NPORT-EX 2 NPORT_MGFB_93374898_0923.htm

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

Advantage Portfolio

 

   Shares   Value
(000)		 
Common Stocks (97.2%)          
Automobiles (5.2%)          
Tesla, Inc. (a)   42,746   $10,696 
           
Broadline Retail (7.0%)          
Amazon.com, Inc. (a)   54,554    6,935 
MercadoLibre, Inc. (a)   5,894    7,473 
         14,408 
Capital Markets (1.5%)          
Intercontinental Exchange, Inc.   28,685    3,156 
           
Entertainment (4.6%)          
ROBLOX Corp., Class A (a)   325,633    9,430 
           
Financial Services (5.5%)          
Adyen NV (Netherlands) (a)   10,190    7,555 
Block, Inc., Class A (a)   22,249    985 
Toast, Inc., Class A (a)   153,799    2,881 
         11,421 
Ground Transportation (7.5%)          
Uber Technologies, Inc. (a)   336,614    15,481 
           
Health Care Equipment & Supplies (0.5%)          
Intuitive Surgical, Inc. (a)   3,788    1,107 
           
Health Care Technology (1.5%)          
Veeva Systems, Inc., Class A (a)   15,142    3,081 
           
Hotels, Restaurants & Leisure (12.2%)          
Airbnb, Inc., Class A (a)   83,189    11,414 
DoorDash, Inc., Class A (a)   172,146    13,681 
         25,095 
Information Technology Services (21.6%)          
Cloudflare, Inc., Class A (a)   254,614    16,051 
Shopify, Inc., Class A (Canada) (a)   267,896    14,619 
Snowflake, Inc., Class A (a)   90,629    13,845 
         44,515 
Interactive Media & Services (6.0%)          
Meta Platforms, Inc., Class A (a)   23,766    7,135 
ZoomInfo Technologies, Inc., Class A (a)   313,696    5,144 
         12,279 
Life Sciences Tools & Services (2.5%)          
Illumina, Inc. (a)   38,061    5,225 
           
Media (7.5%)          
Trade Desk, Inc., Class A (a)   198,565    15,518 
           
Pharmaceuticals (4.7%)          
Royalty Pharma PLC, Class A   354,222    9,614 
           
Software (6.4%)          
Bill Holdings, Inc. (a)   71,988    7,816 
Datadog, Inc., Class A (a)   57,726    5,258 
        13,074 
Specialty Retail (3.0%)          
Chewy, Inc., Class A (a)   169,547    3,096 
Floor & Decor Holdings, Inc., Class A (a)   33,818    3,060 
         6,156 
Total Common Stocks (Cost $206,154)        200,256 
           
Investment Company (1.7%)          
Grayscale Bitcoin Trust (a) (Cost $5,036)   174,506    3,349 
           
Short-Term Investment (0.6%)          
Investment Company (0.6%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $1,317)   1,317,327    1,317 
Total Investments Excluding Purchased Options (99.5%) (Cost $212,507)        204,922 
Total Purchased Options Outstanding (0.3%) (Cost $682)        713 
Total Investments (99.8%) (Cost $213,189) (c)(d)(e)(f)        205,635 
Other Assets in Excess of Liabilities (0.2%)        337 
Net Assets (100.0%)       $205,972 

 

(a) Non-income producing security.
(b) 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. 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $6,000 relating to the Fund's investment in the Liquidity Funds.
(c) The approximate fair value and percentage of net assets, $7,555,000 and 3.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(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 Directors 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 nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(e) Securities are available for collateral in connection with purchased options.
(f) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $26,053,000 and the aggregate gross unrealized depreciation is approximately $33,607,000, resulting in net unrealized depreciation of approximately $7,554,000.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Advantage Portfolio

 

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2023:

 

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		   Notional
Amount
(000)		   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
JPMorgan Chase Bank NA  USD/CNH  CNH 7.43  Jan–24   43,082,732   $43,083   $197   $203   $(6)
Standard Chartered Bank  USD/CNH  CNH 7.57  May–24   56,717,357    56,717    294    240    54 
JPMorgan Chase Bank NA  USD/CNH  CNH 7.79  Aug–24   57,077,746    57,078    222    236    (14)
Goldman Sachs International  USD/CNH  CNH 7.87  Oct–23   542,601    543    —@   3    (3)
                        $713   $682   $31 

 

@  Value is less than $500.
CNH— Chinese Yuan Renminbi Offshore
USD— United States Dollar

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Information Technology Services   21.7%
Other*   20.9 
Hotels, Restaurants & Leisure   12.2 
Media   7.5 
Ground Transportation   7.5 
Broadline Retail   7.0 
Software   6.4 
Interactive Media & Services   6.0 
Financial Services   5.6 
Automobiles   5.2 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

American Resilience Portfolio

 

   Shares   Value
(000)		 
Common Stocks (92.7%)          
Beverages (1.9%)          
Coca-Cola Co.   343   $19 
           
Capital Markets (6.4%)          
FactSet Research Systems, Inc.   23    10 
Intercontinental Exchange, Inc.   365    40 
Moody's Corp.   48    15 
         65 
Electronic Equipment, Instruments & Components (4.3%)          
Amphenol Corp., Class A   256    21 
CDW Corp.   114    23 
         44 
Financial Services (7.7%)          
Jack Henry & Associates, Inc.   37    6 
PayPal Holdings, Inc. (a)   343    20 
Visa, Inc., Class A   231    53 
         79 
Health Care Equipment & Supplies (7.5%)          
Abbott Laboratories   255    25 
Becton Dickinson & Co.   130    34 
Steris PLC   84    18 
         77 
Household Products (2.7%)          
Procter & Gamble Co.   190    28 
           
Information Technology Services (6.0%)          
Accenture PLC, Class A   198    61 
           
Insurance (4.7%)          
Aon PLC, Class A   93    30 
Arthur J Gallagher & Co.   80    18 
         48 
Interactive Media & Services (3.6%)          
Alphabet, Inc., Class A (a)   279    37 
           
Life Sciences Tools & Services (13.6%)          
Danaher Corp.   177    44 
IQVIA Holdings, Inc. (a)   159    31 
Revvity, Inc.   137    15 
Thermo Fisher Scientific, Inc.   97    49 
         139 
Machinery (3.0%)          
Otis Worldwide Corp.   380    31 
           
Pharmaceuticals (1.7%)          
Zoetis, Inc.   96    17 
           
Professional Services (7.3%)          
Automatic Data Processing, Inc.   133    32 
Broadridge Financial Solutions, Inc.   139    25 
Equifax, Inc.   92    17 
         74 
Semiconductors & Semiconductor Equipment (3.4%)          
Texas Instruments, Inc.   219    35 
           
Software (13.5%)          
Adobe, Inc. (a)   16    8 
Constellation Software, Inc. (Canada)   16    33 
Microsoft Corp.   210    66 
Roper Technologies, Inc.   64    31 
         138 
Textiles, Apparel & Luxury Goods (1.4%)          
NIKE, Inc., Class B   149    14 
           
Tobacco (4.0%)          
Philip Morris International, Inc.   444    41 
Total Common Stocks (Cost $924)        947 

 

   No. of
Warrants		     
Warrant (0.0%)‡        
Software (0.0%)‡          
Constellation Software, Inc., expires 3/31/40 (a) (Cost $—)   16     —@

 

   Shares     
Short-Term Investment (1.7%)          
Investment Company (1.7%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (b) (Cost $18)   18,033    18 
Total Investments (94.4%) (Cost $942) (c)(d)        965 
Other Assets in Excess of Liabilities (5.6%)        57 
Net Assets (100.0%)       $1,022 

 

‡ Amount is less than 0.05%.
@ Value is less than $500.
(a) Non-income producing security.
(b) 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. 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 nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(c) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(d) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $59,000 and the aggregate gross unrealized depreciation is approximately $36,000, resulting in net unrealized appreciation of approximately $23,000.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   29.4%
Life Sciences Tools & Services   14.5 
Software   14.2 
Financial Services   8.2 
Health Care Equipment & Supplies   8.0 
Professional Services   7.7 
Capital Markets   6.7 
Information Technology Services   6.3 
Insurance   5.0 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited) 

Consolidated Portfolio of Investments

Asia Opportunity Portfolio

 

   Shares   Value
(000)		 
Common Stocks (100.9%)          
China (49.1%)          
China Resources Beer Holdings Co. Ltd. (a)   542,300   $2,962 
China Resources Mixc Lifestyle Services Ltd. (a)   537,600    2,164 
Foshan Haitian Flavouring & Food Co. Ltd., Class A   372,625    1,952 
Greentown Service Group Co. Ltd. (a)   1,886,000    845 
Haidilao International Holding Ltd. (a)   3,475,000    9,265 
Inner Mongolia Yili Industrial Group Co. Ltd., Class A   981,486    3,580 
KE Holdings, Inc. ADR   495,553    7,691 
Kuaishou Technology (a)(b)   614,800    4,891 
Kweichow Moutai Co. Ltd., Class A   37,194    9,225 
Meituan, Class B (a)(b)   624,420    9,039 
Qifu Technology, Inc. ADR   258,665    3,973 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A   76,500    2,843 
Shenzhou International Group Holdings Ltd. (a)   449,600    4,276 
Tencent Holdings Ltd. (a)   192,300    7,454 
Trip.com Group Ltd. ADR (b)   233,654    8,171 
Tsingtao Brewery Co. Ltd. (a)   310,000    2,524 
Wuliangye Yibin Co. Ltd., Class A   158,700    3,420 
Yihai International Holding Ltd. (a)(b)   377,000    647 
         84,922 
Hong Kong (2.4%)          
AIA Group Ltd.   505,100    4,085 
           
India (25.9%)          
Axis Bank Ltd.   390,469    4,860 
HDFC Bank Ltd.   757,875    13,899 
ICICI Bank Ltd. ADR   483,533    11,179 
IndusInd Bank Ltd.   337,789    5,791 
Shree Cement Ltd.   4,989    1,527 
Titan Co. Ltd.   135,827    5,138 
Zomato Ltd. (b)   1,946,752    2,371 
         44,765 
Indonesia (0.6%)          
Avia Avian Tbk PT   29,490,700    1,068 
           
Korea, Republic of (11.7%)          
Coupang, Inc. (b)   617,333    10,495 
KakaoBank Corp.   235,114    4,069 
NAVER Corp.   37,920    5,669 
         20,233 
Singapore (5.3%)          
Grab Holdings Ltd., Class A (b)   1,873,344    6,632 
Sea Ltd. ADR (b)   42,950    1,888 
Super Hi International Holding Ltd. (a)(b)(c)   382,299    751 
         9,271 
Taiwan (5.9%)          
Nien Made Enterprise Co. Ltd.   237,000    2,275 
Silergy Corp.   152,000    1,441 
Taiwan Semiconductor Manufacturing Co. Ltd.   398,000    6,490 
         10,206 
Total Common Stocks (Cost $167,101)        174,550 
           
Short-Term Investment (2.1%)
Investment Company (2.1%)
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $3,579)   3,578,548    3,579 
Total Investments (103.0%) (Cost $170,680) Including $436 of Securities Loaned (e)(f)(g)        178,129 
Liabilities in Excess of Other Assets (–3.0%)        (5,134)
Net Assets (100.0%)       $172,995 

 

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

 

(a) Security trades on the Hong Kong exchange.
(b) Non-income producing security.
(c) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $436,000 and $441,000 respectively. The Fund received non-cash collateral of approximately $441,000 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.
(d) 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $10,000 relating to the Fund's investment in the Liquidity Funds.
(e) The approximate fair value and percentage of net assets, $124,521,000 and 72.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(f) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(g) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $34,313,000 and the aggregate gross unrealized depreciation is approximately $26,864,000, resulting in net unrealized appreciation of approximately $7,449,000.

 

ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   23.6%
Banks   22.3 
Hotels, Restaurants & Leisure   16.6 
Beverages   10.2 
Interactive Media & Services   10.1 
Real Estate Management & Development   6.0 
Broadline Retail   5.9 
Textiles, Apparel & Luxury Goods   5.3 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited) 

Consolidated Portfolio of Investments

Counterpoint Global Portfolio

 

   Shares   Value
(000)		 
Common Stocks (96.5%)          
Argentina (0.1%)          
Globant SA (a)   61   $12 
           
Brazil (0.3%)          
B3 SA - Brasil Bolsa Balcao   592    1 
NU Holdings Ltd., Class A (a)   2,729    20 
Vale SA   69    1 
         22 
Canada (4.1%)          
Brookfield Corp.   206    6 
Brookfield Infrastructure Partners LP   177    5 
Canada Goose Holdings, Inc. (a)   518    8 
Canadian National Railway Co.   581    63 
Canadian Pacific Kansas City Ltd.   105    8 
Constellation Software, Inc.   18    37 
FirstService Corp.   6    1 
Lumine Group, Inc. (a)   49    1 
Shopify, Inc., Class A (a)   3,748    205 
Topicus.com, Inc. (a)   461    30 
         364 
China (1.2%)          
China Resources Mixc Lifestyle Services Ltd. (b)   400    2 
Foshan Haitian Flavouring & Food Co. Ltd., Class A   167    1 
Greentown Service Group Co. Ltd. (b)   2,000    1 
Haidilao International Holding Ltd. (b)   3,000    8 
Inner Mongolia Yili Industrial Group Co. Ltd., Class A   700    2 
KE Holdings, Inc. ADR   386    6 
Kuaishou Technology (a)(b)   500    4 
Meituan, Class B (a)(b)   2,520    36 
Qifu Technology, Inc. ADR   188    3 
Shenzhou International Group Holdings Ltd. (b)   400    4 
Tencent Holdings Ltd. (b)   200    8 
Trip.com Group Ltd. ADR (a)   817    28 
Wuliangye Yibin Co. Ltd., Class A   100    2 
         105 
Denmark (1.2%)          
DSV AS   551    103 
Novo Nordisk AS, Class B   54    5 
         108 
France (2.8%)          
Airbus SE   147    20 
Christian Dior SE   43    32 
EssilorLuxottica SA   45    8 
Eurofins Scientific SE   1,583    89 
Hermes International   37    67 
L'Oreal SA   2    1 
LVMH Moet Hennessy Louis Vuitton SE   10    7 
Pernod Ricard SA   60    10 
Remy Cointreau SA   5    1 
Safran SA   83    13 
         248 
Germany (0.2%)          
Adidas AG   38    7 
HelloFresh SE (a)   67    2 
Puma SE   75    4 
         13 
Hong Kong (0.1%)          
AIA Group Ltd.   1,200    10 
           
India (2.0%)          
Axis Bank Ltd.   338    4 
HDFC Bank Ltd. ADR   1,813    107 
ICICI Bank Ltd. ADR   1,952    45 
IndusInd Bank Ltd.   239    4 
Shree Cement Ltd.   4    1 
Titan Co. Ltd.   246    10 
Zomato Ltd. (a)   1,688    2 
         173 
Indonesia (0.0%)‡          
Avia Avian Tbk PT   24,800    1 
           
Israel (3.6%)          
Global-e Online Ltd. (a)   7,743    308 
Oddity Tech Ltd., Class A (a)   226    6 
         314 
Italy (1.0%)          
Brunello Cucinelli SpA   54    4 
Davide Campari-Milano NV   1,329    16 
Ferrari NV   3    1 
Moncler SpA   1,230    71 
         92 
Japan (0.4%)          
Keyence Corp.   100    37 
           
Korea, Republic of (1.3%)          
Coupang, Inc. (a)   5,322    90 
KakaoBank Corp.   477    8 
NAVER Corp.   105    16 
         114 
Mexico (0.0%)‡          
Grupo Aeroportuario del Sureste SAB de CV, Class B   45    1 
           
Netherlands (2.5%)          
Adyen NV (a)   196    145 
ASML Holding NV   36    21 
ASML Holding NV (Registered)   16    9 
Basic-Fit NV (a)   937    27 
Heineken NV   176    16 
Universal Music Group NV   34    1 
         219 
Norway (0.0%)‡          
AutoStore Holdings Ltd. (a)   1,120    2 
           
Poland (0.0%)‡          
Allegro.eu SA (a)   181    1 
           
Singapore (1.5%)          
Grab Holdings Ltd., Class A (a)   35,200    125 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Counterpoint Global Portfolio

 

   Shares   Value
(000)		 
Singapore (cont'd)          
Sea Ltd. ADR (a)   132   $6 
Super Hi International Holding Ltd. (a)(b)   300    —@ 
         131 
Sweden (0.2%)          
Evolution AB   138    14 
Vitrolife AB   215    3 
         17 
Switzerland (1.0%)          
Cie Financiere Richemont SA (Registered)   35    4 
Givaudan SA (Registered)   5    16 
Kuehne & Nagel International AG (Registered)   40    12 
On Holding AG, Class A (a)   798    22 
SIG Group AG (a)   632    16 
Straumann Holding AG (Registered)   120    15 
         85 
Taiwan (0.2%)          
Taiwan Semiconductor Manufacturing Co. Ltd.   1,000    16 
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   35    3 
         19 
United Kingdom (3.9%)          
Babcock International Group PLC (a)   20,212    102 
Deliveroo PLC (a)   2,146    3 
Diageo PLC   251    9 
Fevertree Drinks PLC   189    3 
Rentokil Initial PLC   6,320    47 
Rightmove PLC   1,048    7 
Victoria PLC (a)   27,827    176 
         347 
United States (68.9%)          
10X Genomics, Inc., Class A (a)   725    30 
Adobe, Inc. (a)   110    56 
Advance Auto Parts, Inc.   71    4 
Affirm Holdings, Inc. (a)   7,695    164 
Agilon health, Inc. (a)   8,992    160 
Airbnb, Inc., Class A (a)   704    97 
Alnylam Pharmaceuticals, Inc. (a)   3    1 
Alphabet, Inc., Class A (a)   452    59 
Amazon.com, Inc. (a)   1,116    142 
American Tower Corp. REIT   126    21 
Appian Corp., Class A (a)   1,863    85 
Arbutus Biopharma Corp. (a)   8,662    18 
ATAI Life Sciences NV (a)   1,058    1 
Aurora Innovation, Inc. (a)   18,994    45 
Axon Enterprise, Inc. (a)   1    —@ 
Ball Corp.   34    2 
BARK, Inc. (a)   1,620    2 
Beam Therapeutics, Inc. (a)   89    2 
Bill Holdings, Inc. (a)   2,017    219 
Block, Inc., Class A (a)   427    19 
Brown & Brown, Inc.   381    27 
Cadence Design Systems, Inc. (a)   1    —@ 
Cardlytics, Inc. N (a)   117    2 
Carvana Co. (a)   4,053    170 
Cava Group, Inc. (a)   60    2 
Celsius Holdings, Inc. (a)   11    2 
Chewy, Inc., Class A (a)   65    1 
Cintas Corp.   1    —@ 
Cloudflare, Inc., Class A (a)   20,795    1,311 
Coinbase Global, Inc., Class A (a)   4    —@
Confluent, Inc., Class A (a)   252    7 
Constellation Brands, Inc., Class A   94    24 
Copart, Inc. (a)   4    —@ 
Cricut, Inc., Class A   15,472    144 
Crowdstrike Holdings, Inc., Class A (a)   131    22 
Danaher Corp.   113    28 
Datadog, Inc., Class A (a)   22    2 
Deckers Outdoor Corp. (a)   26    13 
Dexcom, Inc. (a)   33    3 
Dlocal Ltd. (a)   129    2 
Dollar General Corp.   764    81 
Domino's Pizza, Inc.   1    —@
DoorDash, Inc., Class A (a)   2,157    171 
Doximity, Inc., Class A (a)   1,500    32 
Duolingo, Inc. (a)   49    8 
Ecolab, Inc.   14    2 
Elanco Animal Health, Inc. (a)   1,513    17 
Endeavor Group Holdings, Inc., Class A (a)   606    12 
Enphase Energy, Inc. (a)   5    1 
Estee Lauder Cos., Inc., Class A   1    —@
Eventbrite, Inc., Class A (a)   1,348    13 
Fastenal Co.   3    —@
Fastly, Inc., Class A (a)   4,774    92 
Figs, Inc., Class A (a)   602    4 
Floor & Decor Holdings, Inc., Class A (a)   1,293    117 
Gartner, Inc. (a)   43    15 
GH Research PLC (a)   183    2 
Ginkgo Bioworks Holdings, Inc. (a)   8,341    15 
Gitlab, Inc., Class A (a)   1,137    51 
Guardant Health, Inc. (a)   60    2 
HEICO Corp., Class A   1    —@
Hilton Worldwide Holdings, Inc.   120    18 
Home Depot, Inc.   8    2 
HubSpot, Inc. (a)   92    45 
Illumina, Inc. (a)   97    13 
Inspire Medical Systems, Inc. (a)   10    2 
Intellia Therapeutics, Inc. (a)   285    9 
Intercontinental Exchange, Inc.   462    51 
International Flavors & Fragrances, Inc.   334    23 
Intuitive Surgical, Inc. (a)   7    2 
Joby Aviation, Inc. (a)   770    5 
Klaviyo, Inc., Class A (a)   96    3 
Linde PLC   2    1 
Lithia Motors, Inc., Class A   48    14 
Lululemon Athletica, Inc. (a)   12    5 
Maplebear, Inc. (a)   48    1 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Counterpoint Global Portfolio

 

   Shares   Value
(000)		 
United States (cont'd)          
Martin Marietta Materials, Inc.   1   $—@
Mastercard, Inc., Class A   83    33 
MaxCyte, Inc. (a)   603    2 
McCormick & Co., Inc.   2    —@
McDonald's Corp.   1    —@
MercadoLibre, Inc. (a)   145    184 
Meta Platforms, Inc., Class A (a)   201    60 
MicroStrategy, Inc., Class A (a)   62    20 
Moderna, Inc. (a)   1    —@
MongoDB, Inc. (a)   44    15 
MP Materials Corp. (a)   89    2 
MSCI, Inc.   3    2 
Netflix, Inc. (a)   3    1 
Occidental Petroleum Corp.   397    26 
Opendoor Technologies, Inc. (a)   1,208    3 
Outset Medical, Inc. (a)   169    2 
Peloton Interactive, Inc., Class A (a)   13,825    70 
Penumbra, Inc. N (a)   7    2 
Pool Corp.   7    3 
Privia Health Group, Inc. (a)   90    2 
Procore Technologies, Inc. (a)   1,145    75 
ProKidney Corp. (a)   1,831    8 
Redfin Corp. (a)   341    2 
Rivian Automotive, Inc., Class A (a)   8    —@
ROBLOX Corp., Class A (a)   5,009    145 
Roivant Sciences Ltd. (a)   4,951    58 
Rollins, Inc.   4    —@
Roper Technologies, Inc.   1    —@
Royal Gold, Inc.   140    15 
Royalty Pharma PLC, Class A   7,905    215 
S&P Global, Inc.   38    14 
Salesforce, Inc. (a)   133    27 
Samsara, Inc., Class A (a)   3,602    91 
Schrodinger, Inc. (a)   64    2 
Service Corp. International   3    —@
ServiceNow, Inc. (a)   171    96 
Sherwin-Williams Co.   1    —@
Snap, Inc., Class A (a)   69    1 
Snowflake, Inc., Class A (a)   2,047    313 
Soho House & Co., Inc., Class A (a)   276    2 
SomaLogic, Inc. (a)   1,807    4 
Spotify Technology SA (a)   414    64 
Standard BioTools, Inc. (a)   3,020    9 
Starbucks Corp.   2    —@
Synopsys, Inc. (a)   1    —@
Tesla, Inc. (a)   419    105 
Texas Pacific Land Corp.   10    18 
TKO Group Holdings, Inc.   121    10 
Toast, Inc., Class A (a)   3,854    72 
Tractor Supply Co.   11    2 
Trade Desk, Inc., Class A (a)   2,246    176 
Tyler Technologies, Inc. (a)   5    2 
Uber Technologies, Inc. (a)   5,510    253 
Union Pacific Corp.   26    5 
Unity Software, Inc. (a)   19    1 
Veeva Systems, Inc., Class A (a)   13    3 
Visa, Inc., Class A   163    37 
Walt Disney Co. (a)   463    38 
Waste Connections, Inc.   6    1 
Watsco, Inc.   5    2 
Wayfair, Inc., Class A (a)   575    35 
XPEL, Inc. (a)   25    2 
Zoetis, Inc.   1    —@
ZoomInfo Technologies, Inc., Class A (a)   1,629    27 
         6,073 
Total Common Stocks (Cost $7,273)        8,508 
           
Preferred Stocks (0.5%)
United States (0.5%)
Databricks, Inc., Series H (a)(c)(d)
(acquisition cost — $44; acquired 8/31/21)		   594    44 
Databricks, Inc., Series I (a)(c)(d)
(acquisition cost — $1; acquired 9/15/23)		   19    1 
Stripe, Inc., Series H (a)(c)(d)
(acquisition cost — $2; acquired 3/17/23)		   123    3 
Total Preferred Stocks (Cost $47)        48 
           
Investment Company (1.3%)
United States (1.3%)
Grayscale Bitcoin Trust (a) (Cost $195)   5,728    110 

 

   No. of
Warrants		     
Warrants (0.0%)‡
Canada (0.0%) ‡
Constellation Software, Inc.
expires 3/31/40 (a)		   18    —@
United States (0.0%) ‡          
BARK, Inc.
expires 5/01/26 (a)		   373    —@
Ginkgo Bioworks Holdings, Inc.
expires 12/31/27 (a)		   261    —@
SomaLogic, Inc.
expires 8/31/26 (a)		   96    —@
         —@
Total Warrants (Cost $3)        —@

 

   Shares     
Short-Term Investment (1.0%)
Investment Company (1.0%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $90)   90,082    90 
Total Investments Excluding Purchased Options (99.3%) (Cost $7,608)        8,756 
Total Purchased Options Outstanding (0.2%) (Cost $17)        19 
Total Investments (99.5%) (Cost $7,625) (f)(g)(h)(i)        8,775 
Other Assets in Excess of Liabilities (0.5%)        41 
Net Assets (100.0%)       $8,816 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Counterpoint Global Portfolio

 

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

 

‡ Amount is less than 0.05%.
@ Value is less than $500.
(a) Non-income producing security.
(b) Security trades on the Hong Kong exchange.
(c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2023 amounts to approximately $48,000 and represents 0.5% of net assets.
(d) At September 30, 2023, the Fund held fair valued securities valued at approximately $48,000, representing 0.5% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(e) 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. 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 nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(f) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(g) Securities are available for collateral in connection with purchased options.
(h) The approximate fair value and percentage of net assets, $1,279,000 and 14.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(i) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,950,000 and the aggregate gross unrealized depreciation is approximately $800,000, resulting in net unrealized appreciation of approximately $1,150,000.
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Counterpoint Global Portfolio

 

Call Options Purchased: 

The Fund had the following call options purchased open at September 30, 2023:

 

Counterparty  Description  Strike
Price		  Expiration
Date		 Number of
Contracts		  Notional
Amount
(000)		  Value
(000)		  Premiums
Paid
(000)		  Unrealized
Appreciation
(Depreciation)
(000)		 
JPMorgan Chase Bank NA  USD/CNH  CNH 7.43  Jan–24  1,001,997  $1,002  $5  $5  $(—@)
JPMorgan Chase Bank NA  USD/CNH  CNH 7.57  May–24  1,505,000   1,505   8   6   2 
JPMorgan Chase Bank NA  USD/CNH  CNH 7.79  Aug–24  1,505,059   1,505   6   6   (—@)
                     $19  $17  $2 

 

@  Value is less than $500.
CNH  — Chinese Yuan Renminbi Offshore
USD  — United States Dollar

 

 

 

 

