **Investment Company (0.6%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (i) **(Cost $3,500)** | 3499538 | 3500 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**Amount**<br>**(000)** |  |
| **U.S. Treasury Security (1.3%)** |  |  |
| U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;3.84%, 3/16/23 (j) **(Cost $7,743)** | $7803 | 7738 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $89,256)** |  | 89251 |
| **Total Investments (113.3%) (Cost $752,641) Including $6,013 of Securities Loaned (k)(l)(m)** |  | 679083 |
| **Liabilities in Excess of Other Assets (-13.3%)** |  | (79975) |
| **Net Assets (100.0%)** |  | $599108 |

---

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | |
|:---|:---|
| (a) | Security is subject to delayed delivery. |
| (b) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (c) | Floating or variable rate securities: The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments. |
| (d) | Amount is less than 0.05%. |
| (e) | Inverse Floating Rate Security - Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at December 31, 2022. |
| (f) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of December 31, 2022. |
| (g) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at December 31, 2022, were approximately $6,013,000 and $6,140,000, respectively. The Fund received cash collateral of approximately $3,500,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $2,640,000 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 Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (h) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date. |
| (i) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended December 31, 2022, advisory fees paid were reduced by approximately $31,000 relating to the Fund's investment in the Liquidity Funds. |
| (j) | Rate shown is the yield to maturity at December 31, 2022. |
| (k) | Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency exchange contracts, futures contracts and swap agreements. |
| (l) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions. |
| (m) | At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,581,000 and the aggregate gross unrealized depreciation is approximately $78,472,000, resulting in net unrealized depreciation of approximately $76,891,000. |
| @ | Value is less than $500. |
| CLO | Collateralized Loan Obligation. |
| EURIBOR | Euro Interbank Offered Rate. |
| IO | Interest Only. |
| LIBOR | London Interbank Offered Rate. |
| MTN | Medium Term Note. |
| PAC | Planned Amortization Class. |
| REMIC | Real Estate Mortgage Investment Conduit. |
| SOFR | Secured Overnight Financing Rate. |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. |
| TBA | To Be Announced. |
| USD | United States Dollar. |

---

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

**Foreign Currency Forward Exchange Contracts:**

The Fund had the following foreign currency forward exchange contracts open at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Contracts**<br>**to**<br>**Deliver**<br>**(000)** | **In**<br>**Exchange**<br>**For**<br>**(000)** | <br>**Delivery**<br>**Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)**<br>**(000)** |
| Australia & New Zealand Banking Group Ltd. | 15 | $11 | 1/4/23 | $—@ |
| Australia & New Zealand Banking Group Ltd. | $4027 | 6020 | 2/9/23 | 77 |
| Australia & New Zealand Banking Group Ltd. | $11 | 15 | 2/9/23 | (—@) |
| Australia & New Zealand Banking Group Ltd. | $6202 | 5960 | 2/9/23 | 194 |
| Bank of America NA | $1470 | 28828 | 2/9/23 | (—@) |
| Barclays Bank PLC | 6040 | $3867 | 2/9/23 | (251) |
| BNP Paribas SA | 24384 | $3416 | 2/9/23 | (102) |
| BNP Paribas SA | 6136 | $6939 | 2/9/23 | (485) |
| BNP Paribas SA | $23 | 31 | 2/9/23 | —@ |
| BNP Paribas SA | $1160 | 8047 | 2/9/23 | 1 |
| BNP Paribas SA | $778 | 5391 | 2/9/23 | (1) |
| BNP Paribas SA | $785 | 5473 | 2/9/23 | 4 |
| Goldman Sachs International | $1743 | 9071 | 2/9/23 | (36) |
| HSBC Bank PLC | 15826 | $15722 | 2/9/23 | (1259) |
| JPMorgan Chase Bank NA | 10785 | $1050 | 2/9/23 | 14 |
| JPMorgan Chase Bank NA | $34 | 46 | 2/9/23 | (—@) |
| JPMorgan Chase Bank NA | $790 | 5473 | 2/9/23 | (—@) |
| JPMorgan Chase Bank NA | $1716 | 250153 | 2/9/23 | 199 |
| JPMorgan Chase Bank NA | $1830 | 36286 | 2/9/23 | 20 |
| JPMorgan Chase Bank NA | 97138 | $5275 | 2/9/23 | (424) |
| Royal Bank of Canada | 1240 | $920 | 2/9/23 | 4 |
| Royal Bank of Canada | $661 | 625 | 2/9/23 | 10 |
| Royal Bank of Canada | $575 | 77508 | 2/9/23 | 18 |
| Royal Bank of Canada | $2301 | 310031 | 2/9/23 | 72 |
| State Street Bank & Trust Co. | 1 | $1 | 2/9/23 | (—@) |
| UBS AG | 5022 | $3693 | 2/9/23 | (17) |
| UBS AG | $876 | 828 | 2/9/23 | 12 |
| UBS AG | $67 | 54 | 2/9/23 | (1) |
|  |  |  |  | $(1951) |

---

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

**Futures Contracts:**

The Fund had the following futures contracts open at December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br>**Number**<br>**of**<br>**Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount**<br>**(000)** |<br>**Value**<br>**(000)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)**<br>**(000)** |
| **Long:** |  |  |  |  |  |
| U.S. Treasury 10 yr. Note | 88 | &nbsp;&nbsp;Mar-23 | $8800 | $9882 | $(102) |
| U.S. Treasury 10 yr. Ultra Note | 249 | &nbsp;&nbsp;Mar-23 | 24900 | 29452 | (87) |
| U.S. Treasury 5 yr. Note | 271 | &nbsp;&nbsp;Mar-23 | 27100 | 29249 | (154) |
| U.S. Treasury Long Bond | 398 | &nbsp;&nbsp;Mar-23 | 39800 | 49887 | (541) |
| U.S. Treasury Ultra Bond | 229 | &nbsp;&nbsp;Mar-23 | 22900 | 30758 | (205) |
| **Short:** |  |  |  |  |  |
| Euro-Buxl 30 yr. Bond | 3 | &nbsp;&nbsp;Mar-23 | (300) | (434) | 78 |
| German Euro-OAT Index | 11 | &nbsp;&nbsp;Mar-23 | (1100) | (1499) | 97 |
| Japan 10 Yr. Bond Index | 9 | &nbsp;&nbsp;Mar-23 | (900000) | (9975) | 182 |
| U.S. Treasury 2 yr. Note | 171 | &nbsp;&nbsp;Mar-23 | $(34200) | (35069) | (12) |
|  |  |  |  |  | $(744) |

---

**Credit Default Swap Agreements:** 

The Fund had the following credit default swap agreements open at December 31, 2022:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Swap Counterparty and**<br>**Reference Obligation** | **Credit**<br>**Rating of**<br>**Reference**<br>**Obligation†** | <br>**Buy/Sell**<br>**Protection** | <br>**Pay/Receive**<br>**Fixed Rate** | <br>**Payment**<br>**Frequency** | <br>**Maturity**<br>**Date** |<br>**Notional**<br>**Amount**<br>**(000)** |<br>**Value**<br>**(000)** | **Upfront**<br>**Payment**<br>**Paid**<br>**(000)** |<br>**Unrealized**<br>**Depreciation**<br>**(000)** |
| Morgan Stanley & Co. LLC\* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDX.NA.HY.39 | NR | Buy | 5.00% | Quarterly | 12/20/27 | $11900 | $(93) | $545 | $(638) |

---

---

| | |
|:---|:---|
| @ | Value is less than $500. |
| \* | Cleared swap agreement, the broker is Morgan Stanley & Co. LLC. |
| † | Credit rating as issued by Standard & Poor's. |
| BTP | Buoni del Tesoro Poliennali. |
| OAT | Obligations Assimilables du Trésor (Treasury Obligation). |
| NR | Not rated. |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CNY | Chinese Yuan Renminbi |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| MXN | Mexican Peso |
| SEK | Swedish Krona |
| USD | United States Dollar |
| ZAR | South African Rand |

---

**Portfolio Composition\***

---

| | | |
|:---|:---|:---|
| <br>**Classification** | **Percentage of**<br>**Total Investments** |  |
| Agency Fixed Rate Mortgages | 18.4 | % |
| Mortgages - Other | 15.3 |  |
| Commercial Mortgage-Backed Securities | 14.1 |  |
| Short-Term Investments | 12.7 |  |
| Industrials | 12.2 |  |
| Asset-Backed Securities | 11.9 |  |
| Finance | 9.5 |  |
| Other\*\* | 5.9 |  |
| Total Investments | 100.0 | %\*\*\* |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2022.

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

\*\*\* Does not include open long/short futures contracts with a value of approximately $196,205,000 and net unrealized depreciation of approximately $744,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $1,951,000. Also does not include open swap agreements with total unrealized depreciation of approximately $638.

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**Amount**<br>**(000)** |<br>**Value**<br>**(000)** |
| **Fixed Income Securities (97.1%)** |  |  |
| **Commercial Mortgage-Backed Securities (2.5%)** |  |  |
| Credit Suisse Mortgage Trust, Class A |  |  |
| &nbsp;&nbsp;&nbsp;1 Month Term SOFR + 3.14%, 7.48%, 9/9/24 (a)(b) | $1100 | $1090 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;1 Month Term SOFR + 2.18%, 6.51%, 8/15/39 (a)(b) | 1300 | 1302 |
| Taurus 2018-2 UK DAC |  |  |
| &nbsp;&nbsp;&nbsp;3 Month GBP SONIA + 1.22%, 4.50%, 5/22/28 (b) | 588 | 704 |
|  |  | 3096 |
| **Corporate Bonds (94.6%)** |  |  |
| **Finance (35.1%)** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, |  |  |
| &nbsp;&nbsp;&nbsp;1.65%, 10/29/24 | $625 | 577 |
| &nbsp;&nbsp;&nbsp;2.88%, 8/14/24 | 175 | 166 |
| &nbsp;&nbsp;&nbsp;3.00%, 10/29/28 | 925 | 777 |
| Air Lease Corp., |  |  |
| &nbsp;&nbsp;&nbsp;2.10%, 9/1/28 | 300 | 245 |
| &nbsp;&nbsp;&nbsp;4.63%, 10/1/28 | 1250 | 1172 |
| American National Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.14%, 6/13/32 (a) | 550 | 522 |
| Aon Corp./Aon Global Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;2.60%, 12/2/31 | 625 | 512 |
| Australia & New Zealand Banking Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.57%, 11/25/35 (a) | 300 | 221 |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.88%, 2/15/25 (a) | 550 | 508 |
| Banco de Credito e Inversiones SA |  |  |
| &nbsp;&nbsp;&nbsp;2.88%, 10/14/31 (a) | 200 | 167 |
| Banco Santander SA, |  |  |
| &nbsp;&nbsp;&nbsp;1.72%, 9/14/27 | 1000 | 855 |
| &nbsp;&nbsp;&nbsp;4.18%, 3/24/28 | 600 | 557 |
| Bank Hapoalim BM |  |  |
| &nbsp;&nbsp;&nbsp;3.26%, 1/21/32 (a) | 725 | 627 |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;2.69%, 4/22/32 | 900 | 723 |
| &nbsp;&nbsp;&nbsp;3.85%, 3/8/37 | 800 | 665 |
| &nbsp;&nbsp;&nbsp;5.02%, 7/22/33 | 2200 | 2095 |
| Bank of Ireland Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;2.03%, 9/30/27 (a) | 1725 | 1459 |
| Belrose Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.33%, 8/15/30 (a) | 475 | 361 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, 8/14/28 (a) | 375 | 355 |
| Boston Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 12/1/27 | 325 | 336 |
| BPCE SA, |  |  |
| &nbsp;&nbsp;&nbsp;3.12%, 10/19/32 (a) | 375 | 274 |
| &nbsp;&nbsp;&nbsp;3.65%, 1/14/37 (a)(c) | 500 | 375 |
| &nbsp;&nbsp;&nbsp;5.15%, 7/21/24 (a) | 1025 | 1004 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.27%, 3/1/30 | 850 | 728 |
| Carlyle Finance Subsidiary LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 9/19/29 (a) | 425 | 360 |
| Charles Schwab Corp., |  |  |
| &nbsp;&nbsp;&nbsp;Series G |  |  |
| &nbsp;&nbsp;&nbsp;5.38%, 1/6/25 (d) | 650 | 639 |

---

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| CI Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.10%, 6/15/51 | 1025 | 607 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.52%, 11/3/32 | 525 | 410 |
| &nbsp;&nbsp;&nbsp;3.06%, 1/25/33 | 1175 | 951 |
| &nbsp;&nbsp;&nbsp;6.27%, 11/17/33 | 850 | 880 |
| Coinbase Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.38%, 10/1/28 (a) | 190 | 101 |
| Corporate Office Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 4/15/31 | 850 | 638 |
| Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;9.02%, 11/15/33 (a) | 1250 | 1283 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;2.22%, 9/18/24 | 450 | 435 |
| Extra Space Storage LP Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.90%, 4/1/29 | 750 | 673 |
| First-Citizens Bank & Trust Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.97%, 9/27/25 | 775 | 733 |
| Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, 10/15/29 (a) | 1375 | 1154 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.62%, 4/22/32 | 3200 | 2559 |
| Grupo Aval Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.38%, 2/4/30 (a) | 375 | 304 |
| High Street Funding Trust I |  |  |
| &nbsp;&nbsp;&nbsp;4.11%, 2/15/28 (a)(c) | 850 | 793 |
| HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;1.59%, 5/24/27 | 1250 | 1079 |
| &nbsp;&nbsp;&nbsp;4.76%, 6/9/28 | 650 | 615 |
| Intact Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.46%, 9/22/32 (a) | 850 | 841 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 11/21/25 (a) | 625 | 638 |
| Jefferies Group LLC/Jefferies Group Capital Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.63%, 10/15/31 | 450 | 344 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;1.95%, 2/4/32 | 1475 | 1132 |
| &nbsp;&nbsp;&nbsp;4.57%, 6/14/30 | 450 | 424 |
| KKR Group Finance Co. XII LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.85%, 5/17/32 (a) | 175 | 164 |
| LeasePlan Corp. NV |  |  |
| &nbsp;&nbsp;&nbsp;2.88%, 10/24/24 (a) | 675 | 634 |
| Life Storage LP |  |  |
| &nbsp;&nbsp;&nbsp;2.40%, 10/15/31 | 625 | 482 |
| Macquarie Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.87%, 1/14/33 (a) | 575 | 443 |
| Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 8/1/33 | 350 | 370 |
| National Australia Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.33%, 8/21/30 (a) | 375 | 286 |
| Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;5.38%, 9/22/27 (a) | 625 | 629 |
| Radian Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 3/15/27 | 1050 | 964 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.88%, 3/1/31 (a) | 345 | 264 |
| Sabra Health Care LP |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, 12/1/31 | 825 | 616 |
| Santander U.K. Group Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;6.83%, 11/21/26 | 625 | 634 |

---

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Shinhan Bank Co., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/23/29 (a) | 875 | 781 |
| Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;2.89%, 6/9/32 (a) | 200 | 154 |
| Stewart Information Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 11/15/31 | 500 | 384 |
| Sun Communities Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;4.20%, 4/15/32 | 775 | 685 |
| SVB Financial Group, |  |  |
| &nbsp;&nbsp;&nbsp;1.80%, 2/2/31 (c) | 650 | 476 |
| &nbsp;&nbsp;&nbsp;4.10%, 2/15/31 (d) | 123 | 71 |
| Swedbank AB |  |  |
| &nbsp;&nbsp;&nbsp;3.36%, 4/4/25 (a) | 350 | 337 |
| Synchrony Bank |  |  |
| &nbsp;&nbsp;&nbsp;5.63%, 8/23/27 | 675 | 659 |
| Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 6/13/25 | 175 | 171 |
| Synovus Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.20%, 8/11/25 | 475 | 469 |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;8.13%, 10/31/82 | 1000 | 1042 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;MTN |  |  |
| &nbsp;&nbsp;&nbsp;2.88%, 10/30/30 | 375 | 319 |
| Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.67%, 11/15/35 | 225 | 168 |
|  |  | 44076 |
| **Industrials (49.6%)** |  |  |
| AbbVie, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.05%, 11/21/39 | 300 | 258 |
| &nbsp;&nbsp;&nbsp;4.25%, 11/21/49 | 350 | 292 |
| Adventist Health System |  |  |
| &nbsp;&nbsp;&nbsp;5.43%, 3/1/32 | 700 | 692 |
| Airbnb, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 3/15/26 | 265 | 219 |
| Alaska Airlines 2020-1 Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, 2/15/29 (a) | 1075 | 1025 |
| Alibaba Group Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.70%, 2/9/41 | 240 | 154 |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, 2/4/41 | 350 | 233 |
| Amazon.com, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.70%, 6/3/60 | 425 | 258 |
| &nbsp;&nbsp;&nbsp;4.70%, 12/1/32 | 875 | 869 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 4/20/29 (a) | 220 | 201 |
| Anheuser-Busch InBev Worldwide, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.35%, 6/1/40 | 750 | 662 |
| &nbsp;&nbsp;&nbsp;4.60%, 4/15/48 | 309 | 270 |
| Apple, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.38%, 2/8/41 | 425 | 302 |
| &nbsp;&nbsp;&nbsp;3.95%, 8/8/52 | 700 | 599 |
| AT&T, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.55%, 12/1/33 | 825 | 636 |
| &nbsp;&nbsp;&nbsp;3.55%, 9/15/55 | 1452 | 975 |
| Baidu, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.72%, 4/9/26 | 450 | 401 |
| BAT Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;2.26%, 3/25/28 | 1050 | 873 |

---

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;3.73%, 9/25/40 | 250.0 | 171.0 |
| Boeing Co., |  |  |
| &nbsp;&nbsp;&nbsp;2.95%, 2/1/30 | 675.0 | 573.0 |
| &nbsp;&nbsp;&nbsp;3.25%, 2/1/35 | 600.0 | 458.0 |
| BP Capital Markets PLC, |  |  |
| &nbsp;&nbsp;&nbsp;4.38%, 6/22/25 (d) | 1050.0 | 962.0 |
| Braskem Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 1/31/30 (a) | 340.0 | 290.0 |
| Broadcom, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.19%, 11/15/36 (a) | 550.0 | 397.0 |
| &nbsp;&nbsp;&nbsp;3.42%, 4/15/33 (a) | 225.0 | 181.0 |
| Brunswick Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.10%, 4/1/52 | 425.0 | 307.0 |
| Cedars-Sinai Health System, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021 |  |  |
| &nbsp;&nbsp;&nbsp;2.29%, 8/15/31 | 620.0 | 499.0 |
| Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.17%, 7/15/27 | 1350.0 | 1334.0 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |
| &nbsp;&nbsp;&nbsp;2.80%, 4/1/31 | 275.0 | 215.0 |
| &nbsp;&nbsp;&nbsp;3.50%, 3/1/42 | 975.0 | 628.0 |
| &nbsp;&nbsp;&nbsp;5.13%, 7/1/49 | 500.0 | 380.0 |
| Comcast Corp., |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 4/1/40 | 575.0 | 477.0 |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/48 | 650.0 | 524.0 |
| CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;6.07%, 11/1/27 | 575.0 | 589.0 |
| Consorcio Transmantaro SA |  |  |
| &nbsp;&nbsp;&nbsp;4.70%, 4/16/34 (a) | 400.0 | 365.0 |
| Continental Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.27%, 11/15/26 (a) | 275.0 | 239.0 |
| &nbsp;&nbsp;&nbsp;2.88%, 4/1/32 (a) | 875.0 | 649.0 |
| Coterra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.90%, 5/15/27 | 950.0 | 888.0 |
| CVS Health Corp., |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 8/21/30 | 625.0 | 494.0 |
| &nbsp;&nbsp;&nbsp;5.05%, 3/25/48 | 650.0 | 587.0 |
| Daimler Trucks Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 12/14/26 (a) | 775.0 | 684.0 |
| Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.45%, 12/15/51 (a) | 725.0 | 446.0 |
| Delta Air Lines, Inc./SkyMiles IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 10/20/25 (a) | 1025.0 | 1001.0 |
| Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.13%, 3/24/31 | 600.0 | 498.0 |
| Dick's Sporting Goods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.10%, 1/15/52 | 450.0 | 292.0 |
| DuPont de Nemours, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.32%, 11/15/38 | 225.0 | 217.0 |
| DXC Technology Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.80%, 9/15/26 | 950.0 | 829.0 |
| Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 8/1/33 | 325.0 | 251.0 |
| Energy Transfer LP, |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/50 | 125.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;6.25%, 4/15/49 | 100.0 | 93.0 |
| Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.30%, 2/15/53 | 625.0 | 419.0 |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.70%, 4/1/28 | 575.0 | 573.0 |

---

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.10%, 3/15/52 | 225 | 181 |
| Ferguson Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.65%, 4/20/32 (a) | 300 | 274 |
| Ford Motor Credit Co., LLC, |  |  |
| &nbsp;&nbsp;&nbsp;GMTN |  |  |
| &nbsp;&nbsp;&nbsp;4.39%, 1/8/26 | 315 | 294 |
| General Motors Co., |  |  |
| &nbsp;&nbsp;&nbsp;6.60%, 4/1/36 | 325 | 319 |
| &nbsp;&nbsp;&nbsp;6.75%, 4/1/46 | 125 | 120 |
| Georgia-Pacific LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.30%, 4/30/30 (a) | 650 | 541 |
| Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 9/1/30 (a)(c) | 600 | 488 |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.40%, 8/15/32 | 500 | 478 |
| Grifols SA |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, 11/15/27 (a) | 310 | 291 |
| HCA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 3/15/52 (a) | $275 | 215 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/49 | 550 | 471 |
| HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 4/1/26 | 500 | 501 |
| Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 2/10/27 (a) | 1200 | 1079 |
| Imperial Brands Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;3.13%, 7/26/24 (a) | 725 | 694 |
| &nbsp;&nbsp;&nbsp;6.13%, 7/27/27 (a) | 400 | 399 |
| Intel Corp., |  |  |
| &nbsp;&nbsp;&nbsp;2.80%, 8/12/41 | 550 | 386 |
| &nbsp;&nbsp;&nbsp;3.25%, 11/15/49 | 300 | 206 |
| International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.85%, 5/15/40 | 375 | 274 |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 1/15/27 (a) | 550 | 482 |
| JDE Peet's NV |  |  |
| &nbsp;&nbsp;&nbsp;1.38%, 1/15/27 (a) | 875 | 740 |
| JetBlue Pass Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series AA |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 11/15/33 | 433 | 356 |
| Kimberly-Clark de Mexico SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;2.43%, 7/1/31 (a) | 275 | 220 |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.45%, 8/1/52 | 175 | 158 |
| Kyndryl Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.05%, 10/15/26 | 1075 | 878 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, 3/1/27 (a) | 625 | 529 |
| Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.80%, 9/15/62 | 575 | 554 |
| Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 3/15/30 (a) | 405 | 352 |
| Marriott International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;Series HH |  |  |
| &nbsp;&nbsp;&nbsp;2.85%, 4/15/31 | 1075 | 873 |
| McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, 9/1/48 | 350 | 306 |
| MDGH GMTN (RSC) Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 11/7/28 (a) | 425 | 422 |
| Micron Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.70%, 4/15/32 | 1275 | 956 |

---

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.53%, 6/1/50 | 525 | 348 |
| Midwest Connector Capital Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 4/1/29 (a) | 600 | 543 |
| Minsur SA |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 10/28/31 (a) | 200 | 174 |
| MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;5.20%, 12/1/47 | 100 | 86 |
| National Fuel Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.95%, 3/1/31 | 1036 | 814 |
| NBN Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.63%, 5/5/31 (a) | 1225 | 973 |
| Newcastle Coal Infrastructure Group Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, 9/29/27 (a) | 1125 | 971 |
| Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.52%, 9/17/25 (a) | 1025 | 953 |
| NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 6/1/24 (a) | 300 | 291 |
| ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.10%, 3/15/30 | 1125 | 945 |
| &nbsp;&nbsp;&nbsp;3.40%, 9/1/29 | 275 | 238 |
| Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 4/1/50 | 525 | 356 |
| &nbsp;&nbsp;&nbsp;3.85%, 7/15/36 | 225 | 185 |
| Peloton Interactive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 2/15/26 | 415 | 296 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 11/17/32 | 300 | 307 |
| Prosus NV |  |  |
| &nbsp;&nbsp;&nbsp;3.68%, 1/21/30 (a) | 775 | 646 |
| Q-Park Holding I BV |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 3/1/25 (a) | 150 | 148 |
| QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.65%, 5/20/32 | $400 | 309 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 4/16/29 (a) | 300 | 213 |
| RingCentral, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 3/15/26 | 175 | 138 |
| Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 5/15/25 (a) | 400 | 378 |
| Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, 3/15/52 (a) | 550 | 429 |
| Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 5/15/30 | 950 | 883 |
| Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.57%, 10/15/26 (a) | 800 | 692 |
| Sigma Alimentos SA de CV |  |  |
| &nbsp;&nbsp;&nbsp;4.13%, 5/2/26 | 450 | 427 |
| Silgan Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.40%, 4/1/26 (a) | 500 | 442 |
| Smithfield Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 10/15/30 (a) | 850 | 649 |
| Sodexo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.72%, 4/16/31 (a) | 675 | 540 |
| Spotify USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 3/15/26 | 165 | 134 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, 11/21/26 (a) | 100 | 92 |
| Syngenta Finance NV |  |  |
| &nbsp;&nbsp;&nbsp;4.89%, 4/24/25 (a) | $300 | 291 |

---

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| T-Mobile USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, 11/15/31 | 725.0 | 572 |
| &nbsp;&nbsp;&nbsp;3.30%, 2/15/51 | 250.0 | 168 |
| Tencent Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;2.39%, 6/3/30 (a) | 200.0 | 163 |
| &nbsp;&nbsp;&nbsp;3.60%, 1/19/28 (a) | 500.0 | 459 |
| &nbsp;&nbsp;&nbsp;3.98%, 4/11/29 (a) | 300.0 | 277 |
| Transportadora de Gas Internacional SA ESP |  |  |
| &nbsp;&nbsp;&nbsp;5.55%, 11/1/28 (a) | 400.0 | 368 |
| Transurban Finance Co. Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, 3/16/31 (a) | 500.0 | 394 |
| Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 12/15/25 (c) | 150.0 | 127 |
| Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, 9/9/52 | 350.0 | 338 |
| Var Energi ASA |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 1/15/28 (a) | 600.0 | 612 |
| Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 1/20/31 | 500.0 | 389 |
| &nbsp;&nbsp;&nbsp;2.36%, 3/15/32 | 250.0 | 199 |
| &nbsp;&nbsp;&nbsp;2.65%, 11/20/40 | 850.0 | 577 |
| &nbsp;&nbsp;&nbsp;3.40%, 3/22/41 | 300.0 | 227 |
| VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 2/15/28 | 300.0 | 285 |
| VICI Properties LP/VICI Note Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.88%, 2/15/29 (a) | 850.0 | 746 |
| Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.95%, 4/1/31 | 725.0 | 525 |
| Walt Disney Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 5/13/40 | 450.0 | 364 |
| Warnermedia Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.28%, 3/15/32 (a) | 475.0 | 392 |
| &nbsp;&nbsp;&nbsp;5.05%, 3/15/42 (a) | 325.0 | 250 |
| &nbsp;&nbsp;&nbsp;5.14%, 3/15/52 (a) | 725.0 | 530 |
| Western Digital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 2/1/24 (e) | 215.0 | 206 |
| Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.30%, 8/15/52 | 600.0 | 540 |
| Ziff Davis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 11/1/26 (a) | 200.0 | 200 |
|  |  | 62365 |
| **Utilities (9.9%)** |  |  |
| APA Infrastructure Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.20%, 3/23/25 (a) | 300.0 | 290 |
| Berkshire Hathaway Energy Co., |  |  |
| &nbsp;&nbsp;&nbsp;2.85%, 5/15/51 | 350.0 | 231 |
| &nbsp;&nbsp;&nbsp;4.60%, 5/1/53 (a) | 150.0 | 131 |
| Cleveland Electric Illuminating Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, 11/15/30 (a) | 250.0 | 235 |
| Consumers Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 5/1/60 | 325.0 | 183 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.38%, 11/15/32 | 400.0 | 398 |
| DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.95%, 3/1/49 | 450.0 | 371 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/52 | 525.0 | 469 |
| Duke Energy Indiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 4/1/50 | 580.0 | 367 |

---

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp;6.95%, 11/15/29 | 825 | 863 |
| EDP Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;6.30%, 10/11/27 (a) | 700 | 721 |
| Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/32 (a) | 600 | 542 |
| Entergy Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.55%, 9/30/49 | 200 | 144 |
| Fells Point Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.05%, 1/31/27 (a) | 1275 | 1162 |
| Interstate Power and Light Co., |  |  |
| &nbsp;&nbsp;&nbsp;2.30%, 6/1/30 | 300 | 246 |
| &nbsp;&nbsp;&nbsp;3.50%, 9/30/49 | 175 | 126 |
| Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 3/1/32 (a) | 375 | 304 |
| New England Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.94%, 11/25/52 (a) | 300 | 310 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 1/15/52 | 475 | 312 |
| Niagara Mohawk Power Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.76%, 1/10/32 (a) | 800 | 651 |
| Northern States Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.90%, 3/1/50 | 350 | 241 |
| Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.30%, 8/1/40 | 375 | 255 |
| PECO Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.05%, 3/15/51 | 425 | 293 |
| Piedmont Natural Gas Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 3/15/31 | 475 | 389 |
| Public Service Co. of Colorado, |  |  |
| &nbsp;&nbsp;&nbsp;Series 34 |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, 3/1/50 | 275 | 196 |
| &nbsp;&nbsp;&nbsp;4.50%, 6/1/52 | 275 | 248 |
| Public Service Enterprise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, 11/15/31 | 525 | 421 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/47 | 250 | 197 |
| Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, 7/1/46 | 525 | 440 |
| Union Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.90%, 4/1/52 | 250 | 203 |
| Virginia Electric and Power Co., |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, 12/15/50 | 275 | 164 |
| &nbsp;&nbsp;&nbsp;2.95%, 11/15/51 | 375 | 248 |
| &nbsp;&nbsp;&nbsp;Series C |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 5/15/52 | 225 | 198 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 5/13/24 (a) | 900 | 883 |
|  |  | 12432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Fixed Income Securities (Cost $136,510)** |  | 121969 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investments (3.5%)** |  |  |
| **Investment Company (0.9%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (f) **(Cost $1,192)** | 1191553 | 1192 |
| **Securities held as Collateral on Loaned Securities (1.1%)** |  |  |
| **Investment Company (1.1%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (f) **(Cost $1,369)** | 1368525 | 1369 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**Amount**<br>**(000)** |  |
| **U.S. Treasury Security (1.5%)** |  |  |
| U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;3.84%, 3/16/23 (g)(h) **(Cost $1,851)** | $1865 | 1850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $4,412)** |  | 4411 |
| **Total Investments (100.6%) (Cost $140,922) Including $1,480 of Securities Loaned (i)(j)(k)** |  | 126380 |
| **Liabilities in Excess of Other Assets (-0.6%)** |  | (730) |
| **Net Assets (100.0%)** |  | $125650 |

---

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | |
|:---|:---|
| (a) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (b) | Floating or variable rate securities: The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments. |
| (c) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at December 31, 2022, were approximately $1,480,000 and $1,512,000, respectively. The received cash collateral of approximately $1,369,000, was subsequently invested in Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $143,000 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 Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (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 December 31, 2022. |
| (e) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of December 31, 2022. 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 Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended December 31, 2022, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds. |
| (g) | Rate shown is the yield to maturity at December 31, 2022. |
| (h) | All or a portion of the security was pledged to cover margin requirements for futures contracts. |
| (i) | Securities are available for collateral in connection with, purchase of open foreign currency forward exchange contracts and open futures contracts. |
| (j) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions. |
| (k) | At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $802,000 and the aggregate gross unrealized depreciation is approximately $15,269,000, resulting in net unrealized depreciation of approximately $14,467,000. |
| MTN | Medium Term Note. |
| SOFR | Secured Overnight Financing Rate. |
| SONIA | Sterling Overnight Index Average. |

---

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

**Foreign Currency Forward Exchange Contracts:**

The Fund had the following foreign currency forward exchange contracts open at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Contracts**<br>**to**<br>**Deliver**<br>**(000)** | **In**<br>**Exchange**<br>**For**<br>**(000**) | <br>**Delivery**<br>**Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)**<br>**(000)** |
| HSBC Bank PLC | 531 | $527 | 2/9/23 | $(42) |
| JPMorgan Chase Bank NA | 2 | $2 | 2/9/23 | (—@) |
| UBS AG | $9 | 9 | 2/9/23 | —@ |
| UBS AG | $6 | 5 | 2/9/23 | (—@) |
| UBS AG | 585 | $663 | 2/9/23 | (45) |
|  |  |  |  | $(87) |

---

**Futures Contracts:**

The Fund had the following futures contracts open at December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br>**Number**<br>**of**<br>**Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount**<br>**(000)** |<br>**Value**<br>**(000)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)**<br>**(000)** |
| **Long:** |  |  |  |  |  |
| U.S. Treasury 2 yr. Note | 75 | Mar-23 | $15000 | $15381 | $13 |
| U.S. Treasury Long Bond | 85 | Mar-23 | 8500 | 10654 | (108) |
| U.S. Treasury Ultra Bond | 38 | Mar-23 | 3800 | 5104 | (55) |
| **Short:** |  |  |  |  |  |
| German Euro-BOBL Index | 1 | Mar-23 | (100) | (120) | 5 |
| German Euro-Bund Index | 1 | Mar-23 | (100) | (142) | 10 |
| U.S. Treasury 10 yr. Note | 73 | Mar-23 | $(7300) | (8198) | 30 |
| U.S. Treasury 10 yr. Ultra Note | 166 | Mar-23 | (16600) | (19635) | 266 |
| U.S. Treasury 5 yr. Note | 13 | Mar-23 | (1300) | (1403) | 1 |
|  |  |  |  |  | $162 |

---

---

| | |
|:---|:---|
| @ | Value is less than $500. |
| EUR | Euro. |
| GBP | British Pound. |

---

**Portfolio Composition\***

---

| | | |
|:---|:---|:---|
| <br>**Classification** | **Percentage of**<br>**Total Investments** |  |
| Industrials | 49.9 | % |
| Finance | 35.3 |  |
| Utilities | 9.9 |  |
| Others\*\* | 4.9 |  |
| Total Investments | 100.0 | %\*\*\* |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2022.

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

\*\*\* Does not include open long/short futures contracts with a value of approximately $60,637,000 and net unrealized appreciation of approximately $162,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $87,000.

Morgan Stanley Institutional Fund Trust

Discovery Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (000)** |
| **Common Stocks (95.4%)** |  |  |
| **Biotechnology (1.0%)** |  |  |
| Intellia Therapeutics, Inc. (a) | 119608 | $4173 |
| ProKidney Corp. (a)(b) | 788497 | 5409 |
|  |  | 9582 |
| **Chemicals (0.4%)** |  |  |
| Ginkgo Bioworks Holdings, Inc. (a)(b) | 2214653 | 3743 |
| **Commercial Services & Supplies (0.2%)** |  |  |
| Aurora Innovation, Inc. (a)(b) | 1465343 | 1773 |
| **Consumer Finance (0.5%)** |  |  |
| Upstart Holdings, Inc. (a)(b) | 373465 | 4937 |
| **Entertainment (4.5%)** |  |  |
| ROBLOX Corp., Class A (a) | 1455645 | 41428 |
| **Health Care Providers & Services (7.1%)** |  |  |
| Agilon Health, Inc. (a) | 3655191 | 58995 |
| Guardant Health, Inc. (a) | 228675 | 6220 |
|  |  | 65215 |
| **Health Care Technology (5.6%)** |  |  |
| Doximity, Inc., Class A (a) | 1546285 | 51893 |
| **Information Technology Services (23.1%)** |  |  |
| Adyen NV (Netherlands) (a) | 40719 | 56529 |
| Affirm Holdings, Inc. (a) | 2035482 | 19683 |
| Cloudflare, Inc., Class A (a) | 1299441 | 58748 |
| Shopify, Inc., Class A (Canada) (a) | 474000 | 16453 |
| Snowflake, Inc., Class A (a) | 432439 | 62072 |
|  |  | 213485 |
| **Interactive Media & Services (4.5%)** |  |  |
| ZoomInfo Technologies, Inc., Class A (a) | 1380442 | 41565 |
| **Internet & Direct Marketing Retail (14.5%)** |  |  |
| Chewy, Inc., Class A (a) | 1115102 | 41348 |
| Coupang, Inc. (a) | 1500013 | 22065 |
| DoorDash, Inc., Class A (a) | 849350 | 41465 |
| Global-e Online Ltd. (Israel) (a) | 990620 | 20446 |
| Wayfair, Inc., Class A (a)(b) | 277276 | 9120 |
|  |  | 134444 |
| **Leisure Products (1.6%)** |  |  |
| Peloton Interactive, Inc., Class A (a)(b) | 1868575 | 14836 |
| **Life Sciences Tools & Services (3.2%)** |  |  |
| 10X Genomics, Inc., Class A (a) | 441700 | 16096 |
| Illumina, Inc. (a) | 65674 | 13279 |
|  |  | 29375 |
| **Media (6.1%)** |  |  |
| Trade Desk, Inc., Class A (a) | 1253264 | 56184 |

---

Morgan Stanley Institutional Fund Trust

Discovery Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| **Pharmaceuticals (7.1%)** |  |  |
| Royalty Pharma PLC, Class A (United Kingdom) | 1673034.0 | 66118 |
| **Road & Rail (2.1%)** |  |  |
| Grab Holdings Ltd., Class A (Singapore) (a) | 5925433.0 | 19080 |
| **Software (13.6%)** |  |  |
| Bill.Com Holdings, Inc. (a) | 451227.0 | 49166 |
| Datadog, Inc., Class A (a) | 615615.0 | 45248 |
| Gitlab, Inc., Class A (a)(b) | 358980.0 | 16312 |
| MicroStrategy, Inc., Class A (a)(b) | 24176.0 | 3422 |
| Samsara, Inc., Class A (a) | 938514.0 | 11666 |
|  |  | 125814 |
| **Specialty Retail (0.3%)** |  |  |
| Carvana Co. (a)(b) | 622742.0 | 2952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $1,599,760)** |  | 882424 |
| **Preferred Stock (2.6%)** |  |  |
| **Software (2.6%)** |  |  |
| Databricks, Inc.(a)(c)(d) <br> (acquisition cost — $31,810 ; acquired 8/31/21) **(Cost $31,810)** | 432882.0 | 23813 |
| **Investment Company (0.6%)** |  |  |
| Grayscale Bitcoin Trust (a) **(Cost $29,298)** | 692207.0 | 5738 |

---

---

| | | |
|:---|:---|:---|
|  | **No. of <br> Warrants** | |
| **Warrant (0.0%) (e)** |  |  |
| **Chemicals (0.0%) (e)** |  |  |
| Ginkgo Bioworks Holdings, Inc. expires 12/31/27 (a) **(Cost $656)** | 196782 | 39 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investments (3.8%)** |  |  |
| **Securities held as Collateral on Loaned Securities (2.6%)** |  |  |
| **Investment Company (2.2%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) | 20195785 | 20196 |

---

---

| | | |
|:---|:---|:---|
|  | **Face <br> Amount <br> (000)** | |
| **Repurchase Agreements (0.4%)** |  |  |
| HSBC Securities USA, Inc., (4.27%, dated 12/30/22, due 1/3/23; proceeds $1,873; fully collateralized by a U.S. Government obligation; 4.38% due 5/15/41; valued at $1,911) | $1873 | 1873 |
| Merrill Lynch & Co., Inc., (4.25%, dated 12/30/22, due 1/3/23; proceeds $1,874; fully collateralized by a U.S. Government obligation; 1.50% due 2/15/25; valued at $1,911) | 1874 | 1874 |
|  |  | 3747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Securities held as Collateral on Loaned Securities (Cost $23,943)** |  | 23943 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Investment Company (1.2%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class **(f) (Cost $11,404)** | 11403678 | 11404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $35,347)** |  | 35347 |
| **Total Investments Excluding Purchased Options (102.4%) (Cost $1,696,871)** |  | 947361 |
| **Total Purchased Options Outstanding (0.2%) (Cost $2,783)** |  | 1774 |
| **Total Investments (102.6%) (Cost $1,699,654) Including $25,511 of Securities Loaned (g)(h)(i)(j)** |  | 949135 |
| **Liabilities in Excess of Other Assets (-2.6%)** |  | (23670) |
| **Net Assets (100.0%)** |  | $925465 |

---

Morgan Stanley Institutional Fund Trust

Discovery Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

(a) Non-income producing security.

(b) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at December 31, 2022, were approximately $25,511,000 and $26,406,000, respectively. The Fund received cash collateral of approximately $23,943,000 which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The remaining collateral of approximately $2,463,000 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 (excluding 144A holdings) at December 31, 2022 amounts to approximately $23,813,000 and represents 2.6% of net assets.

(d) At December 31, 2022, the Fund held a fair valued security at approximately $23,813,000, representing 2.6% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Trust's (as defined herein) Trustees.

(e) Amount is less than 0.05%.

(f) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended December 31, 2022, advisory fees paid were reduced by approximately $19,000 relating to the Fund's investment in the Liquidity Funds.

(g) The approximate fair value and percentage of net assets, $56,529,000 and 6.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.

(h) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions.

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

(j) At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $10,369,000 and the aggregate gross unrealized depreciation is approximately $760,888,000, resulting in net unrealized depreciation of approximately $750,519,000.

**Call Options Purchased:**

The Fund had the following call options purchased open at December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| Goldman Sachs International | USD/CNH | 7.87 | Oct-23 | 2378602 | 2379 | $6 | $11 | $(5) |
| JP Morgan Chase Bank NA | USD/CNH | 7.53 | Jul-23 | 279968319 | 279968 | 807 | 1390 | (583) |
| Standard Chartered Bank | USD/CNH | 7.57 | Aug-23 | 309556026 | 309556 | 961 | 1382 | (421) |
|  |  |  |  |  |  | $1774 | $2783 | $(1009) |

---

CNH — Chinese Yuan Renminbi Offshore

USD — United States Dollar

**Portfolio Composition\***

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Information Technology Services | 23.1% |
| Others\*\* | 20.3 |
| Software | 16.2 |
| Internet & Direct Marketing Retail | 14.5 |
| Pharmaceuticals | 7.2 |
| Health Care Providers & Services | 7.0 |
| Media | 6.1 |
| Health Care Technology | 5.6 |
| Total Investments | 100.0% |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2022.

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

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (000)** |
| **Common Stocks (94.4%)** |  |  |
| **Automobiles (0.8%)** |  |  |
| Ford Motor Co. | 40918 | $476 |
| General Motors Co. | 14220 | 478 |
|  |  | 954 |
| **Banks (3.6%)** |  |  |
| Citizens Financial Group, Inc. | 21821 | 859 |
| KeyCorp | 49944 | 870 |
| PacWest Bancorp | 35789 | 821 |
| Popular, Inc. | 13120 | 870 |
| Signature Bank | 7269 | 838 |
|  |  | 4258 |
| **Beverages (0.6%)** |  |  |
| Molson Coors Beverage Co., Class B | 13683 | 705 |
| **Building Products (1.7%)** |  |  |
| Builders FirstSource, Inc. (a) | 7571 | 491 |
| Fortune Brands Innovations, Inc. | 8128 | 464 |
| Hayward Holdings, Inc. (a) | 53572 | 504 |
| Masterbrand, Inc. | 8128 | 61 |
| Owens Corning | 5407 | 461 |
|  |  | 1981 |
| **Capital Markets (2.6%)** |  |  |
| Carlyle Group, Inc. | 26108 | 779 |
| Invesco Ltd. | 41687 | 750 |
| State Street Corp. | 10147 | 787 |
| Virtu Financial, Inc., Class A | 35029 | 715 |
|  |  | 3031 |
| **Chemicals (2.7%)** |  |  |
| Chemours Co. | 14861 | 455 |
| Dow, Inc. | 9057 | 456 |
| Huntsman Corp. | 16288 | 448 |
| LyondellBasell Industries NV, Class A | 5595 | 465 |
| Mosaic Co. | 9763 | 428 |
| Olin Corp. | 8210 | 435 |
| Westlake Chemical Corp. | 4303 | 441 |
|  |  | 3128 |
| **Commercial Banks (0.7%)** |  |  |
| Western Alliance Bancorp | 14316 | 853 |
| **Commercial Services & Supplies (0.3%)** |  |  |
| Clean Harbors, Inc. (a) | 2596 | 296 |
| **Construction & Engineering (0.4%)** |  |  |
| MDU Resources Group, Inc. | 16124 | 489 |
| **Consumer Finance (3.7%)** |  |  |
| Ally Financial, Inc. | 30441 | 744 |
| Capital One Financial Corp. | 8170 | 760 |
| Discover Financial Services | 7391 | 723 |
| OneMain Holdings, Inc. | 20469 | 682 |

---

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| SLM Corp. | 45794.0 | 760 |
| Synchrony Financial | 21941.0 | 721 |
|  |  | 4390 |
| **Containers & Packaging (1.1%)** |  |  |
| Berry Global Group, Inc. | 7500.0 | 453 |
| International Paper Co. | 12627.0 | 437 |
| WestRock Co. | 12724.0 | 448 |
|  |  | 1338 |
| **Diversified Consumer Services (0.6%)** |  |  |
| ADT, Inc. | 39155.0 | 355 |
| H&R Block, Inc. | 9043.0 | 330 |
|  |  | 685 |
| **Diversified Telecommunication Services (1.5%)** |  |  |
| Lumen Technologies, Inc. | 333122.0 | 1739 |
| **Electric Utilities (3.1%)** |  |  |
| Edison International | 10959.0 | 697 |
| Evergy, Inc. | 12327.0 | 775 |
| Hawaiian Electric Industries, Inc. | 17772.0 | 744 |
| NRG Energy, Inc. | 21488.0 | 684 |
| PG&E Corp. (a) | 46607.0 | 758 |
|  |  | 3658 |
| **Electrical Equipment (0.9%)** |  |  |
| Generac Holdings, Inc. (a) | 5333.0 | 537 |
| Regal Rexnord Corp. | 4079.0 | 489 |
|  |  | 1026 |
| **Electronic Equipment, Instruments & Components (1.8%)** |  |  |
| Arrow Electronics, Inc. (a) | 4181.0 | 437 |
| Avnet, Inc. | 10282.0 | 428 |
| Jabil, Inc. | 6267.0 | 427 |
| TD SYNNEX Corp. | 4559.0 | 432 |
| Vontier Corp. | 23305.0 | 450 |
|  |  | 2174 |
| **Equity Real Estate Investment Trusts (REITs) (5.8%)** |  |  |
| Annaly Capital Management, Inc. REIT | 36283.0 | 765 |
| Apartment Income Corp. REIT | 11732.0 | 403 |
| Boston Properties, Inc. REIT | 6477.0 | 438 |
| Cousins Properties, Inc. REIT | 17218.0 | 435 |
| Douglas Emmett, Inc. REIT | 27503.0 | 431 |
| EPR Properties REIT | 10235.0 | 386 |
| Highwoods Properties, Inc. REIT | 15307.0 | 428 |
| Kilroy Realty Corp. REIT | 11009.0 | 426 |
| Kimco Realty Corp. REIT | 19070.0 | 404 |
| Medical Properties Trust, Inc. REIT | 35458.0 | 395 |
| New Residential Investment Corp. REIT | 85551.0 | 699 |
| Omega Healthcare Investors, Inc. REIT | 14234.0 | 398 |
| SL Green Realty Corp. REIT | 12162.0 | 410 |
| VICI Properties, Inc. REIT | 12558.0 | 407 |
| Weyerhaeuser Co. REIT | 13389.0 | 415 |
|  |  | 6840 |

---

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| **Food & Staples Retailing (1.1%)** |  |  |
| Walgreens Boots Alliance, Inc. | 35374.0 | 1321 |
| **Food Products (3.1%)** |  |  |
| Bunge Ltd. | 7653.0 | 763 |
| Darling Ingredients, Inc. (a) | 11690.0 | 732 |
| Pilgrim's Pride Corp. (a) | 29143.0 | 692 |
| Seaboard Corp. | 186.0 | 702 |
| Tyson Foods, Inc., Class A | 11414.0 | 710 |
|  |  | 3599 |
| **Gas Utilities (1.2%)** |  |  |
| National Fuel Gas Co. | 11546.0 | 731 |
| UGI Corp. | 18763.0 | 695 |
|  |  | 1426 |
| **Health Care Equipment & Supplies (2.1%)** |  |  |
| Maravai LifeSciences Holdings, Inc. (a) | 72072.0 | 1031 |
| QuidelOrtho Corp. (a) | 6045.0 | 518 |
| Sotera Health Co. (a) | 110634.0 | 922 |
|  |  | 2471 |
| **Health Care Providers & Services (5.3%)** |  |  |
| Centene Corp. (a) | 6452.0 | 529 |
| Cigna Corp. | 1694.0 | 561 |
| CVS Health Corp. | 5516.0 | 514 |
| DaVita, Inc. (a) | 7548.0 | 564 |
| ENHABIT, Inc. (a) | 39012.0 | 513 |
| Henry Schein, Inc. (a) | 6930.0 | 553 |
| Laboratory Corp. of America Holdings | 2393.0 | 564 |
| Premier, Inc., Class A | 16918.0 | 592 |
| Quest Diagnostics, Inc. | 3775.0 | 591 |
| Tenet Healthcare Corp. (a) | 12544.0 | 612 |
| Universal Health Services, Inc., Class B | 4407.0 | 621 |
|  |  | 6214 |
| **Health Care Technology (0.5%)** |  |  |
| Envista Holdings Corp. (a) | 17158.0 | 578 |
| **Hotels, Restaurants & Leisure (1.9%)** |  |  |
| Aramark | 9277.0 | 384 |
| Boyd Gaming Corp. | 6502.0 | 355 |
| Marriott Vacations Worldwide Corp. | 2730.0 | 367 |
| Penn National Gaming, Inc. (a) | 11335.0 | 337 |
| Six Flags Entertainment Corp. (a) | 17827.0 | 414 |
| Travel & Leisure Co. | 10332.0 | 376 |
|  |  | 2233 |
| **Household Durables (1.4%)** |  |  |
| Lennar Corp., Class A | 3080.0 | 279 |
| Lennar Corp., Class B | 3727.0 | 279 |
| Mohawk Industries, Inc. (a) | 2833.0 | 289 |
| Newell Brands, Inc. | 21233.0 | 278 |
| Pulte Group, Inc. | 6128.0 | 279 |
| Toll Brothers, Inc. | 5547.0 | 277 |
|  |  | 1681 |

---

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| **Independent Power Producers & Energy Traders (0.6%)** |  |  |
| Vistra Corp. | 30463 | 707 |
| **Information Technology Services (4.3%)** |  |  |
| Akamai Technologies, Inc. (a) | 3462 | 292 |
| Amdocs Ltd. | 3512 | 319 |
| Cognizant Technology Solutions Corp., Class A | 5231 | 299 |
| Concentrix Corp. | 2663 | 355 |
| DXC Technology Co. (a) | 11589 | 307 |
| Euronet Worldwide, Inc. (a) | 3472 | 328 |
| Fidelity National Information Services, Inc. | 4531 | 308 |
| Fiserv, Inc. (a) | 3090 | 312 |
| FleetCor Technologies, Inc. (a) | 1689 | 310 |
| Genpact Ltd. | 6981 | 323 |
| Global Payments, Inc. | 3187 | 317 |
| International Business Machines Corp. | 2111 | 298 |
| Kyndryl Holdings, Inc. (a) | 28539 | 317 |
| SS&C Technologies Holdings, Inc. | 6163 | 321 |
| Western Union Co. | 22453 | 309 |
| WEX, Inc. (a) | 1945 | 318 |
|  |  | 5033 |
| **Insurance (3.6%)** |  |  |
| American International Group, Inc. | 8476 | 536 |
| Axis Capital Holdings Ltd. | 9221 | 500 |
| CNA Financial Corp. | 12670 | 536 |
| F&G Annuities & Life, Inc. (a) | 1 | —@ |
| Fidelity National Financial, Inc. | 14150 | 532 |
| First American Financial Corp. | 10133 | 530 |
| Old Republic International Corp. | 22015 | 532 |
| Principal Financial Group, Inc. | 5800 | 487 |
| Unum Group | 12732 | 522 |
|  |  | 4175 |
| **Life Sciences Tools & Services (0.8%)** |  |  |
| Syneos Health, Inc. (a) | 26898 | 987 |
| **Machinery (3.3%)** |  |  |
| AGCO Corp. | 3646 | 506 |
| Allison Transmission Holdings, Inc. | 11180 | 465 |
| Esab Corp. | 10563 | 496 |
| Gates Industrial Corp. PLC (a) | 45076 | 514 |
| PACCAR, Inc. | 4711 | 466 |
| Pentair PLC | 10937 | 492 |
| Stanley Black & Decker, Inc. | 6268 | 471 |
| Timken Co. | 7031 | 497 |
|  |  | 3907 |
| **Media (4.8%)** |  |  |
| Altice USA, Inc., Class A (a) | 163702 | 753 |
| Comcast Corp., Class A | 18058 | 631 |
| DISH Network Corp., Class A (a) | 42857 | 602 |
| Fox Corp., Class A | 20477 | 622 |
| Fox Corp., Class B | 21743 | 618 |
| Liberty Media Corp-Liberty SiriusXM, Class A (a) | 14957 | 588 |
| Liberty Media Corp-Liberty SiriusXM, Class C (a) | 14995 | 587 |
| Nexstar Media Group, Inc., Class A | 3445 | 603 |

---

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Paramount Global, Class B | 34515.0 | 583 |
|  |  | 5587 |
| **Metals & Mining (0.8%)** |  |  |
| Cleveland-Cliffs, Inc. (a) | 28697.0 | 462 |
| Reliance Steel & Aluminum Co. | 2208.0 | 447 |
|  |  | 909 |
| **Multi-Line Retail (0.6%)** |  |  |
| Macy's, Inc. | 16964.0 | 350 |
| Nordstrom, Inc. | 21708.0 | 351 |
|  |  | 701 |
| **Oil, Gas & Consumable Fuels (6.4%)** |  |  |
| Chesapeake Energy Corp. | 11393.0 | 1075 |
| EQT Corp. | 29302.0 | 991 |
| HF Sinclair Corp. | 20964.0 | 1088 |
| Ovintiv, Inc. | 21442.0 | 1087 |
| PDC Energy, Inc. | 16138.0 | 1025 |
| Phillips 66 | 10484.0 | 1091 |
| Valero Energy Corp. | 9002.0 | 1142 |
|  |  | 7499 |
| **Personal Products (1.3%)** |  |  |
| Coty, Inc., Class A (a) | 93297.0 | 798 |
| Olaplex Holdings, Inc. (a) | 133358.0 | 695 |
|  |  | 1493 |
| **Pharmaceuticals (6.3%)** |  |  |
| Bristol-Myers Squibb Co. | 11492.0 | 827 |
| Catalent, Inc. (a) | 19484.0 | 877 |
| Elanco Animal Health, Inc. (a) | 73144.0 | 894 |
| Jazz Pharmaceuticals PLC (a) | 6097.0 | 971 |
| Organon & Co. | 35490.0 | 991 |
| Perrigo Co. PLC | 28959.0 | 987 |
| Pfizer, Inc. | 18210.0 | 933 |
| Viatris, Inc. | 84127.0 | 937 |
|  |  | 7417 |
| **Professional Services (1.0%)** |  |  |
| Dun & Bradstreet Holdings, Inc. | 22621.0 | 277 |
| ManpowerGroup, Inc. | 3551.0 | 296 |
| Robert Half International, Inc. | 4130.0 | 305 |
| Science Applications International Corp. | 2725.0 | 302 |
|  |  | 1180 |
| **Real Estate Management & Development (0.4%)** |  |  |
| Jones Lang LaSalle, Inc. (a) | 2636.0 | 420 |
| **Road & Rail (1.8%)** |  |  |
| Avis Budget Group, Inc. (a) | 1957.0 | 321 |
| Hertz Global Holdings, Inc. (a) | 22911.0 | 353 |
| Knight-Swift Transportation Holdings, Inc. | 6735.0 | 353 |
| Schneider National, Inc., Class B | 15121.0 | 354 |
| U-Haul Holding Co. | 5881.0 | 354 |

---

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| XPO Logistics, Inc. (a) | 10501.0 | 349 |
|  |  | 2084 |
| **Semiconductors & Semiconductor Equipment (2.4%)** |  |  |
| Cirrus Logic, Inc. (a) | 6467.0 | 481 |
| Intel Corp. | 16637.0 | 440 |
| Micron Technology, Inc. | 8780.0 | 439 |
| MKS Instruments, Inc. | 5839.0 | 495 |
| Qorvo, Inc. (a) | 4940.0 | 448 |
| Skyworks Solutions, Inc. | 5127.0 | 467 |
|  |  | 2770 |
| **Software (1.3%)** |  |  |
| AppLovin Corp., Class A (a) | 28831.0 | 303 |
| Dropbox, Inc., Class A (a) | 14103.0 | 316 |
| Gen Digital, Inc. | 13669.0 | 293 |
| NCR Corp. (a) | 13602.0 | 318 |
| Zoom Video Communications, Inc., Class A (a) | 4399.0 | 298 |
|  |  | 1528 |
| **Specialty Retail (1.8%)** |  |  |
| AutoNation, Inc. (a) | 3236.0 | 347 |
| Dick's Sporting Goods, Inc. | 3335.0 | 401 |
| Lithia Motors, Inc., Class A | 1709.0 | 350 |
| Penske Automotive Group, Inc. | 3083.0 | 354 |
| Victoria's Secret & Co. (a) | 8748.0 | 313 |
| Williams-Sonoma, Inc. | 3496.0 | 402 |
|  |  | 2167 |
| **Tech Hardware, Storage & Peripherals (0.7%)** |  |  |
| Dell Technologies, Inc., Class C | 10410.0 | 419 |
| Hewlett Packard Enterprise Co. | 27503.0 | 439 |
|  |  | 858 |
| **Textiles, Apparel & Luxury Goods (0.2%)** |  |  |
| PVH Corp. | 3777.0 | 267 |
| **Thrifts & Mortgage Finance (1.5%)** |  |  |
| MGIC Investment Corp. | 66393.0 | 863 |
| New York Community Bancorp, Inc. | 99778.0 | 858 |
|  |  | 1721 |
| **Trading Companies & Distributors (2.0%)** |  |  |
| Air Lease Corp. | 12808.0 | 492 |
| Core & Main, Inc., Class A (a) | 23424.0 | 452 |
| United Rentals, Inc. (a) | 1384.0 | 492 |
| Univar Solutions, Inc. (a) | 14747.0 | 469 |
| WESCO International, Inc. (a) | 3990.0 | 500 |
|  |  | 2405 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $117,967)** |  | 110883 |
| **Short-Term Investment (4.9%)** |  |  |
| **Investment Company (4.9%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (b) **(Cost $5,754)** | 5754004.0 | 5754 |
| **Total Investments (99.3%) (Cost $123,721) (c)(d)(e)** |  | 116637 |
| **Other Assets in Excess of Liabilities (0.7%)** |  | 868 |
| **Net Assets (100.0%)** |  | $117505 |

---

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the fund due to its investment in the Liquidity Funds. For the three months ended December 31, 2022, advisory fees paid were approximately $4,000 relating to the fund's investment in the Liquidity Funds. |
| (c) | Securities are available for collateral in connection with purchase of swap agreements. |
| (d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions. |
| (e) | At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,963,000 and the aggregate gross unrealized depreciation is approximately $10,834,000, resulting in net unrealized depreciation of approximately $6,871,000. |
| @ | Value is less than $500. |
| REIT | Real Estate Investment Trust. |

---

**Total Return Swap Agreements:**

The Fund had the following total return swap agreements open at December 31, 2022:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty** | **Index** | **Pay/Receive<br> Total Return<br> of Referenced<br> Index** | **Floating<br> Rate** | **Payment<br> Frequency** | **Maturity<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Upfront<br> Payment<br> Paid<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| JPMorgan Chase Bank NA | JP Morgan Russell 1000 Anti-Value Index†† | Pay | SOFR + 0.15% | Quarterly | 12/11/23 | $35377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | $— | $817 |
| JPMorgan Chase Bank NA | JP Morgan Russell 1000 Value Index†† | Receive | SOFR + 0.15% | Quarterly | 12/11/23 | 41318 | (604) |  | (604) |
|  |  |  |  |  |  |  | $213 | $— | $213 |

---

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

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

The following table represents the equity basket holdings underlying the total return swap with JPM Russell 1000 Anti-Value Index as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value <br> (000)** | **Index <br> Weight** |
| **JPM Russell 1000 Anti-Value Index** |  |  |  |
| 10X Genomics, Inc. | 1068 | $39 | 0.54% |
| Alnylam Pharmaceuticals, Inc. | 160 | 38 | 0.52 |
| Alteryx, Inc. | 854 | 43 | 0.60 |
| Ameren Corp. | 425 | 38 | 0.52 |
| Aptargroup, Inc. | 345 | 38 | 0.52 |
| Atlassian Corp. | 294 | 38 | 0.52 |
| Boeing Co. | 208 | 40 | 0.54 |
| Cloudflare, Inc. | 829 | 37 | 0.52 |
| Cms Energy Corp. | 602 | 38 | 0.52 |
| Confluent, Inc. | 1749 | 39 | 0.53 |
| Coupa Software, Inc. | 602 | 48 | 0.66 |
| Datadog, Inc. | 537 | 39 | 0.54 |
| Deckers Outdoor Corp. | 98 | 39 | 0.54 |
| Estee Lauder Cos, Inc. | 158 | 39 | 0.54 |
| First Republic Bank | 313 | 38 | 0.53 |
| Five9, Inc. | 572 | 39 | 0.53 |
| Grocery Outlet Holding Corp. | 1281 | 37 | 0.51 |
| Hess Corp. | 273 | 39 | 0.53 |
| Hubspot, Inc. | 133 | 39 | 0.53 |
| Jpmorgan Chase & Co. | 280 | 37 | 0.52 |
| Lyft, Inc. | 3571 | 39 | 0.54 |
| Madison Square Garden Sports Corp. | 231 | 42 | 0.58 |
| Markel Corp. | 28 | 37 | 0.51 |
| Mongodb, Inc. | 208 | 41 | 0.56 |
| Msa Safety, Inc. | 274 | 39 | 0.54 |
| Natera, Inc. | 959 | 39 | 0.53 |
| Nike, Inc. | 339 | 40 | 0.55 |
| Norfolk Southern Corp. | 152 | 38 | 0.52 |
| Nov, Inc. | 1804 | 38 | 0.52 |
| O'Reilly Automotive, Inc. | 45 | 38 | 0.52 |
| Pinterest, Inc. | 1618 | 39 | 0.54 |
| Planet Fitness, Inc. | 482 | 38 | 0.52 |
| Pnc Financial Services Group, Inc. | 237 | 38 | 0.52 |
| Public Service Enterprise Group, Inc. | 613 | 38 | 0.52 |
| Ryan Specialty Holdings, Inc. | 904 | 38 | 0.52 |
| Sarepta Therapeutics, Inc. | 307 | 40 | 0.55 |
| Schlumberger Ltd. | 738 | 39 | 0.54 |
| Seagen, Inc. | 309 | 40 | 0.55 |
| Smartsheet, Inc. | 1025 | 40 | 0.55 |
| Snowflake, Inc. | 268 | 38 | 0.53 |
| Spirit Aerosystems Holdings, Inc. | 1392 | 41 | 0.57 |
| Spotify Technology SA | 487 | 38 | 0.53 |
| Tandem Diabetes Care, Inc. | 872 | 39 | 0.54 |
| Tfs Financial Corp. | 2681 | 39 | 0.53 |
| Toro Co. | 333 | 38 | 0.52 |
| Transdigm Group, Inc. | 60 | 38 | 0.52 |
| Ultragenyx Pharmaceutical, Inc. | 930 | 43 | 0.59 |
| Under Armour, Inc. | 3907 | 40 | 0.55 |
| White Mountains Insurance Group Ltd. | 28 | 40 | 0.55 |
| Zoominfo Technologies, Inc. | 1299 | 39 | 0.54 |

---

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

The following table represents the equity basket holdings underlying the total return swap with JPM Russell 1000 Value Index as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value <br> (000)** | **Index <br> Weight** |
| **JPM Russell 1000 Value Index** |  |  |  |
| Ally Financial, Inc. | 3044 | $74 | 0.76% |
| Annaly Capital Management, Inc. | 3588 | 76 | 0.77 |
| Bristol-Myers Squibb Co. | 1197 | 86 | 0.88 |
| Bunge Ltd. | 749 | 75 | 0.76 |
| Capital One Financial Corp. | 817 | 76 | 0.78 |
| Carlyle Group, Inc. | 2617 | 78 | 0.80 |
| Catalent, Inc. | 2032 | 91 | 0.93 |
| Chesapeake Energy Corp. | 1215 | 115 | 1.17 |
| Citizens Financial Group, Inc. | 2236 | 88 | 0.90 |
| Coty, Inc. | 9117 | 78 | 0.80 |
| Darling Ingredients, Inc. | 1138 | 71 | 0.73 |
| Discover Financial Services | 735 | 72 | 0.73 |
| Elanco Animal Health, Inc. | 7590 | 93 | 0.95 |
| EQT Corp. | 3172 | 107 | 1.10 |
| Evergy, Inc. | 1186 | 75 | 0.76 |
| Hawaiian Electric Industries, Inc. | 1732 | 72 | 0.74 |
| Hf Sinclair Corp. | 2276 | 118 | 1.21 |
| Invesco Ltd. | 4150 | 75 | 0.76 |
| Jazz Pharmaceuticals PLC | 634 | 101 | 1.03 |
| Keycorp | 5112 | 89 | 0.91 |
| Lumen Technologies, Inc. | 38211 | 199 | 2.04 |
| Maravai Lifesciences Holdings, Inc. | 7512 | 108 | 1.10 |
| Mgic Investment Corp. | 6818 | 89 | 0.91 |
| Molson Coors Beverage Co. | 1349 | 70 | 0.71 |
| National Fuel Gas Co. | 1123 | 71 | 0.73 |
| New York Community Bancorp, Inc. | 10259 | 88 | 0.90 |
| Organon & Co. | 3674 | 103 | 1.05 |
| Ovintiv, Inc. | 2328 | 118 | 1.21 |
| Pacwest Bancorp | 3667 | 84 | 0.86 |
| Pdc Energy, Inc. | 1751 | 111 | 1.14 |
| Perrigo Co PLC | 3024 | 103 | 1.05 |
| Pfizer, Inc. | 1902 | 97 | 1.00 |
| PG&E Corp. | 4515 | 73 | 0.75 |
| Phillips 66 | 1130 | 118 | 1.20 |
| Popular, Inc. | 1351 | 90 | 0.92 |
| Rithm Capital Corp. | 8496 | 69 | 0.71 |
| Seaboard Corp. | 19 | 70 | 0.71 |
| Signature Bank | 757 | 87 | 0.89 |
| Slm Corp. | 4575 | 76 | 0.78 |
| Sotera Health Co. | 11504 | 96 | 0.98 |
| State Street Corp. | 947 | 73 | 0.75 |
| Synchrony Financial | 2201 | 72 | 0.74 |
| Syneos Health, Inc. | 2822 | 104 | 1.06 |
| Tyson Foods, Inc. | 1120 | 70 | 0.71 |
| Valero Energy Corp. | 969 | 123 | 1.26 |
| Viatris, Inc. | 8764 | 98 | 1.00 |
| Virtu Financial, Inc. | 3505 | 72 | 0.73 |
| Vistra Corp. | 2979 | 69 | 0.71 |
| Walgreens Boots Alliance, Inc. | 4015 | 150 | 1.53 |
| Western Alliance Bancorp | 1471 | 88 | 0.89 |

---

SOFR Secured Overnight Financing Rate.

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |  |
| Others\* | 76.0 | % |
| Oil, Gas & Consumable Fuels | 6.4 |  |
| Pharmaceuticals | 6.4 |  |
| Equity Real Estate Investment Trusts (REITs) | 5.9 |  |
| Health Care Providers & Services | 5.3 |  |
| Total Investments | 100.0 | %\*\* |

---

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

\*\* Does not include open swap agreements with net unrealized appreciation of approximately $213,000.

