NPORT-EX 2 NPORT_MKAL_66535296_0325.htm

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Consolidated Portfolio of Investments

Advantage Portfolio

 

  Shares   Value
(000)		 
Common Stocks (95.9%)         
Automobiles (6.4%)         
Tesla, Inc. (a)  45,283   $11,736 
          
Biotechnology (1.1%)         
Roivant Sciences Ltd. (a)  194,472    1,962 
          
Broadline Retail (9.7%)         
Amazon.com, Inc. (a)  33,580    6,389 
MercadoLibre, Inc. (a)  5,819    11,352 
        17,741 
Capital Markets (3.0%)         
Coinbase Global, Inc., Class A (a)  3,802    655 
Intercontinental Exchange, Inc.  27,607    4,762 
        5,417 
Entertainment (4.8%)         
ROBLOX Corp., Class A (a)  150,748    8,787 
          
Financial Services (5.1%)         
Adyen NV (Netherlands) (a)  4,825    7,396 
Federal National Mortgage Association (a)  286,817    1,812 
        9,208 
Ground Transportation (2.6%)         
Union Pacific Corp.  19,930    4,708 
          
Hotels, Restaurants & Leisure (10.8%)         
Airbnb, Inc., Class A (a)  53,210    6,357 
DoorDash, Inc., Class A (a)  73,279    13,393 
        19,750 
Information Technology Services (21.3%)         
Cloudflare, Inc., Class A (a)  168,700    19,011 
Shopify, Inc., Class A (Canada) (a)  114,407    10,913 
Snowflake, Inc., Class A (a)  60,769    8,882 
        38,806 
Life Sciences Tools & Services (2.6%)         
Danaher Corp.  23,418    4,801 
          
Pharmaceuticals (4.8%)         
Royalty Pharma PLC, Class A  282,456    8,793 
          
Semiconductors & Semiconductor Equipment (2.5%)         
ASML Holding NV (Registered) (Netherlands)  6,804    4,509 
          
Software (10.6%)         
Crowdstrike Holdings, Inc., Class A (a)  25,029    8,825 
MicroStrategy, Inc., Class A (a)  36,358    10,481 
        19,306 
Specialized REITs (2.7%)         
American Tower Corp. REIT  22,474    4,890 
          
Specialty Retail (2.4%)         
Floor & Decor Holdings, Inc., Class A (a)  55,466    4,463 
          
Textiles, Apparel & Luxury Goods (2.8%)         
LVMH Moet Hennessy Louis Vuitton SE (France)  8,128    5,033 
          
Trading Companies & Distributors (2.7%)         
Core & Main, Inc., Class A (a)  100,155    4,838 
Total Common Stocks (Cost $131,274)       174,748 
Investment Company (2.8%)         
iShares Bitcoin Trust ETF (a) (Cost $4,190)  108,282    5,069 
          
Short-Term Investment (1.2%)         
Investment Company (1.2%)         
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (b) (Cost $2,192)  2,191,788    2,192 
Total Investments Excluding Purchased Options (99.9%) (Cost $137,656)       182,009 
Total Purchased Options Outstanding (0.2%) (Cost $732)       296 
Total Investments (100.1%) (Cost $138,388) (c)(d)(e)(f)       182,305 
Liabilities in Excess of Other Assets (–0.1%)       (192)
Net Assets (100.0%)      $182,113 

 

(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 three months ended March 31, 2025, advisory fees paid were reduced by approximately $3,000 relating to the Fund’s investment in the Liquidity Fund.

(c)The approximate fair value and percentage of net assets, $12,429,000 and 6.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.

(d)The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). 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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.

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

(f)At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $48,112,000 and the aggregate gross unrealized depreciation is approximately $4,195,000, resulting in net unrealized appreciation of approximately $43,917,000.

ETF Exchange Traded Fund.
REIT Real Estate Investment Trust.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Advantage Portfolio

 

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2025:

 

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		  Notional
Amount
(000)		  Value
(000)		  Premiums
Paid
(000)		  Unrealized
Depreciation
(000)		 
JPMorgan Chase Bank NA  USD/CNH  CNH  7.66  Sep–25  19,367,044  $19,367  $28  $80  $(52)
Standard Chartered Bank  USD/CNH  CNH  7.77  Oct–25  36,830,550   36,831   58   160   (102)
JPMorgan Chase Bank NA  USD/CNH  CNH  7.77  Jul–25  17,819,117   17,819   11   78   (67)
JPMorgan Chase Bank NA  USD/CNH  CNH  7.82  Feb–26  50,168,535   50,169   152   207   (55)
Goldman Sachs International  USD/CNH  CNH  8.02  Dec–25  43,649,426   43,649   47   207   (160)
                      $296  $732  $(436)

 

CNH — Chinese Yuan Renminbi Offshore
USD — United States Dollar

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   36.2%
Information Technology Services   21.3 
Hotels, Restaurants & Leisure   10.8 
Software   10.6 
Broadline Retail   9.7 
Automobiles   6.4 
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.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

American Resilience Portfolio

 

   Shares   Value
(000)		 
Common Stocks (92.8%)
Beverages (3.0%)
Coca-Cola Co.   581   $42 
           
Capital Markets (10.3%)          
CME Group, Inc.   129    34 
FactSet Research Systems, Inc.   48    22 
Intercontinental Exchange, Inc.   303    52 
S&P Global, Inc.   68    35 
         143 
Electronic Equipment, Instruments & Components (1.3%)          
CDW Corp.   112    18 
           
Financial Services (6.7%)          
Jack Henry & Associates, Inc.   79    15 
Visa, Inc., Class A   226    79 
         94 
Health Care Equipment & Supplies (7.3%)          
Abbott Laboratories   209    28 
Becton Dickinson & Co.   143    33 
Hologic, Inc. (a)   282    17 
Steris PLC   102    23 
         101 
Health Care Providers & Services (3.4%)          
UnitedHealth Group, Inc.   90    47 
           
Hotels, Restaurants & Leisure (2.9%)          
Booking Holdings, Inc.   9    41 
           
Household Products (3.7%)          
Procter & Gamble Co.   301    51 
           
Information Technology Services (4.0%)          
Accenture PLC, Class A   175    55 
           
Insurance (7.2%)          
Aon PLC, Class A   149    59 
Arthur J Gallagher & Co.   118    41 
         100 
Interactive Media & Services (3.4%)          
Alphabet, Inc., Class A   312    48 
           
Life Sciences Tools & Services (6.7%)          
IQVIA Holdings, Inc. (a)   145    26 
Revvity, Inc.   265    28 
Thermo Fisher Scientific, Inc.   81    40 
         94 
Machinery (3.3%)          
Otis Worldwide Corp.   445    46 
           
Pharmaceuticals (1.6%)          
Zoetis, Inc.   131    22 
           
Professional Services (7.4%)          
Automatic Data Processing, Inc.   143    44 
Broadridge Financial Solutions, Inc.   163    39 
Equifax, Inc.   81    20 
         103 
Semiconductors & Semiconductor Equipment (3.4%)          
Texas Instruments, Inc.   269    48 
           
Software (13.1%)          
Constellation Software, Inc. (Canada)   8    25 
Microsoft Corp.   226    84 
Oracle Corp.   165    23 
Roper Technologies, Inc.   86    51 
         183 
Specialty Retail (2.7%)          
AutoZone, Inc. (a)   10    38 
           
Tobacco (1.4%)          
Philip Morris International, Inc.   119    19 
Total Common Stocks (Cost $1,124)        1,293 

 

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

 

   Shares    
Short-Term Investment (2.0%)          
Investment Company (2.0%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c) (Cost $27)   26,622    27 
Total Investments (94.8%) (Cost $1,151) (d)(e)        1,320 
Other Assets in Excess of Liabilities (5.2%)        73 
Net Assets (100.0%)       $1,393 

 

(a) Non-income producing security.
(b) At March 31, 2025, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(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 three months ended March 31, 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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(e) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $193,000 and the aggregate gross unrealized depreciation is approximately $24,000, resulting in net unrealized appreciation of approximately $169,000.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   38.1%
Software   13.9 
Capital Markets   10.8 
Professional Services   7.8 
Health Care Equipment & Supplies   7.6 
Insurance   7.6 
Life Sciences Tools & Services   7.1 
Financial Services   7.1 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Consolidated Portfolio of Investments

Asia Opportunity Portfolio

 

   Shares   Value
(000)		 
Common Stocks (98.5%)          
China (50.7%)          
China Resources Mixc Lifestyle Services Ltd. (a)   372,200   $1,646 
Full Truck Alliance Co. Ltd. ADR   496,190    6,336 
Greentown Service Group Co. Ltd. (a)   1,262,000    691 
Haidilao International Holding Ltd. (a)   2,298,000    5,183 
KE Holdings, Inc. ADR   194,838    3,914 
Kuaishou Technology (a)(b)   394,000    2,763 
Kweichow Moutai Co. Ltd., Class A   25,294    5,448 
Meituan, Class B (a)(b)   378,920    7,625 
PDD Holdings, Inc. ADR (b)   29,317    3,470 
Qifu Technology, Inc. ADR   142,936    6,419 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A   49,300    1,591 
Tencent Holdings Ltd. (a)   100,800    6,441 
Trip.com Group Ltd. ADR   140,085    8,907 
Wuliangye Yibin Co. Ltd., Class A   102,600    1,860 
         62,294 
Hong Kong (2.5%)          
AIA Group Ltd.   408,900    3,095 
           
India (25.0%)          
Axis Bank Ltd.   290,101    3,721 
HDFC Bank Ltd.   299,578    6,386 
ICICI Bank Ltd. ADR   272,033    8,575 
Indian Hotels Co. Ltd.   109,917    1,007 
MakeMyTrip Ltd. (b)   26,242    2,571 
Niva Bupa Health Insurance Co. Ltd. (b)   494,849    449 
Titan Co. Ltd.   104,878    3,743 
Zomato Ltd. (b)   1,792,989    4,212 
         30,664 
Korea, Republic of (11.8%)          
Coupang, Inc. (b)   339,374    7,442 
KakaoBank Corp.   229,744    3,469 
NAVER Corp.   24,309    3,177 
Webtoon Entertainment, Inc. (b)   44,565    342 
         14,430 
Singapore (4.2%)          
Grab Holdings Ltd., Class A (b)   1,128,266    5,111 
           
Taiwan (4.3%)          
Taiwan Semiconductor Manufacturing Co. Ltd.   188,000    5,295 
Total Common Stocks (Cost $87,666)        120,889 
           
Short-Term Investment (2.0%)          
Investment Company (2.0%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c) (Cost $2,466)   2,465,467    2,466 
Total Investments (100.5%) (Cost $90,132) (d)(e)(f)        123,355 
Liabilities in Excess of Other Assets (–0.5%)        (609)
Net Assets (100.0%)       $122,746 

 

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) 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 three months ended March 31, 2025, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Fund.
(d) The approximate fair value and percentage of net assets, $67,802,000 and 55.2%, 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.
(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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(f) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $41,343,000 and the aggregate gross unrealized depreciation is approximately $8,120,000, resulting in net unrealized appreciation of approximately $33,223,000.
ADR American Depositary Receipt.

 

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Hotels, Restaurants & Leisure   23.9%
Banks   18.0 
Other*   13.5 
Interactive Media & Services   10.4 
Ground Transportation   9.2 
Broadline Retail   8.8 
Beverages   5.9 
Consumer Finance   5.2 
Real Estate Management & Development   5.1 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Consolidated Portfolio of Investments

Developing Opportunity Portfolio

 

   Shares   Value
(000)		 
Common Stocks (95.2%)          
Brazil (6.6%)          
Cia de Saneamento Basico do Estado de Sao Paulo SABESP   74,571   $1,333 
NU Holdings Ltd., Class A (a)   150,166    1,538 
         2,871 
China (38.9%)          
China Resources Mixc Lifestyle Services Ltd. (b)   136,800    605 
Full Truck Alliance Co. Ltd. ADR   127,613    1,630 
Haidilao International Holding Ltd. (b)   597,000    1,346 
KE Holdings, Inc. ADR   56,121    1,127 
Kuaishou Technology (a)(b)   99,700    699 
Kweichow Moutai Co. Ltd., Class A   7,089    1,527 
Meituan, Class B (a)(b)   133,380    2,684 
PDD Holdings, Inc. ADR (a)   7,540    892 
Qifu Technology, Inc. ADR   37,987    1,706 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A   11,400    368 
Tencent Holdings Ltd. (b)   28,300    1,808 
Trip.com Group Ltd. ADR   33,924    2,157 
Wuliangye Yibin Co. Ltd., Class A   26,400    479 
         17,028 
India (23.7%)          
Axis Bank Ltd.   109,586    1,406 
HDFC Bank Ltd.   98,092    2,091 
ICICI Bank Ltd. ADR   88,368    2,785 
Indian Hotels Co. Ltd.   40,477    371 
MakeMyTrip Ltd. (a)   9,391    920 
Niva Bupa Health Insurance Co. Ltd. (a)   233,098    211 
Titan Co. Ltd.   31,966    1,141 
Zomato Ltd. (a)   619,363    1,455 
         10,380 
Korea, Republic of (9.4%)          
Coupang, Inc. (a)   91,389    2,004 
KakaoBank Corp.   55,957    845 
NAVER Corp.   8,621    1,126 
Webtoon Entertainment, Inc. (a)   15,736    121 
         4,096 
Poland (1.1%)          
Allegro.eu SA (a)   61,591    500 
           
Singapore (3.5%)          
Grab Holdings Ltd., Class A (a)   341,452    1,547 
           
Taiwan (4.4%)          
Taiwan Semiconductor Manufacturing Co. Ltd.   69,000    1,943 
           
United States (7.6%)          
MercadoLibre, Inc. (a)   1,712    3,340 
Total Common Stocks (Cost $32,650)        41,705 
           
Short-Term Investment (4.3%)          
Investment Company (4.3%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c) (Cost $1,874)   1,873,839    1,874 
Total Investments (99.5%) (Cost $34,524) (d)(e)(f)        43,579 
Other Assets in Excess of Liabilities (0.5%)        235 
Net Assets (100.0%)       $43,814 

 

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) 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 three months ended March 31, 2025, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Fund.
(d) The approximate fair value and percentage of net assets, $20,605,000 and 47.0%, 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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(f) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $10,291,000 and the aggregate gross unrealized depreciation is approximately $1,236,000, resulting in net unrealized appreciation of approximately $9,055,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   28.3%
Hotels, Restaurants & Leisure   20.6 
Banks   19.8 
Broadline Retail   15.4 
Interactive Media & Services   8.7 
Ground Transportation   7.2 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Emerging Markets ex China Portfolio

 

   Shares   Value
(000)		 
Common Stocks (98.7%)          
Brazil (5.6%)          
Itau Unibanco Holding SA (Preference)   13,465   $74 
NU Holdings Ltd., Class A (a)   1,386    14 
Raia Drogasil SA   18,297    61 
Rede D’Or Sao Luiz SA   19,496    97 
Vale SA   4,833    48 
WEG SA   10,817    86 
         380 
Chile (0.5%)          
Banco de Chile   260,116    34 
           
Egypt (0.9%)          
Commercial International Bank - Egypt (CIB)   35,158    57 
           
India (33.2%)          
360 ONE WAM Ltd.   4,331    48 
Axis Bank Ltd.   2,435    31 
Bajaj Auto Ltd.   687    63 
Bajaj Finance Ltd.   891    93 
CG Power & Industrial Solutions Ltd.   9,236    69 
Colgate-Palmolive India Ltd.   834    23 
Delhivery Ltd. (a)   7,787    23 
Grasim Industries Ltd.   3,659    111 
HDFC Asset Management Co. Ltd.   847    40 
HDFC Bank Ltd.   10,260    219 
Hindalco Industries Ltd.   6,292    50 
Hitachi Energy India Ltd.   356    52 
ICICI Bank Ltd.   14,170    223 
IDFC First Bank Ltd. (a)   99,782    64 
Infosys Ltd.   4,193    77 
Infosys Ltd. ADR   3,149    57 
Larsen & Toubro Ltd.   1,468    60 
Macrotech Developers Ltd.   5,091    71 
Mahindra & Mahindra Ltd.   5,707    177 
MakeMyTrip Ltd. (a)   365    36 
Max Healthcare Institute Ltd.   9,017    115 
Pidilite Industries Ltd.   1,858    62 
Reliance Industries Ltd.   12,768    190 
Samvardhana Motherson International Ltd.   25,452    39 
Shriram Finance Ltd.   6,882    52 
Star Health & Allied Insurance Co. Ltd. (a)   8,897    37 
State Bank of India   13,310    120 
United Breweries Ltd.   1,566    36 
         2,238 
Indonesia (1.4%)          
Bank Syariah Indonesia Tbk. PT   220,000    31 
Cisarua Mountain Dairy Tbk. PT   169,700    46 
Indosat Tbk. PT   229,100    20 
         97 
Korea, Republic of (10.0%)          
HYBE Co. Ltd. (a)   111    18 
KB Financial Group, Inc.   2,004    109 
Kia Corp.   692    44 
KT&G Corp.   473    32 
NAVER Corp.   260    34 
Samsung Electronics Co. Ltd.   10,230    406 
SK Hynix, Inc.   242    32 
         675 
Malaysia (1.6%)          
CIMB Group Holdings Bhd.   31,200    50 
Frontken Corp. Bhd.   47,400    40 
Malayan Banking Bhd.   8,500    19 
         109 
Mexico (4.9%)          
Gruma SAB de CV, Class B   5,401    97 
Grupo Financiero Banorte SAB de CV Series O   12,071    84 
Kimberly-Clark de Mexico SAB de CV, Class A   25,889    42 
Qualitas Controladora SAB de CV   4,825    42 
Wal-Mart de Mexico SAB de CV   22,529    62 
         327 
Peru (1.1%)          
Credicorp Ltd.   397    74 
           
Poland (4.1%)          
Allegro.eu SA(a)   8,122    66 
Grupa Kety SA   635    136 
Powszechny Zaklad Ubezpieczen SA   5,304    77 
         279 
Saudi Arabia (1.1%)          
Bupa Arabia for Cooperative Insurance Co.   1,603    75 
           
South Africa (6.4%)          
AVI Ltd.   14,619    71 
Capitec Bank Holdings Ltd.   877    149 
Clicks Group Ltd.   2,797    52 
OUTsurance Group Ltd.   21,371    81 
Standard Bank Group Ltd.   5,787    76 
         429 
Sweden (1.4%)          
Medicover AB   4,953    94 
           
Taiwan (24.4%)          
Advantech Co. Ltd.   3,000    34 
Airtac International Group   1,000    26 
Alchip Technologies Ltd.   1,000    84 
ASE Technology Holding Co. Ltd.   24,000    106 
Delta Electronics, Inc.   5,000    55 
Fubon Financial Holding Co. Ltd.   16,150    42 
Hon Hai Precision Industry Co. Ltd.   26,000    117 
MediaTek, Inc.   1,000    43 
Taiwan Semiconductor Manufacturing Co. Ltd.   37,000    1,042 
Unimicron Technology Corp.   15,000    43 
Wiwynn Corp.   1,000    51 
         1,643 
United Kingdom (1.5%)          
Antofagasta PLC   4,708    103 
           
United States (0.6%)          
MercadoLibre, Inc. (a)   19    37 
Total Common Stocks (Cost $5,701)        6,651 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments (cont’d)

Emerging Markets ex China Portfolio

 

   Shares   Value
(000)		 
Short-Term Investment (1.4%)          
Investment Company (1.4%)          
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.27% (b) (Cost $94)   93,813   $94 
Total Investments (100.1%) (Cost $5,795) (c)(d)(e)        6,745 
Liabilities in Excess of Other Assets (–0.1%)        (7)
Net Assets (100.0%)       $6,738 

 

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

 

(a) Non-income producing security.
(b) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the “Liquidity 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 three months ended March 31, 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, $5,683,000 and 84.3%, 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.
(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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(e) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,267,000 and the aggregate gross unrealized depreciation is approximately $317,000, resulting in net unrealized appreciation of approximately $950,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments		 
Other*   41.8%
Banks   21.2 
Semiconductors & Semiconductor Equipment   19.4 
Tech Hardware, Storage & Peripherals   7.3 
Insurance   5.3 
Metals & Mining   5.0 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Emerging Markets Leaders Portfolio

 

   Shares   Value
(000)		 
Common Stocks (94.7%)          
Argentina (2.3%)          
Globant SA (a)   28,024   $3,299 
           
Brazil (14.3%)          
Banco BTG Pactual SA (Units) (b)   365,869    2,161 
Localiza Rent a Car SA   1,198,951    7,057 
NU Holdings Ltd., Class A (a)   411,489    4,214 
Raia Drogasil SA   1,278,801    4,269 
WEG SA   385,529    3,059 
         20,760 
India (47.7%)          
Aarti Pharmalabs Ltd.   33,647    294 
Ambuja Cements Ltd.   653,858    4,098 
Astral Ltd.   231,534    3,497 
Bharti Airtel Ltd.   339,882    6,871 
Cholamandalam Investment & Finance Co. Ltd.   5,774    102 
Divi’s Laboratories Ltd.   53,246    3,588 
Global Health Ltd. (a)   125,865    1,757 
HDFC Bank Ltd.   403,812    8,608 
HDFC Bank Ltd. ADR   43,508    2,891 
ICICI Bank Ltd.   518,540    8,150 
KEI Industries Ltd.   167,515    5,641 
Oberoi Realty Ltd.   180,323    3,434 
Timken India Ltd.   49,164    1,576 
Titan Co. Ltd.   122,658    4,377 
TVS Motor Co. Ltd.   177,686    5,009 
Varun Beverages Ltd.   1,231,462    7,749 
Zomato Ltd.(a)   573,586    1,347 
         68,989 
Korea, Republic of (3.3%)          
Coupang, Inc. (a)   220,433    4,834 
           
Mexico (7.6%)          
Fomento Economico Mexicano SAB de CV ADR   44,632    4,355 
Grupo Financiero Banorte SAB de CV Series O   960,274    6,660 
         11,015 
Taiwan (14.2%)          
E Ink Holdings, Inc.   561,000    4,567 
Taiwan Semiconductor Manufacturing Co. Ltd.   405,000    11,406 
Voltronic Power Technology Corp.   96,334    4,505 
         20,478 
United Arab Emirates (0.4%)          
Americana Restaurants International PLC - Foreign Co.   1,082,186    626 
           