Portfolio Composition    
     
Classification  Percentage of
Total Investments		 
Other*   47.9%
Information Technology Services   22.4 
Software   10.9 
Broadline Retail   8.2 
Financial Services   5.4 
Ground Transportation  5.2 
Total Investments  100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

Developing Opportunity Portfolio

 

   Shares   Value
(000)		 
Common Stocks (99.0%)          
Argentina (3.6%)          
Globant SA (a)   7,227   $1,430 
           
Brazil (5.5%)          
B3 SA - Brasil Bolsa Balcao   304,578    745 
NU Holdings Ltd., Class A (a)   201,986    1,464 
         2,209 
China (34.6%)          
China Resources Beer Holdings Co. Ltd. (b)   96,000    524 
China Resources Mixc Lifestyle Services Ltd. (b)   113,400    457 
Haidilao International Holding Ltd. (b)   587,000    1,565 
Inner Mongolia Yili Industrial Group Co. Ltd., Class A   160,600    586 
KE Holdings, Inc. ADR   87,875    1,364 
Kuaishou Technology (a)(b)   98,200    781 
Kweichow Moutai Co. Ltd., Class A   6,789    1,684 
Meituan, Class B (a)(b)   120,180    1,740 
Qifu Technology, Inc. ADR   38,518    592 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A   11,300    420 
Shenzhou International Group Holdings Ltd. (b)   78,200    744 
Tencent Holdings Ltd. (b)   31,300    1,213 
Trip.com Group Ltd. ADR (a)   43,160    1,509 
Wuliangye Yibin Co. Ltd., Class A   26,000    560 
         13,739 
India (22.3%)          
Axis Bank Ltd.   86,715    1,079 
HDFC Bank Ltd.   146,987    2,696 
ICICI Bank Ltd. ADR   96,809    2,238 
IndusInd Bank Ltd.   49,185    843 
Shree Cement Ltd.   1,150    352 
Titan Co. Ltd.   29,836    1,129 
Zomato Ltd. (a)   431,980    526 
         8,863 
Indonesia (1.6%)          
Avia Avian Tbk PT   17,845,700    646 
           
Korea, Republic of (11.1%)          
Coupang, Inc. (a)   138,308    2,351 
KakaoBank Corp.   45,328    785 
NAVER Corp.   8,488    1,269 
         4,405 
Mexico (1.3%)          
Grupo Aeroportuario del Sureste SAB de CV, Class B   21,985    538 
           
Singapore (5.0%)          
Grab Holdings Ltd., Class A (a)   407,428    1,443 
Sea Ltd. ADR (a)   9,403    413 
Super Hi International Holding Ltd. (a)(b)   60,000    118 
         1,974 
Taiwan (5.3%)          
Nien Made Enterprise Co. Ltd.   32,000    307 
Silergy Corp.   35,000    332 
Taiwan Semiconductor Manufacturing Co. Ltd.   89,000    1,451 
         2,090 
United States (8.7%)          
MercadoLibre, Inc. (a)   2,719    3,447 
Total Common Stocks (Cost $37,537)        39,341 
           
Short-Term Investment (0.7%)          
Investment Company (0.7%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $287)   286,957    287 
Total Investments (99.7%) (Cost $37,824) (d)(e)(f)        39,628 
Other Assets in Excess of Liabilities (0.3%)        112 
Net Assets (100.0%)       $39,740 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Developing Opportunity Portfolio

 

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

 

(a) Non-income producing security.
(b) Security trades on the Hong Kong exchange.
(c) 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. 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.
(d) The approximate fair value and percentage of net assets, $21,807,000 and 54.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(f) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,478,000 and the aggregate gross unrealized depreciation is approximately $4,674,000, resulting in net unrealized appreciation of approximately $1,804,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition    
     
Classification  Percentage of
Total Investments		 
Other*   33.5%
Banks   23.0 
Broadline Retail   14.6 
Hotels, Restaurants & Leisure   13.7 
Interactive Media & Services   8.3 
Beverages  6.9 
Total Investments  100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Emerging Markets ex China Portfolio

 

   Shares   Value
(000)		 
Common Stocks (99.0%)          
Brazil (8.9%)          
Banco BTG Pactual SA (Units) (a)   13,862   $86 
Itau Unibanco Holding SA (Preference)   12,241    66 
Localiza Rent a Car SA   5,817    68 
Lojas Renner SA   24,320    65 
Petroleo Brasileiro SA (Preference)   19,453    134 
Raia Drogasil SA   18,297    100 
         519 
India (30.0%)          
Bajaj Auto Ltd.   2,258    137 
Bajaj Finance Ltd.   1,024    96 
Delhivery Ltd. (b)   7,787    39 
HDFC Bank Ltd.   11,868    218 
Hindalco Industries Ltd.   14,710    87 
ICICI Bank Ltd.   14,170    162 
ICICI Prudential Life Insurance Co. Ltd.   8,411    57 
Infosys Ltd.   4,928    85 
Infosys Ltd. ADR   3,149    54 
Larsen & Toubro Ltd.   1,915    69 
Macrotech Developers Ltd.   6,752    65 
Mahindra & Mahindra Ltd.   5,395    101 
MakeMyTrip Ltd. (b)   1,171    47 
Max Healthcare Institute Ltd. (b)   17,511    120 
Pidilite Industries Ltd.   1,566    46 
Reliance Industries Ltd.   6,384    180 
Star Health & Allied Insurance Co. Ltd. (b)   8,897    64 
State Bank of India   17,247    124 
         1,751 
Indonesia (5.5%)          
Bank Central Asia Tbk PT   132,600    76 
Bank Mandiri Persero Tbk PT   249,600    97 
Bank Rakyat Indonesia Persero Tbk PT   303,200    102 
Cisarua Mountain Dairy PT TBK   169,700    44 
         319 
Korea, Republic of (12.4%)          
KB Financial Group, Inc.   2,004    82 
Kia Corp.   692    42 
Korea Zinc Co. Ltd.   145    54 
LG Chem Ltd.   79    29 
Samsung Electronics Co. Ltd.   7,281    368 
Samsung SDI Co. Ltd.   89    34 
SK Hynix, Inc.   1,384    117 
         726 
Mexico (8.6%)          
Becle SAB de CV   39,641    94 
Gruma SAB de CV , Class B   5,401    92 
Grupo Aeroportuario del Sureste SAB de CV, Class B   1,093    27 
Grupo Financiero Banorte SAB de CV Series O   3,381    28 
Qualitas Controladora SAB de CV   8,877    67 
Regional SAB de CV   11,822    85 
Wal-Mart de Mexico SAB de CV   28,306    107 
         500 
Poland (3.6%)          
Grupa Kety SA   635    95 
LPP SA   38    113 
         208 
Portugal (1.5%)          
Galp Energia SGPS SA   5,919    88 
           
South Africa (4.1%)          
Anglo American PLC   3,642    101 
AVI Ltd.   14,619    58 
Capitec Bank Holdings Ltd.   877    79 
         238 
Sweden (1.1%)          
Medicover AB   4,953    65 
           
Switzerland (1.5%)          
SIG Group AG (b)   3,707    91 
           
Taiwan (15.7%)          
Advantech Co. Ltd.   1,000    11 
Airtac International Group   1,000    30 
Chailease Holding Co. Ltd.   14,220    80 
CTBC Financial Holding Co. Ltd.   47,000    36 
Delta Electronics, Inc.   7,000    70 
MediaTek, Inc.   3,000    69 
Taiwan Semiconductor Manufacturing Co. Ltd.   20,000    326 
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   2,329    202 
United Microelectronics Corp.   31,000    44 
Voltronic Power Technology Corp.   1,000    49 
         917 
Thailand (2.5%)          
Central Retail Corp. PCL   21,400    23 
CP ALL PCL   13,400    22 
Kasikornbank PCL   12,200    42 
Tisco Financial Group PCL   21,100    57 
         144 
United Kingdom (3.6%)          
Antofagasta PLC   4,708    82 
Mondi PLC   7,726    129 
         211 
Total Common Stocks (Cost $5,271)        5,777 

 

   No. of
Rights		    
Rights (0.0%)‡
Brazil (0.0%)‡
Localiza Rent a Car SA, expires 11/10/23 (b) (Cost $—)   42   —@
Total Investments (99.0%) (Cost $5,271) (c)(d)(e)        5,777 
Other Assets in Excess of Liabilities (1.0%)        57 
Net Assets (100.0%)       $5,834 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets ex China Portfolio

 

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

 

@ Value is less than $500.
‡ Amount is less than 0.05%.
(a) Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(b) Non-income producing security.
(c) The approximate fair value and percentage of net assets, $4,309,000 and 73.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(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 Directors 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 nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(e) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $689,000 and the aggregate gross unrealized depreciation is approximately $183,000, resulting in net unrealized appreciation of approximately $506,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments		 
Other*   44.4%
Banks   21.7 
Semiconductors & Semiconductor Equipment   13.1 
Metals & Mining   7.3 
Oil, Gas & Consumable Fuels   6.9 
Tech Hardware, Storage & Peripherals   6.6 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Emerging Markets Leaders Portfolio

 

    Shares   Value
(000)		 
Common Stocks (99.8%)          
Argentina (6.3%)          
Globant SA (a)   88,210   $17,452 
           
Brazil (11.5%)          
Localiza Rent a Car SA   733,433    8,545 
NU Holdings Ltd., Class A (Cayman Island) (a)   2,501,557    18,136 
WEG SA   737,728    5,323 
         32,004 
China (22.1%)          
BYD Co. Ltd., H Shares (b)   438,000    13,495 
China Meidong Auto Holdings Ltd. (b)   4,434,000    2,423 
Li Ning Co. Ltd. (b)   2,940,000    12,276 
Proya Cosmetics Co. Ltd., Class A   634,779    8,849 
Shenzhou International Group Holdings Ltd. (b)   1,977,400    18,804 
Sunresin New Materials Co. Ltd., Class A   722,195    5,782 
         61,629 
India (40.0%)          
360 ONE WAM Ltd.   885,515    5,342 
Aarti Industries Ltd.   1,468,892    8,672 
Aarti Pharmalabs Ltd. (a)   311,463    1,730 
AU Small Finance Bank Ltd.   1,797,802    15,386 
Avenue Supermarts Ltd. (a)   243,266    10,745 
Bajaj Finance Ltd.   202,305    18,976 
Cholamandalam Investment & Finance Co. Ltd.   10,303    151 
ICICI Bank Ltd.   1,041,580    11,933 
KEI Industries Ltd.   365,344    11,640 
Laurus Labs Ltd.   30,394    145 
Timken India Ltd.   74,618    2,778 
Titan Co. Ltd.   172,179    6,513 
Trent Ltd.   358,882    8,970 
TVS Motor Co. Ltd.   467,863    8,549 
         111,530 
Korea, Republic of (5.0%)          
SK Hynix, Inc.   163,491    13,842 
           
Singapore (0.7%)          
TDCX, Inc. ADR (a)   334,498    1,977 
           
Taiwan (5.7%)          
Delta Electronics, Inc.   364,000    3,666 
Taiwan Semiconductor Manufacturing Co. Ltd.   104,000    1,696 
Voltronic Power Technology Corp.   216,334    10,654 
         16,016 
United States (8.5%)          
EPAM Systems, Inc. (a)   18,349    4,692 
MercadoLibre, Inc. (a)   14,877    18,862 
         23,554 
Total Common Stocks (Cost $256,940)        278,004 

 

   No. of
Rights		    
Rights (0.0%)‡
Brazil (0.0%)‡
Localiza Rent a Car SA, expires 11/10/23 (a) (Cost $—)   5,378   17 
Total Investments (99.8%) (Cost $256,940) (c)(d)        278,021 
Other Assets in Excess of Liabilities (0.2%)        561 
Net Assets (100.0%)       $278,582 

 

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.

 

‡ Amount is less than 0.05%.
(a) Non-income producing security.
(b) Security trades on the Hong Kong exchange.
(c) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(d) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $48,067,000 and the aggregate gross unrealized depreciation is approximately $26,986,000, resulting in net unrealized appreciation of approximately $21,081,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   19.9%
Banks   16.3 
Textiles, Apparel & Luxury Goods   13.5 
Electrical Equipment   9.9 
Information Technology Services   8.0 
Automobiles   7.9 
Consumer Finance   6.9 
Broadline Retail   6.8 
Semiconductors & Semiconductor Equipment   5.6 
Chemicals   5.2 
Total Investments   100.0%

 

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

 

 

 

  

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Emerging Markets Portfolio

 

   Shares   Value
(000)		 
Common Stocks (99.2%)          
Brazil (7.8%)          
Banco BTG Pactual SA (Units) (a)   911,981   $5,637 
Itau Unibanco Holding SA (Preference)   1,002,683    5,428 
Localiza Rent a Car SA   545,665    6,357 
Lojas Renner SA   1,653,989    4,409 
Petroleo Brasileiro SA (Preference)   1,281,664    8,832 
Raia Drogasil SA   836,794    4,598 
WEG SA   308,872    2,229 
         37,490 
China (18.0%)          
Alibaba Group Holding Ltd. (b)(c)   673,100    7,298 
BYD Co. Ltd., H Shares (b)   259,000    7,980 
China Construction Bank Corp., H Shares (b)   15,737,120    8,847 
China Mengniu Dairy Co. Ltd. (b)(c)   1,469,000    4,900 
China Merchants Bank Co. Ltd., H Shares (b)   1,147,500    4,764 
China Resources Beer Holdings Co. Ltd. (b)   606,000    3,310 
China Tourism Group Duty Free Corp. Ltd. (b)(c)(d)   118,500    1,565 
JD.com, Inc., Class A (b)   102,973    1,498 
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A   494,859    3,059 
Kweichow Moutai Co. Ltd., Class A   20,849    5,171 
Li Ning Co. Ltd. (b)   539,500    2,253 
Meituan, Class B (b)(c)   187,390    2,713 
NARI Technology Co. Ltd., Class A   965,900    2,939 
Postal Savings Bank of China Co. Ltd. (b)   8,575,000    4,318 
Proya Cosmetics Co. Ltd., Class A   202,528    2,823 
Shenzhou International Group Holdings Ltd. (b)   664,900    6,323 
Sungrow Power Supply Co. Ltd., Class A   243,295    2,982 
Tencent Holdings Ltd. (b)   366,900    14,222 
         86,965 
India (24.3%)          
Axis Bank Ltd.   305,010    3,797 
Bajaj Auto Ltd.   115,183    7,006 
Bajaj Finance Ltd.   60,758    5,699 
Delhivery Ltd. (c)   599,448    2,972 
HDFC Asset Management Co. Ltd.   104,408    3,325 
HDFC Bank Ltd.   468,528    8,593 
Hindalco Industries Ltd.   1,092,224    6,447 
ICICI Bank Ltd.   1,039,744    11,912 
ICICI Prudential Life Insurance Co. Ltd.   559,070    3,805 
Infosys Ltd.   343,465    5,902 
Infosys Ltd. ADR   163,996    2,806 
Larsen & Toubro Ltd.   137,785    5,006 
Macrotech Developers Ltd. (c)   499,304    4,799 
Mahindra & Mahindra Ltd.   362,274    6,765 
MakeMyTrip Ltd. (c)   60,968    2,470 
Max Healthcare Institute Ltd. (c)   1,125,180    7,686 
Pidilite Industries Ltd.   106,059    3,111 
Reliance Industries Ltd.   399,980    11,261 
Star Health & Allied Insurance Co. Ltd. (c)   458,145    3,313 
State Bank of India   1,071,959    7,700 
United Breweries Ltd.   150,965    2,828 
         117,203 
Indonesia (4.3%)          
Bank Central Asia Tbk PT   9,019,800    5,139 
Bank Mandiri Persero Tbk PT   20,553,600    8,000 
Bank Rakyat Indonesia Persero Tbk PT   15,743,500    5,317 
Cisarua Mountain Dairy PT TBK   9,410,000    2,416 
         20,872 
Korea, Republic of (10.1%)          
DB Insurance Co. Ltd.   18,210    1,207 
Hyundai Marine & Fire Insurance Co. Ltd.   50,416    1,210 
KB Financial Group, Inc.   83,724    3,415 
Kia Corp.   47,441    2,855 
Korea Zinc Co. Ltd.   8,836    3,310 
LG Chem Ltd.   2,575    943 
Samsung Electronics Co. Ltd.   493,245    24,935 
Samsung SDI Co. Ltd.   7,237    2,735 
SK Hynix, Inc.   96,222    8,147 
         48,757 
Mexico (6.0%)          
Gruma SAB de CV , Class B   474,186    8,100 
Grupo Aeroportuario del Sureste SAB de CV, Class B   187,347    4,586 
Grupo Financiero Banorte SAB de CV Series O   261,950    2,196 
Qualitas Controladora SAB de CV   621,742    4,681 
Wal-Mart de Mexico SAB de CV   2,480,029    9,361 
         28,924 
Poland (1.7%)          
LPP SA   2,815    8,355 
           
Portugal (2.1%)          
Galp Energia SGPS SA   683,305    10,121 
           
Saudi Arabia (0.9%)          
Alinma Bank   460,974    4,109 
           
South Africa (5.6%)          
Anglo American PLC   352,031    9,732 
AVI Ltd.   1,559,422    6,142 
Bidvest Group Ltd. (d)   372,113    5,351 
Capitec Bank Holdings Ltd.   63,629    5,753 
         26,978 
Taiwan (13.5%)          
Advantech Co. Ltd.   112,000    1,199 
Airtac International Group   102,448    3,113 
Chailease Holding Co. Ltd.   1,010,480    5,674 
CTBC Financial Holding Co. Ltd.   2,691,000    2,044 
Delta Electronics, Inc.   448,000    4,512 
MediaTek, Inc.   200,000    4,573 
Taiwan Semiconductor Manufacturing Co. Ltd.   1,748,205    28,507 
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   108,699    9,446 
United Microelectronics Corp.   2,658,000    3,732 
Voltronic Power Technology Corp.   43,000    2,118 
         64,918 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Portfolio

 

   Shares   Value
(000)		 
Thailand (1.9%)          
Central Retail Corp. PCL   1,116,100   $1,184 
CP ALL PCL   696,500    1,155 
Kasikornbank PCL   952,200    3,287 
Tisco Financial Group PCL   1,319,000    3,574 
         9,200 
United Kingdom (3.0%)          
Antofagasta PLC   385,439    6,691 
Mondi PLC   476,825    7,966 
         14,657 
Total Common Stocks (Cost $422,078)        478,549 

 

   No. of
Rights		     
Rights (0.0%)‡          
Brazil (0.0%)‡          
Localiza Rent a Car SA, expires 11/10/23 (c) (Cost $—)   4,001   13 

 

   Shares     
Short-Term Investment (1.3%)
Investment Company (1.3%)          
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (e) (Cost $6,261)   6,260,678    6,261 
Total Investments (100.5%) (Cost $428,339) Including $4,877 of Securities Loaned (f)(g)(h)(i)        484,823 
Liabilities in Excess of Other Assets (–0.5%)        (2,262)
Net Assets (100.0%)       $482,561 

 

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.

 

‡ Amount is less than 0.05%.
(a) Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(b) Security trades on the Hong Kong exchange.
(c) Non-income producing security.
(d) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $4,877,000 and $5,132,000 respectively. The Fund received non-cash collateral of approximately $5,132,000 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.
(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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $13,000 relating to the Fund's investment in the Liquidity Funds.
(f) The approximate fair value and percentage of net assets, $388,214,000 and 80.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(h) Securities are available for collateral in connection with open futures contracts.
(i) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $94,054,000 and the aggregate gross unrealized depreciation is approximately $37,673,000, resulting in net unrealized appreciation of approximately $56,381,000.
ADR American Depositary Receipt.

 

 

 

  

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Portfolio

 

Futures Contract:

The Fund had the following futures contract open at September 30, 2023:

  

   Number of
Contracts		  Expiration
Date		  Notional
Amount
(000)		   Value
(000)		   Unrealized
Depreciation
(000)		 
Long:                  
MSCI Emerging Market Index (United States)  60  Dec-23  $2,970   $2,867   $(103)

 

MSCI       Morgan Stanley Capital International. 

 

 

 

 

Portfolio Composition    
     
Classification  Percentage of
Total Investments		 
Other*   46.4%
Banks   20.3 
Semiconductors & Semiconductor Equipment   11.2 
Oil, Gas & Consumable Fuels   6.2 
Metals & Mining   5.4 
Tech Hardware, Storage & Peripherals   5.4 
Automobiles   5.1 
Total Investments   100.0%**

  

* Industries and/or investment types representing less than 5% of total investments.
** Does not include an open long futures contract with a value of approximately $2,867,000 and unrealized depreciation of approximately $103,000.

 

 

 

  

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Global Concentrated Portfolio

 

   Shares   Value
(000)		 
Common Stocks (98.6%)          
China (10.9%)          
NetEase, Inc. ADR   66,765   $6,687 
Tencent Holdings Ltd. ADR   98,806    3,821 
         10,508 
France (7.3%)          
LVMH Moet Hennessy Louis Vuitton SE ADR   46,603    7,042 
           
India (5.1%)          
HDFC Bank Ltd. ADR   84,124    4,964 
           
Ireland (6.8%)          
CRH PLC ADR   120,310    6,584 
           
Italy (8.1%)          
Ferrari NV   26,633    7,871 
           
Japan (5.2%)          
Mitsui & Co. Ltd. ADR   6,965    5,059 
           
Taiwan (4.7%)          
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   51,804    4,502 
           
United States (50.5%)          
Ameriprise Financial, Inc.   14,807    4,881 
Costco Wholesale Corp.   10,186    5,755 
Danaher Corp.   5,002    1,241 
JPMorgan Chase & Co.   26,435    3,834 
Mastercard, Inc., Class A   12,297    4,868 
Microsoft Corp.   31,027    9,797 
Netflix, Inc. (a)   1,592    601 
NextEra Energy, Inc.   66,043    3,784 
NVIDIA Corp.   8,667    3,770 
Pool Corp.   1,979    705 
United Rentals, Inc.   11,838    5,263 
Waste Management, Inc.   27,856    4,246 
         48,745 
Total Common Stocks (Cost $84,674)        95,275 
           
Short-Term Investment (1.6%)          
Investment Company (1.6%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $1,528)   1,528,173    1,528 
Total Investments (100.2%) (Cost $86,202) (c)(d)        96,803 
Liabilities in Excess of Other Assets (–0.2%)        (195)
Net Assets (100.0%)       $96,608 

 

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

 

(a) Non-income producing security.
(b) 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. 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.
(c) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(d) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $12,853,000 and the aggregate gross unrealized depreciation is approximately $2,252,000, resulting in net unrealized appreciation of approximately $10,601,000.
ADR American Depositary Receipt.

 

 

 

  

Portfolio Composition    
     
Classification  Percentage of
Total Investments		 
Other*   15.9%
Trading Companies & Distributors   10.6 
Software   10.1 
Banks   9.1 
Semiconductors & Semiconductor Equipment   8.5 
Automobiles   8.1 
Entertainment   7.5 
Textiles, Apparel & Luxury Goods   7.3 
Construction Materials   6.8 
Consumer Staples Distribution & Retail   6.0 
Capital Markets   5.1 
Financial Services   5.0 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Global Core Portfolio

 

   Shares   Value
(000)		 
Common Stocks (97.8%)          
China (6.8%)          
Alibaba Group Holding Ltd. ADR (a)   410   $36 
NetEase, Inc. ADR   7,672    768 
Tencent Holdings Ltd. ADR   17,660    683 
         1,487 
France (4.5%)          
LVMH Moet Hennessy Louis Vuitton SE   1,296    978 
           
India (3.3%)          
HDFC Bank Ltd. ADR   12,063    712 
           
Ireland (7.0%)          
CRH PLC ADR   23,358    1,279 
Ryanair Holdings PLC ADR (a)   2,571    250 
         1,529 
Italy (5.9%)          
Ferrari NV   4,358    1,288 
           
Japan (4.7%)          
Mitsui & Co. Ltd. ADR   856    622 
Nippon Telegraph & Telephone Corp. ADR   13,255    393 
         1,015 
Taiwan (3.6%)          
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   8,864    770 
           
United Kingdom (1.9%)          
Diageo PLC ADR   855    128 
Experian PLC ADR   8,713    284 
         412 
United States (60.1%)          
Amazon.com, Inc. (a)   2,812    357 
Ameriprise Financial, Inc.   2,525    832 
Apple, Inc.   9,121    1,562 
Applied Materials, Inc.   1,111    154 
Brown & Brown, Inc.   4,148    290 
Chevron Corp.   5,657    954 
Danaher Corp.   2,522    626 
Dollar General Corp.   326    34 
Edwards Lifesciences Corp. (a)   851    59 
Essex Property Trust, Inc. REIT   282    60 
Fortune Brands Innovations, Inc.   3,600    224 
Home Depot, Inc.   663    200 
Jack Henry & Associates, Inc.   462    70 
JPMorgan Chase & Co.   5,030    729 
Lennar Corp., Class A   1,153    129 
Linde PLC   1,122    418 
Lululemon Athletica, Inc. (a)   1,695    654 
Masterbrand, Inc. (a)   3,481    42 
Mastercard, Inc., Class A   1,497    593 
McDonald's Corp.   2,253    594 
MGM Resorts International   12,303    452 
Microsoft Corp.   5,261    1,661 
NextEra Energy, Inc.   7,556    433 
Nucor Corp.   782    122 
NVIDIA Corp.   522    227 
Pool Corp.   190    68 
Progressive Corp.   1,353    188 
RH (a)   123    33 
Target Corp.   1,213    134 
TJX Cos., Inc.   3,004    267 
United Rentals, Inc.   1,209    537 
Valero Energy Corp.   843    119 
Veeva Systems, Inc., Class A (a)   652    133 
Waste Management, Inc.   361    55 
West Pharmaceutical Services, Inc.   175    66 
         13,076 
Total Common Stocks (Cost $16,439)        21,267 
           
Short-Term Investment (1.6%)          
Investment Company (1.6%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $359)   359,255    359 
Total Investments (99.4%) (Cost $16,798) (c)(d)(e)        21,626 
Other Assets in Excess of Liabilities (0.6%)        124 
Net Assets (100.0%)       $21,750 

 

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

 

(a) Non-income producing security.
(b) 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. 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.
(c) The approximate fair value and percentage of net assets, $978,000 and 4.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(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 Directors 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 nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(e) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $5,222,000 and the aggregate gross unrealized depreciation is approximately $394,000, resulting in net unrealized appreciation of approximately $4,828,000.
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*  43.4%
Software  7.7 
Textiles, Apparel & Luxury Goods  7.5 
Tech Hardware, Storage & Peripherals  7.2 
Banks  6.7 
Automobiles  5.9 
Construction Materials  5.9 
Trading Companies & Distributors  5.4 
Semiconductors & Semiconductor Equipment  5.3 
Oil, Gas & Consumable Fuels  5.0 
Total Investments  100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Global Endurance Portfolio

 

   Shares   Value
(000)		 
Common Stocks (99.7%)          
Canada (3.9%)          
Canadian National Railway Co.   16,548   $1,793 
           