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Fixed Income Securities (52.9%)** |  |  |  |
| **Agency Fixed Rate Mortgages (4.0%)** |  |  |  |
| **United States (4.0%)** |  |  |  |
| Federal Home Loan Mortgage Corporation, |  |  |  |
| &nbsp;&nbsp;&nbsp;Conventional Pools: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 4/1/52 | $2520 | 2520 | $2075 |
| &nbsp;&nbsp;&nbsp;4.50%, 1/1/49 | 59 | 59 | 58 |
| &nbsp;&nbsp;&nbsp;Gold Pools: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 1/1/44 – 6/1/45 | 493 | 493 | 462 |
| &nbsp;&nbsp;&nbsp;4.50%, 1/1/49 | 16 | 16 | 15 |
| &nbsp;&nbsp;&nbsp;6.50%, 5/1/32 – 7/1/32 | 22 | 22 | 24 |
| &nbsp;&nbsp;&nbsp;7.50%, 5/1/35 | 2 | 2 | 2 |
| Federal National Mortgage Association, |  |  |  |
| &nbsp;&nbsp;&nbsp;Conventional Pools: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 7/1/49 | 224 | 224 | 200 |
| &nbsp;&nbsp;&nbsp;3.50%, 3/1/47 – 1/1/51 | 1073 | 1073 | 991 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/45 – 9/1/45 | 518 | 518 | 499 |
| &nbsp;&nbsp;&nbsp;4.50%, 3/1/41 – 11/1/44 | 85 | 85 | 84 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/41 – 3/1/41 | 214 | 214 | 217 |
| &nbsp;&nbsp;&nbsp;6.00%, 1/1/38 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;6.50%, 12/1/29 | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;7.50%, 8/1/37 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;January TBA: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 1/1/53 (a) |  | 1900 | 1551 |
| &nbsp;&nbsp;&nbsp;2.50%, 1/1/53 (a) | 3000 | 3000 | 2544 |
| &nbsp;&nbsp;&nbsp;3.00%, 1/1/53 (a) | 5150 | 5150 | 4525 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/53 (a) | 300 | 300 | 282 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/53 (a) | 1750 | 1750 | 1726 |
| &nbsp;&nbsp;&nbsp;6.00%, 1/1/53 (a) | 2200 | 2200 | 2234 |
| Government National Mortgage Association, |  |  |  |
| &nbsp;&nbsp;&nbsp;Various Pools: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/20/41 – 11/20/42 | 131 | 131 | 126 |
| &nbsp;&nbsp;&nbsp;4.50%, 6/20/49 | 31 | 31 | 30 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/20/49 – 6/20/49 | 60 | 60 | 59 |
| &nbsp;&nbsp;&nbsp;5.50%, 8/15/39 | 15 | 15 | 16 |
|  |  |  | 17730 |
| **Asset-Backed Securities (0.3%)** |  |  |  |
| **United States (0.3%)** |  |  |  |
| Harbor Group International LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 1.00%, 5.33%, 9/17/36 (b)(c) | 500 | 500 | 476 |
| Renaissance Home Equity Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.76%, 5.15%, 12/25/32 (c) | 187 | 187 | 171 |
| SASCO Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 2.18%, 4.43%, 5/25/34 (c) | 128 | 128 | 126 |
| SLM Student Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;3 Month EURIBOR + 0.55%, 2.09%, 7/25/39 (c) | EUR | 335 | 344 |
|  |  |  | 1117 |
| **Commercial Mortgage-Backed Securities (0.5%)** |  |  |  |
| **United Kingdom (0.1%)** |  |  |  |
| Taurus 2018-2 UK DAC, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 5/22/28 (c) | GBP | 147 | 176 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **United States (0.4%)** | | | |
| Ashford Hospitality Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 1.85%, 6.17%, 6/15/35 (b)(c) | $250 | 250 | 239 |
| Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 7/15/47 (b)(c) | 152 | 152 | 138 |
| Life Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;1 Month Term SOFR + 1.30%, 5.63%, 5/15/39 (b)(c) | 500 | 500 | 489 |
| Taubman Centers Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;1 Month Term SOFR + 2.19%, 6.52%, 5/15/37 (b)(c) | 500 | 500 | 487 |
| WFRBS Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/15/57 (b)(c) | 200 | 200 | 175 |
| &nbsp;&nbsp;&nbsp;4.98%, 9/15/46 (b)(c) | 375 | 375 | 338 |
|  |  |  | 1866 |
|  |  |  | 2042 |
| **Corporate Bonds (10.2%)** |  |  |  |
| **Australia (0.5%)** |  |  |  |
| Australia & New Zealand Banking Group Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.57%, 11/25/35 (b) | 600 | 600 | 442 |
| Commonwealth Bank of Australia, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.94%, 10/3/29 | EUR | 400 | 404 |
| Macquarie Group Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;4.15%, 3/27/24 (b) | $225 | 225 | 224 |
| NBN Co. Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.63%, 5/5/31 (b) |  | 575 | 457 |
| Transurban Finance Co. Pty Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 8/28/25 | EUR | 350 | 361 |
| Westpac Banking Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.67%, 11/15/35 | $650 | 650 | 484 |
|  |  |  | 2372 |
| **Canada (0.6%)** |  |  |  |
| Enbridge, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 1/15/25 | 600 | 600 | 568 |
| Province of Ontario Canada, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.30%, 6/15/26 | 970 | 970 | 901 |
| Province of Quebec Canada, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 10/29/30 | EUR | 1080 | 893 |
| Rogers Communications, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;3.80%, 3/15/32 (b) | $525 | 525 | 455 |
|  |  |  | 2817 |
| **China (0.1%)** |  |  |  |
| Alibaba Group Holding Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.13%, 2/9/31 | 400 | 400 | 319 |
| **Colombia (0.2%)** |  |  |  |
| Ecopetrol SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 9/18/23 | 1000 | 1000 | 996 |
| **France (0.6%)** |  |  |  |
| AXA SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 5/28/49 | EUR | 500 | 476 |
| Banque Federative du Credit Mutuel SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.75%, 7/17/25 | 400 | 400 | 400 |
| BNP Paribas SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.13%, 6/11/26 | 485 | 485 | 475 |
| &nbsp;&nbsp;&nbsp;1.25%, 7/13/31 | GBP | 200 | 172 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | | |
|:---|:---|:---|:---|
| BPCE SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.15%, 7/21/24 (b) | $925 | 925 | 906 |
| Orange SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/26 (d) | EUR | 250 | 269 |
| TotalEnergies SE, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.71%, 5/5/23 (d) | 100 | 100 | 106 |
|  |  |  | 2804 |
| **Germany (0.9%)** |  |  |  |
| Bayer US Finance II LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.88%, 12/15/23 (b) | $875 | 875 | 863 |
| Daimler Finance North America LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.75%, 3/1/24 (b) | 550 | 550 | 522 |
| Deutsche Bank AG, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.22%, 9/18/24 | 250 | 250 | 241 |
| &nbsp;&nbsp;&nbsp;Series E |  |  |  |
| &nbsp;&nbsp;&nbsp;0.96%, 11/8/23 | 375 | 375 | 361 |
| Deutsche Telekom International Finance BV, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.38%, 6/21/28 (b) | 625 | 625 | 601 |
| Kreditanstalt fuer Wiederaufbau, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.13%, 9/15/32 | EUR | 810 | 728 |
| Volkswagen International Finance NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 10Y |  |  |  |
| &nbsp;&nbsp;&nbsp;1.88%, 3/30/27 | 500 | 500 | 483 |
|  |  |  | 3799 |
| **India (0.3%)** |  |  |  |
| Indian Railway Finance Corp. Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;3.57%, 1/21/32 (b) | $200 | 200 | 172 |
| ONGC Videsh Vankorneft Pte Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 7/27/26 |  | 1050 | 982 |
|  |  |  | 1154 |
| **Ireland (0.2%)** |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, 10/29/26 | 425 | 425 | 372 |
| Avolon Holdings Funding Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.88%, 2/15/25 (b) | 325 | 325 | 301 |
|  |  |  | 673 |
| **Italy (0.1%)** |  |  |  |
| Assicurazioni Generali SpA, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 10/27/47 | EUR | 400 | 433 |
| **Japan (0.2%)** |  |  |  |
| NTT Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;1.59%, 4/3/28 (b) | $800 | 800 | 672 |
| **Korea, Republic of (0.4%)** |  |  |  |
| Korea Electric Power Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 6/24/24 (b) | 810 | 810 | 779 |
| Korea Hydro & Nuclear Power Co., Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 7/25/23 (b) | 510 | 510 | 508 |
| Korea Southern Power Co. Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;0.75%, 1/27/26 (b) | 730 | 730 | 641 |
|  |  |  | 1928 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Luxembourg (0.1%)** | | |  |
| Blackstone Property Partners Europe Holdings Sarl, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.25%, 4/26/27 | EUR | 400 | 335 |
| Logicor Financing Sarl, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 7/13/26 | 300 | 300 | 272 |
|  |  |  | 607 |
| **Mexico (0.1%)** |  |  |  |
| Fomento Economico Mexicano SAB de CV, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.50%, 5/28/28 | 500 | 500 | 438 |
| **Netherlands (0.1%)** |  |  |  |
| ASR Nederland NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/30/24 (d) | 425 | 425 | 452 |
| **Qatar (0.0%) (e)** |  |  |  |
| Ooredoo International Finance Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.63%, 4/8/31 (b) | $200 | 200 | 172 |
| **Spain (0.4%)** |  |  |  |
| Banco Santander SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.13%, 1/19/27 | EUR | 400 | 411 |
| &nbsp;&nbsp;&nbsp;5.18%, 11/19/25 | $800 | 800 | 788 |
| CaixaBank SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.75%, 4/18/23 | EUR | 400 | 426 |
|  |  |  | 1625 |
| **Sweden (0.1%)** |  |  |  |
| Akelius Residential Property Financing BV, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.13%, 1/11/29 | 400 | 400 | 332 |
| **Switzerland (0.0%) (e)** |  |  |  |
| Syngenta Finance NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.44%, 4/24/23 (b) | $200 | 200 | 199 |
| **United Arab Emirates (0.2%)** |  |  |  |
| ADCB Finance Cayman Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/29/23 (b) |  | 200 | 199 |
| Galaxy Pipeline Assets Bidco Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.63%, 3/31/36 (b) | 650 | 650 | 526 |
|  |  |  | 725 |
| **United Kingdom (1.0%)** |  |  |  |
| BAT Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;3.56%, 8/15/27 | 675 | 675 | 618 |
| HSBC Holdings PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.26%, 11/13/26 | GBP | 300 | 327 |
| &nbsp;&nbsp;&nbsp;2.63%, 11/7/25 | $525 | 525 | 493 |
| &nbsp;&nbsp;&nbsp;7.39%, 11/3/28 | 775 | 775 | 816 |
| Lloyds Banking Group PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 9/7/28 | EUR | 330 | 340 |
| &nbsp;&nbsp;&nbsp;2.25%, 10/16/24 | GBP | 400 | 459 |
| Nationwide Building Society, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.77%, 3/8/24 (b) | $300 | 300 | 298 |
| &nbsp;&nbsp;&nbsp;4.36%, 8/1/24 (b) | 200 | 200 | 198 |
| National Grid Electricity Distribution West Midlands PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 4/16/32 | 200 | 200 | 245 |
| NGG Finance PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.63%, 6/18/73 | GBP | 350 | 401 |
|  |  |  | 4195 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **United States (4.1%)** | | |  |
| Amazon.com, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.70%, 6/3/60 | $250 | 250 | 152.0 |
| American Express Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.55%, 3/4/27 | 300 | 300 | 273.0 |
| American Tower Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;1.60%, 4/15/26 | 175 | 175 | 156.0 |
| Aon Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.80%, 5/15/30 | 250 | 250 | 214.0 |
| AT&T, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;1.80%, 9/5/26 | EUR | 400 | 399.0 |
| &nbsp;&nbsp;&nbsp;2.90%, 12/4/26 | GBP | 350 | 391.0 |
| Bank of America Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.69%, 4/22/32 | $325 | 325 | 261.0 |
| &nbsp;&nbsp;&nbsp;3.71%, 4/24/28 | 600 | 600 | 556.0 |
| &nbsp;&nbsp;&nbsp;3.85%, 3/8/37 | 150 | 150 | 125.0 |
| &nbsp;&nbsp;&nbsp;5.02%, 7/22/33 | 125 | 125 | 119.0 |
| Capital One Financial Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;3.30%, 10/30/24 | 425 | 425 | 410.0 |
| CDW LLC/CDW Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.67%, 12/1/26 | 100 | 100 | 89.0 |
| Celanese U.S. Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.17%, 7/15/27 | 550 | 550 | 543.0 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.80%, 4/1/31 | 275 | 275 | 215.0 |
| &nbsp;&nbsp;&nbsp;3.50%, 3/1/42 | 125 | 125 | 80.0 |
| &nbsp;&nbsp;&nbsp;5.13%, 7/1/49 | 125 | 125 | 95.0 |
| Chubb INA Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;0.88%, 6/15/27 | EUR | 400 | 375.0 |
| Cigna Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;3.88%, 10/15/47 | $200 | 200 | 156.0 |
| Citigroup, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.52%, 11/3/32 | 725 | 725 | 566.0 |
| &nbsp;&nbsp;&nbsp;3.06%, 1/25/33 | 300 | 300 | 243.0 |
| Comcast Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;1.95%, 1/15/31 | 675 | 675 | 547.0 |
| CVS Health Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, 3/25/48 | 375 | 375 | 338.0 |
| Deere & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;3.10%, 4/15/30 | 450 | 450 | 404.0 |
| Energy Transfer LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.90%, 5/15/25 |  | 775 | 730.0 |
| Enterprise Products Operating LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.95%, 1/31/60 | 275 | 275 | 200.0 |
| Georgia-Pacific LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.30%, 4/30/30 (b) | 950 | 950 | 791.0 |
| Global Payments, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, 8/15/27 | 475 | 475 | 461.0 |
| Goldman Sachs Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.62%, 4/22/32 | 775 | 775 | 620.0 |
| HCA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/49 | 250 | 250 | 214.0 |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 1/15/27 (b) | 350 | 350 | 307.0 |
| Jersey Central Power & Light Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 3/1/32 (b) | 500 | 500 | 405.0 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | | |
|:---|:---|:---|:---|
| JPMorgan Chase & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;1.95%, 2/4/32 | 1000 | 1000 | 767 |
| Level 3 Financing, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, 3/1/27 (b) | 550 | 550 | 466 |
| Lowe's Cos., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;1.30%, 4/15/28 | 425 | 425 | 354 |
| &nbsp;&nbsp;&nbsp;1.70%, 10/15/30 | 475 | 475 | 373 |
| McDonald's Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;MTN |  |  |  |
| &nbsp;&nbsp;&nbsp;3.38%, 5/26/25 | 350 | 350 | 339 |
| Medtronic Global Holdings SCA, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.00%, 7/2/31 | EUR | 250 | 215 |
| Metropolitan Life Global Funding I, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.95%, 4/9/30 (b) | $575 | 575 | 500 |
| NextEra Energy Capital Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 11/1/29 |  | 525 | 455 |
| NVIDIA Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.85%, 4/1/30 | 900 | 900 | 787 |
| PepsiCo, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.63%, 4/28/26 | EUR | 400 | 420 |
| Prologis Euro Finance LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.88%, 1/5/29 | 300 | 300 | 283 |
| Thermo Fisher Scientific Finance I BV, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 10/18/51 | 100 | 100 | 68 |
| Thermo Fisher Scientific, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;0.88%, 10/1/31 | 650 | 650 | 551 |
| &nbsp;&nbsp;&nbsp;1.88%, 10/1/49 | 100 | 100 | 69 |
| Upjohn Finance BV, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.91%, 6/23/32 | 550 | 550 | 452 |
| Verizon Communications, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;1.13%, 11/3/28 | GBP | 300 | 292 |
| &nbsp;&nbsp;&nbsp;3.40%, 3/22/41 | $375 | 375 | 283 |
| Vontier Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.40%, 4/1/28 | 250 | 250 | 201 |
| Walt Disney Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.65%, 1/13/31 | 300 | 300 | 257 |
| Warnermedia Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;4.28%, 3/15/32 (b) | 375 | 375 | 310 |
| &nbsp;&nbsp;&nbsp;5.05%, 3/15/42 (b) | 125 | 125 | 96 |
| Wells Fargo & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;MTN |  |  |  |
| &nbsp;&nbsp;&nbsp;2.88%, 10/30/30 | 375 | 375 | 319 |
|  |  |  | 18292 |
|  |  |  | 45004 |
| **Mortgages - Other (1.2%)** |  |  |  |
| **Germany (0.0%) (e)** |  |  |  |
| Berg Finance, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.55%, 4/22/33 (c) | EUR | 144 | 146 |
| **Ireland (0.1%)** |  |  |  |
| Glenbeigh 2 Issuer 2021-2 DAC, |  |  |  |
| &nbsp;&nbsp;&nbsp;3 Month EURIBOR + 0.75%, 2.88%, 6/24/50 (b)(c) | 378 | 378 | 394 |
| **Netherlands (0.0%) (e)** |  |  |  |
| E-MAC NL 2006-II BV, |  |  |  |
| &nbsp;&nbsp;&nbsp;3 Month EURIBOR + 0.13%, 2.76%, 1/25/39 (c) | 140 | 140 | 136 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **United Kingdom (0.1%)** | | |  |
| Great Hall Mortgages No. 1 PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;3 Month EURIBOR + 0.25%, 2.31%, 6/18/38 (c) | 200 | 200 | 202 |
| Landmark Mortgage Securities No. 3 PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;3 Month GBP LIBOR + 2.10%, 5.49%, 4/17/44 (c) | GBP | 187 | 210 |
|  |  |  | 412 |
| **United States (1.0%)** |  |  |  |
| Banc of America Alternative Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.36%, 10/25/36 (f) | $22 | 22 | 7 |
| Bayview MSR Opportunity Master Fund Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 1/25/52 (b)(c) | 663 | 663 | 554 |
| ChaseFlex Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 2/25/37 |  | 20 | 8 |
| Federal Home Loan Mortgage Corporation, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 9/25/45 – 5/25/47 | 245 | 245 | 212 |
| &nbsp;&nbsp;&nbsp;3.50%, 5/25/45 – 7/25/46 | 88 | 88 | 77 |
| &nbsp;&nbsp;&nbsp;4.00%, 5/25/45 | 5 | 5 | 4 |
| GS Mortgage-Backed Securities Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 1/25/52 (b)(c) | 527 | 527 | 426 |
| GSR Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 1/25/37 | 7 | 7 | 5 |
| Hundred Acre Wood Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 10/25/51 (b)(c) | 463 | 463 | 372 |
| JP Morgan Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 4/25/52 – 9/25/52(b)(c) | 1070 | 1070 | 897 |
| &nbsp;&nbsp;&nbsp;3.25%, 7/25/52 (b)(c) | 645 | 645 | 553 |
| Lehman Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 9/25/37 | 17 | 17 | 6 |
| Mello Mortgage Capital Acceptance, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 8/25/51 (b)(c) | 529 | 529 | 427 |
| PRMI Securitization Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 4/25/51 (b)(c) | 611 | 611 | 492 |
| Seasoned Credit Risk Transfer Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 7/25/58 – 10/25/58 | 266 | 266 | 236 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/25/58 | 27 | 27 | 25 |
|  |  |  | 4301 |
|  |  |  | 5389 |
| **Municipal Bond (0.1%)** |  |  |  |
| **United States (0.1%)** |  |  |  |
| University of Michigan, MI, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, 4/1/22 | 400 | 400 | 325 |
| **Sovereign (29.5%)** |  |  |  |
| **Australia (1.0%)** |  |  |  |
| Australia Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.25%, 11/21/25 | AUD | 3450 | 2142 |
| &nbsp;&nbsp;&nbsp;1.25%, 5/21/32 | 3850 | 3850 | 2057 |
| &nbsp;&nbsp;&nbsp;3.25%, 4/21/25 | 240 | 240 | 163 |
|  |  |  | 4362 |
| **Austria (0.1%)** |  |  |  |
| Republic of Austria Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 2/20/30 (b) | EUR | 360 | 312 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Belgium (0.3%)** | | |  |
| Kingdom of Belgium Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.90%, 6/22/29 (b) | 170 | 170 | 161 |
| &nbsp;&nbsp;&nbsp;1.70%, 6/22/50 (b) | 480 | 480 | 363 |
| &nbsp;&nbsp;&nbsp;1.90%, 6/22/38 (b) | 760 | 760 | 674 |
|  |  |  | 1198 |
| **Brazil (3.1%)** |  |  |  |
| Brazil Notas do Tesouro Nacional, |  |  |  |
| &nbsp;&nbsp;&nbsp;10.00%, 1/1/27 | BRL | 79088 | 13775 |
| **Canada (1.3%)** |  |  |  |
| Canadian Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.25%, 6/1/30 | CAD | 2940 | 1883 |
| &nbsp;&nbsp;&nbsp;2.00%, 12/1/51 | 100 | 100 | 56 |
| &nbsp;&nbsp;&nbsp;2.25%, 6/1/29 | 5220 | 5220 | 3630 |
|  |  |  | 5569 |
| **China (9.4%)** |  |  |  |
| Agricultural Development Bank of China, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, 4/22/25 | CNY | 3600 | 514 |
| &nbsp;&nbsp;&nbsp;3.79%, 10/26/30 | 3430 | 3430 | 520 |
| China Development Bank, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.07%, 3/10/30 | 7380 | 7380 | 1066 |
| &nbsp;&nbsp;&nbsp;3.34%, 7/14/25 | 3430 | 3430 | 503 |
| China Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.37%, 1/20/27 |  | 16900 | 2406 |
| &nbsp;&nbsp;&nbsp;2.76%, 5/15/32 | 204760 | 204760 | 29208 |
| &nbsp;&nbsp;&nbsp;3.13%, 11/21/29 | 20150 | 20150 | 2961 |
| &nbsp;&nbsp;&nbsp;3.27%, 11/19/30 | 13760 | 13760 | 2045 |
| &nbsp;&nbsp;&nbsp;3.52%, 4/25/46 | 1430 | 1430 | 213 |
| &nbsp;&nbsp;&nbsp;3.53%, 10/18/51 | 1300 | 1300 | 196 |
| &nbsp;&nbsp;&nbsp;3.81%, 9/14/50 | 3170 | 3170 | 501 |
| &nbsp;&nbsp;&nbsp;3.86%, 7/22/49 | 6000 | 6000 | 955 |
| Export-Import Bank of China, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.93%, 3/2/25 | 3470 | 3470 | 503 |
|  |  |  | 41591 |
| **Colombia (0.0%) (e)** |  |  |  |
| Colombian TES Series B, |  |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, 9/18/30 | COP | 618000 | 96 |
| **Czech Republic (0.0%) (e)** |  |  |  |
| Czech Republic Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.20%, 3/13/31 | CZK | 6000 | 197 |
| **Denmark (0.1%)** |  |  |  |
| Denmark Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.50%, 11/15/27 | DKK | 3000 | 390 |
| **Finland (0.1%)** |  |  |  |
| Finland Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.13%, 4/15/34 (b) | EUR | 370 | 323 |
| **France (1.8%)** |  |  |  |
| Agence Francaise de Developpement EPIC, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 10/31/34 | 500 | 500 | 430 |
| Banque Federative du Credit Mutuel SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.25%, 12/5/25 | GBP | 400 | 434 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | | |
|:---|:---|:---|:---|
| French Republic Government Bond OAT, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 11/25/29 | EUR | 6580 | 5811 |
| &nbsp;&nbsp;&nbsp;2.00%, 5/25/48 (b) | 860 | 860 | 721 |
| SNCF Reseau, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.88%, 3/30/34 |  | 400 | 363 |
|  |  |  | 7759 |
| **Germany (1.2%)** |  |  |  |
| Bundesrepublik Deutschland Bundesanleihe, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 5/15/36 | 110 | 110 | 84 |
| &nbsp;&nbsp;&nbsp;0.25%, 2/15/29 | 2930 | 2930 | 2750 |
| &nbsp;&nbsp;&nbsp;4.25%, 7/4/39 | 1140 | 1140 | 1492 |
| State of North Rhine-Westphalia Germany, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.65%, 2/22/38 | 1320 | 1320 | 1149 |
|  |  |  | 5475 |
| **Greece (2.6%)** |  |  |  |
| Hellenic Republic Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.75%, 6/18/31 (b) | 14526 | 14526 | 11534 |
| **Hong Kong (0.1%)** |  |  |  |
| Hong Kong Government International Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 5/28/24 (b) | $250 | 250 | 243 |
| **Hungary (0.0%) (e)** |  |  |  |
| Hungary Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 8/21/30 | HUF | 24000 | 43 |
| **Indonesia (0.2%)** |  |  |  |
| Indonesia Government International Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 4/24/25 | EUR | 270 | 277 |
| Indonesia Treasury Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 2/15/31 | IDR | 4104000 | 256 |
| &nbsp;&nbsp;&nbsp;8.25%, 5/15/29 | 1408000 | 1408000 | 97 |
| &nbsp;&nbsp;&nbsp;8.38%, 3/15/34 | 3572000 | 3572000 | 252 |
|  |  |  | 882 |
| **Ireland (0.1%)** |  |  |  |
| Ireland Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.20%, 10/18/30 | EUR | 410 | 357 |
| **Italy (1.1%)** |  |  |  |
| Italy Buoni Poliennali Del Tesoro, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 8/1/26 | 1190 | 1190 | 1119 |
| &nbsp;&nbsp;&nbsp;0.45%, 2/15/29 | 160 | 160 | 138 |
| &nbsp;&nbsp;&nbsp;1.85%, 7/1/25 (b) | 1960 | 1960 | 2017 |
| &nbsp;&nbsp;&nbsp;2.45%, 9/1/50 (b) | 1250 | 1250 | 893 |
| &nbsp;&nbsp;&nbsp;2.50%, 12/1/32 | 220 | 220 | 197 |
| Republic of Italy Government International Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.88%, 5/6/24 | $745 | 745 | 697 |
|  |  |  | 5061 |
| **Japan (4.1%)** |  |  |  |
| Japan Government Five Year Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.10%, 6/20/24 | JPY | 605000 | 4615 |
| Japan Government Ten Year Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.10%, 6/20/26 – 6/20/31 | 550000 | 550000 | 4112 |
| Japan Government Thirty Year Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.30%, 6/20/46 | 207000 | 207000 | 1228 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;0.40%, 9/20/49 | 131000 | 131000 | 754 |
| &nbsp;&nbsp;&nbsp;0.60%, 6/20/50 | 143300 | 143300 | 863 |
| &nbsp;&nbsp;&nbsp;1.70%, 6/20/33 | 447800 | 447800 | 3792 |
| Japan Government Twenty Year Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.40%, 6/20/41 | 431000 | 431000 | 2824 |
|  |  |  | 18188 |
| **Korea, Republic of (0.4%)** |  |  |  |
| Export-Import Bank of Korea, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.63%, 2/9/26 | $640 | 640 | 565 |
| &nbsp;&nbsp;&nbsp;2.38%, 6/25/24 | 510 | 510 | 491 |
| Korea Development Bank, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.80%, 7/19/26 |  | 590 | 514 |
| Korea International Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 6/19/24 | 350 | 350 | 336 |
|  |  |  | 1906 |
| **Malaysia (0.3%)** |  |  |  |
| Malaysia Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.89%, 8/15/29 | MYR | 2330 | 525 |
| Petronas Capital Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 3/18/25 (b) | $875 | 875 | 850 |
|  |  |  | 1375 |
| **Mexico (0.2%)** |  |  |  |
| Mexican Bonos, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series M |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 6/3/27 | MXN | 6000 | 291 |
| &nbsp;&nbsp;&nbsp;8.50%, 5/31/29 | 5900 | 5900 | 295 |
| Mexico Government International Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 4/22/29 | $530 | 530 | 506 |
|  |  |  | 1092 |
| **Netherlands (0.3%)** |  |  |  |
| Nederlandse Waterschapsbank NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.00%, 5/28/30 (b) | EUR | 376 | 299 |
| Netherlands Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/15/30 (b) | 970 | 970 | 846 |
| &nbsp;&nbsp;&nbsp;2.75%, 1/15/47 (b) | 90 | 90 | 98 |
|  |  |  | 1243 |
| **Nigeria (0.0%) (e)** |  |  |  |
| Africa Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;4.38%, 4/17/26 (b) | $200 | 200 | 189 |
| **Norway (0.0%) (e)** |  |  |  |
| Norway Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.13%, 5/18/32 (b) | NOK | 790 | 74 |
| **Poland (0.1%)** |  |  |  |
| Republic of Poland Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.25%, 10/25/26 | PLN | 1300 | 232 |
| **Spain (0.5%)** |  |  |  |
| Spain Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 1/31/28 | EUR | 540 | 494 |
| &nbsp;&nbsp;&nbsp;0.70%, 4/30/32 (b) | 399 | 399 | 333 |
| &nbsp;&nbsp;&nbsp;1.25%, 10/31/30 (b) | 955 | 955 | 878 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;2.70%, 10/31/48 (b) | 410 | 410 | 359 |
| &nbsp;&nbsp;&nbsp;3.45%, 7/30/66 (b) | 120 | 120 | 115 |
|  |  |  | 2179 |
| **Sweden (0.1%)** |  |  |  |
| Sweden Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.75%, 5/12/28 | SEK | 2430 | 213 |
| &nbsp;&nbsp;&nbsp;1.00%, 11/12/26 | 1440 | 1440 | 130 |
|  |  |  | 343 |
| **United Kingdom (1.0%)** |  |  |  |
| United Kingdom Gilt, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.38%, 10/22/30 | GBP | 1780 | 1682 |
| &nbsp;&nbsp;&nbsp;0.63%, 10/22/50 | 680 | 680 | 367 |
| &nbsp;&nbsp;&nbsp;1.25%, 10/22/41 | 1150 | 1150 | 882 |
| &nbsp;&nbsp;&nbsp;1.63%, 10/22/28 | 650 | 650 | 706 |
| &nbsp;&nbsp;&nbsp;3.50%, 1/22/45 | 840 | 840 | 935 |
|  |  |  | 4572 |
|  |  |  | 130560 |
| **Supranational (1.3%)** |  |  |  |
| Asian Development Bank, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.13%, 5/19/31 | NZD | 300 | 150 |
| European Investment Bank, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.20%, 7/15/24 | EUR | 970 | 996 |
| &nbsp;&nbsp;&nbsp;Series EARN |  |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 1/14/31 | 925 | 925 | 777 |
| International Bank for Reconstruction & Development, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.20%, 2/27/24 | AUD | 3040 | 2030 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.43%, 4.58%, 8/19/27 (c) | $1630 | 1630 | 1638 |
|  |  |  | 5591 |
| **U.S. Treasury Securities (5.8%)** |  |  |  |
| **United States (5.8%)** |  |  |  |
| U.S. Treasury Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.13%, 5/15/40 |  | 4920 | 3082 |
| &nbsp;&nbsp;&nbsp;1.25%, 5/15/50 | 180 | 180 | 97 |
| &nbsp;&nbsp;&nbsp;1.75%, 8/15/41 | 600 | 600 | 411 |
| &nbsp;&nbsp;&nbsp;2.50%, 2/15/45 | 2000 | 2000 | 1508 |
| &nbsp;&nbsp;&nbsp;2.75%, 8/15/47 | 2720 | 2720 | 2124 |
| U.S. Treasury Inflation-Indexed Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.63%, 7/15/32 | 6168 | 6168 | 5654 |
| U.S. Treasury Notes, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.50%, 4/30/27 | 2030 | 2030 | 1748 |
| &nbsp;&nbsp;&nbsp;1.13%, 10/31/26 | 2210 | 2210 | 1977 |
| &nbsp;&nbsp;&nbsp;1.38%, 11/15/31 | 3410 | 3410 | 2776 |
| &nbsp;&nbsp;&nbsp;1.88%, 6/30/26 | 1950 | 1950 | 1810 |
| &nbsp;&nbsp;&nbsp;2.13%, 5/15/25 | 1390 | 1390 | 1321 |
| &nbsp;&nbsp;&nbsp;2.50%, 5/15/24 | 2480 | 2480 | 2408 |
| &nbsp;&nbsp;&nbsp;4.13%, 9/30/27 | 760 | 760 | 763 |
|  |  |  | 25679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Fixed Income Securities (Cost $269,228)** |  |  | 233437 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Common Stocks (32.0%)** |  |  |
| **Australia (1.2%)** |  |  |
| Ampol Ltd. | 1149 | 22 |
| ANZ Group Holdings Ltd. | 14062 | 226 |
| APA Group | 5562 | 41 |
| Aristocrat Leisure Ltd. | 2860 | 59 |
| ASX Ltd. | 929 | 43 |
| Aurizon Holdings Ltd. | 8900 | 23 |
| BHP Group Ltd. | 23760 | 736 |
| BlueScope Steel Ltd. | 2238 | 25 |
| Brambles Ltd. | 6674 | 55 |
| Cochlear Ltd. | 316 | 44 |
| Coles Group Ltd. | 6393 | 72 |
| Commonwealth Bank of Australia | 8063 | 560 |
| Computershare Ltd. | 2587 | 46 |
| CSL Ltd. | 2301 | 449 |
| Dexus REIT | 5193 | 27 |
| Endeavour Group Ltd. (Australia) | 6462 | 28 |
| Fortescue Metals Group Ltd. | 7959 | 111 |
| Goodman Group REIT | 8132 | 96 |
| GPT Group REIT | 9089 | 26 |
| IDP Education Ltd. | 978 | 18 |
| IGO Ltd. | 3185 | 29 |
| Insurance Australia Group Ltd. | 11768 | 38 |
| James Hardie Industries PLC CDI | 2154 | 39 |
| Lendlease Corp Ltd. REIT | 3266 | 17 |
| Lottery Corp. Ltd. (g) | 10535 | 32 |
| Macquarie Group Ltd. | 1746 | 197 |
| Medibank Pvt Ltd. | 13051 | 26 |
| Mineral Resources Ltd. | 800 | 42 |
| Mirvac Group REIT | 18891 | 27 |
| National Australia Bank Ltd. | 15411 | 313 |
| Newcrest Mining Ltd. | 4232 | 59 |
| Northern Star Resources Ltd. | 5323 | 40 |
| OneMarket Ltd. (g) | 390 |  |
| Orica Ltd. | 2141 | 22 |
| Origin Energy Ltd. | 8297 | 43 |
| Pilbara Minerals Ltd. (g) | 12190 | 31 |
| Qantas Airways Ltd. (g) | 4335 | 18 |
| QBE Insurance Group Ltd. | 7070 | 64 |
| Ramsay Health Care Ltd. | 857 | 38 |
| REA Group Ltd. | 250 | 19 |
| Reece Ltd. | 1089 | 10 |
| Rio Tinto Ltd. | 1752 | 138 |
| Santos Ltd. | 15055 | 74 |
| Scentre Group REIT | 24683 | 48 |
| SEEK Ltd. | 1596 | 23 |
| Sonic Healthcare Ltd. | 2130 | 43 |
| South32 Ltd. | 21701 | 59 |
| Stockland REIT | 11392 | 28 |
| Suncorp Group Ltd. | 5983 | 49 |
| Telstra Corp., Ltd. | 19101 | 52 |
| Transurban Group (Units) | 14669 | 129 |
| Treasury Wine Estates Ltd. | 3310 | 31 |
| Vicinity Centres REIT | 18275 | 25 |
| Washington H Soul Pattinson & Co. Ltd. | 1023 | 19 |
| Wesfarmers Ltd. | 5359 | 167 |
| Westpac Banking Corp. | 16571 | 262 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| WiseTech Global Ltd. | 690.0 | 24 |
| Woodside Energy Group Ltd. | 8930.0 | 216 |
| Woolworths Group Ltd. | 5717.0 | 131 |
| Xero Ltd. (g) | 640.0 | 30 |
|  |  | 5359 |
| **Austria (0.1%)** |  |  |
| Erste Group Bank AG | 8028.0 | 257 |
| OMV AG | 736.0 | 38 |
| Verbund AG | 347.0 | 29 |
| voestalpine AG | 584.0 | 15 |
|  |  | 339 |
| **Belgium (0.2%)** |  |  |
| Ageas SA | 786.0 | 35 |
| Anheuser-Busch InBev SA | 4230.0 | 255 |
| Argenx SE (g) | 270.0 | 102 |
| D'ieteren Group | 120.0 | 23 |
| Elia Group SA | 161.0 | 23 |
| Groupe Bruxelles Lambert SA | 485.0 | 39 |
| KBC Group NV | 5859.0 | 377 |
| Sofina SA | 76.0 | 17 |
| Solvay SA | 361.0 | 36 |
| UCB SA | 617.0 | 48 |
| Umicore SA | 1023.0 | 37 |
| Warehouses De Pauw CVA REIT | 791.0 | 23 |
|  |  | 1015 |
| **Canada (1.9%)** |  |  |
| Agnico Eagle Mines Ltd. | 2084.0 | 108 |
| Air Canada (g) | 805.0 | 12 |
| Algonquin Power & Utilities Corp. | 3284.0 | 21 |
| Alimentation Couche-Tard, Inc. | 3966.0 | 174 |
| AltaGas Ltd. | 1324.0 | 23 |
| ARC Resources Ltd. | 3184.0 | 43 |
| Bank of Montreal | 3235.0 | 293 |
| Bank of Nova Scotia | 5668.0 | 278 |
| Barrick Gold Corp. (LSE) | 6338.0 | 109 |
| Barrick Gold Corp. (NYSE) | 1893.0 | 33 |
| BCE, Inc. | 344.0 | 15 |
| Brookfield Asset Management Ltd., Class A (g) | 1618.0 | 46 |
| Brookfield Corp. | 6928.0 | 218 |
| Brookfield Renewable Corp., Class A | 615.0 | 17 |
| BRP, Inc. | 171.0 | 13 |
| CAE, Inc. (g) | 1511.0 | 29 |
| Cameco Corp. | 2024.0 | 46 |
| Canadian Apartment Properties REIT | 401.0 | 13 |
| Canadian Imperial Bank of Commerce | 4321.0 | 175 |
| Canadian National Railway Co. | 2888.0 | 343 |
| Canadian Natural Resources Ltd. | 5366.0 | 298 |
| Canadian Pacific Railway Ltd. | 4450.0 | 332 |
| Canadian Tire Corp., Ltd., Class A | 262.0 | 27 |
| Canadian Utilities Ltd., Class A | 606.0 | 16 |
| CCL Industries, Inc., Class B | 706.0 | 30 |
| Cenovus Energy, Inc. | 6704.0 | 130 |
| CGI, Inc. (g) | 998.0 | 86 |
| Constellation Software, Inc. | 95.0 | 148 |
| Descartes Systems Group, Inc. (g) | 398.0 | 28 |
| Dollarama, Inc. | 1310.0 | 77 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Element Fleet Management Corp. | 1835 | 25 |
| Emera, Inc. | 1255.0 | 48 |
| Empire Co., Ltd., Class A | 766.0 | 20 |
| Enbridge, Inc. | 9669.0 | 378 |
| Fairfax Financial Holdings Ltd. | 108.0 | 64 |
| First Quantum Minerals Ltd. | 2977.0 | 62 |
| FirstService Corp. | 190.0 | 23 |
| Fortis, Inc. | 2262.0 | 91 |
| Franco-Nevada Corp. | 894.0 | 122 |
| George Weston Ltd. | 340.0 | 42 |
| GFL Environmental, Inc. | 861.0 | 25 |
| Gildan Activewear, Inc. | 860.0 | 24 |
| Great-West Lifeco, Inc. | 1311.0 | 30 |
| Hydro One Ltd. | 1552.0 | 42 |
| IA Financial Corp., Inc. | 498.0 | 29 |
| IGM Financial, Inc. | 390.0 | 11 |
| Imperial Oil Ltd. | 1055.0 | 51 |
| Intact Financial Corp. | 828.0 | 119 |
| Ivanhoe Mines Ltd., Class A (g) | 3215.0 | 25 |
| Keyera Corp. | 1040.0 | 23 |
| Kinross Gold Corp. | 6090.0 | 25 |
| Loblaw Cos., Ltd. | 773.0 | 68 |
| Lundin Mining Corp. | 3181.0 | 20 |
| Magna International, Inc. | 1328.0 | 75 |
| Manulife Financial Corp. | 9209.0 | 164 |
| Metro, Inc. | 1131.0 | 63 |
| National Bank of Canada | 1571.0 | 106 |
| Northland Power, Inc. | 1122.0 | 31 |
| Nutrien Ltd. | 2650.0 | 193 |
| Nuvei Corp. (g) | 308.0 | 8 |
| Onex Corp. | 344.0 | 17 |
| Open Text Corp. | 1264.0 | 37 |
| Pan American Silver Corp. | 926.0 | 15 |
| Parkland Corp. | 746.0 | 16 |
| Pembina Pipeline Corp. | 2602.0 | 88 |
| Power Corp. of Canada | 2709.0 | 64 |
| Quebecor, Inc., Class B | 740.0 | 17 |
| Restaurant Brands International, Inc. | 1382.0 | 89 |
| RioCan Real Estate Investment Trust REIT | 705.0 | 11 |
| Ritchie Bros Auctioneers, Inc. | 528.0 | 31 |
| Rogers Communications, Inc., Class B | 1652.0 | 77 |
| Royal Bank of Canada | 6723.0 | 632 |
| Saputo, Inc. | 1186.0 | 29 |
| Shaw Communications, Inc., Class B | 2242.0 | 65 |
| Shopify, Inc., Class A (g) | 5586.0 | 194 |
| Sun Life Financial, Inc. | 2752.0 | 128 |
| Suncor Energy, Inc. | 6555.0 | 208 |
| TC Energy Corp. | 4905.0 | 196 |
| Teck Resources Ltd., Class B | 2326.0 | 88 |
| TELUS Corp. | 2202.0 | 43 |
| TFI International, Inc. | 383.0 | 38 |
| Thomson Reuters Corp. | 800.0 | 91 |
| TMX Group Ltd. | 261.0 | 26 |
| Toromont Industries Ltd. | 390.0 | 28 |
| Toronto-Dominion Bank | 8702.0 | 563 |
| Tourmaline Oil Corp. | 1521.0 | 77 |
| West Fraser Timber Co., Ltd. | 282.0 | 20 |
| Wheaton Precious Metals Corp. | 2049.0 | 80 |
| WSP Global, Inc. | 593.0 | 69 |
|  |  | 8225 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| **China (0.0%) (e)** | | |
| China Common Rich Renewable Energy Investments Ltd. (g) | 42000 |  |
| Chow Tai Fook Jewellery Group Ltd. (h) | 8796 | 18 |
|  |  | 18 |
| **Denmark (0.5%)** |  |  |
| AP Moller - Maersk AS Series A | 14 | 31 |
| AP Moller - Maersk AS Series B | 24 | 54 |
| Carlsberg AS Series B | 470 | 62 |
| Chr Hansen Holding AS | 518 | 37 |
| Coloplast AS Series B | 578 | 68 |
| Danske Bank AS | 3293 | 65 |
| Demant AS (g) | 449 | 12 |
| DSV AS | 906 | 143 |
| Genmab AS (g) | 318 | 134 |
| Novo Nordisk AS Series B | 7883 | 1071 |
| Novozymes AS Series B | 1004 | 51 |
| Orsted AS | 928 | 84 |
| Pandora AS | 437 | 31 |
| ROCKWOOL AS, Class B | 43 | 10 |
| Tryg AS | 1732 | 41 |
| Vestas Wind Systems AS | 4989 | 146 |
|  |  | 2040 |
| **Finland (0.2%)** |  |  |
| Elisa Oyj | 686 | 36 |
| Fortum Oyj | 2104 | 35 |
| Kesko Oyj, Class B | 1331 | 29 |
| Kone Oyj, Class B | 1653 | 86 |
| Neste Oyj | 2023 | 93 |
| Nokia Oyj | 26286 | 122 |
| Orion Oyj, Class B | 507 | 28 |
| Sampo Oyj, Class A | 2326 | 122 |
| Stora Enso Oyj, Class R | 2674 | 38 |
| UPM-Kymmene Oyj | 2574 | 96 |
| Wartsila Oyj Abp | 2321 | 20 |
|  |  | 705 |
| **France (2.2%)** |  |  |
| Accor SA (g) | 815 | 20 |
| Aeroports de Paris (g) | 143 | 19 |
| Air Liquide SA | 2463 | 350 |
| Airbus SE | 2787 | 331 |
| Alstom SA | 1523 | 37 |
| Amundi SA | 288 | 16 |
| ArcelorMittal SA | 2469 | 65 |
| Arkema SA | 283 | 25 |
| AXA SA | 8783 | 245 |
| BioMerieux | 199 | 21 |
| BNP Paribas SA | 25793 | 1469 |
| Bollore SA | 4177 | 23 |
| Bouygues SA | 1091 | 33 |
| Bureau Veritas SA | 1398 | 37 |
| Capgemini SE | 771 | 129 |
| Carrefour SA | 2786 | 47 |
| Cie de Saint-Gobain | 2322 | 114 |
| Cie Generale des Etablissements Michelin SCA | 3208 | 89 |
| Covivio REIT | 227 | 13 |
| Credit Agricole SA | 28008 | 295 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Danone SA | 3034 | 160 |
| Dassault Aviation SA | 117.0 | 20 |
| Dassault Systemes SE | 3169.0 | 114 |
| Edenred | 1176.0 | 64 |
| Eiffage SA | 393.0 | 39 |
| Electricite de France SA | 2504.0 | 32 |
| Engie SA | 9088.0 | 130 |
| EssilorLuxottica SA | 1378.0 | 249 |
| Eurazeo SE | 206.0 | 13 |
| Eurofins Scientific SE | 631.0 | 45 |
| Euronext NV | 404.0 | 30 |
| Gecina SA REIT | 221.0 | 22 |
| Getlink SE | 2093.0 | 33 |
| Hermes International | 149.0 | 231 |
| Ipsen SA | 175.0 | 19 |
| Kering SA | 364.0 | 185 |
| Klepierre SA REIT (g) | 1035.0 | 24 |
| L'Oreal SA | 1139.0 | 408 |
| La Francaise des Jeux SAEM | 494.0 | 20 |
| Legrand SA | 1263.0 | 101 |
| LVMH Moet Hennessy Louis Vuitton SE | 1316.0 | 958 |
| Orange SA | 9492.0 | 94 |
| Pernod Ricard SA | 969.0 | 191 |
| Publicis Groupe SA | 1084.0 | 69 |
| Remy Cointreau SA | 110.0 | 18 |
| Renault SA (g) | 932.0 | 31 |
| Safran SA | 1602.0 | 201 |
| Sanofi | 5392.0 | 520 |
| Sartorius Stedim Biotech | 132.0 | 43 |
| Schneider Electric SE | 2568.0 | 361 |
| SEB SA | 118.0 | 10 |
| Societe Generale SA | 18454.0 | 463 |
| Sodexo SA | 417.0 | 40 |
| STMicroelectronics NV | 3232.0 | 115 |
| Teleperformance | 281.0 | 67 |
| Thales SA | 505.0 | 64 |
| TotalEnergies SE | 11569.0 | 726 |
| Ubisoft Entertainment SA (g) | 445.0 | 13 |
| Unibail-Rodamco-Westfield REIT (g) | 579.0 | 30 |
| Valeo SA | 1004.0 | 18 |
| Veolia Environnement SA | 3214.0 | 83 |
| Vinci SA | 2530.0 | 252 |
| Vivendi SE | 3392.0 | 32 |
| Wendel SE | 126.0 | 12 |
| Worldline SA (g) | 1139.0 | 45 |
|  |  | 9773 |
| **Germany (1.3%)** |  |  |
| Adidas AG | 831.0 | 113 |
| Allianz SE (Registered) | 1908.0 | 407 |
| Aroundtown SA | 5055.0 | 12 |
| BASF SE | 4363.0 | 215 |
| Bayer AG (Registered) | 4638.0 | 239 |
| Bayerische Motoren Werke AG | 1565.0 | 139 |
| Bayerische Motoren Werke AG (Preference) | 281.0 | 24 |
| Bechtle AG | 388.0 | 14 |
| Beiersdorf AG | 474.0 | 54 |
| Brenntag SE | 725.0 | 46 |
| Carl Zeiss Meditec AG | 190.0 | 24 |
| Commerzbank AG (g) | 24506.0 | 229 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Continental AG | 521.0 | 31 |
| Covestro AG | 916.0 | 36 |
| Daimler Truck Holding AG (g) | 2136.0 | 66 |
| Delivery Hero SE (g) | 804.0 | 39 |
| Deutsche Bank AG (Registered) | 9348.0 | 105 |
| Deutsche Boerse AG | 892.0 | 154 |
| Deutsche Lufthansa AG (Registered) (g) | 2821.0 | 23 |
| Deutsche Post AG (Registered) | 4699.0 | 176 |
| Deutsche Telekom AG (Registered) | 15229.0 | 303 |
| Dr Ing hc F Porsche AG (Preference) (g) | 547.0 | 55 |
| E.ON SE | 10686.0 | 106 |
| Evonik Industries AG | 1000.0 | 19 |
| Fresenius Medical Care AG & Co., KGaA | 982.0 | 32 |
| Fresenius SE & Co., KGaA | 2001.0 | 56 |
| GEA Group AG | 713.0 | 29 |
| Hannover Rueck SE (Registered) | 283.0 | 56 |
| HeidelbergCement AG | 685.0 | 39 |
| HelloFresh SE (g) | 793.0 | 17 |
| Henkel AG & Co., KGaA | 490.0 | 31 |
| Henkel AG & Co., KGaA (Preference) | 838.0 | 58 |
| Infineon Technologies AG | 6110.0 | 186 |
| Knorr-Bremse AG | 341.0 | 18 |
| LEG Immobilien SE | 360.0 | 23 |
| Mercedes-Benz Group AG (Registered) | 3810.0 | 249 |
| Merck KGaA | 612.0 | 118 |
| MTU Aero Engines AG | 252.0 | 54 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 656.0 | 212 |
| Nemetschek SE | 272.0 | 14 |
| Porsche Automobil Holding SE (Preference) | 729.0 | 40 |
| Puma SE | 506.0 | 31 |
| QIAGEN NV (g) | 1083.0 | 54 |
| Rational AG | 24.0 | 14 |
| Rheinmetall AG | 216.0 | 43 |
| RWE AG | 3052.0 | 135 |
| SAP SE | 4938.0 | 510 |
| Sartorius AG (Preference) | 116.0 | 46 |
| Scout24 SE | 383.0 | 19 |
| Siemens AG (Registered) | 3618.0 | 499 |
| Siemens Energy AG (g) | 2058.0 | 39 |
| Siemens Healthineers AG | 1368.0 | 68 |
| Symrise AG | 632.0 | 69 |
| Telefonica Deutschland Holding AG | 4890.0 | 12 |
| United Internet AG (Registered) | 454.0 | 9 |
| Volkswagen AG | 140.0 | 22 |
| Volkswagen AG (Preference) | 879.0 | 109 |
| Vonovia SE | 3457.0 | 81 |
| Zalando SE (g) | 1077.0 | 38 |
|  |  | 5659 |
| **Hong Kong (0.5%)** |  |  |
| AIA Group Ltd. | 55656.0 | 615 |
| BOC Hong Kong Holdings Ltd. | 17060.0 | 58 |
| Budweiser Brewing Co., APAC Ltd. | 7886.0 | 25 |
| CK Asset Holdings Ltd. | 8908.0 | 55 |
| CK Hutchison Holdings Ltd. | 12318.0 | 74 |
| CK Infrastructure Holdings Ltd. | 2965.0 | 15 |
| CLP Holdings Ltd. | 7619.0 | 56 |
| ESR Group Ltd. | 9447.0 | 20 |
| Futu Holdings Ltd. ADR (g) | 292.0 | 12 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Galaxy Entertainment Group Ltd. | 10857.0 | 71 |
| Hang Lung Properties Ltd. | 9499.0 | 18 |
| Hang Seng Bank Ltd. | 3593.0 | 60 |
| Henderson Land Development Co., Ltd. | 6983.0 | 24 |
| HK Electric Investments & HK Electric Investments Ltd. | 11715.0 | 8 |
| HKT Trust & HKT Ltd. | 18209.0 | 22 |
| Hong Kong & China Gas Co., Ltd. | 52029.0 | 49 |
| Hong Kong Exchanges & Clearing Ltd. | 5582.0 | 240 |
| Hongkong Land Holdings Ltd. | 5012.0 | 23 |
| Jardine Matheson Holdings Ltd. | 754.0 | 38 |
| Link REIT | 10113.0 | 74 |
| MTR Corp., Ltd. | 7396.0 | 39 |
| New World Development Co. Ltd. | 7212.0 | 20 |
| Power Assets Holdings Ltd. | 6556.0 | 36 |
| Sands China Ltd. (g) | 11607.0 | 38 |
| Sino Land Co., Ltd. | 16479.0 | 21 |
| SITC International Holdings Co. Ltd. | 7524.0 | 17 |
| Sun Hung Kai Properties Ltd. | 6889.0 | 94 |
| Swire Pacific Ltd., Class A | 2378.0 | 21 |
| Swire Properties Ltd. | 5311.0 | 13 |
| Techtronic Industries Co., Ltd. | 6754.0 | 75 |
| WH Group Ltd. | 39386.0 | 23 |
| Wharf Real Estate Investment Co., Ltd. | 8010.0 | 47 |
| Xinyi Glass Holdings Ltd. | 8851.0 | 16 |
|  |  | 2017 |
| **Ireland (0.1%)** |  |  |
| AIB Group PLC | 5118.0 | 20 |
| Bank of Ireland Group PLC | 5156.0 | 49 |
| CRH PLC | 3744.0 | 149 |
| Flutter Entertainment PLC (g) | 837.0 | 115 |
| Kerry Group PLC, Class A | 791.0 | 71 |
| Kingspan Group PLC | 768.0 | 41 |
| Smurfit Kappa Group PLC | 1233.0 | 46 |
|  |  | 491 |
| **Israel (0.1%)** |  |  |
| Azrieli Group Ltd. | 200.0 | 13 |
| Bank Hapoalim BM | 5970.0 | 54 |
| Bank Leumi Le-Israel BM | 7258.0 | 60 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 9751.0 | 17 |
| Check Point Software Technologies Ltd. (g) | 471.0 | 59 |
| CyberArk Software Ltd. (g) | 191.0 | 25 |
| Elbit Systems Ltd. | 125.0 | 20 |
| ICL Group Ltd. | 3328.0 | 24 |
| Israel Discount Bank Ltd., Class A | 5815.0 | 31 |
| Mizrahi Tefahot Bank Ltd. | 725.0 | 23 |
| Nice Ltd. | 299.0 | 58 |
| Teva Pharmaceutical Industries Ltd. ADR (g) | 5216.0 | 48 |
| Tower Semiconductor Ltd. (g) | 514.0 | 22 |
| Wix.com Ltd. (g) | 269.0 | 21 |
| ZIM Integrated Shipping Services Ltd. | 395.0 | 7 |
|  |  | 482 |
| **Italy (0.7%)** |  |  |
| Amplifon SpA | 586.0 | 17 |
| Assicurazioni Generali SpA | 5185.0 | 92 |
| CNH Industrial NV | 4749.0 | 76 |
| Davide Campari-Milano NV | 2499.0 | 25 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| DiaSorin SpA | 119.0 | 17 |
| Enel SpA | 38299.0 | 206 |
| Eni SpA | 11554.0 | 164 |
| EXOR NV | 1022.0 | 75 |
| Ferrari NV | 596.0 | 128 |
| FinecoBank Banca Fineco SpA | 13923.0 | 231 |
| Infrastrutture Wireless Italiane SpA | 1587.0 | 16 |
| Intesa Sanpaolo SpA | 381740.0 | 846 |
| Mediobanca Banca di Credito Finanziario SpA | 14025.0 | 135 |
| Moncler SpA | 967.0 | 51 |
| Nexi SpA (g) | 2794.0 | 22 |
| Poste Italiane SpA | 2416.0 | 24 |
| Prysmian SpA | 1200.0 | 45 |
| Recordati Industria Chimica e Farmaceutica SpA | 494.0 | 21 |
| Snam SpA | 9525.0 | 46 |
| Stellantis NV | 10430.0 | 148 |
| Telecom Italia SpA (Milano) (g) | 46925.0 | 11 |
| Tenaris SA | 2186.0 | 38 |
| Terna - Rete Elettrica Nazionale | 6649.0 | 49 |
| UniCredit SpA | 47080.0 | 668 |
|  |  | 3151 |
| **Japan (0.8%)** |  |  |
| Chiba Bank Ltd. | 15190.0 | 111 |
| Concordia Financial Group Ltd. | 31195.0 | 130 |
| Japan Post Bank Co. Ltd. | 11819.0 | 101 |
| Mizuho Financial Group, Inc. | 69124.0 | 974 |
| Resona Holdings, Inc. | 61920.0 | 340 |
| Shizuoka Financial Group, Inc. | 12791.0 | 103 |
| Sumitomo Mitsui Financial Group, Inc. | 37414.0 | 1505 |
| Sumitomo Mitsui Trust Holdings, Inc. | 9679.0 | 338 |
|  |  | 3602 |
| **Netherlands (0.9%)** |  |  |
| ABN AMRO Bank NV CVA | 9711.0 | 134 |
| Adyen NV (g) | 103.0 | 143 |
| Aegon NV | 8420.0 | 43 |
| AerCap Holdings NV (g) | 639.0 | 37 |
| Akzo Nobel NV | 865.0 | 58 |
| ASM International NV | 222.0 | 56 |
| ASML Holding NV | 1916.0 | 1045 |
| BNP Paribas Emissions- und Handelsgesellschaft mbH | 89338.0 | 1088 |
| Coca-Cola Europacific Partners PLC | 972.0 | 54 |
| Heineken Holding NV | 474.0 | 37 |
| Heineken NV | 1219.0 | 115 |
| IMCD NV | 269.0 | 38 |
| JDE Peet's NV | 478.0 | 14 |
| Just Eat Takeaway.com NV (g) | 879.0 | 19 |
| Koninklijke Ahold Delhaize NV | 4905.0 | 141 |
| Koninklijke DSM NV | 818.0 | 100 |
| Koninklijke KPN NV | 15517.0 | 48 |
| Koninklijke Philips NV | 4342.0 | 65 |
| NN Group NV | 1314.0 | 54 |
| OCI NV | 501.0 | 18 |
| Prosus NV (g) | 3941.0 | 272 |
| Randstad NV | 564.0 | 34 |
| Universal Music Group NV | 3427.0 | 83 |
| Wolters Kluwer NV | 1238.0 | 130 |
|  |  | 3826 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| **New Zealand (0.0%) (e)** |  |  |
| Auckland International Airport Ltd. (g) | 6071.0 | 30 |
| Fisher & Paykel Healthcare Corp., Ltd. | 2808.0 | 40 |
| Mercury NZ Ltd. | 3399.0 | 12 |
| Meridian Energy Ltd. | 6087.0 | 21 |
| Spark New Zealand Ltd. | 9107.0 | 31 |
|  |  | 134 |
| **Norway (0.1%)** |  |  |
| Adevinta ASA (g) | 1463.0 | 10 |
| Aker BP ASA | 1535.0 | 48 |
| DNB Bank ASA | 4503.0 | 89 |
| Equinor ASA | 4626.0 | 166 |
| Gjensidige Forsikring ASA | 975.0 | 19 |
| Kongsberg Gruppen ASA | 429.0 | 18 |
| Mowi ASA | 2004.0 | 34 |
| Norsk Hydro ASA | 6452.0 | 48 |
| Orkla ASA | 3649.0 | 26 |
| Salmar ASA | 315.0 | 13 |
| Telenor ASA | 3454.0 | 32 |
| Yara International ASA | 810.0 | 36 |
|  |  | 539 |
| **Portugal (0.0%) (e)** |  |  |
| EDP - Energias de Portugal SA | 11293.0 | 56 |
| EDP Renovaveis SA | 1197.0 | 27 |
| Galp Energia SGPS SA | 2018.0 | 27 |
| Jeronimo Martins SGPS SA | 1137.0 | 25 |
|  |  | 135 |
| **Singapore (0.2%)** |  |  |
| CapitaLand Ascendas REIT | 15500.0 | 32 |
| CapitaLand Integrated Commercial Trust REIT | 24402.0 | 37 |
| Capitaland Investment Ltd. | 11800.0 | 33 |
| City Developments Ltd. | 1900.0 | 12 |
| DBS Group Holdings Ltd. | 8200.0 | 207 |
| Genting Singapore Ltd. | 27400.0 | 19 |
| Grab Holdings Ltd., Class A (g) | 6200.0 | 20 |
| Jardine Cycle & Carriage Ltd. | 500.0 | 11 |
| Keppel Corp., Ltd. | 6700.0 | 36 |
| Mapletree Commercial Trust REIT | 11000.0 | 14 |
| Mapletree Logistics Trust REIT | 15500.0 | 18 |
| Oversea-Chinese Banking Corp., Ltd. | 15500.0 | 141 |
| Sea Ltd. ADR (g) | 1700.0 | 88 |
| Singapore Airlines Ltd. | 6100.0 | 25 |
| Singapore Exchange Ltd. | 3900.0 | 26 |
| Singapore Technologies Engineering Ltd. | 7200.0 | 18 |
| Singapore Telecommunications Ltd. | 36800.0 | 71 |
| United Overseas Bank Ltd. | 5400.0 | 124 |
| UOL Group Ltd. | 2100.0 | 11 |
| Venture Corp. Ltd. | 1200.0 | 15 |
| Wilmar International Ltd. | 8700.0 | 27 |
|  |  | 985 |
| **Spain (0.8%)** |  |  |
| Acciona SA | 119.0 | 22 |
| ACS Actividades de Construccion y Servicios SA | 1032.0 | 30 |
| Aena SME SA (g) | 363.0 | 45 |
| Amadeus IT Group SA (g) | 2161.0 | 112 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Banco Bilbao Vizcaya Argentaria SA | 152149.0 | 916 |
| Banco Santander SA | 399490.0 | 1194 |
| CaixaBank SA | 104721.0 | 411 |
| Cellnex Telecom SA (g) | 2604.0 | 86 |
| Corp. ACCIONA Energias Renovables SA | 317.0 | 12 |
| Enagas SA | 1188.0 | 20 |
| Endesa SA | 1514.0 | 29 |
| Ferrovial SA | 2347.0 | 61 |
| Grifols SA (g) | 1438.0 | 17 |
| Iberdrola SA | 28788.0 | 336 |
| Industria de Diseno Textil SA | 5163.0 | 137 |
| Naturgy Energy Group SA | 699.0 | 18 |
| Red Electrica Corp., SA | 1939.0 | 34 |
| Repsol SA | 6444.0 | 103 |
| Siemens Gamesa Renewable Energy SA (g) | 1133.0 | 22 |
| Telefonica SA | 24606.0 | 89 |
| Telepizza Group SA (g) | 156.0 | 1 |
|  |  | 3695 |
| **Sweden (0.5%)** |  |  |
| Alfa Laval AB | 1376.0 | 40 |
| Assa Abloy AB, Class B | 4793.0 | 103 |
| Atlas Copco AB, Class A | 12771.0 | 151 |
| Atlas Copco AB, Class B | 7432.0 | 79 |
| Boliden AB | 1291.0 | 49 |
| Electrolux AB, Class B | 1060.0 | 14 |
| Embracer Group AB (g) | 3057.0 | 14 |
| Epiroc AB, Class A | 3141.0 | 57 |
| Epiroc AB, Class B | 1857.0 | 30 |
| EQT AB | 1449.0 | 31 |
| Essity AB, Class B | 2881.0 | 75 |
| Evolution AB | 867.0 | 84 |
| Fastighets AB Balder, Class B (g) | 3036.0 | 14 |
| Getinge AB, Class B | 1106.0 | 23 |
| Hennes & Mauritz AB, Class B | 3525.0 | 38 |
| Hexagon AB, Class B | 9319.0 | 98 |
| Holmen AB, Class B | 442.0 | 18 |
| Husqvarna AB, Class B | 2024.0 | 14 |
| Industrivarden AB, Class A | 622.0 | 15 |
| Industrivarden AB, Class C | 736.0 | 18 |
| Indutrade AB | 1312.0 | 27 |
| Investment AB Latour, Class B | 712.0 | 13 |
| Investor AB, Class A | 2367.0 | 44 |
| Investor AB, Class B | 8650.0 | 157 |
| Kinnevik AB, Class B (g) | 1162.0 | 16 |
| L E Lundbergforetagen AB, Class B | 362.0 | 15 |
| Lifco AB, Class B | 1121.0 | 19 |
| Nibe Industrier AB, Class B | 7308.0 | 68 |
| Nordea Bank Abp | 15678.0 | 168 |
| Sagax AB, Class B | 911.0 | 21 |
| Sandvik AB | 5082.0 | 92 |
| Securitas AB, Class B | 2329.0 | 19 |
| Skandinaviska Enskilda Banken AB, Class A | 7615.0 | 88 |
| Skanska AB, Class B | 1620.0 | 26 |
| SKF AB, Class B | 1824.0 | 28 |
| Svenska Cellulosa AB SCA, Class B | 2863.0 | 36 |
| Svenska Handelsbanken AB, Class A | 6893.0 | 69 |
| Swedbank AB, Class A | 4268.0 | 73 |
| Swedish Orphan Biovitrum AB (g) | 796.0 | 17 |
| Tele2 AB, Class B | 2725.0 | 22 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Telefonaktiebolaget LM Ericsson, Class B | 13851 | 81 |
| Telia Co., AB | 12603 | 32 |
| Volvo AB, Class A | 954 | 18 |
| Volvo AB, Class B | 7193 | 130 |
| Volvo Car AB, Class B (g) | 2882 | 13 |
|  |  | 2257 |
| **Switzerland (1.6%)** |  |  |
| ABB Ltd. (Registered) | 7441 | 227 |
| Adecco Group AG (Registered) | 762 | 25 |
| Alcon, Inc. | 2399 | 165 |
| Bachem Holding AG | 161 | 14 |
| Baloise Holding AG (Registered) | 216 | 33 |
| Banque Cantonale Vaudoise (Registered) | 142 | 14 |
| Barry Callebaut AG (Registered) | 17 | 33 |
| BKW AG | 100 | 14 |
| Chocoladefabriken Lindt & Spruengli AG | 5 | 51 |
| Chocoladefabriken Lindt & Spruengli AG (Registered) | 1 | 103 |
| Cie Financiere Richemont SA (Registered) | 2476 | 321 |
| Clariant AG (Registered) (g) | 1031 | 16 |
| Credit Suisse Group AG (Registered) | 17324 | 52 |
| EMS-Chemie Holding AG (Registered) | 33 | 22 |
| Geberit AG (Registered) | 170 | 80 |
| Givaudan SA (Registered) | 44 | 135 |
| Holcim AG (Registered) (g) | 2631 | 136 |
| Julius Baer Group Ltd. | 1010 | 59 |
| Kuehne & Nagel International AG (Registered) | 257 | 60 |
| Logitech International SA (Registered) | 821 | 51 |
| Lonza Group AG (Registered) | 354 | 174 |
| Nestle SA (Registered) | 12939 | 1495 |
| Novartis AG (Registered) | 10237 | 926 |
| Partners Group Holding AG | 108 | 96 |
| Roche Holding AG | 127 | 49 |
| Roche Holding AG (Genusschein) | 3334 | 1048 |
| Schindler Holding AG | 192 | 36 |
| Schindler Holding AG (Registered) | 110 | 20 |
| SGS SA (Registered) | 30 | 70 |
| SIG Group AG (g) | 1484 | 32 |
| Sika AG (Registered) | 697 | 167 |
| Sonova Holding AG (Registered) | 257 | 61 |
| Straumann Holding AG (Registered) | 532 | 61 |
| Swatch Group AG | 136 | 39 |
| Swatch Group AG (Registered) | 249 | 13 |
| Swiss Life Holding AG (Registered) | 145 | 75 |
| Swiss Prime Site AG (Registered) | 364 | 31 |
| Swiss Re AG | 1421 | 133 |
| Swisscom AG (Registered) | 120 | 66 |
| Temenos AG (Registered) | 303 | 17 |
| UBS Group AG (Registered) | 15849 | 294 |
| VAT Group AG | 129 | 35 |
| Zurich Insurance Group AG | 711 | 340 |
|  |  | 6889 |
| **United Kingdom (2.3%)** |  |  |
| 3i Group PLC | 4571 | 74 |
| Aberdeen PLC | 10093 | 23 |
| Admiral Group PLC | 848 | 22 |
| Anglo American PLC | 5957 | 233 |
| Antofagasta PLC | 1816 | 34 |
| Ashtead Group PLC | 2072 | 118 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Associated British Foods PLC | 1691 | 32 |
| AstraZeneca PLC | 7249 | 981 |
| Auto Trader Group PLC | 4498 | 28 |
| AVEVA Group PLC | 564 | 22 |
| Aviva PLC | 13125 | 70 |
| BAE Systems PLC | 14701 | 152 |
| Barclays PLC | 75271 | 143 |
| Barratt Developments PLC | 4803 | 23 |
| Berkeley Group Holdings PLC | 512 | 23 |
| BP PLC | 87562 | 505 |
| British American Tobacco PLC | 10094 | 399 |
| British Land Co., PLC REIT | 4161 | 20 |
| BT Group PLC | 32725 | 44 |
| Bunzl PLC | 1592 | 53 |
| Burberry Group PLC | 1843 | 45 |
| Coca-Cola HBC AG (g) | 945 | 22 |
| Compass Group PLC | 8275 | 191 |
| Croda International PLC | 656 | 52 |
| DCC PLC | 464 | 23 |
| Diageo PLC | 10648 | 466 |
| Entain PLC | 2775 | 44 |
| Evraz PLC (g) | 2495 |  |
| Experian PLC | 4331 | 147 |
| G4S PLC (g) | 6437 | 19 |
| Glencore PLC | 45070 | 301 |
| GSK PLC | 19087 | 330 |
| Haleon PLC (g) | 23685 | 94 |
| Halma PLC | 1795 | 43 |
| Hargreaves Lansdown PLC | 1696 | 17 |
| Hikma Pharmaceuticals PLC | 776 | 14 |
| HSBC Holdings PLC | 92861 | 576 |
| Imperial Brands PLC | 4230 | 105 |
| Informa PLC | 6817 | 51 |
| InterContinental Hotels Group PLC | 869 | 50 |
| Intertek Group PLC | 768 | 37 |
| J Sainsbury PLC | 8182 | 21 |
| JD Sports Fashion PLC | 12259 | 19 |
| Johnson Matthey PLC | 842 | 22 |
| Kingfisher PLC | 9188 | 26 |
| Land Securities Group PLC REIT | 3352 | 25 |
| Legal & General Group PLC | 28109 | 84 |
| Lloyds Banking Group PLC | 318200 | 174 |
| London Stock Exchange Group PLC | 1541 | 132 |
| M&G PLC | 11838 | 27 |
| Melrose Industries PLC | 19168 | 31 |
| Mondi PLC | 2301 | 39 |
| National Grid PLC | 17291 | 207 |
| NatWest Group PLC | 24755 | 79 |
| Next PLC | 611 | 43 |
| Ocado Group PLC (g) | 2789 | 21 |
| Paragon Offshore PLC (g)(i) | 303 |  |
| Pearson PLC | 3115 | 35 |
| Persimmon PLC | 1509 | 22 |
| Phoenix Group Holdings PLC | 3531 | 26 |
| Prudential PLC | 12921 | 176 |
| Reckitt Benckiser Group PLC | 3352 | 232 |
| RELX PLC | 9030 | 250 |
| Rentokil Initial PLC | 11814 | 73 |
| Rio Tinto PLC | 5249 | 369 |
| Rolls-Royce Holdings PLC (g) | 39594 | 44 |
| Sage Group PLC | 4888 | 44 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Schroders PLC | 3486 | 18 |
| Segro PLC REIT | 5711.0 | 53 |
| Severn Trent PLC | 1182.0 | 38 |
| Shell PLC | 33816.0 | 953 |
| Smith & Nephew PLC | 4120.0 | 55 |
| Smiths Group PLC | 1700.0 | 33 |
| Spirax-Sarco Engineering PLC | 346.0 | 44 |
| SSE PLC | 5032.0 | 103 |
| St. James's Place PLC | 2566.0 | 34 |
| Standard Chartered PLC | 11692.0 | 87 |
| Taylor Wimpey PLC | 16657.0 | 20 |
| Tesco PLC | 35088.0 | 95 |
| Unilever PLC CVA | 11918.0 | 602 |
| United Utilities Group PLC | 3216.0 | 38 |
| Vodafone Group PLC | 124074.0 | 126 |
| Whitbread PLC | 951.0 | 29 |
| WPP PLC | 5146.0 | 51 |
|  |  | 10226 |
| **United States (15.8%)** |  |  |
| 3M Co. | 1100.0 | 132 |
| Abbott Laboratories | 3453.0 | 379 |
| AbbVie, Inc. | 3500.0 | 566 |
| Accenture PLC, Class A | 1228.0 | 328 |
| Activision Blizzard, Inc. | 1543.0 | 118 |
| Adobe, Inc. (g) | 894.0 | 301 |
| Advance Auto Parts, Inc. | 120.0 | 18 |
| Advanced Micro Devices, Inc. (g) | 3155.0 | 204 |
| AES Corp. | 1305.0 | 38 |
| Affirm Holdings, Inc. (g) | 387.0 | 4 |
| Aflac, Inc. | 1163.0 | 84 |
| Agilent Technologies, Inc. | 579.0 | 87 |
| Air Products & Chemicals, Inc. | 439.0 | 135 |
| Airbnb, Inc., Class A (g) | 726.0 | 62 |
| Akamai Technologies, Inc. (g) | 313.0 | 26 |
| Albemarle Corp. | 231.0 | 50 |
| Alcoa Corp. | 346.0 | 16 |
| Alexandria Real Estate Equities, Inc. REIT | 304.0 | 44 |
| Align Technology, Inc. (g) | 145.0 | 31 |
| Allegion PLC | 173.0 | 18 |
| Alliant Energy Corp. | 496.0 | 27 |
| Allstate Corp. | 521.0 | 71 |
| Ally Financial, Inc. | 607.0 | 15 |
| Alnylam Pharmaceuticals, Inc. (g) | 233.0 | 55 |
| Alphabet, Inc., Class A (g) | 11808.0 | 1042 |
| Alphabet, Inc., Class C (g) | 10942.0 | 971 |
| Altria Group, Inc. | 3571.0 | 163 |
| Amazon.com, Inc. (g) | 17979.0 | 1510 |
| Amcor PLC | 2943.0 | 35 |
| Ameren Corp. | 511.0 | 45 |
| American Electric Power Co., Inc. | 1017.0 | 97 |
| American Express Co. | 1251.0 | 185 |
| American Financial Group, Inc. | 141.0 | 19 |
| American Homes 4 Rent, Class A REIT | 617.0 | 19 |
| American International Group, Inc. | 1469.0 | 93 |
| American Tower Corp. REIT | 918.0 | 194 |
| American Water Works Co., Inc. | 360.0 | 55 |
| Ameriprise Financial, Inc. | 212.0 | 66 |
| AmerisourceBergen Corp. | 305.0 | 51 |
| AMETEK, Inc. | 451.0 | 63 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Amgen, Inc. | 1059 | 278 |
| Amphenol Corp., Class A | 1170 | 89 |
| Analog Devices, Inc. | 1016 | 167 |
| Annaly Capital Management, Inc. REIT | 920 | 19 |
| ANSYS, Inc. (g) | 170 | 41 |
| AO Smith Corp. | 253 | 14 |
| Aon PLC, Class A | 414 | 124 |
| APA Corp. | 645 | 30 |
| Apollo Global Management, Inc. | 784 | 50 |
| Apple, Inc. | 31723 | 4122 |
| Applied Materials, Inc. | 1699 | 165 |
| Aptiv PLC (g) | 531 | 49 |
| Aramark | 460 | 19 |
| Arch Capital Group Ltd. (g) | 711 | 45 |
| Archer-Daniels-Midland Co. | 1101 | 102 |
| Ares Management Corp., Class A | 303 | 21 |
| Arista Networks, Inc. (g) | 482 | 58 |
| Arrow Electronics, Inc. (g) | 126 | 13 |
| Arthur J Gallagher & Co. | 410 | 77 |
| Aspen Technology, Inc. (g) | 56 | 12 |
| Assurant, Inc. | 106 | 13 |
| AT&T, Inc. | 13974 | 257 |
| Atmos Energy Corp. | 277 | 31 |
| Autodesk, Inc. (g) | 428 | 80 |
| Automatic Data Processing, Inc. | 825 | 197 |
| AutoZone, Inc. (g) | 38 | 94 |
| AvalonBay Communities, Inc. REIT | 278 | 45 |
| Avantor, Inc. (g) | 1325 | 28 |
| Avery Dennison Corp. | 159 | 29 |
| Baker Hughes Co. | 1958 | 58 |
| Ball Corp. | 615 | 31 |
| Bank of America Corp. | 14084 | 466 |
| Bank of New York Mellon Corp. | 1507 | 69 |
| Bath & Body Works, Inc. | 452 | 19 |
| Baxter International, Inc. | 991 | 51 |
| Becton Dickinson & Co. | 558 | 142 |
| Bentley Systems, Inc., Class B | 382 | 14 |
| Berkshire Hathaway, Inc., Class B (g) | 2555 | 789 |
| Best Buy Co., Inc. | 403 | 32 |
| Bill.Com Holdings, Inc. (g) | 182 | 20 |
| Bio-Rad Laboratories, Inc., Class A (g) | 44 | 19 |
| Bio-Techne Corp. | 309 | 26 |
| Biogen, Inc. (g) | 283 | 78 |
| BioMarin Pharmaceutical, Inc. (g) | 366 | 38 |
| Black Knight, Inc. (g) | 309 | 19 |
| BlackRock, Inc. | 298 | 211 |
| Blackstone Group, Inc. | 1376 | 102 |
| Block, Inc., Class A (g) | 1021 | 64 |
| Boeing Co. (g) | 1099 | 209 |
| Booking Holdings, Inc. (g) | 78 | 157 |
| Booz Allen Hamilton Holding Corp. | 260 | 27 |
| BorgWarner, Inc. | 466 | 19 |
| Boston Properties, Inc. REIT | 290 | 20 |
| Boston Scientific Corp. (g) | 2817 | 130 |
| Bristol-Myers Squibb Co. | 4245 | 305 |
| Broadcom, Inc. | 806 | 451 |
| Broadridge Financial Solutions, Inc. | 231 | 31 |
| Brown & Brown, Inc. | 470 | 27 |
| Brown-Forman Corp., Class B | 614 | 40 |
| Bunge Ltd. | 299 | 30 |
| Burlington Stores, Inc. (g) | 129 | 26 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Cadence Design Systems, Inc. (g) | 536 | 86 |
| Caesars Entertainment, Inc. (g) | 423 | 18 |
| Camden Property Trust REIT | 200 | 22 |
| Campbell Soup Co. | 422 | 24 |
| Capital One Financial Corp. | 752 | 70 |
| Cardinal Health, Inc. | 533 | 41 |
| Carlisle Cos., Inc. | 102 | 24 |
| Carlyle Group, Inc. | 391 | 12 |
| CarMax, Inc. (g) | 318 | 19 |
| Carnival Corp. (g) | 1955 | 16 |
| Carrier Global Corp. | 1663 | 69 |
| Catalent, Inc. (g) | 335 | 15 |
| Caterpillar, Inc. | 1033 | 247 |
| Cboe Global Markets, Inc. | 210 | 26 |
| CBRE Group, Inc., Class A (g) | 632 | 49 |
| CDW Corp. | 267 | 48 |
| Celanese Corp. | 215 | 22 |
| Centene Corp. (g) | 1130 | 93 |
| CenterPoint Energy, Inc. | 1244 | 37 |
| Ceridian HCM Holding, Inc. (g) | 271 | 17 |
| CF Industries Holdings, Inc. | 390 | 33 |
| CH Robinson Worldwide, Inc. | 248 | 23 |
| Charles River Laboratories International, Inc. (g) | 101 | 22 |
| Charles Schwab Corp. | 2816 | 234 |
| Charter Communications, Inc., Class A (g) | 221 | 75 |
| Cheniere Energy, Inc. | 445 | 67 |
| Chesapeake Energy Corp. | 203 | 19 |
| Chevron Corp. | 3621 | 650 |
| Chewy, Inc., Class A (g) | 183 | 7 |
| Chipotle Mexican Grill, Inc. (g) | 54 | 75 |
| Chubb Ltd. | 813 | 179 |
| Church & Dwight Co., Inc. | 482 | 39 |
| Cigna Corp. | 602 | 199 |
| Cincinnati Financial Corp. | 295 | 30 |
| Cintas Corp. | 180 | 81 |
| Cisco Systems, Inc. | 8181 | 390 |
| Citigroup, Inc. | 3807 | 172 |
| Citizens Financial Group, Inc. | 977 | 38 |
| Clarivate PLC (g) | 594 | 5 |
| Cleveland-Cliffs, Inc. (g) | 1014 | 16 |
| Clorox Co. | 248 | 35 |
| Cloudflare, Inc., Class A (g) | 491 | 22 |
| CME Group, Inc. | 713 | 120 |
| CMS Energy Corp. | 572 | 36 |
| Coca-Cola Co. | 8098 | 515 |
| Cognex Corp. | 341 | 16 |
| Cognizant Technology Solutions Corp., Class A | 1014 | 58 |
| Coinbase Global, Inc., Class A (g) | 242 | 9 |
| Colgate-Palmolive Co. | 1574 | 124 |
| Comcast Corp., Class A | 8577 | 300 |
| Conagra Brands, Inc. | 947 | 37 |
| ConocoPhillips | 16375 | 1932 |
| Consolidated Edison, Inc. | 703 | 67 |
| Constellation Brands, Inc., Class A | 316 | 73 |
| Constellation Energy Corp. | 645 | 56 |
| Contra Abiomed, Inc. (g) | 90 | –@ |
| Cooper Cos., Inc. | 97 | 32 |
| Copart, Inc. (g) | 848 | 52 |
| Corning, Inc. | 1587 | 51 |
| Corteva, Inc. | 1400 | 82 |
| CoStar Group, Inc. (g) | 784 | 61 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Costco Wholesale Corp. | 874 | 399 |
| Coterra Energy, Inc. | 10118 | 249 |
| Crowdstrike Holdings, Inc., Class A (g) | 395 | 42 |
| Crown Castle International Corp. REIT | 849 | 115 |
| Crown Holdings, Inc. | 237 | 19 |
| CSX Corp. | 4298 | 133 |
| Cummins, Inc. | 278 | 67 |
| CVS Health Corp. | 2596 | 242 |
| Danaher Corp. | 1376 | 365 |
| Darden Restaurants, Inc. | 240 | 33 |
| Darling Ingredients, Inc. (g) | 312 | 20 |
| Datadog, Inc., Class A (g) | 483 | 36 |
| DaVita, Inc. (g) | 109 | 8 |
| Deere & Co. | 571 | 245 |
| Dell Technologies, Inc., Class C | 526 | 21 |
| Delta Air Lines, Inc. (g) | 315 | 10 |
| Dentsply Sirona, Inc. | 421 | 13 |
| Devon Energy Corp. | 8080 | 497 |
| Dexcom, Inc. (g) | 760 | 86 |
| Diamondback Energy, Inc. | 2204 | 301 |
| Digital Realty Trust, Inc. REIT | 563 | 56 |
| Discover Financial Services | 532 | 52 |
| DISH Network Corp., Class A | 488 | 7 |
| DocuSign, Inc. (g) | 395 | 22 |
| Dollar General Corp. | 448 | 110 |
| Dollar Tree, Inc. (g) | 442 | 63 |
| Dominion Energy, Inc. | 1643 | 101 |
| Domino's Pizza, Inc. | 71 | 25 |
| DoorDash, Inc., Class A (g) | 455 | 22 |
| Dover Corp. | 282 | 38 |
| Dow, Inc. | 1411 | 71 |
| DR Horton, Inc. | 651 | 58 |
| Dropbox, Inc., Class A (g) | 539 | 12 |
| DTE Energy Co. | 383 | 45 |
| Duke Energy Corp. | 1524 | 157 |
| DuPont de Nemours, Inc. | 980 | 67 |
| Dynatrace, Inc. (g) | 390 | 15 |
| Eastman Chemical Co. | 243 | 20 |
| Eaton Corp., PLC | 784 | 123 |
| eBay, Inc. | 1093 | 45 |
| Ecolab, Inc. | 506 | 74 |
| Edison International | 758 | 48 |
| Edwards Lifesciences Corp. (g) | 1213 | 91 |
| Elanco Animal Health, Inc. (g) | 831 | 10 |
| Electronic Arts, Inc. | 547 | 67 |
| Elevance Health, Inc. | 474 | 243 |
| Eli Lilly & Co. | 1586 | 580 |
| Emerson Electric Co. | 1158 | 111 |
| Enphase Energy, Inc. (g) | 266 | 70 |
| Entegris, Inc. | 293 | 19 |
| Entergy Corp. | 403 | 45 |
| EOG Resources, Inc. | 1148 | 149 |
| EPAM Systems, Inc. (g) | 112 | 37 |
| EQT Corp. | 665 | 22 |
| Equifax, Inc. | 244 | 47 |
| Equinix, Inc. REIT | 180 | 118 |
| Equitable Holdings, Inc. | 740 | 21 |
| Equity Lifestyle Properties, Inc. REIT | 347 | 22 |
| Equity Residential REIT | 711 | 42 |
| Erie Indemnity Co., Class A | 50 | 12 |
| Essential Utilities, Inc. | 490 | 23 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Essex Property Trust, Inc. REIT | 129 | 27 |
| Estee Lauder Cos., Inc., Class A | 459 | 114 |
| Etsy, Inc. (g) | 250 | 30 |
| Everest Re Group Ltd. | 77 | 26 |
| Evergy, Inc. | 453 | 29 |
| Eversource Energy | 686 | 58 |
| Exact Sciences Corp. (g) | 337 | 17 |
| Exelon Corp. | 1947 | 84 |
| Expedia Group, Inc. (g) | 301 | 26 |
| Expeditors International of Washington, Inc. | 327 | 34 |
| Extra Space Storage, Inc. REIT | 264 | 39 |
| Exxon Mobil Corp. | 8106 | 894 |
| F5 Networks, Inc. (g) | 117 | 17 |
| Factset Research Systems, Inc. | 77 | 31 |
| Fair Isaac Corp. (g) | 49 | 29 |
| Fastenal Co. | 1137 | 54 |
| FedEx Corp. | 494 | 86 |
| Ferguson PLC | 417 | 53 |
| Fidelity National Financial, Inc. | 516 | 19 |
| Fidelity National Information Services, Inc. | 1191 | 81 |
| Fifth Third Bancorp | 1352 | 44 |
| First Citizens BancShares, Inc., Class A | 24 | 18 |
| First Horizon Corp. | 1055 | 26 |
| First Republic Bank | 361 | 44 |
| First Solar, Inc. (g) | 188 | 28 |
| FirstEnergy Corp. | 1068 | 45 |
| Fiserv, Inc. (g) | 1185 | 120 |
| FleetCor Technologies, Inc. (g) | 140 | 26 |
| FMC Corp. | 247 | 31 |
| Ford Motor Co. | 7952 | 92 |
| Fortinet, Inc. (g) | 1310 | 64 |
| Fortive Corp. | 667 | 43 |
| Fortune Brands Innovations, Inc. | 254 | 15 |
| Fox Corp., Class A | 601 | 18 |
| Fox Corp., Class B | 285 | 8 |
| Franklin Resources, Inc. | 586 | 15 |
| Freeport-McMoRan, Inc. | 2782 | 106 |
| Gaming and Leisure Properties, Inc. REIT | 504 | 26 |
| Garmin Ltd. | 306 | 28 |
| Gartner, Inc. | 158 | 53 |
| Gen Digital, Inc. | 1188 | 25 |
| Generac Holdings, Inc. | 127 | 13 |
| General Dynamics Corp. | 453 | 112 |
| General Electric Co. | 2112 | 177 |
| General Mills, Inc. | 1230 | 103 |
| General Motors Co. | 2750 | 93 |
| Genuine Parts Co. | 279 | 48 |
| Gilead Sciences, Inc. | 2532 | 217 |
| Global Payments, Inc. | 541 | 54 |
| Globe Life, Inc. | 183 | 22 |
| GoDaddy, Inc., Class A (g) | 305 | 23 |
| Goldman Sachs Group, Inc. | 672 | 231 |
| Halliburton Co. | 1752 | 69 |
| Hartford Financial Services Group, Inc. | 628 | 48 |
| Hasbro, Inc. | 263 | 16 |
| HCA Healthcare, Inc. | 452 | 108 |
| Healthcare Realty Trust, Inc. REIT | 755 | 15 |
| Healthpeak Properties, Inc. REIT | 1068 | 27 |
| HEICO Corp. | 85 | 13 |
| HEICO Corp., Class A | 141 | 17 |
| Henry Schein, Inc. (g) | 269 | 21 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Hershey Co. | 291 | 67 |
| Hess Corp. | 544 | 77 |
| Hewlett Packard Enterprise Co. | 2548 | 41 |
| HF Sinclair Corp. | 318 | 17 |
| Hilton Worldwide Holdings, Inc. | 546 | 69 |
| Hologic, Inc. (g) | 490 | 37 |
| Home Depot, Inc. | 2032 | 642 |
| Honeywell International, Inc. | 1316 | 282 |
| Horizon Therapeutics PLC (g) | 431 | 49 |
| Hormel Foods Corp. | 599 | 27 |
| Host Hotels & Resorts, Inc. REIT | 1401 | 22 |
| Howmet Aerospace, Inc. | 727 | 29 |
| HP, Inc. | 2049 | 55 |
| Hubbell, Inc. | 106 | 25 |
| HubSpot, Inc. (g) | 89 | 26 |
| Humana, Inc. | 250 | 128 |
| Huntington Bancshares, Inc. | 2824 | 40 |
| Huntington Ingalls Industries, Inc. | 79 | 18 |
| IDEX Corp. | 148 | 34 |
| IDEXX Laboratories, Inc. (g) | 163 | 67 |
| Illinois Tool Works, Inc. | 609 | 134 |
| Illumina, Inc. (g) | 308 | 62 |
| Incyte Corp. (g) | 373 | 30 |
| Ingersoll Rand, Inc. | 785 | 41 |
| Insulet Corp. (g) | 135 | 40 |
| Intel Corp. | 8167 | 216 |
| Intercontinental Exchange, Inc. | 1096 | 112 |
| International Business Machines Corp. | 1764 | 249 |
| International Flavors & Fragrances, Inc. | 501 | 53 |
| International Paper Co. | 681 | 24 |
| Interpublic Group of Cos., Inc. | 768 | 26 |
| Intuit, Inc. | 521 | 203 |
| Intuitive Surgical, Inc. (g) | 703 | 187 |
| Invesco Ltd. | 673 | 12 |
| Invitation Homes, Inc. REIT | 1203 | 36 |
| IQVIA Holdings, Inc. (g) | 365 | 75 |
| Iron Mountain, Inc. REIT | 575 | 29 |
| Jack Henry & Associates, Inc. | 143 | 25 |
| Jacobs Solutions, Inc. | 251 | 30 |
| Jazz Pharmaceuticals PLC (g) | 124 | 20 |
| JB Hunt Transport Services, Inc. | 168 | 29 |
| JM Smucker Co. | 212 | 34 |
| Johnson & Johnson | 5174 | 914 |
| Johnson Controls International PLC | 1357 | 87 |
| JPMorgan Chase & Co. | 5732 | 769 |
| Juniper Networks, Inc. | 635 | 20 |
| Kellogg Co. | 510 | 36 |
| Keurig Dr Pepper, Inc. | 1538 | 55 |
| KeyCorp | 1837 | 32 |
| Keysight Technologies, Inc. (g) | 352 | 60 |
| Kimberly-Clark Corp. | 673 | 91 |
| Kimco Realty Corp. REIT | 1224 | 26 |
| Kinder Morgan, Inc. | 4013 | 73 |
| KKR & Co., Inc. | 1102 | 51 |
| KLA Corp. | 278 | 105 |
| Knight-Swift Transportation Holdings, Inc. | 308 | 16 |
| Kraft Heinz Co. | 1468 | 60 |
| Kroger Co. | 1339 | 60 |
| L3Harris Technologies, Inc. | 378 | 79 |
| Laboratory Corp. of America Holdings | 178 | 42 |
| Lam Research Corp. | 271 | 114 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Lamb Weston Holdings, Inc. | 283 | 25 |
| Las Vegas Sands Corp. (g) | 677 | 33 |
| Lear Corp. | 116 | 14 |
| Leidos Holdings, Inc. | 255 | 27 |
| Lennar Corp., Class A | 507 | 46 |
| Lennox International, Inc. | 63 | 15 |
| Liberty Broadband Corp., Class C (g) | 248 | 19 |
| Liberty Global PLC, Class A (g) | 325 | 6 |
| Liberty Global PLC Series C (g) | 559 | 11 |
| Liberty Media Corp-Liberty SiriusXM, Class A (g) | 145 | 6 |
| Liberty Media Corp-Liberty SiriusXM, Class C (g) | 324 | 13 |
| Liberty Media Corp.-Liberty Formula One, Class C (g) | 386 | 23 |
| Lincoln National Corp. | 316 | 10 |
| Linde PLC | 981 | 320 |
| Live Nation Entertainment, Inc. (g) | 338 | 24 |
| LKQ Corp. | 514 | 27 |
| Lockheed Martin Corp. | 464 | 226 |
| Loews Corp. | 395 | 23 |
| Lowe's Cos., Inc. | 1235 | 246 |
| LPL Financial Holdings, Inc. | 156 | 34 |
| Lucid Group, Inc. (g) | 799 | 5 |
| Lululemon Athletica, Inc. (g) | 234 | 75 |
| Lumen Technologies, Inc. | 1858 | 10 |
| LyondellBasell Industries NV, Class A | 512 | 43 |
| M&T Bank Corp. | 346 | 50 |
| Marathon Oil Corp. | 9473 | 256 |
| Marathon Petroleum Corp. | 966 | 112 |
| Markel Corp. (g) | 26 | 34 |
| MarketAxess Holdings, Inc. | 75 | 21 |
| Marriott International, Inc., Class A | 546 | 81 |
| Marsh & McLennan Cos., Inc. | 971 | 161 |
| Martin Marietta Materials, Inc. | 124 | 42 |
| Marvell Technology, Inc. | 1714 | 63 |
| Masco Corp. | 450 | 21 |
| Masimo Corp. | 94 | 14 |
| Mastercard, Inc., Class A | 1694 | 589 |
| Match Group, Inc. (g) | 554 | 23 |
| McCormick & Co., Inc. | 496 | 41 |
| McDonald's Corp. | 1448 | 382 |
| McKesson Corp. | 281 | 105 |
| Medical Properties Trust, Inc. REIT | 1179 | 13 |
| Medtronic PLC | 2636 | 205 |
| MercadoLibre, Inc. (g) | 89 | 75 |
| Merck & Co., Inc. | 4972 | 552 |
| Meta Platforms, Inc., Class A (g) | 4433 | 533 |
| MetLife, Inc. | 1324 | 96 |
| Mettler-Toledo International, Inc. (g) | 44 | 64 |
| MGM Resorts International | 616 | 21 |
| Microchip Technology, Inc. | 1088 | 76 |
| Micron Technology, Inc. | 2218 | 111 |
| Microsoft Corp. | 13893 | 3332 |
| Mid-America Apartment Communities, Inc. REIT | 229 | 36 |
| Moderna, Inc. (g) | 620 | 111 |
| Mohawk Industries, Inc. (g) | 102 | 10 |
| Molina Healthcare, Inc. (g) | 115 | 38 |
| Molson Coors Beverage Co., Class B | 381 | 20 |
| Mondelez International, Inc., Class A | 2695 | 180 |
| MongoDB, Inc. (g) | 129 | 25 |
| Monolithic Power Systems, Inc. | 87 | 31 |
| Monster Beverage Corp. (g) | 775 | 79 |
| Moody's Corp. | 326 | 91 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Mosaic Co. | 673 | 30 |
| Motorola Solutions, Inc. | 329 | 85 |
| MSCI, Inc. | 159 | 74 |
| Nasdaq, Inc. | 682 | 42 |
| NetApp, Inc. | 431 | 26 |
| Netflix, Inc. (g) | 877 | 259 |
| Neurocrine Biosciences, Inc. (g) | 186 | 22 |
| Newell Brands, Inc. | 786 | 10 |
| Newmont Corp. | 1494 | 71 |
| News Corp., Class A | 761 | 14 |
| NextEra Energy, Inc. | 3867 | 323 |
| NIKE, Inc., Class B | 2509 | 294 |
| NiSource, Inc. | 801 | 22 |
| Nordson Corp. | 102 | 24 |
| Norfolk Southern Corp. | 469 | 116 |
| Northern Trust Corp. | 389 | 34 |
| Northrop Grumman Corp. | 290 | 158 |
| Novocure Ltd. (g) | 182 | 13 |
| NRG Energy, Inc. | 465 | 15 |
| Nucor Corp. | 505 | 67 |
| NVIDIA Corp. | 4960 | 725 |
| NVR, Inc. (g) | 6 | 28 |
| NXP Semiconductors NV | 518 | 82 |
| O'Reilly Automotive, Inc. (g) | 123 | 104 |
| Occidental Petroleum Corp. | 1836 | 116 |
| Okta, Inc. (g) | 291 | 20 |
| Old Dominion Freight Line, Inc. | 192 | 54 |
| Omnicom Group, Inc. | 404 | 33 |
| ON Semiconductor Corp. (g) | 852 | 53 |
| ONEOK, Inc. | 883 | 58 |
| Oracle Corp. | 3135 | 256 |
| Otis Worldwide Corp. | 828 | 65 |
| Ovintiv, Inc. | 504 | 26 |
| Owens Corning | 192 | 16 |
| PACCAR, Inc. | 684 | 68 |
| Packaging Corp. of America | 186 | 24 |
| Palantir Technologies, Inc., Class A (g) | 3275 | 21 |
| Palo Alto Networks, Inc. (g) | 594 | 83 |
| Paramount Global, Class B | 1207 | 20 |
| Parker Hannifin Corp. | 251 | 73 |
| Paychex, Inc. | 644 | 74 |
| Paycom Software, Inc. (g) | 100 | 31 |
| Paylocity Holding Corp. (g) | 81 | 16 |
| PayPal Holdings, Inc. (g) | 2156 | 154 |
| PDC Energy, Inc. | 989 | 63 |
| Pentair PLC | 326 | 15 |
| PepsiCo, Inc. | 2723 | 492 |
| PerkinElmer, Inc. | 249 | 35 |
| Pfizer, Inc. | 11128 | 570 |
| PG&E Corp. (g) | 2922 | 48 |
| Philip Morris International, Inc. | 3052 | 309 |
| Phillips 66 | 935 | 97 |
| Pinterest, Inc., Class A (g) | 1140 | 28 |
| Pioneer Natural Resources Co. | 3039 | 694 |
| Plug Power, Inc. (g) | 1021 | 13 |
| PNC Financial Services Group, Inc. | 798 | 126 |
| Pool Corp. | 79 | 24 |
| PPG Industries, Inc. | 469 | 59 |
| PPL Corp. | 1447 | 42 |
| Principal Financial Group, Inc. | 488 | 41 |
| Procter & Gamble Co. | 4719 | 715 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Progressive Corp. | 1144 | 148 |
| ProLogis, Inc. REIT | 1809 | 204 |
| Prudential Financial, Inc. | 727 | 72 |
| PTC, Inc. (g) | 219 | 26 |
| Public Service Enterprise Group, Inc. | 986 | 60 |
| Public Storage REIT | 310 | 87 |
| Pulte Group, Inc. | 460 | 21 |
| Qorvo, Inc. (g) | 206 | 19 |
| QUALCOMM, Inc. | 2222 | 244 |
| Quanta Services, Inc. | 278 | 40 |
| Quest Diagnostics, Inc. | 231 | 36 |
| Raymond James Financial, Inc. | 380 | 41 |
| Raytheon Technologies Corp. | 2891 | 292 |
| Realty Income Corp. REIT | 1221 | 77 |
| Regency Centers Corp. REIT | 305 | 19 |
| Regeneron Pharmaceuticals, Inc. (g) | 208 | 150 |
| Regions Financial Corp. | 1829 | 39 |
| Repligen Corp. (g) | 103 | 17 |
| Republic Services, Inc. | 436 | 56 |
| ResMed, Inc. | 289 | 60 |
| Rivian Automotive, Inc., Class A (g) | 641 | 12 |
| Robert Half International, Inc. | 219 | 16 |
| ROBLOX Corp., Class A (g) | 685 | 19 |
| Rockwell Automation, Inc. | 225 | 58 |
| Roku, Inc. (g) | 246 | 10 |
| Rollins, Inc. | 435 | 16 |
| Roper Technologies, Inc. | 209 | 90 |
| Ross Stores, Inc. | 690 | 80 |
| Royal Caribbean Cruises Ltd. (g) | 456 | 23 |
| Royalty Pharma PLC, Class A | 687 | 27 |
| RPM International, Inc. | 255 | 25 |
| S&P Global, Inc. | 675 | 226 |
| Salesforce, Inc. (g) | 1966 | 261 |
| SBA Communications Corp. REIT | 211 | 59 |
| Schlumberger NV | 2713 | 145 |
| Seagate Technology Holdings PLC | 393 | 21 |
| Seagen, Inc. (g) | 268 | 34 |
| Sealed Air Corp. | 289 | 14 |
| SEI Investments Co. | 228 | 13 |
| Sempra Energy | 624 | 96 |
| Sensata Technologies Holding PLC | 307 | 12 |
| ServiceNow, Inc. (g) | 396 | 154 |
| Sherwin-Williams Co. | 487 | 116 |
| Signature Bank | 123 | 14 |
| Simon Property Group, Inc. REIT | 645 | 76 |
| Sirius XM Holdings, Inc. | 1543 | 9 |
| Skyworks Solutions, Inc. | 321 | 29 |
| Snap, Inc., Class A (g) | 2174 | 19 |
| Snap-On, Inc. | 105 | 24 |
| Snowflake, Inc., Class A (g) | 429 | 62 |
| SolarEdge Technologies, Inc. (g) | 108 | 31 |
| Southern Co. | 2124 | 152 |
| Southwest Airlines Co. | 292 | 10 |
| Splunk, Inc. (g) | 315 | 27 |
| SS&C Technologies Holdings, Inc. | 448 | 23 |
| Stanley Black & Decker, Inc. | 292 | 22 |
| Starbucks Corp. | 2272 | 225 |
| State Street Corp. | 721 | 56 |
| Steel Dynamics, Inc. | 351 | 34 |
| Steris PLC | 196 | 36 |
| Stryker Corp. | 673 | 165 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Sun Communities, Inc. REIT | 245 | 35 |
| SVB Financial Group (g) | 115 | 26 |
| Synchrony Financial | 944 | 31 |
| Synopsys, Inc. (g) | 300 | 96 |
| Sysco Corp. | 995 | 76 |
| T Rowe Price Group, Inc. | 446 | 49 |
| T-Mobile US, Inc. (g) | 1245 | 174 |
| Take-Two Interactive Software, Inc. (g) | 328 | 34 |
| Targa Resources Corp. | 423 | 31 |
| Target Corp. | 917 | 137 |
| TE Connectivity Ltd. | 634 | 73 |
| Teledyne Technologies, Inc. (g) | 92 | 37 |
| Teleflex, Inc. | 93 | 23 |
| Teradyne, Inc. | 308 | 27 |
| Tesla, Inc. (g) | 5544 | 683 |
| Texas Instruments, Inc. | 1807 | 299 |
| Texas Pacific Land Corp. | 12 | 28 |
| Textron, Inc. | 415 | 29 |
| Thermo Fisher Scientific, Inc. | 778 | 428 |
| TJX Cos., Inc. | 2291 | 182 |
| Toast, Inc., Class A (g) | 482 | 9 |
| Tractor Supply Co. | 221 | 50 |
| Trade Desk, Inc., Class A (g) | 834 | 37 |
| Tradeweb Markets, Inc., Class A | 213 | 14 |
| Trane Technologies PLC | 458 | 77 |
| TransDigm Group, Inc. | 101 | 64 |
| TransUnion | 384 | 22 |
| Travelers Cos., Inc. | 462 | 87 |
| Trimble, Inc. (g) | 492 | 25 |
| Truist Financial Corp. | 2597 | 112 |
| Twilio, Inc., Class A (g) | 336 | 16 |
| Tyler Technologies, Inc. (g) | 82 | 26 |
| Tyson Foods, Inc., Class A | 564 | 35 |
| U-Haul Holding Co. | 167 | 9 |
| Uber Technologies, Inc. (g) | 2951 | 73 |
| UDR, Inc. REIT | 647 | 25 |
| UGI Corp. | 417 | 15 |
| Ulta Beauty, Inc. | 101 | 47 |
| Union Pacific Corp. | 1243 | 257 |
| United Parcel Service, Inc., Class B | 1476 | 257 |
| United Rentals, Inc. (g) | 138 | 49 |
| UnitedHealth Group, Inc. | 1850 | 981 |
| Unity Software, Inc. (g) | 491 | 14 |
| Universal Health Services, Inc., Class B | 129 | 18 |
| US Bancorp | 2780 | 121 |
| Vail Resorts, Inc. | 80 | 19 |
| Valero Energy Corp. | 766 | 97 |
| Veeva Systems, Inc., Class A (g) | 280 | 45 |
| Ventas, Inc. REIT | 785 | 35 |
| VeriSign, Inc. | 189 | 39 |
| Verisk Analytics, Inc. | 311 | 55 |
| Verizon Communications, Inc. | 8309 | 327 |
| Vertex Pharmaceuticals, Inc. (g) | 504 | 146 |
| VF Corp. | 671 | 19 |
| Viatris, Inc. | 2402 | 27 |
| VICI Properties, Inc. REIT | 1901 | 62 |
| Visa, Inc., Class A | 3217 | 668 |
| Vistra Corp. | 738 | 17 |
| VMware, Inc., Class A | 418 | 51 |
| Vulcan Materials Co. | 261 | 46 |
| Walgreens Boots Alliance, Inc. | 1436 | 54 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Walmart, Inc. | 2947 | 418 |
| Walt Disney Co. (g) | 3563.0 | 310 |
| Warner Bros Discovery, Inc. (g) | 4623.0 | 44 |
| Waste Connections, Inc. | 508.0 | 67 |
| Waste Management, Inc. | 816.0 | 128 |
| Waters Corp. (g) | 117.0 | 40 |
| Webster Financial Corp. | 344.0 | 16 |
| WEC Energy Group, Inc. | 622.0 | 58 |
| Wells Fargo & Co. | 7575.0 | 313 |
| Welltower, Inc. REIT | 919.0 | 60 |
| West Pharmaceutical Services, Inc. | 146.0 | 34 |
| Western Digital Corp. (g) | 608.0 | 19 |
| Western Union Co. | 757.0 | 10 |
| Westinghouse Air Brake Technologies Corp. | 341.0 | 34 |
| Westlake Chemical Corp. | 76.0 | 8 |
| WestRock Co. | 503.0 | 18 |
| Weyerhaeuser Co. REIT | 1454.0 | 45 |
| Whirlpool Corp. | 109.0 | 15 |
| Williams Cos., Inc. | 2403.0 | 79 |
| Willis Towers Watson PLC | 215.0 | 53 |
| Wolfspeed, Inc. (g) | 242.0 | 17 |
| Workday, Inc., Class A (g) | 390.0 | 65 |
| WP Carey, Inc. REIT | 384.0 | 30 |
| WR Berkley Corp. | 412.0 | 30 |
| WW Grainger, Inc. | 90.0 | 50 |
| Wynn Resorts Ltd. (g) | 213.0 | 18 |
| Xcel Energy, Inc. | 1078.0 | 76 |
| Xylem, Inc. | 355.0 | 39 |
| Yum! Brands, Inc. | 563.0 | 72 |
| Zebra Technologies Corp., Class A (g) | 101.0 | 26 |
| Zillow Group, Inc., Class C (g) | 318.0 | 10 |
| Zimmer Biomet Holdings, Inc. | 415.0 | 53 |
| Zoetis, Inc. | 931.0 | 136 |
| Zoom Video Communications, Inc., Class A (g) | 446.0 | 30 |
| ZoomInfo Technologies, Inc., Class A (g) | 501.0 | 15 |
| Zscaler, Inc. (g) | 166.0 | 19 |
|  |  | 70007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $97,471)** |  | 141569 |
| **Short-Term Investments (15.7%)** |  |  |
| **Investment Company (15.2%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (j) **(Cost $67,266)** | 67265531.0 | 67266 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** |  |
| **U.S. Treasury Security (0.5%)** |  |  |
| U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;3.84%, 3/16/23 (k) **(Cost $2,273)** | $2291 | 2272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $69,539)** |  | 69538 |
| **Total Investments (100.6%) (Cost $436,238) (l)(m)(n)(o)** |  | 444544 |
| **Liabilities in Excess of Other Assets (-0.6%)** |  | (2706) |
| **Net Assets (100.0%)** |  | $441838 |