United States (4.9%)          
MercadoLibre, Inc.(a)   3,609    7,041 
Total Common Stocks (Cost $121,337)        137,042 
           
Short-Term Investment (5.9%)          
Investment Company (5.9%)          
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.27% (c) (Cost $8,513)   8,513,115    8,513 
Total Investments (100.6%) (Cost $129,850) (d)(e)(f)        145,555 
Liabilities in Excess of Other Assets (–0.6%)        (921)
Net Assets (100.0%)       $144,634 

 

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) Consists of one or more classes of securities traded together as a unit; stocks with attached warrants.
(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 three months ended March 31, 2025, advisory fees paid were reduced by approximately $3,000 relating to the Fund’s investment in the Liquidity Fund.
(d) The approximate fair value and percentage of net assets, $87,202,000 and 60.3%, 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.
(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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(f) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $29,097,000 and the aggregate gross unrealized depreciation is approximately $13,392,000, resulting in net unrealized appreciation of approximately $15,705,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   39.9%
Banks   21.0 
Electrical Equipment   9.1 
Beverages   8.3 
Broadline Retail   8.1 
Semiconductors & Semiconductor Equipment   7.8 
Investment Companies   5.8 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Emerging Markets Portfolio

 

   Shares   Value
(000)		 
Common Stocks (100.4%)          
Brazil (5.1%)          
Itau Unibanco Holding SA (Preference)   1,015,300   $5,588 
NU Holdings Ltd., Class A (a)   126,844    1,299 
Raia Drogasil SA   1,247,238    4,164 
Rede D’Or Sao Luiz SA   433,074    2,140 
Vale SA   307,852    3,059 
WEG SA   1,232,808    9,782 
         26,032 
Chile (0.7%)          
Banco de Chile   28,835,568    3,813 
           
China (26.4%)          
Alibaba Group Holding Ltd. (b)   1,361,900    22,534 
Bank of Jiangsu Co. Ltd., Class A   2,632,800    3,455 
BYD Co. Ltd., H Shares (b)   238,500    12,077 
China Construction Bank Corp., H Shares (b)   14,723,120    13,047 
China Merchants Bank Co. Ltd., H Shares (b)   1,355,500    8,037 
JD.com, Inc., Class A (b)   97,823    2,012 
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A   456,259    3,089 
KE Holdings, Inc. ADR   76,519    1,537 
Kweichow Moutai Co. Ltd., Class A   12,849    2,768 
Meituan, Class B (a)(b)   229,690    4,622 
NARI Technology Co. Ltd., Class A   1,114,900    3,368 
NetEase, Inc. (b)   175,100    3,597 
Ping An Insurance Group Co. of China Ltd., Class H (b)   444,000    2,650 
Shenzhen Inovance Technology Co. Ltd., Class A   391,000    3,678 
Tencent Holdings Ltd. (b)   513,400    32,804 
Trip.com Group Ltd. ADR   128,953    8,199 
Xiaomi Corp., Class B (a)(b)   525,200    3,323 
Yum China Holdings, Inc.   87,281    4,544 
         135,341 
India (24.6%)          
360 ONE WAM Ltd.   255,841    2,811 
Axis Bank Ltd.   398,953    5,118 
Bajaj Auto Ltd.   47,271    4,339 
Bajaj Finance Ltd.   55,457    5,778 
CG Power & Industrial Solutions Ltd.   234,868    1,745 
Colgate-Palmolive India Ltd.   48,348    1,350 
Grasim Industries Ltd.   148,080    4,510 
HDFC Asset Management Co. Ltd.   96,021    4,492 
HDFC Bank Ltd.   173,017    3,688 
HDFC Bank Ltd. ADR   87,573    5,818 
Hindalco Industries Ltd.   347,165    2,755 
Hitachi Energy India Ltd.   28,500    4,192 
ICICI Bank Ltd. ADR   34,277    1,080 
ICICI Bank Ltd.   664,700    10,448 
IDFC First Bank Ltd. (a)   6,618,313    4,234 
Infosys Ltd. ADR (c)   396,626    7,238 
Larsen & Toubro Ltd.   93,559    3,805 
Macrotech Developers Ltd.   328,099    4,578 
Mahindra & Mahindra Ltd.   235,453    7,308 
MakeMyTrip Ltd. (a)   27,727    2,717 
Max Healthcare Institute Ltd.   420,953    5,384 
Pidilite Industries Ltd.   120,644    4,015 
Reliance Industries Ltd.   732,663    10,893 
Samvardhana Motherson International Ltd.   1,541,917    2,341 
Shriram Finance Ltd.   410,847    3,138 
Star Health & Allied Insurance Co. Ltd. (a)   251,318    1,047 
State Bank of India   827,334    7,438 
United Breweries Ltd.   169,349    3,952 
         126,212 
Indonesia (0.5%)          
Cisarua Mountain Dairy Tbk. PT   8,566,400    2,350 
           
Korea, Republic of (7.7%)          
HYBE Co. Ltd. (a)   8,221    1,321 
KB Financial Group, Inc.   75,325    4,083 
Kia Corp.   45,929    2,905 
KT&G Corp.   34,398    2,366 
NAVER Corp.   19,196    2,509 
Samsung Electronics Co. Ltd.   592,831    23,503 
SK Hynix, Inc.   18,771    2,502 
         39,189 
Malaysia (1.4%)          
CIMB Group Holdings Bhd.   2,366,500    3,750 
Malayan Banking Bhd.   1,428,900    3,262 
         7,012 
Mexico (4.6%)          
Gruma SAB de CV, Class B   276,332    4,968 
Grupo Financiero Banorte SAB de CV Series O   966,517    6,703 
Kimberly-Clark de Mexico SAB de CV, Class A   2,717,229    4,452 
Qualitas Controladora SAB de CV   113,854    990 
Wal-Mart de Mexico SAB de CV   2,235,761    6,180 
         23,293 
Poland (2.6%)          
Allegro.eu SA (a)   749,430    6,079 
Powszechny Zaklad Ubezpieczen SA   498,099    7,237 
         13,316 
Saudi Arabia (1.4%)          
Alinma Bank   520,205    4,246 
Bupa Arabia for Cooperative Insurance Co.   61,773    2,902 
         7,148 
South Africa (4.4%)          
AVI Ltd.   827,638    4,010 
Capitec Bank Holdings Ltd.   46,476    7,905 
Clicks Group Ltd.   195,200    3,615 
Standard Bank Group Ltd.   553,885    7,237 
         22,767 
Taiwan (19.0%)          
Advantech Co. Ltd.   220,000    2,514 
Airtac International Group   98,448    2,500 
Alchip Technologies Ltd.   64,000    5,395 
ASE Technology Holding Co. Ltd.   861,000    3,784 
Chailease Holding Co. Ltd.   729,000    2,578 
Delta Electronics, Inc.   267,000    2,953 
Fubon Financial Holding Co. Ltd.   1,208,100    3,142 
Hon Hai Precision Industry Co. Ltd.   1,608,000    7,253 
MediaTek, Inc.   62,000    2,672 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments (cont’d)

Emerging Markets Portfolio

 

   Shares   Value
(000)		 
Taiwan (cont’d)          
Taiwan Semiconductor Manufacturing Co. Ltd.   2,042,205   $57,514 
Unimicron Technology Corp.   900,000    2,564 
Wiwynn Corp.   87,722    4,442 
         97,311 
United Arab Emirates (0.5%)          
Americana Restaurants International PLC - Foreign Co.   4,066,693    2,422 
           
United Kingdom (1.0%)          
Antofagasta PLC   236,019    5,139 
           
United States (0.5%)          
MercadoLibre, Inc. (a)   1,415    2,761 
Total Common Stocks (Cost $402,193)        514,106 
           
Short-Term Investments (2.2%)          
Investment Company (0.9%)          
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.27% (d) (Cost $4,568)   4,567,792    4,568 
           
Securities held as Collateral on Loaned Securities (1.3%)          
Investment Company (1.3%)          
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.27% (d) (Cost $6,743)   6,742,762    6,743 
Total Short-Term Investments (Cost $11,311)        11,311 
Total Investments (102.6%) (Cost $413,504) including $6,563 of Securities Loaned (e)(f)(g)        525,417 
Liabilities in Excess of Other Assets (–2.6%)        (13,130)
Net Assets (100.0%)       $512,287 

 

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) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2025, were approximately $6,563,000 and $6,743,000, respectively. The Fund received cash collateral of approximately $6,743,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class as reported in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(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, 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 three months ended March 31, 2025, advisory fees paid were reduced by approximately $5,000 relating to the Fund’s investment in the Liquidity Fund.
(e) The approximate fair value and percentage of net assets, $430,887,000 and 84.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(f) The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). 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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(g) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $134,244,000 and the aggregate gross unrealized depreciation is approximately $22,331,000, resulting in net unrealized appreciation of approximately $111,913,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition*  

 

Classification  Percentage of
Total Investments		 
Other**   40.1%
Banks   21.3 
Semiconductors & Semiconductor Equipment   13.8 
Interactive Media & Services   6.8 
Tech Hardware, Storage & Peripherals   6.5 
Broadline Retail   6.4 
Automobiles   5.1 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2025.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Global Concentrated Portfolio

 

   Shares   Value
(000)		 
Common Stocks (99.1%)          
China (7.3%)          
JD.com, Inc. ADR   124,064   $5,102 
Tencent Holdings Ltd. ADR   220,320    14,065 
         19,167 
Italy (5.7%)          
Ferrari NV   35,397    15,146 
           
Japan (7.0%)          
Mizuho Financial Group, Inc. ADR   731,707    4,031 
Sumitomo Mitsui Financial Group, Inc. ADR (a)   922,883    14,268 
         18,299 
Taiwan (5.1%)          
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   80,223    13,317 
           
United States (74.0%)          
Ameriprise Financial, Inc.   26,814    12,981 
CBRE Group, Inc., Class A (b)   112,890    14,764 
Costco Wholesale Corp.   17,778    16,814 
CRH PLC   198,287    17,443 
Eli Lilly & Co.   4,181    3,453 
JPMorgan Chase & Co.   53,351    13,087 
LPL Financial Holdings, Inc.   34,010    11,126 
Mastercard, Inc., Class A   16,227    8,894 
Microsoft Corp.   41,085    15,423 
Netflix, Inc.(b)   17,016    15,868 
NextEra Energy, Inc.   41,904    2,971 
NVIDIA Corp.   198,461    21,509 
Progressive Corp.   72,377    20,483 
United Rentals, Inc.   13,368    8,378 
Waste Management, Inc.   48,015    11,116 
         194,310 
Total Common Stocks (Cost $210,465)        260,239 
           
Short-Term Investments (6.7%)          
Investment Company (1.0%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c) (Cost $2,430)   2,430,466    2,430 
           
Securities held as Collateral on Loaned Securities (5.7%)          
Investment Company (4.6%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c)   12,061,231    12,061 

 

   Face
Amount
(000)		     
Repurchase Agreements (1.1%)          
Merrill Lynch & Co., Inc., (4.20%, dated 3/31/25, due 4/1/25; proceeds $782; fully collateralized by a U.S. Government obligation; 3.75% due 8/15/27; valued at $797)  $782    782 
Merrill Lynch & Co., Inc., (4.36%, dated 3/31/25, due 4/1/25; proceeds $2,154; fully collateralized by U.S. Government obligations; 0.00% - 4.63% due 1/31/26 - 2/15/46; valued at $2,197)   2,154    2,154 
         2,936 
Total Securities held as Collateral on Loaned Securities (Cost $14,997)        14,997 
Total Short-Term Investments (Cost $17,427)        17,427 
Total Investments (105.8%) (Cost $227,892) including $14,268 of Securities Loaned (d)(e)        277,666 
Liabilities in Excess of Other Assets (–5.8%)        (15,151)
Net Assets (100.0%)       $262,515 

 

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 March 31, 2025, were approximately $14,268,000 and $14,997,000, respectively. The Fund received cash collateral of approximately $14,997,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - 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) 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, 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 three months ended March 31, 2025, advisory fees paid were reduced by approximately $2,000 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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(e) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $50,932,000 and the aggregate gross unrealized depreciation is approximately $1,158,000, resulting in net unrealized appreciation of approximately $49,774,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition*  

 

Classification  Percentage of
Total Investments		 
Other**   16.0%
Semiconductors & Semiconductor Equipment   13.3 
Banks   12.0 
Capital Markets   9.2 
Insurance   7.8 
Construction Materials   6.6 
Consumer Staples Distribution & Retail   6.4 
Entertainment   6.0 
Software   5.9 
Automobiles   5.8 
Real Estate Management & Development   5.6 
Interactive Media & Services   5.4 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2025.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Global Core Portfolio

 

   Shares   Value
(000)		 
Common Stocks (99.9%)          
Canada (0.6%)          
Shopify, Inc., Class A (a)   2,198   $210 
           
China (5.8%)          
JD.com, Inc. ADR   12,591    518 
NetEase, Inc. ADR   2,424    250 
Tencent Holdings Ltd. ADR   21,888    1,397 
         2,165 
France (2.8%)          
Hermes International SCA ADR   2,823    740 
LVMH Moet Hennessy Louis Vuitton SE   490    303 
         1,043 
Germany (1.8%)          
Linde PLC   1,475    687 
           
Italy (5.7%)          
Ferrari NV   4,954    2,120 
           
Japan (5.9%)          
Mitsui & Co. Ltd. ADR   930    353 
Mizuho Financial Group, Inc. ADR   52,279    288 
Nippon Telegraph & Telephone Corp. ADR   3,161    76 
Sumitomo Mitsui Financial Group, Inc. ADR   95,463    1,476 
         2,193 
Spain (0.4%)          
Banco Santander SA ADR   25,687    172 
           
Taiwan (4.0%)          
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   9,009    1,495 
           
United Kingdom (0.4%)          
Experian PLC ADR   3,599    167 
           
United States (72.5%)          
Alphabet, Inc., Class A   7,144    1,105 
Amazon.com, Inc. (a)   8,107    1,542 
Ameriprise Financial, Inc.   3,787    1,833 
Apple, Inc.   8,651    1,922 
Brown & Brown, Inc.   9,557    1,189 
CBRE Group, Inc., Class A (a)   8,953    1,171 
Chevron Corp.   3,833    641 
Costco Wholesale Corp.   311    294 
CRH PLC   27,071    2,381 
Jack Henry & Associates, Inc.   553    101 
JPMorgan Chase & Co.   8,314    2,039 
LPL Financial Holdings, Inc.   2,733    894 
Lululemon Athletica, Inc. (a)   354    100 
Mastercard, Inc., Class A   1,477    810 
McDonald’s Corp.   831    260 
MercadoLibre, Inc. (a)   302    589 
Microsoft Corp.   3,464    1,300 
Millrose Properties, Inc. REIT (a)   745    20 
Netflix, Inc. (a)   1,336    1,246 
NextEra Energy, Inc.   2,539    180 
NVIDIA Corp.   18,155    1,968 
Progressive Corp.   5,229    1,480 
Tesla, Inc. (a)   603    156 
TJX Cos., Inc.   12,922    1,574 
Tyler Technologies, Inc. (a)   1,159    674 
United Rentals, Inc.   1,227    769 
Valero Energy Corp.   1,083    143 
Waste Management, Inc.   3,227    747 
         27,128 
Total Common Stocks (Cost $26,477)        37,380 
           
Short-Term Investment (0.6%)          
Investment Company (0.6%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (b) (Cost $226)   226,144    226 
Total Investments (100.5%) (Cost $26,703) (c)(d)(e)        37,606 
Liabilities in Excess of Other Assets (–0.5%)        (191)
Net Assets (100.0%)       $37,415 

 

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 three months ended March 31, 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, $303,000 and 0.8%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(d) The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). 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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(e) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $11,122,000 and the aggregate gross unrealized depreciation is approximately $219,000, resulting in net unrealized appreciation of approximately $10,903,000.
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   29.4%
Banks   10.6 
Semiconductors & Semiconductor Equipment   9.2 
Capital Markets   7.3 
Insurance   7.1 
Broadline Retail   7.1 
Interactive Media & Services   6.6 
Construction Materials   6.3 
Automobiles   6.0 
Software   5.3 
Tech Hardware, Storage & Peripherals   5.1 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Global Endurance Portfolio

 

   Shares   Value
(000)		 
Common Stocks (100.6%)          
Canada (1.0%)          
Colliers International Group, Inc.   2,208   $268 
           
Germany (3.4%)          
Delivery Hero SE (a)   37,014    888 
           
Israel (5.5%)          
Global-e Online Ltd. (a)   16,750    597 
Teva Pharmaceutical Industries Ltd. ADR (a)   54,919    844 
         1,441 
Japan (1.9%)          
Sansan, Inc. (a)   39,100    505 
           
United Kingdom (28.7%)          
Babcock International Group PLC   204,861    1,928 
Burford Capital Ltd.   22,947    304 
Domino’s Pizza Group PLC   361,579    1,330 
Victoria PLC (a)(b)   3,505,235    3,997 
         7,559 
United States (60.1%)          
Appian Corp., Class A (a)   97,455    2,808 
Applied Materials, Inc.   5,675    824 
Arbutus Biopharma Corp. (a)   402,875    1,406 
Avadel Pharmaceuticals PLC (a)   110,966    869 
Bill Holdings, Inc. (a)   7,536    346 
Biohaven Ltd. (a)   10,097    243 
Carvana Co. (a)   4,428    926 
Core & Main, Inc., Class A (a)   9,806    474 
Core Scientific, Inc. (a)   101,579    735 
CoStar Group, Inc. (a)   4,181    331 
Floor & Decor Holdings, Inc., Class A (a)   13,137    1,057 
GXO Logistics, Inc. (a)   5,099    199 
Immunovant, Inc. (a)   32,903    562 
Incyte Corp. (a)   3,627    220 
Natera, Inc. (a)   2,351    332 
QXO, Inc.   27,126    367 
Roivant Sciences Ltd. (a)   120,701    1,218 
Royalty Pharma PLC, Class A   26,625    829 
Sable Offshore Corp. (a)   26,175    664 
SharkNinja, Inc. (a)   2,843    237 
Sotera Health Co. (a)   74,896    873 
Tesla, Inc. (a)   1,254    325 
         15,845 
Total Investments (100.6%) (Cost $31,089) including $45 of Securities Loaned (c)(d)(e)        26,506 
Liabilities in Excess of Other Assets (–0.6%)        (165)
Net Assets (100.0%)       $26,341 

 

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

 

(a) Non-income producing security.
(b) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2025, were approximately $45,000 and $52,000, respectively. The Fund received non-cash collateral of approximately $52,000 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c) The approximate fair value and percentage of net assets, $8,952,000 and 34.0%, 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.
(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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(e) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,540,000 and the aggregate gross unrealized depreciation is approximately $6,123,000, resulting in net unrealized depreciation of approximately $4,583,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments		 
Other*   18.2%
Software   18.0 
Household Durables   16.0 
Biotechnology   15.0 
Pharmaceuticals   9.6 
Hotels, Restaurants & Leisure   8.4 
Specialty Retail   7.5 
Aerospace & Defense   7.3 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Global Franchise Portfolio

 

   Shares   Value
(000)		 
Common Stocks (98.3%)          
France (6.1%)          
L’Oreal SA   308,193   $114,553 
LVMH Moet Hennessy Louis Vuitton SE   83,508    51,715 
         166,268 
Germany (6.9%)          
SAP SE   696,267    186,564 
           
United Kingdom (6.9%)          
Experian PLC   850,758    39,420 
Haleon PLC   10,927,361    55,185 
RELX PLC (Euronext NV)   381,364    19,168 
RELX PLC (LSE)   1,456,042    73,138 
         186,911 
United States (78.4%)          
Abbott Laboratories   549,162    72,846 
Accenture PLC, Class A   326,425    101,858 
Alphabet, Inc., Class A   394,357    60,983 
Aon PLC, Class A   295,563    117,956 
Arthur J Gallagher & Co.   260,470    89,925 
Automatic Data Processing, Inc.   250,110    76,416 
AutoZone, Inc. (a)   12,175    46,421 
Becton Dickinson & Co.   321,291    73,595 
Booking Holdings, Inc.   16,810    77,442 
Broadridge Financial Solutions, Inc.   178,849    43,364 
CDW Corp.   197,772    31,695 
CME Group, Inc.   266,236    70,630 
Coca-Cola Co.   1,252,612    89,712 
Equifax, Inc.   121,991    29,712 
FactSet Research Systems, Inc.   66,076    30,041 
Hologic, Inc. (a)   507,278    31,335 
Intercontinental Exchange, Inc.   508,373    87,694 
Jack Henry & Associates, Inc.   152,410    27,830 
Microsoft Corp.   519,213    194,907 
Oracle Corp.   249,682    34,908 
Otis Worldwide Corp.   531,332    54,834 
Philip Morris International, Inc.   221,830    35,211 
Procter & Gamble Co.   522,052    88,968 
Roper Technologies, Inc.   142,052    83,751 
S&P Global, Inc.   141,286    71,788 
Steris PLC   163,900    37,148 
Thermo Fisher Scientific, Inc.   153,204    76,234 
UnitedHealth Group, Inc.   169,478    88,764 
Visa, Inc., Class A   506,257    177,423 
Zoetis, Inc.   131,955    21,726 
         2,125,117 
Total Common Stocks (Cost $1,708,342)        2,664,860 
           
Short-Term Investment (1.9%)          
Investment Company (1.9%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (b) (Cost $51,855)   51,854,955    51,855 
Total Investments (100.2%) (Cost $1,760,197) (c)(d)(e)        2,716,715 
Liabilities in Excess of Other Assets (–0.2%)        (4,707)
Net Assets (100.0%)       $2,712,008 

 

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 three months ended March 31, 2025, advisory fees paid were reduced by approximately $23,000 relating to the Fund’s investment in the Liquidity Fund.
(c) The approximate fair value and percentage of net assets, $539,743,000 and 19.9%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(d) The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). 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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(e) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $978,217,000 and the aggregate gross unrealized depreciation is approximately $21,699,000, resulting in net unrealized appreciation of approximately $956,518,000.
Euronext NV Euronext Amsterdam Stock Market.
LSE London Stock Exchange.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   38.5%
Software   18.5 
Professional Services   10.4 
Capital Markets   9.5 
Health Care Equipment & Supplies   8.0 
Insurance   7.6 
Financial Services   7.5 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Consolidated Portfolio of Investments

