NPORT-EX 2 NPORT_MGFA_64831753_0925.htm

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Advantage Portfolio

 

   Shares   Value
(000)		 
Common Stocks (95.0%)          
Automobiles (8.2%)          
Tesla, Inc. (a)   40,740   $18,118 
           
Biotechnology (1.6%)          
Roivant Sciences Ltd. (a)   230,930    3,494 
           
Broadline Retail (5.3%)          
MercadoLibre, Inc. (a)   5,004    11,694 
           
Capital Markets (1.1%)          
Coinbase Global, Inc., Class A (a)   7,061    2,383 
           
Entertainment (7.5%)          
ROBLOX Corp., Class A (a)   119,063    16,493 
           
Financial Services (5.9%)          
Adyen NV (Netherlands) (a)   4,836    7,782 
Federal National Mortgage Association (a)   442,530    5,332 
         13,114 
Ground Transportation (1.6%)          
Union Pacific Corp.   15,187    3,590 
           
Hotels, Restaurants & Leisure (9.7%)          
Airbnb, Inc., Class A (a)   61,665    7,488 
DoorDash, Inc., Class A (a)   51,043    13,883 
         21,371 
Information Technology Services (25.1%)          
Cloudflare, Inc., Class A (a)   138,781    29,781 
Shopify, Inc., Class A (Canada) (a)   102,928    15,296 
Snowflake, Inc., Class A (a)   45,881    10,349 
         55,426 
Life Sciences Tools & Services (1.3%)          
Danaher Corp.   14,816    2,937 
           
Media (1.6%)          
Trade Desk, Inc., Class A (a)   71,959    3,527 
           
Pharmaceuticals (4.5%)          
Royalty Pharma PLC, Class A   281,101    9,917 
           
Semiconductors & Semiconductor Equipment (2.6%)          
ASML Holding NV (Registered) (Netherlands)   5,970    5,779 
           
Software (11.5%)          
Crowdstrike Holdings, Inc., Class A (a)   21,833    10,706 
Samsara, Inc., Class A (a)   140,906    5,249 
Strategy, Inc., Class A (a)   29,213    9,413 
         25,368 
Specialized REITs (1.5%)          
American Tower Corp. REIT   17,061    3,281 
           
Specialty Retail (1.4%)          
Floor & Decor Holdings, Inc., Class A (a)   40,478    2,983 
           
Textiles, Apparel & Luxury Goods (2.6%)          
LVMH Moet Hennessy Louis Vuitton SE (France)   9,298    5,722 
           
Trading Companies & Distributors (2.0%)          
Core & Main, Inc., Class A (a)   80,220    4,318 
Total Common Stocks (Cost $116,930)        209,515 
           
Investment Company (2.9%)          
iShares Bitcoin Trust ETF (a) (Cost $3,770)   97,417    6,332 
           
Short-Term Investment (2.1%)          
Investment Company (2.1%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (b) (Cost $4,584)   4,583,779    4,584 
Total Investments Excluding Purchased Options (100.0%) (Cost $125,284)        220,431 
Total Purchased Options Outstanding (0.0%)‡ (Cost $1,169)        109 
Total Investments (100.0%) (Cost $126,453) (c)(d)(e)(f)        220,540 
Liabilities in Excess of Other Assets (–0.0%)        (27)
Net Assets (100.0%)       $220,513 

 

‡ 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 Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $10,000 relating to the Fund's investment in the Liquidity Fund.
(c) The approximate fair value and percentage of net assets, $13,504,000 and 6.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to 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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, 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, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $97,535,000 and the aggregate gross unrealized depreciation is approximately $3,448,000, resulting in net unrealized appreciation of approximately $94,087,000.
ETF Exchange Traded Fund.
REIT Real Estate Investment Trust.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Advantage Portfolio

 

Call Options Purchased:

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

 

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		  Notional
Amount
(000)		  Value
(000)		  Premiums
Paid
(000)		  Unrealized
Depreciation
(000)		 
Standard Chartered Bank  USD/CNH  CNH 7.58  Aug–26  69,614,829  $69,615  $83  $228  $(145)
Goldman Sachs & Co. LLC  USD/CNH  CNH 7.71  May–26  48,501,000   48,501   18   202   (184)
Standard Chartered Bank  USD/CNH  CNH 7.77  Oct–25  36,830,549   36,831   —@  160   (160)
JPMorgan Chase Bank NA  USD/CNH  CNH 7.82  Feb–26  50,168,535   50,169   4   207   (203)
Standard Chartered Bank  USD/CNH  CNH 7.90  Apr–26  34,024,140   34,024   4   165   (161)
Goldman Sachs & Co. LLC  USD/CNH  CNH 8.02  Dec–25  43,649,426   43,649   —@  207   (207)
                   $109  $1,169  $(1,060)

 

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

 

 

 

 

Portfolio Composition    
     
Classification  Percentage of
Total Investments		 
Other*   26.8%
Information Technology Services   25.1 
Software   11.5 
Hotels, Restaurants & Leisure   9.7 
Automobiles   8.2 
Entertainment   7.5 
Financial Services   5.9 
Broadline Retail   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, 2025 (unaudited)

Portfolio of Investments

American Resilience Portfolio

 

   Shares   Value
(000)		 
Common Stocks (92.7%)
Beverages (4.2%)
Coca-Cola Co.   847   $56 
           
Capital Markets (13.1%)          
CME Group, Inc.   120    32 
FactSet Research Systems, Inc.   54    15 
Intercontinental Exchange, Inc.   288    49 
MSCI, Inc.   54    31 
S&P Global, Inc.   100    49 
         176 
Financial Services (4.8%)          
Visa, Inc., Class A   187    64 
           
Ground Transportation (1.5%)          
Uber Technologies, Inc. (a)   205    20 
           
Health Care Equipment & Supplies (4.5%)          
Abbott Laboratories   239    32 
Steris PLC   118    29 
         61 
Hotels, Restaurants & Leisure (2.8%)          
Booking Holdings, Inc.   7    38 
           
Household Products (4.0%)          
Procter & Gamble Co.   352    54 
           
Information Technology Services (2.2%)          
Accenture PLC, Class A   119    29 
           
Insurance (6.6%)          
Aon PLC, Class A   100    36 
Arthur J Gallagher & Co.   172    53 
         89 
Interactive Media & Services (5.0%)          
Alphabet, Inc., Class A   281    68 
           
Life Sciences Tools & Services (3.0%)          
Thermo Fisher Scientific, Inc.   84    41 
           
Machinery (3.2%)          
Otis Worldwide Corp.   474    43 
           
Pharmaceuticals (4.0%)          
Zoetis, Inc.   366    54 
           
Professional Services (8.5%)          
Automatic Data Processing, Inc.   161    48 
Broadridge Financial Solutions, Inc.   172    41 
Equifax, Inc.   98    25 
         114 
Semiconductors & Semiconductor Equipment (4.4%)          
Texas Instruments, Inc.   321    59 
           
Software (16.3%)          
Constellation Software, Inc. (Canada)   8    22 
Microsoft Corp.   229    118 
Roper Technologies, Inc.   102    51 
Synopsys, Inc. (a)   58    29 
         220 
Specialty Retail (3.2%)          
AutoZone, Inc. (a)   10    43 
           
Tobacco (1.4%)          
Philip Morris International, Inc.   119    19 
Total Common Stocks (Cost $1,077)        1,248 

 

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

 

   Shares     
Short-Term Investment (1.9%)          
Investment Company (1.9%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (c) (Cost $26)   26,433    26 
Total Investments (94.6%) (Cost $1,103) (d)(e)        1,274 
Other Assets in Excess of Liabilities (5.4%)        73 
Net Assets (100.0%)       $1,347 

 

(a) Non-income producing security.
(b) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.
(c) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund.
(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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(e) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $191,000 and the aggregate gross unrealized depreciation is approximately $20,000, resulting in net unrealized appreciation of approximately $171,000.

 

 

 

 

Portfolio Composition    
     
Classification  Percentage of
Total Investments		 
Other*   42.6%
Software   17.3 
Capital Markets   13.9 
Professional Services   8.9 
Insurance   7.0 
Interactive Media & Services   5.3 
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, 2025 (unaudited)

Consolidated Portfolio of Investments

Asia Opportunity Portfolio

 

   Shares   Value
(000)		 
Common Stocks (99.6%)          
China (40.4%)          
Baidu, Inc. ADR (a)   28,222   $3,719 
China Resources Mixc Lifestyle Services Ltd. (b)   366,800    1,946 
Full Truck Alliance Co. Ltd. ADR   476,584    6,181 
Greentown Service Group Co. Ltd. (b)   1,244,000    799 
KE Holdings, Inc. ADR   191,381    3,636 
Kuaishou Technology (b)   387,000    4,186 
Kweichow Moutai Co. Ltd., Class A   24,894    5,059 
Meituan, Class B (a)(b)   420,620    5,619 
PDD Holdings, Inc. ADR (a)   28,797    3,806 
Qfin Holdings, Inc. ADR   74,453    2,143 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A   48,600    1,682 
Tencent Holdings Ltd. (b)   74,500    6,348 
Trip.com Group Ltd. ADR   99,274    7,466 
         52,590 
Hong Kong (4.3%)          
AIA Group Ltd.   401,700    3,850 
Pony AI, Inc. ADR (a)   82,646    1,859 
         5,709 
India (26.4%)          
Axis Bank Ltd.   284,954    3,630 
Eternal Ltd. (a)   1,635,605    6,004 
HDFC Bank Ltd.   513,775    5,506 
ICICI Bank Ltd. ADR   267,207    8,078 
Indian Hotels Co. Ltd.   108,323    879 
MakeMyTrip Ltd. (a)   56,076    5,249 
Niva Bupa Health Insurance Co. Ltd. (a)   644,761    595 
Tata Capital Ltd. (a)   170,016    624 
Titan Co. Ltd.   103,017    3,906 
         34,471 
Korea, Republic of (14.9%)          
Coupang, Inc. (a)   312,086    10,049 
KakaoBank Corp.   229,744    3,891 
NAVER Corp.   23,877    4,582 
Webtoon Entertainment, Inc. (a)   44,565    865 
         19,387 
Singapore (5.1%)          
Grab Holdings Ltd., Class A (a)   1,108,250    6,672 
           
Taiwan (8.5%)          
Taiwan Semiconductor Manufacturing Co. Ltd.   254,000    11,033 
Total Common Stocks (Cost $85,483)        129,862 
           
Short-Term Investment (1.9%)          
Investment Company (1.9%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (c) (Cost $2,446)   2,446,119    2,446 
Total Investments (101.5%) (Cost $87,929) (d)(e)(f)        132,308 
Liabilities in Excess of Other Assets (–1.5%)        (2,011)
Net Assets (100.0%)       $130,297 

 

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 Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $5,000 relating to the Fund's investment in the Liquidity Fund.
(d) The approximate fair value and percentage of net assets, $69,516,000 and 53.4%, 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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(f) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $50,050,000 and the aggregate gross unrealized depreciation is approximately $5,671,000, resulting in net unrealized appreciation of approximately $44,379,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition    
     
Classification  Percentage of
Total Investments		 
Other*   21.6%
Hotels, Restaurants & Leisure   19.0 
Banks   15.9 
Interactive Media & Services   15.0 
Broadline Retail   10.5 
Ground Transportation   9.7 
Semiconductors & Semiconductor Equipment   8.3 
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, 2025 (unaudited)

Consolidated Portfolio of Investments

Developing Opportunity Portfolio

 

   Shares   Value
(000)		 
Common Stocks (94.6%)          
Brazil (4.8%)          
NU Holdings Ltd., Class A (a)   138,711   $2,221 
           
China (31.4%)          
Baidu, Inc. ADR (a)   5,201    685 
China Resources Mixc Lifestyle Services Ltd. (b)   126,400    671 
Full Truck Alliance Co. Ltd. ADR   117,879    1,529 
KE Holdings, Inc. ADR   51,840    985 
Kuaishou Technology (b)   92,100    996 
Kweichow Moutai Co. Ltd., Class A   6,589    1,339 
Meituan, Class B (a)(b)   146,380    1,955 
PDD Holdings, Inc. ADR (a)   6,965    921 
Qfin Holdings, Inc. ADR   19,907    573 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A   10,600    367 
Tencent Holdings Ltd. (b)   26,100    2,224 
Trip.com Group Ltd. ADR   32,212    2,422 
         14,667 
Hong Kong (1.4%)          
Pony AI, Inc. ADR (a)   29,467    663 
           
India (23.6%)          
Axis Bank Ltd.   101,226    1,290 
Eternal Ltd. (a)   583,159    2,141 
HDFC Bank Ltd.   181,218    1,942 
ICICI Bank Ltd. ADR   73,268    2,215 
Indian Hotels Co. Ltd.   37,389    303 
MakeMyTrip Ltd. (a)   19,588    1,833 
Niva Bupa Health Insurance Co. Ltd. (a)   215,318    199 
Titan Co. Ltd.   29,528    1,119 
         11,042 
Korea, Republic of (13.0%)          
Coupang, Inc. (a)   101,762    3,277 
KakaoBank Corp.   57,120    967 
NAVER Corp.   7,963    1,528 
Webtoon Entertainment, Inc. (a)   14,736    286 
         6,058 
Poland (1.2%)          
Allegro.eu SA (a)   56,893    558 
           
Singapore (4.1%)          
Grab Holdings Ltd., Class A (a)   315,406    1,899 
           
Taiwan (7.9%)          
Taiwan Semiconductor Manufacturing Co. Ltd.   85,000    3,692 
           
United States (7.2%)          
MercadoLibre, Inc. (a)   1,442    3,370 
Total Common Stocks (Cost $29,306)        44,170 
           
Short-Term Investment (4.2%)          
Investment Company (4.2%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (c) (Cost $1,949)   1,948,463    1,949 
Total Investments (98.8%) (Cost $31,255) (d)(e)(f)        46,119 
Other Assets in Excess of Liabilities (1.2%)        568 
Net Assets (100.0%)       $46,687 

 

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 Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $2,000 relating to the Fund’s investment in the Liquidity Fund.
(d) The approximate fair value and percentage of net assets, $21,292,000 and 45.6%, 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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(f) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $15,561,000 and the aggregate gross unrealized depreciation is approximately $697,000, resulting in net unrealized appreciation of approximately $14,864,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Hotels, Restaurants & Leisure   18.9%
Banks   18.7 
Broadline Retail   17.6 
Other*   17.0 
Interactive Media & Services   12.4 
Semiconductors & Semiconductor Equipment   8.0 
Ground Transportation   7.4 
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, 2025 (unaudited)

Portfolio of Investments

Emerging Markets ex China Portfolio

 

   Shares   Value
(000)		 
Common Stocks (100.2%)          
Brazil (6.4%)          
Banco BTG Pactual SA (Units) (a)   5,798   $53 
Itau Unibanco Holding SA (Preference)   16,489    121 
Raia Drogasil SA   18,297    63 
Rede D’Or Sao Luiz SA   19,496    154 
Vale SA   4,833    52 
WEG SA   13,911    96 
         539 
Chile (0.5%)          
Banco de Chile   260,116    40 
           
Czech Republic (0.6%)          
Komercni Banka AS   1,012    51 
           
Egypt (0.9%)          
Commercial International Bank - Egypt (CIB)   35,158    74 
           
India (27.6%)          
360 ONE WAM Ltd.   4,331    50 
Axis Bank Ltd.   2,435    31 
Bajaj Auto Ltd.   687    67 
Bajaj Finance Ltd.   8,910    100 
CG Power & Industrial Solutions Ltd.   9,236    77 
Colgate-Palmolive India Ltd.   834    21 
Grasim Industries Ltd.   3,659    114 
HDFC Asset Management Co. Ltd.   847    53 
HDFC Bank Ltd.   20,520    220 
Hindalco Industries Ltd.   6,292    54 
Hitachi Energy India Ltd.   356    72 
ICICI Bank Ltd.   14,170    215 
IDFC First Bank Ltd.   99,782    78 
Infosys Ltd.   4,193    68 
Infosys Ltd. ADR   3,149    51 
Larsen & Toubro Ltd.   1,468    61 
Lodha Developers Ltd.   5,091    65 
Mahindra & Mahindra Ltd.   5,707    220 
MakeMyTrip Ltd. (b)   365    34 
Max Healthcare Institute Ltd.   9,017    113 
Pidilite Industries Ltd.   3,716    61 
Reliance Industries Ltd.   12,768    196 
Samvardhana Motherson International Ltd.   38,178    46 
Shriram Finance Ltd.   6,882    48 
State Bank of India   13,310    131 
Swiggy Ltd. (b)   12,801    61 
United Breweries Ltd.   1,566    32 
         2,339 
Indonesia (1.2%)          
Bank Syariah Indonesia Tbk. PT   220,000    34 
Cisarua Mountain Dairy Tbk. PT   169,700    47 
Indosat Tbk. PT   229,100    24 
         105 
Kazakhstan (0.8%)          
NAC Kazatomprom JSC GDR   1,256    67 
           
Korea, Republic of (12.9%)          
HYBE Co. Ltd.   111    21 
Hyundai Motor Co.   396    61 
KB Financial Group, Inc.   2,004    165 
Kia Corp.   692    50 
KT&G Corp.   473    45 
NAVER Corp.   434    83 
Samsung Electronics Co. Ltd.   10,230    613 
SK Hynix, Inc.   242    60 
         1,098 
Malaysia (0.9%)          
CIMB Group Holdings Bhd.   31,200    55 
Malayan Banking Bhd.   8,500    20 
         75 
Mexico (3.7%)          
Grupo Financiero Banorte SAB de CV Series O   12,071    121 
Kimberly-Clark de Mexico SAB de CV, Class A   25,889    54 
Prologis Property Mexico SA de CV REIT   16,329    67 
Wal-Mart de Mexico SAB de CV   22,529    70 
         312 
Peru (1.2%)          
Credicorp Ltd.   397    106 
           
Poland (4.5%)          
Allegro.eu SA (b)   8,122    80 
Budimex SA   358    50 
Grupa Kety SA   635    161 
Powszechna Kasa Oszczednosci Bank Polski SA   4,740    92 
         383 
Saudi Arabia (0.8%)          
Bupa Arabia for Cooperative Insurance Co.   1,603    70 
           
South Africa (4.8%)          
AVI Ltd.   14,619    84 
Capitec Bank Holdings Ltd.   877    177 
Clicks Group Ltd.   2,797    57 
OUTsurance Group Ltd.   21,371    89 
         407 
Sweden (1.4%)          
Medicover AB   4,244    117 
           
Taiwan (29.4%)          
Airtac International Group   1,000    25 
Alchip Technologies Ltd.   1,000    115 
ASE Technology Holding Co. Ltd.   24,000    131 
Delta Electronics, Inc.   4,000    113 
Hon Hai Precision Industry Co. Ltd.   26,000    186 
MediaTek, Inc.   3,000    130 
Taiwan Semiconductor Manufacturing Co. Ltd.   37,000    1,607 
Unimicron Technology Corp.   15,000    75 
Wiwynn Corp.   1,000    109 
         2,491 
United Kingdom (2.1%)          
Antofagasta PLC   4,708    175 
           
United States (0.5%)          
MercadoLibre, Inc. (b)   19    44 
Total Common Stocks (Cost $5,853)        8,493 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont’d)

Emerging Markets ex China Portfolio

 