France (3.4%)          
Eurofins Scientific SE   27,717    1,562 
           
Israel (4.5%)          
Global-e Online Ltd. (a)   51,876    2,062 
           
Netherlands (6.1%)          
Adyen NV (a)   1,390    1,030 
Basic-Fit NV (a)(b)   25,936    734 
Heineken NV   11,635    1,026 
         2,790 
Switzerland (2.5%)          
Givaudan SA (Registered)   169    550 
SIG Group AG (a)   24,945    615 
         1,165 
United Kingdom (10.6%)          
Babcock International Group PLC (a)   446,798    2,245 
Victoria PLC (a)(b)   410,013    2,601 
         4,846 
United States (68.7%)          
Advance Auto Parts, Inc.   9,326    522 
Alphabet, Inc., Class A (a)   7,965    1,042 
Amazon.com, Inc. (a)   7,394    940 
American Tower Corp. REIT   1,381    227 
Appian Corp., Class A (a)   55,265    2,521 
Arbutus Biopharma Corp. (a)   190,420    387 
Bill Holdings, Inc. (a)   16,246    1,764 
Carvana Co. (a)   36,321    1,525 
Constellation Brands, Inc., Class A   3,208    806 
Cricut, Inc., Class A (b)   386,651    3,592 
Dollar General Corp.   19,578    2,071 
Elanco Animal Health, Inc.( a)   62,794    706 
Fastly, Inc., Class A (a)   104,670    2,006 
Floor & Decor Holdings, Inc., Class A (a)   25,315    2,291 
Hilton Worldwide Holdings, Inc.   4,254    639 
HubSpot, Inc. (a)   3,163    1,558 
International Flavors & Fragrances, Inc.   12,795    872 
Lithia Motors, Inc., Class A   3,502    1,034 
Occidental Petroleum Corp.   13,786    894 
ROBLOX Corp., Class A (a)   46,277    1,340 
Roivant Sciences Ltd. (a)   70,282    821 
Royalty Pharma PLC, Class A   37,760    1,025 
Toast, Inc., Class A (a)   103,941    1,947 
ZoomInfo Technologies, Inc., Class A (a)   57,238    939 
         31,469 
Total Common Stocks (Cost $52,774)        45,687 
           
Short-Term Investments (4.3%)          
Investment Company (0.5%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $224)   224,336    224 
           
Securities held as Collateral on Loaned Securities (3.8%)          
Investment Company (3.1%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c)   1,430,291    1,430 

 

   Face
Amount
(000)		    
Repurchase Agreements (0.7%)          
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $99; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $101)  $99   99 
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $217; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $221)   217    217 
         316 
Total Securities held as Collateral on Loaned Securities (Cost $1,746)        1,746 
Total Short-Term Investments (Cost $1,970)        1,970 
Total Investments (104.0%) (Cost $54,744) Including $2,326 of Securities Loaned (d)(e)(f)        47,657 
Liabilities in Excess of Other Assets (–4.0%)        (1,853)
Net Assets (100.0%)       $45,804 

 

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

 

(a) 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 September 30, 2023, were approximately $2,326,000 and $2,426,000 respectively. The Fund received cash collateral of approximately $1,746,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $680,000 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.
(c) 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.
(d) The approximate fair value and percentage of net assets, $10,363,000 and 22.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(f) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,467,000 and the aggregate gross unrealized depreciation is approximately $10,554,000, resulting in net unrealized depreciation of approximately $7,087,000.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition*

 

Classification  Percentage of
Total Investments		 
Other**   49.1%
Household Durables   13.5 
Software   12.7 
Specialty Retail   11.7 
Broadline Retail   6.5 
Financial Services   6.5 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Global Focus Real Estate Portfolio

 

   Shares   Value
(000)		 
Common Stocks (97.2%)          
Australia (3.9%)          
Goodman Group REIT   4,455   $61 
National Storage REIT   33,916    47 
Stockland REIT   14,590    37 
         145 
Belgium (0.6%)          
Aedifica SA REIT   419    24 
           
Canada (2.9%)          
Boardwalk REIT   1,173    58 
Chartwell Retirement Residences (Units) (a)   6,634    50 
         108 
France (1.8%)          
Carmila SA REIT (b)   1,884    28 
Gecina SA REIT   368    38 
         66 
Germany (1.9%)          
LEG Immobilien SE (b)   624    43 
Vonovia SE   1,101    26 
         69 
Hong Kong (2.8%)          
Link REIT   12,180    60 
Wharf Real Estate Investment Co. Ltd.   11,500    44 
         104 
Japan (10.2%)          
Invincible Investment Corp. REIT   188    78 
Japan Metropolitan Fund Invest REIT   42    27 
Mitsubishi Estate Co. Ltd.   5,100    67 
Mitsui Fudosan Co. Ltd.   6,400    141 
Mitsui Fudosan Logistics Park, Inc. REIT   10    31 
Nomura Real Estate Master Fund, Inc. REIT   33    37 
         381 
Netherlands (0.7%)          
CTP NV   1,947    28 
           
Singapore (1.1%)          
Frasers Logistics & Commercial Trust REIT   53,000    41 
           
Spain (1.2%)          
Merlin Properties Socimi SA REIT   5,373    45 
           
Sweden (1.2%)          
Castellum AB   2,568    26 
Pandox AB   1,660    18 
         44 
United Kingdom (2.9%)          
Segro PLC REIT   7,019    61 
UNITE Group PLC REIT   4,324    47 
         108 
United States (66.0%)          
Agree Realty Corp. REIT   1,177    65 
American Homes 4 Rent, Class A REIT   4,439    150 
American Tower Corp. REIT   1,244    205 
Americold Realty Trust, Inc. REIT   1,696    52 
AvalonBay Communities, Inc. REIT   640    110 
Brixmor Property Group, Inc. REIT   3,043    63 
CareTrust REIT, Inc.   1,785    37 
Digital Realty Trust, Inc. REIT   1,376    166 
Equinix, Inc. REIT   306    222 
Essex Property Trust, Inc. REIT   686    145 
Hilton Worldwide Holdings, Inc.   260    39 
Iron Mountain, Inc. REIT   1,043    62 
Kite Realty Group Trust REIT   3,030    65 
Prologis, Inc. REIT   2,772    311 
Public Storage REIT   575    151 
Rayonier, Inc. REIT   1,844    52 
Realty Income Corp. REIT   1,301    65 
Simon Property Group, Inc. REIT   1,199    130 
VICI Properties, Inc. REIT   4,029    117 
Welltower, Inc. REIT   3,004    246 
         2,453 
Total Common Stocks (Cost $3,893)        3,616 
           
Short-Term Investment (0.6%)          
Investment Company (0.6%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (c) (Cost $20)   19,729    20 
Total Investments (97.8%) (Cost $3,913) (d)(e)(f)        3,636 
Other Assets in Excess of Liabilities (2.2%)        83 
Net Assets (100.0%)       $3,719 

 

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

 

(a) Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(b) Non-income producing security.
(c) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury 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 nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(d) The approximate fair value and percentage of net assets, $1,055,000 and 28.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(f) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $67,000 and the aggregate gross unrealized depreciation is approximately $344,000, resulting in net unrealized depreciation of approximately $277,000.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition    
     
Classification  Percentage of
Total Investments		 
Residential   15.9%
Industrial   15.0 
Other*   13.5 
Diversified   12.6 
Retail   11.4 
Data Centers   10.7 
Health Care   9.8 
Infrastructure REITs   5.6 
Self Storage   5.5 
Total Investments  100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Global Franchise Portfolio

 

   Shares   Value
(000)		 
Common Stocks (98.3%)          
France (6.2%)          
L'Oreal SA   128,351   $53,190 
LVMH Moet Hennessy Louis Vuitton SE   70,004    52,841 
Pernod Ricard SA   382,426    63,670 
         169,701 
Germany (5.6%)          
SAP SE   1,183,059    153,138 
           
Italy (0.4%)          
Davide Campari-Milano NV   841,094    9,902 
           
Netherlands (2.8%)          
Heineken NV   792,595    69,876 
Universal Music Group NV   337,014    8,795 
         78,671 
United Kingdom (10.3%)          
Experian PLC   1,161,557    37,992 
Reckitt Benckiser Group PLC   2,167,781    152,873 
RELX PLC (Euronext NV)   570,576    19,288 
RELX PLC (LSE)   2,190,156    73,896 
         284,049 
United States (73.0%)          
Abbott Laboratories   926,321    89,714 
Accenture PLC, Class A   532,314    163,479 
Aon PLC, Class A   228,458    74,071 
Arthur J Gallagher & Co.   247,145    56,332 
Automatic Data Processing, Inc.   303,972    73,130 
Becton Dickinson & Co.   423,338    109,446 
Broadridge Financial Solutions, Inc.   207,434    37,141 
CDW Corp.   273,039    55,088 
Coca-Cola Co.   1,013,197    56,719 
Danaher Corp.   526,813    130,702 
Equifax, Inc.   258,250    47,306 
FactSet Research Systems, Inc.   37,688    16,479 
Intercontinental Exchange, Inc.   1,003,054    110,356 
Jack Henry & Associates, Inc.   91,491    13,828 
Microsoft Corp.   641,425    202,530 
Moody's Corp.   115,955    36,661 
NIKE, Inc., Class B   223,634    21,384 
Otis Worldwide Corp.   573,985    46,097 
Philip Morris International, Inc.   1,948,739    180,414 
Procter & Gamble Co.   508,783    74,211 
Roper Technologies, Inc.   149,286    72,296 
Steris PLC   182,166    39,971 
Thermo Fisher Scientific, Inc.   251,442    127,272 
Visa, Inc., Class A   659,102    151,600 
Zoetis, Inc.   160,005    27,838 
         2,014,065 
Total Common Stocks (Cost $1,954,396)        2,709,526 
           
Short-Term Investment (1.5%)          
Investment Company (1.5%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (a) (Cost $41,518)   41,517,879    41,518 
Total Investments (99.8%) (Cost $1,995,914) (b)(c)(d)        2,751,044 
Other Assets in Excess of Liabilities (0.2%)        6,425 
Net Assets (100.0%)       $2,757,469 

 

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

 

(a) 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. 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $71,000 relating to the Fund's investment in the Liquidity Funds.
(b) The approximate fair value and percentage of net assets, $695,461,000 and 25.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(c) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(d) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $780,104,000 and the aggregate gross unrealized depreciation is approximately $24,974,000, resulting in net unrealized appreciation of approximately $755,130,000.
Euronext NV Euronext Amsterdam Stock Market.
LSE London Stock Exchange.

 

 

 

 

Portfolio Composition    
     
Classification  Percentage of
Total Investments		 
Other*   15.9%
Software   15.6 
Professional Services   10.5 
Life Sciences Tools & Services   9.3 
Health Care Equipment & Supplies   8.8 
Household Products   8.2 
Beverages   7.3 
Tobacco   6.6 
Financial Services   6.0 
Capital Markets   5.9 
Information Technology Services   5.9 
Total Investments  100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Global Infrastructure Portfolio

 

   Shares   Value
(000)		 
Common Stocks (94.8%)          
Australia (2.3%)          
Transurban Group (Units) (a)   664,498   $5,400 
           
Canada (16.7%)          
Enbridge, Inc.   339,081    11,246 
Fortis, Inc. (b)   29,734    1,129 
GFL Environmental, Inc.   418,200    13,282 
Keyera Corp. (b)   61,066    1,434 
Pembina Pipeline Corp.   218,223    6,562 
TC Energy Corp. (b)   153,940    5,294 
         38,947 
China (4.5%)          
China Gas Holdings Ltd. (c)   11,185,600    10,544 
           
France (5.5%)          
Aeroports de Paris   4,010    473 
Getlink SE   69,685    1,111 
Vinci SA   100,932    11,166 
         12,750 
Italy (3.4%)          
Infrastrutture Wireless Italiane SpA   445,697    5,296 
Snam SpA   49,061    230 
Terna - Rete Elettrica Nazionale   327,589    2,464 
         7,990 
Mexico (1.2%)          
Grupo Aeroportuario del Pacifico SAB de CV, Class B   129,956    2,134 
Grupo Aeroportuario del Sureste SAB de CV, Class B   28,897    707 
         2,841 
New Zealand (0.6%)          
Auckland International Airport Ltd.   269,381    1,277 
           
Portugal (0.2%)          
EDP Renovaveis SA   32,619    534 
           
Spain (7.4%)          
Aena SME SA   27,319    4,111 
Cellnex Telecom SA   157,180    5,467 
Ferrovial SE   152,806    4,669 
Iberdrola SA   261,500    2,925 
         17,172 
Switzerland (0.8%)          
Flughafen Zurich AG (Registered)   9,892    1,883 
           
United Kingdom (5.7%)          
National Grid PLC   819,915    9,806 
Pennon Group PLC   130,428    931 
Severn Trent PLC   85,614    2,468 
         13,205 
United States (46.5%)          
Ameren Corp.   26,672    1,996 
American Electric Power Co., Inc.   73,348    5,517 
American Tower Corp. REIT   87,679    14,419 
American Water Works Co., Inc.   42,352    5,244 
Atmos Energy Corp.   40,748    4,316 
CenterPoint Energy, Inc.   208,788    5,606 
Cheniere Energy, Inc.   50,009    8,300 
Crown Castle, Inc. REIT   39,580    3,643 
Edison International   74,743    4,730 
Eversource Energy   62,868    3,656 
Exelon Corp.   203,565    7,693 
Kinder Morgan, Inc.   76,737    1,272 
NiSource, Inc.   159,321    3,932 
ONEOK, Inc.   79,047    5,014 
PG&E Corp. (d)   291,867    4,708 
SBA Communications Corp. REIT   20,773    4,158 
Sempra Energy   141,482    9,625 
Targa Resources Corp.   83,397    7,149 
Williams Cos., Inc.   212,635    7,144 
         108,122 
Total Common Stocks (Cost $218,712)        220,665 
           
Short-Term Investments (8.8%)          
Investment Company (7.2%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (e) (Cost $16,765)   16,764,984    16,765 
           
Securities held as Collateral on Loaned Securities (1.6%)          
Investment Company (1.3%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e)   3,011,062    3,011 

 

   Face
Amount
(000)		     
Repurchase Agreements (0.3%)          
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $208; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $212)  $208    208 
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $456; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $465)   456    456 
Total Securities held as Collateral on Loaned Securities (Cost $3,675)        3,675 
Total Short-Term Investments (Cost $20,440)        20,440 
Total Investments (103.6%) (Cost $239,152) Including $5,412 of Securities Loaned (f)(g)(h)        241,105 
Liabilities in Excess of Other Assets (–3.6%)        (8,434)
Net Assets (100.0%)       $232,671 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Global Infrastructure Portfolio

 

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

 

(a) Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(b) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $5,412,000 and $5,702,000 respectively. The Fund received cash collateral of approximately $3,675,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $2,027,000 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.
(c) Security trades on the Hong Kong exchange.
(d) Non-income producing security.
(e) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $7,000 relating to the Fund's investment in the Liquidity Funds.
(f) The approximate fair value and percentage of net assets, $70,755,000 and 30.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(h) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $22,826,000 and the aggregate gross unrealized depreciation is approximately $20,873,000, resulting in net unrealized appreciation of approximately $1,953,000.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition*    
     
Classification  Percentage of
Total Investments		 
Oil & Gas Storage & Transportation   34.6%
Electricity Transmission & Distribution   14.4 
Communications   13.9 
Diversified   13.4 
Other**   10.8 
Short-Term Investments   7.1 
Others   5.8 
Total Investments  100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

Global Insight Portfolio

 

   Shares   Value
(000)		 
Common Stocks (98.3%)          
Brazil (0.5%)          
NU Holdings Ltd., Class A (a)   55,614   $403 
           
Canada (6.8%)          
Shopify, Inc., Class A (a)   94,605    5,163 
           
Israel (7.0%)          
Global-e Online Ltd. (a)   133,958    5,323 
           
Korea, Republic of (3.4%)          
Coupang, Inc. (a)   151,492    2,575 
           
Netherlands (5.1%)          
Adyen NV (a)   5,182    3,842 
           
Singapore (6.1%)          
Grab Holdings Ltd., Class A (a)   1,229,910    4,354 
Sea Ltd. ADR (a)   6,455    284 
         4,638 
United States (69.4%)          
Affirm Holdings, Inc. (a)   113,078    2,405 
Agilon health, Inc. (a)   164,002    2,913 
Airbnb, Inc., Class A (a)   21,895    3,004 
Arbutus Biopharma Corp. (a)   134,797    274 
Aurora Innovation, Inc. (a)   431,128    1,013 
Bill Holdings, Inc. (a)   26,415    2,868 
Carvana Co. (a)   54,754    2,299 
Cloudflare, Inc., Class A (a)   89,028    5,612 
Dlocal Ltd. (a)   9,596    184 
DoorDash, Inc., Class A (a)   39,444    3,135 
Ginkgo Bioworks Holdings, Inc. (a)   159,579    289 
MercadoLibre, Inc. (a)   3,949    5,007 
MicroStrategy, Inc., Class A (a)   1,344    441 
Peloton Interactive, Inc., Class A (a)   81,032    409 
ProKidney Corp. (a)   46,143    211 
ROBLOX Corp., Class A (a)   81,856    2,370 
Roivant Sciences Ltd. (a)   91,957    1,074 
Royalty Pharma PLC, Class A   139,009    3,773 
Snowflake, Inc., Class A (a)   23,759    3,630 
Spotify Technology SA (a)   1,291    200 
Tesla, Inc. (a)   14,988    3,750 
Trade Desk, Inc., Class A (a)   51,095    3,993 
Uber Technologies, Inc. (a)   85,414    3,928 
         52,782 
Total Common Stocks (Cost $73,371)        74,726 
           
Preferred Stock (0.0%)‡          
United States (0.0%)‡          
Lookout, Inc., Series F (a)(b)(c) (acquisition cost — $73; acquired 6/17/14)   6,374    21 
           
Investment Company (1.5%)          
United States (1.5%)          
Grayscale Bitcoin Trust (a) (Cost $1,596)   61,438    1,179 
           
Short-Term Investment (0.9%)          
Investment Company (0.9%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $675)   675,010    675 
Total Investments Excluding Purchased Options (100.7%) (Cost $75,715)        76,601 
Total Purchased Options Outstanding (0.4%) (Cost $259)        271 
Total Investments (101.1%) (Cost $75,974) (e)(f)(g)(h)        76,872 
Liabilities in Excess of Other Assets (–1.1%)        (827)
Net Assets (100.0%)       $76,045 

 

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.

 

‡ Amount is less than 0.05%.
(a) Non-income producing security.
(b) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2023 amounts to approximately $21,000 and represents less than 0.05% of net assets.
(c) At September 30, 2023, the Fund held a fair valued security at approximately $21,000, representing less than 0.05% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(d) 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. 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.
(e) The approximate fair value and percentage of net assets, $3,842,000 and 5.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(f) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(g) Securities are available for collateral in connection with purchased options.
(h) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $15,381,000 and the aggregate gross unrealized depreciation is approximately $14,483,000, resulting in net unrealized appreciation of approximately $898,000.
ADR American Depositary Receipt.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Insight Portfolio

 

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2023:                  

 

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		   Notional
Amount
(000)		   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
JPMorgan Chase Bank NA  USD/CNH  CNH 7.43  Jan–24   17,249,664   $17,250   $79   $81   $(2)
Standard Chartered Bank  USD/CNH  CNH 7.57  May–24   21,463,987    21,464    111    91    20 
JPMorgan Chase Bank NA  USD/CNH  CNH 7.79  Aug–24   20,862,233    20,862    81    86    (5)
Goldman Sachs International  USD/CNH  CNH 7.87  Oct–23   199,460    199    —@   1    (1)
                        $271   $259   $12 

 

@  Value is less than $500.
CNH— Chinese Yuan Renminbi Offshore
USD— United States Dollar

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   26.7%
Information Technology Services   18.7 
Broadline Retail   16.8 
Ground Transportation   10.7 
Financial Services   8.3 
Hotels, Restaurants & Leisure   8.0 
Software   5.6 
Media   5.2 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

Global Opportunity Portfolio

 

   Shares   Value
(000)		 
Common Stocks (98.7%)          
Argentina (0.7%)          
Globant SA (a)   90,130   $17,832 
           
Brazil (0.9%)          
NU Holdings Ltd., Class A (a)   3,141,942    22,779 
           
Canada (4.3%)          
Shopify, Inc., Class A (a)   1,969,679    107,485 
           
China (4.3%)          
Meituan, Class B (a)(b)   4,373,100    63,306 
Trip.com Group Ltd. ADR (a)   1,319,106    46,129 
         109,435 
Denmark (5.9%)          
DSV AS   799,155    148,915 
           
France (3.1%)          
Hermes International   42,239    76,994 
           
India (8.8%)          
HDFC Bank Ltd.   7,942,589    145,667 
ICICI Bank Ltd. ADR   3,306,280    76,441 
         222,108 
Italy (3.6%)          
Moncler SpA   1,589,179    92,101 
           
Japan (1.3%)          
Keyence Corp.   91,500    33,839 
           
Korea, Republic of (4.9%)          
Coupang, Inc. (a)   5,375,159    91,378 
KakaoBank Corp.   611,700    10,586 
NAVER Corp.   144,543    21,611 
         123,575 
Netherlands (0.5%)          
Adyen NV (a)   17,701    13,124 
           
Singapore (1.6%)          
Grab Holdings Ltd., Class A (a)   11,710,890    41,457 
           
United States (58.8%)          
Adobe, Inc. (a)   215,018    109,638 
Amazon.com, Inc. (a)   830,360    105,555 
Block, Inc., Class A (a)   832,793    36,859 
Crowdstrike Holdings, Inc., Class A (a)   286,104    47,888 
Deckers Outdoor Corp. (a)   39,919    20,522 
DoorDash, Inc., Class A (a)   834,587    66,325 
Endeavor Group Holdings, Inc., Class A   1,069,175    21,277 
Magic Leap, Inc., Class A (a)(c)(d) (acquisition cost — $3,175; acquired 12/22/15)   6,530    — 
Mastercard, Inc., Class A   157,765    62,461 
MercadoLibre, Inc. (a)   111,978    141,975 
Meta Platforms, Inc., Class A (a)   406,499    122,035 
Salesforce, Inc. (a)   258,599    52,439 
ServiceNow, Inc. (a)   347,726    194,365 
Snowflake, Inc., Class A (a)   96,705    14,774 
Spotify Technology SA (a)   530,103    81,975 
TKO Group Holdings, Inc.   264,738    22,254 
Uber Technologies, Inc. (a)   5,359,586    246,487 
Visa, Inc., Class A   315,980    72,678 
Walt Disney Co. (a)   880,710    71,381 
         1,490,888 
Total Common Stocks (Cost $1,653,376)        2,500,532 
           
Short-Term Investment (1.3%)          
Investment Company (1.3%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $33,588)   33,588,233    33,588 
Total Investments (100.0%) (Cost $1,686,964) (f)(g)(h)        2,534,120 
Other Assets in Excess of Liabilities (0.0%) ‡         1,113 
Net Assets (100.0%)       $2,535,233 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Opportunity Portfolio

 

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

 

‡ Amount is less than 0.05%.
(a) Non-income producing security.
(b) Security trades on the Hong Kong exchange.
(c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities and derivative contracts (excluding 144A holdings) at September 30, 2023 amounts to $0 and represents 0.0% of net assets.
(d) At September 30, 2023, the Fund held a fair valued security 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 Company's (as defined herein) Directors.
(e) 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. 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $55,000 relating to the Fund's investment in the Liquidity Funds.
(f) The approximate fair value and percentage of net assets, $606,143,000 and 23.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(h) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,050,538,000 and the aggregate gross unrealized depreciation is approximately $203,382,000, resulting in net unrealized appreciation of approximately $847,156,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Software   16.0%
Broadline Retail   13.4 
Ground Transportation   11.3 
Banks   10.1 
Entertainment   7.7 
Textiles, Apparel & Luxury Goods   7.5 
Financial Services   7.3 
Hotels, Restaurants & Leisure   6.9 
Air Freight & Logistics   5.9 
Interactive Media & Services   5.7 
Information Technology Services   5.6 
Other*   2.6 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

Global Permanence Portfolio

 

   Shares   Value
(000)		 
Common Stocks (97.2%)          
Brazil (0.1%)          
Vale SA   767   $10 
           
Canada (12.9%)          
Canadian National Railway Co.   4,144    449 
Constellation Software, Inc.   174    359 
FirstService Corp.   65    9 
Lumine Group, Inc. (a)   444    7 
Topicus.com, Inc. (a)   4,511    298 
         1,122 
France (14.0%)          
Airbus SE   1,624    218 
Christian Dior SE   423    311 
EssilorLuxottica SA   507    88 
Eurofins Scientific SE   7,668    432 
Hermes International   5    9 
L'Oreal SA   21    9 
Remy Cointreau SA   59    7 
Safran SA   927    145 
         1,219 
India (1.5%)          
HDFC Bank Ltd. ADR   2,137    126 
           
Italy (0.6%)          
Brunello Cucinelli SpA   600    45 
Ferrari NV   30    9 
         54 
Netherlands (1.1%)          
ASML Holding NV (Registered)   151    89 
Universal Music Group NV   376    10 
         99 
United Kingdom (14.3%)          
Babcock International Group PLC (a)   73,946    372 
Rentokil Initial PLC   62,387    463 
Victoria PLC (a)   65,575    416 
         1,251 
United States (52.7%)          
Alphabet, Inc., Class C (a)   1,959    258 
Amazon.com, Inc. (a)   4,397    559 
American Tower Corp. REIT   805    132 
Brown & Brown, Inc.   3,555    248 
Cloudflare, Inc., Class A (a)   12,354    779 
Danaher Corp.   981    244 
Dollar General Corp.   1,772    188 
Floor & Decor Holdings, Inc., Class A (a)   3,384    306 
Gartner, Inc. (a)   388    133 
Illumina, Inc. (a)   658    90 
Intercontinental Exchange, Inc.   4,252    468 
Linde PLC   25    9 
MSCI, Inc.   18    9 
Procore Technologies, Inc. (a)   2,353    154 
Royal Gold, Inc.   1,318    140 
Royalty Pharma PLC, Class A   21,669    588 
S&P Global, Inc.   359    131 
Texas Pacific Land Corp.   88    161 
Waste Connections, Inc.   70    10 
         4,607 
Total Common Stocks (Cost $8,298)        8,488 
           
Investment Company (1.1%)          
United States (1.1%)          
Grayscale Bitcoin Trust (a) (Cost $78)   5,218    100 

 

   No. of
Warrants		     
Warrant (0.0%)‡
Canada (0.0%)‡
Constellation Software, Inc. expires 3/31/40 (a) (Cost $—)   186         1 
           

 

   Shares     
Short-Term Investment (1.7%)
Investment Company (1.7%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $145)   144,829    145 
Total Investments Excluding Purchased Options (100.0%) (Cost $8,521)        8,734 
Total Purchased Options Outstanding (0.3%) (Cost $26)        27 
Total Investments (100.3%) (Cost $8,547) (c)(d)(e)(f)        8,761 
Liabilities in Excess of Other Assets (–0.3%)        (24)
Net Assets (100.0%)       $8,737 

 

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.