Global Insight Portfolio

 

   Shares   Value
(000)		 
Common Stocks (93.6%)          
Brazil (0.4%)          
NU Holdings Ltd., Class A (a)   23,769   $243 
           
Canada (5.9%)          
Shopify, Inc., Class A (a)   34,885    3,328 
           
Israel (4.5%)          
Global-e Online Ltd. (a)   71,454    2,547 
           
Korea, Republic of (3.5%)          
Coupang, Inc. (a)   88,848    1,948 
           
Netherlands (8.4%)          
Adyen NV (a)   1,804    2,765 
ASML Holding NV (Registered)   2,909    1,928 
         4,693 
Singapore (4.0%)          
Grab Holdings Ltd., Class A (a)   434,161    1,967 
Sea Ltd. ADR (a)   2,043    266 
         2,233 
United Kingdom (0.2%)          
Victoria PLC (a)   70,649    81 
           
United States (66.7%)          
Affirm Holdings, Inc. (a)   59,405    2,685 
Agilon Health, Inc. (a)   202,707    878 
AppLovin Corp., Class A (a)   7,367    1,952 
Arbutus Biopharma Corp. (a)   190,825    666 
Aurora Innovation, Inc. (a)   491,329    3,304 
Cloudflare, Inc., Class A (a)   44,821    5,051 
Crowdstrike Holdings, Inc., Class A (a)   3,823    1,348 
DoorDash, Inc., Class A (a)   7,500    1,371 
Federal National Mortgage Association (a)   87,697    554 
Intellia Therapeutics, Inc. (a)   11,554    82 
IonQ, Inc. (a)   20,706    457 
Landbridge Co. LLC, Class A   19,505    1,403 
MercadoLibre, Inc. (a)   1,864    3,636 
MicroStrategy, Inc., Class A (a)   10,768    3,104 
ProKidney Corp. (a)   41,771    37 
ROBLOX Corp., Class A (a)   35,224    2,053 
Roivant Sciences Ltd. (a)   57,485    580 
Royalty Pharma PLC, Class A   86,432    2,691 
Snowflake, Inc., Class A (a)   13,474    1,969 
Tesla, Inc. (a)   13,026    3,376 
XOMA Royalty Corp. (a)   12,797    255 
         37,452 
Total Common Stocks (Cost $38,423)        52,525 
           
Preferred Stock (0.0%)‡          
United States (0.0%)‡          
Lookout, Inc., Series F (a)(b)(c) (acquisition cost — $73; acquired 6/17/14)   6,374    29 
           
Investment Company (2.6%)          
United States (2.6%)          
iShares Bitcoin Trust ETF (a) (Cost $1,206)   31,164    1,459 
           
Short-Term Investment (3.4%)          
Investment Company (3.4%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (d) (Cost $1,906)   1,906,349    1,906 
Total Investments Excluding Purchased Options (99.6%) (Cost $41,608 )        55,919 
Total Purchased Options Outstanding (0.2%) (Cost $268)        103 
Total Investments (99.8%) (Cost $41,876) (e)(f)(g)(h)        56,022 
Other Assets in Excess of Liabilities (0.2%)        95 
Net Assets (100.0%)       $56,117 

 

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

 

‡ Amount is less than 0.05%.
(a) Non-income producing security.
(b) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2025 amounts to approximately $29,000 and represents less than 0.05% of net assets.
(c) At March 31, 2025, the Fund held a fair valued security valued at approximately $29,000, representing less than 0.05% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(d) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity 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 three months ended March 31, 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, $2,846,000 and 5.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(f) Securities are available for collateral in connection with purchased options.
(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 three months ended March 31, 2025, the Fund engaged in cross-trade purchases of approximately $152,000.
(h) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $17,018,000 and the aggregate gross unrealized depreciation is approximately $2,872,000, resulting in net unrealized appreciation of approximately $14,146,000.
ADR American Depositary Receipt.
ETF Exchange Traded Fund.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Insight Portfolio

 

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2025:

 

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		   Notional
Amount
(000)		   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Depreciation
(000)		 
JPMorgan Chase Bank NA  USD/CNH  CNH 7.66  Sep–25   7,437,834   $7,438   $11   $31   $(20)
Standard Chartered Bank  USD/CNH  CNH 7.76  Oct–25   13,974,746    13,975    22    61    (39)
JPMorgan Chase Bank NA  USD/CNH  CNH 7.77  Jul–25   6,763,419    6,763    4    29    (25)
JPMorgan Chase Bank NA  USD/CNH  CNH 7.82  Feb–26   15,854,951    15,855    47    65    (18)
Goldman Sachs & Co. LLC  USD/CNH  CNH 8.02  Dec–25   17,249,729    17,250    19    82    (63)
                        $103   $268   $(165)

 

CNH — Chinese Yuan Renminbi Offshore
USD — United States Dollar

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   33.0%
Information Technology Services   18.4 
Software   17.3 
Broadline Retail   14.6 
Financial Services   10.7 
Automobiles   6.0 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Consolidated Portfolio of Investments

Global Opportunity Portfolio

 

   Shares   Value
(000)		 
Common Stocks (99.0%)          
Brazil (1.9%)          
NU Holdings Ltd., Class A (a)   5,364,390   $54,931 
           
Canada (2.3%)          
Shopify, Inc., Class A (a)   726,707    69,317 
           
China (4.8%)          
Meituan, Class B (a)(b)   3,541,800    71,270 
Trip.com Group Ltd. ADR   1,130,149    71,855 
         143,125 
Denmark (4.6%)          
DSV AS   704,034    136,147 
           
France (7.3%)          
Hermes International SCA   37,192    97,856 
Schneider Electric SE   512,411    118,288 
         216,144 
India (6.6%)          
HDFC Bank Ltd.   3,986,284    84,973 
ICICI Bank Ltd. ADR   3,543,633    111,695 
         196,668 
Italy (3.1%)          
Moncler SpA   1,513,159    93,206 
           
Japan (1.0%)          
Keyence Corp.   72,100    28,350 
           
Korea, Republic of (3.4%)          
Coupang, Inc. (a)   4,203,256    92,177 
KakaoBank Corp.   611,700    9,238 
         101,415 
Netherlands (1.5%)          
ASML Holding NV   68,417    45,276 
           
Singapore (0.9%)          
Grab Holdings Ltd., Class A (a)   5,762,393    26,104 
           
Sweden (5.2%)          
Spotify Technology SA (a)   277,777    152,786 
           
Switzerland (0.7%)          
On Holding AG, Class A (a)   451,165    19,815 
           
Taiwan (2.3%)          
Taiwan Semiconductor Manufacturing Co. Ltd.   2,394,000    67,422 
           
United Kingdom (1.6%)          
London Stock Exchange Group PLC   321,233    47,712 
           
United States (51.8%)          
Airbnb, Inc., Class A (a)   593,798    70,935 
Amazon.com, Inc. (a)   623,419    118,612 
Block, Inc., Class A (a)   1,054,537    57,293 
Crowdstrike Holdings, Inc., Class A (a)   191,340    67,463 
DoorDash, Inc., Class A (a)   853,604    156,013 
Liberty Media Corp.-Liberty Formula One, Class C (a)   354,904    31,945 
Magic Leap, Inc., Class A (a)(c)(d) (acquisition cost — $3,175; acquired 12/22/15)   6,530    — 
Mastercard, Inc., Class A   161,658    88,608 
MercadoLibre, Inc. (a)   80,442    156,932 
Meta Platforms, Inc., Class A   360,283    207,653 
Salesforce, Inc.   92,083    24,711 
ServiceNow, Inc. (a)   201,965    160,792 
TKO Group Holdings, Inc.   364,054    55,631 
Uber Technologies, Inc. (a)   2,474,825    180,316 
Visa, Inc., Class A   319,869    112,101 
Walt Disney Co.   458,382    45,242 
         1,534,247 
Total Common Stocks (Cost $1,454,706)        2,932,665 
           
Short-Term Investment (1.3%)          
Investment Company (1.3%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (e) (Cost $37,827)   37,826,738    37,827 
Total Investments (100.3%) (Cost $1,492,533) (f)(g)(h)        2,970,492 
Liabilities in Excess of Other Assets (–0.3%)        (9,121)
Net Assets (100.0%)       $2,961,371 

 

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 March 31, 2025 amounts to $0 and represents 0.0% of net assets.
(d) At March 31, 2025, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(e) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity 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 three months ended March 31, 2025, advisory fees paid were reduced by approximately $52,000 relating to the Fund’s investment in the Liquidity Fund.
(f) The approximate fair value and percentage of net assets, $799,738,000 and 27.0%, 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.
(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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(h) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,565,764,000 and the aggregate gross unrealized depreciation is approximately $87,805,000, resulting in net unrealized appreciation of approximately $1,477,959,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   18.6%
Hotels, Restaurants & Leisure   12.4 
Broadline Retail   12.4 
Entertainment   9.6 
Banks   8.7 
Financial Services   8.7 
Software   8.5 
Textiles, Apparel & Luxury Goods   7.1 
Interactive Media & Services   7.0 
Ground Transportation   7.0 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Consolidated Portfolio of Investments

Global Permanence Portfolio

 

   Shares   Value
(000)		 
Common Stocks (93.8%)          
Brazil (0.1%)          
Vale SA   342   $4 
           
Canada (5.9%)          
Cameco Corp.   704    29 
Canadian National Railway Co.   1,739    170 
Constellation Software, Inc.   1    3 
FirstService Corp.   19    3 
Topicus.com, Inc. (a)   43    4 
         209 
France (15.1%)          
Airbus SE   308    54 
Christian Dior SE   80    46 
EssilorLuxottica SA   181    52 
Eurofins Scientific SE   3,091    165 
Hermes International SCA   2    5 
L’Oreal SA   155    58 
LVMH Moet Hennessy Louis Vuitton SE   249    154 
Remy Cointreau SA   43    2 
         536 
Germany (1.6%)          
Birkenstock Holding PLC (a)   1,127    51 
Linde PLC   8    4 
         55 
India (0.3%)          
HDFC Bank Ltd. ADR   136    9 
           
Italy (0.2%)          
Brunello Cucinelli SpA   33    4 
Ferrari NV   9    4 
         8 
Mexico (1.9%)          
Alsea SAB de CV   8,700    18 
Grupo Aeroportuario del Sureste SAB de CV ADR   185    51 
         69 
Netherlands (4.7%)          
ASML Holding NV (Registered)   244    162 
Universal Music Group NV   149    4 
         166 
United Kingdom (10.1%)          
Babcock International Group PLC   18,335    173 
Diageo PLC ADR   508    53 
Domino’s Pizza Group PLC   13,947    51 
Rentokil Initial PLC   8,077    37 
Victoria PLC (a)   38,944    44 
         358 
United States (53.9%)           
Amazon.com, Inc. (a)   424    81 
American Tower Corp. REIT   641    139 
Brown & Brown, Inc.   34    4 
Celsius Holdings, Inc. (a)   4,627    165 
Cloudflare, Inc., Class A (a)   3,341    376 
Core & Main, Inc., Class A (a)   2,753    133 
Danaher Corp.   628    129 
Federal National Mortgage Association (a)   5,492    35 
Floor & Decor Holdings, Inc., Class A (a)   1,977    159 
Intercontinental Exchange, Inc.   782    135 
Landbridge Co. LLC, Class A   2,042    147 
MSCI, Inc.   14    8 
QXO, Inc.   4,347    59 
Royal Gold, Inc.   684    112 
Royalty Pharma PLC, Class A   6,572    204 
S&P Global, Inc.   16    8 
Texas Pacific Land Corp.   2    2 
Veralto Corp.   80    8 
Waste Connections, Inc.   20    4 
         1,908 
Total Common Stocks (Cost $3,126)        3,322 
           
Investment Company (3.0%)          
United States (3.0%)          
iShares Bitcoin Trust ETF (a) (Cost $87)   2,266    106 

 

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

 

   Shares     
Short-Term Investment (0.7%)          
Investment Company (0.7%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c) (Cost $26)   25,547    26 
Total Investments Excluding Purchased Options (97.5%) (Cost $3,239 )        3,454 
Total Purchased Options Outstanding (0.2%) (Cost $17)        7 
Total Investments (97.7%) (Cost $3,256) (d)(e)(f)(g)        3,461 
Other Assets in Excess of Liabilities (2.3%)        82 
Net Assets (100.0%)       $3,543 

 

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) At March 31, 2025, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(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 three months ended March 31, 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, $849,000 and 24.0%, 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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(f) Securities are available for collateral in connection with purchased options.
(g) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $521,000 and the aggregate gross unrealized depreciation is approximately $316,000, resulting in net unrealized appreciation of approximately $205,000.
ADR American Depositary Receipt.
ETF Exchange Traded Fund.
REIT Real Estate Investment Trust.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Global Permanence Portfolio

 

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2025:

 

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		   Notional
Amount
(000)		   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Depreciation
(000)		 
JPMorgan Chase Bank NA  USD/CNH  CNH 7.66  Sep–25   522,551   $523   $         1   $           3   $         (2)
Standard Chartered Bank  USD/CNH  CNH 7.76  Oct–25   955,310    955    2    4    (2)
JPMorgan Chase Bank NA  USD/CNH  CNH 7.77  Jul–25   478,198    478    —@   2    (2)
JPMorgan Chase Bank NA  USD/CNH  CNH 7.82  Feb–26   1,014,582    1,015    3    4    (1)
Goldman Sachs & Co. LLC  USD/CNH  CNH 8.02  Dec–25   891,152    891    1    4    (3)
                        $7   $17   $(10)

 

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

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   54.1%
Information Technology Services   10.9 
Life Sciences Tools & Services   8.5 
Textiles, Apparel & Luxury Goods   7.6 
Aerospace & Defense   6.6 
Beverages   6.4 
Pharmaceuticals   5.9 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Global Stars Portfolio

 

   Shares   Value
(000)		 
Common Stocks (97.9%)          
Australia (1.3%)          
Xero Ltd. (a)   6,573   $642 
           
Canada (4.1%)          
Constellation Software, Inc.   412    1,305 
Shopify, Inc., Class A (a)   6,760    645 
         1,950 
China (7.8%)          
Kweichow Moutai Co. Ltd., Class A   3,700    797 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A   20,300    655 
Tencent Holdings Ltd. (b)   16,300    1,042 
Zhejiang Dingli Machinery Co. Ltd., Class A   149,400    1,218 
         3,712 
Denmark (2.3%)          
DSV AS   5,583    1,080 
           
Germany (8.0%)          
SAP SE   14,217    3,810 
           
Switzerland (5.5%)          
Galderma Group AG (a)   12,324    1,302 
On Holding AG, Class A (a)   30,170    1,325 
         2,627 
Taiwan (2.3%)          
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   6,662    1,106 
           
United Kingdom (6.5%)          
Experian PLC   26,182    1,213 
Halma PLC   35,765    1,200 
RELX PLC (LSE)   13,610    684 
         3,097 
United States (60.1%)          
Alphabet, Inc., Class A   12,379    1,914 
Aon PLC, Class A   3,715    1,483 
Automatic Data Processing, Inc.   2,419    739 
Booking Holdings, Inc.   285    1,313 
Broadridge Financial Solutions, Inc.   6,336    1,536 
Cencora, Inc.   3,636    1,011 
Intercontinental Exchange, Inc.   9,175    1,583 
Mastercard, Inc., Class A   3,069    1,682 
MercadoLibre, Inc. (a)   336    655 
Microsoft Corp.   3,643    1,368 
MSCI, Inc.   2,148    1,215 
Netflix, Inc. (a)   1,448    1,350 
Old Dominion Freight Line, Inc.   3,222    533 
Ryan Specialty Holdings, Inc.   18,669    1,379 
S&P Global, Inc.   2,460    1,250 
Salesforce, Inc.   3,562    956 
Thermo Fisher Scientific, Inc.   1,605    799 
Tradeweb Markets, Inc., Class A   11,628    1,726 
Uber Technologies, Inc. (a)   18,875    1,375 
UnitedHealth Group, Inc.   2,857    1,496 
VeriSign, Inc. (a)   3,358    853 
Visa, Inc., Class A   7,076    2,480 
         28,696 
Total Common Stocks (Cost $37,482)        46,720 

 

   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 (1.7%)          
Investment Company (1.7%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (d) (Cost $814)   814,437    814 
Total Investments (99.6%) (Cost $38,296) (e)(f)(g)        47,534 
Other Assets in Excess of Liabilities (0.4%)        212 
Net Assets (100.0%)       $47,746 

 

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) At March 31, 2025, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(d) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity 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 three months ended March 31, 2025, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund.
(e) The approximate fair value and percentage of net assets, $13,643,000 and 28.6%, 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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(g) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $10,070,000 and the aggregate gross unrealized depreciation is approximately $832,000, resulting in net unrealized appreciation of approximately $9,238,000.
ADR American Depositary Receipt.
LSE London Stock Exchange.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   35.9%
Software   17.0 
Capital Markets   12.1 
Professional Services   8.8 
Financial Services   8.7 
Interactive Media & Services   6.2 
Insurance   6.0 
Health Care Providers & Services   5.3 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Consolidated Portfolio of Investments 

Growth Portfolio

 

   Shares   Value
(000)		 
Common Stocks (91.0%)
Automobiles (6.9%)
Tesla, Inc. (a)   926,827   $240,196 
           
Biotechnology (1.1%)
ProKidney Corp. (a)(b)   1,833,417    1,606 
Roivant Sciences Ltd. (a)   3,630,181    36,629 
         38,235 
Broadline Retail (8.7%)
Global-e Online Ltd. (Israel) (a)   2,296,705    81,877 
MercadoLibre, Inc. (a)   113,052    220,550 
         302,427 
Capital Markets (0.4%)
Coinbase Global, Inc., Class A (a)   79,534    13,698 
           
Electronic Equipment, Instruments & Components (0.0%)
Magic Leap, Inc., Class A (a)(c)(d) (acquisition cost — $18,812; acquired 12/22/15)   38,705    — 
           
Entertainment (4.8%)
ROBLOX Corp., Class A (a)   2,861,981    166,825 
           
Financial Services (8.8%)
Adyen NV (Netherlands) (a)   67,336    103,212 
Affirm Holdings, Inc. (a)   3,723,624    168,271 
Federal National Mortgage Association (a)   5,446,950    34,425 
         305,908 
Hotels, Restaurants & Leisure (9.9%)
Airbnb, Inc., Class A (a)   707,610    84,531 
DoorDash, Inc., Class A (a)   1,423,869    260,241 
         344,772 
Information Technology Services (21.2%)
Cloudflare, Inc., Class A (a)   3,355,720    378,156 
Shopify, Inc., Class A (Canada) (a)   2,437,669    232,517 
Snowflake, Inc., Class A (a)   849,105    124,105 
         734,778 
Life Sciences Tools & Services (1.1%)
Danaher Corp.   182,487    37,410 
           
Pharmaceuticals (4.8%)
Royalty Pharma PLC, Class A   5,364,765    167,005 
           
Software (22.1%)
AppLovin Corp., Class A (a)   631,499    167,328 
Aurora Innovation, Inc. (a)   25,156,679    169,179 
Crowdstrike Holdings, Inc., Class A (a)   345,867    121,946 
MicroStrategy, Inc., Class A (a)   724,196    208,764 
Samsara, Inc., Class A (a)   2,609,784    100,033 
         767,250 
Specialized REITs (1.2%)
American Tower Corp. REIT   180,996    39,385 
Total Common Stocks (Cost $2,301,051)        3,157,889 
           
Preferred Stocks (4.1%)          
Financial Services (0.5%)          
Stripe, Inc., Series I(a)(c)(d) (acquisition cost — $12,876; acquired 3/17/23)   639,525    17,843 
           
Software (3.6%)          
Databricks, Inc., Series H(a)(c)(d) (acquisition cost — $102,163; acquired 8/31/21)   1,390,269    124,081 
Total Preferred Stocks (Cost $115,039)        141,924 
           
Investment Company (2.9%)          
iShares Bitcoin Trust ETF (a) (Cost $85,132)   2,200,116    102,987 
           
Short-Term Investments (1.9%)
Investment Company (1.9%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (e) (Cost $64,903)   64,903,024    64,903 
           
Securities held as Collateral on Loaned Securities (0.0%)‡
Investment Company (0.0%)‡          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (e)   781,147    781 

 

   Face
Amount
(000)		     
Repurchase Agreements (0.0%)‡
Merrill Lynch & Co., Inc., (4.20%, dated 3/31/25, due 4/1/25; proceeds $51; fully collateralized by a U.S. Government obligation; 3.75% due 8/15/27; valued at $52)  $51    51 
Merrill Lynch & Co., Inc., (4.36%, dated 3/31/25, due 4/1/25; proceeds $140; fully collateralized by U.S. Government obligations; 0.00% - 4.63% due 1/31/26 - 2/15/46; valued at $142)   139    139 
         190 
Total Securities held as Collateral on Loaned Securities (Cost $971)        971 
Total Short-Term Investments (Cost $65,874)        65,874 
Total Investments Excluding Purchased Options (99.9%) (Cost $2,567,096)        3,468,674 
Total Purchased Options Outstanding (0.2%) (Cost $15,962)        6,286 
Total Investments (100.1%) (Cost $2,583,058) including $851 of Securities Loaned (f)(g)(h)(i)        3,474,960 
Liabilities in Excess of Other Assets (–0.1%)        (4,376)
Net Assets (100.0%)       $3,470,584 

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Consolidated Portfolio of Investments (cont’d)

Growth Portfolio

 

‡ Amount is less than 0.05%.
(a) Non-income producing security.
(b) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2025, were approximately $851,000 and $971,000, respectively. The Fund received cash collateral of approximately $971,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c) Security 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 March 31, 2025 amounts to approximately $141,924,000 and represents 4.1% of net assets.
(d) At March 31, 2025, the Fund held fair valued securities at approximately $141,924,000, representing 4.1% of net assets. These securities have been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(e) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity 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 three months ended March 31, 2025, advisory fees paid were reduced by approximately $41,000 relating to the Fund’s investment in the Liquidity Fund.
(f) The approximate fair value and percentage of net assets, $103,212,000 and 3.0%, 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.
(g) Securities are available for collateral in connection with purchased options.
(h) The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). 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 three months ended March 31, 2025, the Fund engaged in cross-trade sales of approximately $11,391,000 which resulted in total realized loss of approximately $2,640,000.
(i) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,067,106,000 and the aggregate gross unrealized depreciation is approximately $175,204,000, resulting in net unrealized appreciation of approximately $891,902,000.
ETF Exchange Traded Fund.
REIT Real Estate Investment Trust.