   Shares   Value
(000)		 
Short-Term Investment (0.4%)          
Investment Company (0.4%)          
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.04% (c) (Cost $33)   32,831   $33 
Total Investments (100.6%) (Cost $5,886) (d)(e)(f)        8,526 
Liabilities in Excess of Other Assets (–0.6%)        (49)
Net Assets (100.0%)       $8,477 

 

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 - Government Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(d) The approximate fair value and percentage of net assets, $7,340,000 and 86.6%, 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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(f) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,770,000 and the aggregate gross unrealized depreciation is approximately $130,000, resulting in net unrealized appreciation of approximately $2,640,000.
ADR American Depositary Receipt.
GDR Global Depositary Receipt.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   42.0%
Semiconductors & Semiconductor Equipment   24.0 
Banks   20.3 
Tech Hardware, Storage & Peripherals   8.5 
Metals & Mining   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, 2025 (unaudited)

Portfolio of Investments

Emerging Markets Leaders Portfolio

 

   Shares   Value
(000)		 
Common Stocks (96.1%)          
Brazil (17.8%)          
Banco BTG Pactual SA (Units) (a)   391,347   $3,549 
Localiza Rent a Car SA   1,137,613    8,432 
NU Holdings Ltd., Class A (b)   367,292    5,880 
Raia Drogasil SA   1,562,197    5,407 
         23,268 
China (0.2%)          
Meituan, Class B (b)(c)   19,100    255 
           
Greece (0.5%)          
Optima bank SA   62,814    623 
           
India (38.1%)          
Adani Ports & Special Economic Zone Ltd.   183,359    2,899 
Ambuja Cements Ltd.   529,046    3,397 
AU Small Finance Bank Ltd.   151,827    1,251 
Bharti Airtel Ltd.   298,146    6,306 
Cholamandalam Investment & Finance Co. Ltd.   3,784    68 
Divi’s Laboratories Ltd.   38,111    2,450 
Eternal Ltd. (b)   916,908    3,366 
Global Health Ltd.   81,644    1,207 
HDFC Bank Ltd.   423,141    4,535 
HDFC Bank Ltd. ADR   6,032    206 
ICICI Bank Ltd.   363,154    5,504 
KEI Industries Ltd.   114,588    5,240 
Laurus Labs Ltd.   339,431    3,227 
Oberoi Realty Ltd.   73,328    1,307 
Samvardhana Motherson International Ltd.   2,644,201    3,149 
Varun Beverages Ltd.   1,102,944    5,510 
         49,622 
Korea, Republic of (4.1%)          
Coupang, Inc. (b)   167,975    5,409 
           
Mexico (5.6%)          
Fomento Economico Mexicano SAB de CV ADR   2,631    259 
Grupo Financiero Banorte SAB de CV Series O   696,836    6,999 
         7,258 
Singapore (4.8%)          
Sea Ltd. ADR (b)   35,316    6,312 
           
South Africa (1.4%)          
Anglogold Ashanti PLC   25,610    1,788 
           
Taiwan (13.0%)          
E Ink Holdings, Inc.   451,000    3,584 
eMemory Technology, Inc.   2,000    133 
Taiwan Semiconductor Manufacturing Co. Ltd.   304,000    13,205 
         16,922 
Thailand (0.5%)          
True Corp. PCL NVDR (b)   2,061,400    662 
           
United States (10.1%)          
MercadoLibre, Inc. (b)   3,339    7,803 
XP, Inc., Class A   287,758    5,407 
         13,210 
Total Common Stocks (Cost $96,089)        125,329 
           
Short-Term Investment (5.1%)          
Investment Company (5.1%)          
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.04% (d) (Cost $6,634)   6,634,311    6,634 
Total Investments (101.2%) (Cost $102,723) (e)(f)(g)        131,963 
Liabilities in Excess of Other Assets (–1.2%)        (1,576)
Net Assets (100.0%)       $130,387 

 

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) Security trades on the Hong Kong exchange.
(d) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $7,000 relating to the Fund’s investment in the Liquidity Fund.
(e) The approximate fair value and percentage of net assets, $69,666,000 and 53.4%, 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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund’s Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(g) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $32,477,000 and the aggregate gross unrealized depreciation is approximately $3,237,000, resulting in net unrealized appreciation of approximately $29,240,000.
ADR American Depositary Receipt.
NVDR Non-Voting Depositary Receipt.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   38.0%
Banks   18.9 
Broadline Retail   14.8 
Semiconductors & Semiconductor Equipment   10.1 
Capital Markets   6.8 
Ground Transportation   6.4 
Investment Company   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, 2025 (unaudited)

Portfolio of Investments

Emerging Markets Portfolio

 

   Shares   Value
(000)		 
Common Stocks (101.1%)          
Brazil (3.1%)          
Banco BTG Pactual SA (Units) (a)   72,439   $657 
Itau Unibanco Holding SA (Preference)   362,547    2,660 
Rede D'Or Sao Luiz SA   324,158    2,563 
         5,880 
Chile (0.9%)          
Banco de Chile   10,910,102    1,657 
           
China (26.2%)          
Alibaba Group Holding Ltd. (b)   354,200    7,921 
Bank of Jiangsu Co. Ltd., Class A   786,800    1,109 
BYD Co. Ltd., H Shares (b)   349,000    4,933 
China Construction Bank Corp., H Shares (b)   4,380,120    4,201 
China International Capital Corp. Ltd., Class H (b)   302,000    826 
China Merchants Bank Co. Ltd., H Shares (b)   445,000    2,663 
Contemporary Amperex Technology Co. Ltd., Class A   24,500    1,390 
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A   139,459    1,403 
Kuaishou Technology (b)   89,900    972 
NAURA Technology Group Co. Ltd., Class A   18,895    1,204 
NetEase, Inc. (b)   55,700    1,692 
Ping An Insurance Group Co. of China Ltd., Class H (b)   133,000    905 
Shenzhen Inovance Technology Co. Ltd., Class A   126,300    1,492 
Tencent Holdings Ltd. (b)   156,800    13,361 
Trip.com Group Ltd. ADR   29,010    2,182 
Xiaomi Corp., Class B (b)(c)   263,800    1,833 
Yum China Holdings, Inc.   25,811    1,108 
         49,195 
Czech Republic (0.6%)          
Komercni Banka AS   23,759    1,192 
           
India (21.6%)          
360 ONE WAM Ltd.   74,839    862 
Avenue Supermarts Ltd. (c)   19,144    965 
Axis Bank Ltd.   125,021    1,593 
Bajaj Auto Ltd.   14,404    1,408 
Bajaj Finance Ltd.   173,974    1,957 
CG Power & Industrial Solutions Ltd.   73,499    614 
Colgate-Palmolive India Ltd.   14,580    365 
Grasim Industries Ltd.   46,115    1,432 
HDFC Asset Management Co. Ltd.   30,639    1,909 
HDFC Bank Ltd.   106,950    1,146 
HDFC Bank Ltd. ADR   55,772    1,905 
Hindalco Industries Ltd.   103,877    892 
Hitachi Energy India Ltd.   10,710    2,171 
ICICI Bank Ltd. ADR   11,522    348 
ICICI Bank Ltd.   218,808    3,316 
IDFC First Bank Ltd.   1,950,855    1,533 
Larsen & Toubro Ltd.   29,675    1,223 
Lodha Developers Ltd.   103,263    1,321 
Mahindra & Mahindra Ltd.   79,129    3,054 
MakeMyTrip Ltd. (c)   12,032    1,126 
Max Healthcare Institute Ltd.   127,475    1,601 
Pidilite Industries Ltd.   74,268    1,228 
Reliance Industries Ltd.   218,998    3,364 
Shriram Finance Ltd.   132,705    920 
State Bank of India   259,563    2,548 
Swiggy Ltd. (c)   128,633    612 
United Breweries Ltd.   51,047    1,035 
         40,448 
Indonesia (0.4%)          
Cisarua Mountain Dairy Tbk. PT   2,755,600    761 
           
Korea, Republic of (9.6%)          
HYBE Co. Ltd.   2,874    546 
KB Financial Group, Inc.   22,874    1,888 
Kia Corp.   14,407    1,034 
KT&G Corp.   10,247    976 
NAVER Corp.   6,230    1,195 
Samsung Electronics Co. Ltd.   178,533    10,703 
SK Hynix, Inc.   6,437    1,596 
         17,938 
Malaysia (1.2%)          
CIMB Group Holdings Bhd.   732,500    1,280 
Malayan Banking Bhd.   437,100    1,029 
         2,309 
Mexico (5.0%)          
Grupo Financiero Banorte SAB de CV Series O   295,531    2,968 
Kimberly-Clark de Mexico SAB de CV, Class A   1,242,733    2,617 
Prologis Property Mexico SA de CV REIT   280,173    1,147 
Wal-Mart de Mexico SAB de CV   844,846    2,610 
         9,342 
Peru (0.3%)          
Credicorp Ltd.   1,786    476 
           
Poland (3.1%)          
Allegro.eu SA (c)   269,446    2,644 
Budimex SA   7,366    1,033 
Powszechna Kasa Oszczednosci Bank Polski SA   107,110    2,081 
         5,758 
Saudi Arabia (0.6%)          
Alinma Bank   158,989    1,135 
           
South Africa (3.2%)          
AVI Ltd.   262,918    1,507 
Capitec Bank Holdings Ltd.   14,227    2,871 
Clicks Group Ltd.   59,741    1,218 
OUTsurance Group Ltd.   102,219    425 
         6,021 
Taiwan (23.0%)          
Airtac International Group   30,448    756 
Alchip Technologies Ltd.   15,000    1,723 
ASE Technology Holding Co. Ltd.   268,000    1,463 
Chailease Holding Co. Ltd.   222,360    815 
Delta Electronics, Inc.   75,000    2,113 
Hon Hai Precision Industry Co. Ltd.   421,000    3,006 
MediaTek, Inc.   28,000    1,214 
Taiwan Semiconductor Manufacturing Co. Ltd.   669,205    29,069 
Wiwynn Corp.   27,722    3,038 
         43,197 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Emerging Markets Portfolio

 

   Shares   Value
(000)		 
United Kingdom (1.4%)          
Antofagasta PLC   69,557   $2,587 
           
United States (0.9%)          
MercadoLibre, Inc. (c)   758    1,771 
Total Common Stocks (Cost $117,322)        189,667 
           
Short-Term Investment (0.9%)          
Investment Company (0.9%)          
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.04% (d) (Cost $1,705)   1,704,593    1,705 
Total Investments (102.0%) (Cost $119,027) (e)(f)(g)        191,372 
Liabilities in Excess of Other Assets (–2.0%)        (3,782)
Net Assets (100.0%)       $187,590 

 

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) Security trades on the Hong Kong exchange.
(c) Non-income producing security.
(d) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $13,000 relating to the Fund's investment in the Liquidity Fund.
(e) The approximate fair value and percentage of net assets, $165,529,000 and 88.2%, 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.
(f) The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(g) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $73,125,000 and the aggregate gross unrealized depreciation is approximately $780,000, resulting in net unrealized appreciation of approximately $72,345,000.
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   32.2%
Banks   20.7 
Semiconductors & Semiconductor Equipment   19.0 
Tech Hardware, Storage & Peripherals   8.1 
Interactive Media & Services   8.1 
Broadline Retail   6.4 
Automobiles   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, 2025 (unaudited)

Portfolio of Investments

Global Concentrated Portfolio

 

   Shares   Value
(000)		 
Common Stocks (99.0%)          
China (7.6%)          
Tencent Holdings Ltd. ADR   316,168   $26,922 
           
Italy (5.3%)          
Ferrari NV   39,235    19,037 
           
Japan (4.8%)          
Mizuho Financial Group, Inc. ADR   2,560,130    17,153 
           
Spain (5.0%)          
Banco Santander SA ADR   1,710,034    17,921 
           
Taiwan (6.9%)          
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   88,241    24,645 
           
United States (69.4%)          
Ameriprise Financial, Inc.   29,464    14,474 
AutoZone, Inc. (a)   1,389    5,959 
CBRE Group, Inc., Class A (a)   109,847    17,308 
Costco Wholesale Corp.   15,057    13,937 
CRH PLC   161,834    19,404 
Eli Lilly & Co.   4,643    3,543 
JPMorgan Chase & Co.   56,334    17,770 
LPL Financial Holdings, Inc.   36,762    12,230 
Mastercard, Inc., Class A   17,112    9,734 
Microsoft Corp.   62,759    32,506 
Netflix, Inc. (a)   18,678    22,393 
NVIDIA Corp.   203,263    37,925 
Progressive Corp.   73,469    18,143 
United Rentals, Inc.   10,336    9,867 
Waste Management, Inc.   53,023    11,709 
         246,902 
Total Common Stocks (Cost $253,112)        352,580 
           
Short-Term Investment (1.0%)          
Investment Company (1.0%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (b) (Cost $3,448)   3,447,844    3,448 
Total Investments (100.0%) (Cost $256,560) (c)(d)        356,028 
Liabilities in Excess of Other Assets (–0.0%)        (113)
Net Assets (100.0%)       $355,915 

 

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 Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Fund.
(c) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(d) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $99,593,000 and the aggregate gross unrealized depreciation is approximately $125,000, resulting in net unrealized appreciation of approximately $99,468,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments		 
Other*   21.3%
Semiconductors & Semiconductor Equipment   17.6 
Banks   14.8 
Software   9.1 
Interactive Media & Services   7.6 
Capital Markets   7.5 
Entertainment   6.3 
Construction Materials   5.4 
Automobiles   5.3 
Insurance   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, 2025 (unaudited)

Portfolio of Investments

Global Core Portfolio

 

   Shares   Value
(000)		 
Common Stocks (98.9%)          
Canada (0.8%)          
Shopify, Inc., Class A (a)   2,821   $419 
           
China (5.6%)          
JD.com, Inc. ADR   7,275    254 
NetEase, Inc. ADR   2,667    405 
Tencent Holdings Ltd. ADR   26,043    2,218 
         2,877 
France (0.9%)          
Hermes International SCA ADR   1,490    365 
LVMH Moet Hennessy Louis Vuitton SE   197    122 
         487 
Italy (5.0%)          
Ferrari NV   5,383    2,612 
           
Japan (4.1%)          
Mizuho Financial Group, Inc. ADR   112,797    756 
Sumitomo Mitsui Financial Group, Inc. ADR   83,050    1,390 
         2,146 
Spain (3.8%)          
Banco Santander SA ADR   186,085    1,950 
           
Taiwan (5.5%)          
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   10,115    2,825 
           
United Kingdom (2.4%)          
Experian PLC ADR   1,824    92 
Rolls-Royce Holdings PLC ADR   71,850    1,164 
         1,256 
United States (70.8%)          
Alphabet, Inc., Class A   7,239    1,760 
Amazon.com, Inc. (a)   8,923    1,959 
Ameriprise Financial, Inc.   3,527    1,733 
Apple, Inc.   9,820    2,500 
AutoZone, Inc. (a)   23    99 
Brown & Brown, Inc.   7,755    727 
Cboe Global Markets, Inc.   4,155    1,019 
CBRE Group, Inc., Class A (a)   10,415    1,641 
Chevron Corp.   4,302    668 
Costco Wholesale Corp.   348    322 
CRH PLC   24,175    2,899 
General Electric Co.   2,553    768 
JPMorgan Chase & Co.   8,468    2,671 
Lennar Corp., Class A   1,530    193 
Linde PLC   293    139 
LPL Financial Holdings, Inc.   3,178    1,057 
Mastercard, Inc., Class A   1,659    944 
McDonald's Corp.   297    90 
MercadoLibre, Inc. (a)   369    862 
Microsoft Corp.   5,580    2,890 
Millrose Properties, Inc. REIT   912    31 
Netflix, Inc. (a)   1,487    1,783 
NVIDIA Corp.   19,382    3,616 
Progressive Corp.   5,420    1,339 
Tesla, Inc. (a)   2,163    962 
TJX Cos., Inc.   13,421    1,940 
United Rentals, Inc.   1,225    1,169 
Valero Energy Corp.   1,228    209 
Waste Management, Inc.   3,097    684 
         36,674 
Total Common Stocks (Cost $32,147)        51,246 
           
Short-Term Investment (2.4%)          
Investment Company (2.4%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (b) (Cost $1,254)   1,253,909    1,254 
Total Investments (101.3%) (Cost $33,401) (c)(d)(e)        52,500 
Liabilities in Excess of Other Assets (–1.3%)        (686)
Net Assets (100.0%)       $51,814 

 

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 Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund.
(c) The approximate fair value and percentage of net assets, $121,000 and 0.2%, 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.
(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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(e) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $19,118,000 and the aggregate gross unrealized depreciation is approximately $19,000, resulting in net unrealized appreciation of approximately $19,099,000.
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   36.5%
Banks   12.9 
Semiconductors & Semiconductor Equipment   12.3 
Interactive Media & Services   7.5 
Capital Markets   7.2 
Automobiles   6.8 
Broadline Retail   5.8 
Construction Materials   5.5 
Software   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, 2025 (unaudited)

Portfolio of Investments

Global Endurance Portfolio

 

   Shares   Value
(000)		 
Common Stocks (97.2%)          
Canada (2.5%)          
CAE, Inc. (a)   14,417   $427 
Colliers International Group, Inc.   2,434    380 
         807 
Germany (2.5%)          
Delivery Hero SE (a)   27,358    786 
           
Israel (5.9%)          
Global-e Online Ltd. (a)   21,897    783 
Teva Pharmaceutical Industries Ltd. ADR (a)   54,978    1,111 
         1,894 
Japan (2.3%)          
Sansan, Inc. (a)   57,400    741 
           
United Kingdom (13.9%)          
Burford Capital Ltd.   12,004    143 
Domino's Pizza Group PLC   440,928    1,181 
Victoria PLC (a)   3,505,235    3,121 
         4,445 
United States (70.1%)          
Acadia Healthcare Co., Inc. (a)   6,602    163 
Appian Corp., Class A (a)   53,878    1,647 
Arbutus Biopharma Corp. (a)   317,376    1,441 
Avadel Pharmaceuticals PLC (a)   117,434    1,793 
Bill Holdings, Inc. (a)   9,616    509 
Calumet, Inc. (a)   56,315    1,028 
Carvana Co. (a)   2,040    770 
Core & Main, Inc., Class A (a)   10,777    580 
Core Scientific, Inc. (a)   27,378    491 
First Solar, Inc. (a)   5,064    1,117 
Floor & Decor Holdings, Inc., Class A (a)   18,479    1,362 
GXO Logistics, Inc. (a)   15,212    805 
HCA Healthcare, Inc.   3,691    1,573 
Immunovant, Inc. (a)   74,988    1,209 
QXO, Inc. (a)   75,408    1,437 
Roivant Sciences Ltd. (a)   112,270    1,699 
Royalty Pharma PLC, Class A   20,558    725 
Sable Offshore Corp. (a)   8,092    141 
Smurfit WestRock PLC   12,381    527 
Somnigroup International, Inc.   11,438    965 
Sotera Health Co. (a)   80,497    1,266 
UnitedHealth Group, Inc.   3,371    1,164 
         22,412 
Total Common Stocks (Cost $32,490)        31,085 
           
Short-Term Investment (0.3%)          
Investment Company (0.3%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (b) (Cost $81)   81,310    81 
Total Investments (97.5%) (Cost $32,571) (c)(d)(e)        31,166 
Other Assets in Excess of Liabilities (2.5%)        813 
Net Assets (100.0%)       $31,979 

 