---

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.

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

(a) Security is subject to delayed delivery.

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

(c) Floating or variable rate securities: The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments.

(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 December 31, 2022.

(e) Amount is less than 0.05%.

(f) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date.

(g) Non-income producing security.

(h) Security trades on the Hong Kong exchange.

(i) At December 31, 2022, the Fund held a fair valued security valued
at $0, representing 0.0% of net assets. This security has been fair valued as determined in good faith under procedures established by
and under the general supervision of the Trust's (as defined herein) Trustees.

(j) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended December 31, 2022, advisory fees paid were reduced by approximately $29,000 relating to the Fund's investment in the Liquidity Funds.

(k) Rate shown is the yield to maturity at December 31, 2022.

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

(m) The approximate fair value and percentage of net assets, $62,753,000 and 14.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.

(n) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions.

(o) At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $63,315,000 and the aggregate gross unrealized depreciation is approximately $46,060,000, resulting in net unrealized appreciation of approximately $17,255,000.

---

| | |
|:---|:---|
| @ | Value is less than $500. |
| ADR | American Depositary Receipt. |
| CDI | CHESS Depositary Interest. |
| CVA | Certificaten Van Aandelen. |
| EURIBOR | Euro Interbank Offered Rate. |
| LIBOR | London Interbank Offered Rate. |
| LSE | London Stock Exchange. |
| MTN | Medium Term Note. |
| NYSE | New York Stock Exchange. |
| OAT | Obligations Assimilables du Trésor (French Treasury Obligation). |
| REIT | Real Estate Investment Trust. |
| SOFR | Secured Overnight Financing Rate. |
| SONIA | Sterling Overnight Index Average |
| TBA | To Be Announced. |
| USD | United States Dollar. |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

**Foreign Currency Forward Exchange Contracts:**

The Fund had the following foreign currency forward exchange contracts open at December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to<br> Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Bank of America NA | 10096 | $1460 | 3/16/23 | $(7) |
| Bank of America NA | 278 | $290 | 2/9/23 | (7) |
| Bank of America NA | 252 | $57 | 3/16/23 | (1) |
| Bank of America NA | $836 | 832 | 2/9/23 | 67 |
| Bank of America NA | $146 | 496 | 3/16/23 | (5) |
| Barclays Bank PLC | 1784 | $1213 | 3/16/23 | (5) |
| Barclays Bank PLC | 5237 | $3353 | 2/9/23 | (218) |
| Barclays Bank PLC | 2043 | $2190 | 3/16/23 | (8) |
| Barclays Bank PLC | 1057 | $136 | 3/16/23 | —@ |
| Barclays Bank PLC | 116294 | $882 | 3/16/23 | (13) |
| Barclays Bank PLC | $944 | 881 | 3/16/23 | 4 |
| Barclays Bank PLC | $365 | 340 | 3/16/23 | 1 |
| Barclays Bank PLC | $2323 | 310108 | 3/16/23 | 63 |
| BNP Paribas SA | 3811 | $551 | 3/16/23 | (2) |
| BNP Paribas SA | 323 | $42 | 3/16/23 | —@ |
| BNP Paribas SA | 12540 | $1208 | 3/16/23 | 1 |
| BNP Paribas SA | $235 | 318 | 3/16/23 | (—@) |
| BNP Paribas SA | $133 | 122 | 3/16/23 | (—@) |
| BNP Paribas SA | $49 | 242881 | 3/16/23 | (—@) |
| BNP Paribas SA | $185 | 173 | 3/16/23 | 1 |
| BNP Paribas SA | $938 | 879 | 3/16/23 | 8 |
| BNP Paribas SA | $427 | 35333 | 3/16/23 | (1) |
| BNP Paribas SA | $1761 | 235115 | 3/16/23 | 47 |
| BNP Paribas SA | $2515 | 50138 | 3/16/23 | 25 |
| BNP Paribas SA | $177 | 1796 | 3/16/23 | (4) |
| Citibank NA | $10 | 229 | 3/16/23 | —@ |
| Citibank NA | $68 | 228 | 3/16/23 | (2) |
| Citibank NA | $559 | 20723 | 2/9/23 | 41 |
| Goldman Sachs International | 12685 | $2349 | 3/16/23 | (22) |
| Goldman Sachs International | 74317 | $13794 | 3/16/23 | (95) |
| Goldman Sachs International | 4533 | $852 | 3/16/23 | 5 |
| Goldman Sachs International | 62 | $9 | 3/16/23 | (—@) |
| Goldman Sachs International | 40 | $5 | 3/16/23 | —@ |
| Goldman Sachs International | 159148 | $1200 | 3/16/23 | (24) |
| Goldman Sachs International | 583 | $60 | 3/16/23 | —@ |
| Goldman Sachs International | 1 | $—@ | 3/16/23 | —@ |
| Goldman Sachs International | 83 | $62 | 3/16/23 | (—@) |
| Goldman Sachs International | $682 | 1003 | 3/16/23 | 3 |
| Goldman Sachs International | $697 | 1008 | 3/16/23 | (8) |
| Goldman Sachs International | $6016 | 31935 | 3/16/23 | (48) |
| Goldman Sachs International | $889 | 814 | 3/16/23 | (1) |
| Goldman Sachs International | $84 | 74031 | 3/16/23 | 2 |
| Goldman Sachs International | $12 | 278 | 3/16/23 | —@ |
| Goldman Sachs International | $1771 | 2515849 | 2/9/23 | 221 |
| Goldman Sachs International | $1111 | 22158 | 3/16/23 | 11 |
| Goldman Sachs International | $315 | 496 | 3/16/23 | (—@) |
| Goldman Sachs International | $103 | 411 | 2/9/23 | 5 |
| Goldman Sachs International | $125 | 632 | 2/9/23 | 11 |
| Goldman Sachs International | $2005 | 20347 | 3/16/23 | (48) |
| Goldman Sachs International | $1382 | 41635 | 3/16/23 | (18) |
| HSBC Bank PLC | $681 | 685 | 2/9/23 | 55 |
| JPMorgan Chase Bank NA | 127 | $95 | 2/9/23 | 1 |
| JPMorgan Chase Bank NA | 106030 | $15331 | 3/16/23 | (75) |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| JPMorgan Chase Bank NA | 508.0 | $67.0 | 2/9/23 | (6) |
| JPMorgan Chase Bank NA | 720.0 | $754.0 | 2/9/23 | (19) |
| JPMorgan Chase Bank NA | 1867.0 | $94.0 | 2/9/23 | (1) |
| JPMorgan Chase Bank NA | 449.0 | $46.0 | 3/16/23 | —@ |
| JPMorgan Chase Bank NA | 6017.0 | $3910.0 | 3/16/23 | 87 |
| JPMorgan Chase Bank NA | 131.0 | $98.0 | 3/16/23 | (—@) |
| JPMorgan Chase Bank NA | $16.0 | 24.0 | 2/9/23 | —@ |
| JPMorgan Chase Bank NA | $1514.0 | 2048.0 | 3/16/23 | (1) |
| JPMorgan Chase Bank NA | $693.0 | 635.0 | 3/16/23 | (1) |
| JPMorgan Chase Bank NA | $2706.0 | 19352.0 | 2/9/23 | 98 |
| JPMorgan Chase Bank NA | $1143.0 | 920.0 | 3/16/23 | (29) |
| JPMorgan Chase Bank NA | $3469.0 | 505728.0 | 2/9/23 | 403 |
| JPMorgan Chase Bank NA | $2647.0 | 353327.0 | 3/16/23 | 71 |
| JPMorgan Chase Bank NA | $599.0 | 11948.0 | 3/16/23 | 6 |
| JPMorgan Chase Bank NA | $90.0 | 943.0 | 2/9/23 | 6 |
| JPMorgan Chase Bank NA | $310.0 | 3415.0 | 2/9/23 | 18 |
| JPMorgan Chase Bank NA | $13.0 | 137.0 | 3/16/23 | (—@) |
| UBS AG | 618.0 | $417.0 | 2/9/23 | (5) |
| UBS AG | 934.0 | $687.0 | 2/9/23 | (3) |
| UBS AG | 163.0 | $121.0 | 3/16/23 | (—@) |
| UBS AG | 1111.0 | $1209.0 | 3/16/23 | (1) |
| UBS AG | 183125.0 | $26549.0 | 3/16/23 | 58 |
| UBS AG | 370.0 | $53.0 | 3/16/23 | (—@) |
| UBS AG | 1533.0 | $1636.0 | 3/16/23 | (13) |
| UBS AG | 1534.0 | $1738.0 | 2/9/23 | (117) |
| UBS AG | 185397.0 | $1421.0 | 3/16/23 | (5) |
| UBS AG | 14209.0 | $104.0 | 2/9/23 | (5) |
| UBS AG | 1452084.0 | $1105.0 | 3/16/23 | (45) |
| UBS AG | 6017.0 | $3910.0 | 3/16/23 | 87 |
| UBS AG | 6031.0 | $177.0 | 3/16/23 | 1 |
| UBS AG | 458.0 | $23.0 | 3/16/23 | —@ |
| UBS AG | $1601.0 | 2318.0 | 3/16/23 | (18) |
| UBS AG | $7.0 | 9.0 | 3/16/23 | (—@) |
| UBS AG | $991.0 | 908.0 | 3/16/23 | (1) |
| UBS AG | $14796.0 | 13811.0 | 3/16/23 | 60 |
| UBS AG | $899.0 | 844.0 | 2/9/23 | 7 |
| UBS AG | $885.0 | 750.0 | 2/9/23 | 22 |
| UBS AG | $1310.0 | 1054.0 | 3/16/23 | (33) |
| UBS AG | $249.0 | 202.0 | 2/9/23 | (4) |
| UBS AG | $12.0 | 4751.0 | 3/16/23 | —@ |
| UBS AG | $70.0 | 29662.0 | 2/9/23 | 8 |
| UBS AG | $100.0 | 1589201.0 | 2/9/23 | 2 |
| UBS AG | $548.0 | 8561187.0 | 3/16/23 | 1 |
| UBS AG | $1125.0 | 150207.0 | 3/16/23 | 30 |
| UBS AG | $2385.0 | 3079701.0 | 3/16/23 | 55 |
| UBS AG | $1089.0 | 21716.0 | 3/16/23 | 11 |
| UBS AG | $24.0 | 481.0 | 2/9/23 | —@ |
| UBS AG | $121.0 | 2373.0 | 3/16/23 | (1) |
| UBS AG | $126.0 | 216.0 | 2/9/23 | 11 |
| UBS AG | $4863.0 | 7669.0 | 3/16/23 | 10 |
| UBS AG | $89.0 | 433.0 | 2/9/23 | 9 |
| UBS AG | $614.0 | 6233.0 | 3/16/23 | (15) |
| UBS AG | $403.0 | 569.0 | 2/9/23 | 22 |
| UBS AG | 1082.0 | $62.0 | 3/16/23 | (1) |
|  |  |  |  | $719 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

**Futures Contracts:**

The Fund had the following futures contracts open at December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number<br> of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| **Long:** |  |  |  |  |  |
| Euro Stoxx 50 Index (Germany) | 276 | Mar-23 | 3 | $11182 | $(468) |
| Hang Seng Index (Hong Kong) | 89 | Jan-23 | 4 | 3854 | (38) |
| ICE Brent Crude Oil Index (United Kingdom) | 41 | Oct-23 | $41 | 3348 | 23 |
| KFE 10 yr Treasury Bond Index (Korea, Republic of) | 24 | Mar-23 | 2400000 | 2087 | (65) |
| Long Gilt Index (United Kingdom) | 7 | Mar-23 | 700 | 845 | (47) |
| SFE 10 Yr. Australian Bond Index (Australia) | 81 | Mar-23 | 8100 | 6380 | (356) |
| SGX MSCI Singapore Index Index (Singapore) | 2 | Jan-23 | —@ | 43 | (—@) |
| TSE TOPIX Index (Japan) | 26 | Mar-23 | 260 | 3747 | (96) |
| U.S. Treasury 10 yr. Note (United States) | 3 | Mar-23 | $300 | 337 | (7) |
| U.S. Treasury 10 yr. Ultra Note (United States) | 66 | Mar-23 | 6600 | 7807 | (11) |
| U.S. Treasury Long Bond (United States) | 17 | Mar-23 | 1700 | 2131 | (14) |
| U.S. Treasury Ultra Bond (United States) | 2 | Mar-23 | 200 | 269 | (1) |
| **Short:** |  |  |  |  |  |
| CME Bitcoin Index (United States) | 6 | Jan-23 | (—@) | (496) | 2 |
| German Euro-BTP Index (Germany) | 96 | Mar-23 | (9600) | (11193) | 902 |
| German Euro-Bund Index (Germany) | 11 | Mar-23 | (1100) | (1565) | 109 |
| German Short Euro-BTP Index (Germany) | 22 | Mar-23 | (2200) | (2475) | 41 |
| MSCI Emerging Market Index (United States) | 8 | Mar-23 | $(—@) | (384) | 4 |
| Nikkei 255 Index (Japan) | 4 | Mar-23 | (2) | (392) | 22 |
| S&P 500 E Mini Index (United States) | 114 | Mar-23 | $(6) | (22008) | 779 |
| U.S. Treasury 10 yr. Note (United States) | 38 | Mar-23 | (3800) | (4267) | 7 |
| U.S. Treasury 10 yr. Ultra Note (United States) | 23 | Mar-23 | (2300) | (2721) | 5 |
| U.S. Treasury 2 yr. Note (United States) | 59 | Mar-23 | (11800) | (12100) | (12) |
| U.S. Treasury 5 yr. Note (United States) | 143 | Mar-23 | (14300) | (15434) | 173 |
|  |  |  |  |  | $952 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

**Interest Rate Swap Agreements:**

The Fund had the following interest rate swap agreements open at December 31, 2022:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty** | **Floating Rate <br> Index** | **Pay/Receive <br> Floating 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> (Received)<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Morgan Stanley & Co. LLC\* | BRL-CDI | Pay | 13.54% | Semi-Annual/<br> Quarterly | 1/2/25 | 22217 | $67 | $— | $67 |
| Morgan Stanley & Co. LLC\* | BRL-CDI | Pay | 13.56 | Semi-Annual/<br> Quarterly | 1/2/25 | 22217 | 70 |  | 70 |
| Morgan Stanley & Co. LLC\* | US CPI All Urban Consumers Index | Receive | 2.47 | Semi-Annual/<br> Quarterly | 10/6/32 | $721 | 5 |  | 5 |
| Morgan Stanley & Co. LLC\* | US CPI All Urban Consumers Index | Receive | 2.71 | Semi-Annual/<br> Quarterly | 10/31/32 | 1798 | (23) |  | (23) |
| Morgan Stanley & Co. LLC\* | US CPI All Urban Consumers Index | Receive | 2.72 | Semi-Annual/<br> Quarterly | 10/31/32 | 1799 | (24) |  | (24) |
| Morgan Stanley & Co. LLC\* | US CPI All Urban Consumers Index | Receive | 2.78 | Semi-Annual/<br> Quarterly | 10/26/32 | 1679 | (33) |  | (33) |
| Morgan Stanley & Co. LLC\* | US CPI All Urban Consumers Index | Receive | 2.78 | Semi-Annual/<br> Quarterly | 10/26/32 | 1679 | (32) |  | (32) |
| Morgan Stanley & Co. LLC\* | 1 Month TIIE | Pay | 6.66 | Quarterly/<br> Quarterly | 7/1/26 | 32653 | (119) |  | (119) |
| Morgan Stanley & Co. LLC\* | 1 Month TIIE | Pay | 6.68 | Quarterly/<br> Quarterly | 6/29/26 | 32653 | (118) |  | (118) |
| Morgan Stanley & Co. LLC\* | 1 Month TIIE | Pay | 6.68 | Quarterly/<br> Quarterly | 6/29/26 | 32653 | (116) | (1) | (117) |
| Morgan Stanley & Co. LLC\* | 1 Month TIIE | Pay | 7.36 | Quarterly/<br> Quarterly | 12/22/26 | 57377 | (153) |  | (153) |
| Morgan Stanley & Co. LLC\* | 1 Month TIIE | Pay | 7.38 | Quarterly/<br> Quarterly | 12/22/26 | 57378 | (151) |  | (151) |
| Morgan Stanley & Co. LLC\* | 1 Month TIIE | Pay | 9.80 | Quarterly/<br> Quarterly | 11/15/24 | 228858 | (40) |  | (40) |
| Morgan Stanley & Co. LLC\* | 1 Month TIIE | Pay | 9.81 | Quarterly/<br> Quarterly | 11/15/24 | 336223 | (56) |  | (56) |
|  |  |  |  |  |  |  | $(723) | $(1) | $(724) |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

**Total Return Swap Agreements:**

The Fund had the following total return swap agreements open at December 31, 2022:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty** | **Index** | **Pay/Receive<br> Total Return<br> of Referenced<br> Index** | **Floating<br> Rate** | **Payment<br> Frequency** | **Maturity<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Upfront<br> Payment<br> Paid<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| BNP Paribas SA | BNP Custom U.S. Banks Index | Receive | SOFR + 0.40% | Quarterly | 12/22/23 | $2790 | $76 | $— | $76 |
| BNP Paribas SA | BNP European Growth Custom Index†† | Pay | ESTR + 0.04% | Quarterly | 9/28/23 | 11354 | 64 |  | 64 |
| BNP Paribas SA | BNP European Value Custom Index†† | Receive | ESTR + 0.42% | Quarterly | 9/28/23 | 11612 | (128) |  | (128) |
| BNP Paribas SA | MSCI Canada Banks Index | Pay | CORRA + 0.27% | Quarterly | 9/8/23 | 2206 | (22) |  | (22) |
| BNP Paribas SA | MSCI Canada Banks Index | Pay | CORRA + 0.27% | Quarterly | 9/8/23 | 2175 | 54 |  | 54 |
| BNP Paribas SA | MSCI Japan Net Total Return Index | Receive | SOFR + 0.35% | Quarterly | 2/10/23 | $14780 | 775 |  | 775 |
| BNP Paribas SA | MSCI USA Index | Receive | SOFR + 0.35% | Quarterly | 7/14/23 | 49530 | 3234 |  | 3234 |
| BNP Paribas SA | MSCI USA Industrials Index | Receive | SOFR + 0.33% | Quarterly | 12/13/23 | 2045 | (31) |  | (31) |
| BNP Paribas SA | MSCI USA Information Technology Index | Pay | SOFR + 0.33% | Quarterly | 12/13/23 | 2045 | 120 |  | 120 |
| Goldman Sachs International | MSCI Emerging Markets Net Total Return Index | Receive | SOFR + 0.24% | Quarterly | 1/26/23 | 26960 | 3572 |  | 3572 |
| Goldman Sachs International | MSCI USA Index | Receive | SOFR + 0.30% | Quarterly | 9/22/23 | 37352 | 98 |  | 98 |
| JPMorgan Chase Bank NA | JPM SPX 1500 Growth Custom Index†† | Pay | SOFR + 0.35% | Quarterly | 12/11/23 | 3400 | 88 |  | 88 |
| JPMorgan Chase Bank NA | JPM SPX 1500 Growth Custom Index†† | Pay | SOFR + 0.35% | Quarterly | 12/11/23 | 6897 | 229 |  | 229 |
| JPMorgan Chase Bank NA | JPM SPX 1500 Growth Custom Index†† | Pay | SOFR + 0.35% | Quarterly | 12/11/23 | 6700 | 183 |  | 183 |
| JPMorgan Chase Bank NA | JPM SPX 1500 Value Custom Index†† | Receive | SOFR + 0.35% | Quarterly | 12/11/23 | 3408 | (69) |  | (69) |
| JPMorgan Chase Bank NA | JPM SPX 1500 Value Custom Index†† | Receive | SOFR + 0.35% | Quarterly | 12/11/23 | 6903 | (186) |  | (186) |
| JPMorgan Chase Bank NA | JPM SPX 1500 Value Custom Index†† | Receive | SOFR + 0.35% | Quarterly | 12/11/23 | 6747 | (154) |  | (154) |
| JPMorgan Chase Bank NA | JPM SPX 500 Growth Custom Index†† | Pay | SOFR + 0.35% | Quarterly | 12/11/23 | 8527 | 216 |  | 216 |
| JPMorgan Chase Bank NA | JPM SPX 500 Value Custom Index†† | Receive | SOFR + 0.35% | Quarterly | 12/11/23 | 8514 | (117) |  | (117) |
|  |  |  |  |  |  |  | $8002 | $— | $8002 |

---

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

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

The following table represents the equity basket holdings underlying the total return swap with BNP European Growth Custom Index as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value <br> (000)** | **Index <br> Weight** |
| **BNP European Growth Custom Index** |  |  |  |
| ADP | 180 | $24 | 2.16% |
| Adyen NV | 17 | 24 | 2.11 |
| Air Liquide SA | 176 | 25 | 2.23 |
| Akzo Nobel NV | 369 | 25 | 2.21 |
| Argenx SE | 65 | 24 | 2.16 |
| Asml Holding NV | 42 | 23 | 2.01 |
| Beiersdorf AG | 226 | 26 | 2.32 |
| Carl Zeiss Meditec AG | 199 | 25 | 2.25 |
| Cellnex Telecom SA | 735 | 24 | 2.17 |
| Corp ACCIONA Energias Renovables SA | 661 | 26 | 2.29 |
| Dassault Systemes SE | 692 | 25 | 2.21 |
| Davide Campari-Milano NV | 2413 | 24 | 2.19 |
| Delivery Hero SE | 597 | 29 | 2.56 |
| Deutsche Boerse AG | 140 | 24 | 2.15 |
| Edp Renovaveis SA | 1122 | 25 | 2.21 |
| Elia Group SA | 174 | 25 | 2.21 |
| Eurazeo SE | 400 | 25 | 2.22 |
| Ferrari NV | 115 | 25 | 2.20 |
| Ferrovial SA | 938 | 25 | 2.19 |
| Finecobank SpA | 1556 | 26 | 2.31 |
| Groupe Bruxelles Lambert NV | 313 | 25 | 2.23 |
| Hannover Rueck SE | 128 | 25 | 2.28 |
| Hermes International | 16 | 24 | 2.17 |
| Kone Oyj - Class B | 494 | 26 | 2.28 |
| Koninklijke Dsm NV | 197 | 24 | 2.16 |
| L'Oreal | 68 | 24 | 2.16 |
| LVMH Moet Hennessy Louis Vuitton SE | 33 | 24 | 2.17 |
| MTU Aero Engines AG | 117 | 25 | 2.27 |
| Neste Oyj | 524 | 24 | 2.15 |
| Prosus NV | 370 | 26 | 2.28 |
| Rational AG | 40 | 24 | 2.13 |
| Remy Cointreau | 150 | 25 | 2.26 |
| Safran SA | 205 | 26 | 2.30 |
| Sampo Oyj - Class A | 486 | 25 | 2.27 |
| Sartorius AG | 68 | 27 | 2.39 |
| Sartorius Stedim Biotech | 76 | 25 | 2.19 |
| Scout24 SE | 467 | 23 | 2.09 |
| Sofina | 110 | 24 | 2.17 |
| Symrise AG | 228 | 25 | 2.22 |
| Terna Rete Elettrica Nazionale SpA | 3273 | 24 | 2.16 |
| Universal Music Group NV | 1059 | 26 | 2.28 |
| Vonovia SE | 1027 | 24 | 2.16 |
| Warehouses De Pauw SCA | 900 | 26 | 2.30 |
| Wolters Kluwer | 229 | 24 | 2.14 |
| Zalando SE | 768 | 27 | 2.43 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

The following table represents the equity basket holdings underlying the total return swap with BNP European Value Custom Index as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value <br> (000)** | **Index <br> Weight** |
| **BNP European Value Custom Index** |  |  |  |
| Arcelormittal | 964 | $25 | 2.10% |
| Arkema | 292 | 26 | 2.18 |
| Banco Bilbao Vizcaya Argenta | 4519 | 27 | 2.26 |
| Banco Santander SA | 8994 | 27 | 2.24 |
| Bayer AG (Registered) | 473 | 24 | 2.03 |
| Bayerische Motoren Werke AG | 298 | 27 | 2.20 |
| Bayerische Motoren Werke (Preferred) | 311 | 27 | 2.20 |
| Bechtle AG | 695 | 25 | 2.04 |
| Bouygues SA | 848 | 25 | 2.11 |
| Brenntag SE | 414 | 26 | 2.20 |
| Carrefour SA | 1511 | 25 | 2.10 |
| Commerzbank AG | 3165 | 30 | 2.48 |
| Compagnie De Saint Gobain | 537 | 26 | 2.18 |
| Continental AG | 438 | 26 | 2.18 |
| Daimler Truck Holding AG | 810 | 25 | 2.08 |
| Deutsche Bank Ag (Registered) | 2477 | 28 | 2.33 |
| Deutsche Lufthansa (Registered) | 3236 | 27 | 2.23 |
| Deutsche Post AG (Registered) | 653 | 25 | 2.04 |
| Deutsche Telekom AG (Registered) | 1299 | 26 | 2.15 |
| E.ON SE | 2719 | 27 | 2.25 |
| Eiffage | 260 | 26 | 2.12 |
| Enel SpA | 4789 | 26 | 2.14 |
| Engie | 1740 | 25 | 2.07 |
| Eni SpA | 1847 | 26 | 2.18 |
| Fresenius Medical Care AG | 822 | 27 | 2.23 |
| Fresenius Se & Co KGaA | 934 | 26 | 2.18 |
| Heidelbergcement AG | 481 | 27 | 2.28 |
| Heineken Holding NV | 340 | 26 | 2.18 |
| Jde Peet'S NV | 899 | 26 | 2.16 |
| Klepierre | 1116 | 26 | 2.13 |
| Koninklijke Ahold Delhaize NV | 875 | 25 | 2.09 |
| Koninklijke Philips NV | 1845 | 28 | 2.29 |
| Leg Immobilien SE | 395 | 26 | 2.13 |
| Michelin | 938 | 26 | 2.16 |
| Nexi SpA | 3222 | 25 | 2.11 |
| Nn Group NV | 608 | 25 | 2.06 |
| Nokia Oyj | 5325 | 25 | 2.05 |
| Orange | 2694 | 27 | 2.22 |
| Randstad NV | 446 | 27 | 2.26 |
| Seb SA | 312 | 26 | 2.17 |
| Societe Generale SA | 1108 | 28 | 2.31 |
| Stellantis NV | 1806 | 26 | 2.13 |
| Telefonica SA | 7220 | 26 | 2.17 |
| Unicredit SpA | 1985 | 28 | 2.34 |
| Veolia Environnement | 996 | 26 | 2.12 |
| Voestalpine AG | 971 | 26 | 2.14 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Growth Custom Index as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value <br> (000)** | **Index <br> Weight** |
| **JPM SPX 1500 Growth Custom Index** |  |  |  |
| Agilysys, Inc. | 782 | $62 | 0.63% |
| Alliant Energy Corp. | 909 | 50 | 0.51 |
| Aptargroup, Inc. | 463 | 51 | 0.52 |
| Arlo Technologies, Inc. | 14734 | 52 | 0.53 |
| Arrowhead Pharmaceuticals, Inc. | 1521 | 62 | 0.63 |
| Bio-Techne Corp. | 613 | 51 | 0.52 |
| Boeing Co. | 280 | 53 | 0.55 |
| Capitol Federal Financial, Inc. | 5961 | 52 | 0.53 |
| Cnx Resources Corp. | 3028 | 51 | 0.52 |
| Coherus Biosciences, Inc. | 7422 | 59 | 0.60 |
| Commerce Bancshares, Inc. | 736 | 50 | 0.51 |
| Community Bank System, Inc. | 792 | 50 | 0.51 |
| Core Laboratories NV | 2580 | 52 | 0.54 |
| Cytokinetics, Inc. | 1332 | 61 | 0.63 |
| Deckers Outdoor Corp. | 132 | 53 | 0.54 |
| Dril-Quip, Inc. | 2234 | 61 | 0.62 |
| ELF Beauty, Inc. | 902 | 50 | 0.51 |
| Enerpac Tool Group Corp. | 2080 | 53 | 0.54 |
| First Republic Bank | 419 | 51 | 0.52 |
| Hci Group, Inc. | 1347 | 53 | 0.55 |
| Hess Corp. | 365 | 52 | 0.53 |
| Lamb Weston Holdings, Inc. | 570 | 51 | 0.52 |
| Manhattan Associates, Inc. | 422 | 51 | 0.53 |
| Marketaxess Holdings, Inc. | 182 | 51 | 0.52 |
| Mastercard, Inc. - Class A | 144 | 50 | 0.51 |
| MSA Safety, Inc. | 363 | 52 | 0.54 |
| Nike, Inc. - Class B | 458 | 54 | 0.55 |
| Nordson Corp. | 212 | 50 | 0.52 |
| Nov, Inc. | 2388 | 50 | 0.51 |
| O'Reilly Automotive, Inc. | 60 | 50 | 0.52 |
| Penumbra, Inc. | 226 | 50 | 0.52 |
| Progyny, Inc. | 1606 | 50 | 0.51 |
| Public Service Enterprise Group, Inc. | 824 | 50 | 0.52 |
| Quinstreet, Inc. | 3603 | 52 | 0.53 |
| Rexford Industrial Realty, Inc. | 918 | 50 | 0.51 |
| Ross Stores, Inc. | 428 | 50 | 0.51 |
| Royal Gold, Inc. | 445 | 50 | 0.51 |
| Sabre Corp. | 8484 | 52 | 0.54 |
| Servicenow, Inc. | 128 | 50 | 0.51 |
| St Joe Co. | 1397 | 54 | 0.55 |
| Targa Resources Corp. | 715 | 53 | 0.54 |
| Techtarget | 1162 | 51 | 0.52 |
| Toro Co. | 449 | 51 | 0.52 |
| Tractor Supply Company | 227 | 51 | 0.52 |
| Transdigm Group, Inc. | 81 | 51 | 0.52 |
| Under Armour, Inc. - Class A | 5349 | 54 | 0.56 |
| Unisys Corp. | 11787 | 60 | 0.62 |
| Vericel Corp. | 2147 | 57 | 0.58 |
| Vicor Corp. | 960 | 52 | 0.53 |
| Welltower, Inc. | 765 | 50 | 0.51 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Value Custom Index as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value <br> (000)** | **Index <br> Weight** |
| **JPM SPX 1500 Value Custom Index** |  |  |  |
| ACI Worldwide, Inc. | 2400 | $55 | 0.56% |
| Agco Corp. | 369 | 51 | 0.52 |
| American Equity Investment Life Insurance Company | 1210 | 55 | 0.56 |
| American International Group | 798 | 50 | 0.51 |
| Avanos Medical, Inc. | 1909 | 52 | 0.53 |
| Avista Corp. | 1195 | 53 | 0.54 |
| Bank Of New York Mellon Corp. | 1138 | 52 | 0.53 |
| Boston Properties, Inc. | 758 | 51 | 0.52 |
| Charles River Laboratories | 235 | 51 | 0.52 |
| Coca-Cola Consolidated, Inc. | 103 | 53 | 0.54 |
| Concentrix Corp. | 423 | 56 | 0.57 |
| Cousins Properties, Inc. | 2014 | 51 | 0.52 |
| Dmc Global, Inc. | 2954 | 57 | 0.59 |
| Ebix, Inc. | 2629 | 52 | 0.53 |
| Envista Holdings Corp. | 1512 | 51 | 0.52 |
| ESAB Corp. | 1071 | 50 | 0.51 |
| Essent Group Ltd. | 1303 | 51 | 0.52 |
| Genesco, Inc. | 1106 | 51 | 0.52 |
| Genworth Financial, Inc. - Class A | 9832 | 52 | 0.53 |
| Global Payments, Inc. | 507 | 50 | 0.51 |
| Highwoods Properties, Inc. | 1793 | 50 | 0.51 |
| Innoviva, Inc. | 3807 | 50 | 0.51 |
| Interdigital, Inc. | 1032 | 51 | 0.52 |
| Iteos Therapeutics, Inc. | 2566 | 50 | 0.51 |
| Kaman Corp. | 2429 | 54 | 0.55 |
| KB Home | 1594 | 51 | 0.52 |
| M/I Homes, Inc. | 1117 | 52 | 0.53 |
| Millerknoll, Inc. | 2589 | 54 | 0.55 |
| Mks Instruments, Inc. | 618 | 52 | 0.53 |
| NCR Corporation | 2168 | 51 | 0.52 |
| OFG Bancorp | 1835 | 51 | 0.52 |
| O-I Glass, Inc. | 3037 | 50 | 0.51 |
| Organogenesis Holdings, Inc. | 18716 | 50 | 0.51 |
| PG&E Corp. | 3153 | 51 | 0.52 |
| Patrick Industries, Inc. | 872 | 53 | 0.54 |
| Pbf Energy, Inc. - Class A | 1491 | 61 | 0.62 |
| Phibro Animal Health Corp. - Class A | 3957 | 53 | 0.54 |
| Propetro Holding Corp. | 4970 | 52 | 0.53 |
| Resideo Technologies, Inc. | 3198 | 53 | 0.54 |
| Syneos Health, Inc. | 1453 | 53 | 0.54 |
| Taylor Morrison Home Corp. | 1663 | 50 | 0.51 |
| Tenet Healthcare Corp. | 1105 | 54 | 0.55 |
| Thryv Holdings, Inc. | 2780 | 53 | 0.54 |
| Timken Co. | 713 | 50 | 0.51 |
| Titan International, Inc. | 3426 | 52 | 0.53 |
| Truist Financial Corp. | 1182 | 51 | 0.52 |
| US Silica Holdings, Inc. | 4224 | 53 | 0.54 |
| Viatris, Inc. | 4513 | 50 | 0.51 |
| Wolverine World Wide, Inc. | 4834 | 53 | 0.54 |
| Zimvie, Inc. | 5632 | 53 | 0.54 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Growth Custom Index as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value <br> (000)** | **Index <br> Weight** |
| **JPM SPX 500 Growth Custom Index** |  |  |  |
| Ameren Corporation | 16762 | $1490 | 1.04% |
| American Tower Corp. | 6882 | 1458 | 1.02 |
| American Water Works Co., Inc. | 9446 | 1440 | 1.00 |
| Aon PLC - Class A | 4770 | 1432 | 1.00 |
| Baker Hughes Co. | 52107 | 1539 | 1.07 |
| Berkshire Hathaway, Inc. - Class B | 4750 | 1467 | 1.02 |
| Bio-Techne Corp. | 17990 | 1491 | 1.04 |
| Boeing Co. | 8200 | 1562 | 1.09 |
| Brown & Brown, Inc. | 25303 | 1442 | 1.01 |
| Cadence Design System, Inc. | 9042 | 1453 | 1.01 |
| Ceridian Hcm Holding, Inc. | 23201 | 1488 | 1.04 |
| Cintas Corp. | 3207 | 1449 | 1.01 |
| Coca-Cola Co. | 22865 | 1454 | 1.01 |
| Crown Castle, Inc. | 10483 | 1422 | 0.99 |
| Ecolab, Inc. | 9807 | 1428 | 1.00 |
| Edwards Lifesciences Corp. | 20029 | 1494 | 1.04 |
| Eli Lilly & Co. | 3904 | 1428 | 1.00 |
| Estee Lauder Companies - Class A | 6231 | 1546 | 1.08 |
| Gartner, Inc. | 4238 | 1425 | 0.99 |
| Hershey Co. | 6144 | 1423 | 0.99 |
| Hess Corp. | 10774 | 1528 | 1.07 |
| Illinois Tool Works | 6593 | 1453 | 1.01 |
| Intuitive Surgical, Inc. | 5427 | 1440 | 1.00 |
| Linde PLC | 4388 | 1431 | 1.00 |
| Live Nation Entertainment, Inc. | 20419 | 1424 | 0.99 |
| Marketaxess Holdings, Inc. | 5286 | 1474 | 1.03 |
| Mastercard, Inc. - Class A | 4188 | 1456 | 1.02 |
| Mettler-Toledo International | 991 | 1433 | 1.00 |
| Monster Beverage Corp. | 14333 | 1455 | 1.02 |
| Nextera Energy, Inc. | 17058 | 1426 | 0.99 |
| Nike, Inc. - Class B | 13408 | 1569 | 1.09 |
| Old Dominion Freight Line | 5067 | 1438 | 1.00 |
| Paycom Software, Inc. | 4698 | 1458 | 1.02 |
| Progressive Corp. | 11136 | 1444 | 1.01 |
| Public Service Enterprise Group, Inc. | 24187 | 1482 | 1.03 |
| Rockwell Automation, Inc. | 5697 | 1467 | 1.02 |
| Schlumberger Ltd. | 29150 | 1558 | 1.09 |
| Servicenow, Inc. | 3731 | 1449 | 1.01 |
| Synopsys, Inc. | 4486 | 1432 | 1.00 |
| Targa Resources Corp. | 21150 | 1555 | 1.08 |
| Transdigm Group, Inc. | 2374 | 1495 | 1.04 |
| Tyler Technologies, Inc. | 4693 | 1513 | 1.06 |
| UDR, Inc. | 36798 | 1425 | 0.99 |
| Vulcan Materials Co. | 8122 | 1422 | 0.99 |
| Waters Corp. | 4281 | 1467 | 1.02 |
| Wec Energy Group, Inc. | 15368 | 1441 | 1.01 |
| Welltower, Inc. | 22372 | 1467 | 1.02 |
| West Pharmaceutical Services | 6183 | 1455 | 1.02 |
| Xylem, Inc. | 13080 | 1446 | 1.01 |
| Yum! Brands, Inc. | 11304 | 1448 | 1.01 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Value Custom Index as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Value <br> (000)** | **Index <br> Weight** |
| **JPM SPX 500 Value Custom Index** |  |  |  |
| AES Corp. | 3383 | $97 | 1.03% |
| American International Group | 1526 | 97 | 1.02 |
| Archer-Daniels-Midland Co. | 1018 | 95 | 1.00 |
| Boston Properties, Inc. | 1454 | 98 | 1.04 |
| Capital One Financial Corp. | 1014 | 94 | 1.00 |
| Cbre Group, Inc. - Class A | 1238 | 95 | 1.01 |
| Celanese Corp. | 929 | 95 | 1.00 |
| Cigna Corp. | 285 | 94 | 1.00 |
| Citigroup, Inc. | 2117 | 96 | 1.01 |
| Citizens Financial Group | 2395 | 94 | 1.00 |
| Comcast Corp. - Class A | 2735 | 96 | 1.01 |
| Comerica, Inc. | 1448 | 97 | 1.02 |
| Conagra Brands, Inc. | 2474 | 96 | 1.01 |
| Davita, Inc. | 1265 | 94 | 1.00 |
| Dow, Inc. | 1870 | 94 | 1.00 |
| Dr Horton, Inc. | 1098 | 98 | 1.04 |
| Dxc Technology Co. | 3542 | 94 | 0.99 |
| Evergy, Inc. | 1596 | 100 | 1.06 |
| Fedex Corp. | 549 | 95 | 1.01 |
| Fifth Third Bancorp | 2866 | 94 | 0.99 |
| Fox Corp - Class A | 3093 | 94 | 0.99 |
| Generac Holdings, Inc. | 1043 | 105 | 1.11 |
| Global Payments, Inc. | 963 | 96 | 1.01 |
| Hewlett Packard Enterprise | 5895 | 94 | 1.00 |
| Keycorp | 5473 | 95 | 1.01 |
| Kraft Heinz Co. | 2375 | 97 | 1.02 |
| Laboratory Corp of America Holdings | 405 | 95 | 1.01 |
| Lennar Corp. - Class A | 1064 | 96 | 1.02 |
| Lyondellbasell Industries - Class A | 1158 | 96 | 1.02 |
| Marathon Petroleum Corp. | 868 | 101 | 1.07 |
| Medtronic PLC | 1232 | 96 | 1.01 |
| Mohawk Industries, Inc. | 987 | 101 | 1.07 |
| Newell Brands, Inc. | 7377 | 96 | 1.02 |
| Organon & Co. | 3634 | 101 | 1.07 |
| PG&E Corp. | 6073 | 99 | 1.04 |
| Pentair PLC | 2108 | 95 | 1.00 |
| Pfizer, Inc. | 1880 | 96 | 1.02 |
| Phillips 66 | 919 | 96 | 1.01 |
| Pultegroup, Inc. | 2122 | 97 | 1.02 |
| Quest Diagnostics, Inc. | 635 | 99 | 1.05 |
| Robert Half International, Inc. | 1276 | 94 | 1.00 |
| Seagate Technology Holdings | 1803 | 95 | 1.00 |
| Skyworks Solutions, Inc. | 1030 | 94 | 0.99 |
| Tapestry, Inc. | 2571 | 98 | 1.04 |
| Truist Financial Corp. | 2260 | 97 | 1.03 |
| United Rentals, Inc. | 268 | 95 | 1.01 |
| Universal Health Services - Class B | 739 | 104 | 1.10 |
| Valero Energy Corp. | 789 | 100 | 1.06 |
| Viatris, Inc. | 8666 | 96 | 1.02 |
| Zions Bancorp NA | 2011 | 99 | 1.05 |

---

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Consolidated Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | |
|:---|:---|
| @ | Value/Notional amount is less than $500. |
| \* | Cleared swap agreement, the broker is Morgan Stanley & Co. LLC. |
| BTP | Buoni del Tesoro Poliennali. |
| CDI | Certificado de Depósito Interbancári. |
| CME | Chicago Mercantile Exchange. |
| CORRA | Canadian Overnight Repo Rate Average. |
| ESTR | Euro Short-Term Rate. |
| ICE | Intercontinental Exchange |
| MSCI | Morgan Stanley Capital International. |
| SGX | Singapore Exchange Ltd. |
| TIIE | Interbank Equilibrium Interest Rate. |
| TOPIX | Tokyo Price Index |

---

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Yuan Renminbi Offshore |
| CNY | Chinese Yuan Renminbi |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian Nuevo Sol |
| PLN | Polish Zloty |
| RON | Romanian New Leu |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |  |
| Fixed Income Securities | 52.5 | % |
| Common Stocks | 31.9 |  |
| Short-Term Investments | 15.6 |  |
| Total Investments | 100.0 | %\*\* |

---

\*\* Does not include open long/short futures contracts with a value of approximately $115,065,000 and net unrealized appreciation of approximately $952,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $719,000. Also does not include open swap agreements with net unrealized appreciation of approximately $7,278,000.