 

‡ Amount is less than 0.05%.
(a) Non-income producing security.
(b) 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. 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 nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(c) The approximate fair value and percentage of net assets, $2,525,000 and 28.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(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 Directors 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 nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(e) Securities are available for collateral in connection with purchased options.
(f) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $751,000 and the aggregate gross unrealized depreciation is approximately $537,000, resulting in net unrealized appreciation of approximately $214,000.
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd) 

Global Permanence Portfolio

 

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2023:

  

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		  Notional
Amount
(000)		  Value
(000)		    Premiums
Paid
(000)		    Unrealized
Appreciation
(Depreciation)
(000)		 
JPMorgan Chase Bank NA  USD/CNH  CNH 7.43  Jan–24  1,007,380  $1,007  $5    $5    $(—@)
Standard Chartered Bank  USD/CNH  CNH 7.57  May–24  2,268,747   2,269   12     10     2 
JPMorgan Chase Bank NA  USD/CNH  CNH 7.79  Aug–24  2,624,781   2,625   10     11     (1)
Goldman Sachs International  USD/CNH  CNH 7.87  Oct–23  8,108   8   —@    —@    (—@)
                     $27    $26    $1 

 

@  Value is less than $500.
CNH— Chinese Yuan Renminbi Offshore
USD— United States Dollar

 

 

 

 

Portfolio Composition    
     
Classification  Percentage of
Total Investments		 
Other*   32.4%
Information Technology Services   10.4 
Software   9.4 
Life Sciences Tools & Services   8.8 
Aerospace & Defense   8.4 
Capital Markets   7.0 
Pharmaceuticals   6.7 
Broadline Retail   6.4 
Commercial Services & Supplies   5.4 
Ground Transportation   5.1 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Global Real Estate Portfolio

 

   Shares   Value
(000)		 
Common Stocks (99.2%)          
Australia (3.7%)          
Goodman Group REIT   27,623   $379 
National Storage REIT   215,584    300 
Region RE Ltd. REIT   221,991    286 
Stockland REIT   139,317    349 
         1,314 
Belgium (1.7%)          
Aedifica SA REIT   3,772    214 
Shurgard Self Storage Ltd. REIT   4,104    163 
Warehouses De Pauw CVA REIT   8,100    200 
         577 
Canada (3.6%)          
Boardwalk REIT   9,006    443 
Chartwell Retirement Residences (Units) (a)   40,239    304 
Granite REIT   3,313    176 
InterRent REIT   38,379    353 
         1,276 
France (1.0%)          
Carmila SA REIT (b)   14,159    212 
Gecina SA REIT   1,437    146 
         358 
Germany (1.9%)          
LEG Immobilien SE (b)   4,631    318 
Vonovia SE   14,420    346 
         664 
Hong Kong (3.8%)          
Link REIT   116,460    569 
Sun Hung Kai Properties Ltd.   39,867    425 
Wharf Real Estate Investment Co. Ltd.   88,075    340 
         1,334 
Japan (11.1%)          
Heiwa Real Estate, Inc. REIT   160    157 
Hulic Co. Ltd.   32,800    294 
Invincible Investment Corp. REIT   1,206    498 
Japan Hotel REIT Investment Corp.   525    274 
Japan Metropolitan Fund Invest REIT   239    155 
Japan Real Estate Investment Corp. REIT   78    304 
Mitsubishi Estate Co. Ltd.   20,900    273 
Mitsui Fudosan Co. Ltd.   45,000    991 
Mitsui Fudosan Logistics Park, Inc. REIT   55    173 
Nippon Building Fund, Inc. REIT   58    235 
Nippon Prologis REIT, Inc. REIT   126    235 
Nomura Real Estate Master Fund, Inc. REIT   258    289 
         3,878 
Netherlands (0.4%)          
CTP NV   10,085    144 
           
Singapore (2.9%)          
CapitaLand Integrated Commercial Trust REIT   188,800    255 
Frasers Centrepoint Trust REIT   160,000    256 
Frasers Logistics & Commercial Trust REIT   359,300    281 
Mapletree Pan Asia Commercial Trust REIT   211,000    220 
         1,012 
Spain (0.8%)          
Merlin Properties Socimi SA REIT   31,937    269 
           
Sweden (1.4%)          
Castellum AB   28,545    289 
Pandox AB   18,642    198 
         487 
Switzerland (0.6%)          
PSP Swiss Property AG (Registered)   1,838    217 
           
United Kingdom (3.8%)          
Impact Healthcare PLC REIT   130,941    132 
LondonMetric Property PLC REIT   98,791    206 
Segro PLC REIT   61,929    542 
UNITE Group PLC REIT   30,256    330 
Workspace Group PLC REIT   23,363    139 
         1,349 
United States (62.5%)          
Agree Realty Corp. REIT   5,410    299 
Alexandria Real Estate Equities, Inc. REIT   1,787    179 
American Homes 4 Rent, Class A REIT   36,751    1,238 
Americold Realty Trust, Inc. REIT   14,915    454 
AvalonBay Communities, Inc. REIT   7,587    1,303 
Brixmor Property Group, Inc. REIT   27,702    576 
CareTrust REIT, Inc.   17,360    356 
Digital Realty Trust, Inc. REIT   10,098    1,222 
Equinix, Inc. REIT   2,826    2,052 
Essex Property Trust, Inc. REIT   4,345    921 
Extra Space Storage, Inc. REIT   2,924    355 
Hilton Worldwide Holdings, Inc.   1,255    188 
Host Hotels & Resorts, Inc. REIT   25,502    410 
Iron Mountain, Inc. REIT   3,312    197 
Kite Realty Group Trust REIT   26,651    571 
Mid-America Apartment Communities, Inc. REIT   4,734    609 
NETSTREIT Corp. REIT   10,924    170 
Prologis, Inc. REIT   27,463    3,082 
Public Storage REIT   4,844    1,276 
Realty Income Corp. REIT   17,652    882 
Rexford Industrial Realty, Inc. REIT   7,032    347 
Simon Property Group, Inc. REIT   9,703    1,048 
Sun Communities, Inc. REIT   4,393    520 
Urban Edge Properties REIT   11,621    177 
Ventas, Inc. REIT   7,015    296 
VICI Properties, Inc. REIT   32,709    952 
Welltower, Inc. REIT   27,563    2,258 
         21,938 
Total Common Stocks (Cost $32,556)        34,817 
           
Short-Term Investment (0.7%)          
Investment Company (0.7%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (c) (Cost $261)   260,787    261 
Total Investments (99.9%) (Cost $32,817) (d)(e)(f)        35,078 
Other Assets in Excess of Liabilities (0.1%)        25 
Net Assets (100.0%)       $35,103 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Global Real Estate Portfolio

 

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

 

(a) Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(b) Non-income producing security.
(c) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury 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 nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(d) The approximate fair value and percentage of net assets, $11,603,000 and 33.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(f) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $4,652,000 and the aggregate gross unrealized depreciation is approximately $2,391,000, resulting in net unrealized appreciation of approximately $2,261,000.
CVA Certificaten Van Aandelen.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition    
     
Classification  Percentage of
Total Investments		 
Residential   18.2%
Industrial   16.3 
Diversified   13.7 
Other*   13.6 
Retail   12.8 
Health Care   10.1 
Data Centers   9.3 
Self Storage   6.0 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Global Sustain Portfolio

 

   Shares   Value
(000)		 
Common Stocks (98.4%)          
Canada (3.4%)          
Constellation Software, Inc.   1,628   $3,361 
           
France (1.4%)          
L'Oreal SA   3,362    1,393 
           
Germany (7.0%)          
Deutsche Boerse AG   11,373    1,964 
SAP SE   38,178    4,942 
         6,906 
Hong Kong (1.8%)          
AIA Group Ltd.   217,400    1,758 
           
Netherlands (0.4%)          
Universal Music Group NV   13,372    349 
           
Sweden (1.5%)          
Atlas Copco AB, Class A   108,930    1,463 
           
Taiwan (2.5%)          
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   27,939    2,428 
           
United Kingdom (7.6%)          
Experian PLC   27,681    906 
Prudential PLC   71,187    765 
Reckitt Benckiser Group PLC   50,081    3,532 
RELX PLC (LSE)   65,066    2,195 
         7,398 
United States (72.8%)          
Abbott Laboratories   28,400    2,751 
Accenture PLC, Class A   20,160    6,191 
Adobe, Inc. (a)   698    356 
Alphabet, Inc., Class A (a)   23,446    3,068 
Amphenol Corp., Class A   14,449    1,214 
Aon PLC, Class A   7,881    2,555 
Arthur J Gallagher & Co.   8,802    2,006 
Automatic Data Processing, Inc.   9,325    2,243 
Becton Dickinson & Co.   14,097    3,645 
Broadridge Financial Solutions, Inc.   6,648    1,190 
CDW Corp.   8,531    1,721 
Coca-Cola Co.   23,405    1,310 
Danaher Corp.   15,170    3,764 
Equifax, Inc.   8,737    1,600 
FactSet Research Systems, Inc.   1,483    649 
Intercontinental Exchange, Inc.   31,038    3,415 
IQVIA Holdings, Inc. (a)   15,380    3,026 
Jack Henry & Associates, Inc.   3,608    545 
Microsoft Corp.   18,045    5,698 
Moody's Corp.   2,500    790 
NIKE, Inc., Class B   8,411    804 
Otis Worldwide Corp.   21,002    1,687 
PayPal Holdings, Inc. (a)   27,539    1,610 
Procter & Gamble Co.   13,137    1,916 
Revvity, Inc.   8,283    917 
Roper Technologies, Inc.   4,459    2,159 
Steris PLC   6,055    1,329 
Texas Instruments, Inc.   12,646    2,011 
Thermo Fisher Scientific, Inc.   9,709    4,914 
Visa, Inc., Class A   23,705    5,452 
Zoetis, Inc.   4,766    830 
         71,366 
Total Common Stocks (Cost $83,228)        96,422 

 

   No. of
Warrants		    
Warrant (0.0%)‡        
Canada (0.0%)‡        
Constellation Software, Inc. expires 3/31/40 (a) (Cost $—)   1,639   9 

 

   Shares    
Short-Term Investment (1.5%)          
Investment Company (1.5%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $1,504)   1,504,495   1,504 
Total Investments (99.9%) (Cost $84,732) (c)(d)(e)        97,935 
Other Assets in Excess of Liabilities (0.1%)        109 
Net Assets (100.0%)       $98,044 

 

‡ Amount is less than 0.05%.
(a) Non-income producing security.
(b) 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. 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Funds.
(c) The approximate fair value and percentage of net assets, $19,267,000 and 19.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(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 Directors 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 nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(e) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $15,081,000 and the aggregate gross unrealized depreciation is approximately $1,878,000, resulting in net unrealized appreciation of approximately $13,203,000.

ADRAmerican Depositary Receipt.
LSELondon Stock Exchange.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   20.2%
Software   16.8 
Life Sciences Tools & Services   12.8 
Professional Services   8.3 
Health Care Equipment & Supplies   7.9 
Financial Services   7.8 
Insurance   7.3 
Capital Markets   7.0 
Information Technology Services   6.3 
Household Products   5.6 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

Growth Portfolio

 

   Shares   Value
(000)		 
Common Stocks (93.5%)
Automobiles (5.4%)
Rivian Automotive, Inc., Class A (a)   579,734   $14,076 
Tesla, Inc. (a)   1,006,848    251,934 
         266,010 
Biotechnology (1.6%)          
Intellia Therapeutics, Inc. (a)   466,979    14,766 
Moderna, Inc. (a)   45,229    4,672 
ProKidney Corp. (a)(b)   2,756,872    12,626 
Roivant Sciences Ltd. (a)   4,043,893    47,233 
         79,297 
Broadline Retail (4.3%)          
Global-e Online Ltd. (Israel) (a)   2,195,281    87,240 
MercadoLibre, Inc. (a)   100,790    127,790 
         215,030 
Capital Markets (0.4%)          
Coinbase Global, Inc., Class A (a)   273,197    20,512 
           
Chemicals (0.4%)          
Ginkgo Bioworks Holdings, Inc. (a)(b)   11,540,010    20,887 
           
Electronic Equipment, Instruments & Components (0.0%)          
Magic Leap, Inc., Class A (a)(c)(d) (acquisition cost — $18,812; acquired 12/22/15)   38,705    — 
           
Entertainment (4.6%)          
ROBLOX Corp., Class A (a)   7,860,768    227,648 
           
Financial Services (5.0%)          
Adyen NV (Netherlands) (a)   172,090    127,593 
Affirm Holdings, Inc. (a)   5,757,957    122,472 
         250,065 
Ground Transportation (9.3%)          
Grab Holdings Ltd., Class A (Singapore) (a)   25,641,350    90,770 
Uber Technologies, Inc. (a)   8,036,376    369,593 
         460,363 
Health Care Providers & Services (3.6%)          
Agilon health, Inc. (a)   10,206,657    181,270 
           
Health Care Technology (0.5%)          
Doximity, Inc., Class A (a)   1,217,199    25,829 
           
Hotels, Restaurants & Leisure (11.4%)          
Airbnb, Inc., Class A (a)   1,895,397    260,067 
DoorDash, Inc., Class A (a)   3,864,246    307,092 
         567,159 
Information Technology Services (20.4%)          
Cloudflare, Inc., Class A (a)   5,753,115    362,676 
Shopify, Inc., Class A (Canada) (a)   6,221,284    339,496 
Snowflake, Inc., Class A (a)   2,049,505    313,103 
         1,015,275 
Leisure Products (0.5%)          
Peloton Interactive, Inc., Class A (a)   5,206,259    26,292 
           
Life Sciences Tools & Services (0.5%)          
10X Genomics, Inc., Class A (a)   536,568    22,133 
           
Media (7.4%)          
Trade Desk, Inc., Class A (a)   4,683,279    365,998 
           
Pharmaceuticals (4.6%)          
Royalty Pharma PLC, Class A   8,460,174    229,609 
           
Software (9.9%)          
Aurora Innovation, Inc. (a)   19,446,658    45,700 
Bill Holdings, Inc. (a)   2,322,364    252,139 
Gitlab, Inc., Class A (a)   1,541,452    69,705 
Procore Technologies, Inc. (a)   852,035    55,655 
Samsara, Inc., Class A (a)   2,773,062    69,909 
         493,108 
Specialty Retail (3.7%)          
Carvana Co. (a)   3,251,979    136,518 
Wayfair, Inc., Class A (a)   801,511    48,548 
         185,066 
Total Common Stocks (Cost $5,171,872)        4,651,551 
           
Preferred Stocks (3.1%)          
Financial Services (0.3%)          
Stripe, Inc., Series H (a)(c)(d) (acquisition cost — $12,876; acquired 3/17/23)   639,525    14,549 
           
Software (2.8%)          
Databricks, Inc., Series H (a)(c)(d) (acquisition cost — $136,746; acquired 8/31/21)   1,860,888    136,775 
Total Preferred Stocks (Cost $149,622)        151,324 
           
Investment Company (1.6%)          
Grayscale Bitcoin Trust (a) (Cost $164,178)   4,253,055    81,616 
           
Short-Term Investments (2.7%)          
Investment Company (2.4%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e) (Cost $118,350)   118,350,538    118,350 
           
Securities held as Collateral on Loaned Securities (0.3%)          
Investment Company (0.3%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e)   13,283,580    13,284 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Growth Portfolio

 

   Face
Amount
(000)		   Value
(000)		 
Repurchase Agreements (0.0%) ‡          
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $919; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $937)  $918   $918 
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $2,014; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $2,053)   2,013    2,013 
         2,931 
Total Securities held as Collateral on Loaned Securities (Cost $16,215)        16,215 
Total Short-Term Investments (Cost $134,565)        134,565 
Total Investments Excluding Purchased Options (100.9%) (Cost $5,620,237)        5,019,056 
Total Purchased Options Outstanding (0.3%) (Cost $15,507)        16,162 
Total Investments (101.2%) (Cost $5,635,744) Including $18,919 of Securities Loaned (f)(g)(h)(i)        5,035,218 
Liabilities in Excess of Other Assets (–1.2%)        (58,793)
Net Assets (100.0%)       $4,976,425 

 

‡ Amount is less than 0.05%.
(a) Non-income producing security.
(b) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $18,919,000 and $20,822,000 respectively. The Fund received cash collateral of approximately $16,215,000, 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 $4,607,000 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 September 30, 2023 amounts to approximately $151,324,000 and represents 3.1% of net assets.
(d) At September 30, 2023, the Fund held fair valued securities at approximately $151,324,000, representing 3.1% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein)'s Directors.
(e) 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. 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $100,000 relating to the Fund's investment in the Liquidity Funds.
(f) The approximate fair value and percentage of net assets, $127,593,000 and 2.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(h) Securities are available for collateral in connection with purchased options.
(i) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $900,758,000 and the aggregate gross unrealized depreciation is approximately $1,501,284,000, resulting in net unrealized depreciation of approximately $600,526,000.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Growth Portfolio

 

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2023:                  

 

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		   Notional
Amount
(000)		   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
JPMorgan Chase Bank NA  USD/CNH  CNH 7.43  Jan–24   1,032,347,082   $1,032,347   $4,718   $4,859   $(141)
Standard Chartered Bank  USD/CNH  CNH 7.57  May–24   1,232,952,555    1,232,953    6,386    5,216    1,170 
JPMorgan Chase Bank NA  USD/CNH  CNH 7.79  Aug–24   1,297,584,118    1,297,584    5,058    5,373    (315)
Goldman Sachs International  USD/CNH  CNH 7.87  Oct–23   12,162,956    12,163    —@   59    (59)
                        $16,162   $15,507   $655 

 

@   Value is less than $500.
CNH — Chinese Yuan Renminbi Offshore
USD — United States Dollar

 

 

 

 

Portfolio Composition*  

 

Classification  Percentage of
Total Investments		 
Other**   28.7%
Information Technology Services   20.3 
Software   12.6 
Hotels, Restaurants & Leisure   11.3 
Ground Transportation   9.2 
Media   7.3 
Automobiles   5.3 
Financial Services   5.3 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited) 

Consolidated Portfolio of Investments

Inception Portfolio

 

   Shares   Value
(000)		 
Common Stocks (95.9%)          
Automobile Components (0.2%)          
XPEL, Inc. (a)   13,143   $1,013 
           
Beverages (0.2%)          
Celsius Holdings, Inc. (a)   5,927    1,017 
           
Biotechnology (2.9%)          
Arbutus Biopharma Corp. (a)(b)   752,760    1,528 
Beam Therapeutics, Inc. (a)   46,403    1,116 
Intellia Therapeutics, Inc. (a)   68,516    2,167 
ProKidney Corp. (a)(b)   232,330    1,064 
Roivant Sciences Ltd. (a)   496,662    5,801 
         11,676 
Broadline Retail (7.4%)          
Global-e Online Ltd. (Israel) (a)   762,683    30,309 
           
Chemicals (0.7%)          
Ginkgo Bioworks Holdings, Inc. (a)(b)   1,567,683    2,838 
           
Consumer Staples Distribution & Retail (0.2%)          
Maplebear, Inc. (a)(b)   25,546    758 
           
Diversified Consumer Services (1.1%)          
Duolingo, Inc. (a)   25,891    4,295 
           
Financial Services (7.3%)          
Affirm Holdings, Inc. (a)   1,406,245    29,911 
           
Ground Transportation (1.7%)          
Grab Holdings Ltd., Class A (Singapore) (a)   1,967,865    6,966 
           
Health Care Equipment & Supplies (0.5%)          
Inspire Medical Systems, Inc. (a)   5,068    1,005 
Outset Medical, Inc. (a)   89,314    972 
         1,977 
Health Care Providers & Services (5.8%)          
Agilon health, Inc. (a)   1,212,270    21,530 
Guardant Health, Inc. (a)   31,210    925 
Privia Health Group, Inc. (a)   46,970    1,080 
         23,535 
Health Care Technology (2.5%)          
Doximity, Inc., Class A (a)   444,693    9,436 
Schrodinger, Inc. (a)   33,209    939 
         10,375 
Hotels, Restaurants & Leisure (0.5%)          
Cava Group, Inc. (a)(b)   31,774    973 
Soho House & Co., Inc., Class A (a)(b)   145,883    1,011 
         1,984 
Household Durables (4.1%)          
Cricut, Inc., Class A (b)   713,787    6,631 
Victoria PLC (United Kingdom) (a)   1,611,055    10,219 
         16,850 
Information Technology Services (12.6%)          
Cloudflare, Inc., Class A (a)   533,563    33,636 
Fastly, Inc., Class A (a)   936,335    17,949 
         51,585 
Interactive Media & Services (1.7%)          
Eventbrite, Inc., Class A (a)   699,728    6,899 
           
Leisure Products (5.1%)          
Peloton Interactive, Inc., Class A (a)   4,122,560    20,819 
           
Life Sciences Tools & Services (4.2%)          
10X Genomics, Inc., Class A (a)   220,719    9,105 
MaxCyte, Inc. (a)   319,323    996 
SomaLogic, Inc. (a)   941,569    2,250 
Standard BioTools, Inc. (a)(b)   1,692,328    4,908 
         17,259 
Media (0.3%)          
Cardlytics, Inc. N (a)   64,003    1,056 
           
Metals & Mining (0.2%)          
MP Materials Corp. (a)   46,636    891 
           
Passenger Airlines (0.6%)          
Joby Aviation, Inc. (a)(b)   400,405    2,583 
           
Personal Care Products (0.8%)          
Oddity Tech Ltd., Class A (Israel) (a)(b)   116,256    3,296 
           
Pharmaceuticals (0.4%)          
ATAI Life Sciences NV (a)(b)   570,330    736 
GH Research PLC (a)(b)   96,918    974 
         1,710 
Real Estate Management & Development (0.7%)          
Opendoor Technologies, Inc. (a)   628,449    1,659 
Redfin Corp. (a)   177,468    1,249 
         2,908 
Software (23.8%)          
Aurora Innovation, Inc. (a)   2,291,755    5,386 
Bill Holdings, Inc. (a)   194,106    21,074 
Confluent, Inc., Class A (a)   133,324    3,948 
Gitlab, Inc., Class A (a)   419,207    18,957 
MicroStrategy, Inc., Class A (a)   7,819    2,567 
Procore Technologies, Inc. (a)   322,587    21,071 
Samsara, Inc., Class A (a)   973,717    24,547 
         97,550 
Specialty Retail (7.5%)          
BARK, Inc. (a)(b)   842,611    1,011 
Carvana Co. (a)   470,270    19,742 
Wayfair, Inc., Class A (a)   166,944    10,112 
         30,865 
Textiles, Apparel & Luxury Goods (2.9%)          
Figs, Inc., Class A (a)   313,010    1,847 
On Holding AG, Class A (Switzerland) (a)   354,566    9,864 
         11,711 
Total Common Stocks (Cost $383,171)        392,636 
           
Preferred Stocks (2.3%)          
Health Care Technology (1.4%)          
Included Health, Inc., Series B (a)(c)(d) (acquisition cost — $3,362; acquired 7/03/14)   3,269,139    5,590 
           
Software (0.9%)          
Lookout, Inc., Series F (a)(c)(d) (acquisition cost — $13,476; acquired 6/17/14)   1,179,743    3,846 
Total Preferred Stocks (Cost $16,838)        9,436 
           
Investment Company (1.4%)          
Grayscale Bitcoin Trust (a) (Cost $7,295)   285,472    5,478 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Inception Portfolio

 

   No. of
Warrants		   Value
(000)		 
Warrants (0.0%)‡          
Internet & Direct Marketing Retail (0.0%)‡          
BARK, Inc., expires 5/1/26 (a)   209,825   $27 
           
Life Sciences Tools & Services (0.0%)‡          
SomaLogic, Inc., expires 8/31/26 (a)   61,142    14 
Total Warrants (Cost $1,304)        41 

 

   Shares     
Short-Term Investments (3.2%)          
Investment Company (0.1%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (e) (Cost $613)   612,582    613 
           
Securities held as Collateral on Loaned Securities (3.1%)          
Investment Company (2.5%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e)   10,311,144    10,311 

 

   Face
Amount
(000)		     
Repurchase Agreements (0.6%)          
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $713; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $727)  $713   713 
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $1,562; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $1,594)   1,562    1,562 
         2,275 
Total Securities held as Collateral on Loaned Securities (Cost $12,586)        12,586 
Total Short-Term Investments (Cost $13,199)        13,199 
Total Investments Excluding Purchased Options (102.8%) (Cost $421,807)        420,790 
Total Purchased Options Outstanding (0.3%) (Cost $1,250)        1,292 
Total Investments (103.1%) (Cost $423,057) Including $14,150 of Securities Loaned (f)(g)(h)        422,082 
Liabilities in Excess of Other Assets (–3.1%)        (12,757)
Net Assets (100.0%)       $409,325 

 

(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 September 30, 2023, were approximately $14,150,000 and $14,762,000 respectively. The Fund received cash collateral of approximately $12,586,000, 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 $2,176,000 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 and derivative contracts (excluding 144A holdings) at September 30, 2023 amounts to approximately $9,436,000 and represents 2.3% of net assets.
(d) At September 30, 2023, the Fund held fair valued securities valued at $9,436,000, representing 2.3% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Company's (as defined herein) Directors.
(e) 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $13,000 relating to the Fund's investment in the Liquidity Funds.
(f) The approximate fair value and percentage of net assets, $10,219,000 and 2.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(h) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $64,757,000 and the aggregate gross unrealized depreciation is approximately $65,732,000, resulting in net unrealized depreciation of approximately $975,000.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Inception Portfolio

 

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2023:

 

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		  Notional
Amount
(000)		  Value
(000)		  Premiums
Paid
(000)		  Unrealized
Appreciation
(Depreciation)
(000)		 
JPMorgan Chase Bank NA  USD/CNH  CNH 7.43  Jan–24  76,565,662  $76,566  $350  $360  $(10)
Standard Chartered Bank  USD/CNH  CNH 7.57  May–24  90,850,215   90,850   470   385   85 
JPMorgan Chase Bank NA  USD/CNH  CNH 7.79  Aug–24  120,919,525   120,920   472   500   (28)
Goldman Sachs International  USD/CNH  CNH 7.87  Oct–23  914,411   914   —@   5   (5)
                   $1,292  $1,250  $42 

 

@  Value is less than $500.
CNH —Chinese Yuan Renminbi Offshore
USD —United States Dollar

 

 

 

 

Portfolio Composition*    
     
Classification  Percentage of
Total Investments		 
Other**   29.4%
Software   24.8 
Information Technology Services   12.6 
Specialty Retail   7.6 
Broadline Retail   7.4 
Financial Services   7.3 
Health Care Providers & Services   5.8 
Leisure Products   5.1 
Total Investments  100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

International Advantage Portfolio

 

   Shares   Value
(000)		 
Common Stocks (94.9%)          
Canada (12.2%)          
Brookfield Corp.   2,162,666   $67,626 
Brookfield Infrastructure Partners LP   2,180,496    64,107 
Canada Goose Holdings, Inc. (a)(b)(c)   4,552,503    66,740 
Canadian Pacific Kansas City Ltd.   1,102,312    81,936 
Shopify, Inc., Class A (c)   1,675,558    91,435 
         371,844 
Denmark (8.6%)          
DSV AS   1,410,790    262,888 
           
France (11.1%)          
Hermes International   114,293    208,336 
LVMH Moet Hennessy Louis Vuitton SE   82,069    61,948 
Pernod Ricard SA   409,963    68,255 
         338,539 
Germany (2.8%)          
Adidas AG   300,546    52,718 
Puma SE   509,788    31,522 
         84,240 
Hong Kong (2.3%)          
AIA Group Ltd.   8,581,700    69,401 
           
India (8.1%)          
HDFC Bank Ltd.   11,152,234    204,531 
Titan Co. Ltd.   1,080,910    40,888 
         245,419 
Italy (9.9%)          
Davide Campari-Milano NV   9,811,268    115,501 
Moncler SpA   3,205,712    185,787 
         301,288 
Japan (4.7%)          
Keyence Corp.   383,200    141,717 
           
Netherlands (6.9%)          
Adyen NV (c)   81,389    60,344 
ASML Holding NV   251,118    147,846 
         208,190 
Sweden (3.0%)          
Evolution AB   758,345    76,524 
Vitrolife AB   1,188,512    15,923 
         92,447 
Switzerland (9.1%)          
Chocoladefabriken Lindt & Spruengli AG (Registered)   504    55,186 
Cie Financiere Richemont SA (Registered)   244,223    29,742 
Kuehne & Nagel International AG (Registered)   259,504    73,733 
Straumann Holding AG (Registered)   922,879    117,463 
         276,124 
Taiwan (3.2%)          
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   1,119,396    97,276 
           