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 Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Fund.
(c) The approximate fair value and percentage of net assets, $5,972,000 and 18.7%, 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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(e) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $4,294,000 and the aggregate gross unrealized depreciation is approximately $5,699,000, resulting in net unrealized depreciation of approximately $1,405,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   21.6%
Biotechnology   13.9 
Household Durables   13.1 
Pharmaceuticals   11.6 
Software   10.9 
Health Care Providers & Services   9.3 
Specialty Retail   6.8 
Trading Companies & Distributors   6.5 
Hotels, Restaurants & Leisure   6.3 
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, 2025 (unaudited)

Portfolio of Investments

Global Franchise Portfolio

 

   Shares   Value
(000)		 
Common Stocks (98.2%)          
France (3.5%)          
L'Oreal SA   196,596   $85,419 
           
Germany (8.0%)          
SAP SE   726,944    194,652 
           
United Kingdom (9.5%)          
Experian PLC   775,955    38,974 
Haleon PLC   16,495,329    74,232 
RELX PLC (LSE)   2,152,826    102,859 
RELX PLC (Euronext NV)   347,832    16,672 
         232,737 
United States (77.2%)          
Abbott Laboratories   520,925    69,773 
Accenture PLC, Class A   209,169    51,581 
Alphabet, Inc., Class A   394,247    95,841 
Aon PLC, Class A   177,902    63,436 
Arthur J Gallagher & Co.   324,540    100,523 
Automatic Data Processing, Inc.   314,728    92,373 
AutoZone, Inc. (a)   9,837    42,203 
Booking Holdings, Inc.   12,732    68,743 
Broadridge Financial Solutions, Inc.   179,461    42,742 
CME Group, Inc.   224,630    60,693 
Coca-Cola Co.   1,376,276    91,275 
Equifax, Inc.   137,219    35,201 
FactSet Research Systems, Inc.   62,218    17,825 
Intercontinental Exchange, Inc.   434,143    73,144 
Microsoft Corp.   430,318    222,883 
MSCI, Inc.   76,578    43,451 
Otis Worldwide Corp.   537,294    49,125 
Philip Morris International, Inc.   202,326    32,817 
Procter & Gamble Co.   556,790    85,551 
Roper Technologies, Inc.   156,942    78,265 
S&P Global, Inc.   156,247    76,047 
Steris PLC   174,668    43,220 
Synopsys, Inc. (a)   112,070    55,294 
Thermo Fisher Scientific, Inc.   149,620    72,569 
Uber Technologies, Inc. (a)   393,769    38,578 
Visa, Inc., Class A   353,877    120,807 
Zoetis, Inc.   451,956    66,130 
         1,890,090 
Total Common Stocks (Cost $1,587,272)        2,402,898 
           
Short-Term Investment (2.1%)          
Investment Company (2.1%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (b) (Cost $51,213)   51,213,267    51,213 
Total Investments (100.3%) (Cost $1,638,485) (c)(d)(e)        2,454,111 
Liabilities in Excess of Other Assets (–0.3%)        (7,248)
Net Assets (100.0%)       $2,446,863 

 

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 Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $64,000 relating to the Fund's investment in the Liquidity Fund.
(c) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(d) The approximate fair value and percentage of net assets, $512,807,000 and 21.0%, 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.
(e) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $828,601,000 and the aggregate gross unrealized depreciation is approximately $12,975,000, resulting in net unrealized appreciation of approximately $815,626,000.
Euronext NV Euronext Amsterdam Stock Market.
LSE London Stock Exchange.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   40.7%
Software   22.4 
Professional Services   13.4 
Capital Markets   11.1 
Insurance   6.7 
Pharmaceuticals   5.7 
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, 2025 (unaudited)

Consolidated Portfolio of Investments

Global Insight Portfolio

 

   Shares   Value
(000)		 
Common Stocks (93.3%)          
Brazil (0.5%)          
NU Holdings Ltd., Class A (a)   23,130   $370 
           
Canada (6.3%)          
Shopify, Inc., Class A (a)   31,682    4,708 
           
Israel (3.5%)          
Global-e Online Ltd. (a)   73,950    2,645 
           
Korea, Republic of (2.6%)          
Coupang, Inc. (a)   59,937    1,930 
           
Netherlands (4.8%)          
Adyen NV (a)   2,253    3,625 
           
Singapore (1.5%)          
Grab Holdings Ltd., Class A (a)   134,294    809 
Sea Ltd. ADR (a)   2,059    368 
         1,177 
United Kingdom (0.1%)          
Victoria PLC (a)   70,649    63 
           
United States (74.0%)          
Affirm Holdings, Inc. (a)   62,776    4,588 
Agilon Health, Inc. (a)   184,098    190 
AppLovin Corp., Class A (a)   6,436    4,625 
Arbutus Biopharma Corp. (a)   173,307    787 
Aurora Innovation, Inc. (a)   455,912    2,457 
BitMine Immersion Technologies, Inc. (a)   25,350    1,316 
Cloudflare, Inc., Class A (a)   40,706    8,735 
Core & Main, Inc., Class A (a)   15,406    829 
Federal National Mortgage Association (a)   135,078    1,628 
Intellia Therapeutics, Inc. (a)   24,527    424 
IonQ, Inc. (a)   58,017    3,568 
Landbridge Co. LLC, Class A   23,772    1,268 
MercadoLibre, Inc. (a)   1,693    3,956 
Opendoor Technologies, Inc. (a)   43,057    343 
ProKidney Corp. (a)   41,771    101 
QXO, Inc. (a)   115,413    2,200 
ROBLOX Corp., Class A (a)   27,236    3,773 
Roivant Sciences Ltd. (a)   80,131    1,212 
Royalty Pharma PLC, Class A   87,144    3,075 
Snowflake, Inc., Class A (a)   10,381    2,341 
Strategy, Inc., Class A (a)   7,228    2,329 
Tesla, Inc. (a)   11,830    5,261 
XOMA Royalty Corp. (a)   11,734    452 
         55,458 
Total Common Stocks (Cost $39,254)        69,976 
           
Preferred Stock (0.0%)‡          
United States (0.0%)‡          
Lookout, Inc., Series F (a)(b)(c) (acquisition cost — $73; acquired 6/17/14)   6,374    26 
           
Investment Company (2.5%)          
United States (2.5%)          
iShares Bitcoin Trust ETF (a) (Cost $1,095)   28,303    1,840 
           
Short-Term Investment (4.2%)          
Investment Company (4.2%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (d) (Cost $3,178)   3,178,256    3,178 
Total Investments Excluding Purchased Options (100.0%) (Cost $43,600 )        75,020 
Total Purchased Options Outstanding (0.1%) (Cost $390)        33 
Total Investments (100.1%) (Cost $43,990) (e)(f)(g)(h)        75,053 
Liabilities in Excess of Other Assets (–0.1%)        (84)
Net Assets (100.0%)       $74,969 

 

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

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Insight Portfolio

 

The Fund had the following Derivative Contracts - PIPE open at September 30, 2025:

 

Counterparty  Referenced
Obligation		   Notional
Amount		   Settlement
Date		   Unrealized
Depreciation
(000)		   % of
Net
Assets		 
Cantor Equity Partners, Inc.  Twenty One Capital, Inc. (a)(c)(i)(j)(k)   $1,275   12/31/25   $(290)   (0.39)%

 

‡ 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 and derivative contracts (excluding 144A holdings) at September 30, 2025 amounts to approximately $26,000 and represents 0.0% of net assets.
(c) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.
(d) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Fund.
(e) The approximate fair value and percentage of net assets, $3,688,000 and 4.9%, 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.
(f) The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(g) Securities are available for collateral in connection with purchased options.
(h) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $33,476,000 and the aggregate gross unrealized depreciation is approximately $2,703,000, resulting in net unrealized appreciation of approximately $30,773,000.
(i) 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, 2025 amounts to approximately $(264,000) and represents less than 0.05% of net assets.
(j) Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy.
(k) Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 60,699 shares at $21.00 per share on the settlement date pursuant to the closing of the business combination between Twenty One Capital, Inc., and Cantor Equity Partners, Inc., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Cantor Equity Partners, Inc., and Twenty One Capital, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met the Fund is no longer obligated to fulfill its commitment to Cantor Equity Partners, Inc., and Twenty One Capital, Inc. The investment is restricted from resale until the settlement date.
ADRAmerican Depositary Receipt.
ETFExchange Traded Fund.
PIPEPrivate Investment in Public Equity.
SPACSpecial Purpose Acquisition Company.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (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, 2025:

 

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		   Notional
Amount
(000)		   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Depreciation
(000)		 
Standard Chartered Bank  USD/CNH  CNH 7.58  Aug–26  21,170,064   $21,170   $25   $69   $(44)
Goldman Sachs & Co. LLC  USD/CNH  CNH 7.71  May–26  15,064,889    15,065    6    63    (57)
Standard Chartered Bank  USD/CNH  CNH 7.76  Oct–25  13,974,746    13,975    —@   61    (61)
JPMorgan Chase Bank NA  USD/CNH  CNH 7.82  Feb–26  15,854,951    15,855    1    65    (64)
Standard Chartered Bank  USD/CNH  CNH 7.90  Apr–26  10,380,714    10,381    1    50    (49)
Goldman Sachs & Co. LLC  USD/CNH  CNH 8.02  Dec–25  17,249,729    17,250    —@   82    (82)
                       $33   $390   $(357)

 

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

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   27.6%
Information Technology Services   21.0 
Software   14.4 
Financial Services   13.1 
Broadline Retail   11.9 
Automobiles   7.0 
Entertainment   5.0 
Total Investments   100.0%**

 

* Industries and/or investment types representing less than 5% of total investments.
** Does not include open PIPE contract with unrealized depreciation of approximately $290,000.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited) 

Consolidated Portfolio of Investments

Global Opportunity Portfolio

 

   Shares   Value
(000)		 
Common Stocks (97.7%)          
Brazil (2.3%)          
NU Holdings Ltd., Class A (a)   5,054,186   $80,918 
           
Canada (3.1%)          
Shopify, Inc., Class A (a)   726,707    107,996 
           
China (4.0%)          
Meituan, Class B (a)(b)   4,542,300    60,679 
Trip.com Group Ltd. ADR   1,062,312    79,886 
         140,565 
Denmark (4.0%)          
DSV AS   704,034    140,645 
           
France (7.5%)          
Hermes International SCA   37,192    91,456 
Schneider Electric SE   601,795    169,389 
         260,845 
India (5.5%)          
HDFC Bank Ltd.   7,972,568    85,440 
ICICI Bank Ltd. ADR   3,543,633    107,124 
         192,564 
Italy (2.4%)          
Moncler SpA   1,429,590    84,136 
           
Japan (1.3%)          
Keyence Corp.   117,200    43,664 
           
Korea, Republic of (4.2%)          
Coupang, Inc. (a)   4,203,256    135,345 
KakaoBank Corp.   611,700    10,361 
         145,706 
Netherlands (1.8%)          
ASML Holding NV   63,911    62,325 
           
Singapore (1.0%)          
Grab Holdings Ltd., Class A (a)   5,762,393    34,690 
           
Sweden (5.5%)          
Spotify Technology SA (a)   277,777    193,888 
           
Switzerland (1.0%)          
On Holding AG, Class A (a)   828,396    35,083 
           
Taiwan (4.4%)          
Taiwan Semiconductor Manufacturing Co. Ltd.   3,500,000    152,032 
           
United States (49.7%)          
Airbnb, Inc., Class A (a)   593,798    72,099 
Amazon.com, Inc. (a)   561,077    123,196 
Block, Inc., Class A (a)   1,054,537    76,211 
Crowdstrike Holdings, Inc., Class A (a)   111,130    54,496 
DoorDash, Inc., Class A (a)   819,177    222,808 
Liberty Media Corp.-Liberty Formula One, Class C (a)   354,904    37,070 
Magic Leap, Inc., Class A (a)(c)(d) (acquisition cost — $3,175; acquired 12/22/15)   6,530    — 
Mastercard, Inc., Class A   161,658    91,953 
MercadoLibre, Inc. (a)   80,442    187,988 
Meta Platforms, Inc., Class A   360,283    264,585 
ServiceNow, Inc. (a)   155,479    143,084 
TKO Group Holdings, Inc.   364,054    73,524 
Uber Technologies, Inc. (a)   2,338,732    229,125 
Visa, Inc., Class A   319,869    109,197 
Walt Disney Co.   458,382    52,485 
         1,737,821 
Total Common Stocks (Cost $1,473,264)        3,412,878 
           
Short-Term Investment (2.8%)          
Investment Company (2.8%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (e) (Cost $98,639)   98,638,869    98,639 
Total Investments (100.5%) (Cost $1,571,903) (f)(g)(h)        3,511,517 
Liabilities in Excess of Other Assets (–0.5%)        (16,420)
Net Assets (100.0%)       $3,495,097 

 

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) 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 security (excluding 144A holdings) at September 30, 2025 amounts to $0 and represents 0.0% of net assets.
(d) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.
(e) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $153,000 relating to the Fund's investment in the Liquidity Fund.
(f) The approximate fair value and percentage of net assets, $900,127,000 and 25.8%, 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.
(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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(h) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,976,543,000 and the aggregate gross unrealized depreciation is approximately $36,929,000, resulting in net unrealized appreciation of approximately $1,939,614,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments		 
Other*   16.0%
Broadline Retail   12.7 
Hotels, Restaurants & Leisure   12.4 
Entertainment   10.2 
Banks   8.1 
Financial Services   7.9 
Interactive Media & Services   7.5 
Ground Transportation   7.5 
Semiconductors & Semiconductor Equipment   6.1 
Textiles, Apparel & Luxury Goods   6.0 
Software   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, 2025 (unaudited)

Consolidated Portfolio of Investments

Global Permanence Portfolio

 

   Shares   Value
(000)		 
Common Stocks (92.0%)          
Brazil (0.1%)          
Vale SA   342   $4 
           
Canada (6.2%)          
Cameco Corp.   672    56 
Canadian National Railway Co.   2,398    226 
Constellation Software, Inc.   1    3 
FirstService Corp.   19    4 
Topicus.com, Inc. (a)   41    4 
         293 
France (13.1%)          
Airbus SE   193    45 
Christian Dior SE   121    70 
EssilorLuxottica SA   15    5 
Eurofins Scientific SE   3,044    222 
Hermes International SCA   2    5 
L'Oreal SA   106    46 
LVMH Moet Hennessy Louis Vuitton SE   373    230 
         623 
Germany (1.4%)          
Birkenstock Holding PLC (a)   1,461    66 
           
India (0.2%)          
HDFC Bank Ltd. ADR   260    9 
           
Israel (1.4%)          
Oddity Tech Ltd., Class A (a)   1,091    68 
           
Italy (0.2%)          
Brunello Cucinelli SpA   33    4 
Ferrari NV   9    4 
         8 
Mexico (0.6%)          
Alsea SAB de CV (a)   8,300    27 
           
Netherlands (4.9%)          
ASML Holding NV (Registered)   239    231 
Universal Music Group NV   142    4 
         235 
Switzerland (0.2%)          
On Holding AG, Class A (a)   252    11 
           
United Kingdom (8.6%)          
Babcock International Group PLC   17,474    314 
Domino's Pizza Group PLC   15,371    41 
Rentokil Initial PLC   4,467    23 
Victoria PLC (a)   37,188    33 
         411 
United States (55.1%)          
American Tower Corp. REIT   358    69 
Brown & Brown, Inc.   222    21 
Cloudflare, Inc., Class A (a)   2,879    618 
Core & Main, Inc., Class A (a)   3,391    182 
Federal National Mortgage Association (a)   8,311    100 
Floor & Decor Holdings, Inc., Class A (a)   1,840    136 
Intercontinental Exchange, Inc.   408    69 
Landbridge Co. LLC, Class A   3,050    163 
Linde PLC   8    4 
MercadoLibre, Inc. (a)   92    215 
MP Materials Corp. (a)   1,856    124 
MSCI, Inc.   83    47 
QXO, Inc. (a)   12,308    235 
Royal Gold, Inc.   1,188    238 
Royalty Pharma PLC, Class A   7,624    269 
S&P Global, Inc.   91    44 
Sable Offshore Corp. (a)   921    16 
Smurfit WestRock PLC   1,049    45 
Texas Pacific Land Corp.   13    12 
Veralto Corp.   76    8 
Waste Connections, Inc.   57    10 
         2,625 
Total Common Stocks (Cost $3,493)        4,380 
           
Investment Company (2.9%)          
United States (2.9%)          
iShares Bitcoin Trust ETF (a) (Cost $84)   2,164    141 

 

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

 

   Shares    
Short-Term Investment (3.8%)
Investment Company (3.8%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (c) (Cost $182)   182,033    182 
Total Investments Excluding Purchased Options (98.7%) (Cost $3,759 )        4,703 
Total Purchased Options Outstanding (0.1%) (Cost $24)        2 
Total Investments (98.8%) (Cost $3,783) (d)(e)(f)(g)        4,705 
Other Assets in Excess of Liabilities (1.2%)        57 
Net Assets (100.0%)       $4,762 

 

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 is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.
(c) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund.
(d) The approximate fair value and percentage of net assets, $1,042,000 and 21.9%, 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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(f) Securities are available for collateral in connection with purchased options.
(g) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,281,000 and the aggregate gross unrealized depreciation is approximately $359,000, resulting in net unrealized appreciation of approximately $922,000.
ADR American Depositary Receipt.
ETF Exchange Traded Fund.
REIT Real Estate Investment Trust.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (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, 2025:

 

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		   Notional
Amount
(000)		   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Depreciation
(000)		 
Standard Chartered Bank  USD/CNH  CNH 7.58  Aug–26   1,314,625   $1,315   $2   $5   $(3)
Goldman Sachs & Co. LLC  USD/CNH  CNH 7.71  May–26   918,402    918    —@   4    (4)
Standard Chartered Bank  USD/CNH  CNH 7.76  Oct–25   955,310    955    —@   4    (4)
JPMorgan Chase Bank NA  USD/CNH  CNH 7.82  Feb–26   1,014,582    1,015    —@   4    (4)
Standard Chartered Bank  USD/CNH  CNH 7.90  Apr–26   656,354    656    —@   3    (3)
Goldman Sachs & Co. LLC  USD/CNH  CNH 8.02  Dec–25   891,152    891    —@   4    (4)
                        $2   $24   $(22)

 

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

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments		 
Other*   48.7%
Information Technology Services   13.1 
Trading Companies & Distributors   8.9 
Textiles, Apparel & Luxury Goods   8.2 
Metals & Mining   7.8 
Aerospace & Defense   7.6 
Pharmaceuticals   5.7 
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, 2025 (unaudited)

Portfolio of Investments 

Global Stars Portfolio

 

   Shares   Value
(000)		 
Common Stocks (98.6%)          
Canada (4.3%)          
Constellation Software, Inc.   407   $1,105 
Shopify, Inc., Class A (a)   6,599    980 
         2,085 
China (9.4%)          
DiDi Global, Inc. ADR (a)   148,836    926 
Eastroc Beverage Group Co. Ltd., Class A   23,700    1,013 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A   11,100    384 
Tencent Holdings Ltd. (b)   19,200    1,636 
Zhejiang Dingli Machinery Co. Ltd., Class A   76,400    577 
         4,536 
Denmark (2.3%)          
DSV AS   5,522    1,103 
           