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<br> (000)** | **Value<br> (000)** |
| **Fixed Income Securities (96.7%)** |  |  |
| **Corporate Bonds (95.3%)** |  |  |
| **Basic Materials (6.6%)** |  |  |
| ASP Unifrax Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 9/30/28 (a) | $300 | $242 |
| Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.13%, 8/1/30 (a) | 300 | 294 |
| Diamond BC BV |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 10/1/29 (a) | 680 | 547 |
| Eldorado Gold Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 9/1/29 (a) | 500 | 438 |
| First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 4/1/25 (a) | 750 | 732 |
| HB Fuller Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 10/15/28 | 675 | 600 |
| Herens Holdco Sarl |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 5/15/28 (a) | 600 | 449 |
| Hudbay Minerals, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 4/1/26 (a) | 250 | 227 |
| &nbsp;&nbsp;&nbsp;6.13%, 4/1/29 (a) | 250 | 227 |
| IAMGOLD Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 10/15/28 (a) | 574 | 447 |
| Innophos Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.38%, 2/15/28 (a) | 700 | 688 |
| Iris Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.00%, 12/15/28 (a) | 600 | 495 |
| Kaiser Aluminum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 6/1/31 (a) | 250 | 201 |
| &nbsp;&nbsp;&nbsp;4.63%, 3/1/28 (a) | 300 | 262 |
| Minerals Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/28 (a) | 500 | 446 |
| NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 5/15/29 (a) | 300 | 246 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 1/30/30 (a) | 500 | 444 |
| Nufarm Australia Ltd./Nufarm Americas Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/27/30 (a) | 500 | 434 |
| Tacora Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.25%, 5/15/26 (a) | 500 | 363 |
| TMS International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 4/15/29 (a) | 1150 | 825 |
| Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.13%, 4/1/29 (a) | 525 | 341 |
|  |  | 8948 |
| **Communications (9.2%)** |  |  |
| Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;5.13%, 7/15/29 (a) | 600 | 451 |
| Arches Buyer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 6/1/28 (a) | 175 | 137 |
| &nbsp;&nbsp;&nbsp;6.13%, 12/1/28 (a) | 200 | 161 |
| Audacy Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 5/1/27 (a) | 900 | 171 |
| Block Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 3/1/28 (a) | 943 | 824 |
| C&W Senior Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;6.88%, 9/15/27 (a) | 250 | 233 |

---

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/30 (a) | 250.0 | 197.0 |
| Cars.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38%, 11/1/28 (a) | 17.0 | 15.0 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/28 (a) | 550.0 | 501.0 |
| Ciena Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/31/30 (a) | 225.0 | 198.0 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, 4/15/28 (a) | 475.0 | 347.0 |
| Clear Channel Worldwide Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.13%, 8/15/27 (a) | 250.0 | 217.0 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 1/15/30 (a) | 500.0 | 283.0 |
| GCI LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 10/15/28 (a) | 300.0 | 253.0 |
| Gray Escrow II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.38%, 11/15/31 (a) | 500.0 | 361.0 |
| iHeartCommunications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/27 (a) | 500.0 | 424.0 |
| Iliad Holding SASU |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 10/15/28 (a) | 400.0 | 362.0 |
| Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/30 | 500.0 | 438.0 |
| LCPR Senior Secured Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 10/15/27 (a) | 720.0 | 675.0 |
| Midcontinent Communications/Midcontinent Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.38%, 8/15/27 (a) | 965.0 | 875.0 |
| National CineMedia LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 8/15/26 | 600.0 | 17.0 |
| Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.63%, 7/15/27 (a) | 600.0 | 552.0 |
| Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 3/15/30 (a) | 500.0 | 415.0 |
| Radiate Holdco LLC/Radiate Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 9/15/28 (a) | 750.0 | 316.0 |
| Sable International Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 9/7/27 (a) | 249.0 | 230.0 |
| Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/28 (a) | 325.0 | 284.0 |
| TEGNA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 3/15/28 | 300.0 | 285.0 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/15/29 | 300.0 | 285.0 |
| Townsquare Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.88%, 2/1/26 (a) | 500.0 | 444.0 |
| TripAdvisor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 7/15/25 (a) | 175.0 | 173.0 |
| Univision Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 5/1/29 (a) | 350.0 | 293.0 |
| &nbsp;&nbsp;&nbsp;6.63%, 6/1/27 (a) | 300.0 | 290.0 |
| UPC Broadband Finco BV |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 7/15/31 (a) | 300.0 | 250.0 |
| UPC Holding BV |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 1/15/28 (a) | 250.0 | 222.0 |
| Urban One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.38%, 2/1/28 (a) | 800.0 | 677.0 |
| Virgin Media Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/30 (a) | 400.0 | 322.0 |

---

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Ziggo BV |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 1/15/30 (a) | 350.0 | 293 |
|  |  | 12471 |
| **Consumer, Cyclical (24.9%)** |  |  |
| AAG FH LP/AAG FH Finco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.75%, 7/15/24 (a) | 550.0 | 531 |
| Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;3.88%, 8/15/26 (a) | 300.0 | 266 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 4/20/29 (a) | 750.0 | 687 |
| American Axle & Manufacturing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.88%, 7/1/28 | 325.0 | 290 |
| American Builders & Contractors Supply Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.88%, 11/15/29 (a) | 250.0 | 205 |
| Arko Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.13%, 11/15/29 (a) | 675.0 | 531 |
| Asbury Automotive Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 11/15/29 (a) | 225.0 | 190 |
| &nbsp;&nbsp;&nbsp;4.75%, 3/1/30 | 250.0 | 209 |
| Ashton Woods USA LLC/Ashton Woods Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 4/1/30 (a) | 500.0 | 402 |
| At Home Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.13%, 7/15/29 (a) | 450.0 | 262 |
| At Home Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 7/15/28 (a) | 175.0 | 124 |
| Banijay Entertainment SASU |  |  |
| &nbsp;&nbsp;&nbsp;5.38%, 3/1/25 (a) | 425.0 | 402 |
| Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.95%, 3/1/33 | 500.0 | 440 |
| Beacon Roofing Supply, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.13%, 5/15/29 (a) | 300.0 | 250 |
| Beazer Homes USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 10/15/27 | 500.0 | 438 |
| Bloomin' Brands, Inc./OSI Restaurant Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.13%, 4/15/29 (a) | 400.0 | 337 |
| Boyd Gaming Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 12/1/27 | 200.0 | 187 |
| &nbsp;&nbsp;&nbsp;4.75%, 6/15/31 (a) | 200.0 | 174 |
| Boyne USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 5/15/29 (a) | 750.0 | 665 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 10/15/29 (a) | 500.0 | 408 |
| Carrols Restaurant Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 7/1/29 (a) | 1175.0 | 825 |
| CCM Merger, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38%, 5/1/26 (a) | 750.0 | 708 |
| CD&R Smokey Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 7/15/25 (a) | 760.0 | 656 |
| CDI Escrow Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 4/1/30 (a) | 425.0 | 382 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;8.50%, 5/15/27 (a) | 500.0 | 489 |
| Dana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 9/1/30 | 300.0 | 242 |
| Dealer Tire LLC/DT Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 2/1/28 (a) | 575.0 | 507 |
| Everi Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/15/29 (a) | 500.0 | 430 |

---

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Ferrellgas LP/Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 4/1/29 (a) | 1075.0 | 885.0 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 1/15/30 (a) | 575.0 | 465.0 |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 2/12/32 | 480.0 | 361.0 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.13%, 8/17/27 | 1840.0 | 1651.0 |
| Forestar Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/28 (a) | 250.0 | 215.0 |
| Foundation Building Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 3/1/29 (a) | 450.0 | 339.0 |
| GYP Holdings III Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 5/1/29 (a) | 250.0 | 204.0 |
| Hawaiian Brand Intellectual Property Ltd/HawaiianMiles Loyalty Ltd |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 1/20/26 (a) | 600.0 | 544.0 |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.63%, 2/15/32 (a) | 250.0 | 201.0 |
| Installed Building Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 2/1/28 (a) | 450.0 | 405.0 |
| Interface, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/28 (a) | 200.0 | 165.0 |
| International Game Technology PLC |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 1/15/29 (a) | 375.0 | 350.0 |
| IRB Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 6/15/25 (a) | 250.0 | 250.0 |
| Jacobs Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 2/15/29 (a) | 300.0 | 271.0 |
| JB Poindexter & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.13%, 4/15/26 (a) | 750.0 | 725.0 |
| Ken Garff Automotive LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 9/15/28 (a) | 275.0 | 230.0 |
| LCM Investments Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 5/1/29 (a) | 375.0 | 301.0 |
| LGI Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/15/29 (a) | 500.0 | 387.0 |
| Lindblad Expeditions LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 2/15/27 (a) | 395.0 | 359.0 |
| Lions Gate Capital Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 4/15/29 (a) | 500.0 | 291.0 |
| Lithia Motors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 12/15/27 (a) | 250.0 | 226.0 |
| Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 3/15/30 (a) | 500.0 | 435.0 |
| Marriott Ownership Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 6/15/29 (a) | 250.0 | 208.0 |
| Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 12/15/27 (a) | 250.0 | 222.0 |
| Mclaren Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 8/1/26 (a) | 450.0 | 340.0 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 5/1/29 (a) | 500.0 | 426.0 |
| New Home Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, 10/15/25 (a) | 410.0 | 353.0 |
| Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.63%, 2/1/29 (a) | 525.0 | 350.0 |
| Peloton Interactive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 2/15/26 | 595.0 | 425.0 |
| Penn National Gaming, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.13%, 7/1/29 (a) | 300.0 | 237.0 |

---

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| PetSmart, Inc./PetSmart Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 2/15/28 (a) | 500.0 | 454 |
| &nbsp;&nbsp;&nbsp;7.75%, 2/15/29 (a) | 250.0 | 235 |
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 9/1/31 (a) | 850.0 | 602 |
| Raptor Acquisition Corp./Raptor Co-Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 11/1/26 (a) | 570.0 | 507 |
| Real Hero Merger Sub 2, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 2/1/29 (a) | 825.0 | 567 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 4/16/29 | 600.0 | 426 |
| Rite Aid Corp., |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 7/1/25 (a) | 576.0 | 379 |
| &nbsp;&nbsp;&nbsp;8.00%, 11/15/26 (a) | 380.0 | 204 |
| Scientific Games Holdings LP/Scientific Games US FinCo Inc |  |  |
| &nbsp;&nbsp;&nbsp;6.63%, 3/1/30 (a) | 500.0 | 423 |
| Scientific Games International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 5/15/28 (a) | 400.0 | 382 |
| Speedway Motorsports LLC/Speedway Funding II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 11/1/27 (a) | 725.0 | 645 |
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 9/20/25 (a) | 300.0 | 301 |
| SRS Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 7/1/28 (a) | 500.0 | 444 |
| Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 2/15/28 (a) | 500.0 | 435 |
| Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 5/15/25 (a) | 810.0 | 757 |
| Superior Plus LP/Superior General Partner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 3/15/29 (a) | 400.0 | 343 |
| Taylor Morrison Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 6/15/27 (a) | 150.0 | 144 |
| Tempur Sealy International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.88%, 10/15/31 (a) | 250.0 | 197 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/15/29 (a) | 200.0 | 168 |
| Thor Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/15/29 (a) | 450.0 | 354 |
| Titan International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 4/30/28 | 975.0 | 922 |
| United Airlines Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 1/15/25 | 250.0 | 239 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 4/15/29 (a) | 475.0 | 414 |
| Victoria's Secret & Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 7/15/29 (a) | 500.0 | 393 |
| Wheel Pros, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 5/15/29 (a) | 600.0 | 213 |
| White Cap Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.88%, 10/15/28 (a) | 500.0 | 433 |
|  |  | 33639 |
| **Consumer, Non-Cyclical (15.0%)** |  |  |
| AdaptHealth LLC, |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 8/1/29 (a) | 675.0 | 566 |
| &nbsp;&nbsp;&nbsp;6.13%, 8/1/28 (a) | 400.0 | 368 |
| AHP Health Partners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 7/15/29 (a) | 885.0 | 695 |
| Air Methods Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 5/15/25 (a) | 800.0 | 44 |

---

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Akumin, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 11/1/25 (a) | 500.0 | 359.0 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertson's, Inc./Albertson's LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 2/15/28 (a) | 250.0 | 238.0 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 3/15/29 (a) | 195.0 | 164.0 |
| Alta Equipment Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.63%, 4/15/26 (a) | 500.0 | 452.0 |
| AMN Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/15/29 (a) | 350.0 | 300.0 |
| APi Escrow Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 10/15/29 (a) | 200.0 | 174.0 |
| APi Group DE, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.13%, 7/15/29 (a) | 350.0 | 291.0 |
| Bellring Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 3/15/30 (a) | 450.0 | 434.0 |
| Cano Health LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 10/1/28 (a) | 970.0 | 592.0 |
| Carriage Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 5/15/29 (a) | 250.0 | 199.0 |
| Catalent Pharma Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.13%, 2/15/29 (a) | 250.0 | 199.0 |
| Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.13%, 2/1/28 | 300.0 | 280.0 |
| Cheplapharm Arzneimittel GmbH |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 1/15/28 (a) | 350.0 | 293.0 |
| Chobani LLC/Chobani Finance Corp., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 11/15/28 (a) | 425.0 | 371.0 |
| &nbsp;&nbsp;&nbsp;7.50%, 4/15/25 (a) | 550.0 | 536.0 |
| CoreLogic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 5/1/28 (a) | 250.0 | 192.0 |
| CPI CG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.63%, 3/15/26 (a) | 468.0 | 462.0 |
| Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 6/15/30 (a) | 580.0 | 568.0 |
| Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 6/1/28 (a) | 250.0 | 234.0 |
| FAGE International SA/FAGE USA Dairy Industry, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.63%, 8/15/26 (a) | 371.0 | 345.0 |
| Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;9.50%, 11/1/27 (a) | 650.0 | 627.0 |
| Grifols Escrow Issuer SA |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 10/15/28 (a) | 325.0 | 281.0 |
| H-Food Holdings LLC/Hearthside Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.50%, 6/1/26 (a) | 500.0 | 291.0 |
| Hadrian Merger Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.50%, 5/1/26 (a) | 600.0 | 531.0 |
| Horizon Therapeutics USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 8/1/27 (a) | 360.0 | 370.0 |
| Ingles Markets, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/31 (a) | 500.0 | 421.0 |
| Lannett Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, 4/15/26 (a) | 500.0 | 131.0 |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/29 (a) | 750.0 | 597.0 |
| Metis Merger Sub LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 5/15/29 (a) | 600.0 | 504.0 |
| ModivCare Escrow Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/29 (a) | 600.0 | 507.0 |
| Nathan's Famous, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63%, 11/1/25 (a) | 750.0 | 735.0 |

---

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| P&L Development LLC/PLD Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, 11/15/25 (a) | 650.0 | 528 |
| Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 10/15/27 (a) | 500.0 | 473 |
| Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.90%, 12/15/24 | 500.0 | 473 |
| PRA Health Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.88%, 7/15/26 (a) | 209.0 | 189 |
| PROG Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 11/15/29 (a) | 325.0 | 262 |
| RP Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 12/15/25 (a) | 500.0 | 382 |
| Signal Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.13%, 4/1/29 (a) | 500.0 | 153 |
| Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 3/1/29 (a) | 995.0 | 811 |
| Sotheby's |  |  |
| &nbsp;&nbsp;&nbsp;7.38%, 10/15/27 (a) | 450.0 | 423 |
| Spectrum Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.88%, 3/15/31 (a) | 250.0 | 195 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/29 (a) | 162.0 | 140 |
| Surgery Center Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 7/1/25 (a) | 150.0 | 148 |
| &nbsp;&nbsp;&nbsp;10.00%, 4/15/27 (a) | 455.0 | 464 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.13%, 10/1/28 (a) | 500.0 | 449 |
| US Acute Care Solutions LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.38%, 3/1/26 (a) | 750.0 | 667 |
| US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 6/1/30 (a) | 250.0 | 220 |
| WASH Multifamily Acquisition, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 4/15/26 (a) | 500.0 | 472 |
| ZipRecruiter, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/30 (a) | 595.0 | 491 |
|  |  | 20291 |
| **Energy (9.9%)** |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 4/1/28 (a) | 200.0 | 183 |
| &nbsp;&nbsp;&nbsp;6.88%, 4/1/27 (a) | 300.0 | 287 |
| Baytex Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.75%, 4/1/27 (a) | 250.0 | 255 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.63%, 7/15/26 (a) | 850.0 | 824 |
| CNX Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 4/15/30 (a) | 450.0 | 370 |
| Colgate Energy Partners III LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 7/1/29 (a) | 900.0 | 774 |
| CrownRock LP/CrownRock Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/29 (a) | 250.0 | 226 |
| Global Partners LP/GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 8/1/27 | 840.0 | 799 |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 2/15/30 (a) | 300.0 | 257 |
| Holly Energy Partners LP/Holly Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.38%, 4/15/27 (a) | 300.0 | 295 |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 8/1/29 (a) | 250.0 | 211 |

---

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Kinetik Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 6/15/30 (a) | 500.0 | 470 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 8/1/26 (a) | 700.0 | 673 |
| Martin Midstream Partners LP/Martin Midstream Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;10.00%, 2/29/24 (a) | 218.0 | 219 |
| &nbsp;&nbsp;&nbsp;11.50%, 2/28/25 (a) | 992.0 | 994 |
| Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 9/15/26 | 1000.0 | 963 |
| Murphy Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 12/1/27 | 440.0 | 424 |
| NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;6.38%, 10/1/30 | 450.0 | 417 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.13%, 1/1/31 | 750.0 | 758 |
| Oceaneering International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 2/1/28 | 875.0 | 807 |
| Parkland Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 10/1/29 (a) | 250.0 | 209 |
| &nbsp;&nbsp;&nbsp;4.63%, 5/1/30 (a) | 250.0 | 207 |
| Rockcliff Energy II LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 10/15/29 (a) | 450.0 | 412 |
| Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 5/15/25 (a) | 300.0 | 284 |
| Southwestern Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 2/1/32 | 300.0 | 257 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 12/31/30 (a) | 500.0 | 433 |
| Vermilion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.63%, 3/15/25 (a) | 900.0 | 866 |
| Viper Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;5.38%, 11/1/27 (a) | 600.0 | 571 |
|  |  | 13445 |
| **Finance (8.4%)** |  |  |
| AG TTMT Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.63%, 9/30/27 (a) | 400.0 | 402 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 10/15/27 (a) | 500.0 | 450 |
| BroadStreet Partners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 4/15/29 (a) | 450.0 | 384 |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 4/1/27 (a) | 400.0 | 335 |
| Coinbase Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.38%, 10/1/28 (a) | 425.0 | 225 |
| Compass Group Diversified Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 4/15/29 (a) | 685.0 | 587 |
| CTR Partnership LP/CareTrust Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.88%, 6/30/28 (a) | 348.0 | 295 |
| Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 5/15/28 (a) | 250.0 | 239 |
| EPR Properties |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 12/15/26 | 100.0 | 90 |
| Global Net Lease, Inc./Global Net Lease Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 12/15/27 (a) | 400.0 | 331 |
| GTCR AP Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 5/15/27 (a) | 200.0 | 192 |
| Howard Hughes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.13%, 2/1/29 (a) | 400.0 | 336 |

---

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.38%, 2/1/29 | 250.0 | 212 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 7/15/30 (a) | 300.0 | 261 |
| Jane Street Group/JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 11/15/29 (a) | 500.0 | 431 |
| Jefferies Finance LLC/JFIN Co.-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/28 (a) | 500.0 | 409 |
| Jefferson Capital Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 8/15/26 (a) | 643.0 | 533 |
| LD Holdings Group LLC, |  |  |
| &nbsp;&nbsp;&nbsp;6.13%, 4/1/28 (a) | 250.0 | 152 |
| &nbsp;&nbsp;&nbsp;6.50%, 11/1/25 (a) | 350.0 | 236 |
| LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/29 (a) | 350.0 | 305 |
| MGIC Investment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/28 | 500.0 | 462 |
| Oxford Finance LLC/Oxford Finance Co-Issuer II Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38%, 2/1/27 (a) | 750.0 | 699 |
| PRA Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/29 (a) | 310.0 | 256 |
| RHP Hotel Properties LP/RHP Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 2/15/29 (a) | 250.0 | 216 |
| &nbsp;&nbsp;&nbsp;4.75%, 10/15/27 | 250.0 | 227 |
| RLJ Lodging Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 7/1/26 (a) | 250.0 | 223 |
| SBA Communications Corp., |  |  |
| &nbsp;&nbsp;&nbsp;Series WI |  |  |
| &nbsp;&nbsp;&nbsp;3.88%, 2/15/27 | 300.0 | 272 |
| SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.13%, 11/2/26 | 250.0 | 213 |
| StoneX Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.63%, 6/15/25 (a) | 899.0 | 910 |
| SVB Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;1.80%, 2/2/31 | 525.0 | 384 |
| United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 4/15/29 (a) | 300.0 | 239 |
| Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 4/15/28 (a) | 275.0 | 220 |
| VistaJet Malta Finance PLC/XO Management Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38%, 2/1/30 (a) | 825.0 | 663 |
|  |  | 11389 |
| **Industrials (17.4%)** |  |  |
| Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 2/15/28 (a) | 750.0 | 694 |
| Brundage-Bone Concrete Pumping Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 2/1/26 (a) | 500.0 | 456 |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/30 (a) | 250.0 | 222 |
| Cargo Aircraft Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 2/1/28 (a) | 500.0 | 455 |
| Carriage Purchaser, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.88%, 10/15/29 (a) | 1330.0 | 946 |
| Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 7/15/27 (a) | 300.0 | 285 |
| Coherent Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/15/29 (a) | 450.0 | 389 |
| Covanta Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 12/1/29 (a) | 450.0 | 369 |

---

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| CP Atlas Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 12/1/28 (a) | 800.0 | 595.0 |
| Dycom Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 4/15/29 (a) | 250.0 | 218.0 |
| EnerSys |  |  |
| &nbsp;&nbsp;&nbsp;4.38%, 12/15/27 (a) | 350.0 | 317.0 |
| EnPro Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 10/15/26 | 750.0 | 731.0 |
| Fly Leasing Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 10/15/24 (a) | 1175.0 | 920.0 |
| FXI Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.88%, 11/1/24 (a) | 538.0 | 448.0 |
| GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 6/15/29 (a) | 300.0 | 263.0 |
| Great Lakes Dredge & Dock Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/29 (a) | 880.0 | 685.0 |
| Griffon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 3/1/28 | 450.0 | 412.0 |
| Harsco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 7/31/27 (a) | 650.0 | 514.0 |
| Hillenbrand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 3/1/31 | 250.0 | 205.0 |
| Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 9/15/28 (a) | 500.0 | 404.0 |
| JPW Industries Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;9.00%, 10/1/24 (a) | 1050.0 | 908.0 |
| Koppers, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 2/15/25 (a) | 750.0 | 714.0 |
| Manitowoc Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.00%, 4/1/26 (a) | 750.0 | 706.0 |
| Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, 4/15/25 (a) | 1000.0 | 927.0 |
| MIWD Holdco II LLC/MIWD Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 2/1/30 (a) | 600.0 | 478.0 |
| Moog, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 12/15/27 (a) | 500.0 | 463.0 |
| Mueller Water Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/29 (a) | 550.0 | 484.0 |
| New Enterprise Stone & Lime Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 7/15/28 (a) | 450.0 | 400.0 |
| &nbsp;&nbsp;&nbsp;9.75%, 7/15/28 (a) | 500.0 | 464.0 |
| OI European Group BV |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 2/15/30 (a) | 250.0 | 219.0 |
| Owens-Brockway Glass Container, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63%, 5/13/27 (a) | 188.0 | 183.0 |
| Patrick Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 5/1/29 (a) | 500.0 | 416.0 |
| PGT Innovations, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.38%, 10/1/29 (a) | 600.0 | 503.0 |
| Roller Bearing Co. of America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.38%, 10/15/29 (a) | 250.0 | 216.0 |
| Seaspan Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 8/1/29 (a) | 500.0 | 380.0 |
| SRM Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 11/1/28 (a) | 400.0 | 359.0 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/27 (a) | 250.0 | 231.0 |
| Summit Materials LLC/Summit Materials Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 1/15/29 (a) | 150.0 | 140.0 |

---

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| TK Elevator US Newco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 7/15/27 (a) | 550.0 | 489 |
| TopBuild Corp., |  |  |
| &nbsp;&nbsp;&nbsp;3.63%, 3/15/29 (a) | 250.0 | 205 |
| &nbsp;&nbsp;&nbsp;4.13%, 2/15/32 (a) | 150.0 | 122 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 11/15/27 | 300.0 | 282 |
| Trident TPI Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63%, 11/1/25 (a) | 750.0 | 655 |
| TriMas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.13%, 4/15/29 (a) | 400.0 | 350 |
| Triumph Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 9/15/24 (a) | 700.0 | 665 |
| &nbsp;&nbsp;&nbsp;8.88%, 6/1/24 (a) | 214.0 | 218 |
| Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;8.50%, 8/15/27 (a) | 500.0 | 460 |
| TTM Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/29 (a) | 250.0 | 215 |
| Victors Merger Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.38%, 5/15/29 (a) | 750.0 | 413 |
| VM Consolidated, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 4/15/29 (a) | 325.0 | 287 |
| Waste Pro USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 2/15/26 (a) | 475.0 | 421 |
| Watco Cos. LLC/Watco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 6/15/27 (a) | 750.0 | 714 |
| XPO Escrow Sub LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 11/15/27 (a) | 340.0 | 345 |
|  |  | 23560 |
| **Technology (3.4%)** |  |  |
| Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/29 (a) | 250.0 | 220 |
| Clarivate Science Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 7/1/29 (a) | 450.0 | 383 |
| Crowdstrike Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 2/15/29 | 570.0 | 482 |
| Dun & Bradstreet Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/15/29 (a) | 300.0 | 257 |
| KBR, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 9/30/28 (a) | 330.0 | 294 |
| Kyndryl Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.70%, 10/15/28 | 250.0 | 188 |
| Minerva Merger Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 2/15/30 (a) | 500.0 | 369 |
| NCR Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.13%, 4/15/29 (a) | 250.0 | 210 |
| ON Semiconductor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.88%, 9/1/28 (a) | 400.0 | 350 |
| Playtika Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 3/15/29 (a) | 500.0 | 393 |
| Rackspace Technology Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.38%, 12/1/28 (a) | 625.0 | 273 |
| Rocket Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 2/15/29 (a) | 500.0 | 395 |
| Unisys Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.88%, 11/1/27 (a) | 375.0 | 288 |

---

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Ziff Davis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 10/15/30 (a) | 502.0 | 426 |
|  |  | 4528 |
| **Utilities (0.5%)** |  |  |
| Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.13%, 3/15/28 (a) | 375.0 | 335 |
| Leeward Renewable Energy Operations LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 7/1/29 (a) | 114.0 | 98 |
| TransAlta Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, 11/15/29 | 200.0 | 204 |
|  |  | 637 |
|  |  | 128908 |
| **Variable Rate Senior Loan Interests (1.4%)** |  |  |
| **Consumer, Cyclical (0.7%)** |  |  |
| Peloton Interactive, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD SOFR + 6.50%, 11.76%, 5/25/27 (b) | 398.0 | 392 |
| TopGolf International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;3 Month USD LIBOR + 6.25%, 10.58%, 2/9/26 (b) | 481.0 | 482 |
|  |  | 874 |
| **Consumer, Non-Cyclical (0.4%)** |  |  |
| H Food Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;2018 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 3.69%, 8.07%, 5/23/25 (b) | 645.0 | 577 |
| **Energy (0.0%) (e)** |  |  |
| Gavilan Resources LLC, |  |  |
| &nbsp;&nbsp;&nbsp;2nd Lien Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;3 Month USD LIBOR, 3.25%, 3/1/24 (b)(c)(d) | 1000.0 |  |
| **Industrials (0.3.%)** |  |  |
| Titan Acquisition Limited, |  |  |
| &nbsp;&nbsp;&nbsp;2018 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;6 Month USD LIBOR + 3.00%, 8.15%, 3/28/25 (b) | 500.0 | 468 |
|  |  | 1919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Fixed Income Securities (Cost $152,618)** |  | 130827 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Common Stocks (0.0%) (e)** |  |  |
| **Auto Components (0.0%) (e)** |  |  |
| Exide Technologies (f) | 592 |  |
| **Equity Real Estate Investment Trusts (REITs) (0.0%) (e)** |  |  |
| American Gilsonite Co. | 500 | 4 |
| **Machinery (0.0%) (e)** |  |  |
| Iracore International Holdings, Inc., Class A (f)(g) | 470 | 24 |
| **Semiconductors & Semiconductor Equipment (0.0%) (e)** |  |  |
| UC Holdings, Inc. | 2826 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $151)** |  | 59 |
| **Total Investments (96.7%) (Cost $152,769) (h)(i)** |  | 130886 |
| **Other Assets in Excess of Liabilities (3.3%)** |  | 4398 |
| **Net Assets (100.0%)** |  | $135284 |

---

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | |
|:---|:---|
| (a) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (b) | Floating or variable rate securities: The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments. |
| (c) | Non-income producing security; bond in default. |
| (d) | Issuer in bankruptcy. |
| (e) | Amount is less than 0.05%. |
| (f) | Non-income producing security. |
| (g) | At December 31, 2022, the Fund held a fair valued security valued at $24,000, representing 0.02% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Trust's Trustees. |
| (h) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions. |
| (i) | At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $318,000 and the aggregate gross unrealized depreciation is approximately $22,201,000, resulting in net unrealized depreciation of approximately $21,883,000. |
| CDI | CHESS Depositary Interest. |
| LIBOR | London Interbank Offered Rate. |
| REITs | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |
| USD | United States Dollar. |

---

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br> Total Investments** |
| Consumer, Cyclical | 26.1% |
| Industrials | 17.6 |
| Consumer, Non-Cyclical | 15.5 |
| Energy | 10.3 |
| Communications | 9.5 |
| Finance | 8.7 |
| Basic Materials | 6.8 |
| Other\* | 5.5 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount <br> (000)** | **Value<br> (000)** |
| **Fixed Income Securities (98.2%)** |  |  |
| **Agency Adjustable Rate Mortgages (0.1%)** |  |  |
| Federal Home Loan Mortgage Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;Conventional Pools: |  |  |
| &nbsp;&nbsp;&nbsp;1 Year CMT + 2.18%, 3.16%, 6/1/38 | $62 | $63 |
| &nbsp;&nbsp;&nbsp;1 Year CMT + 2.34%, 3.58%, 1/1/36 | 135 | 137 |
| &nbsp;&nbsp;&nbsp;1 Year CMT + 2.33%, 3.73%, 7/1/38 | 130 | 132 |
| &nbsp;&nbsp;&nbsp;1 Year CMT + 2.31%, 3.81%, 3/1/37 | 151 | 153 |
|  |  | 485 |
| **Agency Bond - Consumer Discretionary (U.S. Government Guaranteed) (0.0%) (a)** |  |  |
| Safina Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 12/30/23 | 91 | 89 |
| **Agency Fixed Rate Mortgages (0.1%)** |  |  |
| Federal Home Loan Mortgage Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;Gold Pools: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 12/1/24 | 35 | 34 |
| &nbsp;&nbsp;&nbsp;7.50%, 5/1/35 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;8.00%, 8/1/32 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;8.50%, 8/1/31 | 7 | 7 |
| Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;Conventional Pools: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 6/1/24 – 7/1/24 | 62 | 61 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/23 – 12/1/24 | 30 | 30 |
| &nbsp;&nbsp;&nbsp;6.00%, 9/1/37 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;6.50%, 2/1/28 – 10/1/32 | 92 | 94 |
| &nbsp;&nbsp;&nbsp;7.00%, 7/1/29 – 3/1/37 | 103 | 109 |
| &nbsp;&nbsp;&nbsp;7.50%, 8/1/37 | 13 | 14 |
| &nbsp;&nbsp;&nbsp;8.00%, 4/1/33 | 23 | 25 |
| &nbsp;&nbsp;&nbsp;8.50%, 10/1/32 | 12 | 13 |
| Government National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;Various Pools: |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 11/15/38 | 47 | 49 |
| &nbsp;&nbsp;&nbsp;8.50%, 7/15/30 | 5 | 5 |
|  |  | 483 |
| **Asset-Backed Securities (15.8%)** |  |  |
| Affirm Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, 6/15/27 (b) | 953 | 929 |
| AIMCO CLO, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-B |  |  |
| &nbsp;&nbsp;&nbsp;3 Month USD LIBOR + 1.10%, 5.18%, 1/15/32 (b)(c) | 1725 | 1697 |
| AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.11%, 9/17/37 (b) | 975 | 878 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.54%, 7/17/46 (b) | 583 | 534 |
| Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 1.07%, 5.39%, 8/15/34 (b)(c) | 1200 | 1141 |
| Blackbird Capital Aircraft |  |  |
| &nbsp;&nbsp;&nbsp;2.44%, 7/15/46 (b) | 707 | 581 |
| Carlyle U.S. CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3 Month USD LIBOR + 1.05%, 5.29%, 7/20/31 (b)(c) | 2225 | 2193 |
| Cologix Data Centers US Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.30%, 12/26/51 (b) | 1225 | 1073 |

---

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Commonbond Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.20%, 3/25/52 (b) | 1043 | 845 |
| Dryden 58 CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.08%, 7/17/31 (c) | 750 | 739 |
| ECMC Group Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Class A1B |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 1.00%, 5.39%, 1/27/70 (b)(c) | 687 | 683 |
| ELFI Graduate Loan Program 2021-A LLC |  |  |
| &nbsp;&nbsp;&nbsp;1.53%, 12/26/46 (b) | 1494 | 1307 |
| Elmwood CLO IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3 Month USD LIBOR + 1.24%, 5.32%, 4/15/33 (b)(c) | 2200 | 2167 |
| Falcon Aerospace Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 9/15/39 (b) | 293 | 238 |
| FCI Funding 2021-1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;1.13%, 4/15/33 (b) | 240 | 234 |
| FCI Funding 2019-1 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;3.63%, 2/18/31 (b) | 14 | 14 |
| FHF Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.27%, 3/15/27 (b) | 257 | 246 |
| GAIA Aviation Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.97%, 12/15/44 (b) | 460 | 382 |
| GCI Funding I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.82%, 10/18/45 (b) | 1030 | 910 |
| Golub Capital Partners ABS Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;2.77%, 4/20/29 (b) | 1725 | 1562 |
| &nbsp;&nbsp;&nbsp;Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;3.21%, 1/22/29 (b) | 1360 | 1271 |
| Kubota Credit Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;0.59%, 10/15/24 (b) | 410 | 401 |
| LCM 38 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3 Month Term SOFR + 2.10%, 4.59%, 7/15/34 (b)(c) | 2000 | 1986 |
| Loanpal Solar Loan Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;2.22%, 3/20/48 (b) | 1336 | 981 |
| &nbsp;&nbsp;&nbsp;2.29%, 1/20/48 (b) | 1032 | 787 |
| Lunar 2021-1 Structured Aircraft Portfolio Notes |  |  |
| &nbsp;&nbsp;&nbsp;2.64%, 10/15/46 (b) | 1639 | 1318 |
| MACH 1 Cayman Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.47%, 10/15/39 (b) | 374 | 303 |
| Madison Park Funding XXIV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.42%, 5.38%, 10/20/29 (b)(c) | 2207 | 2175 |
| MAPS Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.52%, 6/15/46 (b) | 753 | 627 |
| Mercedes-Benz Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;0.55%, 2/18/25 | 114 | 112 |
| Mercury Financial Credit Card Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.54%, 3/20/26 (b) | 1725 | 1646 |
| MFA 2021-NPL1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.36%, 3/25/60 (b) | 861 | 812 |
| Monroe Capital ABS Funding 2021-1 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.82%, 4/22/31 (b) | 1625 | 1495 |
| Mosaic Solar Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;2.05%, 12/20/46 (b) | 947 | 717 |
| &nbsp;&nbsp;&nbsp;2.10%, 4/20/46 (b) | 205 | 178 |
| Navient Private Education Refi Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;0.94%, 7/15/69 (b) | 1032 | 873 |
| Nelnet Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.32%, 4/20/62 (b) | 958 | 851 |
| Neuberger Berman Loan Advisers CLO 31 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3 Month USD LIBOR + 1.04%, 5.28%, 4/20/31 (b)(c) | 2475 | 2429 |

---

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| New Residential Advance Receivables Trust Advance Receivables Backed |  |  |
| &nbsp;&nbsp;&nbsp;1.43%, 8/15/53 (b) | 1170 | 1130 |
| Newday Funding Master Issuer PLC, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.95%, 5.15%, 7/15/29 (b)(c) | 1175 | 1152 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.10%, 5.30%, 3/15/29 (b)(c) | 1760 | 1735 |
| NRZ Advance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.48%, 9/15/53 (b) | 1380 | 1330 |
| NRZ Excess Spread-Collateralized Notes, |  |  |
| &nbsp;&nbsp;&nbsp;2.98%, 3/25/26 (b) | 1079 | 959 |
| &nbsp;&nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.10%, 7/25/26 (b) | 889 | 778 |
| &nbsp;&nbsp;&nbsp;3.23%, 5/25/26 (b) | 1340 | 1188 |
| &nbsp;&nbsp;&nbsp;3.47%, 11/25/26 (b) | 1220 | 1079 |
| NRZ FHT Excess LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;4.21%, 11/25/25 (b) | 397 | 368 |
| Octane Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.21%, 9/20/28 (b) | 315 | 299 |
| Option One Mortgage Loan Trust Asset-Backed Certificates |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.50%, 4.85%, 8/20/30 (c) | 38 | 37 |
| Oxford Finance Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.10%, 2/15/28 (b) | 157 | 155 |
| Palmer Square CLO 2018-2 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3 Month USD LIBOR + 1.10%, 5.18%, 7/16/31 (b)(c) | 1225 | 1210 |
| PFS Financing Corp., |  |  |
| &nbsp;&nbsp;&nbsp;0.77%, 8/15/26 (b) | 1310 | 1209 |
| &nbsp;&nbsp;&nbsp;0.97%, 2/15/26 (b) | 960 | 906 |
| &nbsp;&nbsp;&nbsp;4.27%, 8/15/27 (b) | 2225 | 2173 |
| PNMAC GMSR Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 2.35%, 6.74%, 4/25/23 (b)(c) | 1000 | 944 |
| PRET 2021-NPL6 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.49%, 7/25/51 (b) | 853 | 792 |
| ReadyCap Lending Small Business Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Daily US Prime Rate - 0.50%, 7.00%, 12/27/44 (b)(c) | 112 | 107 |
| Republic Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.47%, 11/20/30 (b) | 500 | 472 |
| S-Jets Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.97%, 8/15/42 (b) | 1384 | 1076 |
| SMB Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;1.34%, 3/17/53 (b) | 661 | 580 |
| &nbsp;&nbsp;&nbsp;1.68%, 2/15/51 (b) | 756 | 682 |
| Southwick Park CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 Month USD LIBOR + 1.06%, 5.30%, 7/20/32 (b)(c) | 2000 | 1966 |
| SPS Servicer Advance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.83%, 11/15/55 (b) | 2100 | 1906 |
| START Ireland |  |  |
| &nbsp;&nbsp;&nbsp;4.09%, 3/15/44 (b) | 638 | 545 |
| Start Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.09%, 5/15/43 (b) | 1289 | 1033 |
| Theorem Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;7.60%, 4/15/29 | 460 | 458 |
| VCP RRL ABS I Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;2.15%, 10/20/31 (b) | 373 | 338 |
|  |  | 63922 |

---

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations - Agency Collateral Series (0.2%)** | | |
| Federal Home Loan Mortgage Corporation, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 9/15/29 | 161 | 165 |
| Government National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.28%, 4.12%, 5/20/63 (c) | 3 | 3 |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.45%, 4.29%, 5/20/62 (c) | —@ | —@ |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.60%, 4.44%, 1/20/64 (c) | 60 | 60 |
| &nbsp;&nbsp;&nbsp;REMIC |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.50%, 4.34%, 3/20/61 (c) | 73 | 73 |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.56%, 4.40%, 9/20/62 (c) | 172 | 172 |
| Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 2/25/59 | 565 | 531 |
|  |  | 1004 |
| **Commercial Mortgage-Backed Securities (5.5%)** |  |  |
| Alen 2021-ACEN Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 1.15%, 5.47%, 4/15/34 (b)(c) | 1200 | 1086 |
| Angel Oak SB Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.07%, 5/25/50 (b)(c) | 719 | 653 |
| BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.70%, 5.02%, 4/15/34 (b)(c) | 2100 | 2003 |
| BX Trust BX 2022 VAMF |  |  |
| &nbsp;&nbsp;&nbsp;1 Month Term SOFR + 1.58%, 5.92%, 1/15/39 (b)(c) | 820 | 780 |
| Credit Suisse Mortgage Capital Certificates |  |  |
| &nbsp;&nbsp;&nbsp;3.53%, 8/15/37 (b) | 575 | 518 |
| CSMC 2020-TMIC, |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 3.00%, 7.82%, 12/15/35 (b)(c) | 2125 | 2120 |
| CSMC 2022-MARK |  |  |
| &nbsp;&nbsp;&nbsp;1 Month Term SOFR + 2.70%, 7.03%, 6/15/39 (b)(c) | 1570 | 1557 |
| CSWF Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.967%, 5.28%, 6/15/34 (b)(c) | 1787 | 1712 |
| DROP Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 1.15%, 5.47%, 10/15/43 (b)(c) | 1700 | 1626 |
| HPLY Trust |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 2.35%, 6.67%, 11/15/36 (b)(c) | 383 | 362 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;4.13%, 7/5/31 (b) | 1100 | 1035 |
| &nbsp;&nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 1.12%, 5.43%, 11/15/38 (b)(c) | 2450 | 2352 |
| Natixis Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.95%, 5.27%, 8/15/38 (b)(c) | 2080 | 1989 |
| &nbsp;&nbsp;&nbsp;1 Month Term SOFR + 2.20%, 6.52%, 7/15/36 (b)(c) | 850 | 775 |
| Silver Hill Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.10%, 11/25/49 (b)(c) | 407 | 394 |
| TPGI Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.70%, 5.02%, 6/15/26 (b)(c) | 1175 | 1136 |
| TTAN 2021-MHC, |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.85%, 5.17%, 3/15/38 (b)(c) | 839 | 816 |
| VMC Finance 2021-HT1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 1.65%, 5.99%, 1/18/37 (b)(c) | 1380 | 1336 |
|  |  | 22250 |

---

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| **Corporate Bonds (58.7%)** |  |  |
| **Finance (29.5%)** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, |  |  |
| &nbsp;&nbsp;&nbsp;1.65%, 10/29/24 | 2000.0 | 1846.0 |
| &nbsp;&nbsp;&nbsp;2.45%, 10/29/26 | 850.0 | 744.0 |
| Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.80%, 8/18/24 | 2895.0 | 2668.0 |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 6/25/24 (b) | 2280.0 | 2170.0 |
| Australia & New Zealand Banking Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, 5/19/26 (b) | 2500.0 | 2403.0 |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.88%, 2/15/25 (b) | 625.0 | 578.0 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| &nbsp;&nbsp;&nbsp;0.88%, 9/18/23 | 1600.0 | 1550.0 |
| Banco Santander Chile |  |  |
| &nbsp;&nbsp;&nbsp;2.70%, 1/10/25 (b) | 800.0 | 760.0 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.38%, 4/2/26 | 2310.0 | 2208.0 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;1.05%, 3/2/26 | 5050.0 | 4471.0 |
| Banque Federative du Credit Mutuel SA, |  |  |
| &nbsp;&nbsp;&nbsp;2.38%, 11/21/24 (b) | 3480.0 | 3293.0 |
| &nbsp;&nbsp;&nbsp;4.52%, 7/13/25 (b) | 3210.0 | 3156.0 |
| Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;5.30%, 8/9/26 (c) | 2000.0 | 1987.0 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;2.22%, 6/9/26 (b) | 3150.0 | 2895.0 |
| BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;2.38%, 1/14/25 (b) | 2635.0 | 2460.0 |
| Canadian Imperial Bank of Commerce, |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, 1/28/25 | 1130.0 | 1067.0 |
| &nbsp;&nbsp;&nbsp;3.30%, 4/7/25 | 2270.0 | 2180.0 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.11%, 4/8/26 | 2000.0 | 1895.0 |
| &nbsp;&nbsp;&nbsp;3.35%, 4/24/25 | 4770.0 | 4628.0 |
| Corebridge Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 4/4/25 (b) | 2280.0 | 2188.0 |
| Deutsche Bank AG, |  |  |
| &nbsp;&nbsp;&nbsp;Series E |  |  |
| &nbsp;&nbsp;&nbsp;0.96%, 11/8/23 | 3950.0 | 3802.0 |
| Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 3/15/26 | 2830.0 | 2547.0 |
| Equitable Financial Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;1.40%, 7/7/25 (b) | 3300.0 | 2995.0 |
| GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.63%, 1/15/26 (b) | 4070.0 | 3618.0 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 1/23/25 | 1750.0 | 1692.0 |
| Guardian Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;0.88%, 12/10/25 (b) | 2450.0 | 2167.0 |
| HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;2.63%, 11/7/25 | 1850.0 | 1739.0 |
| &nbsp;&nbsp;&nbsp;3.80%, 3/11/25 | 3350.0 | 3258.0 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;2.01%, 3/13/26 | 2000.0 | 1853.0 |
| &nbsp;&nbsp;&nbsp;2.08%, 4/22/26 | 4500.0 | 4181.0 |
| &nbsp;&nbsp;&nbsp;5.55%, 12/15/25 | 2120.0 | 2122.0 |
| LeasePlan Corp. NV |  |  |
| &nbsp;&nbsp;&nbsp;2.88%, 10/24/24 (b) | 1275.0 | 1197.0 |

---

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;0.70%, 5/11/24 | 2105.0 | 2065 |
| Macquarie Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.30%, 1/22/25 (b) | 3475.0 | 3290 |
| Macquarie Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;1.34%, 1/12/27 (b) | 3060.0 | 2670 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;7.47%, 11/10/26 | 2000.0 | 2083 |
| Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 9/30/26 (b) | 5075.0 | 4389 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;1.20%, 4/27/26 | 7020.0 | 6250 |
| Santander UK Group Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, 11/15/24 | 5510.0 | 5419 |
| Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;2.63%, 1/22/25 (b) | 1175.0 | 1106 |
| Standard Chartered PLC |  |  |
| &nbsp;&nbsp;&nbsp;0.99%, 1/12/25 (b) | 4795.0 | 4532 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.35%, 1/15/25 | 6480.0 | 6136 |
| Suncorp-Metway Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.30%, 4/15/24 (b) | 1980.0 | 1931 |
| Synchrony Bank |  |  |
| &nbsp;&nbsp;&nbsp;5.40%, 8/22/25 | 1480.0 | 1454 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.91%, 4/25/26 | 1975.0 | 1921 |
|  |  | 119564 |
| **Industrials (26.9%)** |  |  |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.35%, 5/6/25 | 1500.0 | 1414 |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.60%, 4/15/26 | 450.0 | 401 |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.70%, 3/25/26 | 2840.0 | 2563 |
| Baxter International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.92%, 2/1/27 | 4230.0 | 3756 |
| Bayer US Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.38%, 10/8/24 (b) | 1740.0 | 1683 |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.04%, 5/1/27 | 1475.0 | 1461 |
| CDW LLC/CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.67%, 12/1/26 | 250.0 | 222 |
| Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.17%, 7/15/27 | 1110.0 | 1097 |
| Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;4.91%, 7/23/25 | 850.0 | 834 |
| Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 2/25/26 | 3025.0 | 2982 |
| Continental Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.27%, 11/15/26 (b) | 1000.0 | 868 |
| Daimler Trucks Finance North America LLC, |  |  |
| &nbsp;&nbsp;&nbsp;1.13%, 12/14/23 (b) | 575.0 | 553 |
| &nbsp;&nbsp;&nbsp;2.00%, 12/14/26 (b) | 2025.0 | 1787 |
| Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.45%, 6/15/23 | 523.0 | 523 |
| DuPont de Nemours, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.49%, 11/15/25 | 875.0 | 861 |

---

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Eastern Energy Gas Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.55%, 11/1/23 | 2050.0 | 2024.0 |
| Energy Transfer LP, |  |  |
| &nbsp;&nbsp;&nbsp;2.90%, 5/15/25 | 4130.0 | 3893.0 |
| &nbsp;&nbsp;&nbsp;4.75%, 1/15/26 | 325.0 | 317.0 |
| Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.90%, 2/15/24 | 1200.0 | 1182.0 |
| Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.03%, 1/25/24 | 1200.0 | 1187.0 |
| General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 6/10/26 | 2890.0 | 2513.0 |
| &nbsp;&nbsp;&nbsp;3.95%, 4/13/24 | 1250.0 | 1226.0 |
| Genuine Parts Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 2/1/25 | 740.0 | 691.0 |
| Georgia-Pacific LLC |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 9/30/25 (b) | 4080.0 | 3731.0 |
| Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.13%, 3/12/24 (b) | 1225.0 | 1206.0 |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, 8/15/27 | 1250.0 | 1215.0 |
| GSK Consumer Healthcare Capital U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.02%, 3/24/24 | 750.0 | 728.0 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/24 | 1600.0 | 1592.0 |
| Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;1.25%, 9/18/23 (b) | 1380.0 | 1338.0 |
| &nbsp;&nbsp;&nbsp;1.30%, 1/8/26 (b) | 2780.0 | 2434.0 |
| &nbsp;&nbsp;&nbsp;2.38%, 2/10/23 (b) | 590.0 | 589.0 |
| Hyundai Capital Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.13%, 4/24/25 (b) | 1000.0 | 915.0 |
| Imperial Brands Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;3.13%, 7/26/24 (b) | 2015.0 | 1927.0 |
| International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.23%, 10/1/25 (b) | 2250.0 | 1990.0 |
| JDE Peet's NV |  |  |
| &nbsp;&nbsp;&nbsp;0.80%, 9/24/24 (b) | 3025.0 | 2765.0 |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 11/15/26 | 2640.0 | 2334.0 |
| Mitsubishi Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.13%, 7/15/26 (b) | 2610.0 | 2292.0 |
| Mondelez International Holdings Netherlands BV, |  |  |
| &nbsp;&nbsp;&nbsp;1.25%, 9/24/26 (b) | 2910.0 | 2533.0 |
| &nbsp;&nbsp;&nbsp;2.25%, 9/19/24 (b) | 950.0 | 904.0 |
| Mercedes-Benz Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.30%, 5/19/25 (b) | 2510.0 | 2417.0 |
| NBN Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;1.45%, 5/5/26 (b) | 2770.0 | 2447.0 |
| Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.04%, 9/15/23 (b) | 2640.0 | 2587.0 |
| NongHyup Bank |  |  |
| &nbsp;&nbsp;&nbsp;1.25%, 7/20/25 (b) | 690.0 | 625.0 |
| NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.16%, 4/3/26 (b) | 6790.0 | 6013.0 |
| Nucor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 6/1/25 | 975.0 | 908.0 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.70%, 5/1/25 | 1540.0 | 1451.0 |
| PerkinElmer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.85%, 9/15/24 | 3440.0 | 3190.0 |
| Pioneer Natural Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.13%, 1/15/26 | 4490.0 | 4007.0 |

---

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;1.20%, 9/2/25 | 1475.0 | 1321 |
| Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.57%, 10/15/26 (b) | 1725.0 | 1492 |
| Siemens Financieringsmaatschappij NV |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 5/27/25 (b) | 1000.0 | 966 |
| Silgan Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.40%, 4/1/26 (b) | 1875.0 | 1656 |
| Skyworks Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.90%, 6/1/23 | 1750.0 | 1716 |
| Sonoco Products Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.80%, 2/1/25 | 1460.0 | 1358 |
| TD SYNNEX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.25%, 8/9/24 | 5815.0 | 5404 |
| TSMC Global Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.75%, 9/28/25 (b) | 1575.0 | 1422 |
| VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;4.38%, 5/15/25 | 1880.0 | 1828 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.43%, 3/15/24 (b) | 2110.0 | 2049 |
| Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.30%, 3/4/24 | 1330.0 | 1314 |
| Zimmer Biomet Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.45%, 11/22/24 | 2400.0 | 2233 |
|  |  | 108935 |
| **Utilities (2.3%)** |  |  |
| Ameren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 9/15/24 | 2510.0 | 2403 |
| American Electric Power Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;Series N |  |  |
| &nbsp;&nbsp;&nbsp;1.00%, 11/1/25 | 1500.0 | 1341 |
| Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;1.45%, 4/15/26 | 2355.0 | 2099 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.88%, 1/15/27 | 2825.0 | 2504 |
| Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.48%, 8/1/24 (d) | 1175.0 | 1161 |
|  |  | 9508 |
|  |  | 238007 |
| **Mortgages - Other (12.8%)** |  |  |
| Ajax Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;1.07%, 9/25/65 (b)(c) | 744.0 | 648 |
| &nbsp;&nbsp;&nbsp;1.70%, 5/25/59 (b) | 546.0 | 460 |
| &nbsp;&nbsp;&nbsp;2.24%, 6/25/66 (b) | 726.0 | 685 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 5/25/59 (b)(c) | 699.0 | 614 |
| Brean Asset Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;1.40%, 10/25/63 (b)(c) | 1748.0 | 1497 |
| &nbsp;&nbsp;&nbsp;1.75%, 10/25/61 (b)(c) | 1819.0 | 1598 |
| Bunker Hill Loan Depositary Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.72%, 2/25/55 (b)(c) | 237.0 | 220 |
| Cascade Funding Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;0.90%, 6/25/36 (b)(c) | 1267.0 | 1204 |
| &nbsp;&nbsp;&nbsp;1.37%, 2/25/31 (b)(c) | 1600.0 | 1505 |
| &nbsp;&nbsp;&nbsp;1.94%, 9/25/50 (b)(c) | 1413.0 | 1274 |
| &nbsp;&nbsp;&nbsp;2.72%, 12/26/30 (b)(c) | 1625.0 | 1510 |

---

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;2.80%, 6/25/69 (b)(c) | 258 | 250 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/25/68 (b)(c) | 275 | 266 |
| Cascade MH Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 8/25/54 (b) | 1572 | 1381 |
| CHL Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 5/25/34 | 40 | 38 |
| CIM Trust 2021-NR2, |  |  |
| &nbsp;&nbsp;&nbsp;2.57%, 7/25/59 (b) | 1010 | 951 |
| Credit Suisse Mortgage Capital Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;0.94%, 5/25/66 (b)(c) | 925 | 716 |
| &nbsp;&nbsp;&nbsp;1.18%, 2/25/66 (b)(c) | 807 | 666 |
| Finance of America HECM Buyout |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/25/24 (b)(c) | 2467 | 2421 |
| FMC GMSR Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;3.85%, 10/25/26 (b)(c) | 1700 | 1368 |
| &nbsp;&nbsp;&nbsp;4.45%, 1/25/26 (b)(c) | 1500 | 1314 |
| &nbsp;&nbsp;&nbsp;7.90%, 7/25/27 (b) | 1600 | 1510 |
| &nbsp;&nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.62%, 7/25/26 (b)(c) | 1550 | 1263 |
| Headlands Residential 2021-RPL1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.49%, 9/25/26 (b)(c) | 1940 | 1814 |
| Homeward Opportunities Fund Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.23%, 8/25/25 (b) | 569 | 569 |
| Imperial Fund Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;1.38%, 10/25/55 (b)(c) | 453 | 399 |
| &nbsp;&nbsp;&nbsp;1.60%, 11/25/56 (b)(c) | 903 | 747 |
| &nbsp;&nbsp;&nbsp;2.49%, 2/25/67 (b)(c) | 1378 | 1200 |
| Legacy Mortgage Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 2/25/60 (b) | 891 | 875 |
| LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.09%, 2/25/26 (b)(c) | 700 | 666 |
| New Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 5/28/52 – 8/25/55(b)(c) | 118 | 110 |
| &nbsp;&nbsp;&nbsp;3.93%, 9/25/57 (b)(c) | 223 | 206 |
| NewRez Warehouse Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.75%, 5.14%, 5/25/55 (b)(c) | 1275 | 1259 |
| NYMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.94%, 10/25/60 (b)(c) | 1552 | 1497 |
| Oceanview Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.73%, 5/28/50 (b)(c) | 284 | 254 |
| Pepper Residential Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.93%, 5.20%, 3/12/61 (b)(c) | 98 | 98 |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.88%, 5.21%, 1/16/60 (b)(c) | 24 | 24 |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.95%, 5.29%, 8/18/60 (b)(c) | 56 | 56 |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 1.00%, 5.35%, 6/20/60 (b)(c) | 49 | 48 |
| Preston Ridge Partners LLC, |  |  |
| &nbsp;&nbsp;&nbsp;1.74%, 9/25/26 (b)(c) | 1031 | 920 |
| &nbsp;&nbsp;&nbsp;1.87%, 8/25/26 (b) | 1423 | 1282 |
| &nbsp;&nbsp;&nbsp;2.12%, 1/25/26 – 3/25/26(b)(c) | 1182 | 1076 |
| &nbsp;&nbsp;&nbsp;2.36%, 10/25/26 (b) | 1336 | 1213 |
| Pretium Mortgage Credit Partners I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.24%, 9/27/60 (b) | 558 | 510 |
| Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.65%, 5/25/60 (b)(c) | 260 | 250 |
| RESIMAC Bastille Trust, |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.85%, 5.02%, 12/5/59 (b)(c) | 26 | 26 |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.93%, 5.10%, 9/5/57 (b)(c) | 80 | 80 |
| RESIMAC Premier Trust |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.95%, 5.22%, 2/10/51 (b)(c) | 81 | 81 |
| RMF Buyout Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.72%, 10/25/50 (b)(c) | 1706 | 1562 |

---

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| RMF Proprietary Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;2.13%, 9/25/61 (b)(c) | 1587 | 1273 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/25/62 (b)(c) | 2225 | 2004 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.62%, 4.97%, 8/20/34 (c) | 89 | 83 |
| Stanwich Mortgage Loan Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.74%, 10/16/26 (b) | 1449 | 1283 |
| Towd Point HE Trust |  |  |
| &nbsp;&nbsp;&nbsp;0.92%, 2/25/63 (b)(c) | 988 | 928 |
| Towd Point Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 10/25/60 (b) | 554 | 476 |
| &nbsp;&nbsp;&nbsp;2.75%, 4/25/57 (b)(c) | 13 | 12 |
| &nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.60%, 3.77%, 2/25/57 (b)(c) | 71 | 70 |
| TVC Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.47%, 9/25/24 (b) | 88 | 88 |
| VCAT Asset Securitization, 2021-NPL6 LLC |  |  |
| &nbsp;&nbsp;&nbsp;1.92%, 9/25/51 (b) | 1579 | 1382 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.03%, 2/25/66 (b)(c) | 654 | 550 |
| VOLT XCIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;1.89%, 2/27/51 (b) | 871 | 780 |
| VOLT XCIV LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.24%, 2/27/51 (b) | 1015 | 923 |
| VOLT XCIX LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.12%, 4/25/51 (b) | 1333 | 1185 |
| VOLT XCVI LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.12%, 3/27/51 (b) | 951 | 866 |
|  |  | 52084 |
| **Municipal Bond (0.0%) (a)** |  |  |
| Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Asset-Backed Bonds, Series 2021 |  |  |
| &nbsp;&nbsp;&nbsp;1.85%, 6/1/31 | 190 | 187 |
| **Sovereign (0.4%)** |  |  |
| Korea National Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.88%, 10/5/25 (b) | 1680 | 1488 |
| **Supranational (0.4%)** |  |  |
| Corp. Andina de Fomento |  |  |
| &nbsp;&nbsp;&nbsp;1.63%, 9/23/25 | 1750 | 1587 |
| **U.S. Treasury Security (4.2%)** |  |  |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 11/30/24 | 17100 | 17102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Fixed Income Securities (Cost $428,642)** |  | 398688 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Short-Term Investments (1.4%)** |  |  |
| **Investment Company (1.0%)** |  |  |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (e) **(Cost $3,880)** | 3880431 | 3880 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**Amount**<br>**(000)** |  |
| **U.S. Treasury Security (0.4%)** |  |  |
| U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;3.84%, 3/16/23 (f) **(Cost $1,518)** | $1530 | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $5,398)** |  | 5397 |
| **Total Investments (99.6%) (Cost $434,040) (g)(h)(i)** |  | 404085 |
| **Other Assets in Excess of Liabilities (0.4%)** |  | 1485 |
| **Net Assets (100.0%)** |  | $405570 |

---

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | |
|:---|:---|
| (a) | Amount is less than 0.05%. |
| (b) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (c) | Floating or variable rate securities: The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments. |
| (d) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date. |
| (e) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended December 31, 2022, advisory fees paid were less than $2,000 relating to the Fund's investment in the Liquidity Funds. |
| (f) | Rate shown is the yield to maturity at December 31, 2022. |
| (g) | Securities are available for collateral in connection with futures contracts. |
| (h) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions. |
| (i) | At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $160,000 and the aggregate gross unrealized depreciation is approximately $30,016,000, resulting in net unrealized depreciation of approximately $29,856,000. |
| @ | Face Amount/Value is less than $500. |
| CLO | Collateralized Loan Obligation. |
| CMT | Constant Maturity Treasury Note Rate. |
| LIBOR | London Interbank Offered Rate. |
| REMIC | Real Estate Mortgage Investment Conduit. |
| SOFR | Secured Overnight Financing Rate. |
| USD | United States Dollar. |

---

**Futures Contracts:**

The Fund had the following futures contracts open at December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number<br> of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Unrealized<br> Appreciation<br> (000)** |
| **Long:** |  |  |  |  |  |
| U.S. Treasury 2 yr. Note (United States) | 364 | Mar-23 | $72800 | $74648 | $39 |
| **Short:** |  |  |  |  |  |
| U.S. Treasury 5 yr. Note (United States) | 360 | Mar-23 | (36000) | (38855) | 39 |
| U.S. Treasury 10 yr. Note (United States) | 79 | Mar-23 | (7900) | (8871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
|  |  |  |  |  | $99 |

---

---

| | | |
|:---|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** | **Portfolio Composition** |
| **Classification** | **Percentage of<br> Total Investments** |  |
| Finance | 29.6 | % |
| Industrials | 27.0 |  |
| Asset-Backed Securities | 15.8 |  |
| Mortgages - Other | 12.9 |  |
| Other\* | 7.9 |  |
| Commercial Mortgage-Backed Securities | 5.5 |  |
| Short-Term Investments | 1.3 |  |
| Total Investments | 100.0 | %\*\* |

---

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

\*\* Does not include open long/short futures contracts with a value of approximately $122,374,000 and total unrealized appreciation of approximately $99,000.

Morgan Stanley Institutional Fund Trust

Ultra-Short Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**Amount**<br>**(000)** |<br>**Value**<br>**(000)** |
| **Certificates of Deposit (13.2%)** |  |  |
| **Domestic Banks (5.4%)** |  |  |
| Citibank NA |  |  |
| &nbsp;&nbsp;&nbsp;3.85%, 7/28/23 | $150000 | $148796 |
| First Republic Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, 1/4/23 | 462000 | 462000 |
|  |  | 610796 |
| **International Banks (7.8%)** |  |  |
| National Bank of Kuwait Sakp, |  |  |
| &nbsp;&nbsp;&nbsp;5.07%, 3/23/23 | 300000 | 300067 |
| &nbsp;&nbsp;&nbsp;5.95%, 12/14/23 | 200000 | 200387 |
| Qatar National Bank |  |  |
| &nbsp;&nbsp;&nbsp;1.10%, 1/31/23 | 110000 | 109568 |
| Sumitomo Mitsui Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.70%, 4/26/23 | 125000 | 124141 |
| Svenska Handelsbanken AB |  |  |
| &nbsp;&nbsp;&nbsp;3.91%, 7/19/23 | 71000 | 70518 |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;2.61%, 5/22/23 | 90000 | 89169 |
|  |  | 893850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Certificates of Deposit (Cost $1,507,905)** |  | 1504646 |
| **Commercial Paper (a) (34.7%)** |  |  |
| **Asset-Backed Diversified Financial Services (4.7%)** |  |  |
| Atlantic Asset Securitization LLC, |  |  |
| &nbsp;&nbsp;&nbsp;5.44%, 5/3/23 – 6/12/23 | 140000 | 137455 |
| Barton Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.37%, 1/4/23 | 11000 | 10993 |
| &nbsp;&nbsp;&nbsp;4.82%, 3/22/23 | 75000 | 74208 |
| LMA Americas LLC, |  |  |
| &nbsp;&nbsp;&nbsp;4.84%, 3/21/23 | 75000 | 74222 |
| &nbsp;&nbsp;&nbsp;5.27%, 6/22/23 | 35000 | 34162 |
| &nbsp;&nbsp;&nbsp;5.37%, 5/23/23 | 50000 | 49013 |
| &nbsp;&nbsp;&nbsp;5.44%, 5/5/23 – 7/6/23 | 112000 | 109414 |
| &nbsp;&nbsp;&nbsp;5.49%, 7/25/23 | 40000 | 38847 |
| Starbird Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.18%, 6/20/23 | 2000 | 1953 |
|  |  | 530267 |
| **Automobiles (1.1%)** |  |  |
| American Honda Finance Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;5.08%, 3/10/23 – 3/13/23 | 100000 | 99046 |
| &nbsp;&nbsp;&nbsp;5.09%, 3/6/23 – 3/10/23 | 14750 | 14616 |
| Toyota Credit Canada Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.55%, 1/11/23 | 10000 | 9985 |
|  |  | 123647 |
| **Chemicals (1.0%)** |  |  |
| Nutrien Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;5.24%, 3/23/23 – 3/24/23 | 115000 | 113683 |

---

Morgan Stanley Institutional Fund Trust

Ultra-Short Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| **Computer Technology (0.2%)** |  |  |
| Fidelity National Information Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.14%, 3/22/23 | 25000.0 | 24717 |
| **Domestic Banks (4.3%)** |  |  |
| HSBC USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.08%, 4/28/23 | 35000.0 | 34441 |
| &nbsp;&nbsp;&nbsp;3.41%, 6/9/23 | 152500.0 | 149102 |
| &nbsp;&nbsp;&nbsp;4.23%, 8/4/23 | 110000.0 | 106594 |
| &nbsp;&nbsp;&nbsp;4.26%, 7/6/23 | 22500.0 | 21902 |
| &nbsp;&nbsp;&nbsp;4.41%, 8/11/23 | 18000.0 | 17423 |
| &nbsp;&nbsp;&nbsp;6.07%, 12/15/23 | 75000.0 | 71138 |
| &nbsp;&nbsp;&nbsp;6.09%, 12/8/23 | 74000.0 | 70267 |
| &nbsp;&nbsp;&nbsp;6.10%, 11/14/23 | 25000.0 | 23760 |
|  |  | 494627 |
| **Finance (8.3%)** |  |  |
| Barclays Capital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.23%, 7/19/23 | 67500.0 | 65565 |
| &nbsp;&nbsp;&nbsp;5.76%, 12/19/23 | 100000.0 | 94772 |
| &nbsp;&nbsp;&nbsp;5.81%, 12/28/23 | 100000.0 | 94627 |
| &nbsp;&nbsp;&nbsp;5.83%, 12/18/23 | 32000.0 | 30332 |
| &nbsp;&nbsp;&nbsp;5.95%, 11/22/23 | 75000.0 | 71402 |
| CDP Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;3.92%, 6/22/23 | 90000.0 | 87883 |
| &nbsp;&nbsp;&nbsp;3.93%, 6/21/23 | 115000.0 | 112312 |
| &nbsp;&nbsp;&nbsp;3.95%, 6/13/23 | 90000.0 | 88005 |
| &nbsp;&nbsp;&nbsp;4.13%, 8/21/23 | 50000.0 | 48377 |
| Citigroup Global Markets, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.06%, 5/17/23 | 1000.0 | 981 |
| &nbsp;&nbsp;&nbsp;5.55%, 12/14/23 | 9350.0 | 8872 |
| PSP Capital Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.06%, 8/16/23 | 150000.0 | 145322 |
| &nbsp;&nbsp;&nbsp;4.09%, 8/17/23 | 96000.0 | 92992 |
|  |  | 941442 |
| **Health Care Services (0.8%)** |  |  |
| Catholic Health Initiatives, |  |  |
| &nbsp;&nbsp;&nbsp;5.03%, 3/22/23 | 30000.0 | 29610 |
| &nbsp;&nbsp;&nbsp;5.04%, 3/23/23 | 9887.0 | 9757 |
| &nbsp;&nbsp;&nbsp;5.52%, 6/15/23 | 50000.0 | 48673 |
|  |  | 88040 |
| **Industrials (1.9%)** |  |  |
| Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.14%, 3/23/23 | 52000.0 | 51401 |
| Parker-Hannifin Corp., |  |  |
| &nbsp;&nbsp;&nbsp;5.09%, 3/22/23 – 3/23/23 | 46000.0 | 45472 |
| Reckitt Benckiser Treasury Services PLC |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, 3/23/23 | 64000.0 | 63300 |
| Wal Mart Stores, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.37%, 1/4/23 | 16000.0 | 15990 |
| Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.13%, 3/23/23 | 45750.0 | 45225 |
|  |  | 221388 |
| **Insurance (0.6%)** |  |  |
| Pricoa Short Term Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;4.17%, 7/13/23 | 5000.0 | 4864 |

---

Morgan Stanley Institutional Fund Trust

Ultra-Short Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;5.00%, 9/8/23 | 33000.0 | 31822 |
| &nbsp;&nbsp;&nbsp;5.07%, 9/22/23 | 30000.0 | 28864 |
|  |  | 65550 |
| **International Banks (11.8%)** |  |  |
| Barclays Bank PLC, |  |  |
| &nbsp;&nbsp;&nbsp;2.60%, 4/20/23 (b) | 100000.0 | 99257 |
| &nbsp;&nbsp;&nbsp;4.72%, 2/7/23 (b) | 2000.0 | 1990 |
| BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;5.53%, 9/8/23 | 45000.0 | 43376 |
| Landesbank Baden-Wuerttemberg |  |  |
| &nbsp;&nbsp;&nbsp;4.42%, 2/2/23 | 300000.0 | 298769 |
| Lloyds Bank PLC |  |  |
| &nbsp;&nbsp;&nbsp;5.44%, 10/3/23 (c) | 75000.0 | 72044 |
| Mizuho Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;4.43%, 2/1/23 | 50000.0 | 49799 |
| &nbsp;&nbsp;&nbsp;4.87%, 3/23/23 | 50000.0 | 49456 |
| National Australia Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.92%, 6/15/23 | 137000.0 | 133874 |
| Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;5.90%, 11/10/23 (b) | 160000.0 | 152412 |
| Sumitomo Mitsui Trust Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;4.44%, 1/19/23 – 1/20/23 | 325000.0 | 324200 |
| Suncorp Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;5.47%, 5/8/23 – 5/9/23 | 110000.0 | 107963 |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;5.61%, 9/29/23 | 10000.0 | 9615 |
|  |  | 1342755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Paper (Cost $3,953,991)** |  | 3946116 |
| **Corporate Bonds (0.7%)** |  |  |
| **Computer Technology (0.2%)** |  |  |
| Fidelity National Information Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.38%, 3/1/23 | 22000.0 | 21835 |
| **Domestic Bank (0.2%)** |  |  |
| Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 2/2/23 | 25000.0 | 24964 |
| **International Banks (0.3%)** |  |  |
| Banque Federative du Credit Mutuel SA |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 7/20/23 (b) | 3000.0 | 2977 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.52%, 3/8/23 | 25000.0 | 24809 |
| UBS AG |  |  |
| &nbsp;&nbsp;&nbsp;0.38%, 6/1/23 (b) | 1275.0 | 1250 |
|  |  | 29036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds (Cost $75,832)** |  | 75835 |
| **Floating Rate Notes (d) (38.8%)** |  |  |
| **Asset-Backed Diversified Financial Services (0.5%)** |  |  |
| Collateralized Commercial Paper FLEX Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.38%, 4.68%, 3/23/23 (b) | 5000.0 | 5001 |

---

Morgan Stanley Institutional Fund Trust

Ultra-Short Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Fairway Finance Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.73%, 5.03%, 6/15/23 (b) | 50000.0 | 50068 |
|  |  | 55069 |
| **Automobiles (1.1%)** |  |  |
| Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, 12/11/23 | 123360.0 | 123565 |
| **Domestic Banks (2.4%)** |  |  |
| Bank of America NA |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, 8/4/23 | 95000.0 | 95106 |
| Bank of America Securities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 3/3/23 | 20000.0 | 20009 |
| &nbsp;&nbsp;&nbsp;5.12%, 10/20/23 | 125000.0 | 125183 |
| Citibank NA, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.63%, 4.93%, 9/26/23 | 36000.0 | 35995 |
|  |  | 276293 |
| **Finance (1.0%)** |  |  |
| American Express Co., |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.23%, 4.30%, 11/3/23 | 15249.0 | 15178 |
| CDP Financial, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.80%, 5.10%, 11/1/23 (b) | 50000.0 | 50078 |
| Citigroup Global Markets Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.78%, 4.55%, 7/10/23 | 50000.0 | 50045 |
|  |  | 115301 |
| **International Banks (33.8%)** |  |  |
| Bank of Montreal, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.27%, 4.06%, 4/14/23 | 2078.0 | 2075 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.27%, 4.58%, 9/15/23 | 1008.0 | 1005 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.70%, 5.00%, 5/8/23 | 50000.0 | 50059 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.75%, 5.05%, 12/1/23 | 200000.0 | 200235 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.80%, 5.10%, 11/7/23 | 75500.0 | 75614 |
| Bank of Nova Scotia, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.55%, 4.86%, 9/15/23 | 32234.0 | 32198 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.60%, 4.90%, 5/15/23 | 100000.0 | 100099 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.75%, 5.05%, 8/1/23 – 12/4/23 | 190000.0 | 190301 |
| Barclays Bank PLC, |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, 10/4/23 – 10/5/23 (b) | 75000.0 | 75021 |
| BNZ International Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.72%, 4.44%, 7/12/23 (b) | 75000.0 | 75073 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.72%, 4.59%, 4/21/23 (b) | 95500.0 | 95602 |
| BPCE SA, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.65%, 4.95%, 9/13/23 (b) | 396000.0 | 396276 |
| &nbsp;&nbsp;&nbsp;4.98%, 9/1/23 (b) | 115000.0 | 115121 |
| Canadian Imperial Bank of Commerce, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.34%, 4.66%, 6/22/23 | 4980.0 | 4973 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.74%, 5.04%, 8/3/23 | 25000.0 | 25066 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.80%, 5.10%, 10/20/23 | 200000.0 | 200521 |
| DNB Bank ASA, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.70%, 5.00%, 7/27/23 (b) | 25000.0 | 25047 |
| Macquarie Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.65%, 4.95%, 6/21/23 (b) | 75000.0 | 75091 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.77%, 5.07%, 8/2/23 (b) | 148000.0 | 148259 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.78%, 5.08%, 8/4/23 (b) | 195000.0 | 195351 |
| Royal Bank of Canada, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.45%, 4.40%, 10/26/23 | 33139.0 | 33065 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.72%, 5.02%, 12/7/23 (b) | 50000.0 | 50048 |

---

Morgan Stanley Institutional Fund Trust

Ultra-Short Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;SOFR + 0.75%, 5.05%, 11/29/23 (b) | 100000.0 | 100128 |
| Skandinaviska Enskilda Banken AB, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.69%, 4.99%, 8/16/23 | 150000.0 | 150169 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.70%, 5.00%, 8/11/23 (b) | 250000.0 | 250328 |
| Societe Generale SA, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.82%, 5.12%, 12/11/23 (b) | 22000.0 | 22043 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.90%, 5.20%, 11/20/23 (b) | 90000.0 | 90239 |
| Sumitomo Mitsui Banking Corp., |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.59%, 4.89%, 9/22/23 | 18000.0 | 18004 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.80%, 5.10%, 8/1/23 | 20000.0 | 20041 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.92%, 5.22%, 11/30/23 | 150000.0 | 150413 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.95%, 5.25%, 10/25/23 | 101000.0 | 101288 |
| Svenska Handelsbanken AB, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.72%, 5.02%, 12/5/23 | 190000.0 | 190205 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.75%, 5.05%, 7/28/23 (b) | 98000.0 | 98157 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.75%, 5.05%, 8/2/23 | 50000.0 | 50077 |
| Swedbank AB Sparbanken Sverige, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.70%, 5.00%, 7/14/23 | 27500.0 | 27543 |
| UBS AG, |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.82%, 4.64%, 10/17/23 (b) | 96000.0 | 96131 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.64%, 4.96%, 6/21/23 (b) | 190000.0 | 190069 |
| Westpac Banking Corp., |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 0.50%, 4.80%, 3/21/23 (b) | 12500.0 | 12505 |
| &nbsp;&nbsp;&nbsp;SOFR + 0.72%, 5.02%, 8/2/23 – 8/4/23(b) | 116500.0 | 116716 |
|  |  | 3850156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Floating Rate Notes (Cost $4,414,345)** |  | 4420384 |
| **Repurchase Agreements (12.3%)** |  |  |
| Bank of America Securities, Inc., (4.72%, dated 1/27/22, due 1/27/23; proceeds $314,357; fully collateralized by various Common Stocks and Preferred Stocks; valued at $315,000) (Demand 1/3/23) (e) | 300000.0 | 300000 |
| BMO Capital Markets Corp, (4.42%, dated 12/30/22, due 1/3/23; proceeds $1,000; fully collateralized by a U.S. Government Security, 3.07% due 11/28/33, U.S. Government obligations, 0.00% - 2.50% due 2/23/23 - 2/15/49 and Corporate Bonds, 1.15% - 8.91% due 10/26/23 - 2/1/41; valued at $1,049) | 1000.0 | 1000 |
| BNP Paribas, (4.53%, dated 6/29/22, due 1/6/23; proceeds $235,528; fully collateralized by various by various Corporate Bonds 1.70% - 11.00% due 3/1/24 - 6/15/76; valued at $243,791) (Demand 1/3/23) (e) | 230000.0 | 230000 |
| BNP Paribas, (4.59% ,dated 5/16/22, due 1/6/23; proceeds $82,397; fully collateralized by various Corporate Bonds 1.40% - 9.50% due 3/15/23 - 9/15/79; valued at $84,699) (Demand 1/3/23) (e) | 80000.0 | 80000 |
| Citigroup Global Markets Holdings, Inc., (4.93%, dated 11/14/22, due 4/4/23; proceeds $203,862; fully collateralized by various by various Corporate Bonds, 2.38% - 13.38% due 5/15/23 - 12/21/65 and U.S. Government agency securities, 4.62% - 4.69% due 8/20/67- 10/20/67; valued at $210,418) (Demand 1/3/23) (e) | 200000.0 | 200000 |
| JP Morgan Securities LLC, (4.57%, dated 11/17/21, due 1/6/23; proceeds $73,688; fully collateralized by various Common Stocks and Preferred Stocks; valued at $73,793) (Demand 1/3/23) (e) | 70000.0 | 70000 |
| JP Morgan Securities LLC, (4.70%, dated 7/14/22, due 3/6/23; proceeds $298,897; fully collateralized by various Corporate Bonds, 2.65% - 11.13% due 4/1/23 - 12/15/65; valued at $308,631) (Demand 1/3/23) (e) | 290000.0 | 290000 |
| Pershing LLC, (4.63%, dated 12/30/22, due 1/3/23; proceeds $25,013; fully collateralized by various Corporate Bonds, 0.25% - 7.95% due 1/6/23 - 11/1/66; valued at $26,411) | 25000.0 | 25000 |

---

Morgan Stanley Institutional Fund Trust

Ultra-Short Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| Societe Generale SA, (4.47%, dated 12/30/22, due 1/3/23; proceeds $17,008; fully collateralized by various Corporate Bonds, 3.95% - 8.88% due 3/15/23 - 1/22/30; valued at $18,030) | 17000.0 | 17000 |
| Wells Fargo Securities LLC, (4.85%, dated 12/9/22, due 3/9/23; proceeds $50,606; fully collateralized by various Corporate Bonds, 1.79% - 5.95% due 5/22/23 - 4/22/61; Common Stocks and Preferred Stocks; valued at $52,500) (e) | 50000.0 | 50000 |
| Wells Fargo Securities LLC, (4.85%, dated 12/9/22, due 3/9/23; proceeds $135,625; fully collateralized by various Common Stocks and Preferred Stock; valued at $140,700) (e) | 134000.0 | 134000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Repurchase Agreements (Cost $1,397,000)** |  | 1397000 |
| **Time Deposit (0.0%) (f)** |  |  |
| **International Bank (0.0%) (f)** |  |  |
| Credit Agricole CIB (Grand Cayman) |  |  |
| &nbsp;&nbsp;&nbsp;4.29%, 1/3/23 **(Cost $1,000)** | 1000.0 | 1000 |
| **Total Investments (99.7%) (Cost $11,350,073) (g)(h)(i)** |  | 11344981 |
| **Other Assets in Excess of Liabilities (0.3%)** |  | 28840 |
| **Net Assets (100.0%)** |  | $11373821 |

---

---

| | |
|:---|:---|
| (a) | The rates shown are the effective yields at the date of purchase. |
| (b) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (c) | All or a portion of the security is subject to delayed delivery. |
| (d) | Floating or variable rate securities: The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments. |
| (e) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of December 31, 2022. |
| (f) | Amount is less than 0.05%. |
| (g) | Securities are available for collateral in connection with securities purchased on a forward commitment basis. |
| (h) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions. |
| (i) | At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,351,000 and the aggregate gross unrealized depreciation is approximately $12,443,000, resulting in net unrealized depreciation of approximately $5,092,000. |
| SOFR | Secured Overnight Financing Rate. |

---

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| **Classification** | **Percentage of<br> Total Investments** |
| Floating Rate Notes | 39.0% |
| Commercial Paper | 34.8 |
| Certificates of Deposit | 13.2 |
| Repurchase Agreements | 12.3 |
| Other\* | 0.7 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund Trust

Ultra-Short Municipal Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**Amount**<br>**(000)** |<br>**Value**<br>**(000)** |
| **Weekly Variable Rate Bonds (a) (54.5%)** |  |  |
| County of Clark, NV, |  |  |
| Nevada Industrial Development Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.65%, 3/1/38 | $6500 | $6500 |
| County of Liberty, FL, |  |  |
| Industrial Development Revenue Bonds |  |  |
| Georgia Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;Ser 2004 |  |  |
| &nbsp;&nbsp;&nbsp;3.80%, 10/1/28 | 4500 | 4500 |
| County of Perry, MS, |  |  |
| Mississippi Pollution Control Refunding Revenue Bonds |  |  |
| Leaf River Cellulose, LLC Project |  |  |
| &nbsp;&nbsp;&nbsp;Ser 2021 |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 10/1/41 | 4000 | 4000 |
| Daviess County, KY, |  |  |
| Solid Waste Disposal Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;Ser 1993-A (AMT) |  |  |
| &nbsp;&nbsp;&nbsp;3.46%, 12/1/23 | 5000 | 5000 |
| Iowa State Finance Authority, LA, |  |  |
| Midwestern Disaster Area Revenue Bonds |  |  |
| Archer-Daniels-Midland Company Project |  |  |
| &nbsp;&nbsp;&nbsp;Ser 2012 |  |  |
| &nbsp;&nbsp;&nbsp;3.77%, 12/1/45 | 3500 | 3500 |
| Solid Waste Facilities Revenue Bonds |  |  |
| Mid America Energy Company Project |  |  |
| &nbsp;&nbsp;&nbsp;Ser 2016 B (AMT) |  |  |
| &nbsp;&nbsp;&nbsp;3.91%, 12/1/46 | 3500 | 3500 |
| &nbsp;&nbsp;&nbsp;Ser 2017 (AMT) |  |  |
| &nbsp;&nbsp;&nbsp;3.90%, 12/1/47 | 3000 | 3000 |
| Kentucky Economic Development Finance Authority, KY, |  |  |
| Catholic Health Initiatives |  |  |
| &nbsp;&nbsp;&nbsp;Ser 2004 C |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/34 | 5000 | 5000 |
| Metropolitan Washington Airports Authority, DC, |  |  |
| Airport System Subser 2011 A-1 |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, 10/1/39 | 6100 | 6100 |
| New York State Energy Research & Development Authority Facilities, NY, |  |  |
| Consolidated Edison Co |  |  |
| &nbsp;&nbsp;&nbsp;Ser 2004 Subser C-3 (AMT) |  |  |
| &nbsp;&nbsp;&nbsp;3.68%, 11/1/39 | 6000 | 6000 |
| Parish of St. James, LA, |  |  |
| State of Louisiana Revenue Bonds, Nucor Steel Louisiana LLC Project, |  |  |
| Gulf Opportunity Zone Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Ser 2010B-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.10%, 11/1/40 | 4500 | 4500 |
| Port of Tacoma, WA, |  |  |
| Subordinate Lien Revenue Refunding Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Ser 2008 (AMT) |  |  |
| &nbsp;&nbsp;&nbsp;3.64%, 12/1/35 | 6600 | 6600 |
| RBC Municipal Products Inc Trust, CO, |  |  |
| City and County of Denver Airport System – |  |  |
| Subordinate Bonds Floater Certificates |  |  |
| &nbsp;&nbsp;&nbsp;Ser 2019-G114 |  |  |
| &nbsp;&nbsp;&nbsp;3.91%, 12/1/26 (b) | 800 | 800 |

---

Morgan Stanley Institutional Fund Trust

Ultra-Short Municipal Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| RBC Municipal Products Inc Trust, MO, |  |  |
| Health And Educational Facilities Authority of The State of Missouri SSM |  |  |
| Health Ser 2019 A Floater |  |  |
| &nbsp;&nbsp;&nbsp;Certificates Ser 2019-C17 |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, 12/1/39 (b) | 3000.0 | 3000 |
| RBC Municipal Products Inc Trust, NY, |  |  |
| New York City Variable Ser 2006 Subser I-5 Floater |  |  |
| &nbsp;&nbsp;&nbsp;Certificates Ser 2019-E133 |  |  |
| &nbsp;&nbsp;&nbsp;3.69%, 5/1/23 (b) | 4000.0 | 4000 |
| RBC Municipal Products Inc Trust, SC, |  |  |
| Transportation Infrastructure Bank Ser 2017 A Floater |  |  |
| &nbsp;&nbsp;&nbsp;Certificates Ser 2019-G109 |  |  |
| &nbsp;&nbsp;&nbsp;3.86%, 10/1/25 (b) | 525.0 | 525 |
| RBC Municipal Products Inc Trust, TX, |  |  |
| &nbsp;&nbsp;&nbsp;Various States Certificates |  |  |
| &nbsp;&nbsp;&nbsp;E-140 |  |  |
| &nbsp;&nbsp;&nbsp;3.69%, 10/1/24 (b) | 2000.0 | 2000 |
| &nbsp;&nbsp;&nbsp;E-150 |  |  |
| &nbsp;&nbsp;&nbsp;3.69%, 5/1/27 (b) | 4000.0 | 4000 |
| &nbsp;&nbsp;&nbsp;E-154 |  |  |
| &nbsp;&nbsp;&nbsp;3.76%, 6/1/28 (b) | 7800.0 | 7800 |
| Utah Water Finance Agency, UT, |  |  |
| &nbsp;&nbsp;&nbsp;Ser 2008 B |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, 10/1/37 | 5840.0 | 5840 |
| Washington County, NE, |  |  |
| Nebraska Industrial Development Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Ser 2010 B |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 12/1/40 | 1500.0 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Weekly Variable Rate Bonds (Cost $87,665)** |  | 87665 |
| **Commercial Paper (c) (17.4%)** |  |  |
| Austin Texas Utility System |  |  |
| Revenue IAM Commercial Paper |  |  |
| &nbsp;&nbsp;&nbsp;3/A2 Ser A |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 2/2/23 | 5000.0 | 5000 |
| King Country Wash IAM Commercial Paper |  |  |
| &nbsp;&nbsp;&nbsp;3/A2 Ser A IAM 103 |  |  |
| &nbsp;&nbsp;&nbsp;2.03%, 1/5/23 | 5000.0 | 4999 |
| Lincoln Nebraska Electric System |  |  |
| Revenue IAM Commercial Paper |  |  |
| &nbsp;&nbsp;&nbsp;3/A2 Ser 1995 |  |  |
| &nbsp;&nbsp;&nbsp;2.65%, 4/20/23 | 3000.0 | 2995 |
| Mercer County Pollution Control |  |  |
| Revenue IAM Commercial Paper |  |  |
| &nbsp;&nbsp;&nbsp;3/A2 Ser 1 ND |  |  |
| &nbsp;&nbsp;&nbsp;2.95%, 2/15/23 | 4000.0 | 3995 |
| Metropolitan Government Nashville & Davidson Country, |  |  |
| Water & Sewer Revenue IAM Commercial Paper |  |  |
| &nbsp;&nbsp;&nbsp;3/A2 |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, 2/16/23 | 3000.0 | 2998 |
| NC Electric Membership Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.15%, 1/3/23 | 4000.0 | 3999 |
| Omeha Pub PWR District Nebraska Electric System, |  |  |
| Revenue IAM Commercial Paper |  |  |
| &nbsp;&nbsp;&nbsp;3/A2 Ser A, |  |  |
| &nbsp;&nbsp;&nbsp;2.60%, 2/8/23 | 2000.0 | 1998 |
| &nbsp;&nbsp;&nbsp;3.45%, 3/3/23 | 2000.0 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Paper (Cost $28,000)** |  | 27984 |

---

Morgan Stanley Institutional Fund Trust

Ultra-Short Municipal Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| **Floating Rate Notes (a) (11.8%)** |  |  |
| Indiana Finance Authority, IN, |  |  |
| Economic Development Refunding Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Ser 2010A (AMT) |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, 5/1/34 | 1000.0 | 999 |
| Michigan Finance Authority, MI, |  |  |
| Hospital Revenue Bonds Trinity Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;Ser 2015 |  |  |
| &nbsp;&nbsp;&nbsp;4.51%, 12/1/39 | 2000.0 | 2004 |
| Mission Economic Development Corporation, TX, |  |  |
| Solid Waste Disposal Revenue Refunding Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Republic Services Inc. Ser 2012 |  |  |
| &nbsp;&nbsp;&nbsp;4.10%, 1/1/26 (b) | 1000.0 | 1000 |
| New York City Cultural Resources Trust, NY, |  |  |
| American Museum of Natural History |  |  |
| &nbsp;&nbsp;&nbsp;Ser 2014 B-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/44 | 3000.0 | 3000 |
| New York State Environmental Facilities Corp., NY, |  |  |
| Solid Waste Disposal Refunding Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Waste Management Inc. Project 2012 (AMT) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/30 | 7000.0 | 7000 |
| Pennsylvania Economic Development Financing Authority, PA, |  |  |
| Solid Waste Disposal Refunding Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Ser 2019A (AMT) |  |  |
| &nbsp;&nbsp;&nbsp;3.88%, 4/1/34 | 2000.0 | 2000 |
| The Industrial Development Authority of The City of Phoenix, AZ, |  |  |
| Solid Waste Disposal Revenue Refunding Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Ser 2013 (AMT) |  |  |
| &nbsp;&nbsp;&nbsp;4.10%, 12/1/35 | 3000.0 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Floating Rate Notes (Cost $19,004)** |  | 19003 |
| **Closed-End Investment Companies (a) (6.2%)** |  |  |
| Nuveen AMT-Free Municipal Credit Income Fund, OT, |  |  |
| &nbsp;&nbsp;&nbsp;MFP Share Ser B |  |  |
| &nbsp;&nbsp;&nbsp;4.11%, 3/1/29 (b) | 5000.0 | 5000 |
| Nuveen New York AMT-Free Quality Municipal Income Fund, |  |  |
| &nbsp;&nbsp;&nbsp;800 Ser E (AMT) |  |  |
| &nbsp;&nbsp;&nbsp;4.11%, 5/1/47 (b) | 5000.0 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Closed-End Investment Companies (Cost $10,000)** |  | 10000 |
| **Daily Variable Rate Bonds (a) (4.7%)** |  |  |
| County of Bay, FL, |  |  |
| Florida Industrial Development Revenue Bonds |  |  |
| Gulf Power Company Project |  |  |
| &nbsp;&nbsp;&nbsp;Ser 2020 (AMT) |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, 6/1/50 | 5800.0 | 5800 |
| West Jefferson, AL, |  |  |
| Industrial Development Board |  |  |
| Solid Waste Disposal Revenue Alabama Power- Miller Plant |  |  |
| &nbsp;&nbsp;&nbsp;Ser 2008 (AMT) |  |  |
| &nbsp;&nbsp;&nbsp;3.74%, 12/1/38 | 1700.0 | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Daily Variable Rate Bonds (Cost $7,500)** |  | 7500 |
| **Municipal Bonds & Notes (3.4%)** |  |  |
| City of Houston, TX, |  |  |
| Texas Public Improvement Refunding Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Ser 2016A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/23 | 3000.0 | 3010 |

---

Morgan Stanley Institutional Fund Trust

Ultra-Short Municipal Income Portfolio

Portfolio of Investments

First Quarter Report

December 31, 2022 (unaudited)(cont'd)

---

| | | |
|:---|:---|:---|
| County of Clark, NV, |  |  |
| Airport System Junior Subordinate Lien Revenue Notes |  |  |
| &nbsp;&nbsp;&nbsp;Ser 2021B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/23 | 2400.0 | 2417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Municipal Bonds & Notes (Cost $5,428)** |  | 5427 |
| **Total Investments (98.0%) (Cost $157,597) (d)(e)** |  | 157579 |
| **Other Assets in Excess of Liabilities (2.0%)** |  | 3270 |
| **Net Assets (100.0%)** |  | $160849 |

---

---

| | |
|:---|:---|
| (a) | Floating or variable rate securities: The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments. |
| (b) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (c) | The rates shown are the effective yields at the date of purchase. |
| (d) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2022, the Fund did not engage in any cross-trade transactions. |
| (e) | At December 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $0 and the aggregate gross unrealized depreciation is approximately $18,000, resulting in net unrealized depreciation of approximately $18,000. |
| AMT | Alternative Minimum Tax. |
| MFP | Municipal Fund Preferred. |

---

---

| | |
|:---|:---|
| **Portfolio Composition**<br>**Classification** |<br>**Percentage of<br> Total Investments** |
| Weekly Variable Rate Bonds | 55.6% |
| Commercial Paper | 17.8 |
| Floating Rate Notes | 12.1 |
| Closed-End Investment Companies | 6.3 |
| Others\* | 8.2 |
| Total Investments | 100.0% |

---

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

Morgan Stanley Institutional Fund Trust

**Notes to the Portfolio of Investments ▪ December 31, 2022 (unaudited)**

**Security Valuation:** (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited ("MSIM Limited") (the "Sub-Adviser"), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or is unable to provide a price, prices from brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices 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 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 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; and (10) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day.