United Kingdom (4.0%)          
Diageo PLC   1,844,434    68,001 
Rightmove PLC   7,831,091    53,441 
         121,442 
United States (9.0%)          
MercadoLibre, Inc. (c)   134,688    170,768 
Spotify Technology SA (c)   672,442    103,987 
         274,755 
Total Common Stocks (Cost $2,482,371)        2,885,570 
           
Short-Term Investments (5.0%)          
Investment Company (4.6%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $138,912)   138,911,638    138,912 
           
Securities held as Collateral on Loaned Securities (0.4%)          
Investment Company (0.3%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d)   10,957,736    10,958 

 

   Face
Amount
(000)		     
Repurchase Agreements (0.1%)          
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $757; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $773)  $757    757 
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $1,661; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $1,693)   1,660    1,660 
         2,417 
Total Securities held as Collateral on Loaned Securities (Cost $13,375)        13,375 
Total Short-Term Investments (Cost $152,287)        152,287 
Total Investments (99.9%) (Cost $2,634,658) Including $12,858 of Securities Loaned (e)(f)(g)        3,037,857 
Other Assets in Excess of Liabilities (0.1%)        4,329 
Net Assets (100.0%)       $3,042,186 

 

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

 

(a) For the nine months ended September 30, 2023, the cost of purchase and proceeds from sale of Canada Goose Holdings, Inc., Common Stock, and its affiliated broker-dealers, which may be deemed affiliates of the Adviser/Administrator and Distributor under the Investment Company Act of 1940, were approximately $5,769,000 and $2,033,000. respectively, including net realized loss of approximately $2,304,000.
(b) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $12,858,000 and $13,376,000 respectively. The Fund received cash collateral of approximately $13,376,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c) Non-income producing security.
(d) 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $201,000 relating to the Fund's investment in the Liquidity Funds.
(e) The approximate fair value and percentage of net assets, $2,141,695,000 and 70.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(f) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(g) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $666,540,000 and the aggregate gross unrealized depreciation is approximately $263,341,000, resulting in net unrealized appreciation of approximately $403,199,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition*    
     
Classification  Percentage of
Total Investments		 
Other**   40.0%
Textiles, Apparel & Luxury Goods   22.4 
Air Freight & Logistics   8.7 
Beverages   8.3 
Semiconductors & Semiconductor Equipment   8.1 
Banks   6.8 
Broadline Retail   5.7 
Total Investments  100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

International Equity Portfolio

 

   Shares   Value
(000)		 
Common Stocks (98.2%)          
Australia (1.2%)          
Aristocrat Leisure Ltd.   588,664   $15,380 
           
Belgium (0.5%)          
KBC Group NV   97,050    6,042 
           
Canada (6.2%)          
Barrick Gold Corp. (LSE)   1,773,617    25,764 
Constellation Software, Inc.   18,454    38,098 
Tourmaline Oil Corp.   288,981    14,542 
         78,404 
China (0.7%)          
Minth Group Ltd. (a)   3,378,000    8,682 
           
Denmark (3.2%)          
Carlsberg AS Series B   176,797    22,291 
Tryg AS   990,296    18,122 
         40,413 
Finland (1.4%)          
Kone Oyj, Class B   421,468    17,761 
           
France (15.8%)          
AXA SA   849,070    25,191 
L'Oreal SA   33,661    13,950 
Legrand SA   287,272    26,396 
LVMH Moet Hennessy Louis Vuitton SE   28,630    21,611 
Pernod Ricard SA   125,146    20,836 
Safran SA   178,161    27,920 
Sanofi   221,581    23,792 
Thales SA   155,193    21,811 
Worldline SA (b)   667,133    18,727 
         200,234 
Germany (15.7%)          
Adidas AG   74,981    13,152 
Deutsche Boerse AG   137,928    23,820 
Deutsche Post AG (Registered)   674,191    27,356 
Infineon Technologies AG   542,708    17,975 
Knorr-Bremse AG   257,761    16,341 
Merck KGaA   64,062    10,680 
MTU Aero Engines AG   97,408    17,641 
QIAGEN NV (b)   751,429    30,320 
SAP SE   318,067    41,171 
         198,456 
Hong Kong (1.8%)          
AIA Group Ltd.   2,784,200    22,516 
           
Italy (1.7%)          
Moncler SpA   377,089    21,854 
           
Japan (3.2%)          
Hoya Corp.   126,600    12,966 
Keyence Corp.   17,400    6,435 
Shiseido Co. Ltd.   365,000    12,791 
SMC Corp.   19,600    8,786 
         40,978 
Korea, Republic of (3.3%)          
Samsung Electronics Co. Ltd.   526,678    26,626 
SK Hynix, Inc.   178,064    15,076 
         41,702 
Netherlands (5.1%)          
Heineken NV   430,560    37,959 
Universal Music Group NV   1,010,885    26,380 
         64,339 
Singapore (1.8%)          
DBS Group Holdings Ltd.   940,500    23,098 
           
Sweden (6.5%)          
Atlas Copco AB, Class A   1,271,816    17,081 
Boliden AB (b)   298,824    8,575 
Epiroc AB, Class A   892,314    16,943 
Hexagon AB, Class B   1,723,052    14,665 
Svenska Handelsbanken AB, Class A   2,833,946    25,216 
         82,480 
Switzerland (5.1%)          
Alcon, Inc.   105,121    8,112 
Novartis AG (Registered)   160,079    16,349 
Partners Group Holding AG   3,255    3,654 
Roche Holding AG (Genusschein)   83,550    22,809 
UBS Group AG (Registered)   581,573    14,325 
         65,249 
Taiwan (2.5%)          
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   371,063    32,245 
           
United Kingdom (22.5%)          
Anglo American PLC   308,425    8,469 
Associated British Foods PLC   807,847    20,296 
AstraZeneca PLC   205,357    27,699 
BP PLC   2,348,890    15,141 
British American Tobacco PLC   824,132    25,877 
Experian PLC   308,753    10,099 
Halma PLC   708,693    16,697 
Hiscox Ltd.   1,353,172    16,545 
Legal & General Group PLC   3,833,502    10,344 
Prudential PLC   1,791,320    19,255 
Reckitt Benckiser Group PLC   482,774    34,046 
RELX PLC (Euronext NV)   476,236    16,099 
RELX PLC (LSE)   419,760    14,163 
Rightmove PLC   1,461,160    9,971 
Shell PLC   1,295,893    41,072 
         285,773 
Total Common Stocks (Cost $988,879)        1,245,606 

 

   No. of
Warrants		     
Warrant (0.0%)‡              
Canada (0.0%)‡
Constellation Software, Inc. expires 3/31/40 (b) (Cost $—)   18,454    94 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

International Equity Portfolio

 

   Shares   Value
(000)		 
Short-Term Investment (1.2%)          
Investment Company (1.2%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $15,230)   15,229,949   $15,230 
Total Investments (99.4%) (Cost $1,004,109) (d)(e)(f)        1,260,930 
Other Assets in Excess of Liabilities (0.6%)        7,577 
Net Assets (100.0%)       $1,268,507 

 

‡ Amount is less than 0.05%.
(a) Security trades on the Hong Kong exchange.
(b) Non-income producing security.
(c) 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. 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $31,000 relating to the Fund's investment in the Liquidity Funds.
(d) The approximate fair value and percentage of net assets, $1,134,957,000 and 89.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(f) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $300,160,000 and the aggregate gross unrealized depreciation is approximately $43,339,000, resulting in net unrealized appreciation of approximately $256,821,000.
ADR American Depositary Receipt.
Euronext NV  Euronext Amsterdam Stock Market.
LSE London Stock Exchange.

 

 

 

 

Portfolio Composition    
     
Classification  Percentage of
Total Investments		 
Other*   48.2%
Insurance   8.8 
Pharmaceuticals   8.0 
Beverages   6.5 
Software   6.3 
Machinery   6.0 
Oil, Gas & Consumable Fuels   5.7 
Aerospace & Defense   5.3 
Semiconductors & Semiconductor Equipment   5.2 
Total Investments  100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

International Opportunity Portfolio

 

   Shares   Value
(000)		 
Common Stocks (97.8%)          
Argentina (2.4%)          
Globant SA (a)   127,052   $25,137 
           
Brazil (2.4%)          
NU Holdings Ltd., Class A (a)   3,400,491    24,653 
           
Canada (6.1%)          
Canada Goose Holdings, Inc. (a)(b)   1,108,819    16,255 
Shopify, Inc., Class A (a)   885,439    48,319 
         64,574 
China (11.1%)          
Kweichow Moutai Co. Ltd., Class A   102,600    25,446 
Meituan, Class B (a)(c)   2,692,020    38,970 
Tencent Holdings Ltd. (c)   394,200    15,281 
Trip.com Group Ltd. ADR (a)   1,076,132    37,632 
         117,329 
Denmark (7.9%)          
DSV AS   443,709    82,681 
           
France (4.7%)          
Hermes International   27,279    49,725 
           
Germany (0.8%)          
HelloFresh SE (a)   289,408    8,600 
           
India (14.4%)          
HDFC Bank Ltd.   4,091,127    75,031 
ICICI Bank Ltd. ADR   2,442,917    56,480 
Titan Co. Ltd.   523,278    19,794 
         151,305 
Italy (4.7%)          
Moncler SpA   850,596    49,296 
           
Japan (2.9%)          
Keyence Corp.   81,700    30,215 
           
Korea, Republic of (9.1%)          
Coupang, Inc. (a)   3,156,891    53,667 
KakaoBank Corp. (b)   1,121,494    19,409 
NAVER Corp.   154,348    23,077 
         96,153 
Netherlands (4.9%)          
Adyen NV (a)   27,257    20,209 
ASML Holding NV   53,475    31,484 
         51,693 
Norway (0.5%)          
AutoStore Holdings Ltd. (a)(b)   3,495,203    4,913 
           
Singapore (3.2%)          
Grab Holdings Ltd., Class A (a)   8,113,412    28,722 
Sea Ltd. ADR (a)   113,297    4,979 
         33,701 
Sweden (3.9%)          
Evolution AB   336,864    33,992 
Vitrolife AB   541,365    7,253 
         41,245 
Switzerland (1.3%)          
On Holding AG, Class A (a)   504,633    14,039 
           
Taiwan (2.8%)          
Taiwan Semiconductor Manufacturing Co. Ltd.   1,834,000    29,906 
           
United Kingdom (1.7%)          
Deliveroo PLC (a)   7,252,025    10,549 
Fevertree Drinks PLC   475,353    6,937 
         17,486 
United States (13.0%)          
MercadoLibre, Inc. (a)   64,356    81,596 
Spotify Technology SA (a)   357,864    55,340 
         136,936 
Total Common Stocks (Cost $909,187)        1,029,587 
           
Short-Term Investments (3.2%)          
Investment Company (1.8%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d) (Cost $19,200)   19,200,203    19,200 
           
Securities held as Collateral on Loaned Securities (1.4%)          
Investment Company (1.1%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (d)   11,876,820    11,877 

 

   Face
Amount
(000)		     
Repurchase Agreements (0.3%)          
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $821; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $838)  $821    821 
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $1,800; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $1,836)   1,800    1,800 
         2,621 
Total Securities held as Collateral on Loaned Securities (Cost $14,498)        14,498 
Total Short-Term Investments (Cost $33,698)        33,698 
Total Investments (101.0%) (Cost $942,885) Including $27,891 of Securities Loaned (e)(f)(g)        1,063,285 
Liabilities in Excess of Other Assets (–1.0%)        (10,096)
Net Assets (100.0%)       $1,053,189 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

International Opportunity Portfolio

 

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

 

(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 September 30, 2023, were approximately $27,891,000 and $29,148,000 respectively. The Fund received cash collateral of approximately $14,497,000, 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 $14,651,000 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 trades on the Hong Kong exchange.
(d) 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $34,000 relating to the Fund's investment in the Liquidity Funds.
(e) The approximate fair value and percentage of net assets, $582,768,000 and 55.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(f) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(g) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $252,257,000 and the aggregate gross unrealized depreciation is approximately $131,857,000, resulting in net unrealized appreciation of approximately $120,400,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition*    
     
Classification  Percentage of
Total Investments		 
Other**   18.1%
Banks   16.7 
Textiles, Apparel & Luxury Goods   14.2 
Broadline Retail   12.9 
Hotels, Restaurants & Leisure   11.5 
Air Freight & Logistics   7.9 
Information Technology Services   7.0 
Semiconductors & Semiconductor Equipment   5.9 
Entertainment   5.8 
Total Investments  100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

International Resilience Portfolio

 

   Shares   Value
(000)		 
Common Stocks (95.8%)          
Australia (1.7%)          
Aristocrat Leisure Ltd.   991   $26 
           
Canada (4.0%)          
Constellation Software, Inc.   30    62 
           
Denmark (2.5%)          
Carlsberg AS Series B   307    39 
           
Finland (1.4%)          
Kone Oyj, Class B   532    22 
           
France (15.3%)          
L'Oreal SA   125    52 
Legrand SA   521    48 
LVMH Moet Hennessy Louis Vuitton SE   48    36 
Pernod Ricard SA   257    43 
Sanofi   218    23 
Worldline SA (a)   1,172    33 
         235 
Germany (15.9%)          
Adidas AG   123    22 
Deutsche Boerse AG   302    52 
Infineon Technologies AG   741    25 
Merck KGaA   121    20 
QIAGEN NV (a)   1,242    50 
SAP SE   582    75 
         244 
Hong Kong (1.7%)          
AIA Group Ltd.   3,200    26 
           
Italy (2.4%)          
Moncler SpA   635    37 
           
Japan (5.1%)          
Hoya Corp.   300    31 
Keyence Corp.   100    37 
Shiseido Co. Ltd.   300    10 
         78 
Netherlands (6.6%)          
Heineken NV   659    58 
Universal Music Group NV   1,652    43 
         101 
Sweden (6.5%)          
Atlas Copco AB, Class A   2,705    36 
Epiroc AB, Class A   1,499    29 
Hexagon AB, Class B   4,157    35 
         100 
Switzerland (3.2%)          
Alcon, Inc.   349    27 
Roche Holding AG (Genusschein)   86    23 
         50 
Taiwan (3.3%)          
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   569    50 
           
United Kingdom (16.5%)          
AstraZeneca PLC   328    44 
Experian PLC   1,106    36 
Halma PLC   1,274    30 
Prudential PLC   1,394    15 
Reckitt Benckiser Group PLC   740    52 
RELX PLC (LSE)   1,684    57 
Rightmove PLC   2,699    19 
         253 
United States (9.7%)          
Danaher Corp.   134    33 
Procter & Gamble Co.   223    33 
Thermo Fisher Scientific, Inc.   85    43 
Visa, Inc., Class A   174    40 
         149 
Total Common Stocks (Cost $1,461)        1,472 

 

   No. of
Warrants		     
Warrant (0.0%)‡                
Canada (0.0%) ‡
Constellation Software, Inc. expires 3/31/40 (a) (Cost $—)   31     —@

 

   Shares     
Short-Term Investment (1.2%)
Investment Company (1.2%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $18)   18,133    18 
Total Investments (97.0%) (Cost $1,479) (c)(d)(e)        1,490 
Other Assets in Excess of Liabilities (3.0%)        46 
Net Assets (100.0%)       $1,536 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

International Resilience Portfolio

 

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

 

@ Value is less than $500.
‡ Amount is less than 0.05%.
(a) Non-income producing security.
(b) 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. 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 nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(c) The approximate fair value and percentage of net assets, $1,211,000 and 78.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(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 Directors 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 nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(e) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $96,000 and the aggregate gross unrealized depreciation is approximately $85,000, resulting in net unrealized appreciation of approximately $11,000.
ADR American Depositary Receipt.
LSE London Stock Exchange.

 

 

 

 

Portfolio Composition    
     
Classification  Percentage of
Total Investments		 
Other*   29.5%
Beverages   9.4 
Software   9.3 
Life Sciences Tools & Services   8.5 
Pharmaceuticals   7.4 
Electronic Equipment, Instruments & Components   6.8 
Textiles, Apparel & Luxury Goods   6.4 
Professional Services   6.2 
Machinery   5.8 
Household Products   5.7 
Semiconductors & Semiconductor Equipment   5.0 
Total Investments  100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

Multi-Asset Real Return Portfolio

 

   Shares   Value
(000)		 
Common Stocks (5.4%)          
Australia (0.3%)          
Capricorn Metals Ltd. (a)   1,025   $3 
Evolution Mining Ltd.   5,007    10 
Gold Road Resources Ltd.   2,941    3 
Newcrest Mining Ltd.   1,753    28 
Northern Star Resources Ltd.   3,137    21 
Perseus Mining Ltd.   3,731    4 
Regis Resources Ltd. (a)   2,060    2 
Silver Lake Resources Ltd. (a)   2,465    1 
West African Resources Ltd. (a)   2,714    1 
         73 
Austria (0.0%)‡          
OMV AG   96    5 
           
Canada (1.0%)          
Agnico Eagle Mines Ltd.   919    42 
Alamos Gold, Inc., Class A   1,105    12 
Aya Gold & Silver, Inc. (a)   284    2 
B2Gold Corp.   3,015    9 
Barrick Gold Corp.   3,161    46 
Centerra Gold, Inc.   621    3 
Dundee Precious Metals, Inc.   534    3 
Eldorado Gold Corp. (a)   535    5 
Endeavour Silver Corp. (a)   531    1 
Equinox Gold Corp. (a)   883    4 
First Majestic Silver Corp.   723    4 
Fortuna Silver Mines, Inc. (a)(b)   852    2 
Franco-Nevada Corp.   340    45 
IAMGOLD Corp. (a)   1,404    3 
K92 Mining, Inc. (a)   659    3 
Kinross Gold Corp.   3,598    16 
New Gold, Inc. (a)   1,961    2 
OceanaGold Corp.   1,956    4 
Osisko Gold Royalties Ltd.   519    6 
Pan American Silver Corp.   1,041    15 
Sandstorm Gold Ltd.   840    4 
SilverCrest Metals, Inc. (a)(b)   412    2 
SSR Mining, Inc.   565    7 
Torex Gold Resources, Inc. (a)   243    3 
Wesdome Gold Mines Ltd. (a)   404    2 
Wheaton Precious Metals Corp.   782    32 
         277 
China (0.1%)          
Zhaojin Mining Industry Co. Ltd. (c)   7,121    10 
Zijin Mining Group Co. Ltd., H Shares (c)   15,654    24 
         34 
Finland (0.0%)‡          
Neste Oyj   278    9 
           
France (0.4%)          
TotalEnergies SE   1,634    107 
           
Italy (0.1%)          
Eni SpA   1,647    26 
Tenaris SA   311    5 
         31 
Norway (0.1%)          
Aker BP ASA   209    6 
Equinor ASA   630    20 
         26 
Peru (0.0%)‡          
Cia de Minas Buenaventura SAA ADR   710    6 
           
Portugal (0.0%)‡          
Galp Energia SGPS SA   330    5 
           
South Africa (0.1%)          
DRDGOLD Ltd. ADR   248    2 
Gold Fields Ltd. ADR   2,563    28 
Harmony Gold Mining Co. Ltd. ADR   1,746    6 
         36 
Spain (0.1%)          
Repsol SA   908    15 
           
United Kingdom (0.9%)          
Anglogold Ashanti PLC   1,186    19 
BP PLC   11,945    77 
Centamin PLC   3,190    3 
Endeavour Mining PLC   695    14 
Shell PLC   4,651    147 
         260 
United States (2.3%)          
APA Corp.   98    4 
Baker Hughes Co.   313    11 
Cheniere Energy, Inc.   70    12 
Chesapeake Energy Corp.   37    3 
Chevron Corp.   571    96 
Coeur Mining, Inc. (a)   858    2 
ConocoPhillips   383    46 
Coterra Energy, Inc.   247    7 
Devon Energy Corp.   189    9 
Diamondback Energy, Inc.   52    8 
EOG Resources, Inc.   180    23 
EQT Corp.   104    4 
Exxon Mobil Corp.   1,272    149 
Halliburton Co.   275    11 
Hecla Mining Co.   1,747    7 
Hess Corp.   85    13 
HF Sinclair Corp.   47    3 
Kinder Morgan, Inc.   632    10 
Marathon Oil Corp.   194    5 
Marathon Petroleum Corp.   143    22 
Newmont Corp. (TSX)   1,443    53 
Occidental Petroleum Corp.   226    15 
ONEOK, Inc.   140    9 
Ovintiv, Inc.   76    4 
Phillips 66   145    17 
Pioneer Natural Resources Co.   71    16 
Royal Gold, Inc.   185    20 
Schlumberger NV   437    25 
Targa Resources Corp.   67    6 
Texas Pacific Land Corp.   2    4 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Multi-Asset Real Return Portfolio

 
   Shares   Value
(000)		 
Valero Energy Corp.   118   $17 
Williams Cos., Inc.   379    13 
         644 
Total Common Stocks (Cost $1,510)        1,528 

 

   Face
Amount
(000)		     
U.S. Treasury Securities (66.0%)          
United States (66.0%)          
U.S. Treasury Bill, 5.41%, 11/30/23 (d)  $12,197   12,091 
           
U.S. Treasury Inflation-Indexed Bonds,          
0.13%, 10/15/24—7/15/26   471    447 
0.25%, 1/15/25   106    102 
0.38%, 7/15/25   117    112 
0.63%, 1/15/26   99    93 
1.13%, 1/15/33   6,344    5,733 
2.00%, 1/15/26   48    47 
2.38%, 1/15/25   75    74 
Total U.S. Treasury Securities (Cost $19,056)        18,699 

 

   Shares     
Short-Term Investments (24.8%)                
Investment Company (24.8%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (e) (Cost $7,019)   7,019,215   7,019 
           
Securities held as Collateral on Loaned Securities (0.0%)‡          
Investment Company (0.0%)‡          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (e)   3,697    4 

 

   Face
Amount
(000)		      
Repurchase Agreements (0.0%)‡                
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $—@; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $—@)  $ —@   —@
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $1; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $1)    1    1 
          1 
Total Securities held as Collateral on Loaned Securities (Cost $5)         5 
Total Short-Term Investments (Cost $7,024)         7,024 
Total Investments (96.2%) (Cost $27,590) Including $4 of Securities Loaned (f)(g)(h)(i)         27,251 
Other Assets in Excess of Liabilities (3.8%)         1,070 
Net Assets (100.0%)        $28,321 

 

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

 

@ Value is less than $500.
‡ Amount is less than 0.05%.
(a) 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 September 30, 2023, were approximately $4,000 and $5,000 respectively. The Fund received cash collateral of approximately $5,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c) Security trades on the Hong Kong exchange.
(d) Rate shown is the yield to maturity at September 30, 2023.
(e) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $10,000 relating to the Fund's investment in the Liquidity Funds.
(f) The approximate fair value and percentage of net assets, $532,000 and 1.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(h) Securities are available for collateral in connection with foreign currency forward exchange contracts, futures contracts and swap agreements.
(i) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $485,000 and the aggregate gross unrealized depreciation is approximately $972,000, resulting in net unrealized depreciation of approximately $487,000.
ADR American Depositary Receipt.
TSX Toronto Stock Exchange.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Multi-Asset Real Return Portfolio

 

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at September 30, 2023:

 

Counterparty  Contracts
to Deliver
(000)		  In
Exchange
For
(000)		  Delivery
Date		  Unrealized
Appreciation
(Depreciation)
(000)		 
BNP Paribas SA  EUR81  $87  12/14/23  $1 
Citibank NA  JPY90  $1  12/14/23   —@
Citibank NA  $2  CHF 2  12/14/23   (—@)
Goldman Sachs International  EUR5  $5  12/14/23   —@
Goldman Sachs International  JPY5,670  $39  12/14/23   1 
Goldman Sachs International  $10  CHF9  12/14/23   (—@)
JPMorgan Chase Bank NA  GBP9  $12  12/14/23   —@
JPMorgan Chase Bank NA  $1  CAD1  12/14/23   (—@)
              $2 

 

Futures Contracts:

The Fund had the following futures contracts open at September 30, 2023:

 

   Number of
Contracts		   Expiration
Date		  Notional
Amount
(000)		  Value
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
Long:                     
ICE Brent Crude Oil Index (United States)  6   Oct-23  $ 6   $553   $111 
100 OZ Gold Index (United States)  21   Dec-23    2    3,919    (146)
SFE 10 yr. Australian Bond (Australia)  60   Dec-23  AUD 6,000    4,319    (115)
U.S. Treasury 10 yr. Ultra Note (United States)  26   Dec-23  $ 2,600    2,901    (81)
Short:                       
TSE Japanese 10 yr. Bond index (Japan)  6   Dec-23  JPY (600,000)   (5,820)   40 
                     $(191)

 

Interest Rate Swap Agreements:

The Fund had the following interest rate swap agreements open at September 30, 2023:

 

Swap
Counterparty		  Floating
Rate
Index		  Pay/
Receive
Floating
Rate		  Fixed Rate  Payment
Frequency
Paid/
Received		  Maturity
Date		  Notional
Amount
(000)		  Value
(000)		   Upfront
Payment
Received
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Pay  (2.92)% Semi-Annual/ Quarterly  3/3/32  USD 1,972  $23   $—   $23 
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Pay  (2.59) Semi-Annual/ Quarterly  7/12/33    9,549   35    —    35 
Morgan Stanley & Co. LLC*  Euro-stat Eurozone HICP ex Tobacco Index  Pay  (2.4) Semi-Annual/ Quarterly  3/15/33  EUR 7,252   155    —    155 
Morgan Stanley & Co. LLC*  Euro-stat Eurozone HICP ex Tobacco Index  Pay  2.46  Semi-Annual/ Quarterly  3/15/28    7,197   (83)   —    (83)
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Pay  2.59  Semi-Annual/ Quarterly  3/13/28  USD 2,433   (5)   (—@)   (5)
Morgan Stanley & Co. LLC*  US CPI All Urban Consumers Index  Pay  3.28  Semi-Annual/ Quarterly  3/3/27    5,195   (37)   —    (37)
                       $88   $(—@)  $88 

 

Total Return Swap Agreement:

The Fund had the following total return swap agreement open at September 30, 2023:

 

Swap Counterparty  Index  Pay/
Receive
Total Return
of Reference
Index		  Floating Rate  Payment
Frequency		  Maturity
Date		  Notional
Amount
(000)		   Value
(000)		   Upfront
Payment
Paid
(000)		  Unrealized
Depreciation
(000)		 
BNP Paribas SA  S&P GSCI Total Return Index  Pay  SOFR + 0.12%  Quarterly  7/19/24  $(721)  $(47)  $ —@ $(47)

 

@ Value is less than $500.
* Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.