Germany (5.3%)          
SAP SE   9,538    2,554 
           
Japan (2.6%)          
BayCurrent, Inc.   22,000    1,293 
           
Netherlands (2.4%)          
ASML Holding NV   1,182    1,153 
           
Singapore (2.0%)          
Sea Ltd. ADR (a)   5,362    958 
           
Switzerland (5.0%)          
Galderma Group AG   5,457    965 
On Holding AG, Class A (a)   23,082    978 
Sportradar Group AG, Class A (a)   17,481    470 
         2,413 
Taiwan (4.9%)          
Taiwan Semiconductor Manufacturing Co. Ltd.   55,000    2,389 
           
United Kingdom (10.4%)          
Diploma PLC   14,869    1,064 
Experian PLC   21,795    1,095 
Halma PLC   24,894    1,159 
RELX PLC   13,461    643 
Wise PLC, Class A (a)   75,771    1,056 
         5,017 
United States (50.0%)          
Alphabet, Inc., Class A   7,743    1,882 
Aon PLC, Class A   1,898    677 
Automatic Data Processing, Inc.   1,564    459 
Booking Holdings, Inc.   213    1,150 
Broadridge Financial Solutions, Inc.   5,602    1,334 
Cencora, Inc.   4,855    1,517 
Intercontinental Exchange, Inc.   7,405    1,248 
Mastercard, Inc., Class A   2,873    1,634 
MercadoLibre, Inc. (a)   500    1,169 
Microsoft Corp.   3,849    1,994 
Netflix, Inc. (a)   1,167    1,399 
Ryan Specialty Holdings, Inc.   20,462    1,153 
S&P Global, Inc.   2,433    1,184 
ServiceNow, Inc. (a)   970    893 
Synopsys, Inc. (a)   2,208    1,089 
Tradeweb Markets, Inc., Class A   9,635    1,069 
Uber Technologies, Inc. (a)   16,851    1,651 
VeriSign, Inc.   2,554    714 
Visa, Inc., Class A   5,679    1,939 
         24,155 
Total Common Stocks (Cost $36,559)        47,656 

 

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

 

   Shares    
Short-Term Investment (1.3%)
Investment Company (1.3%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (d) (Cost $623)   622,557   623 
Total Investments (99.9%) (Cost $37,182) (e)(f)(g)        48,279 
Other Assets in Excess of Liabilities (0.1%)        44 
Net Assets (100.0%)       $48,323 

 

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) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.
(d) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $1,000 relating to the Fund's investment in the Liquidity Fund.
(e) The approximate fair value and percentage of net assets, $18,084,000 and 37.4%, 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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(g) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $11,643,000 and the aggregate gross unrealized depreciation is approximately $546,000, resulting in net unrealized appreciation of approximately $11,097,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   37.4%
Software   15.8 
Professional Services   10.0 
Financial Services   9.6 
Semiconductors & Semiconductor Equipment   7.3 
Interactive Media & Services   7.3 
Capital Markets   7.3 
Ground Transportation   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, 2025 (unaudited) 

Consolidated Portfolio of Investments

Growth Portfolio

 

   Shares   Value
(000)		 
Common Stocks (92.3%)
Automobiles (8.3%)
Tesla, Inc. (a)   915,227   $407,020 
           
Biotechnology (1.6%)          
Roivant Sciences Ltd. (a)   5,285,931    79,976 
           
Broadline Retail (4.3%)          
MercadoLibre, Inc. (a)   91,149    213,010 
           
Capital Markets (0.5%)          
Coinbase Global, Inc., Class A (a)   73,017    24,642 
           
Electronic Equipment, Instruments & Components (0.0%)          
Magic Leap, Inc., Class A (a)(b)(c) (acquisition cost — $18,812; acquired 12/22/15)   38,705    — 
           
Entertainment (7.1%)          
ROBLOX Corp., Class A (a)   2,510,452    347,748 
           
Financial Services (8.4%)          
Affirm Holdings, Inc. (a)   4,130,401    301,849 
Federal National Mortgage Association (a)   9,253,178    111,501 
         413,350 
Hotels, Restaurants & Leisure (4.6%)          
DoorDash, Inc., Class A (a)   838,613    228,094 
           
Information Technology Services (22.9%)          
Cloudflare, Inc., Class A (a)   3,151,738    676,331 
Shopify, Inc., Class A (Canada) (a)   1,558,992    231,682 
Snowflake, Inc., Class A (a)   966,604    218,018 
         1,126,031 
Pharmaceuticals (4.3%)          
Royalty Pharma PLC, Class A   5,944,970    209,739 
           
Software (21.3%)          
AppLovin Corp., Class A (a)   602,197    432,702 
Aurora Innovation, Inc. (a)   29,693,271    160,047 
BitMine Immersion Technologies, Inc. (a)   1,091,639    56,689 
Samsara, Inc., Class A (a)   4,595,580    171,185 
Strategy, Inc., Class A (a)   715,132    230,423 
         1,051,046 
Tech Hardware, Storage & Peripherals (4.9%)          
IonQ, Inc. (a)   3,963,155    243,734 
           
Trading Companies & Distributors (4.1%)          
Core & Main, Inc., Class A (a)   1,048,146    56,422 
QXO, Inc. (a)   7,727,496    147,286 
         203,708 
Total Common Stocks (Cost $2,316,629)        4,548,098 
           
Preferred Stocks (3.6%)          
Financial Services (0.4%)          
Stripe, Inc., Series I (a)(b)(c) (acquisition cost — $12,876; acquired 3/17/23)   639,525    19,627 
           
Software (3.2%)          
Databricks, Inc., Series H (a)(b)(c) (acquisition cost — $102,163; acquired 8/31/21)   1,390,269    157,059 
Total Preferred Stocks (Cost $115,039)        176,686 
           
Investment Company (2.9%)          
iShares Bitcoin Trust ETF (a) (Cost $84,066)   2,172,579    141,217 
           
Short-Term Investment (1.2%)          
Investment Company (1.2%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (d) (Cost $58,805)   58,804,943    58,805 
Total Investments Excluding Purchased Options (100.0%) (Cost $2,574,539)        4,924,806 
Total Purchased Options Outstanding (0.1%) (Cost $24,381)        2,235 
Total Investments (100.1%) (Cost $2,598,920) (e)(f)(g)        4,927,041 
Liabilities in Excess of Other Assets (–0.1%)        (2,983)
Net Assets (100.0%)       $4,924,058 

 

(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, 2025 amounts to approximately $176,686,000 and represents 3.6% of net assets.
(c) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.
(d) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $107,000 relating to the Fund's investment in the Liquidity Fund.
(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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(f) Securities are available for collateral in connection with purchased options.
(g) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,379,200,000 and the aggregate gross unrealized depreciation is approximately $51,079,000, resulting in net unrealized appreciation of approximately $2,328,121,000.
ETF Exchange Traded Fund.

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

Third Quarter Report – September 30, 2025 (unaudited) 

Consolidated Portfolio of Investments (cont'd)

Growth Portfolio

 

Call Options Purchased: 

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

 

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		  Notional
Amount
(000)		  Value
(000)		  Premiums
Paid
(000)		  Unrealized
Depreciation
(000)		 
Standard Chartered Bank  USD/CNH  CNH 7.58  Aug–26   1,426,154,945  $1,426,155  $1,708  $4,666  $(2,958)
Goldman Sachs & Co. LLC  USD/CNH  CNH 7.71  May–26   987,167,835   987,168   380   4,109   (3,729)
Standard Chartered Bank  USD/CNH  CNH 7.77  Oct–25   852,322,605   852,323   1   3,710   (3,709)
JPMorgan Chase Bank NA  USD/CNH  CNH 7.82  Feb–26   995,165,827   995,166   75   4,109   (4,034)
Standard Chartered Bank  USD/CNH  CNH 7.90  Apr–26   645,084,851   645,085   70   3,135   (3,065)
Goldman Sachs & Co. LLC  USD/CNH  CNH 8.02  Dec–25   981,418,394   981,418   1   4,652   (4,651)
                    $2,235  $24,381  $(22,146)

 

CNH — Chinese Yuan Renminbi Offshore
USD — United States Dollar

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments		 
Other*   28.4%
Software   24.5 
Information Technology Services   22.9 
Financial Services   8.8 
Automobiles   8.3 
Entertainment   7.1 
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, 2025 (unaudited) 

Consolidated Portfolio of Investments

Inception Portfolio

 

   Shares   Value
(000)		 
Common Stocks (86.8%)
Biotechnology (11.9%)
Arbutus Biopharma Corp. (a)   2,187,069   $9,929 
Beam Therapeutics, Inc. (a)   48,193    1,170 
GRAIL, Inc. (a)   32,054    1,895 
Immunovant, Inc. (a)   152,700    2,462 
Intellia Therapeutics, Inc. (a)   305,993    5,285 
ProKidney Corp. (a)(b)   325,677    788 
Recursion Pharmaceuticals, Inc., Class A (a)(b)   88,152    430 
Roivant Sciences Ltd. (a)   1,465,522    22,173 
XOMA Royalty Corp. (a)   182,425    7,031 
         51,163 
Broadline Retail (2.7%)          
Global-e Online Ltd. (Israel) (a)   328,053    11,731 
           
Capital Markets (1.1%)          
Gemini Space Station, Inc., Class A (a)(b)   195,294    4,679 
           
Financial Services (1.5%)          
Burford Capital Ltd.   532,194    6,365 
           
Health Care Equipment & Supplies (2.1%)          
Outset Medical, Inc. (a)   30,432    429 
Semler Scientific, Inc. (a)(b)   286,725    8,602 
         9,031 
Health Care Providers & Services (1.2%)          
Agilon Health, Inc. (a)   5,203,472    5,360 
           
Health Care Technology (0.2%)          
Schrodinger, Inc. (a)   41,945    841 
           
Hotels, Restaurants & Leisure (4.5%)          
Black Rock Coffee Bar, Inc., Class A (a)   283,765    6,771 
Cheesecake Factory, Inc.   119,067    6,506 
Shake Shack, Inc., Class A (a)   63,886    5,980 
         19,257 
Household Durables (0.3%)          
Victoria PLC (United Kingdom) (a)   1,613,626    1,437 
           
Information Technology Services (12.0%)          
Cloudflare, Inc., Class A (a)   240,556    51,621 
           
Interactive Media & Services (0.6%)          
ZoomInfo Technologies, Inc. (a)   222,648    2,429 
           
Leisure Products (1.3%)          
Peloton Interactive, Inc., Class A (a)   597,827    5,380 
           
Life Sciences Tools & Services (1.2%)          
10X Genomics, Inc., Class A (a)   92,585    1,082 
Ginkgo Bioworks Holdings, Inc. ADR (a)(b)   33,528    489 
MaxCyte, Inc. (a)   723,623    1,143 
Standard BioTools, Inc. (a)   1,819,569    2,366 
         5,080 
Metals & Mining (3.9%)          
MP Materials Corp. (a)   250,745    16,818 
           
Oil, Gas & Consumable Fuels (0.9%)          
Calumet, Inc. (a)   128,210    2,340 
Sable Offshore Corp. (a)   89,020    1,554 
         3,894 
Passenger Airlines (1.6%)          
Joby Aviation, Inc. (a)   416,991    6,730 
           
Personal Care Products (5.0%)          
Oddity Tech Ltd., Class A (Israel) (a)   344,196    21,443 
           
Pharmaceuticals (1.2%)          
ATAI Life Sciences NV (a)(b)   974,039    5,153 
           
Real Estate Management & Development (5.3%)          
Landbridge Co. LLC, Class A   305,810    16,315 
Opendoor Technologies, Inc. (a)(b)   801,151    6,385 
         22,700 
Software (13.5%)          
Appian Corp., Class A (a)   220,972    6,755 
Aurora Innovation, Inc. (a)   3,061,867    16,504 
BitMine Immersion Technologies, Inc. (a)   411,588    21,374 
Gitlab, Inc., Class A (a)   99,786    4,498 
Klaviyo, Inc., Class A (a)   67,494    1,869 
Via Transportation, Inc., Class A (a)   146,863    7,061 
         58,061 
Specialty Retail (6.1%)          
Bed Bath & Beyond, Inc. (a)   44,421    435 
Floor & Decor Holdings, Inc., Class A (a)   265,998    19,604 
RH (a)   5,478    1,113 
Wayfair, Inc., Class A (a)   57,901    5,172 
         26,324 
Tech Hardware, Storage & Peripherals (6.8%)          
IonQ, Inc. (a)   474,632    29,190 
           
Water Utilities (1.9%)          
WaterBridge Infrastructure LLC, Class A (a)   321,033    8,097 
Total Common Stocks (Cost $311,495)        372,784 
           
Preferred Stocks (1.9%)          
Health Care Technology (0.8%)          
Included Health, Inc., Series B (a)(c)(d) (acquisition cost — $3,362; acquired 7/03/14)   3,269,139    3,374 
           
Software (1.1%)          
Lookout, Inc., Series F (a)(c)(d) (acquisition cost — $13,476; acquired 6/17/14)   1,179,743    4,825 
Total Preferred Stocks (Cost $16,838)        8,199 
           
Investment Company (3.2%)          
iShares Bitcoin Trust ETF (a) (Cost $8,124)   209,963    13,648 

 

   No. of
Warrants		     
Warrants (0.0%)        
Life Sciences Tools & Services (0.0%)          
SomaLogic, Inc. expires (a)(d) (Cost $203)   61,142   — 

  

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited) 

Consolidated Portfolio of Investments (cont’d)

Inception Portfolio

 

   Shares   Value
(000)		 
Short-Term Investments (16.2%)          
Investment Company (14.9%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (e) (Cost $64,056)   64,056,177   $64,056 
Securities held as Collateral on Loaned Securities (1.3%)          
Investment Company (1.0%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (e)   4,497,244    4,497 

 

   Face
Amount
(000)		     
Repurchase Agreements (0.3%)          
Citigroup, Inc., (4.00%, dated 9/30/25, due 10/1/25; proceeds $491; fully collateralized by U.S. Government obligations; 4.50% - 4.63% due 11/15/25 - 9/15/26; valued at $501)  $492   492 
Merrill Lynch & Co., Inc., (4.20%, dated 9/30/25, due 10/1/25; proceeds $661; fully collateralized by U.S. Government obligations; 0.13% - 4.13% due 12/31/26 - 8/15/53; valued at $675)   661    661 
         1,153 
Total Securities held as Collateral on Loaned Securities (Cost $5,650)        5,650 
Total Short-Term Investments (Cost $69,706)        69,706 
Total Investments Excluding Purchased Options (108.1%) (Cost $406,366)        464,337 
Total Purchased Options Outstanding (0.1%) (Cost $2,040)        174 
Total Investments (108.2%) (Cost $408,406) including $5,518 of Securities Loaned (f)(g)(h)(i)        464,511 
Liabilities in Excess of Other Assets (–8.2%)        (35,234)
Net Assets (100.0%)       $429,277 

 

The Fund had the following Derivative Contracts - PIPE open at September 30, 2025:                

 

Counterparty  Referenced
Obligation		  Notional
Amount		  Settlement
Date		  Unrealized
Appreciation
(Depreciation)
(000)		   % of
Net
Assets		 
Cantor Equity Partners, Inc.  Twenty One Capital, Inc. (a)(c)(d)(j)(k)  $6,444  12/31/25  $(1,465)  (0.34)%
Churchill Capital Corp X  ColdQuanta, Inc. dba Infleqtion (a)(c)(d)(j)(l)   5,386  12/31/25   744   0.17 
             $(721)  (0.17)%

 

(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, 2025, were approximately $5,518,000 and $5,755,000, respectively. The Fund received cash collateral of approximately $5,650,000, 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 $105,000 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, 2025 amounts to approximately $7,478,000 and represents 1.7% of net assets.
(d) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.
(e) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $16,000 relating to the Fund's investment in the Liquidity Fund.
(f) The approximate fair value and percentage of net assets, $1,437,000 and 0.3%, 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.
(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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, 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, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $126,469,000 and the aggregate gross unrealized depreciation is approximately $71,085,000, resulting in net unrealized appreciation of approximately $55,384,000.
(j) Investment is valued based on the underlying stock price and significant unobservable inputs that factor in volatility and discount for lack of marketability and transaction risk and is classified as Level 3 in the fair value hierarchy.
(k) Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 306,879 shares at $21.00 per share on the settlement date pursuant to the closing of the business combination between Twenty One Capital, Inc., and Cantor Equity Partners, Inc., a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Cantor Equity Partners, Inc., and Twenty One Capital, Inc., and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met the Fund is no longer obligated to fulfill its commitment to Cantor Equity Partners, Inc., and Twenty One Capital, Inc. The investment is restricted from resale until the settlement date.
(l) Represents an unfunded subscription agreement in a private investment in a public entity. The Fund is committed to purchase 538,590 shares at $10.00 per share on the settlement date pursuant to the closing of the business combination between ColdQuanta, Inc. dba Infleqtion, and Churchill Capital Corp X, a SPAC. The settlement date shown reflects the estimated date based upon the subscription agreement and is subject to change. The transaction will require the approval of the shareholders of both Churchill Capital Corp X, and ColdQuanta, Inc. dba Infleqtion, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. If these conditions are not met the Fund is no longer obligated to fulfill its commitment to Churchill Capital Corp X, and ColdQuanta, Inc. dba Infleqtion. The investment is restricted from resale until the settlement date.
ADR American Depositary Receipt.
ETF Exchange Traded Fund.
PIPE Private Investment in Public Equity.
SPAC Special Purpose Acquisition Company.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited) 

Consolidated Portfolio of Investments (cont’d)

Inception Portfolio

 

Call Options Purchased:

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

  

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		  Notional
Amount
(000)		  Value
(000)		  Premiums
Paid
(000)		  Unrealized
Depreciation
(000)		 
Standard Chartered Bank  USD/CNH  CNH 7.58  Aug–26  109,043,071  $109,043  $131  $357  $(226)
Goldman Sachs & Co. LLC  USD/CNH  CNH 7.71  May–26  81,897,594   81,898   31   341   (310)
Standard Chartered Bank  USD/CNH  CNH 7.77  Oct–25  71,643,928   71,644   —@  312   (312)
JPMorgan Chase Bank NA  USD/CNH  CNH 7.82  Feb–26  85,420,861   85,421   6   353   (347)
Standard Chartered Bank  USD/CNH  CNH 7.90  Apr–26  56,144,765   56,145   6   272   (266)
Goldman Sachs & Co. LLC  USD/CNH  CNH 8.02  Dec–25  85,292,422   85,292   —@  405   (404)
                   $174  $2,040  $(1,865)

 

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

 

 

 

 

Portfolio Composition*  

 

Classification  Percentage of
Total Investments		 
Other**  37.9%
Investment Company  14.0 
Software  13.7 
Information Technology Services  11.2 
Biotechnology  11.1 
Tech Hardware, Storage & Peripherals**  6.4 
Specialty 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, 2025.
** Industries and/or investment types representing less than 5% of total investments.
*** Does not include open PIPE contracts with net unrealized depreciation of approximately $721,000.