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

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

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

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

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

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

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| **Core Plus Fixed Income** | **Core Plus Fixed Income** | **Core Plus Fixed Income** | **Core Plus Fixed Income** | **Core Plus Fixed Income** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Fixed Income Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency Fixed Rate Mortgages | $— | $124449 | $— | $124449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 80061 |  | 80061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations - Agency Collateral Series |  | 175 |  | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 95298 |  | 95298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds |  | 160559 |  | 160559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgages - Other |  | 103303 |  | 103303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds |  | 4557 |  | 4557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sovereign |  | 19234 |  | 19234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supranational |  | 1282 |  | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable Rate Senior Loan Interests |  | 914 |  | 914 |
| **Total Fixed Income Securities** | **—** | **589832** | **—** | **589832** |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Company | 81513 |  |  | 81513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities |  | 7738 |  | 7738 |
| **Total Short-Term Investments** | **81513** | **7738** | **—** | **89251** |
| **Foreign Currency Forward Exchange Contracts** |  | 625 |  | 625 |
| **Futures Contracts** | 357 |  |  | 357 |
| **Total Assets** | **81870** | **598195** | **—** | **680065** |
| **Liabilities:** |  |  |  |  |
| **Foreign Currency Forward Exchange Contracts** |  | (2576) |  | (2576) |
| **Futures Contracts** | (1101) |  |  | (1101) |
| **Credit Default Swap Agreement** |  | (638) |  | (638) |
| **Total Liabilities** | **(1101)** | **(3214)** | **—** | **(4315)** |
| **Total** | $**80769** | $**594981** | $**—** | $**675750** |

---

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Corporate Bond** | **Corporate Bond** | **Corporate Bond** | **Corporate Bond** | **Corporate Bond** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Fixed Income Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities | $— | $3096 | $— | $3096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds |  | 118873 |  | 118873 |
| **Total Fixed Income Securities** | **—** | **121969** | **—** | **121969** |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Company | 2561 |  |  | 2561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Security |  | 1850 |  | 1850 |
| **Total Short-Term Investments** | **2561** | **1850** | **—** | **4411** |
| **Foreign Currency Forward Exchange Contracts** |  | —@ |  | —@ |
| **Futures Contracts** | 325 |  |  | 325 |
| **Total Assets** | **2886** | **123819** | **—** | **126705** |
| **Liabilities:** |  |  |  |  |
| **Foreign Currency Forward Exchange Contracts** |  | (87) |  | (87) |
| **Futures Contracts** | (163) |  |  | (163) |
| **Total Liabilities** | **(163)** | **(87)** | **—** | **(250)** |
| **Total** | $**2723** | $**123732** | $**—** | $**126455** |

---

@ Value is less than $500.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br> Unadjusted<br> quoted<br> prices<br> (000)** | **Level 2<br> Other<br> significant<br> observable<br> inputs<br> (000)** | **Level 3<br> Significant<br> unobservable<br> inputs<br> (000)** | **Total<br> (000)** |
| **Discovery** | **Discovery** | **Discovery** | **Discovery** | **Discovery** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biotechnology | $9582 | $— | $— | $9582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 3743 |  |  | 3743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 1773 |  |  | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Finance | 4937 |  |  | 4937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment | 41428 |  |  | 41428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Providers & Services | 65215 |  |  | 65215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Technology | 51893 |  |  | 51893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology Services | 156956 | 56529 |  | 213485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interactive Media & Services | 41565 |  |  | 41565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet & Direct Marketing Retail | 134444 |  |  | 134444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leisure Products | 14836 |  |  | 14836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 29375 |  |  | 29375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media | 56184 |  |  | 56184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals | 66118 |  |  | 66118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Road & Rail | 19080 |  |  | 19080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software | 125814 |  |  | 125814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Retail | 2952 |  |  | 2952 |
| **Total Common Stocks** | **825895** | **56529** | **—** | **882424** |
| **Preferred Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software |  |  | 23813 | 23813 |
| **Investment Company** | 5738 |  |  | 5738 |
| **Warrant** | 39 |  |  | 39 |
| **Call Options Purchased** |  | 1774 |  | 1774 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Company | 31600 |  |  | 31600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 3747 |  | 3747 |
| **Total Short-Term Investments** | **31600** | **3747** | **—** | **35347** |
| **Total Assets** | $**863272** | $**62050** | $**23813** | $**949135** |

---

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)** |
| **Beginning Balance** | $25782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIPE transactions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers in |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers out |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate actions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (1969) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains (losses) |  |
| **Ending Balance** | $23813 |
| Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022 | $(1969) |

---

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2022. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment's fair value as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Discovery** | **Fair Value at<br> December 31, 2022<br> (000)** | **Valuation <br> Technique** | **Unobservable <br> Input** | **Amount\*** |  | **Impact to <br> Valuation from an <br> Increase in Input\*\*** |
| Preferred Stock | $23813 | Discounted Cash Flow | Weighted Average <br> Cost of Capital | 14.0 | % | Decrease |
|  |  |  | Perpetual Growth <br> Rate | 3.5 | % | Increase |
|  |  | Market Comparable <br> Companies | Enterprise Value<br> /Revenue | 12.8 | x | Increase |
|  |  |  | Discount for <br> Lack of Marketability | 15.0 | % | 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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;&nbsp;&nbsp;&nbsp;&nbsp;Automobiles | $954 | $— | $— | $954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks | 4258 |  |  | 4258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverages | 705 |  |  | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building Products | 1981 |  |  | 1981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Markets | 3031 |  |  | 3031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 3128 |  |  | 3128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Banks | 853 |  |  | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 296 |  |  | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction & Engineering | 489 |  |  | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Finance | 4390 |  |  | 4390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Containers & Packaging | 1338 |  |  | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Consumer Services | 685 |  |  | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Telecommunication Services | 1739 |  |  | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities | 3658 |  |  | 3658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Equipment | 1026 |  |  | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components | 2174 |  |  | 2174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Real Estate Investment Trusts (REITs) | 6840 |  |  | 6840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food & Staples Retailing | 1321 |  |  | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food Products | 3599 |  |  | 3599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas Utilities | 1426 |  |  | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 2471 |  |  | 2471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Providers & Services | 6214 |  |  | 6214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Technology | 578 |  |  | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 2233 |  |  | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Household Durables | 1681 |  |  | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Power Producers & Energy Traders | 707 |  |  | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology Services | 5033 |  |  | 5033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 4175 |  |  | 4175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 987 |  |  | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery | 3907 |  |  | 3907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media | 5587 |  |  | 5587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining | 909 |  |  | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Line Retail | 701 |  |  | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 7499 |  |  | 7499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Products | 1493 |  |  | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals | 7417 |  |  | 7417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional Services | 1180 |  |  | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Management & Development | 420 |  |  | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Road & Rail | 2084 |  |  | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 2770 |  |  | 2770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software | 1528 |  |  | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Retail | 2167 |  |  | 2167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 858 |  |  | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 267 |  |  | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrifts & Mortgage Finance | 1721 |  |  | 1721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 2405 |  |  | 2405 |
| **Total Common Stocks** | **110883** | **—** | **—** | **110883** |
| **Short-Term Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Company | 5754 |  |  | 5754 |
| **Total Return Swap Agreement** |  | 817 |  | 817 |
| **Total Assets** | **116637** | **817** | **—** | **117454** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Total Return Swap Agreement** |  | (604) |  | (604) |
| **Total** | $**116637** | $**213** | $**—** | $**116850** |

---

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Fixed Income Securities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency Fixed Rate Mortgages | $— | $17730 | $— |  | $17730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 1117 |  |  | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 2042 |  |  | 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds |  | 45004 |  |  | 45004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgages - Other |  | 5389 |  |  | 5389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bond |  | 325 |  |  | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sovereign |  | 130560 |  |  | 130560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supranational |  | 5591 |  |  | 5591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 25679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 25679 |
| **Total Fixed Income Securities** | **—** | **233437** | **—** |  | **233437** |
| **Common Stocks** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aerospace & Defense | 1275 | 965 |  |  | 2240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Freight & Logistics | 400 | 319 |  |  | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airlines | 32 | 66 |  |  | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto Components | 157 | 138 |  |  | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobiles | 885 | 958 |  |  | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks | 4479 | 15720 |  |  | 20199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverages | 1328 | 1247 |  |  | 2575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biotechnology | 1791 | 719 |  |  | 2510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building Products | 356 | 432 |  |  | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Markets | 2347 | 1641 |  |  | 3988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 1432 | 1547 |  |  | 2979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Banks | 260 | 182 |  |  | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 456 | 166 |  |  | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications Equipment | 570 | 203 |  |  | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction & Engineering | 109 | 441 |  |  | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Materials | 88 | 363 |  |  | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Finance | 353 |  |  |  | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Containers & Packaging | 224 | 78 |  |  | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributors | 99 | 23 |  |  | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Consumer Services |  | 53 |  |  | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Financial Services | 885 | 410 |  |  | 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Financials | 19 | 38 |  |  | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Telecommunication Services | 669 | 1071 |  |  | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities | 1483 | 1222 |  |  | 2705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Equipment | 418 | 941 |  |  | 1359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components | 438 | 156 |  |  | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Equipment & Services | 272 | 38 |  | † | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment | 996 | 133 |  |  | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Real Estate Investment Trusts (REITs) | 1831 | 897 |  |  | 2728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food & Staples Retailing | 1374 | 627 |  |  | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food Products | 850 | 2082 |  |  | 2932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas Utilities | 69 | 174 |  |  | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 1872 | 973 |  |  | 2845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Providers & Services | 2354 | 186 |  |  | 2540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Technology | 45 |  |  |  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 1463 | 813 |  |  | 2276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Household Durables | 216 | 112 |  |  | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Household Products | 1004 | 396 |  |  | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Power Producers & Energy Traders | 103 | 195 |  |  | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Conglomerates | 591 | 777 |  |  | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology Services | 3396 | 575 |  |  | 3971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 2242 | 3101 |  |  | 5343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interactive Media & Services | 2641 | 99 |  |  | 2740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet & Direct Marketing Retail | 1689 | 368 |  |  | 2057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leisure Products | 29 |  |  |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 1285 | 376 |  |  | 1661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery | 1213 | 1222 |  |  | 2435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marine | 7 | 162 |  |  | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media | 667 | 203 |  |  | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining | 964 | 2417 |  |  | 3381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Line Retail | 414 | 210 |  |  | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Utilities | 604 | 526 |  |  | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 8188 | 3154 |  |  | 11342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paper & Forest Products | 20 | 227 |  |  | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Products | 114 | 1158 |  |  | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals | 3204 | 5412 |  |  | 8616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional Services | 381 | 797 |  |  | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Management & Development | 72 | 389 |  |  | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Road & Rail | 1420 | 62 |  |  | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 3346 | 1424 |  |  | 4770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software | 5959 | 833 |  |  | 6792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Retail | 1559 | 238 |  |  | 1797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tech Hardware, Storage & Peripherals | 4305 | 51 |  |  | 4356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 412 | 2018 |  |  | 2430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco | 472 | 504 |  |  | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 271 | 265 |  |  | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation Infrastructure |  | 256 |  |  | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Utilities | 78 | 76 |  |  | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless Telecommunication Services | 251 | 148 |  |  | 399 |
| **Total Common Stocks** | **78796** | **62773** | **—** | **†** | **141569** |
| **Short-Term Investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Company | 67266 |  |  |  | 67266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Security |  | 2272 |  |  | 2272 |
| **Total Short-Term Investments** | **67266** | **2272** | **—** |  | **69538** |
| **Foreign Currency Forward Exchange Contracts** |  | 1655 |  |  | 1655 |
| **Futures Contracts** | 2067 |  |  |  | 2067 |
| **Interest Rate Swap Agreements** |  | 142 |  |  | 142 |
| **Total Return Swap Agreements** |  | 8709 |  |  | 8709 |
| **Total Assets** | **148129** | **308988** | **—** | **†** | **457117** |
| **Liabilities:** |  |  |  |  |  |
| **Foreign Currency Forward Exchange Contracts** |  | (936) |  |  | (936) |
| **Futures Contracts** | (1115) |  |  |  | (1115) |
| **Interest Rate Swap Agreements** |  | (866) |  |  | (866) |
| **Total Return Swap Agreements** |  | (707) |  |  | (707 |
| **Total Liabilities** | **(1115)** | **(2509)** | **—** |  | **(3624** |
| **Total** | $**147014** | $**306479** | $**—** | **†** | $**453493** |

---

† Includes one or more securities valued at zero.

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

---

| | | |
|:---|:---|:---|
| **Global Strategist** | **Fixed <br> Income <br> (000)** | **Common <br> Stock <br> (000)** |
| **Beginning Balance** | $59 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers in |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers out | (59) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate actions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains (losses) |  |  |
| **Ending Balance** | $— | $— |
| Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

† Includes a security valued at zero.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $&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;— | $128908 |  | $— | $128908 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable Rate Senior Loan Interests |  | 1919 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1919 |  |
| **Total Fixed Income Securities** | **—** | **130827** |  | **—** | **130827** |  |
| **Common Stocks** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto Components |  |  | † |  |  | † |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Real Estate Investment Trusts (REITs) |  | 4 |  |  | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery |  |  |  | 24 | 24 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment |  | 31 |  |  | 31 |  |
| **Total Common Stocks** | **—** | **35** | **†** | **24** | **59** | **†** |
| **Total Assets** | $**—** | $**130862** | **†** | $**24** | $**130886** | **†** |

---

† Includes a security valued at zero.

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

---

| | |
|:---|:---|
| **High Yield** | **Common <br> Stock <br> (000)** |
| **Beginning Balance** | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers in |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers out |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate actions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains (losses) |  |
| **Ending Balance** | $24 |
| Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022 | $13 |

---

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2022. The Fund calculated the weighted averages of the unobservable inputs relative to each investment's fair value as of December 31, 2019.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **High Yield** | **Fair Value at<br> December 31, 2022<br> (000)** | **Valuation <br> Technique** | **Unobservable <br> Input** | **Amount\*** |  | **Impact to <br> Valuation from an <br> Increase in Input\*\*** |
| Common Stock | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | Market Comparable Companies | Enterprise Value/EBITDA | 4.0 | x | Increase |
|  |  |  | Enterprise Value/Revenue | 0.4 | x | 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.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| **Short Duration Income** | **Short Duration Income** | **Short Duration Income** | **Short Duration Income** | **Short Duration Income** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Fixed Income Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency Adjustable Rate Mortgages | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $485 | $&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;— | $485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency Bonds - Consumer Discretionary (U.S. Government Guaranteed) |  | 89 |  | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency Fixed Rate Mortgages |  | 483 |  | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 63922 |  | 63922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations - Agency Collateral Series |  | 1004 |  | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 22250 |  | 22250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds |  | 238007 |  | 238007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgages - Other |  | 52084 |  | 52084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bond |  | 187 |  | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sovereign |  | 1488 |  | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supranational |  | 1587 |  | 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Security |  | 17102 |  | 17102 |
| **Total Fixed Income Securities** | **—** | **398688** | **—** | **398688** |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Company | 3880 |  |  | 3880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Security |  | 1517 |  | 1517 |
| **Total Short-Term Investments** | **3880** | **1517** | **—** | **5397** |
| **Futures Contracts** | 99 |  |  | 99 |
| **Total Assets** | $**3979** | $**400205** | $**—** | $**404184** |

---

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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:** |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of Deposit | $— | $1504646 | $— | $1504646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Paper |  | 3946116 |  | 3946116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds |  | 75835 |  | 75835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floating Rate Notes |  | 4420384 |  | 4420384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1397000 |  | 1397000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Deposits |  | 1000 |  | 1000 |
| **Total Short-Term Investments** | **—** | **11344981** | **—** | **11344981** |
| **Total Assets** | $**—** | $**11344981** | $**—** | $**11344981** |

---

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 Municipal Income** | **Ultra-Short Municipal Income** | **Ultra-Short Municipal Income** | **Ultra-Short Municipal Income** | **Ultra-Short Municipal Income** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weekly Variable Rate Bonds | $— | $87665 | $— | $87665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Paper |  | 27984 |  | 27984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floating Rate Notes |  | 19003 |  | 19003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closed-End Investment Companies |  | 10000 |  | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daily Variable Rate Bonds |  | 7500 |  | 7500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds & Notes |  | 5427 |  | 5427 |
| **Total Short-Term Investments** | **—** | **157579** | **—** | **157579** |
| **Total Assets** | $**—** | $**157579** | $**—** | $**157579** |

---

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:** 522 FIFTH AVENUE

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 800-548-7786

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

- **a. Name of Series:** Global Strategist Portfolio

- **b. EDGAR series identifier (if any):** S000004124

- **c. LEI of Series:** 549300K315XZ78JB7940

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $468362491.24

**Total Liabilities:** $26445423.63

**Net Assets:** $441917067.61

**Amount of Assets Invested in Other Investment Companies:** $52654762.07

**Cash Not Reported:** $7391220.04

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -128.12000000 | **1-Year:** -4292.11000000 | **5-Year:** -11586.55000000 | **10-Year:** -12293.37000000 | **30-Year:** -2406.96000000

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

- **3-Month:** -32.76000000 | **1-Year:** -391.14000000 | **5-Year:** -905.54000000 | **10-Year:** -637.69000000 | **30-Year:** -47.84000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000155933 | 3.63%                | 7.52%                | -2.06%               |
| Class ID C000011556 | 3.68%                | 7.60%                | -1.92%               |
| Class ID C000113792 | 3.57%                | 7.55%                | -2.04%               |
| Class ID C000011555 | 3.65%                | 7.63%                | -2.02%               |
| Class ID C000156275 | 3.68%                | 7.59%                | -1.97%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2645667.80             | $11076441.81                               |
| Month 2  | $-1315070.01             | $22014062.95                               |
| Month 3  | $332280.08               | $-4543360.48                               |

**Designated Index Information**

- **Index Name:** Blended: (60% MSCI ACWI / 40% BBG Global Aggregate Index)