 

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Consolidated Portfolio of Investments (cont’d)

Growth Portfolio

 

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2025:

 

Counterparty  Description  Strike
Price		   Expiration
Date		  Number of
Contracts		   Notional
Amount
(000)		   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Depreciation
(000)		 
JPMorgan Chase Bank NA  USD/CNH  CNH 7.66   Sep–25   429,969,490   $429,969   $616   $1,783   $(1,167)
Standard Chartered Bank  USD/CNH  CNH 7.77   Oct–25   852,322,605    852,323    1,354    3,710    (2,356)
JPMorgan Chase Bank NA  USD/CNH  CNH 7.77   Jul–25   392,396,616    392,397    251    1,708    (1,457)
JPMorgan Chase Bank NA  USD/CNH  CNH 7.82   Feb–26   995,165,827    995,166    3,007    4,109    (1,102)
Goldman Sachs & Co. LLC  USD/CNH  CNH 8.02   Dec–25   981,418,394    981,418    1,058    4,652    (3,594)
                         $6,286   $15,962   $(9,676)

 

CNH — Chinese Yuan Renminbi Offshore
USD — United States Dollar

 

 

 

 

Portfolio Composition*    
Classification  Percentage of
Total Investments		 
Software   25.7%
Information Technology Services   21.2 
Other**   18.2 
Hotels, Restaurants & Leisure   10.0 
Financial Services   9.3 
Broadline Retail   8.7 
Automobiles      6.9 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2025.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Consolidated Portfolio of Investments 

Inception Portfolio

 

   Shares   Value
(000)		 
Common Stocks (92.0%)
Beverages (7.8%)
Celsius Holdings, Inc. (a)   674,757   $24,035 
           
Biotechnology (8.8%)
Arbutus Biopharma Corp. (a)   2,126,968    7,423 
Beam Therapeutics, Inc. (a)   29,843    583 
Biohaven Ltd. (a)   25,660    617 
Immunovant, Inc. (a)   41,388    707 
Intellia Therapeutics, Inc. (a)   121,237    862 
ProKidney Corp. (a)(b)   275,498    241 
Recursion Pharmaceuticals, Inc., Class A (a)   74,570    395 
Roivant Sciences Ltd. (a)   1,447,543    14,606 
XOMA Royalty Corp. (a)   69,311    1,381 
         26,815 
Broadline Retail (6.4%)
Global-e Online Ltd. (Israel) (a)   548,414    19,551 
           
Chemicals (0.1%)
Ginkgo Bioworks Holdings, Inc. (a)(b)   28,362    162 
           
Financial Services (7.3%)
Affirm Holdings, Inc. (a)   324,930    14,684 
Burford Capital Ltd.   584,443    7,720 
         22,404 
Health Care Equipment & Supplies (1.7%)
Outset Medical, Inc. (a)(b)   18,188    201 
Semler Scientific, Inc. (a)(b)   136,705    4,949 
         5,150 
Health Care Providers & Services (7.4%)
Agilon Health, Inc. (a)   5,262,547    22,787 
           
Health Care Technology (0.2%)
Schrodinger, Inc. (a)   35,482    700 
           
Hotels, Restaurants & Leisure (0.5%)
Sweetgreen, Inc., Class A (a)   63,386    1,586 
           
Household Durables (0.6%)
Victoria PLC (United Kingdom) (a)   1,613,626    1,840 
           
Information Technology Services (9.1%)
Cloudflare, Inc., Class A (a)   246,593    27,789 
           
Leisure Products (4.6%)
Peloton Interactive, Inc., Class A (a)   2,238,913    14,150 
           
Life Sciences Tools & Services (2.0%)
10X Genomics, Inc., Class A (a)   78,320    684 
MaxCyte, Inc. (a)   951,451    2,598 
Standard BioTools, Inc. (a)   2,680,905    2,895 
         6,177 
Metals & Mining (0.5%)
MP Materials Corp. (a)   62,090    1,516 
           
Oil, Gas & Consumable Fuels (0.5%)
Sable Offshore Corp. (a)   61,624    1,563 
           
Passenger Airlines (0.5%)
Joby Aviation, Inc. (a)   264,875    1,594 
           
Personal Care Products (5.7%)
Oddity Tech Ltd., Class A (Israel) (a)   405,289    17,533 
           
Pharmaceuticals (0.7%)
ATAI Life Sciences NV (a)(b)   511,994    696 
GH Research PLC (a)(b)   74,570    822 
Structure Therapeutics, Inc. ADR (China) (a)   31,982    554 
         2,072 
Real Estate Management & Development (6.3%)
Landbridge Co. LLC, Class A   261,629    18,822 
Opendoor Technologies, Inc. (a)   608,891    621 
         19,443 
Software (12.4%)
Aurora Innovation, Inc. (a)   2,619,514    17,616 
MicroStrategy, Inc., Class A (a)   40,822    11,768 
QXO, Inc.   634,514    8,591 
         37,975 
Specialty Retail (2.4%)
Beyond, Inc. (a)   37,577    218 
Floor & Decor Holdings, Inc., Class A (a)   54,332    4,372 
RH (a)   907    213 
Wayfair, Inc., Class A (a)   77,153    2,471 
         7,274 
Tech Hardware, Storage & Peripherals (2.8%)
IonQ, Inc. (a)   384,256    8,480 
           
Trading Companies & Distributors (3.7%)
Core & Main, Inc., Class A (a)   232,952    11,254 
Total Common Stocks (Cost $271,232)        281,850 
           
Preferred Stocks (2.8%)          
Health Care Technology (1.1%)          
Included Health, Inc., Series B(a)(c)(d) (acquisition cost — $3,362; acquired 7/03/14)   3,269,139    3,335 
           
Software (1.7%)          
Lookout, Inc., Series F(a)(c)(d) (acquisition cost — $13,476; acquired 6/17/14)   1,179,743    5,285 
Total Preferred Stocks (Cost $16,838)        8,620 
           
Investment Company (3.2%)          
iShares Bitcoin Trust ETF (a) (Cost $8,217)   212,347    9,940 

 

   No. of
Warrants		     
Warrants (0.0%)          
Life Sciences Tools & Services (0.0%)          
SomaLogic, Inc. expires 8/31/26(a)(d) (Cost $203)   61,142    — 

 

   Shares     
Short-Term Investments (3.8%)
Investment Company (2.3%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (e) (Cost $7,122)   7,122,153    7,122 
           
Securities held as Collateral on Loaned Securities (1.5%)
Investment Company (1.2%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (e)   3,556,466    3,556 

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Consolidated Portfolio of Investments (cont’d)

Inception Portfolio

 

   Face
Amount
(000)		   Value
(000)		 
Repurchase Agreements (0.3%)          
Merrill Lynch & Co., Inc., (4.20%, dated 3/31/25, due 4/1/25; proceeds $231; fully collateralized by a U.S. Government obligation; 3.75% due 8/15/27; valued at $235)  $231   $231 
Merrill Lynch & Co., Inc., (4.36%, dated 3/31/25, due 4/1/25; proceeds $635; fully collateralized by U.S. Government obligations; 0.00% - 4.63% due 1/31/26 - 2/15/46; valued at $648)   635    635 
         866 
Total Securities held as Collateral on Loaned Securities (Cost $4,422)        4,422 
Total Short-Term Investments (Cost $11,544)        11,544 
Total Investments Excluding Purchased Options (101.8%) (Cost $308,034)        311,954 
Total Purchased Options Outstanding (0.2%) (Cost $1,389)        542 
Total Investments (102.0%) (Cost $309,423) including $4,171 of Securities Loaned (f)(g)(h)(i)        312,496 
Liabilities in Excess of Other Assets (–2.0%)        (6,083)
Net Assets (100.0%)       $306,413 

 

(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 March 31, 2025, were approximately $4,171,000 and $4,450,000, respectively. The Fund received cash collateral of approximately $4,422,000, 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 $28,000 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 March 31, 2025 amounts to approximately $8,620,000 and represents 2.8% of net assets.
(d) At March 31, 2025, the Fund held fair valued securities valued at approximately $8,620,000, representing 2.8% of net assets. These securities have been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(e) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity 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 three months ended March 31, 2025, advisory fees paid were reduced by approximately $5,000 relating to the Fund’s investment in the Liquidity Fund.
(f) The approximate fair value and percentage of net assets, $1,840,000 and 0.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g) Securities are available for collateral in connection with purchased options.
(h) The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). 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 three months ended March 31, 2025, the Fund engaged in cross-trade purchases of approximately $8,143,000.
(i) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $62,224,000 and the aggregate gross unrealized depreciation is approximately $59,151,000, resulting in net unrealized appreciation of approximately $3,073,000.
ADR American Depositary Receipt.
ETF Exchange Traded Fund.

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Consolidated Portfolio of Investments (cont’d)

Inception Portfolio

 

Call Options Purchased:                  

The Fund had the following call options purchased open at March 31, 2025:                  

 

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		   Notional
Amount
(000)		   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Depreciation
(000)		 
JPMorgan Chase Bank NA  USD/CNH  CNH 7.66  Sep–25   37,545,145   $37,545   $54   $156   $(102)
Standard Chartered Bank  USD/CNH  CNH 7.77  Oct–25   71,643,928    71,644    114    312    (198)
JPMorgan Chase Bank NA  USD/CNH  CNH 7.77  Jul–25   37,836,821    37,837    24    164    (140)
JPMorgan Chase Bank NA  USD/CNH  CNH 7.82  Feb–26   85,420,861    85,421    258    353    (95)
Goldman Sachs & Co. LLC  USD/CNH  CNH 8.02  Dec–25   85,292,422    85,292    92    404    (312)
                        $542   $1,389   $(847)

 

CNH — Chinese Yuan Renminbi Offshore
USD — United States Dollar

 

 

 

 

Portfolio Composition*    
Classification  Percentage of
Total Investments		 
Other**   27.3%
Software   14.1 
Information Technology Services   9.0 
Biotechnology   8.7 
Beverages   7.8 
Health Care Providers & Services   7.4 
Financial Services   7.3 
Broadline Retail   6.4 
Real Estate Management & Development   6.3 
Personal Care Products   5.7 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2025.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Consolidated Portfolio of Investments 

International Advantage Portfolio

 

   Shares   Value
(000)		 
Common Stocks (98.6%)          
Brazil (1.5%)          
NU Holdings Ltd., Class A(a)   3,680,850   $37,692 
           
Canada (9.4%)          
Brookfield Corp.   1,082,961    56,758 
Brookfield Infrastructure Partners LP   1,217,942    36,282 
Canada Goose Holdings, Inc.(a)(b)(c)   2,807,545    22,320 
Canadian Pacific Kansas City Ltd.   1,179,662    82,787 
Shopify, Inc., Class A(a)   464,552    44,311 
         242,458 
Denmark (7.3%)          
DSV AS   968,424    187,275 
           
France (22.2%)          
EssilorLuxottica SA   158,509    45,677 
Hermes International SCA   91,702    241,278 
L’Oreal SA   269,756    100,266 
LVMH Moet Hennessy Louis Vuitton SE   99,020    61,321 
Schneider Electric SE   525,817    121,383 
         569,925 
Germany (1.1%)          
Birkenstock Holding PLC(a)   629,624    28,868 
           
Hong Kong (2.7%)          
AIA Group Ltd.   9,030,700    68,361 
           
India (8.2%)          
HDFC Bank Ltd.   3,923,662    83,638 
ICICI Bank Ltd. ADR   2,955,400    93,154 
Titan Co. Ltd.   918,299    32,772 
         209,564 
Italy (6.2%)          
Moncler SpA   2,571,884    158,421 
           
Japan (5.4%)          
Keyence Corp.   251,300    98,814 
Sanrio Co. Ltd.   868,800    40,195 
         139,009 
Netherlands (5.1%)          
Adyen NV(a)   26,990    41,370 
ASML Holding NV   134,939    89,299 
         130,669 
Sweden (7.2%)          
Spotify Technology SA(a)   338,051    185,938 
           
Switzerland (5.8%)          
Chocoladefabriken Lindt & Spruengli AG (Registered)   284    37,268 
Cie Financiere Richemont SA, Class A (Registered)   246,612    43,050 
Straumann Holding AG (Registered)   572,153    69,267 
         149,585 
Taiwan (4.7%)          
Taiwan Semiconductor Manufacturing Co. Ltd.   4,264,000    120,087 
           
United Kingdom (4.5%)          
London Stock Exchange Group PLC   584,739    86,849 
Rightmove PLC   3,115,938    27,742 
         114,591 
United States (7.3%)          
Liberty Media Corp.-Liberty Formula One, Class C(a)   685,583    61,710 
MercadoLibre, Inc.(a)   64,298    125,437 
         187,147 
Total Common Stocks (Cost $1,731,560)        2,529,590 
           
Short-Term Investments (1.9%)
Investment Company (1.5%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (d) (Cost $38,137)   38,136,509    38,137 
           
Securities held as Collateral on Loaned Securities (0.4%)
Investment Company (0.3%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (d)   7,492,259    7,492 

 

   Face
Amount
(000)		     
Repurchase Agreements (0.1%)          
Merrill Lynch & Co., Inc., (4.20%, dated 3/31/25, due 4/1/25; proceeds $486; fully collateralized by a U.S. Government obligation; 3.75% due 8/15/27; valued at $495)  $486    486 
Merrill Lynch & Co., Inc., (4.36%, dated 3/31/25, due 4/1/25; proceeds $1,338; fully collateralized by U.S. Government obligations; 0.00% - 4.63% due 1/31/26 - 2/15/46; valued at $1,365)   1,338    1,338 
         1,824 
Total Securities held as Collateral on Loaned Securities (Cost $9,316)        9,316 
Total Short-Term Investments (Cost $47,453)        47,453 
Total Investments (100.5%) (Cost $1,779,013) including $12,341 of Securities Loaned (e)(f)(g)        2,577,043 
Liabilities in Excess of Other Assets (–0.5%)        (12,716)
Net Assets (100.0%)       $2,564,327 

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Consolidated Portfolio of Investments (cont’d)

International Advantage Portfolio

 

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

 

(a) Non-income producing security.
(b) For the three months ended March 31, 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 $2,501,000, 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 March 31, 2025, were approximately $12,341,000 and $13,195,000, respectively. The Fund received cash collateral of approximately $9,316,000, 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 $3,879,000 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.
(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 three months ended March 31, 2025, advisory fees paid were reduced by approximately $14,000 relating to the Fund’s investment in the Liquidity Fund.
(e) The approximate fair value and percentage of net assets, $1,754,333,000 and 68.4%, 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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(g) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $909,077,000 and the aggregate gross unrealized depreciation is approximately $111,047,000, resulting in net unrealized appreciation of approximately $798,030,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition*    
     
Classification  Percentage of
Total Investments		 
Other**   38.0%
Textiles, Apparel & Luxury Goods   22.9 
Entertainment   9.6 
Banks   8.4 
Semiconductors & Semiconductor Equipment   8.2 
Air Freight & Logistics   7.3 
Capital Markets   5.6 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2025.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Portfolio of Investments 

International Equity Portfolio

 

   Shares   Value
(000)		 
Common Stocks (97.2%)          
Australia (0.7%)          
Aristocrat Leisure Ltd.   98,842   $3,997 
           
Belgium (1.0%)          
KBC Group NV   62,326    5,681 
           
Canada (4.3%)          
Agnico Eagle Mines Ltd.   57,200    6,197 
Constellation Software, Inc.   3,485    11,037 
Tourmaline Oil Corp.   129,268    6,234 
         23,468 
China (3.8%)          
ANTA Sports Products Ltd.(a)   444,000    4,882 
Tencent Holdings Ltd.(a)   91,000    5,815 
Tsingtao Brewery Co. Ltd., Class H(a)   1,378,000    9,923 
         20,620 
Denmark (4.0%)          
DSV AS   51,685    9,995 
Tryg AS   484,755    11,531 
         21,526 
Finland (4.4%)          
Kone OYJ, Class B   244,200    13,474 
Nordea Bank Abp   820,650    10,496 
         23,970 
France (16.5%)          
Capgemini SE   88,329    13,272 
Dassault Systemes SE   237,855    9,056 
Legrand SA   107,727    11,409 
L’Oreal SA   48,811    18,143 
LVMH Moet Hennessy Louis Vuitton SE   16,696    10,339 
Pernod Ricard SA   67,966    6,715 
Safran SA   48,211    12,693 
Sanofi SA   71,678    7,936 
         89,563 
Germany (11.4%)          
Deutsche Boerse AG   26,893    7,935 
Infineon Technologies AG   336,113    11,204 
Merck KGaA   70,507    9,703 
Qiagen NV(b)   291,204    11,569 
SAP SE   79,061    21,184 
         61,595 
Hong Kong (2.0%)          
AIA Group Ltd.(a)   1,408,000    10,658 
           
Italy (2.6%)          
Davide Campari-Milano NV   1,407,279    8,272 
Moncler SpA   96,709    5,957 
         14,229 
Japan (7.3%)          
Keyence Corp.   35,500    13,959 
Murata Manufacturing Co. Ltd.   474,400    7,318 
SMC Corp.   24,500    8,767 
Sony Group Corp.   380,700    9,633 
         39,677 
Korea, Republic of (1.7%)          
Samsung Electronics Co. Ltd.   228,052    9,041 
           
Netherlands (5.4%)          
ASML Holding NV   18,761    12,415 
EXOR NV   88,730    8,058 
Universal Music Group NV   323,364    8,929 
         29,402 
Singapore (1.1%)          
DBS Group Holdings Ltd.   167,610    5,756 
           
Spain (1.7%)          
Amadeus IT Group SA   117,319    8,985 
           
Sweden (3.1%)          
Epiroc AB, Class A   318,385    6,411 
Hexagon AB, Class B   948,013    10,134 
         16,545 
Taiwan (2.3%)          
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   73,885    12,265 
           
United Kingdom (23.9%)          
Anglo American PLC   285,392    7,999 
Associated British Foods PLC   343,748    8,522 
AstraZeneca PLC   93,048    13,664 
Experian PLC   130,910    6,066 
Haleon PLC   2,324,460    11,739 
Halma PLC   374,358    12,560 
Hiscox Ltd.   414,741    6,317 
London Stock Exchange Group PLC   64,680    9,607 
NatWest Group PLC   1,239,811    7,320 
Reckitt Benckiser Group PLC   77,506    5,241 
RELX PLC (Euronext NV)   89,742    4,511 
RELX PLC (LSE)   80,835    4,060 
Rightmove PLC   1,351,266    12,031 
Shell PLC   309,077    11,250 
St. James’s Place PLC   651,760    8,285 
         129,172 
Total Common Stocks (Cost $393,299)        526,150 

 

   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 (1.6%)
Investment Company (1.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (d) (Cost $8,417)   8,417,173    8,417 
Total Investments (98.8%) (Cost $401,716) (e)(f)(g)        534,567 
Other Assets in Excess of Liabilities (1.2%)        6,537 
Net Assets (100.0%)       $541,104 

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Portfolio of Investments (cont’d)

International Equity Portfolio

 

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

 

(a) Security trades on the Hong Kong exchange.
(b) Non-income producing security.
(c) At March 31, 2025, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(d) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity 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 three months ended March 31, 2025, advisory fees paid were reduced by approximately $4,000 relating to the Fund’s investment in the Liquidity Fund.
(e) The approximate fair value and percentage of net assets, $490,417,000 and 90.6%, 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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(g) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $148,867,000 and the aggregate gross unrealized depreciation is approximately $16,016,000, resulting in net unrealized appreciation of approximately $132,851,000.
ADR American Depositary Receipt.
Euronext NV Euronext Amsterdam Stock Market.
LSE London Stock Exchange.