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

Third Quarter Report – September 30, 2025 (unaudited) 

Consolidated Portfolio of Investments 

International Advantage Portfolio

 

   Shares   Value
(000)		 
Common Stocks (99.6%)          
Brazil (2.1%)          
NU Holdings Ltd., Class A (a)   3,643,033   $58,325 
           
Canada (9.0%)          
Brookfield Corp.   1,071,835    73,506 
Canada Goose Holdings, Inc. (a)(b)(c)   2,778,700    38,318 
Canadian Pacific Kansas City Ltd.   932,428    69,445 
Shopify, Inc., Class A (a)   459,779    68,328 
         249,597 
Denmark (6.9%)          
DSV AS   958,474    191,475 
           
France (21.9%)          
EssilorLuxottica SA   156,880    51,104 
Hermes International SCA   90,760    223,183 
L'Oreal SA   294,129    127,795 
LVMH Moet Hennessy Louis Vuitton SE   98,003    60,309 
Schneider Electric SE   520,415    146,483 
         608,874 
Germany (3.1%)          
Birkenstock Holding PLC (a)   623,155    28,198 
SAP SE ADR   220,899    59,026 
         87,224 
Hong Kong (3.1%)          
AIA Group Ltd.   8,937,900    85,660 
           
India (7.9%)          
HDFC Bank Ltd.   7,766,700    83,233 
ICICI Bank Ltd. ADR   2,925,036    88,424 
Tata Capital Ltd. (a)   3,609,712    13,254 
Titan Co. Ltd.   908,864    34,458 
         219,369 
Italy (5.4%)          
Moncler SpA   2,545,460    149,809 
           
Japan (5.5%)          
Keyence Corp.   306,200    114,078 
Sanrio Co. Ltd.   859,900    40,364 
         154,442 
Netherlands (5.7%)          
Adyen NV (a)   18,136    29,182 
ASML Holding NV   133,553    130,239 
         159,421 
Sweden (7.6%)          
Spotify Technology SA (a)   302,451    211,111 
           
Switzerland (5.8%)          
Chocoladefabriken Lindt & Spruengli AG (Registered)   183    27,536 
Cie Financiere Richemont SA, Class A (Registered)   244,078    46,855 
On Holding AG, Class A (a)   659,274    27,920 
Straumann Holding AG (Registered)   566,275    60,708 
         163,019 
Taiwan (6.6%)          
Taiwan Semiconductor Manufacturing Co. Ltd.   4,220,000    183,308 
           
United Kingdom (2.0%)          
London Stock Exchange Group PLC   242,329    27,791 
Rightmove PLC   3,083,925    29,451 
         57,242 
United States (7.0%)          
Liberty Media Corp.-Liberty Formula One, Class C (a)   678,539    70,873 
MercadoLibre, Inc. (a)   52,820    123,437 
         194,310 
Total Common Stocks (Cost $1,723,664)        2,773,186 
           
Short-Term Investments (1.3%)          
Investment Company (1.1%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (d) (Cost $30,214)   30,214,162    30,214 
Securities held as Collateral on Loaned Securities (0.2%)          
Investment Company (0.2%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (d)   3,967,864    3,968 

 

   Face
Amount
(000)		    
Repurchase Agreements (0.0%)‡          
Citigroup, Inc., (4.00%, dated 9/30/25, due 10/1/25; proceeds $434; fully collateralized by U.S. Government obligations; 4.50% - 4.63% due 11/15/25 - 9/15/26; valued at $442)  $434    434 
Merrill Lynch & Co., Inc., (4.20%, dated 9/30/25, due 10/1/25; proceeds $583; fully collateralized by U.S. Government obligations; 0.13% - 4.13% due 12/31/26 - 8/15/53; valued at $595)   583    583 
         1,017 
Total Securities held as Collateral on Loaned Securities (Cost $4,985)        4,985 
Total Short-Term Investments (Cost $35,199)        35,199 
Total Investments (100.9%) (Cost $1,758,863) including $4,824 of Securities Loaned (e)(f)(g)        2,808,385 
Liabilities in Excess of Other Assets (–0.9%)       (25,043)
Net Assets (100.0%)       $2,783,342 

 

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) For the nine months ended September 30, 2025, 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, was approximately $2,898,000, including net realized loss of approximately $4,751,000.
(c) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2025, were approximately $4,824,000 and $4,985,000, respectively. The Fund received cash collateral of approximately $4,985,000, 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.
(d) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $47,000 relating to the Fund's investment in the Liquidity Fund.
(e) The approximate fair value and percentage of net assets, $1,843,021,000 and 66.2%, 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.
(f) The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(g) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,102,626,000 and the aggregate gross unrealized depreciation is approximately $53,104,000, resulting in net unrealized appreciation of approximately $1,049,522,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition*  

 

Classification  Percentage of
Total Investments		 
Other**  36.8%
Textiles, Apparel & Luxury Goods  21.7 
Semiconductors & Semiconductor Equipment  11.2 
Entertainment  10.1 
Banks  8.2 
Air Freight & Logistics  6.8 
Electrical Equipment  5.2 
Total Investments  100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2025.
* Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

Third Quarter Report – September 30, 2025 (unaudited) 

Portfolio of Investments

International Equity Portfolio

 

   Shares   Value
(000)		 
Common Stocks (97.2%)          
Canada (3.6%)          
Agnico Eagle Mines Ltd.   31,000   $5,221 
Constellation Software, Inc.   2,713    7,365 
Tourmaline Oil Corp.   100,568    4,337 
         16,923 
China (3.2%)          
ANTA Sports Products Ltd. (a)   345,800    4,142 
Tencent Holdings Ltd. (a)   70,900    6,042 
Tsingtao Brewery Co. Ltd., Class H (a)   736,000    5,008 
         15,192 
Denmark (4.0%)          
DSV AS   46,306    9,250 
Tryg AS   377,515    9,585 
         18,835 
Finland (4.4%)          
Kone OYJ, Class B   141,729    9,667 
Nordea Bank Abp   672,665    11,075 
         20,742 
France (12.5%)          
Capgemini SE   68,787    10,035 
Dassault Systemes SE   185,588    6,243 
Legrand SA   70,090    11,646 
L'Oreal SA   32,912    14,300 
Pernod Ricard SA   34,657    3,412 
Safran SA   39,166    13,899 
         59,535 
Germany (9.4%)          
Infineon Technologies AG   261,756    10,269 
Merck KGaA   45,225    5,868 
Qiagen NV   226,781    10,115 
SAP SE   69,680    18,658 
         44,910 
Hong Kong (1.0%)          
AIA Group Ltd.   519,800    4,982 
           
Italy (3.8%)          
Davide Campari-Milano NV   632,337    3,999 
FinecoBank Banca Fineco SpA   446,552    9,692 
Moncler SpA   75,314    4,432 
         18,123 
Japan (9.5%)          
BayCurrent, Inc.   109,200    6,417 
Keyence Corp.   38,200    14,232 
Murata Manufacturing Co. Ltd.   451,800    8,577 
SMC Corp.   26,800    8,284 
Sony Financial Group, Inc. (b)   254,700    282 
Sony Group Corp.   254,700    7,322 
         45,114 
Korea, Republic of (1.5%)          
Samsung Electronics Co. Ltd.   119,565    7,168 
           
Netherlands (7.7%)          
ASML Holding NV   14,611    14,249 
EXOR NV   88,830    8,694 
IMCD NV   63,929    6,626 
Universal Music Group NV   251,729    7,274 
         36,843 
Singapore (1.1%)          
DBS Group Holdings Ltd.   130,410    5,172 
           
Spain (2.3%)          
Amadeus IT Group SA   140,051    11,132 
           
Sweden (3.6%)          
Atlas Copco AB, Class A   489,442    8,300 
Hexagon AB, Class B   738,287    8,810 
         17,110 
Taiwan (3.1%)          
Taiwan Semiconductor Manufacturing Co. Ltd.   339,881    14,764 
           
United Kingdom (26.5%)          
Anglo American PLC   223,890    8,442 
AstraZeneca PLC   72,464    11,102 
Diploma PLC   118,717    8,497 
Experian PLC   101,951    5,121 
Haleon PLC   3,086,382    13,889 
Halma PLC   246,628    11,481 
Hiscox Ltd.   275,968    5,094 
InterContinental Hotels Group PLC   41,696    5,041 
London Stock Exchange Group PLC   112,585    12,912 
NatWest Group PLC   1,150,662    8,127 
Reckitt Benckiser Group PLC   60,491    4,658 
RELX PLC (LSE)   209,895    10,028 
RELX PLC (Euronext NV)   69,888    3,350 
Rightmove PLC   735,748    7,026 
Shell PLC   141,470    5,042 
St. James's Place PLC   377,474    6,461 
         126,271 
Total Common Stocks (Cost $337,544)        462,816 

 

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

 

   Shares    
Short-Term Investment (1.2%)
Investment Company (1.2%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (d) (Cost $5,954)   5,953,725   5,954 
Total Investments (98.4%) (Cost $343,498) (e)(f)(g)        468,770 
Other Assets in Excess of Liabilities (1.6%)        7,463 
Net Assets (100.0%)       $476,233 

 

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) Security trades on the Hong Kong exchange.
(b) Non-income producing security.
(c) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.
(d) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $10,000 relating to the Fund's investment in the Liquidity Fund.
(e) The approximate fair value and percentage of net assets, $445,611,000 and 93.6%, 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.
(f) The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(g) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $136,566,000 and the aggregate gross unrealized depreciation is approximately $11,294,000, resulting in net unrealized appreciation of approximately $125,272,000.
Euronext NV Euronext Amsterdam Stock Market.
LSE London Stock Exchange.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*  50.9%
Electronic Equipment, Instruments & Components  9.1 
Semiconductors & Semiconductor Equipment  8.3 
Banks  7.3 
Software  6.9 
Pharmaceuticals  6.6 
Machinery  5.6 
Professional Services  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, 2025 (unaudited)

Consolidated Portfolio of Investments

International Opportunity Portfolio

 

   Shares   Value
(000)		 
Common Stocks (97.8%)          
Brazil (4.6%)          
NU Holdings Ltd., Class A (a)   2,308,428   $36,958 
           
Canada (4.7%)          
Canadian Pacific Kansas City Ltd.   103,917    7,739 
Shopify, Inc., Class A (a)   201,498    29,945 
         37,684 
China (12.6%)          
Full Truck Alliance Co. Ltd. ADR   933,462    12,107 
Kweichow Moutai Co. Ltd., Class A   62,531    12,708 
Meituan, Class B (a)(b)   1,532,920    20,478 
PDD Holdings, Inc. ADR (a)   81,622    10,788 
Tencent Holdings Ltd. (b)   192,000    16,360 
Trip.com Group Ltd. ADR   390,491    29,365 
         101,806 
Denmark (4.9%)          
DSV AS   199,134    39,781 
           
France (11.2%)          
Hermes International SCA   11,843    29,122 
L'Oreal SA   28,712    12,475 
LVMH Moet Hennessy Louis Vuitton SE   20,444    12,581 
Schneider Electric SE   129,312    36,398 
         90,576 
Germany (1.0%)          
SAP SE ADR   32,116    8,582 
           
India (13.2%)          
Axis Bank Ltd.   803,942    10,242 
Eternal Ltd. (a)   3,851,008    14,138 
HDFC Bank Ltd.   2,199,771    23,574 
ICICI Bank Ltd. ADR   868,623    26,258 
MakeMyTrip Ltd. (a)   172,922    16,185 
Tata Capital Ltd. (a)   1,052,664    3,865 
Titan Co. Ltd.   328,873    12,469 
         106,731 
Italy (3.0%)          
Moncler SpA   413,743    24,350 
           
Japan (6.4%)          
Keyence Corp.   53,600    19,969 
Sanrio Co. Ltd.   674,300    31,652 
         51,621 
Korea, Republic of (7.3%)          
Coupang, Inc. (a)   1,232,202    39,677 
KakaoBank Corp.   1,128,872    19,121 
         58,798 
Netherlands (4.4%)          
Adyen NV (a)   6,476    10,420 
ASML Holding NV   25,797    25,157 
         35,577 
Singapore (2.0%)          
Grab Holdings Ltd., Class A (a)   2,706,761    16,295 
           
Sweden (6.1%)          
Spotify Technology SA (a)   70,301    49,070 
           
Switzerland (2.0%)          
On Holding AG, Class A (a)   383,532    16,243 
           
Taiwan (4.9%)          
Taiwan Semiconductor Manufacturing Co. Ltd.   909,000    39,485 
           
United Kingdom (1.0%)          
London Stock Exchange Group PLC   69,463    7,966 
           
United States (8.5%)          
Liberty Media Corp.-Liberty Formula One, Class C (a)   174,713    18,249 
MercadoLibre, Inc. (a)   21,662    50,623 
         68,872 
Total Common Stocks (Cost $478,738)        790,395 
           
Short-Term Investment (2.1%)          
Investment Company (2.1%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (c) (Cost $16,475)   16,475,191    16,475 
Total Investments (99.9%) (Cost $495,213) (d)(e)(f)        806,870 
Other Assets in Excess of Liabilities (0.1%)        1,101 
Net Assets (100.0%)       $807,971 

 

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 Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $20,000 relating to the Fund's investment in the Liquidity Fund.
(d) The approximate fair value and percentage of net assets, $418,447,000 and 51.8%, 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.
(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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(f) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $344,214,000 and the aggregate gross unrealized depreciation is approximately $32,557,000, resulting in net unrealized appreciation of approximately $311,657,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   35.1%
Banks   14.4 
Broadline Retail   12.5 
Textiles, Apparel & Luxury Goods   11.8 
Hotels, Restaurants & Leisure   9.9 
Entertainment   8.3 
Semiconductors & Semiconductor Equipment   8.0 
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, 2025 (unaudited)

Portfolio of Investments

International Resilience Portfolio

 

   Shares   Value
(000)		 
Common Stocks (95.3%)          
Canada (1.9%)          
Constellation Software, Inc.   15   $41 
           
Denmark (2.1%)          
DSV AS   232    46 
           
Finland (3.2%)          
Kone OYJ, Class B   995    68 
           
France (15.4%)          
Capgemini SE   299    43 
Dassault Systemes SE   943    32 
Legrand SA   421    70 
L'Oreal SA   179    78 
Safran SA   308    109 
         332 
Germany (8.3%)          
Qiagen NV   1,282    57 
SAP SE   452    121 
         178 
Japan (5.1%)          
BayCurrent, Inc.   600    35 
Keyence Corp.   200    75 
         110 
Netherlands (8.1%)          
ASML Holding NV   91    89 
IMCD NV   386    40 
Universal Music Group NV   1,574    45 
         174 
Spain (3.1%)          
Amadeus IT Group SA   824    66 
           
Sweden (5.5%)          
Atlas Copco AB, Class A   3,541    60 
Hexagon AB, Class B   4,954    59 
         119 
Taiwan (4.9%)          
Taiwan Semiconductor Manufacturing Co. Ltd.   2,416    105 
           
United Kingdom (28.3%)          
AstraZeneca PLC   349    54 
Diploma PLC   757    54 
Experian PLC   1,013    51 
Haleon PLC   23,801    107 
Halma PLC   1,650    77 
InterContinental Hotels Group PLC   328    40 
London Stock Exchange Group PLC   605    69 
RELX PLC   2,262    108 
Rightmove PLC   4,932    47 
         607 
United States (9.4%)          
Aon PLC, Class A   117    42 
Procter & Gamble Co.   315    48 
Thermo Fisher Scientific, Inc.   97    47 
Visa, Inc., Class A   188    64 
         201 
Total Common Stocks (Cost $1,686)        2,047 

 

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

 

   Shares     
Short-Term Investment (1.3%)                
Investment Company (1.3%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (c) (Cost $28)   27,621    28 
Total Investments (96.6%) (Cost $1,714) (d)(e)(f)        2,075 
Other Assets in Excess of Liabilities (3.4%)        73 
Net Assets (100.0%)       $2,148 

 

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) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.
(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 Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund.
(d) The approximate fair value and percentage of net assets, $1,805,000 and 84.0%, 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.
(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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(f) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $411,000 and the aggregate gross unrealized depreciation is approximately $50,000, resulting in net unrealized appreciation of approximately $361,000.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   32.5%
Electronic Equipment, Instruments & Components   10.1 
Software   9.4 
Semiconductors & Semiconductor Equipment   9.3 
Professional Services   9.3 
Pharmaceuticals   7.8 
Machinery   6.2 
Aerospace & Defense   5.3 
Hotels, Restaurants & Leisure   5.1 
Life Sciences Tools & 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, 2025 (unaudited)

Portfolio of Investments

Passport Overseas Equity Portfolio

 

   Shares   Value
(000)		 
Common Stocks (96.5%)          
Australia (1.2%)          
Perseus Mining Ltd.   656,183   $2,111 
           
Canada (6.7%)          
Agnico Eagle Mines Ltd.   18,826    3,171 
Canadian Imperial Bank of Commerce (a)   33,610    2,686 
Constellation Software, Inc.   261    709 
Royal Bank of Canada   20,065    2,957 
Suncor Energy, Inc.   47,726    1,997 
         11,520 
China (4.6%)          
Alibaba Group Holding Ltd. ADR   11,100    1,984 
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H (b)(c)   96,200    1,091 
NAURA Technology Group Co. Ltd., Class A   25,800    1,644 
Tencent Holdings Ltd. (b)   38,400    3,272 
         7,991 
Denmark (0.5%)          
Novo Nordisk AS, Class B   15,457    861 
           
Egypt (0.5%)          
Commercial International Bank - Egypt (CIB)   405,712    856 
           
France (9.4%)          
Air Liquide SA   8,531    1,777 
Airbus SE   15,792    3,688 
BNP Paribas SA   21,741    1,989 
L'Oreal SA   2,965    1,288 
Sanofi SA   19,701    1,866 
Schneider Electric SE   8,257    2,324 
SCOR SE   58,420    2,066 
Thales SA   3,891    1,230 
         16,228 
Germany (10.1%)          
Commerzbank AG   87,185    3,301 
Heidelberg Materials AG   11,818    2,671 
Rheinmetall AG   2,012    4,706 
SAP SE   12,375    3,314 
Siemens AG (Registered)   12,911    3,486 
         17,478 
Hungary (1.4%)          
OTP Bank Nyrt   28,835    2,494 
           
India (7.7%)          
Apollo Hospitals Enterprise Ltd.   18,435    1,539 
Grasim Industries Ltd.   48,144    1,495 
HDFC Bank Ltd. ADR   104,906    3,584 
ICICI Bank Ltd.   168,630    2,556 
Reliance Industries Ltd.   82,156    1,262 
Shriram Finance Ltd.   213,763    1,482 
State Bank of India   145,889    1,432 
         13,350 
Ireland (3.8%)          
AIB Group PLC   461,383    4,206 
Ryanair Holdings PLC ADR   39,700    2,391 
         6,597 
Israel (1.9%)          
CyberArk Software Ltd. (c)   6,700    3,237 
           
Japan (10.1%)          
Keyence Corp.   4,900    1,826 
Mitsubishi Corp.   81,100    1,933 
Mitsui & Co. Ltd.   62,300    1,547 
Mizuho Financial Group, Inc.   116,700    3,923 
OBIC Business Consultants Co. Ltd.   16,500    1,015 
Sony Financial Group, Inc. (c)   146,465    163 
Sony Group Corp.   146,465    4,210 
Sumitomo Mitsui Trust Group, Inc.   30,400    882 
TIS, Inc.   24,100    795 
USS Co. Ltd.   111,700    1,282 
         17,576 
Kazakhstan (1.9%)          
Halyk Savings Bank of Kazakhstan JSC GDR   72,934    1,836 
NAC Kazatomprom JSC GDR   27,193    1,453 
         3,289 
Korea, Republic of (7.6%)          
Hanwha Aerospace Co. Ltd.   6,821    5,394 
Kia Corp.   13,393    961 
Samsung Electronics Co. Ltd.   113,200    6,787 
         13,142 
Netherlands (3.5%)          
ASML Holding NV   2,976    2,902 
Universal Music Group NV   69,479    2,008 
Wolters Kluwer NV   8,554    1,168 
         6,078 
Norway (1.7%)          
Var Energi ASA   864,676    2,887 
           