 

 

 

 

Portfolio Composition*    
     
Classification  Percentage of
Total Investments		 
U.S. Treasury Securities  68.6%
Short-Term Investments  25.8 
Other**  5.6 
Total Investments  100.0%***

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023.
** 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 $17,512,000 and net unrealized depreciation of approximately $191,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $2,000. Also does not include open swap agreements with net unrealized appreciation of approximately $41,000.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Next Gen Emerging Markets Portfolio

 

   Shares   Value
(000)		 
Common Stocks (97.8%)          
Bangladesh (2.4%)          
BRAC Bank Ltd.   2,417,092   $785 
           
Brazil (1.0%)          
Locaweb Servicos de Internet SA   261,031    332 
           
Indonesia (14.0%)          
Bank Mandiri Persero Tbk PT   4,288,300    1,669 
Champ Resto Indonesia Tbk PT   4,702,300    401 
Cisarua Mountain Dairy PT TBK   2,416,600    620 
Industri Jamu Dan Farmasi Sido Muncul Tbk PT   20,323,400    776 
Medikaloka Hermina Tbk PT   13,123,400    1,112 
         4,578 
Kazakhstan (10.1%)          
Halyk Savings Bank of Kazakhstan JSC GDR   24,329    325 
Kaspi.KZ JSC GDR (Registered)   13,907    1,342 
NAC Kazatomprom JSC GDR   36,564    1,613 
         3,280 
Kenya (2.9%)          
Safaricom PLC   9,365,242    930 
           
Pakistan (3.0%)          
Systems Ltd.   715,003    975 
           
Philippines (9.1%)          
Bank of the Philippine Islands   449,220    889 
BDO Unibank, Inc.   343,340    859 
Century Pacific Food, Inc.   2,483,700    1,230 
         2,978 
Poland (16.0%)          
11 bit studios SA (a)   10,028    1,640 
Grupa Kety SA   6,738    1,015 
LPP SA   294    872 
Text SA   51,010    1,695 
         5,222 
Singapore (1.9%)          
Delfi Ltd.   670,800    622 
           
South Africa (2.4%)          
Anglo American PLC   28,811    797 
           
United Kingdom (3.0%)          
Airtel Africa PLC   644,957    986 
           
United States (9.8%)          
EPAM Systems, Inc. (a)   3,710    948 
Grid Dynamics Holdings, Inc. (a)   83,966    1,023 
MercadoLibre, Inc. (a)   960    1,217 
         3,188 
Vietnam (22.2%)          
Bank for Foreign Trade of Vietnam JSC (a)   234,657    843 
Binh Minh Plastics JSC   105,100    371 
FPT Corp.   690,830    2,634 
Mobile World Investment Corp.   652,388    1,409 
Phu Nhuan Jewelry JSC   247,700    802 
Vietnam Dairy Products JSC   380,292    1,160 
         7,219 
Total Common Stocks (Cost $27,890)        31,892 
           
Short-Term Investment (2.9%)          
Investment Company (2.9%)          
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (b) (Cost $935)   935,238    935 
Total Investments (100.7%) (Cost $28,825) (c)(d)(e)        32,827 
Liabilities in Excess of Other Assets (–0.7%)        (232)
Net Assets (100.0%)       $32,595 

 

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

 

(a) 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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Funds.
(c) The approximate fair value and percentage of net assets, $27,586,000 and 84.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(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 Directors 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 nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(e) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,394,000 and the aggregate gross unrealized depreciation is approximately $2,392,000, resulting in net unrealized appreciation of approximately $4,002,000.
GDR Global Depositary Receipt.

 

 

 

 

Portfolio Composition    
     
Classification  Percentage of
Total Investments		 
Other*   27.9%
Information Technology Services   18.0 
Banks   16.4 
Food Products   11.1 
Wireless Telecommunication Services   5.8 
Metals & Mining   5.5 
Software   5.2 
Textiles, Apparel & Luxury Goods   5.1 
Entertainment   5.0 
Total Investments  100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Passport Overseas Equity Portfolio

 

   Shares   Value
(000)		 
Common Stocks (98.9%)          
Argentina (3.1%)          
Despegar.com Corp. (a)(b)   707,438   $5,129 
           
Brazil (1.9%)          
Itau Unibanco Holding SA (Preference) ADR   372,299    1,999 
Vale SA   89,697    1,206 
         3,205 
Canada (4.6%)          
Agnico Eagle Mines Ltd.   36,511    1,659 
Canadian National Railway Co. (a)   27,062    2,932 
First Quantum Minerals Ltd.   52,016    1,229 
Teck Resources Ltd., Class B   23,894    1,029 
Tourmaline Oil Corp.   17,370    874 
         7,723 
China (6.9%)          
Alibaba Group Holding Ltd. ADR (b)   79,831    6,925 
China Resources Beer Holdings Co. Ltd. (c)   130,000    710 
Tencent Holdings Ltd. (c)   49,800    1,930 
Tencent Holdings Ltd. ADR (a)   50,084    1,937 
         11,502 
Denmark (1.9%)          
Novo Nordisk AS, Class B   34,014    3,097 
           
France (8.6%)          
Air Liquide SA   7,756    1,306 
Airbus SE   24,825    3,323 
Hermes International   340    620 
L'Oreal SA   3,130    1,297 
Legrand SA   5,410    497 
LVMH Moet Hennessy Louis Vuitton SE   896    676 
Pernod Ricard SA   5,534    922 
Sanofi   20,836    2,237 
Technip Energies NV   43,015    1,068 
TotalEnergies SE   25,517    1,678 
Verallia SA   21,270    842 
         14,466 
Germany (11.5%)          
Bayer AG (Registered)   133,417    6,407 
CTS Eventim AG & Co. KGaA   17,063    968 
Infineon Technologies AG   47,306    1,567 
Jungheinrich AG (Preference)   27,185    813 
KION Group AG   37,120    1,420 
Linde PLC   11,745    4,370 
Rheinmetall AG   5,939    1,528 
Siemens Healthineers AG   43,179    2,184 
         19,257 
India (5.0%)          
Apollo Hospitals Enterprise Ltd.   18,656    1,152 
HDFC Bank Ltd. ADR   47,503    2,803 
ICICI Bank Ltd.   107,392    1,231 
ICICI Prudential Life Insurance Co. Ltd.   118,294    805 
Jio Financial Services Ltd. (b)   41,078    114 
Reliance Industries Ltd.   41,078    1,157 
State Bank of India   158,745    1,140 
         8,402 
Ireland (1.6%)          
Ryanair Holdings PLC ADR (b)   27,334    2,657 
           
Israel (0.6%)          
CyberArk Software Ltd. (b)   5,700    933 
           
Japan (7.7%)          
FANUC Corp.   21,750    566 
Hoya Corp.   6,200    635 
Keyence Corp.   5,600    2,071 
Nikon Corp.   187,800    1,978 
Shimano, Inc.   3,650    489 
Shiseido Co. Ltd.   7,600    266 
SMC Corp.   1,805    809 
Sony Group Corp.   30,493    2,494 
Sony Group Corp. ADR   22,101    1,821 
Tokyo Electron Ltd.   10,200    1,393 
Unicharm Corp.   11,100    392 
         12,914 
Korea, Republic of (4.2%)          
Samsung Electronics Co. Ltd.   114,545    5,791 
SK Hynix, Inc.   15,056    1,274 
         7,065 
Netherlands (3.6%)          
Akzo Nobel NV   11,091    800 
ASML Holding NV   4,026    2,371 
Universal Music Group NV   70,366    1,836 
Wolters Kluwer NV   8,625    1,044 
         6,051 
Norway (2.4%)          
Adevinta ASA (b)   399,469    3,935 
           
Singapore (2.2%)          
Sea Ltd. ADR (b)   83,911    3,688 
           
South Africa (2.7%)          
Impala Platinum Holdings Ltd. (a)   163,883    854 
Sibanye Stillwater Ltd. (a)   191,769    294 
Sibanye Stillwater Ltd. ADR (a)   184,300    1,137 
Thungela Resources Ltd. (a)   245,623    2,238 
         4,523 
Spain (0.3%)          
Amadeus IT Group SA   9,448    571 
           
Switzerland (2.3%)          
Nestle SA (Registered)   33,964    3,845 
           
Taiwan (3.1%)          
Taiwan Semiconductor Manufacturing Co. Ltd.   201,000    3,277 
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   22,069    1,918 
         5,195 
United Kingdom (17.6%)          
Anglo American PLC   60,799    1,670 
AstraZeneca PLC   35,149    4,741 
Diageo PLC   63,527    2,342 
Experian PLC   61,841    2,023 
Glencore PLC   1,167,847    6,650 
Shell PLC   174,951    5,545 
Unilever PLC   38,099    1,886 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Passport Overseas Equity Portfolio

 

   Shares   Value
(000)		 
Unilever PLC ADR   33,864   $1,673 
Unilever PLC CVA   59,997    2,968 
         29,498 
United States (7.1%)          
Farfetch Ltd., Class A (a)(b)   222,194    465 
Medtronic PLC   22,860    1,791 
MercadoLibre, Inc. (b)   2,084    2,642 
Newmont Corp. (NYSE)   23,513    868 
Newmont Corp. (TSX)   67,941    2,511 
Schlumberger NV   22,674    1,322 
Vertex Pharmaceuticals, Inc. (b)   6,361    2,212 
         11,811 
Total Common Stocks (Cost $147,714)        165,467 
           
Preferred Stock (0.8%)          
United States (0.8%)          
Neurogenesis, Inc., Series A (b)(d)(e) (acquisition cost — $1,250; acquired 12/16/21)   32,692    1,250 
           
Short-Term Investments (2.4%)          
Investment Company (0.8%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f) (Cost $1,275)   1,275,435    1,275 
           
Securities held as Collateral on Loaned Securities (1.6%)          
Investment Company (1.3%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (f)   2,264,593    2,264 

 

   Face
Amount
(000)		     
Repurchase Agreements (0.3%)          
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $157; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $160)  $157   157 
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $343; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $350)   343    343 
         500 
Total Securities held as Collateral on Loaned Securities (Cost $2,764)        2,764 
Total Short-Term Investments (Cost $4,039)        4,039 
Total Investments (102.1%) (Cost $153,003) Including $7,824 of Securities Loaned (g)(h)(i)(j)        170,756 
Liabilities in Excess of Other Assets (–2.1%)        (3,482)
Net Assets (100.0%)       $167,274 

 

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

 

(a) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2023, were approximately $7,824,000 and $8,048,000 respectively. The Fund received cash collateral of approximately $2,764,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $5,284,000 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.
(b) Non-income producing security.
(c) Security trades on the Hong Kong exchange.
(d) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at September 30, 2023 amounts to approximately $1,250,000 and represents 0.8% of net assets.
(e) At September 30, 2023, the Fund held a fair valued security valued at approximately $1,250,000, representing 0.8% 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 Company's (as defined herein) Directors.
(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 nine months ended September 30, 2023, advisory fees paid were reduced by approximately $5,000 relating to the Fund's investment in the Liquidity Funds.
(g) The approximate fair value and percentage of net assets, $111,150,000 and 66.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(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 Directors 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 nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(i) Securities are available for collateral in connection with open foreign currency forward exchange contracts.
(j) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $37,624,000 and the aggregate gross unrealized depreciation is approximately $19,815,000, resulting in net unrealized appreciation of approximately $17,809,000.
ADR American Depositary Receipt.
CVA Certificaten Van Aandelen.
NYSE New York Stock Exchange.
TSX Toronto Stock Exchange.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report − September 30, 2023 (unaudited)

Portfolio of Investments (cont'd)

Passport Overseas Equity Portfolio

 

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at September 30, 2023:

 

Counterparty  Contracts
to Deliver
(000)		  In
Exchange
For
(000)		   Delivery
Date		  Unrealized
Appreciation
(000)		 
Barclays Bank PLC  EUR 1,479  $1,592   12/14/23  $22 
Citibank NA  EUR 1,593  $1,714   12/14/23   24 
Goldman Sachs International  EUR 633  $682   12/14/23   10 
              $56 

 

EUR — Euro

 

 

 

 

Portfolio Composition*    
     
Classification  Percentage of
Total Investments		 
Other**   59.3%
Metals & Mining   11.4 
Pharmaceuticals   9.8 
Semiconductors & Semiconductor Equipment   7.0 
Oil, Gas & Consumable Fuels   6.8 
Broadline Retail   5.7 
Total Investments  100.0%***

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023.
* Industries and/or investment types representing less than 5% of total investments.
*** Does not include open foreign currency forward exchange contracts with total unrealized appreciation of approximately $56,000.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments

Permanence Portfolio

 

   Shares   Value
(000)		 
Common Stocks (96.0%)          
Aerospace & Defense (2.8%)          
Axon Enterprise, Inc. (a)   24   $5 
Babcock International Group PLC (United Kingdom) (a)   21,258    107 
HEICO Corp., Class A   35    4 
TransDigm Group, Inc. (a)   5    4 
         120 
Broadline Retail (6.3%)          
Amazon.com, Inc. (a)   2,150    273 
           
Capital Markets (6.9%)          
Intercontinental Exchange, Inc.   2,063    227 
MSCI, Inc.   9    5 
S&P Global, Inc.   174    64 
         296 
Chemicals (0.2%)          
Ecolab, Inc.   26    5 
Sherwin-Williams Co.   17    4 
         9 
Commercial Services & Supplies (4.1%)          
Cintas Corp.   10    5 
Copart, Inc. (a)   106    5 
Rentokil Initial PLC (United Kingdom)   21,854    162 
Rollins, Inc.   116    4 
         176 
Construction Materials (0.1%)          
Martin Marietta Materials, Inc.   11    5 
           
Consumer Staples Distribution & Retail (2.9%)          
Dollar General Corp.   1,199    127 
           
Distributors (1.6%)          
Pool Corp.   195    69 
           
Diversified Consumer Services (0.1%)          
Service Corp. International   73    4 
           
Diversified REITs (1.5%)          
American Tower Corp. REIT   393    65 
           
Entertainment (1.1%)          
Netflix, Inc. (a)   72    27 
Walt Disney Co. (a)   265    22 
         49 
Financial Services (1.4%)          
Toast, Inc., Class A (a)   3,214    60 
           
Food Products (0.1%)          
McCormick & Co., Inc.   55    4 
           
Ground Transportation (3.4%)          
Union Pacific Corp.   724    147 
           
Health Care Equipment & Supplies (0.1%)          
Intuitive Surgical, Inc. (a)   16    5 
           
Health Care Technology (0.9%)          
Veeva Systems, Inc., Class A (a)   203    41 
           
Hotels, Restaurants & Leisure (0.3%)          
Domino's Pizza, Inc.   12    5 
McDonald's Corp.   17    4 
Starbucks Corp.   48    4 
         13 
Household Durables (4.4%)          
NVR, Inc. (a)   7    42 
Victoria PLC (United Kingdom) (a)   23,113    146 
         188 
Information Technology Services (10.5%)          
Cloudflare, Inc., Class A (a)   6,133    386 
Gartner, Inc. (a)   191    66 
         452 
Insurance (2.8%)          
Brown & Brown, Inc.   1,733    121 
           
Interactive Media & Services (4.1%)          
Alphabet, Inc., Class C (a)   1,349    178 
           
Life Sciences Tools & Services (9.2%)          
Danaher Corp.   706    175 
Eurofins Scientific SE (France)   2,687    152 
Illumina, Inc. (a)   482    66 
Thermo Fisher Scientific, Inc.   8    4 
         397 
Metals & Mining (1.6%)          
Royal Gold, Inc.   639    68 
           
Oil, Gas & Consumable Fuels (1.8%)          
Texas Pacific Land Corp.   42    77 
           
Personal Care Products (0.1%)          
Estee Lauder Cos., Inc., Class A   31    4 
           
Pharmaceuticals (5.1%)          
Royalty Pharma PLC, Class A (United Kingdom)   7,900    215 
Zoetis, Inc.   24    4 
         219 
Semiconductors & Semiconductor Equipment (1.0%)          
ASML Holding NV (Registered) (Netherlands)   74    44 
           
Software (9.5%)          
Cadence Design Systems, Inc. (a)   21    5 
Constellation Software, Inc. (Canada)   58    120 
Lumine Group, Inc. (Canada) (a)   300    4 
Procore Technologies, Inc. (a)   1,144    75 
Roper Technologies, Inc.   10    5 
ServiceNow, Inc. (a)   77    43 
Synopsys, Inc. (a)   11    5 
Topicus.com, Inc. (Canada) (a)   1,570    104 
Tyler Technologies, Inc. (a)   127    49 
         410 
Specialty Retail (8.3%)          
AutoZone, Inc. (a)   9    23 
Floor & Decor Holdings, Inc., Class A (a)   2,266    205 
Home Depot, Inc.   224    68 
Tractor Supply Co.   306    62 
         358 
Textiles, Apparel & Luxury Goods (2.5%)          
Christian Dior SE (France)   147    108 
           
Trading Companies & Distributors (1.3%)          
Fastenal Co.   81    4 
Watsco, Inc.   132    50 
         54 
Total Common Stocks (Cost $3,996)        4,141 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Permanence Portfolio

 

   Shares   Value
(000)		 
Investment Company (1.2%)          
Grayscale Bitcoin Trust (a) (Cost $54)   2,814   $54 

 

   No. of
Warrants		     
Warrant (0.0%)‡          
Software (0.0%)‡          
Constellation Software, Inc., expires 3/31/40 (a) (Cost $—)   58   —@

 

   Shares     
Short-Term Investment (3.0%)          
Investment Company (3.0%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (b) (Cost $128)   128,358   128 
Total Investments Excluding Purchased Options (100.2%) (Cost $4,178)        4,323 
Total Purchased Options Outstanding (0.3%) (Cost $13)        14 
Total Investments (100.5%) (Cost $4,191) (c)(d)(e)(f)        4,337 
Liabilities in Excess of Other Assets (–0.5%)        (23)
Net Assets (100.0%)       $4,314 

 

‡ Amount is less than 0.05%.
(a) Non-income producing security.
(b) 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. 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 nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(c) The approximate fair value and percentage of net assets, $675,000 and 15.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(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 Directors 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 nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(e) Securities are available for collateral in connection with purchased options.
(f) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $443,000 and the aggregate gross unrealized depreciation is approximately $297,000, resulting in net unrealized appreciation of approximately $146,000.
REIT Real Estate Investment Trust.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Permanence Portfolio

 

Call Options Purchased:

The Fund had the following call options purchased open at September 30, 2023:

 

 

Counterparty  Description  Strike
Price		   Expiration
Date		  Number of
Contracts		   Notional
Amount
(000)		   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
JPMorgan Chase Bank NA  USD/CNH  CNH 7.43   Jan–24   765,238   $765   $3   $3   $(—@)
Standard Chartered Bank  USD/CNH  CNH 7.57   May–24   1,105,323    1,105    6    5    1 
JPMorgan Chase Bank NA  USD/CNH  CNH 7.79   Aug–24   1,263,287    1,263    5    5    (—@)
Goldman Sachs International  USD/CNH  CNH 7.87   Oct–23   6,257    6    —@     —@       (—@)
                         $14   $13   $1 

 

@ Value is less than $500.
CNH — Chinese Yuan Renminbi Offshore
USD — United States Dollar

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   44.7%
Information Technology Services   10.4 
Software   9.4 
Life Sciences Tools & Services   9.2 
Specialty Retail   8.2 
Capital Markets   6.8 
Broadline Retail   6.3 
Pharmaceuticals   5.0 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

US Core Portfolio

 

   Shares   Value
(000)		 
Common Stocks (100.1%)          
Banks (4.0%)          
JPMorgan Chase & Co.   55,736   $8,083 
           
Broadline Retail (3.3%)          
Amazon.com, Inc. (a)   52,726    6,702 
           
Building Products (1.4%)          
Fortune Brands Innovations, Inc.   46,295    2,878 
           
Capital Markets (4.2%)          
Ameriprise Financial, Inc.   25,609    8,443 
           
Commercial Services & Supplies (2.4%)          
Waste Management, Inc.   32,359    4,933 
           
Consumer Staples Distribution & Retail (4.5%)          
Costco Wholesale Corp.   16,123    9,109 
           
Containers & Packaging (0.6%)          
Graphic Packaging Holding Co.   55,036    1,226 
           
Distributors (0.9%)          
Pool Corp.   5,094    1,814 
           
Electric Utilities (2.1%)          
NextEra Energy, Inc.   75,507    4,326 
           
Entertainment (0.4%)          
Netflix, Inc. (a)   2,015    761 
           
Financial Services (4.7%)          
Jack Henry & Associates, Inc.   15,457    2,336 
Mastercard, Inc., Class A   17,986    7,121 
         9,457 
Health Care Equipment & Supplies (1.3%)          
Edwards Lifesciences Corp. (a)   38,146    2,643 
           
Hotels, Restaurants & Leisure (5.0%)          
McDonald's Corp.   28,404    7,482 
MGM Resorts International   71,050    2,612 
         10,094 
Household Durables (1.3%)          
Lennar Corp., Class A   22,745    2,553 
           
Insurance (5.9%)          
Brown & Brown, Inc.   93,481    6,529 
Progressive Corp.   38,443    5,355 
         11,884 
Interactive Media & Services (8.5%)          
Alphabet, Inc., Class A (a)   131,831    17,251 
           
Life Sciences Tools & Services (4.4%)          
Danaher Corp.   11,224    2,785 
West Pharmaceutical Services, Inc.   16,423    6,162 
         8,947 
Metals & Mining (1.8%)          
Nucor Corp.   22,989    3,594 
           
Oil, Gas & Consumable Fuels (4.3%)          
Chevron Corp.   27,935    4,710 
Valero Energy Corp.   28,697    4,067 
         8,777 
Semiconductors & Semiconductor Equipment (8.6%)          
Applied Materials, Inc.   52,350    7,248 
Lam Research Corp.   3,796    2,379 
NVIDIA Corp.   17,679    7,690 
         17,317 
Software (11.5%)          
Microsoft Corp.   63,686    20,109 
Tyler Technologies, Inc. (a)   8,468    3,270 
         23,379 
Specialty Retail (5.5%)          
Home Depot, Inc.   13,619    4,115 
TJX Cos., Inc.   80,158    7,124 
         11,239 
Tech Hardware, Storage & Peripherals (8.5%)          
Apple, Inc.   101,102    17,310 
           
Textiles, Apparel & Luxury Goods (1.9%)          
Lululemon Athletica, Inc. (a)   10,111    3,899 
           
Trading Companies & Distributors (3.1%)          
United Rentals, Inc.   13,946    6,200 
Total Investments (100.1%) (Cost $172,229) (b)(c)        202,819 
Liabilities in Excess of Other Assets (–0.1%)        (283)
Net Assets (100.0%)       $202,536 

 

(a) Non-income producing security.
(b) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(c) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $33,956,000 and the aggregate gross unrealized depreciation is approximately $3,366,000, resulting in net unrealized appreciation of approximately $30,590,000.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   46.6%
Software   11.5 
Semiconductors & Semiconductor Equipment   8.5 
Tech Hardware, Storage & Peripherals   8.5 
Interactive Media & Services   8.5 
Insurance   5.9 
Specialty Retail   5.5 
Hotels, Restaurants & Leisure   5.0 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

U.S. Focus Real Estate Portfolio

 

   Shares   Value
(000)		 
Common Stocks (97.4%)          
Apartments (9.5%)          
AvalonBay Communities, Inc. REIT   1,080   $186 
Essex Property Trust, Inc. REIT   949    201 
         387 
Data Centers (14.0%)          
Digital Realty Trust, Inc. REIT   2,035    246 
Equinix, Inc. REIT   448    326 
         572 
Free Standing (5.3%)          
Agree Realty Corp. REIT   1,450    80 
NETSTREIT Corp. REIT   3,897    61 
Realty Income Corp. REIT   1,546    77 
         218 
Gaming (4.5%)          
VICI Properties, Inc. REIT   6,280    183 
           
Health Care (11.4%)          
CareTrust REIT, Inc.   3,915    81 
Welltower, Inc. REIT   4,665    382 
         463 
Industrial (15.2%)          
Americold Realty Trust, Inc. REIT   3,349    102 
Prologis, Inc. REIT   3,910    439 
Rexford Industrial Realty, Inc. REIT   1,613    79 
         620 
Infrastructure (8.6%)          
American Tower Corp. REIT   2,123    349 
           
Lodging/Resorts (1.1%)          
Hilton Worldwide Holdings, Inc.   287    43 
           
Regional Malls (3.9%)          
Simon Property Group, Inc. REIT   1,463    158 
           
Self Storage (6.4%)          
Public Storage REIT   988    260 
           
Shopping Centers (5.3%)          
Brixmor Property Group, Inc. REIT   5,107    106 
Kite Realty Group Trust REIT   5,164    111 
         217 
Single Family Homes (6.9%)          
American Homes 4 Rent Class A REIT   8,405    283 
           
Specialty (2.9%)          
Iron Mountain, Inc. REIT   2,002    119 
           
Timber (2.4%)          
Rayonier, Inc. REIT   3,381    96 
Total Common Stocks (Cost $4,253)        3,968 
           
Short-Term Investment (0.9%)          
Investment Company (0.9%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (a) (Cost $38)   38,158    38 
Total Investments (98.3%) (Cost $4,291) (b)(c)        4,006 
Other Assets in Excess of Liabilities (1.7%)        70 
Net Assets (100.0%)       $4,076 

 

(a) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury 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 nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(b) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(c) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $57,000 and the aggregate gross unrealized depreciation is approximately $342,000, resulting in net unrealized depreciation of approximately $285,000.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   15.9%
Industrial   15.5 
Data Centers   14.3 
Health Care   11.5 
Apartments   9.7 
Infrastructure   8.7 
Single Family Homes   7.1 
Self Storage   6.5 
Free Standing   5.4 
Shopping Centers   5.4 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

U.S. Real Estate Portfolio

 

   Shares   Value
(000)		 
Common Stocks (98.6%)          
Apartments (12.2%)          
AvalonBay Communities, Inc. REIT   9,927   $1,705 
Essex Property Trust, Inc. REIT   4,576    971 
Mid-America Apartment Communities, Inc. REIT   5,468    703 
         3,379 
Data Centers (14.7%)          
Digital Realty Trust, Inc. REIT   12,977    1,570 
Equinix, Inc. REIT   3,442    2,500 
         4,070 
Free Standing (6.2%)          
Agree Realty Corp. REIT   8,996    497 
NETSTREIT Corp. REIT   17,211    268 
Realty Income Corp. REIT   19,335    966 
         1,731 
Gaming (4.8%)          
VICI Properties, Inc. REIT   45,767    1,332 
           
Health Care (11.2%)          
CareTrust REIT, Inc.   23,723    486 
Ventas, Inc. REIT   10,360    437 
Welltower, Inc. REIT   26,551    2,175 
         3,098 
Industrial (17.7%)          
Americold Realty Trust, Inc. REIT   19,985    608 
Prologis, Inc. REIT   34,496    3,871 
Rexford Industrial Realty, Inc. REIT   8,514    420 
         4,899 
Lodging/Resorts (2.6%)          
Hilton Worldwide Holdings, Inc.   1,190    179 
Host Hotels & Resorts, Inc. REIT   33,211    533 
         712 
Manufactured Homes (2.4%)          
Sun Communities, Inc. REIT   5,640    667 
           
Office (1.1%)          
Alexandria Real Estate Equities, Inc. REIT   3,036    304 
           
Regional Malls (4.2%)          
Simon Property Group, Inc. REIT   10,769    1,163 
           
Self Storage (7.4%)          
Extra Space Storage, Inc. REIT   4,061    494 
Public Storage REIT   5,931    1,563 
         2,057 
Shopping Centers (6.1%)          
Brixmor Property Group, Inc. REIT   36,232    753 
Kite Realty Group Trust REIT   35,148    753 
Urban Edge Properties REIT   11,731    179 
         1,685 
Single Family Homes (4.9%)          
American Homes 4 Rent Class A REIT   39,943    1,346 
           
Specialty (3.1%)          
Iron Mountain, Inc. REIT   14,388    855 
Total Common Stocks (Cost $28,186)        27,298 
           
Short-Term Investment (0.9%)          
Investment Company (0.9%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class (a) (Cost $260)   260,496    260 
Total Investments (99.5%) (Cost $28,446) (b)(c)        27,558 
Other Assets in Excess of Liabilities (0.5%)        125 
Net Assets (100.0%)       $27,683 

 