- **Index Identifier:** MSAWIF_A_BBG_GA

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Honeywell International Inc                               | Honeywell International Inc                                                                                                                | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |       1316 | NS      | $282018.80    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Discover Financial Services                               | Discover Financial Services                                                                                                                | CUSIP: 254709108<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | EC               | CORP              | US        |        532 | NS      | $52045.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                    | PURCHASED CHF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | CH        |          1 | NC      | $-1521.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                | Fannie Mae Pool                                                                                                                            | CUSIP: 3140JXQN1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     223709 | PA      | $199979.07    | 0.05%             | 2049-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HelloFresh SE                                             | HelloFresh SE                                                                                                                              | CUSIP: 000000000<br>LEI: 391200ZAF4V6XD2M9G57 | Long             | EC               | CORP              | DE        |        793 | NS      | $17307.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FMC Corp                                                  | FMC Corp                                                                                                                                   | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |        247 | NS      | $30825.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS                                               | BNP Paribas SA                                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $171691.47    | 0.04%             | 2031-07-13      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd                        | Hong Kong Exchanges & Clearing Ltd                                                                                                         | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |       5582 | NS      | $239859.87    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Swedish Orphan Biovitrum AB                               | Swedish Orphan Biovitrum AB                                                                                                                | CUSIP: 000000000<br>LEI: 549300124Y3MQI87PT35 | Long             | EC               | CORP              | SE        |        796 | NS      | $16474.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nemetschek SE                                             | Nemetschek SE                                                                                                                              | CUSIP: 000000000<br>LEI: 529900R0S2IX1S358J38 | Long             | EC               | CORP              | DE        |        272 | NS      | $13906.36     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                | Fannie Mae Pool                                                                                                                            | CUSIP: 3140E0PQ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     234262 | PA      | $225808.74    | 0.05%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                            | Long: 1325031   TRS USD R E II8642270221209 EQUITYTRS / Short: 1325031   TRS USD P V 00MSOFR II5923480221209 Q 9TH +33 BPS                 | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | FR        |    2045277 | OU      | $-26078.42    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                | Fannie Mae Pool                                                                                                                            | CUSIP: 3138Y6Y40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      24775 | PA      | $24525.31     | 0.01%             | 2044-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| IDP Education Ltd                                         | IDP Education Ltd                                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |        978 | NS      | $18023.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT Corp                                                  | EQT Corp                                                                                                                                   | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |        665 | NS      | $22496.95     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Music Group NV                                  | Universal Music Group NV                                                                                                                   | CUSIP: 000000000<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |       3427 | NS      | $82873.97     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                    | United States Treasury Note/Bond                                                                                                           | CUSIP: 912810SN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     180000 | PA      | $96936.33     | 0.02%             | 2050-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| St James's Place PLC                                      | St James's Place PLC                                                                                                                       | CUSIP: 000000000<br>LEI: 213800M993ICXOMBCP87 | Long             | EC               | CORP              | GB        |       2566 | NS      | $33802.85     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordson Corp                                              | Nordson Corp                                                                                                                               | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |        102 | NS      | $24247.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International Inc              | Charles River Laboratories International Inc                                                                                               | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |        101 | NS      | $22007.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc                                          | EPAM Systems Inc                                                                                                                           | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |        112 | NS      | $36706.88     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                                    | Equitable Holdings Inc                                                                                                                     | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |        740 | NS      | $21238.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE                       | LVMH Moet Hennessy Louis Vuitton SE                                                                                                        | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |       1316 | NS      | $957643.14    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingfisher PLC                                            | Kingfisher PLC                                                                                                                             | CUSIP: 000000000<br>LEI: 213800KBMEV7I92FY281 | Long             | EC               | CORP              | GB        |       9188 | NS      | $26105.16     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LOGICOR FINANCING SARL                                    | Logicor Financing Sarl                                                                                                                     | CUSIP: 000000000<br>LEI: 254900IS16Q1A2TQFN22 | Long             | DBT              | CORP              | LU        |     300000 | PA      | $271982.17    | 0.06%             | 2026-07-13      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| BOC Hong Kong Holdings Ltd                                | BOC Hong Kong Holdings Ltd                                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |      17060 | NS      | $57915.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EDP - Energias de Portugal SA                             | EDP - Energias de Portugal SA                                                                                                              | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | EC               | CORP              | PT        |      11293 | NS      | $56293.40     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cisco Systems Inc                                         | Cisco Systems Inc                                                                                                                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |       8181 | NS      | $389742.84    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                                            | Albemarle Corp                                                                                                                             | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |        231 | NS      | $50094.66     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL PAYMENTS INC                                       | Global Payments Inc                                                                                                                        | CUSIP: 37940XAP7<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     475000 | PA      | $461532.80    | 0.10%             | 2027-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Assurant Inc                                              | Assurant Inc                                                                                                                               | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |        106 | NS      | $13256.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| L E Lundbergforetagen AB                                  | L E Lundbergforetagen AB                                                                                                                   | CUSIP: 000000000<br>LEI: 529900BPSFZS6O3A9R04 | Long             | EC               | CORP              | SE        |        362 | NS      | $15433.26     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                    | United States Treasury Note/Bond                                                                                                           | CUSIP: 912810RY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2720000 | PA      | $2124468.76   | 0.48%             | 2047-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| OMV AG                                                    | OMV AG                                                                                                                                     | CUSIP: 000000000<br>LEI: 549300V62YJ9HTLRI486 | Long             | EC               | CORP              | AT        |        736 | NS      | $37860.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp                                      | Bank of America Corp                                                                                                                       | CUSIP: 06051GGL7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     600000 | PA      | $556140.08    | 0.13%             | 2028-04-24      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| BUONI POLIENNALI DEL TES                                  | Italy Buoni Poliennali Del Tesoro                                                                                                          | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    1960000 | PA      | $2017351.04   | 0.46%             | 2025-07-01      | Fixed         | 1.85%                 | Yes           |                  2 | On Loan: No      |
| Salesforce Inc                                            | Salesforce Inc                                                                                                                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |       1966 | NS      | $260671.94    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                                | Intuit Inc                                                                                                                                 | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |        521 | NS      | $202783.62    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                                             | Dynatrace Inc                                                                                                                              | CUSIP: 268150109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        390 | NS      | $14937.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                                                   | Dow Inc                                                                                                                                    | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |       1411 | NS      | $71100.29     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Brands PLC                                       | Imperial Brands PLC                                                                                                                        | CUSIP: 000000000<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |       4230 | NS      | $105374.02    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Washington H Soul Pattinson & Co Ltd                      | Washington H Soul Pattinson & Co Ltd                                                                                                       | CUSIP: 000000000<br>LEI: 549300G2Q3P6ZVNC1465 | Long             | EC               | CORP              | AU        |       1023 | NS      | $19192.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                               | Long: SMI9YB431 IRS MXN R F  6.68000 II9773150210702 CCPVANILLA / Short: SMI9YB431 IRS MXN P V 01MTIIE II9776110210702 CCPVANILLA          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   32653000 | OU      | $-116006.90   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Umicore SA                                                | Umicore SA                                                                                                                                 | CUSIP: 000000000<br>LEI: 529900F3AIQECS8ZSV61 | Long             | EC               | CORP              | BE        |       1023 | NS      | $37625.71     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LEG Immobilien SE                                         | LEG Immobilien SE                                                                                                                          | CUSIP: 000000000<br>LEI: 391200SO40AKONBO0Z96 | Long             | EC               | CORP              | DE        |        360 | NS      | $23478.74     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| L3Harris Technologies Inc                                 | L3Harris Technologies Inc                                                                                                                  | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |        378 | NS      | $78703.38     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Inc                                             | BlackRock Inc                                                                                                                              | CUSIP: 09247X101<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | CORP              | US        |        298 | NS      | $211171.74    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hargreaves Lansdown PLC                                   | Hargreaves Lansdown PLC                                                                                                                    | CUSIP: 000000000<br>LEI: 2138008ZCE93ZDSESG90 | Long             | EC               | CORP              | GB        |       1696 | NS      | $17465.33     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Zebra Technologies Corp                                   | Zebra Technologies Corp                                                                                                                    | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |        101 | NS      | $25897.41     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kone Oyj                                                  | Kone Oyj                                                                                                                                   | CUSIP: 000000000<br>LEI: 2138001CNF45JP5XZK38 | Long             | EC               | CORP              | FI        |       1653 | NS      | $85578.68     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Warner Bros Discovery Inc                                 | Warner Bros Discovery Inc                                                                                                                  | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |       4623 | NS      | $43826.04     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BT Group PLC                                              | BT Group PLC                                                                                                                               | CUSIP: 000000000<br>LEI: 213800LRO7NS5CYQMN21 | Long             | EC               | CORP              | GB        |      32725 | NS      | $44187.72     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN GOVERNMENT                                       | Canadian Government Bond                                                                                                                   | CUSIP: 135087J39<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |    5220000 | PA      | $3630213.15   | 0.82%             | 2029-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| PDC Energy Inc                                            | PDC Energy Inc                                                                                                                             | CUSIP: 69327R101<br>LEI: 5493008W8H2T511J5Y59 | Long             | EC               | CORP              | US        |        989 | NS      | $62781.72     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc                                 | United Parcel Service Inc                                                                                                                  | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |       1476 | NS      | $256587.84    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                                                 | Nokia Oyj                                                                                                                                  | CUSIP: 000000000<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |      26286 | NS      | $122116.80    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Dollar General Corp                                       | Dollar General Corp                                                                                                                        | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |        448 | NS      | $110320.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DISH Network Corp                                         | DISH Network Corp                                                                                                                          | CUSIP: 25470M109<br>LEI: 529900U350CWHH15G169 | Long             | EC               | CORP              | US        |        488 | NS      | $6851.52      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                             | Accenture PLC                                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |       1228 | NS      | $327679.52    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DENTSPLY SIRONA Inc                                       | DENTSPLY SIRONA Inc                                                                                                                        | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |        421 | NS      | $13404.64     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                                        | Equity Residential                                                                                                                         | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               |  | US        |        711 | NS      | $41949.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal SA                                                | L'Oreal SA                                                                                                                                 | CUSIP: 000000000<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |       1139 | NS      | $407873.11    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Telecom Italia SpA/Milano                                 | Telecom Italia SpA/Milano                                                                                                                  | CUSIP: 000000000<br>LEI: 549300W384M3RI3VXU42 | Long             | EC               | CORP              | IT        |      46925 | NS      | $10874.93     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                                       | AUST 10Y BOND FUT MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |         81 | NC      | $-356296.94   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                                                | AMETEK Inc                                                                                                                                 | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |        451 | NS      | $63013.72     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mapletree Pan Asia Commercial Trust                       | Mapletree Pan Asia Commercial Trust                                                                                                        | CUSIP: 000000000<br>LEI: 549300BF18K4IC5LZ208 | Long             | EC               |  | SG        |      11000 | NS      | $13743.84     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity National Financial Inc                           | Fidelity National Financial Inc                                                                                                            | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |        516 | NS      | $19411.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GSR Mortgage Loan Trust                                   | GSR Mortgage Loan Trust 2007-1F                                                                                                            | CUSIP: 3622MPAT5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       7091 | PA      | $4523.77      | 0.00%             | 2037-01-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co Inc                            | American Electric Power Co Inc                                                                                                             | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |       1017 | NS      | $96564.15     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co                                         | General Motors Co                                                                                                                          | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |       2750 | NS      | $92510.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank N.A.                                             | PURCHASED CZK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CZ        |          1 | NC      | $110.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AUSTRALIAN GOVERNMENT                                     | Australia Government Bond                                                                                                                  | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |    3450000 | PA      | $2141680.37   | 0.48%             | 2025-11-21      | Fixed         | 0.25%                 | Yes           |                  2 | On Loan: No      |
| Western Digital Corp                                      | Western Digital Corp                                                                                                                       | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |        608 | NS      | $19182.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                    | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | HU        |          1 | NC      | $8451.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ASIAN DEVELOPMENT BANK                                    | Asian Development Bank                                                                                                                     | CUSIP: 000000000<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |     300000 | PA      | $150309.43    | 0.03%             | 2031-05-19      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Alnylam Pharmaceuticals Inc                               | Alnylam Pharmaceuticals Inc                                                                                                                | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |        233 | NS      | $55372.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF KOREA                                         | Korea International Bond                                                                                                                   | CUSIP: 50064FAR5<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        |     350000 | PA      | $336299.80    | 0.08%             | 2024-06-19      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                         | PURCHASED USD / SOLD HKD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $123.01       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                       | GS Mortgage-Backed Securities Trust 2021-PJ7                                                                                               | CUSIP: 36262CAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     527337 | PA      | $425948.21    | 0.10%             | 2052-01-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Chocoladefabriken Lindt & Spruengli AG                    | Chocoladefabriken Lindt & Spruengli AG                                                                                                     | CUSIP: 000000000<br>LEI: 529900JYJNNOKKAGK736 | Long             | EC               | CORP              | CH        |          1 | NS      | $102883.47    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| VONTIER CORP                                              | Vontier Corp                                                                                                                               | CUSIP: 928881AD3<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |     250000 | PA      | $200673.89    | 0.05%             | 2028-04-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | PL        |          1 | NC      | $9329.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Amundi SA                                                 | Amundi SA                                                                                                                                  | CUSIP: 000000000<br>LEI: 96950010FL2T1TJKR531 | Long             | EC               | CORP              | FR        |        288 | NS      | $16332.17     | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Teledyne Technologies Inc                                 | Teledyne Technologies Inc                                                                                                                  | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |         92 | NS      | $36791.72     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                                               | Vistra Corp                                                                                                                                | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |        738 | NS      | $17121.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                             | Welltower Inc                                                                                                                              | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               |  | US        |        919 | NS      | $60240.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Washington Inc                | Expeditors International of Washington Inc                                                                                                 | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |        327 | NS      | $33981.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ampol Ltd                                                 | Ampol Ltd                                                                                                                                  | CUSIP: 000000000<br>LEI: 5493009TD1CGVRZ27U11 | Long             | EC               | CORP              | AU        |       1149 | NS      | $22086.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AUSTRALIAN GOVERNMENT                                     | Australia Government Bond                                                                                                                  | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |    3850000 | PA      | $2057506.98   | 0.47%             | 2032-05-21      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Amplifon SpA                                              | Amplifon SpA                                                                                                                               | CUSIP: 000000000<br>LEI: ZYXJDNVM2JI3VBM8G556 | Long             | EC               | CORP              | IT        |        586 | NS      | $17497.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC Group NV                                              | KBC Group NV                                                                                                                               | CUSIP: 000000000<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |       5859 | NS      | $377233.35    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Genuine Parts Co                                          | Genuine Parts Co                                                                                                                           | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |        279 | NS      | $48409.29     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury NZ Ltd                                            | Mercury NZ Ltd                                                                                                                             | CUSIP: 000000000<br>LEI: 254900XLT925U953KK55 | Long             | EC               | CORP              | NZ        |       3399 | NS      | $12007.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MSCI Inc                                                  | MSCI Inc                                                                                                                                   | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |        159 | NS      | $73962.03     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SKF AB                                                    | SKF AB                                                                                                                                     | CUSIP: 000000000<br>LEI: 549300B6HWYEE57O8J84 | Long             | EC               | CORP              | SE        |       1824 | NS      | $27858.91     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AVEVA Group PLC                                           | AVEVA Group PLC                                                                                                                            | CUSIP: 000000000<br>LEI: 213800XHATUM2LFMKG16 | Long             | EC               | CORP              | GB        |        564 | NS      | $21830.76     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chipotle Mexican Grill Inc                                | Chipotle Mexican Grill Inc                                                                                                                 | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         54 | NS      | $74924.46     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Aegon NV                                                  | Aegon NV                                                                                                                                   | CUSIP: 000000000<br>LEI: O4QK7KMMK83ITNTHUG69 | Long             | EC               | CORP              | NL        |       8420 | NS      | $42661.37     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Viatris Inc                                               | Viatris Inc                                                                                                                                | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |       2402 | NS      | $26734.26     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| La Francaise des Jeux SAEM                                | La Francaise des Jeux SAEM                                                                                                                 | CUSIP: 000000000<br>LEI: 969500R4CLSQFTYYI535 | Long             | EC               | CORP              | FR        |        494 | NS      | $19877.83     | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Volvo AB                                                  | Volvo AB                                                                                                                                   | CUSIP: 000000000<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |       7193 | NS      | $129931.46    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                    | United States Treasury Note/Bond                                                                                                           | CUSIP: 912810TA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     600000 | PA      | $410894.53    | 0.09%             | 2041-08-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Beiersdorf AG                                             | Beiersdorf AG                                                                                                                              | CUSIP: 000000000<br>LEI: L47NHHI0Z9X22DV46U41 | Long             | EC               | CORP              | DE        |        474 | NS      | $54164.80     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Progressive Corp/The                                      | Progressive Corp/The                                                                                                                       | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |       1144 | NS      | $148388.24    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc                               | Jack Henry & Associates Inc                                                                                                                | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |        143 | NS      | $25105.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                                                 | Pool Corp                                                                                                                                  | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |         79 | NS      | $23884.07     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                                                 | Argenx SE                                                                                                                                  | CUSIP: 000000000<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |        103 | NS      | $38666.79     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| American Water Works Co Inc                               | American Water Works Co Inc                                                                                                                | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |        360 | NS      | $54871.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                         | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-217773.81   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Vertex Pharmaceuticals Inc                                | Vertex Pharmaceuticals Inc                                                                                                                 | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |        504 | NS      | $145545.12    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                            | Long: 1325033   TRS EUR R V 00MESTR II5359520221209 Q 26TH +4BPS / Short: 1325033   TRS EUR P E II7590050221209 EQUITYTRS                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | FR        |   11354471 | OU      | $60419.25     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sirius XM Holdings Inc                                    | Sirius XM Holdings Inc                                                                                                                     | CUSIP: 82968B103<br>LEI: 54930055RWDMVXAGZK98 | Long             | EC               | CORP              | US        |       1543 | NS      | $9011.12      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp                                    | Liberty Broadband Corp                                                                                                                     | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |        248 | NS      | $18914.96     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Parkland Corp                                             | Parkland Corp                                                                                                                              | CUSIP: 70137W108<br>LEI: 549300UY5C6HUV0XLS53 | Long             | EC               | CORP              | CA        |        746 | NS      | $16369.03     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                                       | Dominion Energy Inc                                                                                                                        | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |       1643 | NS      | $100748.76    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc                                | Mondelez International Inc                                                                                                                 | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |       2695 | NS      | $179621.75    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                  | Capital One Financial Corp                                                                                                                 | CUSIP: 14040HBT1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     425000 | PA      | $410486.15    | 0.09%             | 2024-10-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Okta Inc                                                  | Okta Inc                                                                                                                                   | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |        291 | NS      | $19884.03     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPORT-IMPORT BANK KOREA                                  | Export-Import Bank of Korea                                                                                                                | CUSIP: 302154DF3<br>LEI: 549300APVP4R32PI3Y06 | Long             | DBT              | NUSS              | KR        |     640000 | PA      | $564804.36    | 0.13%             | 2026-02-09      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                        | Seasoned Credit Risk Transfer Trust Series 2019-1                                                                                          | CUSIP: 35563PHZ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     238252 | PA      | $211591.98    | 0.05%             | 2058-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp                                        | Union Pacific Corp                                                                                                                         | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |       1243 | NS      | $257388.01    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTALENERGIES SE                                          | TotalEnergies SE                                                                                                                           | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | DBT              | CORP              | FR        |     100000 | PA      | $106128.86    | 0.02%             | 2023-05-05      | Fixed         | 2.71%                 | Yes           |                  2 | On Loan: No      |
| Swire Properties Ltd                                      | Swire Properties Ltd                                                                                                                       | CUSIP: 000000000<br>LEI: 5299001L12PHYVQ92465 | Long             | EC               | CORP              | HK        |       5311 | NS      | $13452.20     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Skanska AB                                                | Skanska AB                                                                                                                                 | CUSIP: 000000000<br>LEI: 549300UINV5RINHGMG07 | Long             | EC               | CORP              | SE        |       1620 | NS      | $25681.02     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Aristocrat Leisure Ltd                                    | Aristocrat Leisure Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 529900TE2HO3OZKYKC27 | Long             | EC               | CORP              | AU        |       2860 | NS      | $58932.61     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                         | Johnson & Johnson                                                                                                                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |       5174 | NS      | $913987.10    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| REA Group Ltd                                             | REA Group Ltd                                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |        250 | NS      | $18801.63     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Realty Income Corp                                        | Realty Income Corp                                                                                                                         | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               |  | US        |       1221 | NS      | $77448.03     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                                           | McDonald's Corp                                                                                                                            | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |       1448 | NS      | $381591.44    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division          | LONG GILT FUTURE MAR23                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |          7 | NC      | $-46544.58    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                                                | NetApp Inc                                                                                                                                 | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |        431 | NS      | $25885.86     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding PLC                          | Sensata Technologies Holding PLC                                                                                                           | CUSIP: 000000000<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | GB        |        307 | NS      | $12396.66     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS                                               | BNP Paribas SA                                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     485000 | PA      | $475361.13    | 0.11%             | 2026-06-11      | Fixed         | 1.13%                 | Yes           |                  2 | On Loan: No      |
| ASX Ltd                                                   | ASX Ltd                                                                                                                                    | CUSIP: 000000000<br>LEI: 549300VSBVYUCBIQKT71 | Long             | EC               | CORP              | AU        |        929 | NS      | $42786.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Rolls-Royce Holdings PLC                                  | Rolls-Royce Holdings PLC                                                                                                                   | CUSIP: 000000000<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |      39594 | NS      | $44225.49     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                           | BAE Systems PLC                                                                                                                            | CUSIP: 000000000<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |      14701 | NS      | $151837.83    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Hess Corp                                                 | Hess Corp                                                                                                                                  | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |        544 | NS      | $77150.08     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken Holding NV                                       | Heineken Holding NV                                                                                                                        | CUSIP: 000000000<br>LEI: 724500M1WJLFM9TYBS04 | Long             | EC               | CORP              | NL        |        474 | NS      | $36607.21     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc                                    | UnitedHealth Group Inc                                                                                                                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       1850 | NS      | $980833.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Snam SpA                                                  | Snam SpA                                                                                                                                   | CUSIP: 000000000<br>LEI: 8156002278562044AF79 | Long             | EC               | CORP              | IT        |       9525 | NS      | $46185.16     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Exact Sciences Corp                                       | Exact Sciences Corp                                                                                                                        | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |        337 | NS      | $16684.87     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Lendlease Corp Ltd                                        | Lendlease Corp Ltd                                                                                                                         | CUSIP: 000000000<br>LEI: 549300MQ0F0TIIEK5592 | Long             | EC               | CORP              | AU        |       3266 | NS      | $17336.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                                    | BP PLC                                                                                                                                     | CUSIP: 000000000<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |      87562 | NS      | $505227.63    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| EXPORT-IMPORT BANK CHINA                                  | Export-Import Bank of China/The                                                                                                            | CUSIP: 000000000<br>LEI: 300300C1020211000045 | Long             | DBT              | NUSS              | CN        |    3470000 | PA      | $503286.15    | 0.11%             | 2025-03-02      | Fixed         | 2.93%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED TWD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TW        |          1 | NC      | $-17664.87    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Canada                                   | National Bank of Canada                                                                                                                    | CUSIP: 633067103<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | EC               | CORP              | CA        |       1571 | NS      | $105851.06    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                                             | Clorox Co/The                                                                                                                              | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |        248 | NS      | $34801.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Montreal                                          | Bank of Montreal                                                                                                                           | CUSIP: 063671101<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | EC               | CORP              | CA        |       3235 | NS      | $293061.37    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Stora Enso Oyj                                            | Stora Enso Oyj                                                                                                                             | CUSIP: 000000000<br>LEI: 7437000ZP669LKUTZ738 | Long             | EC               | CORP              | FI        |       2674 | NS      | $37702.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cochlear Ltd                                              | Cochlear Ltd                                                                                                                               | CUSIP: 000000000<br>LEI: 5493001OLLWY8KV5UC08 | Long             | EC               | CORP              | AU        |        316 | NS      | $43641.93     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Molson Coors Beverage Co                                  | Molson Coors Beverage Co                                                                                                                   | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |        381 | NS      | $19629.12     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Toromont Industries Ltd                                   | Toromont Industries Ltd                                                                                                                    | CUSIP: 891102105<br>LEI: 5493008W5EPRSLQ0B737 | Long             | EC               | CORP              | CA        |        390 | NS      | $28143.94     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                                           | ASML Holding NV                                                                                                                            | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       1916 | NS      | $1044702.13   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Philip Morris International Inc                           | Philip Morris International Inc                                                                                                            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |       3052 | NS      | $308892.92    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Enagas SA                                                 | Enagas SA                                                                                                                                  | CUSIP: 000000000<br>LEI: 213800OU3FQKGM4M2U23 | Long             | EC               | CORP              | ES        |       1188 | NS      | $19754.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bezeq The Israeli Telecommunication Corp Ltd              | Bezeq The Israeli Telecommunication Corp Ltd                                                                                               | CUSIP: 000000000<br>LEI: 213800XCGZCFSWY9U863 | Long             | EC               | CORP              | IL        |       9751 | NS      | $16727.93     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United Rentals Inc                                        | United Rentals Inc                                                                                                                         | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |        138 | NS      | $49047.96     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                                           | Brookfield Corp                                                                                                                            | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |       6928 | NS      | $217868.71    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                   | Mello Mortgage Capital Acceptance 2021-INV2                                                                                                | CUSIP: 58549XAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     529370 | PA      | $426928.59    | 0.10%             | 2051-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | JP        |          1 | NC      | $30329.83     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Cellulosa AB SCA                                  | Svenska Cellulosa AB SCA                                                                                                                   | CUSIP: 000000000<br>LEI: 549300FW5JDRV1IJ0M67 | Long             | EC               | CORP              | SE        |       2863 | NS      | $36258.93     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BPCE SA                                                   | BPCE SA                                                                                                                                    | CUSIP: 05578QAB9<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     925000 | PA      | $906044.90    | 0.21%             | 2024-07-21      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| KOREA SOUTHERN POWER                                      | Korea Southern Power Co Ltd                                                                                                                | CUSIP: 50065AAC8<br>LEI: 9884001B6VSIQS4ZY558 | Long             | DBT              | CORP              | KR        |     730000 | PA      | $641024.91    | 0.15%             | 2026-01-27      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp                      | International Business Machines Corp                                                                                                       | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |       1764 | NS      | $248529.96    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                                             | Repligen Corp                                                                                                                              | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |        103 | NS      | $17438.93     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC                              | British American Tobacco PLC                                                                                                               | CUSIP: 000000000<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |      10094 | NS      | $399300.03    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Chocoladefabriken Lindt & Spruengli AG                    | Chocoladefabriken Lindt & Spruengli AG                                                                                                     | CUSIP: 000000000<br>LEI: 529900JYJNNOKKAGK736 | Long             | EC               | CORP              | CH        |          5 | NS      | $50950.20     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Pentair PLC                                               | Pentair PLC                                                                                                                                | CUSIP: 000000000<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               | CORP              | IE        |        326 | NS      | $14663.48     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Land Securities Group PLC                                 | Land Securities Group PLC                                                                                                                  | CUSIP: 000000000<br>LEI: 213800V8IAVKS37D6B88 | Long             | EC               |  | GB        |       3352 | NS      | $25043.32     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd                                       | Macquarie Group Ltd                                                                                                                        | CUSIP: 000000000<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | EC               | CORP              | AU        |       1746 | NS      | $197103.23    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                | Fannie Mae Pool                                                                                                                            | CUSIP: 3140XBNR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1015005 | PA      | $937047.83    | 0.21%             | 2051-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corp                                        | Valero Energy Corp                                                                                                                         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |        766 | NS      | $97174.76     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Petronas Capital Ltd                                      | Petronas Capital Ltd                                                                                                                       | CUSIP: 716743AJ8<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |     875000 | PA      | $849966.69    | 0.19%             | 2025-03-18      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Amphenol Corp                                             | Amphenol Corp                                                                                                                              | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |       1170 | NS      | $89083.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                          | Wells Fargo & Co                                                                                                                           | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |       7575 | NS      | $312771.75    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                                       | Northern Trust Corp                                                                                                                        | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |        389 | NS      | $34422.61     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corp                                                 | News Corp                                                                                                                                  | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |        761 | NS      | $13850.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IGO Ltd                                                   | IGO Ltd                                                                                                                                    | CUSIP: 000000000<br>LEI: 2549005DZO8VGXM5QN07 | Long             | EC               | CORP              | AU        |       3185 | NS      | $29134.32     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                            | Long: 1323686   TRS USD R E II2587560220713 EQUITYTRS / Short: 1323686   TRS USD P V 00MSOFR II0391060220713 EQUITYTRS                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | FR        |   49530285 | OU      | $3639510.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp                                   | Marathon Petroleum Corp                                                                                                                    | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |        966 | NS      | $112432.74    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Persimmon PLC                                             | Persimmon PLC                                                                                                                              | CUSIP: 000000000<br>LEI: 213800XI72Y57UWN6F31 | Long             | EC               | CORP              | GB        |       1509 | NS      | $22125.89     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PerkinElmer Inc                                           | PerkinElmer Inc                                                                                                                            | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |        249 | NS      | $34914.78     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CZECH REPUBLIC                                            | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    6000000 | PA      | $197454.74    | 0.04%             | 2031-03-13      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Scentre Group                                             | Scentre Group                                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |      24683 | NS      | $48046.93     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CIGNA CORP                                                | Cigna Corp                                                                                                                                 | CUSIP: 125523BK5<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     200000 | PA      | $155989.27    | 0.04%             | 2047-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Straumann Holding AG                                      | Straumann Holding AG                                                                                                                       | CUSIP: 000000000<br>LEI: 50670046ML5FVIM60Z37 | Long             | EC               | CORP              | CH        |        532 | NS      | $61005.03     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Telecommunications Ltd                          | Singapore Telecommunications Ltd                                                                                                           | CUSIP: 000000000<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |      36800 | NS      | $70556.35     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                    | US 10YR ULTRA FUT MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         68 | NC      | $-11687.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Partners Group Holding AG                                 | Partners Group Holding AG                                                                                                                  | CUSIP: 000000000<br>LEI: 549300I3IVVWZWDHI788 | Long             | EC               | CORP              | CH        |        108 | NS      | $95632.17     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                                        | NextEra Energy Inc                                                                                                                         | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       3867 | NS      | $323281.20    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc                             | Hilton Worldwide Holdings Inc                                                                                                              | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |        546 | NS      | $68992.56     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                                              | WP Carey Inc                                                                                                                               | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               |  | US        |        384 | NS      | $30009.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                                   | UDR Inc                                                                                                                                    | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               |  | US        |        647 | NS      | $25058.31     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc                                         | General Mills Inc                                                                                                                          | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |       1230 | NS      | $103135.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                                             | DR Horton Inc                                                                                                                              | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |        651 | NS      | $58030.14     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                               | Paychex Inc                                                                                                                                | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |        644 | NS      | $74420.64     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Oil Corp                                         | Marathon Oil Corp                                                                                                                          | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               | CORP              | US        |       9473 | NS      | $256434.11    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesco PLC                                                 | Tesco PLC                                                                                                                                  | CUSIP: 000000000<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |      35088 | NS      | $94557.50     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                      | Bank of America Corp                                                                                                                       | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     325000 | PA      | $260905.08    | 0.06%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| MarketAxess Holdings Inc                                  | MarketAxess Holdings Inc                                                                                                                   | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |         75 | NS      | $20916.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hang Lung Properties Ltd                                  | Hang Lung Properties Ltd                                                                                                                   | CUSIP: 000000000<br>LEI: 529900CIVTNMXQT59E61 | Long             | EC               | CORP              | HK        |       9499 | NS      | $18504.15     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Electrolux AB                                             | Electrolux AB                                                                                                                              | CUSIP: 000000000<br>LEI: 549300Y3HHZB1ZGFPJ93 | Long             | EC               | CORP              | SE        |       1060 | NS      | $14321.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BRP Inc                                                   | BRP Inc                                                                                                                                    | CUSIP: 05577W200<br>LEI: 529900EPQGESIRCPY551 | Long             | EC               | CORP              | CA        |        171 | NS      | $13037.17     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                    | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $-4565.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                      | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 3572000000 | PA      | $251523.28    | 0.06%             | 2034-03-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                  | Lloyds Banking Group PLC                                                                                                                   | CUSIP: 000000000<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     330000 | PA      | $339843.62    | 0.08%             | 2028-09-07      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                                    | Banque Federative du Credit Mutuel SA                                                                                                      | CUSIP: 000000000<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |     400000 | PA      | $399482.76    | 0.09%             | 2025-07-17      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Continental AG                                            | Continental AG                                                                                                                             | CUSIP: 000000000<br>LEI: 529900A7YD9C0LLXM621 | Long             | EC               | CORP              | DE        |        521 | NS      | $31059.16     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Terna - Rete Elettrica Nazionale                          | Terna - Rete Elettrica Nazionale                                                                                                           | CUSIP: 000000000<br>LEI: 8156009E94ED54DE7C31 | Long             | EC               | CORP              | IT        |       6649 | NS      | $49104.14     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mowi ASA                                                  | Mowi ASA                                                                                                                                   | CUSIP: 000000000<br>LEI: 549300W1OGQF5LZIH349 | Long             | EC               | CORP              | NO        |       2004 | NS      | $34148.75     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Schlumberger Ltd                                          | Schlumberger Ltd                                                                                                                           | CUSIP: 000000000<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |       2713 | NS      | $145036.98    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank N.A.                                             | PURCHASED ILS / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | IL        |          1 | NC      | $-2316.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Zscaler Inc                                               | Zscaler Inc                                                                                                                                | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |        166 | NS      | $18575.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Lufthansa AG                                     | Deutsche Lufthansa AG                                                                                                                      | CUSIP: 000000000<br>LEI: 529900PH63HYJ86ASW55 | Long             | EC               | CORP              | DE        |       2821 | NS      | $23253.66     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | PURCHASED USD / SOLD SGD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-419.89      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Airlines Ltd                                    | Singapore Airlines Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 549300ZG62N2599PWR15 | Long             | EC               | CORP              | SG        |       6100 | NS      | $25186.08     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AbbVie Inc                                                | AbbVie Inc                                                                                                                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |       3500 | NS      | $565635.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                                         | Tractor Supply Co                                                                                                                          | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |        221 | NS      | $49718.37     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BUNDESREPUB. DEUTSCHLAND                                  | Bundesrepublik Deutschland Bundesanleihe                                                                                                   | CUSIP: 000000000<br>LEI: 529900AQBND3S6YJLY83 | Long             | DBT              | NUSS              | DE        |    1140000 | PA      | $1492461.62   | 0.34%             | 2039-07-04      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Universal Health Services Inc                             | Universal Health Services Inc                                                                                                              | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |        129 | NS      | $18174.81     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson PLC                                              | Ferguson PLC                                                                                                                               | CUSIP: 000000000<br>LEI: 213800DU1LGY3R2S2X42 | Long             | EC               | CORP              | JE        |        417 | NS      | $52946.49     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Insurance Australia Group Ltd                             | Insurance Australia Group Ltd                                                                                                              | CUSIP: 000000000<br>LEI: 549300PFEWKNHRG25N08 | Long             | EC               | CORP              | AU        |      11768 | NS      | $37830.23     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Publicis Groupe SA                                        | Publicis Groupe SA                                                                                                                         | CUSIP: 000000000<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |       1084 | NS      | $69248.39     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| EXOR NV                                                   | EXOR NV                                                                                                                                    | CUSIP: 000000000<br>LEI: 5493002ENHZ6NYET7405 | Long             | EC               | CORP              | NL        |        508 | NS      | $37192.85     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                  | Ginnie Mae II Pool                                                                                                                         | CUSIP: 36179UUC4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      50761 | PA      | $50037.20     | 0.01%             | 2049-06-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ball Corp                                                 | Ball Corp                                                                                                                                  | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |        615 | NS      | $31451.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PLC                           | Seagate Technology Holdings PLC                                                                                                            | CUSIP: 000000000<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |        393 | NS      | $20675.73     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesfarmers Ltd                                            | Wesfarmers Ltd                                                                                                                             | CUSIP: 000000000<br>LEI: 5493003L32ZX9557ST85 | Long             | EC               | CORP              | AU        |       5359 | NS      | $167132.64    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Check Point Software Technologies Ltd                     | Check Point Software Technologies Ltd                                                                                                      | CUSIP: 000000000<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |        471 | NS      | $59421.36     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                                              | Unilever PLC                                                                                                                               | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |      11918 | NS      | $601713.76    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Products and Chemicals Inc                            | Air Products and Chemicals Inc                                                                                                             | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |        439 | NS      | $135326.14    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America N.A.                                      | PURCHASED CHF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | CH        |          1 | NC      | $67066.02     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                    | United States Treasury Note/Bond                                                                                                           | CUSIP: 912810RK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2000000 | PA      | $1507617.18   | 0.34%             | 2045-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED USD / SOLD THB                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $1294.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                            | Commonwealth Bank of Australia                                                                                                             | CUSIP: 000000000<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | EC               | CORP              | AU        |       8063 | NS      | $560014.16    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-1052.79     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | AU        |          1 | NC      | $3156.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                | Fannie Mae Pool                                                                                                                            | CUSIP: 3138WELB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     227647 | PA      | $219503.32    | 0.05%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Singapore Exchange Ltd                                    | Singapore Exchange Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |       3900 | NS      | $26078.83     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ventas Inc                                                | Ventas Inc                                                                                                                                 | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               |  | US        |        785 | NS      | $35364.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FRANCE (GOVT OF)                                          | French Republic Government Bond OAT                                                                                                        | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |     860000 | PA      | $720831.25    | 0.16%             | 2048-05-25      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                          | Deutsche Bank AG/New York NY                                                                                                               | CUSIP: 251526CC1<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     250000 | PA      | $241524.53    | 0.05%             | 2024-09-18      | Fixed         | 2.22%                 | No            |                  2 | On Loan: No      |
| ARC Resources Ltd                                         | ARC Resources Ltd                                                                                                                          | CUSIP: 00208D408<br>LEI: FIR47I6FEYKYNJBYW622 | Long             | EC               | CORP              | CA        |       3184 | NS      | $42915.81     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                | Fannie Mae Pool                                                                                                                            | CUSIP: 31414AYQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       1827 | PA      | $1909.55      | 0.00%             | 2038-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Ltd                                             | Rio Tinto Ltd                                                                                                                              | CUSIP: 000000000<br>LEI: 529900X2VMAQT2PE0V24 | Long             | EC               | CORP              | AU        |       1752 | NS      | $138277.64    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonova Holding AG                                         | Sonova Holding AG                                                                                                                          | CUSIP: 000000000<br>LEI: 5299004A0QNX7FBNHS61 | Long             | EC               | CORP              | CH        |        257 | NS      | $61037.14     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                  | Warnermedia Holdings Inc                                                                                                                   | CUSIP: 55903VAN3<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     125000 | PA      | $96078.11     | 0.02%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                   | Freddie Mac Whole Loan Securities Trust                                                                                                    | CUSIP: 3137G1BK2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      61995 | PA      | $53174.49     | 0.01%             | 2046-12-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAP SE                                                    | SAP SE                                                                                                                                     | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |       4938 | NS      | $509802.46    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | PURCHASED NOK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NO        |          1 | NC      | $6119.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                          | Deutsche Bank AG/New York NY                                                                                                               | CUSIP: 251526CM9<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     375000 | PA      | $360922.23    | 0.08%             | 2023-11-08      | Fixed         | 0.96%                 | No            |                  2 | On Loan: No      |
| Tradeweb Markets Inc                                      | Tradeweb Markets Inc                                                                                                                       | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        213 | NS      | $13830.09     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                  | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                                                  | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     425000 | PA      | $372188.65    | 0.08%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED SGD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | SG        |          1 | NC      | $22254.93     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |          1 | NC      | $71224.80     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Tourmaline Oil Corp                                       | Tourmaline Oil Corp                                                                                                                        | CUSIP: 89156V106<br>LEI: 549300LCHLN94A7Y1572 | Long             | EC               | CORP              | CA        |       1521 | NS      | $76746.47     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Amadeus IT Group SA                                       | Amadeus IT Group SA                                                                                                                        | CUSIP: 000000000<br>LEI: 9598004A3FTY3TEHHN09 | Long             | EC               | CORP              | ES        |       2161 | NS      | $112107.74    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                            | PURCHASED USD / SOLD SEK                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $1195.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                    | United States Treasury Bill                                                                                                                | CUSIP: 912796YL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    2291000 | PA      | $2272023.65   | 0.51%             | 2023-03-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Life Financial Services Trust                             | Life 2022-BMR Mortgage Trust                                                                                                               | CUSIP: 53218DAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $489389.75    | 0.11%             | 2039-05-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Acciona SA                                                | Acciona SA                                                                                                                                 | CUSIP: 000000000<br>LEI: 54930002KP75TLLLNO21 | Long             | EC               | CORP              | ES        |        119 | NS      | $21899.76     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Swiss Life Holding AG                                     | Swiss Life Holding AG                                                                                                                      | CUSIP: 000000000<br>LEI: 5493000KUC3Z24U77V93 | Long             | EC               | CORP              | CH        |        145 | NS      | $74741.50     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED NZD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | NZ        |          1 | NC      | $10953.52     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Remy Cointreau SA                                         | Remy Cointreau SA                                                                                                                          | CUSIP: 000000000<br>LEI: 5493004V6A3Z027YT216 | Long             | EC               | CORP              | FR        |        110 | NS      | $18547.47     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                              | Thermo Fisher Scientific Inc                                                                                                               | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |        778 | NS      | $428436.82    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED KRW / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | KR        |          1 | NC      | $220606.47    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Costco Wholesale Corp                                     | Costco Wholesale Corp                                                                                                                      | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |        874 | NS      | $398981.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMarket Ltd                                             | OneMarket Ltd                                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |        390 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong Futures Exchange Ltd.                           | HSCEI FUTURES JAN23                                                                                                                        | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | N/A              | DE               |  | HK        |         89 | NC      | $-37861.95    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                                         | Expedia Group Inc                                                                                                                          | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        301 | NS      | $26367.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED KINGDOM GILT                                       | United Kingdom Gilt                                                                                                                        | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    1150000 | PA      | $882402.59    | 0.20%             | 2041-10-22      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                                | Fannie Mae Pool                                                                                                                            | CUSIP: 3138A4JG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      13073 | PA      | $13238.86     | 0.00%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Holcim AG                                                 | Holcim AG                                                                                                                                  | CUSIP: 000000000<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |       2631 | NS      | $136189.16    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Endesa SA                                                 | Endesa SA                                                                                                                                  | CUSIP: 000000000<br>LEI: 549300LHK07F2CHV4X31 | Long             | EC               | CORP              | ES        |       1514 | NS      | $28533.64     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING                                     | Alibaba Group Holding Ltd                                                                                                                  | CUSIP: 01609WAX0<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |     400000 | PA      | $319428.65    | 0.07%             | 2031-02-09      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Cloudflare Inc                                            | Cloudflare Inc                                                                                                                             | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |        491 | NS      | $22198.11     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Re Group Ltd                                      | Everest Re Group Ltd                                                                                                                       | CUSIP: 000000000<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |         77 | NS      | $25507.79     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrefour SA                                              | Carrefour SA                                                                                                                               | CUSIP: 000000000<br>LEI: 549300B8P6MUJ1YWTS08 | Long             | EC               | CORP              | FR        |       2786 | NS      | $46598.48     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | Long: 1325029   TRS USD R V 00MSOFR II1430610221209 Q 7TH +35BPS / Short: 1325029   TRS USD P E II5566100221209 EQUITYTRS                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    6700013 | OU      | $166832.53    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MTR Corp Ltd                                              | MTR Corp Ltd                                                                                                                               | CUSIP: 000000000<br>LEI: 254900IH4U9NHH9AQM97 | Long             | EC               | CORP              | HK        |       7396 | NS      | $39116.34     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Software Inc/Canada                         | Constellation Software Inc/Canada                                                                                                          | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |         95 | NS      | $148320.68    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NTT FINANCE CORP                                          | NTT Finance Corp                                                                                                                           | CUSIP: 62954WAD7<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |     800000 | PA      | $671795.12    | 0.15%             | 2028-04-03      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| Uber Technologies Inc                                     | Uber Technologies Inc                                                                                                                      | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |       2951 | NS      | $72978.23     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Aeroports de Paris                                        | Aeroports de Paris                                                                                                                         | CUSIP: 000000000<br>LEI: 969500PJMBSFHYC37989 | Long             | EC               | CORP              | FR        |        143 | NS      | $19157.92     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Brown-Forman Corp                                         | Brown-Forman Corp                                                                                                                          | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Long             | EC               | CORP              | US        |        614 | NS      | $40327.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                                              | Teradyne Inc                                                                                                                               | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |        308 | NS      | $26903.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CLP Holdings Ltd                                          | CLP Holdings Ltd                                                                                                                           | CUSIP: 000000000<br>LEI: 25490002BUTSMP94GO68 | Long             | EC               | CORP              | HK        |       7619 | NS      | $55508.74     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED USD / SOLD SGD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-274.71      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                         | HSBC Holdings PLC                                                                                                                          | CUSIP: 404280DR7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     775000 | PA      | $815864.08    | 0.18%             | 2028-11-03      | Fixed         | 7.39%                 | No            |                  2 | On Loan: No      |
| BKW AG                                                    | BKW AG                                                                                                                                     | CUSIP: 000000000<br>LEI: 549300IE30SKTUO98Q38 | Long             | EC               | CORP              | CH        |        100 | NS      | $13682.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cognizant Technology Solutions Corp                       | Cognizant Technology Solutions Corp                                                                                                        | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |       1014 | NS      | $57990.66     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyera Corp                                               | Keyera Corp                                                                                                                                | CUSIP: 493271100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       1040 | NS      | $22727.92     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                                                | Masco Corp                                                                                                                                 | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |        450 | NS      | $21001.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Union Co/The                                      | Western Union Co/The                                                                                                                       | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |        757 | NS      | $10423.89     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                            | BNP Paribas SA                                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |      25793 | NS      | $1468631.03   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| CNH Industrial NV                                         | CNH Industrial NV                                                                                                                          | CUSIP: 000000000<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | NL        |       4749 | NS      | $76183.42     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Hapoalim BM                                          | Bank Hapoalim BM                                                                                                                           | CUSIP: 000000000<br>LEI: B6ARUI4946ST4S7WOU88 | Long             | EC               | CORP              | IL        |       5970 | NS      | $53753.40     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| eBay Inc                                                  | eBay Inc                                                                                                                                   | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |       1093 | NS      | $45326.71     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                                   | CRH PLC                                                                                                                                    | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |       3744 | NS      | $148899.40    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| WEC Energy Group Inc                                      | WEC Energy Group Inc                                                                                                                       | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |        622 | NS      | $58318.72     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                                         | EOG Resources Inc                                                                                                                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |       1148 | NS      | $148688.96    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ritchie Bros Auctioneers Inc                              | Ritchie Bros Auctioneers Inc                                                                                                               | CUSIP: 767744105<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | CA        |        528 | NS      | $30498.43     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COS INC                                            | Lowe's Cos Inc                                                                                                                             | CUSIP: 548661DX2<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     425000 | PA      | $353911.27    | 0.08%             | 2028-04-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| M&G PLC                                                   | M&G PLC                                                                                                                                    | CUSIP: 000000000<br>LEI: 254900TWUJUQ44TQJY84 | Long             | EC               | CORP              | GB        |      11838 | NS      | $26768.77     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Arch Capital Group Ltd                                    | Arch Capital Group Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |        711 | NS      | $44636.58     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                                                     | 3M Co                                                                                                                                      | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |       1100 | NS      | $131912.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Treasury Wine Estates Ltd                                 | Treasury Wine Estates Ltd                                                                                                                  | CUSIP: 000000000<br>LEI: 529900LVOPJGAX6ILK66 | Long             | EC               | CORP              | AU        |       3310 | NS      | $30579.14     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NIKE Inc                                                  | NIKE Inc                                                                                                                                   | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |       2509 | NS      | $293578.09    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                                 | Airbus SE                                                                                                                                  | CUSIP: 000000000<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |       2787 | NS      | $331380.95    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Agilent Technologies Inc                                  | Agilent Technologies Inc                                                                                                                   | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |        579 | NS      | $86647.35     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                                 | Shell PLC                                                                                                                                  | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      33816 | NS      | $953300.68    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| BioMarin Pharmaceutical Inc                               | BioMarin Pharmaceutical Inc                                                                                                                | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |        366 | NS      | $37877.34     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TFI International Inc                                     | TFI International Inc                                                                                                                      | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |        383 | NS      | $38359.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                                             | Owens Corning                                                                                                                              | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |        192 | NS      | $16377.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Quebecor Inc                                              | Quebecor Inc                                                                                                                               | CUSIP: 748193208<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |        740 | NS      | $16505.17     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Splunk Inc                                                | Splunk Inc                                                                                                                                 | CUSIP: 848637104<br>LEI: 549300XGDSGBP6UEI867 | Long             | EC               | CORP              | US        |        315 | NS      | $27118.35     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                                                   | Aramark                                                                                                                                    | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |        460 | NS      | $19016.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ramsay Health Care Ltd                                    | Ramsay Health Care Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 549300QBX122KF2JPI10 | Long             | EC               | CORP              | AU        |        857 | NS      | $37631.81     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Covestro AG                                               | Covestro AG                                                                                                                                | CUSIP: 000000000<br>LEI: 3912005AWHKLQ1CPLV11 | Long             | EC               | CORP              | DE        |        916 | NS      | $35683.72     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Micron Technology Inc                                     | Micron Technology Inc                                                                                                                      | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |       2218 | NS      | $110855.64    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                                      | Regency Centers Corp                                                                                                                       | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               |  | US        |        305 | NS      | $19062.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                                         | HSBC Holdings PLC                                                                                                                          | CUSIP: 000000000<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     300000 | PA      | $327137.15    | 0.07%             | 2026-11-13      | Fixed         | 2.26%                 | Yes           |                  2 | On Loan: No      |
| Covivio                                                   | Covivio                                                                                                                                    | CUSIP: 000000000<br>LEI: 969500P8M3W2XX376054 | Long             | EC               |  | FR        |        227 | NS      | $13474.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Jeronimo Martins SGPS SA                                  | Jeronimo Martins SGPS SA                                                                                                                   | CUSIP: 000000000<br>LEI: 259400A8SZP10GB5IB19 | Long             | EC               | CORP              | PT        |       1137 | NS      | $24599.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrivarden AB                                         | Industrivarden AB                                                                                                                          | CUSIP: 000000000<br>LEI: 549300TM1DLIQI3B3T37 | Long             | EC               | CORP              | SE        |        622 | NS      | $15128.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Burlington Stores Inc                                     | Burlington Stores Inc                                                                                                                      | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |        129 | NS      | $26156.04     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The                                      | Williams Cos Inc/The                                                                                                                       | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |       2403 | NS      | $79058.70     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| VAT Group AG                                              | VAT Group AG                                                                                                                               | CUSIP: 000000000<br>LEI: 529900MVFK7NVALR7Y83 | Long             | EC               | CORP              | CH        |        129 | NS      | $35412.73     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| HubSpot Inc                                               | HubSpot Inc                                                                                                                                | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |         89 | NS      | $25732.57     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Puma SE                                                   | Puma SE                                                                                                                                    | CUSIP: 000000000<br>LEI: 529900GRZ2BQY5ZM9N49 | Long             | EC               | CORP              | DE        |        261 | NS      | $15775.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FOMENTO ECONOMICO MEX                                     | Fomento Economico Mexicano SAB de CV                                                                                                       | CUSIP: 000000000<br>LEI: 549300A8MDWDJNMLV153 | Long             | DBT              | CORP              | MX        |     500000 | PA      | $438070.22    | 0.10%             | 2028-05-28      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| TMX Group Ltd                                             | TMX Group Ltd                                                                                                                              | CUSIP: 87262K105<br>LEI: 549300N65GFVKSHGJW59 | Long             | EC               | CORP              | CA        |        261 | NS      | $26123.13     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Investment AB Latour                                      | Investment AB Latour                                                                                                                       | CUSIP: 000000000<br>LEI: 5493006GFBLNB3Y0Y789 | Long             | EC               | CORP              | SE        |        712 | NS      | $13465.27     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Boerse AG                                        | Deutsche Boerse AG                                                                                                                         | CUSIP: 000000000<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |        892 | NS      | $153593.51    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Snap-on Inc                                               | Snap-on Inc                                                                                                                                | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |        105 | NS      | $23991.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                             | Citigroup Inc                                                                                                                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |       3807 | NS      | $172190.61    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                | Fannie Mae Pool                                                                                                                            | CUSIP: 31385XTC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       4813 | PA      | $4947.59      | 0.00%             | 2029-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| IRELAND GOVERNMENT BOND                                   | Ireland Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 549300KXBEJAOJ9OVF93 | Long             | DBT              | NUSS              | IE        |     410000 | PA      | $356711.55    | 0.08%             | 2030-10-18      | Fixed         | 0.20%                 | Yes           |                  2 | On Loan: No      |
| PROLOGIS EURO FINANCE                                     | Prologis Euro Finance LLC                                                                                                                  | CUSIP: 74341EAA0<br>LEI: 549300MI5D1784PRQH06 | Long             | DBT              |  | US        |     300000 | PA      | $282535.72    | 0.06%             | 2029-01-05      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Bank Leumi Le-Israel BM                                   | Bank Leumi Le-Israel BM                                                                                                                    | CUSIP: 000000000<br>LEI: 7JDSZWRGUQY2DSTWCR57 | Long             | EC               | CORP              | IL        |       7258 | NS      | $60450.47     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Randstad NV                                               | Randstad NV                                                                                                                                | CUSIP: 000000000<br>LEI: 7245009EAAUUQJ0U4T57 | Long             | EC               | CORP              | NL        |        564 | NS      | $34461.74     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                                          | Novo Nordisk A/S                                                                                                                           | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |       7883 | NS      | $1070634.08   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Linde PLC                                                 | Linde PLC                                                                                                                                  | CUSIP: 000000000<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | IE        |        981 | NS      | $319982.58    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Walgreens Boots Alliance Inc                              | Walgreens Boots Alliance Inc                                                                                                               | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |       1436 | NS      | $53648.96     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                                 | Chubb Ltd                                                                                                                                  | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |        813 | NS      | $179347.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                            | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | XX        |          1 | NC      | $746.11       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BONOS Y OBLIG DEL ESTADO                                  | Spain Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     399000 | PA      | $332923.47    | 0.08%             | 2032-04-30      | Fixed         | 0.70%                 | Yes           |                  2 | On Loan: No      |
| Rational AG                                               | Rational AG                                                                                                                                | CUSIP: 000000000<br>LEI: 529900K139N6UFJ1A758 | Long             | EC               | CORP              | DE        |         24 | NS      | $14251.85     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Omnicom Group Inc                                         | Omnicom Group Inc                                                                                                                          | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |        404 | NS      | $32954.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| West Fraser Timber Co Ltd                                 | West Fraser Timber Co Ltd                                                                                                                  | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |        282 | NS      | $20362.73     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                                                   | Sea Ltd                                                                                                                                    | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |       1700 | NS      | $88451.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Severn Trent PLC                                          | Severn Trent PLC                                                                                                                           | CUSIP: 000000000<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |       1182 | NS      | $37762.68     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Amcor PLC                                                 | Amcor PLC                                                                                                                                  | CUSIP: 000000000<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |       2943 | NS      | $35051.13     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| British Land Co PLC/The                                   | British Land Co PLC/The                                                                                                                    | CUSIP: 000000000<br>LEI: RV5B68J2GV3QGMRPW209 | Long             | EC               |  | GB        |       4161 | NS      | $19755.43     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                         | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-4543.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc/The                      | PNC Financial Services Group Inc/The                                                                                                       | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |        798 | NS      | $126036.12    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizrahi Tefahot Bank Ltd                                  | Mizrahi Tefahot Bank Ltd                                                                                                                   | CUSIP: 000000000<br>LEI: YZO9YEGEO4VYDZMDWF93 | Long             | EC               | CORP              | IL        |        725 | NS      | $23399.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                               | Freddie Mac Pool                                                                                                                           | CUSIP: 31329Q5L1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      59432 | PA      | $58239.07     | 0.01%             | 2049-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc                                 | Caesars Entertainment Inc                                                                                                                  | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |        423 | NS      | $17596.80     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JAPAN (10 YEAR ISSUE)                                     | Japan Government Ten Year Bond                                                                                                             | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  228000000 | PA      | $1679260.62   | 0.38%             | 2031-06-20      | Fixed         | 0.10%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                            | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | MX        |          1 | NC      | $25087.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hang Seng Bank Ltd                                        | Hang Seng Bank Ltd                                                                                                                         | CUSIP: 000000000<br>LEI: 5493009Z5F07LWZYMK62 | Long             | EC               | CORP              | HK        |       3593 | NS      | $59595.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | AU        |          1 | NC      | $-7969.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Porsche Automobil Holding SE                              | Porsche Automobil Holding SE                                                                                                               | CUSIP: 000000000<br>LEI: 52990053Z17ZYM1KFV27 | Long             | EP               | CORP              | DE        |        729 | NS      | $39756.65     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Getinge AB                                                | Getinge AB                                                                                                                                 | CUSIP: 000000000<br>LEI: 5493003PZ4F570G3W735 | Long             | EC               | CORP              | SE        |       1106 | NS      | $22994.40     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Iberdrola SA                                              | Iberdrola SA                                                                                                                               | CUSIP: 000000000<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |      28788 | NS      | $336056.38    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| General Dynamics Corp                                     | General Dynamics Corp                                                                                                                      | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |        453 | NS      | $112393.83    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Knight Inc                                          | Black Knight Inc                                                                                                                           | CUSIP: 09215C105<br>LEI: 549300TUSNXS3BFFML48 | Long             | EC               | CORP              | US        |        309 | NS      | $19080.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Structured Asset Securities Corporation                   | SASCO Mortgage Loan Trust 2004-GEL2                                                                                                        | CUSIP: 80382UAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     128358 | PA      | $125750.20    | 0.03%             | 2034-05-25      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| Northern Star Resources Ltd                               | Northern Star Resources Ltd                                                                                                                | CUSIP: 000000000<br>LEI: 254900XFXCRYYZAX6M78 | Long             | EC               | CORP              | AU        |       5323 | NS      | $39833.70     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                    | US ULTRA BOND CBT MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          2 | NC      | $-713.18      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CHINA COM RICH RENE ENE INVEST                            | CHINA COM RICH RENE ENE INVEST                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |      42000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd                                    | DBS Group Holdings Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |       8200 | NS      | $207555.14    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                       | COMM 2014-CCRE18 Mortgage Trust                                                                                                            | CUSIP: 12632QAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     152000 | PA      | $138042.90    | 0.03%             | 2047-07-15      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Xcel Energy Inc                                           | Xcel Energy Inc                                                                                                                            | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |       1078 | NS      | $75578.58     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bollore SE                                                | Bollore SE                                                                                                                                 | CUSIP: 000000000<br>LEI: 969500LEKCHH6VV86P94 | Long             | EC               | CORP              | FR        |       4177 | NS      | $23342.75     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | ID        |          1 | NC      | $1832.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | HU        |          1 | NC      | $436.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DaVita Inc                                                | DaVita Inc                                                                                                                                 | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               | CORP              | US        |        109 | NS      | $8139.03      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED CLP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CL        |          1 | NC      | $2059.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED USD / SOLD NZD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $86915.06     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Cheniere Energy Inc                                       | Cheniere Energy Inc                                                                                                                        | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |        445 | NS      | $66732.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SVB Financial Group                                       | SVB Financial Group                                                                                                                        | CUSIP: 78486Q101<br>LEI: 549300D2KJ20JMXE7542 | Long             | EC               | CORP              | US        |        115 | NS      | $26466.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                                             | Mosaic Co/The                                                                                                                              | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |        673 | NS      | $29524.51     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corp                                        | First Horizon Corp                                                                                                                         | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |       1055 | NS      | $25847.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                  | Charter Communications Operating LLC / Charter Communications Operating Capital                                                            | CUSIP: 161175BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     275000 | PA      | $214721.49    | 0.05%             | 2031-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Allegion plc                                              | Allegion plc                                                                                                                               | CUSIP: 000000000<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |        173 | NS      | $18209.98     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                                              | Comcast Corp                                                                                                                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |       8577 | NS      | $299937.69    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                                 | Qorvo Inc                                                                                                                                  | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |        206 | NS      | $18671.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UOL Group Ltd                                             | UOL Group Ltd                                                                                                                              | CUSIP: 000000000<br>LEI: 254900O9PRCWTMR86R25 | Long             | EC               | CORP              | SG        |       2100 | NS      | $10558.35     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BERG Finance                                              | Berg Finance 2021 DAC                                                                                                                      | CUSIP: 000000000<br>LEI: 635400MVCRPAUVUGGY60 | Long             | ABS-MBS          | CORP              | IE        |     143631 | PA      | $146241.48    | 0.03%             | 2033-04-22      | Floating      | 2.55%                 | Yes           |                  2 | On Loan: No      |
| Celanese Corp                                             | Celanese Corp                                                                                                                              | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |        215 | NS      | $21981.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc                                        | PPG Industries Inc                                                                                                                         | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |        469 | NS      | $58972.06     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Toronto-Dominion Bank/The                                 | Toronto-Dominion Bank/The                                                                                                                  | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |       8702 | NS      | $563444.86    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA GOVERNMENT BOND                                     | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |  204760000 | PA      | $29207598.85  | 6.61%             | 2032-05-15      | Fixed         | 2.76%                 | No            |                  2 | On Loan: No      |
| HONG KONG                                                 | Hong Kong Government International Bond                                                                                                    | CUSIP: 43858AAB6<br>LEI: 549300DSMAD69T7GGN13 | Long             | DBT              | NUSS              | HK        |     250000 | PA      | $243002.50    | 0.05%             | 2024-05-28      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Invesco Ltd                                               | Invesco Ltd                                                                                                                                | CUSIP: 000000000<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |        673 | NS      | $12107.27     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| James Hardie Industries PLC                               | James Hardie Industries PLC                                                                                                                | CUSIP: 000000000<br>LEI: 635400NSGXKTVOO7JU45 | Long             | EC               | CORP              | IE        |       2154 | NS      | $38768.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED SEK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | SE        |          1 | NC      | $-14666.66    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                        | Canadian Imperial Bank of Commerce                                                                                                         | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               | CORP              | CA        |       4321 | NS      | $174786.68    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ICL Group Ltd                                             | ICL Group Ltd                                                                                                                              | CUSIP: 000000000<br>LEI: 529900FQVQD88SHIGM04 | Long             | EC               | CORP              | IL        |       3328 | NS      | $24046.33     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mapletree Logistics Trust                                 | Mapletree Logistics Trust                                                                                                                  | CUSIP: 000000000<br>LEI: 549300M9EBZIYH387075 | Long             | EC               |  | SG        |      15500 | NS      | $18431.17     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ACS Actividades de Construccion y Servicios SA            | ACS Actividades de Construccion y Servicios SA                                                                                             | CUSIP: 000000000<br>LEI: 95980020140005558665 | Long             | EC               | CORP              | ES        |       1032 | NS      | $29529.18     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Atmos Energy Corp                                         | Atmos Energy Corp                                                                                                                          | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |        277 | NS      | $31043.39     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexus                                                     | Dexus                                                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |       5193 | NS      | $27263.57     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                 | Uniform Mortgage-Backed Security, TBA                                                                                                      | CUSIP: 01F040610<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     300000 | PA      | $281671.73    | 0.06%             | 2053-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Marriott International Inc/MD                             | Marriott International Inc/MD                                                                                                              | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |        546 | NS      | $81293.94     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | MX        |          1 | NC      | $6083.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Xero Ltd                                                  | Xero Ltd                                                                                                                                   | CUSIP: 000000000<br>LEI: 254900UG5D8YST164N14 | Long             | EC               | CORP              | NZ        |        640 | NS      | $30517.65     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Moody's Corp                                              | Moody's Corp                                                                                                                               | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |        326 | NS      | $90830.12     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | CME BITCOIN FUT JAN23                                                                                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              |  | US        |         -6 | NC      | $2190.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JERSEY CENTRAL PWR & LT                                   | Jersey Central Power & Light Co                                                                                                            | CUSIP: 476556DD4<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |     500000 | PA      | $405085.89    | 0.09%             | 2032-03-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ZIM Integrated Shipping Services Ltd                      | ZIM Integrated Shipping Services Ltd                                                                                                       | CUSIP: 000000000<br>LEI: 21380089EIJRELKAIL21 | Long             | EC               | CORP              | IL        |        395 | NS      | $6790.05      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bill.com Holdings Inc                                     | Bill.com Holdings Inc                                                                                                                      | CUSIP: 090043100<br>LEI: 549300IBF9VZZIGOZW63 | Long             | EC               | CORP              | US        |        182 | NS      | $19830.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                                                  | Fox Corp                                                                                                                                   | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |        601 | NS      | $18252.37     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                                               | Dropbox Inc                                                                                                                                | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |        539 | NS      | $12062.82     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Akzo Nobel NV                                             | Akzo Nobel NV                                                                                                                              | CUSIP: 000000000<br>LEI: 724500XYIJUGXAA5QD70 | Long             | EC               | CORP              | NL        |        865 | NS      | $58043.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Orange SA                                                 | Orange SA                                                                                                                                  | CUSIP: 000000000<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |       9492 | NS      | $94180.72     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GEA Group AG                                              | GEA Group AG                                                                                                                               | CUSIP: 000000000<br>LEI: 549300PHUU0ZZWO8EO07 | Long             | EC               | CORP              | DE        |        713 | NS      | $28995.95     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PPL Corp                                                  | PPL Corp                                                                                                                                   | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |       1447 | NS      | $42281.34     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| INDIAN RAILWAY FINANCE                                    | Indian Railway Finance Corp Ltd                                                                                                            | CUSIP: 45434L2H6<br>LEI: 335800F2JHSOGXQEBY56 | Long             | DBT              | CORP              | IN        |     200000 | PA      | $172098.00    | 0.04%             | 2032-01-21      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| Sun Communities Inc                                       | Sun Communities Inc                                                                                                                        | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               |  | US        |        245 | NS      | $35035.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                                               | Exelon Corp                                                                                                                                | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |       1947 | NS      | $84168.81     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd                                                   | ABB Ltd                                                                                                                                    | CUSIP: 000000000<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |       7441 | NS      | $226783.09    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Nucor Corp                                                | Nucor Corp                                                                                                                                 | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |        505 | NS      | $66564.05     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia/The                                   | Bank of Nova Scotia/The                                                                                                                    | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               | CORP              | CA        |       5668 | NS      | $277706.88    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp                                                 | Lear Corp                                                                                                                                  | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |        116 | NS      | $14386.32     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashford Hospitality Trust                                 | Ashford Hospitality Trust 2018-KEYS                                                                                                        | CUSIP: 04410CAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $238892.55    | 0.05%             | 2035-06-15      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                       | Societe Generale SA                                                                                                                        | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | EC               | CORP              | FR        |      18454 | NS      | $462893.38    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International NV                                      | ASM International NV                                                                                                                       | CUSIP: 000000000<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |        222 | NS      | $56329.04     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | MX        |          1 | NC      | $-756.43      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED SEK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | SE        |          1 | NC      | $-47676.62    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Vivendi SE                                                | Vivendi SE                                                                                                                                 | CUSIP: 000000000<br>LEI: 969500FU4DRAEVJW7U54 | Long             | EC               | CORP              | FR        |       3392 | NS      | $32403.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                      | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 1408000000 | PA      | $97482.14     | 0.02%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Horizon Therapeutics Plc                                  | Horizon Therapeutics Plc                                                                                                                   | CUSIP: 000000000<br>LEI: 529900P0GSQ79OOZEV53 | Long             | EC               | CORP              | IE        |        431 | NS      | $49047.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagen Inc                                                | Seagen Inc                                                                                                                                 | CUSIP: 81181C104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        268 | NS      | $34440.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | MX        |          1 | NC      | $11212.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Metro Inc/CN                                              | Metro Inc/CN                                                                                                                               | CUSIP: 59162N109<br>LEI: 549300KQ7DCG4IXSNW78 | Long             | EC               | CORP              | CA        |       1131 | NS      | $62622.65     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                                               | Cintas Corp                                                                                                                                | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        180 | NS      | $81291.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Novocure Ltd                                              | Novocure Ltd                                                                                                                               | CUSIP: 000000000<br>LEI: 213800YPP55UMHWA4826 | Long             | EC               | CORP              | JE        |        182 | NS      | $13349.70     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                    | PURCHASED USD / SOLD CNY                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $58246.14     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| THERMO FISHER SCIENTIFIC                                  | Thermo Fisher Scientific Inc                                                                                                               | CUSIP: 883556CC4<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |     650000 | PA      | $550845.13    | 0.12%             | 2031-10-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| FleetCor Technologies Inc                                 | FleetCor Technologies Inc                                                                                                                  | CUSIP: 339041105<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |        140 | NS      | $25715.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                             | Medtronic PLC                                                                                                                              | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |       2636 | NS      | $204869.92    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                                       | Paycom Software Inc                                                                                                                        | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |        100 | NS      | $31031.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Evraz PLC                                                 | Evraz PLC                                                                                                                                  | CUSIP: 000000000<br>LEI: 5493005B7DAN39RXLK23 | Long             | EC               | CORP              | GB        |       2495 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Truist Financial Corp                                     | Truist Financial Corp                                                                                                                      | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |       2597 | NS      | $111748.91    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc                                          | Vail Resorts Inc                                                                                                                           | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |         80 | NS      | $19068.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                    | US 10YR ULTRA FUT MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -23 | NC      | $5418.76      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Next PLC                                                  | Next PLC                                                                                                                                   | CUSIP: 000000000<br>LEI: 213800WQD8ECPZP9PH98 | Long             | EC               | CORP              | GB        |        611 | NS      | $42813.20     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ZoomInfo Technologies Inc                                 | ZoomInfo Technologies Inc                                                                                                                  | CUSIP: 98980F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        501 | NS      | $15085.11     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                               | Corteva Inc                                                                                                                                | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |       1400 | NS      | $82292.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC                               | Reckitt Benckiser Group PLC                                                                                                                | CUSIP: 000000000<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |       3352 | NS      | $232348.30    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| UPJOHN FINANCE BV                                         | Upjohn Finance BV                                                                                                                          | CUSIP: 000000000<br>LEI: 254900OG32E8F3XO5O83 | Long             | DBT              | CORP              | NL        |     550000 | PA      | $451757.61    | 0.10%             | 2032-06-23      | Fixed         | 1.91%                 | Yes           |                  2 | On Loan: No      |
| Advanced Micro Devices Inc                                | Advanced Micro Devices Inc                                                                                                                 | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |       3155 | NS      | $204349.35    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Inc/OH                              | Huntington Bancshares Inc/OH                                                                                                               | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |       2824 | NS      | $39818.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc                                        | Enphase Energy Inc                                                                                                                         | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |        266 | NS      | $70479.36     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM STUDENT LOAN TR 04-2                                  | SLM Student Loan Trust 2004-2                                                                                                              | CUSIP: 000000000<br>LEI: 549300Y3YMECZJOAL893 | Long             | ABS-O            | CORP              | US        |     335013 | PA      | $343600.68    | 0.08%             | 2039-07-25      | Variable      | 2.09%                 | Yes           |                  2 | On Loan: No      |
| Coterra Energy Inc                                        | Coterra Energy Inc                                                                                                                         | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |      10118 | NS      | $248599.26    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                               | PepsiCo Inc                                                                                                                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |       2723 | NS      | $491937.18    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Just Eat Takeaway.com NV                                  | Just Eat Takeaway.com NV                                                                                                                   | CUSIP: 000000000<br>LEI: 724500FVZIBSSQ7SHI95 | Long             | EC               | CORP              | NL        |        879 | NS      | $18709.08     | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                            | PURCHASED USD / SOLD CNH                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $-2470.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Matheson Holdings Ltd                             | Jardine Matheson Holdings Ltd                                                                                                              | CUSIP: 000000000<br>LEI: 2138009KENVUNWOLPK41 | Long             | EC               | CORP              | BM        |        754 | NS      | $38356.61     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Texas Instruments Inc                                     | Texas Instruments Inc                                                                                                                      | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |       1807 | NS      | $298552.54    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                                             | CME Group Inc                                                                                                                              | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |        713 | NS      | $119898.08    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifco AB                                                  | Lifco AB                                                                                                                                   | CUSIP: 000000000<br>LEI: 549300RTLL4VDQRCTW41 | Long             | EC               | CORP              | SE        |       1121 | NS      | $18763.62     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Thales SA                                                 | Thales SA                                                                                                                                  | CUSIP: 000000000<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |        505 | NS      | $64523.21     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CHUBB INA HOLDINGS INC                                    | Chubb INA Holdings Inc                                                                                                                     | CUSIP: 171239AC0<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |     400000 | PA      | $375395.85    | 0.08%             | 2027-06-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Vulcan Materials Co                                       | Vulcan Materials Co                                                                                                                        | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |        261 | NS      | $45703.71     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc                                       | PayPal Holdings Inc                                                                                                                        | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |       2156 | NS      | $153550.32    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                                              | Centene Corp                                                                                                                               | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |       1130 | NS      | $92671.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Getlink SE                                                | Getlink SE                                                                                                                                 | CUSIP: 000000000<br>LEI: 9695007ZEQ7M0OE74G82 | Long             | EC               | CORP              | FR        |       2093 | NS      | $33515.52     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Dell Technologies Inc                                     | Dell Technologies Inc                                                                                                                      | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |        526 | NS      | $21155.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Renault SA                                                | Renault SA                                                                                                                                 | CUSIP: 000000000<br>LEI: 969500F7JLTX36OUI695 | Long             | EC               | CORP              | FR        |        932 | NS      | $31099.57     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc                                              | Alphabet Inc                                                                                                                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      11808 | NS      | $1041819.84   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Wendel SE                                                 | Wendel SE                                                                                                                                  | CUSIP: 000000000<br>LEI: 969500M98ZMIZYJD5O34 | Long             | EC               | CORP              | FR        |        126 | NS      | $11769.52     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Meridian Energy Ltd                                       | Meridian Energy Ltd                                                                                                                        | CUSIP: 000000000<br>LEI: 254900IFKXIGNCY3A092 | Long             | EC               | CORP              | NZ        |       6087 | NS      | $20246.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barry Callebaut AG                                        | Barry Callebaut AG                                                                                                                         | CUSIP: 000000000<br>LEI: 213800Y5RWKLDPUTT265 | Long             | EC               | CORP              | CH        |         17 | NS      | $33570.76     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DEERE & COMPANY                                           | Deere & Co                                                                                                                                 | CUSIP: 244199BJ3<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | DBT              | CORP              | US        |     450000 | PA      | $404062.93    | 0.09%             | 2030-04-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Boston Properties Inc                                     | Boston Properties Inc                                                                                                                      | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               |  | US        |        290 | NS      | $19598.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                               | Freddie Mac Gold Pool                                                                                                                      | CUSIP: 31287U4M1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       1484 | PA      | $1529.35      | 0.00%             | 2032-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Estee Lauder Cos Inc/The                                  | Estee Lauder Cos Inc/The                                                                                                                   | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |        459 | NS      | $113882.49    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumen Technologies Inc                                    | Lumen Technologies Inc                                                                                                                     | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |       1858 | NS      | $9698.76      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tele2 AB                                                  | Tele2 AB                                                                                                                                   | CUSIP: 000000000<br>LEI: 213800EKD193RVI9HL76 | Long             | EC               | CORP              | SE        |       2725 | NS      | $22230.10     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Phillips 66                                               | Phillips 66                                                                                                                                | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |        935 | NS      | $97314.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp                                  | Pan American Silver Corp                                                                                                                   | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |        926 | NS      | $15114.18     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc                                  | Microchip Technology Inc                                                                                                                   | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |       1088 | NS      | $76432.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                              | Prologis Inc                                                                                                                               | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |       1809 | NS      | $203928.57    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc                                        | Cenovus Energy Inc                                                                                                                         | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |       6704 | NS      | $130069.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Henkel AG & Co KGaA                                       | Henkel AG & Co KGaA                                                                                                                        | CUSIP: 000000000<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EP               | CORP              | DE        |        838 | NS      | $58084.03     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                  | Lloyds Banking Group PLC                                                                                                                   | CUSIP: 000000000<br>LEI: 549300PPXHEU2JF0AM85 | Long             | EC               | CORP              | GB        |     318200 | NS      | $173645.82    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong & China Gas Co Ltd                              | Hong Kong & China Gas Co Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 254900P7BETXGC7YU827 | Long             | EC               | CORP              | HK        |      52029 | NS      | $49344.70     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Lincoln National Corp                                     | Lincoln National Corp                                                                                                                      | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |        316 | NS      | $9707.52      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Genmab A/S                                                | Genmab A/S                                                                                                                                 | CUSIP: 000000000<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |        318 | NS      | $134448.74    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN (10 YEAR ISSUE)                                     | Japan Government Ten Year Bond                                                                                                             | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  154000000 | PA      | $1152201.88   | 0.26%             | 2029-06-20      | Fixed         | 0.10%                 | No            |                  2 | On Loan: No      |
| Fortum Oyj                                                | Fortum Oyj                                                                                                                                 | CUSIP: 000000000<br>LEI: 635400IUIZZIUJSAMF76 | Long             | EC               | CORP              | FI        |       2104 | NS      | $35040.15     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                  | Avolon Holdings Funding Ltd                                                                                                                | CUSIP: 05401AAH4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     325000 | PA      | $300478.38    | 0.07%             | 2025-02-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                                  | Visa Inc                                                                                                                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       3217 | NS      | $668363.92    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co                             | Hewlett Packard Enterprise Co                                                                                                              | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |       2548 | NS      | $40666.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ageas SA/NV                                               | Ageas SA/NV                                                                                                                                | CUSIP: 000000000<br>LEI: 5493005DJBML6LY3RV36 | Long             | EC               | CORP              | BE        |        786 | NS      | $34876.27     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Southern Co/The                                           | Southern Co/The                                                                                                                            | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |       2124 | NS      | $151674.84    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                  | Warnermedia Holdings Inc                                                                                                                   | CUSIP: 55903VAL7<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     375000 | PA      | $309850.34    | 0.07%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Crown Holdings Inc                                        | Crown Holdings Inc                                                                                                                         | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |        237 | NS      | $19483.77     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc                                              | Enbridge Inc                                                                                                                               | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |       9669 | NS      | $377905.08    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Pandora A/S                                               | Pandora A/S                                                                                                                                | CUSIP: 000000000<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |        437 | NS      | $30887.80     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SWAP UBS BOC                                              | SWAP UBS BOC                                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | STIV             | CORP              | US        |     -20000 | NS      | $-20000.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Legal & General Group PLC                                 | Legal & General Group PLC                                                                                                                  | CUSIP: 000000000<br>LEI: 213800JH9QQWHLO99821 | Long             | EC               | CORP              | GB        |      28109 | NS      | $84274.50     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Carlyle Group Inc/The                                     | Carlyle Group Inc/The                                                                                                                      | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |        391 | NS      | $11667.44     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Orkla ASA                                                 | Orkla ASA                                                                                                                                  | CUSIP: 000000000<br>LEI: 549300PZS8G8RG6RVZ52 | Long             | EC               | CORP              | NO        |       3649 | NS      | $26336.04     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sodexo SA                                                 | Sodexo SA                                                                                                                                  | CUSIP: 000000000<br>LEI: 969500LCBOG12HXPYM84 | Long             | EC               | CORP              | FR        |        417 | NS      | $39897.88     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                          | Roche Holding AG                                                                                                                           | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |       3334 | NS      | $1047667.28   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Woolworths Group Ltd                                      | Woolworths Group Ltd                                                                                                                       | CUSIP: 000000000<br>LEI: QNWEWQBS7HP85QHXQL92 | Long             | EC               | CORP              | AU        |       5717 | NS      | $130550.07    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Zoetis Inc                                                | Zoetis Inc                                                                                                                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |        931 | NS      | $136438.05    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                                            | NRG Energy Inc                                                                                                                             | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |        465 | NS      | $14796.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Informa PLC                                               | Informa PLC                                                                                                                                | CUSIP: 000000000<br>LEI: 5493006VM2LKUPSEDU20 | Long             | EC               | CORP              | GB        |       6817 | NS      | $50853.20     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Eastman Chemical Co                                       | Eastman Chemical Co                                                                                                                        | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |        243 | NS      | $19789.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Securitas AB                                              | Securitas AB                                                                                                                               | CUSIP: 000000000<br>LEI: 635400TTYKE8EIWDS617 | Long             | EC               | CORP              | SE        |       2329 | NS      | $19434.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Telefonica Deutschland Holding AG                         | Telefonica Deutschland Holding AG                                                                                                          | CUSIP: 000000000<br>LEI: 391200ECRPJ3SWQJUM30 | Long             | EC               | CORP              | DE        |       4890 | NS      | $12009.90     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Healthineers AG                                   | Siemens Healthineers AG                                                                                                                    | CUSIP: 000000000<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |       1368 | NS      | $68238.02     | 0.02%             |  |  |  | Yes           |                  2 | On Loan: No      |
| American Homes 4 Rent                                     | American Homes 4 Rent                                                                                                                      | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               |  | US        |        617 | NS      | $18596.38     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp                                    | Boston Scientific Corp                                                                                                                     | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |       2817 | NS      | $130342.59    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                                | Zimmer Biomet Holdings Inc                                                                                                                 | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |        415 | NS      | $52912.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                    | US 10YR NOTE (CBT)MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         -6 | NC      | $1828.13      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Futu Holdings Ltd                                         | Futu Holdings Ltd                                                                                                                          | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | KY        |        292 | NS      | $11869.80     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                                             | Westlake Corp                                                                                                                              | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |         76 | NS      | $7793.04      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co                                 | Archer-Daniels-Midland Co                                                                                                                  | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |       1101 | NS      | $102227.85    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Daimler Truck Holding AG                                  | Daimler Truck Holding AG                                                                                                                   | CUSIP: 000000000<br>LEI: 529900PW78JIYOUBSR24 | Long             | EC               | CORP              | DE        |       2136 | NS      | $65664.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Embracer Group AB                                         | Embracer Group AB                                                                                                                          | CUSIP: 000000000<br>LEI: 549300RFXXKT652HB549 | Long             | EC               | CORP              | SE        |       3057 | NS      | $13878.62     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ResMed Inc                                                | ResMed Inc                                                                                                                                 | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |        289 | NS      | $60149.57     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Swedbank AB                                               | Swedbank AB                                                                                                                                | CUSIP: 000000000<br>LEI: M312WZV08Y7LYUC71685 | Long             | EC               | CORP              | SE        |       4268 | NS      | $72594.69     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Elevance Health Inc                                       | Elevance Health Inc                                                                                                                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |        474 | NS      | $243147.78    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                                               | Lennar Corp                                                                                                                                | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |        507 | NS      | $45883.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                                           | Baker Hughes Co                                                                                                                            | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       1958 | NS      | $57819.74     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ONGC VIDESH VANKORNEFT                                    | ONGC Videsh Vankorneft Pte Ltd                                                                                                             | CUSIP: 000000000<br>LEI: 254900FXH0X0S4UIS503 | Long             | DBT              | CORP              | SG        |    1050000 | PA      | $982237.97    | 0.22%             | 2026-07-27      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED CHF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CH        |          1 | NC      | $-1272.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| J M Smucker Co/The                                        | J M Smucker Co/The                                                                                                                         | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |        212 | NS      | $33593.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                                     | NXP Semiconductors NV                                                                                                                      | CUSIP: 000000000<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |        518 | NS      | $81859.54     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc                                       | Leidos Holdings Inc                                                                                                                        | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |        255 | NS      | $26823.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Essity AB                                                 | Essity AB                                                                                                                                  | CUSIP: 000000000<br>LEI: 549300G8E6YUVJ1DA153 | Long             | EC               | CORP              | SE        |       2881 | NS      | $75445.26     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED USD / SOLD CHF                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $-919.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CBRE Group Inc                                            | CBRE Group Inc                                                                                                                             | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |        632 | NS      | $48638.72     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HKT Trust & HKT Ltd                                       | HKT Trust & HKT Ltd                                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | XX        |      18209 | NS      | $22290.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Raymond James Financial Inc                               | Raymond James Financial Inc                                                                                                                | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |        380 | NS      | $40603.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                    | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | AU        |          1 | NC      | $-18265.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Flutter Entertainment PLC                                 | Flutter Entertainment PLC                                                                                                                  | CUSIP: 000000000<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | IE        |        837 | NS      | $114695.13    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| 3i Group PLC                                              | 3i Group PLC                                                                                                                               | CUSIP: 000000000<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |       4571 | NS      | $73718.08     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Brenntag SE                                               | Brenntag SE                                                                                                                                | CUSIP: 000000000<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |        725 | NS      | $46236.76     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| WF-RBS Commercial Mortgage Trust                          | WFRBS Commercial Mortgage Trust 2014-C23                                                                                                   | CUSIP: 92939HAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     200000 | PA      | $174801.05    | 0.04%             | 2057-10-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Biogen Inc                                                | Biogen Inc                                                                                                                                 | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |        283 | NS      | $78368.36     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollarama Inc                                             | Dollarama Inc                                                                                                                              | CUSIP: 25675T107<br>LEI: 5493002GJ0NJP1HI0C79 | Long             | EC               | CORP              | CA        |       1310 | NS      | $76616.62     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WPP PLC                                                   | WPP PLC                                                                                                                                    | CUSIP: 000000000<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | JE        |       5146 | NS      | $50842.40     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Block Inc                                                 | Block Inc                                                                                                                                  | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |       1021 | NS      | $64159.64     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc                         | Gaming and Leisure Properties Inc                                                                                                          | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               |  | US        |        504 | NS      | $26253.36     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                                                | Fiserv Inc                                                                                                                                 | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |       1185 | NS      | $119767.95    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WF-RBS Commercial Mortgage Trust                          | WFRBS Commercial Mortgage Trust 2013-C16                                                                                                   | CUSIP: 92938EBR3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     375000 | PA      | $338569.67    | 0.08%             | 2046-09-15      | Variable      | 4.98%                 | No            |                  2 | On Loan: No      |
| Edison International                                      | Edison International                                                                                                                       | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |        758 | NS      | $48223.96     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The                                   | Procter & Gamble Co/The                                                                                                                    | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |       4719 | NS      | $715211.64    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Exchange Derivatives Clearing Limited           | MSCI SING IX ETS JAN23                                                                                                                     | CUSIP: 000000000<br>LEI: 549300ZLWT3FK3F0FW61 | N/A              | DE               |  | SG        |          2 | NC      | $-291.18      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Empire Co Ltd                                             | Empire Co Ltd                                                                                                                              | CUSIP: 291843407<br>LEI: 549300TX0ZUSTEF7C719 | Long             | EC               | CORP              | CA        |        766 | NS      | $20173.97     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                          | TotalEnergies SE                                                                                                                           | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      11569 | NS      | $726222.41    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                      | Bank of America Corp                                                                                                                       | CUSIP: 06051GKY4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     125000 | PA      | $119043.12    | 0.03%             | 2033-07-22      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Reece Ltd                                                 | Reece Ltd                                                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |       1089 | NS      | $10409.44     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AXA SA                                                    | AXA SA                                                                                                                                     | CUSIP: 000000000<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | DBT              | CORP              | FR        |     500000 | PA      | $476086.69    | 0.11%             | 2049-05-28      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Akamai Technologies Inc                                   | Akamai Technologies Inc                                                                                                                    | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |        313 | NS      | $26385.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Tire Corp Ltd                                    | Canadian Tire Corp Ltd                                                                                                                     | CUSIP: 136681202<br>LEI: 549300RLHDA7VQYMUB14 | Long             | EC               | CORP              | CA        |        262 | NS      | $27380.35     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED KINGDOM GILT                                       | United Kingdom Gilt                                                                                                                        | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     840000 | PA      | $934952.97    | 0.21%             | 2045-01-22      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                               | Long: SMIAF3BH8 IRS MXN R F  7.36000 II1263000211227 CCPVANILLA / Short: SMIAF3BH8 IRS MXN P V 01MTIIE II0265570211227 CCPVANILLA          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   57377500 | OU      | $-151476.75   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Generac Holdings Inc                                      | Generac Holdings Inc                                                                                                                       | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |        127 | NS      | $12783.82     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodman Group                                             | Goodman Group                                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |       8132 | NS      | $95635.20     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CONTRA ABIOMED INC                                        | CONTRA ABIOMED INC                                                                                                                         | CUSIP: 003CVR016<br>LEI: N/A                  | N/A              | DE               |  | US        |         90 | NS      | $91.80        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                               | S+P500 EMINI FUT MAR23                                                                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |       -120 | NC      | $819600.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                                         | State Street Corp                                                                                                                          | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |        721 | NS      | $55927.97     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                                      | Lockheed Martin Corp                                                                                                                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |        464 | NS      | $225731.36    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenaris SA                                                | Tenaris SA                                                                                                                                 | CUSIP: 000000000<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |       2186 | NS      | $38337.41     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $-4898.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lottery Corp Ltd/The                                      | Lottery Corp Ltd/The                                                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      10535 | NS      | $32111.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| H & M Hennes & Mauritz AB                                 | H & M Hennes & Mauritz AB                                                                                                                  | CUSIP: 000000000<br>LEI: 529900O5RR7R39FRDM42 | Long             | EC               | CORP              | SE        |       3525 | NS      | $37986.88     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                         | NatWest Group PLC                                                                                                                          | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |      24755 | NS      | $78949.39     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| OCI NV                                                    | OCI NV                                                                                                                                     | CUSIP: 000000000<br>LEI: 549300NCMRGIBJYUOE57 | Long             | EC               | CORP              | NL        |        501 | NS      | $17911.98     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Delivery Hero SE                                          | Delivery Hero SE                                                                                                                           | CUSIP: 000000000<br>LEI: 529900C3EX1FZGE48X78 | Long             | EC               | CORP              | DE        |        804 | NS      | $38583.73     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Medibank Pvt Ltd                                          | Medibank Pvt Ltd                                                                                                                           | CUSIP: 000000000<br>LEI: BDYVSUPTML83OLINBJ17 | Long             | EC               | CORP              | AU        |      13051 | NS      | $26037.25     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Power Corp of Canada                                      | Power Corp of Canada                                                                                                                       | CUSIP: 739239101<br>LEI: 549300BE2CB8T87IJV50 | Long             | EC               | CORP              | CA        |       2709 | NS      | $63723.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                                            | Lowe's Cos Inc                                                                                                                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |       1235 | NS      | $246061.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc                             | Old Dominion Freight Line Inc                                                                                                              | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |        192 | NS      | $54485.76     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                    | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $-1059.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Liberty Media Corp-Liberty SiriusXM                       | Liberty Media Corp-Liberty SiriusXM                                                                                                        | CUSIP: 531229607<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        324 | NS      | $12678.12     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients Inc                                   | Darling Ingredients Inc                                                                                                                    | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |        312 | NS      | $19528.08     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                  | Rogers Communications Inc                                                                                                                  | CUSIP: 775109CC3<br>LEI: 54930030NVF3Y2OL0A78 | Long             | DBT              | CORP              | CA        |     525000 | PA      | $454473.50    | 0.10%             | 2032-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                  | Ginnie Mae II Pool                                                                                                                         | CUSIP: 36202FZY5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      65422 | PA      | $63061.08     | 0.01%             | 2041-12-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RELX PLC                                                  | RELX PLC                                                                                                                                   | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |       9030 | NS      | $249661.68    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Philips NV                                    | Koninklijke Philips NV                                                                                                                     | CUSIP: 000000000<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |       4342 | NS      | $65334.98     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AP Moller - Maersk A/S                                    | AP Moller - Maersk A/S                                                                                                                     | CUSIP: 000000000<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |         14 | NS      | $30854.02     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc                              | Alimentation Couche-Tard Inc                                                                                                               | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |       3966 | NS      | $174281.39    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Taurus CMBS                                               | Taurus 2018-2 UK DAC                                                                                                                       | CUSIP: 000000000<br>LEI: 549300DH0UCFDPX2WX87 | Long             | ABS-MBS          | CORP              | IE        |     147036 | PA      | $175952.86    | 0.04%             | 2028-05-22      | Floating      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| BUNDESREPUB. DEUTSCHLAND                                  | Bundesrepublik Deutschland Bundesanleihe                                                                                                   | CUSIP: 000000000<br>LEI: 529900AQBND3S6YJLY83 | Long             | DBT              | NUSS              | DE        |    2930000 | PA      | $2749935.16   | 0.62%             | 2029-02-15      | Fixed         | 0.25%                 | Yes           |                  2 | On Loan: No      |