 

 

 

 

Portfolio Composition    
Classification  Percentage of
Total Investments		 
Other*   53.1%
Electronic Equipment, Instruments & Components   8.2 
Pharmaceuticals   8.1 
Software   7.7 
Semiconductors & Semiconductor Equipment   6.7 
Banks   5.6 
Machinery   5.3 
Insurance   5.3 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Consolidated Portfolio of Investments 

International Opportunity Portfolio

 

   Shares   Value
(000)		 
Common Stocks (97.6%)          
Brazil (5.4%)          
Cia de Saneamento Basico do Estado de Sao Paulo SABESP   790,916   $14,137 
NU Holdings Ltd., Class A(a)   2,522,627    25,832 
         39,969 
Canada (3.9%)          
Canadian Pacific Kansas City Ltd.   113,559    7,970 
Shopify, Inc., Class A(a)   220,195    21,003 
         28,973 
China (12.9%)          
Kweichow Moutai Co. Ltd., Class A   68,431    14,739 
Meituan, Class B(a)(b)   1,472,520    29,631 
PDD Holdings, Inc. ADR(a)   89,195    10,556 
Tencent Holdings Ltd.(b)   209,800    13,406 
Trip.com Group Ltd. ADR   426,725    27,131 
         95,463 
Denmark (5.7%)          
DSV AS   217,612    42,082 
           
France (12.2%)          
Hermes International SCA   12,942    34,052 
L’Oreal SA   31,375    11,662 
LVMH Moet Hennessy Louis Vuitton SE   22,342    13,836 
Schneider Electric SE   133,709    30,866 
         90,416 
India (12.5%)          
Axis Bank Ltd.   878,539    11,269 
HDFC Bank Ltd.   1,288,013    27,456 
ICICI Bank Ltd. ADR   1,006,995    31,740 
Titan Co. Ltd.   359,389    12,826 
Zomato Ltd.(a)   4,208,343    9,886 
         93,177 
Italy (3.8%)          
Moncler SpA   452,135    27,850 
           
Japan (6.6%)          
Keyence Corp.   38,200    15,021 
Sanrio Co. Ltd.   736,900    34,093 
         49,114 
Korea, Republic of (6.5%)          
Coupang, Inc.(a)   1,392,401    30,536 
KakaoBank Corp.   1,167,589    17,632 
         48,168 
Netherlands (4.0%)          
Adyen NV(a)   7,077    10,847 
ASML Holding NV   28,192    18,657 
         29,504 
Singapore (1.8%)          
Grab Holdings Ltd., Class A(a)   2,957,920    13,399 
           
Sweden (5.7%)          
Spotify Technology SA(a)   76,901    42,298 
           
Switzerland (1.5%)          
On Holding AG, Class A(a)   260,741    11,452 
           
Taiwan (3.4%)          
Taiwan Semiconductor Manufacturing Co. Ltd.   903,000    25,431 
           
United Kingdom (3.2%)          
London Stock Exchange Group PLC   160,224    23,797 
           
United States (8.5%)          
Liberty Media Corp.-Liberty Formula One, Class C(a)   190,924    17,185 
MercadoLibre, Inc.(a)   23,673    46,183 
         63,368 
Total Common Stocks (Cost $486,035)        724,461 
           
Short-Term Investment (2.6%)
Investment Company (2.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c) (Cost $19,158)   19,157,857    19,158 
Total Investments (100.2%) (Cost $505,193) (d)(e)(f)        743,619 
Liabilities in Excess of Other Assets (–0.2%)        (1,256)
Net Assets (100.0%)       $742,363 

 

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 three months ended March 31, 2025, advisory fees paid were reduced by approximately $9,000 relating to the Fund’s investment in the Liquidity Fund.
(d) The approximate fair value and percentage of net assets, $425,039,000 and 57.3%, 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.
(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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(f) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $283,986,000 and the aggregate gross unrealized depreciation is approximately $45,560,000, resulting in net unrealized appreciation of approximately $238,426,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition    
     
Classification  Percentage of
Total Investments		 
Other*   31.0%
Banks   15.3 
Textiles, Apparel & Luxury Goods   13.4 
Broadline Retail   11.7 
Hotels, Restaurants & Leisure   9.0 
Entertainment   8.0 
Semiconductors & Semiconductor Equipment   5.9 
Air Freight & Logistics   5.7 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Portfolio of Investments 

International Resilience Portfolio

 

   Shares   Value
(000)		 
Common Stocks (94.8%)          
Australia (1.3%)          
Aristocrat Leisure Ltd.   604   $24 
           
Canada (2.3%)          
Constellation Software, Inc.   14    44 
           
Denmark (2.2%)          
DSV AS   220    42 
           
Finland (2.9%)          
Kone OYJ, Class B   1,009    56 
           
France (18.3%)          
Capgemini SE   344    52 
Dassault Systemes SE   897    34 
Legrand SA   487    51 
L’Oreal SA   201    75 
LVMH Moet Hennessy Louis Vuitton SE   68    42 
Pernod Ricard SA   239    24 
Safran SA   208    55 
Sanofi SA   163    18 
         351 
Germany (13.9%)          
Deutsche Boerse AG   178    52 
Infineon Technologies AG   708    24 
Merck KGaA   215    30 
Qiagen NV(a)   1,219    48 
SAP SE   417    112 
         266 
Hong Kong (1.5%)          
AIA Group Ltd.   3,800    29 
           
Italy (3.3%)          
Davide Campari-Milano NV   5,916    35 
Moncler SpA   456    28 
         63 
Japan (4.1%)          
Keyence Corp.   200    79 
           
Netherlands (5.1%)          
ASML Holding NV   86    57 
Universal Music Group NV   1,497    41 
         98 
Spain (2.0%)          
Amadeus IT Group SA   495    38 
           
Sweden (4.2%)          
Epiroc AB, Class A   1,494    30 
Hexagon AB, Class B   4,711    50 
         80 
Switzerland (0.9%)          
Alcon AG   190    18 
           
Taiwan (2.9%)          
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   337    56 
           
United Kingdom (19.5%)          
AstraZeneca PLC   332    49 
Experian PLC   963    45 
Haleon PLC   12,567    63 
Halma PLC   1,685    56 
London Stock Exchange Group PLC   401    60 
RELX PLC (LSE)   974    49 
Rightmove PLC   5,757    51 
         373 
United States (10.4%)          
Aon PLC, Class A   111    44 
Procter & Gamble Co.   280    48 
Thermo Fisher Scientific, Inc.   70    35 
Visa, Inc., Class A   206    72 
         199 
Total Common Stocks (Cost $1,571)        1,816 

 

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

 

   Shares     
Short-Term Investment (1.6%)
Investment Company (1.6%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c) (Cost $31)   30,944    31 
Total Investments (96.4%) (Cost $1,602) (d)(e)(f)        1,847 
Other Assets in Excess of Liabilities (3.6%)        68 
Net Assets (100.0%)       $1,915 

 

 

 

 

Morgan Stanley Institutional Fund, Inc. 

First Quarter Report – March 31, 2025 (unaudited) 

Portfolio of Investments (cont’d)

International Resilience Portfolio

 

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

 

(a) Non-income producing security.
(b) At March 31, 2025, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(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 three months ended March 31, 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, $1,517,000 and 79.2%, 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.
(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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(f) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $333,000 and the aggregate gross unrealized depreciation is approximately $88,000, resulting in net unrealized appreciation of approximately $245,000.
ADR American Depositary Receipt.
LSE London Stock Exchange.

 

 

 

 

Portfolio Composition    
     
Classification  Percentage of
Total Investments		 
Other*   52.4%
Software   10.3 
Electronic Equipment, Instruments & Components   10.0 
Pharmaceuticals   8.7 
Semiconductors & Semiconductor Equipment   7.4 
Capital Markets   6.1 
Professional Services   5.1 
Total Investments   100.0%

 

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

 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Consolidated Portfolio of Investments

Multi-Asset Real Return Portfolio

 

   Shares   Value
(000)		 
Common Stocks (21.6%)          
Australia (1.6%)          
Ampol Ltd.   45   $1 
BHP Group Ltd.   1,480    36 
BlueScope Steel Ltd.   136    2 
Capricorn Metals Ltd. (a)   481    2 
Emerald Resources NL (a)   776    2 
Evolution Mining Ltd.   2,511    11 
Fortescue Ltd.   495    5 
Genesis Minerals Ltd. (a)   1,467    3 
Gold Road Resources Ltd.   1,462    3 
James Hardie Industries PLC (a)   129    3 
Mineral Resources Ltd. (a)   56    1 
Northern Star Resources Ltd.   1,634    19 
Orica Ltd.   147    1 
Perseus Mining Ltd.   1,769    4 
Pilbara Minerals Ltd. (a)   873    1 
Ramelius Resources Ltd.   1,484    2 
Regis Resources Ltd. (a)   948    2 
Rio Tinto Ltd.   108    8 
Santos Ltd.   620    3 
South32 Ltd.   1,323    3 
Vault Minerals Ltd. (a)   8,397    2 
West African Resources Ltd. (a)   1,329    2 
Westgold Resources Ltd.   588    1 
Woodside Energy Group Ltd.   378    5 
         122 
Austria (0.0%)‡          
OMV AG   29    2 
Voestalpine AG   39    1 
         3 
Belgium (0.0%)‡          
Syensqo SA   22    1 
Umicore SA   71    1 
         2 
Canada (4.7%)          
Agnico Eagle Mines Ltd. (NYSE)   401    43 
Agnico Eagle Mines Ltd. (TSX)   145    16 
Alamos Gold, Inc., Class A   499    13 
ARC Resources Ltd.   113    2 
Aya Gold & Silver, Inc. (a)   151    1 
B2Gold Corp. (b)   1,595    5 
Barrick Gold Corp. (NYSE)   1,469    29 
Barrick Gold Corp. (LSE) (TSX)   514    10 
Calibre Mining Corp. (a)   914    2 
Cameco Corp.   85    3 
Canadian Natural Resources Ltd.   421    13 
CCL Industries, Inc., Class B   44    2 
Cenovus Energy, Inc.   278    4 
Centerra Gold, Inc.   264    2 
Dundee Precious Metals, Inc.   231    3 
Eldorado Gold Corp. (a)   253    4 
Enbridge, Inc.   422    19 
Equinox Gold Corp. (a)   398    3 
First Majestic Silver Corp.   354    2 
First Quantum Minerals Ltd. (a)   206    3 
Fortuna Mining Corp. (a)   378    2 
Franco-Nevada Corp. (NYSE)   155    24 
Franco-Nevada Corp. (TSX) (b)   55    9 
IAMGOLD Corp. (a)   614    4 
Imperial Oil Ltd.   35    3 
Ivanhoe Mines Ltd., Class A (a)(b)   194    2 
K92 Mining, Inc. (a)   295    3 
Keyera Corp.   44    1 
Kinross Gold Corp. (NYSE)   1,521    19 
Kinross Gold Corp. (TSX)   358    4 
Lundin Mining Corp. (b)   201    2 
MAG Silver Corp. (a)   127    2 
MEG Energy Corp. (b)   52    1 
New Gold, Inc. (a)   855    3 
Nutrien Ltd. (b)   144    7 
OceanaGold Corp.   865    3 
Osisko Gold Royalties Ltd. (b)   231    5 
Pan American Silver Corp. (NYSE)   448    12 
Pan American Silver Corp. (TSX)   107    3 
Parkland Corp.   28    1 
Pembina Pipeline Corp.   115    5 
Sandstorm Gold Ltd.   368    3 
South Bow Corp. (b)   39    1 
SSR Mining, Inc. (a)   251    2 
Suncor Energy, Inc.   254    10 
TC Energy Corp. (b)   206    10 
Teck Resources Ltd., Class B   136    5 
Torex Gold Resources, Inc. (a)   108    3 
Tourmaline Oil Corp. (b)   67    3 
Wesdome Gold Mines Ltd. (a)   187    2 
West Fraser Timber Co. Ltd.   17    1 
Wheaton Precious Metals Corp. (NYSE)   366    28 
Wheaton Precious Metals Corp. (TSX)   133    10 
         372 
China (0.3%)          
Zhaojin Mining Industry Co. Ltd., H Shares (c)   3,594    7 
Zijin Mining Group Co. Ltd., H Shares (c)   6,628    15 
         22 
Denmark (0.1%)          
Novozymes AS Series B   109    6 
           
Finland (0.1%)          
Neste OYJ   82    1 
Stora Enso OYJ, Class R   179    2 
UPM-Kymmene OYJ (b)   157    4 
         7 
France (0.8%)          
Air Liquide SA   168    32 
ArcelorMittal SA   149    4 
Arkema SA   18    1 
TotalEnergies SE   432    28 
         65 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report − March 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Multi-Asset Real Return Portfolio

 

   Shares   Value
(000)		 
Germany (1.2%)          
BASF SE   261   $13 
Covestro AG (a)   55    3 
Evonik Industries AG   72    2 
Heidelberg Materials AG   37    6 
Linde PLC   141    66 
Symrise AG   38    4 
         94 
Ireland (0.2%)          
CRH PLC   203    18 
           
Israel (0.0%)‡          
ICL Group Ltd.   234    1 
           
Italy (0.1%)          
Eni SpA   437    7 
Tenaris SA   91    2 
         9 
Japan (0.6%)          
Asahi Kasei Corp.   367    2 
ENEOS Holdings, Inc.   572    3 
Idemitsu Kosan Co. Ltd.   185    1 
Inpex Corp.   194    3 
JFE Holdings, Inc. (b)   168    2 
Mitsubishi Chemical Group Corp.   393    2 
Mitsui Chemicals, Inc.   54    1 
Nippon Paint Holdings Co. Ltd.   290    2 
Nippon Sanso Holdings Corp.   54    2 
Nippon Steel Corp. (b)   249    5 
Nissan Chemical Corp.   37    1 
Nitto Denko Corp.   210    4 
Shin-Etsu Chemical Co. Ltd.   526    15 
Sumitomo Metal Mining Co. Ltd.   76    2 
Toray Industries, Inc.   405    3 
         48 
Netherlands (0.1%)          
Akzo Nobel NV   50    3 
DSM-Firmenich AG   53    5 
OCI NV (a)   36    1 
         9 
Norway (0.1%)          
Aker BP ASA   61    1 
Equinor ASA   179    5 
Norsk Hydro ASA   388    2 
Yara International ASA   52    2 
         10 
Peru (0.1%)          
Cia de Minas Buenaventura SAA ADR   312    5 
           
Portugal (0.0%)‡          
Galp Energia SGPS SA   89    2 
           
South Africa (0.4%)          
DRDGOLD Ltd. ADR   110    2 
Gold Fields Ltd. ADR   910    20 
Harmony Gold Mining Co. Ltd. ADR (b)   778    11 
         33 
Spain (0.0%)‡          
Repsol SA   243    3 
           
Sweden (0.1%)          
Boliden AB   79    3 
Holmen AB, Class B (b)   24    1 
Svenska Cellulosa AB SCA, Class B (a)(b)   178    2 
         6 
Switzerland (0.6%)          
Clariant AG (Registered) (a)   74    1 
EMS-Chemie Holding AG (Registered)   2    1 
Givaudan SA (Registered)   3    13 
Holcim AG (a)   153    16 
SIG Group AG (a)   93    2 
Sika AG (Registered) (a)   45    11 
         44 
United Kingdom (1.9%)          
Anglo American PLC   371    10 
Anglogold Ashanti PLC (LSE)   176    7 
Anglogold Ashanti PLC (NYSE)   528    20 
Antofagasta PLC   116    3 
BP PLC   3,410    19 
Croda International PLC   40    1 
Endeavour Mining PLC (LSE)   58    1 
Endeavour Mining PLC (TSX)   307    7 
Glencore PLC (a)   3,025    11 
Mondi PLC   135    2 
Rio Tinto PLC   329    20 
Shell PLC   1,295    47 
         148 
United States (8.6%)          
Air Products & Chemicals, Inc.   65    19 
Albemarle Corp.   34    2 
Amcor PLC   422    4 
APA Corp.   71    2 
Avery Dennison Corp.   23    4 
Baker Hughes Co.   200    9 
Ball Corp.   93    5 
Celanese Corp.   32    2 
CF Industries Holdings, Inc.   55    4 
Cheniere Energy, Inc.   47    11 
Chevron Corp.   355    59 
Cleveland-Cliffs, Inc. (a)   155    1 
Coeur Mining, Inc. (a)   771    5 
ConocoPhillips   266    28 
Corteva, Inc.   205    13 
Coterra Energy, Inc.   151    4 
Crown Holdings, Inc.   35    3 
Devon Energy Corp.   127    5 
Diamondback Energy, Inc.   33    5 
Dow, Inc.   204    7 
DuPont de Nemours, Inc.   126    9 
Eastman Chemical Co.   34    3 
Ecolab, Inc.   75    19 
EOG Resources, Inc.   117    15 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report − March 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Multi-Asset Real Return Portfolio

 

   Shares   Value
(000)		 
United States (cont’d)          
EQT Corp.   77   $4 
Expand Energy Corp.   22    2 
Exxon Mobil Corp.   902    107 
FMC Corp.   37    2 
Freeport-McMoRan, Inc.   418    16 
Halliburton Co.   178    5 
Hecla Mining Co.   779    4 
Hess Corp.   54    9 
HF Sinclair Corp.   30    1 
International Flavors & Fragrances, Inc.   75    6 
International Paper Co.   96    5 
Kinder Morgan, Inc.   398    11 
LyondellBasell Industries NV, Class A   76    5 
Marathon Petroleum Corp.   75    11 
Martin Marietta Materials, Inc.   18    9 
Mosaic Co.   96    3 
Newmont Corp. (TSX)   1,262    61 
Nucor Corp.   72    9 
Occidental Petroleum Corp.   131    7 
ONEOK, Inc.   116    12 
Ovintiv, Inc.   49    2 
Packaging Corp. of America   26    5 
Phillips 66   86    11 
PPG Industries, Inc.   69    8 
Reliance, Inc.   17    5 
Royal Gold, Inc.   81    13 
RPM International, Inc.   37    4 
Schlumberger NV   283    12 
Sherwin-Williams Co.   72    25 
Smurfit WestRock PLC   151    7 
Steel Dynamics, Inc.   46    6 
Targa Resources Corp.   42    8 
Texas Pacific Land Corp.   4    5 
Valero Energy Corp.   68    9 
Vulcan Materials Co.   38    9 
Westlake Corp.   12    1 
Williams Cos., Inc.   242    14 
         671 
Total Common Stocks (Cost $1,528)        1,700 

 

   Face
Amount
(000)		    
U.S. Treasury Security (50.0%)          
United States (50.0%)          
U.S. Treasury Inflation-Indexed Notes, 2.13%, 1/15/35 (Cost $3,897)  $3,822    3,925 

 

   Shares    
Short-Term Investments (26.2%)
Investment Company (25.8%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Portfolio — Institutional Class 4.21% (d) (Cost $2,028)   2,027,526    2,028 
           
Securities held as Collateral on Loaned Securities (0.4%)          
Investment Company (0.3%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class 4.14% (d)   22,125    22 

 

   Face
Amount
(000)		    
Repurchase Agreements (0.1%)          
Merrill Lynch & Co., Inc., (4.20%, dated 3/31/25, due 4/1/25; proceeds $1; fully collateralized by a U.S. Government obligation; 3.75% due 8/15/27; valued at $1)  $1    1 
Merrill Lynch & Co., Inc., (4.36%, dated 3/31/25, due 4/1/25; proceeds $4; fully collateralized by U.S. Government obligations; 0.00% - 4.63% due 1/31/26 - 2/15/46; valued at $4)   4    4 
         5 
Total Securities held as Collateral on Loaned Securities (Cost $27)        27 
Total Short-Term Investments (Cost $2,055)        2,055 
Total Investments (97.8%) (Cost $7,480) including $66 of Securities Loaned (e)(f)(g)(h)        7,680 
Other Assets in Excess of Liabilities (2.2%)        175 
Net Assets (100.0%)       $7,855 

 

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) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2025, were approximately $66,000 and $69,000, respectively. The Fund received cash collateral of approximately $27,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Consolidated Portfolio of Investments. The remaining collateral of approximately $42,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Consolidated Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c) Security trades on the Hong Kong exchange.
(d) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - (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 three months ended March 31, 2025, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Fund.
(e) Securities are available for collateral in connection with foreign currency forward exchange contracts, futures contract and swap agreement.
(f) The approximate fair value and percentage of net assets, $519,000 and 6.6%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(g) The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the “Rule”). 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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(h) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $477,000 and the aggregate gross unrealized depreciation is approximately $110,000, resulting in net unrealized appreciation of approximately $367,000.
ADR American Depositary Receipt.
LSE London Stock Exchange.
NYSE New York Stock Exchange.
TSX Toronto Stock Exchange.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report − March 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Multi-Asset Real Return Portfolio

 

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at March 31, 2025:

 

Counterparty   Contracts
to Deliver
(000)		     In
Exchange
For
(000)		     Delivery
Date		   Unrealized
Appreciation
(Depreciation)
(000)		  
BNP Paribas SA   GBP 10     $ 13     6/18/25   $ — @
Citibank NA   GBP 12     $ 16     6/18/25     — @
Goldman Sachs International   $ — @   CHF — @   6/18/25     (— @)
Goldman Sachs International   $ 16     EUR 15     6/18/25     (— @)
Goldman Sachs International   $ 1     SEK 10     6/18/25     (— @)
JPMorgan Chase Bank NA   GBP 1     $ 1     6/18/25     — @
JPMorgan Chase Bank NA   $ — @   CHF — @   6/18/25     (— @)
JPMorgan Chase Bank NA   $ 9     JPY 1,361     6/18/25     (— @)
                        $ (— @)

 

Futures Contract:

The Fund had the following futures contract open at March 31, 2025:

 

   Number of
Contracts		   Expiration
Date		  Notional
Amount
(000)		   Value
(000)		   Unrealized
Appreciation
(000)		 
Long:                   
COMEX Gold 100 OZ (United States)  5   Jun-25  $1   $1,575   $180 

 

Total Return Swap Agreement:

The Fund had the following total return swap agreement open at March 31, 2025:

 

Swap Counterparty  Index  Pay/
Receive
Total Return
of Reference
Index		  Floating Rate  Payment
Frequency		  Maturity
Date		  Notional
Amount
(000)		  Value
(000)		  Upfront
Payment
Paid
(000)		  Unrealized
Depreciation
(000)		 
Goldman Sachs & Co. LLC  S&P GSCI Total Return Index  Pay  USB3MTA + 0.10%  Maturity  4/16/25  $367  $(13) $—  $(13)

 

@ Value is less than $500.
CHF — Swiss Franc
EUR — Euro
GBP — British Pound
JPY — Japanese Yen
SEK — Swedish Krona

 

 

 

 

Portfolio Composition*  

 

Classification  Percentage of
Total Investments		 
U.S. Treasury Security   51.3%
Short-Term Investments   26.5 
Metals & Mining   8.8 
Oil, Gas & Consumable Fuels   7.1 
Other**   6.3 
Total Investments   100.0%***

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2025.
** Industries and/or investment types representing less than 5% of total investments.
*** Does not include an open futures contract with a value of approximately $1,575,000 and unrealized appreciation of approximately $180,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of less than $500. Also does not include an open swap agreement with unrealized depreciation of approximately $13,000.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Next Gen Emerging Markets Portfolio

 

   Shares   Value
(000)		 
Common Stocks (98.7%)          
Argentina (2.4%)          
Despegar.com Corp. (a)   12,161   $228 
Vista Energy SAB de CV ADR (a)   4,782    223 
         451 
Australia (1.3%)          
Perseus Mining Ltd.   116,575    245 
           
Bangladesh (4.9%)          
BRAC Bank PLC   809,499    338 
Square Pharmaceuticals PLC   324,469    584 
         922 
Egypt (5.7%)          
Commercial International Bank - Egypt (CIB) GDR   427,596    647 
Fawry for Banking & Payment Technology Services SAE (a)   2,263,555    430 
         1,077 
Germany (0.5%)          
Jumia Technologies AG ADR (a)   39,584    85 
           
Indonesia (10.4%)          
Cisarua Mountain Dairy Tbk. PT   1,512,600    415 
Map Aktif Adiperkasa PT   11,430,800    455 
Medikaloka Hermina Tbk. PT   8,760,200    561 
Selamat Sempurna Tbk. PT   2,447,900    251 
Sumber Alfaria Trijaya Tbk. PT   2,251,800    279 
         1,961 
Kazakhstan (9.3%)          
Halyk Savings Bank of Kazakhstan JSC GDR   25,206    622 
Kaspi.KZ JSC ADR   4,963    461 
NAC Kazatomprom JSC GDR   20,484    669 
         1,752 
Kenya (2.4%)          
Safaricom PLC   3,207,641    454 
           