(a) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury 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 nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(b) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(c) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,129,000 and the aggregate gross unrealized depreciation is approximately $2,017,000, resulting in net unrealized depreciation of approximately $888,000.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   24.0%
Industrial   17.8 
Data Centers   14.8 
Apartments   12.3 
Health Care   11.2 
Self Storage   7.5 
Free Standing   6.3 
Shopping Centers   6.1 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2023 (unaudited)

Portfolio of Investments

Vitality Portfolio

 

   Shares   Value
(000)		 
Common Stocks (90.3%)          
Biotechnology (26.1%)          
4D Molecular Therapeutics, Inc. (a)   1,273   $16 
Alnylam Pharmaceuticals, Inc. (a)   419    74 
Altimmune, Inc. (a)   1,044    3 
Argenx SE ADR (Belgium) (a)   245    121 
Ascendis Pharma AS ADR (Denmark) (a)   261    25 
Beam Therapeutics, Inc. (a)   1,368    33 
Exact Sciences Corp. (a)   1,207    82 
Fate Therapeutics, Inc. N (a)   1,572    3 
Intellia Therapeutics, Inc. (a)   1,593    50 
Moderna, Inc. (a)   372    39 
Relay Therapeutics, Inc. N (a)   1,230    10 
Vertex Pharmaceuticals, Inc. (a)   276    96 
         552 
Health Care Equipment & Supplies (12.3%)          
Align Technology, Inc. (a)   210    64 
IDEXX Laboratories, Inc. (a)   94    41 
Inspire Medical Systems, Inc. (a)   324    64 
Intuitive Surgical, Inc. (a)   306    90 
         259 
Health Care Providers & Services (9.1%)          
Agilon health, Inc. (a)   2,814    50 
Guardant Health, Inc. (a)   892    26 
UnitedHealth Group, Inc.   232    117 
         193 
Health Care Technology (5.3%)          
Doximity, Inc., Class A (a)   1,353    29 
Schrodinger, Inc. (a)   1,098    31 
Veeva Systems, Inc., Class A (a)   259    53 
         113 
Life Sciences Tools & Services (23.3%)          
10X Genomics, Inc., Class A (a)   1,763    73 
AbCellera Biologics, Inc. Canada N (Canada) (a)(b)   3,223    15 
Evotec SE ADR (Germany) (a)   3,481    34 
Illumina, Inc. (a)   289    40 
MaxCyte, Inc. (a)   14,540    45 
SomaLogic, Inc. (a)   29,999    72 
Stevanato Group SpA Italy N (Italy)   1,793    53 
Thermo Fisher Scientific, Inc.   213    108 
West Pharmaceutical Services, Inc.   143    53 
         493 
Pharmaceuticals (13.3%)          
ATAI Life Sciences NV (a)(b)   8,904    11 
Eli Lilly & Co.   294    158 
GH Research PLC (a)   958    10 
Royalty Pharma PLC, Class A   1,579    43 
Zoetis, Inc.   340    59 
         281 
Specialty Retail (0.9%)          
Chewy, Inc., Class A (a)   1,010    18 
Total Common Stocks (Cost $2,599)        1,909 
           
Short-Term Investments (6.3%)          
Investment Company (5.0%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c) (Cost $107)   107,046    107 
           
Securities held as Collateral on Loaned Securities (1.3%)          
Investment Company (1.1%)          
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (c)   21,857    22 

 

   Face
Amount
(000)		     
Repurchase Agreements (0.2%)          
Citigroup, Inc., (5.25%, dated 9/29/23, due 10/2/23; proceeds $2; fully collateralized by U.S. Government obligations; 0.13% - 2.88% due 10/31/23 - 5/15/52; valued at $2)                    2           2 
Merrill Lynch & Co., Inc., (5.29%, dated 9/29/23, due 10/2/23; proceeds $3; fully collateralized by a U.S. Government obligation; 2.75% due 5/31/29; valued at $3)   3    3 
         5 
Total Securities held as Collateral on Loaned Securities (Cost $27)        27 
Total Short-Term Investments (Cost $134)        134 
Total Investments (96.6%) (Cost $2,733) Including $26 of Securities Loaned (d)(e)        2,043 
Other Assets in Excess of Liabilities (3.4%)        72 
Net Assets (100.0%)       $2,115 

 

(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 September 30, 2023, were approximately $26,000 and $29,000 respectively. The Fund received cash collateral of approximately $27,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $2,000 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.
(c) 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. 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 nine months ended September 30, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.
(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 Directors 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 nine months ended September 30, 2023, the Fund did not engage in any cross-trade transactions.
(e) At September 30, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $172,000 and the aggregate gross unrealized depreciation is approximately $862,000, resulting in net unrealized depreciation of approximately $690,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition*  

 

Classification  Percentage of
Total Investments		 
Biotechnology   27.4%
Life Sciences Tools & Services   24.5 
Pharmaceuticals   13.9 
Health Care Equipment & Supplies   12.8 
Health Care Providers & Services   9.6 
Health Care Technology   5.6 
Short-Term Investments   5.3 
Other**   0.9 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2023.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments

 

Security Valuation: (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Company's Board of Directors (the "Directors"). 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”) and Morgan Stanley Investment Management Company (“MSIM Company”) (together, the "Sub-Advisers"), 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) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) OTC swaps may be valued by an outside pricing service approved by the Directors 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; (6) 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; (7) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or Sub-Advisers determine that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security’s market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Directors. 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 Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (8) 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 (9) 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.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

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

 

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

 

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

 

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

 

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

 

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

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
                 
Advantage
Assets:
Common Stocks                    
Automobiles  $10,696   $—   $—   $10,696 
Broadline Retail   14,408    —    —    14,408 
Capital Markets   3,156    —    —    3,156 
Entertainment   9,430    —    —    9,430 
Financial Services   3,866    7,555    —    11,421 
Ground Transportation   15,481    —    —    15,481 
Health Care Equipment & Supplies   1,107    —    —    1,107 
Health Care Technology   3,081    —    —    3,081 
Hotels, Restaurants & Leisure   25,095    —    —    25,095 
Information Technology Services   44,515    —    —    44,515 
Interactive Media & Services   12,279    —    —    12,279 
Life Sciences Tools & Services   5,225    —    —    5,225 
Media   15,518    —    —    15,518 
Pharmaceuticals   9,614    —    —    9,614 
Software   13,074    —    —    13,074 
Specialty Retail   6,156    —    —    6,156 
Total Common Stocks   192,701    7,555    —    200,256 
Investment Company   3,349    —    —    3,349 
Call Options Purchased   —    713    —    713 
Short-Term Investment                    
Investment Company   1,317    —        —    1,317 
Total Assets  $197,367   $8,268   $—   $205,635 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
                 
American Resilience
Assets:
Common Stocks
Beverages  $19   $—   $—   $19 
Capital Markets   65    —    —    65 
Electronic Equipment, Instruments & Components   44    —    —    44 
Financial Services   79    —    —    79 
Health Care Equipment & Supplies   77    —    —    77 
Household Products   28    —    —    28 
Information Technology Services   61    —    —    61 
Insurance   48    —    —    48 
Interactive Media & Services   37    —    —    37 
Life Sciences Tools & Services   139    —    —    139 
Machinery   31    —    —    31 
Pharmaceuticals   17    —    —    17 
Professional Services   74    —    —    74 
Semiconductors & Semiconductor Equipment   35    —    —    35 
Software   138    —    —    138 
Textiles, Apparel & Luxury Goods   14    —    —    14 
Tobacco   41    —    —    41 
Total Common Stocks   947    —    —    947 
Warrant   —@   —    —    —@
Short-Term Investment
Investment Company   18    —    —    18 
Total Assets  $965   $—   $—   $965 

 

@ Value is less than $500.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
                 
Asia Opportunity
Assets:
Common Stocks
Banks  $11,179   $28,619   $—   $39,798 
Beverages   —    18,131    —    18,131 
Broadline Retail   10,495    —    —    10,495 
Chemicals   —    1,068    —    1,068 
Construction Materials   —    1,527    —    1,527 
Consumer Finance   3,973    —    —    3,973 
Entertainment   1,888    —    —    1,888 
Food Products   —    6,179    —    6,179 
Ground Transportation   6,632    —    —    6,632 
Health Care Equipment & Supplies   —    2,843    —    2,843 
Hotels, Restaurants & Leisure   8,171    21,426    —    29,597 
Household Durables   —    2,275    —    2,275 
Insurance   —    4,085    —    4,085 
Interactive Media & Services   —    18,014    —    18,014 
Real Estate Management & Development   7,691    3,009    —    10,700 
Semiconductors & Semiconductor Equipment   —    7,931    —    7,931 
Textiles, Apparel & Luxury Goods   —    9,414    —    9,414 
Total Common Stocks   50,029    124,521          —    174,550 
Short-Term Investment
Investment Company   3,579    —    —    3,579 
Total Assets  $53,608   $124,521   $—   $178,129 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
                 
Counterpoint Global
Assets:
Common Stocks
Aerospace & Defense  $—   $135   $      —   $135 
Air Freight & Logistics   —    103    —    103 
Automobile Components   2    —    —    2 
Automobiles   106    —    —    106 
Banks   172    16    —    188 
Beverages   26    57    —    83 
Biotechnology   96    3    —    99 
Broadline Retail   724    1    —    725 
Capital Markets   73    1    —    74 
Chemicals   41    17    —    58 
Commercial Services & Supplies   1    47    —    48 
Construction Materials   —    1    —    1 
Consumer Finance   3    —    —    3 
Consumer Staples Distribution & Retail   82    2    —    84 
Containers & Packaging   2    16    —    18 
Distributors   3    —    —    3 
Diversified Consumer Services   8    —    —    8 
Diversified REITs   21    —    —    21 
Electronic Equipment, Instruments & Components   —    37    —    37 
Entertainment   276    1    —    277 
Financial Services   327    145    —    472 
Food Products   —    3    —    3 
Ground Transportation   454    —    —    454 
Health Care Equipment & Supplies   11    23    —    34 
Health Care Providers & Services   164    —    —    164 
Health Care Technology   37    —    —    37 
Hotels, Restaurants & Leisure   318    90    —    408 
Household Durables   144    176    —    320 
Information Technology Services   1,963    —    —    1,963 
Insurance   27    10    —    37 
Interactive Media & Services   160    35    —    195 
Leisure Products   70    —    —    70 
Life Sciences Tools & Services   86    89    —    175 
Machinery   —    2    —    2 
Marine Transportation   —    12    —    12 
Media   178    —    —    178 
Metals & Mining   17    1    —    18 
Multi-Utilities   5    —    —    5 
Oil, Gas & Consumable Fuels   44    —    —    44 
Passenger Airlines   5    —    —    5 
Personal Care Products   6    1    —    7 
Pharmaceuticals   235    5    —    240 
Real Estate Management & Development   12    3    —    15 
Semiconductors & Semiconductor Equipment   13    37    —    50 
Software   915    —    —    915 
Specialty Retail   347    —    —    347 
Textiles, Apparel & Luxury Goods   52    210    —    262 
Trading Companies & Distributors   2    —    —    2 
Transportation Infrastructure   1    —    —    1 
Total Common Stocks   7,229    1,279    —    8,508 
Preferred Stocks
Financial Services   —    —    3    3 
Software   —    —    45    45 
Total Preferred Stocks   —    —    48    48 
Investment Company   110    —    —    110 
Warrants   —@   —    —    —@
Call Options Purchased   —    19    —    19 
Short-Term Investment
Investment Company   90    —    —    90 
Total Assets  $7,429   $1,298   $48   $8,775 

 

@   Value is less than $500.

 

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

 

Counterpoint Global  Preferred
Stocks
(000)		 
Beginning Balance  $33 
Purchases   3 
Sales   — 
Transfers in   — 
Transfers out   — 
Corporate actions   — 
Change in unrealized appreciation (depreciation)   12 
Realized gains (losses)   — 
Ending Balance  $48 
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023  $12 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2023. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

  

Counterpoint Global  Fair Value at
September 30, 2023
(000)		   Valuation
Technique		  Unobservable
Input		  Amount*   Impact to
Valuation from an
Increase in Input**
Preferred Stocks  $48   Market Transaction Method  Precedent Transaction   $73.50   Increase
        Discounted Cash Flow  Weighted Average Cost of Capital   16.5%   Decrease
           Perpetual Growth Rate   3.5%   Increase
        Market Comparable Companies  Enterprise Value/Revenue   2.5x   Increase
           Discount for Lack of Marketability   14.0%   Decrease

 

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
                 
Developing Opportunity
Assets:
Common Stocks
Banks  $3,702   $5,403   $—   $9,105 
Beverages   —    2,768    —    2,768 
Broadline Retail   5,798    —    —    5,798 
Capital Markets   —    745    —    745 
Chemicals   —    646    —    646 
Construction Materials   —    352    —    352 
Consumer Finance   592    —    —    592 
Entertainment   413    —    —    413 
Food Products   —    586    —    586 
Ground Transportation   1,443    —    —    1,443 
Health Care Equipment & Supplies   —    420    —    420 
Hotels, Restaurants & Leisure   1,509    3,949    —    5,458 
Household Durables   —    307    —    307 
Information Technology Services   1,430    —    —    1,430 
Interactive Media & Services   —    3,263    —    3,263 
Real Estate Management & Development   1,364    457    —    1,821 
Semiconductors & Semiconductor Equipment   —    1,783    —    1,783 
Textiles, Apparel & Luxury Goods   —    1,873    —    1,873 
Transportation Infrastructure   538    —    —    538 
Total Common Stocks   16,789    22,552       —    39,341 
Short-Term Investment
Investment Company   287    —    —    287 
Total Assets  $17,076   $22,552   $  —   $39,628 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
                 
Emerging Markets ex China
Assets:
Common Stocks
Air Freight & Logistics  $—   $39   $—   $39 
Automobiles   —    280    —    280 
Banks   212    1,042    —    1,254 
Beverages   94    —    —    94 
Broadline Retail   23    —    —    23 
Capital Markets   —    86    —    86 
Chemicals   —    75    —    75 
Construction & Engineering   —    69    —    69 
Consumer Finance   —    96    —    96 
Consumer Staples Distribution & Retail   129    100    —    229 
Containers & Packaging   —    91    —    91 
Electrical Equipment   —    49    —    49 
Electronic Equipment, Instruments & Components   —    104    —    104 
Financial Services   —    80    —    80 
Food Products   92    102    —    194 
Ground Transportation   68    —    —    68 
Health Care Providers & Services   —    185    —    185 
Hotels, Restaurants & Leisure   47    —    —    47 
Information Technology Services   54    85    —    139 
Insurance   67    121    —    188 
Machinery   —    30    —    30 
Metals & Mining   —    419    —    419 
Oil, Gas & Consumable Fuels   —    402    —    402 
Paper & Forest Products   —    129    —    129 
Real Estate Management & Development   —    65    —    65 
Semiconductors & Semiconductor Equipment   202    556    —    758 
Specialty Retail   —    65    —    65 
Tech Hardware, Storage & Peripherals   —    379    —    379 
Textiles, Apparel & Luxury Goods   —    113    —    113 
Transportation Infrastructure   27    —    —    27 
Total Common Stocks   1,015    4,762    —    5,777 
Rights   —@   —    —    —@
Total Assets  $1,015   $4,762   $—   $5,777 

 

@ Value is less than $500.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
                 
Emerging Markets Leaders
Assets:
Common Stocks
Automobiles  $—   $22,044   $—   $22,044 
Banks   18,136    27,319    —    45,455 
Broadline Retail   18,862    —    —    18,862 
Capital Markets   —    5,342    —    5,342 
Chemicals   —    14,454    —    14,454 
Consumer Finance   —    19,127    —    19,127 
Consumer Staples Distribution & Retail   —    10,745    —    10,745 
Electrical Equipment   5,323    22,294    —    27,617 
Electronic Equipment, Instruments & Components   —    3,666    —    3,666 
Ground Transportation   8,545    —    —    8,545 
Information Technology Services   22,144    —    —    22,144 
Machinery   —    2,778    —    2,778 
Personal Care Products   —    8,849    —    8,849 
Pharmaceuticals   —    1,875    —    1,875 
Professional Services   1,977    —    —    1,977 
Semiconductors & Semiconductor Equipment   —    15,538    —    15,538 
Specialty Retail   —    11,393    —    11,393 
Textiles, Apparel & Luxury Goods   —    37,593    —    37,593 
Total Common Stocks   74,987    203,017    —    278,004 
Rights   17    —    —    17 
Total Assets  $75,004   $203,017   $          —   $278,021 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
                 
Emerging Markets
Assets:
Common Stocks
Air Freight & Logistics  $—   $2,972   $—   $2,972 
Automobiles   —    24,606    —    24,606 
Banks   9,057    89,136    —    98,193 
Beverages   —    11,309    —    11,309 
Broadline Retail   1,184    8,796    —    9,980 
Capital Markets   —    8,962    —    8,962 
Chemicals   —    4,054    —    4,054 
Construction & Engineering   —    5,006    —    5,006 
Consumer Finance   —    5,699    —    5,699 
Consumer Staples Distribution & Retail   10,516    4,598    —    15,114 
Electrical Equipment   2,229    8,039    —    10,268 
Electronic Equipment, Instruments & Components   —    7,247    —    7,247 
Financial Services   —    5,674    —    5,674 
Food Products   8,100    13,458    —    21,558 
Ground Transportation   6,357    —    —    6,357 
Health Care Providers & Services   —    7,686    —    7,686 
Hotels, Restaurants & Leisure   2,470    2,713    —    5,183 
Industrial Conglomerates   —    5,351    —    5,351 
Information Technology Services   2,806    5,902    —    8,708 
Insurance   4,681    9,535    —    14,216 
Interactive Media & Services   —    14,222    —    14,222 
Machinery   —    3,113    —    3,113 
Metals & Mining   —    26,180    —    26,180 
Oil, Gas & Consumable Fuels   —    30,214    —    30,214 
Paper & Forest Products   —    7,966    —    7,966 
Personal Care Products   —    2,823    —    2,823 
Pharmaceuticals   —    3,059    —    3,059 
Real Estate Management & Development   —    4,799    —    4,799 
Semiconductors & Semiconductor Equipment   9,446    44,959    —    54,405 
Specialty Retail   —    5,974    —    5,974 
Tech Hardware, Storage & Peripherals   —    26,134    —    26,134 
Textiles, Apparel & Luxury Goods   —    16,931    —    16,931 
Transportation Infrastructure   4,586    —    —    4,586 
Total Common Stocks   61,432    417,117    —    478,549 
Rights   13    —    —    13 
Short-Term Investment
Investment Company   6,261    —    —    6,261 
Total Assets   67,706    417,117    —    484,823 
Liabilities:
Futures Contract   (103)   —    —    (103)
Total  $67,603   $417,117   $      —   $484,720 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
                 
Global Concentrated
Assets:
Common Stocks
Automobiles  $7,871   $—   $—   $7,871 
Banks   8,798    —    —    8,798 
Capital Markets   4,881    —    —    4,881 
Commercial Services & Supplies   4,246    —    —    4,246 
Construction Materials   6,584    —    —    6,584 
Consumer Staples Distribution & Retail   5,755    —    —    5,755 
Distributors   705    —    —    705 
Electric Utilities   3,784    —    —    3,784 
Entertainment   7,288    —    —    7,288 
Financial Services   4,868    —    —    4,868 
Interactive Media & Services   3,821    —    —    3,821 
Life Sciences Tools & Services   1,241    —    —    1,241 
Semiconductors & Semiconductor Equipment   8,272    —    —    8,272 
Software   9,797    —    —    9,797 
Textiles, Apparel & Luxury Goods   7,042    —    —    7,042 
Trading Companies & Distributors   10,322    —    —    10,322 
Total Common Stocks   95,275    —    —    95,275 
Short-Term Investment
Investment Company   1,528    —    —    1,528 
Total Assets  $96,803   $—   $—   $96,803 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
                 
Global Core
Assets:
Common Stocks
Automobiles  $1,288   $—   $—   $1,288 
Banks   1,441    —    —    1,441 
Beverages   128    —    —    128 
Broadline Retail   393    —    —    393 
Building Products   266    —    —    266 
Capital Markets   832    —    —    832 
Chemicals   418    —    —    418 
Commercial Services & Supplies   55    —    —    55 
Construction Materials   1,279    —    —    1,279 
Consumer Staples Distribution & Retail   168    —    —    168 
Distributors   68    —    —    68 
Diversified Telecommunication Services   393    —    —    393 
Electric Utilities   433    —    —    433 
Entertainment   768    —    —    768 
Financial Services   663    —    —    663 
Health Care Equipment & Supplies   59    —    —    59 
Health Care Technology   133    —    —    133 
Hotels, Restaurants & Leisure   1,046    —    —    1,046 
Household Durables   129    —    —    129 
Insurance   478    —    —    478 
Interactive Media & Services   683    —    —    683 
Life Sciences Tools & Services   692    —    —    692 
Metals & Mining   122    —    —    122 
Oil, Gas & Consumable Fuels   1,073    —    —    1,073 
Passenger Airlines   250    —    —    250 
Professional Services   284    —    —    284 
Residential REITs   60    —    —    60 
Semiconductors & Semiconductor Equipment   1,151    —    —    1,151 
Software   1,661    —    —    1,661 
Specialty Retail   500    —    —    500 
Tech Hardware, Storage & Peripherals   1,562    —    —    1,562 
Textiles, Apparel & Luxury Goods   654    978    —    1,632 
Trading Companies & Distributors   1,159    —    —    1,159 
Total Common Stocks   20,289    978    —    21,267 
Short-Term Investment
Investment Company   359    —    —    359 
Total Assets  $20,648   $978   $—   $21,626 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
                 
Global Endurance
Assets:
Common Stocks
Aerospace & Defense  $—   $2,245   $—   $2,245 
Beverages   806    1,026    —    1,832 
Biotechnology   1,208    —    —    1,208 
Broadline Retail   3,002    —    —    3,002 
Chemicals   872    550    —    1,422 
Consumer Staples Distribution & Retail   2,071    —    —    2,071 
Containers & Packaging   —    615    —    615 
Diversified REITs   227    —    —    227 
Entertainment   1,340    —    —    1,340 
Financial Services   1,947    1,030    —    2,977 
Ground Transportation   1,793    —    —    1,793 
Hotels, Restaurants & Leisure   639    734    —    1,373 
Household Durables   3,592    2,601    —    6,193 
Information Technology Services   2,006    —    —    2,006 
Interactive Media & Services   1,981    —    —    1,981 
Life Sciences Tools & Services   —    1,562    —    1,562 
Oil, Gas & Consumable Fuels   894    —    —    894 
Pharmaceuticals   1,731    —    —    1,731 
Software   5,843    —    —    5,843 
Specialty Retail   5,372    —    —    5,372 
Total Common Stocks   35,324    10,363    —    45,687 
Short-Term Investments
Investment Company   1,654    —    —    1,654 
Repurchase Agreements   —    316    —    316 
Total Short-Term Investments   1,654    316         —    1,970 
Total Assets  $36,978   $10,679   $—   $47,657 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
                 
Global Focus Real Estate
Assets:
Common Stocks
Data Centers  $388   $—   $—   $388 
Diversified   —    458    —    458 
Health Care   333    24    —    357 
Industrial   363    181    —    544 
Industrial/Office Mixed   —    67    —    67 
Infrastructure REITs   205    —    —    205 
Lodging/Resorts   39    96    —    135 
Office   —    38    —    38 
Residential   463    116    —    579 
Retail   388    28    —    416 
Self Storage   151    47    —    198 
Specialty   179    —    —    179 
Timber REIT   52    —    —    52 
Total Common Stocks   2,561    1,055    —    3,616 
Short-Term Investment
Investment Company   20    —    —    20 
Total Assets  $2,581   $1,055   $    —   $3,636 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
                 
Global Franchise
Assets:
Common Stocks
Beverages  $56,719   $143,448   $—   $200,167 
Capital Markets   163,496    —    —    163,496 
Electronic Equipment, Instruments & Components   55,088    —    —    55,088 
Entertainment   —    8,795    —    8,795 
Financial Services   165,428    —    —    165,428 
Health Care Equipment & Supplies   239,131    —    —    239,131 
Household Products   74,211    152,873    —    227,084 
Information Technology Services   163,479    —    —    163,479 
Insurance   130,403    —    —    130,403 
Life Sciences Tools & Services   257,974    —    —    257,974 
Machinery   46,097    —    —    46,097 
Personal Care Products   —    53,190    —    53,190 
Pharmaceuticals   27,838    —    —    27,838 
Professional Services   157,577    131,176    —    288,753 
Software   274,826    153,138    —    427,964 
Textiles, Apparel & Luxury Goods   21,384    52,841    —    74,225 
Tobacco   180,414    —    —    180,414 
Total Common Stocks   2,014,065    695,461    —    2,709,526 
Short-Term Investment
Investment Company   41,518    —    —    41,518 
Total Assets  $2,055,583   $695,461   $       —   $2,751,044 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
                 
Global Infrastructure
Assets:
Common Stocks
Airports  $2,841   $7,744   $—   $10,585 
Communications   22,220    10,763    —    32,983 
Diversified   13,119    18,760    —    31,879 
Electricity Transmission & Distribution   21,916    12,270    —    34,186 
Oil & Gas Storage & Transportation   71,288    10,774    —    82,062 
Others   13,282    534    —    13,816 
Toll Roads   —    6,511    —    6,511 
Water   5,244    3,399    —    8,643 
Total Common Stocks   149,910    70,755    —    220,665 
Short-Term Investments
Investment Company   19,776    —    —    19,776 
Repurchase Agreements   —    664    —    664 
Total Short-Term Investments   19,776    664             —    20,440 
Total Assets  $169,686   $71,419   $—   $241,105 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
                 
Global Insight
Assets:
Common Stocks
Automobiles  $3,750   $—   $—   $3,750 
Banks   403    —    —    403 
Biotechnology   1,559    —    —    1,559 
Broadline Retail   12,905    —    —    12,905 
Chemicals   289    —    —    289 
Entertainment   2,854    —    —    2,854 
Financial Services   2,589    3,842    —    6,431 
Ground Transportation   8,282    —    —    8,282 
Health Care Providers & Services   2,913    —    —    2,913 
Hotels, Restaurants & Leisure   6,139    —    —    6,139 
Information Technology Services   14,405    —    —    14,405 
Leisure Products   409    —    —    409 
Media   3,993    —    —    3,993 
Pharmaceuticals   3,773    —    —    3,773 
Software   4,322    —    —    4,322 
Specialty Retail   2,299    —    —    2,299 
Total Common Stocks   70,884    3,842    —    74,726 
Preferred Stock
Software   —    —    21    21 
Investment Company   1,179    —    —    1,179 
Call Options Purchased   —    271    —    271 
Short-Term Investment
Investment Company   675    —    —    675 
Total Assets  $72,738   $4,113   $21   $76,872 

 

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

 

Global Insight  Preferred
Stock
(000)		 
Beginning Balance  $30 
Purchases   — 
Sales   — 
Transfers in   — 
Transfers out   — 
Corporate actions   — 
Change in unrealized appreciation (depreciation)   (9)
Realized gains (losses)   — 
Ending Balance  $21 
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023  $(9)

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2023. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

 

Global Insight  Fair Value at
September 30, 2023
(000)		   Valuation
Technique		  Unobservable
Input		  Amount*   Impact to
Valuation from an
Increase in Input**
Preferred Stock  $21   Discounted Cash Flow  Weighted Average Cost of Capital   15.5%   Decrease
           Perpetual Growth Rate   3.5%   Increase
        Market Comparable Companies  Enterprise Value/Revenue   6.9x   Increase
           Discount for Lack of Marketability   16.0%   Decrease
        Comparable Transactions  Enterprise Value/Revenue   9.3x   Increase

 