Singapore (2.1%)          
Sea Ltd. ADR (c)   20,628    3,687 
           
Slovenia (1.7%)          
Nova Ljubljanska Banka DD GDR   74,073    3,021 
           
Spain (3.1%)          
CaixaBank SA   411,029    4,342 
Iberdrola SA   51,201    969 
         5,311 
Switzerland (2.4%)          
Novartis AG (Registered)   21,272    2,735 
Roche Holding AG (Genusschein)   4,488    1,495 
         4,230 
Taiwan (4.9%)          
MediaTek, Inc.   22,000    954 
Taiwan Semiconductor Manufacturing Co. Ltd.   173,000    7,515 
         8,469 
United Kingdom (6.4%)          
AstraZeneca PLC   22,494    3,446 
BAE Systems PLC   52,061    1,449 
Shell PLC   81,138    2,892 
Unilever PLC CVA   56,188    3,321 
         11,108 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Passport Overseas Equity Portfolio

 

   Shares   Value
(000)		 
United States (3.3%)          
Linde PLC   4,266   $2,026 
MercadoLibre, Inc. (c)   1,578    3,688 
         5,714 
Total Common Stocks (Cost $102,029)        167,235 
           
Preferred Stock (0.8%)          
United States (0.8%)          
Neurogenesis, Inc., Series A (c)(d)(e) (acquisition cost — $1,250; acquired 12/16/21)   32,692    1,375 
           
Short-Term Investments (4.0%)          
Investment Company (2.4%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (f) (Cost $4,134)   4,134,238    4,134 
           
Securities held as Collateral on Loaned Securities (1.6%)          
Investment Company (1.3%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (f)   2,194,361    2,194 

 

   Face
Amount
(000)		     
Repurchase Agreements (0.3%)          
Citigroup, Inc., (4.00%, dated 9/30/25, due 10/1/25; proceeds $240; fully collateralized by U.S. Government obligations; 4.50% - 4.63% due 11/15/25 - 9/15/26; valued at $245)  $240    240 
Merrill Lynch & Co., Inc., (4.20%, dated 9/30/25, due 10/1/25; proceeds $323; fully collateralized by U.S. Government obligations; 0.13% - 4.13% due 12/31/26 - 8/15/53; valued at $329)   323    323 
         563 
Total Securities held as Collateral on Loaned Securities (Cost $2,757)        2,757 
Total Short-Term Investments (Cost $6,891)        6,891 
Total Investments (101.3%) (Cost $110,170) including $2,632 of Securities Loaned (g)(h)(i)(j)        175,501 
Liabilities in Excess of Other Assets (–1.3%)        (2,197)
Net Assets (100.0%)       $173,304 

 

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, 2025, were approximately $2,632,000 and $2,757,000, respectively. The Fund received cash collateral of approximately $2,757,000, 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 Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(b) Security trades on the Hong Kong exchange.
(c) Non-income producing security.
(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, 2025 amounts to approximately $1,375,000 and represents 0.8% of net assets.
(e) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.
(f) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $11,000 relating to the Fund's investment in the Liquidity Fund.
(g) The approximate fair value and percentage of net assets, $134,956,000 and 77.9%, 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.
(h) Securities are available for collateral in connection with futures contracts.
(i) The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(j) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $65,853,000 and the aggregate gross unrealized depreciation is approximately $467,000, resulting in net unrealized appreciation of approximately $65,386,000.
ADR American Depositary Receipt.
CVA Certificaten Van Aandelen.
GDR Global Depositary Receipt.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Passport Overseas Equity Portfolio

 

Futures Contracts:

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

 

   Number of
Contracts		   Expiration
Date		  Notional
Amount
(000)		  Value
(000)		   Unrealized
Appreciation
(000)		 
Long:                     
Hang Seng Index (Hong Kong)  22   Oct-25  HKD 1   $3,804   $55 

 

HKD — Hong Kong Dollar

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments		 
Other*   41.7%
Banks   23.2 
Aerospace & Defense   9.5 
Semiconductors & Semiconductor Equipment   7.5 
Pharmaceuticals   6.6 
Oil, Gas & Consumable Fuels   6.1 
Broadline Retail   5.4 
Total Investments   100.0%**

 

* Industries and/or investment types representing less than 5% of total investments.
** Does not include an open futures contract with a value of approximately $3,804,000 and net unrealized appreciation of approximately $55,000.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments

Permanence Portfolio

 

   Shares   Value
(000)		 
Common Stocks (92.4%)          
Aerospace & Defense (0.3%)          
Axon Enterprise, Inc. (a)   7   $5 
HEICO Corp., Class A   22    6 
TransDigm Group, Inc.   4    5 
         16 
Beverages (0.9%)          
Celsius Holdings, Inc. (a)   908    52 
           
Capital Markets (3.5%)          
Intercontinental Exchange, Inc.   495    84 
MSCI, Inc.   101    57 
S&P Global, Inc.   111    54 
         195 
Chemicals (0.3%)          
Ecolab, Inc.   19    5 
Sherwin-Williams Co.   38    13 
         18 
Commercial Services & Supplies (0.6%)          
Cintas Corp.   21    4 
Copart, Inc. (a)   287    13 
Rollins, Inc.   93    5 
Veralto Corp.   110    12 
         34 
Construction Materials (0.1%)          
Martin Marietta Materials, Inc.   8    5 
           
Containers & Packaging (1.0%)          
Smurfit WestRock PLC   1,282    54 
           
Distributors (0.2%)          
Pool Corp.   44    14 
           
Diversified Consumer Services (1.0%)          
Service Corp. International   649    54 
           
Entertainment (1.2%)          
Netflix, Inc. (a)   5    6 
Walt Disney Co.   514    59 
         65 
Financial Services (2.4%)          
Federal National Mortgage Association (a)   11,175    135 
           
Food Products (1.2%)          
Hershey Co.   76    14 
McCormick & Co., Inc.   770    52 
         66 
Ground Transportation (3.8%)          
Union Pacific Corp.   913    216 
Health Care Equipment & Supplies (0.1%)          
Intuitive Surgical, Inc. (a)   9    4 
           
Health Care Technology (0.3%)          
Veeva Systems, Inc., Class A (a)   54    16 
           
Hotels, Restaurants & Leisure (3.7%)          
Cheesecake Factory, Inc.   966    53 
Domino's Pizza, Inc.   61    26 
McDonald's Corp.   46    14 
Shake Shack, Inc., Class A (a)   540    51 
Starbucks Corp.   154    13 
Vail Resorts, Inc.   334    50 
         207 
Household Durables (0.7%)          
NVR, Inc. (a)   1    8 
Victoria PLC (United Kingdom) (a)   35,776    32 
         40 
Information Technology Services (13.8%)          
Cloudflare, Inc., Class A (a)   3,611    775 
           
Insurance (0.5%)          
Brown & Brown, Inc.   284    27 
           
Life Sciences Tools & Services (4.1%)          
Danaher Corp.   889    176 
Thermo Fisher Scientific, Inc.   113    55 
         231 
Metals & Mining (8.3%)          
MP Materials Corp. (a)   2,368    159 
Royal Gold, Inc.   1,518    304 
         463 
Oil, Gas & Consumable Fuels (2.0%)          
Cameco Corp. (Canada)   911    77 
Sable Offshore Corp. (a)   1,219    21 
Texas Pacific Land Corp.   16    15 
         113 
Personal Care Products (1.6%)          
Oddity Tech Ltd., Class A (Israel) (a)   1,418    88 
           
Pharmaceuticals (5.7%)          
Royalty Pharma PLC, Class A   8,920    315 
Zoetis, Inc.   22    3 
         318 
Real Estate Management & Development (4.7%)          
CoStar Group, Inc. (a)   648    54 
Landbridge Co. LLC, Class A   3,896    208 
         262 
Semiconductors & Semiconductor Equipment (5.0%)          
ASML Holding NV (Registered) (Netherlands)   291    282 
           
Software (0.6%)          
Appfolio, Inc., Class A (a)   19    5 
Cadence Design Systems, Inc. (a)   15    5 
Guidewire Software, Inc. (a)   23    6 
Procore Technologies, Inc. (a)   83    6 
Roper Technologies, Inc.   8    4 
Synopsys, Inc. (a)   8    4 
Tyler Technologies, Inc. (a)   8    4 
         34 
Specialized REITs (3.5%)          
American Tower Corp. REIT   1,025    197 
           
Specialty Retail (5.1%)          
AutoZone, Inc. (a)   3    13 
Floor & Decor Holdings, Inc., Class A (a)   3,304    243 
Home Depot, Inc.   69    28 
Tractor Supply Co.   85    5 
         289 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Permanence Portfolio

 

   Shares   Value
(000)		 
Textiles, Apparel & Luxury Goods (5.0%)          
LVMH Moet Hennessy Louis Vuitton SE (France)   455   $280 
           
Trading Companies & Distributors (11.2%)          
Core & Main, Inc., Class A (a)   4,877    262 
Fastenal Co.   114    6 
QXO, Inc. (a)   17,466    333 
Watsco, Inc.   67    27 
         628 
Total Common Stocks (Cost $4,207)        5,178 
           
Investment Company (3.4%)          
iShares Bitcoin Trust ETF (a) (Cost $113)   2,924    190 

 

   No. of
Warrants		     
Warrants (0.0%)          
Software (0.0%)          
Constellation Software, Inc.
expires (a)(b) (Cost $—)		   58    — 

 

   Shares     
Short-Term Investment (3.2%)          
Investment Company (3.2%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (c) (Cost $182)   181,843    182 
Total Investments Excluding Purchased Options (99.0%) (Cost $4,502)        5,550 
Total Purchased Options Outstanding (0.1%) (Cost $29)        3 
Total Investments (99.1%) (Cost $4,531) (d)(e)(f)        5,553 
Other Assets in Excess of Liabilities (0.9%)        52 
Net Assets (100.0%)       $5,605 

 

(a) Non-income producing security.
(b) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.
(c) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund.
(d) The approximate fair value and percentage of net assets, $312,000 and 5.6%, 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) Securities are available for collateral in connection with purchased options.
(f) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,355,000 and the aggregate gross unrealized depreciation is approximately $334,000, resulting in net unrealized appreciation of approximately $1,021,000.
ETF Exchange Traded Fund.
REIT Real Estate Investment Trust.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report – September 30, 2025 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Permanence Portfolio

 

Call Options Purchased:

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

 

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		   Notional
Amount
(000)		   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Depreciation
(000)		 
Standard Chartered Bank  USD/CNH  CNH 7.58  Aug–26   1,699,931   $1,700   $2   $6   $(4)
Goldman Sachs & Co. LLC  USD/CNH  CNH 7.71  May–26   1,197,750    1,198    1    5    (4)
Standard Chartered Bank  USD/CNH  CNH 7.76  Oct–25   1,064,506    1,065    —@   5    (5)
JPMorgan Chase Bank NA  USD/CNH  CNH 7.82  Feb–26   1,202,830    1,203    —@   5    (5)
Standard Chartered Bank  USD/CNH  CNH 7.90  Apr–26   859,760    860    —@   4    (4)
Goldman Sachs & Co. LLC  USD/CNH  CNH 8.02  Dec–25   1,001,958    1,002    —@   4    (4)
                        $3   $29   $(26)

 

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

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments		 
Other*   45.4%
Information Technology Services   14.0 
Trading Companies & Distributors   11.3 
Metals & Mining   8.3 
Pharmaceuticals   5.7 
Specialty Retail   5.2 
Semiconductors & Semiconductor Equipment   5.1 
Textiles, Apparel & Luxury Goods   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, 2025 (unaudited)

Portfolio of Investments

US Core Portfolio

 

   Shares   Value
(000)		 
Common Stocks (99.4%)          
Aerospace & Defense (3.6%)          
General Electric Co.   51,298   $15,431 
           
Automobiles (2.4%)          
Tesla, Inc. (a)   23,122    10,283 
           
Banks (5.9%)          
JPMorgan Chase & Co.   81,564    25,728 
           
Broadline Retail (6.2%)          
Amazon.com, Inc. (a)   122,133    26,817 
           
Capital Markets (9.5%)          
Ameriprise Financial, Inc.   28,349    13,926 
Cboe Global Markets, Inc.   47,469    11,642 
Jefferies Financial Group, Inc.   40,281    2,635 
LPL Financial Holdings, Inc.   39,059    12,995 
         41,198 
Commercial Services & Supplies (2.7%)          
Waste Management, Inc.   52,207    11,529 
           
Construction Materials (1.6%)          
CRH PLC   58,505    7,015 
           
Consumer Staples Distribution & Retail (2.7%)          
Costco Wholesale Corp.   12,697    11,753 
           
Entertainment (4.4%)          
Netflix, Inc. (a)   15,728    18,857 
           
Financial Services (3.1%)          
Mastercard, Inc., Class A   23,403    13,312 
           
Hotels, Restaurants & Leisure (0.9%)          
McDonald's Corp.   13,170    4,002 
           
Household Durables (1.2%)          
Lennar Corp., Class A   41,775    5,265 
           
Information Technology Services (2.4%)          
Shopify, Inc., Class A (Canada) (a)   69,495    10,328 
           
Insurance (5.6%)          
Brown & Brown, Inc.   108,484    10,175 
Progressive Corp.   56,953    14,064 
         24,239 
Interactive Media & Services (7.2%)          
Alphabet, Inc., Class A   127,517    30,999 
           
Oil, Gas & Consumable Fuels (2.0%)          
Chevron Corp.   33,617    5,220 
Valero Energy Corp.   19,294    3,285 
         8,505 
Pharmaceuticals (1.1%)          
Eli Lilly & Co.   6,015    4,589 
           
Real Estate Management & Development (3.4%)          
CBRE Group, Inc., Class A (a)   94,011    14,812 
           
Semiconductors & Semiconductor Equipment (11.3%)          
NVIDIA Corp.   261,769    48,841 
           
Software (9.6%)          
Microsoft Corp.   80,354    41,619 
           
Specialized REITs (0.1%)          
Millrose Properties, Inc. REIT   10,164    342 
           
Specialty Retail (4.0%)          
AutoZone, Inc. (a)   297    1,274 
TJX Cos., Inc.   110,620    15,989 
         17,263 
Tech Hardware, Storage & Peripherals (6.6%)          
Apple, Inc.   111,961    28,509 
           
Trading Companies & Distributors (1.9%)          
United Rentals, Inc.   8,555    8,167 
Total Common Stocks (Cost $256,157)        429,403 
           
Short-Term Investment (0.8%)          
Investment Company (0.8%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (b) (Cost $3,580)   3,579,538    3,580 
Total Investments (100.2%) (Cost $259,737) (c)(d)        432,983 
Liabilities in Excess of Other Assets (–0.2%)        (723)
Net Assets (100.0%)       $432,260 

 

(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 Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Fund.
(c) The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(d) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $173,317,000 and the aggregate gross unrealized depreciation is approximately $71,000, resulting in net unrealized appreciation of approximately $173,246,000.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments		 
Other*   38.2%
Semiconductors & Semiconductor Equipment   11.3 
Software   9.6 
Capital Markets   9.5 
Interactive Media & Services   7.1 
Tech Hardware, Storage & Peripherals   6.6 
Broadline Retail   6.2 
Banks   5.9 
Insurance   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, 2025 (unaudited)

Portfolio of Investments

Vitality Portfolio

 

   Shares   Value
(000)		 
Common Stocks (91.1%)          
Biotechnology (41.8%)          
Alnylam Pharmaceuticals, Inc. (a)   335   $153 
Argenx SE ADR (Belgium) (a)   241    178 
Ascendis Pharma AS ADR (Denmark) (a)   512    102 
Beam Therapeutics, Inc. (a)(b)   951    23 
Biohaven Ltd. (a)   1,286    19 
Exact Sciences Corp. (a)   2,200    120 
Intellia Therapeutics, Inc. (a)(b)   5,293    91 
Newamsterdam Pharma Co. NV (a)   2,383    68 
Ultragenyx Pharmaceutical, Inc. (a)   758    23 
Vertex Pharmaceuticals, Inc. (a)   169    66 
         843 
Health Care Equipment & Supplies (8.9%)          
Align Technology, Inc. (a)   521    66 
Ceribell, Inc. (a)(b)   2,196    25 
Inspire Medical Systems, Inc. (a)   406    30 
Intuitive Surgical, Inc. (a)   132    59 
         180 
Health Care Providers & Services (4.2%)          
Agilon Health, Inc. (a)   7,516    8 
UnitedHealth Group, Inc.   222    76 
         84 
Health Care Technology (6.6%)          
Doximity, Inc., Class A (a)   351    26 
Schrodinger, Inc. (a)   2,552    51 
Veeva Systems, Inc., Class A (a)   190    57 
         134 
Life Sciences Tools & Services (12.4%)          
10X Genomics, Inc., Class A (a)   3,801    44 
Illumina, Inc. (a)   437    42 
MaxCyte, Inc. (a)   23,217    37 
Thermo Fisher Scientific, Inc.   186    90 
West Pharmaceutical Services, Inc.   146    38 
         251 
Pharmaceuticals (17.2%)          
ATAI Life Sciences NV (a)(b)   14,368    76 
Eli Lilly & Co.   181    138 
Enliven Therapeutics, Inc. (a)(b)   1,067    22 
Structure Therapeutics, Inc. ADR (China) (a)   1,787    50 
Zoetis, Inc.   411    60 
         346 
Total Common Stocks (Cost $2,184)        1,838 
           
Short-Term Investments (12.3%)          
Investment Company (6.5%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (c) (Cost $131)   131,069    131 
           
Securities held as Collateral on Loaned Securities (5.8%)          
Investment Company (4.6%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (c)   93,191    93 

 

   Face
Amount
(000)		     
Repurchase Agreements (1.2%)          
Citigroup, Inc., (4.00%, dated 9/30/25, due 10/1/25; proceeds $10; fully collateralized by U.S. Government obligations; 4.50% - 4.63% due 11/15/25 - 9/15/26; valued at $10)  $10   $10 
Merrill Lynch & Co., Inc., (4.20%, dated 9/30/25, due 10/1/25; proceeds $14; fully collateralized by U.S. Government obligations; 0.13% - 4.13% due 12/31/26 - 8/15/53; valued at $14)   14    14 
         24 
Total Securities held as Collateral on Loaned Securities (Cost $117)        117 
Total Short-Term Investments (Cost $248)        248 
Total Investments (103.4%) (Cost $2,432) including $213 of Securities Loaned (d)(e)        2,086 
Liabilities in Excess of Other Assets (–3.4%)        (68)
Net Assets (100.0%)       $2,018 

 

(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, 2025, were approximately $213,000 and $222,000, respectively. The Fund received cash collateral of approximately $117,000, 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 $105,000 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 Fund"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Fund.
(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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(e) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $413,000 and the aggregate gross unrealized depreciation is approximately $759,000, resulting in net unrealized depreciation of approximately $346,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition*  

 

Classification  Percentage of
Total Investments		 
Biotechnology   42.8%
Pharmaceuticals   17.6 
Life Sciences Tools & Services   12.7 
Health Care Equipment & Supplies   9.1 
Health Care Technology   6.8 
Short-Term Investments   6.7 
Other**   4.3 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2025.
* Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments

 

Security Valuation: (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the 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 the pricing service/vendor or exchange is unable to provide a price, prices from reputable brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from reputable brokers/dealers; (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 reputable 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 reputable 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. Each business day, the Fund uses a third-party pricing service approved by the Directors to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (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; (9) PIPE investments may be valued based on the underlying stock price less a discount until the commitment isfulfilled and shares are registered; and (10) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value (“NAV”) as of the close of each business day.