Nigeria (2.2%)          
Guaranty Trust Holding Co. PLC   9,168,020    412 
           
Pakistan (6.3%)          
Meezan Bank Ltd.   514,196    454 
Systems Ltd.   380,682    738 
         1,192 
Peru (3.4%)          
Credicorp Ltd.   2,386    444 
Southern Copper Corp.   1,997    187 
         631 
Philippines (9.5%)          
Bank of the Philippine Islands   184,920    427 
BDO Unibank, Inc.   139,260    373 
Century Pacific Food, Inc.   1,225,900    783 
International Container Terminal Services, Inc.   31,520    196 
         1,779 
Slovenia (4.0%)          
Nova Ljubljanska Banka DD GDR   24,874    758 
           
South Africa (1.4%)          
Standard Bank Group Ltd.   20,691    270 
           
Turkey (0.7%)          
Logo Yazilim Sanayi Ve Ticaret AS   41,889    135 
           
United Arab Emirates (3.1%)          
Emaar Properties PJSC   160,122   580 
           
United States (8.3%)          
EPAM Systems, Inc. (a)   1,594    269 
Grid Dynamics Holdings, Inc. (a)   21,352    334 
MercadoLibre, Inc. (a)   488    952 
         1,555 
Vietnam (22.9%)          
Bank for Foreign Trade of Vietnam JSC (a)   268,736    674 
Binh Minh Plastics JSC   108,900    510 
FPT Corp.   297,014    1,413 
Mobile World Investment Corp.   253,488    586 
Phu Nhuan Jewelry JSC   216,200    706 
Vietnam Dairy Products JSC   174,692    415 
         4,304 
Total Common Stocks (Cost $15,148)        18,563 
           
Short-Term Investment (1.0%)          
Investment Company (1.0%)          
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.27% (b) (Cost $192)   192,424    192 
Total Investments (99.7%) (Cost $15,340) (c)(d)(e)        18,755 
Other Assets in Excess of Liabilities (0.3%)        62 
Net Assets (100.0%)       $18,817 

 

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

 

(a) Non-income producing security.
(b) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the “Liquidity 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 three months ended March 31, 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, $14,950,000 and 79.4%, 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.
(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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(e) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $4,605,000 and the aggregate gross unrealized depreciation is approximately $1,190,000, resulting in net unrealized appreciation of approximately $3,415,000.
ADR American Depositary Receipt.
GDR Global Depositary Receipt.
PJSC Public Joint Stock Company.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   36.7%
Banks   28.8 
Information Technology Services   14.8 
Food Products   8.6 
Broadline Retail   5.6 
Specialty Retail   5.5 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Passport Overseas Equity Portfolio

 

   Shares   Value
(000)		 
Common Stocks (90.4%)          
Argentina (2.8%)          
Despegar.com Corp. (a)   217,462   $4,086 
           
Canada (8.3%)          
Agnico Eagle Mines Ltd.   18,826    2,040 
Bank of Nova Scotia   38,856    1,842 
Canadian Imperial Bank of Commerce (b)   33,610    1,891 
Canadian Natural Resources Ltd.   21,963    676 
Constellation Software, Inc.   261    826 
Royal Bank of Canada   20,065    2,260 
Suncor Energy, Inc.   47,726    1,848 
Tourmaline Oil Corp. (b)   17,229    831 
         12,214 
China (1.7%)          
Tencent Holdings Ltd. (c)   38,400    2,454 
           
Denmark (0.7%)          
Novo Nordisk AS, Class B   15,457    1,057 
           
Egypt (0.4%)          
Commercial International Bank - Egypt (CIB)   405,712    661 
           
France (9.1%)          
Air Liquide SA   8,531    1,621 
Airbus SE   15,792    2,781 
L’Oreal SA   2,965    1,102 
Pernod Ricard SA   9,190    908 
Sanofi SA   19,701    2,181 
Schneider Electric SE   11,433    2,639 
TotalEnergies SE   15,957    1,028 
Verallia SA   35,612    1,106 
         13,366 
Germany (7.9%)          
Linde PLC   4,266    1,986 
Rheinmetall AG   2,012    2,879 
SAP SE   14,084    3,774 
Siemens AG (Registered)   12,911    2,982 
         11,621 
India (6.8%)          
Apollo Hospitals Enterprise Ltd.   18,435    1,424 
HDFC Bank Ltd. ADR   52,453    3,485 
ICICI Bank Ltd.   168,630    2,650 
Reliance Industries Ltd.   82,156    1,221 
State Bank of India   145,889    1,312 
         10,092 
Indonesia (0.6%)          
Bank Central Asia Tbk. PT   1,664,700    851 
           
Ireland (3.2%)          
AIB Group PLC   461,383    2,980 
Ryanair Holdings PLC ADR   39,700    1,682 
         4,662 
Israel (1.5%)          
CyberArk Software Ltd. (a)   6,700    2,265 
           
Japan (6.2%)          
FANUC Corp.   21,750    592 
Hoya Corp.   5,900    666 
Keyence Corp.   6,500    2,556 
Recruit Holdings Co. Ltd.   29,900    1,549 
Sony Group Corp.   146,465    3,706 
         9,069 
Korea, Republic of (5.0%)          
Hanwha Aerospace Co. Ltd.   6,821    2,931 
Samsung Electronics Co. Ltd.   113,200    4,488 
         7,419 
Malaysia (1.0%)          
CIMB Group Holdings Bhd.   431,100    683 
Malayan Banking Bhd.   334,600    764 
         1,447 
Netherlands (3.5%)          
ASML Holding NV   2,841    1,880 
Universal Music Group NV   69,479    1,918 
Wolters Kluwer NV   8,554    1,332 
         5,130 
Norway (1.6%)          
Var Energi ASA   735,993    2,367 
           
Singapore (1.8%)          
Sea Ltd. ADR (a)   20,628    2,692 
           
Slovenia (1.5%)          
Nova Ljubljanska Banka DD GDR   74,073    2,258 
           
South Africa (1.7%)          
Anglo American Platinum Ltd.   40,646    1,635 
Northam Platinum Holdings Ltd.   128,516    920 
         2,555 
Spain (2.7%)          
CaixaBank SA   411,029    3,202 
Iberdrola SA   49,921    806 
         4,008 
Switzerland (3.9%)          
Nestle SA (Registered)   10,898    1,101 
Novartis AG (Registered)   21,272    2,363 
Roche Holding AG (Genusschein)   7,077    2,329 
         5,793 
Taiwan (5.2%)          
Alchip Technologies Ltd.   12,000    1,012 
MediaTek, Inc.   22,000    948 
Taiwan Semiconductor Manufacturing Co. Ltd.   201,000    5,661 
         7,621 
United Kingdom (9.2%)          
AstraZeneca PLC   22,494    3,303 
BAE Systems PLC   52,061    1,051 
Glencore PLC (a)   247,966    908 
Shell PLC   81,138    2,953 
Unilever PLC   32,525    1,938 
Unilever PLC CVA   56,188    3,353 
         13,506 
United States (4.1%)          
Eli Lilly & Co.   1,102    910 
MercadoLibre, Inc. (a)   1,578    3,078 
Vertex Pharmaceuticals, Inc. (a)   4,261    2,066 
         6,054 
Total Common Stocks (Cost $92,555)        133,248 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report − March 31, 2025 (unaudited)

Portfolio of Investments (cont’d)

Passport Overseas Equity Portfolio

 

   Shares   Value
(000)		 
Preferred Stock (1.0%)          
United States (1.0%)          
Neurogenesis, Inc., Series A (a)(d)(e) (acquisition cost — $1,250; acquired 12/16/21)   32,692   $1,375 
           
Short-Term Investment (7.5%)          
Investment Company (7.5%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (f) (Cost $11,099)   11,098,765    11,099 
Total Investments (98.9%) (Cost $104,904) including $2,670 of Securities Loaned (g)(h)(i)(j)        145,722 
Other Assets in Excess of Liabilities (1.1%)        1,664 
Net Assets (100.0%)       $147,386 

 

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

 

(a) Non-income producing security.
(b) All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2025, were approximately $2,670,000 and $2,776,000, respectively. The Fund received non-cash collateral of approximately $2,776,000 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(c) Security trades on the Hong Kong exchange.
(d) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules (“restricted security”). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2025 amounts to approximately $1,375,000 and represents 0.9% of net assets.
(e) At March 31, 2025, the Fund held a fair valued security valued at approximately $1,375,000, representing 0.9% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(f) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity 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 three months ended March 31, 2025, advisory fees paid were reduced by approximately $3,000 relating to the Fund’s investment in the Liquidity Fund.
(g) The approximate fair value and percentage of net assets, $98,123,000 and 66.6%, 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.
(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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(j) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $44,306,000 and the aggregate gross unrealized depreciation is approximately $3,699,000, resulting in net unrealized appreciation of approximately $40,607,000.
ADR American Depositary Receipt.
CVA Certificaten Van Aandelen.
GDR Global Depositary Receipt.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report − March 31, 2025 (unaudited)

Portfolio of Investments (cont’d)

Passport Overseas Equity Portfolio

 

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2025:

 

   Number of
Contracts		   Expiration
Date		  Notional
Amount
(000)		    Value
(000)		   Unrealized
Depreciation
(000)		 
Long:                    
FTSE 250 Index (United Kingdom)  69   Jun-25  GBP —@   $3,471   $(92)
Hang Seng Index (Hong Kong)  33   Apr-25  HKD 2     4,911    (119)
                      $(211)

 

@ Amount is less than $500
FTSE Financial Times Stock Exchange.
GBP — British Pound
HKD — Hong Kong Dollar

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments		 
Other*   46.5%
Banks   17.0 
Pharmaceuticals   8.3 
Short-Term Investments   7.6 
Oil, Gas & Consumable Fuels   7.5 
Aerospace & Defense   6.6 
Semiconductors & Semiconductor Equipment   6.5 
Total Investments   100.0%**

 

* Industries and/or investment types representing less than 5% of total investments.
** Does not include open futures contracts with a value of approximately $8,382,000 and net unrealized depreciation of approximately $211,000.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Consolidated Portfolio of Investments

Permanence Portfolio

 

   Shares   Value
(000)		 
Common Stocks (93.6%)          
Aerospace & Defense (0.3%)          
Axon Enterprise, Inc. (a)   7   $4 
HEICO Corp., Class A   22    5 
TransDigm Group, Inc.   4    5 
         14 
Beverages (6.8%)          
Celsius Holdings, Inc. (a)   8,908    317 
           
Broadline Retail (3.3%)          
Amazon.com, Inc. (a)   806    153 
           
Capital Markets (6.0%)          
Intercontinental Exchange, Inc.   1,491    257 
MSCI, Inc.   19    11 
S&P Global, Inc.   23    12 
         280 
Chemicals (0.2%)          
Ecolab, Inc.   19    5 
Sherwin-Williams Co.   12    4 
         9 
Commercial Services & Supplies (0.5%)          
Cintas Corp.   21    4 
Copart, Inc. (a)   75    4 
Rollins, Inc.   93    5 
Veralto Corp.   110    11 
         24 
Construction Materials (0.1%)          
Martin Marietta Materials, Inc.   8    4 
           
Distributors (0.1%)          
Pool Corp.   12    4 
           
Diversified Consumer Services (0.1%)          
Service Corp. International   54    4 
           
Entertainment (0.3%)          
Netflix, Inc. (a)   5    5 
Walt Disney Co.   101    10 
         15 
Financial Services (1.0%)          
Federal National Mortgage Association (a)   7,271    46 
           
Food Products (2.8%)          
Hershey Co.   685    117 
McCormick & Co., Inc.   148    12 
         129 
Ground Transportation (4.8%)          
Union Pacific Corp.   942    223 
           
Health Care Equipment & Supplies (0.1%)          
Intuitive Surgical, Inc. (a)   9    4 
           
Health Care Technology (0.3%)          
Veeva Systems, Inc., Class A (a)   54    13 
           
Hotels, Restaurants & Leisure (1.7%)          
Domino’s Pizza, Inc.   28    13 
McDonald’s Corp.   40    13 
Starbucks Corp.   53    5 
Vail Resorts, Inc.   295    47 
         78 
Household Durables (1.0%)          
NVR, Inc. (a)   1    7 
Victoria PLC (United Kingdom) (a)   35,776    41 
         48 
Information Technology Services (11.4%)          
Cloudflare, Inc., Class A (a)   4,680    527 
Gartner, Inc. (a)   9    4 
         531 
Insurance (0.1%)          
Brown & Brown, Inc.   44    5 
           
Life Sciences Tools & Services (5.1%)          
Danaher Corp.   1,085    222 
Illumina, Inc. (a)   137    11 
Thermo Fisher Scientific, Inc.   7    4 
         237 
Metals & Mining (3.1%)          
Royal Gold, Inc.   885    145 
           
Oil, Gas & Consumable Fuels (0.9%)          
Cameco Corp. (Canada)   911    37 
Texas Pacific Land Corp.   3    4 
         41 
Pharmaceuticals (6.0%)          
Royalty Pharma PLC, Class A   8,920    278 
Zoetis, Inc.   22    3 
         281 
Real Estate Management & Development (7.1%)          
CoStar Group, Inc. (a)   880    70 
Landbridge Co. LLC, Class A   3,663    263 
         333 
Semiconductors & Semiconductor Equipment (4.5%)          
ASML Holding NV (Registered) (Netherlands)   320    212 
           
Software (4.8%)          
Appfolio, Inc., Class A (a)   19    4 
Cadence Design Systems, Inc. (a)   15    4 
Guidewire Software, Inc. (a)   23    4 
Procore Technologies, Inc. (a)   1,059    70 
QXO, Inc.   9,713    132 
Roper Technologies, Inc.   8    5 
Synopsys, Inc. (a)   8    3 
Tyler Technologies, Inc. (a)   8    5 
         227 
Specialized REITs (5.7%)          
American Tower Corp. REIT   1,224    266 
           
Specialty Retail (5.6%)          
AutoZone, Inc. (a)   7    27 
Floor & Decor Holdings, Inc., Class A (a)   2,739    220 
Home Depot, Inc.   30    11 
Tractor Supply Co.   85    5 
         263 
Textiles, Apparel & Luxury Goods (4.7%)          
LVMH Moet Hennessy Louis Vuitton SE (France)   352    218 
           
Trading Companies & Distributors (5.2%)          
Core & Main, Inc., Class A (a)   4,877    236 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report − March 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Permanence Portfolio

 

   Shares   Value
(000)		 
Fastenal Co.   57   $4 
Watsco, Inc.   9    5 
         245 
Total Common Stocks (Cost $3,959)        4,369 
           
Investment Company (2.9%)          
iShares Bitcoin Trust ETF (a) (Cost $113)   2,924    137 

 

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

 

   Shares    
Short-Term Investment (1.6%)          
Investment Company (1.6%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c) (Cost $77)   77,497    77 
Total Investments Excluding Purchased Options (98.1%) (Cost $4,149)        4,583 
Total Purchased Options Outstanding (0.2%) (Cost $19)        8 
Total Investments (98.3%) (Cost $4,168) (d)(e)(f)        4,591 
Other Assets in Excess of Liabilities (1.7%)        79 
Net Assets (100.0%)       $4,670 

 

(a) Non-income producing security.
(b) At March 31, 2025, the Fund held a fair valued security at $0, representing 0.0% of net assets. This security has been fair valued using significant unobservable inputs as determined in good faith under procedures established by and under the general supervision of the Company’s (as defined herein) Directors.
(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 three months ended March 31, 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, $259,000 and 5.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments.
(e) Securities are available for collateral in connection with purchased options.
(f) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $711,000 and the aggregate gross unrealized depreciation is approximately $288,000, resulting in net unrealized appreciation of approximately $423,000.
ETF Exchange Traded Fund.
REIT Real Estate Investment Trust.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report − March 31, 2025 (unaudited)

Consolidated Portfolio of Investments (cont’d)

Permanence Portfolio

 

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2025:

 

Counterparty  Description  Strike
Price		  Expiration
Date		  Number of
Contracts		   Notional
Amount
(000)		   Value
(000)		   Premiums
Paid
(000)		   Unrealized
Depreciation
(000)		 
JPMorgan Chase Bank NA  USD/CNH  CNH7.66  Sep–25   565,030   $565   $              1   $              3    $              (2)
Standard Chartered Bank  USD/CNH  CNH7.76  Oct–25   1,064,506    1,065    2    5    (3)
JPMorgan Chase Bank NA  USD/CNH  CNH7.77  Jul–25   517,348    517    —@   2    (2)
JPMorgan Chase Bank NA  USD/CNH  CNH7.82  Feb–26   1,202,830    1,203    4    5    (1)
Goldman Sachs & Co. LLC  USD/CNH  CNH8.02  Dec–25   1,001,958    1,002    1    4    (3)
                      $8   $19   $(11)

 

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

 

 

 

 

Portfolio Composition  

 

Classification  Percentage of
Total Investments		 
Other*   35.0%
Information Technology Services   11.6 
Real Estate Management & Development   7.3 
Beverages   6.9 
Pharmaceuticals   6.1 
Capital Markets   6.1 
Specialized REITs   5.8 
Specialty Retail   5.7 
Trading Companies & Distributors   5.3 
Life Sciences Tools & Services   5.2 
Software   5.0 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

US Core Portfolio

 

   Shares   Value
(000)		 
Common Stocks (99.6%)          
Automobiles (0.7%)          
Tesla, Inc. (a)   9,190   $2,382 
           
Banks (5.8%)          
JPMorgan Chase & Co.   81,564    20,008 
           
Broadline Retail (6.1%)          
Amazon.com, Inc. (a)   109,284    20,792 
           
Capital Markets (8.5%)          
Ameriprise Financial, Inc.   30,502    14,766 
Jefferies Financial Group, Inc.   28,762    1,541 
LPL Financial Holdings, Inc.   38,871    12,716 
         29,023 
Commercial Services & Supplies (4.7%)          
Waste Management, Inc.   69,758    16,150 
           
Construction Materials (1.7%)          
CRH PLC   65,516    5,763 
           
Consumer Staples Distribution & Retail (5.0%)          
Costco Wholesale Corp.   18,139    17,155 
           
Electric Utilities (0.6%)          
NextEra Energy, Inc.   27,630    1,959 
           
Entertainment (4.1%)          
Netflix, Inc. (a)   14,934    13,926 
           
Financial Services (3.6%)          
Jack Henry & Associates, Inc.   4,125    753 
Mastercard, Inc., Class A   21,251    11,648 
         12,401 
Hotels, Restaurants & Leisure (2.8%)          
McDonald’s Corp.   30,412    9,500 
           
Household Durables (0.4%)          
Lennar Corp., Class A   11,010    1,264 
           
Information Technology Services (0.6%)          
Shopify, Inc., Class A (Canada) (a)   22,395    2,136 
           
Insurance (9.7%)          
Brown & Brown, Inc.   133,740    16,637 
Progressive Corp.   58,838    16,652 
         33,289 
Interactive Media & Services (5.5%)          
Alphabet, Inc., Class A   121,497    18,788 
           
Oil, Gas & Consumable Fuels (2.9%)          
Chevron Corp.   44,219    7,397 
Valero Energy Corp.   18,410    2,432 
         9,829 
Pharmaceuticals (1.3%)          
Eli Lilly & Co.   5,234    4,323 
           
Real Estate Management & Development (3.5%)          
CBRE Group, Inc., Class A (a)   92,950    12,156 
           
Retail REITs (1.1%)          
Agree Realty Corp. REIT   47,911    3,698 
           
Semiconductors & Semiconductor Equipment (8.4%)          
NVIDIA Corp.   264,929    28,713 
           
Software (8.4%)          
Microsoft Corp.   48,958    18,378 
Tyler Technologies, Inc. (a)   18,171    10,565 
         28,943 
Specialized REITs (0.1%)          
Millrose Properties, Inc. REIT (a)   10,164    269 
           
Specialty Retail (4.8%)          
Home Depot, Inc.   4,240    1,554 
TJX Cos., Inc.   122,321    14,899 
         16,453 
Tech Hardware, Storage & Peripherals (6.9%)          
Apple, Inc.   106,415    23,638 
           
Textiles, Apparel & Luxury Goods (0.5%)          
Lululemon Athletica, Inc. (a)   6,743    1,909 
           
Trading Companies & Distributors (1.9%)          
United Rentals, Inc.   10,385    6,508 
Total Common Stocks (Cost $235,646)        340,975 
           
Short-Term Investment (0.7%)          
Investment Company (0.7%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (b) (Cost $2,382)   2,381,769    2,382 
Total Investments (100.3%) (Cost $238,028) (c)(d)        343,357 
Liabilities in Excess of Other Assets (–0.3%)        (915)
Net Assets (100.0%)       $342,442 

 

(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 three months ended March 31, 2025, advisory fees paid were reduced by approximately $1,000 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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(d) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $108,266,000 and the aggregate gross unrealized depreciation is approximately $2,937,000, resulting in net unrealized appreciation of approximately $105,329,000.
REIT Real Estate Investment Trust.