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
                 
Global Opportunity
Assets:
Common Stocks
Air Freight & Logistics  $—   $148,915   $—   $148,915 
Banks   99,220    156,253    —    255,473 
Broadline Retail   338,908    —    —    338,908 
Electronic Equipment, Instruments & Components   —    33,839    —†   33,839†
Entertainment   196,887    —    —    196,887 
Financial Services   171,998    13,124    —    185,122 
Ground Transportation   287,944    —    —    287,944 
Hotels, Restaurants & Leisure   112,454    63,306    —    175,760 
Information Technology Services   140,091    —    —    140,091 
Interactive Media & Services   122,035    21,611    —    143,646 
Software   404,330    —    —    404,330 
Textiles, Apparel & Luxury Goods   20,522    169,095    —    189,617 
Total Common Stocks   1,894,389    606,143           —†   2,500,532†
Short-Term Investment
Investment Company   33,588    —    —    33,588 
Total Assets  $1,927,977   $606,143   $—†  $2,534,120†

 

† 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:

 

Global Opportunity   Common
Stock
(000)		 
Beginning Balance  $—†
Purchases   — 
Sales   — 
Transfers in   — 
Transfers out   — 
Corporate actions   — 
Change in unrealized appreciation (depreciation)   — 
Realized gains (losses)   — 
Ending Balance  $—†
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023  $— 

 

† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
                 
Global Permanence
Assets:
Common Stocks
Aerospace & Defense  $—   $735   $—   $735 
Automobiles   9    —    —    9 
Banks   126    —    —    126 
Beverages   —    7    —    7 
Broadline Retail   559    —    —    559 
Capital Markets   608    —    —    608 
Chemicals   9    —    —    9 
Commercial Services & Supplies   10    463    —    473 
Consumer Staples Distribution & Retail   188    —    —    188 
Diversified REITs   132    —    —    132 
Entertainment   —    10    —    10 
Ground Transportation   449    —    —    449 
Health Care Equipment & Supplies   —    88    —    88 
Household Durables   —    416    —    416 
Information Technology Services   912    —    —    912 
Insurance   248    —    —    248 
Interactive Media & Services   258    —    —    258 
Life Sciences Tools & Services   334    432    —    766 
Metals & Mining   140    10    —    150 
Oil, Gas & Consumable Fuels   161    —    —    161 
Personal Care Products   —    9    —    9 
Pharmaceuticals   588    —    —    588 
Real Estate Management & Development   9    —    —    9 
Semiconductors & Semiconductor Equipment   89    —    —    89 
Software   818    —    —    818 
Specialty Retail   306    —    —    306 
Textiles, Apparel & Luxury Goods   —    365    —    365 
Total Common Stocks   5,953    2,535    —    8,488 
Investment Company   100    —    —    100 
Warrant   1    —    —    1 
Call Options Purchased   —    27    —    27 
Short-Term Investment
Investment Company   145    —    —    145 
Total Assets  $6,199   $2,562   $        —   $8,761 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
                 
Global Real Estate
Assets:
Common Stocks
Data Centers  $3,274   $—   $—   $3,274 
Diversified   —    4,803    —    4,803 
Health Care   3,214    346    —    3,560 
Industrial   4,059    1,673    —    5,732 
Industrial/Office Mixed   —    776    —    776 
Lodging/Resorts   598    970    —    1,568 
Office   179    824    —    1,003 
Residential   5,387    994    —    6,381 
Retail   3,723    754    —    4,477 
Self Storage   1,631    463    —    2,094 
Specialty   1,149    —    —    1,149 
Total Common Stocks   23,214    11,603    —    34,817 
Short-Term Investment
Investment Company   261    —    —    261 
Total Assets  $23,475   $11,603   $—   $35,078 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
                 
Global Sustain
Assets:
Common Stocks
Beverages  $1,310   $—   $—   $1,310 
Capital Markets   4,854    1,964    —    6,818 
Electronic Equipment, Instruments & Components   2,935    —    —    2,935 
Entertainment   —    349    —    349 
Financial Services   7,607    —    —    7,607 
Health Care Equipment & Supplies   7,725    —    —    7,725 
Household Products   1,916    3,532    —    5,448 
Information Technology Services   6,191    —    —    6,191 
Insurance   4,561    2,523    —    7,084 
Interactive Media & Services   3,068    —    —    3,068 
Life Sciences Tools & Services   12,621    —    —    12,621 
Machinery   1,687    1,463    —    3,150 
Personal Care Products   —    1,393    —    1,393 
Pharmaceuticals   830    —    —    830 
Professional Services   5,033    3,101    —    8,134 
Semiconductors & Semiconductor Equipment   4,439    —    —    4,439 
Software   11,574    4,942    —    16,516 
Textiles, Apparel & Luxury Goods   804    —    —    804 
Total Common Stocks   77,155    19,267    —    96,422 
Warrant   9    —    —    9 
Short-Term Investment
Investment Company   1,504    —    —    1,504 
Total Assets  $78,668   $19,267   $—   $97,935 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
                 
Growth
Assets:
Common Stocks
Automobiles  $266,010   $—   $—   $266,010 
Biotechnology   79,297    —    —    79,297 
Broadline Retail   215,030    —    —    215,030 
Capital Markets   20,512    —    —    20,512 
Chemicals   20,887    —    —    20,887 
Electronic Equipment, Instruments & Components   —    —    —†   —†
Entertainment   227,648    —    —    227,648 
Financial Services   122,472    127,593    —    250,065 
Ground Transportation   460,363    —    —    460,363 
Health Care Providers & Services   181,270    —    —    181,270 
Health Care Technology   25,829    —    —    25,829 
Hotels, Restaurants & Leisure   567,159    —    —    567,159 
Information Technology Services   1,015,275    —    —    1,015,275 
Leisure Products   26,292    —    —    26,292 
Life Sciences Tools & Services   22,133    —    —    22,133 
Media   365,998    —    —    365,998 
Pharmaceuticals   229,609    —    —    229,609 
Software   493,108    —    —    493,108 
Specialty Retail   185,066    —    —    185,066 
Total Common Stocks   4,523,958    127,593    —†   4,651,551†
Preferred Stocks
Financial Services   —    —    14,549    14,549 
Software   —    —    136,775    136,775 
Total Preferred Stocks   —    —    151,324    151,324 
Investment Company  $81,616   $—   $—   $81,616 
Call Options Purchased   —    16,162    —    16,162 
Short-Term Investments
Investment Company   131,634    —    —    131,634 
Repurchase Agreements   —    2,931    —    2,931 
Total Short-Term Investments   131,634    2,931    —    134,565 
Total Assets  $4,737,208   $146,686   $151,324†  $5,035,218†

 

† 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:

 

Growth  Common
Stock
(000)		   Preferred
Stocks
(000)		 
Beginning Balance  $—†  $102,367 
Purchases   —    12,876 
Sales   —    — 
Transfers in   —    — 
Transfers out   —    — 
Corporate actions   —    — 
Change in unrealized appreciation (depreciation)   —    36,081 
Realized gains (losses)   —    — 
Ending Balance  $—†  $151,324 
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023  $—   $36,081 

 

† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2023. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

 

Growth  Fair Value at
September 30, 2023
(000)		   Valuation
Technique		  Unobservable
Input		  Amount*   Impact to
Valuation from an
Increase in Input**
Preferred Stocks  $151,324   Market Transaction Method  Precedent Transaction   $73.50   Increase
        Discounted Cash Flow  Weighted Average Cost of Capital   16.5%   Decrease
           Perpetual Growth Rate   3.5%   Increase
        Market Comparable Companies  Enterprise Value/Revenue   2.5x   Increase
           Discount for Lack of Marketability   14.0%   Decrease

 

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
Inception                    
Assets:                    
Common Stocks                    
Automobile Components  $1,013   $—   $—   $1,013 
Beverages   1,017    —    —    1,017 
Biotechnology   11,676    —    —    11,676 
Broadline Retail   30,309    —    —    30,309 
Chemicals   2,838    —    —    2,838 
Consumer Staples Distribution & Retail   758    —    —    758 
Diversified Consumer Services   4,295    —    —    4,295 
Financial Services   29,911    —    —    29,911 
Ground Transportation   6,966    —    —    6,966 
Health Care Equipment & Supplies   1,977    —    —    1,977 
Health Care Providers & Services   23,535    —    —    23,535 
Health Care Technology   10,375    —    —    10,375 
Hotels, Restaurants & Leisure   1,984    —    —    1,984 
Household Durables   6,631    10,219    —    16,850 
Information Technology Services   51,585    —    —    51,585 
Interactive Media & Services   6,899    —    —    6,899 
Leisure Products   20,819    —    —    20,819 
Life Sciences Tools & Services   17,259    —    —    17,259 
Media   1,056    —    —    1,056 
Metals & Mining   891    —    —    891 
Passenger Airlines   2,583    —    —    2,583 
Personal Care Products   3,296    —    —    3,296 
Pharmaceuticals   1,710    —    —    1,710 
Real Estate Management & Development   2,908    —    —    2,908 
Software   97,550    —    —    97,550 
Specialty Retail   30,865    —    —    30,865 
Textiles, Apparel & Luxury Goods   11,711    —    —    11,711 
Total Common Stocks   382,417    10,219    —    392,636 
Preferred Stocks                    
Health Care Technology   —    —    5,590    5,590 
Software   —    —    3,846    3,846 
Total Preferred Stocks   —    —    9,436    9,436 
Investment Company   5,478    —    —    5,478 
Warrants   41    —    —    41 
Call Options Purchased  $—   $1,292   $—   $1,292 
Short-Term Investments                    
Investment Company   10,924    —    —    10,924 
Repurchase Agreements   —    2,275    —    2,275 
Total Short-Term Investments   10,924    2,275    —    13,199 
Total Assets  $398,860   $13,786   $9,436   $422,082 

 

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

 

Inception  Preferred
Stocks
(000)		 
Beginning Balance  $11,920 
Purchases   — 
Sales   — 
Transfers in   — 
Transfers out   — 
Corporate actions   — 
Change in unrealized appreciation (depreciation)   (2,484)
Realized gains (losses)   — 
Ending Balance  $9,436 
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023  $(2,484)

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2023. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

 

Inception  Fair Value at
September 30, 2023
(000)		   Valuation
Technique		  Unobservable
Input		  Amount or Range/
Weighted Average*		  Impact to
Valuation from an
Increase in Input**
Preferred Stocks  $9,436   Discounted Cash Flow  Weighted Average Cost of Capital  12.5%-15.5%/14.3%  Decrease
           Perpetual Growth Rate  3.0%-4.0%/3.5%  Increase
        Market Comparable Companies  Enterprise Value/Revenue  1.1x-12.6x/3.9x  Increase
           Discount for Lack of Marketability  16.0%-18.0%/17.2%  Decrease
        Comparable Transactions  Enterprise Value/Revenue  1.7x-15.2x/6.0x  Increase

 

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
International Advantage                    
Assets:                    
Common Stocks                    
Air Freight & Logistics  $—   $262,888   $—   $262,888 
Banks   —    204,531    —    204,531 
Beverages   —    251,757    —    251,757 
Biotechnology   —    15,923    —    15,923 
Broadline Retail   170,768    —    —    170,768 
Capital Markets   67,626    —    —    67,626 
Electronic Equipment, Instruments & Components   —    141,717    —    141,717 
Entertainment   103,987    —    —    103,987 
Financial Services   —    60,344    —    60,344 
Food Products   —    55,186    —    55,186 
Ground Transportation   81,936    —    —    81,936 
Health Care Equipment & Supplies   —    117,463    —    117,463 
Hotels, Restaurants & Leisure   —    76,524    —    76,524 
Information Technology Services   91,435    —    —    91,435 
Insurance   —    69,401    —    69,401 
Interactive Media & Services   —    53,441    —    53,441 
Marine Transportation   —    73,733    —    73,733 
Multi-Utilities   64,107    —    —    64,107 
Semiconductors & Semiconductor Equipment   97,276    147,846    —    245,122 
Textiles, Apparel & Luxury Goods   66,740    610,941    —    677,681 
Total Common Stocks   743,875    2,141,695    —    2,885,570 
Short-Term Investments                    
Investment Company   149,870    —    —    149,870 
Repurchase Agreements   —    2,417    —    2,417 
Total Short-Term Investments   149,870    2,417    —    152,287 
Total Assets  $893,745   $2,144,112   $                 —   $3,037,857 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
International Equity                    
Assets:                    
Common Stocks                    
Aerospace & Defense  $—   $67,372   $—   $67,372 
Air Freight & Logistics   —    27,356    —    27,356 
Automobile Components   —    8,682    —    8,682 
Banks   —    54,356    —    54,356 
Beverages   —    81,086    —    81,086 
Capital Markets   —    41,799    —    41,799 
Electrical Equipment   —    26,396    —    26,396 
Electronic Equipment, Instruments & Components   —    37,797    —    37,797 
Entertainment   —    26,380    —    26,380 
Financial Services   —    18,727    —    18,727 
Food Products   —    20,296    —    20,296 
Health Care Equipment & Supplies   —    21,078    —    21,078 
Hotels, Restaurants & Leisure   —    15,380    —    15,380 
Household Products   —    34,046    —    34,046 
Insurance   —    111,973    —    111,973 
Interactive Media & Services   —    9,971    —    9,971 
Life Sciences Tools & Services   —    30,320    —    30,320 
Machinery   —    76,912    —    76,912 
Metals & Mining   25,764    17,044    —    42,808 
Oil, Gas & Consumable Fuels   14,542    56,213    —    70,755 
Personal Care Products   —    26,741    —    26,741 
Pharmaceuticals   —    101,329    —    101,329 
Professional Services   —    40,361    —    40,361 
Semiconductors & Semiconductor Equipment   32,245    33,051    —    65,296 
Software   38,098    41,171    —    79,269 
Tech Hardware, Storage & Peripherals   —    26,626    —    26,626 
Textiles, Apparel & Luxury Goods   —    56,617    —    56,617 
Tobacco   —    25,877    —    25,877 
Total Common Stocks   110,649    1,134,957    —    1,245,606 
Warrant   94    —    —    94 
Short-Term Investment                    
Investment Company   15,230    —    —    15,230 
Total Assets  $125,973   $1,134,957   $—   $1,260,930 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
International Opportunity                    
Assets:                    
Common Stocks                    
Air Freight & Logistics  $—   $82,681   $—   $82,681 
Banks   81,133    94,440    —    175,573 
Beverages   —    32,383    —    32,383 
Biotechnology   —    7,253    —    7,253 
Broadline Retail   135,263    —    —    135,263 
Consumer Staples Distribution & Retail   —    8,600    —    8,600 
Electronic Equipment, Instruments & Components   —    30,215    —    30,215 
Entertainment   60,319    —    —    60,319 
Financial Services   —    20,209    —    20,209 
Ground Transportation   28,722    —    —    28,722 
Hotels, Restaurants & Leisure   37,632    83,511    —    121,143 
Information Technology Services   73,456    —    —    73,456 
Interactive Media & Services   —    38,358    —    38,358 
Machinery   —    4,913    —    4,913 
Semiconductors & Semiconductor Equipment   —    61,390    —    61,390 
Textiles, Apparel & Luxury Goods   30,294    118,815    —    149,109 
Total Common Stocks   446,819    582,768    —    1,029,587 
Short-Term Investments                    
Investment Company   31,077    —    —    31,077 
Repurchase Agreements   —    2,621    —    2,621 
Total Short-Term Investments   31,077    2,621    —    33,698 
Total Assets  $477,896   $585,389   $                     —   $1,063,285 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
International Resilience                    
Assets:                    
Common Stocks                    
Beverages  $—   $140   $—   $140 
Capital Markets   —    52    —    52 
Electrical Equipment   —    48    —    48 
Electronic Equipment, Instruments & Components   —    102    —    102 
Entertainment   —    43    —    43 
Financial Services   40    33    —    73 
Health Care Equipment & Supplies   —    58    —    58 
Hotels, Restaurants & Leisure   —    26    —    26 
Household Products   33    52    —    85 
Insurance   —    41    —    41 
Interactive Media & Services   —    19    —    19 
Life Sciences Tools & Services   76    50    —    126 
Machinery   —    87    —    87 
Personal Care Products   —    62    —    62 
Pharmaceuticals   —    110    —    110 
Professional Services   —    93    —    93 
Semiconductors & Semiconductor Equipment   50    25    —    75 
Software   62    75    —    137 
Textiles, Apparel & Luxury Goods   —    95    —    95 
Total Common Stocks   261    1,211    —    1,472 
Warrant   —@   —    —    —@
Short-Term Investment                    
Investment Company   18    —    —    18 
Total Assets  $279   $1,211   $                    —   $1,490 

 

@ Value is less than $500.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
Multi-Asset Real Return                    
Assets:                    
Common Stocks                    
Energy Equipment & Services  $47   $5   $—   $52 
Metals & Mining   434    110    —    544 
Oil, Gas & Consumable Fuels   515    417    —    932 
Total Common Stocks   996    532    —    1,528 
U.S. Treasury Securities   —    18,699    —    18,699 
Short-Term Investments                    
Investment Company   7,023    —    —    7,023 
Repurchase Agreements   —    1    —    1 
Total Short-Term Investments   7,023    1    —    7,024 
Foreign Currency Forward Exchange Contracts   —    2    —    2 
Futures Contracts   151    —    —    151 
Interest Rate Swap Agreements   —    213    —    213 
Total Assets   8,170    19,447    —    27,617 
Liabilities:                    
Foreign Currency Forward Exchange Contracts   —    —@   —    —@
Futures Contracts   (342)   —    —    (342)
Interest Rate Swap Agreements   —    (125)   —    (125)
Total Return Swap Agreement   —    (47)   —    (47)
Total Liabilities   (342)   (172)   —    (514)
Total  $7,828   $19,275   $              —   $27,103 

 

@ Value is less than $500.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
Next Gen Emerging Markets                    
Assets:                    
Common Stocks                    
Banks  $785   $4,585   $—   $5,370 
Broadline Retail   1,217    —    —    1,217 
Building Products   —    371    —    371 
Consumer Finance   —    1,342    —    1,342 
Entertainment   —    1,640    —    1,640 
Food Products   —    3,632    —    3,632 
Health Care Providers & Services   —    1,112    —    1,112 
Hotels, Restaurants & Leisure   —    401    —    401 
Information Technology Services   1,971    3,941    —    5,912 
Metals & Mining   —    1,812    —    1,812 
Oil, Gas & Consumable Fuels   —    1,613    —    1,613 
Personal Care Products   —    776    —    776 
Software   —    1,695    —    1,695 
Specialty Retail   —    1,409    —    1,409 
Textiles, Apparel & Luxury Goods   —    1,674    —    1,674 
Wireless Telecommunication Services   —    1,916    —    1,916 
Total Common Stocks   3,973    27,919    —    31,892 
Short-Term Investment                    
Investment Company   935    —    —    935 
Total Assets  $4,908   $27,919   $                 —   $32,827 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
Passport Overseas Equity                    
Assets:                    
Common Stocks                    
Aerospace & Defense  $—   $4,851   $—   $4,851 
Banks   4,802    2,371    —    7,173 
Beverages   —    3,974    —    3,974 
Biotechnology   2,212    —    —    2,212 
Broadline Retail   9,567    —    —    9,567 
Chemicals   —    6,476    —    6,476 
Containers & Packaging   —    842    —    842 
Electrical Equipment   —    497    —    497 
Electronic Equipment, Instruments & Components   —    2,071    —    2,071 
Energy Equipment & Services   1,322    1,068    —    2,390 
Entertainment   3,688    2,804    —    6,492 
Financial Services   —    114    —    114 
Food Products   —    3,845    —    3,845 
Ground Transportation   2,932    —    —    2,932 
Health Care Equipment & Supplies   1,791    2,819    —    4,610 
Health Care Providers & Services   —    1,152    —    1,152 
Hotels, Restaurants & Leisure   5,129    571    —    5,700 
Household Durables   1,821    4,472    —    6,293 
Household Products   —    392    —    392 
Insurance   —    805    —    805 
Interactive Media & Services   1,937    5,865    —    7,802 
Leisure Products   —    489    —    489 
Machinery   —    3,608    —    3,608 
Metals & Mining   8,433    10,674    —    19,107 
Oil, Gas & Consumable Fuels   874    10,618    —    11,492 
Passenger Airlines   2,657    —    —    2,657 
Personal Care Products   1,673    6,417    —    8,090 
Pharmaceuticals   —    16,482    —    16,482 
Professional Services   —    3,067    —    3,067 
Semiconductors & Semiconductor Equipment   1,918    9,882    —    11,800 
Software   933    —    —    933 
Specialty Retail   465    —    —    465 
Tech Hardware, Storage & Peripherals   —    5,791    —    5,791 
Textiles, Apparel & Luxury Goods   —    1,296    —    1,296 
Total Common Stocks   52,154    113,313    —    165,467 
Preferred Stock                    
Biotechnology   —    —    1,250    1,250 
Short-Term Investments                    
Investment Company   3,539    —    —    3,539 
Repurchase Agreements   —    500    —    500 
Total Short-Term Investments   3,539    500    —    4,039 
Foreign Currency Forward Exchange Contracts   —    56    —    56 
Total Assets  $55,693   $113,869   $   1,250   $170,812 

 

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

 

Passport Overseas Equity  Preferred
Stock
(000)		 
Beginning Balance  $1,174 
Purchases   — 
Sales   — 
Transfers in   — 
Transfers out   — 
Corporate actions   — 
Change in unrealized appreciation (depreciation)   76 
Realized gains (losses)   — 
Ending Balance  $1,250 
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023  $76 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2023:

 

Passport Overseas Equity  Fair Value at
September 30, 2023
(000)		   Valuation
Technique		  Unobservable
Input		  Amount*   Impact to
Valuation from an
Increase in Input**
Preferred Stock  $1,250   Market Transaction Method  Precedent Transaction   $38.24   Increase

 

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
Permanence                    
Assets:                    
Common Stocks                    
Aerospace & Defense  $14   $107   $—   $121 
Broadline Retail   273    —    —    273 
Capital Markets   296    —    —    296 
Chemicals   8    —    —    8 
Commercial Services & Supplies   14    162    —    176 
Construction Materials   5    —    —    5 
Consumer Staples Distribution & Retail   127    —    —    127 
Distributors   69    —    —    69 
Diversified Consumer Services   4    —    —    4 
Diversified REITs   65    —    —    65 
Entertainment   48    —    —    48 
Financial Services   60    —    —    60 
Food Products   4    —    —    4 
Ground Transportation   147    —    —    147 
Health Care Equipment & Supplies   5    —    —    5 
Health Care Technology   41    —    —    41 
Hotels, Restaurants & Leisure   13    —    —    13 
Household Durables   42    147    —    189 
Information Technology Services   453    —    —    453 
Insurance   121    —    —    121 
Interactive Media & Services   178    —    —    178 
Life Sciences Tools & Services   245    151    —    396 
Metals & Mining   68    —    —    68 
Oil, Gas & Consumable Fuels   77    —    —    77 
Personal Care Products   5    —    —    5 
Pharmaceuticals   218    —    —    218 
Semiconductors & Semiconductor Equipment   44    —    —    44 
Software   410    —    —    410 
Specialty Retail   358    —    —    358 
Textiles, Apparel & Luxury Goods   —    108    —    108 
Trading Companies & Distributors   54    —    —    54 
Total Common Stocks   3,466    675    —    4,141 
Investment Company   54    —    —    54 
Warrant   —@   —    —    —@
Call Options Purchased   —    14    —    14 
Short-Term Investment                    
Investment Company   128    —    —    128 
Total Assets  $3,648   $689   $              —   $4,337 

 

@ Value is less than $500.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
US Core                    
Assets:                    
Common Stocks                    
Banks  $8,083   $—   $—   $8,083 
Broadline Retail   6,702    —    —    6,702 
Building Products   2,878    —    —    2,878 
Capital Markets   8,443    —    —    8,443 
Commercial Services & Supplies   4,933    —    —    4,933 
Consumer Staples Distribution & Retail   9,109    —    —    9,109 
Containers & Packaging   1,226    —    —    1,226 
Distributors   1,814    —    —    1,814 
Electric Utilities   4,326    —    —    4,326 
Entertainment   761    —    —    761 
Financial Services   9,457    —    —    9,457 
Health Care Equipment & Supplies   2,643    —    —    2,643 
Hotels, Restaurants & Leisure   10,094    —    —    10,094 
Household Durables   2,553    —    —    2,553 
Insurance   11,884    —    —    11,884 
Interactive Media & Services   17,251    —    —    17,251 
Life Sciences Tools & Services   8,947    —    —    8,947 
Metals & Mining   3,594    —    —    3,594 
Oil, Gas & Consumable Fuels   8,777    —    —    8,777 
Semiconductors & Semiconductor Equipment   17,317    —    —    17,317 
Software   23,379    —    —    23,379 
Specialty Retail   11,239    —    —    11,239 
Tech Hardware, Storage & Peripherals   17,310    —    —    17,310 
Textiles, Apparel & Luxury Goods   3,899    —    —    3,899 
Trading Companies & Distributors   6,200    —    —    6,200 
Total Assets  $202,819   $            —   $             —   $202,819 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
U.S. Focus Real Estate                    
Assets:                    
Common Stocks                    
Apartments  $387   $—   $—   $387 
Data Centers   572    —    —    572 
Free Standing   218    —    —    218 
Gaming   183    —    —    183 
Health Care   463    —    —    463 
Industrial   620    —    —    620 
Infrastructure   349    —    —    349 
Lodging/Resorts   43    —    —    43 
Regional Malls   158    —    —    158 
Self Storage   260    —    —    260 
Shopping Centers   217    —    —    217 
Single Family Homes   283    —    —    283 
Specialty   119    —    —    119 
Timber   96    —    —    96 
Total Common Stocks   3,968    —    —    3,968 
Short-Term Investment                    
Investment Company   38    —    —    38 
Total Assets  $4,006   $                —   $                —   $4,006 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
U.S. Real Estate                    
Assets:                    
Common Stocks                    
Apartments  $3,379   $—   $—   $3,379 
Data Centers   4,070    —    —    4,070 
Free Standing   1,731    —    —    1,731 
Gaming   1,332    —    —    1,332 
Health Care   3,098    —    —    3,098 
Industrial   4,899    —    —    4,899 
Lodging/Resorts   712    —    —    712 
Manufactured Homes   667    —    —    667 
Office   304    —    —    304 
Regional Malls   1,163    —    —    1,163 
Self Storage   2,057    —    —    2,057 
Shopping Centers   1,685    —    —    1,685 
Single Family Homes   1,346    —    —    1,346 
Specialty   855    —    —    855 
Total Common Stocks   27,298    —    —    27,298 
Short-Term Investment                    
Investment Company   260    —    —    260 
Total Assets  $27,558   $            —   $            —   $27,558 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2023 (unaudited)

Notes to Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)		   Level 2
Other
Significant
Observable
Inputs
(000)		   Level 3
Significant
Unobservable
Inputs
(000)		   Total
(000)		 
Vitality                    
Assets:                    
Common Stocks                    
Biotechnology  $552   $—   $—   $552 
Health Care Equipment & Supplies   259    —    —    259 
Health Care Providers & Services   193    —    —    193 
Health Care Technology   113    —    —    113 
Life Sciences Tools & Services   493    —    —    493 
Pharmaceuticals   281    —    —    281 
Specialty Retail   18    —    —    18 
Total Common Stocks   1,909    —    —    1,909 
Short-Term Investments                    
Investment Company   129    —    —    129 
Repurchase Agreements   —    5    —    5 
Total Short-Term Investments   129    5    —    134 
Total Assets  $2,038   $                 5   $              —   $2,043 

 

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