| Hasbro Inc                                                | Hasbro Inc                                                                                                                                 | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |        263 | NS      | $16045.63     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                                               | Cummins Inc                                                                                                                                | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |        278 | NS      | $67356.62     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                                               | Workday Inc                                                                                                                                | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |        390 | NS      | $65258.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sartorius AG                                              | Sartorius AG                                                                                                                               | CUSIP: 000000000<br>LEI: 529900EQV2DY4FOAMU38 | Long             | EP               | CORP              | DE        |        116 | NS      | $45805.57     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd                               | Royal Caribbean Cruises Ltd                                                                                                                | CUSIP: 000000000<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |        456 | NS      | $22540.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                                                 | IDEX Corp                                                                                                                                  | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |        148 | NS      | $33792.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd                                        | Teck Resources Ltd                                                                                                                         | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |       2326 | NS      | $87903.56     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Azrieli Group Ltd                                         | Azrieli Group Ltd                                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |        200 | NS      | $13337.64     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CDW Corp/DE                                               | CDW Corp/DE                                                                                                                                | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |        267 | NS      | $47680.86     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                | Fannie Mae Pool                                                                                                                            | CUSIP: 3138A8YQ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     157498 | PA      | $159442.45    | 0.04%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Air Canada                                                | Air Canada                                                                                                                                 | CUSIP: 008911877<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | EC               | CORP              | CA        |        805 | NS      | $11528.03     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Scout24 SE                                                | Scout24 SE                                                                                                                                 | CUSIP: 000000000<br>LEI: 5493007EIKM2ENQS7U66 | Long             | EC               | CORP              | DE        |        383 | NS      | $19277.77     | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Tyler Technologies Inc                                    | Tyler Technologies Inc                                                                                                                     | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |         82 | NS      | $26437.62     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp                                     | Norfolk Southern Corp                                                                                                                      | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |        469 | NS      | $115570.98    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ONTARIO (PROVINCE OF)                                     | Province of Ontario Canada                                                                                                                 | CUSIP: 68323AFF6<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | NUSS              | CA        |     970000 | PA      | $901143.58    | 0.20%             | 2026-06-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| SGS SA                                                    | SGS SA                                                                                                                                     | CUSIP: 000000000<br>LEI: 2138007JNS19JHNA2336 | Long             | EC               | CORP              | CH        |         30 | NS      | $69880.15     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sealed Air Corp                                           | Sealed Air Corp                                                                                                                            | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |        289 | NS      | $14415.32     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                            | Microsoft Corp                                                                                                                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      13893 | NS      | $3331819.26   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc                                         | Suncor Energy Inc                                                                                                                          | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |       6555 | NS      | $207930.02    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| KOREA HYDRO & NUCLEAR PO                                  | Korea Hydro & Nuclear Power Co Ltd                                                                                                         | CUSIP: 50064YAN3<br>LEI: 9884008CRY5MLCN8OQ43 | Long             | DBT              | NUSS              | KR        |     510000 | PA      | $508169.10    | 0.11%             | 2023-07-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Insulet Corp                                              | Insulet Corp                                                                                                                               | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |        135 | NS      | $39742.65     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                                                  | Enel SpA                                                                                                                                   | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |      38299 | NS      | $205977.44    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurazeo SE                                                | Eurazeo SE                                                                                                                                 | CUSIP: 000000000<br>LEI: 969500C656AA39O94N60 | Long             | EC               | CORP              | FR        |        206 | NS      | $12825.06     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| A O Smith Corp                                            | A O Smith Corp                                                                                                                             | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |        253 | NS      | $14481.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | PURCHASED GBP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |          1 | NC      | $-29247.34    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Dr Ing hc F Porsche AG                                    | Dr Ing hc F Porsche AG                                                                                                                     | CUSIP: 000000000<br>LEI: 529900EWEX125AULXI58 | Long             | EP               | CORP              | DE        |        547 | NS      | $55199.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Align Technology Inc                                      | Align Technology Inc                                                                                                                       | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |        145 | NS      | $30580.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Global                                          | Paramount Global                                                                                                                           | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |       1207 | NS      | $20374.16     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp                                      | Targa Resources Corp                                                                                                                       | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |        423 | NS      | $31090.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Industria de Diseno Textil SA                             | Industria de Diseno Textil SA                                                                                                              | CUSIP: 000000000<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |       5163 | NS      | $137134.62    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Tyson Foods Inc                                           | Tyson Foods Inc                                                                                                                            | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |        564 | NS      | $35109.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson and Co                                   | Becton Dickinson and Co                                                                                                                    | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |        558 | NS      | $141899.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Matthey PLC                                       | Johnson Matthey PLC                                                                                                                        | CUSIP: 000000000<br>LEI: 2138001AVBSD1HSC6Z10 | Long             | EC               | CORP              | GB        |        842 | NS      | $21519.14     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| STMicroelectronics NV                                     | STMicroelectronics NV                                                                                                                      | CUSIP: 000000000<br>LEI: 213800Z8NOHIKRI42W10 | Long             | EC               | CORP              | NL        |       3232 | NS      | $114852.43    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Post Bank Co Ltd                                    | Japan Post Bank Co Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 5493006JVO6N2HC2XZ76 | Long             | EC               | CORP              | JP        |      11819 | NS      | $101323.65    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                            | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | XX        |          1 | NC      | $7511.17      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| American Tower Corp                                       | American Tower Corp                                                                                                                        | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |        918 | NS      | $194487.48    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |          1 | NC      | $2.28         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Neste Oyj                                                 | Neste Oyj                                                                                                                                  | CUSIP: 000000000<br>LEI: 5493009GY1X8GQ66AM14 | Long             | EC               | CORP              | FI        |       2023 | NS      | $93294.61     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kering SA                                                 | Kering SA                                                                                                                                  | CUSIP: 000000000<br>LEI: 549300VGEJKB7SVUZR78 | Long             | EC               | CORP              | FR        |        364 | NS      | $185249.60    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Evolution AB                                              | Evolution AB                                                                                                                               | CUSIP: 000000000<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |        867 | NS      | $84449.60     | 0.02%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                   | Freddie Mac Whole Loan Securities Trust 2017-SC02                                                                                          | CUSIP: 3137G1BS5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     114962 | PA      | $98502.73     | 0.02%             | 2047-05-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| APA Group                                                 | APA Group                                                                                                                                  | CUSIP: 000000000<br>LEI: 549300T9RBSX164T8H40 | Long             | EC               | CORP              | AU        |       5562 | NS      | $40654.91     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Dollar Tree Inc                                           | Dollar Tree Inc                                                                                                                            | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |        442 | NS      | $62516.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FRANCE (GOVT OF)                                          | French Republic Government Bond OAT                                                                                                        | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    6580000 | PA      | $5811273.16   | 1.32%             | 2029-11-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Packaging Corp of America                                 | Packaging Corp of America                                                                                                                  | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |        186 | NS      | $23791.26     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc                                        | IQVIA Holdings Inc                                                                                                                         | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |        365 | NS      | $74784.85     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                                         | Veeva Systems Inc                                                                                                                          | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |        280 | NS      | $45186.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                | Fannie Mae Pool                                                                                                                            | CUSIP: 3138A7K49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      44489 | PA      | $45042.54     | 0.01%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Accor SA                                                  | Accor SA                                                                                                                                   | CUSIP: 000000000<br>LEI: 969500QZC2Q0TK11NV07 | Long             | EC               | CORP              | FR        |        815 | NS      | $20332.26     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Utilities Ltd                                    | Canadian Utilities Ltd                                                                                                                     | CUSIP: 136717832<br>LEI: LWV4QIQODEH3VBHUFX07 | Long             | EC               | CORP              | CA        |        606 | NS      | $16403.18     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                             | Intercontinental Exchange Inc                                                                                                              | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |       1096 | NS      | $112438.64    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                                     | Applied Materials Inc                                                                                                                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |       1699 | NS      | $165448.62    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp                                 | Occidental Petroleum Corp                                                                                                                  | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |       1836 | NS      | $115649.64    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | PURCHASED USD / SOLD CNH                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-74638.03    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Trade Desk Inc/The                                        | Trade Desk Inc/The                                                                                                                         | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |        834 | NS      | $37388.22     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange SA                                                 | Orange SA                                                                                                                                  | CUSIP: 000000000<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |     250000 | PA      | $269071.53    | 0.06%             | 2026-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Pembina Pipeline Corp                                     | Pembina Pipeline Corp                                                                                                                      | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |       2602 | NS      | $88321.95     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP                                              | Comcast Corp                                                                                                                               | CUSIP: 20030NDM0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     675000 | PA      | $547237.51    | 0.12%             | 2031-01-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Lundin Mining Corp                                        | Lundin Mining Corp                                                                                                                         | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |       3181 | NS      | $19522.98     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Northland Power Inc                                       | Northland Power Inc                                                                                                                        | CUSIP: 666511100<br>LEI: 549300IT8CIDW8V5KX72 | Long             | EC               | CORP              | CA        |       1122 | NS      | $30767.99     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc                                   | Rockwell Automation Inc                                                                                                                    | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |        225 | NS      | $57953.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Origin Energy Ltd                                         | Origin Energy Ltd                                                                                                                          | CUSIP: 000000000<br>LEI: ZSN2LWNPYW6ISMRUC664 | Long             | EC               | CORP              | AU        |       8297 | NS      | $43425.87     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BAT Capital Corp                                          | BAT Capital Corp                                                                                                                           | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     675000 | PA      | $617726.35    | 0.14%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                    | United States Treasury Note/Bond                                                                                                           | CUSIP: 912828WJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2480000 | PA      | $2407731.26   | 0.54%             | 2024-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Moderna Inc                                               | Moderna Inc                                                                                                                                | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |        620 | NS      | $111364.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Keppel Corp Ltd                                           | Keppel Corp Ltd                                                                                                                            | CUSIP: 000000000<br>LEI: 254900SQ7IPDOY6IDW33 | Long             | EC               | CORP              | SG        |       6700 | NS      | $36335.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co KGaA                                       | Henkel AG & Co KGaA                                                                                                                        | CUSIP: 000000000<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EC               | CORP              | DE        |        490 | NS      | $31489.68     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Orion Oyj                                                 | Orion Oyj                                                                                                                                  | CUSIP: 000000000<br>LEI: 74370029VAHCXDR7B745 | Long             | EC               | CORP              | FI        |        507 | NS      | $27795.27     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Energy Corp                                 | Constellation Energy Corp                                                                                                                  | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |        645 | NS      | $55605.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellogg Co                                                | Kellogg Co                                                                                                                                 | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |        510 | NS      | $36332.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                                              | Stryker Corp                                                                                                                               | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |        673 | NS      | $164541.77    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tryg A/S                                                  | Tryg A/S                                                                                                                                   | CUSIP: 000000000<br>LEI: 213800ZRS8AC4LSTCE39 | Long             | EC               | CORP              | DK        |       1732 | NS      | $41161.93     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheinmetall AG                                            | Rheinmetall AG                                                                                                                             | CUSIP: 000000000<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |        216 | NS      | $43000.43     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                  | JP Morgan Mortgage Trust 2021-INV6                                                                                                         | CUSIP: 46654FAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     514710 | PA      | $431471.92    | 0.10%             | 2052-04-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Pearson PLC                                               | Pearson PLC                                                                                                                                | CUSIP: 000000000<br>LEI: 2138004JBXWWJKIURC57 | Long             | EC               | CORP              | GB        |       3115 | NS      | $35174.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Aroundtown SA                                             | Aroundtown SA                                                                                                                              | CUSIP: 000000000<br>LEI: 529900H4DWG3KWMBMQ39 | Long             | EC               | CORP              | LU        |       5055 | NS      | $11775.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Huntington Ingalls Industries Inc                         | Huntington Ingalls Industries Inc                                                                                                          | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |         79 | NS      | $18223.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                                    | Trane Technologies PLC                                                                                                                     | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |        458 | NS      | $76985.22     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NBN CO LTD                                                | NBN Co Ltd                                                                                                                                 | CUSIP: 62878U2B7<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | CORP              | AU        |     575000 | PA      | $456727.72    | 0.10%             | 2031-05-05      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Taubman Centers Commercial Mortgage Trust                 | Taubman Centers Commercial Mortgage Trust 2022-DPM                                                                                         | CUSIP: 87666YAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $486740.20    | 0.11%             | 2037-05-15      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Newmont Corp                                              | Newmont Corp                                                                                                                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |       1494 | NS      | $70516.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                    | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $-117314.67   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                      | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $-7465.67     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities Inc                       | Alexandria Real Estate Equities Inc                                                                                                        | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               |  | US        |        304 | NS      | $44283.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen NV                                                  | Adyen NV                                                                                                                                   | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |        103 | NS      | $142989.64    | 0.03%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Capitaland Investment Ltd/Singapore                       | Capitaland Investment Ltd/Singapore                                                                                                        | CUSIP: 000000000<br>LEI: 254900AT4UQDU7SNXX49 | Long             | EC               | CORP              | SG        |      11800 | NS      | $32611.57     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Brands Inc                                  | Constellation Brands Inc                                                                                                                   | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |        316 | NS      | $73233.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                                               | Trimble Inc                                                                                                                                | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |        492 | NS      | $24875.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                                  | Willis Towers Watson PLC                                                                                                                   | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |        215 | NS      | $52584.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kerry Group PLC                                           | Kerry Group PLC                                                                                                                            | CUSIP: 000000000<br>LEI: 635400TLVVBNXLFHWC59 | Long             | EC               | CORP              | IE        |        791 | NS      | $71451.20     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp                                               | NVIDIA Corp                                                                                                                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |       4960 | NS      | $724854.40    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                                           | Best Buy Co Inc                                                                                                                            | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |        403 | NS      | $32324.63     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | Long: SMIBE7J49 IRS MXN R F  9.80000 II4620560221117 CCPVANILLA / Short: SMIBE7J49 IRS MXN P V 01MTIIE II5489200221117 CCPVANILLA          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  228857806 | OU      | $-37404.59    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                         | EURO-BTP FUTURE MAR23                                                                                                                      | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -95 | NC      | $902281.92    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                              | Chevron Corp                                                                                                                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       3621 | NS      | $649933.29    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirax-Sarco Engineering PLC                              | Spirax-Sarco Engineering PLC                                                                                                               | CUSIP: 000000000<br>LEI: 213800WFVZQMHOZP2W17 | Long             | EC               | CORP              | GB        |        346 | NS      | $44194.75     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                               | Long: SMI9YMZZ2 IRS MXN R F  6.66000 II7294220210706 CCPVANILLA / Short: SMI9YMZZ2 IRS MXN P V 01MTIIE II7296970210706 CCPVANILLA          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   32653000 | OU      | $-117094.36   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Johnson Controls International plc                        | Johnson Controls International plc                                                                                                         | CUSIP: 000000000<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |       1357 | NS      | $86848.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                                 | Adobe Inc                                                                                                                                  | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |        894 | NS      | $300857.82    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                                   | KeyCorp                                                                                                                                    | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |       1837 | NS      | $32000.54     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                    | US 10YR NOTE (CBT)MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          3 | NC      | $-7078.12     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Power Assets Holdings Ltd                                 | Power Assets Holdings Ltd                                                                                                                  | CUSIP: 000000000<br>LEI: 254900JOWYUW1ZX4DF47 | Long             | EC               | CORP              | HK        |       6556 | NS      | $35831.61     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Woodside Energy Group Ltd                                 | Woodside Energy Group Ltd                                                                                                                  | CUSIP: 000000000<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |       8930 | NS      | $216268.50    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sino Land Co Ltd                                          | Sino Land Co Ltd                                                                                                                           | CUSIP: 000000000<br>LEI: 529900G5P51053HJVZ92 | Long             | EC               | CORP              | HK        |      16479 | NS      | $20554.01     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Renaissance Home Equity Loan Trust                        | Renaissance Home Equity Loan Trust 2002-3                                                                                                  | CUSIP: 75970NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     186779 | PA      | $171560.69    | 0.04%             | 2032-12-25      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Osaka Exchange                                            | TOPIX INDX FUTR MAR23                                                                                                                      | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DE               |  | JP        |         26 | NC      | $-96543.81    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Trust Holdings Inc                        | Sumitomo Mitsui Trust Holdings Inc                                                                                                         | CUSIP: 000000000<br>LEI: 353800P843RLCDBLNT17 | Long             | EC               | CORP              | JP        |       9679 | NS      | $337753.97    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Take-Two Interactive Software Inc                         | Take-Two Interactive Software Inc                                                                                                          | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |        328 | NS      | $34154.64     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA SA                                                    | AXA SA                                                                                                                                     | CUSIP: 000000000<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |       8783 | NS      | $244654.87    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Waste Management Inc                                      | Waste Management Inc                                                                                                                       | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |        816 | NS      | $128014.08    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                                                   | GSK PLC                                                                                                                                    | CUSIP: 000000000<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |      19087 | NS      | $329885.09    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Entergy Corp                                              | Entergy Corp                                                                                                                               | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |        403 | NS      | $45337.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                  | Ginnie Mae I Pool                                                                                                                          | CUSIP: 3620C0YH5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      15094 | PA      | $15530.14     | 0.00%             | 2039-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                   | Freddie Mac Whole Loan Securities Trust 2015-SC02                                                                                          | CUSIP: 3137G1AK3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      51320 | PA      | $44515.66     | 0.01%             | 2045-09-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Elisa Oyj                                                 | Elisa Oyj                                                                                                                                  | CUSIP: 000000000<br>LEI: 743700TU2S3DXWGU7H32 | Long             | EC               | CORP              | FI        |        686 | NS      | $36361.50     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Santander SA                                        | Banco Santander SA                                                                                                                         | CUSIP: 05971KAA7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     800000 | PA      | $787807.44    | 0.18%             | 2025-11-19      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-24184.08    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SWAP BNP PARIBAS BOC                                      | SWAP BNP PARIBAS BOC                                                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Short            | STIV             | CORP              | US        |   -4290000 | NS      | $-4290000.00  | -0.97%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                               | Freddie Mac Gold Pool                                                                                                                      | CUSIP: 3132QMN80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      80976 | PA      | $75655.22     | 0.02%             | 2045-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                           | Danske Bank A/S                                                                                                                            | CUSIP: 000000000<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | EC               | CORP              | DK        |       3293 | NS      | $64948.20     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Evonik Industries AG                                      | Evonik Industries AG                                                                                                                       | CUSIP: 000000000<br>LEI: 41GUOJQTALQHLF39XJ34 | Long             | EC               | CORP              | DE        |       1000 | NS      | $19073.81     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BUONI POLIENNALI DEL TES                                  | Italy Buoni Poliennali Del Tesoro                                                                                                          | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    1250000 | PA      | $892459.17    | 0.20%             | 2050-09-01      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: No      |
| Hubbell Inc                                               | Hubbell Inc                                                                                                                                | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |        106 | NS      | $24876.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SWAP MORGAN STANLEY COC                                   | SWAP MORGAN STANLEY COC                                                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    1592000 | NS      | $1592000.00   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED USD / SOLD DKK                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $-239.57      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc                                              | Alphabet Inc                                                                                                                               | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      10942 | NS      | $970883.66    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AltaGas Ltd                                               | AltaGas Ltd                                                                                                                                | CUSIP: 021361100<br>LEI: 549300D7A8QA85Z2MH11 | Long             | EC               | CORP              | CA        |       1324 | NS      | $22861.98     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                         | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | JP        |          1 | NC      | $62502.11     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC                                          | Smiths Group PLC                                                                                                                           | CUSIP: 000000000<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |       1700 | NS      | $32626.52     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cigna Corp                                                | Cigna Corp                                                                                                                                 | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |        602 | NS      | $199466.68    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SITC International Holdings Co Ltd                        | SITC International Holdings Co Ltd                                                                                                         | CUSIP: 000000000<br>LEI: 529900JUV4MOM9CE3V12 | Long             | EC               | CORP              | KY        |       7524 | NS      | $16676.48     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ubisoft Entertainment SA                                  | Ubisoft Entertainment SA                                                                                                                   | CUSIP: 000000000<br>LEI: 969500I7C8V1LBIMSM05 | Long             | EC               | CORP              | FR        |        445 | NS      | $12571.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ceridian HCM Holding Inc                                  | Ceridian HCM Holding Inc                                                                                                                   | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |        271 | NS      | $17384.65     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Admiral Group PLC                                         | Admiral Group PLC                                                                                                                          | CUSIP: 000000000<br>LEI: 213800FGVM7Z9EJB2685 | Long             | EC               | CORP              | GB        |        848 | NS      | $21768.92     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                               | Cie Financiere Richemont SA                                                                                                                | CUSIP: 000000000<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |       2476 | NS      | $321037.97    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Aviation SA                                      | Dassault Aviation SA                                                                                                                       | CUSIP: 000000000<br>LEI: 969500CVFTUT88V8QN95 | Long             | EC               | CORP              | FR        |        117 | NS      | $19842.39     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BONOS Y OBLIG DEL ESTADO                                  | Spain Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     120000 | PA      | $115030.50    | 0.03%             | 2066-07-30      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| Stockland                                                 | Stockland                                                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |      11392 | NS      | $28056.87     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HELLENIC REPUBLIC                                         | Hellenic Republic Government Bond                                                                                                          | CUSIP: 000000000<br>LEI: 2138003EKTMKZ5598902 | Long             | DBT              | NUSS              | GR        |   14526000 | PA      | $11533558.82  | 2.61%             | 2031-06-18      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                               | YEN DENOM NIKKEI MAR23                                                                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         -3 | NC      | $21487.35     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                                             | M&T Bank Corp                                                                                                                              | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |        346 | NS      | $50190.76     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ESR Group Ltd                                             | ESR Group Ltd                                                                                                                              | CUSIP: 000000000<br>LEI: 549300C81AR42BZUFZ09 | Long             | EC               | CORP              | KY        |       9447 | NS      | $19749.37     | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SWEDISH GOVERNMENT                                        | Sweden Government Bond                                                                                                                     | CUSIP: 000000000<br>LEI: ERE94C0BSULG2RM19605 | Long             | DBT              | NUSS              | SE        |    2430000 | PA      | $212869.86    | 0.05%             | 2028-05-12      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Sempra Energy                                             | Sempra Energy                                                                                                                              | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |        624 | NS      | $96432.96     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                   | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    6000000 | PA      | $290521.13    | 0.07%             | 2027-06-03      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive Inc                                   | O'Reilly Automotive Inc                                                                                                                    | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |        123 | NS      | $103815.69    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                                          | W R Berkley Corp                                                                                                                           | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |        412 | NS      | $29898.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Great-West Lifeco Inc                                     | Great-West Lifeco Inc                                                                                                                      | CUSIP: 39138C106<br>LEI: 549300X81X4VZEESFU46 | Long             | EC               | CORP              | CA        |       1311 | NS      | $30305.98     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                           | CVS Health Corp                                                                                                                            | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |       2596 | NS      | $241921.24    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                                          | Crown Castle Inc                                                                                                                           | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               |  | US        |        849 | NS      | $115158.36    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc                                     | DuPont de Nemours Inc                                                                                                                      | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |        980 | NS      | $67257.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                    | NextEra Energy Capital Holdings Inc                                                                                                        | CUSIP: 65339KBM1<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     525000 | PA      | $455252.39    | 0.10%             | 2029-11-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| SWAP GOLDMAN SACHS BOC                                    | SWAP GOLDMAN SACHS BOC                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Short            | STIV             | CORP              | US        |   -4930000 | NS      | $-4930000.00  | -1.12%            |  |  |  | No            |                  2 | On Loan: No      |
| adidas AG                                                 | adidas AG                                                                                                                                  | CUSIP: 000000000<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |        831 | NS      | $112622.36    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MTU Aero Engines AG                                       | MTU Aero Engines AG                                                                                                                        | CUSIP: 000000000<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |        252 | NS      | $54214.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE                                   | Walt Disney Co/The                                                                                                                         | CUSIP: 254687FX9<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |     300000 | PA      | $256822.51    | 0.06%             | 2031-01-13      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Wharf Real Estate Investment Co Ltd                       | Wharf Real Estate Investment Co Ltd                                                                                                        | CUSIP: 000000000<br>LEI: 529900QLPKS8U9QOPB59 | Long             | EC               | CORP              | KY        |       8010 | NS      | $46651.33     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Worldline SA/France                                       | Worldline SA/France                                                                                                                        | CUSIP: 000000000<br>LEI: 549300CJMQNCA0U4TS33 | Long             | EC               | CORP              | FR        |       1139 | NS      | $44606.03     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Illumina Inc                                              | Illumina Inc                                                                                                                               | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |        308 | NS      | $62277.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bureau Veritas SA                                         | Bureau Veritas SA                                                                                                                          | CUSIP: 000000000<br>LEI: 969500TPU5T3HA5D1F11 | Long             | EC               | CORP              | FR        |       1398 | NS      | $36842.87     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CyberArk Software Ltd                                     | CyberArk Software Ltd                                                                                                                      | CUSIP: 000000000<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |        191 | NS      | $24763.15     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                    | United States Treasury Note/Bond                                                                                                           | CUSIP: 912828XB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1390000 | PA      | $1321314.46   | 0.30%             | 2025-05-15      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Walt Disney Co/The                                        | Walt Disney Co/The                                                                                                                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |       3563 | NS      | $309553.44    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AON CORP                                                  | Aon Corp                                                                                                                                   | CUSIP: 037389BE2<br>LEI: LTS3U8DGK38SETRUWX71 | Long             | DBT              | CORP              | US        |     250000 | PA      | $213783.37    | 0.05%             | 2030-05-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Telstra Group Ltd                                         | Telstra Group Ltd                                                                                                                          | CUSIP: 000000000<br>LEI: 894500WRW54CVN62K416 | Long             | EC               | CORP              | AU        |      19101 | NS      | $51657.52     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                              | DNB Bank ASA                                                                                                                               | CUSIP: 000000000<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |       4503 | NS      | $88934.74     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                               | Long: 1324256   TRS USD R E II9785540220928 EQUITYTRS / Short: 1324256   TRS USD P V 00MSOFR II7760220220928 EQUITYTRS                     | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | GB        |   37351500 | OU      | $120546.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Santos Ltd                                                | Santos Ltd                                                                                                                                 | CUSIP: 000000000<br>LEI: 5299000RK70B5O2M7077 | Long             | EC               | CORP              | AU        |      15055 | NS      | $74043.43     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Garmin Ltd                                                | Garmin Ltd                                                                                                                                 | CUSIP: 000000000<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |        306 | NS      | $28240.74     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                                            | Amazon.com Inc                                                                                                                             | CUSIP: 023135BU9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     250000 | PA      | $151786.14    | 0.03%             | 2060-06-03      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Quanta Services Inc                                       | Quanta Services Inc                                                                                                                        | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |        278 | NS      | $39615.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                                               | Target Corp                                                                                                                                | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |        917 | NS      | $136669.68    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Group Ltd/Australia                             | Endeavour Group Ltd/Australia                                                                                                              | CUSIP: 000000000<br>LEI: 254900JAN9FOLMWAD533 | Long             | EC               | CORP              | AU        |       6462 | NS      | $28122.11     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ocado Group PLC                                           | Ocado Group PLC                                                                                                                            | CUSIP: 000000000<br>LEI: 213800LO8F61YB8MBC74 | Long             | EC               | CORP              | GB        |       2789 | NS      | $20702.80     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                    | United States Treasury Note/Bond                                                                                                           | CUSIP: 91282CDJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3410000 | PA      | $2776419.34   | 0.63%             | 2031-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Gartner Inc                                               | Gartner Inc                                                                                                                                | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |        158 | NS      | $53110.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Hung Kai Properties Ltd                               | Sun Hung Kai Properties Ltd                                                                                                                | CUSIP: 000000000<br>LEI: 529900LUMD393RD3S874 | Long             | EC               | CORP              | HK        |       6889 | NS      | $94099.35     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos Inc                                  | Marsh & McLennan Cos Inc                                                                                                                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |        971 | NS      | $160681.08    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Financial Group Inc                             | Principal Financial Group Inc                                                                                                              | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |        488 | NS      | $40952.96     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                               | Walmart Inc                                                                                                                                | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |       2947 | NS      | $417855.13    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Symrise AG                                                | Symrise AG                                                                                                                                 | CUSIP: 000000000<br>LEI: 529900D82I6R9601CF26 | Long             | EC               | CORP              | DE        |        632 | NS      | $68638.36     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                                         | Compass Group PLC                                                                                                                          | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |       8275 | NS      | $191086.47    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED USD / SOLD NOK                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $255.67       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                     | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |   20150000 | PA      | $2961235.41   | 0.67%             | 2029-11-21      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co/The                                          | Coca-Cola Co/The                                                                                                                           | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |       8098 | NS      | $515113.78    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                              | Fortinet Inc                                                                                                                               | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |       1310 | NS      | $64045.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                                  | JP Morgan Mortgage Trust                                                                                                                   | CUSIP: 465976AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     644978 | PA      | $553498.32    | 0.13%             | 2052-07-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| CapitaLand Ascendas REIT                                  | CapitaLand Ascendas REIT                                                                                                                   | CUSIP: 000000000<br>LEI: 549300ILIBAEMQZK3L20 | Long             | EC               |  | SG        |      15500 | NS      | $31745.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GoDaddy Inc                                               | GoDaddy Inc                                                                                                                                | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |        305 | NS      | $22820.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half International Inc                             | Robert Half International Inc                                                                                                              | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |        219 | NS      | $16168.77     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | Long: 1325021   TRS USD R E II7860750221209 EQUITYTRS / Short: 1325021   TRS USD P V 00MSOFR II6167920221209 EQUITYTRS                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    6902605 | OU      | $-170444.68   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC                                        | Smith & Nephew PLC                                                                                                                         | CUSIP: 000000000<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |       4120 | NS      | $55021.86     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | BR        |          1 | NC      | $-48071.86    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Shopify Inc                                               | Shopify Inc                                                                                                                                | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |       5586 | NS      | $193942.29    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                                               | MongoDB Inc                                                                                                                                | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |        129 | NS      | $25392.36     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp                                      | Ares Management Corp                                                                                                                       | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |        303 | NS      | $20737.32     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Limited                                               | Long: BMIBA2T68 IRS USD R V 12MUSCPI II8958870221004 CCPINFLATIONZE / Short: BMIBA2T68 IRS USD P F  2.46900 II3448690221004 CCPINFLATIONZE | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     721000 | OU      | $5292.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                      | Royal Bank of Canada                                                                                                                       | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | CA        |       6723 | NS      | $632081.17    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                            | Public Storage                                                                                                                             | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               |  | US        |        310 | NS      | $86858.90     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BONOS Y OBLIG DEL ESTADO                                  | Spain Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     955000 | PA      | $878110.29    | 0.20%             | 2030-10-31      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                    | United States Treasury Note/Bond                                                                                                           | CUSIP: 91282CDG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2210000 | PA      | $1976914.06   | 0.45%             | 2026-10-31      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                               | Long: 1322005   TRS USD R E II1863480220125 EQUITYTRS / Short: 1322005   TRS USD P V 00MSOFR II1830220220125 EQUITYTRS                     | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | GB        |   26959729 | OU      | $3763151.48   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Rentokil Initial PLC                                      | Rentokil Initial PLC                                                                                                                       | CUSIP: 000000000<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |      11814 | NS      | $72582.40     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Swatch Group AG/The                                       | Swatch Group AG/The                                                                                                                        | CUSIP: 000000000<br>LEI: 529900NTES2LEON1JZ55 | Long             | EC               | CORP              | CH        |        249 | NS      | $12947.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co Ltd                              | Techtronic Industries Co Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |       6754 | NS      | $75015.57     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                    | Verizon Communications Inc                                                                                                                 | CUSIP: 000000000<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     300000 | PA      | $291742.02    | 0.07%             | 2028-11-03      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| Magna International Inc                                   | Magna International Inc                                                                                                                    | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |       1328 | NS      | $74599.47     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | PURCHASED CHF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CH        |          1 | NC      | $-979.89      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | PURCHASED USD / SOLD DKK                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-5890.17     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Stanley Black & Decker Inc                                | Stanley Black & Decker Inc                                                                                                                 | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |        292 | NS      | $21935.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JAPAN (20 YEAR ISSUE)                                     | Japan Government Twenty Year Bond                                                                                                          | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  431000000 | PA      | $2824284.48   | 0.64%             | 2041-06-20      | Fixed         | 0.40%                 | No            |                  2 | On Loan: No      |
| TransUnion                                                | TransUnion                                                                                                                                 | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |        384 | NS      | $21792.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                    | PURCHASED CAD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | CA        |          1 | NC      | $-2.26        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Airbnb Inc                                                | Airbnb Inc                                                                                                                                 | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |        726 | NS      | $62073.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                                                | PACCAR Inc                                                                                                                                 | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |        684 | NS      | $67695.48     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                                          | Exxon Mobil Corp                                                                                                                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |       8106 | NS      | $894091.80    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellnex Telecom SA                                        | Cellnex Telecom SA                                                                                                                         | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |       2604 | NS      | $86377.83     | 0.02%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Corning Inc                                               | Corning Inc                                                                                                                                | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |       1587 | NS      | $50688.78     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                    | United States Treasury Note/Bond                                                                                                           | CUSIP: 91282CFM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     760000 | PA      | $762909.37    | 0.17%             | 2027-09-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Emera Inc                                                 | Emera Inc                                                                                                                                  | CUSIP: 290876101<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | EC               | CORP              | CA        |       1255 | NS      | $47966.21     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingspan Group PLC                                        | Kingspan Group PLC                                                                                                                         | CUSIP: 000000000<br>LEI: 635400HM7V74SUB9OG75 | Long             | EC               | CORP              | IE        |        768 | NS      | $41582.50     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide SA                                            | Air Liquide SA                                                                                                                             | CUSIP: 000000000<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |       2463 | NS      | $349586.60    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Newell Brands Inc                                         | Newell Brands Inc                                                                                                                          | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |        786 | NS      | $10280.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc                                    | Franklin Resources Inc                                                                                                                     | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |        586 | NS      | $15458.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCEDES-BENZ FIN NA                                      | Mercedes-Benz Finance North America LLC                                                                                                    | CUSIP: 233851EB6<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |     550000 | PA      | $522468.50    | 0.12%             | 2024-03-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Etsy Inc                                                  | Etsy Inc                                                                                                                                   | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |        250 | NS      | $29945.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                                 | Nestle SA                                                                                                                                  | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |      12939 | NS      | $1494575.52   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Concordia Financial Group Ltd                             | Concordia Financial Group Ltd                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      31195 | NS      | $130252.34    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Spark New Zealand Ltd                                     | Spark New Zealand Ltd                                                                                                                      | CUSIP: 000000000<br>LEI: 529900HUN51H3Y7QBB66 | Long             | EC               | CORP              | NZ        |       9107 | NS      | $31180.27     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Plug Power Inc                                            | Plug Power Inc                                                                                                                             | CUSIP: 72919P202<br>LEI: 549300JPDKRSJ8JSM954 | Long             | EC               | CORP              | US        |       1021 | NS      | $12629.77     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                | Fannie Mae Pool                                                                                                                            | CUSIP: 3138WJ4H8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      58351 | PA      | $54338.88     | 0.01%             | 2047-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CMS Energy Corp                                           | CMS Energy Corp                                                                                                                            | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |        572 | NS      | $36224.76     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bachem Holding AG                                         | Bachem Holding AG                                                                                                                          | CUSIP: 000000000<br>LEI: 506700S81111XI7TG884 | Long             | EC               | CORP              | CH        |        161 | NS      | $13970.03     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CVS Health Corp                                           | CVS Health Corp                                                                                                                            | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     375000 | PA      | $338488.26    | 0.08%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Galaxy Entertainment Group Ltd                            | Galaxy Entertainment Group Ltd                                                                                                             | CUSIP: 000000000<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |      10857 | NS      | $71380.99     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Host Hotels & Resorts Inc                                 | Host Hotels & Resorts Inc                                                                                                                  | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               |  | US        |       1401 | NS      | $22486.05     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Elia Group SA/NV                                          | Elia Group SA/NV                                                                                                                           | CUSIP: 000000000<br>LEI: 549300S1MP1NFDIKT460 | Long             | EC               | CORP              | BE        |        161 | NS      | $22888.19     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                          | Deutsche Bank AG                                                                                                                           | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |       9348 | NS      | $105086.09    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Agnico Eagle Mines Ltd                                    | Agnico Eagle Mines Ltd                                                                                                                     | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |       2084 | NS      | $108294.12    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NGG Finance PLC                                           | NGG Finance PLC                                                                                                                            | CUSIP: 000000000<br>LEI: 549300MLDJ2T68G21W86 | Long             | DBT              | CORP              | GB        |     350000 | PA      | $401129.64    | 0.09%             | 2073-06-18      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| JDE Peet's NV                                             | JDE Peet's NV                                                                                                                              | CUSIP: 000000000<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |        478 | NS      | $13826.06     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Steel Dynamics Inc                                        | Steel Dynamics Inc                                                                                                                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |        351 | NS      | $34292.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | Long: 1325027   TRS USD R E II8545200221209 EQUITYTRS / Short: 1325027   TRS USD P V 00MSOFR II2444090221209 EQUITYTRS                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    6747427 | OU      | $-139143.03   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Kesko Oyj                                                 | Kesko Oyj                                                                                                                                  | CUSIP: 000000000<br>LEI: 743700OX6HSVMCAHPB95 | Long             | EC               | CORP              | FI        |       1331 | NS      | $29410.01     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV                                         | Wolters Kluwer NV                                                                                                                          | CUSIP: 000000000<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |       1238 | NS      | $129538.39    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BUNDESREPUB. DEUTSCHLAND                                  | Bundesrepublik Deutschland Bundesanleihe                                                                                                   | CUSIP: 000000000<br>LEI: 529900AQBND3S6YJLY83 | Long             | DBT              | NUSS              | DE        |     110000 | PA      | $83762.95     | 0.02%             | 2036-05-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| CHINA DEVELOPMENT BANK                                    | China Development Bank                                                                                                                     | CUSIP: 000000000<br>LEI: 300300C1020111000029 | Long             | DBT              | NUSS              | CN        |    3430000 | PA      | $502983.94    | 0.11%             | 2025-07-14      | Fixed         | 3.34%                 | No            |                  2 | On Loan: No      |
| Darden Restaurants Inc                                    | Darden Restaurants Inc                                                                                                                     | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |        240 | NS      | $33199.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sagax AB                                                  | Sagax AB                                                                                                                                   | CUSIP: 000000000<br>LEI: 549300LJX28T6OM8DT95 | Long             | EC               | CORP              | SE        |        911 | NS      | $20698.18     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Geberit AG                                                | Geberit AG                                                                                                                                 | CUSIP: 000000000<br>LEI: 52990093Z5OHD6T7BS47 | Long             | EC               | CORP              | CH        |        170 | NS      | $80253.65     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| American Financial Group Inc/OH                           | American Financial Group Inc/OH                                                                                                            | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |        141 | NS      | $19356.48     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Co Inc/MD                                     | McCormick & Co Inc/MD                                                                                                                      | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |        496 | NS      | $41113.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                                 | Palantir Technologies Inc                                                                                                                  | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |       3275 | NS      | $21025.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WiseTech Global Ltd                                       | WiseTech Global Ltd                                                                                                                        | CUSIP: 000000000<br>LEI: 254900VE3AF301Q85K83 | Long             | EC               | CORP              | AU        |        690 | NS      | $23730.78     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                       | American Express Co                                                                                                                        | CUSIP: 025816CS6<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     300000 | PA      | $273352.63    | 0.06%             | 2027-03-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Activision Blizzard Inc                                   | Activision Blizzard Inc                                                                                                                    | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |       1543 | NS      | $118116.65    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc                                    | Marvell Technology Inc                                                                                                                     | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       1714 | NS      | $63486.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $-19075.63    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Consolidated Edison Inc                                   | Consolidated Edison Inc                                                                                                                    | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |        703 | NS      | $67002.93     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                            | PURCHASED SEK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | SE        |          1 | NC      | $-4223.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                               | Freddie Mac Gold Pool                                                                                                                      | CUSIP: 31287S5D5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      20332 | PA      | $21378.35     | 0.00%             | 2032-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Sandvik AB                                                | Sandvik AB                                                                                                                                 | CUSIP: 000000000<br>LEI: 5299008ZUAXN43LVZF54 | Long             | EC               | CORP              | SE        |       5082 | NS      | $91839.79     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| AGENCE FRANCAISE DEVELOP                                  | Agence Francaise de Developpement EPIC                                                                                                     | CUSIP: 000000000<br>LEI: 9695008K5N8MKIT4XJ91 | Long             | DBT              | NUSS              | FR        |     500000 | PA      | $430191.71    | 0.10%             | 2034-10-31      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Lucid Group Inc                                           | Lucid Group Inc                                                                                                                            | CUSIP: 549498103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        799 | NS      | $5457.17      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Link REIT                                                 | Link REIT                                                                                                                                  | CUSIP: 000000000<br>LEI: 529900XUE70U36QX5M62 | Long             | EC               |  | HK        |      10113 | NS      | $74000.21     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA CORP                                               | NVIDIA Corp                                                                                                                                | CUSIP: 67066GAF1<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |     900000 | PA      | $787170.49    | 0.18%             | 2030-04-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Martin Marietta Materials Inc                             | Martin Marietta Materials Inc                                                                                                              | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |        124 | NS      | $41908.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                  | Charter Communications Operating LLC / Charter Communications Operating Capital                                                            | CUSIP: 161175BS2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     125000 | PA      | $95018.15     | 0.02%             | 2049-07-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Assa Abloy AB                                             | Assa Abloy AB                                                                                                                              | CUSIP: 000000000<br>LEI: 549300YECS8HKCIMMB67 | Long             | EC               | CORP              | SE        |       4793 | NS      | $103093.84    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group PLC                           | London Stock Exchange Group PLC                                                                                                            | CUSIP: 000000000<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |       1541 | NS      | $132404.57    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Nuvei Corp                                                | Nuvei Corp                                                                                                                                 | CUSIP: 67079A102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |        308 | NS      | $7827.39      | 0.00%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Carlisle Cos Inc                                          | Carlisle Cos Inc                                                                                                                           | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |        102 | NS      | $24036.30     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| INDONESIA GOVERNMENT                                      | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 4104000000 | PA      | $256508.24    | 0.06%             | 2031-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CoStar Group Inc                                          | CoStar Group Inc                                                                                                                           | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        784 | NS      | $60587.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First Republic Bank/CA                                    | First Republic Bank/CA                                                                                                                     | CUSIP: 33616C100<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EC               | CORP              | US        |        361 | NS      | $44002.29     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED CZK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CZ        |          1 | NC      | $86.96        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TJX Cos Inc/The                                           | TJX Cos Inc/The                                                                                                                            | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |       2291 | NS      | $182363.60    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                                                  | Engie SA                                                                                                                                   | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |       9088 | NS      | $130013.56    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Hikma Pharmaceuticals PLC                                 | Hikma Pharmaceuticals PLC                                                                                                                  | CUSIP: 000000000<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               | CORP              | GB        |        776 | NS      | $14461.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Incyte Corp                                               | Incyte Corp                                                                                                                                | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |        373 | NS      | $29959.36     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp                                   | Texas Pacific Land Corp                                                                                                                    | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         12 | NS      | $28130.76     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sage Group PLC/The                                        | Sage Group PLC/The                                                                                                                         | CUSIP: 000000000<br>LEI: 2138005RN5XYLTF8G138 | Long             | EC               | CORP              | GB        |       4888 | NS      | $44014.98     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $4576.60      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Repsol SA                                                 | Repsol SA                                                                                                                                  | CUSIP: 000000000<br>LEI: BSYCX13Y0NOTV14V9N85 | Long             | EC               | CORP              | ES        |       6444 | NS      | $102569.24    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Monster Beverage Corp                                     | Monster Beverage Corp                                                                                                                      | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |        775 | NS      | $78685.75     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc                                  | Lamb Weston Holdings Inc                                                                                                                   | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |        283 | NS      | $25288.88     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSURBAN FINANCE CO                                     | Transurban Finance Co Pty Ltd                                                                                                              | CUSIP: 000000000<br>LEI: 54930081LPJMUMEA6E57 | Long             | DBT              | CORP              | AU        |     350000 | PA      | $360616.29    | 0.08%             | 2025-08-28      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Wartsila OYJ Abp                                          | Wartsila OYJ Abp                                                                                                                           | CUSIP: 000000000<br>LEI: 743700G7A9J1PHM3X223 | Long             | EC               | CORP              | FI        |       2321 | NS      | $19570.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Indutrade AB                                              | Indutrade AB                                                                                                                               | CUSIP: 000000000<br>LEI: 549300FISLQ6CEFP1867 | Long             | EC               | CORP              | SE        |       1312 | NS      | $26606.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Resona Holdings Inc                                       | Resona Holdings Inc                                                                                                                        | CUSIP: 000000000<br>LEI: 52990067JE75XZCYYT81 | Long             | EC               | CORP              | JP        |      61920 | NS      | $340090.22    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Inc                                    | Berkshire Hathaway Inc                                                                                                                     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |       2555 | NS      | $789239.50    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| City Developments Ltd                                     | City Developments Ltd                                                                                                                      | CUSIP: 000000000<br>LEI: 254900BPLPJS0RJ72373 | Long             | EC               | CORP              | SG        |       1900 | NS      | $11679.91     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Markel Corp                                               | Markel Corp                                                                                                                                | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |         26 | NS      | $34254.74     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                               | Nutrien Ltd                                                                                                                                | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |       2650 | NS      | $193465.66    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Vestas Wind Systems A/S                                   | Vestas Wind Systems A/S                                                                                                                    | CUSIP: 000000000<br>LEI: 549300DYMC8BGZZC8844 | Long             | EC               | CORP              | DK        |       4989 | NS      | $145532.35    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| DoorDash Inc                                              | DoorDash Inc                                                                                                                               | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |        455 | NS      | $22213.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV A/S                                                   | DSV A/S                                                                                                                                    | CUSIP: 000000000<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |        906 | NS      | $143272.26    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                   | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    5900000 | PA      | $294692.68    | 0.07%             | 2029-05-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| JBS USA/FOOD/FINANCE                                      | JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc                                                                                     | CUSIP: 46590XAR7<br>LEI: P77IMDGVZE8EFBTF2M92 | Long             | DBT              | CORP              | XX        |     350000 | PA      | $306638.50    | 0.07%             | 2027-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Hershey Co/The                                            | Hershey Co/The                                                                                                                             | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |        291 | NS      | $67386.87     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hannover Rueck SE                                         | Hannover Rueck SE                                                                                                                          | CUSIP: 000000000<br>LEI: 529900KIN5BE45V5KB18 | Long             | EC               | CORP              | DE        |        283 | NS      | $55838.07     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                       | Intesa Sanpaolo SpA                                                                                                                        | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |     381740 | NS      | $845710.11    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| First Citizens BancShares Inc/NC                          | First Citizens BancShares Inc/NC                                                                                                           | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |         24 | NS      | $18200.64     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Copco AB                                            | Atlas Copco AB                                                                                                                             | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |      12771 | NS      | $151315.85    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| E-MAC                                                     | E-MAC NL 2006-II BV                                                                                                                        | CUSIP: 000000000<br>LEI: 724500N1AQ7L75EHA824 | Long             | ABS-MBS          | CORP              | NL        |     139927 | PA      | $136312.23    | 0.03%             | 2039-01-25      | Floating      | 2.76%                 | Yes           |                  2 | On Loan: No      |
| JAPAN (5 YEAR ISSUE)                                      | Japan Government Five Year Bond                                                                                                            | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  605000000 | PA      | $4615005.41   | 1.04%             | 2024-06-20      | Fixed         | 0.10%                 | No            |                  2 | On Loan: No      |
| HGI CRE CLO Ltd                                           | HGI CRE CLO 2021-FL2 Ltd                                                                                                                   | CUSIP: 40390JAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $476275.55    | 0.11%             | 2036-09-17      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| TransDigm Group Inc                                       | TransDigm Group Inc                                                                                                                        | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        101 | NS      | $63594.65     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                               | Netflix Inc                                                                                                                                | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |        877 | NS      | $258609.76    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG & Co KGaA                       | Fresenius Medical Care AG & Co KGaA                                                                                                        | CUSIP: 000000000<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |        982 | NS      | $32074.58     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cadence Design Systems Inc                                | Cadence Design Systems Inc                                                                                                                 | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |        536 | NS      | $86103.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                           | AstraZeneca PLC                                                                                                                            | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |       7249 | NS      | $980929.97    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Kimco Realty Corp                                         | Kimco Realty Corp                                                                                                                          | CUSIP: 49446R109<br>LEI: 549300EA7I6T15IBYS12 | Long             | EC               |  | US        |       1224 | NS      | $25924.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke KPN NV                                        | Koninklijke KPN NV                                                                                                                         | CUSIP: 000000000<br>LEI: 549300YO0JZHAL7FVP81 | Long             | EC               | CORP              | NL        |      15517 | NS      | $48029.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Juniper Networks Inc                                      | Juniper Networks Inc                                                                                                                       | CUSIP: 48203R104<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | EC               | CORP              | US        |        635 | NS      | $20294.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                                    | Intuitive Surgical Inc                                                                                                                     | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |        703 | NS      | $186541.05    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America N.A.                                      | PURCHASED USD / SOLD CNH                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $-6991.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chr Hansen Holding A/S                                    | Chr Hansen Holding A/S                                                                                                                     | CUSIP: 000000000<br>LEI: 549300MKPW8ZF3E8MW37 | Long             | EC               | CORP              | DK        |        518 | NS      | $37261.17     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                             | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |          1 | NC      | $54524.15     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Thomson Reuters Corp                                      | Thomson Reuters Corp                                                                                                                       | CUSIP: 884903709<br>LEI: 549300561UZND4C7B569 | Long             | EC               | CORP              | CA        |        800 | NS      | $91261.45     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Volvo Car AB                                              | Volvo Car AB                                                                                                                               | CUSIP: 000000000<br>LEI: 5299000EAMGGBEYP7J33 | Long             | EC               | CORP              | SE        |       2882 | NS      | $13122.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kongsberg Gruppen ASA                                     | Kongsberg Gruppen ASA                                                                                                                      | CUSIP: 000000000<br>LEI: 5967007LIEEXZXJ9HK73 | Long             | EC               | CORP              | NO        |        429 | NS      | $18259.85     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Newcrest Mining Ltd                                       | Newcrest Mining Ltd                                                                                                                        | CUSIP: 000000000<br>LEI: 5299006MN50OZJUJI655 | Long             | EC               | CORP              | AU        |       4232 | NS      | $59342.41     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Ireland Group PLC                                 | Bank of Ireland Group PLC                                                                                                                  | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |       5156 | NS      | $49133.15     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                       | JPMorgan Chase & Co                                                                                                                        | CUSIP: 46647PBX3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $767231.45    | 0.17%             | 2032-02-04      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| BlueScope Steel Ltd                                       | BlueScope Steel Ltd                                                                                                                        | CUSIP: 000000000<br>LEI: 529900H6UQI16XACWC95 | Long             | EC               | CORP              | AU        |       2238 | NS      | $25507.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sika AG                                                   | Sika AG                                                                                                                                    | CUSIP: 000000000<br>LEI: 549300R3N69ECGYPU434 | Long             | EC               | CORP              | CH        |        697 | NS      | $167561.04    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co KGaA                                    | Fresenius SE & Co KGaA                                                                                                                     | CUSIP: 000000000<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |       2001 | NS      | $55891.70     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bentley Systems Inc                                       | Bentley Systems Inc                                                                                                                        | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |        382 | NS      | $14118.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                                              | Xylem Inc/NY                                                                                                                               | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |        355 | NS      | $39252.35     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                                                | Ecolab Inc                                                                                                                                 | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |        506 | NS      | $73653.36     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                   | Freddie Mac Whole Loan Securities Trust 2016-SC01                                                                                          | CUSIP: 3137G1AW7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      25965 | PA      | $22795.91     | 0.01%             | 2046-07-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                        | Energy Transfer LP                                                                                                                         | CUSIP: 29278NAP8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     775000 | PA      | $730534.62    | 0.17%             | 2025-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Mastercard Inc                                            | Mastercard Inc                                                                                                                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       1694 | NS      | $589054.62    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                             | Citigroup Inc                                                                                                                              | CUSIP: 172967NE7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     725000 | PA      | $565604.39    | 0.13%             | 2032-11-03      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | PURCHASED SEK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | SE        |          1 | NC      | $-320.39      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                      | Bank of America Corp                                                                                                                       | CUSIP: 06051GKL2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     150000 | PA      | $124594.56    | 0.03%             | 2037-03-08      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Arkema SA                                                 | Arkema SA                                                                                                                                  | CUSIP: 000000000<br>LEI: 9695000EHMS84KKP2785 | Long             | EC               | CORP              | FR        |        283 | NS      | $25454.38     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                    | US LONG BOND(CBT) MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         17 | NC      | $-14421.59    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SEEK Ltd                                                  | SEEK Ltd                                                                                                                                   | CUSIP: 000000000<br>LEI: 549300209NEKXBC8QO27 | Long             | EC               | CORP              | AU        |       1596 | NS      | $22689.90     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic Services Inc                                     | Republic Services Inc                                                                                                                      | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |        436 | NS      | $56239.64     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                    | PURCHASED USD / SOLD KRW                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $-45269.56    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| AT&T Inc                                                  | AT&T Inc                                                                                                                                   | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      13974 | NS      | $257261.34    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Schroders PLC                                             | Schroders PLC                                                                                                                              | CUSIP: 000000000<br>LEI: 2138001YYBULX5SZ2H24 | Long             | EC               | CORP              | GB        |       3486 | NS      | $18317.17     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Salmar ASA                                                | Salmar ASA                                                                                                                                 | CUSIP: 000000000<br>LEI: 5967007LIEEXZXGDBK67 | Long             | EC               | CORP              | NO        |        315 | NS      | $12353.16     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pernod Ricard SA                                          | Pernod Ricard SA                                                                                                                           | CUSIP: 000000000<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |        969 | NS      | $190624.04    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Southwest Airlines Co                                     | Southwest Airlines Co                                                                                                                      | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |        292 | NS      | $9831.64      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-95501.16    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Booz Allen Hamilton Holding Corp                          | Booz Allen Hamilton Holding Corp                                                                                                           | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |        260 | NS      | $27175.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                              | Broadcom Inc                                                                                                                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |        806 | NS      | $450658.78    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| VOLKSWAGEN INTL FIN NV                                    | Volkswagen International Finance NV                                                                                                        | CUSIP: 000000000<br>LEI: 5299004PWNHKYTR23649 | Long             | DBT              | CORP              | NL        |     500000 | PA      | $482779.68    | 0.11%             | 2027-03-30      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Amgen Inc                                                 | Amgen Inc                                                                                                                                  | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |       1059 | NS      | $278135.76    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Westpac Banking Corp                                      | Westpac Banking Corp                                                                                                                       | CUSIP: 000000000<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | EC               | CORP              | AU        |      16571 | NS      | $262343.93    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                 | Uniform Mortgage-Backed Security, TBA                                                                                                      | CUSIP: 01F050619<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1750000 | PA      | $1725938.29   | 0.39%             | 2053-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                      | Bank of America Corp                                                                                                                       | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |      14084 | NS      | $466462.08    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                                  | AT&T Inc                                                                                                                                   | CUSIP: 00206RHG0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     400000 | PA      | $399063.57    | 0.09%             | 2026-09-05      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Antofagasta PLC                                           | Antofagasta PLC                                                                                                                            | CUSIP: 000000000<br>LEI: 213800MY6QVH4FVLD628 | Long             | EC               | CORP              | GB        |       1816 | NS      | $33900.36     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN GOVERNMENT                                       | Canadian Government Bond                                                                                                                   | CUSIP: 135087H72<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     100000 | PA      | $56149.93     | 0.01%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                        | Credit Agricole SA                                                                                                                         | CUSIP: 000000000<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | EC               | CORP              | FR        |      28008 | NS      | $294625.59    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SSE PLC                                                   | SSE PLC                                                                                                                                    | CUSIP: 000000000<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |       5032 | NS      | $103492.83    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SolarEdge Technologies Inc                                | SolarEdge Technologies Inc                                                                                                                 | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | US        |        108 | NS      | $30593.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                  | Celanese US Holdings LLC                                                                                                                   | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     550000 | PA      | $543361.97    | 0.12%             | 2027-07-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                            | PURCHASED CAD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | CA        |          1 | NC      | $-102.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JD Sports Fashion PLC                                     | JD Sports Fashion PLC                                                                                                                      | CUSIP: 000000000<br>LEI: 213800HROV6Y9MUU8375 | Long             | EC               | CORP              | GB        |      12259 | NS      | $18629.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HEICO Corp                                                | HEICO Corp                                                                                                                                 | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |         85 | NS      | $13059.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayerische Motoren Werke AG                               | Bayerische Motoren Werke AG                                                                                                                | CUSIP: 000000000<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |       1565 | NS      | $138557.21    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Alfa Laval AB                                             | Alfa Laval AB                                                                                                                              | CUSIP: 000000000<br>LEI: 549300UCKT2UK88AG251 | Long             | EC               | CORP              | SE        |       1376 | NS      | $39804.02     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Shaw Communications Inc                                   | Shaw Communications Inc                                                                                                                    | CUSIP: 82028K200<br>LEI: 549300SCT0RG6178CI40 | Long             | EC               | CORP              | CA        |       2242 | NS      | $64594.11     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap Inc                                                  | Snap Inc                                                                                                                                   | CUSIP: 83304A106<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | EC               | CORP              | US        |       2174 | NS      | $19457.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Volkswagen AG                                             | Volkswagen AG                                                                                                                              | CUSIP: 000000000<br>LEI: 529900NNUPAGGOMPXZ31 | Long             | EP               | CORP              | DE        |        879 | NS      | $109039.59    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd                                       | Macquarie Group Ltd                                                                                                                        | CUSIP: 55608JAL2<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |     225000 | PA      | $224198.87    | 0.05%             | 2024-03-27      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Shizuoka Financial Group Inc                              | Shizuoka Financial Group Inc                                                                                                               | CUSIP: 000000000<br>LEI: 353800MNO5C8V2SHGA81 | Long             | EC               | CORP              | JP        |      12791 | NS      | $102500.55    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MEDTRONIC GLOBAL HLDINGS                                  | Medtronic Global Holdings SCA                                                                                                              | CUSIP: 58507LAN9<br>LEI: 549300JXMTTP8GKYIX14 | Long             | DBT              | CORP              | LU        |     250000 | PA      | $214785.42    | 0.05%             | 2031-07-02      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Essex Property Trust Inc                                  | Essex Property Trust Inc                                                                                                                   | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               |  | US        |        129 | NS      | $27337.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp                                         | Hormel Foods Corp                                                                                                                          | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |        599 | NS      | $27284.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellantis NV                                             | Stellantis NV                                                                                                                              | CUSIP: 000000000<br>LEI: 549300LKT9PW7ZIBDF31 | Long             | EC               | CORP              | NL        |      10430 | NS      | $148214.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BUONI POLIENNALI DEL TES                                  | Italy Buoni Poliennali Del Tesoro                                                                                                          | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     160000 | PA      | $137561.23    | 0.03%             | 2029-02-15      | Fixed         | 0.45%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                     | Indonesia Government International Bond                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     270000 | PA      | $276662.09    | 0.06%             | 2025-04-24      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Tesla Inc                                                 | Tesla Inc                                                                                                                                  | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |       5544 | NS      | $682909.92    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon Inc                                                 | Alcon Inc                                                                                                                                  | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |       2399 | NS      | $164616.87    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| US Bancorp                                                | US Bancorp                                                                                                                                 | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |       2780 | NS      | $121235.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Novozymes A/S                                             | Novozymes A/S                                                                                                                              | CUSIP: 000000000<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |       1004 | NS      | $50936.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                         | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-12991.74    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GPT Group/The                                             | GPT Group/The                                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |       9089 | NS      | $25921.92     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FINNISH GOVERNMENT                                        | Finland Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 743700M6Y2OQRVSBRD14 | Long             | DBT              | NUSS              | FI        |     370000 | PA      | $323287.54    | 0.07%             | 2034-04-15      | Fixed         | 1.13%                 | Yes           |                  2 | On Loan: No      |
| Swisscom AG                                               | Swisscom AG                                                                                                                                | CUSIP: 000000000<br>LEI: 5493005SL9HHOXS3B739 | Long             | EC               | CORP              | CH        |        120 | NS      | $65737.35     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Banc of America Alternative Loan Trust                    | Banc of America Alternative Loan Trust 2006-7                                                                                              | CUSIP: 059469AF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      22285 | PA      | $6763.42      | 0.00%             | 2036-10-25      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| Campbell Soup Co                                          | Campbell Soup Co                                                                                                                           | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |        422 | NS      | $23948.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                                       | Deutsche Telekom AG                                                                                                                        | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |      15229 | NS      | $303004.88    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Aviva PLC                                                 | Aviva PLC                                                                                                                                  | CUSIP: 000000000<br>LEI: YF0Y5B0IB8SM0ZFG9G81 | Long             | EC               | CORP              | GB        |      13125 | NS      | $69623.46     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Entegris Inc                                              | Entegris Inc                                                                                                                               | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |        293 | NS      | $19217.87     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                               | Freddie Mac Pool                                                                                                                           | CUSIP: 3133N3YX6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2519810 | PA      | $2075160.69   | 0.47%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                              | ING Groep NV                                                                                                                               | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |      89338 | NS      | $1088239.39   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Limited                                               | Long: BMIBC4DH5 IRS USD R V 12MUSCPI II8702970221027 CCPINFLATIONZE / Short: BMIBC4DH5 IRS USD P F  2.71250 II8049880221027 CCPINFLATIONZE | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1798000 | OU      | $-23150.04    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                                      | Westpac Banking Corp                                                                                                                       | CUSIP: 961214EP4<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     650000 | PA      | $484470.68    | 0.11%             | 2035-11-15      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc/The                                        | Home Depot Inc/The                                                                                                                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       2032 | NS      | $641827.52    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp                                       | Alliant Energy Corp                                                                                                                        | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |        496 | NS      | $27384.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LCH Limited                                               | Long: BMIBC4EK7 IRS USD R V 12MUSCPI II7977840221027 CCPINFLATIONZE / Short: BMIBC4EK7 IRS USD P F  2.71500 II2310260221027 CCPINFLATIONZE | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1799000 | OU      | $-23567.89    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Clariant AG                                               | Clariant AG                                                                                                                                | CUSIP: 000000000<br>LEI: 529900VSEKBY7TMPP349 | Long             | EC               | CORP              | CH        |       1031 | NS      | $16373.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Taylor Wimpey PLC                                         | Taylor Wimpey PLC                                                                                                                          | CUSIP: 000000000<br>LEI: 21380089BTRXTD8S3R66 | Long             | EC               | CORP              | GB        |      16657 | NS      | $20399.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Schindler Holding AG                                      | Schindler Holding AG                                                                                                                       | CUSIP: 000000000<br>LEI: 5299007DRLI319H7Q933 | Long             | EC               | CORP              | CH        |        110 | NS      | $19838.67     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Intel Corp                                                | Intel Corp                                                                                                                                 | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |       8167 | NS      | $215853.81    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Veolia Environnement SA                                   | Veolia Environnement SA                                                                                                                    | CUSIP: 000000000<br>LEI: 969500LENY69X51OOT31 | Long             | EC               | CORP              | FR        |       3214 | NS      | $82581.84     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Knight-Swift Transportation Holdings Inc                  | Knight-Swift Transportation Holdings Inc                                                                                                   | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        308 | NS      | $16142.28     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                            | Long: 1325032   TRS USD R V 00MSOFR II3669830221209 Q 9TH +33 BPS / Short: 1325032   TRS USD P E II2849670221209 EQUITYTRS                 | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | FR        |    2044787 | OU      | $115225.19    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                     | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    1430000 | PA      | $213353.86    | 0.05%             | 2046-04-25      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| Carl Zeiss Meditec AG                                     | Carl Zeiss Meditec AG                                                                                                                      | CUSIP: 000000000<br>LEI: 529900GRL4MZ8NMOOK95 | Long             | EC               | CORP              | DE        |        190 | NS      | $23881.84     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Wilmar International Ltd                                  | Wilmar International Ltd                                                                                                                   | CUSIP: 000000000<br>LEI: 549300H2EAI4YRLWBB20 | Long             | EC               | CORP              | SG        |       8700 | NS      | $27103.75     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Auto Trader Group PLC                                     | Auto Trader Group PLC                                                                                                                      | CUSIP: 000000000<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |       4498 | NS      | $28010.61     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Camden Property Trust                                     | Camden Property Trust                                                                                                                      | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               |  | US        |        200 | NS      | $22376.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fisher & Paykel Healthcare Corp Ltd                       | Fisher & Paykel Healthcare Corp Ltd                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NZ        |       2808 | NS      | $40177.12     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Unibail-Rodamco-Westfield                                 | Unibail-Rodamco-Westfield                                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | FR        |        579 | NS      | $30267.89     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SS&C Technologies Holdings Inc                            | SS&C Technologies Holdings Inc                                                                                                             | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |        448 | NS      | $23322.88     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Electricite de France SA                                  | Electricite de France SA                                                                                                                   | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | EC               | CORP              | FR        |       2504 | NS      | $32147.20     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BELGIUM KINGDOM                                           | Kingdom of Belgium Government Bond                                                                                                         | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |     170000 | PA      | $161161.59    | 0.04%             | 2029-06-22      | Fixed         | 0.90%                 | Yes           |                  2 | On Loan: No      |
| Rio Tinto PLC                                             | Rio Tinto PLC                                                                                                                              | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |       5249 | NS      | $369445.60    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| IMCD NV                                                   | IMCD NV                                                                                                                                    | CUSIP: 000000000<br>LEI: 724500NSJPNFJPDAUP02 | Long             | EC               | CORP              | NL        |        269 | NS      | $38478.15     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Galp Energia SGPS SA                                      | Galp Energia SGPS SA                                                                                                                       | CUSIP: 000000000<br>LEI: 2138003319Y7NM75FG53 | Long             | EC               | CORP              | PT        |       2018 | NS      | $27224.07     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CapitaLand Integrated Commercial Trust                    | CapitaLand Integrated Commercial Trust                                                                                                     | CUSIP: 000000000<br>LEI: 54930031292WUTXF0L29 | Long             | EC               |  | SG        |      24402 | NS      | $37218.20     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bouygues SA                                               | Bouygues SA                                                                                                                                | CUSIP: 000000000<br>LEI: 969500MOCLNQFNZN0D63 | Long             | EC               | CORP              | FR        |       1091 | NS      | $32721.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                     | Lehman Mortgage Trust 2007-8                                                                                                               | CUSIP: 52521YAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      16998 | PA      | $6213.68      | 0.00%             | 2037-09-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Evergy Inc                                                | Evergy Inc                                                                                                                                 | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |        453 | NS      | $28507.29     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc                                        | Conagra Brands Inc                                                                                                                         | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |        947 | NS      | $36648.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                    | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | MX        |          1 | NC      | $373.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Descartes Systems Group Inc/The                           | Descartes Systems Group Inc/The                                                                                                            | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |        398 | NS      | $27745.36     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                                         | Iron Mountain Inc                                                                                                                          | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               |  | US        |        575 | NS      | $28663.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-Busch InBev SA/NV                                | Anheuser-Busch InBev SA/NV                                                                                                                 | CUSIP: 000000000<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |       4230 | NS      | $254776.88    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinnevik AB                                               | Kinnevik AB                                                                                                                                | CUSIP: 000000000<br>LEI: 2138006PZH76JOS6MN27 | Long             | EC               | CORP              | SE        |       1162 | NS      | $15993.96     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                          | ABN AMRO Bank NV                                                                                                                           | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | EC               | CORP              | NL        |       9711 | NS      | $134477.50    | 0.03%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Fortune Brands Innovations Inc                            | Fortune Brands Innovations Inc                                                                                                             | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |        254 | NS      | $14505.94     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                                                 | PG&E Corp                                                                                                                                  | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |       2922 | NS      | $47511.72     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV                             | Koninklijke Ahold Delhaize NV                                                                                                              | CUSIP: 000000000<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |       4905 | NS      | $141024.94    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| AT&T Inc                                                  | AT&T Inc                                                                                                                                   | CUSIP: 00206RGE6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     350000 | PA      | $390748.93    | 0.09%             | 2026-12-04      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                  | Brazil Notas do Tesouro Nacional Serie F                                                                                                   | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   79088000 | PA      | $13774531.56  | 3.12%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BCE Inc                                                   | BCE Inc                                                                                                                                    | CUSIP: 05534B760<br>LEI: 5493001I9203PRB5KR45 | Long             | EC               | CORP              | CA        |        344 | NS      | $15114.15     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Verbund AG                                                | Verbund AG                                                                                                                                 | CUSIP: 000000000<br>LEI: 5299006UDSEJCTTEJS30 | Long             | EC               | CORP              | AT        |        347 | NS      | $29168.74     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                  | Charter Communications Operating LLC / Charter Communications Operating Capital                                                            | CUSIP: 161175CE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     125000 | PA      | $80504.29     | 0.02%             | 2042-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OOREDOO INTL FINANCE                                      | Ooredoo International Finance Ltd                                                                                                          | CUSIP: 74735KAA0<br>LEI: 549300BHXCDJ03WU7N77 | Long             | DBT              | CORP              | BM        |     200000 | PA      | $172346.00    | 0.04%             | 2031-04-08      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| BorgWarner Inc                                            | BorgWarner Inc                                                                                                                             | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |        466 | NS      | $18756.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc                                      | Jacobs Solutions Inc                                                                                                                       | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        251 | NS      | $30137.57     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                                       | Arista Networks Inc                                                                                                                        | CUSIP: 040413106<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |        482 | NS      | $58490.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                                       | Abbott Laboratories                                                                                                                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |       3453 | NS      | $379104.87    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA GOVERNMENT BOND                                     | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    1300000 | PA      | $196425.91    | 0.04%             | 2051-10-18      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| Legrand SA                                                | Legrand SA                                                                                                                                 | CUSIP: 000000000<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |       1263 | NS      | $101269.48    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                         | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |          1 | NC      | $3899.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FedEx Corp                                                | FedEx Corp                                                                                                                                 | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |        494 | NS      | $85560.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarivate PLC                                             | Clarivate PLC                                                                                                                              | CUSIP: 000000000<br>LEI: 549300WDHIIODXFO0R55 | Long             | EC               | CORP              | JE        |        594 | NS      | $4953.96      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Jardine Cycle & Carriage Ltd                              | Jardine Cycle & Carriage Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 254900WEP6OCEXFWML09 | Long             | EC               | CORP              | SG        |        500 | NS      | $10675.87     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Synchrony Financial                                       | Synchrony Financial                                                                                                                        | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |        944 | NS      | $31019.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                                             | Ford Motor Co                                                                                                                              | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |       7952 | NS      | $92481.76     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| New World Development Co Ltd                              | New World Development Co Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 2549008GWMWXTIRL4S48 | Long             | EC               | CORP              | HK        |       7212 | NS      | $20230.92     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe                                        | BRENT CRUDE FUTR  DEC23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |         41 | NC      | $23059.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mineral Resources Ltd                                     | Mineral Resources Ltd                                                                                                                      | CUSIP: 000000000<br>LEI: 5299007V1ACKFFX2P066 | Long             | EC               | CORP              | AU        |        800 | NS      | $41965.16     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                            | PURCHASED CHF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | CH        |          1 | NC      | $-197.35      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cognex Corp                                               | Cognex Corp                                                                                                                                | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |        341 | NS      | $16064.51     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corp                                    | Paylocity Holding Corp                                                                                                                     | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |         81 | NS      | $15735.06     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                               | Freddie Mac Gold Pool                                                                                                                      | CUSIP: 3128M7SU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       1645 | PA      | $1749.53      | 0.00%             | 2035-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BELGIUM KINGDOM                                           | Kingdom of Belgium Government Bond                                                                                                         | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |     760000 | PA      | $673632.80    | 0.15%             | 2038-06-22      | Fixed         | 1.90%                 | Yes           |                  2 | On Loan: No      |
| Apollo Global Management Inc                              | Apollo Global Management Inc                                                                                                               | CUSIP: 03769M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        784 | NS      | $50011.36     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                                           | Match Group Inc                                                                                                                            | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |        554 | NS      | $22985.46     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                                   | SBA Communications Corp                                                                                                                    | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               |  | US        |        211 | NS      | $59145.41     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| J Sainsbury PLC                                           | J Sainsbury PLC                                                                                                                            | CUSIP: 000000000<br>LEI: 213800VGZAAJIKJ9Y484 | Long             | EC               | CORP              | GB        |       8182 | NS      | $21459.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                 | Uniform Mortgage-Backed Security, TBA                                                                                                      | CUSIP: 01F022618<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3000000 | PA      | $2543906.25   | 0.58%             | 2053-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                               | Long: SMIAF3CE4 IRS MXN R F  7.37500 II3000560211227 CCPVANILLA / Short: SMIAF3CE4 IRS MXN P V 01MTIIE II5698980211227 CCPVANILLA          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   57377500 | OU      | $-150011.61   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                                    | Galaxy Pipeline Assets Bidco Ltd                                                                                                           | CUSIP: 36321PAB6<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |     650000 | PA      | $525670.61    | 0.12%             | 2036-03-31      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Bechtle AG                                                | Bechtle AG                                                                                                                                 | CUSIP: 000000000<br>LEI: 529900HA2QT774RUXW59 | Long             | EC               | CORP              | DE        |        388 | NS      | $13715.08     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Commerzbank AG                                            | Commerzbank AG                                                                                                                             | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | EC               | CORP              | DE        |      24506 | NS      | $229121.64    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Budweiser Brewing Co APAC Ltd                             | Budweiser Brewing Co APAC Ltd                                                                                                              | CUSIP: 000000000<br>LEI: 549300YF1MR4GTF18132 | Long             | EC               | CORP              | KY        |       7886 | NS      | $24651.60     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BASF SE                                                   | BASF SE                                                                                                                                    | CUSIP: 000000000<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |       4363 | NS      | $214827.96    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Landmark Mortgage Securities Plc                          | Landmark Mortgage Securities No 3 PLC                                                                                                      | CUSIP: 000000000<br>LEI: 213800S8KWEEVI3XTK68 | Long             | ABS-MBS          | CORP              | GB        |     187127 | PA      | $209704.25    | 0.05%             | 2044-04-17      | Floating      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                                   | International Bank for Reconstruction & Development                                                                                        | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    3040000 | PA      | $2030052.48   | 0.46%             | 2024-02-27      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                        | Seasoned Credit Risk Transfer Trust Series 2019-3                                                                                          | CUSIP: 35563PLB3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      27528 | PA      | $24475.68     | 0.01%             | 2058-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CaixaBank SA                                              | CaixaBank SA                                                                                                                               | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | EC               | CORP              | ES        |     104721 | NS      | $410588.93    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Domino's Pizza Inc                                        | Domino's Pizza Inc                                                                                                                         | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |         71 | NS      | $24594.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrivarden AB                                         | Industrivarden AB                                                                                                                          | CUSIP: 000000000<br>LEI: 549300TM1DLIQI3B3T37 | Long             | EC               | CORP              | SE        |        736 | NS      | $17857.17     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | PURCHASED USD / SOLD CAD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $868.64       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Parker-Hannifin Corp                                      | Parker-Hannifin Corp                                                                                                                       | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |        251 | NS      | $73041.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirvac Group                                              | Mirvac Group                                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |      18891 | NS      | $27330.01     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                                            | Lonza Group AG                                                                                                                             | CUSIP: 000000000<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |        354 | NS      | $173769.89    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Liberty Global PLC                                        | Liberty Global PLC                                                                                                                         | CUSIP: 000000000<br>LEI: 549300BSGXG3QLIQYT84 | Long             | EC               | CORP              | GB        |        325 | NS      | $6152.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | Long: 1325023   TRS USD R V 00MSOFR II1725890221209 Q 7TH +35 BPS / Short: 1325023   TRS USD P E II2581110221209 EQUITYTRS                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    6897021 | OU      | $211385.07    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                      | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  618000000 | PA      | $96109.36     | 0.02%             | 2030-09-18      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                 | Uniform Mortgage-Backed Security, TBA                                                                                                      | CUSIP: 01F030611<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    5150000 | PA      | $4525160.03   | 1.02%             | 2053-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSX Corp                                                  | CSX Corp                                                                                                                                   | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |       4298 | NS      | $133152.04    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| United Utilities Group PLC                                | United Utilities Group PLC                                                                                                                 | CUSIP: 000000000<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |       3216 | NS      | $38425.81     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CAE Inc                                                   | CAE Inc                                                                                                                                    | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |       1511 | NS      | $29226.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                                   | Hungary Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   24000000 | PA      | $43345.87     | 0.01%             | 2030-08-21      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                               | Long: BMIBBPY03 IRS USD R V 12MUSCPI II4500370221024 CCPINFLATIONZE / Short: BMIBBPY03 IRS USD P F  2.77700 II0251260221024 CCPINFLATIONZE | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1679000 | OU      | $-31762.01    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                   | Freddie Mac Whole Loan Securities Trust 2015-SC01                                                                                          | CUSIP: 3137G1AC1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       4631 | PA      | $4071.06      | 0.00%             | 2045-05-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brookfield Asset Management Ltd                           | Brookfield Asset Management Ltd                                                                                                            | CUSIP: 113004105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       1618 | NS      | $46329.29     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                            | Long: 1322049   TRS USD R E II5441690220208 EQUITYTRS / Short: 1322049   TRS USD P V 00MSOFR RESET8TH+2BD/SOFRRATE+35BPS                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | FR        |   14780052 | OU      | $868269.95    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc                                         | Kinder Morgan Inc                                                                                                                          | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |       4013 | NS      | $72555.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AGRICUL DEV BANK CHINA                                    | Agricultural Development Bank of China                                                                                                     | CUSIP: 000000000<br>LEI: 300300C1020311000158 | Long             | DBT              | NUSS              | CN        |    2710000 | PA      | $410565.09    | 0.09%             | 2030-10-26      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                            | Long: 1325141   TRS USD R E II2456770221221 EQUITYTRS / Short: 1325141   TRS USD P V 00MSOFR RESET Q ON 20TH/SOFRRATE+40BPS                | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | FR        |    2790172 | OU      | $80160.05     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd                                          | Wynn Resorts Ltd                                                                                                                           | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |        213 | NS      | $17566.11     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL GRID PLC                                         | National Grid Electricity Distribution West Midlands PLC                                                                                   | CUSIP: 000000000<br>LEI: 549300L22M2RCLXON143 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $244838.35    | 0.06%             | 2032-04-16      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Eurex Deutschland                                         | SHORT EURO-BTP FU MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -22 | NC      | $41330.05     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cincinnati Financial Corp                                 | Cincinnati Financial Corp                                                                                                                  | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |        295 | NS      | $30205.05     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                               | Goldman Sachs Group Inc/The                                                                                                                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |        672 | NS      | $230751.36    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola HBC AG                                          | Coca-Cola HBC AG                                                                                                                           | CUSIP: 000000000<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |        945 | NS      | $22338.67     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Logitech International SA                                 | Logitech International SA                                                                                                                  | CUSIP: 000000000<br>LEI: 549300SN6PRK6IJJC215 | Long             | EC               | CORP              | CH        |        821 | NS      | $50909.75     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                            | Atlas Copco AB                                                                                                                             | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |       7432 | NS      | $79296.84     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                        | Seasoned Credit Risk Transfer Trust Series 2019-3                                                                                          | CUSIP: 35563PLQ0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      27065 | PA      | $25465.02     | 0.01%             | 2058-10-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FinecoBank Banca Fineco SpA                               | FinecoBank Banca Fineco SpA                                                                                                                | CUSIP: 000000000<br>LEI: 549300L7YCATGO57ZE10 | Long             | EC               | CORP              | IT        |      13923 | NS      | $231206.72    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Rollins Inc                                               | Rollins Inc                                                                                                                                | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |        435 | NS      | $15894.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities Inc                                   | Essential Utilities Inc                                                                                                                    | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |        490 | NS      | $23387.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ipsen SA                                                  | Ipsen SA                                                                                                                                   | CUSIP: 000000000<br>LEI: 549300M6SGDPB4Z94P11 | Long             | EC               | CORP              | FR        |        175 | NS      | $18823.08     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                                      | Freeport-McMoRan Inc                                                                                                                       | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |       2782 | NS      | $105716.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                                            | ServiceNow Inc                                                                                                                             | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |        396 | NS      | $153754.92    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COS INC                                            | Lowe's Cos Inc                                                                                                                             | CUSIP: 548661DY0<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     475000 | PA      | $372548.34    | 0.08%             | 2030-10-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Inc                                    | CenterPoint Energy Inc                                                                                                                     | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |       1244 | NS      | $37307.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                                                | Sysco Corp                                                                                                                                 | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |        995 | NS      | $76067.75     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                                 | AvalonBay Communities Inc                                                                                                                  | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               |  | US        |        278 | NS      | $44902.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CSL Ltd                                                   | CSL Ltd                                                                                                                                    | CUSIP: 000000000<br>LEI: 529900ECSECK5ZDQTE14 | Long             | EC               | CORP              | AU        |       2301 | NS      | $448681.51    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Affirm Holdings Inc                                       | Affirm Holdings Inc                                                                                                                        | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        387 | NS      | $3742.29      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd                            | Canadian Natural Resources Ltd                                                                                                             | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |       5366 | NS      | $297983.41    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| National Australia Bank Ltd                               | National Australia Bank Ltd                                                                                                                | CUSIP: 000000000<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | EC               | CORP              | AU        |      15411 | NS      | $312898.88    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Gildan Activewear Inc                                     | Gildan Activewear Inc                                                                                                                      | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |        860 | NS      | $23551.55     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| POLAND GOVERNMENT BOND                                    | Republic of Poland Government Bond                                                                                                         | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    1300000 | PA      | $232218.84    | 0.05%             | 2026-10-25      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| FactSet Research Systems Inc                              | FactSet Research Systems Inc                                                                                                               | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |         77 | NS      | $30893.17     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc                       | Sumitomo Mitsui Financial Group Inc                                                                                                        | CUSIP: 000000000<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |      37414 | NS      | $1505255.36   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-22055.77    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THERMO FISHER SCIENTIFIC                                  | Thermo Fisher Scientific Inc                                                                                                               | CUSIP: 883556CE0<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |     100000 | PA      | $68694.38     | 0.02%             | 2049-10-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| QBE Insurance Group Ltd                                   | QBE Insurance Group Ltd                                                                                                                    | CUSIP: 000000000<br>LEI: 549300D2FBW76FPUSG65 | Long             | EC               | CORP              | AU        |       7070 | NS      | $64136.85     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity National Information Services Inc                | Fidelity National Information Services Inc                                                                                                 | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |       1191 | NS      | $80809.35     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                               | Freddie Mac Gold Pool                                                                                                                      | CUSIP: 31323AEC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      15666 | PA      | $15199.85     | 0.00%             | 2049-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ashtead Group PLC                                         | Ashtead Group PLC                                                                                                                          | CUSIP: 000000000<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |       2072 | NS      | $117699.44    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Erie Indemnity Co                                         | Erie Indemnity Co                                                                                                                          | CUSIP: 29530P102<br>LEI: 549300WA5KP94KRUFZ80 | Long             | EC               | CORP              | US        |         50 | NS      | $12436.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Julius Baer Group Ltd                                     | Julius Baer Group Ltd                                                                                                                      | CUSIP: 000000000<br>LEI: 5299007MF0604ZGJER92 | Long             | EC               | CORP              | CH        |       1010 | NS      | $58783.09     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                      | PURCHASED ILS / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | IL        |          1 | NC      | $-4907.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co/The                                   | Sherwin-Williams Co/The                                                                                                                    | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |        487 | NS      | $115579.71    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Boliden AB                                                | Boliden AB                                                                                                                                 | CUSIP: 000000000<br>LEI: 21380059QU7IM1ONDJ56 | Long             | EC               | CORP              | SE        |       1291 | NS      | $48492.79     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Dexcom Inc                                                | Dexcom Inc                                                                                                                                 | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |        760 | NS      | $86062.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Givaudan SA                                               | Givaudan SA                                                                                                                                | CUSIP: 000000000<br>LEI: 213800SVRMQA1TD91D41 | Long             | EC               | CORP              | CH        |         44 | NS      | $134767.87    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Mondi PLC                                                 | Mondi PLC                                                                                                                                  | CUSIP: 000000000<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |       2301 | NS      | $38911.98     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                                                 | Prosus NV                                                                                                                                  | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |       3941 | NS      | $272099.99    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $-4874.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                    | United States Treasury Note/Bond                                                                                                           | CUSIP: 912810SR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4920000 | PA      | $3081918.75   | 0.70%             | 2040-05-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| WH Group Ltd                                              | WH Group Ltd                                                                                                                               | CUSIP: 000000000<br>LEI: 254900A4AYEDRWYSE928 | Long             | EC               | CORP              | KY        |      39386 | NS      | $22971.41     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED USD / SOLD TRY                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $315.78       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| International Paper Co                                    | International Paper Co                                                                                                                     | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |        681 | NS      | $23583.03     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA GOVERNMENT BOND                                     | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |   16900000 | PA      | $2405577.46   | 0.54%             | 2027-01-20      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| PRMI Securitization Trust                                 | PRMI Securitization Trust 2021-1                                                                                                           | CUSIP: 69359DAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     610590 | PA      | $491859.28    | 0.11%             | 2051-04-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                             | UniCredit SpA                                                                                                                              | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |      47080 | NS      | $668043.75    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| HF Sinclair Corp                                          | HF Sinclair Corp                                                                                                                           | CUSIP: 403949100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        318 | NS      | $16501.02     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                                              | NiSource Inc                                                                                                                               | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |        801 | NS      | $21963.42     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED KINGDOM GILT                                       | United Kingdom Gilt                                                                                                                        | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    1780000 | PA      | $1682164.60   | 0.38%             | 2030-10-22      | Fixed         | 0.38%                 | Yes           |                  2 | On Loan: No      |