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments		 
Other*   35.9%
Insurance   9.7 
Capital Markets   8.4 
Software   8.4 
Semiconductors & Semiconductor Equipment   8.4 
Tech Hardware, Storage & Peripherals   6.9 
Broadline Retail   6.0 
Banks   5.8 
Interactive Media & Services   5.5 
Consumer Staples Distribution & Retail   5.0 
Total Investments   100.0%

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report – March 31, 2025 (unaudited)

Portfolio of Investments

Vitality Portfolio

 

   Shares   Value
(000)		 
Common Stocks (95.9%)          
Biotechnology (33.7%)          
Alnylam Pharmaceuticals, Inc. (a)   335   $91 
Altimmune, Inc. (a)   2,479    12 
Argenx SE ADR (Belgium) (a)   241    143 
Ascendis Pharma AS ADR (Denmark) (a)   500    78 
Beam Therapeutics, Inc. (a)   928    18 
Biohaven Ltd. (a)   1,256    30 
Exact Sciences Corp. (a)   2,200    95 
Intellia Therapeutics, Inc. (a)   2,525    18 
Newamsterdam Pharma Co. NV (a)   1,264    26 
Relay Therapeutics, Inc. (a)   7,042    18 
Vertex Pharmaceuticals, Inc. (a)   202    98 
         627 
Health Care Equipment & Supplies (12.7%)          
Align Technology, Inc. (a)   375    60 
IDEXX Laboratories, Inc. (a)   61    26 
Inspire Medical Systems, Inc. (a)   397    63 
Intuitive Surgical, Inc. (a)   176    87 
         236 
Health Care Providers & Services (7.8%)          
Agilon Health, Inc. (a)   7,354    32 
UnitedHealth Group, Inc.   217    113 
         145 
Health Care Technology (9.0%)          
Doximity, Inc., Class A (a)   1,015    59 
Schrodinger, Inc. (a)   2,488    49 
Veeva Systems, Inc., Class A (a)   259    60 
         168 
Life Sciences Tools & Services (16.2%)          
10X Genomics, Inc., Class A (a)   3,698    32 
Illumina, Inc. (a)   289    23 
MaxCyte, Inc. (a)   14,540    40 
Standard BioTools, Inc. (a)   44,921    48 
Stevanato Group SpA (Italy) (b)   1,793    37 
Thermo Fisher Scientific, Inc.   181    90 
West Pharmaceutical Services, Inc.   143    32 
         302 
Pharmaceuticals (16.5%)          
ATAI Life Sciences NV (a)(b)   14,030    19 
Eli Lilly & Co.   203    168 
Enliven Therapeutics, Inc. (a)(b)   408    8 
Royalty Pharma PLC, Class A   701    22 
Structure Therapeutics, Inc. ADR (China) (a)   1,335    23 
Zoetis, Inc.   401    66 
         306 
Total Common Stocks (Cost $2,376)        1,784 
           
Short-Term Investments (3.8%)          
Investment Company (0.6%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c) (Cost $10)   10,264    10 
           
Securities held as Collateral on Loaned Securities (3.2%)          
Investment Company (2.6%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (c)   48,110    48 

 

   Face
Amount
(000)		    
Repurchase Agreements (0.6%)
Merrill Lynch & Co., Inc., (4.20%, dated 3/31/25, due 4/1/25; proceeds $3; fully collateralized by a U.S. Government obligation; 3.75% due 8/15/27; valued at $3)  3   3 
Merrill Lynch & Co., Inc., (4.36%, dated 3/31/25, due 4/1/25; proceeds $9; fully collateralized by U.S. Government obligations; 0.00% - 4.63% due 1/31/26 - 2/15/46; valued at $9)   9    9 
         12 
Total Securities held as Collateral on Loaned Securities (Cost $60)        60 
Total Short-Term Investments (Cost $70)        70 
Total Investments (99.7%) (Cost $2,446) including $64 of Securities Loaned (d)(e)        1,854 
Other Assets in Excess of Liabilities (0.3%)        6 
Net Assets (100.0%)       $1,860 

 

(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 March 31, 2025, were approximately $64,000 and $67,000, respectively. The Fund received cash collateral of approximately $60,000, 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 $7,000 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 three months ended March 31, 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 three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions.
(e) At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $333,000 and the aggregate gross unrealized depreciation is approximately $925,000, resulting in net unrealized depreciation of approximately $592,000.
ADR American Depositary Receipt.

 

 

 

 

Portfolio Composition*  

 

Classification  Percentage of
Total Investments		 
Biotechnology   34.9%
Pharmaceuticals   17.1 
Life Sciences Tools & Services   16.8 
Health Care Equipment & Supplies   13.1 
Health Care Technology   9.4 
Health Care Providers & Services   8.1 
Other**   0.6 
Total Investments   100.0%

 

* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2025.
** Industries and/or investment types representing less than 5% of total investments.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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; and (9) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day.

 

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.

First Quarter Report — March 31, 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.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Advantage                    
Assets:                    
Common Stocks                    
Automobiles  $11,736   $—   $—   $11,736 
Biotechnology   1,962    —    —    1,962 
Broadline Retail   17,741    —    —    17,741 
Capital Markets   5,417    —    —    5,417 
Entertainment   8,787    —    —    8,787 
Financial Services   1,812    7,396    —    9,208 
Ground Transportation   4,708    —    —    4,708 
Hotels, Restaurants & Leisure   19,750    —    —    19,750 
Information Technology Services   38,806    —    —    38,806 
Life Sciences Tools & Services   4,801    —    —    4,801 
Pharmaceuticals   8,793    —    —    8,793 
Semiconductors & Semiconductor Equipment   4,509    —    —    4,509 
Software   19,306    —    —    19,306 
Specialized REITs   4,890    —    —    4,890 
Specialty Retail   4,463    —    —    4,463 
Textiles, Apparel & Luxury Goods   —    5,033    —    5,033 
Trading Companies & Distributors   4,838    —    —    4,838 
Total Common Stocks   162,319    12,429    —    174,748 
Investment Company   5,069    —    —    5,069 
Call Options Purchased   —    296    —    296 
Short-Term Investment                    
Investment Company   2,192    —    —    2,192 
Total Assets  $169,580   $12,725   $—   $182,305 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
American Resilience                    
Assets:                    
Common Stocks  $1,293(1)   $—   $—   $1,293 
Warrants   —    —    —†   —†
Short-Term Investment                    
Investment Company   27    —    —    27 
Total Assets  $1,320   $—   $—†  $1,320†

 

(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.

First Quarter Report — March 31, 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:

 

American Resilience   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 March 31, 2025  $— 

 

† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Asia Opportunity                    
Assets:                    
Common Stocks                    
Banks  $8,575   $13,576   $—   $22,151 
Beverages   —    7,308    —    7,308 
Broadline Retail   10,912    —    —    10,912 
Consumer Finance   6,419    —    —    6,419 
Ground Transportation   11,447    —    —    11,447 
Health Care Equipment & Supplies   —    1,591    —    1,591 
Hotels, Restaurants & Leisure   11,478    18,027    —    29,505 
Insurance   —    3,544    —    3,544 
Interactive Media & Services   342    12,381    —    12,723 
Real Estate Management & Development   3,914    2,337    —    6,251 
Semiconductors & Semiconductor Equipment   —    5,295    —    5,295 
Textiles, Apparel & Luxury Goods   —    3,743    —    3,743 
Total Common Stocks   53,087    67,802    —    120,889 
Short-Term Investment                    
Investment Company   2,466    —    —    2,466 
Total Assets  $55,553   $67,802   $—   $123,355 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Developing Opportunity                    
Assets:                    
Common Stocks                    
Banks  $4,323   $4,342   $—   $8,665 
Beverages   —    2,006    —    2,006 
Broadline Retail   6,236    500    —    6,736 
Consumer Finance   1,706    —    —    1,706 
Ground Transportation   3,177    —    —    3,177 
Health Care Equipment & Supplies   —    368    —    368 
Hotels, Restaurants & Leisure   3,077    5,856    —    8,933 
Insurance   —    211    —    211 
Interactive Media & Services   121    3,633    —    3,754 
Real Estate Management & Development   1,127    605    —    1,732 
Semiconductors & Semiconductor Equipment   —    1,943    —    1,943 
Textiles, Apparel & Luxury Goods   —    1,141    —    1,141 
Water Utilities   1,333    —    —    1,333 
Total Common Stocks   21,100    20,605    —    41,705 
Short-Term Investment                    
Investment Company   1,874    —    —    1,874 
Total Assets  $22,974   $20,605   $—   $43,579 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Emerging Markets ex China                    
Assets:                    
Common Stocks                    
Air Freight & Logistics  $—   $23   $—   $23 
Automobile Components   —    39    —    39 
Automobiles   —    284    —    284 
Banks   303    1,125    —    1,428 
Beverages   —    36    —    36 
Broadline Retail   37    66    —    103 
Capital Markets   —    88    —    88 
Chemicals   —    62    —    62 
Commercial Services & Supplies   —    40    —    40 
Construction & Engineering   —    60    —    60 
Construction Materials   —    111    —    111 
Consumer Finance   —    145    —    145 
Consumer Staples Distribution & Retail   123    52    —    175 
Electrical Equipment   86    121    —    207 
Electronic Equipment, Instruments & Components   —    215    —    215 
Entertainment   —    18    —    18 
Food Products   97    117    —    214 
Health Care Providers & Services   97    209    —    306 
Hotels, Restaurants & Leisure   36    —    —    36 
Household Products   42    —    —    42 
Information Technology Services   57    77    —    134 
Insurance   42    312    —    354 
Interactive Media & Services   —    34    —    34 
Machinery   —    26    —    26 
Metals & Mining   48    289    —    337 
Oil, Gas & Consumable Fuels   —    190    —    190 
Personal Care Products   —    23    —    23 
Real Estate Management & Development   —    71    —    71 
Semiconductors & Semiconductor Equipment   —    1,307    —    1,307 
Tech Hardware, Storage & Peripherals   —    491    —    491 
Tobacco   —    32    —    32 
Wireless Telecommunication Services   —    20    —    20 
Total Common Stocks   968    5,683    —    6,651 
Short-Term Investment                    
Investment Company   94    —    —    94 
Total Assets  $1,062   $5,683   $—   $6,745 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Emerging Markets Leaders                    
Assets:                    
Common Stocks                    
Automobiles  $—   $5,009   $—   $5,009 
Banks   13,765    16,758    —    30,523 
Beverages   4,355    7,749    —    12,104 
Broadline Retail   11,875    —    —    11,875 
Building Products   —    3,497    —    3,497 
Capital Markets   2,161    —    —    2,161 
Construction Materials   —    4,098    —    4,098 
Consumer Finance   —    102    —    102 
Consumer Staples Distribution & Retail   4,269    —    —    4,269 
Electrical Equipment   3,059    10,146    —    13,205 
Electronic Equipment, Instruments & Components   —    4,567    —    4,567 
Ground Transportation   7,057    —    —    7,057 
Health Care Providers & Services   —    1,757    —    1,757 
Hotels, Restaurants & Leisure   —    1,973    —    1,973 
Information Technology Services   3,299    —    —    3,299 
Life Sciences Tools & Services   —    3,588    —    3,588 
Machinery   —    1,576    —    1,576 
Pharmaceuticals   —    294    —    294 
Real Estate Management & Development   —    3,434    —    3,434 
Semiconductors & Semiconductor Equipment   —    11,406    —    11,406 
Textiles, Apparel & Luxury Goods   —    4,377    —    4,377 
Wireless Telecommunication Services   —    6,871    —    6,871 
Total Common Stocks   49,840    87,202    —    137,042 
Short-Term Investment                    
Investment Company   8,513    —    —    8,513 
Total Assets  $58,353   $87,202   $—   $145,555 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Emerging Markets                    
Assets:                    
Common Stocks                    
Automobile Components  $—   $2,341   $—   $2,341 
Automobiles   —    26,629    —    26,629 
Banks   20,488    89,761    —    110,249 
Beverages   —    6,720    —    6,720 
Broadline Retail   2,761    30,625    —    33,386 
Capital Markets   —    7,303    —    7,303 
Chemicals   —    4,015    —    4,015 
Construction & Engineering   —    3,805    —    3,805 
Construction Materials   —    4,510    —    4,510 
Consumer Finance   —    8,916    —    8,916 
Consumer Staples Distribution & Retail   10,344    3,615    —    13,959 
Electrical Equipment   9,782    9,305    —    19,087 
Electronic Equipment, Instruments & Components   —    12,770    —    12,770 
Entertainment   —    4,918    —    4,918 
Financial Services   —    2,578    —    2,578 
Food Products   4,968    6,360    —    11,328 
Health Care Providers & Services   2,140    5,384    —    7,524 
Hotels, Restaurants & Leisure   15,460    7,044    —    22,504 
Household Products   4,452    —    —    4,452 
Information Technology Services   7,238    —    —    7,238 
Insurance   990    16,978    —    17,968 
Interactive Media & Services   —    35,313    —    35,313 
Machinery   —    6,178    —    6,178 
Metals & Mining   3,059    7,894    —    10,953 
Oil, Gas & Consumable Fuels   —    10,893    —    10,893 
Personal Care Products   —    1,350    —    1,350 
Pharmaceuticals   —    3,089    —    3,089 
Real Estate Management & Development   1,537    4,578    —    6,115 
Semiconductors & Semiconductor Equipment   —    71,867    —    71,867 
Tech Hardware, Storage & Peripherals   —    33,782    —    33,782 
Tobacco   —    2,366    —    2,366 
Total Common Stocks   83,219    430,887    —    514,106 
Short-Term Investments                    
Investment Company   11,311    —    —    11,311 
Total Assets  $94,530   $430,887   $—   $525,417 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Global Concentrated                    
Assets:                    
Common Stocks                    
Automobiles  $15,146   $—   $—   $15,146 
Banks   31,386    —    —    31,386 
Broadline Retail   5,102    —    —    5,102 
Capital Markets   24,107    —    —    24,107 
Commercial Services & Supplies   11,116    —    —    11,116 
Construction Materials   17,443    —    —    17,443 
Consumer Staples Distribution & Retail   16,814    —    —    16,814 
Electric Utilities   2,971    —    —    2,971 
Entertainment   15,868    —    —    15,868 
Financial Services   8,894    —    —    8,894 
Insurance   20,483    —    —    20,483 
Interactive Media & Services   14,065    —    —    14,065 
Pharmaceuticals   3,453    —    —    3,453 
Real Estate Management & Development   14,764    —    —    14,764 
Semiconductors & Semiconductor Equipment   34,826    —    —    34,826 
Software   15,423    —    —    15,423 
Trading Companies & Distributors   8,378    —    —    8,378 
Total Common Stocks   260,239    —    —    260,239 
Short-Term Investments                    
Investment Company   14,491    —    —    14,491 
Repurchase Agreements   —    2,936    —    2,936 
Total Short-Term Investments   14,491    2,936    —    17,427 
Total Assets  $274,730   $2,936   $—   $277,666 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Global Core                    
Assets:                    
Common Stocks                    
Automobiles  $2,276   $—   $—   $2,276 
Banks   3,975    —    —    3,975 
Broadline Retail   2,649    —    —    2,649 
Capital Markets   2,727    —    —    2,727 
Chemicals   687    —    —    687 
Commercial Services & Supplies   747    —    —    747 
Construction Materials   2,381    —    —    2,381 
Consumer Staples Distribution & Retail   294    —    —    294 
Diversified Telecommunication Services   76    —    —    76 
Electric Utilities   180    —    —    180 
Entertainment   1,496    —    —    1,496 
Financial Services   911    —    —    911 
Hotels, Restaurants & Leisure   260    —    —    260 
Information Technology Services   210    —    —    210 
Insurance   2,669    —    —    2,669 
Interactive Media & Services   2,502    —    —    2,502 
Oil, Gas & Consumable Fuels   784    —    —    784 
Professional Services   167    —    —    167 
Real Estate Management & Development   1,171    —    —    1,171 
Semiconductors & Semiconductor Equipment   3,463    —    —    3,463 
Software   1,974    —    —    1,974 
Specialized REITs   —    20    —    20 
Specialty Retail   1,574    —    —    1,574 
Tech Hardware, Storage & Peripherals   1,922    —    —    1,922 
Textiles, Apparel & Luxury Goods   840    303    —    1,143 
Trading Companies & Distributors   1,122    —    —    1,122 
Total Common Stocks   37,057    323    —    37,380 
Short-Term Investment                    
Investment Company   226    —    —    226 
Total Assets  $37,283   $323   $—   $37,606 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Global Endurance                    
Assets:                    
Common Stocks                    
Aerospace & Defense  $—   $1,928   $—   $1,928 
Air Freight & Logistics   199    —    —    199 
Automobiles   325    —    —    325 
Biotechnology   3,981    —    —    3,981 
Broadline Retail   597    —    —    597 
Financial Services   —    304    —    304 
Hotels, Restaurants & Leisure   —    2,218    —    2,218 
Household Durables   237    3,997    —    4,234 
Life Sciences Tools & Services   873    —    —    873 
Oil, Gas & Consumable Fuels   664    —    —    664 
Pharmaceuticals   2,542    —    —    2,542 
Real Estate Management & Development   599    —    —    599 
Semiconductors & Semiconductor Equipment   824    —    —    824 
Software   4,256    505    —    4,761 
Specialty Retail   1,983    —    —    1,983 
Trading Companies & Distributors   474    —    —    474 
Total Assets  $17,554   $8,952   $—   $26,506 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Global Franchise                    
Assets:                    
Common Stocks                    
Beverages  $89,712   $—   $—   $89,712 
Capital Markets   260,153    —    —    260,153 
Electronic Equipment, Instruments & Components   31,695    —    —    31,695 
Financial Services   205,253    —    —    205,253 
Health Care Equipment & Supplies   214,924    —    —    214,924 
Health Care Providers & Services   88,764    —    —    88,764 
Hotels, Restaurants & Leisure   77,442    —    —    77,442 
Household Products   88,968    —    —    88,968 
Information Technology Services   101,858    —    —    101,858 
Insurance   207,881    —    —    207,881 
Interactive Media & Services   60,983    —    —    60,983 
Life Sciences Tools & Services   76,234    —    —    76,234 
Machinery   54,834    —    —    54,834 
Personal Care Products   —    114,553    —    114,553 
Pharmaceuticals   21,726    55,185    —    76,911 
Professional Services   149,492    131,726    —    281,218 
Software   313,566    186,564    —    500,130 
Specialty Retail   46,421    —    —    46,421 
Textiles, Apparel & Luxury Goods   —    51,715    —    51,715 
Tobacco   35,211    —    —    35,211 
Total Common Stocks   2,125,117    539,743    —    2,664,860 
Short-Term Investment                    
Investment Company   51,855    —    —    51,855 
Total Assets  $2,176,972   $539,743   $—   $2,716,715 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Global Insight                    
Assets:                    
Common Stocks                    
Automobiles  $3,376   $—   $—   $3,376 
Banks   243    —    —    243 
Biotechnology   1,620    —    —    1,620 
Broadline Retail   8,131    —    —    8,131 
Entertainment   2,319    —    —    2,319 
Financial Services   3,239    2,765    —    6,004 
Ground Transportation   1,967    —    —    1,967 
Health Care Providers & Services   878    —    —    878 
Hotels, Restaurants & Leisure   1,371    —    —    1,371 
Household Durables   —    81    —    81 
Information Technology Services   10,348    —    —    10,348 
Pharmaceuticals   2,691    —    —    2,691 
Real Estate Management & Development   1,403    —    —    1,403 
Semiconductors & Semiconductor Equipment   1,928    —    —    1,928 
Software   9,708    —    —    9,708 
Tech Hardware, Storage & Peripherals   457    —    —    457 
Total Common Stocks   49,679    2,846    —    52,525 
Preferred Stock                    
Software   —    —    29    29 
Investment Company   1,459    —    —    1,459 
Call Options Purchased   —    103    —    103 
Short-Term Investment                    
Investment Company   1,906    —    —    1,906 
Total Assets  $53,044   $2,949   $29   $56,022 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

 

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

 

Global Insight  Preferred
Stock
(000)		 
Beginning Balance  $33 
Purchases   — 
Sales   — 
Transfers in   — 
Transfers out   — 
Corporate actions   — 
Change in unrealized appreciation (depreciation)   (4)
Realized gains (losses)   — 
Ending Balance  $29 
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025  $(4)

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2025. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

 

Global Insight  Fair Value at
March 31, 2025
(000)		   Valuation
Technique		  Unobservable
Input		  Amount*   Impact to
Valuation from an
Increase in Input**
Preferred Stock  $              29   Market Transaction Method  Precedent Transaction  $5.15   Increase
        Discounted Cash Flow  Weighted Average Cost of Capital   16.5%   Decrease
           Perpetual Growth Rate   3.5%   Increase
        Market Comparable Companies  Enterprise Value/Revenue   4.3x   Increase
           Discount for Lack of Marketability   7.0%   Decrease

 

 

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

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
Global Opportunity                    
Assets:                    
Common Stocks                    
Air Freight & Logistics  $—   $136,147   $—   $136,147 
Banks   166,626    94,211    —    260,837 
Broadline Retail   367,721    —    —    367,721 
Capital Markets   —    47,712    —    47,712 
Electrical Equipment   —    118,288    —    118,288 
Electronic Equipment, Instruments & Components   —    28,350    —†   28,350†
Entertainment   285,604    —    —    285,604 
Financial Services   258,002    —    —    258,002 
Ground Transportation   206,420    —    —    206,420 
Hotels, Restaurants & Leisure   298,803    71,270    —    370,073 
Information Technology Services   69,317    —    —    69,317 
Interactive Media & Services   207,653    —    —    207,653 
Semiconductors & Semiconductor Equipment   —    112,698    —    112,698 
Software   252,966    —    —    252,966 
Textiles, Apparel & Luxury Goods   19,815    191,062    —    210,877 
Total Common Stocks   2,132,927    799,738    —†   2,932,665†
Short-Term Investment                    
Investment Company   37,827    —    —    37,827 
Total Assets  $2,170,754   $799,738   $—†  $2,970,492†

 

† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

 

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

 

Global Opportunity   Common
Stock
(000)		 
Beginning Balance  $—†
Purchases   — 
Sales   — 
Transfers in   — 
Transfers out   — 
Corporate actions   — 
Change in unrealized appreciation (depreciation)   — 
Realized gains (losses)   — 
Ending Balance  $—†
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025  $— 

 

† Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
Global Permanence
Assets:
Common Stocks
Aerospace & Defense  $—   $227   $—   $227 
Automobiles   4    —    —    4 
Banks   9    —    —    9 
Beverages   218    2    —    220 
Broadline Retail   81    —    —    81 
Capital Markets   151    —    —    151 
Chemicals   4    —    —    4 
Commercial Services & Supplies   12    37    —    49 
Entertainment   —    4    —    4 
Financial Services   35    —    —    35 
Ground Transportation   170    —    —    170 
Health Care Equipment & Supplies   —    52    —    52 
Hotels, Restaurants & Leisure   18    51    —    69 
Household Durables   —    44    —    44 
Information Technology Services   376    —    —    376 
Insurance   4    —    —    4 
Life Sciences Tools & Services   129    165    —    294 
Metals & Mining   116    —    —    116 
Oil, Gas & Consumable Fuels   31    —    —    31 
Personal Care Products   —    58    —    58 
Pharmaceuticals   204    —    —    204 
Real Estate Management & Development   150    —    —    150 
Semiconductors & Semiconductor Equipment   162    —    —    162 
Software   66    —    —    66 
Specialized REITs   139    —    —    139 
Specialty Retail   159    —    —    159 
Textiles, Apparel & Luxury Goods   51    209    —    260 
Trading Companies & Distributors   133    —    —    133 
Transportation Infrastructure   51    —    —    51 
Total Common Stocks   2,473    849    —    3,322 
Investment Company   106    —    —    106 
Warrants   —    —    —†   —†
Call Options Purchased   —    7    —    7 
Short-Term Investment
Investment Company   26    —    —    26 
Total Assets  $2,605   $856   $—†  $3,461†