 

In connection with Rule 2a-5 of the Act, the 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.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

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

 

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

 

●Level 3 –  significant unobservable inputs including 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, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

Advantage Portfolio

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                                
Common Stocks                    
Automobiles  $18,118   $—   $     —   $18,118 
Biotechnology   3,494    —    —    3,494 
Broadline Retail   11,694    —    —    11,694 
Capital Markets   2,383    —    —    2,383 
Entertainment   16,493    —    —    16,493 
Financial Services   5,332    7,782    —    13,114 
Ground Transportation   3,590    —    —    3,590 
Hotels, Restaurants & Leisure   21,371    —    —    21,371 
Information Technology Services   55,426    —    —    55,426 
Life Sciences Tools & Services   2,937    —    —    2,937 
Media   3,527    —    —    3,527 
Pharmaceuticals   9,917    —    —    9,917 
Semiconductors & Semiconductor Equipment   5,779    —    —    5,779 
Software   25,368    —    —    25,368 
Specialized REITs   3,281    —    —    3,281 
Specialty Retail   2,983    —    —    2,983 
Textiles, Apparel & Luxury Goods   —    5,722    —    5,722 
Trading Companies & Distributors   4,318    —    —    4,318 
Total Common Stocks   196,011    13,504    —    209,515 
Investment Company   6,332    —    —    6,332 
Call Options Purchased   —    109    —    109 
Short-Term Investment
Investment Company   4,584    —    —    4,584 
Total Assets  $206,927   $13,613   $—   $220,540 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

American Resilience Portfolio        

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                                
Common Stocks  $1,248(1)   $—   $      —   $1,248 
Warrants   —    —    —†   —†
Short-Term Investment
Investment Company   26    —    —    26 
Total Assets  $1,274   $—   $—†  $1,274†

 

(1) The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

   Warrants
(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, 2025  $— 

 

† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

Asia Opportunity Portfolio

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Banks  $8,078   $13,027   $         —   $21,105 
Beverages   —    5,059    —    5,059 
Broadline Retail   13,855    —    —    13,855 
Consumer Finance   2,143    —    —    2,143 
Financial Services   624    —    —    624 
Ground Transportation   12,853    —    —    12,853 
Health Care Equipment & Supplies   —    1,682    —    1,682 
Hotels, Restaurants & Leisure   12,715    12,502    —    25,217 
Insurance   —    4,445    —    4,445 
Interactive Media & Services   4,584    15,116    —    19,700 
Real Estate Management & Development   3,636    2,745    —    6,381 
Semiconductors & Semiconductor Equipment   —    11,033    —    11,033 
Software   1,859    —    —    1,859 
Textiles, Apparel & Luxury Goods   —    3,906    —    3,906 
Total Common Stocks   60,347    69,515    —    129,862 
Short-Term Investment                    
Investment Company   2,446    —    —    2,446 
Total Assets  $62,793   $69,515   $—   $132,308 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

Developing Opportunity Portfolio

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Banks  $4,436   $4,199   $—   $8,635 
Beverages   —    1,339    —    1,339 
Broadline Retail   7,568    558    —    8,126 
Consumer Finance   573    —    —    573 
Ground Transportation   3,428    —    —    3,428 
Health Care Equipment & Supplies   —    367    —    367 
Hotels, Restaurants & Leisure   4,255    4,399    —    8,654 
Insurance   —    199    —    199 
Interactive Media & Services   971    4,748    —    5,719 
Real Estate Management & Development   985    671    —    1,656 
Semiconductors & Semiconductor Equipment   —    3,692    —    3,692 
Software   663    —    —    663 
Textiles, Apparel & Luxury Goods   —    1,119    —    1,119 
Total Common Stocks   22,879    21,291             —    44,170 
Short-Term Investment                    
Investment Company   1,949    —    —    1,949 
Total Assets  $24,828   $21,291   $—   $46,119 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

Emerging Markets ex China Portfolio

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Automobile Components  $—   $46   $—   $46 
Automobiles   —    398    —    398 
Banks   348    1,383    —    1,731 
Beverages   —    32    —    32 
Broadline Retail   44    80    —    124 
Capital Markets   53    103    —    156 
Chemicals   —    61    —    61 
Construction & Engineering   —    111    —    111 
Construction Materials   —    114    —    114 
Consumer Finance   —    148    —    148 
Consumer Staples Distribution & Retail   133    57    —    190 
Electrical Equipment   96    149    —    245 
Electronic Equipment, Instruments & Components   —    374    —    374 
Entertainment   —    21    —    21 
Food Products   —    131    —    131 
Health Care Providers & Services   154    230    —    384 
Hotels, Restaurants & Leisure   34    61    —    95 
Household Products   54    —    —    54 
Industrial REITs   67    —    —    67 
Information Technology Services   51    68    —    119 
Insurance   —    159    —    159 
Interactive Media & Services   —    83    —    83 
Machinery   —    25    —    25 
Metals & Mining   52    390    —    442 
Oil, Gas & Consumable Fuels   67    196    —    263 
Personal Care Products   —    21    —    21 
Real Estate Management & Development   —    65    —    65 
Semiconductors & Semiconductor Equipment   —    2,043             —    2,043 
Tech Hardware, Storage & Peripherals   —    722    —    722 
Tobacco   —    45    —    45 
Wireless Telecommunication Services   —    24    —    24 
Total Common Stocks   1,153    7,340    —    8,493 
Short-Term Investment                    
Investment Company   33    —    —    33 
Total Assets  $1,186   $7,340   $—   $8,526 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

Emerging Markets Leaders Portfolio

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Automobile Components  $—   $3,149   $—   $3,149 
Banks   13,085    11,913    —    24,998 
Beverages   259    5,510    —    5,769 
Broadline Retail   19,524    —    —    19,524 
Capital Markets   8,956    —    —    8,956 
Construction Materials   —    3,397    —    3,397 
Consumer Finance   —    68    —    68 
Consumer Staples Distribution & Retail   5,407    —    —    5,407 
Diversified Telecommunication Services   —    662    —    662 
Electrical Equipment   —    5,240    —    5,240 
Electronic Equipment, Instruments & Components   —    3,584    —    3,584 
Ground Transportation   8,432    —    —    8,432 
Health Care Providers & Services   —    1,207    —    1,207 
Hotels, Restaurants & Leisure   —    3,621    —    3,621 
Life Sciences Tools & Services   —    2,450    —    2,450 
Metals & Mining   —    1,788    —    1,788 
Pharmaceuticals   —    3,227    —    3,227 
Real Estate Management & Development   —    1,307    —    1,307 
Semiconductors & Semiconductor Equipment   —    13,338    —    13,338 
Transportation Infrastructure   —    2,899    —    2,899 
Wireless Telecommunication Services   —    6,306    —    6,306 
Total Common Stocks   55,663    69,666    —    125,329 
Short-Term Investment                    
Investment Company   6,634    —             —    6,634 
Total Assets  $62,297   $69,666   $—   $131,963 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

Emerging Markets Portfolio

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Automobiles  $—   $10,429   $—   $10,429 
Banks   8,357    31,242    —    39,599 
Beverages   —    1,035    —    1,035 
Broadline Retail   1,771    10,565    —    12,336 
Capital Markets   657    3,597    —    4,254 
Chemicals   —    1,228    —    1,228 
Construction & Engineering   —    2,256    —    2,256 
Construction Materials   —    1,432    —    1,432 
Consumer Finance   —    2,877    —    2,877 
Consumer Staples Distribution & Retail   2,610    2,183    —    4,793 
Electrical Equipment   —    4,175    —    4,175 
Electronic Equipment, Instruments & Components   —    5,119    —    5,119 
Entertainment   —    2,238    —    2,238 
Financial Services   —    815    —    815 
Food Products   —    2,268    —    2,268 
Health Care Providers & Services   2,563    1,601    —    4,164 
Hotels, Restaurants & Leisure   4,416    612    —    5,028 
Household Products   2,617    —    —    2,617 
Industrial REITs   1,147    —    —    1,147 
Insurance   —    1,330    —    1,330 
Interactive Media & Services   —    15,528    —    15,528 
Machinery   —    2,248    —    2,248 
Metals & Mining   —    3,479    —    3,479 
Oil, Gas & Consumable Fuels   —    3,364    —    3,364 
Personal Care Products   —    365    —    365 
Pharmaceuticals   —    1,403    —    1,403 
Real Estate Management & Development   —    1,321    —    1,321 
Semiconductors & Semiconductor Equipment   —    36,269    —    36,269 
Tech Hardware, Storage & Peripherals   —    15,574    —    15,574 
Tobacco   —    976    —    976 
Total Common Stocks   24,138    165,529             —    189,667 
Short-Term Investment                    
Investment Company   1,705    —    —    1,705 
Total Assets  $25,843   $165,529   $—   $191,372 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

Global Concentrated Portfolio

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Automobiles  $19,037   $—   $         —   $19,037 
Banks   52,844    —    —    52,844 
Capital Markets   26,704    —    —    26,704 
Commercial Services & Supplies   11,709    —    —    11,709 
Construction Materials   19,404    —    —    19,404 
Consumer Staples Distribution & Retail   13,937    —    —    13,937 
Entertainment   22,393    —    —    22,393 
Financial Services   9,734    —    —    9,734 
Insurance   18,143    —    —    18,143 
Interactive Media & Services   26,922    —    —    26,922 
Pharmaceuticals   3,543    —    —    3,543 
Real Estate Management & Development   17,308    —    —    17,308 
Semiconductors & Semiconductor Equipment   62,570    —    —    62,570 
Software   32,506    —    —    32,506 
Specialty Retail   5,959    —    —    5,959 
Trading Companies & Distributors   9,867    —    —    9,867 
Total Common Stocks   352,580    —    —    352,580 
Short-Term Investment                    
Investment Company   3,448    —    —    3,448 
Total Assets  $356,028   $—   $—   $356,028 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

Global Core Portfolio

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Aerospace & Defense  $1,932   $—   $—   $1,932 
Automobiles   3,574    —    —    3,574 
Banks   6,767    —    —    6,767 
Broadline Retail   3,075    —    —    3,075 
Capital Markets   3,809    —    —    3,809 
Chemicals   139    —    —    139 
Commercial Services & Supplies   684    —    —    684 
Construction Materials   2,899    —    —    2,899 
Consumer Staples Distribution & Retail   322    —    —    322 
Entertainment   2,188    —    —    2,188 
Financial Services   944    —    —    944 
Hotels, Restaurants & Leisure   90    —    —    90 
Household Durables   193    —    —    193 
Information Technology Services   419    —    —    419 
Insurance   2,066    —    —    2,066 
Interactive Media & Services   3,978    —    —    3,978 
Oil, Gas & Consumable Fuels   877    —    —    877 
Professional Services   92    —    —    92 
Real Estate Management & Development   1,641    —    —    1,641 
Semiconductors & Semiconductor Equipment   6,441    —    —    6,441 
Software   2,890    —    —    2,890 
Specialized REITs   —    31    —    31 
Specialty Retail   2,039    —    —    2,039 
Tech Hardware, Storage & Peripherals   2,500    —             —    2,500 
Textiles, Apparel & Luxury Goods   365    122    —    487 
Trading Companies & Distributors   1,169    —    —    1,169 
Total Common Stocks   51,093    153    —    51,246 
Short-Term Investment                    
Investment Company   1,254    —    —    1,254 
Total Assets  $52,347   $153   $—   $52,500 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

Global Endurance

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Aerospace & Defense  $427   $—   $         —   $427 
Air Freight & Logistics   805    —    —    805 
Biotechnology   4,349    —    —    4,349 
Broadline Retail   783    —    —    783 
Containers & Packaging   527    —    —    527 
Financial Services   —    143    —    143 
Health Care Providers & Services   2,900    —    —    2,900 
Hotels, Restaurants & Leisure   —    1,967    —    1,967 
Household Durables   965    3,121    —    4,086 
Life Sciences Tools & Services   1,266    —    —    1,266 
Oil, Gas & Consumable Fuels   1,169    —    —    1,169 
Pharmaceuticals   3,629    —    —    3,629 
Real Estate Management & Development   380    —    —    380 
Semiconductors & Semiconductor Equipment   1,117    —    —    1,117 
Software   2,647    741    —    3,388 
Specialty Retail   2,132    —    —    2,132 
Trading Companies & Distributors   2,017    —    —    2,017 
Total Common Stocks   25,113    5,972    —    31,085 
Short-Term Investment                    
Investment Company   81    —    —    81 
Total Assets  $25,194   $5,972   $—   $31,166 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

Global Franchise Portfolio

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Beverages  $91,275   $—   $         —   $91,275 
Capital Markets   271,160    —    —    271,160 
Financial Services   120,807    —    —    120,807 
Ground Transportation   38,578    —    —    38,578 
Health Care Equipment & Supplies   112,993    —    —    112,993 
Hotels, Restaurants & Leisure   68,743    —    —    68,743 
Household Products   85,551    —    —    85,551 
Information Technology Services   51,581    —    —    51,581 
Insurance   163,959    —    —    163,959 
Interactive Media & Services   95,841    —    —    95,841 
Life Sciences Tools & Services   72,569    —    —    72,569 
Machinery   49,125    —    —    49,125 
Personal Care Products   —    85,419    —    85,419 
Pharmaceuticals   66,130    74,232    —    140,362 
Professional Services   170,316    158,505    —    328,821 
Software   356,442    194,652    —    551,094 
Specialty Retail   42,203    —    —    42,203 
Tobacco   32,817    —    —    32,817 
Total Common Stocks   1,890,090    512,808    —    2,402,898 
Short-Term Investment                    
Investment Company   51,213    —    —    51,213 
Total Assets  $1,941,303   $512,808   $—   $2,454,111 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

Global Insight Portfolio

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Automobiles  $5,261   $—   $         —   $5,261 
Banks   370    —    —    370 
Biotechnology   2,976    —    —    2,976 
Broadline Retail   8,899    —    —    8,899 
Entertainment   3,773    —    —    3,773 
Financial Services   6,216    3,625    —    9,841 
Ground Transportation   809    —    —    809 
Health Care Providers & Services   190    —    —    190 
Household Durables   —    63    —    63 
Information Technology Services   15,784    —    —    15,784 
Pharmaceuticals   3,075    —    —    3,075 
Real Estate Management & Development   1,611    —    —    1,611 
Software   10,727    —    —    10,727 
Tech Hardware, Storage & Peripherals   3,568    —    —    3,568 
Trading Companies & Distributors   3,029    —    —    3,029 
Total Common Stocks   66,288    3,688    —    69,976 
Preferred Stock                    
Software   —    —    26    26 
Investment Company   1,840    —    —    1,840 
Call Options Purchased   —    33    —    33 
Short-Term Investment                    
Investment Company   3,178    —    —    3,178 
Total Assets   71,306    3,721    26    75,053 
Liabilities:                    
Derivative Contract — PIPE   —    —    (290)   (290)
Total  $71,306   $3,721   $(264)  $74,763 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

   Preferred
Stock
(000)		   Derivative
Contract —
PIPE
(000)		 
Beginning Balance  $33   $— 
Purchases   —    — 
Sales   —    — 
PIPE transactions   —    (290)
Transfers in   —    — 
Transfers out   —    — 
Corporate actions   —    — 
Change in unrealized appreciation (depreciation)   (7)   — 
Realized gains (losses)   —    — 
Ending Balance  $26   $(290)
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025  $(7)  $(290)

 

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, 2025. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment’s fair value as of September 30, 2025:

 

   Fair Value at
September 30, 2025
(000)		  Valuation
Technique		  Unobservable
Input		  Amount  Impact to
Valuation from an
Increase in Input*
Preferred Stock  $26  Market Transaction Method  Precedent Transaction  $4.08  Increase
      Discounted Cash Flow  Weighted Average Cost of Capital  16.5%  Decrease
         Perpetual Growth Rate  3.5%  Increase
      Market Comparable Companies  Enterprise Value/Revenue  4.0x  Increase
         Discount for Lack of Marketability  8.0%  Decrease
PIPE  $(290)  Market Implied  Discount for Lack of Marketability and Transaction Risk  27.5%  Decrease

 

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

Global Opportunity Portfolio

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Air Freight & Logistics  $—   $140,645   $—   $140,645 
Banks   188,042    95,801    —    283,843 
Broadline Retail   446,529    —            —    446,529 
Electrical Equipment   —    169,389    —    169,389 
Electronic Equipment, Instruments & Components   —    43,664    —†   43,664†
Entertainment   356,967    —    —    356,967 
Financial Services   277,361    —    —    277,361 
Ground Transportation   263,815    —    —    263,815 
Hotels, Restaurants & Leisure   374,793    60,679    —    435,472 
Information Technology Services   107,996    —    —    107,996 
Interactive Media & Services   264,585    —    —    264,585 
Semiconductors & Semiconductor Equipment   —    214,357    —    214,357 
Software   197,580    —    —    197,580 
Textiles, Apparel & Luxury Goods   35,083    175,592    —    210,675 
Total Common Stocks   2,512,751    900,127    —†   3,412,878†
Short-Term Investment                    
Investment Company   98,639    —    —    98,639 
Total Assets  $2,611,390   $900,127   $—†  $3,511,517†

 

† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

   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, 2025  $— 

 

† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

Global Permanence Portfolio

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Aerospace & Defense  $—   $359   $—   $359 
Automobiles   4    —    —    4 
Banks   9    —    —    9 
Broadline Retail   215    —    —    215 
Capital Markets   160    —    —    160 
Chemicals   4    —    —    4 
Commercial Services & Supplies   18    23    —    41 
Containers & Packaging   45    —    —    45 
Entertainment   —    4    —    4 
Financial Services   100    —            —    100 
Ground Transportation   226    —    —    226 
Health Care Equipment & Supplies   —    5    —    5 
Hotels, Restaurants & Leisure   27    41    —    68 
Household Durables   —    33    —    33 
Information Technology Services   618    —    —    618 
Insurance   21    —    —    21 
Life Sciences Tools & Services   —    222    —    222 
Metals & Mining   366    —    —    366 
Oil, Gas & Consumable Fuels   84    —    —    84 
Personal Care Products   68    46    —    114 
Pharmaceuticals   269    —    —    269 
Real Estate Management & Development   167    —    —    167 
Semiconductors & Semiconductor Equipment   231    —    —    231 
Software   7    —    —    7 
Specialized REITs   69    —    —    69 
Specialty Retail   136    —    —    136 
Textiles, Apparel & Luxury Goods   77    309    —    386 
Trading Companies & Distributors   417    —    —    417 
Total Common Stocks   3,338    1,042    —    4,380 
Investment Company   141    —    —    141 
Warrants   —    —    —†   —†
Call Options Purchased   —    2    —    2 
Short-Term Investment                    
Investment Company   182    —    —    182 
Total Assets  $3,661   $1,044   $—†  $4,705†

 

† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

   Warrants
(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, 2025  $— 

 

† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

Global Stars Portfolio

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Air Freight & Logistics  $—   $1,103   $—   $1,103 
Beverages   —    1,013    —    1,013 
Broadline Retail   2,127    —    —    2,127 
Capital Markets   3,501    —    —    3,501 
Electronic Equipment, Instruments & Components   —    1,159    —    1,159 
Entertainment   1,399    —    —    1,399 
Financial Services   3,573    1,056    —    4,629 
Ground Transportation   2,577    —    —    2,577 
Health Care Equipment & Supplies   —    384    —    384 
Health Care Providers & Services   1,517    —    —    1,517 
Hotels, Restaurants & Leisure   1,620    —    —    1,620 
Information Technology Services   1,694    —    —    1,694 
Insurance   1,830    —    —    1,830 
Interactive Media & Services   1,882    1,636    —    3,518 
Machinery   —    577    —    577 
Pharmaceuticals   —    965    —    965 
Professional Services   1,793    3,031    —    4,824 
Semiconductors & Semiconductor Equipment   —    3,542    —    3,542 
Software   5,081    2,554    —    7,635 
Textiles, Apparel & Luxury Goods   978    —    —    978 
Trading Companies & Distributors   —    1,064    —    1,064 
Total Common Stocks   29,572    18,084    —    47,656 
Warrants   —    —    —†   —†
Short-Term Investment                    
Investment Company   623    —    —    623 
Total Assets  $30,195   $18,084   $—†  $48,279†

 

† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

   Warrants
(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, 2025  $— 

 

† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

Growth Portfolio

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Automobiles  $407,020   $—   $—   $407,020 
Biotechnology   79,976    —    —    79,976 
Broadline Retail   213,010    —    —    213,010 
Capital Markets   24,642    —    —    24,642 
Electronic Equipment, Instruments & Components   —    —    —†   —†
Entertainment   347,748    —    —    347,748 
Financial Services   413,350    —    —    413,350 
Hotels, Restaurants & Leisure   228,094    —    —    228,094 
Information Technology Services   1,126,031    —    —    1,126,031 
Pharmaceuticals   209,739    —    —    209,739 
Software   1,051,046    —    —    1,051,046 
Tech Hardware, Storage & Peripherals   243,734    —    —    243,734 
Trading Companies & Distributors   203,708    —    —    203,708 
Total Common Stocks   4,548,098    —    —†   4,548,098†
Preferred Stocks                    
Financial Services   —    —    19,627    19,627 
Software   —    —    157,059    157,059 
Total Preferred Stocks   —    —    176,686    176,686 
Investment Company   141,217    —    —    141,217 
Call Options Purchased   —    2,235    —    2,235 
Short-Term Investment                    
Investment Company   58,805    —    —    58,805 
Total Assets  $4,748,120   $2,235   $176,686†  $4,927,041†

 

† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

   Common
Stock
(000)		   Preferred
Stocks
(000)		 
Beginning Balance  $—†  $146,360 
Purchases   —    — 
Sales   —    — 
Transfers in   —    — 
Transfers out   —    — 
Corporate actions   —    — 
Change in unrealized appreciation (depreciation)   —    30,326 
Realized gains (losses)   —    — 
Ending Balance  $—†  $176,686 
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025  $—   $30,326 

 

† Includes a security valued at zero.

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2025. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment’s fair value as of September 30, 2025:

 

   Fair Value at
September 30, 2025
(000)		  Valuation
Technique		  Unobservable
Input		  Range/
Weighted Average*		  Impact to
Valuation from an
Increase in Input**
Preferred Stocks  $176,686  Market Transaction Method  Precedent Transaction  $35.50-$150.00/$137.28  Increase
      Discounted Cash Flow  Weighted Average Cost of Capital  13.5%-16.0%/14.6  Decrease
         Perpetual Growth Rate  3.0%-4.0%/3.5%  Increase
      Market Comparable Companies  Enterprise Value/Revenue  1.5x-19.6x/11.5x  Increase
         Discount for Lack of Marketability  12.0%-15.0%/14.7%  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, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

  

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

 

Inception Portfolio

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Biotechnology  $51,163   $—   $—   $51,163 
Broadline Retail   11,731    —            —    11,731 
Capital Markets   4,679    —    —    4,679 
Financial Services   6,365    —    —    6,365 
Health Care Equipment & Supplies   9,031    —    —    9,031 
Health Care Providers & Services   5,360    —    —    5,360 
Health Care Technology   841    —    —    841 
Hotels, Restaurants & Leisure   19,257    —    —    19,257 
Household Durables   —    1,437    —    1,437 
Information Technology Services   51,621    —    —    51,621 
Interactive Media & Services   2,429    —    —    2,429 
Leisure Products   5,380    —    —    5,380 
Life Sciences Tools & Services   5,080    —    —    5,080 
Metals & Mining   16,818    —    —    16,818 
Oil, Gas & Consumable Fuels   3,894    —    —    3,894 
Passenger Airlines   6,730    —    —    6,730 
Personal Care Products   21,443    —    —    21,443 
Pharmaceuticals   5,153    —    —    5,153 
Real Estate Management & Development   22,700    —    —    22,700 
Software   58,061    —    —    58,061 
Specialty Retail   26,324    —    —    26,324 
Tech Hardware, Storage & Peripherals   29,190    —    —    29,190 
Water Utilities   8,097    —    —    8,097 
Total Common Stocks   371,347    1,437    —    372,784 
Preferred Stocks                    
Health Care Technology   —    —    3,374    3,374 
Software   —    —    4,825    4,825 
Total Preferred Stocks   —    —    8,199    8,199 
Investment Company   13,648    —    —    13,648 
Warrants   —    —    —    — 
Call Options Purchased   —    174    —    174 
Short-Term Investments                    
Investment Company   68,553    —    —    68,553 
Repurchase Agreements   —    1,153    —    1,153 
Total Short-Term Investments   68,553    1,153    —    69,706 
Derivative Contract — PIPE   —    —    744    744 
Total Assets  $453,548   $2,764   $8,943   $465,255 
Liabilities:                    
Derivative Contract — PIPE   —    —    (1,465)   (1,465)
Total  $453,548   $2,764   $7,478†  $463,790†

 

† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

   Preferred
Stocks
(000)		   Warrants
(000)		   Derivative
Contract —
PIPE
(000)		 
Beginning Balance  $9,942   $—†  $— 
Purchases   —    —    — 
Sales   —    —    — 
PIPE transactions   —    —    (721)
Transfers in   —    —    — 
Transfers out   —    —    — 
Corporate actions   —    —    — 
Change in unrealized appreciation (depreciation)   (1,743)   —    — 
Realized gains (losses)   —    —    — 
Ending Balance  $8,199   $—†  $(721)
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025  $(1,743)  $—   $(721)

 

† Includes a security valued at zero.

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2025. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment’s fair value as of September 30, 2025:

 

   Fair Value at
September 30, 2025
(000)		  Valuation
Technique		  Unobservable
Input		  Amount or Range/
Weighted Average		  Impact to
Valuation from an
Increase in Input*
Preferred Stocks  $8,199  Market Transaction Method  Precedent Transaction  $4.08  Increase
      Discounted Cash Flow  Weighted Average Cost of Capital  15.5%-17.5%/16.5%  Decrease
         Perpetual Growth Rate  3.0%-4.0%/3.5%  Increase
      Market Comparable Companies  Enterprise Value/Revenue  0.7x-35.1x/2.6x  Increase
         Discount for Lack of Marketability  8.0%-19.0%/12.5%  Decrease
      Comparable Transactions  Enterprise Value/Revenue  1.3x  Increase
PIPE  $(721)  Market Implied  Discount for Lack of Marketability and Transaction Risk  11.5%  Decrease

 

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

International Advantage Portfolio

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Air Freight & Logistics  $—   $191,475   $        —   $191,475 
Banks   146,749    83,233    —    229,982 
Broadline Retail   123,437    —    —    123,437 
Capital Markets   73,506    27,791    —    101,297 
Electrical Equipment   —    146,483    —    146,483 
Electronic Equipment, Instruments & Components   —    114,078    —    114,078 
Entertainment   281,984    —    —    281,984 
Financial Services   13,254    29,182    —    42,436 
Food Products   —    27,536    —    27,536 
Ground Transportation   69,445    —    —    69,445 
Health Care Equipment & Supplies   —    111,812    —    111,812 
Information Technology Services   68,328    —    —    68,328 
Insurance   —    85,660    —    85,660 
Interactive Media & Services   —    29,451    —    29,451 
Personal Care Products   —    127,795    —    127,795 
Semiconductors & Semiconductor Equipment   —    313,547    —    313,547 
Software   59,026    —    —    59,026 
Specialty Retail   —    40,364    —    40,364 
Textiles, Apparel & Luxury Goods   94,436    514,614    —    609,050 
Total Common Stocks   930,165    1,843,021    —    2,773,186 
Short-Term Investments                    
Investment Company   34,182    —    —    34,182 
Repurchase Agreements   —    1,017    —    1,017 
Total Short-Term Investments   34,182    1,017    —    35,199 
Total Assets  $964,347   $1,844,038   $—   $2,808,385 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

International Equity Portfolio

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Aerospace & Defense  $—   $13,899   $—   $13,899 
Air Freight & Logistics   —    9,250    —    9,250 
Banks   —    34,066    —    34,066 
Beverages   —    12,419            —    12,419 
Capital Markets   —    19,373    —    19,373 
Electrical Equipment   —    11,646    —    11,646 
Electronic Equipment, Instruments & Components   —    43,100    —    43,100 
Entertainment   —    7,274    —    7,274 
Financial Services   —    8,694    —    8,694 
Hotels, Restaurants & Leisure   —    16,173    —    16,173 
Household Durables   —    7,322    —    7,322 
Household Products   —    4,658    —    4,658 
Information Technology Services   —    10,035    —    10,035 
Insurance   282    19,661    —    19,943 
Interactive Media & Services   —    13,068    —    13,068 
Life Sciences Tools & Services   —    10,115    —    10,115 
Machinery   —    26,251    —    26,251 
Metals & Mining   5,221    8,442    —    13,663 
Oil, Gas & Consumable Fuels   4,337    5,042    —    9,379 
Personal Care Products   —    14,300    —    14,300 
Pharmaceuticals   —    30,859    —    30,859 
Professional Services   —    24,916    —    24,916 
Semiconductors & Semiconductor Equipment   —    39,282    —    39,282 
Software   7,365    24,901    —    32,266 
Tech Hardware, Storage & Peripherals   —    7,168    —    7,168 
Textiles, Apparel & Luxury Goods   —    8,574    —    8,574 
Trading Companies & Distributors   —    15,123    —    15,123 
Total Common Stocks   17,205    445,611    —    462,816 
Warrants   —    —    —†   —†
Short-Term Investment                    
Investment Company   5,954    —    —    5,954 
Total Assets  $23,159   $445,611   $—†  $468,770†

 

† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

   Warrants
(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, 2025  $— 

 

† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

International Opportunity Portfolio

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Air Freight & Logistics  $—   $39,781   $        —   $39,781 
Banks   63,216    52,937    —    116,153 
Beverages   —    12,708    —    12,708 
Broadline Retail   101,088    —    —    101,088 
Capital Markets   —    7,966    —    7,966 
Electrical Equipment   —    36,398    —    36,398 
Electronic Equipment, Instruments & Components   —    19,969    —    19,969 
Entertainment   67,319    —    —    67,319 
Financial Services   3,865    10,420    —    14,285 
Ground Transportation   36,141    —    —    36,141 
Hotels, Restaurants & Leisure   45,550    34,616    —    80,166 
Information Technology Services   29,945    —    —    29,945 
Interactive Media & Services   —    16,360    —    16,360 
Personal Care Products   —    12,475    —    12,475 
Semiconductors & Semiconductor Equipment   —    64,642    —    64,642 
Software   8,582    —    —    8,582 
Specialty Retail   —    31,652    —    31,652 
Textiles, Apparel & Luxury Goods   16,243    78,522    —    94,765 
Total Common Stocks   371,949    418,446    —    790,395 
Short-Term Investment                    
Investment Company   16,475    —    —    16,475 
Total Assets  $388,424   $418,446   $—   $806,870 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

International Resilience Portfolio        

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Aerospace & Defense  $—   $109   $          —   $109 
Air Freight & Logistics   —    46    —    46 
Capital Markets   —    69    —    69 
Electrical Equipment   —    70    —    70 
Electronic Equipment, Instruments & Components   —    211    —    211 
Entertainment   —    45    —    45 
Financial Services   64    —    —    64 
Hotels, Restaurants & Leisure   —    106    —    106 
Household Products   48    —    —    48 
Information Technology Services   —    43    —    43 
Insurance   42    —    —    42 
Interactive Media & Services   —    47    —    47 
Life Sciences Tools & Services   47    57    —    104 
Machinery   —    128    —    128 
Personal Care Products   —    78    —    78 
Pharmaceuticals   —    161    —    161 
Professional Services   —    194    —    194 
Semiconductors & Semiconductor Equipment   —    194    —    194 
Software   41    153    —    194 
Trading Companies & Distributors   —    94    —    94 
Total Common Stocks   242    1,805    —    2,047 
Warrants   —    —    —†   —†
Short-Term Investment                    
Investment Company   28    —    —    28 
Total Assets  $270   $1,805   $—†  $2,075†

 

† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

   Warrants
(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, 2025  $— 

 

† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

Passport Overseas Equity Portfolio

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Aerospace & Defense  $—   $16,467   $—   $16,467 
Automobiles   —    961    —    961 
Banks   9,227    30,838    —    40,065 
Broadline Retail   9,359    —    —    9,359 
Chemicals   2,026    1,777    —    3,803 
Construction Materials   —    4,166    —    4,166 
Consumer Finance   —    1,482    —    1,482 
Electric Utilities   —    969    —    969 
Electrical Equipment   —    2,324    —    2,324 
Electronic Equipment, Instruments & Components   —    1,826    —    1,826 
Entertainment   —    2,008    —    2,008 
Health Care Providers & Services   —    1,539    —    1,539 
Household Durables   —    4,210    —    4,210 
Industrial Conglomerates   —    3,486    —    3,486 
Information Technology Services   —    795    —    795 
Insurance   163    2,066    —    2,229 
Interactive Media & Services   —    3,272    —    3,272 
Metals & Mining   3,171    2,111    —    5,282 
Oil, Gas & Consumable Fuels   1,997    8,494    —    10,491 
Passenger Airlines   2,391    —    —    2,391 
Personal Care Products   —    4,609    —    4,609 
Pharmaceuticals   —    11,494    —    11,494 
Professional Services   —    1,168    —    1,168 
Semiconductors & Semiconductor Equipment   —    13,015    —    13,015 
Software   3,946    4,329    —    8,275 
Specialty Retail   —    1,282    —    1,282 
Tech Hardware, Storage & Peripherals   —    6,787    —    6,787 
Trading Companies & Distributors   —    3,480    —    3,480 
Total Common Stocks   32,280    134,955    —    167,235 
Preferred Stock                    
Biotechnology   —    —    1,375    1,375 
Short-Term Investments                    
Investment Company   6,328    —    —    6,328 
Repurchase Agreements   —    563    —    563 
Total Short-Term Investments   6,328    563    —    6,891 
Future Contract   55    —    —    55 
Total Assets  $38,663   $135,518   $1,375   $175,556 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

   Preferred
Stock
(000)		 
Beginning Balance  $1,375 
Purchases   — 
Sales   — 
Transfers in   — 
Transfers out   — 
Corporate actions   — 
Change in unrealized appreciation (depreciation)   — 
Realized gains (losses)   — 
Ending Balance  $1,375 
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025  $— 

 

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, 2025:

 

   Fair Value at
September 30, 2025
(000)		  Valuation
Technique		  Unobservable
Input		  Amount*  Impact to
Valuation from an
Increase in Input**
Preferred Stock  $1,375  Market Transaction Method  Precedent Transaction  $42.06  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, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

Permanence Portfolio

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Aerospace & Defense  $16   $—   $      —   $16 
Beverages   52    —    —    52 
Capital Markets   194    —    —    194 
Chemicals   18    —    —    18 
Commercial Services & Supplies   34    —    —    34 
Construction Materials   5    —    —    5 
Containers & Packaging   55    —    —    55 
Distributors   14    —    —    14 
Diversified Consumer Services   54    —    —    54 
Entertainment   65    —    —    65 
Financial Services   135    —    —    135 
Food Products   66    —    —    66 
Ground Transportation   216    —    —    216 
Health Care Equipment & Supplies   4    —    —    4 
Health Care Technology   16    —    —    16 
Hotels, Restaurants & Leisure   207    —    —    207 
Household Durables   8    32    —    40 
Information Technology Services   775    —    —    775 
Insurance   27    —    —    27 
Life Sciences Tools & Services   231    —    —    231 
Metals & Mining   463    —    —    463 
Oil, Gas & Consumable Fuels   112    —    —    112 
Personal Care Products   88    —    —    88 
Pharmaceuticals   318    —    —    318 
Real Estate Management & Development   263    —    —    263 
Semiconductors & Semiconductor Equipment   282    —    —    282 
Software   33    —    —    33 
Specialized REITs   197    —    —    197 
Specialty Retail   289    —    —    289 
Textiles, Apparel & Luxury Goods   —    280    —    280 
Trading Companies & Distributors   629    —    —    629 
Total Common Stocks   4,866    312    —    5,178 
Investment Company   190    —    —    190 
Warrants   —    —    —†   —†
Call Options Purchased   —    3    —    3 
Short-Term Investment                    
Investment Company   182    —    —    182 
Total Assets  $5,238   $315   $—†  $5,553†

 

† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

   Warrants
(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, 2025  $— 

 

† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

US Core Portfolio        

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks                    
Aerospace & Defense  $15,431   $—   $—   $15,431 
Automobiles   10,283    —    —    10,283 
Banks   25,728    —    —    25,728 
Broadline Retail   26,817    —    —    26,817 
Capital Markets   41,198    —    —    41,198 
Commercial Services & Supplies   11,529    —    —    11,529 
Construction Materials   7,015    —    —    7,015 
Consumer Staples Distribution & Retail   11,753    —    —    11,753 
Entertainment   18,857    —    —    18,857 
Financial Services   13,312    —    —    13,312 
Hotels, Restaurants & Leisure   4,002    —    —    4,002 
Household Durables   5,265    —    —    5,265 
Information Technology Services   10,328    —    —    10,328 
Insurance   24,239    —    —    24,239 
Interactive Media & Services   30,999    —    —    30,999 
Oil, Gas & Consumable Fuels   8,505    —    —    8,505 
Pharmaceuticals   4,589    —    —    4,589 
Real Estate Management & Development   14,812    —    —    14,812 
Semiconductors & Semiconductor Equipment   48,841    —    —    48,841 
Software   41,619    —    —    41,619 
Specialized REITs   —    342    —    342 
Specialty Retail   17,263    —    —    17,263 
Tech Hardware, Storage & Peripherals   28,509    —    —    28,509 
Trading Companies & Distributors   8,167    —    —    8,167 
Total Common Stocks   429,061    342    —    429,403 
Short-Term Investment                    
Investment Company   3,580    —    —    3,580 
Total Assets  $432,641   $342   $—   $432,983 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

Third Quarter Report — September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd) 

 

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

 

Vitality Portfolio        

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Assets:                    
Common Stocks  $1,838(1)   $—   $—   $1,838 
Short-Term Investments                    
Investment Company   224    —    —    224 
Repurchase Agreements   —    24    —    24 
Total Short-Term Investments   224    24    —    248 
Total Assets  $2,062   $24   $—   $2,086 

 

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

 

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