| FirstEnergy Corp                                          | FirstEnergy Corp                                                                                                                           | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |       1068 | NS      | $44791.92     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co                                       | General Electric Co                                                                                                                        | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |       2112 | NS      | $176964.48    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Renewable Corp                                 | Brookfield Renewable Corp                                                                                                                  | CUSIP: 11284V105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |        615 | NS      | $16928.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                                                  | APA Corp                                                                                                                                   | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |        645 | NS      | $30108.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlsberg AS                                              | Carlsberg AS                                                                                                                               | CUSIP: 000000000<br>LEI: 5299001O0WJQYB5GYZ19 | Long             | EC               | CORP              | DK        |        470 | NS      | $62344.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DiaSorin SpA                                              | DiaSorin SpA                                                                                                                               | CUSIP: 000000000<br>LEI: 8156002878BDF0EE4348 | Long             | EC               | CORP              | IT        |        119 | NS      | $16651.14     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fund                           | Bayview Opportunity Master Fund VIa Trust 2022-INV3                                                                                        | CUSIP: 07336FAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     663056 | PA      | $553755.38    | 0.13%             | 2052-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Fastighets AB Balder                                      | Fastighets AB Balder                                                                                                                       | CUSIP: 000000000<br>LEI: 549300GHKJCEZOAEUU82 | Long             | EC               | CORP              | SE        |       3036 | NS      | $14169.85     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deere & Co                                                | Deere & Co                                                                                                                                 | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |        571 | NS      | $244821.96    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hydro One Ltd                                             | Hydro One Ltd                                                                                                                              | CUSIP: 448811208<br>LEI: 5493007QZDXTP1W2VL44 | Long             | EC               | CORP              | CA        |       1552 | NS      | $41573.88     | 0.01%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Swiss Re AG                                               | Swiss Re AG                                                                                                                                | CUSIP: 000000000<br>LEI: 529900PS9YW3YY29F326 | Long             | EC               | CORP              | CH        |       1421 | NS      | $132865.45    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Zurich Insurance Group AG                                 | Zurich Insurance Group AG                                                                                                                  | CUSIP: 000000000<br>LEI: 529900QVNRBND50TXP03 | Long             | EC               | CORP              | CH        |        711 | NS      | $339912.89    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Analog Devices Inc                                        | Analog Devices Inc                                                                                                                         | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |       1016 | NS      | $166654.48    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                                                 | Danone SA                                                                                                                                  | CUSIP: 000000000<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |       3034 | NS      | $159908.97    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE TELEKOM INT FIN                                  | Deutsche Telekom International Finance BV                                                                                                  | CUSIP: 25156PBB8<br>LEI: 529900ERDFHS6C1M4U58 | Long             | DBT              | CORP              | NL        |     625000 | PA      | $600614.97    | 0.14%             | 2028-06-21      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Roche Holding AG                                          | Roche Holding AG                                                                                                                           | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |        127 | NS      | $49211.99     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY                                   | Nationwide Building Society                                                                                                                | CUSIP: 63861VAC1<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $197429.86    | 0.04%             | 2024-08-01      | Fixed         | 4.36%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp/The                                   | Charles Schwab Corp/The                                                                                                                    | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |       2816 | NS      | $234460.16    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                                               | MetLife Inc                                                                                                                                | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |       1324 | NS      | $95817.88     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EDP Renovaveis SA                                         | EDP Renovaveis SA                                                                                                                          | CUSIP: 000000000<br>LEI: 529900MUFAH07Q1TAX06 | Long             | EC               | CORP              | ES        |       1197 | NS      | $26376.53     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Illinois Tool Works Inc                                   | Illinois Tool Works Inc                                                                                                                    | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |        609 | NS      | $134162.70    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PROVINCE OF QUEBEC                                        | Province of Quebec Canada                                                                                                                  | CUSIP: 000000000<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |    1080000 | PA      | $893050.58    | 0.20%             | 2030-10-29      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Orica Ltd                                                 | Orica Ltd                                                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |       2141 | NS      | $21890.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MGM Resorts International                                 | MGM Resorts International                                                                                                                  | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |        616 | NS      | $20654.48     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                                                 | Aflac Inc                                                                                                                                  | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |       1163 | NS      | $83666.22     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica SA                                             | Telefonica SA                                                                                                                              | CUSIP: 000000000<br>LEI: 549300EEJH4FEPDBBR25 | Long             | EC               | CORP              | ES        |      24606 | NS      | $89076.30     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Burberry Group PLC                                        | Burberry Group PLC                                                                                                                         | CUSIP: 000000000<br>LEI: 213800PE1KEFCNFR1R50 | Long             | EC               | CORP              | GB        |       1843 | NS      | $44807.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Eversource Energy                                         | Eversource Energy                                                                                                                          | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |        686 | NS      | $57514.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                                                    | F5 Inc                                                                                                                                     | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |        117 | NS      | $16790.67     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                          | Duke Energy Corp                                                                                                                           | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |       1524 | NS      | $156956.76    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                    | US 2YR NOTE (CBT) MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -59 | NC      | $-12445.34    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                                                | Allianz SE                                                                                                                                 | CUSIP: 000000000<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |       1908 | NS      | $407467.92    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Snowflake Inc                                             | Snowflake Inc                                                                                                                              | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |        429 | NS      | $61578.66     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings NV                                        | AerCap Holdings NV                                                                                                                         | CUSIP: 000000000<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | NL        |        639 | NS      | $37266.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                        | Meta Platforms Inc                                                                                                                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       4433 | NS      | $533467.22    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                                     | Wells Fargo & Co                                                                                                                           | CUSIP: 95000U2G7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     375000 | PA      | $319328.06    | 0.07%             | 2030-10-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc                                                | Pfizer Inc                                                                                                                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      11128 | NS      | $570198.72    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                                              | VeriSign Inc                                                                                                                               | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |        189 | NS      | $38828.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                                                   | E.ON SE                                                                                                                                    | CUSIP: 000000000<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |      10686 | NS      | $106240.17    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Ross Stores Inc                                           | Ross Stores Inc                                                                                                                            | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |        690 | NS      | $80088.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One                    | Liberty Media Corp-Liberty Formula One                                                                                                     | CUSIP: 531229854<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        386 | NS      | $23075.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                                           | Bio-Techne Corp                                                                                                                            | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |        309 | NS      | $25609.92     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Aena SME SA                                               | Aena SME SA                                                                                                                                | CUSIP: 000000000<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |        363 | NS      | $45505.06     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Lululemon Athletica Inc                                   | Lululemon Athletica Inc                                                                                                                    | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |        234 | NS      | $74968.92     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC                                  | Jazz Pharmaceuticals PLC                                                                                                                   | CUSIP: 000000000<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |        124 | NS      | $19754.44     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNGENTA FINANCE NV                                       | Syngenta Finance NV                                                                                                                        | CUSIP: 87164KAH7<br>LEI: 54930042S3BYCEGOCN86 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $199129.24    | 0.05%             | 2023-04-24      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Ameren Corp                                               | Ameren Corp                                                                                                                                | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |        511 | NS      | $45438.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                                                 | Argenx SE                                                                                                                                  | CUSIP: 000000000<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |        167 | NS      | $62692.75     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| First Solar Inc                                           | First Solar Inc                                                                                                                            | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |        188 | NS      | $28160.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MET LIFE GLOB FUNDING I                                   | Metropolitan Life Global Funding I                                                                                                         | CUSIP: 59217GEG0<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |     575000 | PA      | $500118.58    | 0.11%             | 2030-04-09      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Waste Connections Inc                                     | Waste Connections Inc                                                                                                                      | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |        508 | NS      | $67340.48     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                              | UBS Group AG                                                                                                                               | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |      15849 | NS      | $294572.97    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                  | Ginnie Mae II Pool                                                                                                                         | CUSIP: 36202FV86<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      32092 | PA      | $30937.74     | 0.01%             | 2041-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nibe Industrier AB                                        | Nibe Industrier AB                                                                                                                         | CUSIP: 000000000<br>LEI: 549300ZQH0FIF1P0MX67 | Long             | EC               | CORP              | SE        |       7308 | NS      | $68211.23     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NETHERLANDS GOVERNMENT                                    | Netherlands Government Bond                                                                                                                | CUSIP: 000000000<br>LEI: 254900G14ALGVKORFN62 | Long             | DBT              | NUSS              | NL        |      90000 | PA      | $97617.45     | 0.02%             | 2047-01-15      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| WSP Global Inc                                            | WSP Global Inc                                                                                                                             | CUSIP: 92938W202<br>LEI: 549300IQ87LU6X6ERQ78 | Long             | EC               | CORP              | CA        |        593 | NS      | $68799.39     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mediobanca Banca di Credito Finanziario SpA               | Mediobanca Banca di Credito Finanziario SpA                                                                                                | CUSIP: 000000000<br>LEI: PSNL19R2RXX5U3QWHI44 | Long             | EC               | CORP              | IT        |      14025 | NS      | $134767.09    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Verizon Communications Inc                                | Verizon Communications Inc                                                                                                                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |       8309 | NS      | $327374.60    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                                             | BHP Group Ltd                                                                                                                              | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |      23760 | NS      | $736012.12    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Assicurazioni Generali SpA                                | Assicurazioni Generali SpA                                                                                                                 | CUSIP: 000000000<br>LEI: 549300X5UKJVE386ZB61 | Long             | EC               | CORP              | IT        |       5185 | NS      | $92202.24     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Associated British Foods PLC                              | Associated British Foods PLC                                                                                                               | CUSIP: 000000000<br>LEI: GBQKSY6W7G0OHCQ8OQ72 | Long             | EC               | CORP              | GB        |       1691 | NS      | $32059.27     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Molina Healthcare Inc                                     | Molina Healthcare Inc                                                                                                                      | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |        115 | NS      | $37975.30     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AUST & NZ BANKING GROUP                                   | Australia & New Zealand Banking Group Ltd                                                                                                  | CUSIP: 052528AM8<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |     600000 | PA      | $441489.14    | 0.10%             | 2035-11-25      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                               | Oracle Corp                                                                                                                                | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |       3135 | NS      | $256254.90    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| UCB SA                                                    | UCB SA                                                                                                                                     | CUSIP: 000000000<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |        617 | NS      | $48615.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CarMax Inc                                                | CarMax Inc                                                                                                                                 | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        318 | NS      | $19363.02     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered PLC                                    | Standard Chartered PLC                                                                                                                     | CUSIP: 000000000<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |      11692 | NS      | $87204.96     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                     | Bath & Body Works Inc                                                                                                                      | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |        452 | NS      | $19047.28     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Experian PLC                                              | Experian PLC                                                                                                                               | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |       4331 | NS      | $146683.75    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Raytheon Technologies Corp                                | Raytheon Technologies Corp                                                                                                                 | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |       2891 | NS      | $291759.72    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank N.A.                                             | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | TH        |          1 | NC      | $41125.79     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Edwards Lifesciences Corp                                 | Edwards Lifesciences Corp                                                                                                                  | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |       1213 | NS      | $90501.93     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Gecina SA                                                 | Gecina SA                                                                                                                                  | CUSIP: 000000000<br>LEI: 9695003E4MMA10IBTR26 | Long             | EC               |  | FR        |        221 | NS      | $22515.47     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Alstom SA                                                 | Alstom SA                                                                                                                                  | CUSIP: 000000000<br>LEI: 96950032TUYMW11FB530 | Long             | EC               | CORP              | FR        |       1523 | NS      | $37262.63     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| George Weston Ltd                                         | George Weston Ltd                                                                                                                          | CUSIP: 961148509<br>LEI: 549300FAHC3L1QKNT280 | Long             | EC               | CORP              | CA        |        340 | NS      | $42183.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | PURCHASED USD / SOLD NZD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $86824.80     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Husqvarna AB                                              | Husqvarna AB                                                                                                                               | CUSIP: 000000000<br>LEI: 549300GYQIIJ3UXB7655 | Long             | EC               | CORP              | SE        |       2024 | NS      | $14215.41     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fairfax Financial Holdings Ltd                            | Fairfax Financial Holdings Ltd                                                                                                             | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |        108 | NS      | $63976.04     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Global PLC                                        | Liberty Global PLC                                                                                                                         | CUSIP: 000000000<br>LEI: 549300BSGXG3QLIQYT84 | Long             | EC               | CORP              | GB        |        559 | NS      | $10861.37     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT AB                                                    | EQT AB                                                                                                                                     | CUSIP: 000000000<br>LEI: 213800U7P9GOIRKCTB34 | Long             | EC               | CORP              | SE        |       1449 | NS      | $30784.41     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| KKR & Co Inc                                              | KKR & Co Inc                                                                                                                               | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |       1102 | NS      | $51154.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                                            | Globe Life Inc                                                                                                                             | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |        183 | NS      | $22060.65     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                                                   | Eni SpA                                                                                                                                    | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |      11554 | NS      | $164291.65    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED PEN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | PE        |          1 | NC      | $5296.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EMS-Chemie Holding AG                                     | EMS-Chemie Holding AG                                                                                                                      | CUSIP: 000000000<br>LEI: 529900G1XFTGSE0DIX60 | Long             | EC               | CORP              | CH        |         33 | NS      | $22350.92     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Avery Dennison Corp                                       | Avery Dennison Corp                                                                                                                        | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |        159 | NS      | $28779.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                                         | Brown & Brown Inc                                                                                                                          | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |        470 | NS      | $26775.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                                         | HSBC Holdings PLC                                                                                                                          | CUSIP: 404280CE7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     525000 | PA      | $493406.65    | 0.11%             | 2025-11-07      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| SWEDISH GOVERNMENT                                        | Sweden Government Bond                                                                                                                     | CUSIP: 000000000<br>LEI: ERE94C0BSULG2RM19605 | Long             | DBT              | NUSS              | SE        |    1440000 | PA      | $129872.22    | 0.03%             | 2026-11-12      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| Eiffage SA                                                | Eiffage SA                                                                                                                                 | CUSIP: 000000000<br>LEI: 969500OQXKE5WDM9M994 | Long             | EC               | CORP              | FR        |        393 | NS      | $38657.07     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Boeing Co/The                                             | Boeing Co/The                                                                                                                              | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |       1099 | NS      | $209348.51    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| D'ieteren Group                                           | D'ieteren Group                                                                                                                            | CUSIP: 000000000<br>LEI: 549300DV5KJ23OKVTW34 | Long             | EC               | CORP              | BE        |        120 | NS      | $23029.53     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                    | Verizon Communications Inc                                                                                                                 | CUSIP: 92343VGK4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     375000 | PA      | $283446.81    | 0.06%             | 2041-03-22      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Autodesk Inc                                              | Autodesk Inc                                                                                                                               | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |        428 | NS      | $79980.36     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Prysmian SpA                                              | Prysmian SpA                                                                                                                               | CUSIP: 000000000<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |       1200 | NS      | $44586.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Orsted AS                                                 | Orsted AS                                                                                                                                  | CUSIP: 000000000<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | EC               | CORP              | DK        |        928 | NS      | $83896.43     | 0.02%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Crowdstrike Holdings Inc                                  | Crowdstrike Holdings Inc                                                                                                                   | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |        395 | NS      | $41589.55     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                                   | Aon PLC                                                                                                                                    | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |        414 | NS      | $124257.96    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMerieux                                                | BioMerieux                                                                                                                                 | CUSIP: 000000000<br>LEI: 549300AK8Y0LBIQ4T071 | Long             | EC               | CORP              | FR        |        199 | NS      | $20907.63     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                 | Uniform Mortgage-Backed Security, TBA                                                                                                      | CUSIP: 01F060618<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2200000 | PA      | $2234375.99   | 0.51%             | 2053-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fox Corp                                                  | Fox Corp                                                                                                                                   | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |        285 | NS      | $8108.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United Mexican States                                     | Mexico Government International Bond                                                                                                       | CUSIP: 91087BAF7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     530000 | PA      | $506400.05    | 0.11%             | 2029-04-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Blackstone Inc                                            | Blackstone Inc                                                                                                                             | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |       1376 | NS      | $102085.44    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                                           | Gen Digital Inc                                                                                                                            | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |       1188 | NS      | $25458.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd                                         | Ivanhoe Mines Ltd                                                                                                                          | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |       3215 | NS      | $25406.57     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexi SpA                                                  | Nexi SpA                                                                                                                                   | CUSIP: 000000000<br>LEI: 5493000P70CQRQG8SN85 | Long             | EC               | CORP              | IT        |       2794 | NS      | $22055.65     | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                  | Morgan Stanley Institutional Liquidity Funds - Government Portfolio                                                                        | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   67265531 | NS      | $67265531.40  | 15.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Volvo AB                                                  | Volvo AB                                                                                                                                   | CUSIP: 000000000<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |        954 | NS      | $18112.91     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrari NV                                                | Ferrari NV                                                                                                                                 | CUSIP: 000000000<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |        596 | NS      | $127805.26    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Allstate Corp/The                                         | Allstate Corp/The                                                                                                                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |        521 | NS      | $70647.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                         | EURO STOXX 50 MAR23                                                                                                                        | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        273 | NC      | $-467573.30   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander SA                                        | Banco Santander SA                                                                                                                         | CUSIP: 000000000<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     400000 | PA      | $411419.53    | 0.09%             | 2027-01-19      | Fixed         | 3.13%                 | Yes           |                  2 | On Loan: No      |
| Moncler SpA                                               | Moncler SpA                                                                                                                                | CUSIP: 000000000<br>LEI: 815600EBD7FB00525B20 | Long             | EC               | CORP              | IT        |        967 | NS      | $51383.32     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Red Electrica Corp SA                                     | Red Electrica Corp SA                                                                                                                      | CUSIP: 000000000<br>LEI: 5493009HMD0C90GUV498 | Long             | EC               | CORP              | ES        |       1939 | NS      | $33715.63     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Computershare Ltd                                         | Computershare Ltd                                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |       2587 | NS      | $45572.66     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED RON / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | RO        |          1 | NC      | $11122.37     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED NZD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | NZ        |          1 | NC      | $10043.64     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Dover Corp                                                | Dover Corp                                                                                                                                 | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |        282 | NS      | $38185.62     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                                       | Cardinal Health Inc                                                                                                                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |        533 | NS      | $40971.71     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AmerisourceBergen Corp                                    | AmerisourceBergen Corp                                                                                                                     | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |        305 | NS      | $50541.55     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity Ltd                                       | TE Connectivity Ltd                                                                                                                        | CUSIP: 000000000<br>LEI: 894500ZRIX9K13RHXR17 | Long             | EC               | CORP              | CH        |        634 | NS      | $72783.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp                              | Wheaton Precious Metals Corp                                                                                                               | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |       2049 | NS      | $80053.25     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Food Delivery Brands Group SA                             | Food Delivery Brands Group SA                                                                                                              | CUSIP: 000000000<br>LEI: 9598005VM6ESARBZ1T61 | Long             | EC               | CORP              | ES        |        156 | NS      | $784.85       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HeidelbergCement AG                                       | HeidelbergCement AG                                                                                                                        | CUSIP: 000000000<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |        685 | NS      | $38815.53     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Euronext NV                                               | Euronext NV                                                                                                                                | CUSIP: 000000000<br>LEI: 724500QJ4QSZ3H9QU415 | Long             | EC               | CORP              | NL        |        404 | NS      | $29908.59     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                     | Level 3 Financing Inc                                                                                                                      | CUSIP: 527298BP7<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     550000 | PA      | $465704.49    | 0.11%             | 2027-03-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Bayer AG                                                  | Bayer AG                                                                                                                                   | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |       4638 | NS      | $238718.08    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| abrdn plc                                                 | abrdn plc                                                                                                                                  | CUSIP: 000000000<br>LEI: 0TMBS544NMO7GLCE7H90 | Long             | EC               | CORP              | GB        |      10093 | NS      | $22935.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinross Gold Corp                                         | Kinross Gold Corp                                                                                                                          | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |       6090 | NS      | $24827.77     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                | Fannie Mae Pool                                                                                                                            | CUSIP: 31418MJP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       3284 | PA      | $3488.12      | 0.00%             | 2037-08-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Advance Auto Parts Inc                                    | Advance Auto Parts Inc                                                                                                                     | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |        120 | NS      | $17643.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                                    | MSCI EMGMKT MAR23                                                                                                                          | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |         -5 | NC      | $3872.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc                                | LPL Financial Holdings Inc                                                                                                                 | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |        156 | NS      | $33722.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp                                       | Carrier Global Corp                                                                                                                        | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |       1663 | NS      | $68598.75     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                                      | Cleveland-Cliffs Inc                                                                                                                       | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |       1014 | NS      | $16335.54     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Intact Financial Corp                                     | Intact Financial Corp                                                                                                                      | CUSIP: 45823T106<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | EC               | CORP              | CA        |        828 | NS      | $119191.64    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                                    | Roper Technologies Inc                                                                                                                     | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |        209 | NS      | $90306.81     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                                         | Devon Energy Corp                                                                                                                          | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |       8080 | NS      | $497000.80    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                              | LyondellBasell Industries NV                                                                                                               | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |        512 | NS      | $42511.36     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Life Financial Inc                                    | Sun Life Financial Inc                                                                                                                     | CUSIP: 866796105<br>LEI: 549300V040JZX5S66Z78 | Long             | EC               | CORP              | CA        |       2752 | NS      | $127742.39    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hermes International                                      | Hermes International                                                                                                                       | CUSIP: 000000000<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |        149 | NS      | $230629.85    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi                                                    | Sanofi                                                                                                                                     | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |       5392 | NS      | $519931.86    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                               | Freddie Mac Gold Pool                                                                                                                      | CUSIP: 3132QQTV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     114376 | PA      | $106861.41    | 0.02%             | 2045-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Skyworks Solutions Inc                                    | Skyworks Solutions Inc                                                                                                                     | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |        321 | NS      | $29252.73     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                                          | Altria Group Inc                                                                                                                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |       3571 | NS      | $163230.41    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                                       | VICI Properties Inc                                                                                                                        | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               |  | US        |       1901 | NS      | $61592.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Gamesa Renewable Energy SA                        | Siemens Gamesa Renewable Energy SA                                                                                                         | CUSIP: 000000000<br>LEI: 9598004BR8D81D3M1D64 | Long             | EC               | CORP              | ES        |       1133 | NS      | $21860.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LKQ Corp                                                  | LKQ Corp                                                                                                                                   | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |        514 | NS      | $27452.74     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Capgemini SE                                              | Capgemini SE                                                                                                                               | CUSIP: 000000000<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |        771 | NS      | $128892.68    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Palo Alto Networks Inc                                    | Palo Alto Networks Inc                                                                                                                     | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |        594 | NS      | $82886.76     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKWOOL A/S                                              | ROCKWOOL A/S                                                                                                                               | CUSIP: 000000000<br>LEI: 213800QRC7LNX935OZ09 | Long             | EC               | CORP              | DK        |         43 | NS      | $10066.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AIB Group PLC                                             | AIB Group PLC                                                                                                                              | CUSIP: 000000000<br>LEI: 635400AKJBGNS5WNQL34 | Long             | EC               | CORP              | IE        |       5118 | NS      | $19644.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| G4S Ltd                                                   | G4S Ltd                                                                                                                                    | CUSIP: 000000000<br>LEI: 549300L3KWKK8X35QR12 | Long             | EC               | CORP              | GB        |       6437 | NS      | $19065.93     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Starbucks Corp                                            | Starbucks Corp                                                                                                                             | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |       2272 | NS      | $225382.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                  | Ginnie Mae II Pool                                                                                                                         | CUSIP: 36179UUB6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      31156 | PA      | $29973.78     | 0.01%             | 2049-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ASR Nederland NV                                          | ASR Nederland NV                                                                                                                           | CUSIP: 000000000<br>LEI: 7245000G0HS48PZWUD53 | Long             | DBT              | CORP              | NL        |     425000 | PA      | $452265.53    | 0.10%             | 2024-09-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| RWE AG                                                    | RWE AG                                                                                                                                     | CUSIP: 000000000<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |       3052 | NS      | $134921.86    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Cameco Corp                                               | Cameco Corp                                                                                                                                | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |       2024 | NS      | $45876.34     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co                                       | Emerson Electric Co                                                                                                                        | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |       1158 | NS      | $111237.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Hunt Transport Services Inc                            | JB Hunt Transport Services Inc                                                                                                             | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |        168 | NS      | $29292.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinci SA                                                  | Vinci SA                                                                                                                                   | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |       2530 | NS      | $252207.79    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ADCB Finance Cayman Ltd                                   | ADCB Finance Cayman Ltd                                                                                                                    | CUSIP: 00653MAA9<br>LEI: 213800R9XDKRM525M609 | Long             | DBT              | CORP              | KY        |     200000 | PA      | $199571.80    | 0.05%             | 2023-03-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc                              | Citizens Financial Group Inc                                                                                                               | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |        977 | NS      | $38464.49     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                                              | Barclays PLC                                                                                                                               | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |      75271 | NS      | $143226.51    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                            | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | JP        |          1 | NC      | $47395.27     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Simon Property Group Inc                                  | Simon Property Group Inc                                                                                                                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |        645 | NS      | $75774.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                                            | TC Energy Corp                                                                                                                             | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |       4905 | NS      | $195547.93    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit Kappa Group PLC                                   | Smurfit Kappa Group PLC                                                                                                                    | CUSIP: 000000000<br>LEI: 635400CPLP8H5ITDVT56 | Long             | EC               | CORP              | IE        |       1233 | NS      | $45695.38     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Open Text Corp                                            | Open Text Corp                                                                                                                             | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |       1264 | NS      | $37453.23     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BUONI POLIENNALI DEL TES                                  | Italy Buoni Poliennali Del Tesoro                                                                                                          | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     220000 | PA      | $197180.89    | 0.04%             | 2032-12-01      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Sampo Oyj                                                 | Sampo Oyj                                                                                                                                  | CUSIP: 000000000<br>LEI: 743700UF3RL386WIDA22 | Long             | EC               | CORP              | FI        |       2326 | NS      | $121485.70    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum! Brands Inc                                           | Yum! Brands Inc                                                                                                                            | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |        563 | NS      | $72109.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Barratt Developments PLC                                  | Barratt Developments PLC                                                                                                                   | CUSIP: 000000000<br>LEI: 2138006R85VEOF5YNK29 | Long             | EC               | CORP              | GB        |       4803 | NS      | $22940.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                    | US 5YR NOTE (CBT) MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -140 | NC      | $172766.37    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TELUS Corp                                                | TELUS Corp                                                                                                                                 | CUSIP: 87971M103<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | EC               | CORP              | CA        |       2202 | NS      | $42495.02     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |          1 | NC      | $402576.81    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                    | United States Treasury Note/Bond                                                                                                           | CUSIP: 9128287B0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1950000 | PA      | $1809615.23   | 0.41%             | 2026-06-30      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| AKELIUS RESIDENTIAL PROP                                  | Akelius Residential Property Financing BV                                                                                                  | CUSIP: 000000000<br>LEI: 724500ABLEHD1CIBAA35 | Long             | DBT              | CORP              | NL        |     400000 | PA      | $331726.38    | 0.08%             | 2029-01-11      | Fixed         | 1.13%                 | Yes           |                  2 | On Loan: No      |
| Zoom Video Communications Inc                             | Zoom Video Communications Inc                                                                                                              | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |        446 | NS      | $30212.04     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | Long: 1325010   TRS USD R V 00MSOFR II9043260221208 Q 7TH +35 BPS / Short: 1325010   TRS USD P E II6867410221208 EQUITYTRS                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    3400140 | OU      | $78122.24     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | ID        |          1 | NC      | $955.79       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AP Moller - Maersk A/S                                    | AP Moller - Maersk A/S                                                                                                                     | CUSIP: 000000000<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |         24 | NS      | $53726.49     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED USD / SOLD CAD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $-3146.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                            | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | IN        |          1 | NC      | $-1230.01     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Live Nation Entertainment Inc                             | Live Nation Entertainment Inc                                                                                                              | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |        338 | NS      | $23572.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Investor AB                                               | Investor AB                                                                                                                                | CUSIP: 000000000<br>LEI: 549300VEBQPHRZBKUX38 | Long             | EC               | CORP              | SE        |       2367 | NS      | $44037.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BELGIUM KINGDOM                                           | Kingdom of Belgium Government Bond                                                                                                         | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |     480000 | PA      | $363614.57    | 0.08%             | 2050-06-22      | Fixed         | 1.70%                 | Yes           |                  2 | On Loan: No      |
| Wolfspeed Inc                                             | Wolfspeed Inc                                                                                                                              | CUSIP: 977852102<br>LEI: 549300OGU88P3AW3TO93 | Long             | EC               | CORP              | US        |        242 | NS      | $16707.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                                               | Datadog Inc                                                                                                                                | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |        483 | NS      | $35500.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DocuSign Inc                                              | DocuSign Inc                                                                                                                               | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |        395 | NS      | $21890.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED USD / SOLD NZD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $8.45         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Schindler Holding AG                                      | Schindler Holding AG                                                                                                                       | CUSIP: 000000000<br>LEI: 5299007DRLI319H7Q933 | Long             | EC               | CORP              | CH        |        192 | NS      | $36111.79     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ANZ Group Holdings Ltd                                    | ANZ Group Holdings Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      14062 | NS      | $226523.55    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Infrastrutture Wireless Italiane SpA                      | Infrastrutture Wireless Italiane SpA                                                                                                       | CUSIP: 000000000<br>LEI: 81560066183FE361C071 | Long             | EC               | CORP              | IT        |       1587 | NS      | $16009.99     | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Norsk Hydro ASA                                           | Norsk Hydro ASA                                                                                                                            | CUSIP: 000000000<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |       6452 | NS      | $48211.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Hutchison Holdings Ltd                                 | CK Hutchison Holdings Ltd                                                                                                                  | CUSIP: 000000000<br>LEI: 254900Z8HM1VEPOQ2G79 | Long             | EC               | CORP              | KY        |      12318 | NS      | $73795.27     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| KOREA ELECTRIC POWER CO                                   | Korea Electric Power Corp                                                                                                                  | CUSIP: 500631AT3<br>LEI: 988400QG33WS7JEIV602 | Long             | DBT              | NUSS              | KR        |     810000 | PA      | $778767.84    | 0.18%             | 2024-06-24      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BUONI POLIENNALI DEL TES                                  | Italy Buoni Poliennali Del Tesoro                                                                                                          | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    1190000 | PA      | $1118878.62   | 0.25%             | 2026-08-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| PulteGroup Inc                                            | PulteGroup Inc                                                                                                                             | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        460 | NS      | $20943.80     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chiba Bank Ltd/The                                        | Chiba Bank Ltd/The                                                                                                                         | CUSIP: 000000000<br>LEI: FGJPAKKCTZVSKZXNBS63 | Long             | EC               | CORP              | JP        |      15190 | NS      | $110828.43    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Aurizon Holdings Ltd                                      | Aurizon Holdings Ltd                                                                                                                       | CUSIP: 000000000<br>LEI: 5299005PC1O6NOWL3H48 | Long             | EC               | CORP              | AU        |       8900 | NS      | $22547.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED USD / SOLD HKD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $7.94         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nice Ltd                                                  | Nice Ltd                                                                                                                                   | CUSIP: 000000000<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |        299 | NS      | $57521.03     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                | Fannie Mae Pool                                                                                                                            | CUSIP: 31416XW48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      24574 | PA      | $24359.84     | 0.01%             | 2041-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| International Flavors & Fragrances Inc                    | International Flavors & Fragrances Inc                                                                                                     | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |        501 | NS      | $52524.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKSTONE PP EUR HOLD                                    | Blackstone Property Partners Europe Holdings Sarl                                                                                          | CUSIP: 000000000<br>LEI: 213800Y3B5GQFBGVHP79 | Long             | DBT              | CORP              | LU        |     400000 | PA      | $334819.37    | 0.08%             | 2027-04-26      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| Klepierre SA                                              | Klepierre SA                                                                                                                               | CUSIP: 000000000<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               |  | FR        |       1035 | NS      | $23888.43     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Laboratory Corp of America Holdings                       | Laboratory Corp of America Holdings                                                                                                        | CUSIP: 50540R409<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | EC               | CORP              | US        |        178 | NS      | $41915.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CK Infrastructure Holdings Ltd                            | CK Infrastructure Holdings Ltd                                                                                                             | CUSIP: 000000000<br>LEI: 5299005U11RQ1C27MR12 | Long             | EC               | CORP              | BM        |       2965 | NS      | $15471.48     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | Long: 1325008   TRS USD R E II5815440221208 EQUITYTRS / Short: 1325008   TRS USD P V 00MSOFR II1029430221208 EQUITYTRS                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    3408389 | OU      | $-59945.73    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Epiroc AB                                                 | Epiroc AB                                                                                                                                  | CUSIP: 000000000<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |       3141 | NS      | $57194.80     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp/The                          | Bank of New York Mellon Corp/The                                                                                                           | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |       1507 | NS      | $68598.64     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortescue Metals Group Ltd                                | Fortescue Metals Group Ltd                                                                                                                 | CUSIP: 000000000<br>LEI: 529900VEJFORCO6I4826 | Long             | EC               | CORP              | AU        |       7959 | NS      | $111244.16    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| PTC Inc                                                   | PTC Inc                                                                                                                                    | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |        219 | NS      | $26288.76     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Technologies Engineering Ltd                    | Singapore Technologies Engineering Ltd                                                                                                     | CUSIP: 000000000<br>LEI: 254900OEXGGWCR24DG90 | Long             | EC               | CORP              | SG        |       7200 | NS      | $18016.67     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Carnival Corp                                             | Carnival Corp                                                                                                                              | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |       1955 | NS      | $15757.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                                           | Ulta Beauty Inc                                                                                                                            | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |        101 | NS      | $47376.07     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA DEVELOPMENT BANK                                    | China Development Bank                                                                                                                     | CUSIP: 000000000<br>LEI: 300300C1020111000029 | Long             | DBT              | NUSS              | CN        |    2480000 | PA      | $358180.33    | 0.08%             | 2030-03-10      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| Barrick Gold Corp                                         | Barrick Gold Corp                                                                                                                          | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |       1893 | NS      | $33458.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Westrock Co                                               | Westrock Co                                                                                                                                | CUSIP: 96145D105<br>LEI: 5493004Z9TCQW68YVL89 | Long             | EC               | CORP              | US        |        503 | NS      | $17685.48     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | PURCHASED USD / SOLD NOK                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |          1 | NC      | $194.70       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pioneer Natural Resources Co                              | Pioneer Natural Resources Co                                                                                                               | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |       3039 | NS      | $694077.21    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc                                        | Ingersoll Rand Inc                                                                                                                         | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |        785 | NS      | $41016.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                                           | Caterpillar Inc                                                                                                                            | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |       1033 | NS      | $247465.48    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                  | Enterprise Products Operating LLC                                                                                                          | CUSIP: 29379VBZ5<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     275000 | PA      | $199837.79    | 0.05%             | 2060-01-31      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                        | Banco Santander SA                                                                                                                         | CUSIP: 000000000<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |     399490 | NS      | $1194519.94   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                   | Freddie Mac Whole Loan Securities Trust 2016-SC01                                                                                          | CUSIP: 3137G1AV9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      16953 | PA      | $14641.95     | 0.00%             | 2046-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Kuehne + Nagel International AG                           | Kuehne + Nagel International AG                                                                                                            | CUSIP: 000000000<br>LEI: 529900Q0YED3805QXQ66 | Long             | EC               | CORP              | CH        |        257 | NS      | $59748.02     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FirstService Corp                                         | FirstService Corp                                                                                                                          | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |        190 | NS      | $23267.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexagon AB                                                | Hexagon AB                                                                                                                                 | CUSIP: 000000000<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |       9319 | NS      | $97710.50     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Baloise Holding AG                                        | Baloise Holding AG                                                                                                                         | CUSIP: 000000000<br>LEI: 529900G5XKBZN48T6283 | Long             | EC               | CORP              | CH        |        216 | NS      | $33308.66     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Oversea-Chinese Banking Corp Ltd                          | Oversea-Chinese Banking Corp Ltd                                                                                                           | CUSIP: 000000000<br>LEI: 5493007O3QFXCPOGWK22 | Long             | EC               | CORP              | SG        |      15500 | NS      | $140988.52    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CF Industries Holdings Inc                                | CF Industries Holdings Inc                                                                                                                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |        390 | NS      | $33228.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CaixaBank SA                                              | CaixaBank SA                                                                                                                               | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |     400000 | PA      | $426169.49    | 0.10%             | 2023-04-18      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Henderson Land Development Co Ltd                         | Henderson Land Development Co Ltd                                                                                                          | CUSIP: 000000000<br>LEI: 529900SYQB7IVR9QGN76 | Long             | EC               | CORP              | HK        |       6983 | NS      | $24309.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| KFW                                                       | Kreditanstalt fuer Wiederaufbau                                                                                                            | CUSIP: 000000000<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | CORP              | DE        |     810000 | PA      | $727909.67    | 0.16%             | 2032-09-15      | Fixed         | 1.13%                 | Yes           |                  2 | On Loan: No      |
| United Internet AG                                        | United Internet AG                                                                                                                         | CUSIP: 000000000<br>LEI: 3VEKWPJHTD4NKMBVG947 | Long             | EC               | CORP              | DE        |        454 | NS      | $9154.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Monolithic Power Systems Inc                              | Monolithic Power Systems Inc                                                                                                               | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |         87 | NS      | $30764.07     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck KGaA                                                | Merck KGaA                                                                                                                                 | CUSIP: 000000000<br>LEI: 529900OAREIS0MOPTW25 | Long             | EC               | CORP              | DE        |        612 | NS      | $118079.42    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| QUALCOMM Inc                                              | QUALCOMM Inc                                                                                                                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |       2222 | NS      | $244286.68    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingdom of Denmark                                        | Denmark Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 549300PTO6LS1PTM6607 | Long             | DBT              | NUSS              | DK        |    3000000 | PA      | $389503.76    | 0.09%             | 2027-11-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| CGI Inc                                                   | CGI Inc                                                                                                                                    | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               | CORP              | CA        |        998 | NS      | $86024.06     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                            | Long: 1325136   TRS CAD R V 00MCORRA RESET Q ON 6TH/CAONREPO+27BPS / Short: 1325136   TRS CAD P E II6587220221220 EQUITYTRS                | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | FR        |    2206143 | OU      | $-23948.39    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| RioCan Real Estate Investment Trust                       | RioCan Real Estate Investment Trust                                                                                                        | CUSIP: 766910103<br>LEI: 549300S8HVUSEU3JBY60 | Long             | EC               |  | CA        |        705 | NS      | $11001.96     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| European Investment Bank                                  | European Investment Bank                                                                                                                   | CUSIP: 000000000<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |     970000 | PA      | $995393.55    | 0.23%             | 2024-07-15      | Fixed         | 0.20%                 | Yes           |                  2 | On Loan: No      |
| Diageo PLC                                                | Diageo PLC                                                                                                                                 | CUSIP: 000000000<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |      10648 | NS      | $466082.71    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                                | Siemens AG                                                                                                                                 | CUSIP: 000000000<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |       3618 | NS      | $498745.65    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Textron Inc                                               | Textron Inc                                                                                                                                | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |        415 | NS      | $29382.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                                | Neurocrine Biosciences Inc                                                                                                                 | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |        186 | NS      | $22215.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie Generale des Etablissements Michelin SCA              | Cie Generale des Etablissements Michelin SCA                                                                                               | CUSIP: 000000000<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |       3208 | NS      | $89366.12     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NN Group NV                                               | NN Group NV                                                                                                                                | CUSIP: 000000000<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |       1314 | NS      | $53732.33     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                 | Uniform Mortgage-Backed Security, TBA                                                                                                      | CUSIP: 01F020612<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1900000 | PA      | $1551112.60   | 0.35%             | 2053-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Swire Pacific Ltd                                         | Swire Pacific Ltd                                                                                                                          | CUSIP: 000000000<br>LEI: 549300KZOZHII0DGF611 | Long             | EC               | CORP              | HK        |       2378 | NS      | $20845.26     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED USD / SOLD DKK                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |          1 | NC      | $-40.72       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UGI Corp                                                  | UGI Corp                                                                                                                                   | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |        417 | NS      | $15458.19     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc                                        | Ally Financial Inc                                                                                                                         | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |        607 | NS      | $14841.15     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp                                         | Lam Research Corp                                                                                                                          | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |        271 | NS      | $113901.30    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                            | PURCHASED COP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | CO        |          1 | NC      | $-24.90       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd                                  | United Overseas Bank Ltd                                                                                                                   | CUSIP: 000000000<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |       5400 | NS      | $123691.51    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| AutoZone Inc                                              | AutoZone Inc                                                                                                                               | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |         38 | NS      | $93714.84     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA GOVERNMENT BOND                                     | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    6000000 | PA      | $955454.99    | 0.22%             | 2049-07-22      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                    | United States Treasury Note/Bond                                                                                                           | CUSIP: 912828ZN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2030000 | PA      | $1748416.79   | 0.40%             | 2027-04-30      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED KRW / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | KR        |          1 | NC      | $55160.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EssilorLuxottica SA                                       | EssilorLuxottica SA                                                                                                                        | CUSIP: 000000000<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |       1378 | NS      | $249325.62    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ON Semiconductor Corp                                     | ON Semiconductor Corp                                                                                                                      | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |        852 | NS      | $53139.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Glenbeigh 2 Issuer                                        | Glenbeigh 2 Issuer 2021-2 DAC                                                                                                              | CUSIP: 000000000<br>LEI: 635400QOHVVJFAMENU19 | Long             | ABS-MBS          | CORP              | IE        |     377607 | PA      | $394206.00    | 0.09%             | 2050-06-24      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| Webster Financial Corp                                    | Webster Financial Corp                                                                                                                     | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |        344 | NS      | $16284.96     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                   | Freddie Mac Whole Loan Securities Trust 2015-SC01                                                                                          | CUSIP: 3137G1AA5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      18801 | PA      | $16223.08     | 0.00%             | 2045-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Genting Singapore Ltd                                     | Genting Singapore Ltd                                                                                                                      | CUSIP: 000000000<br>LEI: 254900Y2N3AK93K1O866 | Long             | EC               | CORP              | SG        |      27400 | NS      | $19554.22     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                                                | Haleon PLC                                                                                                                                 | CUSIP: 000000000<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |      23685 | NS      | $93712.44     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen                                                                                  | CUSIP: 000000000<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |        656 | NS      | $212196.54    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Corp ACCIONA Energias Renovables SA                       | Corp ACCIONA Energias Renovables SA                                                                                                        | CUSIP: 000000000<br>LEI: 254900UPX0OEHTKB9Y44 | Long             | EC               | CORP              | ES        |        317 | NS      | $12249.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ameriprise Financial Inc                                  | Ameriprise Financial Inc                                                                                                                   | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |        212 | NS      | $66010.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                                        | HCA Healthcare Inc                                                                                                                         | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |        452 | NS      | $108461.92    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corp                                               | Masimo Corp                                                                                                                                | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |         94 | NS      | $13907.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SC FNCE I                                   | Thermo Fisher Scientific Finance I BV                                                                                                      | CUSIP: 000000000<br>LEI: 549300SM0PJC1F3RPL91 | Long             | DBT              | CORP              | NL        |     100000 | PA      | $67708.61     | 0.02%             | 2051-10-18      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Imperial Oil Ltd                                          | Imperial Oil Ltd                                                                                                                           | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |       1055 | NS      | $51386.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG                                          | Deutsche Post AG                                                                                                                           | CUSIP: 000000000<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |       4699 | NS      | $175867.71    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Bio-Rad Laboratories Inc                                  | Bio-Rad Laboratories Inc                                                                                                                   | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |         44 | NS      | $18501.56     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp                                       | Otis Worldwide Corp                                                                                                                        | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |        828 | NS      | $64840.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Transurban Group                                          | Transurban Group                                                                                                                           | CUSIP: 000000000<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |      14669 | NS      | $129055.68    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| KLA Corp                                                  | KLA Corp                                                                                                                                   | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |        278 | NS      | $104814.34    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                                              | Glencore PLC                                                                                                                               | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |      45070 | NS      | $300555.77    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Avantor Inc                                               | Avantor Inc                                                                                                                                | CUSIP: 05352A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       1325 | NS      | $27944.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                                                | Copart Inc                                                                                                                                 | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |        848 | NS      | $51634.72     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp/The                                              | AES Corp/The                                                                                                                               | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |       1305 | NS      | $37531.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc                                        | Unity Software Inc                                                                                                                         | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |        491 | NS      | $14037.69     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                                     | Northrop Grumman Corp                                                                                                                      | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |        290 | NS      | $158226.90    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson                           | Telefonaktiebolaget LM Ericsson                                                                                                            | CUSIP: 000000000<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |      13851 | NS      | $81158.70     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                                       | CDW LLC / CDW Finance Corp                                                                                                                 | CUSIP: 12513GBG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $88969.30     | 0.02%             | 2026-12-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF AUSTRIA                                       | Republic of Austria Government Bond                                                                                                        | CUSIP: 000000000<br>LEI: 529900QWWUI4XRVR7I03 | Long             | DBT              | NUSS              | AT        |     360000 | PA      | $311583.14    | 0.07%             | 2030-02-20      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Hartford Financial Services Group Inc/The                 | Hartford Financial Services Group Inc/The                                                                                                  | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |        628 | NS      | $47621.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                                    | Diamondback Energy Inc                                                                                                                     | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |       2204 | NS      | $301463.12    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                                   | NVR Inc                                                                                                                                    | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |          6 | NS      | $27675.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                                       | Electronic Arts Inc                                                                                                                        | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |        547 | NS      | $66832.46     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                                             | McKesson Corp                                                                                                                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |        281 | NS      | $105408.72    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMONWEALTH BANK AUST                                    | Commonwealth Bank of Australia                                                                                                             | CUSIP: 000000000<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |     400000 | PA      | $404043.97    | 0.09%             | 2029-10-03      | Fixed         | 1.94%                 | Yes           |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB                          | Skandinaviska Enskilda Banken AB                                                                                                           | CUSIP: 000000000<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | EC               | CORP              | SE        |       7615 | NS      | $87670.51     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| U-Haul Holding Co                                         | U-Haul Holding Co                                                                                                                          | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |        167 | NS      | $9181.66      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp                                    | Regions Financial Corp                                                                                                                     | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |       1829 | NS      | $39433.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc                                      | Verisk Analytics Inc                                                                                                                       | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |        311 | NS      | $54866.62     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                                | Humana Inc                                                                                                                                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |        250 | NS      | $128047.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Onex Corp                                                 | Onex Corp                                                                                                                                  | CUSIP: 68272K103<br>LEI: 894500LB8PNE5C7CEN88 | Long             | EC               | CORP              | CA        |        344 | NS      | $16587.71     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Knorr-Bremse AG                                           | Knorr-Bremse AG                                                                                                                            | CUSIP: 000000000<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |        341 | NS      | $18551.20     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SIG Group AG                                              | SIG Group AG                                                                                                                               | CUSIP: 000000000<br>LEI: 5493004Z6P7TSVB1L042 | Long             | EC               | CORP              | CH        |       1484 | NS      | $32427.13     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Keysight Technologies Inc                                 | Keysight Technologies Inc                                                                                                                  | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |        352 | NS      | $60216.64     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                                             | Kroger Co/The                                                                                                                              | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |       1339 | NS      | $59692.62     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SNCF RESEAU                                               | SNCF Reseau                                                                                                                                | CUSIP: 000000000<br>LEI: 969500VZN4KDEZ14C105 | Long             | DBT              | NUSS              | FR        |     400000 | PA      | $362409.67    | 0.08%             | 2034-03-30      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                                    | Banque Federative du Credit Mutuel SA                                                                                                      | CUSIP: 000000000<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |     400000 | PA      | $434236.74    | 0.10%             | 2025-12-05      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| Xinyi Glass Holdings Ltd                                  | Xinyi Glass Holdings Ltd                                                                                                                   | CUSIP: 000000000<br>LEI: 52990082YXVVZFK1QJ17 | Long             | EC               | CORP              | KY        |       8851 | NS      | $16352.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pinterest Inc                                             | Pinterest Inc                                                                                                                              | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       1140 | NS      | $27679.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | Long: 1325006   TRS USD R V 00MSOFR II6676360221208 Q 7TH +35 BPS / Short: 1325006   TRS USD P E II7363550221208 EQUITYTRS                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    8526564 | OU      | $191773.50    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Solvay SA                                                 | Solvay SA                                                                                                                                  | CUSIP: 000000000<br>LEI: 549300MMVL80RTBP3O28 | Long             | EC               | CORP              | BE        |        361 | NS      | $36499.26     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ROBLOX Corp                                               | ROBLOX Corp                                                                                                                                | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        685 | NS      | $19495.10     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc                                     | RPM International Inc                                                                                                                      | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |        255 | NS      | $24849.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                    | PURCHASED GBP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | GB        |          1 | NC      | $-33525.80    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SWAP JP MORGAN BOC                                        | SWAP JP MORGAN BOC                                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Short            | STIV             | CORP              | US        |    -510000 | NS      | $-510000.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc                                | Mizuho Financial Group Inc                                                                                                                 | CUSIP: 000000000<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | EC               | CORP              | JP        |      69124 | NS      | $973838.97    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortive Corp                                              | Fortive Corp                                                                                                                               | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |        667 | NS      | $42854.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co Inc                                    | Church & Dwight Co Inc                                                                                                                     | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |        482 | NS      | $38854.02     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Apartment Properties REIT                        | Canadian Apartment Properties REIT                                                                                                         | CUSIP: 134921105<br>LEI: 549300B1MYVTQEB2DI90 | Long             | EC               |  | CA        |        401 | NS      | $12640.09     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Melrose Industries PLC                                    | Melrose Industries PLC                                                                                                                     | CUSIP: 000000000<br>LEI: 213800RGNXXZY2M7TR85 | Long             | EC               | CORP              | GB        |      19168 | NS      | $30881.64     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Twilio Inc                                                | Twilio Inc                                                                                                                                 | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |        336 | NS      | $16450.56     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Epiroc AB                                                 | Epiroc AB                                                                                                                                  | CUSIP: 000000000<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |       1857 | NS      | $29873.92     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie de Saint-Gobain                                       | Cie de Saint-Gobain                                                                                                                        | CUSIP: 000000000<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |       2322 | NS      | $113594.09    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| UPM-Kymmene Oyj                                           | UPM-Kymmene Oyj                                                                                                                            | CUSIP: 000000000<br>LEI: 213800EC6PW5VU4J9U64 | Long             | EC               | CORP              | FI        |       2574 | NS      | $96322.55     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Synopsys Inc                                              | Synopsys Inc                                                                                                                               | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |        300 | NS      | $95787.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chow Tai Fook Jewellery Group Ltd                         | Chow Tai Fook Jewellery Group Ltd                                                                                                          | CUSIP: 000000000<br>LEI: 254900VXRL7SRSF44G79 | Long             | EC               | CORP              | KY        |       8796 | NS      | $17874.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian National Railway Co                              | Canadian National Railway Co                                                                                                               | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |       2888 | NS      | $343061.98    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| HK Electric Investments & HK Electric Investments Ltd     | HK Electric Investments & HK Electric Investments Ltd                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | XX        |      11715 | NS      | $7745.93      | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Korea Exchange (Futures Market)                           | KOREA 10YR BND FU MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | KR        |         24 | NC      | $-64970.55    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| IGM Financial Inc                                         | IGM Financial Inc                                                                                                                          | CUSIP: 449586106<br>LEI: 254900RYHLVJNTUFDA95 | Long             | EC               | CORP              | CA        |        390 | NS      | $10887.74     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                    | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | MX        |          1 | NC      | $11016.33     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ovintiv Inc                                               | Ovintiv Inc                                                                                                                                | CUSIP: 69047Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        504 | NS      | $25557.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                                 | Apple Inc                                                                                                                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      31723 | NS      | $4121769.39   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands International Inc                       | Restaurant Brands International Inc                                                                                                        | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Long             | EC               | CORP              | CA        |       1382 | NS      | $89380.90     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Erste Group Bank AG                                       | Erste Group Bank AG                                                                                                                        | CUSIP: 000000000<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |       8028 | NS      | $256857.51    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurofins Scientific SE                                    | Eurofins Scientific SE                                                                                                                     | CUSIP: 000000000<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |        631 | NS      | $45304.61     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |          1 | NC      | $6863.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Paragon Offshore PLC                                      | Paragon Offshore PLC                                                                                                                       | CUSIP: 000000000<br>LEI: 5493009D85BF18WG1Z30 | Long             | EC               | CORP              | GB        |        303 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| JP Morgan Mortgage Trust                                  | J.P. Morgan Mortgage Trust 2022-INV3                                                                                                       | CUSIP: 46593FAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     555143 | PA      | $466059.86    | 0.11%             | 2052-09-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Danaher Corp                                              | Danaher Corp                                                                                                                               | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |       1376 | NS      | $365217.92    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| JAPAN (10 YEAR ISSUE)                                     | Japan Government Ten Year Bond                                                                                                             | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  168000000 | PA      | $1280472.06   | 0.29%             | 2026-06-20      | Fixed         | 0.10%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                                              | Ecopetrol SA                                                                                                                               | CUSIP: 279158AC3<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    1000000 | PA      | $995736.71    | 0.23%             | 2023-09-18      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Adecco Group AG                                           | Adecco Group AG                                                                                                                            | CUSIP: 000000000<br>LEI: NI14Y5UMU60O7JE9P611 | Long             | EC               | CORP              | CH        |        762 | NS      | $25065.88     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes SE                                      | Dassault Systemes SE                                                                                                                       | CUSIP: 000000000<br>LEI: 96950065LBWY0APQIM86 | Long             | EC               | CORP              | FR        |       3169 | NS      | $113956.14    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Limited                                               | Long: BMIBBPXS3 IRS USD R V 12MUSCPI II8817920221024 CCPINFLATIONZE / Short: BMIBBPXS3 IRS USD P F  2.77600 II8452460221024 CCPINFLATIONZE | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1679000 | OU      | $-31609.95    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| voestalpine AG                                            | voestalpine AG                                                                                                                             | CUSIP: 000000000<br>LEI: 529900ZAXBMQDIWPNB72 | Long             | EC               | CORP              | AT        |        584 | NS      | $15469.63     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                             | Citigroup Inc                                                                                                                              | CUSIP: 17327CAQ6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     300000 | PA      | $242874.88    | 0.05%             | 2033-01-25      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Auckland International Airport Ltd                        | Auckland International Airport Ltd                                                                                                         | CUSIP: 000000000<br>LEI: 549300HFZIZDJWB7AK60 | Long             | EC               | CORP              | NZ        |       6071 | NS      | $30109.67     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED GBP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | GB        |          1 | NC      | $-4002.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Roku Inc                                                  | Roku Inc                                                                                                                                   | CUSIP: 77543R102<br>LEI: 549300KR6ITU0YIR1T71 | Long             | EC               | CORP              | US        |        246 | NS      | $10012.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AGRICUL DEV BANK CHINA                                    | Agricultural Development Bank of China                                                                                                     | CUSIP: 000000000<br>LEI: 300300C1020311000158 | Long             | DBT              | NUSS              | CN        |    3600000 | PA      | $513690.55    | 0.12%             | 2025-04-22      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ANSYS Inc                                                 | ANSYS Inc                                                                                                                                  | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |        170 | NS      | $41070.30     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc                                  | Lennox International Inc                                                                                                                   | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |         63 | NS      | $15071.49     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                    | PURCHASED USD / SOLD CAD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $-70.01       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Poste Italiane SpA                                        | Poste Italiane SpA                                                                                                                         | CUSIP: 000000000<br>LEI: 815600354DEDBD0BA991 | Long             | EC               | CORP              | IT        |       2416 | NS      | $23571.62     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Regeneron Pharmaceuticals Inc                             | Regeneron Pharmaceuticals Inc                                                                                                              | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |        208 | NS      | $150069.92    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                                                | HEICO Corp                                                                                                                                 | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |        141 | NS      | $16898.85     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                                           | McDonald's Corp                                                                                                                            | CUSIP: 58013MEU4<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     350000 | PA      | $338883.74    | 0.08%             | 2025-05-26      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Cboe Global Markets Inc                                   | Cboe Global Markets Inc                                                                                                                    | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |        210 | NS      | $26348.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Hall Mortgages Plc                                  | Great Hall Mortgages No 1 PLC                                                                                                              | CUSIP: 000000000<br>LEI: 213800TM9KICQKGTYR78 | Long             | ABS-MBS          | CORP              | GB        |     200000 | PA      | $202038.99    | 0.05%             | 2038-06-18      | Floating      | 2.31%                 | Yes           |                  2 | On Loan: No      |
| Hongkong Land Holdings Ltd                                | Hongkong Land Holdings Ltd                                                                                                                 | CUSIP: 000000000<br>LEI: 213800XCHYNRPAYGXW28 | Long             | EC               | CORP              | BM        |       5012 | NS      | $23059.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                        | Vodafone Group PLC                                                                                                                         | CUSIP: 000000000<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |     124074 | NS      | $125651.84    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |          1 | NC      | $59964.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EXOR NV                                                   | EXOR NV                                                                                                                                    | CUSIP: 000000000<br>LEI: 5493002ENHZ6NYET7405 | Long             | EC               | CORP              | NL        |        514 | NS      | $37632.13     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chewy Inc                                                 | Chewy Inc                                                                                                                                  | CUSIP: 16679L109<br>LEI: 254900NPQSTG9I422879 | Long             | EC               | CORP              | US        |        183 | NS      | $6785.64      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                | Fannie Mae Pool                                                                                                                            | CUSIP: 3138Y6YJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      35254 | PA      | $34898.80     | 0.01%             | 2044-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Pilbara Minerals Ltd                                      | Pilbara Minerals Ltd                                                                                                                       | CUSIP: 000000000<br>LEI: 5299000VV1CZVF5K9C16 | Long             | EC               | CORP              | AU        |      12190 | NS      | $30868.12     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | Long: 1325004   TRS USD R E II8411580221208 EQUITYTRS / Short: 1325004   TRS USD P V 00MSOFR II5704620221208 EQUITYTRS                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    8514059 | OU      | $-94380.66    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties Trust Inc                              | Medical Properties Trust Inc                                                                                                               | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               |  | US        |       1179 | NS      | $13134.06     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                  | Lloyds Banking Group PLC                                                                                                                   | CUSIP: 000000000<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     400000 | PA      | $459427.85    | 0.10%             | 2024-10-16      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Teleflex Inc                                              | Teleflex Inc                                                                                                                               | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |         93 | NS      | $23215.59     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                            | Long: 1325034   TRS EUR R E II2391800221209 EQUITYTRS / Short: 1325034   TRS EUR P V 00MESTR II6551150221209 Q 26TH -42BPS                 | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | FR        |   11611718 | OU      | $-125367.57   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| BofA Securities Europe SA                                 | Long: SMIBEJ100 IRS BRL R F 13.53500 II5444820221121 CCPNDFPREDISWA / Short: SMIBEJ100 IRS BRL P V 00MBRCDI II6566160221121 CCPNDFPREDISWA | CUSIP: 000000000<br>LEI: 549300FH0WJAPEHTIQ77 | N/A              | DIR              |  | US        |   22217000 | OU      | $67553.27     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ASSICURAZIONI GENERALI                                    | Assicurazioni Generali SpA                                                                                                                 | CUSIP: 000000000<br>LEI: 549300X5UKJVE386ZB61 | Long             | DBT              | CORP              | IT        |     400000 | PA      | $433084.60    | 0.10%             | 2047-10-27      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Sofina SA                                                 | Sofina SA                                                                                                                                  | CUSIP: 000000000<br>LEI: 5493000GMVR38VUO5D39 | Long             | EC               | CORP              | BE        |         76 | NS      | $16781.04     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securities Trust                   | Freddie Mac Whole Loan Securities Trust 2015-SC02                                                                                          | CUSIP: 3137G1AL1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      43432 | PA      | $38095.23     | 0.01%             | 2045-09-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                               | Freddie Mac Gold Pool                                                                                                                      | CUSIP: 31335ABF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     102053 | PA      | $95558.50     | 0.02%             | 2044-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Demant A/S                                                | Demant A/S                                                                                                                                 | CUSIP: 000000000<br>LEI: 213800RM6L9LN78BVA56 | Long             | EC               | CORP              | DK        |        449 | NS      | $12520.68     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayer US Finance II LLC                                   | Bayer US Finance II LLC                                                                                                                    | CUSIP: 07274NAE3<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |     875000 | PA      | $862665.36    | 0.20%             | 2023-12-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Signature Bank/New York NY                                | Signature Bank/New York NY                                                                                                                 | CUSIP: 82669G104<br>LEI: VLP5AP0XK2GM6GKD1007 | Long             | EC               | CORP              | US        |        123 | NS      | $14172.06     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                    | United States Treasury Inflation Indexed Bonds                                                                                             | CUSIP: 91282CEZ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    6167658 | PA      | $5654252.31   | 1.28%             | 2032-07-15      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                    | PURCHASED GBP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | GB        |          1 | NC      | $22437.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                                      | Howmet Aerospace Inc                                                                                                                       | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |        727 | NS      | $28651.07     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                               | PURCHASED NZD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | NZ        |          1 | NC      | $-122.53      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Automatic Data Processing Inc                             | Automatic Data Processing Inc                                                                                                              | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |        825 | NS      | $197059.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Rivian Automotive Inc                                     | Rivian Automotive Inc                                                                                                                      | CUSIP: 76954A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        641 | NS      | $11813.63     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortis Inc/Canada                                         | Fortis Inc/Canada                                                                                                                          | CUSIP: 349553107<br>LEI: 549300MQYQ9Y065XPR71 | Long             | EC               | CORP              | CA        |       2262 | NS      | $90513.41     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vonovia SE                                                | Vonovia SE                                                                                                                                 | CUSIP: 000000000<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | EC               | CORP              | DE        |       3457 | NS      | $81434.55     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA DEVELOPMENT BANK                                    | China Development Bank                                                                                                                     | CUSIP: 000000000<br>LEI: 300300C1020111000029 | Long             | DBT              | NUSS              | CN        |    4900000 | PA      | $707695.01    | 0.16%             | 2030-03-10      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| Edenred                                                   | Edenred                                                                                                                                    | CUSIP: 000000000<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |       1176 | NS      | $64004.23     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mid-America Apartment Communities Inc                     | Mid-America Apartment Communities Inc                                                                                                      | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               |  | US        |        229 | NS      | $35950.71     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial Inc                                  | Prudential Financial Inc                                                                                                                   | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |        727 | NS      | $72307.42     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                               | Freddie Mac Gold Pool                                                                                                                      | CUSIP: 31287THN8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        803 | PA      | $834.82       | 0.00%             | 2032-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Alcoa Corp                                                | Alcoa Corp                                                                                                                                 | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |        346 | NS      | $15732.62     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Manulife Financial Corp                                   | Manulife Financial Corp                                                                                                                    | CUSIP: 56501R106<br>LEI: 5493007GBX87QOZACS27 | Long             | EC               | CORP              | CA        |       9209 | NS      | $164252.10    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                                          | MercadoLibre Inc                                                                                                                           | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |         89 | NS      | $75315.36     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Africa Finance Corp                                       | Africa Finance Corp                                                                                                                        | CUSIP: 00830YAC5<br>LEI: 213800LXFHRRXIJRXW97 | Long             | DBT              | NUSS              | XX        |     200000 | PA      | $189460.00    | 0.04%             | 2026-04-17      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| South32 Ltd                                               | South32 Ltd                                                                                                                                | CUSIP: 000000000<br>LEI: 213800LAZNPXSBKVHR17 | Long             | EC               | CORP              | AU        |      21701 | NS      | $59496.08     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sands China Ltd                                           | Sands China Ltd                                                                                                                            | CUSIP: 000000000<br>LEI: 549300EVO6UZDGY05787 | Long             | EC               | CORP              | KY        |      11607 | NS      | $38073.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ArcelorMittal SA                                          | ArcelorMittal SA                                                                                                                           | CUSIP: 000000000<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |       2469 | NS      | $65137.49     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Aker BP ASA                                               | Aker BP ASA                                                                                                                                | CUSIP: 000000000<br>LEI: 549300NFTY73920OYK69 | Long             | EC               | CORP              | NO        |       1535 | NS      | $47712.21     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Telia Co AB                                               | Telia Co AB                                                                                                                                | CUSIP: 000000000<br>LEI: 213800FSR9RNDUOTXO25 | Long             | EC               | CORP              | SE        |      12603 | NS      | $32204.04     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Digital Realty Trust Inc                                  | Digital Realty Trust Inc                                                                                                                   | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |        563 | NS      | $56452.01     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                                                | Nasdaq Inc                                                                                                                                 | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |        682 | NS      | $41840.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AGRICUL DEV BANK CHINA                                    | Agricultural Development Bank of China                                                                                                     | CUSIP: 000000000<br>LEI: 300300C1020311000158 | Long             | DBT              | NUSS              | CN        |     720000 | PA      | $109080.03    | 0.02%             | 2030-10-26      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| AUSTRALIAN GOVERNMENT                                     | Australia Government Bond                                                                                                                  | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |     240000 | PA      | $162670.10    | 0.04%             | 2025-04-21      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Grifols SA                                                | Grifols SA                                                                                                                                 | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | EC               | CORP              | ES        |       1438 | NS      | $16606.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| University of Michigan                                    | UNIV OF MICHIGAN MI                                                                                                                        | CUSIP: 914455UJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     400000 | PA      | $325477.08    | 0.07%             | 2122-04-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY                                   | Nationwide Building Society                                                                                                                | CUSIP: 63861VAA5<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |     300000 | PA      | $298376.89    | 0.07%             | 2024-03-08      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Naturgy Energy Group SA                                   | Naturgy Energy Group SA                                                                                                                    | CUSIP: 000000000<br>LEI: TL2N6M87CW970S5SV098 | Long             | EC               | CORP              | ES        |        699 | NS      | $18166.32     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | PURCHASED SEK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | SE        |          1 | NC      | $17815.72     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Warehouses De Pauw CVA                                    | Warehouses De Pauw CVA                                                                                                                     | CUSIP: 000000000<br>LEI: 549300HWDYC5JXC85138 | Long             | EC               |  | BE        |        791 | NS      | $22659.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| WW Grainger Inc                                           | WW Grainger Inc                                                                                                                            | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |         90 | NS      | $50062.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                                               | Equifax Inc                                                                                                                                | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |        244 | NS      | $47423.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp                                        | Franco-Nevada Corp                                                                                                                         | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |        894 | NS      | $121865.27    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                                       | Fifth Third Bancorp                                                                                                                        | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |       1352 | NS      | $44359.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sartorius Stedim Biotech                                  | Sartorius Stedim Biotech                                                                                                                   | CUSIP: 000000000<br>LEI: 52990006IVXY7GCSSR39 | Long             | EC               | CORP              | FR        |        132 | NS      | $42895.77     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                            | Prudential PLC                                                                                                                             | CUSIP: 000000000<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |      12921 | NS      | $176181.56    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| T-Mobile US Inc                                           | T-Mobile US Inc                                                                                                                            | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |       1245 | NS      | $174300.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                               | Novartis AG                                                                                                                                | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |      10237 | NS      | $926422.07    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| ITALY GOV'T INT BOND                                      | Republic of Italy Government International Bond                                                                                            | CUSIP: 465410CD8<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |     745000 | PA      | $697138.97    | 0.16%             | 2024-05-06      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Segro PLC                                                 | Segro PLC                                                                                                                                  | CUSIP: 000000000<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               |  | GB        |       5711 | NS      | $52611.20     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kimberly-Clark Corp                                       | Kimberly-Clark Corp                                                                                                                        | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |        673 | NS      | $91359.75     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc                          | Mettler-Toledo International Inc                                                                                                           | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |         44 | NS      | $63599.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordea Bank Abp                                           | Nordea Bank Abp                                                                                                                            | CUSIP: 000000000<br>LEI: 529900ODI3047E2LIV03 | Long             | EC               | CORP              | FI        |      15678 | NS      | $167941.98    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                     | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    3170000 | PA      | $500949.56    | 0.11%             | 2050-09-14      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| National Grid PLC                                         | National Grid PLC                                                                                                                          | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |      17291 | NS      | $207134.98    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke DSM NV                                        | Koninklijke DSM NV                                                                                                                         | CUSIP: 000000000<br>LEI: 724500SNT1MK246AHP04 | Long             | EC               | CORP              | NL        |        818 | NS      | $100445.95    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Interpublic Group of Cos Inc/The                          | Interpublic Group of Cos Inc/The                                                                                                           | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |        768 | NS      | $25582.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DCC PLC                                                   | DCC PLC                                                                                                                                    | CUSIP: 000000000<br>LEI: 213800UPS1QEE4TD3T45 | Long             | EC               | CORP              | IE        |        464 | NS      | $22815.77     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Travelers Cos Inc/The                                     | Travelers Cos Inc/The                                                                                                                      | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |        462 | NS      | $86620.38     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                                             | AIA Group Ltd                                                                                                                              | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |      55656 | NS      | $614630.44    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Saputo Inc                                                | Saputo Inc                                                                                                                                 | CUSIP: 802912105<br>LEI: 549300HH4U1DPY0TBT90 | Long             | EC               | CORP              | CA        |       1186 | NS      | $29360.95     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Inc                                | Charter Communications Inc                                                                                                                 | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |        221 | NS      | $74941.10     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The                                        | Kraft Heinz Co/The                                                                                                                         | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |       1468 | NS      | $59762.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Temenos AG                                                | Temenos AG                                                                                                                                 | CUSIP: 000000000<br>LEI: 5067007NW6550481FH64 | Long             | EC               | CORP              | CH        |        303 | NS      | $16669.02     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonic Healthcare Ltd                                      | Sonic Healthcare Ltd                                                                                                                       | CUSIP: 000000000<br>LEI: 549300NQQ5L2NONWR862 | Long             | EC               | CORP              | AU        |       2130 | NS      | $43347.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                     | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |   13760000 | PA      | $2045075.82   | 0.46%             | 2030-11-19      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| Weyerhaeuser Co                                           | Weyerhaeuser Co                                                                                                                            | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               |  | US        |       1454 | NS      | $45074.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                                   | Extra Space Storage Inc                                                                                                                    | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               |  | US        |        264 | NS      | $38855.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CK Asset Holdings Ltd                                     | CK Asset Holdings Ltd                                                                                                                      | CUSIP: 000000000<br>LEI: 5299006GJZSGP78B8S35 | Long             | EC               | CORP              | KY        |       8908 | NS      | $54634.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Industries Ltd                        | Teva Pharmaceutical Industries Ltd                                                                                                         | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |       5216 | NS      | $47569.92     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayerische Motoren Werke AG                               | Bayerische Motoren Werke AG                                                                                                                | CUSIP: 000000000<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EP               | CORP              | DE        |        281 | NS      | $23713.92     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LAND NORDRHEIN-WESTFALEN                                  | State of North Rhine-Westphalia Germany                                                                                                    | CUSIP: 000000000<br>LEI: 529900VWPV1LPOHGJ702 | Long             | DBT              | NUSS              | DE        |    1320000 | PA      | $1148570.00   | 0.26%             | 2038-02-22      | Fixed         | 1.65%                 | Yes           |                  2 | On Loan: No      |
| Delta Air Lines Inc                                       | Delta Air Lines Inc                                                                                                                        | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |        315 | NS      | $10350.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NEDER WATERSCHAPSBANK                                     | Nederlandse Waterschapsbank NV                                                                                                             | CUSIP: 63983TBU8<br>LEI: JLP5FSPH9WPSHY3NIM24 | Long             | DBT              | NUSS              | NL        |     376000 | PA      | $299503.25    | 0.07%             | 2030-05-28      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| SEB SA                                                    | SEB SA                                                                                                                                     | CUSIP: 000000000<br>LEI: 969500WP61NBK098AC47 | Long             | EC               | CORP              | FR        |        118 | NS      | $9900.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN GOVERNMENT                                       | Canadian Government Bond                                                                                                                   | CUSIP: 135087K37<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |    2940000 | PA      | $1882620.53   | 0.43%             | 2030-06-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                               | Long: SMIBE7HS8 IRS MXN R F  9.81000 II6051470221117 CCPVANILLA / Short: SMIBE7HS8 IRS MXN P V 01MTIIE II1575030221117 CCPVANILLA          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  336223194 | OU      | $-52001.79    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| EXPORT-IMPORT BANK KOREA                                  | Export-Import Bank of Korea                                                                                                                | CUSIP: 302154CY3<br>LEI: 549300APVP4R32PI3Y06 | Long             | DBT              | NUSS              | KR        |     510000 | PA      | $491124.90    | 0.11%             | 2024-06-25      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Vicinity Ltd                                              | Vicinity Ltd                                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |      18275 | NS      | $24676.68     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Puma SE                                                   | Puma SE                                                                                                                                    | CUSIP: 000000000<br>LEI: 529900GRZ2BQY5ZM9N49 | Long             | EC               | CORP              | DE        |        245 | NS      | $14808.60     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KOREA DEVELOPMENT BANK                                    | Korea Development Bank/The                                                                                                                 | CUSIP: 500630DG0<br>LEI: 549300ML2LNRZUCS7149 | Long             | DBT              | NUSS              | KR        |     590000 | PA      | $513673.52    | 0.12%             | 2026-07-19      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| JAPAN (30 YEAR ISSUE)                                     | Japan Government Thirty Year Bond                                                                                                          | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  207000000 | PA      | $1228057.53   | 0.28%             | 2046-06-20      | Fixed         | 0.30%                 | No            |                  2 | On Loan: No      |
| CCL Industries Inc                                        | CCL Industries Inc                                                                                                                         | CUSIP: 124900309<br>LEI: 549300TD3EMSRRC0YH75 | Long             | EC               | CORP              | CA        |        706 | NS      | $30158.82     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Railway Ltd                              | Canadian Pacific Railway Ltd                                                                                                               | CUSIP: 13645T100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       4450 | NS      | $331778.06    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |          1 | NC      | $97491.04     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Toast Inc                                                 | Toast Inc                                                                                                                                  | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |        482 | NS      | $8690.46      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BONOS Y OBLIG DEL ESTADO                                  | Spain Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     410000 | PA      | $358997.80    | 0.08%             | 2048-10-31      | Fixed         | 2.70%                 | Yes           |                  2 | On Loan: No      |
| Groupe Bruxelles Lambert NV                               | Groupe Bruxelles Lambert NV                                                                                                                | CUSIP: 000000000<br>LEI: 549300KV0ZEHT2KVU152 | Long             | EC               | CORP              | BE        |        485 | NS      | $38760.04     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                      | Las Vegas Sands Corp                                                                                                                       | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |        677 | NS      | $32543.39     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ChaseFlex Trust                                           | ChaseFlex Trust Series 2007-1                                                                                                              | CUSIP: 16165VAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      20020 | PA      | $8205.18      | 0.00%             | 2037-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bunzl PLC                                                 | Bunzl PLC                                                                                                                                  | CUSIP: 000000000<br>LEI: 213800Q1Q9DV4L78UM09 | Long             | EC               | CORP              | GB        |       1592 | NS      | $52966.07     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Booking Holdings Inc                                      | Booking Holdings Inc                                                                                                                       | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |         78 | NS      | $157191.84    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc                                    | T Rowe Price Group Inc                                                                                                                     | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |        446 | NS      | $48640.76     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                   | Goldman Sachs Group Inc/The                                                                                                                | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     775000 | PA      | $619914.77    | 0.14%             | 2032-04-22      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Elanco Animal Health Inc                                  | Elanco Animal Health Inc                                                                                                                   | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |        831 | NS      | $10154.82     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                                                 | Aptiv PLC                                                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |        531 | NS      | $49452.03     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                                    | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |          1 | NC      | $-12751.90    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Healthcare Realty Trust Inc                               | Healthcare Realty Trust Inc                                                                                                                | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               |  | US        |        755 | NS      | $14548.85     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Europacific Partners PLC                        | Coca-Cola Europacific Partners PLC                                                                                                         | CUSIP: 000000000<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |        972 | NS      | $53771.04     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                                       | American Tower Corp                                                                                                                        | CUSIP: 03027XBL3<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     175000 | PA      | $155793.41    | 0.04%             | 2026-04-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                                      | Keurig Dr Pepper Inc                                                                                                                       | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |       1538 | NS      | $54845.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                            | Merck & Co Inc                                                                                                                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |       4972 | NS      | $551643.40    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                                                 | Safran SA                                                                                                                                  | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |       1602 | NS      | $200656.62    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinix Inc                                               | Equinix Inc                                                                                                                                | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |        180 | NS      | $117905.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                                 | Healthpeak Properties Inc                                                                                                                  | CUSIP: 42250P103<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | EC               |  | US        |       1068 | NS      | $26774.76     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The                                        | Cooper Cos Inc/The                                                                                                                         | CUSIP: 216648402<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |         97 | NS      | $32074.99     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Elbit Systems Ltd                                         | Elbit Systems Ltd                                                                                                                          | CUSIP: 000000000<br>LEI: 529900Q9CB1REUMZSS32 | Long             | EC               | CORP              | IL        |        125 | NS      | $20328.96     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Entain PLC                                                | Entain PLC                                                                                                                                 | CUSIP: 000000000<br>LEI: 213800GNI3K45LQR8L28 | Long             | EC               | CORP              | IM        |       2775 | NS      | $44192.02     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| VF Corp                                                   | VF Corp                                                                                                                                    | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | EC               | CORP              | US        |        671 | NS      | $18526.31     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                               | Freddie Mac Gold Pool                                                                                                                      | CUSIP: 3132QMQJ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     195587 | PA      | $182858.12    | 0.04%             | 2045-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Chesapeake Energy Corp                                    | Chesapeake Energy Corp                                                                                                                     | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |        203 | NS      | $19157.11     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Volkswagen AG                                             | Volkswagen AG                                                                                                                              | CUSIP: 000000000<br>LEI: 529900NNUPAGGOMPXZ31 | Long             | EC               | CORP              | DE        |        140 | NS      | $21962.59     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Colgate-Palmolive Co                                      | Colgate-Palmolive Co                                                                                                                       | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |       1574 | NS      | $124015.46    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc                        | Broadridge Financial Solutions Inc                                                                                                         | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |        231 | NS      | $30984.03     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Coloplast A/S                                             | Coloplast A/S                                                                                                                              | CUSIP: 000000000<br>LEI: 529900NN7SOJ5QG82X67 | Long             | EC               | CORP              | DK        |        578 | NS      | $67714.22     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Quest Diagnostics Inc                                     | Quest Diagnostics Inc                                                                                                                      | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |        231 | NS      | $36137.64     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                                                | STERIS PLC                                                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |        196 | NS      | $36199.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Swiss Prime Site AG                                       | Swiss Prime Site AG                                                                                                                        | CUSIP: 000000000<br>LEI: 506700XI9H64OPR34158 | Long             | EC               | CORP              | CH        |        364 | NS      | $31548.89     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                         | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-7527.26     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| S&P Global Inc                                            | S&P Global Inc                                                                                                                             | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |        675 | NS      | $226084.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties Inc                           | Equity LifeStyle Properties Inc                                                                                                            | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               |  | US        |        347 | NS      | $22416.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services Inc                          | West Pharmaceutical Services Inc                                                                                                           | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |        146 | NS      | $34361.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Croda International PLC                                   | Croda International PLC                                                                                                                    | CUSIP: 000000000<br>LEI: 2138004WCNBFJEEOXV26 | Long             | EC               | CORP              | GB        |        656 | NS      | $52203.53     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Israel Discount Bank Ltd                                  | Israel Discount Bank Ltd                                                                                                                   | CUSIP: 000000000<br>LEI: 549300XWZ7BG5G23OF51 | Long             | EC               | CORP              | IL        |       5815 | NS      | $30528.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                      | PURCHASED USD / SOLD PLN                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |          1 | NC      | $-539.11      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities Europe SA                                 | Long: SMIBEJ035 IRS BRL R F 13.56000 II5822630221121 CCPNDFPREDISWA / Short: SMIBEJ035 IRS BRL P V 00MBRCDI II1723230221121 CCPNDFPREDISWA | CUSIP: 000000000<br>LEI: 549300FH0WJAPEHTIQ77 | N/A              | DIR              |  | US        |   22217000 | OU      | $69608.86     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN (30 YEAR ISSUE)                                     | Japan Government Thirty Year Bond                                                                                                          | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  447800000 | PA      | $3791785.09   | 0.86%             | 2033-06-20      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Davide Campari-Milano NV                                  | Davide Campari-Milano NV                                                                                                                   | CUSIP: 000000000<br>LEI: 213800ED5AN2J56N6Z02 | Long             | EC               | CORP              | NL        |       2499 | NS      | $25370.58     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Phoenix Group Holdings PLC                                | Phoenix Group Holdings PLC                                                                                                                 | CUSIP: 000000000<br>LEI: 2138001P49OLAEU33T68 | Long             | EC               | CORP              | GB        |       3531 | NS      | $25866.27     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Whirlpool Corp                                            | Whirlpool Corp                                                                                                                             | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |        109 | NS      | $15419.14     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Brambles Ltd                                              | Brambles Ltd                                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |       6674 | NS      | $54730.83     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Waters Corp                                               | Waters Corp                                                                                                                                | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |        117 | NS      | $40081.86     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                               | Long: SMI9YBAG5 IRS MXN R F  6.68000 II3574520210702 CCPVANILLA / Short: SMI9YBAG5 IRS MXN P V 01MTIIE II3577430210702 CCPVANILLA          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   32653000 | OU      | $-116006.90   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly & Co                                            | Eli Lilly & Co                                                                                                                             | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       1586 | NS      | $580222.24    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Ltd                                                 | Bunge Ltd                                                                                                                                  | CUSIP: 000000000<br>LEI: 5493007M0RIN8HY3MM77 | Long             | EC               | CORP              | BM        |        299 | NS      | $29831.23     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Communications Inc                                 | Rogers Communications Inc                                                                                                                  | CUSIP: 775109200<br>LEI: 54930030NVF3Y2OL0A78 | Long             | EC               | CORP              | CA        |       1652 | NS      | $77317.02     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| iA Financial Corp Inc                                     | iA Financial Corp Inc                                                                                                                      | CUSIP: 45075E104<br>LEI: 549300ZXLJVHQAIXV215 | Long             | EC               | CORP              | CA        |        498 | NS      | $29155.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                                          | Zillow Group Inc                                                                                                                           | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |        318 | NS      | $10242.78     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| InterContinental Hotels Group PLC                         | InterContinental Hotels Group PLC                                                                                                          | CUSIP: 000000000<br>LEI: 2138007ZFQYRUSLU3J98 | Long             | EC               | CORP              | GB        |        869 | NS      | $49862.18     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Energy AG                                         | Siemens Energy AG                                                                                                                          | CUSIP: 000000000<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |       2058 | NS      | $38641.30     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NORWEGIAN GOVERNMENT                                      | Norway Government Bond                                                                                                                     | CUSIP: 000000000<br>LEI: 549300L0BT3FJTN9MX24 | Long             | DBT              | NUSS              | NO        |     790000 | PA      | $73952.83     | 0.02%             | 2032-05-18      | Fixed         | 2.13%                 | Yes           |                  2 | On Loan: No      |
| Arthur J Gallagher & Co                                   | Arthur J Gallagher & Co                                                                                                                    | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |        410 | NS      | $77301.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| QIAGEN NV                                                 | QIAGEN NV                                                                                                                                  | CUSIP: 000000000<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |       1083 | NS      | $54442.95     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Global Payments Inc                                       | Global Payments Inc                                                                                                                        | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |        541 | NS      | $53732.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                                               | Wix.com Ltd                                                                                                                                | CUSIP: 000000000<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |        269 | NS      | $20667.27     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein Inc                                          | Henry Schein Inc                                                                                                                           | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |        269 | NS      | $21485.03     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                                       | JPMorgan Chase & Co                                                                                                                        | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |       5732 | NS      | $768661.20    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Gjensidige Forsikring ASA                                 | Gjensidige Forsikring ASA                                                                                                                  | CUSIP: 000000000<br>LEI: 5967007LIEEXZX6FAO47 | Long             | EC               | CORP              | NO        |        975 | NS      | $19123.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Halliburton Co                                            | Halliburton Co                                                                                                                             | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |       1752 | NS      | $68941.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                            | Amazon.com Inc                                                                                                                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      17979 | NS      | $1510236.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Holmen AB                                                 | Holmen AB                                                                                                                                  | CUSIP: 000000000<br>LEI: 52990080SH3454F0QE68 | Long             | EC               | CORP              | SE        |        442 | NS      | $17567.28     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                                     | Schneider Electric SE                                                                                                                      | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |       2568 | NS      | $360636.01    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| HP Inc                                                    | HP Inc                                                                                                                                     | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |       2049 | NS      | $55056.63     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BONOS Y OBLIG DEL ESTADO                                  | Spain Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |     540000 | PA      | $493864.10    | 0.11%             | 2028-01-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Swatch Group AG/The                                       | Swatch Group AG/The                                                                                                                        | CUSIP: 000000000<br>LEI: 529900NTES2LEON1JZ55 | Long             | EC               | CORP              | CH        |        136 | NS      | $38654.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinor ASA                                               | Equinor ASA                                                                                                                                | CUSIP: 000000000<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |       4626 | NS      | $166259.57    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                                    | Credit Suisse Group AG                                                                                                                     | CUSIP: 000000000<br>LEI: 549300506SI9CRFV9Z86 | Long             | EC               | CORP              | CH        |      17324 | NS      | $51719.92     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                                  | Infineon Technologies AG                                                                                                                   | CUSIP: 000000000<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |       6110 | NS      | $185694.42    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                              | Enbridge Inc                                                                                                                               | CUSIP: 29250NAY1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     600000 | PA      | $568095.50    | 0.13%             | 2025-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JAPAN (30 YEAR ISSUE)                                     | Japan Government Thirty Year Bond                                                                                                          | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  143300000 | PA      | $863108.76    | 0.20%             | 2050-06-20      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| Westinghouse Air Brake Technologies Corp                  | Westinghouse Air Brake Technologies Corp                                                                                                   | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |        341 | NS      | $34035.21     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hundred Acre Wood Trust                                   | Hundred Acre Wood Trust 2021-INV3                                                                                                          | CUSIP: 44555QAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     463007 | PA      | $371961.03    | 0.08%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                   | HCA Inc                                                                                                                                    | CUSIP: 404119BZ1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     250000 | PA      | $214103.21    | 0.05%             | 2049-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Yara International ASA                                    | Yara International ASA                                                                                                                     | CUSIP: 000000000<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | EC               | CORP              | NO        |        810 | NS      | $35572.73     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Venture Corp Ltd                                          | Venture Corp Ltd                                                                                                                           | CUSIP: 000000000<br>LEI: 254900B1NLZC3J1MAE72 | Long             | EC               | CORP              | SG        |       1200 | NS      | $15295.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Recordati Industria Chimica e Farmaceutica SpA            | Recordati Industria Chimica e Farmaceutica SpA                                                                                             | CUSIP: 000000000<br>LEI: 815600FBF92FD3531704 | Long             | EC               | CORP              | IT        |        494 | NS      | $20534.48     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royalty Pharma PLC                                        | Royalty Pharma PLC                                                                                                                         | CUSIP: 000000000<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |        687 | NS      | $27150.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrovial SA                                              | Ferrovial SA                                                                                                                               | CUSIP: 000000000<br>LEI: 95980020140005757903 | Long             | EC               | CORP              | ES        |       2347 | NS      | $61450.83     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED KINGDOM GILT                                       | United Kingdom Gilt                                                                                                                        | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     680000 | PA      | $366716.15    | 0.08%             | 2050-10-22      | Fixed         | 0.63%                 | Yes           |                  2 | On Loan: No      |
| Telenor ASA                                               | Telenor ASA                                                                                                                                | CUSIP: 000000000<br>LEI: 549300IM1QSBY4SLPM26 | Long             | EC               | CORP              | NO        |       3454 | NS      | $32270.62     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DTE Energy Co                                             | DTE Energy Co                                                                                                                              | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |        383 | NS      | $45013.99     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                                        | Anglo American PLC                                                                                                                         | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |       5957 | NS      | $233275.36    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                            | PURCHASED USD / SOLD HKD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |          1 | NC      | $59.36        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Algonquin Power & Utilities Corp                          | Algonquin Power & Utilities Corp                                                                                                           | CUSIP: 015857105<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EC               | CORP              | CA        |       3284 | NS      | $21392.08     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Zalando SE                                                | Zalando SE                                                                                                                                 | CUSIP: 000000000<br>LEI: 529900YRFFGH5AXU4S86 | Long             | EC               | CORP              | DE        |       1077 | NS      | $37915.57     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                  | Ginnie Mae II Pool                                                                                                                         | CUSIP: 3617GTNN3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       8768 | PA      | $8695.29      | 0.00%             | 2049-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Loews Corp                                                | Loews Corp                                                                                                                                 | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |        395 | NS      | $23040.35     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                  | Ginnie Mae II Pool                                                                                                                         | CUSIP: 36179MSY7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      33584 | PA      | $32353.17     | 0.01%             | 2042-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tower Semiconductor Ltd                                   | Tower Semiconductor Ltd                                                                                                                    | CUSIP: 000000000<br>LEI: 54930086ZSNXZOUX0C54 | Long             | EC               | CORP              | IL        |        514 | NS      | $22436.25     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Catalent Inc                                              | Catalent Inc                                                                                                                               | CUSIP: 148806102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        335 | NS      | $15078.35     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                                    | Motorola Solutions Inc                                                                                                                     | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |        329 | NS      | $84786.59     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                            | Long: 1324128   TRS CAD R V 00MCORRA II4161950220906 EQUITYTRS / Short: 1324128   TRS CAD P E II0148190220906 EQUITYTRS                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | FR        |    2175157 | OU      | $48962.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fair Isaac Corp                                           | Fair Isaac Corp                                                                                                                            | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |         49 | NS      | $29330.42     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkeley Group Holdings PLC                               | Berkeley Group Holdings PLC                                                                                                                | CUSIP: 000000000<br>LEI: 2138009OQSSLVVHQAL78 | Long             | EC               | CORP              | GB        |        512 | NS      | $23341.76     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Coinbase Global Inc                                       | Coinbase Global Inc                                                                                                                        | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |        242 | NS      | $8564.38      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty SiriusXM                       | Liberty Media Corp-Liberty SiriusXM                                                                                                        | CUSIP: 531229409<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        145 | NS      | $5699.95      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grab Holdings Limited                                     | Grab Holdings Limited                                                                                                                      | CUSIP: 000000000<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | KY        |       6200 | NS      | $19964.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Adevinta ASA                                              | Adevinta ASA                                                                                                                               | CUSIP: 000000000<br>LEI: 529900W8V3YLHRSZH763 | Long             | EC               | CORP              | NO        |       1463 | NS      | $9687.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IDEXX Laboratories Inc                                    | IDEXX Laboratories Inc                                                                                                                     | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |        163 | NS      | $66497.48     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Intertek Group PLC                                        | Intertek Group PLC                                                                                                                         | CUSIP: 000000000<br>LEI: 2138003GAT25WW1RN369 | Long             | EC               | CORP              | GB        |        768 | NS      | $37364.89     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Coles Group Ltd                                           | Coles Group Ltd                                                                                                                            | CUSIP: 000000000<br>LEI: 549300OHQRG2HN8LZ793 | Long             | EC               | CORP              | AU        |       6393 | NS      | $72468.66     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ONEOK Inc                                                 | ONEOK Inc                                                                                                                                  | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |        883 | NS      | $58013.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                                               | Hologic Inc                                                                                                                                | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |        490 | NS      | $36656.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc                                     | Mohawk Industries Inc                                                                                                                      | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |        102 | NS      | $10426.44     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VMware Inc                                                | VMware Inc                                                                                                                                 | CUSIP: 928563402<br>LEI: 549300BUDHS3LRWBE814 | Long             | EC               | CORP              | US        |        418 | NS      | $51313.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International Inc                                  | Baxter International Inc                                                                                                                   | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |        991 | NS      | $50511.27     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                                   | Bristol-Myers Squibb Co                                                                                                                    | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |       4245 | NS      | $305427.75    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                                      | Invitation Homes Inc                                                                                                                       | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               |  | US        |       1203 | NS      | $35656.92     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Banque Cantonale Vaudoise                                 | Banque Cantonale Vaudoise                                                                                                                  | CUSIP: 000000000<br>LEI: K1MOBB3OPSBBQO554R76 | Long             | EC               | CORP              | CH        |        142 | NS      | $13614.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                | Fannie Mae Pool                                                                                                                            | CUSIP: 3140E2FE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      55798 | PA      | $53617.43     | 0.01%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American Express Co                                       | American Express Co                                                                                                                        | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |       1251 | NS      | $184835.25    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| GEORGIA-PACIFIC LLC                                       | Georgia-Pacific LLC                                                                                                                        | CUSIP: 37331NAK7<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |     950000 | PA      | $790889.51    | 0.18%             | 2030-04-30      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Inc                                     | GFL Environmental Inc                                                                                                                      | CUSIP: 36168Q104<br>LEI: 549300FYK4MBXWIVZU26 | Long             | EC               | CORP              | CA        |        861 | NS      | $25143.23     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CH Robinson Worldwide Inc                                 | CH Robinson Worldwide Inc                                                                                                                  | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |        248 | NS      | $22706.88     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncorp Group Ltd                                         | Suncorp Group Ltd                                                                                                                          | CUSIP: 000000000<br>LEI: 549300BVOKRTHDIWVT46 | Long             | EC               | CORP              | AU        |       5983 | NS      | $48754.32     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                  | PURCHASED CAD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CA        |          1 | NC      | $-635.44      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Teleperformance                                           | Teleperformance                                                                                                                            | CUSIP: 000000000<br>LEI: 9695004GI61FHFFNRG61 | Long             | EC               | CORP              | FR        |        281 | NS      | $67177.31     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| EUROPEAN INVESTMENT BANK                                  | European Investment Bank                                                                                                                   | CUSIP: 000000000<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |     925000 | PA      | $776823.68    | 0.18%             | 2031-01-14      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Aspen Technology Inc                                      | Aspen Technology Inc                                                                                                                       | CUSIP: 29109X106<br>LEI: 254900545H80W6GA2J08 | Long             | EC               | CORP              | US        |         56 | NS      | $11502.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercedes-Benz Group AG                                    | Mercedes-Benz Group AG                                                                                                                     | CUSIP: 000000000<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |       3810 | NS      | $249154.44    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Capital One Financial Corp                                | Capital One Financial Corp                                                                                                                 | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |        752 | NS      | $69905.92     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Fleet Management Corp                             | Element Fleet Management Corp                                                                                                              | CUSIP: 286181201<br>LEI: 5493000PGBS1C22ELQ16 | Long             | EC               | CORP              | CA        |       1835 | NS      | $25004.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First Quantum Minerals Ltd                                | First Quantum Minerals Ltd                                                                                                                 | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |       2977 | NS      | $62200.39     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group Inc                       | Public Service Enterprise Group Inc                                                                                                        | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |        986 | NS      | $60412.22     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group Inc                          | American International Group Inc                                                                                                           | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |       1469 | NS      | $92899.56     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Qantas Airways Ltd                                        | Qantas Airways Ltd                                                                                                                         | CUSIP: 000000000<br>LEI: YLXNW6TI6QSK1H8H0N82 | Long             | EC               | CORP              | AU        |       4335 | NS      | $17546.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Arrow Electronics Inc                                     | Arrow Electronics Inc                                                                                                                      | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |        126 | NS      | $13175.82     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                               | PepsiCo Inc                                                                                                                                | CUSIP: 713448CP1<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |     400000 | PA      | $419991.37    | 0.10%             | 2026-04-28      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| NETHERLANDS GOVERNMENT                                    | Netherlands Government Bond                                                                                                                | CUSIP: 000000000<br>LEI: 254900G14ALGVKORFN62 | Long             | DBT              | NUSS              | NL        |     970000 | PA      | $846025.80    | 0.19%             | 2030-07-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Investor AB                                               | Investor AB                                                                                                                                | CUSIP: 000000000<br>LEI: 549300VEBQPHRZBKUX38 | Long             | EC               | CORP              | SE        |       8650 | NS      | $156573.25    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Halma PLC                                                 | Halma PLC                                                                                                                                  | CUSIP: 000000000<br>LEI: 2138007FRGLUR9KGBT40 | Long             | EC               | CORP              | GB        |       1795 | NS      | $42747.82     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fastenal Co                                               | Fastenal Co                                                                                                                                | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |       1137 | NS      | $53802.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Annaly Capital Management Inc                             | Annaly Capital Management Inc                                                                                                              | CUSIP: 000000000<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               |  | US        |        920 | NS      | $19393.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED KINGDOM GILT                                       | United Kingdom Gilt                                                                                                                        | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     650000 | PA      | $706104.23    | 0.16%             | 2028-10-22      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| Loblaw Cos Ltd                                            | Loblaw Cos Ltd                                                                                                                             | CUSIP: 539481101<br>LEI: 5493008LN3O1DIDTSH67 | Long             | EC               | CORP              | CA        |        773 | NS      | $68348.27     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                         | EURO-BUND FUTURE MAR23                                                                                                                     | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -11 | NC      | $109053.98    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                        | Banco Bilbao Vizcaya Argentaria SA                                                                                                         | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |     152149 | NS      | $916433.77    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                       | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    2330000 | PA      | $525440.90    | 0.12%             | 2029-08-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| Eaton Corp PLC                                            | Eaton Corp PLC                                                                                                                             | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |        784 | NS      | $123048.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                                       | Gilead Sciences Inc                                                                                                                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |       2532 | NS      | $217372.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                                        | SEI Investments Co                                                                                                                         | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |        228 | NS      | $13292.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Svenska Handelsbanken AB                                  | Svenska Handelsbanken AB                                                                                                                   | CUSIP: 000000000<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | EC               | CORP              | SE        |       6893 | NS      | $69398.65     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                                   | International Bank for Reconstruction & Development                                                                                        | CUSIP: 459058JF1<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    1630000 | PA      | $1638265.81   | 0.37%             | 2027-08-19      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| JAPAN (30 YEAR ISSUE)                                     | Japan Government Thirty Year Bond                                                                                                          | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  131000000 | PA      | $753818.31    | 0.17%             | 2049-09-20      | Fixed         | 0.40%                 | No            |                  2 | On Loan: No      |
| Whitbread PLC                                             | Whitbread PLC                                                                                                                              | CUSIP: 000000000<br>LEI: 21380099VMZKRMN3EX36 | Long             | EC               | CORP              | GB        |        951 | NS      | $29403.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Gold Corp                                         | Barrick Gold Corp                                                                                                                          | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |       6338 | NS      | $108644.74    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                            | ConocoPhillips                                                                                                                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      16375 | NS      | $1932250.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                                         | HSBC Holdings PLC                                                                                                                          | CUSIP: 000000000<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |      92861 | NS      | $575509.20    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Valeo                                                     | Valeo                                                                                                                                      | CUSIP: 000000000<br>LEI: 5493006IH2N2WMIBB742 | Long             | EC               | CORP              | FR        |       1004 | NS      | $17939.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken NV                                               | Heineken NV                                                                                                                                | CUSIP: 000000000<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |       1219 | NS      | $114820.26    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-25

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

**Signature:** Francis Smith

**Name of Signer:** Francis Smith

**Title:** Principal Financial Officer