 

†Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

 

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

 

Global Permanence  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 March 31, 2025  $— 

 

†Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
Global Stars
Assets:
Common Stocks
Air Freight & Logistics  $—   $1,080   $—   $1,080 
Beverages   —    797    —    797 
Broadline Retail   655    —    —    655 
Capital Markets   5,774    —    —    5,774 
Electronic Equipment, Instruments & Components   —    1,200    —    1,200 
Entertainment   1,350    —    —    1,350 
Financial Services   4,162    —    —    4,162 
Ground Transportation   1,908    —    —    1,908 
Health Care Equipment & Supplies   —    655    —    655 
Health Care Providers & Services   2,507    —    —    2,507 
Hotels, Restaurants & Leisure   1,313    —    —    1,313 
Information Technology Services   1,498    —    —    1,498 
Insurance   2,862    —    —    2,862 
Interactive Media & Services   1,914    1,042    —    2,956 
Life Sciences Tools & Services   799    —    —    799 
Machinery   —    1,218    —    1,218 
Pharmaceuticals   —    1,302    —    1,302 
Professional Services   2,275    1,897    —    4,172 
Semiconductors & Semiconductor Equipment   1,106    —    —    1,106 
Software   3,629    4,452    —    8,081 
Textiles, Apparel & Luxury Goods   1,325    —    —    1,325 
Total Common Stocks   33,077    13,643    —    46,720 
Warrants   —    —    —†   —†
Short-Term Investment
Investment Company   814    —    —    814 
Total Assets  $33,891   $13,643   $—†  $47,534†

 

†Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 2025 (unaudited)

Notes to the Portfolio of Investments (cont’d)

 

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

 

Global Stars  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 March 31, 2025  $— 

 

†Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
Growth
Assets:
Common Stocks                    
Automobiles  $240,196   $—   $—   $240,196 
Biotechnology   38,235    —    —    38,235 
Broadline Retail   302,427    —    —    302,427 
Capital Markets   13,698    —    —    13,698 
Electronic Equipment, Instruments & Components   —    —    —†   —†
Entertainment   166,825    —    —    166,825 
Financial Services   202,696    103,212    —    305,908 
Hotels, Restaurants & Leisure   344,772    —    —    344,772 
Information Technology Services   734,778    —    —    734,778 
Life Sciences Tools & Services   37,410    —    —    37,410 
Pharmaceuticals   167,005    —    —    167,005 
Software   767,250    —    —    767,250 
Specialized REITs   39,385    —    —    39,385 
Total Common Stocks   3,054,677    103,212    —†   3,157,889†
Preferred Stocks                    
Financial Services   —    —    17,843    17,843 
Software   —    —    124,081    124,081 
Total Preferred Stocks   —    —    141,924    141,924 
Investment Company   102,987    —    —    102,987 
Call Options Purchased   —    6,286    —    6,286 
Short-Term Investments
Investment Company   65,684    —    —    65,684 
Repurchase Agreements   —    190    —    190 
Total Short-Term Investments   65,684    190    —    65,874 
Total Assets  $3,223,348   $109,688   $141,924†  $3,474,960†

 

†Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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:

 

Growth  Common
Stock
(000)		   Preferred
Stocks
(000)		 
Beginning Balance  $—†  $146,360 
Purchases   —    — 
Sales   —    — 
Transfers in   —    — 
Transfers out   —    — 
Corporate actions   —    — 
Change in unrealized appreciation (depreciation)   —    (4,436)
Realized gains (losses)   —    — 
Ending Balance  $—†  $141,924 
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025  $—   $(4,436)

 

†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 March 31, 2025. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

 

Growth  Fair Value at
March 31, 2025
(000)		   Valuation
Technique		  Unobservable
Input		  Range/
Weighted Average*		  Impact to
Valuation from an
Increase in Input**
Preferred Stocks  $141,924   Market Transaction Method  Precedent Transaction  $31.59-$92.50/$84.84  Increase
        Discounted Cash Flow  Weighted Average Cost of Capital  13.0%-16.5%/14.2%  Decrease
           Perpetual Growth Rate  3.0%-4.0%/3.5%  Increase
        Market Comparable Companies  Enterprise Value/Revenue  1.0x-18.0x/14.2x  Increase
           Discount for Lack of Marketability  11.0%-15.0%/14.5%  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.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
Inception
Assets:
Common Stocks                    
Beverages  $24,035   $—   $—   $24,035 
Biotechnology   26,815    —    —    26,815 
Broadline Retail   19,551    —    —    19,551 
Chemicals   162    —    —    162 
Financial Services   22,404    —    —    22,404 
Health Care Equipment & Supplies   5,150    —    —    5,150 
Health Care Providers & Services   22,787    —    —    22,787 
Health Care Technology   700    —    —    700 
Hotels, Restaurants & Leisure   1,586    —    —    1,586 
Household Durables   —    1,840    —    1,840 
Information Technology Services   27,789    —    —    27,789 
Leisure Products   14,150    —    —    14,150 
Life Sciences Tools & Services   6,177    —    —    6,177 
Metals & Mining   1,516    —    —    1,516 
Oil, Gas & Consumable Fuels   1,563    —    —    1,563 
Passenger Airlines   1,594    —    —    1,594 
Personal Care Products   17,533    —    —    17,533 
Pharmaceuticals   2,072    —    —    2,072 
Real Estate Management & Development   19,443    —    —    19,443 
Software   37,975    —    —    37,975 
Specialty Retail   7,274    —    —    7,274 
Tech Hardware, Storage & Peripherals   8,480    —    —    8,480 
Trading Companies & Distributors   11,254    —    —    11,254 
Total Common Stocks   280,010    1,840    —    281,850 
Preferred Stocks                    
Health Care Technology   —    —    3,335    3,335 
Software   —    —    5,285    5,285 
Total Preferred Stocks   —    —    8,620    8,620 
Investment Company   9,940    —    —    9,940 
Warrants   —    —    —†   —†
Call Options Purchased   —    542    —    542 
Short-Term Investments
Investment Company   10,678    —    —    10,678 
Repurchase Agreements   —    866    —    866 
Total Short-Term Investments   10,678    866    —    11,544 
Total Assets  $300,628   $3,248   $8,620†  $312,496†

 

†Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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:

 

Inception  Preferred
Stocks
(000)		   Warrants
(000)		 
Beginning Balance  $9,942   $—†
Purchases   —    — 
Sales   —    — 
Transfers in   —    — 
Transfers out   —    — 
Corporate actions   —    — 
Change in unrealized appreciation (depreciation)   (1,322)   — 
Realized gains (losses)   —    — 
Ending Balance  $8,620   $—†
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025  $(1,322)  $— 

 

†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 March 31, 2025. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance:

 

Inception  Fair Value at
March 31, 2025
(000)		   Valuation
Technique		  Unobservable
Input		  Amount or Range/
Weighted Average*		  Impact to
Valuation from an
Increase in Input**
Preferred Stocks  $8,620   Market Transaction Method  Precedent Transaction  $5.15  Increase
        Discounted Cash Flow  Weighted Average Cost of Capital  15.0%-17.0%/16.3%  Decrease
           Perpetual Growth Rate  3.0%-4.0%/3.5%  Increase
        Market Comparable Companies  Enterprise Value/Revenue  0.7x-24.1x/2.9x  Increase
           Discount for Lack of Marketability  7.0%-19.0%/11.6%  Decrease
        Comparable Transactions  Enterprise Value/Revenue  1.5x  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.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
International Advantage
Assets:
Common Stocks
Air Freight & Logistics  $—   $187,275   $—   $187,275 
Banks   130,846    83,638    —    214,484 
Broadline Retail   125,437    —    —    125,437 
Capital Markets   56,758    86,849    —    143,607 
Electrical Equipment   —    121,383    —    121,383 
Electronic Equipment, Instruments & Components   —    98,814    —    98,814 
Entertainment   247,648    —    —    247,648 
Financial Services   —    41,370    —    41,370 
Food Products   —    37,268    —    37,268 
Ground Transportation   82,787    —    —    82,787 
Health Care Equipment & Supplies   —    114,944    —    114,944 
Information Technology Services   44,311    —    —    44,311 
Insurance   —    68,361    —    68,361 
Interactive Media & Services   —    27,742    —    27,742 
Multi-Utilities   36,282    —    —    36,282 
Personal Care Products   —    100,266    —    100,266 
Semiconductors & Semiconductor Equipment   —    209,386    —    209,386 
Specialty Retail   —    40,195    —    40,195 
Textiles, Apparel & Luxury Goods   51,188    536,842    —    588,030 
Total Common Stocks   775,257    1,754,333    —    2,529,590 
Short-Term Investments
Investment Company   45,629    —    —    45,629 
Repurchase Agreements   —    1,824    —    1,824 
Total Short-Term Investments   45,629    1,824    —    47,453 
Total Assets  $820,886   $1,756,157   $—   $2,577,043 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
International Equity
Assets:
Common Stocks
Aerospace & Defense  $—   $12,693   $—   $12,693 
Air Freight & Logistics   —    9,995    —    9,995 
Banks   —    29,253    —    29,253 
Beverages   —    24,910    —    24,910 
Capital Markets   —    25,827    —    25,827 
Electrical Equipment   —    11,409    —    11,409 
Electronic Equipment, Instruments & Components   —    43,971    —    43,971 
Entertainment   —    8,929    —    8,929 
Financial Services   —    8,058    —    8,058 
Food Products   —    8,522    —    8,522 
Hotels, Restaurants & Leisure   —    12,982    —    12,982 
Household Durables   —    9,633    —    9,633 
Household Products   —    5,241    —    5,241 
Information Technology Services   —    13,272    —    13,272 
Insurance   —    28,506    —    28,506 
Interactive Media & Services   —    17,846    —    17,846 
Life Sciences Tools & Services   —    11,569    —    11,569 
Machinery   —    28,652    —    28,652 
Metals & Mining   6,197    7,999    —    14,196 
Oil, Gas & Consumable Fuels   6,234    11,250    —    17,484 
Personal Care Products   —    18,143    —    18,143 
Pharmaceuticals   —    43,042    —    43,042 
Professional Services   —    14,637    —    14,637 
Semiconductors & Semiconductor Equipment   12,265    23,619    —    35,884 
Software   11,037    30,240    —    41,277 
Tech Hardware, Storage & Peripherals   —    9,041    —    9,041 
Textiles, Apparel & Luxury Goods   —    21,178    —    21,178 
Total Common Stocks   35,733    490,417    —    526,150 
Warrants   —    —    —†   —†
Short-Term Investment
Investment Company   8,417    —    —    8,417 
Total Assets  $44,150   $490,417   $—†  $534,567†

 

†Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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:

 

International Equity   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 March 31, 2025  $— 

 

†Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
International Opportunity
Assets:
Common Stocks
Air Freight & Logistics  $—   $42,082   $—   $42,082 
Banks   57,572    56,357    —    113,929 
Beverages   —    14,739    —    14,739 
Broadline Retail   87,275    —    —    87,275 
Capital Markets   —    23,797    —    23,797 
Electrical Equipment   —    30,866    —    30,866 
Electronic Equipment, Instruments & Components   —    15,021    —    15,021 
Entertainment   59,483    —    —    59,483 
Financial Services   —    10,847    —    10,847 
Ground Transportation   21,369    —    —    21,369 
Hotels, Restaurants & Leisure   27,131    39,517    —    66,648 
Information Technology Services   21,003    —    —    21,003 
Interactive Media & Services   —    13,406    —    13,406 
Personal Care Products   —    11,662    —    11,662 
Semiconductors & Semiconductor Equipment   —    44,088    —    44,088 
Specialty Retail   —    34,093    —    34,093 
Textiles, Apparel & Luxury Goods   11,452    88,564    —    100,016 
Water Utilities   14,137    —    —    14,137 
Total Common Stocks   299,422    425,039    —    724,461 
Short-Term Investment
Investment Company   19,158    —    —    19,158 
Total Assets  $318,580   $425,039   $—   $743,619 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
International Resilience
Assets:
Common Stocks                    
Aerospace & Defense  $—   $55   $—   $55 
Air Freight & Logistics   —    42    —    42 
Beverages   —    59    —    59 
Capital Markets   —    112    —    112 
Electrical Equipment   —    51    —    51 
Electronic Equipment, Instruments & Components   —    185    —    185 
Entertainment   —    41    —    41 
Financial Services   72    —    —    72 
Health Care Equipment & Supplies   —    18    —    18 
Hotels, Restaurants & Leisure   —    62    —    62 
Household Products   48    —    —    48 
Information Technology Services   —    52    —    52 
Insurance   44    29    —    73 
Interactive Media & Services   —    51    —    51 
Life Sciences Tools & Services   35    48    —    83 
Machinery   —    86    —    86 
Personal Care Products   —    75    —    75 
Pharmaceuticals   —    160    —    160 
Professional Services   —    94    —    94 
Semiconductors & Semiconductor Equipment   56    81    —    137 
Software   44    146    —    190 
Textiles, Apparel & Luxury Goods   —    70    —    70 
Total Common Stocks   299    1,517    —    1,816 
Warrants   —    —    —†   —†
Short-Term Investment
Investment Company   31    —    —    31 
Total Assets  $330   $1,517   $—†  $1,847†

 

†Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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:

 

International Resilience  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 March 31, 2025  $— 

 

†Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
Multi-Asset Real Return
Assets:
Common Stocks
Chemicals  $205   $135   $—   $340 
Construction Materials   18    43    —    61 
Containers & Packaging   35    2    —    37 
Energy Equipment & Services   26    2    —    28 
Metals & Mining   471    202    —    673 
Oil, Gas & Consumable Fuels   418    131    —    549 
Paper & Forest Products   1    11    —    12 
Total Common Stocks   1,174    526    —    1,700 
U.S. Treasury Security   —    3,925    —    3,925 
Short-Term Investments
Investment Company   2,050    —    —    2,050 
Repurchase Agreements   —    5    —    5 
Total Short-Term Investments   2,050    5    —    2,055 
Foreign Currency Forward Exchange Contracts   —    —@   —    —@
Future Contract   180    —    —    180 
Total Assets   3,404    4,456    —    7,860 
Liabilities:
Foreign Currency Forward Exchange Contracts   —    (— @)   —    (— @)
Total Return Swap Agreement   —    (13)   —    (13)
Total Liabilities   —    (13)   —    (13)
Total  $3,404   $4,443   $—   $7,847 

 

@Value is less than $500.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
Next Gen Emerging Markets
Assets:
Common Stocks
Automobile Components  $—   $251   $—   $251 
Banks   444    4,975    —    5,419 
Broadline Retail   1,037    —    —    1,037 
Building Products   —    510    —    510 
Consumer Finance   461    —    —    461 
Consumer Staples Distribution & Retail   —    279    —    279 
Financial Services   430    —    —    430 
Food Products   —    1,613    —    1,613 
Health Care Providers & Services   —    561    —    561 
Hotels, Restaurants & Leisure   228    —    —    228 
Information Technology Services   603    2,151    —    2,754 
Metals & Mining   187    245    —    432 
Oil, Gas & Consumable Fuels   223    669    —    892 
Pharmaceuticals   —    584    —    584 
Real Estate Management & Development   —    580    —    580 
Software   —    135    —    135 
Specialty Retail   —    1,041    —    1,041 
Textiles, Apparel & Luxury Goods   —    706    —    706 
Transportation Infrastructure   —    196    —    196 
Wireless Telecommunication Services   —    454    —    454 
Total Common Stocks   3,613    14,950    —    18,563 
Short-Term Investment
Investment Company   192    —    —    192 
Total Assets  $3,805   $14,950   $—   $18,755 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
Passport Overseas Equity
Assets:
Common Stocks
Aerospace & Defense  $—   $9,642   $—   $9,642 
Banks   10,139    14,700    —    24,839 
Beverages   —    908    —    908 
Biotechnology   2,066    —    —    2,066 
Broadline Retail   3,078    —    —    3,078 
Chemicals   1,986    1,621    —    3,607 
Containers & Packaging   —    1,106    —    1,106 
Electric Utilities   —    806    —    806 
Electrical Equipment   —    2,639    —    2,639 
Electronic Equipment, Instruments & Components   —    2,556    —    2,556 
Entertainment   2,692    1,918    —    4,610 
Food Products   —    1,101    —    1,101 
Health Care Equipment & Supplies   —    666    —    666 
Health Care Providers & Services   —    1,424    —    1,424 
Hotels, Restaurants & Leisure   4,086    —    —    4,086 
Household Durables   —    3,706    —    3,706 
Industrial Conglomerates   —    2,982    —    2,982 
Interactive Media & Services   —    2,454    —    2,454 
Machinery   —    592    —    592 
Metals & Mining   2,040    3,463    —    5,503 
Oil, Gas & Consumable Fuels   3,355    7,569    —    10,924 
Passenger Airlines   1,682    —    —    1,682 
Personal Care Products   —    6,393    —    6,393 
Pharmaceuticals   910    11,233    —    12,143 
Professional Services   —    2,881    —    2,881 
Semiconductors & Semiconductor Equipment   —    9,501    —    9,501 
Software   3,091    3,774    —    6,865 
Tech Hardware, Storage & Peripherals   —    4,488    —    4,488 
Total Common Stocks   35,125    98,123    —    133,248 
Preferred Stock
Biotechnology   —    —    1,375    1,375 
Short-Term Investment
Investment Company   11,099    —    —    11,099 
Total Assets   46,224    98,123    1,375    145,722 
Liabilities:
Futures Contracts   (211)   —    —    (211)
Total  $46,013   $98,123   $1,375   $145,511 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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:

 

Passport Overseas Equity  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 March 31, 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 March 31, 2025:

 

Passport Overseas Equity  Fair Value at
March 31, 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

 

 

*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.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
Permanence
Assets:
Common Stocks
Aerospace & Defense  $15   $—   $—   $15 
Beverages   317    —    —    317 
Broadline Retail   153    —    —    153 
Capital Markets   280    —    —    280 
Chemicals   9    —    —    9 
Commercial Services & Supplies   24    —    —    24 
Construction Materials   4    —    —    4 
Distributors   4    —    —    4 
Diversified Consumer Services   4    —    —    4 
Entertainment   15    —    —    15 
Financial Services   46    —    —    46 
Food Products   129    —    —    129 
Ground Transportation   223    —    —    223 
Health Care Equipment & Supplies   4    —    —    4 
Health Care Technology   12    —    —    12 
Hotels, Restaurants & Leisure   77    —    —    77 
Household Durables   7    41    —    48 
Information Technology Services   531    —    —    531 
Insurance   5    —    —    5 
Life Sciences Tools & Services   236    —    —    236 
Metals & Mining   145    —    —    145 
Oil, Gas & Consumable Fuels   41    —    —    41 
Pharmaceuticals   282    —    —    282 
Real Estate Management & Development   334    —    —    334 
Semiconductors & Semiconductor Equipment   212    —    —    212 
Software   227    —    —    227 
Specialized REITs   266    —    —    266 
Specialty Retail   263    —    —    263 
Textiles, Apparel & Luxury Goods   —    218    —    218 
Trading Companies & Distributors   245    —    —    245 
Total Common Stocks   4,110    259    —    4,369 
Investment Company   137    —    —    137 
Warrants   —    —    —†   —†
Call Options Purchased   —    8    —    8 
Short-Term Investment
Investment Company   77    —    —    77 
Total Assets  $4,324   $267   $—†  $4,591†

 

†Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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:

 

Permanence  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 March 31, 2025  $— 

 

†Includes a security valued at zero.

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
US Core
Assets:
Common Stocks                    
Automobiles  $2,382   $—   $—   $2,382 
Banks   20,008    —    —    20,008 
Broadline Retail   20,792    —    —    20,792 
Capital Markets   29,023    —    —    29,023 
Commercial Services & Supplies   16,150    —    —    16,150 
Construction Materials   5,763    —    —    5,763 
Consumer Staples Distribution & Retail   17,155    —    —    17,155 
Electric Utilities   1,959    —    —    1,959 
Entertainment   13,926    —    —    13,926 
Financial Services   12,401    —    —    12,401 
Hotels, Restaurants & Leisure   9,500    —    —    9,500 
Household Durables   1,264    —    —    1,264 
Information Technology Services   2,136    —    —    2,136 
Insurance   33,289    —    —    33,289 
Interactive Media & Services   18,788    —    —    18,788 
Oil, Gas & Consumable Fuels   9,829    —    —    9,829 
Pharmaceuticals   4,323    —    —    4,323 
Real Estate Management & Development   12,156    —    —    12,156 
Retail REITs   3,698    —    —    3,698 
Semiconductors & Semiconductor Equipment   28,713    —    —    28,713 
Software   28,943    —    —    28,943 
Specialized REITs   —    269    —    269 
Specialty Retail   16,453    —    —    16,453 
Tech Hardware, Storage & Peripherals   23,638    —    —    23,638 
Textiles, Apparel & Luxury Goods   1,909    —    —    1,909 
Trading Companies & Distributors   6,508    —    —    6,508 
Total Common Stocks   340,706    269    —    340,975 
Short-Term Investment
Investment Company   2,382    —    —    2,382 
Total Assets  $343,088   $269   $—   $343,357 

 

 

 

 

Morgan Stanley Institutional Fund, Inc.

First Quarter Report — March 31, 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 March 31, 2025:

 

Investment Type  Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		 
                 
Vitality
Assets:
Common Stocks  $1,784(1)   $—   $—   $1,784 
Short-Term Investments
Investment Company   58    —    —    58 
Repurchase Agreements   —    12    —    12 
Total Short-Term Investments   58    12    —    70 
Total Assets  $1,842   $                12   $                —   $1,854 

 

(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.